10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2023

 or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from ______________ to ______________

Commission file number 1-1043

Brunswick Corporation

(Exact name of registrant as specified in its charter)

Delaware	36-0848180
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

26125 N. Riverwoods Blvd., Suite 500, Mettawa, IL 60045-3420

(Address of principal executive offices, including zip code)

(847) 735-4700

 (Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common stock, par value $0.75 per share	BC	New York Stock Exchange
		Chicago Stock Exchange
6.500% Senior Notes due 2048	BC-A	New York Stock Exchange
6.625% Senior Notes due 2049	BC-B	New York Stock Exchange
6.375% Senior Notes due 2049	BC-C	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒  No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o    

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of July 1, 2023, the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the voting stock of the registrant held by non-affiliates was $6,006,140,475. Such number excludes stock beneficially owned by executive officers and directors. This does not constitute an admission that they are affiliates.

The number of shares of Common Stock ($0.75 par value) of the registrant outstanding as of February 14, 2024 was 68,167,542.

DOCUMENTS INCORPORATED BY REFERENCE

Part III of this Report on Form 10-K incorporates by reference certain information that will be set forth in the Company's definitive Proxy Statement for the Annual Meeting of Shareholders scheduled to be held on May 1, 2024.

BRUNSWICK CORPORATION

INDEX TO ANNUAL REPORT ON FORM 10-K

December 31, 2023

TABLE OF CONTENTS

PART I		Page
Item 1.	Business	1
Item 1A.	Risk Factors	12
Item 1B.	Unresolved Staff Comments	24
Item 1C.	Cybersecurity	25
Item 2.	Properties	27
Item 3.	Legal Proceedings	27
Item 4.	Mine Safety Disclosures	27
PART II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	30
Item 6.	Reserved	31
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	47
Item 8.	Financial Statements and Supplementary Data	47
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	47
Item 9A.	Controls and Procedures	47
Item 9B.	Other Information	48
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	48
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	49
Item 11.	Executive Compensation	49
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters	49
Item 13.	Certain Relationships and Related Transactions, and Director Independence	49
Item 14.	Principal Accounting Fees and Services	49
PART IV
Item 15.	Exhibits and Financial Statement Schedules	50
Item 16.	Form 10-K Summary	101

Forward-Looking Statements

Certain statements in this Annual Report on Form 10-K are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations, estimates and projections about Brunswick's business and by their nature address matters that are, to different degrees, uncertain. Words such as "may," "could," "should," "expect," "anticipate," "project," "position," "intend," "target," "plan," "seek," "estimate," "believe," "predict," "outlook," and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this Annual Report on Form 10-K. These risks include, but are not limited to, those set forth under Item 1A of this Annual Report on Form 10-K. Forward-looking statements speak only as of the date on which they are made and Brunswick does not undertake any obligation to update them to reflect events or circumstances after the date of this Annual Report.

Table of Contents

PART I

Item 1. Business

References to "we," "us," "our," the "Company," "Brunswick," and "Brunswick Corporation" refer to Brunswick Corporation and its consolidated subsidiaries unless the context specifically states or implies otherwise.

Brunswick Corporation is a global leader in marine recreation, delivering innovation that transforms experiences on the water and beyond. Our unique, technology-driven solutions are informed and inspired by deep consumer insights and powered by our belief that “Next Never Rests.™” We design, manufacture, and market recreational marine products, including leading marine propulsion products and boats, as well as parts and accessories for the marine and RV markets, and we operate the world's largest boat club. We are dedicated to industry leadership, to being the best and most trusted partner to our many customers, and to building synergies and ecosystems that enable us to challenge convention and define the future. Incorporated in Delaware on December 31, 1907, Brunswick has traded on the New York Stock Exchange for nearly 100 years.

Our strategy is focused on:

•Understanding and addressing the changing needs and behaviors of global boating participants;

•Investing in innovative, global product leadership and leveraging our leading brands to meet consumer needs;

•Delivering distinctive, elevated ownership and shared-access experiences that expand boating participation;

•Being the partner of choice to our customers by offering integrated technical and business solutions;

•Engaging consumers with the richest, most intuitive digital experiences;

•Leading the industry in Autonomy, Connectivity, Electrification, and Shared Access (ACES) strategies, with an expanding set of commercially available products in each category;

•Unlocking unique and profound enterprise synergies;

•Investing in increasing global business resiliency;

•Being an acknowledged marine industry leader in sustainability; and

•Being an employer of choice through our clear purpose and culture of inclusiveness.

These strategies support our aim to create exceptional experiences, expand participation in recreational boating, deliver industry-transforming technology, and leverage our leading businesses to grow earnings and enhance shareholder value. Our integrated business strategy is supported by a balanced capital strategy that includes critical investments in new products and technology to further our market leadership position, organic growth initiatives, and our ACES and technology strategies while also managing debt levels and maturities, maintaining strong cash and liquidity positions, and continuing to return capital to shareholders through share repurchases and dividends.

Effective January 1, 2023, the Company changed its management reporting and updated its reportable segments to Propulsion, Engine Parts and Accessories (Engine P&A), Navico Group and Boat to align with our internal operating structure, described further below.

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Key brands associated with each of our segments are listed below.

Refer to Note 5 – Segment Information in the Notes to Consolidated Financial Statements for additional information regarding our segments.

Propulsion Segment

The Propulsion segment, which we believe is a world leader in the manufacturing and sale of recreational marine engines and propulsion systems, had net sales of $2,763.8 million in 2023. The Propulsion segment designs, manufactures and sells engines, controls, rigging, and propellers globally to over 860 boat builders (both independent and Brunswick's Boat segment) and a network of more than 8,900 marine dealers and distributors, specialty marine retailers, marine service centers, and various local, state, and federal governmental accounts. White River Marine Group, LLC (including Tracker and Ranger Boats) and Brunswick Boat Group are significant customers.

Propulsion segment engines are designed for use in recreational, commercial, and racing applications. Mercury designs and sells four-stroke outboard engine models ranging from 2.5 to 600 horsepower; Mercury Marine and Mercury Racing manufacture inboard and sterndrive engine models ranging from 115 to 1,550 horsepower. Mercury Marine also manufactures two-stroke, non-DFI (direct fuel injection) engines for certain markets outside the United States and Avator™ electric propulsion systems in models ranging from 7.5e to 110e. In 2023, Brunswick acquired Fliteboard Pty Ltd (Fliteboard), a leader in eFoiling technology, to further enhance our electrification and shared-access strategies. Fliteboard is operated as part of the Propulsion segment.

Engine P&A Segment

The Engine P&A segment had net sales of $1,199.8 million in 2023. Engine P&A sells products such as engine parts and consumables including oils and lubricants, electrical products, boat parts and systems, and also includes our marine parts and accessories distribution businesses.

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Engine P&A products are designed for and sold mostly to aftermarket retailers, dealers, distributors, and original equipment manufacturers (including Brunswick Boat segment brands) for both marine and non-marine markets. The Engine P&A distribution businesses are leading distributors of Brunswick and third party marine parts and accessories throughout North America, Europe, and Asia-Pacific, offering same-day or next-day delivery service to a broad array of marine service facilities.

Navico Group Segment

The Navico Group segment, which had net sales of $914.7 million in 2023, designs, develops, manufactures, and markets products and systems for the marine, RV, specialty vehicle, mobile and industrial markets, as well as aftermarket channels. Navico Group products include marine electronics, sensors, and control systems, digital control and monitoring systems, instruments, fish finders, sonar, radar, trolling motors, fuel systems, batteries, power management, and electrical systems. Navico Group sells its products to aftermarket distributors and retailers as well as original equipment manufacturers. White River Marine Group, LLC, Brunswick's Engine P&A distribution businesses and Brunswick Boat Group are significant customers.

Boat Segment

The Boat segment consists of the Brunswick Boat Group (Boat Group), which manufactures and distributes recreational boats, and Business Acceleration. We believe that the Boat segment, which had net sales of $1,989.4 million during 2023, is a world leader in the manufacture and sale of pleasure boats. The Boat segment manages Brunswick's boat brands, evaluates and optimizes the Boat segment's boat portfolio, promotes recreational boating services and activities to enhance the consumer experience and dealer profitability, including through its Business Acceleration initiatives, and speeds the introduction of new technologies into boat manufacturing and design processes.

The Boat segment procures substantially all of its engines from Brunswick's Propulsion segment, and boats often include other parts and accessories supplied by the Engine P&A and Navico Group segments. The Boat Group sells its products through a global network of more than 1,300 dealers and distributors, with some operating in more than one location and some carrying more than one of our boat brands. The Boat Group's largest dealer, MarineMax, Inc., is a significant external customer which carries a number of the Boat Group's product lines and has multiple locations.

Included within the Boat segment is the Business Acceleration business, which is dedicated to developing emerging and disruptive business models, focusing on services and subscriptions, and engaging the next generation of diverse boaters. Business Acceleration businesses accounted for 8 percent of Boat segment net sales in 2023.

Business Acceleration's Freedom Boat Club (FBC) is the world's largest boat club network. FBC operates in more than 400 locations across the U.S., Canada, Australia, and Europe, and has nearly 60,000 memberships. FBC members pay an upfront initiation fee and ongoing monthly dues in exchange for gaining shared access to their local club’s diverse fleet of boats and reciprocal privileges at all other FBC locations. Business Acceleration also operates a variety of other businesses including dealer and retailer financing; retail extended warranty and insurance businesses; Boateka, a certified pre-owned boat platform; and other marine services businesses.

Financing Services

Through our Brunswick Financial Services Corporation subsidiary, we own a 49 percent interest in a joint venture, Brunswick Acceptance Company, LLC (BAC). Under the terms of the joint venture agreement (JV Agreement), BAC provides secured wholesale inventory floor plan financing to our boat and engine dealers as well as Freedom Boat Club franchisees. A subsidiary of Wells Fargo & Company owns the remaining 51 percent.

The JV Agreement contains a financial covenant that conforms to the maximum leverage ratio test in the Credit Facility described in Note 14 – Debt in the Notes to Consolidated Financial Statements. The JV Agreement contains provisions allowing for the renewal of the JV Agreement or the purchase of the other party's interest in the joint venture at the end of its term. Alternatively, either partner may terminate the JV Agreement at the end of its term. Refer to Note 8 – Financing Joint Venture in the Notes to Consolidated Financial Statements for more information about our financial services offered through BAC.

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Many dealers secure floor plan financing from BAC, and, to a lesser extent, from other third party financing companies, enabling them to stock product in advance of the peak selling season and providing stable channels for our products. Brunswick provides risk mitigation to BAC and other finance companies in the form of inventory repurchase commitments, under which we are obligated to repurchase inventory in the event of a dealer's default. This risk mitigation is reflected in our estimate of repurchase liabilities. Our business units, along with BAC, maintain active credit operations to manage this financial exposure, and we continually seek opportunities to sustain and improve the financial health of our various distribution channel partners. Refer to Note 11 – Commitments and Contingencies in the Notes to Consolidated Financial Statements for further discussion of these arrangements.

In addition to floor plan financing, Business Acceleration recently announced the launch of Brunswick Finance, a digital retail finance solution that simplifies the purchase process by leveraging a fully integrated technology platform offering end-to-end integration across the boat buying ecosystem, from applying for pre-qualification to underwriting, finalizing agreements and e-signing for loans.

Distribution

We utilize independent distributors, dealers, and retailers (Dealers) for the majority of our boat sales, sales of parts and accessories, and some sales of marine engines. We have over 19,000 active Dealers serving our business segments worldwide. Our Dealers typically carry one or more product categories and are independent companies or proprietors that range in size from small, family-owned businesses to a large, publicly traded corporation with substantial revenues and multiple locations. Some Dealers sell our products exclusively, while a majority also carry competitor and complementary products. We partner with our Dealer network to improve quality, service, distribution, and delivery of parts and accessories to enhance the boating customer's experience.

Besides our network of independent Dealers, we sell parts and accessories to boat builders and operate our own wholesale parts and accessories distribution companies, which are leading distributors of marine parts and accessories with a network of warehouses located throughout the markets they serve, offering same or next-day delivery to a broad array of marine service facilities and Dealers. In addition, we operate a leading boat dealer in the Southeastern U.S. with four locations selling boats and parts and accessories.

Technology and Innovation

We believe Brunswick is uniquely positioned to continue defining the future of the global marine industry. We are continuously and consistently innovating the future of recreational boating through growing service, connectivity, and alternative participation capabilities and businesses. To support our goal, we have established cross-functional and cross-business investments and initiatives, and hire leaders with strong technology experience. We continue to develop solutions to further improve boater experiences both by advancing the efficiency and capabilities of our core product lines and through our ACES strategy.

We continue to develop and refine future innovative projects through our team at the i-Jet Innovation Lab at the University of Illinois Urbana-Champaign. In 2023, Mercury Marine unveiled its Avator 7.5e electric outboard at the Consumer Electronics Show in Las Vegas and has since introduced Avator electric propulsion systems up to 110e. Mercury Marine also entered into an agreement with Jing-Jin Electric (JJE), an electrified propulsion leader in components, assemblies, and systems for global automotive applications, to collaborate on Mercury's portfolio of electric propulsion solutions. Our Boat Group introduced the new Veer boat brand, intended to support electric propulsion, and Navan by Quicksilver, which combines innovative technology with superior performance. Navico Group introduced three new Mastervolt brand larger capacity, lithium-ion deep-cycle supply batteries to provide enhanced power storage capacity in a lighter weight and smaller footprint. Navico Group's Whale brand launched Heat Air, a lightweight, space-efficient, propane-based, heating solution for recreational vehicles.

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Brunswick won numerous awards in 2023 for our groundbreaking products, including:

•National Marine Manufacturers Association (NMMA) and Boating Writers International (BWI) honored our Veer boat brand with a 2023 Minneapolis Innovation Award in the fishing boat category.

•Multiple NMMA Innovation Awards at the 2023 Miami International Boat Show, including for the Fathom e-Power System, Lowrance HDS Pro with Active Imaging HD and ActiveTarget 2, and the Sea Ray SLX 260 Outboard.

•A record 11 Boating Industry Magazine 2023 Top Product Awards to products across our portfolio.

International Operations

Non-U.S. sales are set forth in Note 2 – Revenue Recognition and Note 5 – Segment Information in the Notes to Consolidated Financial Statements and are also included in the table below, which details our non-U.S. sales by region:

(in millions)	2023			2022			2021
Europe	$	837.3		$	904.4		$	796.2
Canada	373.0			458.2			411.7
Asia-Pacific	410.0			466.0			439.0
Rest-of-World	331.3			284.4			237.4
Total	$	1,951.6		$	2,113.0		$	1,884.3
Total International Sales as a Percentage of Net Sales	30		%	31		%	32		%

We transact a portion of our sales in non-U.S. markets in local currencies, while a meaningful portion of our product costs are denominated in U.S. dollars as a result of our U.S. manufacturing operations. As a result, the strengthening or weakening of the U.S. dollar affects the financial results of our non-U.S. operations.

Propulsion non-U.S. sales comprised approximately 43 percent of our non-U.S. sales in 2023. Engine P&A non-U.S. sales comprised approximately 18 percent of our non-U.S. sales in 2023. Navico Group non-U.S. sales comprised approximately 17 percent of our non-U.S. sales in 2023. Boat non-U.S. sales comprised approximately 22 percent of our non-U.S. sales in 2023.

Raw Materials and Supplies

We purchase a wide variety of raw materials from our supplier base, including commodities such as aluminum, copper, resins, oil, and steel, as well as product parts and components, such as boat windshields. The prices for these raw materials, parts, and components fluctuate depending on market conditions and inflation. In 2023, our operations continued to experience intermittent supply chain uncertainty and disruptions. Our global procurement operations constantly strive to obtain adequate supplies, better leverage purchasing power across our divisions, and improve cost efficiencies. We mitigate commodity price risk on certain raw material purchases by entering into fixed priced contracts or derivatives to reduce our exposure related to changes in commodity prices.

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Intellectual Property

We own intellectual property, including patents, trademarks, and trade secrets, related to our current and future products and production methods, in the U.S. and certain other countries. By law, patents have a limited term, so our patents expire over time. Our trademarks and trade secrets have potentially indefinite lives. We consider our collection of intellectual property to be a valuable asset that is important to our competitive position. As of December 31, 2023, we own more than:

•1,100 active U.S. patents;

•450 pending U.S. patent applications;

•650 active foreign patents;

•270 pending foreign patent applications;

•370 U.S. registered trademarks; and

•1,800 foreign registered trademarks.

We invest substantial resources in acquiring, maintaining, and defending our intellectual property rights, and we expect to continue to do so. When feasible, we seek patent protection on products and production methods that are under development, and in areas of possible future development. We require employees who will develop intellectual property, or who have access to intellectual property, to sign confidentiality and intellectual property assignment agreements. We invest in physical and IT security programs to prevent theft and inadvertent disclosure of trade secrets. In addition to "Brunswick," our primary trademarks include Mercury Marine, Boston Whaler, Lund, and Sea Ray.

Market and Competitive Conditions

Demand for our products is typically seasonal, with sales generally highest in the second quarter of the calendar year. Strong competition exists in each of our product groups, but no single enterprise competes with us in all product groups. In each product area, competitors range in size from large, highly-diversified companies to small, single-product businesses. We also indirectly compete with businesses that offer alternative leisure products or activities. The following summarizes our competitive position in each segment:

Propulsion. The marine engine market is highly competitive among several major international companies, such as outboard engine manufacturers based in Japan and several smaller companies. Our competitive advantage is a function of product features, technology, quality and durability, breadth of product line, performance, distribution and manufacturing capabilities, along with effective promotion, after-sales service, and distribution.

Engine P&A. The marine parts and accessories market is highly competitive and fragmented. Our competitive advantage in this market includes our product breadth and quality, proprietary parts and technology, global distribution network, extensive portfolio of recognized brands, sales team, delivery timing, and service.

Navico Group. Navico Group competes in the marine, RV, and specialty vehicle parts and accessories markets, which are also highly competitive and fragmented. Our competitive advantage in these markets includes our extensive portfolio of recognized brands, proprietary technology, integrated solutions, product quality, sales team, and service offering.

Boat. Although there are many boat manufacturers, few manufacturers compete in the breadth of categories or geographies in which our Boat segment competes. We compete on the bases of product features, technology, quality, brand strength, dealer service, pricing, performance, value, durability, and styling, along with effective promotion and distribution. In addition, FBC competes on number and quality of locations, pricing, and service.

Climate Change and Environmental Compliance

Our customers rely on clean air and water to enjoy our products and services, and we are committed to practices and policies designed to help protect the environment and the well-being of our employees, customers, and the public. We seek to comply with applicable environmental regulatory and industry standards across all our facilities and in the products we manufacture. We strive continually to improve energy efficiency, minimize the carbon emissions of our operations, supply chain, and product portfolio, and deliver more cost-effective and lower carbon technology products and solutions to our customers. These environmental sustainability efforts are integrated into our business strategy and operations.

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Some of our recent sustainability projects and accomplishments include:

Product Management	Energy Management	Waste Reduction	Water Reduction	Conservation
Mercury Marine expanded the Avator™ electric outboard motor line to include the 20e and 35e, and announced plans for the 75e and 110e.	Boat Group’s Reynosa, Mexico facility operationalized a solar installation and Mercury Marine announced two small-scale solar installations in Australia.	Land 'N' Sea attained 90% waste to landfill reduction at all 13 of its distribution facilities.	Mercury's Suzhou, China manufacturing facility converted to a powder paint system, which is expected to reduce water consumption by 8 million gallons per year.	Lowrance partnered with OzFish, an Australian project to attract new shellfish growth, improve water cleanliness, and increase fish populations.
Mercury Marine acquired Fliteboard, a battery-powered e-foil personal watercraft, further bolstering its commitment to electrification.	Mercury Marine’s Brownsburg distribution facility received LEED (Leadership in Energy and Environmental Design) Silver certification.	Navico Group attained its first 90% waste-to-landfill reduction at its Lowell, MI facility.	System improvements at Mercury Marine’s Fond du Lac campus are expected to reduce use of 6 million gallons of water per year.	Simrad partnered on fish tagging programs led by Gray Fishtag Research and the Scientific Angler Tagging Tour.
RELiON launched the RB36V40, a 36V 40Ah marine lithium battery with 20% more energy capacity than its series equivalent.	Boat Group introduced a new energy audit program and completed audits at seven primary manufacturing locations.	Boat Group’s New York Mills, MN facility converted to a reusable racking system for windshields.	Boat Group’s Reynosa, Mexico facility introduced an osmosis wastewater recovery system to reduce water consumption by an estimated 10% per year.	Teams of Brunswick employees around the world completed more than 40 conservation-related community service events.
Boat Group’s new Navan by Quicksilver features a twin step hull which reduces drag, making the boats faster and more fuel efficient.	LED lighting upgrades completed at 12 manufacturing facilities.	Boat Group's Tellico, TN facility began a recycling program for wood pallets and plastic parts skeletons.		The Brunswick Foundation made grants to eight organizations dedicated to marine conservation.

In recognition of its sustainability efforts, Brunswick was listed among Newsweek’s America's Most Responsible Companies for 2023 for the fourth consecutive year, Sustainalytics' “Industry Top Rated” for 2023, Newsweek's inaugural list of America's Greenest Companies and USA Today and Statista's inaugural Climate Leaders List, which recognizes companies' efforts to reduce Scope 1 and Scope 2 greenhouse gas emissions. Additionally, Mercury Marine received Green Masters status from the Wisconsin Sustainable Business Council for the 13th consecutive year.

For more information on our sustainability strategy, programming, data, and goals, we refer you to our annual Sustainability Report (which is not incorporated by reference herein), available on our website at https://www.brunswick.com/corporate-responsibility/sustainability.

We anticipate that increased global regulation relating to climate change, such as climate disclosure requirements or product emissions limitations, will require us to comply or potentially face market access limitations or other penalties, including fines. Our manufacturing operations and products are subject to numerous and increasingly strict federal, state, local, and foreign environmental laws and regulations. As we evolve our product electrification strategy, we are subject to other regulations and requirements relating to the transportation, storage, handling, and use of batteries and the components used in battery manufacturing. Our products are subject to increasingly stringent regulations regarding chemical and material composition, and we are subject to extended producer responsibility laws and regulations requiring manufacturers to be responsible for collection, recovery, and recycling of wastes from certain products. Compliance with these laws and regulations has not had a material impact on our capital expenditures, earnings, financial condition, or competitive position. There can be no assurance, however, that current or future environmental laws and regulations will not impose costly requirements upon us. Any failure to comply with applicable environmental laws, regulations, and contractual obligations could result in fines, suspension of production, the need to alter manufacturing processes, and legal liability, and could negatively affect our competitive position.

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For further information, refer to Section 1A, Risk Factors, for a discussion of risks related to environmental compliance and to Note 11 – Commitments and Contingencies in the Notes to Consolidated Financial Statements for a description of certain environmental proceedings.

Human Capital Resources

Brunswick is dedicated to creating an inspiring and inclusive work environment that attracts, develops, and retains top talent. This environment unlocks our employees’ potential to continue transforming the marine industry.

Employee Information

As of December 31, 2023, we employed approximately 17,300 employees, 96 percent of whom were full-time. Our employee base is approximately 65 percent hourly and 35 percent salaried. Temporary and contingent employees (including interns and co-ops) and contractors accounted for approximately 2,300 additional workers.

Approximately 2,500 of our U.S. employees belong to labor unions and approximately 1,000 additional employees are members of international unions or work councils. We believe that the relationships among our employees, the unions or work councils, and the Company remain stable. Mercury Marine and its largest union, the International Association of Machinists and Aerospace Workers (IAM) Lodge 1947, negotiated a new collective bargaining agreement in 2023, which will remain in place through September 30, 2028. During 2023, we experienced no union-related work stoppages.

Diversity and Inclusion

We view diversity, equity, and inclusion (DEI) as a strategic business initiative. We consider DEI to be a competitive advantage and have therefore focused our efforts on expanding diverse representation throughout our global workforce and reinforcing a culture of belonging at every worksite.

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A cross-functional/divisional core team leads our enterprise-wide initiative, TIDE (Together: Inclusion, Diversity and Equity), to integrate DEI in our business processes and behaviors.

We maintain five employee resource groups (ERGs): Women on Water, Brunswick Black Professionals Network, Asians and Pacific Islanders in Marine, Organization for Hispanic/Latinos for Leadership and Advancement, and Brunswick Veterans Network. These ERGs are self-organized, Company-supported groups focused on cultivating a sense of belonging and inclusion at Brunswick. Each ERG strives to support employees by deepening engagement, unifying and connecting communities, and fostering professional and personal growth.

Through TIDE and our ERGs, we accomplished the following in 2023:

•Grew our ERGs to over 1,000 participants, up 100 percent over 2022.

•Conducted 18 experiential activities, including commemorative events and cultural programming.

•Held 10 professional and personal development events.

•Introduced three new inclusion programs including the United People of Brunswick experience, Inspiring Inclusion Award and the Inclusivity & You learning program.

•Developed three new pipeline programs to support diversity in early career hiring for technical talent.

We support increasing representation of diverse populations at all levels of the organization. Women make up one-third of our Executive Officers and one-third of our Directors are female. Women comprise approximately 29 percent of our total global workforce, and racially or ethnically diverse employees make up approximately 25 percent of our U.S. workforce.

We are proud to note that Forbes named Brunswick to its 2023 lists of World’s Best Employers, America's Best Employers for Veterans, and America’s Best Employers for Women. U.S. News and World Report named us one of the Best Companies to Work For in 2023, and Brunswick finished in the top 10 of all companies on both its Best Companies for Work-Life Balance and Best Companies for Quality of Pay lists. Boating Industry Magazine named four of our exceptional female colleagues as “Women Making Waves" and Manufacturing Institute (MI), the workforce development and education partner of the National Association of Manufacturers, named Brunswick Boat Group President Aine Denari as a 2023 Women MAKE America Awards Honoree.

Health and Safety

Employee health and safety are top priorities. We proactively identify and address potential safety risks in our business and operations. Our goal is to achieve zero work-related incidents and injuries. We maintain a Safety Management System (SMS) to formally address safety risks throughout the workplace and use our SMS to manage potential work-related hazards that pose a risk of high consequence of potential injury. Implementing processes and systems that meet SMS criteria is designed to result in less frequent and less severe work-related incidents and injuries.

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The Company's recordable and lost-time incident rates from 2021 to 2023, recorded as of December 31, are as follows:

Our global recordable incident rate is considerably lower than the benchmarks of the U.S. Bureau of Labor Statistics for similar businesses and operations. Additionally, we reported no fatalities in 2023.

Compensation and Benefits

Our compensation philosophy is to encourage performance that creates sustainable, long-term shareholder value; motivates achievement of financial and strategic goals; attracts, retains, and motivates talent; and reinforces our pay-for-performance culture. We are committed, and strive to ensure, that employees are paid equitably for their work, regardless of their race or gender.

We offer market-competitive salaries and wages including incentive bonus opportunities for managers and senior individual contributors, an equity incentive program for director-level positions and above, and a discretionary retirement contribution dependent on the Company’s performance.

Our range of benefits (varying by country) includes:

•Paid time off (vacation, parental leave, sick time, and disability programs);

•Healthcare coverage (medical, dental, prescription, vision, and hearing);

•Financial savings and investment opportunities (flexible spending accounts, health savings accounts, retirement, employee stock purchase, and credit monitoring programs);

•A suite of life, accident, and critical illness insurance programs;

•Wellness programs; and

•Educational assistance programs.

Employee Learning and Development

We support career advancement and create a rewarding environment for employees to learn, grow, and perform at their best. We provide opportunities for continuous learning and development, such as:

•Workday Learning, a learning platform that offers courses in leadership and innovation, effective communication, and strategic thinking;

•Rotational leadership programs to develop Brunswick’s future business and financial leaders;

•Women’s development and mentoring programs, which enhance our succession bench strength and champion female leaders of the future; and

•Wide-ranging hands-on learning and development programs to enhance and grow our critical functional skills.

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We recognize that we operate in competitive marketplaces when it comes to finding top talent, particularly in technical fields. We strive to offer our employees career-specific tools, skilled apprenticeship programs, and robust on-the-job training opportunities. Our technical career tracks provide development for engineers and technology personnel who will shape our future ACES initiatives. We also incentivize innovation through a long-established inventor recognition award program.

Part of employee development includes annual performance feedback and management for all employees, for which we have a standard process that includes opportunities for employee engagement at every stage. We also maintain succession plans that foster internal promotion to key positions.

We believe our strong compliance culture plays a central role in our success. The Integrity Playbook, Brunswick’s code of conduct, serves as the foundation of our Ethics Program. In 2023, 97 percent of our active global salaried population completed our annual code of conduct training.

Employee Engagement

During 2023, Brunswick again completed a global employee engagement survey, in which approximately 85 percent of employees participated, an increase of three percentage points compared to 2022. Insights from the survey will be used to develop action plans at the manager, facility, division, and corporate level to further enhance employee satisfaction and positive connections to Brunswick.

Please see our annual Sustainability Report (which is not incorporated by reference herein), available on our website, for additional information about our human capital management programs.

Available Information

Brunswick maintains an Internet website at http://www.brunswick.com that includes links to our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those reports, and Proxy Statements (SEC Filings). The SEC Filings are available without charge as soon as reasonably practicable following the time that they are filed with, or furnished to, the SEC. Shareholders and other interested parties may request email notification of the posting of these documents through the Investors section of our website. Brunswick’s SEC Filings are also available on the SEC’s website at http://www.sec.gov.

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Item 1A.  Risk Factors

Our operations and financial results are subject to certain risks and uncertainties, including those described below, which could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common stock.

RISKS RELATED TO ECONOMIC AND MARKET CONDITIONS

Worldwide economic conditions significantly affect our industries and businesses, and economic decline can materially impact our financial results.

In times of economic uncertainty or recession, consumers tend to have less discretionary income and defer significant spending on non-essential items, which may adversely affect our financial performance. Economic uncertainty caused by rising interest rates, inflation, international conflicts, and the macroeconomic environment may lead to unfavorable business outcomes. We continue to enhance our portfolio with new and/or expanded technologies, business models, services, and solutions that are less susceptible to economic cycles, but a portion of our business remains cyclical and sensitive to consumer spending on new engines, boats, and associated parts and accessories.

Deterioration in general economic conditions that in turn diminishes consumer confidence or discretionary income may reduce our sales, or we may decide to lower pricing for our products, thus adversely affecting our financial results, including increasing the potential for future impairment charges. Further, most of our products are recreational, and consumers’ limited discretionary income may be diverted to other activities that occupy their time, such as other forms of recreational, religious, cultural, or community activities. We cannot predict the strength of global economies or the timing of economic recoveries, either worldwide or in the specific markets in which we compete.

Changes in currency exchange rates can adversely affect our results.

Some of our sales are denominated in a currency other than the U.S. dollar. Consequently, a strong U.S. dollar may adversely affect reported revenues and our profitability. We have hedging programs in place to reduce our risk to currency fluctuations; however, we cannot hedge against all currency risks, especially over the long term. We maintain a portion of our cost structure in currencies other than the U.S. dollar, which partially mitigates the impact of a strengthening U.S. dollar. This includes boats manufactured in Europe and Canada, and smaller outboard engines either manufactured in China or purchased from our joint venture in Japan. We also continue to evaluate the supply chain and cost structure for opportunities to further mitigate foreign currency risks.

We sell products manufactured in the U.S. into certain international markets, including Europe, Canada, Latin America and Asia-Pacific in U.S. dollars. Demand for our products in these markets may be diminished by a strengthening U.S. dollar, or we may need to lower prices to remain competitive. Some of our competitors with cost positions based outside the U.S., including Asian-based outboard engine manufacturers and European-based large fiberglass boat manufacturers, may have an improved cost position due to a strengthening U.S. dollar, which could result in pricing pressures on our products. Although these factors have existed for several years, we do not believe they have had a material adverse effect on our competitive position.

Fiscal and monetary policy changes may negatively impact worldwide economic and credit conditions and adversely affect our industries, businesses, and financial condition.

Fiscal and monetary policy could have a material adverse impact on worldwide economic conditions, the financial markets, and availability of credit and, consequently, may negatively affect our industries, businesses, and overall financial condition. Customers often finance purchases of our products, particularly boats, and as interest rates rise, the cost of financing the purchase also increases. If credit conditions worsen and adversely affect the ability of customers to finance potential purchases at acceptable terms and interest rates, it could result in a decrease in sales or delay improvement in sales.

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Adverse capital market conditions could have a negative impact on our financial results.

We may rely on short-term capital markets to meet our working capital requirements, fund capital expenditures or pay dividends, and we maintain short-term borrowing facilities that can be used to meet these capital requirements. In addition, over the long term, we may determine that it is necessary to access the capital markets to refinance existing long-term indebtedness or to raise capital for other initiatives. Adverse economic and capital market conditions, market volatility, and regulatory uncertainty could negatively affect our ability to access capital markets or increase the cost to do so, which could adversely impact our business, financial results, and competitive position.

Our profitability may suffer as a result of competitive pricing and other pressures.

The introduction of lower-priced alternative products or services by other companies can hurt our competitive position in all of our businesses. We are constantly subject to competitive pressures in which predominantly international manufacturers may pursue a strategy of aggressive pricing, particularly during periods when their local currency weakens versus the U.S. dollar. Such pricing pressure may limit our ability to increase prices for our products in response to raw material and other cost increases and negatively affect our profit margins.

In addition, our independent boat builder customers may react negatively to potential competition for their products from Brunswick's own boat brands, which can lead them to purchase marine engines, boat systems, parts and accessories, and marine engine supplies from competing manufacturers and may negatively affect demand for our products.

Higher energy and fuel costs can affect our results.

Higher energy and fuel costs increase operating expenses at our manufacturing facilities and the cost of shipping products to customers. In addition, increases in energy costs can adversely affect the pricing and availability of petroleum-based raw materials such as resins and foam that are used in many of our marine products. Higher fuel prices may also have an adverse effect on demand for our parts and accessories businesses, as they increase the cost of boat ownership and possibly affect product use.

RISKS RELATED TO OUR BUSINESS AND OPERATIONS

Successfully managing our manufacturing operations is critical to our operating and financial results.

Over the past several years, we have made strategic capital investments in capacity expansion activities to successfully capture growth opportunities and enhance product offerings, including expansions at our Fond du Lac, Wisconsin and Ensenada, Mexico facilities. We also continue to implement manufacturing efficiency enhancements that are important to our success. Conversely, we may make decisions to decrease production at existing facilities or reduce our manufacturing footprint in accordance with our business strategy. We must carefully manage these capital improvement projects, expansions, efficiency enhancements, and any consolidation or decrease in capacity utilization to ensure the projects meet cost targets, comply with applicable environmental, safety, and other regulations, uphold high-quality workmanship, and meet our business goals.

Moving production to a different plant, expanding capacity at an existing facility, and decreasing or ceasing production at a facility involves risks, including difficulties initiating production within the cost and timeframe estimated, supplying product to customers when expected, integrating new products, and attracting and retaining skilled workers. If we fail to meet these objectives, it could adversely affect our ability to meet customer demand for products and increase the cost of production versus projections, both of which could result in a significant adverse impact on operating and financial results. Additionally, plant consolidation or expansion can result in manufacturing inefficiencies, additional expenses, including higher wages or severance costs, and cost inefficiencies, which could negatively impact financial results.

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Loss of key customers could harm our business.

In each segment, we have important relationships with key customers, including White River Marine Group, LLC for the Propulsion and Navico Group segments and MarineMax, Inc. for the Boat segment. From time to time, contracts with these customers come up for renewal. We cannot be certain we will renew such contracts, or renew them on favorable terms. If we lose a key customer, or a significant portion of its business, we could be adversely affected. In addition, certain customers could try to negotiate more favorable pricing of our products, which could depress earnings. In an effort to mitigate the risk associated with reliance on key customer accounts, we continually monitor these relationships and maintain a complete and competitive product lineup.

A material portion of our revenue is derived from international sources, which creates additional uncertainty.

We intend to continue to expand our international operations and customer base as part of our growth strategy. Sales outside the United States, especially in emerging markets, are subject to various risks, including government embargoes or foreign trade restrictions, foreign currency effects, tariffs, customs duties, inflation, difficulties in enforcing agreements and collecting receivables through foreign legal systems, compliance with international laws, treaties, and regulations, changes in regulatory environments, disruptions in distribution, dependence on foreign personnel and unions, economic and social instability, and public health crises. In addition, there may be tax inefficiencies in repatriating cash from non-U.S. subsidiaries, or changes to tax laws that affect cash repatriation.  

Instability, including, but not limited to, political events, civil unrest, and an increase in criminal activity in locations where we maintain a significant presence could adversely impact our manufacturing and business operations. Decreased stability poses a risk of business interruption and delays in shipments of materials, components, and finished goods, as well as a risk of decreased local retail demand for our products.

In addition, political and economic uncertainty and shifts pose risks of volatility in other global markets, which could affect our operations and financial results. Changes in U.S. policy regarding foreign trade or manufacturing may create negative sentiment about the U.S. among non-U.S. customers, employees, or prospective employees, which could adversely affect our business, sales, hiring, and employee retention. If we continue to expand our business globally, our success will depend, in part, on our ability to anticipate and effectively manage these and other risks, which could materially impact international operations or the business as a whole.

Our financial results may be adversely affected by our third party suppliers' increased costs or inability to meet required production levels due to increased demand or disruption of supply of raw materials, parts, and product components.

We rely on third parties to supply raw materials used in the manufacturing process, including oil, aluminum, copper, steel, and resins, as well as product parts and components. The prices for these raw materials, parts, and components fluctuate depending on market conditions and, in some instances, commodity prices or trade policies, including tariffs. Substantial increases in the prices of raw materials, parts, and components would increase our operating costs, and could reduce our profitability if we are unable to recoup the increased costs through higher product prices or improved operating efficiencies. Similarly, if a critical supplier were to close its operations, cease manufacturing, or otherwise fail to deliver an essential component necessary to our manufacturing operations, that could detrimentally affect our ability to manufacture and sell our products, resulting in an interruption in business operations and/or a loss of sales. 

In addition, some components used in our manufacturing processes, including certain engine components, furniture, upholstery, and boat windshields, are available from a sole supplier or a limited number of suppliers. Operational and financial difficulties that these or other suppliers may face in the future could adversely affect their ability to supply us with the parts and components we need, which could significantly disrupt our operations. It may be difficult to find a replacement supplier for a limited or sole source raw material, part, or component without significant delay or on commercially reasonable terms. In addition, an uncorrected defect or supplier's variation in a raw material, part, or component, either unknown to us or incompatible with our manufacturing process, could jeopardize our ability to manufacture products.  

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Some additional supply risks that could disrupt our operations, impair our ability to deliver products to customers, and negatively affect our financial results include:

•financial pressures on our suppliers due to a weakening economy or unfavorable conditions in other end markets;

•supplier manufacturing constraints and investment requirements;

•deterioration of our relationships with suppliers;

•events such as natural disasters, power outages, or labor strikes;

•disruption at major global ports and shipping hubs; or

•an outbreak of disease or facility closures due to COVID-19 or a similar public health threat.

These risks are exacerbated in the case of single-source suppliers, and the exclusive supplier of a key component could potentially exert significant bargaining power over price, quality, warranty claims, or other terms.

We experienced supply shortages and increases in costs to certain materials in 2023. We continue to address these issues by identifying alternative suppliers for key materials and components, working to secure adequate inventories of critical supplies, and continually monitoring the capabilities of our supplier base. In the future, however, we may experience shortages, delayed delivery, and/or increased prices for key materials, parts, and supplies that are essential to our manufacturing operations.

Adverse weather conditions and climate change events can have a negative effect on revenues.

Changes in seasonal weather conditions can have a significant effect on our operating and financial results. Sales of our marine products are typically stronger just before and during spring and summer, and favorable weather during these months generally has a positive effect on consumer demand. Conversely, unseasonably cool weather, excessive rainfall, or drought conditions during these periods can reduce or change the timing of demand. Climate change could have an impact on longer-term natural weather trends, resulting in environmental changes including, but not limited to, increases in severe weather; changing sea levels; changes in sea, land, and air temperatures; poor water conditions; and reduced access to water, which could disrupt or negatively affect our business.

Catastrophic events, including natural and environmental disasters, acts of terrorism, or civil unrest, could have a negative effect on our operations and financial results.

Hurricanes, floods, earthquakes, storms, and catastrophic natural or environmental disasters, as well as acts of terrorism or civil unrest, could disrupt our distribution channel, operations, or supply chain and decrease consumer demand. If a catastrophic event takes place in one of our major markets, our sales could be diminished or our assets could be damaged. Additionally, if such an event occurs near our business locations, manufacturing facilities, or key supplier facilities, business operations and/or operating systems could be interrupted. We could be uniquely affected by weather-related catastrophic events, the severity of which may increase as a result of climate change, due to the location of certain of our boat facilities in coastal Florida, the size of the manufacturing operation in Fond du Lac, Wisconsin, and Freedom Boat Club locations on waterfronts.

Our ability to remain competitive depends on successfully introducing new products, experiences, and services that meet customer expectations.

We believe that our customers look for and expect quality, innovation, and advanced features when evaluating and making purchasing decisions about products and services in the marketplace. Our ability to remain competitive and meet our growth objectives may be adversely affected by difficulties or delays in product development, such as an inability to develop viable new products or customer solutions, gain market acceptance of new products, generate sufficient capital to fund new product development, or obtain adequate intellectual property protection for new products. To meet ever-changing consumer demands, timing of market entry, pricing of new products, and satisfying customers are all critical. As a result, we may not be able to introduce new products that are necessary to remain competitive in all markets that we serve. Furthermore, we must continue to meet or exceed customers' expectations regarding product quality, experiences, and after-sales service or our operating results could suffer.

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Our ability to meet demand in a rapidly changing environment may adversely affect our results of operations.

Although we have remained focused on our strategic priorities, our businesses may experience difficulty in meeting demand, particularly in rapidly changing economic conditions. We may not be able to recruit or retain sufficient skilled labor or our suppliers may not be able to deliver sufficient quantities of parts and components for us to match production with forecasted demand. Consumers may pursue other recreational activities if our products are not readily available, consumers may purchase from competitors, or our fixed costs may grow, all of which could adversely impact our results of operations.

We have a fixed cost base that can affect our profitability if demand decreases.

The fixed cost levels of operating production facilities can put pressure on profit margins when sales and production decline. We have maintained discipline over our fixed cost base, and improvements in gross margin can help mitigate the risks related to a fixed cost base. However, our profitability is dependent, in part, on our ability to absorb fixed costs over an increasing number of products sold and shipped. Decreased demand or the need to reduce inventories can lower our production levels and impact our ability to absorb fixed costs, consequently materially affecting our results.

Actual or potential public health emergencies, epidemics, or pandemics, such as COVID-19, could have a material adverse effect on our business, results of operations, or financial condition.

The impact of actual or potential public health emergencies, epidemics, or pandemics on the Company, our suppliers, dealers, and customers, and the general economy could be wide-ranging and significant, depending on the nature of the issue, governmental actions taken in response, and the public reaction. The impact of such events could include employee illness, quarantines, cancellation of events and travel, business and school shutdowns, reduction in economic activity, and supply chain interruptions, which could cause significant disruptions to global economies and financial markets. In addition, these events could result in future significant volatility in demand, positively or negatively, for one or more of our products.

The COVID-19 pandemic resulted in disruption, uncertainty, and volatility in the global financial and credit markets, and similar future events could do the same. Such volatility could impact our access to capital resources and liquidity in the future, including making credit difficult to obtain or only available on less favorable terms. Impact on our operations could also be material, affecting employee absenteeism rates, facility closures, or adverse effects on customers or suppliers. These impacts could have a negative effect on our business, financial condition, and results of operations.

Some of our operations are conducted by joint ventures that are not operated solely for our benefit.

We share ownership and management responsibilities with jointly owned companies such as BAC and Tohatsu Marine Corporation. These joint ventures may not have the same goals, strategies, priorities, or resources as we do because they are intended to be operated for the benefit of all co-owners, rather than for our exclusive benefit. If our interests are not aligned, it could negatively impact our sales or financial results.

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RISKS RELATED TO OUR STRATEGIC PLANS

Failure to execute our strategic plan and growth initiatives could have a material adverse effect on our business and financial condition.

Our ability to continue generating strong cash flow and profits depends partly on the sustained successful execution of our strategic plan and growth initiatives, including optimizing our business and product portfolio, continuing to successfully integrate acquisitions, improving operating efficiency, and expanding into new adjacent markets. To address risks associated with our plan and growth initiatives, we have established processes to regularly review, manage, and modify our plans, and we believe we have appropriate oversight to monitor initiatives and their impact. However, our strategic plan and growth initiatives may require significant investment and management attention, which could result in the diversion of these resources from the core business and other business issues and opportunities. Additionally, any strategic plan is subject to certain risks, including market conditions, customer acceptance, competition, the ability to manufacture products on schedule and to specification, the supply chain, and/or the ability to attract and retain qualified management and other personnel. There is no assurance that we will be able to develop and successfully implement our strategic plan and growth initiatives in a manner that fully achieves our strategic objectives.

Our business and operations are dependent on the expertise of our key contributors, our successful implementation of succession plans, and our ability to attract and retain management employees and skilled labor.

The talents and efforts of our employees, particularly key managers, are vital to our success. Our management team has significant industry experience and would be difficult to replace. We may be unable to retain them or to attract other highly qualified employees. Failure to hire, develop, and retain highly qualified and diverse employee talent and to develop and implement an adequate succession plan for the management team could disrupt our operations and adversely affect our business and our future success. We perform an annual review of management succession plans with the Board of Directors, including reviewing executive officer and other important positions to substantially mitigate the risk associated with key contributor transitions, but we cannot ensure that all transitions will be implemented successfully.

Our ability to continue to execute our growth strategy could potentially be adversely affected by the effectiveness of organizational changes. Any disruption or uncertainty resulting from such changes could have a material adverse impact on our business, results of operations, and financial condition. 

Much of our future success depends on, among other factors, our ability to attract and retain skilled labor. If we are not successful in these efforts, we may be unable to meet our operating goals and plans, which may impact our financial results. We continually invest in automation and improve our efficiency, but availability and retention of skilled hourly workers remains critical to our operations. In order to manage this risk, we regularly monitor and make improvements to wages and benefit programs, as well as develop and improve recruiting, training, and safety programs to attract and retain an experienced and skilled workforce.

The inability to successfully integrate acquisitions could negatively impact financial results.

Our strategic acquisitions pose risks, such as our ability to project and evaluate market demand; maximize potential synergies and cost savings; make accurate accounting estimates; and achieve anticipated business objectives. Acquisitions present integration risks, including:

•disruptions in core, adjacent, or acquired businesses that could make it more difficult to maintain business and operational relationships, including customer and supplier relationships;

•the possibility that the expected synergies and value creation will not be realized or will not be realized within the expected time period;

•the possibility that we will incur unexpected costs and liabilities;

•diversion of management attention; and

•difficulties recruiting and retaining employees.

If we fail to timely and successfully integrate acquired businesses into existing operations, we may see higher costs, lost sales, or otherwise diminished earnings and financial results.

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There can be no assurance that strategic divestitures or restructurings will provide business benefits.

As part of our strategy, we continuously evaluate our portfolio of businesses to further maximize shareholder value. We have previously, and may in the future, make changes to our portfolio which may be material. Divestitures involve risks, including difficulties in the separation of operations, services, products, and personnel, disruption in our operations or businesses, finding a suitable purchaser, the diversion of management's attention from our other businesses, the potential loss of key employees, adverse effects on relationships with our dealer or supplier partners or their businesses, the erosion of employee morale or customer confidence, and the retention of contingent liabilities related to the divested business. If we do not successfully manage the risks associated with divestitures, our business, financial condition, and results of operations could be adversely affected as the potential strategic benefits may not be realized or may take longer to realize than expected.

An inability to identify and complete targeted acquisitions could negatively impact financial results.

Our growth initiatives include making strategic acquisitions when appropriate, which depend on the availability of suitable targets at acceptable terms and our ability to complete the transactions. In managing our acquisition strategy, we conduct rigorous due diligence, involve various functions, and continually review target acquisitions, all of which we believe mitigates some of our acquisition risks. However, we cannot assure that suitable acquisitions will be identified or consummated or that, if consummated, they will be successful. Acquisitions include a number of risks, including our ability to project and evaluate market demand, identify and realize potential synergies and cost savings, and make accurate financial forecasts, as well as diversion of management attention during the pursuit of acquisitions. Uncertainties exist in assessing the value, risks, profitability, and liabilities associated with certain businesses or assets, negotiating acceptable terms, obtaining financing on acceptable terms, and receiving any necessary regulatory approvals. As we continue to grow, in part, through acquisitions, our success depends on our ability to anticipate and effectively manage these risks. Our failure to successfully do so could have a material adverse effect on our financial condition and results of operations.

RISKS RELATED TO OUR DEALERS, DISTRIBUTORS, AND FRANCHISEES

Our financial results could be adversely affected if we are unable to maintain effective distribution.

We rely on third-party dealers and distributors to sell most of our products. Maintaining a reliable network of dealers is essential to our success. We face competition from other manufacturers in attracting and retaining distributors and independent boat dealers. A significant deterioration in the number or effectiveness of our dealers and distributors could have a material adverse effect on our financial results.

Although at present we believe dealer health to be generally favorable, weakening demand for marine products could hurt our dealers’ financial performance. In particular, reduced cash flow from decreases in sales and tightening credit markets could impair dealers' ability to fund operations. Inability to fund operations can force dealers to cease business, and we may be unable to obtain alternate distribution in the vacated market. An inability to obtain alternate distribution could unfavorably affect our net sales through reduced market presence. If economic conditions deteriorate, we anticipate that dealer failures or voluntary market exits would increase, especially if overall retail demand materially declines. 

Dealer or distributor inability to secure adequate access to capital could adversely affect our sales.

Our dealers require adequate liquidity to finance their operations, including purchasing our products. Dealers are subject to numerous risks and uncertainties that could unfavorably affect their liquidity positions, including, among other things, continued access to adequate financing sources on a timely basis on reasonable terms. These financing sources are vital to our ability to sell products through our distribution network, particularly to boat and engine dealers. Entities affiliated with Wells Fargo & Company, including BAC, our 49 percent owned joint venture, finance a significant portion of our boat and engine sales to dealers through floor plan financing to marine dealers.

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Many factors continue to influence the availability and terms of financing that our dealer floor plan financing providers offer, including:

•their ability to access certain capital markets, such as the securitization and the commercial paper markets, and to fund their operations in a cost effective manner;

•the performance of their overall credit portfolios;

•their willingness to accept the risks associated with lending to marine dealers;

•the overall creditworthiness of those dealers; and

•the overall aging and level of pipeline inventories. 

Our sales could be adversely affected if financing terms change unfavorably or if BAC were to be terminated. This could require dealers to find alternative sources of financing, including our direct financing to dealers, which could require additional capital to fund the associated receivables.

Inventory reductions by major dealers, retailers, and independent boat builders could adversely affect our financial results.

If demand for our products declines or if new product introductions are expected to replace existing products, our dealers, retailers, and other distributors could decide to reduce the number of units they hold. These actions could result in wholesale sales reductions in excess of retail sales reductions and would likely result in lower production levels of certain products, potentially causing lower rates of absorption of fixed costs in our manufacturing facilities and lower margins. While we have processes in place to help manage dealer inventories at appropriate levels, potential inventory reductions remain a risk to our future sales and results of operations.

We may be required to repurchase inventory or accounts of certain dealers.

We have agreements with certain third-party finance companies to provide financing to our customers, enabling them to purchase our products. In connection with these agreements, we may either have obligations to repurchase our products from the finance company or have recourse obligations. These obligations may be triggered if our dealers default on their payment or other obligations to the finance companies.

Our maximum contingent obligation to repurchase inventory and our maximum contingent recourse obligations on customer receivables are less than the total balances of dealer financings outstanding under these programs, because our obligations under certain of these arrangements are subject to caps or are limited based on the age of product. Our risk related to these arrangements is partially mitigated by the proceeds we receive on the resale of repurchased product to other dealers, or by recoveries on receivables purchased under the recourse obligations.

Our inventory repurchase obligations relate mainly to the inventory floor plan credit facilities of our boat and engine dealers. Our actual historical repurchase experience related to these arrangements has been substantially less than our maximum contractual obligations. If dealers default on their obligations, file for bankruptcy, or cease operations, we could incur losses associated with the repurchase of our products. In addition, our net sales and earnings may be unfavorably affected due to reduced market coverage and an associated decline in sales.

Future declines in marine industry demand could cause an increase in repurchase activity, or could require us to incur losses in excess of established reserves. In addition, our cash flow and loss experience could be adversely affected if repurchased inventory is not successfully distributed to other dealers in a timely manner, or if the recovery rate on the resale of the product declines. The finance companies could require changes in repurchase or recourse terms that would result in an increase in our contractual contingent obligations.

The franchise business model of Freedom Boat Club presents risks.

Our franchisees are an integral part of our Freedom Boat Club business and its growth strategies. We may be unable to successfully implement the growth strategies if our franchisees do not participate in the implementation of those strategies or if we are unable to attract a sufficient number of qualified franchisees.

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While our franchisees are required to comply with our franchise and related agreements, our franchisees are independent and manage their boat clubs as independent businesses, responsible for all day-to-day operations of their boat clubs. If these franchisees fail to maintain or act in accordance with applicable brand standards; experience service, safety, or other operational problems, including any data breach involving club member information; or project a brand image inconsistent with ours, our image and reputation could suffer, which in turn could hurt our business and operating results.

RISKS RELATED TO CYBERSECURITY AND TECHNOLOGY

Our business operations could be negatively impacted by an outage or breach of our information technology systems, operational technology systems, or a cybersecurity event.

We manage our global business operations through a variety of information technology (IT) and operational technology systems which we continually enhance to increase efficiency and security. We depend on these systems for commercial transactions, customer interactions, manufacturing, branding, employee tracking, and other applications. Some of the systems are based on legacy technology and operate with a minimal level of available support, and recent acquisitions using other systems have added to the complexity of our IT infrastructure. New system implementations across the enterprise also pose risks of outages or disruptions, which could affect our suppliers, commercial operations, and customers. We continue to upgrade, streamline, and integrate these systems and have invested in strategies to prevent a failure or breach but, like those of other companies, our systems are susceptible to outages due to natural disasters, power loss, computer viruses, security breaches, hardware or software vulnerabilities, disruptions, and similar events.

In June 2023, Brunswick disclosed an IT security incident that impacted some systems and global facilities. We activated our response protocols, which included pausing operations in some locations, engaging leading security experts and coordinating with relevant law enforcement agencies. Normal global business operations resumed over the course of nine days following the incident. However, if a similar event occurred, and if legacy systems or other key systems were to fail or if our IT systems were unable to communicate effectively, this could result in missed or delayed sales or lost opportunities for cost-reduction or efficient cash management.

We exchange information with many trading partners across all aspects of our commercial operations through our IT systems. A breakdown, outage, malicious intrusion, breach, ransom attack, or other disruption of communications could result in erroneous or fraudulent transactions, disclosure of confidential information, loss of reputation and confidence, and may also result in legal claims or proceedings, penalties, and remediation costs. We have numerous e-commerce and e-marketing portals and our systems may contain personal information of customers or employees; therefore, we must continue to be diligent in protecting against malicious cyber attacks. We have been the target of attempted cyber attacks and other security threats and we may be subject to future breaches of our IT systems. We have programs in place that are intended to detect, contain, and respond to data security incidents and that provide at least annual employee awareness training regarding phishing, malware, and other cyber risks. However, because the techniques used to obtain unauthorized access, disable or degrade service, or sabotage systems change frequently and may be difficult to detect, we may be unable to anticipate these techniques or implement adequate preventive measures. Moreover, the rapid evolution and increased adoption of artificial intelligence technologies may intensify our cybersecurity risks. If our security measures are breached or fail, unauthorized persons may be able to obtain access to or acquire personal or other confidential data. Depending on the nature of the information compromised, we may also have obligations to notify consumers and/or employees about the incident, and we may need to provide some form of remedy, such as a subscription to a credit monitoring service, for the individuals affected by the incident. For example, we provided certain affected individuals credit monitoring as a result of the June IT Security Incident. This or future events could negatively affect our relationships with customers or trading partners, lead to potential claims against us, and damage our image and reputation.

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We rely on third parties for computing, storage, processing, and similar services. Any disruption of or interference with our use of these third-party services could have an adverse effect on our business, financial condition, and operating results.

Most of our business systems reside on third-party outsourced cloud infrastructure providers. We are therefore vulnerable to service interruptions experienced by these providers and could experience interruptions, delays, or outages in service availability in the future due to a variety of factors, including infrastructure changes, human, hardware or software errors, cyber attacks, hosting disruptions, and capacity constraints. While we have mitigation and service redundancy plans in place, outages and/or capacity constraints could still arise from a number of causes such as technical failures, natural disasters, fraud, or internal or third-party security attacks on us or our third-party providers, which could negatively impact our ability to manufacture and/or operate our business.

We collect, store, process, share, and use personal information, and rely on third parties that are not directly under our control to do so as well, which subjects us to legal obligations, laws and regulations related to security and privacy, and any actual or perceived failure to meet those obligations could harm our business.

We are subject to various data protection and privacy laws and regulations in the countries where we operate because we collect, store, process, share, and use personal information, and we rely on third parties that are not directly under our control to do so as well. For example, we are subject to the General Data Protection Regulation (GDPR) in the European Union (EU) and the California Consumer Privacy Act (CCPA). Although we have implemented plans to comply with these laws, GDPR, CCPA, and future laws and regulations could impose even greater compliance burdens and risks with respect to privacy and data security than prior laws. The EU (through the GDPR) and a growing number of legislative and regulatory bodies elsewhere in the world have adopted consumer notification requirements in the event of unauthorized access to or acquisition of certain types of personal information. These breach notification laws continue to evolve and may be inconsistent from one jurisdiction to another. Complying with these obligations could cause us to incur substantial costs, require significant management time and attention, and increase negative publicity surrounding any incident that compromises personal information.

RISKS RELATED TO OUR INTELLECTUAL PROPERTY

Our success depends upon the continued strength of our brands.

We believe that our brands, particularly including Mercury Marine, Boston Whaler, Lund, and Sea Ray, significantly contribute to our success, and that maintaining and enhancing these brands is important to expanding our customer base. A failure to adequately promote, protect, and strengthen our brands could adversely affect our business and results of operations. Further, in connection with the divestiture of the bowling and billiards businesses, we licensed certain trademarks and servicemarks, including use of the name "Brunswick," to the acquiring companies. Our reputation may be adversely affected by the purchasers' inappropriate use of the marks or of the name Brunswick, including potential negative publicity, loss of confidence, or other damage to our image due to this licensed use.

Either inadequate intellectual property protection that could allow others to use our technologies and impair our ability to compete or the failure to successfully defend against patent infringement claims could have a material adverse effect on our financial condition and results of operations.

We regard much of the technology underlying our products as proprietary. We rely on a combination of patents, trademark, copyright, and trade secret laws; employee and third-party non-disclosure agreements; and other contracts to establish and protect our technology and other intellectual property rights. However, we remain subject to risks, including:

•the steps we take to protect our proprietary technology may be inadequate to prevent misappropriation of our technology;

•third parties may independently develop similar technology;

•agreements containing protections may be breached or terminated;

•we may not have adequate remedies for breaches;

•existing patent, trademark, copyright, and trade secret laws may afford limited protection;

•a third party could copy or otherwise obtain and use our products or technology without authorization; or

•we may be required to litigate to enforce our intellectual property rights, and we may not be successful.

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Policing unauthorized use of our intellectual property is difficult, particularly outside the U.S., and litigating intellectual property claims may result in substantial cost and divert management’s attention.

In addition, we may be required to defend our products against patent or other intellectual property infringement claims or litigation. Besides defense expenses and costs, we may not prevail in such cases, forcing us to seek licenses or royalty arrangements from third parties, which we may not be able to obtain on reasonable terms, or subjecting us to an order or requirement to stop manufacturing, using, selling, or distributing products that included challenged intellectual property, which could harm our business and financial results.

RISKS RELATED TO OUR REGULATORY, ACCOUNTING, LEGAL, AND TAX ENVIRONMENT

Changes to trade policy, tariffs, and import/export regulations may have a material adverse effect on our business, financial condition, and results of operations.

Changes in laws and policies governing trade could adversely affect our business and trigger retaliatory actions by affected countries. We continue to be subject to meaningful tariffs, such as China Section 301 investigation tariffs, and there is no assurance that we will be granted exclusions in the future. Like many other multinational corporations, we do a significant amount of business that would be affected by changes to the trade policies of the U.S. and foreign countries (including governmental action related to tariffs and international trade agreements). Such changes have the potential to adversely impact the U.S. economy, our industry, our suppliers, and global demand for our products and, as a result, could have a material adverse effect on our business, financial condition, and results of operations.

An impairment in the carrying value of goodwill, trade names, and other long-lived assets could negatively affect our consolidated results of operations and net worth.

Goodwill and indefinite-lived intangible assets, such as our trade names, are recorded at fair value at the time of acquisition and are not amortized, but are reviewed for impairment at least annually or more frequently if impairment indicators arise. In evaluating the potential for impairment of goodwill and trade names, we make assumptions regarding future operating performance, business trends, and market and economic conditions. Such analyses further require us to make certain assumptions about sales, operating margins, growth rates, and discount rates. Uncertainties are inherent in evaluating and applying these factors to the assessment of goodwill and trade name recoverability. We could be required to evaluate the recoverability of goodwill or trade names prior to the annual assessment if we experience business disruptions, unexpected significant declines in operating results, a divestiture of a significant component of our business, or declines in market capitalization.

During the year ended December 31, 2023, the Company recorded $16.6 million of intangible asset impairment charges recognized in Restructuring, exit and impairment charges in the Consolidated Statements of Operations, including a $13.0 million impairment of the Navico trade name as a result of declines in forecasted revenues primarily driven by macroeconomic factors and a decline in market conditions. Further, as part of our required fourth quarter goodwill impairment testing, the estimated fair value of the Navico Group reporting unit was approximately 10 percent in excess of its carrying value, which included goodwill of $599.7 million. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. As a result, there can be no assurance that the estimates and assumptions made for purposes of the impairment tests will prove to be an accurate prediction of the future. To the extent future operating results differ from those in our current forecasts, or if the assumptions underlying the discount rates change, it is possible that further impairment charges could be recorded.

We also continually evaluate whether events or circumstances have occurred that indicate the remaining estimated useful lives of our definite-lived intangible assets and other long-lived assets may warrant revision or whether the remaining balance of such assets may not be recoverable. We use an estimate of the related undiscounted cash flow over the remaining life of the asset in measuring whether the asset is recoverable.

As of December 31, 2023, the balance of total goodwill and indefinite lived intangible assets was $1,342.2 million, which represents approximately 22 percent of total assets. If the future operating performance of either the Company or individual operating segments is not sufficient, we could be required to record non-cash impairment charges. Impairment charges could substantially affect our reported earnings in the periods such charges are recorded. In addition, impairment charges could indicate a reduction in business value which could limit our ability to obtain adequate financing in the future.  

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We manufacture and sell products that create exposure to potential claims and litigation.

Our manufacturing operations and the products we produce could result in product quality, warranty, personal injury, property damage, and other issues, thereby increasing the risk of litigation and potential liability as well as regulatory fines. To manage this risk, we have established a global, enterprise-wide program charged with the responsibility for reviewing, addressing, and reporting on product integrity issues. Historically, the resolution of such claims has not had a materially adverse effect on our business, and we maintain what we believe to be adequate insurance coverage to mitigate a portion of these risks. However, we may experience material losses in the future, incur significant costs to defend claims or issue product recalls, experience claims in excess of our insurance coverage or that are not covered by insurance, or be subjected to fines or penalties. Our reputation may be adversely affected by such claims, whether or not successful, including potential negative publicity about our products. We record accruals for known potential liabilities, but there is the possibility that actual losses may exceed these accruals and therefore negatively impact earnings.

Compliance with environmental, health, safety, zoning, and other laws and regulations may increase costs and reduce demand for our products.

We are subject to federal, state, local, and foreign laws and regulations, including product safety, environmental, health and safety, and other regulations. While we believe that we maintain the requisite licenses and permits and that we are in material compliance with applicable laws and regulations, a failure to satisfy these and other regulatory requirements could result in fines or penalties, and compliance could increase the cost of operations. The adoption of additional laws, rules, and regulations, including stricter emissions standards or limitations on the use of internal combustion engines, could increase our manufacturing costs, require additional product development investment, increase consumer pricing, and reduce consumer demand for our products or boat club operations.

Environmental restrictions, boat plant emission restrictions, and permitting and zoning requirements can limit production capacity, access to water for boating (or certain types of boats or propulsion) and marinas, and storage space. While future requirements, including any imposed on recreational boating, are not expected to be unduly restrictive, they may deter potential customers, thereby reducing our sales. Furthermore, regulations allowing the sale of fuel containing higher levels of ethanol for automobiles, which is not appropriate or intended for use in marine engines, may nonetheless result in increased warranty, service costs, customer dissatisfaction with products, and other claims against us if boaters mistakenly use this fuel in marine engines, causing damage to and the degradation of components in their marine engines. Many of our customers use our products for fishing and related recreational activities. Regulatory or commercial policies and practices impacting access to water, including availability of slip locations and/or the ability to transfer boats among different waterways, access to fisheries, or the ability to fish in some areas could negatively affect demand for our products. As we evolve our product electrification strategy, we are potentially subject to emerging regulations and requirements under the proposed European Union Battery Directive or other similar regulations. These requirements, if adopted, could increase our costs, potentially reducing consumer demand for our products.

Our manufacturing processes involve the use, handling, storage, and contracting for recycling or disposal of hazardous or toxic substances or wastes. Accordingly, we are subject to regulations regarding these substances, and the misuse or mishandling of such substances could expose us to liabilities, including claims for property, personal injury, or natural resources damages, or fines. We are also subject to laws requiring the cleanup of contaminated property, including cleanup efforts currently underway. If a release of hazardous substances occurs at or from one of our current or former properties or another location where we have disposed of hazardous materials, we may be held liable for the contamination, regardless of knowledge or whether we were at fault, and the amount of such liability could be material.

Additionally, we are subject to laws governing our relationships with employees, including, but not limited to, employment obligations as a federal contractor and employee wage, hour, and benefits issues, such as health care benefits. Compliance with these rules and regulations, and compliance with any changes to current regulations, could increase the cost of our operations.

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Changes in income tax laws or enforcement could have a material adverse impact on our financial results.

Our provision for income taxes and cash tax liability may be adversely impacted by changes in tax laws and interpretations in the U.S. or in other countries in which we operate. The Inflation Reduction Act of 2022 (IRA) included various tax provisions, including a 15% minimum tax on global adjusted financial statement income. While we do not believe the IRA will have a material negative impact on our business, it is possible that future interpretations or additional tax law changes could have a material impact on the Company’s tax rate. In addition, many non-U.S. jurisdictions are implementing local legislation based upon the Organization for Economic Co-operation and Development’s base erosion and profit shifting project. These changes could negatively impact our tax provision, cash flows, and/or tax-related balance sheet amounts, including our deferred tax asset values, and increase the complexity, burden, and cost of tax compliance.

RISKS RELATED TO OUR COMMON STOCK

The timing and amount of our share repurchases are subject to a number of uncertainties.

The Board of Directors has authorized our discretionary repurchase of outstanding common stock, to be systematically completed in the open market or through privately negotiated transactions. In 2023, we repurchased $275.0 million of shares, and we plan to continue share repurchases in 2024 and beyond. The amount and timing of share repurchases are based on a variety of factors. Important considerations that could cause us to limit, suspend, or delay future stock repurchases include:

•unfavorable market and economic conditions;

•the trading price of our common stock;

•the nature and magnitude of other investment opportunities available to us from time to time;

•the availability of cash; and

•additional taxes imposed on share repurchases.

Delaying, limiting, or suspending our stock repurchase program may negatively affect performance versus earnings per share targets, and ultimately our stock price.

Certain activist shareholder actions could cause us to incur expense and hinder execution of our strategy.

We may at times be subject to certain divisive activist shareholder tactics, which can take many forms. Some shareholder activism, including potential proxy contests, could result in substantial costs, such as legal fees and expenses, and divert management’s and our Board’s attention and resources from our businesses and strategic plans. Additionally, public shareholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with dealers, distributors, or customers, make it more difficult to attract and retain qualified personnel, and cause our stock price to fluctuate based on temporary or speculative market perceptions or other factors that do not necessarily reflect the underlying fundamentals and prospects of our business. These risks could adversely affect our business and operating results.

Item 1B. Unresolved Staff Comments

None.

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Item 1C. Cybersecurity

Brunswick’s leadership recognizes the importance of information security and managing cybersecurity risks across the enterprise. We manage our global business operations through a variety of systems for commercial transactions, customer interactions, manufacturing, branding, employee tracking, and other applications. Systems based on legacy technology, sometimes added through acquisitions or hosted by third parties, and/or that contain personal information of customers or employees, present risks of erroneous or fraudulent transactions, disclosure of personal, sensitive, and confidential information, loss of reputation and confidence, potential impacts on our operations, and may result in legal claims or proceedings, penalties, and remediation costs. Our mature cybersecurity program has been strategically designed to assess, identify, and manage these cyber risks, protect the organization, respond to, and recover from cybersecurity incidents.

Brunswick’s Board of Directors (the Board) and its committees are actively engaged in managing cybersecurity risk and overseeing our information security programs. The Audit and Finance Committee (the Committee) is primarily responsible for oversight of Brunswick’s information technology and information security/cybersecurity programs. The Committee is composed of directors with expertise in technology, audit, finance, and compliance, equipping them to effectively oversee the program. The Chief Information Officer (CIO) and/or Chief Information Security Officer (CISO) update the Committee at each of its regularly scheduled meetings. These reports include updates on the Company’s cybersecurity programs and key performance indicators; assessment of the program; emerging risks; policies, procedures, and training; and risk mitigation strategies. The CIO and CISO also provide the full Board with information technology and cybersecurity reports on at least an annual basis and with greater frequency as necessary. In addition, the Board oversees Brunswick’s long-standing enterprise risk management (ERM) process, which regularly identifies, assesses, and mitigates enterprise and emerging risks, including cyber risks.

The underlying controls of our cyber risk management program are based on recognized best practices and standards for cybersecurity and information technology, including the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF). A dedicated Office of the CISO, which reports to the CIO, is responsible for developing enterprise-wide cybersecurity strategy, architecture, policies, processes, and controls, and is directly responsible for our cybersecurity program. Our cybersecurity team members have extensive information technology and program management experience. The CIO and/or CISO personnel regularly inform the Chief Executive Officer (CEO) and other members of senior management about the program, best practices, current cybersecurity threats, the risk landscape, and mitigation approaches.

We use various tools and methodologies to identify, manage, and test for cybersecurity risk on a regular cadence both at the enterprise level and using third party service providers. These third parties include cybersecurity managed security service providers (MSSPs), consultants, advisors, and auditors, who we engage to evaluate our controls, whether through penetration testing, independent audits, or consulting on best practices to address new threats or challenges. We also actively engage with key vendors, industry participants, and law enforcement communities as part of our continuing efforts to evaluate and improve our program. Internally, our employees are a key part of our program. All employees are required to complete cybersecurity training at least once every year, and employees in certain roles must complete additional, specialized cybersecurity training on a regular basis.

Our regular interactions with third party vendors and suppliers also pose a cybersecurity risk that could adversely impact our business or employees. We conduct information security assessments before onboarding and upon detection of an increase in risk profile. In addition, we require providers to meet appropriate security requirements, controls and responsibilities and include additional security and privacy addenda to our contracts where applicable. We also make available cybersecurity education and awareness materials to our suppliers.

The Office of the CISO continually works to enhance our robust enterprise security structure with the ultimate goal of preventing cybersecurity incidents to the extent feasible, while simultaneously increasing our system resilience in an effort to minimize the business impact should an incident occur. We have an established playbook to promptly detect, assess, and respond to cyber incidents. Depending on the nature and severity of an incident, this process provides for escalating notification to functional leaders, senior management, our CEO, and the Board.

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On June 13, 2023, Brunswick disclosed an IT security incident that impacted some systems and global facilities. We activated our response protocols, including pausing operations in some locations, engaging leading security experts, and coordinating with relevant law enforcement agencies. Normal global business operations resumed over the course of nine days following the incident. We estimate the incident resulted in lost revenue of approximately $80 million to $85 million and operating earnings of $35 million to $40 million. To date, Brunswick has not identified any other cyber event or risks from cybersecurity threats that could be considered material, individually or in the aggregate.

Notwithstanding our vigilant cybersecurity program, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. For further information, refer to Section 1A, Risk Factors, for a discussion of risks related to cybersecurity and technology.

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Item 2. Properties

We have numerous manufacturing plants, distribution warehouses, sales and engineering offices, and product test sites around the world. Research and development facilities are primarily located at manufacturing sites. We believe our facilities are suitable and adequate for our current needs and are well maintained and in good operating condition. Most plants and warehouses are of modern, single-story construction, providing efficient manufacturing and distribution operations. We believe our manufacturing facilities have the capacity, or we are investing to increase capacity, to meet current and anticipated demand. Our principal properties are as follows:

Segment	Location	Primary Use	Ownership
	Mettawa, IL (US)	Corporate headquarters	Leased
Propulsion and Engine P&A	Fond du Lac, WI (US)	Manufacturing and office	Owned
Propulsion and Engine P&A	Melbourne, Australia	Distribution and office	Leased
Propulsion, Engine P&A and Boat	Petit-Rechain, Belgium	Distribution and office	Owned
Propulsion and Engine P&A	Suzhou, China	Manufacturing, distribution, office	Owned/Leased
Propulsion, Engine P&A, Navico Group and Boat	Auckland, New Zealand	Manufacturing, light assembly, engineering, distribution, office	Leased
Propulsion and Engine P&A	Juarez, Mexico	Light assembly and distribution	Owned/Leased
Engine P&A	Brisbane, Australia	Distribution	Leased
Engine P&A	Brownsburg, IN (US)	Distribution	Leased
Engine P&A	Heerenveen, Netherlands	Distribution	Leased
Navico Group	Lowell, MI (US)	Manufacturing and office	Leased
Navico Group	Menomonee Falls, WI (US)	Light assembly, distribution, office	Leased
Navico Group	Stuart, FL (US)	Manufacturing and distribution	Owned
Navico Group	Ensenada, Mexico	Manufacturing and distribution	Owned
Navico Group	Amsterdam, Netherlands	Engineering, distribution, office	Leased
Boat	Edgewater, FL (US)	Manufacturing	Owned
Boat	Palm Coast, FL (US)	Manufacturing	Owned
Boat	Merritt Island, FL (US)	Manufacturing	Owned
Boat	Venice, FL (US)	Office	Leased
Boat	Fort Wayne, IN (US)	Manufacturing	Owned
Boat	New York Mills, MN (US)	Manufacturing	Owned
Boat	Lebanon, MO (US)	Manufacturing	Owned
Boat	Knoxville, TN (US)	Office	Leased
Boat	Vonore, TN (US)	Manufacturing	Owned
Boat	Princeville, Quebec, Canada	Manufacturing	Owned
Boat	Reynosa, Mexico	Manufacturing	Owned
Boat	Vila Nova de Cerveira, Portugal	Manufacturing	Owned

Item 3. Legal Proceedings

Refer to Note 11 – Commitments and Contingencies in the Notes to Consolidated Financial Statements for information about our legal proceedings.

Item 4. Mine Safety Disclosures

Not applicable.

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Information About Our Executive Officers

Brunswick's Executive Officers are listed in the following table:

Officer Name	Present Position	First Became an Executive Officer	Age
David M. Foulkes	Chief Executive Officer	2019	62
Ryan M. Gwillim	Executive Vice President and Chief Financial and Strategy Officer	2020	44
John G. Buelow	Executive Vice President and President — Mercury Marine	2023	53
Christopher F. Dekker	Executive Vice President, General Counsel, Secretary, and Chief Compliance Officer	2014	55
Aine L. Denari	Executive Vice President and President — Brunswick Boat Group	2020	51
Brett A. Dibkey	Executive Vice President and President — Navico Group	2020	51
Brenna D. Preisser	Executive Vice President and President — Business Acceleration	2016	46
Jill M. Wrobel	Executive Vice President and Chief Human Resources Officer	2021	43
Randall S. Altman	Senior Vice President and Controller	2019	52

The executive officers named above have been appointed to serve until their successors are chosen and qualified or until the executive officer's earlier resignation or removal.

David M. Foulkes was named Chief Executive Officer of Brunswick in 2019. He served as Chief Technology Officer and President, Brunswick Marine Consumer Solutions from May 2018 to 2019, as Vice President and Brunswick Chief Technology Officer from 2014 to 2018, as Vice President of Product Development and Engineering, Mercury Marine, from 2010 to 2018 and as President of Mercury Racing from 2012 to 2018. Previously, Mr. Foulkes held positions of increasing responsibility at Mercury Marine from the start of his employment in 2007.

Ryan M. Gwillim has served as Executive Vice President and Chief Financial Officer of Brunswick since June 2020. Mr. Gwillim assumed additional responsibility as Chief Strategy Officer in November 2023. Previously, he served as Vice President – Finance and Treasurer from June 2019 to June 2020, and Vice President – Investor Relations from 2017 to 2019. Mr. Gwillim served as Associate General Counsel - International from 2015 to 2017 and held positions of increasing responsibility within the Legal Department since his Brunswick employment began in 2011.

John G. Buelow was named Executive Vice President and President – Mercury Marine in February 2023. He previously served as Vice President of Global Operations, Mercury Marine, from June 2018 to February 2023, and as Vice President Category Management, Mercury Marine, from 2016 to 2018. Prior to 2016, Mr. Buelow served in a variety of positions of increasing responsibility at Mercury Marine since he was hired in 2004.

Christopher F. Dekker has served as Executive Vice President, General Counsel, Secretary, and Chief Compliance Officer since 2014. Prior to his appointment, Mr. Dekker served as Brunswick's Associate General Counsel, with responsibilities for litigation, employment, and compliance matters, from the start of his employment with Brunswick in 2010.

Aine L. Denari has served as Executive Vice President and President – Brunswick Boat Group since October 2020. Prior to joining Brunswick, Ms. Denari worked at ZF AG as Senior Vice President and General Manager, Global Electronics ADAS (Advanced Driver Assistance Systems) from December 2017 to October 2020, as Senior Vice President, Planning and Business Development from 2015 to 2017, and as Vice President, Business Development and Product Planning from 2014 to 2017. Ms. Denari previously served in a variety of executive positions within the automotive industry, and in leadership positions at major global consulting firms.

Brett A. Dibkey has served as Executive Vice President and President – Navico Group since July 2022 and previously served as Executive Vice President and President – Advanced Systems Group from 2020 to 2022. Mr. Dibkey joined Brunswick following 12 years at Whirlpool Corporation, a multinational manufacturer and marketer of home appliances, where he served as Vice President and General Manager, Business Units, Brand Marketing, eCommerce, and IoT from January 2017 to December 2019, Vice President and General Manager, Integrated Business Units from 2012 to 2020, and General Manager, Dishwasher Category and New Business Development from 2007 to 2012. Prior to his career at Whirlpool, Mr. Dibkey worked in a variety of business development and strategic planning roles for Pfizer and Crowe Horwath, LLP.

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Brenna D. Preisser has served in her role as Executive Vice President and President – Business Acceleration since 2020. She previously held the role of Chief Human Resources Officer from 2016 to 2021. Ms. Preisser has served in a variety of roles of increasing responsibility since she started with Brunswick in 2004.

Jill M. Wrobel was named Executive Vice President and Chief Human Resources Officer in December 2021. Ms. Wrobel was named Brunswick's Vice President, Enterprise Human Resources and Transformation Leader in December 2020 when she joined Brunswick from Walgreens Boots Alliance, Inc., an integrated global pharmacy, healthcare and retail leader. Ms. Wrobel served as Group Vice President, Global HR Business Strategy and HR M&A Integration during 2020, Vice President, Global HRBP Development, Digital and HR M&A Integration from 2018 to 2019, and Vice President HR Mergers & Acquisitions and Rite Aid HR Lead from 2016 to 2018. Prior to Walgreens Boots Alliance, Inc., Ms. Wrobel worked in a variety of human resources and leadership roles at Walgreens and PricewaterhouseCoopers LLP.

Randall S. Altman was named Brunswick's Senior Vice President and Controller in 2022 and served as Vice President and Controller since June 2019. Previously, he served as Vice President – Treasurer from 2013 to 2019. Mr. Altman has held a series of roles of increasing responsibility within Brunswick since he joined Brunswick in 2003.

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PART II

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Brunswick's common stock is traded on the New York and Chicago Stock Exchanges under the symbol "BC". As of February 14, 2024, there were 6,418 shareholders of record of our common stock.

We expect to continue to pay quarterly dividends at the discretion of the Board of Directors, subject to continued capital availability and a determination that cash dividends continue to be in the best interest of our shareholders. Our dividend and share repurchase policies may be affected by, among other things, our views on future liquidity, potential future capital requirements and restrictions contained in certain credit agreements.

Performance Graph

Comparison of Cumulative Total Shareholder Return among Brunswick, S&P 400 Index and S&P 400 Global Industry Classification Standard (GICS) Consumer Discretionary Index

	2018	2019	2020	2021	2022	2023
Brunswick	100.00	131.24	169.24	224.46	165.54	225.78
S&P 400 GICS Consumer Discretionary Index	100.00	81.92	103.17	171.32	135.32	169.26
S&P 400 Index	100.00	89.02	112.50	156.48	136.29	160.05

The basis of comparison is a $100 investment made on December 31, 2018 in each of: (i) Brunswick, (ii) the S&P 400 GICS Consumer Discretionary Index and (iii) the S&P 400 Index. All dividends are assumed to be reinvested. The S&P 400 GICS Consumer Discretionary Index encompasses industries including household durable goods, textiles and apparel and leisure equipment. Brunswick believes the companies included in this index provide the most representative sample of enterprises that are in primary lines of business that are similar to ours.

Issuer Purchases of Equity Securities

On July 19, 2022, our Board of Directors approved a $500.0 million increase to our share repurchase authorization. In 2023, we repurchased $275.0 million of stock under this authorization and as of December 31, 2023, the remaining authorization was $121.5 million. On January 30, 2024, our Board of Directors approved a $500.0 million increase to our share repurchase authorization.

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During the three months ended December 31, 2023, we repurchased the following shares of common stock:

Period	Total Number of Shares Purchased	Weighted Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program	Maximum Amount of Dollars that May Yet Be Used to Purchase Shares Under the Program
October 1 to October 28	134,197	$	74.52	134,197
October 29 to November 25	394,467	70.88		394,467
November 26 to December 31	197,118	86.45		197,118
Total	725,782	75.78		725,782	$	121,468,669

Item 6. Reserved

Item 7.  Management's Discussion and Analysis of Financial Condition and Results of Operations

Certain statements in Management’s Discussion and Analysis of Financial Condition and Results of Operations of Brunswick Corporation (the Company, we, us, our) are forward-looking statements. Forward-looking statements are based on current expectations, estimates, and projections about our business and by their nature address matters that are, to different degrees, uncertain. Actual results may differ materially from expectations and projections as of the date of this filing due to various risks and uncertainties. For additional information regarding forward-looking statements, refer to Forward-Looking Statements above.

Certain statements in Management's Discussion and Analysis are based on non-GAAP financial measures. GAAP refers to generally accepted accounting principles in the United States. A "non-GAAP financial measure" is a numerical measure of a registrant’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the consolidated statements of operations, balance sheets or statements of cash flows of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. For example, the discussion of our cash flows includes an analysis of free cash flows and total liquidity; the discussion of our net sales includes net sales on a constant currency basis; the discussion of our net sales includes net sales excluding acquisitions; and the discussion of our earnings includes a presentation of operating earnings and operating margin excluding restructuring, exit and impairment charges, purchase accounting amortization, acquisition, integration and IT-related costs, IT security incident costs, Sport Yacht & Yachts, reclassification of held-for-sale items, gain on sale of assets, TN-BC Holdings LLC joint venture impairment, loss on early extinguishment of debt, special tax items, and other applicable charges and of diluted earnings per common share, as adjusted. Non-GAAP financial measures do not include operating and statistical measures.

We include non-GAAP financial measures in Management's Discussion and Analysis as management believes these measures and the information they provide are useful to investors because they permit investors to view our performance using the same tools that management uses to evaluate our ongoing business performance. In order to better align our reported results with the internal metrics management uses to evaluate business performance as well as to provide better comparisons to prior periods and peer data, non-GAAP measures exclude the impact of purchase accounting amortization related to acquisitions, among other adjustments.

We do not provide forward-looking guidance for certain financial measures on a GAAP basis because we are unable to predict certain items contained in the GAAP measures without unreasonable efforts. These items may include restructuring, exit and impairment costs, special tax items, acquisition-related costs, and certain other unusual adjustments.

IT Security Incident

As previously announced on June 13, 2023, the Company experienced an IT security incident that impacted some of its systems and global facilities. Please refer to Note 1 – Significant Accounting Policies in the Notes to the Consolidated Financial Statements for further details.

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Change in Reportable Segments

Effective January 1, 2023, the Company changed its management reporting and updated its reportable segments to Propulsion, Engine Parts and Accessories (Engine P&A), Navico Group and Boat to align with its internal operating structure. For further information, refer to Note 5 – Segment Information in the Notes to the Consolidated Financial Statements.

Acquisitions

During the fourth quarter of 2023, we acquired additional Freedom Boat Club franchise operations and territory rights as well as certain marine assets in the Southeast United States for net cash consideration of $16.0 million. On September 1, 2023, the Company acquired all of the issued and outstanding shares of Fliteboard Pty Ltd for $87.6 million net cash consideration. Refer to Note 4 – Acquisitions in the Notes to the Consolidated Financial Statements for further information.

During the second quarter of 2022, we acquired certain Freedom Boat Club franchise operations and territory rights as well as certain marine assets in the Southeast United States for net cash consideration of $93.9 million. Refer to Note 4 – Acquisitions in the Notes to the Consolidated Financial Statements for further information.

On October 4, 2021, we completed the acquisition of Navico for $1.094 billion net cash consideration. Navico was a privately held global company based in Egersund, Norway, and is a global leader in marine electronics and sensors, including multi-function displays, fish finders, autopilots, sonar, radar, and cartography. We also completed the acquisitions of substantially all the net assets of RELiON Battery, LLC, SemahTronix, LLC, Fanautic Club, and certain Freedom Boat Club franchise operations and territory rights in the United States during 2021 for net cash consideration of $66.1 million. Refer to Note 4 – Acquisitions in the Notes to the Consolidated Financial Statements for further information.

Matters Affecting Comparability

Changes in Foreign Currency Rates. Percentage changes in net sales expressed in constant currency reflect the impact that changes in currency exchange rates had on comparisons of net sales. To determine this information, net sales transacted in currencies other than U.S. dollars have been translated to U.S. dollars using the average exchange rates that were in effect during the comparative period. The percentage change in net sales expressed on a constant currency basis better reflects the changes in the underlying business trends, excluding the impact of translation arising from foreign currency exchange rate fluctuations. Approximately 23 percent of our annual net sales are transacted in a currency other than the U.S. dollar. Our most material exposures include sales in Euros, Canadian dollars, Australian dollars and Brazilian real.

The table below summarizes the impact of changes in currency exchange rates and also the impact of acquisitions on our net sales:

	Net Sales						2023 vs. 2022			2022 vs. 2021
(in millions)	2023		2022		2021		GAAP	Currency Impact	Acquisitions Impact	GAAP	Currency Impact	Acquisitions Impact
Propulsion	$	2,763.8	$	2,824.0	$	2,504.7	(2.1)%	(0.2)%	0.4%	12.7%	(2.4)%	—%
Engine P&A	1,199.8		1,310.2		1,371.7		(8.4)%	(0.4)%	—%	(4.5)%	(1.9)%	—%
Navico Group	914.7		1,069.3		688.3		(14.5)%	—%	—%	55.4%	(3.0)%	55.0%
Boat	1,989.4		2,119.4		1,703.1		(6.1)%	(0.1)%	1.0%	24.4%	(1.7)%	3.0%
Segment Eliminations	(466.3)		(510.7)		(421.6)		(8.7)%	(0.2)%	—%	21.1%	(1.0)%	3.8%
Total	$	6,401.4	$	6,812.2	$	5,846.2	(6.0)%	(0.1)%	0.4%	16.5%	(2.2)%	7.1%

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Results of Operations

Consolidated

The following table sets forth certain amounts, ratios and relationships calculated from the Consolidated Statements of Operations for 2023, 2022 and 2021:

										2023 vs. 2022			2022 vs. 2021
(in millions, except per share data)	2023			2022			2021			$		%	$		%
Net sales	$	6,401.4		$	6,812.2		$	5,846.2		$	(410.8)	(6.0)%	$	966.0	16.5%
Gross margin (A)	1,787.0			1,947.2			1,666.0			(160.2)		(8.2)%	281.2		16.9%
Restructuring, exit and impairment charges	54.7			25.1			0.8			29.6		NM	24.3		NM
Operating earnings	734.9			947.8			812.9			(212.9)		(22.5)%	134.9		16.6%
Loss on early extinguishment of debt	—			(0.1)			(4.2)			0.1		NM	4.1		(97.6)%
Transaction financing charges	—			—			(4.0)			—		NM	4.0		NM
Net earnings from continuing operations	432.6			681.3			595.4			(248.7)		(36.5)%	85.9		14.4%
Diluted earnings per share from continuing operations	$	6.13		$	9.06		$	7.59		$	(2.93)	(32.3)%	$	1.47	19.4%
Expressed as a percentage of Net sales:
Gross margin (A)	27.9		%	28.6		%	28.5		%			(70) bps			10 bps
Selling, general and administrative expense	12.7		%	11.3		%	11.9		%			140 bps			(60) bps
Research and development expense	2.9		%	3.0		%	2.6		%			(10) bps			40 bps
Operating margin	11.5		%	13.9		%	13.9		%			(240) bps			— bps

NM = not meaningful

bps = basis points

(A)Gross margin is defined as Net sales less Cost of sales as presented in the Consolidated Statements of Operations.

The following is a reconciliation of our non-GAAP measures, adjusted operating earnings and adjusted diluted earnings per common share from continuing operations for 2023, 2022 and 2021:

	Operating Earnings									Diluted Earnings (Loss) Per Share
(in millions, except per share data)	2023			2022			2021			2023		2022		2021
GAAP	$	734.9		$	947.8		$	812.9		$	6.13	$	9.06	$	7.59
Restructuring, exit and impairment charges	54.7			25.1			0.8			0.61		0.25		0.01
Purchase accounting amortization	57.5			65.0			45.7			0.64		0.65		0.46
Acquisition, integration, and IT related costs	12.1			10.8			24.3			0.14		0.11		0.27
IT security incident costs	10.1			—			—			0.12		—		—
Sport Yacht & Yachts	—			—			3.8			—		—		0.04
Palm Coast reclassified from held-for-sale	—			—			0.8			—		—		0.01
Gain on sale of assets	—			—			(1.5)			—		—		(0.01)
TN-BC Holdings LLC joint venture impairment	—			—			—			0.21		—		—
Loss on early extinguishment of debt	—			—			—			—		—		0.04
Special tax items	—			—			—			0.95		(0.04)		(0.13)
As Adjusted	$	869.3		$	1,048.7		$	886.8		$	8.80	$	10.03	$	8.28
GAAP operating margin	11.5		%	13.9		%	13.9		%
Adjusted operating margin	13.6		%	15.4		%	15.2		%

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2023 vs. 2022

Net sales decreased 6.0 percent during 2023 when compared with 2022. The components of the consolidated net sales change were as follows:

	Percent change in net sales compared to the prior year
	2023
Volume	(13.2)	%
Product Mix and Price	8.1	%
IT Security Incident	(1.2)	%
Acquisitions	0.4	%
Currency	(0.1)	%
	(6.0)	%

Sales in 2023 were below the prior year as higher discounts in select segments coupled with the impact of cautious wholesale ordering patterns by dealers, OEMs and retailers in the second half of the year were partially offset by successful new product momentum, positive mix and pricing. Refer to the Propulsion, Engine P&A, Navico Group and Boat segments for further details on the drivers of net sales changes.

Gross margin percentage decreased 70 basis points in 2023 when compared with 2022 driven by higher manufacturing costs including material and labor inflation (260 bps), depreciation (60 bps), absorption (35 bps), the IT security incident (30 bps), and unfavorable foreign currency exchange-rate fluctuations (25 bps), offset by sales-related drivers (330 bps) and acquisitions (10 bps).

Selling, general and administrative expenses as a percentage of net sales increased 140 basis points during 2023 when compared with the same prior year period, due to lower sales (70 bps), increased relative spending on technology initiatives and the IT security incident (20 bps), sales and marketing (20 bps), operating expenses associated with current year acquisitions (20 bps) and amortization (10 bps).

During 2023, we recorded restructuring, exit and impairment charges of $54.7 million compared with $25.1 million in 2022. The Company estimates the restructuring actions executed in 2023 will result in approximately $45 million of annualized cost savings. The future cost savings related to restructuring actions executed in 2022 are not expected to be material to our Consolidated Financial Statements. See Note 3 – Restructuring, Exit and Impairment Activities in the Notes to Consolidated Financial Statements for further details.

We recognized equity (loss) earnings of $(11.4) million and $4.0 million in 2023 and 2022, respectively. The primary driver of the loss in 2023 is the impairment charge taken related to our investment in TN-BC Holdings LLC. Refer to Note 1 – Significant Accounting Policies in the Notes to Consolidated Financial Statements for further information.

We recognized $7.6 million and $(6.1) million in 2023 and 2022, respectively, in Other income (expense), net. Other income (expense), net primarily includes remeasurement gains and losses resulting from changes in foreign currency rates and other postretirement benefit costs.

Net interest expense increased in 2023 compared with 2022 due to an increase in average daily debt outstanding, which was influenced by debt issuances. Refer to Note 14 – Debt in the Notes to Consolidated Financial Statements.

We recognized an income tax provision of $196.3 million and $172.3 million in 2023 and 2022, respectively. The increase is primarily due to the discrete income tax expense recorded in connection with the intercompany sales of intellectual property rights in the first and third quarters of 2023. The effective tax rate, which is calculated as the income tax provision as a percentage of earnings before income taxes, was 31.2 percent and 20.2 percent for 2023 and 2022, respectively. See Note 10 – Income Taxes in the Notes to Consolidated Financial Statements for a reconciliation of our effective tax rate and statutory Federal income tax rate.

Due to the factors described in the preceding paragraphs, operating earnings, net earnings from continuing operations, and diluted earnings per common share from continuing operations decreased during 2023. Diluted earnings per common share from continuing operations benefited from common stock repurchases in both years.

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2022 vs. 2021

Net sales increased 16.5 percent during 2022 when compared with 2021. The components of the consolidated net sales change were as follows:

	Percent change in net sales compared to the prior year
	2022
Product Mix and Price	9.9	%
Acquisitions	7.1	%
Volume	1.7	%
Currency	(2.2)	%
	16.5	%

Sales in each segment benefited from steady demand, new product performance, and pricing implemented throughout the year, partially offset by unfavorable changes in foreign currency exchange rates. Refer to the Propulsion, Engine P&A, Navico Group and Boat segments for further details on the drivers of net sales changes.

Gross margin percentage increased 10 basis points in 2022 when compared with 2021 driven by increased sales (620 bps) and acquisitions (60 bps), partially offset by higher manufacturing costs including material and labor inflation and inefficiencies caused by supply chain disruptions (670 bps).

The 60 basis points decrease in selling, general and administrative expenses as a percentage of revenue in 2022 compared to 2021 reflects the impact of less variable compensation expense (130 bps) partially offset by increased spending on sales and marketing (40 bps) and increased purchase accounting intangible asset amortization (30 bps).

During 2022, we recorded restructuring, exit and impairment charges of $25.1 million compared with $0.8 million in 2021. The future cost savings related to restructuring actions executed in 2022 are not expected to be material to our Consolidated Financial Statements. See Note 3 – Restructuring, Exit and Impairment Activities in the Notes to Consolidated Financial Statements for further details.

We recognized equity earnings of $4.0 million and $2.3 million in 2022 and 2021, respectively, which were mainly related to our marine and technology-related joint ventures.

We recognized $(6.1) million and $(6.8) million in 2022 and 2021, respectively, in Other income (expense), net. Other income (expense), net primarily includes remeasurement gains and losses resulting from changes in foreign currency rates and other postretirement benefit costs.

Net interest expense increased in 2022 compared with 2021 due to an increase in average daily debt outstanding, which was influenced by debt issuances. Refer to Note 14 – Debt in the Notes to Consolidated Financial Statements.

We recognized an income tax provision of $172.3 million and $141.0 million in 2022 and 2021, respectively. The increase is primarily due to increased earnings before income taxes. The effective tax rate, which is calculated as the income tax provision as a percentage of earnings before income taxes, was 20.2 percent and 19.1 percent for 2022 and 2021, respectively. See Note 10 – Income Taxes in the Notes to Consolidated Financial Statements for a reconciliation of our effective tax rate and statutory Federal income tax rate.

Due to the factors described in the preceding paragraphs, operating earnings, net earnings from continuing operations and diluted earnings per common share from continuing operations increased during 2022. Diluted earnings per common share from continuing operations benefited from common stock repurchases in both years.

Segments

We have four reportable segments: Propulsion, Engine P&A, Navico Group, and Boat. Refer to Note 5 – Segment Information in the Notes to Consolidated Financial Statements for details on the segment operations.

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Propulsion Segment

The following table sets forth the Propulsion segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the years ended December 31, 2023, 2022 and 2021:

										2023 vs. 2022				2022 vs. 2021
(in millions)	2023			2022			2021			$		%		$		%
Net sales	$	2,763.8		$	2,824.0		$	2,504.7		$	(60.2)	(2.1)	%	$	319.3	12.7	%
GAAP operating earnings	$	494.7		$	522.9		$	449.7		(28.2)		(5.4)	%	73.2		16.3	%
Restructuring, exit and impairment charges	2.7			—			—			2.7		NM		—		NM
IT security incident costs	3.4			—			—			3.4		NM		—		NM
Acquisition, integration, and IT related costs	2.5			—			—			2.5		NM		—		NM
Purchase accounting amortization	0.9			—			—			0.9		NM		—		NM
Adjusted operating earnings	$	504.2		$	522.9		$	449.7		(18.7)		(3.6)	%	73.2		16.3	%
GAAP operating margin	17.9		%	18.5		%	18.0		%			(60) bps				50 bps
Adjusted operating margin	18.2		%	18.5		%	18.0		%			(30) bps				50 bps

NM = not meaningful

bps = basis points

2023 vs. 2022

Propulsion segment's net sales decreased $60.2 million or 2.1 percent in 2023 versus prior year due to cautious OEM ordering patterns in the second half of the year, partially offset by continued market share gains in outboard engines, positive mix and pricing as well as the acquisition of Fliteboard. The components of the Propulsion segment's net sales change were as follows:

	Percent change in net sales compared to the prior year
	2023
Volume	(14.1)	%
Product Mix and Price	13.4	%
IT Security Incident	(1.6)	%
Acquisitions	0.4	%
Currency	(0.2)	%
	(2.1)	%

International sales were 32 percent of the Propulsion segment's net sales in 2023. International sales decreased 4 percent year-over-year on a GAAP basis and 3 percent on a constant currency basis.

Propulsion segment's operating earnings for the year were $494.7 million, a decrease of 5.4 percent versus the prior year, as sales declines and higher input costs more than offset benefits from cost-control measures.

2022 vs. 2021

Propulsion segment's net sales increased $319.3 million or 12.7 percent in 2022 versus the prior year due to favorable product mix, pricing and higher sales volume. The components of the Propulsion segment's net sales change were as follows:

	Percent change in net sales compared to the prior year
	2022
Product Mix and Price	12.4	%
Volume	2.7	%
Currency	(2.4)	%
	12.7	%

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International sales were 32 percent of the Propulsion segment's net sales in 2022. International sales increased 6 percent year-over-year on a GAAP basis and 13 percent on a constant currency basis.

Propulsion segment's operating earnings for the year were $522.9 million, an increase of 16.3 percent in 2022 versus the prior year, as a result of increased sales and lower operating expenses, slightly offset by higher inflationary costs and investments in new products and capacity expansion.

Engine P&A Segment

The following table sets forth the Engine P&A segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the years ended December 31, 2023, 2022 and 2021:

										2023 vs. 2022				2022 vs. 2021
(in millions)	2023			2022			2021			$		%		$		%
Net sales	$	1,199.8		$	1,310.2		$	1,371.7		$	(110.4)	(8.4)	%	$	(61.5)	(4.5)	%
GAAP operating earnings	$	217.4		$	268.0		$	282.4		$	(50.6)	(18.9)	%	$	(14.4)	(5.1)	%
Restructuring, exit and impairment charges	3.3			—			—			3.3		NM		—		NM
Acquisition, integration, and IT related costs	0.6			—			—			0.6		NM		—		NM
IT security incident costs	0.5			—			—			0.5		NM		—		NM
Adjusted operating earnings	$	221.8		$	268.0		$	282.4		$	(46.2)	(17.2)	%	$	(14.4)	(5.1)	%
GAAP operating margin	18.1		%	20.5		%	20.6		%			(240) bps				(10) bps
Adjusted operating margin	18.5		%	20.5		%	20.6		%			(200) bps				(10) bps

NM = not meaningful

bps = basis points

2023 vs. 2022

Engine P&A segment's net sales decreased $110.4 million or 8.4 percent in 2023 versus the prior year due to lower sales in both of the Products and Distribution businesses. The components of the Engine P&A segment's net sales change were as follows:

	Percent change in net sales compared to the prior year
	2023
Volume	(9.4)	%
Product Mix and Price	3.1	%
IT Security Incident	(1.7)	%
Currency	(0.4)	%
	(8.4)	%

International sales were 29 percent of the Engine P&A segment's net sales in 2023. International sales decreased 11 percent year-over-year on a GAAP basis and 9 percent on a constant currency basis.

Engine P&A segment's operating earnings for the year were $217.4 million, a decrease of 18.9 percent versus the prior year, due to a decline in sales and higher manufacturing costs more than offsetting the impact of pricing and lower operating expenses.

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2022 vs. 2021

Engine P&A segment's net sales decreased $61.5 million or 4.5 percent in 2022 versus the prior year due to a decline in sales volume only partially offset by the benefit of product mix and pricing implemented throughout the year. The components of the Engine P&A segment's net sales change were as follows:

	Percent change in net sales compared to the prior year
	2022
Volume	(11.7)	%
Product Mix and Price	9.1	%
Currency	(1.9)	%
	(4.5)	%

International sales were 30 percent of the Engine P&A segment's net sales in 2022. International sales decreased 9 percent year-over-year on a GAAP basis and 3 percent on a constant currency basis.

Engine P&A segment's operating earnings were $268.0 million in 2022, a decrease of 5.1 percent, driven by lower sales, as well as material and labor inflation and transition costs from a new distribution center.

Navico Group Segment

The following table sets forth the Navico Group segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the years ended December 31, 2023, 2022 and 2021:

										2023 vs. 2022				2022 vs. 2021
(in millions)	2023			2022			2021			$		%		$		%
Net sales	$	914.7		$	1,069.3		$	688.3		$	(154.6)	(14.5)	%	$	381.0	55.4	%
GAAP operating earnings	$	5.2		$	68.2		$	53.4		$	(63.0)	(92.4)	%	$	14.8	27.7	%
Restructuring, exit and impairment charges	30.5			7.7			0.7			22.8		NM		7.0		NM
Purchase accounting amortization	53.0			61.9			44.1			(8.9)		(14.4)	%	17.8		40.4	%
Acquisition, integration, and IT related costs	2.1			9.7			17.8			(7.6)		(78.4)	%	(8.1)		(45.5)	%
IT security incident costs	0.5			—			—			0.5		NM		—		NM
Gain on sale of assets	—			—			(1.5)			—		NM		1.5		NM
Adjusted operating earnings	$	91.3		$	147.5		$	114.5		$	(56.2)	(38.1)	%	$	33.0	28.8	%
GAAP operating margin	0.6		%	6.4		%	7.8		%			(580) bps				(140) bps
Adjusted operating margin	10.0		%	13.8		%	16.6		%			(380) bps				(280) bps

NM = not meaningful

bps = basis points

2023 vs. 2022

Navico Group segment's net sales decreased by $154.6 million or 14.5 percent in 2023 versus the prior year due to lower sales resulting from softer marine OEM orders and the continued weak RV manufacturing environment. The components of the Navico Group segment's net sales change were as follows:

	Percent change in net sales compared to the prior year
	2023
Volume	(14.4)	%
IT Security Incident	(1.2)	%
Product Mix and Price	1.1	%
	(14.5)	%

International sales were 37 percent of the Navico Group segment's net sales in 2023. International sales decreased 9 percent year-over-year on a GAAP basis and 10 percent on a constant currency basis.

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Navico Group segment's operating earnings for the year were $5.2 million, a decrease of 92.4 percent versus the prior year due to lower sales, restructuring charges associated with actions executed in the year and slightly elevated input costs, partially offset by benefits from new product introductions and cost reduction initiatives.

2022 vs. 2021

Navico Group segment's net sales increased $381.0 million or 55.4 percent in 2022 versus the prior year due to the factors affecting all of our segments previously mentioned, in addition to having a full year of the Navico acquisition included in the segment's net sales for 2022. The components of the Navico Group segment's net sales change were as follows:

	Percent change in net sales compared to the prior year
	2022
Acquisitions	55.0	%
Product Mix and Price	5.9	%
Currency	(3.0)	%
Volume	(2.5)	%
	55.4	%

International sales were 35 percent of the Navico Group segment's net sales in 2022. International sales increased 72 percent year-over-year on a GAAP basis and 82 percent on a constant currency basis.

Navico Group segment's operating earnings were $68.2 million in 2022, an increase of 27.7 percent due to increased sales factors mentioned above, partially offset by increased input costs.

Boat Segment

The following table sets forth the Boat segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the years ended December 31, 2023, 2022 and 2021:

										2023 vs. 2022				2022 vs. 2021
(in millions)	2023			2022			2021			$		%		$		%
Net sales	$	1,989.4		$	2,119.4		$	1,703.1		$	(130.0)	(6.1)	%	$	416.3	24.4	%
GAAP operating earnings	$	155.6		$	212.8		$	142.3		$	(57.2)	(26.9)	%	$	70.5	49.5	%
Restructuring, exit and impairment charges	10.5			—			0.1			10.5		NM		(0.1)		NM
Acquisition, integration, and IT related costs	5.2			0.6			6.3			4.6		NM		(5.7)		(90.5)	%
Purchase accounting amortization	3.6			3.1			1.6			0.5		16.1	%	1.5		93.8	%
IT security incident costs	1.0			—			—			1.0		NM		—		NM
Sport Yacht & Yachts	—			—			3.8			—		NM		(3.8)		NM
Palm Coast reclassified from held-for-sale	—			—			0.8			—		NM		(0.8)		NM
Adjusted operating earnings	$	175.9		$	216.5		$	154.9		$	(40.6)	(18.8)	%	$	61.6	39.8	%
GAAP operating margin	7.8		%	10.0		%	8.4		%			(220) bps				160 bps
Adjusted operating margin	8.8		%	10.2		%	9.1		%			(140) bps				110 bps

NM = not meaningful

bps = basis points

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2023 vs. 2022

Boat segment's net sales decreased $130.0 million or 6.1 percent versus 2022 due to decreased sales volumes to dealers, partially offset by favorable product mix and pricing. The components of the Boat segment's net sales change were as follows:

	Percent change in net sales compared to the prior year
	2023
Volume	(12.6)	%
Product Mix and Price	5.6	%
Acquisitions	1.0	%
Currency	(0.1)	%
	(6.1)	%

International sales were 22 percent of the Boat segment's net sales in 2023. International sales decreased 12 percent year-over-year on a GAAP and on a constant currency basis.

Boat segment operating earnings for the year were $155.6 million, a decrease of 26.9 percent versus the prior year, due to lower sales and restructuring charges associated with actions in the year, partially offset by cost reduction activities.

2022 vs. 2021

Boat segment's net sales increased $416.3 million or 24.4 percent versus 2021 due to increased sales volumes to dealers and favorable product mix and pricing. The components of the Boat segment's net sales change were as follows:

	Percent change in net sales compared to the prior year
	2022
Volume	12.6	%
Product Mix and Price	10.5	%
Acquisitions	3.0	%
Currency	(1.7)	%
	24.4	%

International sales were 24 percent of the Boat segment's net sales in 2022, and increased 13 percent on a GAAP basis and 19 percent on a constant currency basis.

Boat segment's operating earnings were $212.8 million in 2022, an increase of 49.5 percent versus the prior year, due to increased sales together with operational efficiencies and positive mix. The increase was partially offset by inefficiencies resulting from supply chain disruptions and inflation pressures.

Corporate/Other

The following table sets forth Corporate/Other results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the years ended December 31, 2023, 2022 and 2021:

							2023 vs. 2022				2022 vs. 2021
(in millions)	2023		2022		2021		$		%		$		%
GAAP operating loss	$	(138.0)	$	(124.1)	$	(114.9)	$	(13.9)	11.2	%	$	(9.2)	8.0	%
Restructuring, exit and impairment charges	7.7		17.4		—		(9.7)		(55.7)	%	17.4		NM
IT security incident costs	4.7		—		—		4.7		NM		—		NM
Acquisition, integration, and IT related costs	1.7		0.5		0.2		1.2		NM		0.3		NM
Adjusted operating loss	$	(123.9)	$	(106.2)	$	(114.7)	$	(17.7)	16.7	%	$	8.5	(7.4)	%

NM = not meaningful

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Corporate operating expenses increased by $13.9 million in 2023 compared with 2022 due to spending on enterprise growth initiatives, the IT security incident and unfavorable mark-to-market adjustments for deferred compensation arrangements.

Corporate operating expenses increased by $9.2 million in 2022 compared with 2021 due to the impairment of capitalized software intangible assets as well as an increase in investments in enterprise growth initiatives. This was partially offset by a decrease in variable compensation expense and favorable mark-to-market adjustments for deferred compensation arrangements.

Cash Flow, Liquidity and Capital Resources

The following table sets forth an analysis of free cash flow for the years ended December 31, 2023, 2022 and 2021:

(in millions)	2023		2022		2021
Net cash provided by operating activities of continuing operations	$	745.2	$	580.4	$	586.2
Net cash (used for) provided by:
Plus: Capital expenditures	(289.3)		(388.3)		(267.1)
Plus: Proceeds from the sale of property, plant and equipment	14.8		11.3		7.2
Plus: Effect of exchange rate changes on cash and cash equivalents	2.7		(11.9)		(5.5)
Total free cash flow from continuing operations (A)	$	473.4	$	191.5	$	320.8

(A) We define "Free cash flow" as cash flow from operating and investing activities of continuing operations (excluding cash provided by or used for acquisitions, investments, purchases or sales/maturities of marketable securities and other investing activities, net of tax) and the effect of exchange rate changes on cash and cash equivalents. Free cash flow is not intended as an alternative measure of cash flow from operations, as determined in accordance with GAAP in the United States. We use this financial measure both in presenting results to shareholders and the investment community and in our internal evaluation and management of our businesses. We believe that this financial measure and the information it provides are useful to investors because it permits investors to view our performance using the same tool that we use to gauge progress in achieving our goals. We believe that the non-GAAP financial measure "Free cash flow" is also useful to investors because it is an indication of cash flow that may be available to fund investments in future growth initiatives.

Our major sources of funds for capital investments, acquisitions, share repurchase programs and dividend payments are cash generated from operating activities, available cash and marketable securities balances, divestitures and borrowings. We evaluate potential acquisitions, divestitures and joint ventures in the ordinary course of business.

2023 Cash Flow

Net cash provided by operating activities of continuing operations in 2023 totaled $745.2 million versus $580.4 million in 2022. The increase is primarily due to a decrease in working capital usage, partially offset by lower net earnings. Working capital is defined as Accounts and notes receivable, Inventories and Prepaid expenses and other, net of Accounts payable and Accrued expenses as presented in the Consolidated Balance Sheets, excluding the impact of acquisitions and non-cash adjustments.

The primary drivers of Net cash provided by operating activities of continuing operations in 2023 were net earnings, net of non-cash items, partially offset by working capital usage. Accounts and notes receivable decreased $54.5 million primarily due to lower sales and timing of collections. Accounts payable decreased $86.1 million, primarily due to lower purchasing resulting from reduced production. Accrued expenses decreased $22.8 million, primarily driven by a reduction in our derivative liability position.

Net cash used for investing activities of continuing operations was $378.9 million, which included $289.3 million of capital expenditures and $103.6 million of cash paid for acquisitions, net of cash acquired, partially offset by $14.8 million of sales of property, plant and equipment. Our capital spending was focused on investments in capacity expansion, new products and technology, although at lower levels than the prior year.

Net cash used for financing activities was $487.0 million and primarily related to common stock repurchases, cash dividends paid to common shareholders and payments of long-term debt including current maturities. Refer to Note 14 – Debt in the Notes to Consolidated Financial Statements for further details on our debt activity during the year ended December 31, 2023.

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2022 Cash Flow

Net cash provided by operating activities of continuing operations in 2022 totaled $580.4 million versus $586.2 million in 2021. The decrease is primarily due to increased working capital, partially offset by higher net earnings.

The primary drivers of Net cash provided by operating activities of continuing operations in 2022 were net earnings, net of non-cash items, partially offset by increases in working capital. Accounts and notes receivable increased $74.6 million primarily due to increased sales. Inventory increased $292.8 million, primarily to support higher production volumes.

Net cash used for investing activities of continuing operations was $443.2 million, which included $388.3 million of capital expenditures, $93.8 million of cash paid for acquisitions, net of cash acquired, and $60.1 million of purchases of marketable securities, partially offset by $56.4 million of sales or maturities of marketable securities and $42.5 million of cross-currency swap settlements. Our capital spending was focused on investments in capacity expansion, new products and technology.

Net cash provided by financing activities was $110.8 million and primarily related to proceeds of issuances of long-term debt, partially offset by common stock repurchases, payments of long-term debt including current maturities, and cash dividends paid to common shareholders. Refer to Note 14 – Debt in the Notes to Consolidated Financial Statements for further details on our debt activity during the year ended December 31, 2022.

Liquidity and Capital Resources

We view our highly liquid assets as of December 31, 2023 and 2022 as:

(in millions)	2023		2022
Cash and cash equivalents	$	467.8	$	595.6
Short-term investments in marketable securities	0.8		4.5
Total cash, cash equivalents and marketable securities	$	468.6	$	600.1

The following table sets forth an analysis of Total liquidity as of December 31, 2023 and 2022:

(in millions)	2023		2022
Cash, cash equivalents and marketable securities	$	468.6	$	600.1
Amounts available under lending facilities(A)	741.9		747.2
Total liquidity (B)	$	1,210.5	$	1,347.3

(A) See Note 14 – Debt in the Notes to Consolidated Financial Statements for further details on our lending facilities.

(B) We define Total liquidity as Cash and cash equivalents and Short-term investments in marketable securities as presented in the Consolidated Balance Sheets, plus amounts available for borrowing under our lending facilities. Total liquidity is not intended as an alternative measure to Cash and cash equivalents and Short-term investments in marketable securities as determined in accordance with GAAP in the United States. We use this financial measure both in presenting our results to shareholders and the investment community and in our internal evaluation and management of our businesses. Management believes that this financial measure and the information it provides are useful to investors because it permits investors to view our performance using the same metric that we use to gauge progress in achieving our goals. We believe that the non-GAAP financial measure "Total liquidity" is also useful to investors because it is an indication of our available highly liquid assets and immediate sources of financing.

Cash, cash equivalents and marketable securities totaled $468.6 million as of December 31, 2023, a decrease of $131.5 million from $600.1 million as of December 31, 2022. Total debt as of December 31, 2023 and December 31, 2022 was $2,430.4 million and $2,509.0 million, respectively. Our debt-to-capitalization ratio decreased to 54 percent as of December 31, 2023 from 55 percent as of December 31, 2022.

There were no borrowings under the Revolving Credit Agreement (Credit Facility) during 2023. Available borrowing capacity under the Credit Facility as of December 31, 2023 totaled $741.9 million, net of $8.1 million of letters of credit outstanding. During 2023, the maximum amount utilized under our unsecured commercial paper program (CP Program) was $125.0 million.

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We borrowed $125.0 million under the Credit Facility during 2022, all of which was repaid prior to year-end and thus we did not have any borrowings outstanding under the Credit Facility as of December 31, 2022. Available borrowing capacity under the Credit Facility as of December 31, 2022 totaled $747.2 million, net of $2.8 million of letters of credit outstanding. During 2022, the maximum amount utilized under our CP Program was $300.0 million.

The level of borrowing capacity under our Credit Facility and CP Program is limited by both a leverage and interest coverage test. These covenants also pertain to termination provisions included in our wholesale financing joint-venture arrangements with Wells Fargo Commercial Distribution Finance. Based on our anticipated earnings generation throughout the year, we expect to maintain sufficient cushion against the existing debt covenants. As of December 31, 2023, we were in compliance with the financial covenants in the Credit Facility and CP Program.

We believe that we have adequate sources of liquidity to meet our short-term and long-term needs.

2024 Capital Strategy

We anticipate executing a balanced capital strategy in 2024, leveraging our strong cash position and liquidity. We anticipate being active with share repurchases with spend in excess of $200 million in 2024.

Although we plan to continue funding many projects and investments in products and technology for future growth, we are in harvest phase as it relates to many of our larger capital projects from recent years and plan to scale back spending slightly without anticipated sacrifice to any future growth plans, leading to anticipated capital expenditures of approximately $225 million in 2024.

Financial Services

Refer to Note 8 – Financing Joint Venture in the Notes to Consolidated Financial Statements for more information about our financial services.

Off-Balance Sheet Arrangements

Guarantees. We have reserves to cover potential losses associated with guarantees and repurchase obligations based on historical experience and current facts and circumstances. Historical cash requirements and losses associated with these obligations have not been significant. See Note 11 – Commitments and Contingencies in the Notes to Consolidated Financial Statements for a description of these arrangements.

Contractual Obligations

The following table sets forth a summary of our contractual cash obligations as of December 31, 2023:

	Payments due by period
(in millions)	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Contractual Obligations
Debt (A)	$	2,462.9	$	455.4	$	4.4	$	163.1	$	1,840.0
Interest payments on long-term debt	1,650.3		98.5		189.4		177.1		1,185.3
Operating leases (B)	223.1		37.2		51.2		37.0		97.7
Purchase obligations (C)	76.4		76.2		0.2		—		—
Deferred management compensation (D)	27.3		5.0		6.0		6.0		10.3
Other long-term liabilities (E)	146.8		5.8		66.3		47.5		27.2
Total contractual obligations	$	4,586.8	$	678.1	$	317.5	$	430.7	$	3,160.5

(A)    See Note 14 – Debt in the Notes to Consolidated Financial Statements for additional information on our debt. "Debt" refers to future cash principal payments. Debt also includes our finance leases as discussed in Note 19 – Leases in the Notes to Consolidated Financial Statements.

(B)    See Note 19 – Leases in the Notes to Consolidated Financial Statements for additional information.

(C)    Purchase obligations represent agreements with suppliers and vendors as part of the normal course of business.

(D)    Amounts primarily represent long-term deferred compensation plans.

(E)    Other long-term liabilities primarily includes long-term warranty contracts, future projected payments related to our nonqualified pension plans and deferred revenue.

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Legal Proceedings

See Note 11 – Commitments and Contingencies in the Notes to Consolidated Financial Statements.

Critical Accounting Estimates

The preparation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the amount of reported assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the periods reported. Actual results may differ from those estimates. If current estimates for the cost of resolving any specific matters are later determined to be inadequate, results of operations could be adversely affected in the period in which additional provisions are required. We have discussed the development and selection of the critical accounting policies with the Audit and Finance Committee of the Board of Directors and believe the following are the most critical accounting policies that could have an effect on our reported results.

Revenue Recognition and Sales Incentives. Revenue is recognized as performance obligations under the terms of contracts with customers are satisfied; this occurs when control of promised goods (engines, parts and accessories, and boats) is transferred to the customer. We exercise judgment and consider the timing of right to payment, transfer of risk and rewards, transfer of title, transfer of physical possession, and customer acceptance when determining when control transfers to the customer. We recognize revenue related to the sale of extended warranty contracts that extend the coverage period beyond the standard warranty period over the life of the extended warranty period.

Revenue is measured as the amount of consideration expected to be entitled to in exchange for transferring goods or providing services. We have excluded sales, value add, and other taxes collected concurrent with revenue-producing activities from the determination of the transaction price for all contracts. We exercise judgment when determining the transaction price, including the estimate of discounts, which is partly based on estimates of customer sales volumes. These estimates are subject to uncertainty as historical discount experience and sales volumes may not be consistent with future activity. We have elected to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment activity. For all contracts with customers, we have not adjusted the promised amount of consideration for the effects of a significant financing component as the period between the transfer of the promised goods and the customer's payment is expected to be one year or less.

See Note 2 – Revenue Recognition in the Notes to Consolidated Financial Statements for more information.

Warranty Reserves. We record an estimated liability for product warranties at the time revenue is recognized. The liability is estimated using historical warranty experience, projected claim rates and expected costs per claim. We exercise judgment when determining the appropriate historical periods to project claim rates and expected costs per claim. Further, these estimates are subject to uncertainty as historical warranty experience may not be consistent with future warranty claims. We adjust our liability for specific warranty matters when they become known and the exposure can be estimated. Our warranty liabilities are affected by product failure rates as well as material usage and labor costs incurred in correcting a product failure. If actual costs differ from estimated costs, we must make a revision to the warranty liability, which could have an adverse impact on our results of operations and cash flows.

Goodwill. Goodwill results from the excess of purchase price over the net assets of businesses acquired. We review goodwill for impairment annually and whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. As part of the annual test, we may perform a qualitative, rather than quantitative, assessment to determine whether the fair values of our reporting units are "more likely than not" to exceed their carrying values. In performing this qualitative analysis, we consider various factors, including the effect of market or industry changes and the reporting units' actual results compared with projected results. We exercise judgment when evaluating the impact of market and industry changes and when comparing actual results to projected results.

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If the fair value of a reporting unit does not meet the "more likely than not" criteria discussed above, we perform a quantitative assessment which begins by measuring the fair value of the reporting unit. If the carrying value of the reporting unit exceeds its fair value, a goodwill impairment is recorded equal to the carrying value of the reporting unit less its fair value, not to exceed the carrying value of goodwill.

We calculate the fair value of our reporting units considering both the income approach and the guideline public company method. The income approach calculates the fair value of the reporting unit using a discounted cash flow approach utilizing a Gordon Growth model. Internally forecasted future cash flows, which we believe reasonably approximates market participant assumptions, are discounted using a weighted average cost of capital (Discount Rate) developed for each reporting unit. The Discount Rate is developed using market observable inputs, as well as considering whether or not there is a measure of risk related to the specific reporting unit’s forecasted performance. We exercise judgment when forecasting future cash flows including the performance of the underlying market in which the reporting unit operates as well as the impact of specific initiatives. We exercise judgment when determining the level of risk associated with achieving the forecasted future cash flows. These estimates are subject to uncertainty as actual results may differ from our forecast. If actual results differ from the forecast, our results of operations could be materially adversely affected. Fair value under the guideline public company method is determined for each reporting unit by applying market multiples for comparable public companies to the unit’s current and forecasted financial results. We exercise judgment when determining the comparable public companies and market multiples. The key uncertainties in these calculations are the assumptions used in determining the reporting unit’s forecasted future performance, including revenue growth and operating margins, as well as the perceived risk associated with those forecasts in determining the Discount Rate, along with selecting representative market multiples.

We did not record any goodwill impairments in 2023, 2022 or 2021.

Other Intangible Assets. Our primary other intangible assets are customer relationships, trade names, and developed technology acquired in business combinations. Intangible assets are initially valued using a methodology commensurate with the intended use of the asset. Customer relationships, trade names, and developed technology are valued using the income approach. The fair value of customer relationships is measured using the multi-period excess earnings method (MPEEM). The fair value of trade names and developed technology are measured using a relief-from-royalty (RFR) approach, which assumes the value of the trade name or technology is the discounted amount of cash flows that would be paid to third parties had we not owned the trade name or technology and instead licensed the trade name or technology from another company. Higher royalty rates are assigned to premium brands within the marketplace based on name recognition and profitability, while other brands receive lower royalty rates. We exercise judgment when selecting the royalty rates and evaluating profitability. The basis for future sales projections for both the RFR and MPEEM are internal revenue forecasts which we believe represent reasonable market participant assumptions. We exercise judgment when forecasting revenue including the performance of the underlying market in which the intangible asset operates as well as the impact of specific initiatives. The future cash flows are discounted using an applicable Discount Rate as well as any potential risk premium to reflect the inherent risk of holding a standalone intangible asset. We exercise judgment when determining the level of risk associated with achieving the forecasted revenue. For MPEEM calculations, we exercise judgment in determining the customer attrition rate, which is generally based on historical experience. These estimates are subject to uncertainty as actual results may differ from our forecast. If actual results differ from the forecast including higher than anticipated customer attrition, our results of operations could be materially adversely affected.

The key uncertainties in the RFR and MPEEM calculations, as applicable, are: the selection of an appropriate royalty rate, assumptions used in developing internal revenue growth and expense forecasts, assumed customer attrition rates, as well as the perceived risk associated with those forecasts in determining the Discount Rate and risk premium.

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The costs of amortizable intangible assets are recognized over their expected useful lives, typically between three and fifteen years, using the straight-line method. Intangible assets that are subject to amortization are evaluated for impairment using a process similar to that used to evaluate long-lived assets described below. Intangible assets not subject to amortization are assessed for impairment at least annually and whenever events or changes in circumstances indicate that it is more likely than not that an asset may be impaired. The impairment test for indefinite-lived intangible assets consists of a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss is recognized for the amount by which the carrying value exceeds the fair value of the asset. The Company recorded impairment charges of $16.6 million during the year ended December 31, 2023 including a $13.0 million impairment of the Navico trade name. The Company recorded impairment charges of $17.4 million during the year ended December 31, 2022 related to capitalized software intangible assets that will not be placed into service. The Company did not record any impairment charges during the year ended December 31, 2021.

Refer to Note 4 – Acquisitions and Note 9 – Goodwill and Other Intangibles in the Notes to Consolidated Financial Statements for more information.

Long-Lived Assets. We continually evaluate whether events and circumstances have occurred that indicate the remaining estimated useful lives of our definite-lived intangible assets and other long-lived assets may warrant revision or that the remaining balance of such assets may not be recoverable. We exercise judgment when evaluating whether events or circumstances have occurred either internally or externally that would warrant revisions to useful lives or indicate the balances of the assets may not be recoverable. Once an impairment indicator is identified, we test for recoverability of the related asset group using an estimate of undiscounted cash flows over the asset group's remaining life. We exercise judgment when forecasting future cash flows including the performance of the underlying market in which the asset or asset group operates as well as the impact of specific initiatives. These estimates are subject to uncertainty as actual results may differ from our forecast. If actual results differ from the forecast, our results of operations could be materially adversely affected. If an asset group's carrying value is not recoverable, we record an impairment loss based on the excess of the carrying value of the asset group over the long-lived asset group's fair value. Fair value is determined using observable inputs, including the use of appraisals from independent third parties, when available, and, when observable inputs are not available, based on our assumption of the data that market participants would use in pricing the asset, based on the best information available in the circumstances. Specifically, we use discounted cash flows to determine the fair value of the asset when observable inputs are unavailable. We tested our long-lived asset balances for impairment as indicators arose during 2023, 2022 and 2021, resulting in impairment charges of $1.3 million, $1.5 million and $0.8 million, respectively, which are recognized either in Restructuring, exit and impairment charges or Selling, general and administrative expense in the Consolidated Statements of Operations.

Income Taxes. Deferred taxes are recognized for the future tax effects of temporary differences between financial and income tax reporting using tax rates in effect for the years in which the differences are expected to reverse. We evaluate the realizability of net deferred tax assets and, as necessary, record valuation allowances against them. We exercise judgment when evaluating the realizability of deferred tax assets by evaluating the potential to recover the value of these assets through the utilization of tax loss and credit carrybacks, the reversal of existing taxable temporary differences and carryforwards, certain tax planning strategies, and future taxable income exclusive of reversing temporary differences and carryforwards. These estimates are subject to uncertainty as actual results may differ from our forecast. If actual results differ from the forecast, our results of operations could be materially adversely affected. We estimate our tax obligations based on historical experience and current tax laws and litigation. The judgments made at any point in time may change based on the outcome of tax audits and settlements of tax litigation, as well as changes due to new tax laws and regulations and our application of those laws and regulations. These factors may cause our tax rate and deferred tax balances to increase or decrease. We exercise judgment when evaluating whether it is more likely than not a tax position will be sustained upon examination by the relevant taxing authorities. This evaluation is subject to uncertainty as it involves the interpretation of tax laws and regulations and our interpretation could differ from that of the taxing authorities. If a position is not sustained upon examination, the impact could be material to our results of operations and cash flows. See Note 10 – Income Taxes in Notes to Consolidated Financial Statements for further details.

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Recent Accounting Pronouncements

See Note 1 – Significant Accounting Policies in the Notes to Consolidated Financial Statements for the recent accounting pronouncements that have been adopted during the year ended December 31, 2023, or will be adopted in future periods.

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risk from changes in foreign currency exchange rates, commodity prices and interest rates. We enter into various hedging transactions to mitigate certain risks in accordance with guidelines established by our management. We do not use financial instruments for trading or speculative purposes.

We use foreign currency forward and option contracts to manage foreign exchange rate exposure related to anticipated transactions, and assets and liabilities that are subject to risk from foreign currency rate changes. Our principal currency exposures mainly relate to the Euro, Canadian dollar, Australian dollar, and the Brazilian Real. We hedge certain anticipated transactions with financial instruments whose maturity date, along with the realized gain or loss, occurs on or near the execution of the anticipated transaction. We manage foreign currency exposure of certain assets or liabilities through the use of derivative financial instruments such that the gain or loss on the derivative financial instrument offsets the loss or gain recognized on the underlying asset or liability, respectively.

We use fixed-to-floating interest rate swaps to convert a portion of our long-term debt from fixed-to-floating rate debt. An interest rate swap is entered into with the expectation that the change in the fair value of the interest rate swap will offset the change in the fair value of the debt instrument attributable to changes in the benchmark interest rate. Each period, the change in the fair value of the interest rate swap asset or liability is recorded as a change in the fair value of the corresponding debt instrument.

The following analyses provide quantitative information regarding our exposure to foreign currency exchange rate risk and interest rate risk as it relates to our derivative financial instruments. We use a model to evaluate the sensitivity of the fair value of financial instruments with exposure to market risk that assumes instantaneous, parallel shifts in exchange rates. For options and instruments with nonlinear returns, models appropriate to the instrument are utilized to determine the impact of market shifts. There are certain shortcomings inherent in the sensitivity analyses presented, primarily due to the assumption that exchange rates change in a parallel fashion.

The estimated reduction in fair market value that we would incur on our derivative financial instruments from a 10 percent adverse change in quoted foreign currency rates are $91.7 million and $71.6 million for the years 2023 and 2022, respectively.

Item 8. Financial Statements and Supplementary Data

See Index to Financial Statements and Financial Statement Schedule on page 52.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including the Chief Executive Officer and the Chief Financial Officer of the Company (our principal executive officer and principal financial officer, respectively), we have evaluated our disclosure controls and procedures (as defined in Securities Exchange Act Rules 13a -15(e) and 15d -15(e)) as of the end of the period covered by this Annual Report on Form 10-K. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are effective.

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Management's Report on Internal Control Over Financial Reporting

Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, we included a report of management's assessment of the effectiveness of its internal control over financial reporting as part of this Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Management's report is included in our 2023 Financial Statements under the captions entitled “Report of Management on Internal Control Over Financial Reporting” and is incorporated herein by reference.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the quarter ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information

None.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not Applicable.

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PART III

Item 10. Directors, Executive Officers and Corporate Governance

Information pursuant to this Item with respect to our Directors, our Audit and Finance Committee, and our code of ethics is incorporated by reference from the discussion under the headings Proposal 1: Election of Directors, Corporate Governance, and Governance Policies and Practices in our Proxy Statement for the Annual Meeting of Shareholders to be held on May 1, 2024 (Proxy Statement). Information concerning Section 16(a) compliance is incorporated herein by reference from the discussion in the Proxy Statement under the heading Stock Held by Directors, Executive Officers, and Principal Shareholders under the subheading Delinquent Section 16(a) Reports.

The information required by Item 401 of Regulation S-K regarding executive officers is included under “Information about our Executive Officers” following Item 4 in Part I of this Annual Report.

Item 11. Executive Compensation

Information pursuant to this Item with respect to compensation paid to our Directors is incorporated by reference from the discussion under the heading Director Compensation in the Proxy Statement. Information pursuant to this Item with respect to executive compensation is incorporated by reference from the discussion under the heading Executive Compensation in the Proxy Statement.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Information pursuant to this Item with respect to our securities owned by our Directors and certain officers, by our Directors and officers as a group, and by the persons known to us to own beneficially more than 5 percent of our outstanding voting securities is incorporated by reference from the discussion under the heading Stock Held by Directors, Executive Officers, and Principal Shareholders in the Proxy Statement. Information pursuant to this Item with respect to securities authorized for issuance under our equity compensation plans is hereby incorporated by reference from the discussion under the heading Equity Compensation Plan in the Proxy Statement.

Item 13. Certain Relationships and Related Transactions, and Director Independence

Information pursuant to this Item with respect to certain relationships and related transactions is incorporated by reference from the discussion under the headings Proposal 1: Election of Directors, Corporate Governance, and Governance Policies and Practices in the Proxy Statement.

Item 14. Principal Accounting Fees and Services

Information pursuant to this Item with respect to fees for professional services rendered by our independent registered public accounting firm and the Audit and Finance Committee's policy on pre-approval of audit and permissible non-audit services of our independent registered public accounting firm is incorporated by reference from the discussion in the Proxy Statement under the heading Audit-Related Matters.

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PART IV

Item 15. Exhibits and Financial Statement Schedules

The financial statements and schedule filed as part of this Annual Report on Form 10-K are listed in the accompanying Index to Financial Statements and Financial Statement Schedule on page 53. The exhibits filed as a part of this Annual Report are listed in the Exhibit Index below.

Exhibit No.	Description
3.1	Amended and Restated Certificate of Incorporation of the Company, dated May 3, 2023, filed as Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended April 1, 2023, as filed with the Securities and Exchange Commission, and hereby incorporated by reference.
3.2	Certificate of Designation, Preferences and Rights of Series A Junior Participating Preferred Stock, filed as Exhibit 3.2 to the Company's Annual Report on Form 10-K for 1995 as filed with the Securities and Exchange Commission on March 23, 1995, and hereby incorporated by reference.
3.3	Amended By-Laws of the Company, filed as Exhibit 3.1 to the Company's Current Report on Form 8-K as filed with the Securities and Exchange Commission on December 6, 2022, and hereby incorporated by reference.
4.1	Description of the Company's Securities Registered Pursuant to Section 12 of the Exchange Act, filed as Exhibit 4.1 to the Company's Annual Report on Form 10-K for 2019 as filed with the Securities and Exchange Commission on February 18, 2020, and hereby incorporated by reference.
4.2	Indenture, dated as of October 3, 2018, between the Company and U.S. Bank National Association, as Trustee, filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2018, and hereby incorporated by reference.
4.3	First Supplemental Indenture, dated as of October 3, 2018, between the Company and U.S. Bank National Association, as Trustee, filed as Exhibit 4.2 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2018, and hereby incorporated by reference.
4.4	Second Supplemental Indenture, dated as of December 3, 2018, between the Company and U.S. Bank National Association, as Trustee, filed as Exhibit 4.2 to the Company's Current Report on Form 8-K filed on December 3, 2018 and hereby incorporated by reference.
4.5	Third Supplemental Indenture, dated as of March 4, 2019, between the Company and U.S. Bank National Association, as Trustee, filed as Exhibit 4.2 to the Company's Current Report on Form 8-K as filed with the Securities and Exchange Commission on March 4, 2019, and hereby incorporated by reference.
4.6	Fourth Supplemental Indenture, dated as of August 18, 2021, between the Company and U.S. Bank National Association, as trustee, filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 18, 2021 and hereby incorporated by reference.
4.7	Fifth Supplemental Indenture, dated as of March 29, 2022, between the Company and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, as trustee, filed as Exhibit 4.2 to the Company's Current Report on Form 8-K as filed with the Securities and Exchange Commission on March 29, 2022, and hereby incorporated by reference.
4.8	Form of Global Note for the 6.500% Senior Notes due 2048, incorporated by reference to Exhibit 4.3 to the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on October 3, 2018 and hereby incorporated by reference.
4.9	Form of Global Note for the 6.375% Senior Notes due 2049, filed as Exhibit 4.3 to the Form 8-A filed with the Securities and Exchange Commission on March 4, 2019, and hereby incorporated by reference.
4.10	Indenture, dated as of March 15, 1987, between the Company and Continental Illinois National Bank and Trust Company of Chicago, filed as Exhibit 4.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 1987, and hereby incorporated by reference.
4.11	Officers' Certificate setting forth terms of the Company's $125,000,000 principal amount of 7 3/8% Debentures due September 1, 2023, filed as Exhibit 4.3 to the Company's Annual Report on Form 10-K for 1993 as filed with the Securities and Exchange Commission on March 29, 1994, and hereby incorporated by reference.
4.12	Form of the Company's $200,000,000 principal amount of 7 1/8% Notes due August 1, 2027, filed as Exhibit 4.1 to the Company's Current Report on Form 8-K as filed with the Securities and Exchange Commission on August 21, 1997, and hereby incorporated by reference.
4.13	The Company's agreement to furnish additional debt instruments upon request by the Securities and Exchange Commission, filed as Exhibit 4.10 to the Company's Annual Report on Form 10-K for 1980, and hereby incorporated by reference.

50

Table of Contents

10.1	Amended and Restated Credit Agreement, dated as of March 21, 2011, as amended and restated as of June 26, 2014, as further amended and restated as of June 30, 2016, as further amended as of July 13, 2018, as further amended and restated as of September 26, 2018, as further amended as of November 12, 2019, and as further amended and restated as of July 16, 2021, and as further amended and restated as of March 31, 2022, among Brunswick Corporation, the subsidiary borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on March 31, 2022 and hereby incorporated by reference.
10.2	Form of Dealer Agreement between Brunswick Corporation and the Dealer party thereto, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the Securities and Exchange Commission on December 19, 2019, and hereby incorporated by reference.
10.3*	Terms and Conditions of Employment Agreement for David M. Foulkes, effective January 1, 2019, filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on December 10, 2018 and hereby incorporated by reference.
10.4*	Form of Officer Terms and Conditions of Employment.
10.5*	Form of Non-Employee Director Indemnification Agreement, filed as Exhibit 10.5 to the Company's Annual Report on Form 10-K for 2006 as filed with the Securities and Exchange Commission on February 23, 2007, and hereby incorporated by reference.
10.6*	Brunswick Corporation 2005 Elective Deferred Compensation Plan as amended and restated effective January 1, 2013, filed as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, as filed with the Securities and Exchange Commission on August 3, 2012, and hereby incorporated by reference.
10.7*	Brunswick Restoration Plan, as amended and restated effective January 1, 2013, filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, as filed with the Securities and Exchange Commission on August 3, 2012, and hereby incorporated by reference.
10.8*	Brunswick Corporation 2023 Stock Incentive Plan, filed as an appendix to the Definitive Proxy Statement on Schedule 14A, as filed with the Securities and Exchange Commission on March 23, 2023, and hereby incorporated by reference.
10.9*	Brunswick Corporation 2014 Stock Incentive Plan, filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 28, 2014, as filed with the Securities and Exchange Commission on July 31, 2014 and hereby incorporated by reference.
10.10*	Brunswick Corporation 2005 Automatic Deferred Compensation Plan as amended and restated effective January 1, 2018, filed as Exhibit 10.9 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 30, 2019, as filed with the Securities and Exchange Commission on May 1, 2019, and hereby incorporated by reference.
10.11*	2024 Brunswick Performance Plan Summary Terms and Conditions.
10.12*	2024 Performance Share Grant Terms and Conditions Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan.
10.13*	2024 Stock-Settled Restricted Stock Unit Grant Terms and Conditions Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan.
10.14*	2023 Brunswick Performance Plan Summary Terms and Conditions, filed as Exhibit 10.10 to the Company's Annual Report on Form 10-K for 2022, as filed with the Securities and Exchange Commission on February 16, 2023 and hereby incorporated by reference.
10.15*	2023 Performance Share Grant Terms and Conditions Pursuant to the Brunswick Corporation 2014 Stock Incentive Plan, filed as Exhibit 10.11 to the Company's Annual Report on Form 10-K for 2022, as filed with the Securities and Exchange Commission on February 16, 2023 and hereby incorporated by reference.
10.16*	2023 Stock-Settled Restricted Stock Unit Grant Terms and Conditions Pursuant to the Brunswick Corporation 2014 Stock Incentive Plan, filed as Exhibit 10.12 to the Company's Annual Report on Form 10-K for 2022, as filed with the Securities and Exchange Commission on February 16, 2023 and hereby incorporated by reference.
10.17*	2022 Brunswick Performance Plan (BPP) Summary Terms and Conditions, filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended April 2, 2022, as filed with the Securities and Exchange Commission on May 10, 2022, and hereby incorporated by reference.
10.18*	2022 Performance Share Award Grant Terms and Conditions Pursuant to the Brunswick Corporation 2014 Stock Incentive Plan --TSR Participants, filed as Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended April 2, 2022, as filed with the Securities and Exchange Commission on May 10, 2022, and hereby incorporated by reference.
10.19*	2022 Stock-Settled Restricted Stock Unit Grant Terms and Conditions Pursuant to the Brunswick Corporation 2014 Stock Incentive Plan, filed as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended April 2, 2022, as filed with the Securities and Exchange Commission on May 10, 2022, and hereby incorporated by reference.
21.1	Subsidiaries of the Company.
23.1	Consent of Independent Registered Public Accounting Firm.
24.1	Power of Attorney.
31.1	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

51

Table of Contents

31.2	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
97.1	Brunswick Corporation Compensation Recoupment Policy.
101.INS	Inline XBRL Instance Document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104.1	Cover Page Interactive Data File, formatted in Inline XBRL, is contained in Exhibit 101.

* Management contract or compensatory plan or arrangement.

52

Table of Contents

Index to Financial Statements and Financial Statement Schedule

Brunswick Corporation

	Page
Financial Statements:
Report of Management on Internal Control over Financial Reporting	54
Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting	55
Report of Independent Registered Public Accounting Firm (PCAOB ID No 34)	56
Consolidated Statements of Operations for the Years Ended December 31, 2023, 2022 and 2021	58
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2023, 2022 and 2021	59
Consolidated Balance Sheets as of December 31, 2023 and 2022	60
Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021	62
Consolidated Statements of Shareholders' Equity for the Years Ended December 31, 2023, 2022 and 2021	63
Notes to Consolidated Financial Statements	64
Financial Statement Schedule:
Schedule II - Valuation and Qualifying Accounts	101

53

BRUNSWICK CORPORATION

REPORT OF MANAGEMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

The Company's management is responsible for the preparation, integrity, and objectivity of the financial statements and other financial information presented in this Annual Report. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States and reflect the effects of certain estimates and judgments made by management.

The Company's management is also responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Securities Exchange Act Rule 13a-15(f). Under the supervision and with the participation of the Company's management, including the Chief Executive Officer and the Chief Financial Officer, the Company conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework).

Based on the Company's evaluation under the framework in Internal Control - Integrated Framework, management concluded that internal control over financial reporting was effective as of December 31, 2023.

The effectiveness of internal control over financial reporting as of December 31, 2023 has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in its attestation report, which is included herein.

Brunswick Corporation

Mettawa, Illinois

February 16, 2024

54

BRUNSWICK CORPORATION

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of Brunswick Corporation

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of Brunswick Corporation and subsidiaries (the “Company”) as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2023, of the Company and our report dated February 16, 2024, expressed an unqualified opinion on those financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

February 16, 2024

55

BRUNSWICK CORPORATION

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of Brunswick Corporation

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Brunswick Corporation and subsidiaries (the "Company") as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive income, shareholders' equity, and cash flows, for each of the three years in the period ended December 31, 2023, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 16, 2024, expressed an unqualified opinion on the Company’s internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit and finance committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Navico Reporting Unit Goodwill and Trade Name Intangible Asset Impairment – Refer to Notes 1 and 9 to the financial statements

Critical Audit Matter Description

The Company’s evaluation of goodwill and indefinite lived intangible assets is performed at least annually by comparing the fair value of each respective reporting unit and asset group to its carrying value. The Company estimated the fair value of goodwill using the discounted cash flow and guideline public company approaches and estimated the fair value of the trade name intangible assets using the relief from royalty method. The fair value determination required management to make significant estimates and assumptions related to business and valuation assumptions including revenue growth rates, profitability margins, discount rates, and royalty rates. Changes in these assumptions could have a significant impact on either the fair value, the amount of any

56

impairment charge, or both. The goodwill and indefinite lived intangible asset balances recorded as of December 31, 2023 were $1,030.7 million and $311.5 million, respectively. Of these amounts, $599.7 million and $120.0 million relate to the Navico Group reporting unit and Navico trade name intangible asset, respectively. Impairment charges for the Navico trade name intangible asset for the year ended December 31, 2023 were $13.0 million.

We identified management’s estimate of the fair value of the Navico Group reporting unit goodwill and trade name intangible assets as a critical audit matter because of the significant judgments made by management to estimate the respective fair values. This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists, when performing audit procedures to evaluate the reasonableness of management’s projected future cash flows and the selection of valuation assumptions.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the projected future cash flows and selection of valuation assumptions for the goodwill and trade name intangible asset included the following, among others:

•We tested the effectiveness of controls over management’s determination of the fair values of the goodwill and trade name intangible asset, including those over the projected future cash flows and selection of revenue growth, profitability margin, discount rate, and royalty rate assumptions.

•We evaluated management’s ability to accurately forecast future revenues and profitability margins by comparing actual results to management’s historical forecasts.

•We assessed the reasonableness of management’s projected future cash flows by comparing the projections to historical results, internal communications to management and certain industry and market trends.

•With the assistance of our fair value specialists, we evaluated the reasonableness of the valuation assumptions including the discount rate and royalty rates, and developed a range of independent estimates and compared those to the valuation assumptions selected by management.

•We tested the source information underlying the determination of the valuation assumptions as well as the mathematical accuracy of the calculation.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

February 16, 2024

We have served as the Company’s auditor since 2014.

57

BRUNSWICK CORPORATION

Consolidated Statements of Operations

	For the Years Ended December 31
(in millions, except per share data)	2023		2022		2021
Net sales	$	6,401.4	$	6,812.2	$	5,846.2
Cost of sales	4,614.4		4,865.0		4,180.2
Selling, general and administrative expense	812.2		771.4		697.8
Research and development expense	185.2		202.9		154.5
Restructuring, exit and impairment charges	54.7		25.1		0.8
Operating earnings	734.9		947.8		812.9
Equity (loss) earnings	(11.4)		4.0		2.3
Other income (expense), net	7.6		(6.1)		(6.8)
Earnings before interest and income taxes	731.1		945.7		808.4
Interest expense	(112.4)		(98.1)		(65.9)
Interest income	10.2		6.1		2.1
Loss on early extinguishment of debt	—		(0.1)		(4.2)
Transaction financing charges	—		—		(4.0)
Earnings before income taxes	628.9		853.6		736.4
Income tax provision	196.3		172.3		141.0
Net earnings from continuing operations	432.6		681.3		595.4
Net loss from discontinued operations, net of tax	(12.2)		(4.3)		(2.1)
Net earnings	$	420.4	$	677.0	$	593.3
Earnings per common share:
Basic
Earnings from continuing operations	$	6.16	$	9.11	$	7.65
Loss from discontinued operations	(0.17)		(0.06)		(0.02)
Net earnings	$	5.99	$	9.05	$	7.63
Diluted
Earnings from continuing operations	$	6.13	$	9.06	$	7.59
Loss from discontinued operations	(0.17)		(0.06)		(0.02)
Net earnings	$	5.96	$	9.00	$	7.57
Weighted average shares used for computation of:
Basic earnings per common share	70.2		74.8		77.8
Diluted earnings per common share	70.5		75.2		78.4

The Notes to Consolidated Financial Statements are an integral part of these consolidated statements.

58

BRUNSWICK CORPORATION

Consolidated Statements of Comprehensive Income

	For the Years Ended December 31
(in millions)	2023		2022		2021
Net earnings	$	420.4	$	677.0	$	593.3
Other comprehensive income (loss), net of tax:
Foreign currency translation:
Net foreign currency translation (A)	21.8		(36.8)		(19.4)
Defined benefit plans:
Net actuarial gains (losses) (A)	(4.0)		12.5		4.5
Amortization of prior service credits (B)	(3.3)		(0.4)		(0.2)
Amortization of net actuarial (gains) losses (B)	2.2		0.6		1.0
Net defined benefit plans	(5.1)		12.7		5.3
Investments:
Net unrealized investment gains (losses)	—		—		0.2
Derivatives:
Net deferred gains (losses) on derivatives (A)	(3.3)		46.1		22.2
Net (gains) losses reclassified into Net earnings (B)	(9.6)		(20.0)		2.9
Net activity for derivatives	(12.9)		26.1		25.1
Other comprehensive income (loss)	3.8		2.0		11.2
Comprehensive income	$	424.2	$	679.0	$	604.5

(A) The tax effects for the year ended December 31, 2023 were $(2.3) million for foreign currency translation, $1.3 million for net actuarial gains arising during the period and $0.6 million for derivatives. The tax effects for the year ended December 31, 2022 were $5.9 million for foreign currency translation, $(4.2) million for net actuarial gains arising during the period and $(15.9) million for derivatives. The tax effects for the year ended December 31, 2021 were $(1.7) million for foreign currency translation, $(1.5) million for net actuarial losses arising during the period and $(7.4) million for derivatives.

(B) See Note 17 – Comprehensive Income (Loss) for the tax effects for the years ended December 31, 2023, December 31, 2022 and December 31, 2021.

The Notes to Consolidated Financial Statements are an integral part of these consolidated statements.

59

BRUNSWICK CORPORATION

Consolidated Balance Sheets

	As of December 31
(in millions)	2023		2022
Assets
Current assets
Cash and cash equivalents, at cost, which approximates fair value	$	467.8	$	595.6
Restricted cash	11.1		12.9
Short-term investments in marketable securities	0.8		4.5
Total cash and short-term investments in marketable securities	479.7		613.0
Accounts and notes receivable, less allowances of $10.8 and $10.2	493.2		543.0
Inventories
Finished goods	932.0		836.1
Work-in-process	181.6		209.1
Raw materials	363.2		426.2
Net inventories	1,476.8		1,471.4
Prepaid expenses and other	60.0		67.8
Current assets	2,509.7		2,695.2
Property
Land	44.1		42.4
Buildings and improvements	619.7		564.4
Equipment	1,551.5		1,488.1
Total land, buildings and improvements and equipment	2,215.3		2,094.9
Accumulated depreciation	(1,135.5)		(1,051.4)
Net land, buildings and improvements and equipment	1,079.8		1,043.5
Unamortized product tooling costs	236.0		227.3
Net property	1,315.8		1,270.8
Other assets
Goodwill	1,030.7		967.6
Other intangibles, net	978.0		997.4
Equity investments	38.7		54.0
Deferred income tax asset	186.8		203.3
Operating lease assets	152.2		114.8
Other long-term assets	18.6		18.2
Other assets	2,405.0		2,355.3
Total assets	$	6,230.5	$	6,321.3

60

	As of December 31
(in millions)	2023		2022
Liabilities and shareholders' equity
Current liabilities
Short-term debt and current maturities of long-term debt	$	454.7	$	89.0
Accounts payable	558.0		662.6
Accrued expenses	739.4		738.3
Current liabilities	1,752.1		1,489.9
Long-term liabilities
Debt	1,975.7		2,420.0
Operating lease liabilities	133.9		97.8
Deferred income tax liability	12.4		60.7
Postretirement benefits	52.5		49.5
Other	216.5		161.1
Long-term liabilities	2,391.0		2,789.1
Shareholders' equity
Common stock; authorized: 200,000,000 shares, $0.75 par value; issued: 102,538,000 shares; outstanding: 68,227,000 and 71,365,000 shares	76.9		76.9
Additional paid-in capital	392.0		391.3
Retained earnings	3,596.9		3,288.5
Treasury stock, at cost: 34,311,000 and 31,173,000 shares	(1,952.7)		(1,684.9)
Accumulated other comprehensive income (loss), net of tax:
Foreign currency translation	(49.5)		(71.3)
Defined benefit plans:
Prior service credits	(7.4)		(4.1)
Net actuarial gains (losses)	7.9		9.7
Unrealized investment gains (losses)	0.2		0.2
Unrealized gains (losses) on derivatives	23.1		36.0
Accumulated other comprehensive income (loss), net of tax	(25.7)		(29.5)
Shareholders' equity	2,087.4		2,042.3
Total liabilities and shareholders' equity	$	6,230.5	$	6,321.3

The Notes to Consolidated Financial Statements are an integral part of these consolidated statements.

61

BRUNSWICK CORPORATION

Consolidated Statements of Cash Flows

	For the Years Ended December 31
(in millions)	2023		2022		2021
Cash flows from operating activities
Net earnings	$	420.4	$	677.0	$	593.3
Less: net loss from discontinued operations, net of tax	(12.2)		(4.3)		(2.1)
Net earnings from continuing operations	432.6		681.3		595.4
Depreciation and amortization	272.9		231.2		178.1
Stock compensation expense	22.4		21.9		29.7
Pension expense including settlement charges, net of (funding)	(1.3)		(1.2)		(2.1)
Asset impairment charges	19.5		18.9		0.8
Deferred income taxes	16.4		(18.9)		(21.8)
Impairment of equity method investment	19.2		—		—
Changes in certain current assets and current liabilities
Change in accounts and notes receivable	54.5		(74.6)		(85.1)
Change in inventory	0.7		(292.8)		(343.2)
Change in prepaid expenses and other, excluding income taxes	23.3		37.9		(10.3)
Change in accounts payable	(86.1)		(12.2)		134.2
Change in accrued expenses	(22.8)		(8.9)		73.8
Long-term extended warranty contracts and other deferred revenue	14.6		13.0		12.1
Income taxes	(2.4)		(1.0)		18.0
Other, net	(18.3)		(14.2)		6.6
Net cash provided by operating activities of continuing operations	745.2		580.4		586.2
Net cash (used for) provided by operating activities of discontinued operations	(11.6)		5.7		(12.2)
Net cash provided by operating activities	733.6		586.1		574.0
Cash flows from investing activities
Capital expenditures	(289.3)		(388.3)		(267.1)
Purchases of marketable securities	—		(60.1)		—
Sales or maturities of marketable securities	3.8		56.4		55.9
Investments	(4.6)		(11.2)		(11.3)
Acquisition of businesses, net of cash acquired	(103.6)		(93.8)		(1,138.6)
Proceeds from the sale of property, plant and equipment	14.8		11.3		7.2
Cross-currency swap settlements	—		42.5		—
Net cash used for investing activities	(378.9)		(443.2)		(1,353.9)
Cash flows from financing activities
Proceeds from issuances of short-term debt	4.7		132.2		—
Payments of short-term debt	(8.6)		(125.0)		—
Net proceeds from issuances of long-term debt	—		741.8		994.4
Payments of long-term debt including current maturities	(82.3)		(59.1)		(128.4)
Net premium paid on early extinguishment of debt	—		(0.1)		(4.2)
Common stock repurchases	(275.0)		(450.0)		(120.1)
Cash dividends paid	(112.0)		(108.6)		(98.9)
Tax withholding associated with shares issued for share-based compensation	(13.8)		(16.4)		(13.7)
Other, net	—		(4.0)		(7.3)
Net cash (used for) provided by financing activities	(487.0)		110.8		621.8
Effect of exchange rate changes	2.7		(11.9)		(5.5)
Net (decrease) increase in Cash and cash equivalents and Restricted cash	(129.6)		241.8		(163.6)
Cash and cash equivalents and Restricted cash at beginning of period	608.5		366.7		530.3
Cash and cash equivalents and Restricted cash at end of period	478.9		608.5		366.7
Less: Restricted cash	11.1		12.9		12.2
Cash and cash equivalents at end of period	$	467.8	$	595.6	$	354.5
Supplemental cash flow disclosures:
Interest paid	$	117.2	$	95.3	$	72.7
Income taxes paid, net	$	175.4	$	196.9	$	146.7

The Notes to Consolidated Financial Statements are an integral part of these consolidated statements.

62

BRUNSWICK CORPORATION

Consolidated Statements of Shareholders' Equity

(in millions, except per share data)	Common Stock		Additional Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Total
Balance, December 31, 2020	$	76.9	$	383.8	$	2,225.7	$	(1,133.7)	$	(42.7)	$	1,510.0
Net earnings	—		—		593.3		—		—		593.3
Other comprehensive income	—		—		—		—		11.2		11.2
Dividends ($1.275 per common share)	—		—		(98.9)		—		—		(98.9)
Compensation plans and other	—		10.7		—		8.0		—		18.7
Common stock repurchases	—		—		—		(120.1)		—		(120.1)
Balance, December 31, 2021	76.9		394.5		2,720.1		(1,245.8)		(31.5)		1,914.2
Net earnings	—		—		677.0		—		—		677.0
Other comprehensive income	—		—		—		—		2.0		2.0
Dividends ($1.46 per common share)	—		—		(108.6)		—		—		(108.6)
Compensation plans and other	—		(3.2)		—		10.9		—		7.7
Common stock repurchases	—		—		—		(450.0)		—		(450.0)
Balance, December 31, 2022	76.9		391.3		3,288.5		(1,684.9)		(29.5)		2,042.3
Net earnings	—		—		420.4		—		—		420.4
Other comprehensive income	—		—		—		—		3.8		3.8
Dividends ($1.60 per common share)	—		—		(112.0)		—		—		(112.0)
Compensation plans and other	—		0.7		—		9.7		—		10.4
Common stock repurchases	—		—		—		(277.5)		—		(277.5)
Balance, December 31, 2023	$	76.9	$	392.0	$	3,596.9	$	(1,952.7)	$	(25.7)	$	2,087.4

The Notes to Consolidated Financial Statements are an integral part of these consolidated statements.

63

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

Note 1 – Significant Accounting Policies

Basis of Presentation. Effective January 1, 2023, Brunswick Corporation (we, us, our, the Company, or Brunswick) changed its management reporting and updated its reportable segments to Propulsion, Engine Parts and Accessories (Engine P&A), Navico Group and Boat to align with our internal operating structure. As a result of this change, the Company has recast all segment information for all prior periods presented. For further information, refer to Note 5 –Segment Information. The Company has prepared its consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain previously reported amounts have been reclassified to conform with current period presentation. Brunswick's results reflect continuing operations only, unless otherwise noted.

Principles of Consolidation. Brunswick's consolidated financial statements include the accounts of all majority owned and controlled domestic and foreign subsidiaries. Intercompany balances and transactions have been eliminated.

Use of Estimates. The preparation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates. Actual results could differ materially from those estimates. These estimates affect:

•The reported amounts of revenues and expenses during the reporting periods;

•The reported amounts of assets and liabilities at the date of the financial statements; and

•The disclosure of contingent assets and liabilities at the date of the financial statements.

Estimates in these consolidated financial statements include, but are not limited to:

•Allowances for doubtful accounts;

•Inventory valuation reserves;

•Variable consideration related to recorded revenue;

•Reserves related to repurchase and recourse obligations;

•Warranty related reserves;

•Losses on litigation and other contingencies;

•Environmental reserves;

•Insurance reserves;

•Valuation of goodwill and other intangible assets;

•Impairments of long-lived assets;

•Reserves related to restructuring, exit and impairment activities;

•Postretirement benefit liabilities;

•Valuation allowances on deferred tax assets; and

•Income tax reserves.

Cash and Cash Equivalents. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. These investments include, but are not limited to, investments in money market funds, bank deposits, federal government and agency debt securities and commercial paper.

Restricted Cash. Restricted Cash is primarily related to cash deposited in a trust that is pledged as collateral against certain workers' compensation-related obligations. Refer to Note 11 – Commitments and Contingencies for more information.

64

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

Investments in Marketable Securities. The Company classifies investments in debt securities that are not considered to be cash equivalents as Short-term investments in marketable securities as discussed in Note 7 – Investments. Short-term investments in marketable securities have a stated maturity of twelve months or less from the balance sheet date. These securities are considered as available-for-sale and are reported at fair value. Unrealized gains and losses on these debt securities are recorded net of tax as a component of Accumulated other comprehensive income (loss) in Unrealized investment gains (losses) within Shareholders' equity. Declines in market value from the original cost deemed to be "other-than-temporary" are charged to Other income (expense), net in the Consolidated Statements of Operations in the period in which the loss occurs. The Company considers both the duration and extent of which a decline in value has occurred in its determination of whether a decline in value has been "other-than-temporary." Realized gains and losses are calculated based on the specific identification method and are included in Other income (expense), net in the Consolidated Statements of Operations.

Accounts and Notes Receivable and Allowance for Doubtful Accounts. The Company carries its accounts and notes receivable at their face amounts less an allowance for doubtful accounts. On a regular basis, the Company records an allowance for uncollectible receivables based upon known bad debt risks and past loss history, customer payment practices and economic conditions. Actual collection experience may differ from the current estimate of net receivables. A change to the allowance for doubtful accounts may be required if a future event or other change in circumstances results in a change in the estimate of the ultimate collectability of a specific account.

Inventories. Inventories are valued at the lower of cost or net realizable value, with net realizable value equal to the estimated selling price less the estimated costs to transact. Approximately 51 percent and 54 percent of the Company's inventories were determined by the first-in, first-out method (FIFO) as of December 31, 2023 and December 31, 2022, respectively. Remaining inventories valued at the last-in, first-out method (LIFO) were $192.1 million and $170.6 million lower than the FIFO cost of inventories as of December 31, 2023 and 2022, respectively. Inventory cost includes material, labor and manufacturing overhead. There were no liquidations of LIFO inventory layers in 2023, 2022 or 2021.

Property. Property, including major improvements and product tooling costs, is recorded at cost. Product tooling costs principally comprise the cost to acquire and construct various long-lived molds, dies and other tooling the Company uses in its manufacturing processes. Design and prototype development costs associated with product tooling are expensed as incurred. Maintenance and repair costs are also expensed as incurred. Depreciation is recorded over the estimated service lives of the related assets, principally using the straight-line method. Buildings and improvements are depreciated over a useful life of five to forty years. Equipment is depreciated over a useful life of two to twenty years. Product tooling costs are amortized over the shorter of the useful life of the tooling or the anticipated life of the applicable product, for a period up to eight years. The Company capitalizes interest on qualifying assets during the construction period and capitalized $2.7 million and $6.9 million in the periods ending December 31, 2023 and 2022, respectively. The Company presents capital expenditures on a cash basis within the Consolidated Statements of Cash Flows. There were $34.1 million and $56.2 million of unpaid capital expenditures within Accounts payable as of December 31, 2023 and 2022, respectively. The Company includes gains and losses recognized on the sale and disposal of property in either Cost of sales, Selling, general and administrative expenses or Restructuring, exit and impairment charges as appropriate. The amount of gains and losses for the years ended December 31 were as follows:

(in millions)	2023		2022		2021
Gains on the sale of property	$	2.6	$	3.5	$	1.4
Losses on the sale and disposal of property	(1.4)		(1.2)		(0.9)
Net gains on sale and disposal of property	$	1.2	$	2.3	$	0.5

Goodwill. Goodwill results from the excess of purchase price over the net assets of businesses acquired. The Company reviews goodwill for impairment annually and whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. As part of the annual test, the Company may perform a qualitative, rather than quantitative, assessment to determine whether the fair values of its reporting units are "more likely than not" to exceed their carrying values. In performing this qualitative analysis, the Company considers various factors, including the effect of market or industry changes and the reporting units' actual results compared to projected results.

65

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

If the fair value of a reporting unit does not meet the "more likely than not" criteria discussed above, the Company performs a quantitative assessment, which begins by measuring the fair value of the reporting unit. If the carrying value of the reporting unit exceeds its fair value, a goodwill impairment is recorded equal to the carrying value of the reporting unit less its fair value, not to exceed the carrying value of goodwill.

The Company calculates the fair value of its reporting units considering both the income approach and the guideline public company method. The income approach calculates the fair value of the reporting unit using a discounted cash flow approach utilizing a Gordon Growth model. Internally forecasted future cash flows, which the Company believes reasonably approximate market participant assumptions, are discounted using a weighted average cost of capital (Discount Rate) developed for each reporting unit. The Discount Rate is developed using market observable inputs, as well as considering whether or not there is a measure of risk related to the specific reporting unit’s forecasted performance. Fair value under the guideline public company method is determined for each reporting unit by applying market multiples for comparable public companies to the reporting unit’s current and forecasted financial results. The key uncertainties in these calculations are the assumptions used in determining the reporting unit’s forecasted future performance, including revenue growth and operating margins, as well as the perceived risk associated with those forecasts in determining the Discount Rate, along with selecting representative market multiples.

The Company did not record any goodwill impairments in 2023, 2022 or 2021.

Other intangible assets. The Company's primary other intangible assets are customer relationships, trade names, and developed technology acquired in business combinations. Intangible assets are initially valued using a methodology commensurate with the intended use of the asset. Customer relationships, trade names and developed technology are valued using the income approach. The fair value of customer relationships is measured using the multi-period excess earnings method (MPEEM). The fair value of trade names and developed technology are measured using a relief-from-royalty (RFR) approach, which assumes the value of the trade name or technology is the discounted amount of cash flows that would be paid to third parties had the Company not owned the trade name or technology and instead licensed the trade name or technology from another company. Higher royalty rates are assigned to premium brands within the marketplace based on name recognition and profitability, while other brands receive lower royalty rates. The basis for future sales projections for both the RFR and MPEEM are internal revenue forecasts which the Company believes represent reasonable market participant assumptions. The future cash flows are discounted using an applicable Discount Rate as well as any potential risk premium to reflect the inherent risk of holding a standalone intangible asset.

The key uncertainties in the RFR and MPEEM calculations, as applicable, are: the selection of an appropriate royalty rate, assumptions used in developing internal revenue growth and expense forecasts, assumed customer attrition rates, as well as the perceived risk associated with those forecasts in determining the Discount Rate and risk premium.

The costs of amortizable intangible assets are recognized over their expected useful lives, typically between three and fifteen years, using the straight-line method. Intangible assets that are subject to amortization are evaluated for impairment using a process similar to that used to evaluate long-lived assets described below. Intangible assets not subject to amortization are assessed for impairment at least annually and whenever events or changes in circumstances indicate that it is more likely than not that an asset may be impaired. The impairment test for indefinite-lived intangible assets consists of a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss is recognized for the amount by which the carrying value exceeds the fair value of the asset. The Company recorded $16.6 million of intangible asset impairment charges in 2023 recognized in Restructuring, exit and impairment charges in the Consolidated Statements of Operations, including a $13.0 million impairment of the Navico trade name and a $3.0 million impairment associated with the Garelick trade name. The Company recorded $17.4 million of intangible asset impairment charges in 2022 recognized in Restructuring, exit and impairment charges in the Consolidated Statements of Operations related to capitalized software intangible assets that will not be placed into service. The Company did not record any intangible asset impairments in 2021.

Refer to Note 4 – Acquisitions and Note 9 – Goodwill and Other Intangibles in the Notes to Consolidated Financial Statements for more information.

66

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

Software Development Costs for Internal Use. The Company expenses all software development and implementation costs incurred until the Company has determined that the software will result in probable future economic benefit and management has committed to funding the project. Once this is determined, external direct costs of material and services, payroll-related costs of employees working on the project and related interest costs incurred during the application development stage are capitalized. These capitalized costs are amortized over three to seven years. All other related costs, including training costs and costs to re-engineer business processes, are expensed as incurred.

Equity Investments. For investments in which the Company owns or controls from 20 percent to 50 percent of the voting shares, the Company uses the equity method of accounting. The Company's share of net earnings or losses from equity method investments is included in the Consolidated Statements of Operations. The Company carries other investments, for which the Company does not have the ability to exercise significant influence, at fair value, with changes in fair value recognized in net income. For equity investments that do not have a readily determinable fair value, the Company measures the investment at cost less impairment, plus or minus observable equity price changes. The Company periodically evaluates the carrying value of its investments. During the year ended December 31, 2023, the Company recorded an impairment charge of $19.2 million due to a decline in the fair value of its investment in TN-BC Holdings LLC (the Joint Venture), as a result of a reduction in value of certain of the Joint Venture's underlying investments. See Note 7 – Investments for further details about the Company's evaluation of the fair value of its investments.

Long-Lived Assets. The Company continually evaluates whether events and circumstances have occurred that indicate the remaining estimated useful lives of its definite-lived intangible assets and other long-lived assets may warrant revision or that the remaining balance of such assets may not be recoverable. Once an impairment indicator is identified, the Company tests for recoverability of the related asset group using an estimate of undiscounted cash flows over the asset group's remaining life. If an asset group's carrying value is not recoverable, the Company records an impairment loss based on the excess of the carrying value of the asset group over the long-lived asset group's fair value. Fair value is determined using observable inputs, including the use of appraisals from independent third parties, when available, and, when observable inputs are not available, based on the Company's assumptions of the data that market participants would use in pricing the asset, based on the best information available in the circumstances. Specifically, the Company uses discounted cash flows to determine the fair value of the asset when observable inputs are unavailable. The Company tested its long-lived asset balances for impairment as indicators arose during 2023, 2022 and 2021, resulting in impairment charges of $1.3 million, $1.5 million and $0.8 million, respectively, which are recognized either in Restructuring, exit and impairment charges or Selling, general and administrative expense in the Consolidated Statements of Operations.

Other Long-Term Assets. Other long-term assets consists mainly of capitalized financing costs and deposits.

Revenue Recognition. Revenue is recognized as performance obligations under the terms of contracts with customers are satisfied; this occurs when control of promised goods is transferred to the customer. The Company recognizes revenue related to the sale of extended warranty contracts that extend the coverage period beyond the standard warranty period over the life of the extended warranty period.

Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for transferring goods or providing services. The Company has excluded sales, value add and other taxes collected concurrent with revenue-producing activities from the determination of the transaction price for all contracts. The Company has elected to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment activity. For all contracts with customers, the Company has not adjusted the promised amount of consideration for the effects of a significant financing component as the period between the transfer of the promised goods and the customer's payment is expected to be one year or less.

67

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

For product sales, the Company transfers control and recognizes revenue at the time the product ships from a manufacturing or distribution facility ("free on board shipping point"), or at the time the product arrives at the customer's facility ("free on board destination"). When the shipping terms are "free on board shipping point", the customer obtains control and is able to direct the use of, and obtain substantially all of the benefits from, the products at the time the products are shipped. For shipments provided under "free on board destination", control transfers to the customer upon delivery. Payment terms vary but are generally due within 30 days of transferring control. For the Company's Boat and Propulsion segments, most product sales to dealers are wholesale financed through the Company's joint venture, Brunswick Acceptance Company, LLC (BAC), or other lending institutions, and payment is typically due in the month of shipment. For further information on the BAC joint venture, refer to Note 8 – Financing Joint Venture. In addition, periodically the Company may require the customer to provide upfront cash deposits in advance of performance.

The Company also sells separately priced, extended warranty contracts that extend the coverage period beyond the standard warranty period. When determining an appropriate allocation of the transaction price to the extended warranty performance obligation, the Company uses an observable price to determine the stand-alone selling price. Extended warranties typically range from an additional 1 to 3 years. The Company receives payment at the inception of the contract and recognizes revenue over the extended warranty coverage period. This time-elapsed method is used to measure progress because the Company, on average, satisfies its performance obligation evenly over the warranty period.

See Note 2 – Revenue Recognition for more information.

Advertising Costs. The Company records advertising and promotion costs in Selling, general and administrative expense in the Consolidated Statements of Operations in the period when the advertising first takes place. Advertising and promotion costs were $28.5 million, $39.9 million and $33.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Foreign Currency. The functional currency for the majority of Brunswick's operations is the U.S. dollar. All assets and liabilities of operations with a functional currency other than the U.S. dollar are translated at period-end currency exchange rates. The resulting translation adjustments are recorded in Accumulated other comprehensive income (loss). Revenues and expenses of operations with a functional currency other than the U.S. dollar are translated at the average exchange rates for the period. Transaction gains and losses resulting from changes in foreign currency exchange rates are recorded in either Cost of sales or Other income (expense), net in the Consolidated Statements of Operations.

Share-Based Compensation. The Company records amounts for all share-based compensation, including non-vested stock awards and performance-based share awards, over the vesting period in the Consolidated Statements of Operations based upon their fair values at the date of the grant. Share-based compensation costs are included in Selling, general and administrative expense in the Consolidated Statements of Operations. See Note 16 – Stock Plans and Management Compensation for a description of the Company's accounting for share-based compensation plans.

Research and Development. Research and development costs are expensed as incurred.

Derivatives. The Company uses derivative financial instruments to manage its risk associated with movements in foreign currency exchange rates, interest rates and commodity prices. These instruments are used in accordance with guidelines established by the Company's management and are not used for trading or speculative purposes. The Company records all derivatives on the Consolidated Balance Sheets at fair value. See Note 12 – Financial Instruments for further discussion.

68

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

IT Security Incident. As previously announced on June 13, 2023, the Company experienced an IT security incident that impacted some of its systems and global facilities. The Company activated its response protocols, including pausing operations in some locations, engaging leading security experts and coordinating with relevant law enforcement agencies. Normal global business operations resumed over the course of nine days following the incident. While we were able to quickly restore our operations, the incident resulted in disruption to sales as well as non-recurring costs. We will attempt to recover a portion of the lost operating earnings from lost sales and non-recurring costs from our insurance carriers. Non-recurring costs include labor while plants were idle, IT-related costs and costs for legal, consulting and other professional services directly related to this incident. The Company incurred non-recurring costs related to the IT security incident of $10.1 million during the year ended December 31, 2023. A portion of the non-recurring costs are included in Cost of sales and a portion in Selling, general and administrative expense in the Consolidated Statements of Operations. We estimate the incident resulted in lost revenue of approximately $80 million to $85 million and operating earnings of $35 million to $40 million during the year ended December 31, 2023.

Recently Adopted Accounting Standards

Supplier Finance Programs: In September 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which adds disclosure requirements associated with participation in supplier finance programs. ASU 2022-04 requires the buyer in a supplier finance program to disclose qualitative and quantitative information about the program including key terms and obligations outstanding at the end of the reporting period. ASU 2022-04 is effective for financial statements for interim and annual periods beginning after December 15, 2022. The Company adopted the guidance in ASU 2022-04 on January 1, 2023. For further information, refer to Note 20 – Supplier Finance Program Obligations.

Fair Value Hedge Accounting: In March 2022, the FASB issued ASU 2022-01, Fair Value Hedging — Portfolio Layer Method, which clarifies the guidance in ASC 815 on fair value hedge accounting of interest-rate risk for portfolios of financial assets. The ASU amends the guidance that established the “last-of-layer” method for making the fair value hedge accounting for these portfolios more accessible. The amendment was effective for financial statements for interim and annual periods beginning after December 15, 2022. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Revenue Contracts Acquired in Business Combinations: In October 2021, the FASB issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities From Contracts With Customers, which amended the guidance in Accounting Standards Codification (ASC) 805 to require that the acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606. The Company early adopted the guidance in ASU 2021-08 on July 2, 2022. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Recently Issued Accounting Standards

Segment Reporting: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures, which adds new disclosure requirements related to significant segment expenses regularly provided to the chief operating decision maker (CODM) and included in each reported measure of segment profit or loss, other segment items that constitute the difference between segment revenues less significant segment expenses and the measure of profit or loss, disclosure of the CODMs title and position as well as an explanation of how the CODM uses the reported measures and expanded interim disclosures. ASU 2023-07 is effective for financial statements for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the potential impact of adopting this guidance on the consolidated financial statements.

Income Taxes: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures. Under this ASU, entities must disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires entities to disclose additional information about income taxes paid. ASU 2023-09 is effective for financial statements for annual periods beginning after December 15, 2024. We are currently evaluating the potential impact of adopting this guidance on the consolidated financial statements.

69

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

Note 2 – Revenue Recognition

The following tables present the Company's revenue in categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors:

	Year Ended December 31, 2023
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Geographic Markets
United States	$	1,881.7	$	852.6	$	573.0	$	1,548.8	$	4,856.1
Europe	367.0		108.7		221.2		162.9		859.8
Asia-Pacific	201.7		103.2		79.6		32.0		416.5
Canada	93.1		83.2		19.4		206.8		402.5
Rest-of-World	220.3		52.1		21.5		38.9		332.8
Segment Eliminations	(357.3)		(7.1)		(101.2)		(0.7)		(466.3)
Total	$	2,406.5	$	1,192.7	$	813.5	$	1,988.7	$	6,401.4
Major Product Lines
Outboard Engines	$	2,198.9	$	—	$	—	$	—	$	2,198.9
Controls, Rigging, and Propellers	391.6		—		—		—		391.6
Sterndrive Engines	173.3		—		—		—		173.3
Distribution Parts & Accessories	—		691.8		—		—		691.8
Products	—		508.0		—		—		508.0
Navico Group	—		—		914.7		—		914.7
Aluminum Freshwater Boats	—		—		—		726.0		726.0
Recreational Fiberglass Boats	—		—		—		643.0		643.0
Saltwater Fishing Boats	—		—		—		472.8		472.8
Business Acceleration	—		—		—		167.6		167.6
Boat Eliminations/Other	—		—		—		(20.0)		(20.0)
Segment Eliminations	(357.3)		(7.1)		(101.2)		(0.7)		(466.3)
Total	$	2,406.5	$	1,192.7	$	813.5	$	1,988.7	$	6,401.4

70

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

	Year Ended December 31, 2022
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Geographic Markets
United States	$	1,909.9	$	922.1	$	691.8	$	1,617.0	$	5,140.8
Europe	391.5		117.5		236.3		181.8		927.1
Asia-Pacific	223.0		117.4		98.0		35.7		474.1
Canada	114.2		100.8		27.8		251.7		494.5
Rest-of-World	185.4		52.4		15.4		33.2		286.4
Segment Eliminations	(398.3)		(7.6)		(104.5)		(0.3)		(510.7)
Total	$	2,425.7	$	1,302.6	$	964.8	$	2,119.1	$	6,812.2
Major Product Lines
Outboard Engines	$	2,221.5	$	—	$	—	$	—	$	2,221.5
Controls, Rigging, and Propellers	382.1		—		—		—		382.1
Sterndrive Engines	220.4		—		—		—		220.4
Distribution Parts & Accessories	—		781.7		—		—		781.7
Products	—		528.5		—		—		528.5
Navico Group	—		—		1,069.3		—		1,069.3
Aluminum Freshwater Boats	—		—		—		874.1		874.1
Recreational Fiberglass Boats	—		—		—		727.4		727.4
Saltwater Fishing Boats	—		—		—		404.3		404.3
Business Acceleration	—		—		—		126.0		126.0
Boat Eliminations/Other	—		—		—		(12.4)		(12.4)
Segment Eliminations	(398.3)		(7.6)		(104.5)		(0.3)		(510.7)
Total	$	2,425.7	$	1,302.6	$	964.8	$	2,119.1	$	6,812.2

	Year Ended December 31, 2021
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Geographic Markets
United States	$	1,641.9	$	947.4	$	469.1	$	1,259.1	$	4,317.5
Europe	376.8		134.3		146.9		162.5		820.5
Asia-Pacific	236.9		134.6		47.1		32.8		451.4
Canada	102.0		104.6		16.5		217.1		440.2
Rest-of-World	147.1		50.8		8.7		31.6		238.2
Segment Eliminations	(337.5)		(5.1)		(79.0)		—		(421.6)
Total	$	2,167.2	$	1,366.6	$	609.3	$	1,703.1	$	5,846.2
Major Product Lines
Outboard Engines	$	1,935.1	$	—	$	—	$	—	$	1,935.1
Controls, Rigging, and Propellers	352.4		—		—		—		352.4
Sterndrive Engines	217.2		—		—		—		217.2
Distribution Parts & Accessories	—		820.1		—		—		820.1
Products	—		551.6		—		—		551.6
Navico Group	—		—		688.3		—		688.3
Aluminum Freshwater Boats	—		—		—		712.4		712.4
Recreational Fiberglass Boats	—		—		—		571.6		571.6
Saltwater Fishing Boats	—		—		—		371.9		371.9
Business Acceleration	—		—		—		60.1		60.1
Boat Eliminations/Other	—		—		—		(12.9)		(12.9)
Segment Eliminations	(337.5)		(5.1)		(79.0)		—		(421.6)
Total	$	2,167.2	$	1,366.6	$	609.3	$	1,703.1	$	5,846.2

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BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

As of January 1, 2023, $178.5 million of contract liabilities associated with extended warranties and customer deposits were reported in Accrued expenses and Other Long-term liabilities, of which $61.8 million of this amount was recognized as revenue during year ended December 31, 2023. As of December 31, 2023, total contract liabilities were $187.1 million. The total amount of the transaction price allocated to unsatisfied performance obligations as of December 31, 2023 is $183.6 million for contracts greater than one year, which includes extended warranties. The Company expects to recognize approximately $60.7 million of this amount in 2024 and $122.9 million thereafter. Contract assets as of January 1, 2023 and December 31, 2023 were not material. In addition, costs to obtain and fulfill contracts during the period were not material.

Note 3 – Restructuring, Exit and Impairment Activities

The Company has announced and implemented a number of initiatives designed to improve its cost structure, general operating efficiencies and its utilization of production capacity. These initiatives resulted in the recognition of restructuring, exit and impairment charges in the Consolidated Statements of Operations during 2023, 2022 and 2021. Restructuring, exit and impairment costs include employee termination and other benefits, inventory adjustments to lower of cost or net realizable value, costs to retain and relocate employees, consulting costs, consolidation of manufacturing footprint, facility shutdown costs, and asset disposition and impairment actions. The Company recognizes the expense in the accounting period when it has committed to or incurred the cost, as appropriate.

The following table is a summary of the net expense associated with the restructuring, exit and impairment activities. Restructuring, exit and impairment charges in 2023 relate to headcount reductions and related costs associated with streamlining the enterprise-wide cost structure and improving operating efficiencies as well as asset-related impairments. Restructuring, exit and impairment charges in 2022 primarily relate to asset-related impairments and headcount reductions associated with the integration of Navico. Restructuring, exit and impairment charges in 2021 primarily relate to organizational realignment within the Navico Group segment, specifically in Europe.

(in millions)	Propulsion		Engine P&A		Navico Group (A)		Boat		Corporate (B)		Total
Restructuring, exit and impairment activities:
Employee termination and other benefits	$	2.7	$	3.3	$	11.6	$	10.5	$	2.8	$	30.9
Asset-related	—		—		18.9		—		—		18.9
Professional fees	—		—		—		—		4.9		4.9
Total 2023 restructuring, exit and impairment charges	$	2.7	$	3.3	$	30.5	$	10.5	$	7.7	$	54.7
Employee termination and other benefits	$	—	$	—	$	7.7	$	—	$	—	$	7.7
Asset-related	—		—		—		—		17.4		17.4
Total 2022 restructuring, exit and impairment charges	$	—	$	—	$	7.7	$	—	$	17.4	$	25.1
Employee termination and other benefits	$	—	$	—	$	0.7	$	0.1	$	—	$	0.8
Total 2021 restructuring, exit and impairment charges	$	—	$	—	$	0.7	$	0.1	$	—	$	0.8

(A) Includes impairment charges of $13.0 million associated with an impairment of the Navico trade name and $3.0 million associated with the Company's decision to no longer go to market under the Garelick trade name during the year ended December 31, 2023.

(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 year ended December 31, 2022.

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BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

The following tables summarize the change in accrued restructuring, exit and impairment charges within Accrued expenses in the Consolidated Balance Sheets for the years ended December 31, 2023, 2022 and 2021:

(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Corporate		Total
Accrued Charges as of December 31, 2020	$	—	$	—	$	0.3	$	1.2	$	1.7	$	3.2
Total Charges	—		$	—	0.7		0.1		—		0.8
Payments (A)	—		—		(1.0)		(1.1)		(1.7)		$	(3.8)
Accrued Charges as of December 31, 2021	$	—	$	—	$	—	$	0.2	$	—	$	0.2
Total Charges	—		—		7.7		—		17.4		25.1
Non-Cash Charges	—		—		—		—		(17.4)		$	(17.4)
Payments (A)	—		—		(3.6)		(0.2)		—		$	(3.8)
Accrued Charges as of December 31, 2022	$	—	$	—	$	4.1	$	—	$	—	$	4.1
Total Charges	2.7		3.3		30.5		10.5		7.7		54.7
Non-Cash Charges	—		—		(18.9)		1.2		—		(17.7)
Payments (A)	(1.5)		(2.6)		(10.6)		(10.0)		(7.1)		$	(31.8)
Accrued Charges as of December 31, 2023 (B)	$	1.2	$	0.7	$	5.1	$	1.7	$	0.6	$	9.3

(A) Cash payments may include payments related to prior period charges.

(B) The accrued charges as of December 31, 2023 are expected to be paid in the next twelve months.

Reductions in demand for the Company's products, further refinement of its product portfolio, further opportunities to reduce costs or the cost of integrating future acquisitions may result in additional restructuring, exit and impairment charges in future periods.

Note 4 – Acquisitions

2023 Acquisitions

During the fourth quarter of 2023, the Company acquired additional Freedom Boat Club franchise operations and territories in the Southeast United States. These acquisitions should unlock operational efficiencies while providing members with additional boating destinations, as the Company plans for continued expansion across the Southeast Coastal region. These acquisitions are included as part of the Company's Boat segment.

The Company paid net cash consideration of $16.0 million for these acquisitions. The opening balance sheets, which are preliminary and subject to change in the measurement period as the Company finalizes the purchase price allocation and fair value estimates, include $14.0 million of goodwill and $3.3 million of customer relationships. The amount assigned to customer relationships will be amortized over the estimated useful life of 10 years. Transaction costs associated with these acquisitions were not material to the Company's consolidated results of operations.

On September 1, 2023, the Company acquired all of the issued and outstanding shares of Fliteboard Pty Ltd (Fliteboard) for $87.6 million net cash consideration. Fliteboard is a leader in eFoiling technology, which combines advanced hydrofoils and electric propulsion on the water. The acquisition of Fliteboard allows the Company to enter the emerging electric-foiling surfboard market and presents the opportunity for technological, manufacturing, commercial and consumer synergies with our existing portfolio. Fliteboard is included as part of the Company's Propulsion segment.

The opening balance sheet, which is preliminary and subject to change in the measurement period as the Company finalizes the purchase price allocation and fair value estimates, includes $38.5 million of goodwill, $20.7 million of trade names, $8.4 million of customer relationships, and $7.1 million of developed technology. The amounts assigned to customer relationships and developed technology will be amortized over the estimated useful lives of 15 years and 10 years, respectively. Transaction costs associated with the acquisition of $1.9 million were expensed as incurred within Selling, general and administrative expense.

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BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

These 2023 acquisitions are not material to the Company's net sales, results of operations or total assets during any period presented. Accordingly, the Company's consolidated results of operations do not differ materially from historical performance as a result of the acquisitions, and pro forma results for prior periods are not presented.

2022 Acquisitions

During the second quarter of 2022, the Company acquired certain Freedom Boat Club franchise operations and territory rights as well as certain marine assets in the Southeast United States. These acquisitions enable opportunities across a wide spectrum, building upon the growth Brunswick has cultivated throughout the Company's shared access portfolio and new digital platforms. These acquisitions are included as part of the Company's Boat segment.

The Company paid net cash consideration of $93.9 million for these acquisitions. The opening balance sheets include $71.4 million of goodwill and $11.9 million of customer relationships. The amount assigned to customer relationships will be amortized over the estimated useful life of 10 years. Transaction costs associated with these acquisitions of $1.4 million were expensed as incurred within Selling, general and administrative expense in 2022. The acquisitions are not material to the Company's net sales, results of operations or total assets during any period presented. Accordingly, the Company's consolidated results of operations do not differ materially from historical performance as a result of the acquisitions, and pro forma results for prior periods are not presented. Purchase accounting is final for these acquisitions.

2021 Acquisitions - Navico

On October 4, 2021, the Company acquired all the issued and outstanding shares of Marine Innovations Group AS, known as "Navico", for $1.094 billion net cash consideration. The Company used a combination of the 2024 and 2031 Notes, as described in Note 14 – Debt, and cash on hand to fund the acquisition.

Navico was a privately held global company based in Egersund, Norway, and is a global leader in marine electronics and sensors, including multi-function displays, fish finders, autopilots, sonar, radar and cartography. The acquisition of Navico accelerates the Company's ACES (Autonomy, Connectivity, Electrification and Shared access) strategy and strengthens the Company's ability to provide complete, innovative digital solutions to consumers and comprehensive, integrated system offerings to our original equipment manufacturer customers. Navico is managed as part of the Company's Navico Group segment.

The Company used the acquisition method of accounting in accordance with ASC 805, Business Combinations, with Brunswick being the acquiring entity, and reflecting estimates and assumptions deemed appropriate by Company management. Transaction costs related to the acquisition were expensed as incurred within Selling, general and administrative expense and totaled $1.0 million and $13.8 million for the years ended December 31, 2022 and 2021, respectively. The net sales and operating loss, respectively, of Navico included in Brunswick's consolidated financial statements since the date of acquisition through December 31, 2021 was $120.4 million and $7.4 million, which includes $9.0 million of expense related to inventory fair value adjustments and $5.8 million of intangible asset amortization.

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BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

The following table is a summary of the assets acquired, liabilities assumed and net cash consideration paid, net of cash acquired, for the Navico acquisition:

(in millions)	Fair Value		Useful Life
Accounts and notes receivable	$	59.3
Inventory (A)	159.9
Goodwill (A)(B)(C)(D)	459.2
Trade names	133.0		Indefinite
Developed technology	160.0		15 years
Customer relationships	185.0		15 years
Property and equipment	46.1
Other assets	26.6
Total assets acquired	1,229.1
Accounts payable	66.0
Accrued expenses (C)	48.6
Other liabilities (D)	23.4
Deferred tax liabilities (D)	18.7
Total liabilities assumed	156.7
Net cash consideration paid, net of cash acquired	$	1,072.4

(A) Includes $1.8 million of purchase accounting adjustments related to inventory reserves.

(B) The goodwill recorded for the acquisition of Navico is partially deductible for tax purposes.

(C) Includes $3.5 million of purchase accounting adjustments related to contingency reserves.

(D) Includes $18.4 million of purchase accounting adjustments related to taxes.

Pro Forma Financial Information (Unaudited)

The pro forma information has been prepared as if the Navico acquisition and the related debt financing had occurred on January 1, 2021. 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, 2021 and are not necessarily indicative of Brunswick's consolidated net earnings in future periods. The pro forma results include adjustments primarily related to the amortization of intangible assets and interest expense on the notes issued in the third quarter of 2021 as noted in Note 14 – Debt. Additionally, non-recurring pro forma adjustments include transaction costs of $13.8 million and expenses related to inventory fair value adjustments of $18.1 million, recognized as part of the application of purchase accounting.

(in millions)	Year Ended  December 31, 2022		Year Ended  December 31, 2021
Pro forma Net sales	$	6,812.2	$	6,218.7
Pro forma Net earnings	684.9		589.6

The pro forma results reflect an effective income tax rate of 21 percent for the years ended December 31, 2022 and December 31, 2021. Purchase accounting is final for the Navico acquisition.

Other 2021 Acquisitions

On September 1, 2021, the Company acquired substantially all the net assets of RELiON Battery, LLC (RELiON). RELiON is a global provider of lithium batteries and related products to multiple industry sectors. The acquisition of RELiON complements the Company's existing portfolio of advanced battery and power management brands. On September 17, 2021, the Company acquired substantially all the net assets of SemahTronix, LLC, a global supplier of high-complexity electrical wiring harnesses for advanced products in the marine, mobile and defense industries. The acquisition of the SemahTronix assets enhances the Company's integrated systems offerings by providing the Company and the Company's global customers access to high-quality, large, complex electrical wire harnessing systems that further enable the Company's end-to-end systems solutions and capabilities. These acquisitions are included as part of the Navico Group segment. Purchase accounting is final for these acquisitions.

75

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

On July 9, 2021, the Company acquired Fanautic Club, one of the largest European boat clubs with 23 locations in major coastal cities and tourist centers across Spain. The Company also acquired certain Freedom Boat Club franchise operations and territory rights in the United States during 2021. Acquiring such assets enables Brunswick to accelerate growth by increasing its investments in these markets. These acquisitions are included as part of the Boat segment. Purchase accounting is final for these acquisitions.

The Company paid net cash consideration of $66.1 million for these acquisitions. The opening balance sheets included $36.8 million of goodwill and $24.1 million of identifiable intangible assets, including customer relationships and trade names of $17.2 million and $6.9 million, respectively. The amount assigned to customer relationships will be amortized over the estimated useful life of 10 years. Transaction costs associated with these acquisitions of $1.8 million were expensed as incurred within Selling, general and administrative expense during 2021. The acquisitions are not material to our net sales, results of operations or total assets during any period presented. Accordingly, the Company's consolidated results of operations do not differ materially from historical performance as a result of the acquisitions, and pro forma results for prior periods are not presented.

Note 5 – Segment Information

Effective January 1, 2023, the Company changed its management reporting and updated its reportable segments to Propulsion, Engine P&A, Navico Group and Boat to align with our internal operating structure.

The Company's segments are defined by management's reporting structure and operating activities. The Company's reportable segments are the following:

Propulsion. The Propulsion segment manufactures and markets a full range of outboard, sterndrive, and inboard engines, as well as propulsion-related controls, rigging, and propellers. These products are principally sold directly to boat builders, including Brunswick's Boat segment, and through marine retail dealers worldwide. The Propulsion segment primarily markets under the Mercury, Mercury MerCruiser, Mariner, Mercury Racing, Mercury Diesel, Avator and Fliteboard brands. The segment's engine manufacturing plants are located mainly in the United States and China, along with a joint venture in Japan, with sales mainly to markets in the Americas, Europe and Asia-Pacific.

Engine P&A. The Engine P&A segment manufactures, markets, supplies and distributes products for both marine and non-marine markets. These products are designed for and sold mostly to aftermarket retailers, distributors, and distribution businesses, as well as original equipment manufacturers (including Brunswick brands). Company-branded products include consumables, such as engine oils and lubricants, and are sold under the Mercury, Mercury Precision Parts, Quicksilver and Seachoice brands. The Engine P&A segment also includes distribution businesses such as Land 'N' Sea, Kellogg Marine Supply, Lankhorst Taselaar, BLA and Payne's Marine Group, which distribute third party and Company products. These businesses are leading distributors of marine parts and accessories throughout North America, Europe and Asia-Pacific. The segment's manufacturing and distribution facilities are primarily located in North America, Europe, Australia and New Zealand.

Navico Group. The Navico Group segment designs, develops, manufactures, and markets products and systems for the marine, RV, specialty vehicle, mobile and industrial markets, as well as aftermarket channels. Navico Group's brand portfolio includes the Ancor, Attwood, B&G, BEP, Blue Sea Systems, C-MAP, CZone, Lenco, Lowrance, Marinco, Mastervolt, MotorGuide, Progressive Industries, ProMariner, RELiON, Simrad and Whale brand names. These brands span multiple categories, including marine electronics, sensors, control systems, instruments, power systems and general accessories. The segment's manufacturing and distribution facilities are primarily located in North America, Europe, Australia and New Zealand.

76

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

Boat. The Boat segment designs, manufactures, and markets the following boat brands and products: Sea Ray sport boats and cruisers; Bayliner sport cruisers, runabouts, and Heyday wake boats; Boston Whaler fiberglass offshore boats; Lund fiberglass fishing boats; Crestliner, Harris, Lowe, Lund and Princecraft aluminum fishing, utility, pontoon boats, and deck boats; Thunder Jet heavy-gauge aluminum boats; and Veer recreational and fishing boats designed specifically to support electric propulsion. The Boat segment also includes Brunswick boat brands based in Europe and Asia-Pacific, which include Quicksilver, Navan, Rayglass (including Protector and Legend) and Uttern. The Boat segment procures substantially all of its engines from Brunswick's Propulsion segment, and boats often include other parts and accessories supplied by the Engine P&A and Navico Group segments. The Boat segment's products are manufactured mainly in the United States, Europe, Mexico and Canada and sold through a global network of dealer and distributor locations, primarily in North America and Europe.

The Boat segment also includes Business Acceleration which, through innovative service models, shared access solutions, including the Freedom Boat Club business acquired in 2019, dealer services and emerging technology, aims to provide exceptional experiences to attract a wide range of customers to the marine industry and shape the future of boating.

The Company evaluates performance based on segment operating earnings. Segment operating earnings do not include the expenses of corporate administration, impairments or gains on the sale of equity investments, earnings from unconsolidated affiliates, other expenses and income of a non-operating nature, transaction financing charges, interest expense and income or provisions or benefits for income taxes.

Corporate/Other results include items such as corporate staff and administrative costs, investments in technology solutions, business development and other growth-related expenses, including IT enhancements. Corporate/Other total assets consist of mainly cash, cash equivalents and investments in short-term marketable securities, restricted cash, income tax balances and investments in unconsolidated affiliates.

Segment eliminations adjust for sales between the Company's reportable segments and primarily relate to the sale of engines and parts and accessories to various boat brands, which are consummated at established arm's length transfer prices as the intersegment pricing for these engines and parts and accessories are based upon and consistent with selling prices to third-party customers.

Information about the operations of Brunswick's reportable segments is set forth below:

	Net Sales						Operating Earnings (Loss)						Total Assets
(in millions)	2023		2022		2021		2023		2022		2021		2023		2022
Propulsion	$	2,763.8	$	2,824.0	$	2,504.7	$	494.7	$	522.9	$	449.7	$	1,648.7	$	1,516.7
Engine P&A	1,199.8		1,310.2		1,371.7		217.4		268.0		282.4		855.6		868.6
Navico Group	914.7		1,069.3		688.3		5.2		68.2		53.4		2,074.3		2,169.0
Boat	1,989.4		2,119.4		1,703.1		155.6		212.8		142.3		874.8		829.8
Corporate/Other	—		—		—		(138.0)		(124.1)		(114.9)		777.1		937.2
Segment Eliminations	(466.3)		(510.7)		(421.6)		—		—		—		—		—
Total	$	6,401.4	$	6,812.2	$	5,846.2	$	734.9	$	947.8	$	812.9	$	6,230.5	$	6,321.3

	Depreciation						Amortization
(in millions)	2023		2022		2021		2023		2022		2021
Propulsion	$	124.3	$	98.8	$	84.2	$	4.7	$	3.1	$	—
Engine P&A	15.2		11.0		10.5		0.7		0.7		0.7
Navico Group	12.3		13.5		8.2		55.7		55.2		33.5
Boat	49.0		42.1		36.7		5.0		3.3		1.8
Corporate/Other	3.5		2.5		2.5		2.5		1.0		—
Total	$	204.3	$	167.9	$	142.1	$	68.6	$	63.3	$	36.0

77

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

	Capital Expenditures						Research & Development Expense
(in millions)	2023		2022		2021		2023		2022		2021
Propulsion	$	157.1	$	236.1	$	162.2	$	99.6	$	104.6	$	93.8
Engine P&A	17.9		25.7		15.3		1.4		1.3		1.6
Navico Group	26.3		24.4		15.2		48.0		66.1		34.7
Boat	72.3		86.6		63.6		26.9		26.7		21.1
Corporate/Other	15.7		15.5		10.8		9.3		4.2		3.3
Total	$	289.3	$	388.3	$	267.1	$	185.2	$	202.9	$	154.5

Geographic Segments

	Net sales						Net property
(in millions)	2023		2022		2021		2023		2022
United States	$	4,449.8	$	4,699.2	$	3,961.9	$	1,182.7	$	1,165.8
International	1,951.6		2,113.0		1,884.3		111.4		92.8
Corporate/Other	—		—		—		21.7		12.2
Total	$	6,401.4	$	6,812.2	$	5,846.2	$	1,315.8	$	1,270.8

Note 6 – Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable.

•Level 1 - Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets or liabilities.

•Level 2 - Inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. These are typically obtained from readily available pricing sources for comparable instruments.

•Level 3 - Unobservable inputs for which there is little or no market activity for the asset or liability. These inputs reflect the reporting entity's own assumptions of the data that market participants would use in pricing the asset or liability, based on the best information available in the circumstances.

The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis:

		Fair Value
(in millions)	Fair Value Level	December 31, 2023		December 31, 2022
Cash equivalents	1	$	0.4	$	0.4
Short-term investments in marketable securities	1	0.8		4.5
Restricted cash	1	11.1		12.9
Derivative assets	2	5.2		16.1
Derivative liabilities	2	13.7		9.9
Deferred compensation	1	1.5		1.6
Deferred compensation	2	16.1		14.1
Liabilities measured at net asset value		12.9		10.4

Refer to Note 12 – Financial Instruments for additional information related to the fair value of derivative assets and liabilities by class.

78

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

Note 7 – Investments

Investments in Marketable Securities

The Company may invest a portion of its cash reserves in marketable debt securities. These investments are reported in Short-term investments in marketable securities on the Consolidated Balance Sheets.

The following is a summary of the fair values, which were equal to the amortized costs, of the Company's available-for-sale securities, all due in one year or less, as of December 31, 2023 and 2022.

(in millions)	December 31, 2023		December 31, 2022
Commercial Paper	$	—	$	3.7
U.S. Treasury Bills	0.8		0.8
Total available-for-sale-securities	$	0.8	$	4.5

The Company had $3.8 million, $56.4 million and $55.9 million of maturities of available-for-sale securities in 2023, 2022, and 2021, respectively.

Equity Investments

The Company has certain unconsolidated international and domestic affiliates that are accounted for using the equity method. The equity method is applied in situations in which the Company has the ability to exercise significant influence, but not control, over the investees. Management reviews equity investments for impairment whenever indicators are present, suggesting that the carrying value of an investment is not recoverable. The following items are examples of impairment indicators: significant, sustained declines in an investee’s revenue, earnings, and cash flow trends; adverse market conditions of the investee’s industry or geographic area; the investee’s inability to execute its operating plan; the investee’s inability to continue operations measured by several items, including liquidity; and other factors. Once an impairment indicator is identified, management uses considerable judgment to determine if the decline in value is other-than-temporary. If the decline in value is determined to be other-than-temporary, then the equity investment is written down to its estimated fair value. Such a write down could negatively impact reported results of operations.

The Company has a 50 percent interest in TN-BC Holdings LLC (the Joint Venture), which is a joint venture accounted for as an equity method investment, between the Company and TechNexus Holdings LLC formed in 2017. During the year ended December 31, 2023, the Company recorded an impairment charge of $19.2 million due to a decline in the fair value of its investment in the Joint Venture, as a result of a reduction in value of certain of the Joint Venture's underlying investments. The impairment charge is included in Equity (loss) earnings in the Consolidated Statements of Operations.

The Company has a 50 percent interest in a Japanese manufacturing company, Tohatsu Marine Corporation (TMC), which is accounted for as an equity method investment. The Company purchases engines from TMC, which are sold mostly in international markets. The Company reported a net amount payable to TMC of $15.5 million and $43.1 million as of December 31, 2023 and December 31, 2022, respectively, within Accounts payable in the Consolidated Balance Sheets. Purchases from TMC were $80.2 million, $137.7 million and $135.1 million in 2023, 2022, and 2021, respectively.

Refer to Note 8 – Financing Joint Venture for more details on the Company’s Brunswick Acceptance Company, LLC joint venture.

Note 8 – Financing Joint Venture

The Company, through its Brunswick Financial Services Corporation (BFS) subsidiary, owns a 49 percent interest in a joint venture, Brunswick Acceptance Company, LLC (BAC). CDF Joint Ventures, LLC (CDFJV), a subsidiary of Wells Fargo and Company, owns the remaining 51 percent.

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BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

In March of 2021, the parties entered into an amended and restated joint venture agreement (JV Agreement) to extend the term of their financial services through December 31, 2025, which included expanded financing to Freedom Boat Club franchisees. The JV Agreement contains a financial covenant that conforms to the maximum leverage ratio test in the Credit Facility described in Note 14 – Debt. The JV Agreement contains provisions allowing for the renewal of the agreement or the purchase of the other party's interest in the joint venture at the end of its term. Alternatively, either partner may terminate the agreement at the end of its term.

BAC is funded in part through a $1.0 billion secured borrowing facility from Wells Fargo Commercial Distribution Finance, LLC (WFCDF), which is in place through the term of the joint venture, and with equity contributions from both partners. BAC also sells a portion of its receivables to a securitization facility, the Wells Fargo Dealer Floorplan Master Note Trust, which is arranged by Wells Fargo. The sales of these receivables meet the requirements of a "true sale" and are therefore not retained on the financial statements of BAC. Neither the Company nor any of its subsidiaries guarantee the indebtedness of BAC. In addition, BAC is not responsible for any continuing servicing costs or obligations with respect to the securitized receivables. 

The Company considers BFS's investment in BAC as an investment in a variable interest entity of which the Company is not the primary beneficiary. As a result, the Company accounts for BFS's investment in BAC under the equity method and records it as a component of Equity investments in its Consolidated Balance Sheets. The Company records BFS's share of income or loss in BAC based on its ownership percentage in the joint venture in Equity (loss) earnings in its Consolidated Statements of Operations. BFS's equity investment is adjusted monthly to maintain a 49 percent interest in accordance with the capital provisions of the JV Agreement. The Company funds its investment in BAC through cash contributions and reinvested earnings. BFS's total investment in BAC as of December 31, 2023 and December 31, 2022 was $27.2 million and $20.3 million, respectively.

The Company's maximum loss exposure relating to BAC is detailed as follows:

(in millions)	December 31, 2023		December 31, 2022
Investment	$	27.2	$	20.3
Repurchase and recourse obligations (A)	43.1		41.4
Liabilities (B)	(2.2)		(1.1)
Total maximum loss exposure	$	68.1	$	60.6

(A)Repurchase and recourse obligations are off-balance sheet obligations provided by the Company for the Propulsion, Engine P&A, Navico Group and Boat segments, respectively, and are included within the Maximum Potential Obligations disclosed in Note 11 – Commitments and Contingencies. Repurchase and recourse obligations include a North American repurchase agreement with WFCDF and could be reduced by repurchase activity occurring under other similar agreements with WFCDF and affiliates. The Company's risk under these repurchase arrangements is partially mitigated by the value of the products repurchased as part of the transaction. Amounts above exclude any potential recoveries from the value of the repurchased product.

(B)Represents accrued amounts for potential losses related to recourse exposure and the Company's expected losses on obligations to repurchase products, after giving effect to proceeds anticipated to be received from the resale of these products to alternative dealers.

BFS recorded income related to the operations of BAC of $8.6 million, $4.5 million and $2.1 million in Equity (loss) earnings in the Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021, respectively.  

Cash Flows

BFS reported cash flows from operating activities of $8.2 million, $4.3 million and $2.1 million within Other, net on the Consolidated Statements of Cash Flows in 2023, 2022 and 2021, respectively.

In 2023, BFS reported net cash flows from investing activities within Investments on the Consolidated Statements of Cash Flows. Such cash flows for 2023 were $(6.4) million, consisting of $7.2 million of cash received and $(13.6) million of cash contributions; in 2022 were $(9.2) million, consisting of $2.8 million of cash received and $(12.0) million of cash contributions; and in 2021 were $2.5 million, consisting of $6.5 million of cash received and $(4.0) million of cash contributions.

80

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

Note 9 – Goodwill and Other Intangibles

Changes in the Company's goodwill by segment during the periods ended December 31, 2023 and 2022 are summarized below:

(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
December 31, 2021	$	14.7	$	233.1	$	581.8	$	58.8	$	888.4
Acquisitions	—		—		—		66.6		66.6
Adjustments	(0.7)		(0.3)		14.0		(0.4)		12.6
December 31, 2022	$	14.0	$	232.8	$	595.8	$	125.0	$	967.6
Acquisitions	38.5		—		—		14.0		52.5
Adjustments	1.6		0.2		3.9		4.9		10.6
December 31, 2023	$	54.1	$	233.0	$	599.7	$	143.9	$	1,030.7

See Note 4 – Acquisitions for further details on the Company's acquisitions. Adjustments in both periods include the effect of foreign currency translation on goodwill denominated in currencies other than the U.S. dollar. In addition, adjustments during the year ended December 31, 2023 also include $4.8 million of purchase accounting adjustments from 2022 Freedom Boat Club acquisitions, a majority of which related to boat fleet fair market value adjustments.

As discussed in Note 1 – Significant Accounting Policies, effective January 1, 2023, we changed our reportable segments. Concurrent with the change in reportable segments, the Navico Group operating segment is now also the reporting unit at which we evaluate goodwill for impairment. As a result of this change, we evaluated impairment indicators at the previous reporting units immediately prior to the change and at the Navico Group reporting unit immediately following the change and concluded there were no indicators of impairment.

The Company performed its required fourth quarter goodwill impairment assessment and determined the fair value of its reporting units exceeded the carrying value, and therefore, no goodwill impairment was recorded. As part of the impairment assessment, we determined that our Navico Group reporting unit had an estimated fair value that was not significantly in excess of its carrying value. The Navico Group reporting unit has goodwill assigned to it of $599.7 million as of December 31, 2023 and its fair value exceeded its carrying value by approximately 10% in the current year impairment assessment. As the fair value is not significantly in excess of the carrying value, we performed sensitivity analyses on certain assumptions. Holding other assumptions constant, a 100 basis point increase in the discount rate results in the fair value of the reporting unit approximating its carrying value. Holding other assumptions constant, a 100 basis point decrease in the forecasted revenue compound annual growth rate would not result in an impairment. There was no accumulated impairment loss on Goodwill as of December 31, 2023 or 2022.

The Company's intangible assets, included within Other intangibles, net on the Consolidated Balance Sheets as of December 31, 2023 and 2022, are summarized by intangible asset type below:

	2023				2022
(in millions)	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Intangible assets:
Customer relationships (A)	$	907.3	$	(428.6)	$	897.4	$	(386.1)
Trade names	311.5		—		305.4		—
Developed technology (A)	167.5		(24.3)		160.0		(13.3)
Other (A)	91.2		(46.6)		67.6		(33.6)
Total	$	1,477.5	$	(499.5)	$	1,430.4	$	(433.0)

(A) The weighted average remaining amortization period for Customer relationships, Developed technology and Other intangibles assets was 11.2 years, 12.7 years, and 4.0 years, respectively, as of December 31, 2023.

81

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

Other intangible assets primarily consist of software, patents and franchise agreements. Gross and related accumulated amortization amounts include adjustments related to the impact of foreign currency translation. See Note 4 – Acquisitions for further details on intangibles acquired during 2023 and 2022. Aggregate amortization expense for intangibles was $68.6 million, $63.3 million and $36.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. Estimated amortization expense for intangible assets is $69.3 million for each of the years ending December 31, 2024, 2025, 2026, and 2027, and $69.1 million for the year ending December 31, 2028.

The Company tests its intangible assets for impairment during the fourth quarter of each year, or whenever a change in events and circumstances (triggering event) occurs that indicates the fair value of intangible assets may be below their carrying values. The Company recorded impairment charges of $16.6 million during the year ended December 31, 2023, including a $13.0 million impairment of its Navico trade name as a result of declines in forecasted revenues primarily driven by macroeconomic factors and a decline in market conditions and a $3.0 million impairment associated with the decision to no longer go to market under the Garelick trade name. The Company recorded $17.4 million of impairment charges during the year ended December 31, 2022 related to capitalized software intangible assets that will not be placed into service. The Company did not record any intangible asset impairments in 2021.

Note 10 – Income Taxes

The sources of Earnings before income taxes were as follows:

(in millions)	2023		2022		2021
United States	$	364.4	$	603.2	$	537.0
Foreign	264.5		250.4		199.4
Earnings before income taxes	$	628.9	$	853.6	$	736.4

The Income tax provision consisted of the following:

(in millions)	2023		2022		2021
Current tax expense:
U.S. Federal	$	88.7	$	109.8	$	84.3
State and local	17.3		20.3		11.2
Foreign	73.9		61.1		67.3
Total current	179.9		191.2		162.8
Deferred tax expense (benefit):
U.S. Federal	17.2		(24.6)		(4.9)
State and local	10.2		1.5		(5.9)
Foreign	(11.0)		4.2		(11.0)
Total deferred	16.4		(18.9)		(21.8)
Income tax provision	$	196.3	$	172.3	$	141.0

82

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

Temporary differences and carryforwards giving rise to deferred tax assets and liabilities as of December 31, 2023 and 2022 are summarized in the table below:

(in millions)	2023		2022
Deferred tax assets:
Loss carryforwards	$	59.9	$	56.8
Tax credit carryforwards	56.1		52.9
Deferred revenue	38.0		36.3
Product warranties	35.4		33.6
Sales incentives and discounts	33.3		29.2
Operating lease liabilities	29.8		24.4
Interest expense	17.6		18.0
Equity compensation	13.1		13.5
Other	73.2		66.2
Gross deferred tax assets	356.4		330.9
Valuation allowance	(71.3)		(52.8)
Deferred tax assets	285.1		278.1
Deferred tax liabilities:
Depreciation and amortization	(54.5)		(81.7)
Operating lease assets	(27.6)		(21.8)
State and Local income taxes	(22.7)		(22.7)
Other	(5.9)		(9.3)
Deferred tax liabilities	(110.7)		(135.5)
Total net deferred tax assets	$	174.4	$	142.6

As of December 31, 2023, the Company had a total valuation allowance against its deferred tax assets of $71.3 million. The remaining realizable value of deferred tax assets as of December 31, 2023 was determined by evaluating the potential to recover the value of these assets through the utilization of tax loss and credit carrybacks, the reversal of existing taxable temporary differences and carryforwards, certain tax planning strategies and future taxable income exclusive of reversing temporary differences and carryforwards. As of December 31, 2023, the Company retained valuation allowance reserves of $50.2 million against deferred tax assets in the U.S. primarily related to state tax credits that are subject to restrictive rules for future utilization, various state operating loss carryforwards, and non-amortizable intangibles and valuation allowances of $21.1 million for deferred tax assets related to foreign jurisdictions, primarily Luxembourg.

As of December 31, 2023, the tax benefit of loss carryforwards totaling $60.3 million was available to reduce future tax liabilities. This deferred tax asset was comprised of $1.1 million for the tax benefit of federal net operating loss (NOL) carryforwards, $24.0 million for the tax benefit of state NOL carryforwards and $35.2 million for the tax benefit of foreign NOL carryforwards. NOL carryforwards of $43.1 million expire at various intervals between the years 2024 and 2043, while $17.2 million have an unlimited life.

As of December 31, 2023, tax credit carryforwards totaling $56.1 million were available to reduce future tax liabilities. This deferred tax asset was comprised of $6.6 million related to federal tax credits, $48.4 million of various state tax credits related to research and development, capital investment and job incentives and $1.1 million related to foreign tax credits. These tax credit carryforwards expire at various intervals between the years 2024 and 2042.

83

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

No deferred income taxes have been provided as of December 31, 2023 or 2022 on the applicable undistributed earnings of the non-U.S. subsidiaries where the indefinite reinvestment assertion has been applied. If at some future date these earnings cease to be indefinitely reinvested and are repatriated, the Company may be subject to additional U.S. income taxes and foreign withholding and other taxes on such amounts. Remittances from foreign subsidiaries are generally not subject to U.S. income taxation. These remittances are either excluded from U.S. taxable income as earnings that have already been subjected to taxation or in the alternative are subject to a 100 percent foreign dividends received deduction. The Company continues to provide deferred taxes, primarily related to foreign withholding taxes, on the undistributed net earnings of foreign subsidiaries and unconsolidated affiliates that are not deemed to be indefinitely reinvested in operations outside the United States, although such amounts were immaterial as of December 31, 2023 and 2022. We have not provided for deferred taxes on the outside basis differences in our investments in our foreign subsidiaries. A determination of the unrecognized deferred taxes related to these outside basis differences is not practicable.

As of December 31, 2023, 2022 and 2021 the Company had $9.3 million, $7.8 million and $10.1 million of gross unrecognized tax benefits, including interest, respectively. Substantially all of these amounts, if recognized, would impact the Company's tax provision and the effective tax rate.

The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. As of December 31, 2023, 2022 and 2021, the amounts accrued for interest and penalties were not material.

The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for the 2023, 2022 and 2021 annual reporting periods:

(in millions)	2023		2022		2021
Balance as of January 1	$	7.5	$	9.7	$	3.7
Gross increases - tax positions prior periods	0.9		0.5		5.9
Gross decreases - tax positions prior periods	—		(2.1)		(0.2)
Gross increases - current period tax positions	—		—		0.5
Decreases - settlements with taxing authorities	—		(0.6)		(0.2)
Balance as of December 31	$	8.4	$	7.5	$	9.7

The Company believes it is reasonably possible that the total amount of gross unrecognized tax benefits as of December 31, 2023 could decrease by approximately $2.1 million in 2024 due to settlements with taxing authorities or lapses in applicable statutes of limitation. Due to the various jurisdictions in which the Company files tax returns and the uncertainty regarding the timing of the settlement of tax audits, it is possible that there could be significant changes in the amount of unrecognized tax benefits in 2024, but the amount cannot be estimated at this time.

The Company is regularly audited by federal, state and foreign tax authorities. The Internal Revenue Service (IRS) has completed its field examination and has issued its Revenue Agents Report through the 2014 tax year and all open issues have been resolved. The Company is currently open to tax examinations by the IRS for the 2020 through 2022 tax years. The Company is open to state and local tax audits in major tax jurisdictions dating back to the 2017 taxable year. The Company is no longer subject to income tax examinations by any major foreign tax jurisdiction for years prior to 2015.

Many countries are implementing local legislation based upon the Organization for Economic Co-operation and Development’s base erosion and profit shifting project, the Pillar Two framework, which imposes a global minimum corporate tax rate of 15%. The Company will continue to monitor the implementation of the Pillar Two rules in the jurisdictions in which it operates.

84

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

The difference between the actual income tax provision and the tax provision computed by applying the statutory Federal income tax rate to Earnings before income taxes is attributable to the following:

(in millions)	2023			2022			2021
Income tax provision at 21 percent	$	132.1		$	179.3		$	154.6
State and local income taxes, net of federal income tax effect	13.3			19.5			18.0
Deferred tax asset valuation allowance	17.8			(10.4)			(24.2)
Equity compensation	(1.3)			(2.9)			(1.8)
Change in estimates related to prior years and prior years amended tax return filings	1.8			(1.3)			3.5
Federal and state tax credits	(15.2)			(16.6)			(14.9)
Taxes related to foreign income, net of credits	(4.5)			12.1			5.5
Deferred tax reassessment	2.5			6.4			6.4
FDII deduction	(16.6)			(18.4)			(15.3)
Intercompany sales of intellectual property rights	53.1			—			—
Nondeductible loss on intercompany sale	6.9			—			—
Other	6.4			4.6			9.2
Actual income tax provision	$	196.3		$	172.3		$	141.0
Effective tax rate	31.2		%	20.2		%	19.1		%

For the year ended December 31, 2023, the Company recorded $17.8 million of income tax expense related to an increase in its valuation allowance on deferred tax assets and $53.1 million of income tax expense related to the intercompany sales of intellectual property (IP) rights. The valuation allowance increase is primarily due to certain federal tax credits, impairment of certain investments, and state credits and NOLs that may not be realized in future years. The sales of the IP rights were to better align the ownership of these rights with how our business operates.

During 2021, the Company recorded a $21.0 million income tax benefit related to the release of a portion of the Company’s valuation allowance. This was due to a reassessment of the realizability of certain federal tax credits, state tax credits and state NOLs. The conclusion to release the valuation allowance was based upon sustained positive operating performance of its U.S. operations and the availability of expected future taxable income, leading the Company to believe that it is more likely than not that the benefit of these U.S. deferred tax assets will be realized.

Note 11 – Commitments and Contingencies

Financial Commitments

The Company has entered into guarantees of indebtedness of third parties, primarily in connection with customer financing programs. Under these arrangements, the Company has guaranteed customer obligations to the financial institutions in the event of customer default, generally subject to a maximum amount that is less than the total outstanding obligations. The Company has also extended guarantees to third parties that have purchased customer receivables from Brunswick and, in certain instances, has guaranteed secured term financing of its customers. Potential payments in connection with these customer financing arrangements generally extend over several years. The single year and maximum potential cash obligations associated with these customer financing arrangements as of December 31, 2023 and December 31, 2022 were $66.6 million and $71.7 million, respectively.

In most instances, upon repurchase of the receivable or note, the Company receives rights to the collateral securing the financing. The Company’s risk under these arrangements is partially mitigated by the value of the collateral that secures the financing.

85

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

The Company has accounts receivable sale arrangements with third parties which are included in the guarantee arrangements discussed above. The Company treats the sale of receivables in which the Company retains an interest as a secured obligation as the transfers of the receivables under these arrangements do not meet the requirements of a "true sale." Accordingly, the current portion of receivables underlying these arrangements of $4.3 million and $4.1 million was recorded in Accounts and notes receivable and Accrued expenses as of December 31, 2023 and December 31, 2022, respectively. As of December 31, 2023 and 2022, the Company did not have any long-term receivables related to these arrangements.

The Company has also entered into arrangements with third party lenders in which it has agreed, in the event of a customer or franchisee default, to repurchase from the third party lender those Brunswick products repossessed from the customer or franchisee. These arrangements are typically subject to a maximum repurchase amount. The single year and maximum potential cash payments the Company could be required to make to repurchase collateral as of December 31, 2023 and December 31, 2022 were $81.1 million and $69.9 million, respectively. Included within this repurchase amount are amounts related to BAC, as discussed in Note 8 – Financing Joint Venture.

The Company’s risk under these repurchase arrangements is partially mitigated by the value of the products repurchased as part of the transaction. The Company had $1.7 million and $0.8 million accrued for potential losses related to repurchase exposure as of December 31, 2023 and December 31, 2022, respectively. The Company’s repurchase accrual represents the expected losses that could result from obligations to repurchase products, after giving effect to proceeds anticipated to be received from the resale of those products to alternative dealers.

The Company has recorded its estimated net liability associated with losses from these guarantee and repurchase obligations on its Consolidated Balance Sheets based on historical experience and current facts and circumstances. Historical cash requirements and losses associated with these obligations have not been significant, but could increase if dealer defaults exceed current expectations.

Financial institutions have issued standby letters of credit and surety bonds conditionally guaranteeing obligations on behalf of the Company totaling $8.5 million and $18.4 million, respectively, as of December 31, 2023. A large portion of these standby letters of credit and surety bonds are related to the Company’s self-insured workers' compensation program as required by its insurance companies and various state agencies. The Company has recorded reserves to cover the anticipated liabilities associated with these programs. Under certain circumstances, such as an event of default under the Company's revolving credit facility, or, in the case of surety bonds, a ratings downgrade, the Company could be required to post collateral to support the outstanding letters of credit and surety bonds. The Company was not required to post letters of credit as collateral against surety bonds as of December 31, 2023.

The Company has a collateral trust arrangement with insurance carriers and a trustee bank. The trust is owned by the Company, but the assets are pledged as collateral against workers’ compensation related obligations in lieu of other forms of collateral including letters of credit. In connection with this arrangement, the Company had $8.3 million and $8.0 million of cash in the trust as of December 31, 2023 and December 31, 2022, respectively, which was classified as Restricted cash in the Company's Consolidated Balance Sheets.

Product Warranties

The Company records a liability for product warranties at the time of the related product sale. The liability is estimated using historical warranty experience, projected claim rates and expected costs per claim. The Company adjusts its liability for specific warranty matters when they become known and the exposure can be estimated. Product failure rates as well as material usage and labor costs incurred in correcting a product failure affect the Company's warranty liabilities. If actual costs differ from estimated costs, the Company must make a revision to the warranty liability. Changes in the Company's warranty liabilities resulting from the Company's experience and adjustments related to changes in estimates are included as aggregate changes for preexisting warranties presented in the table below.

86

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

The following activity related to product warranty liabilities was recorded in Accrued expenses during the years ended December 31, 2023 and December 31, 2022:

(in millions)	2023		2022
Balance at beginning of period	$	146.7	$	129.3
Payments	(92.4)		(63.1)
Provisions/additions for contracts issued/sold	89.9		82.7
Aggregate changes for preexisting warranties	9.3		(0.7)
Foreign currency translation	0.8		(1.2)
Acquisitions	0.3		—
Other	3.0		(0.3)
Balance at end of period	$	157.6	$	146.7

Extended Product Warranties

End users of the Company's products may purchase a contract from the Company that extends product warranty beyond the standard period. For certain extended warranty contracts in which the Company retains the warranty or administration obligation, a deferred revenue liability is recorded based on the aggregate sales price for contracts sold. The liability is reduced and revenue is recognized on a straight-line basis over the contract period during which corresponding costs are expected to be incurred.

The following activity related to deferred revenue for extended product warranty contracts was recorded in Accrued expenses and Other long-term liabilities during the years ended December 31, 2023 and December 31, 2022:

(in millions)	2023		2022
Balance at beginning of period	$	112.5	$	99.5
Extended warranty contracts sold	41.8		37.0
Revenue recognized on existing extended warranty contracts	(26.9)		(23.2)
Foreign currency translation	0.2		(0.4)
Other	(0.4)		(0.4)
Balance at end of period	$	127.2	$	112.5

Legal

The Company accrues for litigation exposure when it is probable that future costs will be incurred and such costs can be reasonably estimated. Adjustments to estimates are recorded in the period they are identified. Management does not believe that there is a reasonable possibility that a material loss exceeding the amounts already recognized for the Company's litigation claims and matters, if any, has been incurred. In light of existing accruals, the Company's litigation claims, when finally resolved, are not expected, in the opinion of management, to have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows.

Environmental

The Company is involved in certain legal and administrative proceedings under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 and other federal and state legislation governing the generation and disposal of certain hazardous wastes. These proceedings, which involve both on- and off-site waste disposal or other contamination, in many instances seek compensation or remedial action from the Company as a waste generator under Superfund legislation, which authorizes action regardless of fault, legality of original disposition or ownership of a disposal site. The Company has established accruals based on a range of cost estimates for all known claims.

87

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

The environmental remediation and clean-up projects in which the Company is involved have an aggregate estimated range of exposure of approximately $14.4 million to $37.8 million as of December 31, 2023. As of December 31, 2023 and 2022, the Company had accruals for environmental liabilities of $14.7 million and $15.4 million, respectively, which were recorded within Accrued expenses and Other long-term liabilities in the Consolidated Balance Sheets. The Company recorded $0.7 million, $0.1 million and $0.4 million of environmental provisions for the years ended December 31, 2023, 2022 and 2021, respectively.

The Company accrues for environmental remediation-related activities for which commitments or clean-up plans have been developed and for which costs can be reasonably estimated. All accrued amounts are generally determined in consultation with third party experts on an undiscounted basis and do not consider recoveries from third parties until such recoveries are realized. In light of existing accruals, the Company's environmental claims, when finally resolved, are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows.

Note 12 – Financial Instruments

The Company operates globally with manufacturing and sales facilities around the world, and therefore, is subject to both financial and market risk. The Company utilizes normal operating and financing activities, along with derivative financial instruments, to minimize these risks.

Derivative Financial Instruments. The Company uses derivative financial instruments to manage its risks associated with movements in foreign currency exchange rates and interest rates. Derivative instruments are not used for trading or speculative purposes. The Company formally documents its hedge relationships, including identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction. This process includes linking derivatives that are designated as hedges to specific forecasted transactions. The Company also assesses, both at the hedge’s inception and monthly thereafter, whether the derivatives used in hedging transactions are highly effective in offsetting the changes in the anticipated cash flows of the hedged item. If the hedging relationship ceases to be highly effective, or it becomes probable that a forecasted transaction is no longer expected to occur, the Company discontinues hedge accounting prospectively and immediately recognizes the gains and losses associated with those hedges. There were no material adjustments as a result of ineffectiveness to the results of operations for the years ended December 31, 2023, 2022 and 2021. The fair value of derivative financial instruments is determined through market-based valuations and may not be representative of the actual gains or losses that will be recorded when these instruments mature due to future fluctuations in the markets in which they are traded. The effects of derivative financial instruments are not expected to be material to the Company’s financial position or results of operations when considered together with the underlying exposure being hedged. Use of derivative financial instruments exposes the Company to credit-risk with its counterparties when the fair value of a derivative contract is an asset. The Company mitigates this risk by entering into derivative contracts with highly rated counterparties. The maximum amount of loss due to counterparty credit-risk is limited to the asset value of derivative financial instruments.

Cash Flow Hedges. The Company enters into certain derivative instruments that are designated and qualify as cash flow hedges. The Company executes both forward and option contracts, based on forecasted transactions, to manage foreign currency exchange exposure mainly related to inventory purchase and sales transactions. 

A cash flow hedge requires that as changes in the fair value of derivatives occur, the portion of the change deemed to be effective is recorded temporarily in Accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. As of December 31, 2023, the term of derivative instruments hedging forecasted transactions ranged up to 21 months. 

88

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

The following activity related to cash flow hedges was recorded in Accumulated other comprehensive income (loss) as of December 31:

	Accumulated Unrealized Derivative
	Gains (Losses)
	2023				2022
(in millions)	Pre-tax		After-tax		Pre-tax		After-tax
Beginning balance	$	56.5	$	36.0	$	21.6	$	9.9
Net change in value of outstanding hedges	(3.9)		(3.3)		62.0		46.1
Net amount recognized into earnings	(13.6)		(9.6)		(27.1)		(20.0)
Ending balance	$	39.0	$	23.1	$	56.5	$	36.0

Other Hedging Activity. The Company has entered into certain foreign currency forward contracts that have not been designated as a hedge for accounting purposes. These contracts are used to manage foreign currency exposure related to changes in the value of assets or liabilities caused by changes in foreign exchange rates. The change in the fair value of the foreign currency derivative contract and the corresponding change in the fair value of the asset or liability of the Company are both recorded through earnings, each period as incurred.

Cross-Currency Swaps. The Company enters into cross-currency swaps to hedge Euro currency exposures of the net investment in certain foreign subsidiaries. The cross-currency swaps were designated as net investment hedges, with the amount of gain or loss associated with the change in fair value of these instruments deferred within Accumulated other comprehensive income (loss) and recognized upon termination of the respective investment. During the fourth quarter of 2023, the company entered into $250.0 million of cross-currency swap contracts. During 2022, the company settled $450.0 million of cross-currency swap contracts resulting in a deferred gain of $42.5 million within Accumulated other comprehensive income (loss). As of December 31, 2023, the notional value of cross-currency swap contracts outstanding was $250.0 million. There were no cross-currency swaps outstanding as of December 31, 2022.

Commodity Price. The Company uses commodity swaps to hedge anticipated purchases of aluminum and copper. As of December 31, 2023 and 2022, the notional value of commodity swap contracts outstanding was $31.8 million and $24.1 million, respectively. The amount of gain or loss associated with the change in fair value of these instruments is deferred in Accumulated other comprehensive income (loss) and recognized in Cost of sales in the same period or periods during which the hedged transaction affects earnings. As of December 31, 2023, the Company estimates that during the next 12 months it will reclassify $0.9 million of net losses (based on current prices) from Accumulated other comprehensive income (loss) to Cost of sales.

Foreign Currency Derivatives. The Company enters into forward and option contracts to manage foreign exchange exposure related to forecasted transactions and assets and liabilities that are subject to risk from foreign currency rate changes. These exposures include: product costs; revenues and expenses; associated receivables and payables; intercompany obligations and receivables and other related cash flows.

Forward exchange contracts outstanding as of December 31, 2023 and December 31, 2022 had notional contract values of $694.6 million and $684.8 million, respectively. There were no option contracts outstanding as of December 31, 2023 or December 31, 2022. The forward contracts outstanding as of December 31, 2023 mature during 2024 and 2025 and mainly relate to the Euro, Australian dollar, Norwegian krone and Canadian dollar. As of December 31, 2023, the Company estimates that, during the next 12 months, it will reclassify approximately $1.7 million of net gains (based on rates as of December 31, 2023) from Accumulated other comprehensive income (loss) to Cost of sales.

Interest-Rate Derivatives. The Company previously entered into forward-starting interest rate swaps to hedge the interest rate risk associated with anticipated debt issuances. During 2022, the Company entered into and settled a series of treasury-lock swaps to hedge the interest-rate risk associated with debt issuances, resulting in a net deferred gain of $5.1 million. There were no forward-starting interest rate swaps or treasury-lock swaps outstanding as of December 31, 2023 or December 31, 2022.

89

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

The Company had net deferred gains associated with forward-starting interest-rate swaps and the treasury-lock swaps discussed above of $3.3 million and $3.2 million, as of December 31, 2023 and December 31, 2022, respectively. These instruments were designated as cash flow hedges with gains and losses included in Accumulated other comprehensive income (loss). As of December 31, 2023, the Company estimates that during the next 12 months, it will reclassify approximately $0.1 million of net gain resulting from Accumulated other comprehensive income (loss) to Interest expense.

As of December 31, 2023 and December 31, 2022, the fair values of the Company’s derivative instruments were:

(in millions)	Fair Value
Asset Derivatives	December 31, 2023		December 31, 2022
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts	$	4.1	$	15.2
Commodity contracts	0.9		0.3
Total	$	5.0	$	15.5
Other Hedging Activity
Foreign exchange contracts	$	0.2	$	0.6
Liability Derivatives
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts	$	6.1	$	8.0
Commodity contracts	0.8		1.1
Total	$	6.9	$	9.1
Derivatives Designated as Net Investment Hedges
Cross-currency swaps	$	5.0	$	—
Other Hedging Activity
Foreign exchange contracts	$	1.8	$	0.8

As of December 31, 2023 and December 31, 2022, asset derivatives are included within Prepaid expenses and other, and liability derivatives are included within Accrued expenses and Other long-term liabilities in the Consolidated Balance Sheets.

The effect of derivative instruments on the Consolidated Statements of Operations for the years ended December 31, 2023 and December 31, 2022 is as shown in the tables below.

The amount of gain (loss) on derivatives recognized in Accumulated other comprehensive income (loss) was as follows: 

(in millions)
Derivatives Designated as Cash Flow Hedging Instruments	December 31, 2023		December 31, 2022
Interest-rate contracts	$	—	$	5.3
Foreign exchange contracts	3.2		30.6
Commodity contracts	(2.1)		(2.1)
Total	$	1.1	$	33.8
Derivatives Designated as Net Investment Hedging Instruments
Cross-currency swaps	$	(5.0)	$	28.2

90

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

The amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into earnings was as follows:

(in millions)
Derivatives Designated as Cash Flow Hedging Instruments	Location of Gain (Loss)	December 31, 2023		December 31, 2022
Interest-rate contracts	Interest expense	$	(0.1)	$	(0.3)
Foreign exchange contracts	Cost of sales	16.8		26.0
Commodity contracts	Cost of sales	(3.1)		1.4
Total		$	13.6	$	27.1
Derivatives Designated as Fair Value Hedging Instruments
Interest-rate contracts	Interest expense	$	0.4	$	0.7
Other Hedging Activity
Foreign exchange contracts	Cost of sales	$	(2.8)	$	1.0
Foreign exchange contracts	Other income (expense), net	0.6		0.9
Total		$	(2.2)	$	1.9

Fair Value of Other Financial Instruments. The carrying values of the Company’s short-term financial instruments, including cash and cash equivalents and accounts and notes receivable, approximate their fair values because of the short maturity of these instruments. As of December 31, 2023 and December 31, 2022, the fair value of the Company’s long-term debt, including current maturities, and short-term debt was approximately $2,228.2 million and $2,225.0 million, respectively, and was determined using Level 1 and Level 2 inputs described in Note 6 – Fair Value Measurements, including quoted market prices or discounted cash flows based on quoted market rates for similar types of debt. The carrying value of long-term debt, including current maturities, and short-term debt was $2,458.7 million and $2,540.5 million as of December 31, 2023 and December 31, 2022, respectively.

Note 13 – Accrued Expenses

Accrued Expenses as of December 31, 2023 and 2022 were as follows:

(in millions)	2023		2022
Compensation and benefit plans	$	159.4	$	180.9
Product warranties	157.6		146.7
Sales incentives and discounts	186.0		164.2
Deferred revenue and customer deposits	73.7		70.3
Current operating lease liabilities	28.3		27.8
Interest	28.6		30.6
Product Liability	22.2		8.2
Insurance reserves	8.7		5.7
Derivatives	8.7		9.9
Real property, personal property and other non-income taxes	7.2		6.2
Environmental reserves	6.2		6.3
Legal fees	4.0		14.6
Income taxes	3.0		10.1
Other	45.8		56.8
Total accrued expenses	$	739.4	$	738.3

91

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

Note 14 – Debt

The following table provides the changes in the Company's debt for the year ended December 31, 2023:

(in millions)	Short-term debt and current maturities of long-term debt		Long-term debt		Total
Balance as of December 31, 2022	$	89.0	$	2,420.0	$	2,509.0
Proceeds from issuances of debt	4.7		—		4.7
Repayments of debt	(90.5)		(0.4)		(90.9)
Reclassification of long-term debt (A)	450.7		(450.7)		—
Other	0.8		6.8		7.6
Balance as of December 31, 2023	$	454.7	$	1,975.7	$	2,430.4

(A) During the third quarter of 2023, $450.0 million of 0.85% Senior Notes due 2024 were reclassified from Long-term debt to Current maturities of long-term debt.

Long-term debt as of December 31, 2023 and December 31, 2022 consisted of the following:

(in millions)	2023		2022
Senior Notes, 2.4% due 2031	$	550.0	$	550.0
Senior Notes, 0.85% due 2024	450.0		450.0
Senior Notes, 4.400% due 2032	450.0		450.0
Senior Notes, 5.100% due 2052	300.0		300.0
Senior Notes, 6.375% due 2049	230.0		230.0
Senior Notes, 6.500% due 2048	185.0		185.0
Notes, 7.125% due 2027	160.7		160.7
Senior Notes, 6.625% due 2049	125.0		125.0
Debentures, 7.375% due 2023 (A)	—		80.1
Other debt	12.2		13.9
Total debt, excluding unamortized discount and issuance costs	2,462.9		2,544.7
Unamortized discount and issuance costs	(32.5)		(35.7)
Short-term debt and current maturities of long-term debt	(454.7)		(89.0)
Total long-term debt	$	1,975.7	$	2,420.0

(A) Included in Debentures, 7.375% due 2023 as of December 31, 2022, are the aggregate fair values related to the fixed-to-floating interest rate swaps as discussed in Note 12 – Financial Instruments. During the third quarter of 2022, the Debentures were reclassified from Long-term debt to Current maturities of long-term debt, of which the remaining principal payments were paid during the third quarter of 2023.

There were no debt issuance costs paid in 2023. Debt issuance costs paid for the years ended December 31, 2022 and 2021 were $8.2 million and $7.1 million, respectively. Debt issuance costs are reported in Net proceeds from issuances of long-term debt within cash flows from financing activities on the Consolidated Statements of Cash Flows.

Scheduled maturities as of December 31, 2023 consisted of the following:

(in millions)
2024	$	455.4
2025	2.2
2026	2.2
2027	162.2
2028	0.9
Thereafter	1,840.0
Total debt, excluding unamortized discount and issuance costs	$	2,462.9

92

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

Activity

2032 and 2052 Notes

In March 2022, the Company issued an aggregate principal amount of $450.0 million of 4.400% Senior Notes due 2032 (the 2032 Notes) and $300.0 million of 5.100% Senior Notes due 2052 (the 2052 Notes and, together with the 2032 Notes, the Notes) in a public offering, which resulted in aggregate net proceeds to the Company of $741.8 million. The Company used the net proceeds from the sale of the Notes for general corporate purposes.

2024 and 2031 Notes

In August 2021, the Company issued an aggregate principal amount of $450.0 million of 0.850% Senior Notes due 2024 (the 2024 Notes) and $550.0 million of 2.400% Senior Notes due 2031 (the 2031 Notes) in a public offering, which resulted in aggregate net proceeds to the Company of $992.9 million. Net proceeds from the offering were used for the acquisition of Navico and for general corporate purposes.

Tender Offers

In August 2021, the Company commenced tender offers to purchase for cash the 7.375% debentures due 2023 (2023 Debentures) and 7.125% Notes due 2027 (2027 Notes). The tender offers expired on August 10, 2021. At the expiration date, $23.4 million of the $103.1 million aggregate principal amount of outstanding 2023 Debentures and $2.5 million of the $163.3 million aggregate principal amount of outstanding 2027 Notes were validly tendered and not validly withdrawn. This amount excludes outstanding securities tendered pursuant to the guaranteed delivery procedures described in the tender offer documents, which remain subject to the holders' performance of the delivery requirements under such procedures. The Company recognized a loss on early extinguishment of debt of $4.2 million related to the tender offers.

Debentures

During 2023, the Company made the remaining principal repayments, totaling $79.7 million, of its 2023 Debentures. The debentures were repaid at 100 percent of the principal amount plus accrued interest in accordance with the provisions of the debentures.

Term Loan

During 2022, the Company made the remaining principal repayments, totaling $56.3 million, of its 2023 floating-rate term loan. The term loan was redeemed at 100 percent of the principal amount plus accrued interest in accordance with the redemption provisions of the term loan. The Company recognized a loss on early extinguishment of debt of $0.1 million related to the term loan redemption. During 2021, the Company made principal repayments totaling $95.0 million.

Senior Notes due 2049

In March 2019, the Company issued an aggregate principal amount of $230.0 million of its 6.375% Senior Notes due April 2049 (6.375% Notes) in a public offering, which resulted in aggregate net proceeds to the Company of $222.0 million. Net proceeds from the offering of the 6.375% Notes were used to prepay all of the $150.0 million, 3-year tranche loan due 2021 and for general corporate purposes.

93

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

Credit Facility

The Company maintains a Revolving Credit Agreement (Credit Facility). In March 2022, the Company amended its Credit Facility with certain wholly-owned subsidiaries of the Company as subsidiary borrowers and lenders as parties, and JPMorgan as administrative agent. This amends and restates the Credit Facility dated as of March 21, 2011, as amended and restated on July 16, 2021. The amended Credit Facility increased the revolving commitments to $750.0 million, with the capacity to add up to $100.0 million of additional revolving commitments, and amended the Credit Facility in certain respects, including, among other things:

•Extending the maturity date to March 31, 2027, with up to two one-year extensions available.

•Transitioning the reference rate for loans denominated in U.S. dollars from the London Interbank Offered Rate (LIBOR) to the term Secured Overnight Financing Rate (SOFR) with a credit-spread adjustment of 10 basis points to be added to the reference rate for borrowings of U.S. dollar loans for each interest period.

The Company currently pays a credit facility fee of 15 basis points per annum. The facility fee per annum will be within a range of 12.5 to 30 basis points based on the Company's credit rating. Under the terms of the Credit Facility, the Company has two borrowing options: borrowing at a rate tied to adjusted SOFR rate plus 10 basis points plus a spread of 110 basis points or a base rate plus a margin of 10 basis points. The rates are determined by the Company's credit ratings, with spreads ranging from 100 to 170 basis points for SOFR rate borrowings and 0 to 70 basis points for base rate borrowings. The Company is required to maintain compliance with two financial covenants included in the Credit Facility: a minimum interest coverage ratio and a maximum net leverage ratio. The minimum interest coverage ratio, as defined in the agreement, is not permitted to be less than 3.00 to 1.00. The maximum net leverage ratio, as defined in the agreement, is not permitted to be more than 3.50 to 1.00 but allows for a 12-month increase to 4.00 to 1.00 following the consummation of a Qualified Acquisition (as such term is defined in the Amended Credit Facility). As of December 31, 2023, the Company was in compliance with the financial covenants in the Credit Facility.

During 2023, there were no borrowings under the Credit Facility, and available borrowing capacity as of December 31, 2023 totaled $741.9 million, net of $8.1 million of letters of credit outstanding under the Credit Facility.

During 2022, gross borrowings under the Credit Facility totaled $125.0 million. As of December 31, 2022, there were no borrowings outstanding, and available borrowing capacity totaled $747.2 million, net of $2.8 million of letters of credit outstanding under the Credit Facility. The maximum amount utilized during 2022, including letters of credit outstanding under the Credit Facility, was $127.8 million.

Commercial Paper

In December 2019, the Company entered into an unsecured commercial paper program (CP Program) pursuant to which the Company may issue short-term, unsecured commercial paper notes (CP Notes). During 2022, the Company increased the size of its CP Program to allow the issuance of CP Notes in an aggregate principal amount not to exceed $500.0 million. The CP Program previously allowed the Company to issue CP Notes in an aggregate principal amount not to exceed $300.0 million outstanding at any time. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time with the aggregate principal amount of CP Notes outstanding under the CP Program at any time not exceeding the lower of $500.0 million or the available borrowing amount under the Credit Facility. The net proceeds of the issuances of the CP Notes are expected to be used for general corporate purposes. The maturities of the CP Notes will vary but may not exceed 397 days from the date of issue. The CP Notes will be sold under customary terms in the commercial paper market and will be issued at a discount to par or alternatively, will be issued at par and bear varying interest rates on a fixed or floating basis. During 2023, borrowings under the CP Program totaled $485.0 million, all of which were repaid during the period. During 2023, the maximum amount utilized under the CP Program was $125.0 million. During 2022, borrowings under the CP Program totaled $500.0 million, all of which were repaid during the period. During 2022, the maximum amount utilized under the CP Program was $300.0 million.

94

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

General Provisions

The table below summarizes the general provisions of these long-term debt instruments.

	Senior Notes due 2031	Senior Notes due 2024	Senior Notes Due 2032	Senior Notes Due 2052	Senior Notes due 2049	Senior Notes due 2048	Notes due 2027	Senior Notes due 2049	Debentures due 2023
Coupon Rate	2.400%	0.850%	4.400%	5.100%	6.375%	6.500%	7.125%	6.625%	7.375%
Maturity Date	8/18/2031	8/18/2024	9/15/2032	4/1/2052	4/15/2049	10/15/2048	8/1/2027	1/15/2049	9/1/2023
Interest Payment Frequency	Semi-Annually	Semi-Annually	Semi-Annually	Semi-Annually	Quarterly	Quarterly	Semi-Annually	Quarterly	Semi-Annually
Callable	No	Yes	No	No	Yes	Yes	No	Yes	No
Price Callable at:	N/A	Par	N/A	N/A	Par	Par	N/A	Par	N/A
Callable as of:	N/A	8/18/2022	N/A	N/A	4/15/2024	10/15/2023	N/A	1/15/2024	N/A
Redeemable (A)	Yes	No	Yes	Yes	No	No	Yes	No	No
Redeemable at:	Make-Whole Premium	N/A	Make-Whole Premium	Make-Whole Premium	N/A	N/A	Make-Whole Premium	N/A	N/A
Redeemable until:	3-months prior to Maturity	N/A	3-months prior to Maturity	6-months prior to Maturity	N/A	N/A	6-months prior to Maturity	N/A	N/A
Change of Control (B)	Yes	Yes	Yes	Yes	Yes	Yes	N/A	Yes	No

(A) If the Company elects to redeem the debt instrument, it will pay a "make-whole" redemption price set forth in the respective indenture.

(B) If the Company experiences a change of control, subject to certain circumstances, the Company may be required to repurchase some or all of the notes for an amount equal to 101 percent of the outstanding principal plus any accrued and unpaid interest.

Note 15 – Postretirement Benefits

Defined Contribution Plan and Other Pension/Postretirement Benefit Plans. The Company has defined contribution plans and makes contributions including matching and annual discretionary contributions which are based on various percentages of compensation and in some instances, are based on the amount of the employees' contributions to the plans. The expense related to the defined contribution plans was $47.0 million in 2023, $58.0 million in 2022 and $47.1 million in 2021.

The Company also maintains a nonqualified pension plan and an other postretirement benefit plan. The funded status of the nonqualified pension plan includes projected and accumulated benefit obligations of $17.0 million and $18.6 million as of December 31, 2023 and 2022, respectively. The other postretirement plan is frozen. The funded status of the other postretirement benefit plan includes projected and accumulated benefit obligations of $19.9 million and $21.1 million as of December 31, 2023 and 2022, respectively.

The Company's foreign pension and other postretirement plans are not significant, individually or in the aggregate. The projected benefit obligation, net of plan assets for the Company's foreign pension plans, was $15.1 million and $11.5 million as of December 31, 2023 and 2022, respectively.

Activity impacting the Consolidated Statements of Operations and Consolidated Statements of Cash Flows related to these plans was immaterial in 2023, 2022, and 2021.

Note 16 – Stock Plans and Management Compensation

On May 3, 2023, the Company's shareholders approved the Brunswick Corporation 2023 Stock Incentive Plan (Plan), which replaced the Company's 2014 Stock Incentive Plan. Under the Plan, the Company may grant stock options, stock appreciation rights (SARs), non-vested stock units, performance awards, and other share-based or cash-based awards to executives, other employees, non-employee directors and persons expected to become officers, other employees and non-employee directors with shares from treasury shares and from authorized, but unissued, shares of common stock initially available for grant, in addition to: (i) the forfeiture of past awards; (ii) shares not issued upon the net settlement of SARs; or (iii) shares delivered to or withheld by the Company to pay the withholding taxes related to awards. As of December 31, 2023, 3.6 million shares remained available for grant.

Share grant amounts, fair values and fair value assumptions reflect all outstanding awards for both continuing and discontinued operations.

95

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

Non-Vested Stock Units

The Company grants both stock-settled and cash-settled non-vested stock units to key employees as determined by management and the Human Resources and Compensation Committee of the Board of Directors. Non-vested stock units have vesting periods of three years. Non-vested stock units are eligible for dividends, which are reinvested, and are non-voting. All non-vested units have restrictions on the sale or transfer of such awards during the vesting period.

Generally, grants of non-vested stock units are forfeited if employment is terminated prior to vesting. Non-vested stock units vest pro rata over one year if (i) the grantee has attained the age of 62, as long as the grantee also has a minimum of three years of continuous service from his or her most recent hire date, or (ii) the grantee's age plus total years of service equals 70 or more.

The Company recognizes the cost of non-vested stock units on a straight-line basis over the requisite service period. Additionally, cash-settled, non-vested stock units are recorded as a liability on the balance sheet and adjusted to fair value each reporting period through stock compensation expense. During the years ended December 31, 2023, 2022 and 2021, the Company charged $20.4 million, $18.2 million and $16.3 million, respectively, to compensation expense for non-vested stock units. The related income tax benefit recognized in 2023, 2022 and 2021 was $5.0 million, $4.5 million and $4.0 million, respectively. The fair value of shares vested during 2023, 2022 and 2021 was $24.5 million, $16.7 million and $11.3 million, respectively.

The weighted average price per non-vested stock unit at grant date was $88.00, $93.62 and $91.14 for units granted in 2023, 2022 and 2021, respectively. Non-vested stock unit activity for the year ended December 31, 2023 was as follows:

(in thousands, except grant date fair value)	Non-vested Stock Unit Activity	Weighted Average Grant Date Fair Value ($)
Non-vested units, unvested as of January 1, 2023	601	82.14
Awarded	278	88.00
Forfeited	(49)	86.54
Vested	(253)	68.17
Non-vested units, unvested as of December 31, 2023	577	90.72

As of December 31, 2023, there was $14.2 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements. The Company expects this expense to be recognized over a weighted average period of 1.4 years.

Performance Awards

In 2023, 2022 and 2021, the Company granted performance shares to certain senior executives. Performance share awards are based on three performance measures: a cash flow return on investment (CFROI) measure, an operating margin (OM) measure and a total shareholder return (TSR) modifier. Performance shares are earned based on a three-year performance period commencing at the beginning of the calendar year of each grant. The performance shares earned are then subject to a TSR modifier based on stock returns measured against stock returns of a predefined comparator group over a three-year performance period. Additionally, in 2023, 2022 and 2021, the Company granted 36,170, 24,320 and 24,560 performance shares, respectively, to certain officers and certain senior managers based on the respective measures and performance periods described above but excluding a TSR modifier.

96

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

The fair values of the senior executives' performance share award grants with a TSR modifier at the grant date in 2023, 2022 and 2021 were $88.47, $94.59 and $91.44, respectively, which were estimated using the Monte Carlo valuation model, and incorporated the following assumptions:

	2023		2022		2021
Risk-free interest rate	4.3	%	1.7	%	0.2	%
Dividend yield	1.8	%	1.5	%	1.2	%
Volatility factor	49.8	%	54.8	%	65.6	%
Expected life of award	2.9 years		2.9 years		2.9 years

The fair value of certain officers' and certain senior managers' performance awards granted based solely on the CFROI and OM performance factors was $83.97, $91.62 and $87.48, which was equal to the stock price on the date of grant in 2023, 2022 and 2021, respectively, less the present value of dividend payments over the vesting period.

The Company recorded compensation expense related to performance awards of $2.1 million, $3.6 million and $13.5 million in 2023, 2022 and 2021, respectively. The related income tax benefit recognized in 2023, 2022 and 2021 was $0.5 million, $0.9 million and $3.3 million, respectively. The fair value of awards vested during 2023, 2022 and 2021 was $16.2 million, $14.6 million and $18.6 million, respectively.

Performance award activity for the year ended December 31, 2023 was as follows:

(in thousands, except grant date fair value)	Performance Awards	Weighted Average Grant Date Fair Value ($)
Performance awards, unvested at January 1	191	90.97
Awarded	206	78.49
Forfeited	(13)	87.15
Vested and earned	(167)	77.02
Performance awards, unvested at December 31	217	90.09

As of December 31, 2023, the Company had $1.3 million of total unrecognized compensation expense related to performance awards. The Company expects this expense to be recognized over a weighted average period of 1.6 years.

Director Awards

The Company issues stock awards to non-employee directors in accordance with the terms and conditions determined by the Nominating and Corporate Governance Committee of the Board of Directors. A portion of each director’s annual fee is paid in Brunswick common stock, the receipt of which may be deferred until a director retires from the Board of Directors. Each director may elect to have the remaining portion paid in cash, in Brunswick common stock distributed at the time of the award, or in deferred Brunswick common stock units with a 20 percent premium.

97

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

Note 17 – Comprehensive Income (Loss)

The following table presents reclassification adjustments out of Accumulated other comprehensive income (loss) during the years ended December 31, 2023, 2022 and 2021:

(in millions)
Details about Accumulated other comprehensive income (loss) components	2023		2022		2021		Affected line item in the statement where net income is presented
Amortization of defined benefit items:
Prior service credits	$	4.3	$	0.7	$	0.2	Other income (expense), net
Net actuarial losses	(2.2)		(0.9)		(1.1)		Other income (expense), net
	2.1		(0.2)		(0.9)		Earnings before income taxes
	(1.0)		—		0.1		Income tax provision
	$	1.1	$	(0.2)	$	(0.8)	Net earnings from continuing operations
Amount of gain (loss) reclassified into earnings on derivative contracts:
Interest rate contracts	$	(0.1)	$	(0.3)	$	(0.6)	Interest expense
Foreign exchange contracts	16.8		26.0		(8.3)		Cost of sales
Commodity contracts	(3.1)		1.4		4.7		Cost of sales
	13.6		27.1		(4.2)		Earnings before income taxes
	(4.0)		(7.1)		1.3		Income tax provision
	$	9.6	$	20.0	$	(2.9)	Net earnings from continuing operations

Note 18 – Treasury Stock

The Company has executed share repurchases against an authorization approved by the Board of Directors in 2022. In 2023, the Company repurchased $275.0 million of stock under this authorization and as of December 31, 2023, the remaining authorization was $121.5 million.

Treasury stock activity for the years ended December 31, 2023, 2022 and 2021 was as follows:

(Shares in thousands)	2023	2022	2021
Balance as of January 1	31,173	25,605	24,663
Compensation plans and other	(298)	(343)	(303)
Share repurchases	3,436	5,911	1,245
Balance as of December 31	34,311	31,173	25,605

Note 19 – Leases

The Company has operating lease agreements for offices, branches, factories, distribution and service facilities and certain personal property. Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. Finance leases are not material to the Company's consolidated financial statements.

The Company determines if an arrangement is a lease at lease inception. Operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company's lease contracts do not include an implicit rate, the Company uses its incremental borrowing rate, based on information available at commencement date, in determining the present value of future payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The operating lease asset also includes any initial direct costs and lease payments made prior to lease commencement and excludes lease incentives incurred.

98

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

Several leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The exercise of lease renewal options is at our sole discretion. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Certain of our lease agreements include rental payments that vary based on changes in volume activity, storage activity or changes in the Consumer Price Index or other indices. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Operating lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company has certain lease agreements that contain both lease and non-lease components, which it has elected to account for as a single lease component for all asset classes.

A summary of the Company's lease assets and lease liabilities as of December 31, 2023 and December 31, 2022 is as follows:

(in millions)	Classification	2023		2022
Lease Assets
Operating lease assets	Operating lease assets	$	152.2	$	114.8
Lease Liabilities
Current operating lease liabilities	Accrued expenses	28.3		27.8
Non-current operating lease liabilities	Operating lease liabilities	133.9		97.8
Total lease liabilities		$	162.2	$	125.6

A summary of the Company's total lease cost for the years ended December 31, 2023, December 31, 2022 and December 31, 2021 is as follows:

(in millions)	Classification	2023		2022		2021
Operating lease cost	Selling, general and administrative expense	$	20.1	$	16.2	$	13.4
	Cost of sales	39.3		34.0		28.6
Variable lease cost	Selling, general and administrative expense	1.6		1.3		1.1
	Cost of sales	6.2		5.5		5.2
Total lease cost (A)		$	67.2	$	57.0	$	48.3

(A) Includes total short-term lease cost which is immaterial.

The Company's maturity analysis of its operating lease liabilities as of December 31, 2023 is as follows:

(in millions)
2024	$	37.2
2025	28.0
2026	23.2
2027	19.7
2028	17.3
Thereafter	97.7
Total lease payments	223.1
Less: Interest	(60.9)
Present value of lease liabilities	$	162.2

99

BRUNSWICK CORPORATION

Notes to Consolidated Financial Statements

The total weighted-average discount rate and remaining lease term for the Company's operating leases were 6.5 percent and 9.3 years, respectively, as of December 31, 2023. Total operating lease payments reflected in operating cash flows were $30.0 million for the year ended December 31, 2023.

As of December 31, 2023, we have entered into leases with total lease payments of approximately $80.5 million, primarily for office space and equipment, that have not yet commenced. These leases are expected to commence in 2024 and 2025, with lease terms of up to 14 years.

Note 20 – Supplier Finance Program Obligations

Under our supplier finance program, the Company agrees to pay Bank of America (the Bank) the stated amount of confirmed invoices from our suppliers on the original invoice payment due date. Our suppliers may request payment from the Bank at a date earlier than the payment due date stated on the original invoice in exchange for a fee in the form of a discounted invoice amount. Brunswick or the Bank may terminate the agreement upon at least 90 days’ notice. The supplier invoices that have been confirmed as valid under the program require payment ranging from 60 to 120 days from the invoice date, consistent with the terms of the original invoice. The Company does not pay the Bank any service fees or subscription fees under the program. In addition, the Company does not pledge any assets as security or provide other forms of guarantees for the committed payment to the Bank. As of December 31, 2023 and 2022, the Company had $11.6 million and $18.2 million confirmed invoices under the supplier finance program, respectively, which were included in Accounts payable on the Consolidated Balance Sheets. The roll-forward of the Company's outstanding obligations confirmed as valid under its supplier finance program for the year ended December 31, 2023 is as follows:

(in millions)	2023
Confirmed obligations outstanding at the beginning of the year	$	18.2
Invoices confirmed during the year	99.3
Confirmed invoices paid during the year	(105.9)
Confirmed obligations outstanding at the end of the year	$	11.6

100

BRUNSWICK CORPORATION

Schedule II - Valuation and Qualifying Accounts

(in millions)

Allowances for Losses on Receivables	Balance at Beginning of Year		Charges to Profit and Loss		Write-offs		Recoveries		Other		Balance at End of Year
2023	$	10.2	$	3.2	$	(4.2)	$	1.4	$	0.2	$	10.8
2022	9.7		2.0		(2.6)		0.3		0.8		10.2
2021	10.7		0.4		(1.0)		0.1		(0.5)		9.7

Deferred Tax Asset Valuation Allowance	Balance at Beginning of Year		Charges to Profit and Loss (A)		Write-offs		Recoveries		Other (B)		Balance at End of Year
2023	$	52.8	$	17.8	$	—	$	—	$	0.7	$	71.3
2022	97.9		(10.4)		—		—		(34.7)		52.8
2021	93.4		(24.2)		—		—		28.7		97.9

(A) For the year ended December 31, 2023, the deferred tax asset valuation expense primarily relates to reassessments of certain federal tax credits, impairment of certain investments, and state tax credits and NOL's. For the year ended December 31, 2022, the deferred tax asset valuation benefit activity primarily relates to reassessments for state tax credits and NOL’s and certain federal losses. For the year ended December 31, 2021, the deferred tax asset valuation benefit activity primarily relates to reassessments for state tax credits and NOL’s and to certain federal tax credits.

(B) For the year ended December 31, 2023, the activity primarily relates to currency translation of foreign balances. For the year ended December 31, 2022, the activity primarily relates to final adjustments to the opening balances of foreign entities acquired during the fourth quarter of 2021. For the year ended December 31, 2021, the activity primarily relates to the opening balances of foreign entities acquired during the year.

Item 16. Form 10-K Summary

None.

101

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BRUNSWICK CORPORATION
February 16, 2024	By:	/S/ RANDALL S. ALTMAN
		Randall S. Altman
		Senior Vice President and Controller

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

February 16, 2024	By:	/S/ DAVID M. FOULKES
		David M. Foulkes
		Chief Executive Officer and Director
		(Principal Executive Officer)

February 16, 2024	By:	/S/ RYAN M. GWILLIM
		Ryan M. Gwillim
		Executive Vice President and Chief Financial and Strategy Officer
		(Principal Financial Officer)

February 16, 2024	By:	/S/ RANDALL S. ALTMAN
		Randall S. Altman
		Senior Vice President and Controller
		(Principal Accounting Officer)

This report has been signed by the following directors, constituting the remainder of the Board of Directors, by Ryan M. Gwillim, as Attorney-in-Fact.

Nancy E. Cooper

David C. Everitt

Reginald Fils-Aimé

Lauren Patricia Flaherty

Joseph W. McClanathan

David V. Singer

J. Steven Whisler

Roger J. Wood

MaryAnn Wright

February 16, 2024	By:	/S/ RYAN M. GWILLIM
		Ryan M. Gwillim
		Attorney-in-Fact

102

EX-10.4

BRUNSWICK CORPORATION

TERMS AND CONDITIONS OF EMPLOYMENT[1]

These TERMS AND CONDITIONS OF EMPLOYMENT (the “Agreement”), effective as of [DATE] (the “Effective Date”), between Brunswick Corporation, a Delaware corporation with its headquarters at 26125 N. Riverwoods Blvd., Mettawa, IL, 60045 (the “Company”), and [NAME] (the “Executive”).

WITNESSETH:

A.[WHEREAS, the Executive is employed by the Company; and]

B.WHEREAS, the Company desires toemploy the Executive upon and subject to the terms and conditions set forth herein and the Executive wishes to accept such employment upon and subject to such terms and conditions.

C.THEREFORE, in consideration of the foregoing and the agreements of the parties described below, the parties agree that:

1.Definitions. For purposes of this Agreement, capitalized terms used in this Agreement shall have the meanings ascribed to them in Appendix I to this Agreement.

2.Employment and Duties.

a.Position. The Company hereby agrees to employ the Executive, and the Executive hereby agrees to serve the Company, under the title of [TITLE]. The Executive shall have such authority, duties and responsibilities as are commensurate with such position on the terms and conditions set forth in this Agreement, and shall directly report to the [TITLE].

b.Performance of Duties. Subject to the provisions of Section 6, below, Executive shall diligently perform his/her duties as [TITLE] or as may otherwise be directed by the Chief Executive Officer, and agrees to use his/her reasonable best efforts to perform his/her duties faithfully and efficiently.

c.Other Duties; Related Companies. The Executive agrees to serve, as requested, as an officer or director of any Related Company, and shall receive no additional compensation for such service. The Executive agrees that upon the termination of his/her employment by the Company for any reason s/he will be deemed to have resigned all such positions with any Related Company.

3.Agreement Term. The term of this Agreement (the “Term”) shall begin on the Effective Date and shall continue until terminated in accordance with Sections 6(e) or 13. The Company shall employ the Executive for a period of time beginning on the Effective Date and continuing for as long as the Executive retains the confidence of the Chief Executive Officer, it being the express understanding that the Executive is an “employee at will,” subject only to the protections provided by the specific terms of this Agreement. Subject to the terms and conditions set forth in this Agreement, the Chief Executive Officer may remove the Executive as [TITLE] and assign him/her to other duties within the Company or terminate his/her employment.

4.Executive’s Compensation and Benefits. As remuneration to the Executive for his/her services to the Company hereunder, the Company shall compensate the Executive as provided in this Section 4 during the Term.

a.Base Salary. Executive’s annual rate of base salary (“Base Salary”) shall be $[AMOUNT][2] commencing on the Effective Date and, except as it may be modified in accordance with this Section 4 by action of the Committee, continuing throughout the Term. The Base Salary shall be payable in conformity with the Company’s then-current payroll practices, as modified from time to time. The Base Salary will be reviewed annually during the Term in accordance with the Company’s usual salary review process for executive officers. Effective as of the date of any adjustment in the Executive’s Base Salary, the Base Salary as so adjusted shall be considered the

new Base Salary for all purposes of this Agreement. Any adjustments in Base Salary shall be determined by the Committee and communicated to the Executive.

b.Brunswick Performance Plan. For each calendar year during the Term, the Executive shall be eligible to participate in the Brunswick Performance Plan and any and all successor or replacement plans as may be determined by the Board or the Committee (collectively, “BPP”). During the Term, the Executive’s target annual bonus for each full calendar year shall be determined by the Committee in accordance with the terms of the BPP, as in effect from time to time (“Target Annual Bonus”). During the Term, the performance goals to be achieved, and the extent to which those goals have been achieved for purposes of calculating the amount of the actual payment as a percentage of the Target Annual Bonus, will be determined by the Committee. The amount of any award under BPP shall be reviewed and approved by the Committee and communicated to the Executive, and shall be paid to the Executive in accordance with the terms of the BPP.

c.Equity-Based Awards. For each calendar year during the Term, the Executive shall be eligible to participate in and receive equity-based awards under the Company’s 2014 Stock Incentive Plan, and any and all successor or replacement plans as may be determined by the Board or the Committee (collectively, “Incentive Plan”).

d.Retirement and Welfare Benefits. The Executive shall be entitled to participate in all Company-sponsored retirement, health, welfare and other benefits offered to similarly situated senior executives, provided that Executive otherwise meets the eligibility requirements of those plans.

e.Vacation. The Executive shall earn pro rata four (4) weeks of paid vacation each calendar year unless the Company’s vacation policy provides for a greater amount of vacation, to be earned and taken as generally provided for other similarly situated senior executives of the Company. Earned but unused vacation shall be paid within 30 days after termination of the Executive’s employment. The Executive shall also be entitled to such personal days and paid holidays as are generally available to other similarly situated senior executives of the Company.

f.Expenses. The Executive shall be entitled to receive prompt reimbursement for all reasonable and necessary expenses incurred by the Executive in connection with the performance of his/her duties, in accordance with Company policies for similarly situated senior executives.

5.Restrictive Covenants. The Executive acknowledges that during employment with the Company or a Related Company, the Executive has and will acquire, develop and have access to confidential and proprietary information that belongs to the Company or the Related Company. This information takes years and extensive resources to develop, is valuable to the Company or the Related Company and provides the Company or the Related Company with a competitive edge. In consideration of employment or continued employment, Executive knowingly and voluntarily agrees to the following restrictions and further acknowledges and agrees that they are reasonably designed to protect the Company or the Related Company interests and good will, and will not unduly restrict Executive’s post-employment activities.

a.Noncompetition; Nonsolicitation; Nondisparagement. The following provisions shall apply:

i.During the Executive’s employment and during the eighteen (18) month period immediately following termination of Executive’s employment (unless such termination follows a Change in Control, in which case this Section 5(a)(i) and Section 5 (a)(ii) shall not apply), without the prior written consent of the Company: (A) the Executive shall not directly or indirectly be employed or retained by, or render any services for, or be financially interested in any manner, in any person, firm or corporation engaged in any business which is then materially competitive in any way with any business in which the Company or any Related Company was engaged (including any program of development or research) (a “Competitive Activity”) during the Executive’s employment; (B) the Executive shall not divert or attempt to divert any business away from the Company or a Related Company; (C) the Executive shall not disturb or attempt to disturb any business relationships of the Company or any Related Company; and (D) the Executive shall not

assist any person in any way to do, or attempt to do, anything prohibited by the preceding clauses (A), (B) and (C).

ii.In furtherance of Section 5(a)(i), the Executive shall promptly notify the Company through the Company’s Chief Executive Officer, General Counsel and Chief Human Resources Officer in advance in writing (which shall include a description of the proposed activity) of his/her intention to engage in any activity which could reasonably be deemed to be subject to the noncompetition provision set forth in Section 5(a)(i). The Company’s Chief Executive Officer, General Counsel or Chief Human Resources Officer shall respond to the Executive in writing within thirty (30) calendar days indicating the Company’s approval or objections to the Executive’s engagement in the activity; provided, however, that if the Company’s Chief Executive Officer, General Counsel or Chief Human Resources Officer does not respond to or request additional information from the Executive within such thirty (30) day period, the Company’s approval shall be deemed to be granted. Nothing in this Agreement shall be construed as preventing the Executive from investing his/her personal assets in any business that competes with the Company, in such form or manner as will not require any services on the part of the Executive in the operation or affairs of the business in which such investments are made, but only if the Executive does not own or control more than two percent of any class of the outstanding stock of such business.

iii.For the eighteen (18) month period following termination of Executive’s employment with the Company, the Executive shall not, without the prior written consent of the Company: (A) solicit, recruit or hire any individual who is employed by the Company or any Related Company (or who was so employed within 180 calendar days of the Executive’s solicitation, recruitment or hiring); (B) solicit or encourage any employee of the Company or any Related Company to terminate or refrain from renewing or extending such employment or to become employed by or become a consultant to any other individual or entity other than the Company or a Related Company; or (C) initiate discussion with any such employee for any such purposes or authorize or knowingly cooperate with the taking of any such actions by any other individual or entity; provided, however, that nothing herein shall prohibit the Executive from generally advertising for personnel not specifically targeting any executive or other personnel of the Company.

iv.During the Executive’s employment with the Company and thereafter, Executive will not make any comment or statement or engage in any other behavior that in any way disparages or is otherwise detrimental to the reputation and goodwill of the Company, any Related Company, or any director, officer, executive, or agent of the Company or any Related Company; provided, however, that nothing herein shall be interpreted as prohibiting Executive from making truthful statements, including statements of opinion, to Company directors, officers, auditors or regulators or when required by a court or other body having jurisdiction to require such statements.

b.Confidentiality. The following provisions shall apply:

i.Except as may be required by the lawful order of a court or agency of competent jurisdiction, or except to the extent that the Executive has express written authorization from the Company, s/he will keep secret and confidential all Confidential Information (as defined below), and not disclose the same, either directly or indirectly, to any other person, firm, or business entity, or use it in any way. The Executive agrees that, to the extent that any court or agency seeks to have the Executive disclose Confidential Information, s/he shall promptly inform the Company, and s/he shall take such reasonable steps to prevent disclosure of Confidential Information until the Company has been informed of such required disclosure, and the Company has an opportunity to respond to such court or agency. If the Executive obtains information on behalf of the Company or a Related Company that may be subject to attorney-client privilege as to the Company or

an affiliate’s attorneys, the Executive shall take reasonable steps to maintain the confidentiality of such information and to preserve such privilege.

ii.Upon termination of employment with the Company for any reason, the Executive shall promptly return to the Company any keys, credit cards, passes, confidential documents and material, or other property belonging to the Company, and shall return all writings, files, records, correspondence, notebooks, notes and other documents and things (including any copies or electronic versions thereof) containing Confidential Information or relating to the business or proposed business of the Company or any Related Company or containing any trade secrets relating to the Company or any Related Company, except any personal diaries, calendars, contact lists or personal notes or correspondence.

iii.For purposes of this Agreement, the term “Confidential Information” means all non-public information concerning the Company and any Related Company that was acquired by or disclosed to the Executive during the course of his/her employment with the Company or a Related Company, or during discussions between the Executive and the Company or any Related Company following his/her termination of employment arising out of his/her employment or this Agreement, including, without limitation: (A) all of the Company’s or any Related Company’s “trade secrets” as that term is used in the Illinois Trade Secrets Act (or, if that Act is repealed, the Uniform Trade Secrets Act upon which the Illinois Trade Secrets Act is based); (B) any non-public information regarding the Company’s or a Related Company’s directors, officers, employees, customers, equipment, processes, costs, operations and methods, whether past, current or planned, as well as knowledge and data relating to business plans, marketing and sales information originated, owned, controlled or possessed by the Company or a Related Company; and (C) information regarding litigation and threatened litigation involving or affecting the Company or a Related Company.

c.Assistance with Claims. The Executive agrees that, taking into account the Executive’s other commitments, during and after his/her employment by the Company, s/he will assist the Company and any Related Company in the defense of any claims or potential claims that may be made or threatened to be made against any of them in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), and will assist the Company and any Related Company in the prosecution of any claims that may be made by the Company or any Related Company in any Proceeding, to the extent that such claims may relate to the Executive’s employment or the period of the Executive’s employment by the Company. Executive agrees, unless precluded by law, to promptly inform the Company if Executive is asked to participate (or otherwise become involved) in any Proceeding involving such claims or potential claims. Executive also agrees, unless precluded by law, to promptly inform the Company if Executive is asked to assist in any investigation (whether governmental or private) of the Company or any Related Company (or their actions), regardless of whether a lawsuit has then been filed against the Company or any Related Company with respect to such investigation. The Company agrees to reimburse Executive for all of Executive’s reasonable out-of-pocket expenses associated with such assistance, including travel expenses and any attorneys’ fees and shall pay a reasonable per diem fee for Executive’s service.

d.The payments, benefits, and other entitlements under this Agreement are being made in consideration of, among other things, the obligations of this Section 5 and, in particular, compliance with Sections 5(a) and (b); provided, however, that all such payments, benefits, or other entitlements pursuant to Section 6 are subject to and conditioned upon the Executive’s entering into the Release and Agreement referred to in Section 6(h).

e.Remedies.

i.The Executive acknowledges that the Company would be irreparably injured by any violation of Section 5.

ii.Subject to Section 7, if the Executive materially breaches the provisions of Sections 5(a) or (b), (A) the Company shall be relieved of all obligations to make any further payments to the Executive pursuant to Sections 4 and 6 or otherwise under any incentive compensation plan of the Company or a Related Company; (B) all outstanding equity-based awards held by the Executive shall be immediately forfeited; (C) subject to the following provisos, the Executive will be required to pay to the Company, in cash, within five business days after written demand is made therefor by the Company, an amount equal to any payments received by the Executive under Sections 6(a), 6(b) and 6(f); and (D) subject to the following provisos, the Executive will be required to pay the Company, in cash, within five (5) business days after written demand is made therefor by the Company, an amount equal to any gain realized as a result of the exercise or vesting of equity awards during the period commencing twelve months prior to the Executive’s termination of employment for any reason and ending on the date of payment; provided, however, that no forfeiture, cancellation, or repayment shall take place with respect to any payments, benefits, or entitlements under this Agreement or any other award agreement, plan, or practice, unless the Company shall have first given the Executive written notice of its intent to so forfeit, cancel, or require repayment and the Executive has not, within thirty (30) calendar days after such notice has been given, ceased such impermissible Competitive Activity or other activity in violation of this Agreement; and provided further, however, that such prior notice procedure shall not be required with respect to (A) a Competitive Activity or violation of Section 5(b) of this Agreement which the Executive initiated after the Company had informed the Executive in writing that it believed such activity violated this Agreement or the Company’s noncompetition guidelines, or (B) any Competitive Activity regarding products or services which are part of a line of business which the Executive knew or should have known represented more than five percent (5%) of the Company’s consolidated gross revenues for the most recently completed fiscal year prior to the termination of the Executive’s employment.

iii.Executive agrees that (A) the Company, in addition to any other remedies available to it for a breach or threatened breach of Sections 5(a) or (b), shall be entitled to a preliminary injunction, temporary restraining order, or other equivalent relief, restraining the Executive from any actual or threatened breach of this Section 5; and (B) if a bond is required to be posted in order for the Company to secure an injunction or other equitable remedy, the parties agree that the bond need not be more than a nominal sum. If a final and non-appealable judicial determination is made that any of the provisions of this Section 5 constitutes an unreasonable or otherwise unenforceable restriction against the Executive, the provisions of this Section 5 will not be rendered void but will be deemed to be modified to the minimum extent necessary to remain in force and effect for the greatest period and to the greatest extent that such court determines constitutes a reasonable restriction under the circumstances. Moreover, notwithstanding the fact that any provision of this Section 5 is determined not to be specifically enforceable, the Company will nevertheless be entitled to recover monetary damages as a result of the Executive’s breach of such provision.

6.Termination Provisions.

a.Severance Benefits. Prior to a Change in Control, if the Company terminates the Executive’s employment for any reason other than Long-Term Disability or Cause, or if the Executive resigns for Good Reason, subject to Section 6(h), the Executive shall be entitled to:

i.Severance payments in an aggregate amount equal to the sum of: (A) one and one-half (1.5) times Executive’s then-current Base Salary (disregarding any reduction in salary made in contemplation of such termination of employment); (B) one and one-half (1.5) times the Company’s profit-sharing, 401(k) match and other Company contributions made on behalf of the Executive to the Company’s tax-qualified and nonqualified defined contribution plans during the twelve (12) month period prior to the date of termination; and (C) such amount, if any, as may be determined by the Chief Executive Officer in his/

her sole discretion based on the Executive’s Target Annual Bonus under the BPP (“Total Severance Payment”). If the Total Severance Payment becomes due to the Executive under this Agreement, subject to Section 7 including Section 7(h), such payment shall be made in equal installments, in accordance with the Company’s regular payroll practices and procedures, as if it were to be paid over the eighteen (18) month period following the date of Executive’s separation from service; provided, however, that all unpaid portions of the Total Severance Payment shall be distributed to the Executive in a lump sum on the payroll date immediately preceding March 15 of the calendar year following the calendar year in which the date of termination occurs.

ii.If such termination occurs prior to the payment of the Executive’s Annual Bonus payable with respect to the immediately preceding calendar year, payment of such Annual Bonus for such period, in the amount, and at such time, as he would otherwise have been entitled under the terms of the BPP had his/her employment not terminated.

iii.All outstanding stock options, stock appreciation rights, restricted stock units, restricted shares and other equity-based awards (the “Equity Incentives”) held by the Executive shall be governed by the terms and conditions of the equity compensation plans and award agreements pursuant to which they were granted.

iv.The Executive shall be entitled to Company-provided continuation of medical, dental, vision and prescription coverage, but not Long-Term Disability coverage (the “Benefits”) (on either an insured or a self-insured basis, in the sole discretion of the Company) for the Executive and his/her “Eligible Dependents” (as determined under the terms of the Company’s health and welfare benefit plans in effect as of the date of termination), on substantially the same terms of such coverage as are in existence immediately prior to the Executive’s date of termination (subject to commercial availability of such coverage), until the earlier of: (A) the date on which the Executive becomes eligible to be covered under Medicare or another employer’s group health plan; or (B) the eighteen (18) month anniversary of the Executive’s date of termination; provided, however, that such coverage shall run concurrently with any coverage available to the Executive and his/her Eligible Dependents under COBRA; and provided further, however, that the Executive shall immediately notify the Company if s/he or his/her Eligible Dependents become covered under Medicare or another employer’s group health plan, at which time the Company’s provision of medical coverage for the Executive and/or his/her Eligible Dependents, as applicable, will cease. The Executive shall not be entitled to any other perquisites (except as otherwise explicitly provided in the applicable perquisite plan or policy or in this Agreement).

b.Change in Control Benefits. After a Change in Control, if the Company terminates the Executive’s employment for any reason other than Cause or Long-Term Disability, or if the Executive resigns for Good Reason, subject to Section 6(h), the Executive shall be entitled to:

i.Change in Control payments in a lump sum in an aggregate amount equal to [three (3)][two and one-half (2.5)][two (2)][3] times the sum of: (A) the Executive’s then-current Base Salary (disregarding any reduction in salary made after the Change in Control or in contemplation of the Change in Control); (B) the Executive’s Target Annual Bonus for the year of termination or, if greater, the Target Annual Bonus for the year in which the Change in Control occurred; and (C) the Company’s profit-sharing, 401(k) match and other Company contributions made on behalf of the Executive to the Company’s tax-qualified and nonqualified defined contribution plans during the twelve (12) months prior to the date of termination (“Total Change in Control Payment”). The Total Change in Control Payment shall be paid within sixty (60) days after the date of the Executive’s separation from service and shall be contingent on the release described in Section 6(h) becoming effective subject to the provision contained in Section 7(h).

ii.If such termination occurs prior to the payment of the Executive’s Annual Bonus payable with respect to the immediately preceding calendar year, payment of such Annual Bonus for such period, in the amount, and at such time, as he would otherwise have been entitled under the terms of the BPP had his/her employment not terminated.

iii.Notwithstanding the terms and conditions of the equity compensation plans and award agreements pursuant to which outstanding awards were granted, upon termination of the Executive’s employment, but subject to any accelerated vesting of any Equity Incentives that occurred upon the Change in Control, all Equity Incentives held by the Executive not already vested will become fully vested and, if applicable, immediately exercisable, and will remain outstanding pursuant to their terms; provided, however, that the treatment of all awards held by the Executive that are subject to performance-based vesting criteria shall be governed by the terms and conditions of the equity compensation plans and award agreements and/or award terms pursuant to which they were granted.

iv.The Executive shall be entitled to Company-provided continuation of Benefits (on either an insured or a self-insured basis, in the sole discretion of the Company) for the Executive and his/her Eligible Dependents, on substantially the same terms of such coverage as are in existence immediately prior to the Executive’s date of termination (subject to commercial availability of such coverage), until the earlier of: (A) the date on which the Executive becomes eligible to be covered under Medicare or another employer’s group health plan, or (B) the [third][thirty month][second][4] anniversary of the Executive’s date of termination; provided, however, that such coverage shall run concurrently with any coverage available to the Executive and his/her Eligible Dependents under COBRA; and provided further, however, that the Executive shall immediately notify the Company if s/he and his/her Eligible Dependents become covered under Medicare or another employer’s group health plan, at which time the Company’s provision of medical coverage for the Executive and/or his/her Eligible Dependents, as applicable, will cease. The Executive shall not be entitled to any other perquisites (except as otherwise explicitly provided in the applicable perquisite plan or policy or in this Agreement).

c.Benefits Upon Termination Due to Death or Long-Term Disability. If, at any time during the Term, the Executive’s employment terminates as a result of the Executive’s death or Long-Term Disability, the Executive or his/her estate (as applicable) shall be entitled to:

i.Payment of any unpaid Base Salary accrued through the date of termination (to be paid on the scheduled payment date for such Base Salary) and any unreimbursed business expenses incurred through the date of termination.

ii.Subject to Section 6(h), such amount, if any, as may be determined by the Chief Executive Officer in his/her sole discretion based on the Executive’s Target Annual Bonus under the BPP (to be paid within 60 (sixty) days after the date of the Executive’s separation from service).

iii.If such termination occurs prior to the payment of the Executive’s Annual Bonus payable with respect to the immediately preceding calendar year, payment of such Annual Bonus for such period, in the amount, and at such time, as he would otherwise have been entitled under the terms of the BPP had his/her employment not terminated.

iv.Continuation of the ability of the Executive or the Executive’s beneficiaries (as applicable) to exercise all outstanding awards granted to the Executive under the Incentive Plan that became vested and exercisable on or prior to such date of termination in accordance with the terms and conditions of such grants.

d.Termination for Cause. If the Executive’s employment is terminated for Cause at any time during the Term, the Executive shall not receive any payments, benefits, or other amounts provided by

this Agreement, other than payment of any unpaid Base Salary accrued through the date of termination (to be paid on the scheduled payment date for such Base Salary) and payment of any unreimbursed business expenses incurred through the date of termination (but shall still be subject to the restrictive covenants set forth in Section 5 of this Agreement). The Executive shall remain entitled to all benefits under the Company’s tax-qualified retirement plans and shall remain eligible for certain benefits under other employee benefit plans, in each case subject to, and in accordance with, the terms of such plans. Provided that the activity, facts, or circumstances that precipitated the “for Cause” determination were not (i) the result of Executive’s bad faith, or (ii) undertaken without a reasonable belief by the Executive that he was acting in the best interests of the Company or as required by applicable law, the Executive’s employment may not be terminated for Cause prior to advance written notice to the Executive containing reasonable detail of the activity, facts, or circumstances constituting Cause for termination, the actions that the Executive must take to cease such activity or cure such facts and circumstances, and a reasonable amount of time (not to exceed thirty (30) calendar days) for the Executive to effectuate such cure. All determinations relating to a “for Cause” termination shall be made by the Company in its sole discretion.

e.Termination Due to Voluntary Resignation Without Good Reason. In the event the Executive voluntarily resigns without Good Reason during the Term, the Executive shall not be entitled to any payments, benefits or other amounts under this Agreement, other than payment of any unpaid Base Salary accrued through the date of termination (to be paid on the scheduled payment date for such Base Salary), and payment of any unreimbursed business expenses incurred through the date of termination (but shall still be subject to the restrictive covenants set forth in Section 5 of this Agreement). The Executive shall remain entitled to all benefits under the Company’s tax-qualified retirement plans and shall remain eligible for certain benefits under other employee benefit plans (including, without limitation, any plans providing for Equity Incentives), in each case subject to, and in accordance with, the terms of such plans.

f.Outplacement. In addition to any rights to which the Executive may be entitled under Sections 6(a) through 6(e), above, if the Executive’s employment is terminated during the Term (y) by the Company, and such termination is other than for Cause, death or Long-Term Disability, or (z) by the Executive for Good Reason, subject to Section 6(h), the Executive shall be entitled to the services of a Company-paid and Company-approved outplacement or career transition consultant in accordance with the Company’s current practices for senior executives in effect as of the date of termination; provided, however, that commencement of such transition counseling services, if desired, must begin prior to the first (1st) anniversary of the date of termination and must end prior to the last day of the second (2nd) calendar year following the year in which the date of termination occurs.

g.Notification Requirements for Termination for Good Reason.

i.If the Executive determines that Good Reason exists to terminate his/her employment with the Company, the Executive shall notify the Company in writing of the specific event, within sixty (60) calendar days after the date that the Executive becomes aware of the occurrence of such event, and such notice shall also include the date on which the Executive will terminate employment with the Company, which date shall be no earlier than sixty (60) calendar days after the date of such notice and no later than the second anniversary of the date of the occurrence of the event giving rise to Good Reason; provided, however, that the Chief Executive Officer, in his/her sole discretion, may relieve the Executive of his/her duties effective immediately upon the Company’s receipt of notice provided pursuant to this Section 6(g).

ii.Within thirty (30) calendar days after the Company’s receipt of such written notice, the Company shall notify the Executive that it agrees or disagrees with the Executive’s determination that the event specified in the Executive’s notice constitutes Good Reason. Notwithstanding any other provision of this Agreement, the Company’s determination whether it agrees or disagrees with the Executive’s determination that the event specified

in the Executive’s notice constitutes Good Reason shall be reasonable, based on all the relevant facts and circumstances. The arbitrator in any arbitration proceeding initiated pursuant to Section 12 of this Agreement, in which the existence of Good Reason is an issue, shall be expressly empowered and directed to review, de novo, the facts and circumstances claimed by the Executive to constitute Good Reason.

iii.If the Company notifies the Executive that it agrees with the Executive’s determination that the event specified in the Executive’s notice constitutes Good Reason, the Company, in its sole discretion, shall either: (A) undertake to cure the circumstances that gave rise to Good Reason within thirty (30) calendar days of the Company’s response to Executive under Section 6(g)(ii); or (B) advise the Executive that his/her employment with the Company shall terminate on his/her termination date as determined under Section 6(g)(i). If the Executive and the Company do not agree that the action undertaken by the Company cures the circumstances that gave rise to Good Reason, the Executive shall be entitled to pursue the arbitration procedures set out in Section 12 of this Agreement. If the Executive’s claim in arbitration is ultimately concluded in the Executive’s favor, the Executive shall retain the right to receive the payments and benefits under this Agreement. If, during the two-year period following a Change in Control, the Company attempts to cure the circumstances giving rise to Good Reason, the Company shall have the burden of proof to establish that such circumstances have been cured.

iv.If the Company notifies the Executive that it disagrees with the Executive’s determination that the event specified in the Executive’s notice constitutes Good Reason, the Executive may terminate his/her employment on the date specified in the notice (or such earlier date as determined by the Chief Executive Officer in his/her sole discretion or such later date as the Executive and the Company may mutually agree in writing) or may elect to continue his/her employment by so notifying the Company in writing. In either event, the Executive shall be entitled to pursue the arbitration procedures set out in Section 12 of this Agreement. If the Executive’s claim in arbitration is ultimately concluded in the Executive’s favor, the Executive shall retain the right to receive the payments and benefits under this Agreement. If, during the two-year period following a Change in Control, the Company disputes the existence of Good Reason, the Company shall have the burden of proof to establish that Good Reason does not exist.

v.Notwithstanding the date on which the Executive’s termination occurs following the completion of the steps set forth in this Section 6(g), so long as an event that constitutes Good Reason occurs during the Term and the Executive delivers the written notice of termination for Good Reason to the Company at any time prior to the expiration of the Term, for purposes of the payments, benefits and other entitlements set forth in this Section 6, the termination of the Executive’s employment pursuant thereto shall be deemed to be a resignation for Good Reason during the Term.

h.Conditional Payments. Subject to Section 7, any payments or benefits made pursuant to this Section 6 will be subject to and conditioned upon the Executive’s compliance with the provisions, restrictions and limitations of Section 5 of this Agreement, but not otherwise subject to offset or mitigation. In addition, unless on or prior to the sixtieth (60th) day following the date of termination: (i) the Executive or the Executive’s estate (as applicable) shall have signed, and the Company shall have received, a Release and Agreement releasing the Company, Related Companies, and their respective directors, officers, employees and agents (“Released Parties”) from any and all claims and liabilities, and promising to the fullest extent allowed by law, never to sue any of the Released Parties (such Release and Agreement shall be in the form set forth in Appendix III); and (ii) such Release and Agreement shall have become irrevocable, then: (A) no payment shall be paid or made available to the Executive under Section 6(a)(i) or 6(b)(i), (B) no unvested Equity Incentive shall become vested pursuant to Section 6(b)(iii) and instead, all then unvested Equity Incentives shall be immediately forfeited, (C) the Company shall be relieved of all obligations to make any further payments, or provide or make available any Benefits, to the

Executive pursuant to Section 6(a)(iv) or 6(b)(iv) and (D) the Executive shall be required to repay the Company, in cash, within five (5) business days after written demand is made therefor by the Company, an amount equal to the value of any Benefits received by the Executive pursuant to Section 6(a)(iv) or 6(b)(iv).

7.Section 409A of the Code. The provisions of this Section 7 shall apply notwithstanding any provision in this Agreement to the contrary.

a.Intent to Comply with Section 409A of the Code. The parties intend for this Agreement to comply with Section 409A of the Code, and all provisions of this Agreement shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code.

b.Six-Month Delay of Certain Payments. If, at the time of the Executive’s separation from service (within the meaning of Section 409A of the Code), (i) the Executive shall be a specified employee (within the meaning of Section 409A of the Code and using the identification methodology selected by the Company from time to time) and (ii) the Company shall make a good faith determination that an amount payable under this Agreement or any other plan, policy, arrangement or agreement of or with the Company or any Related Company (this Agreement and such other plans, policies, arrangements and agreements, the “Company Plans”) constitutes deferred compensation (within the meaning of Section 409A of the Code) the payment of which is required to be delayed pursuant to the six (6)-month delay rule set forth in Section 409A of the Code in order to avoid taxes or penalties under Section 409A of the Code, then the Company (or a Related Company, as applicable) shall not pay any such amount on the otherwise scheduled payment date but shall instead accumulate such amount and pay it, without interest, on the first day of the seventh (7th) month following such separation from service.

c.Prohibition of Offsets. Except as permitted under Section 409A of the Code, any deferred compensation (within the meaning of Section 409A of the Code) payable to or for the benefit of the Executive under any Company Plan may not be reduced by, or offset against, any amount owing by the Executive to the Company or any Related Company.

d.Amendment of Deferred Compensation Plans; Indemnification for Section 409A Taxes. From and after the Effective Date and for the remainder of the Term, (i) the Company shall administer and operate this Agreement and any “nonqualified deferred compensation plan” (as defined in Section 409A of the Code) (and any other arrangement that could reasonably be expected to constitute such a plan) in which the Executive participates and the Executive’s rights and benefits hereunder and thereunder in compliance with Section 409A of the Code and any rules, regulations or other guidance promulgated thereunder as in effect from time to time, (ii) if the Company determines that any provision of this Agreement or any such plan or arrangement does not comply with Section 409A of the Code or any such rules, regulations or guidance and that the Executive may become subject to additional taxes and penalties under Section 409A of the Code (“Section 409A Tax”), the Company shall amend or modify such provision to avoid the application of such Section 409A Tax but only to the minimum extent necessary to avoid the application of such Section 409A Tax and only to the extent that the Executive would not, as a result, suffer (A) any reduction in the total present value of the amounts otherwise payable to the Executive (determined without application of the Section 409A Tax), or the benefits otherwise to be provided to the Executive, by the Company, (B) any material increase in the risk of the Executive not receiving such amounts or benefits which he would have received without the application of the Section 409A Tax and any amendment pursuant to this Section 7 or (C) unless the Executive otherwise expressly consents in writing, any significant reduction in the Executive’s legal rights under this Agreement or any Company Plan, and (iii) if, notwithstanding the foregoing, the Executive is subject to a Section 409A Tax with respect to any such provision, the Company shall indemnify and hold the Executive harmless against all taxes (and any interest or penalties imposed with respect to such taxes) imposed as a result of the Company’s failure to comply with clause (i) of this Section 7(d).

e.Payment Schedules Relating to Tax Indemnification. Any amounts payable to the Executive in respect of indemnification pursuant to Section 7(d) for the Section 409A Tax (each, a “Section 409A Tax Adjustment Payment”) shall be paid to the Executive as soon as practicable after the applicable liability is incurred, but in any event not later than the last day of the calendar year after the calendar year in which the Executive remits the applicable taxes, interest or penalties to the applicable taxing authority, in accordance with Treas. Reg. Section 1.409A-3(i)(1)(v) or any successor thereto. Furthermore, any amounts that the Executive becomes entitled to receive in respect of costs and expenses incurred in connection with a contest relating to Section 7(d) shall be paid to the Executive as soon as practicable after the applicable cost is incurred, but in any event not later than the later of (i) the last day of the calendar year after the calendar year in which the Executive remits the underlying taxes to the applicable taxing authority and (ii) the last day of the calendar year after the calendar year in which the applicable contest is concluded.

i.Notice. The Executive shall notify the Company in writing of any written claim by the IRS that, if successful, would require the payment by the Company of a Section 409A Tax Adjustment Payment or the recalculation of a Section 409A Tax Adjustment Payment. The notification shall apprise the Company of the nature of such claim, including (A) a copy of the written claim from the IRS; (B) the identification of the element of compensation and/or benefit that is the subject of such IRS claim; and (C) the date on which such claim is requested to be paid. Such notification shall be given as soon as practicable, but no later than ten (10) business days after the Executive actually receives notice in writing of such claim. The failure of the Executive to properly notify the Company of the IRS claim (or to provide any required information with respect thereto) shall not affect any rights granted to the Executive under this Section 7, except to the extent that the Company is materially prejudiced in the challenge to such claim as a direct result of such failure.

ii.Payment. Within ten (10) business days following receipt of such written notification by the Executive of such IRS claim, the Company shall pay to the Executive a Section 409A Tax Adjustment Payment, or the excess of a recalculated Section 409A Tax Adjustment Payment over the initial Section 409A Tax Adjustment Payment, as applicable, related to the element of compensation and/or benefit which is the subject of the IRS claim. Within ten (10) business days following such payment to the Executive, the Executive shall provide to the Company written evidence that he has paid the claim to the IRS (the United States Treasury).

iii.Contest. If the Company notifies the Executive in writing, within sixty (60) business days following receipt from the Executive of notification of the IRS claim, that it desires to contest such claim, the Executive shall:

1.Give the Company any information reasonably requested by the Company relating to such claim;

2.Take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time including, without limitation, accepting legal representation with respect to such claim by an attorney selected by the Company and reasonably acceptable to the Executive;

3.Cooperate with the Company in good faith in order to effectively contest such claim; and

4.Permit the Company to participate in any proceedings relating to such claim if the Company elects not to assume and control the defense of such claim;

provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold harmless the Executive, on an after-tax basis, for any Section 409A Tax and Income Taxes (including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses.

Without limitation on the foregoing provisions of this Section 7, the Company shall have the right, at its sole option, to assume the control of all proceedings in connection with such contest, in which case it may pursue or forego any and all administrative appeals, proceedings, hearings, and conferences with the taxing authority in respect of such claim, and may direct the Executive to sue for a refund or contest the claim in any permissible manner. The Executive agrees to prosecute such contest, as directed by the Company, to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; and provided further, however, that (A) if the Company directs the Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to the Executive, on an interest-free basis, and shall indemnify and hold the Executive harmless, on an after-tax basis, from any Section 409A Tax or Income Taxes (including interest or penalties) imposed with respect to such advance or with respect to any imputed income in connection with such advance and (B) any extension of the statute of limitations relating to payment of tax for the taxable year of the Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s rights to assume the control of the contest shall be limited to issues with respect to which a Section 409A Tax Adjustment Payment would be payable hereunder, and the Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the IRS or any other taxing authority. To the extent that the contest of the IRS claim is successful, the Section 409A Tax Adjustment Payment related to the element of compensation and/or benefit that was the subject of the claim shall be recalculated in accordance with the provisions of this Section 7(e).

a.Designation of Installments as Separate Payments. For purposes of Section 409A of the Code, each installment payment to the Executive provided for in this Agreement or any Company Plan shall be deemed to be a “separate payment” within the meaning of Treas. Reg. Section 1.409A-2(b)(iii) or any successor thereto.

b.Timing of Reimbursement Payments and Other Benefits. Except as specifically permitted by Section 409A of the Code, the benefits and reimbursements, including for legal fees, provided to the Executive under this Agreement and any Company Plan during any calendar year shall not affect the benefits and reimbursements to be provided to the Executive under the relevant section of this Agreement or Company Plan in any other calendar year and the right to such benefits and reimbursements cannot be liquidated or exchanged for any other benefit, in accordance with Treas. Reg. Section 1.409A-3(i)(1)(iv) or any successor thereto. Furthermore, reimbursement payments shall be made to the Executive as promptly as practicable following the date that the applicable expense is incurred, but in any event not later than the last day of the calendar year following the calendar year in which the underlying fee, cost or expense is incurred.

c.Timing of Payments Following Execution of a Release. Any installments scheduled to be paid pursuant to Section 6(a)(i) during any sixty (60) day period following the date of the Executive’s separation from service shall be delayed until the release described in Section 6(h) becomes effective, provided that if such sixty (60) day period begins in one calendar year and ends in another calendar year, then such installments shall be paid in the later of such calendar years. Similarly, if the sixty (60) day period provided for in Section 6(b)(i) begins in one calendar year and ands in another calendar year, then such payment shall be made in the later of such calendar years.

8.Legal Fees. If it shall be necessary or desirable for the Executive to retain legal counsel or incur other costs and expenses in connection with enforcement of the Executive’s rights under this Agreement, the Company shall pay (or the Executive shall be entitled to recover from the Company, as the case may be) his/her reasonable attorneys’ fees and cost and expenses incurred prior to the tenth anniversary of the expiration of the Term in connection with enforcement of his/her rights (including the enforcement of any arbitration award in court), (a) if the action relates to the Executive’s employment with the Company or a Related Company during a period ending prior to a Change in Control, only if a final decision in connection with a material issue of the litigation (or arbitration) is issued in the Executive’s favor by an arbitrator or a court of competent jurisdiction, and (b) if the action relates to the Executive’s employment with the Company or a Related Company during a period following a Change in Control or during a period that both precedes and follows a Change in Control, regardless of the final outcome, unless, in the case of this clause (b), the arbitrator or court shall determine that under the circumstances recovery by the Executive of all or a part of any such fees and costs and expenses would be unjust.

9.Indemnification. The Executive shall be entitled to indemnification by the Company under the Indemnification Terms and Conditions described in Appendix III to this Agreement.

10.Excise Tax. If it is determined (by the reasonable computation by an independent accounting or consulting firm chosen by the Company (the “Firm”), which determination shall be certified by the Firm and set forth in a certificate delivered to the Executive) that the aggregate amount of the payments, distributions, benefits and entitlements of any type paid or provided to the Executive under the terms of this Agreement or under any other plan, program, policy, or other arrangement, either alone or in combination with other elements of compensation and benefits paid or provided to the Executive (including any payment, distribution, benefit or entitlement made by any person or entity effecting a Change in Control), in each case, that could be considered “parachute payments” within the meaning of Section 280G of the Code (such payments, the “Parachute Payments”) that, but for this Section 10 would be payable to the Executive, exceeds the greatest amount of Parachute Payments that could be paid to the Executive without giving rise to any liability for any excise tax imposed by Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law, or any interest or penalties with respect to such tax (such tax or taxes, together with any such interest or penalties, being hereafter collectively referred to as the “Excise Tax”), then the aggregate amount of Parachute Payments payable to the Executive shall not exceed the amount which produces the greatest after-tax benefit to the Executive after taking into account any Excise Tax to be payable by the Executive as determined by the Firm upon discussion with, and reasonable approval by, the Executive. For the avoidance of doubt, this provision will reduce the amount of Parachute Payments otherwise payable to the Executive, if doing so would place the Executive in a better net after-tax economic position as compared with not doing so (taking into account the Excise Tax payable in respect of such Parachute Payments). The Executive shall be permitted to provide to the Company written notice specifying which of the Parachute Payments will be subject to reduction or elimination; provided, however, that to the extent that the Executive’s ability to exercise such authority would cause any Parachute Payment to become subject to any Section 409A Tax, or if the Executive does not provide the Company with any such written notice, the Company shall reduce or eliminate the Parachute Payments by first reducing or eliminating the portion of the Parachute Payments that are payable in cash and then by reducing or eliminating the non-cash portion of the Parachute Payments, in each case in reverse order beginning with payments or benefits which are to be paid the furthest in time from the date of the Firm’s determination. Except as set forth in the preceding sentence, any notice given by the Executive pursuant to the preceding sentence shall take precedence over the provisions of any other plan, arrangement or agreement governing the Executive’s rights and entitlements to any benefits or compensation.

11.Wage Withholding and Reporting. All taxable payments, reimbursements, benefits, and other amounts payable or provided by the Company pursuant to this Agreement shall be subject to applicable wage withholding of Income Taxes and shall be reported on IRS Form W-2.

12.Dispute Resolution. Except as otherwise provided by Section 5(e) (Remedies) above, any controversy or claim arising out of or relating to this Agreement (or the breach thereof) shall be settled by arbitration in the City of Chicago in accordance with the laws of the State of Illinois by one arbitrator. The arbitrator shall be appointed pursuant to Rule 11 of the American Arbitration Association’s Commercial Arbitration Rules, amended and effective September 15, 2005. The arbitration shall be conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.

13.Termination Provisions. The Agreement may be terminated at any time by the Company upon six (6) month’s advance written notice to the Executive; provided, however, that if a Change in Control occurs prior to the expiration of the Term, the Term shall not terminate prior to the second (2nd) anniversary of the date on which the Change in Control occurs.

14.Company’s Reservation of Rights. The Company reserves the right to discontinue or modify its compensation, incentive, benefit, and perquisite plans, programs, and practices at any time and from time to time. Moreover, the brief summaries contained herein are subject to the terms of such plans, programs, and practices. For purposes of any and all employee benefit plans, the definition of compensation is as stated in

such plans. The severance benefits payable under Section 6 are in lieu of all other severance benefits which the Executive would otherwise be entitled to receive from the Company and any Related Company, except as may otherwise be provided in a written agreement specifically referencing this Section 14. The Executive acknowledges and agrees that the severance benefits to which the Executive may become entitled under this Agreement are in excess of those to which the Executive would be entitled to under the Company’s otherwise applicable severance pay plans, and that the Company is agreeing to provide such severance benefits in consideration for the Executive’s agreement to the terms and conditions of Section 5 of this Agreement.

15.Entire Agreement; Amendments. This Agreement represents the entire agreement between the Executive and the Company in respect of the subject matter contained herein and supersedes all prior agreements, promises, covenants, arrangements, communications, representations, or warranties, whether oral or written, by any officer, executive, or representative of any party hereto. Except as specifically provided in Section 7, no amendments or modifications to this Agreement may be made except in writing signed by the Company (as authorized by the Board or the Committee) and the Executive.

16.Survivorship. The respective rights and obligations of the parties hereunder shall survive the expiration of the Term and any termination of the Executive’s employment to the extent necessary to the intended preservation of such rights and obligations.

17.Notices. Any notice and all other communications provided for in this Agreement to be given to a party shall be in writing and shall be deemed to have been duly given when delivered in person or two (2) business days after being placed in the United States mails by certified or registered mail, postage prepaid, return receipt requested, duly addressed to the party concerned at the address indicated below or to such changed address as such party may subsequently furnish to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt:

If to the Company:

Brunswick Corporation

26125 N. Riverwoods Blvd., Ste. 500

Mettawa, IL 60045

Attn: Chief Human Resources Officer

with a copy to the Vice President, General Counsel and Corporate Secretary

If to the Executive:

at the last address filed with the Company

18.Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. If any provision of this Agreement shall be held invalid or unenforceable in part, the remaining portion of such provision, together with all other provisions of this Agreement, shall remain valid and enforceable and continue in full force and effect to the fullest extent consistent with law. In furtherance and not in limitation of the foregoing, should the duration or geographical extent of, or business activities covered by, any provision of this Agreement be in excess of that which is valid and enforceable under applicable law, then such provision shall be construed to cover only that duration, extent, or activities which may be validly enforced.

19.Headings. Headings to Sections hereof are for convenience of reference only and shall not be construed to alter or affect the meaning of any provision of this Agreement.

20.Injunctive Relief. If there is a breach or threatened breach of the provisions of this Agreement, the non-breaching party shall be entitled to an injunction restraining the breaching party from such breach. Nothing herein shall be construed as prohibiting either party from pursuing any other remedies for a breach or threatened breach of this Agreement.

21.No Assignment or Attachment. Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and of no effect; provided, however, that nothing in this Section 21 shall preclude the assumption of such rights by executors, administrators, or other legal representatives of the Executive or his estate and their assigning any rights hereunder to the person or persons entitled thereto; and provided further, however, that the Company may not assign this Agreement except in connection with an assignment or disposition of all or substantially all of the assets or stock of the Company or the division, subsidiary, or business unit for which the Executive is providing services under this Agreement or by law as a result of a merger or consolidation.

22.Successors, Assumption of Contract. This Agreement shall be binding upon and inure to the benefit of the Company and any successor of the Company. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no succession had taken place. As used in this Agreement, except for purposes of Section 5(a), the term “Company” shall mean the Company as hereinbefore defined and any successor of the Company and any permitted assignee to which this Agreement is assigned.

23.Work For Hire Acknowledgment; Assignment. The Executive acknowledges that all of the Executive’s work on and contributions to the Company’s products (the “Products”) including, without limitation, any and all patterns, designs, and other expressions in any tangible medium (collectively, the “Works”) are within the scope of the Executive’s employment and are a part of the services, duties, and responsibilities of the Executive. All of the Executive’s work on and contributions to the Works will be rendered and made by the Executive for, at the instigation of, and under the overall direction of, the Company, and all of the Executive’s said work and contributions, as well as the Works, are and at all times shall be regarded as “work made for hire” as that term is used in the United States copyright laws. Without curtailing or limiting this acknowledgment, the Executive hereby assigns, grants, and delivers exclusively to the Company, as to work on and contribution to the Products pursuant hereto, all rights, titles, and renewals. The Executive will execute and deliver to the Company, or its successors and assigns, such other and further assignments, instruments, and documents as it from time to time reasonably may request for the purpose of establishing, evidencing, and enforcing or defending its complete, exclusive, perpetual, and worldwide ownership of all rights, titles, and interests of every kind and nature whatsoever, including all copyrights, in and to the Works. The Executive hereby constitutes and appoints the Company as his agent and attorney-in-fact, with full power of substitution, to execute and deliver said assignments, instruments, or documents as the Executive may fail or refuse to execute and deliver, this power and agency being coupled with an interest and being irrevocable.

24.Governing Law. The validity, interpretation, construction, and performance of this Agreement shall be governed by the laws of the State of Illinois, without regard to its choice of laws provisions, for contracts made and to be performed wholly in such state; provided, however, the rights of the Executive to indemnification under Section 9 shall be governed by the laws of the State of Delaware.

25.Termination of Initial Agreement. From and after the Effective Date, this Agreement shall supersede any other employment agreement, severance agreement, indemnification agreement and change of control agreement between the parties.

26.Counterparts. This Agreement may be executed in counterparts, any one of which shall be deemed the original without reference to the others.

IN WITNESS THEREOF, the Executive and the Company have executed these TERMS AND CONDITIONS OF EMPLOYMENT as of the Effective Date.

Executive	Brunswick Corporation
By: [Executive]	By: Chief Executive Officer

Definitions.

1.“Annual Bonus” shall have the meaning set forth in Section 4(b) of this Agreement.

2.“Brunswick” shall mean the Company.

3.“Base Salary” shall have the meaning set forth in Section 4(a) of this Agreement.

4.“Benefits” shall have the meaning set forth in Section 6(a)(iv) of this Agreement.

5.“Board” shall mean the Board of Directors of the Company.

6.“BPP” shall have the meaning set forth in Section 4(b) of this Agreement.

7.“Business Relocation Beyond a Reasonable Commuting Distance” shall mean that, as a result of either a relocation of the Company or a reassignment of the Executive, a change occurs in the Executive’s principal work location to a location that (i) is more than fifty (50) highway miles from the Executive’s principal work location immediately prior to the relocation, and (ii) increases the Executive’s commuting distance in highway mileage.

8.“Cause” shall mean the Executive’s:

(a) Conviction of a crime, including by a plea of guilty or nolo contendere, involving theft, fraud, perjury, or moral turpitude;

(b) Intentional or grossly negligent disclosure of confidential or trade secret information of the Company or a Related Company to anyone not entitled to such information;

(c) Willful omission or dereliction of any statutory or common law duty of loyalty to the Company or a Related Company;

(d) A willful and material violation of the Company’s Code of Conduct or any other written Company policy; or

(e) Repeated failure to carry out the material components of the Executive’s duties despite specific written notice to do so by the Chief Executive Officer, other than any such failure as a result of incapacity due to physical or mental illness.

9.    “Change In Control” shall mean the happening of any of the following events:

(a)     Any individual, entity, or group (within the meaning of Sections 13(d)(3) or 14(d)(2) of the Exchange Act) (an “Entity”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of either (A) the outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”), or (B) the combined voting power of the outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); excluding, however, the following: (1) any acquisition by the Company or any subsidiary, (2) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by, or under common control with, the Company, (3) any acquisition by an underwriter temporarily holding such Outstanding Company Common Stock or Outstanding Company Voting Securities pursuant to an offering of such securities or (4) any acquisition by any corporation pursuant to a transaction which complies with clauses (A), (B), and (C) of paragraph (c) of this definition;

(b)    Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute a majority thereof; provided, however, that any individual becoming a director whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least 50% of the directors then comprising the Incumbent Board shall be considered as though such individual was a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the

election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of an Entity other than the Board;

(c)    Consummation of a transaction involving (i) a merger, reorganization or consolidation of the Company or any direct or indirect subsidiary of the Company, or (ii) a sale or other disposition of all or substantially all of the assets of the Company (each, a “Corporate Transaction”); excluding, however, such a Corporate Transaction pursuant to which (A) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than sixty percent (60%) of, respectively, the outstanding shares of common stock, and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation or other person which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) (each, a “Continuing Company”) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be (excluding any outstanding voting securities of the Continuing Company that such beneficial owners hold immediately following the consummation of the Corporate Transaction as a result of their ownership prior to such consummation of voting securities of any corporation or other entity involved in or forming part of the Continuing Company, other than the Company or one of its subsidiaries), (B) no Entity (other than the Company, any employee benefit plan (or related trust) of the Company, or the Continuing Company will beneficially own, directly or indirectly, twenty-five percent (25%) or more of, respectively, the outstanding shares of common stock of the Continuing Company or the combined voting power of the outstanding voting securities of the Continuing Company entitled to vote generally in the election of directors, unless such ownership resulted solely from ownership of securities of the Company prior to the Corporate Transaction, and (C) individuals who were members of the Incumbent Board will, immediately after the consummation of the Corporate Transaction, constitute at least a majority of the members of the board of directors of the Continuing Company; or

(d)    The approval by the stockholders of the Company of a complete liquidation or dissolution of the Company.

10.    “Chief Executive Officer” shall mean the chief executive officer of the Company.

11.    “COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.

12.    “Code” shall mean the Internal Revenue Code of 1986, as amended, and the regulations thereunder as in effect from time to time.

13.    “Committee” shall mean the Human Resources and Compensation Committee of the Board.

14.    “Company” shall mean Brunswick Corporation, a Delaware corporation.

15.    “Competitive Activity” shall have the meaning set forth in Section 5(a)(i) of this Agreement.

16.    “Confidential Information” shall have the meaning set forth in Section 5(b)(iii) of this Agreement.

17.    “Effective Date” shall have the meaning set forth in the Preamble of the Agreement.

18.    “Eligible Dependents” shall have the meaning set forth in Section 6(a)(iv) of this Agreement.

19.    “Equity Incentives” shall have the meaning set forth in Section 6(a)(iii) of this Agreement.

20.    “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

21.    “Excise Tax” shall have the meaning set forth in Section 10 of this Agreement.

22.    “Executive” shall mean the individual identified in the Preamble to this Agreement.

23.    “Firm” shall have the meaning set forth in Section 10 of this Agreement.

24.    “Good Reason” shall mean the occurrence of any of the following events without the Executive’s express     written consent:

(a)    A material breach by the Company of any provision of this Agreement including, without limitation, the Company’s failure to pay any portion of Executive’s compensation when due or to include Executive in any bonus or incentive plan that applies to similarly situated senior executives of the Company;

(b)    The Company’s failure to provide, or continue to provide, Executive with either the perquisites or employee health and welfare benefits (including, without limitation, life insurance, medical, dental, vision, long-term disability and similar benefits), generally provided to similarly situated senior executives of the Company;

(c)    A Reduction in Authority or Responsibility of the Executive;

(d)     A Reduction in Compensation;

(e)    A Business Relocation Beyond a Reasonable Commuting Distance; and

(f)    Following a Change in Control, the Company’s failure to obtain a satisfactory agreement from any successor to assume and agree to abide by terms of this Agreement.

Whether a Reduction in Authority or Responsibility of the Executive has occurred shall be determined in accordance with the criteria set forth below in the definition of Reduction in Authority or Responsibility; provided, however, that (A) a change in the Executive’s reporting relationship to another executive who is within the same reporting level (as that term is used in the Company’s Delegation of Authority Policy or any successor policy); or (B) a reduction in the Executive’s business unit’s budget or a reduction in the Executive’s business unit’s head count or number of direct reports, by themselves, shall not constitute Good Reason.

25.    “Income Taxes” shall mean any tax on personal income (including any employment and payroll tax) that is levied by the federal government of the United States or any by any state or local government within the United States or any foreign government.

26.    “Incentive Plan” shall have the meaning set forth in Section 4(c) of this Agreement.

27.    “IRS” shall mean the Internal Revenue Service.

28.    “Long-Term Disability” shall mean the Executive’s mental or physical condition which would render the Executive eligible to receive disability benefits under the Company’s long-term disability plan then in effect.

29.    “Parachute Payments” shall have the meaning set forth in Section 10 of this Agreement.

30.    “Proceeding” shall have the meaning set forth in Section 5(c) of this Agreement.

31.    “Products” shall have the meaning set forth in Section 24 of this Agreement.

32.    “Reduction in Authority or Responsibility” shall mean, during the Term, (i) the assignment to the Executive, during the two-year period after a Change in Control, of any duties that are materially inconsistent in any respect with the Executive’s position (which may include status, offices, titles, and reporting requirements), authority, duties, or responsibilities as in effect immediately prior to such assignment, or (ii) prior to a Change in Control or after the second anniversary of a Change in Control, a material diminution in the Executive’s authority, duties, or responsibilities, excluding for this purpose (A) an isolated, insubstantial, and inadvertent action taken in

good faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive, or (B) any temporary Reduction in Authority or Responsibility while the Executive is absent from active service on any approved disability, or other approved leave of absence.

It is intended by this definition that a Change in Control by itself, absent a Reduction in Authority or Responsibility as described above, will not constitute Good Reason.

33.    “Reduction in Compensation” shall mean (A) if within two (2) years following a Change in Control, (i) a reduction in the Executive’s “Total Annual Compensation” (defined as the sum of the Executive’s Base Salary and Target Annual Bonus) for any calendar or fiscal year, as applicable, to an amount that is less than the Executive’s Total Annual Compensation in effect immediately prior to such reduction (“Compensation Reduction”), (ii) the elimination of any Company incentive compensation plan in which Executive is a participant (including, without limitation, BPP and the Incentive Plan) without the adoption of a substantially comparable replacement plan (“Compensation Plan Elimination”), or (iii) the failure to provide the Executive with equity compensation opportunities or long-term cash incentive compensation opportunities that have a value that is substantially comparable to the value of the equity compensation opportunities provided to the Executive immediately prior to the Change in Control; or (B) if other than within two (2) years following a Change in Control, a Compensation Reduction, a Compensation Plan Elimination or a reduction in equity compensation opportunities that is not applicable to all similarly situated senior executives of the Company.

34.    “Related Company” shall mean any subsidiary or affiliate of the Company.

35.    “Released Parties” shall have the meaning set forth in Section 6(h) of this Agreement.

36.    “Section 409A Tax” shall have the meaning set forth in Section 7 of this Agreement.

37.    “Section 409A Tax Adjustment Payment” shall have the meaning set forth in Section 7 of this Agreement.

38.    “Target Annual Bonus” shall have the meaning set forth in Section 4(b) of this Agreement.

39.    “Term” shall have the meaning set forth in Section 3 of this Agreement.

40.    “Total Change in Control Payment” shall have the meaning set forth in Section 6(b)(i) of this Agreement.

41.    “Total Severance Payment” shall have the meaning set forth in Section 6(a)(i) of this Agreement.

42.    “Works” shall have the meaning set forth in Section 24 of this Agreement.

GENERAL RELEASE

1. I, [Name], for and in consideration of certain payments to be made and the benefits to be provided to me under the Terms and Conditions of Employment, dated [Date], (the “Agreement”) with Brunswick Corporation (the “Company”), and conditioned upon such payments and provisions, do hereby knowingly and voluntarily REMISE, RELEASE, AND FOREVER DISCHARGE the Company and each of its part, present and future subsidiaries and affiliates, their past, present and future officers, directors, shareholders, partners, distributees, owners, trustees, representatives, employees and agents, their respective successors and assigns, heirs, executors and administrators (hereinafter collectively included within the term the “Company”), acting in any capacity whatsoever, of and from any and all manner of actions and causes of action, suits, debts, claims, charges, complaints, grievances, liabilities, obligations, promises, agreements, controversies, damages, demands, rights, costs, losses, debts and expenses of any nature whatsoever, in law or in equity, which I ever had, now have, or hereafter may have, or which my heirs, executors or administrators hereafter may have, by reason of any matter, cause or thing whatsoever from the beginning of my employment with Brunswick Corporation, to the date of these presents arising from or relating in any way to my employment relationship, and the terms, conditions and benefits payments resulting therefrom, and the termination of my employment relationship with Brunswick Corporation, including but not limited to, any claims which have been asserted, could have been asserted, or could be asserted now or in the future under any federal, state or local law, statute, rule, ordinance, regulation, or the common law, including, but not limited to, claims or rights arising under the Age Discrimination in Employment Act, 29 U.S.C. § 621 etseq., as amended, the Americans With Disabilities Act, 42 U.S.C. 12101 etseq., Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e etseq., as amended, any contracts between the Company and me and my common law claims now or hereafter recognized and all claims for counsel fees and costs; provided, however, that this General Release shall not apply to (i) any entitlements under the terms of the Agreement; (ii) my right to be indemnified by the Company, pursuant to the bylaws of the Company, for any liability, cost or expense for which I would have been indemnified for actions taken on behalf of the Company during the term and within the scope of my employment by the Company; or (iii) any right I may have to challenge that I entered into this General Release knowingly and voluntarily.

2. Subject to the limitations of paragraph 1 above, I expressly waive all rights afforded by any statute which expressly limits the effect of a release with respect to unknown claims. I understand the significance of this release of unknown claims and the waiver of statutory protection against a release of unknown claims.

3. I agree and covenant that neither I, nor any person, organization, or other entity acting on my behalf, has filed in any forum a charge, claim, suit, or cause of action against the Company or its subsidiaries or affiliates relating in any way to my employment relationship with the Company, or the termination thereof. I further agree and acknowledge that the separation pay and benefits the Company is providing to me pursuant to the Agreement shall be the sole relief provided to me for the claims that are released by me in this General Release and that I will not be entitled to recover and agree to waive any monetary benefits or recovery against the Company or its subsidiaries or affiliates in connection with any proceeding, claim, or charge without regard to who has brought such proceeding, claim, or charge.

4. I hereby agree and recognize that my employment by the Company was permanently and irrevocably severed on _______________, and the Company has no obligation, contractual or otherwise to me to hire, rehire or re-employ me in the future. I acknowledge that the terms of the Agreement provide me with payments and benefits which are in addition to any amounts to which I otherwise would have been entitled.

5. I hereby agree and acknowledge that the payments and benefits provided by the Company are to bring about an amicable resolution of my employment arrangements and are not to be construed as an admission of any violation of any federal, state or local law, statute, rule, ordinance, regulation or the common law, or of any duty owed by the Company and that the Agreement and this General Release are made voluntarily to provide an amicable resolution of my employment relationship with the Company and the termination of the Agreement.

6. I hereby certify that I have read the terms of this General Release, that I have been advised by the Company to discuss it with my attorney, and that I understand its terms and effects. I acknowledge, further, that I am executing this General Release of my own volition with a full understanding of its terms and effects and with the intention of releasing all claims recited herein in exchange for the consideration described in the Agreement, which I

acknowledge is adequate and satisfactory to me. None of the above-named parties, nor their agents, representatives, or attorneys have made any representations to me concerning the terms or effects of this General Release other than those contained herein.

7. I hereby acknowledge that I have been informed that I have the right to consider this General Release for a period of 21 days prior to execution. I also understand that I have the right to revoke this General Release for a period of seven days following execution by giving written notice to the Company at 26125 N. Riverwoods Blvd., Suite 500, Mettawa, IL 60045, Attention: Vice President, General Counsel and Secretary.

8. I hereby acknowledge that the provisions of Section 5 of the Agreement shall continue in full force and effect for the balance of the time periods provided therein and that I will abide by and fully perform such obligations.

Intending to be legally bound hereby, I execute the foregoing General Release this _____ day of ________________, 20___.

[Name]

INDEMNIFICATION TERMS AND CONDITIONS

Brunswick Corporation (the “Corporation”) shall indemnify Executive (hereinafter, “Indemnitee”) against expenses and costs incurred by Indemnitee in connection with any claims, suits or proceedings arising from his/her service to the Corporation, to the fullest extent that is lawful in accordance with the following terms and conditions:

1. Acts and Omissions Covered By This Agreement. The Corporation’s agreement to indemnify Indemnitee (“Agreement”) shall cover any act or omission by an Indemnitee which (i) occurs or is alleged to have occurred by reason of his/her being or having been an officer or a director, (ii) occurs or is alleged to have occurred before, during or after the time when the Indemnitee served as an officer or a director and (iii) gives rise to, or is the direct or indirect subject of a claim in any threatened, pending or completed action, suit or proceeding at any time or times whether during or after his/her service as an officer or director.

2. Indemnity.

(a) The Corporation hereby agrees to indemnify, and keep indemnified in accordance with, and to the fullest extent permitted by the Corporation’s charter and that is lawful, and regardless of any by-law provision to the contrary, Indemnitee, from and against any expenses (including attorney’s fees), judgments, fines, taxes, penalties and amounts paid in settlement actually and reasonably incurred by Indemnitee in connection with any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was an officer or a director of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise and whether or not such action is by or in the right of the Corporation or that other corporation, partnership, joint venture, trust or other enterprise with respect to which the Indemnitee serves or has served.

(b) Despite anything to the contrary in subsection (a), the Corporation agrees to indemnify Indemnitee in a suit or proceeding initiated by the Indemnitee only if the Indemnitee acted with the authorization of the Corporation in initiating that suit or proceeding. However, an arbitration proceeding brought under Section 8 shall not be subject to this subsection (b).

(c) Except as set forth in Section 5 (Advancement of Expenses), the specific amounts that were actually and reasonably incurred shall be indemnified by the Corporation in the amount submitted by the Indemnitee unless the Board of Directors (the “Board”) determines that the request is unreasonable or unlawful. If the Board so determines and the Board and the Indemnitee cannot agree, any disagreement they have shall be resolved by a decision of the arbitrator in an arbitration proceeding pursuant to Section 8. For purposes of this Agreement, references to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to “serving at the request of the Corporation” shall include any service as a director, officer, employee or agent of the corporation which imposes duties on, or involves services by, such director, officer, employee, or agent with respect to an employee benefit plan, its participants, or beneficiaries.

(d) Any indemnification payments made to the Indemnitee shall be made in a manner that does not cause such payments to constitute deferred compensation under Treas. Reg. 1.409A-1(b)(10) and any successor thereto.

3. Burden of Proof. Indemnitee shall be presumed to be entitled to indemnification for any act or omission covered in Section 1 of this Agreement. The burden of proof of establishing that Indemnitee is not entitled

to indemnification because of the failure to fulfill some requirement of Delaware law, the Corporation’s charter, by-laws, or this Agreement shall be on the Corporation.

4. Notice by Indemnitee. Indemnitee shall notify the Corporation in writing of any matter with respect to which Indemnitee intends to seek indemnification hereunder as soon as reasonably practicable following the receipt by Indemnitee of written threat thereof; provided, however, that failure to so notify the Corporation shall not constitute a waiver by Indemnitee of his/her rights hereunder.

5. Advancement of Expenses. In the event of any action, suit or proceeding against Indemnitee which may give rise to a right of indemnification from the Corporation pursuant to this Agreement, following written request to the Corporation by the Indemnitee, the Corporation shall advance to Indemnitee amounts to cover expenses incurred by Indemnitee in defending the action, suit or proceeding in advance of final disposition upon receipt of (i) an undertaking by or on behalf of the Indemnitee to repay the amount advanced if it shall be ultimately determined in accordance with Section 3 of this Agreement that he is not entitled to indemnification by the Corporation, and (ii) satisfactory evidence as to the amount of such expenses. Indemnitee’s written certification together with a copy of the statement paid or to be paid by Indemnitee shall constitute satisfactory evidence unless determined to the contrary in an arbitration proceeding conducted pursuant to Section 8 of this Agreement.

6. Non-Exclusivity of Right of Indemnification. The indemnification rights granted to Indemnitee under this Agreement shall not be deemed exclusive of, or in limitation of, any rights to which Indemnitee may be entitled under Delaware law, the Corporation’s charter or By-laws, any other agreement, vote of stockholders or directors or otherwise.

7. Termination of Agreement and Survival of Right of Indemnification.

(a) Subject to subparagraph (b) of this section, this Agreement shall terminate when the Indemnitee’s term of office as an officer or a director ends.

(b) The rights granted to Indemnitee hereunder shall continue after termination as provided in Section 1 and shall inure to the benefit of Indemnitee, his/her personal representative, heirs, executors, administrators and beneficiaries, and this Agreement shall be binding upon the Corporation, its successors and assigns.

8. Arbitration of all Disputes Concerning Entitlement. Any controversy or claim arising out of or relating to this Agreement including, without limitation, the Indemnitee’s entitlement to indemnification under this Agreement, shall be settled by arbitration in the City of Chicago administered by the American Arbitration Association in accordance with its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Interest on any judgment shall be assessed at a rate or rates the arbitrator considers just under the circumstances. If it is necessary or desirable for the Indemnitee to retain legal counsel or incur other costs and expenses in connection with enforcement of his/her rights under this Agreement, the Corporation shall pay his/her reasonable attorneys’ fees and costs and expenses incurred prior to the

tenth anniversary of the expiration of the “Term” (as defined in the Terms and Conditions of Employment agreement between the Corporation and the Indemnitee, dated as of [date], 20___, in connection with enforcement of his/her rights (including the enforcement of any arbitration award in court), regardless of the final outcome, unless the arbitrator determines that under the circumstances recovery by the Indemnitee of all or a part of any such fees and costs and expenses would be unjust.

9. Governing Law. The Corporation’s obligations to indemnify Indemnitee under these terms and conditions shall be governed by and interpreted in accordance with the laws of the State of Delaware without regard to its choice of law provisions.

10. Severability. If any provision of this Agreement is determined to be invalid or unenforceable, this invalidity or unenforceability shall not affect the validity or enforceability of any other provisions of this Agreement, and this Agreement shall be interpreted as though the invalid or unenforceable provision was not part of this Agreement.

[1] This form of Brunswick Corporation Terms and Conditions of Employment replaces the prior form on file. David M. Foulkes’ Terms and Conditions of Employment agreement is filed separately.

[2] Annual base salaries for named executive officers (other than the CEO) as reflected in their Terms and Conditions of Employment agreements are as follows: Ryan M. Gwillim, $325,000; Aine Denari, $435,000; Brenna Preisser, $350,000; Christopher F. Dekker, $400,000.

[3]Of the named executive officers, Messrs. Gwillim, Denari, Dekker, and Ms. Preisser’s read “two (2).”

[4] Of the named executive officers, Messrs. Gwillim, Denari, Dekker, and Ms. Preisser’s read “second.”

EX-10.11

2024 Brunswick Performance Plan (BPP)                            Exhibit 10.11

Summary Terms and Conditions

Purpose	Reward achievement of annual goals
Eligibility	Officers of the Company as approved by the Board of Directors
Performance Period	2024 fiscal year
Performance Measures	Bonuses based 100% on achievement against the following financial measures as of the end of the performance period. •For Enterprise-level and Business Acceleration Officers, ◦75% based on Earnings Per Share (“EPS” (ex. items)), and ◦25% based on overall Brunswick Free Cash Flow (“FCF”), •For Presidents of Mercury, Navico Group and Boat Group, ◦50% based on EPS (ex. items), ◦25% based on overall Brunswick FCF, and for the following: ▪President, Mercury Marine •25% Mercury Earnings Before Interest and Taxes (“EBIT”) ▪President, Navico Group •25% Navico Group EBIT ▪President, Boat Group •25% Boat Group EBIT FCF is consistent with external reporting definition. FCF, EPS (ex. items) and EBIT (ex. items) from continuing operations results for the year will be adjusted for: •    Restructuring, exit, integration, and impairment costs (including debt issuance and extinguishment costs) and associated savings - variance from budget; •    Acquisition/sale of “strategic” assets (e.g., transformational or material acquisitions) not contemplated in the budget; •    Impact of any “unusual in nature” or “infrequently occurring” charges or impacts related to changes in accounting principles; •    Impact of unplanned financing arrangements (including debt issuance, off-balance sheet leasing and factoring); •    Cash taxes – variance from budget; •    Impact of change in tax law or statutory rates – variance from budget; and •    Unusual tax items (i.e., FIN 48, Discrete Tax Items, Valuation Allowance Reversals, etc.). Performance results may be adjusted, as appropriate, for extraordinary or unanticipated items. The Committee will determine the applicable performance goals and the bonuses payable upon attainment of such goals, which determinations shall be conclusive and binding on all interested parties. Notwithstanding the above, no award shall be payable unless the blended performance metrics above are attained at a level that is at least 25% of the Enterprise-wide target payout level, as certified by the Committee.

2024 Brunswick Performance Plan (BPP)                            Exhibit 10.11

Summary Terms and Conditions

Funding Review and Approval	The following steps will be taken to review and approve funding: •CFO will review performance to evaluate required accruals; •CEO will review performance at end of performance period and recommend bonuses to the Committee as appropriate; and •The Committee will review and approve bonuses as deemed appropriate.
Individual Awards	Individual awards will be determined on a discretionary basis using overall approved funding, evaluation of individual performance for the performance period, target incentives as a percentage of salary and covered salary (actual paid for year). In no case shall an award exceed 200% of an individual’s target incentive opportunity. Individuals must be employed at the end of the performance period to be eligible for an award, with ultimate payout at the discretion of the Committee. Those employees whose employment terminates due to death, permanent and total disability, or as a result of restructuring activities or plant shutdown will be eligible to receive individual awards solely at the discretion of the CEO and Executive Vice President and Chief Human Resources Officer. In addition, if an employee retires later than June 30th of the performance period and after either the sum of the employee’s age and years of continuous service from his or her latest hire date equals 70 or more or the employee’s age is 62 or more, provided that for purposes of age 62, participant must have at least 3 years of continuous service from their latest hire date, then, subject to prior approval by the Executive Vice President and Chief Human Resources Officer or, in the case of the Corporation’s executive officers, the Committee, in its sole discretion, such employee may be eligible for a prorated payout, based on the number of days of employment in the performance period completed prior to the date of retirement. Any awards payable in the event of termination due to death, permanent disability, as a result of restructuring activities or plant shutdown, or retirement shall be subject to the achievement of the applicable performance conditions and shall be paid as specified under “Timing and Form of Award Payments.”
Timing and Form of Award Payments	In 2025, after financial results are confirmed and appropriate approvals are obtained; provided, however, that any such award shall be paid to U.S.-based employees (including any U.S.-based former employees who are eligible for payment following their termination of employment as described under “Individual Awards” above) by no later than March 15, 2025. Payment may be made in cash, shares of Brunswick common stock granted under the Brunswick Corporation 2023 Stock Incentive Plan, a combination of cash or stock, or an alternate form of equity, as determined by the Committee. All amounts payable under the BPP shall be subject to all applicable taxes and withholdings.

2024 Brunswick Performance Plan (BPP)                            Exhibit 10.11

Summary Terms and Conditions

Claw Back

The Committee will evaluate the facts and circumstances of any restatement of earnings due to fraud or intentional misconduct that results in material noncompliance with any financial reporting requirement and, in its sole discretion, may require the repayment of all or a portion of bonus awards from individual(s) responsible for the restatement and others assigned to salary grade 21 and above, including senior executives, as deemed appropriate by the Committee. In addition, bonus awards shall be subject to forfeiture, recovery by Brunswick or other action pursuant to any other clawback or recoupment policy which Brunswick may adopt from time to time, including without limitation the Brunswick Corporation Compensation Recoupment Policy.

Additional Terms & Conditions

Payment of any bonus is in the sole discretion of the Committee. The Committee of the Board administers this plan. The Committee may interpret this plan, and adopt, amend and rescind administrative guidelines and other rules with respect to this plan as deemed appropriate. The Committee may modify, revise, discontinue, cancel or terminate this plan or any payments associated with this plan at any time, without notice. The BPP will be governed by the laws of the State of Illinois, without regard to the conflict of law provisions of any jurisdiction. To the extent permitted by applicable law, Brunswick shall have the right to offset from any amount distributable hereunder any amount that the employee owes to Brunswick or any affiliate thereof without the consent of the employee (or his or her beneficiary, in the event of the employee’s death).                                                                                                                                                        The opportunity to receive a bonus hereunder does not guarantee any person the right to or expectation of any future bonus opportunities under the BPP or any future incentive plan adopted by Brunswick.

Nothing contained in these materials constitutes or is intended to create a promise of an individual incentive award or a contract of continued employment.Employment is at-will and may be terminated by either the employee or Brunswick for any reason at any time.

EX-10.12

2024 Performance Share Grant Terms and Conditions                        Exhibit 10.12

Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the “Plan”)

Purpose	To provide incentives to (i) support the execution of Brunswick Corporation’s business strategies and (ii) more closely align the interests of the award recipient with those of Brunswick Corporation’s stockholders. Any capitalized terms used but not defined herein shall have the meaning given to such terms in the Plan.
Grant Date	__________, 2024
Performance Shares	Shares of Brunswick Corporation (“Brunswick”) common stock (“Common Stock”) where the number of shares of Common Stock delivered is based on attainment of Performance Criteria set forth herein. Shares of Common Stock subject to this Grant shall be referred to herein as “Performance Shares.”
Target Award	[_______] is the target number of Performance Shares with respect to which the Performance Criteria set forth below shall apply.
Performance Period	For purposes of these Terms and Conditions, “Performance Period” shall mean the three-year performance period commencing January 1, 2024 and ending December 31, 2026.
Performance Criteria	•    CFROI: 75% of the Performance Shares shall be earned, if at all, based on the three-year average of Brunswick’s annual CFROI, as defined in Appendix A attached hereto, with payout between 0% and 200% of such percentage of the target number of Performance Shares, based solely on CFROI performance over the Performance Period, as set forth in Appendix A attached hereto. •    Operating Margin: 25% of the Performance Shares shall be earned, if at all, based on the three-year average of Brunswick’s annual Operating Margin, as defined in Appendix A attached hereto, with payout between 0% and 200% of such percentage of the target number of Performance Shares, based solely on Operating Margin performance over the Performance Period, as set forth in Appendix A attached hereto.
Performance Criteria, Continued	•    TSR Modifier: Performance Shares calculated based on CFROI and Operating Margin performance (the “CFROI/OM Earned Award”) shall be subject to a +/- 20% modifier for Brunswick’s TSR Performance against TSR Comparator Group. o    If Brunswick’s TSR Performance is equal to or below the 25th percentile of the TSR Performance of the TSR Comparator Group over the Performance Period, then the CFROI/OM Earned Award shall be reduced by 20%. o    If Brunswick’s TSR Performance is equal to or greater than the 75th percentile of the TSR Performance of the TSR Comparator Group over the Performance Period, then the CFROI/OM Earned Award shall be increased by 20%; provided that in no event shall the number of Performance Shares that become payable exceed 200% of the target number of Performance Shares. o    The CFROI/OM Earned Award shall not be modified for Brunswick’s TSR Performance between the 25th and 75th percentile of the TSR Performance of the TSR Comparator Group over the Performance Period. o    See Appendix A attached hereto for the definitions of “TSR Performance” and “TSR Comparator Group.” •    Notwithstanding the level of performance achieved, the number of shares of Common Stock delivered pursuant to the “Timing of Distribution” discussed below shall not exceed the number of shares having a Fair Market Value, as of the date of distribution, equal to 400% of the target dollar value of the award as of the Grant Date, as set forth in the award notice given to the Grantee in connection with the award.

2024 Performance Share Grant Terms and Conditions                        Exhibit 10.12

Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the “Plan”)

Vesting Upon Death, Permanent Disability or Retirement (as defined below)	•In the case of a termination of employment (other than for Cause (as defined below)) on or after the first anniversary of the beginning of the Performance Period and prior to a Change in Control due to (i) death, (ii) Permanent Disability (as defined below) or (iii) Retirement (as defined below), then the Grantee or his or her estate or personal representative shall receive the award, calculated as if the Grantee had remained employed throughout the entire Performance Period and based on actual CFROI, Operating Margin and TSR Performance. The Performance Shares shall be distributed to the Grantee in accordance with the terms of this award under “Timing of Distribution. •In the case of a termination of employment (other than for Cause) prior to the first anniversary of the beginning of the Performance Period and prior to a Change in Control due to (i) death, (ii) Permanent Disability or (iii) Retirement, a pro-rata portion of the award will be distributed to the Grantee or his or her estate or personal representative in accordance with the terms of this award under “Timing of Distribution.” For purposes of the foregoing sentence, a “pro-rata portion” will mean the product of (x) the number of Performance Shares that would otherwise be paid out at the end of the Performance Period based on actual CFROI, Operating Margin and TSR Performance and (y) a fraction, the numerator of which is the number of days that have elapsed since the beginning of the Performance Period through the date of termination of the Grantee’s employment, and the denominator of which is 365. All remaining Performance Shares shall be forfeited. •The Performance Shares shall be forfeited in their entirety upon any termination for Cause, even if the Grantee would otherwise be eligible for Retirement.
Prorated Vesting Upon Involuntary Termination Without Cause	•If the Grantee’s employment is terminated by Brunswick for a reason other than Cause or Permanent Disability, and the Grantee is not eligible for Retirement, then a pro-rata portion of the award will be vested as of the date of such termination of employment and will be distributed following the end of the Performance Period, subject to certification in writing of Brunswick’s attainment of the Performance Criteria, as described under “Timing of Distribution.” For purposes of the foregoing sentence, a “pro-rata portion” will mean the product of (x) the number of Performance Shares that would otherwise be paid out at the end of the Performance Period based on actual CFROI, Operating Margin and TSR Performance and (y) a fraction, the numerator of which is the number of days that have elapsed since the beginning of the Performance Period through the date of termination of the Grantee’s employment, and the denominator of which is 1,095. All remaining Performance Shares shall be forfeited.
Other Terminations of Employment	•The Performance Shares shall be forfeited in their entirety in the event the Grantee’s employment terminates prior to the end of the Performance Period and prior to a Change in Control for a reason other than death, Permanent Disability (as defined below), Retirement or a termination by Brunswick for a reason other than Cause.

2024 Performance Share Grant Terms and Conditions                        Exhibit 10.12

Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the “Plan”)

Change in Control •    In the event of a Change in Control prior to the end of the Performance Period, the Performance Criteria shall be deemed to be achieved at target (and the remainder of the award shall be forfeited) and: o    If the award is effectively assumed or continued by the surviving or acquiring corporation and the Grantee remains continuously employed through the last day of the Performance Period, then the Performance Shares shall be distributed to Grantee in accordance with the terms of the award under “Timing of Distribution,” provided that:     In the event of Grantee’s termination of employment (other than for Cause) (i) due to death or Permanent Disability, (ii) Retirement, or (iii) by Brunswick without Cause or by the Grantee for Good Reason (as defined below), the vested portion of the award shall be distributed to the Grantee or his or her estate or personal representative within thirty (30) days following Grantee’s death or termination of employment (or, in the case of termination due to death, Permanent Disability or Retirement that had occurred prior to the Change in Control, within 30 days following the Change in Control to the extent permitted by Internal Revenue Code Section 409A); provided, however, that if the award is considered “nonqualified deferred compensation” and (x) the Change in Control was not a “change in control event” within the meaning of Internal Revenue Code Section 409A or (y) the termination of employment occurred more than two years following the occurrence of such “change in control event,” then the vested portion of the award shall be distributed to Grantee in accordance with the terms of this award under “Timing of Distribution.” o    If the award is not effectively assumed or continued by the surviving or acquiring corporation, then the vested portion of the award shall be distributed within thirty (30) days of such Change in Control; provided, however, if the award is considered “nonqualified deferred compensation” within the meaning of Internal Revenue Code Section 409A with respect to the Grantee and the Change in Control was not a “change in control event” within the meaning of Internal Revenue Code Section 409A or to the extent distribution would be impermissible under Internal Revenue Code Section 409A, then the vested portion of the award shall be distributed to Grantee in accordance with the terms of this award under “Timing of Distribution.” •    Determinations as to whether the award has been effectively assumed or continued by the surviving or acquiring corporation shall be made by the Human Resources and Compensation Committee, as constituted prior to the Change in Control. •    The Performance Shares shall be forfeited in their entirety upon any termination for Cause, even if the Grantee would otherwise be eligible for Retirement.

2024 Performance Share Grant Terms and Conditions                        Exhibit 10.12

Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the “Plan”)

Timing of Distribution Except as otherwise provided for herein, shares of Common Stock shall be delivered to the Grantee in settlement of the award within 60 days after the end of the Performance Period, subject to certification in writing of Brunswick’s attainment of the Performance Criteria.
If Grantee is a “specified employee” (as such term is defined under Internal Revenue Code Section 409A) as of the date of Grantee’s “separation from service” (as such term is defined under Internal Revenue Code Section 409A), then to the extent any amount to be distributed in connection with the settlement of the award is payable upon the Grantee’s “separation from service” and constitutes the payment of nonqualified deferred compensation, within the meaning of Internal Revenue Code Section 409A, the distribution will not be made before six (6) months after separation from service (or, if earlier, death).
In all cases, fractional shares shall be rounded down to the nearest whole share.

Tax Withholding	Tax withholding liability (to meet required FICA, Federal, state, and local withholding) must be paid via share reduction upon distribution.
Form of Distribution	Shares will be credited to an account established for the benefit of the Grantee with the Company’s administrative agent.
Definitions	“Cause” shall mean the Grantee’s: a)    conviction of a crime, including by a plea of guilty or nolo contendere, involving theft, fraud, perjury, or moral turpitude; b)    intentional or grossly negligent disclosure of confidential or trade secret information of the Company or a Related Company to anyone not entitled to such information; c)    willful omission or dereliction of any statutory or common law duty of loyalty to the Company or a Related Company; d)    a willful and material violation of the Company’s Code of Conduct or any other written Company policy; or e)    repeated failure to carry out the material components of the Grantee’s duties despite specific written notice to do so by the Chief Executive Officer, other than any such failure as a result of incapacity due to physical or mental illness.

2024 Performance Share Grant Terms and Conditions                        Exhibit 10.12

Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the “Plan”)

Definitions, Continued “Good Reason” shall have the meaning set forth in the employment agreement, if any, between the Grantee and Brunswick as in effect on the Grant Date, provided that if the Grantee is not a party to an employment agreement that contains such definition, then Good Reason means the occurrence of any of the following events without the Grantee’s express written consent: (a) a material breach by Brunswick of any provision of this agreement; (b) Brunswick’s failure to pay any portion of Grantee’s compensation when due or to include Grantee in any bonus or incentive plan that applies to similarly situated employees of Brunswick; (c) Brunswick’s failure to provide, or continue to provide, Grantee with either the perquisites or employee health and welfare benefits (including, without limitation, life insurance, medical, dental, vision, long-term disability and similar benefits), generally provided to similarly situated employees of Brunswick; (d) a Reduction in Authority or Responsibility of the Grantee (as defined below); (e) a Reduction in Compensation (as defined below); or (f) a Business Relocation Beyond a Reasonable Commuting Distance (as defined below; provided, however, that the occurrence of any such condition shall not constitute Good Reason unless (x) the Grantee provides written notice to Brunswick of the existence of such condition not later than sixty (60) days after the Grantee knows or reasonably should know of the existence of such condition, (y) Brunswick fails to remedy such condition within thirty (30) days after receipt of such notice and (z) Grantee resigns due to the existence of such condition within sixty (60) days after the expiration of the remedial period described in clause (y) hereof. •    Whether a Reduction in Authority or Responsibility of the Grantee has occurred shall be determined in accordance with the criteria set forth below in the definition of Reduction in Authority or Responsibility; provided, however, that (A) a change in the Grantee’s reporting relationship to another employee who is within the same reporting level (as that term is used in Brunswick’s Delegation of Authority Policy or any successor policy); or (B) a reduction in the Grantee’s business unit’s budget or a reduction in the Grantee’s business unit’s head count or number of direct reports, by themselves, shall not constitute Good Reason. •    “Reduction in Authority or Responsibility” shall mean the assignment to the Grantee of any duties that are materially inconsistent in any respect with the Grantee’s position (which may include status, offices, titles, and reporting requirements), authority, duties, or responsibilities as in effect immediately prior to such assignment. It is intended by this definition that a Change in Control by itself, absent a Reduction in Authority or Responsibility as described above, will not constitute Good Reason. •    “Reduction in Compensation” shall mean (i) a reduction in the Grantee’s total annual compensation (defined as the sum of the Grantee’s base salary and target annual bonus) for any calendar or fiscal year, as applicable, to an amount that is less than the Grantee’s total annual compensation in effect immediately prior to such reduction, (ii) the elimination of any Brunswick incentive compensation plan in which Grantee is a participant without the adoption of a substantially comparable replacement plan, or (iii) the failure to provide the Grantee with equity compensation opportunities or long-term cash incentive compensation opportunities that have a value that is substantially comparable to the value of the equity compensation opportunities provided to the Grantee immediately prior to the Change in Control.

2024 Performance Share Grant Terms and Conditions                        Exhibit 10.12

Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the “Plan”)

Definitions, Continued

•    “Business Relocation Beyond a Reasonable Commuting Distance” shall mean that, as a result of either a relocation of Brunswick or a reassignment of the Grantee, a change occurs in the Grantee’s principal work location to a location that (i) is more than fifty (50) highway miles from the Grantee’s principal work location immediately prior to the relocation, and (ii) increases the Grantee’s commuting distance in highway mileage. “Permanent Disability” means the Grantee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months. “Retirement” shall mean that the Grantee’s employment terminates for a reason other than Cause on or after the date on which either (i) the Grantee has either attained age 62, provided that for purposes of age 62, the participant must have at least three years of continuous service from his or her latest hire date or (ii) the sum of the Grantee’s age plus years of continuous service from his or her latest hire date equals seventy (70) or more. Notwithstanding anything to the contrary in these terms and conditions, for purposes of applying the favorable Retirement vesting terms set forth herein to grants made to residents of the United Kingdom or the European Union, the Grantee shall be deemed to be eligible for Retirement if, and only if, the Grantee has attained the retirement date specified in the retirement plan in which such Grantee participates.

Additional Terms and Conditions

This award is subject to the terms of the Plan. The Plan and these Terms and Conditions together constitute the entire agreement of the parties with respect to the subject matter specifically addressed herein. To the extent any provision herein conflicts with the Plan, the Plan shall govern. The Human Resources and Compensation Committee of the Board administers the Plan. The Committee may interpret the Plan and adopt, amend and rescind administrative guidelines and other rules as deemed appropriate. Committee determinations are conclusive and binding on all interested parties. This award and any shares delivered pursuant to this award are subject to forfeiture, recovery by Brunswick or other action pursuant to any clawback or recoupment policy that Brunswick may adopt from time to time, including without limitation the Brunswick Corporation Compensation Recoupment Policy. To the extent permitted by applicable law, Brunswick shall have the right to offset from any amount distributable hereunder any amount that the Grantee owes to Brunswick or any affiliate thereof without the consent of the Grantee (or his or her beneficiary, in the event of the Grantee’s death). The grant of this award does not guarantee the Grantee the right to or expectation of any future awards under the Plan or any future incentive plan adopted by Brunswick, and the value of the Performance Shares is not part of his or her normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or other similar employee benefit. The Plan may be amended, suspended or terminated at any time. The Plan, these Terms and Conditions, and the Performance Shares will be governed by the laws of the State of Illinois, without regard to the conflict-of-law provisions of any jurisdiction.

2024 Performance Share Grant Terms and Conditions                        Exhibit 10.12

Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the “Plan”)

* * * * *

Nothing contained in these Terms and Conditions or the Plan constitutes or is intended to create a contract of continued employment. Employment is at will and may be terminated by either the employee or Brunswick (including affiliates) for any reason at any time.

For questions and or a copy of the Prospectus, please contact: Ed Dabrowski

Brunswick Corporation

26125 N. Riverwoods Blvd.

Suite 500

Mettawa, Illinois 60045

847-735-4082

ed.dabrowski @brunswick.com

Additionally, certain other publicly-filed documents, including Brunswick’s latest Annual Report on Form 10-K and Proxy Statement filed with the Securities and Exchange Commission (“SEC”) pursuant to the Securities Exchange Act of 1934, as amended, constitute part of the prospectus covering securities that have been registered under the Securities Act. Brunswick’s latest Form 10-K, Proxy Statement and other filings are available on the Brunswick web page at https://www.brunswick.com/investors/sec-filings or the SEC web site at https://www.sec.gov. In addition, a copy of the Form 10-K, Proxy Statement and other publicly-filed documents will also be provided, without charge, upon written request to the contact above.

2024 Performance Share Grant Terms and Conditions                        Exhibit 10.12

Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the “Plan”)

2024 Performance Share Grant

Appendix A – Performance Criteria

Annual Cash Flow Return on Investment (CFROI): Applicable to 75% of Performance Shares CFROI defined as Adjusted Free Cash Flow divided by Operating Capital Employed. Adjusted Free Cash Flow is defined as Free Cash Flow consistent with the external reporting definition excluding the impact of cash tax payments or refunds. Operating Capital Employed defined as total assets less current liabilities excluding cash, debt, tax balances and lease assets and liabilities related to ASC 842. Operating Capital Employed will be calculated on a two point basis. Adjusted Free Cash Flow and Operating Capital Employed will be adjusted for the following variances from plan: •Acquisition/sale of “strategic” assets (e.g., transformational or material acquisitions) not contemplated in the plan; •Restructuring, integration, and exit activities; •Impact of unplanned financing arrangements (including debt issuance, off-balance sheet leasing and factoring); •Impact of change in accounting standards; and •Executive deferred compensation payouts not included in plan. Performance results may be adjusted, as appropriate, for extraordinary or unanticipated items.		Payout as a % of Target1		2024-2026 Average
	Threshold	—	%
	Target	100	%
	Maximum	200	%

2024 Performance Share Grant Terms and Conditions                        Exhibit 10.12

Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the “Plan”)

Annual Operating Margin: Applicable to 25% of Performance Shares Operating Margin defined as Operating Earnings (ex. items) divided by Sales. Operating Earnings and Sales are consistent with reporting definitions. Operating Earnings (on an ex. items basis) and Sales will be adjusted for the following variances from plan: •Acquisition/sale of “strategic” assets (e.g., transformational or material acquisitions) not contemplated in the plan; •Restructuring, exit, integration and impairment activities; •Impact of any “unusual in nature” or “infrequently occurring” charges or impacts related to changes in accounting principles; and •Impact of unplanned financing arrangements (including debt issuance, off-balance sheet leasing and factoring) Performance results may be adjusted, as appropriate, for extraordinary or unanticipated items.		Payout as a % of Target1		2024-2026 Average
	Threshold	—	%
	Target	100	%
	Maximum	200	%

(1) If performance is either (1) between the threshold and low end of the target range for the metrics above, or (2) between the high end of the target range and the maximum level for either of the metrics above, then the payout as a percentage of the applicable target shall be interpolated appropriately. For each metric, there is no payout below threshold and no interpolation within the target range.

The following definitions shall apply for purpose of applying the TSR modifier:

2024 Performance Share Grant Terms and Conditions                        Exhibit 10.12

Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the “Plan”)

“Average Stock Price” means the average of the closing transaction prices of a share of common stock of a company, as reported on the principal national stock exchange on which such common stock is traded, for the twenty (20) business days immediately preceding the date for which the Average Stock Price is being determined.

“TSR Comparator Group” means the S&P 400 Consumer Discretionary index group. For purposes of determining TSR Performance with respect to the Performance Period, the companies included in the S&P 400 Consumer Discretionary index group shall be determined at the beginning of the Performance Period, excluding those entities that are bankrupt, listed on the pink sheets or not listed at all. Should a company within the TSR Comparator Group become bankrupt after the start of the Performance Period, it shall be assigned a TSR of negative one hundred percent (-100%). Companies emerging from bankruptcy shall not be tracked for purposes of the current Performance Period. If two companies within the TSR Comparator Group merge, only the surviving entity shall be counted. Should a company within the TSR Comparator Group merge with a company outside of the TSR Comparator Group, then that entity shall be excluded from the final calculation.

“TSR Performance” means a company’s cumulative total shareholder return as measured by dividing (A) the sum of (i) the cumulative amount of dividends for the Performance Period, assuming dividend reinvestment, and (ii) the increase or decrease in the Average Stock Price from the first day of the Performance Period to the last day of the Performance Period, by (B) the Average Stock Price determined as of the first day of the Performance Period.

EX-10.13

2024 Stock-Settled Restricted Stock Unit Grant Terms and Conditions                Exhibit 10.13

Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the “Plan”)

Purpose	To encourage retention of key managers so as to support the execution of business strategies in order to encourage and reward the creation of sustainable, long-term shareholder value and achieve future goals. Any capitalized terms used but not defined herein shall have the meaning given to such terms in the Plan.
Restricted Stock Units	Restricted Stock Units valued on the same basis as Brunswick Corporation (“Brunswick”) common stock where one unit equals one share. Dividend equivalents will be reinvested in additional Restricted Stock Units, which will be subject to the same vesting conditions applicable to (and settled at the same time as) the underlying Restricted Stock Units. There are no voting rights or any other rights as a stockholder attached to Restricted Stock Units.
Grant Date	____________, 2024
Award	____________ Restricted Stock Units.
Normal Vesting	Restricted Stock Units will vest and be distributed after the Grant Date in accordance with the following schedule, subject to the Grantee’s continued employment through such date: Date Percentage Vested One-Year Anniversary of the Grant Date 33% Two-Year Anniversary of the Grant Date 33% Three-Year Anniversary of the Grant Date 34% The Restricted Stock Units shall become vested in three equal installments on the first through third anniversaries of the Grant Date, subject to the continuous employment of the Grantee with the Company until the applicable vesting date.
Vesting Upon Retirement (as defined below)	•Upon a termination of employment due to Retirement (as defined below) on or after the first anniversary of the Grant Date, and prior to a Change in Control (as defined in the Plan), all of the award will become fully vested as of the date of Retirement and be distributed according to the schedule above. •Upon a termination of employment due to Retirement prior to the first anniversary of the Grant Date, and prior to a Change in Control, a pro-rata portion of the award will be vested as of the date of Retirement and be distributed according to the schedule above. For purposes of the foregoing sentence, a “pro-rata portion” will mean the product of (i) the number of restricted stock units awarded under this Award and (ii) a fraction, the numerator of which is the number of days that have elapsed since January 1 of the year of grant through the date of termination of the Grantee’s employment, provided such number does not exceed 365, and the denominator of which is 365. •The award shall be forfeited in its entirety upon a termination for Cause, even if the Grantee would otherwise be eligible for Retirement.

2024 Stock-Settled Restricted Stock Unit Grant Terms and Conditions                Exhibit 10.13

Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the “Plan”)

Prorated Vesting Upon Involuntary Termination Without Cause	If the Grantee’s employment is terminated by Brunswick for a reason other than Cause or Permanent Disability, and the Grantee is not eligible for Retirement, then a pro-rata portion of the award will be vested as of the date of such termination of employment and be distributed on the next scheduled distribution date. For purposes of the foregoing sentence, a “pro-rata portion” will mean the product of (i) the number of Restricted Stock Units awarded that would have vested on the next scheduled vesting date and (ii) a fraction, the numerator of which is the number of days that have elapsed since the prior vesting date (or, if there was no prior vesting date, the Grant Date) through the date of termination of the Grantee’s employment, and the denominator of which is 365.
Vesting Upon Death or Permanent Disability	In the case of a termination of employment due to death or a Permanent Disability, the award will become fully vested and distributed as of the date of such death or Permanent Disability.
Vesting Upon Termination After Change in Control	•If the award is effectively assumed or continued by the surviving or acquiring corporation in a Change in Control and (i) the Grantee’s employment terminates due to Retirement (and not for Cause or due to Permanent Disability), (ii) Brunswick terminates the Grantee’s employment without Cause or (iii) the Grantee resigns for Good Reason (as defined below), then in each case all of the award will be vested and distributed as of the date of such termination of employment; provided, however, that if the award is considered “nonqualified deferred compensation” within the meaning of Internal Revenue Code Section 409A with respect to the Grantee and (A) the Change in Control was not a “change in control event” within the meaning of Internal Revenue Code Section 409A or (B) the termination of employment occurred more than two (2) years following the occurrence of the “change in control event,” then the vested award shall be distributed on the Normal Vesting dates set forth above. •If the award is not effectively assumed or continued by the surviving or acquiring corporation in a Change in Control, the award shall vest in full and be distributed as of the date of the Change in Control; provided, however, that if the award is considered “nonqualified deferred compensation” within the meaning of Internal Revenue Code Section 409A with respect to the Grantee and the Change in Control was not a “change in control event” within the meaning of Internal Revenue Code Section 409A or to the extent distribution would be impermissible under Internal Revenue Code Section 409A, then the vested award shall be distributed on the Normal Vesting dates set forth above. •Determinations as to whether the award has been effectively assumed or continued by the surviving or acquiring corporation shall be made by the Human Resources and Compensation Committee, as constituted prior to the Change in Control.
Forfeiture Upon Termination	Except as otherwise provided herein, Restricted Stock Units will be forfeited upon a termination of employment prior to vesting. The Restricted Stock Units shall be forfeited in their entirety upon any termination for Cause.

2024 Stock-Settled Restricted Stock Unit Grant Terms and Conditions                Exhibit 10.13

Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the “Plan”)

Timing and Form of Distribution	Upon distribution, shares will be credited to an account established for the benefit of the Participant with the Company’s administrative agent. Distributions will occur as soon as practicable, but no later than thirty (30) days after the distribution date provided above, except that if the Grantee is a “specified employee” (as such term is defined under Internal Revenue Code Section 409A) as of the date of his or her “separation from service” (as such term is defined under Internal Revenue Code Section 409A), then to the extent any amount to be distributed in connection with the settlement of the award is payable upon the Grantee’s “separation from service” and constitutes the payment of nonqualified deferred compensation, within the meaning of Internal Revenue Code Section 409A, the distribution will not be made before six (6) months after separation from service (or, if earlier, death).
Tax Withholding	For those becoming eligible for Retirement or whose employment is terminated by Brunswick for a reason other than Cause or Permanent Disability prior to the year of a scheduled distribution, tax withholding liability to meet required FICA must be paid via payroll or participant check by i) the end of the year of becoming eligible for Retirement or terminating employment, as the case may be, or ii) at the Company’s discretion, collected during the first calendar quarter of the next year. Subsequent Federal, state and local income tax withholding must be paid via share reduction upon distribution. For all others, tax withholding liability (to meet required FICA, Federal, state, and local withholding) must be paid via share reduction upon distribution.
Definitions	“Cause” shall mean the Grantee’s: a)    Conviction of a crime, including by a plea of guilty or nolo contendere, involving theft, fraud, perjury, or moral turpitude; b)    Intentional or grossly negligent disclosure of confidential or trade secret information of the Company or a Related Company to anyone not entitled to such information; c)    Willful omission or dereliction of any statutory or common law duty of loyalty to the Company or a Related Company; d)    A willful and material violation of the Company’s Code of Conduct or any other written Company policy; or e)    Repeated failure to carry out the material components of the Grantee’s duties despite specific written notice to do so by the Chief Executive Officer, other than any such failure as a result of incapacity due to physical or mental illness.

2024 Stock-Settled Restricted Stock Unit Grant Terms and Conditions                Exhibit 10.13

Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the “Plan”)

Definitions Continued “Good Reason” shall have the meaning set forth in the employment agreement, if any, between the Grantee and Brunswick as in effect on the Grant Date, provided that if the Grantee is not a party to an employment agreement that contains such definition, then Good Reason means the occurrence of any of the following events without the Grantee’s express written consent: (a) a material breach by Brunswick of any provision of this Agreement; (b) Brunswick’s failure to pay any portion of Grantee’s compensation when due or to include Grantee in any bonus or incentive plan that applies to similarly situated employees of Brunswick; (c) Brunswick’s failure to provide, or continue to provide, Grantee with either the perquisites or employee health and welfare benefits (including, without limitation, life insurance, medical, dental, vision, long-term disability and similar benefits), generally provided to similarly situated employees of Brunswick; (d) a Reduction in Authority or Responsibility of the Grantee (as defined below); (e) a Reduction in Compensation (as defined below); and (f) a Business Relocation Beyond a Reasonable Commuting Distance (as defined below); provided, however, that the occurrence of any such condition shall not constitute Good Reason unless (x) the Grantee provides written notice to Brunswick of the existence of such condition not later than 60 days after the Grantee knows or reasonably should know of the existence of such condition, (y) Brunswick fails to remedy such condition within 30 days after receipt of such notice and (z) Grantee resigns due to the existence of such condition within 60 days after the expiration of the remedial period described in clause (y) hereof. For purposes of this definition: •    Whether a Reduction in Authority or Responsibility of the Grantee has occurred shall be determined in accordance with the criteria set forth below in the definition of Reduction in Authority or Responsibility; provided, however, that (A) a change in the Grantee’s reporting relationship to another employee who is within the same reporting level (as that term is used in Brunswick’s Delegation of Authority Policy or any successor policy); or (B) a reduction in the Grantee’s business unit’s budget or a reduction in the Grantee’s business unit’s head count or number of direct reports, by themselves, shall not constitute Good Reason. •    “Reduction in Authority or Responsibility” shall mean the assignment to the Grantee of any duties that are materially inconsistent in any respect with the Grantee’s position (which may include status, offices, titles, and reporting requirements), authority, duties, or responsibilities as in effect immediately prior to such assignment. It is intended by this definition that a Change in Control by itself, absent a Reduction in Authority or Responsibility as described above, will not constitute Good Reason. •    “Reduction in Compensation” shall mean (i) a reduction in the Grantee’s total annual compensation (defined as the sum of the Grantee’s base salary and target annual bonus) for any calendar or fiscal year, as applicable, to an amount that is less than the Grantee’s total annual compensation in effect immediately prior to such reduction, (ii) the elimination of any Brunswick incentive compensation plan in which Grantee is a participant without the adoption of a substantially comparable replacement plan, or (iii) the failure to provide Grantee with equity compensation opportunities or long-term cash incentive compensation opportunities that have a value that is substantially comparable to the value of the equity compensation opportunities provided to the Grantee immediately prior to the Change in Control. •“Business Relocation Beyond a Reasonable Commuting Distance” shall mean that, as a result of either a relocation of Brunswick or a reassignment of the Grantee, a change occurs in the Grantee’s principal work location to a location that (i) is more than fifty (50) highway miles from the Grantee’s principal work location immediately prior to the relocation, and (ii) increases the Grantee’s commuting distance in highway mileage.

2024 Stock-Settled Restricted Stock Unit Grant Terms and Conditions                Exhibit 10.13

Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the “Plan”)

Definitions Continued

“Permanent Disability” means the Grantee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. “Retirement” shall mean that the Grantee’s employment terminates for a reason other than Cause on or after the date on which either (i) the Grantee has either attained age 62, provided that for purposes of age 62, participant must have at least 3 years of continuous service from their latest hire date or (ii) the sum of the Grantee’s age plus years of continuous service from his or her latest hire date equals 70 or more. Notwithstanding anything to the contrary in these terms and conditions, for purposes of applying the favorable Retirement vesting terms set forth herein to grants made to residents of the European Union, the Grantee shall be deemed to be eligible for Retirement if, and only if, the Grantee has attained the retirement date specified in the retirement plan in which such Grantee participates.

Additional Terms and Conditions

This award is subject to the terms of the Plan. The Plan and these Terms and Conditions together constitute the entire agreement of the parties with respect to the subject matter specifically addressed herein. To the extent any provision herein conflicts with the Plan, the Plan shall govern. The Human Resources and Compensation Committee of the Board administers the Plan. The Committee may interpret the Plan and adopt, amend and rescind administrative guidelines and other rules as deemed appropriate. Committee determinations are conclusive and binding on all interested parties. This award and any shares delivered pursuant to this award are subject to forfeiture, recovery by Brunswick or other action pursuant to any clawback or recoupment policy which Brunswick may adopt from time to time, including without limitation any such policy which Brunswick may be required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or as otherwise required by law. To the extent permitted by applicable law, Brunswick shall have the right to offset from any amount distributable hereunder any amount that the Grantee owes to Brunswick or any affiliate thereof without the consent of the Grantee (or his or her beneficiary, in the event of the Grantee’s death). The grant of this award does not guarantee the Grantee the right to or expectation of any future awards under the Plan or any future incentive plan adopted by Brunswick, and the value of the Restricted Stock Units is not part of his or her normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or other similar employee benefit. The Plan may be amended, suspended or terminated at any time. The Plan, these Terms and Conditions, and the Restricted Stock Units will be governed by the laws of the State of Illinois, without regard to the conflict of law provisions of any jurisdiction.

* * * * *

Nothing contained in these Terms and Conditions or the Plan constitutes or is intended to create a contract of continued employment. Employment is at-will and may be terminated by either the employee or Brunswick (including affiliates) for any reason at any time.

2024 Stock-Settled Restricted Stock Unit Grant Terms and Conditions                Exhibit 10.13

Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the “Plan”)

For questions and or a copy of the Prospectus, please contact: Ed Dabrowski,

Brunswick Corporation

26125 N. Riverwoods Blvd.

Suite 500

Mettawa, Illinois 60045

847-735-4082

ed.dabrowski@brunswick.com

Additionally, certain other publicly-filed documents, including Brunswick’s latest Annual Report on Form 10-K and Proxy Statement filed with the Securities and Exchange Commission (“SEC”) pursuant to the Securities Exchange Act of 1934, as amended, constitute part of the prospectus covering securities that have been registered under the Securities Act. Brunswick’s latest Form 10-K, Proxy Statement and other filings are available on the Brunswick web page at https://www.brunswick.com/investors/sec-filings or the SEC web site at https://www.sec.gov. In addition, a copy of the Form 10-K, Proxy Statement and other publicly-filed documents will also be provided, without charge, upon written request to the contact above.

EX-21.1

Subsidiaries of the Company

The following is a list of directly or indirectly wholly-owned subsidiaries of Brunswick Corporation, omitting some subsidiaries which, considered in the aggregate, would not constitute a significant subsidiary.

Subsidiary	Place of Incorporation	Names Under Which Subsidiaries Do Business
Attwood Corporation	Delaware	Navico Group
Aus Holdco Pty Limited	Australia	BLA Distribution
B.E.P. Marine Limited	New Zealand
Boateka, Inc.	Delaware	Veer, Revo
Boston Whaler, Inc.	Delaware
Brunswick Boat Club Holdings, LLC	Delaware
Brunswick Boat Club Holdings Iberia, S.L.U.	Spain
Brunswick Compañías de México, S.A. de C.V.	Mexico
Brunswick EMEA Holding B.V.	Netherlands	Mastervolt Holding
Brunswick Family Boat Co. Inc.	Delaware	Bayliner, Heyday Inboards, Heyday Wake Boats
Brunswick Financial Services Corporation	Delaware	Boating Services Network
Brunswick GmbH	Germany
Brunswick International Group S.a.r.l.	Luxembourg
Brunswick International Limited	Delaware
Brunswick Leisure Boat Company, LLC	Indiana	Cypress Cay, Harris
Brunswick Luxembourg Finance S.a.r.l.	Luxembourg
Brunswick Marine - EMEA Operations, LDA	Portugal
Brunswick Marine in France, S.a.r.l.	France	U.S. Marine EMEA Operations
Brunswick Marine in Italia S.p.A.	Italy
Brunswick Marine in Poland Sp. z o.o	Poland
Brunswick Marine in Sweden AB	Sweden	Uttern Batar, Marine Power
Brunswick Marine Sales Corporation	Delaware
Brunswick Netherlands B.V.	Netherlands	Sea Ray and SWG EMEA Operations, a division of Brunswick Netherlands
Brunswick Product Protection Corporation	Delaware
Brunswick Product Protection Corporation of Florida	Delaware
Brunswick Singapore Holdings Pte. Ltd.	Singapore
Brunswick Strategic Insurance Group, LLC	Vermont
Brunswick Trading (Suzhou) Co., Ltd.	China
C-MAP Italy S.r.l.	Italy
Electronica Lowrance de Mexico, S.A. de C.V.	Mexico
Fanautic Club, S.L.	Spain
Fliteboard Europe B.V.	Netherlands
Fliteboard Pty Limited	Australia
Fliteboard USA, LLC	New York
Freedom Boat Club, LLC	Florida
Freedom Boat Club UK, Limited	England and Wales
Freedom Franchise Systems, LLC	Florida
Freedom Marine Sales, LLC	Florida
Freedom Outdoor Delaware, LLC	Delaware
J&R Marine Holdings, LLC	Georgia
Land 'N' Sea Corporation	Delaware
Land 'N' Sea Distributing, Inc.	Florida	Kellogg Marine Supply,Seachoice Products,Valmar Marine
Lankhorst Taselaar B.V.	Netherlands
Lenco Marine Solutions, LLC	Florida
Lund Boat Company	Delaware	Veer
Marine Power International Limited	Delaware
Mercury Marine do Brasil Industria e Comercio Ltda	Brazil
Mercury Marine Limited / Mercury Marine Limitee	Canada
Mercury Marine Singapore Pte Ltd	Singapore
Mercury Marine Technology Suzhou Company Ltd.	China
Munster Simms Engineering Limited	Northern Ireland
Nanna U.S. Bidco, LLC	Delaware
Navico Auckland Limited	New Zealand
Navico Australia Pty Limited	Australia
Navico France	France
Navico GmbH	Germany

Navico Group Americas, LLC	Delaware
Navico Group AS	Norway
Navico Group EMEA B.V.	Netherlands
Navico Holding AS	Norway
Navico, Inc.	Delaware
Navico Logistics Europe B.V.	Netherlands
Navico Marine Electronics, S.L.	Spain
Navico Norway AS	Norway
Navico RBU Italia S.R.L.	Italy
Navico (Suzhou) Trading Co., Ltd.	China
Navico Sweden AB	Sweden
Navico UK Limited	United Kingdom
Princecraft Boats Inc. / Bateaux Princecraft Inc.	Canada
Productos Marine de Mexico, S.A. de C.V.	Mexico
Rayglass Sales and Marketing Limited	New Zealand
Sea Ray Boats, Inc	Florida	Meridian Yachts, Sea Ray Boats
Servicios Acme de Mexico, S. de RL. de C.V.	Mexico
Thunder Jet Boats, Inc.	Delaware

EX-23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement No. 333-258249 on Form S-3 and Registration Statement Nos. 333-112877, 333-112878, 333-112880, 333-195837, and 333-271695 on Form S-8, as amended, of our reports dated February 16, 2024, relating to the consolidated financial statements of Brunswick Corporation and the effectiveness of Brunswick Corporation's internal control over financial reporting appearing in this Annual Report on Form 10-K for the year ended December 31, 2023.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

February 16, 2024

EX-24.1

POWER OF ATTORNEY

The undersigned directors and officers of Brunswick Corporation, a Delaware corporation (the “Corporation”), do hereby nominate, constitute, and appoint David M. Foulkes, Ryan M. Gwillim, and Christopher F. Dekker, and each of them individually, the true and lawful attorney or attorneys of the undersigned, with power to act with or without the other and with full power of substitution and resubstitution, to execute in the name and on behalf of the undersigned as directors and officers of the Corporation, the Annual Report of the Corporation on Form 10-K for the fiscal year ended December 31, 2023, and any and all amendments thereto; and each of the undersigned hereby ratifies and approves all that said attorneys or any of them shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, each of the undersigned has executed this Power of Attorney effective as of February 15, 2024.

Capacity	Signature
Chief Executive Officer (Principal Executive Officer) and Director	/S/ DAVID M. FOULKES David M. Foulkes
Chairman of the Board and Director	/S/ NANCY E. COOPER Nancy E. Cooper
Director	/S/ DAVID C. EVERITT David C. Everitt
Director	/S/ REGINALD FILS-AIME Reginald Fils-Aime
Director	/S/ LAUREN PATRICIA FLAHERTY Lauren Patricia Flaherty
Director	/S/ JOSEPH W. MCCLANATHAN Joseph W. McClanathan
Director	/S/ DAVID V. SINGER David V. Singer
Director	/S/ J. STEVEN WHISLER J. Steven Whisler
Director	/S/ ROGER J. WOOD Roger J. Wood
Director	/S/ MARYANN WRIGHT MaryAnn Wright

EX-31.1

Exhibit 31.1

Certification Pursuant to

Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Amended

I, David M. Foulkes, certify that:

1.I have reviewed this Annual Report on Form 10-K of Brunswick Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	BRUNSWICK CORPORATION
February 16, 2024	By:	/s/ DAVID M. FOULKES
		David M. Foulkes
		Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification Pursuant to

Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Amended

I, Ryan M. Gwillim, certify that:

1.    I have reviewed this Annual Report on Form 10-K of Brunswick Corporation;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	BRUNSWICK CORPORATION
February 16, 2024	By:	/s/ RYAN M. GWILLIM
		Ryan M. Gwillim
		Executive Vice President and Chief Financial and Strategy Officer

EX-32.1

Exhibit 32.1

Certification Pursuant to Section 1350 of Chapter 63

of Title 18 of the United States Code

I, David M. Foulkes, Chief Executive Officer of Brunswick Corporation, certify that: (i) Brunswick Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (ii) the information contained in Brunswick Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023 fairly presents, in all material respects, the financial condition and results of operations of Brunswick Corporation.

	BRUNSWICK CORPORATION
February 16, 2024	By:	/s/ DAVID M. FOULKES
		David M. Foulkes
		Chief Executive Officer

EX-32.2

Exhibit 32.2

Certification Pursuant to Section 1350 of Chapter 63

of Title 18 of the United States Code

I, Ryan M. Gwillim, Chief Financial Officer of Brunswick Corporation, certify that: (i) Brunswick Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (ii) the information contained in Brunswick Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023 fairly presents, in all material respects, the financial condition and results of operations of Brunswick Corporation.

	BRUNSWICK CORPORATION
February 16, 2024	By:	/s/ RYAN M. GWILLIM
		Ryan M. Gwillim
		Executive Vice President and Chief Financial and Strategy Officer

EX-97.1

Exhibit 97.1

BRUNSWICK CORPORATION

COMPENSATION RECOUPMENT POLICY

(Adopted July 18, 2023)

This Brunswick Corporation Compensation Recoupment Policy (the “Policy”) has been adopted by the Board of Directors (the “Board”) of Brunswick Corporation (the “Company”) on July 18, 2023. This Policy provides for the recoupment of certain executive compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under U.S. federal securities laws in accordance with the terms and conditions set forth herein. This Policy is intended to comply with the requirements of Section 10D of the Exchange Act (as defined below) and Section 303A.14 of the NYSE Listed Company Manual.

1. Definitions. For the purposes of this Policy, the following terms shall have the meanings set forth below.

(a) “Committee” means the Human Resources and Compensation Committee of the Board or any successor committee thereof. If there is no Human Resources and Compensation Committee of the Board, references herein to the Committee shall refer to the Company’s committee of independent directors that is responsible for executive compensation decisions, or in the absence of such a compensation committee, the independent members of the Board.

(b) “Covered Compensation” means any Incentive-based Compensation “received” by a Covered Executive during the applicable Recoupment Period; provided that:

(i) such Covered Compensation was received by such Covered Executive (A) after the Effective Date, (B) after he or she commenced service as an Executive Officer and (C) while the Company had a class of securities publicly listed on a United States national securities exchange; and

(ii) such Covered Executive served as an Executive Officer at any time during the performance period applicable to such Incentive-based Compensation.

For purposes of this Policy, Incentive-based Compensation is “received” by a Covered Executive during the fiscal period in which the Financial Reporting Measure applicable to such Incentive-based Compensation (or portion thereof) is attained, even if the payment or grant of such Incentive-based Compensation is made thereafter.

(c) “Covered Executive” means any current or former Executive Officer.

(d) “Effective Date” means the date on which Section 303A.14 of the NYSE Listed Company Manual becomes effective.

(e) “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

(f) “Executive Officer” means, with respect to the Company, (i) its president, (ii) its principal financial officer, (iii) its principal accounting officer (or if there is no such accounting officer, its controller), (iv) any vice-president in charge of a principal business unit, division or function (such as sales, administration or finance), (v) any other officer who performs a policy-

Exhibit 97.1

making function for the Company (including any officer of the Company’s parent(s) or subsidiaries if they perform policy-making functions for the Company) and (vi) any other person who performs similar policy-making functions for the Company. Policy-making function is not intended to include policy-making functions that are not significant. The determination as to an individual’s status as an Executive Officer shall be made by the Board and such determination shall be final, conclusive and binding on such individual and all other interested persons.

(g) “Financial Reporting Measure” means any (i) measure that is determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, (ii) stock price measure or (iii) total shareholder return measure (and any measures that are derived wholly or in part from any measure referenced in clause (i), (ii) or (iii) above). For the avoidance of doubt, any such measure does not need to be presented within the Company’s financial statements or included in a filing with the U.S. Securities and Exchange Commission to constitute a Financial Reporting Measure.

(h) “Financial Restatement” means a restatement of the Company’s financial statements due to the Company’s material noncompliance with any financial reporting requirement under U.S. federal securities laws that is required in order to correct:

(i) an error in previously issued financial statements that is material to the previously issued financial statements; or

(ii) an error that would result in a material misstatement if (A) the error were corrected in the current period or (B) left uncorrected in the current period.

For purposes of this Policy, a Financial Restatement shall not be deemed to occur in the event of a revision of the Company’s financial statements due to, without limitation, (x) an out-of-period adjustment (i.e., when the error is immaterial to the previously issued financial statements and the correction of the error is also immaterial to the current period) or (y) a retrospective (1) application of a change in accounting principles; (2) revision to reportable segment information due to a change in the structure of the Company’s internal organization; (3) reclassification due to a discontinued operation; (4) application of a change in reporting entity, such as from a reorganization of entities under common control; or (5) revision for stock splits, reverse stock splits, stock dividends or other changes in capital structure.

(i) “Incentive-based Compensation” means any compensation (including, for the avoidance of doubt, any cash or equity or equity-based compensation, whether deferred or current) that is granted, earned and/or vested based wholly or in part upon the achievement of a Financial Reporting Measure. For purposes of this Policy, “Incentive-based Compensation” shall also be deemed to include any amounts which were determined based on (or were otherwise calculated by reference to) Incentive-based Compensation (including, without limitation, any amounts under any long-term disability, life insurance or supplemental retirement or severance plan or agreement or any notional account that is based on Incentive-based Compensation, as well as any earnings accrued thereon).

(j) “NYSE” means the New York Stock Exchange, or any successor thereof.

(k) “Recoupment Period” means the three fiscal years completed immediately preceding the date of any applicable Recoupment Trigger Date. Notwithstanding the foregoing, the Recoupment Period additionally includes any transition period (that results from a change in

Exhibit 97.1

the Company’s fiscal year) within or immediately following those three completed fiscal years, provided that a transition period between the last day of the Company’s previous fiscal year end and the first day of its new fiscal year that comprises a period of nine (9) to twelve (12) months would be deemed a completed fiscal year.

(l) “Recoupment Trigger Date” means the earlier of (i) the date that the Board (or a committee thereof or the officer(s) of the Company authorized to take such action if Board action is not required) concludes, or reasonably should have concluded, that the Company is required to prepare a Financial Restatement, and (ii) the date on which a court, regulator or other legally authorized body directs the Company to prepare a Financial Restatement.

2. Recoupment of Erroneously Awarded Compensation.

(a) In the event of a Financial Restatement, if the amount of any Covered Compensation received by a Covered Executive (the “Awarded Compensation”) exceeds the amount of such Covered Compensation that would have otherwise been received by such Covered Executive if calculated based on the Financial Restatement (the “Adjusted Compensation”), the Company shall reasonably promptly recover from such Covered Executive an amount equal to the excess of the Awarded Compensation over the Adjusted Compensation, each calculated on a pre-tax basis (such excess amount, the “Erroneously Awarded Compensation”).

(b) If (i) the Financial Reporting Measure applicable to the relevant Covered Compensation is stock price or total shareholder return (or any measure derived wholly or in part from either of such measures) and (ii) the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in the Financial Restatement, then the amount of Erroneously Awarded Compensation shall be determined (on a pre-tax basis) based on the Company’s reasonable estimate of the effect of the Financial Restatement on the Company’s stock price or total shareholder return (or the derivative measure thereof) upon which such Covered Compensation was received.

(c) For the avoidance of doubt, the Company’s obligation to recover Erroneously Awarded Compensation is not dependent on (i) if or when the restated financial statements are filed or (ii) any fault of any Covered Executive for the accounting errors or other actions leading to a Financial Restatement.

(d) Notwithstanding anything to the contrary in Sections 2(a) through (c) hereof, the Company shall not be required to recover any Erroneously Awarded Compensation if both (x) the conditions set forth in either of the following clauses (i) or (ii) are satisfied and (y) the Committee (or a majority of the independent directors serving on the Board) has determined that recovery of the Erroneously Awarded Compensation would be impracticable:

(i) the direct expense paid to a third party to assist in enforcing the recovery of the Erroneously Awarded Compensation under this Policy would exceed the amount of such Erroneously Awarded Compensation to be recovered; provided that, before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation pursuant to this Section 2(d), the Company shall have first made a reasonable attempt to recover such Erroneously Awarded Compensation, document such reasonable attempt(s) to make such recovery and provide that documentation to the NYSE; or

Exhibit 97.1

(ii) recovery of the Erroneously Awarded Compensation would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of Sections 401(a)(13) or 411(a) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”).

(e) The Company shall not indemnify any Covered Executive, directly or indirectly, for any losses that such Covered Executive may incur in connection with the recovery of Erroneously Awarded Compensation pursuant to this Policy, including through the payment of insurance premiums or gross-up payments.

(f) The Committee shall determine, in its sole discretion, the manner and timing in which any Erroneously Awarded Compensation shall be recovered from a Covered Executive in accordance with applicable law, including, without limitation, by (i) requiring reimbursement of Covered Compensation previously paid in cash; (ii) seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer or other disposition of any equity or equity-based awards; (iii) offsetting the Erroneously Awarded Compensation amount from any compensation otherwise owed by the Company or any of its affiliates to the Covered Executive; (iv) cancelling outstanding vested or unvested equity or equity-based awards; and/or (v) taking any other remedial and recovery action permitted by applicable law. For the avoidance of doubt, except as set forth in Section 2(d), in no event may the Company accept an amount that is less than the amount of Erroneously Awarded Compensation; provided that, to the extent necessary to avoid any adverse tax consequences to the Covered Executive pursuant to Section 409A of the Code, any offsets against amounts under any nonqualified deferred compensation plans (as defined under Section 409A of the Code) shall be made in compliance with Section 409A of the Code.

3. Administration. This Policy shall be administered by the Committee. All decisions of the Committee shall be final, conclusive and binding upon the Company and the Covered Executives, their beneficiaries, executors, administrators and any other legal representative. The Committee shall have full power and authority to (i) administer and interpret this Policy, (ii) correct any defect, supply any omission and reconcile any inconsistency in this Policy and (iii) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of this Policy and to comply with applicable law (including Section 10D of the Exchange Act) and applicable stock market or exchange rules and regulations. Notwithstanding anything to the contrary contained herein, to the extent permitted by Section 10D of the Exchange Act and Section 303A.14 of the NYSE Listed Company Manual, the Board may, in its sole discretion, at any time and from time to time, administer this Policy in the same manner as the Committee.

4. Amendment/Termination. Subject to Section 10D of the Exchange Act and Section 303A.14 of the NYSE Listed Company Manual, this Policy may be amended or terminated by the Committee at any time. To the extent that any applicable law, or stock market or exchange rules or regulations require recovery of Erroneously Awarded Compensation in circumstances in addition to those specified herein, nothing in this Policy shall be deemed to limit or restrict the right or obligation of the Company to recover Erroneously Awarded Compensation to the fullest extent required by such applicable law, stock market or exchange rules and regulations. Unless otherwise required by applicable law, this Policy shall no longer be effective from and after the date that the Company no longer has a class of securities publicly listed on a United States national securities exchange.

Exhibit 97.1

5. Interpretation. Notwithstanding anything to the contrary herein, this Policy is intended to comply with the requirements of Section 10D of the Exchange Act and Section 303A.14 of the NYSE Listed Company Manual (and any applicable regulations, administrative interpretations or stock market or exchange rules and regulations adopted in connection therewith). The provisions of this Policy shall be interpreted in a manner that satisfies such requirements and this Policy shall be operated accordingly. If any provision of this Policy would otherwise frustrate or conflict with this intent, the provision shall be interpreted and deemed amended so as to avoid such conflict.

6. Other Compensation Clawback/Recoupment Rights. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies, rights or requirements with respect to the clawback or recoupment of any compensation that may be available to the Company pursuant to the terms of any other recoupment or clawback policy of the Company (or any of its affiliates) that may be in effect from time to time, any provisions in any employment agreement, terms and conditions of employment, offer letter, equity plan, equity award agreement or similar plan or agreement, and any other legal remedies available to the Company, as well as applicable law, stock market or exchange rules, listing standards or regulations; provided, however, that any amounts recouped or clawed back under any other policy that would be recoupable under this Policy shall count toward any required clawback or recoupment under this Policy and vice versa.

7. Exempt Compensation. Notwithstanding anything to the contrary herein, the Company has no obligation to seek recoupment of amounts paid to a Covered Executive which are granted, vested and earned based solely upon the occurrence or non-occurrence of nonfinancial events. Such exempt compensation includes, without limitation, base salary, time-vesting awards, compensation awarded on the basis of the achievement of metrics that are not Financial Reporting Measures or compensation awarded solely at the discretion of the Committee or the Board, provided that such amounts are in no way contingent on, and were not in any way granted on the basis of, the achievement of any Financial Reporting Measure performance goal.

8. Miscellaneous.

(a) Any applicable award agreement or other document setting forth the terms and conditions of any compensation covered by this Policy shall be deemed to include the restrictions imposed herein and incorporate this Policy by reference and, in the event of any inconsistency, the terms of this Policy will govern. For the avoidance of doubt, this Policy applies to all compensation that is received on or after the Effective Date, regardless of the date on which the award agreement or other document setting forth the terms and conditions of the Covered Executive’s compensation became effective, including, without limitation, compensation received under the Brunswick Corporation 2014 Stock Incentive Plan, the Brunswick Corporation 2023 Stock Incentive Plan, any Brunswick Performance Plan and any successor plans.

(b) This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators or other legal representatives.

(c) All issues concerning the construction, validity, enforcement and interpretation of this Policy and all related documents, including, without limitation, any employment agreement, offer

Exhibit 97.1

letter, equity award agreement or similar agreement, shall be governed by, and construed in accordance with, the laws of the State of Illinois, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Illinois or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Illinois.

(d) The Covered Executives, their beneficiaries, executors, administrators and any other legal representative and the Company shall initially attempt to resolve all claims, disputes or controversies arising under, out of or in connection with this Policy by conducting good faith negotiations amongst themselves. To ensure the timely and economical resolution of disputes that arise in connection with this Policy, any and all disputes, claims or causes of action arising from or relating to the enforcement, performance or interpretation of this Policy shall be resolved to the fullest extent permitted by law by final, binding and confidential arbitration in the City of Chicago in accordance with the laws of the State of Illinois by one arbitrator. The arbitrator shall be appointed pursuant to Rule 11 of the American Arbitration Association’s Commercial Arbitration Rules, amended and effective September 15, 2005. The arbitration shall be conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association. To the fullest extent permitted by law, the Covered Executives, their beneficiaries, executors, administrators and any other legal representative and the Company, shall waive (and shall hereby be deemed to have waived) (1) the right to resolve any such dispute through a trial by jury or judge or administrative proceeding; and (2) any objection to arbitration taking place in Chicago, Illinois. The arbitrator shall: (i) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (ii) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award. The arbitrator shall be authorized to award any or all remedies that any party would be entitled to seek in a court of law. Any such award rendered shall be enforceable by any court having jurisdiction and, to the fullest extent permitted by law, the Covered Executives, their beneficiaries, executors, administrators and any other legal representative and the Company shall waive (and shall hereby be deemed to have waived) the right to resolve any such dispute regarding enforcement of such award through a trial by jury.

(e) If any provision of this Policy is determined to be unenforceable or invalid under any applicable law, such provision will be applied to the maximum extent permitted by applicable law and shall automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to any limitations required under applicable law.

XML

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 14, 2024	Jul. 01, 2023
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	1-1043
Entity Registrant Name	Brunswick Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-0848180
Entity Address, Address Line One	26125 N. Riverwoods Blvd., Suite 500
Entity Address, City or Town	Mettawa
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60045-3420
City Area Code	847
Local Phone Number	735-4700
Entity Information [Line Items]
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Document Financial Statement Error Correction [Flag]	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 6,006,140,475
Entity Common Stock, Shares Outstanding		68,167,542
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Central Index Key	0000014930
Current Fiscal Year End Date	--12-31
Common Stock | NEW YORK STOCK EXCHANGE, INC. [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.75 per share
Trading Symbol	BC
Security Exchange Name	NYSE
Common Stock | CHICAGO STOCK EXCHANGE, INC [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.75 per share
Trading Symbol	BC
Security Exchange Name	CHX
6.500% Senior Notes due 2048 [Member] | NEW YORK STOCK EXCHANGE, INC. [Member]
Entity Information [Line Items]
Title of 12(b) Security	6.500% Senior Notes due 2048
Trading Symbol	BC-A
Security Exchange Name	NYSE
6.625% Senior Notes due 2049 [Member] | NEW YORK STOCK EXCHANGE, INC. [Member]
Entity Information [Line Items]
Title of 12(b) Security	6.625% Senior Notes due 2049
Trading Symbol	BC-B
Security Exchange Name	NYSE
6.375% Senior Notes due 2049 [Member] | NEW YORK STOCK EXCHANGE, INC. [Member]
Entity Information [Line Items]
Title of 12(b) Security	6.375% Senior Notes due 2049
Trading Symbol	BC-C
Security Exchange Name	NYSE

XML

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Chicago, Illinois
Auditor Firm ID	34

XML

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net Sales	$ 6,401.4	$ 6,812.2	$ 5,846.2
Cost of Sales	4,614.4	4,865.0	4,180.2
Selling, General and Administrative Expense	812.2	771.4	697.8
Research And Development Expense	185.2	202.9	154.5
Restructuring, Exit and Impairment Charges	54.7	25.1	0.8
Operating Earnings	734.9	947.8	812.9
Equity Earnings	(11.4)	4.0	2.3
Other Expense, Net	7.6	(6.1)	(6.8)
Earnings Before Interest and Income Taxes	731.1	945.7	808.4
Interest Expense	(112.4)	(98.1)	(65.9)
Interest Income	10.2	6.1	2.1
Transaction Financing Charges	0.0	(0.1)	(4.2)
Business Combination, Acquisition Related Costs	0.0	0.0	(4.0)
Earnings Before Income Taxes	628.9	853.6	736.4
Income Tax Provision	196.3	172.3	141.0
Net Earnings from Continuing Operations	432.6	681.3	595.4
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
Net (Loss) Earnings from Discontinued Operations, Net of Tax	(12.2)	(4.3)	(2.1)
Net Earnings (Loss)	$ 420.4	$ 677.0	$ 593.3
Basic
Earnings from Continuing Operations (in Dollars Per Share)	$ 6.16	$ 9.11	$ 7.65
Earnings (Loss) from Discontinued Operations (in Dollars Per Share)	(0.17)	(0.06)	(0.02)
Net Earnings (Loss) (in Dollars per Share)	5.99	9.05	7.63
Diluted
Earnings from Continuing Operations (in Dollars per Share)	6.13	9.06	7.59
Earnings (Loss) from Discontinued Operations (in Dollars per Share)	(0.17)	(0.06)	(0.02)
Net Earnings (Loss) (in Dollars per Share)	$ 5.96	$ 9.00	$ 7.57
Weighted Average Shares Used for Computation of:
Basic Earnings Per Common Share (in Shares)	70.2	74.8	77.8
Diluted Earnings Per Common Share (in Shares)	70.5	75.2	78.4

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Comprehensive Income (Loss) [Abstract]
Net Earnings		$ 420.4	$ 677.0	$ 593.3
Foreign Currency Translation [Abstract]
Net Foreign Currency Translation		21.8	(36.8)	(19.4)
Defined Benefit Plans [Abstract]
Net Actuarial Losses	[1]	(4.0)	12.5	4.5
Amortization of Prior Service Credits	[2]	(3.3)	(0.4)	(0.2)
Amortization of Net Actuarial Losses	[2]	2.2	0.6	1.0
Net Defined Benefit Plans		(5.1)	12.7	5.3
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax		0.0	0.0	0.2
Derivatives [Abstract]
Net Deferred Gains (Losses) on Derivatives	[1]	(3.3)	46.1	22.2
Reclassification to Earnings	[2]	(9.6)	(20.0)	2.9
Net Deferred Gains (Losses) on Derivatives		(12.9)	26.1	25.1
Other Comprehensive Income		3.8	2.0	11.2
Comprehensive Income		424.2	679.0	604.5
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent [Abstract]
Foreign Currency Translation Adjustments, Tax Effect		(2.3)	5.9	(1.7)
Net Actuarial Gains (Losses), Tax Effect		1.3	(4.2)	(1.5)
Gains (Losses) on Derivatives, Tax Effect		$ 0.6	$ (15.9)	$ (7.4)

[1] The tax effects for the year ended December 31, 2023 were $(2.3) million for foreign currency translation, $1.3 million for net actuarial gains arising during the period and $0.6 million for derivatives. The tax effects for the year ended December 31, 2022 were $5.9 million for foreign currency translation, $(4.2) million for net actuarial gains arising during the period and $(15.9) million for derivatives. The tax effects for the year ended December 31, 2021 were $(1.7) million for foreign currency translation, $(1.5) million for net actuarial losses arising during the period and $(7.4) million for derivatives.

[2] See Note 17 – Comprehensive Income (Loss) for the tax effects for the years ended December 31, 2023, December 31, 2022 and December 31, 2021.

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Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current Assets
Cash and Cash Equivalents, at Cost, Which Approximates Fair Value	$ 467.8	$ 595.6
Less: Restricted Cash	11.1	12.9
Short-Term Investments in Marketable Securities	0.8	4.5
Total Cash and Short-Term Investments in Marketable Securities	479.7	613.0
Accounts and Notes Receivable, Less Allowances of $11.3 and $9.2	493.2	543.0
Inventories
Finished Goods	932.0	836.1
Work-In-Process	181.6	209.1
Raw Materials	363.2	426.2
Net Inventories	1,476.8	1,471.4
Prepaid Expenses and Other	60.0	67.8
Current Assets	2,509.7	2,695.2
Property
Land	44.1	42.4
Buildings and Improvements	619.7	564.4
Equipment	1,551.5	1,488.1
Total Land, Buildings and Improvements and Equipment	2,215.3	2,094.9
Accumulated Depreciation	(1,135.5)	(1,051.4)
Net Land, Buildings and Improvements and Equipment	1,079.8	1,043.5
Unamortized Product Tooling Costs	236.0	227.3
Net Property	1,315.8	1,270.8
Other Assets
Goodwill	1,030.7	967.6
Other Intangibles, Net	978.0	997.4
Equity Investments	38.7	54.0
Deferred Revenue	186.8	203.3
Operating lease assets	152.2	114.8
Other long-term assets	18.6	18.2
Other Assets	2,405.0	2,355.3
Total Assets	6,230.5	6,321.3
Current Liabilities
Short-Term Debt and Current Maturities of Long-Term Debt	454.7	89.0
Accounts Payable	558.0	662.6
Accrued Expenses	739.4	738.3
Current Liabilities	1,752.1	1,489.9
Long-Term Liabilities
Debt	1,975.7	2,420.0
Non-Current Operating Lease Liabilities	133.9	97.8
Deferred Income Taxes and Other Tax Liabilities, Noncurrent	12.4	60.7
Postretirement Benefits	52.5	49.5
Other	216.5	161.1
Long-Term Liabilities	2,391.0	2,789.1
Shareholders' Equity
Common Stock; Authorized: 200,000,000 Shares, $0.75 Par Value; Issued: 102,538,000 Shares; Outstanding: 86,757,000 and 87,537,000 Shares	76.9	76.9
Additional Paid-In Capital	392.0	391.3
Retained Earnings	3,596.9	3,288.5
Treasury Stock, at Cost: 15,781,000 and 15,001,000 Shares	(1,952.7)	(1,684.9)
Accumulated Other Comprehensive Loss, Net of Tax:
Foreign Currency Translation	(49.5)	(71.3)
Prior Service Credits	(7.4)	(4.1)
Net Actuarial Losses	7.9	9.7
Unrealized Gain (Loss) on Investments	0.2	0.2
Unrealized Losses on Derivatives	23.1	36.0
Total Accumulated Other Comprehensive Loss, Net of Tax	(25.7)	(29.5)
Shareholders' Equity	2,087.4	2,042.3
Total Liabilities and Shareholders' Equity	$ 6,230.5	$ 6,321.3
Common Stock, Shares Authorized (in Shares)	200,000,000	200,000,000
Common Stock, Par Value (in Dollars per Share)	$ 0.75	$ 0.75
Common Stock, Shares Outstanding	68,227,000	71,365,000
Common Stock, Shares Issued (in Shares)	102,538,000	102,538,000
Treasury Stock, Shares (in Shares)	34,311,000	31,173,000
Accounts and Notes Receivable, Allowances	$ 10.8	$ 10.2

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current Assets
Accounts and Notes Receivable, Allowances	$ 10.8	$ 10.2
Shareholders' Equity
Common Stock, Shares Authorized (in Shares)	200,000,000	200,000,000
Common Stock, Par Value (in Dollars per Share)	$ 0.75	$ 0.75
Common Stock, Shares Issued (in Shares)	102,538,000	102,538,000
Common Stock, Shares Outstanding	68,227,000	71,365,000
Treasury Stock, Shares (in Shares)	34,311,000	31,173,000	25,605,000	24,663,000

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Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows From Operating Activities
Net Earnings	$ 420.4	$ 677.0	$ 593.3
Net (Loss) Earnings from Discontinued Operations, Net of Tax	12.2	4.3	2.1
Net Earnings from Continuing Operations	432.6	681.3	595.4
Depreciation and Amortization	272.9	231.2	178.1
Stock Compensation Expense	22.4	21.9	29.7
Pension Expense Including Settlement Charges, Net of (Funding)	(1.3)	(1.2)	(2.1)
Asset Impairment Charges	19.5	18.9	0.8
Deferred Income Taxes	16.4	(18.9)	(21.8)
Equity Method Investment, Other than Temporary Impairment	19.2	0.0	0.0
Changes in Certain Current Assets and Current Liabilities
Change in Accounts and Notes Receivable	54.5	(74.6)	(85.1)
Change in Inventory	0.7	(292.8)	(343.2)
Change in Prepaid Expenses and Other, Excluding Income Taxes	23.3	37.9	(10.3)
Change in Accounts Payable	(86.1)	(12.2)	134.2
Change in Accrued Expenses	(22.8)	(8.9)	73.8
Increase (Decrease) in Contract with Customer, Liability	14.6	13.0	12.1
Income Taxes	(2.4)	(1.0)	18.0
Other, Net	(18.3)	(14.2)	6.6
Net Cash Provided by Operating Activities of Continuing Operations	745.2	580.4	586.2
Net Cash Used for Operating Activities of Discontinued Operations	(11.6)	5.7	(12.2)
Net Cash Provided by Operating Activities	733.6	586.1	574.0
Cash Flows from Investing Activities
Capital Expenditures	(289.3)	(388.3)	(267.1)
Payments to Acquire Debt Securities, Available-for-sale	0.0	(60.1)	0.0
Payments for (Proceeds from) Investments	4.6	11.2	11.3
Acquisition of Businesses, Net of Cash Acquired	(103.6)	(93.8)	(1,138.6)
Proceeds from the Sale of Property, Plant and Equipment	14.8	11.3	7.2
Other, net	0.0	(42.5)	0.0
Net Cash Used for Investing Activities	(378.9)	(443.2)	(1,353.9)
Cash Flows from Financing Activities
Net Proceeds From Issuances of Short-Term Debt	4.7	132.2	0.0
Repayment of Short-Term Debt	(8.6)	(125.0)	0.0
Net Proceeds from Issuances of Long-Term Debt	0.0	741.8	994.4
Payments of Long-Term Debt Including Current Maturities	(82.3)	(59.1)	(128.4)
Payment for Debt Extinguishment or Debt Prepayment Cost	0.0	(0.1)	(4.2)
Common Stock Repurchases	(275.0)	(450.0)	(120.1)
Cash Dividends Paid	(112.0)	(108.6)	(98.9)
Tax Witholding Associated with Shares Issued for Share-Based Compensation	(13.8)	(16.4)	(13.7)
Other, Net	0.0	(4.0)	(7.3)
Net Cash Used for Financing Activities	(487.0)	110.8	621.8
Effect of Exchange Rate Changes	2.7	(11.9)	(5.5)
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash	(129.6)	241.8	(163.6)
Cash and Cash Equivalents and Restricted Cash at Beginning of Period	608.5	366.7	530.3
Cash and Cash Equivalents and Restricted Cash at End of Period	478.9	608.5	366.7
Less: Restricted Cash	11.1	12.9	12.2
Cash and Cash Equivalents at End of Period	467.8	595.6	354.5
Supplemental Cash Flow Disclosures:
Interest Paid	117.2	95.3	72.7
Income Taxes Paid, Net	175.4	196.9	146.7
Sales or Maturities of Marketable Securities	$ 3.8	$ 56.4	$ 55.9

XML

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock, Common
Balance, at Beginning of Year at Dec. 31, 2020	$ 1,510.0	$ 76.9	$ 383.8	$ 2,225.7	$ (42.7)	$ (1,133.7)
Net Earnings	593.3	0.0	0.0	593.3	0.0	0.0
Other Comprehensive Income	11.2	0.0	0.0	0.0	11.2	0.0
Dividends	(98.9)	0.0	0.0	(98.9)	0.0	0.0
Compensation Plans and Other	(18.7)	0.0	10.7	0.0	0.0	(8.0)
Common Stock Repurchases	(120.1)	0.0	0.0	0.0	0.0	(120.1)
Balance, at End of Year at Dec. 31, 2021	$ 1,914.2	76.9	394.5	2,720.1	(31.5)	(1,245.8)
Cash Dividends Declared Per Common Share (in Dollars per Share)	$ 1.275
Net Earnings	$ 677.0	0.0	0.0	677.0	0.0	0.0
Other Comprehensive Income	2.0	0.0	0.0	0.0	2.0	0.0
Dividends	(108.6)	0.0	0.0	(108.6)	0.0	0.0
Compensation Plans and Other	(7.7)	0.0	(3.2)	0.0	0.0	(10.9)
Common Stock Repurchases	(450.0)	0.0	0.0	0.0	0.0	(450.0)
Balance, at End of Year at Dec. 31, 2022	$ 2,042.3	76.9	391.3	3,288.5	(29.5)	(1,684.9)
Cash Dividends Declared Per Common Share (in Dollars per Share)	$ 1.46
Net Earnings	$ 420.4	0.0	0.0	420.4	0.0	0.0
Other Comprehensive Income	3.8	0.0	0.0	0.0	3.8	0.0
Dividends	(112.0)	0.0	0.0	(112.0)	0.0	0.0
Compensation Plans and Other	(10.4)	0.0	(0.7)	0.0	0.0	(9.7)
Common Stock Repurchases	(277.5)	0.0	0.0	0.0	0.0	(277.5)
Balance, at End of Year at Dec. 31, 2023	$ 2,087.4	$ 76.9	$ 392.0	$ 3,596.9	$ (25.7)	$ (1,952.7)
Cash Dividends Declared Per Common Share (in Dollars per Share)	$ 1.60

XML

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash Dividends Declared Per Common Share (in Dollars per Share)	$ 1.60	$ 1.46	$ 1.275

XML

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Goodwill and Other Intangibles

Goodwill and Other Intangibles

Changes in the Company's goodwill by segment during the periods ended December 31, 2023 and 2022 are summarized below:

(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
December 31, 2021	$	14.7	$	233.1	$	581.8	$	58.8	$	888.4
Acquisitions	—		—		—		66.6		66.6
Adjustments	(0.7)		(0.3)		14.0		(0.4)		12.6
December 31, 2022	$	14.0	$	232.8	$	595.8	$	125.0	$	967.6
Acquisitions	38.5		—		—		14.0		52.5
Adjustments	1.6		0.2		3.9		4.9		10.6
December 31, 2023	$	54.1	$	233.0	$	599.7	$	143.9	$	1,030.7

See Note 4 – Acquisitions for further details on the Company's acquisitions. Adjustments in both periods include the effect of foreign currency translation on goodwill denominated in currencies other than the U.S. dollar. In addition, adjustments during the year ended December 31, 2023 also include $4.8 million of purchase accounting adjustments from 2022 Freedom Boat Club acquisitions, a majority of which related to boat fleet fair market value adjustments.

As discussed in Note 1 – Significant Accounting Policies, effective January 1, 2023, we changed our reportable segments. Concurrent with the change in reportable segments, the Navico Group operating segment is now also the reporting unit at which we evaluate goodwill for impairment. As a result of this change, we evaluated impairment indicators at the previous reporting units immediately prior to the change and at the Navico Group reporting unit immediately following the change and concluded there were no indicators of impairment.

The Company performed its required fourth quarter goodwill impairment assessment and determined the fair value of its reporting units exceeded the carrying value, and therefore, no goodwill impairment was recorded. As part of the impairment assessment, we determined that our Navico Group reporting unit had an estimated fair value that was not significantly in excess of its carrying value. The Navico Group reporting unit has goodwill assigned to it of $599.7 million as of December 31, 2023 and its fair value exceeded its carrying value by approximately 10% in the current year impairment assessment. As the fair value is not significantly in excess of the carrying value, we performed sensitivity analyses on certain assumptions. Holding other assumptions constant, a 100 basis point increase in the discount rate results in the fair value of the reporting unit approximating its carrying value. Holding other assumptions constant, a 100 basis point decrease in the forecasted revenue compound annual growth rate would not result in an impairment. There was no accumulated impairment loss on Goodwill as of December 31, 2023 or 2022.

The Company's intangible assets, included within Other intangibles, net on the Consolidated Balance Sheets as of December 31, 2023 and 2022, are summarized by intangible asset type below:

	2023				2022
(in millions)	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Intangible assets:
Customer relationships (A)	$	907.3	$	(428.6)	$	897.4	$	(386.1)
Trade names	311.5		—		305.4		—
Developed technology (A)	167.5		(24.3)		160.0		(13.3)
Other (A)	91.2		(46.6)		67.6		(33.6)
Total	$	1,477.5	$	(499.5)	$	1,430.4	$	(433.0)

(A) The weighted average remaining amortization period for Customer relationships, Developed technology and Other intangibles assets was 11.2 years, 12.7 years, and 4.0 years, respectively, as of December 31, 2023.

Other intangible assets primarily consist of software, patents and franchise agreements. Gross and related accumulated amortization amounts include adjustments related to the impact of foreign currency translation. See Note 4 – Acquisitions for further details on intangibles acquired during 2023 and 2022. Aggregate amortization expense for intangibles was $68.6 million, $63.3 million and $36.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. Estimated amortization expense for intangible assets is $69.3 million for each of the years ending December 31, 2024, 2025, 2026, and 2027, and $69.1 million for the year ending December 31, 2028.

The Company tests its intangible assets for impairment during the fourth quarter of each year, or whenever a change in events and circumstances (triggering event) occurs that indicates the fair value of intangible assets may be below their carrying values. The Company recorded impairment charges of $16.6 million during the year ended December 31, 2023, including a $13.0 million impairment of its Navico trade name as a result of declines in forecasted revenues primarily driven by macroeconomic factors and a decline in market conditions and a $3.0 million impairment associated with the decision to no longer go to market under the Garelick trade name. The Company recorded $17.4 million of impairment charges during the year ended December 31, 2022 related to capitalized software intangible assets that will not be placed into service. The Company did not record any intangible asset impairments in 2021.

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Revenue Recognition (Notes)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue Recognition

The following tables present the Company's revenue in categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors:

	Year Ended December 31, 2023
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Geographic Markets
United States	$	1,881.7	$	852.6	$	573.0	$	1,548.8	$	4,856.1
Europe	367.0		108.7		221.2		162.9		859.8
Asia-Pacific	201.7		103.2		79.6		32.0		416.5
Canada	93.1		83.2		19.4		206.8		402.5
Rest-of-World	220.3		52.1		21.5		38.9		332.8
Segment Eliminations	(357.3)		(7.1)		(101.2)		(0.7)		(466.3)
Total	$	2,406.5	$	1,192.7	$	813.5	$	1,988.7	$	6,401.4
Major Product Lines
Outboard Engines	$	2,198.9	$	—	$	—	$	—	$	2,198.9
Controls, Rigging, and Propellers	391.6		—		—		—		391.6
Sterndrive Engines	173.3		—		—		—		173.3
Distribution Parts & Accessories	—		691.8		—		—		691.8
Products	—		508.0		—		—		508.0
Navico Group	—		—		914.7		—		914.7
Aluminum Freshwater Boats	—		—		—		726.0		726.0
Recreational Fiberglass Boats	—		—		—		643.0		643.0
Saltwater Fishing Boats	—		—		—		472.8		472.8
Business Acceleration	—		—		—		167.6		167.6
Boat Eliminations/Other	—		—		—		(20.0)		(20.0)
Segment Eliminations	(357.3)		(7.1)		(101.2)		(0.7)		(466.3)
Total	$	2,406.5	$	1,192.7	$	813.5	$	1,988.7	$	6,401.4

	Year Ended December 31, 2022
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Geographic Markets
United States	$	1,909.9	$	922.1	$	691.8	$	1,617.0	$	5,140.8
Europe	391.5		117.5		236.3		181.8		927.1
Asia-Pacific	223.0		117.4		98.0		35.7		474.1
Canada	114.2		100.8		27.8		251.7		494.5
Rest-of-World	185.4		52.4		15.4		33.2		286.4
Segment Eliminations	(398.3)		(7.6)		(104.5)		(0.3)		(510.7)
Total	$	2,425.7	$	1,302.6	$	964.8	$	2,119.1	$	6,812.2
Major Product Lines
Outboard Engines	$	2,221.5	$	—	$	—	$	—	$	2,221.5
Controls, Rigging, and Propellers	382.1		—		—		—		382.1
Sterndrive Engines	220.4		—		—		—		220.4
Distribution Parts & Accessories	—		781.7		—		—		781.7
Products	—		528.5		—		—		528.5
Navico Group	—		—		1,069.3		—		1,069.3
Aluminum Freshwater Boats	—		—		—		874.1		874.1
Recreational Fiberglass Boats	—		—		—		727.4		727.4
Saltwater Fishing Boats	—		—		—		404.3		404.3
Business Acceleration	—		—		—		126.0		126.0
Boat Eliminations/Other	—		—		—		(12.4)		(12.4)
Segment Eliminations	(398.3)		(7.6)		(104.5)		(0.3)		(510.7)
Total	$	2,425.7	$	1,302.6	$	964.8	$	2,119.1	$	6,812.2

	Year Ended December 31, 2021
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Geographic Markets
United States	$	1,641.9	$	947.4	$	469.1	$	1,259.1	$	4,317.5
Europe	376.8		134.3		146.9		162.5		820.5
Asia-Pacific	236.9		134.6		47.1		32.8		451.4
Canada	102.0		104.6		16.5		217.1		440.2
Rest-of-World	147.1		50.8		8.7		31.6		238.2
Segment Eliminations	(337.5)		(5.1)		(79.0)		—		(421.6)
Total	$	2,167.2	$	1,366.6	$	609.3	$	1,703.1	$	5,846.2
Major Product Lines
Outboard Engines	$	1,935.1	$	—	$	—	$	—	$	1,935.1
Controls, Rigging, and Propellers	352.4		—		—		—		352.4
Sterndrive Engines	217.2		—		—		—		217.2
Distribution Parts & Accessories	—		820.1		—		—		820.1
Products	—		551.6		—		—		551.6
Navico Group	—		—		688.3		—		688.3
Aluminum Freshwater Boats	—		—		—		712.4		712.4
Recreational Fiberglass Boats	—		—		—		571.6		571.6
Saltwater Fishing Boats	—		—		—		371.9		371.9
Business Acceleration	—		—		—		60.1		60.1
Boat Eliminations/Other	—		—		—		(12.9)		(12.9)
Segment Eliminations	(337.5)		(5.1)		(79.0)		—		(421.6)
Total	$	2,167.2	$	1,366.6	$	609.3	$	1,703.1	$	5,846.2

As of January 1, 2023, $178.5 million of contract liabilities associated with extended warranties and customer deposits were reported in Accrued expenses and Other Long-term liabilities, of which $61.8 million of this amount was recognized as revenue during year ended December 31, 2023. As of December 31, 2023, total contract liabilities were $187.1 million. The total amount of the transaction price allocated to unsatisfied performance obligations as of December 31, 2023 is $183.6 million for contracts greater than one year, which includes extended warranties. The Company expects to recognize approximately $60.7 million of this amount in 2024 and $122.9 million thereafter. Contract assets as of January 1, 2023 and December 31, 2023 were not material. In addition, costs to obtain and fulfill contracts during the period were not material.

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Restructuring, Exit, Impairment and Integration Activities

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Activities

Restructuring, Exit and Impairment Activities

The Company has announced and implemented a number of initiatives designed to improve its cost structure, general operating efficiencies and its utilization of production capacity. These initiatives resulted in the recognition of restructuring, exit and impairment charges in the Consolidated Statements of Operations during 2023, 2022 and 2021. Restructuring, exit and impairment costs include employee termination and other benefits, inventory adjustments to lower of cost or net realizable value, costs to retain and relocate employees, consulting costs, consolidation of manufacturing footprint, facility shutdown costs, and asset disposition and impairment actions. The Company recognizes the expense in the accounting period when it has committed to or incurred the cost, as appropriate.

The following table is a summary of the net expense associated with the restructuring, exit and impairment activities. Restructuring, exit and impairment charges in 2023 relate to headcount reductions and related costs associated with streamlining the enterprise-wide cost structure and improving operating efficiencies as well as asset-related impairments. Restructuring, exit and impairment charges in 2022 primarily relate to asset-related impairments and headcount reductions associated with the integration of Navico. Restructuring, exit and impairment charges in 2021 primarily relate to organizational realignment within the Navico Group segment, specifically in Europe.

(in millions)	Propulsion		Engine P&A		Navico Group (A)		Boat		Corporate (B)		Total
Restructuring, exit and impairment activities:
Employee termination and other benefits	$	2.7	$	3.3	$	11.6	$	10.5	$	2.8	$	30.9
Asset-related	—		—		18.9		—		—		18.9
Professional fees	—		—		—		—		4.9		4.9
Total 2023 restructuring, exit and impairment charges	$	2.7	$	3.3	$	30.5	$	10.5	$	7.7	$	54.7
Employee termination and other benefits	$	—	$	—	$	7.7	$	—	$	—	$	7.7
Asset-related	—		—		—		—		17.4		17.4
Total 2022 restructuring, exit and impairment charges	$	—	$	—	$	7.7	$	—	$	17.4	$	25.1
Employee termination and other benefits	$	—	$	—	$	0.7	$	0.1	$	—	$	0.8
Total 2021 restructuring, exit and impairment charges	$	—	$	—	$	0.7	$	0.1	$	—	$	0.8

(A) Includes impairment charges of $13.0 million associated with an impairment of the Navico trade name and $3.0 million associated with the Company's decision to no longer go to market under the Garelick trade name during the year ended December 31, 2023.

(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 year ended December 31, 2022.

The following tables summarize the change in accrued restructuring, exit and impairment charges within Accrued expenses in the Consolidated Balance Sheets for the years ended December 31, 2023, 2022 and 2021:

(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Corporate		Total
Accrued Charges as of December 31, 2020	$	—	$	—	$	0.3	$	1.2	$	1.7	$	3.2
Total Charges	—		$	—	0.7		0.1		—		0.8
Payments (A)	—		—		(1.0)		(1.1)		(1.7)		$	(3.8)
Accrued Charges as of December 31, 2021	$	—	$	—	$	—	$	0.2	$	—	$	0.2
Total Charges	—		—		7.7		—		17.4		25.1
Non-Cash Charges	—		—		—		—		(17.4)		$	(17.4)
Payments (A)	—		—		(3.6)		(0.2)		—		$	(3.8)
Accrued Charges as of December 31, 2022	$	—	$	—	$	4.1	$	—	$	—	$	4.1
Total Charges	2.7		3.3		30.5		10.5		7.7		54.7
Non-Cash Charges	—		—		(18.9)		1.2		—		(17.7)
Payments (A)	(1.5)		(2.6)		(10.6)		(10.0)		(7.1)		$	(31.8)
Accrued Charges as of December 31, 2023 (B)	$	1.2	$	0.7	$	5.1	$	1.7	$	0.6	$	9.3

(A) Cash payments may include payments related to prior period charges.

(B) The accrued charges as of December 31, 2023 are expected to be paid in the next twelve months.

Reductions in demand for the Company's products, further refinement of its product portfolio, further opportunities to reduce costs or the cost of integrating future acquisitions may result in additional restructuring, exit and impairment charges in future periods.

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Acquisitions

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Acquisitions

Acquisitions

2023 Acquisitions

During the fourth quarter of 2023, the Company acquired additional Freedom Boat Club franchise operations and territories in the Southeast United States. These acquisitions should unlock operational efficiencies while providing members with additional boating destinations, as the Company plans for continued expansion across the Southeast Coastal region. These acquisitions are included as part of the Company's Boat segment.

The Company paid net cash consideration of $16.0 million for these acquisitions. The opening balance sheets, which are preliminary and subject to change in the measurement period as the Company finalizes the purchase price allocation and fair value estimates, include $14.0 million of goodwill and $3.3 million of customer relationships. The amount assigned to customer relationships will be amortized over the estimated useful life of 10 years. Transaction costs associated with these acquisitions were not material to the Company's consolidated results of operations.

On September 1, 2023, the Company acquired all of the issued and outstanding shares of Fliteboard Pty Ltd (Fliteboard) for $87.6 million net cash consideration. Fliteboard is a leader in eFoiling technology, which combines advanced hydrofoils and electric propulsion on the water. The acquisition of Fliteboard allows the Company to enter the emerging electric-foiling surfboard market and presents the opportunity for technological, manufacturing, commercial and consumer synergies with our existing portfolio. Fliteboard is included as part of the Company's Propulsion segment.

The opening balance sheet, which is preliminary and subject to change in the measurement period as the Company finalizes the purchase price allocation and fair value estimates, includes $38.5 million of goodwill, $20.7 million of trade names, $8.4 million of customer relationships, and $7.1 million of developed technology. The amounts assigned to customer relationships and developed technology will be amortized over the estimated useful lives of 15 years and 10 years, respectively. Transaction costs associated with the acquisition of $1.9 million were expensed as incurred within Selling, general and administrative expense.

These 2023 acquisitions are not material to the Company's net sales, results of operations or total assets during any period presented. Accordingly, the Company's consolidated results of operations do not differ materially from historical performance as a result of the acquisitions, and pro forma results for prior periods are not presented.

2022 Acquisitions

During the second quarter of 2022, the Company acquired certain Freedom Boat Club franchise operations and territory rights as well as certain marine assets in the Southeast United States. These acquisitions enable opportunities across a wide spectrum, building upon the growth Brunswick has cultivated throughout the Company's shared access portfolio and new digital platforms. These acquisitions are included as part of the Company's Boat segment.

The Company paid net cash consideration of $93.9 million for these acquisitions. The opening balance sheets include $71.4 million of goodwill and $11.9 million of customer relationships. The amount assigned to customer relationships will be amortized over the estimated useful life of 10 years. Transaction costs associated with these acquisitions of $1.4 million were expensed as incurred within Selling, general and administrative expense in 2022. The acquisitions are not material to the Company's net sales, results of operations or total assets during any period presented. Accordingly, the Company's consolidated results of operations do not differ materially from historical performance as a result of the acquisitions, and pro forma results for prior periods are not presented. Purchase accounting is final for these acquisitions.

2021 Acquisitions - Navico

On October 4, 2021, the Company acquired all the issued and outstanding shares of Marine Innovations Group AS, known as "Navico", for $1.094 billion net cash consideration. The Company used a combination of the 2024 and 2031 Notes, as described in Note 14 – Debt, and cash on hand to fund the acquisition.

Navico was a privately held global company based in Egersund, Norway, and is a global leader in marine electronics and sensors, including multi-function displays, fish finders, autopilots, sonar, radar and cartography. The acquisition of Navico accelerates the Company's ACES (Autonomy, Connectivity, Electrification and Shared access) strategy and strengthens the Company's ability to provide complete, innovative digital solutions to consumers and comprehensive, integrated system offerings to our original equipment manufacturer customers. Navico is managed as part of the Company's Navico Group segment.

The Company used the acquisition method of accounting in accordance with ASC 805, Business Combinations, with Brunswick being the acquiring entity, and reflecting estimates and assumptions deemed appropriate by Company management. Transaction costs related to the acquisition were expensed as incurred within Selling, general and administrative expense and totaled $1.0 million and $13.8 million for the years ended December 31, 2022 and 2021, respectively. The net sales and operating loss, respectively, of Navico included in Brunswick's consolidated financial statements since the date of acquisition through December 31, 2021 was $120.4 million and $7.4 million, which includes $9.0 million of expense related to inventory fair value adjustments and $5.8 million of intangible asset amortization.

The following table is a summary of the assets acquired, liabilities assumed and net cash consideration paid, net of cash acquired, for the Navico acquisition:

(in millions)	Fair Value		Useful Life
Accounts and notes receivable	$	59.3
Inventory (A)	159.9
Goodwill (A)(B)(C)(D)	459.2
Trade names	133.0		Indefinite
Developed technology	160.0		15 years
Customer relationships	185.0		15 years
Property and equipment	46.1
Other assets	26.6
Total assets acquired	1,229.1
Accounts payable	66.0
Accrued expenses (C)	48.6
Other liabilities (D)	23.4
Deferred tax liabilities (D)	18.7
Total liabilities assumed	156.7
Net cash consideration paid, net of cash acquired	$	1,072.4

(A) Includes $1.8 million of purchase accounting adjustments related to inventory reserves.

(B) The goodwill recorded for the acquisition of Navico is partially deductible for tax purposes.

(C) Includes $3.5 million of purchase accounting adjustments related to contingency reserves.

(D) Includes $18.4 million of purchase accounting adjustments related to taxes.

Pro Forma Financial Information (Unaudited)

The pro forma information has been prepared as if the Navico acquisition and the related debt financing had occurred on January 1, 2021. 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, 2021 and are not necessarily indicative of Brunswick's consolidated net earnings in future periods. The pro forma results include adjustments primarily related to the amortization of intangible assets and interest expense on the notes issued in the third quarter of 2021 as noted in Note 14 – Debt. Additionally, non-recurring pro forma adjustments include transaction costs of $13.8 million and expenses related to inventory fair value adjustments of $18.1 million, recognized as part of the application of purchase accounting.

(in millions)	Year Ended  December 31, 2022		Year Ended  December 31, 2021
Pro forma Net sales	$	6,812.2	$	6,218.7
Pro forma Net earnings	684.9		589.6

The pro forma results reflect an effective income tax rate of 21 percent for the years ended December 31, 2022 and December 31, 2021. Purchase accounting is final for the Navico acquisition.

Other 2021 Acquisitions

On September 1, 2021, the Company acquired substantially all the net assets of RELiON Battery, LLC (RELiON). RELiON is a global provider of lithium batteries and related products to multiple industry sectors. The acquisition of RELiON complements the Company's existing portfolio of advanced battery and power management brands. On September 17, 2021, the Company acquired substantially all the net assets of SemahTronix, LLC, a global supplier of high-complexity electrical wiring harnesses for advanced products in the marine, mobile and defense industries. The acquisition of the SemahTronix assets enhances the Company's integrated systems offerings by providing the Company and the Company's global customers access to high-quality, large, complex electrical wire harnessing systems that further enable the Company's end-to-end systems solutions and capabilities. These acquisitions are included as part of the Navico Group segment. Purchase accounting is final for these acquisitions.

On July 9, 2021, the Company acquired Fanautic Club, one of the largest European boat clubs with 23 locations in major coastal cities and tourist centers across Spain. The Company also acquired certain Freedom Boat Club franchise operations and territory rights in the United States during 2021. Acquiring such assets enables Brunswick to accelerate growth by increasing its investments in these markets. These acquisitions are included as part of the Boat segment. Purchase accounting is final for these acquisitions.

The Company paid net cash consideration of $66.1 million for these acquisitions. The opening balance sheets included $36.8 million of goodwill and $24.1 million of identifiable intangible assets, including customer relationships and trade names of $17.2 million and $6.9 million, respectively. The amount assigned to customer relationships will be amortized over the estimated useful life of 10 years. Transaction costs associated with these acquisitions of $1.8 million were expensed as incurred within Selling, general and administrative expense during 2021. The acquisitions are not material to our net sales, results of operations or total assets during any period presented. Accordingly, the Company's consolidated results of operations do not differ materially from historical performance as a result of the acquisitions, and pro forma results for prior periods are not presented.

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Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Data

Segment Information

Effective January 1, 2023, the Company changed its management reporting and updated its reportable segments to Propulsion, Engine P&A, Navico Group and Boat to align with our internal operating structure.

The Company's segments are defined by management's reporting structure and operating activities. The Company's reportable segments are the following:

Propulsion. The Propulsion segment manufactures and markets a full range of outboard, sterndrive, and inboard engines, as well as propulsion-related controls, rigging, and propellers. These products are principally sold directly to boat builders, including Brunswick's Boat segment, and through marine retail dealers worldwide. The Propulsion segment primarily markets under the Mercury, Mercury MerCruiser, Mariner, Mercury Racing, Mercury Diesel, Avator and Fliteboard brands. The segment's engine manufacturing plants are located mainly in the United States and China, along with a joint venture in Japan, with sales mainly to markets in the Americas, Europe and Asia-Pacific.

Engine P&A. The Engine P&A segment manufactures, markets, supplies and distributes products for both marine and non-marine markets. These products are designed for and sold mostly to aftermarket retailers, distributors, and distribution businesses, as well as original equipment manufacturers (including Brunswick brands). Company-branded products include consumables, such as engine oils and lubricants, and are sold under the Mercury, Mercury Precision Parts, Quicksilver and Seachoice brands. The Engine P&A segment also includes distribution businesses such as Land 'N' Sea, Kellogg Marine Supply, Lankhorst Taselaar, BLA and Payne's Marine Group, which distribute third party and Company products. These businesses are leading distributors of marine parts and accessories throughout North America, Europe and Asia-Pacific. The segment's manufacturing and distribution facilities are primarily located in North America, Europe, Australia and New Zealand.

Navico Group. The Navico Group segment designs, develops, manufactures, and markets products and systems for the marine, RV, specialty vehicle, mobile and industrial markets, as well as aftermarket channels. Navico Group's brand portfolio includes the Ancor, Attwood, B&G, BEP, Blue Sea Systems, C-MAP, CZone, Lenco, Lowrance, Marinco, Mastervolt, MotorGuide, Progressive Industries, ProMariner, RELiON, Simrad and Whale brand names. These brands span multiple categories, including marine electronics, sensors, control systems, instruments, power systems and general accessories. The segment's manufacturing and distribution facilities are primarily located in North America, Europe, Australia and New Zealand.

Boat. The Boat segment designs, manufactures, and markets the following boat brands and products: Sea Ray sport boats and cruisers; Bayliner sport cruisers, runabouts, and Heyday wake boats; Boston Whaler fiberglass offshore boats; Lund fiberglass fishing boats; Crestliner, Harris, Lowe, Lund and Princecraft aluminum fishing, utility, pontoon boats, and deck boats; Thunder Jet heavy-gauge aluminum boats; and Veer recreational and fishing boats designed specifically to support electric propulsion. The Boat segment also includes Brunswick boat brands based in Europe and Asia-Pacific, which include Quicksilver, Navan, Rayglass (including Protector and Legend) and Uttern. The Boat segment procures substantially all of its engines from Brunswick's Propulsion segment, and boats often include other parts and accessories supplied by the Engine P&A and Navico Group segments. The Boat segment's products are manufactured mainly in the United States, Europe, Mexico and Canada and sold through a global network of dealer and distributor locations, primarily in North America and Europe.

The Boat segment also includes Business Acceleration which, through innovative service models, shared access solutions, including the Freedom Boat Club business acquired in 2019, dealer services and emerging technology, aims to provide exceptional experiences to attract a wide range of customers to the marine industry and shape the future of boating.

The Company evaluates performance based on segment operating earnings. Segment operating earnings do not include the expenses of corporate administration, impairments or gains on the sale of equity investments, earnings from unconsolidated affiliates, other expenses and income of a non-operating nature, transaction financing charges, interest expense and income or provisions or benefits for income taxes.

Corporate/Other results include items such as corporate staff and administrative costs, investments in technology solutions, business development and other growth-related expenses, including IT enhancements. Corporate/Other total assets consist of mainly cash, cash equivalents and investments in short-term marketable securities, restricted cash, income tax balances and investments in unconsolidated affiliates.

Segment eliminations adjust for sales between the Company's reportable segments and primarily relate to the sale of engines and parts and accessories to various boat brands, which are consummated at established arm's length transfer prices as the intersegment pricing for these engines and parts and accessories are based upon and consistent with selling prices to third-party customers.

Information about the operations of Brunswick's reportable segments is set forth below:

	Net Sales						Operating Earnings (Loss)						Total Assets
(in millions)	2023		2022		2021		2023		2022		2021		2023		2022
Propulsion	$	2,763.8	$	2,824.0	$	2,504.7	$	494.7	$	522.9	$	449.7	$	1,648.7	$	1,516.7
Engine P&A	1,199.8		1,310.2		1,371.7		217.4		268.0		282.4		855.6		868.6
Navico Group	914.7		1,069.3		688.3		5.2		68.2		53.4		2,074.3		2,169.0
Boat	1,989.4		2,119.4		1,703.1		155.6		212.8		142.3		874.8		829.8
Corporate/Other	—		—		—		(138.0)		(124.1)		(114.9)		777.1		937.2
Segment Eliminations	(466.3)		(510.7)		(421.6)		—		—		—		—		—
Total	$	6,401.4	$	6,812.2	$	5,846.2	$	734.9	$	947.8	$	812.9	$	6,230.5	$	6,321.3

	Depreciation						Amortization
(in millions)	2023		2022		2021		2023		2022		2021
Propulsion	$	124.3	$	98.8	$	84.2	$	4.7	$	3.1	$	—
Engine P&A	15.2		11.0		10.5		0.7		0.7		0.7
Navico Group	12.3		13.5		8.2		55.7		55.2		33.5
Boat	49.0		42.1		36.7		5.0		3.3		1.8
Corporate/Other	3.5		2.5		2.5		2.5		1.0		—
Total	$	204.3	$	167.9	$	142.1	$	68.6	$	63.3	$	36.0

	Capital Expenditures						Research & Development Expense
(in millions)	2023		2022		2021		2023		2022		2021
Propulsion	$	157.1	$	236.1	$	162.2	$	99.6	$	104.6	$	93.8
Engine P&A	17.9		25.7		15.3		1.4		1.3		1.6
Navico Group	26.3		24.4		15.2		48.0		66.1		34.7
Boat	72.3		86.6		63.6		26.9		26.7		21.1
Corporate/Other	15.7		15.5		10.8		9.3		4.2		3.3
Total	$	289.3	$	388.3	$	267.1	$	185.2	$	202.9	$	154.5

Geographic Segments

	Net sales						Net property
(in millions)	2023		2022		2021		2023		2022
United States	$	4,449.8	$	4,699.2	$	3,961.9	$	1,182.7	$	1,165.8
International	1,951.6		2,113.0		1,884.3		111.4		92.8
Corporate/Other	—		—		—		21.7		12.2
Total	$	6,401.4	$	6,812.2	$	5,846.2	$	1,315.8	$	1,270.8

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Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable.

•Level 1 - Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets or liabilities.

•Level 2 - Inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. These are typically obtained from readily available pricing sources for comparable instruments.

•Level 3 - Unobservable inputs for which there is little or no market activity for the asset or liability. These inputs reflect the reporting entity's own assumptions of the data that market participants would use in pricing the asset or liability, based on the best information available in the circumstances.

The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis:

		Fair Value
(in millions)	Fair Value Level	December 31, 2023		December 31, 2022
Cash equivalents	1	$	0.4	$	0.4
Short-term investments in marketable securities	1	0.8		4.5
Restricted cash	1	11.1		12.9
Derivative assets	2	5.2		16.1
Derivative liabilities	2	13.7		9.9
Deferred compensation	1	1.5		1.6
Deferred compensation	2	16.1		14.1
Liabilities measured at net asset value		12.9		10.4

Refer to Note 12 – Financial Instruments for additional information related to the fair value of derivative assets and liabilities by class.

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Financing Receivables

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Financing Receivables

Financing Receivables

The Company has recorded financing receivables, which are defined as a contractual right to receive money, as assets on its Consolidated Balance Sheets as of December 31, 2023 and 2022. Substantially all of the Company’s financing receivables, which includes receivables sold to third-party finance companies (Third-Party Receivables) and customer notes and other (Other Receivables), stem from commercial customers. Third-Party Receivables are accounts that have been sold to third-party finance companies, but do not meet the definition of a true sale and are therefore recorded as an asset with an offsetting balance recorded as a secured obligation in Accrued expenses. Other Receivables are mostly comprised of notes from customers, which are originated by the Company in the normal course of business. Financing receivables are carried at their face amounts less an allowance for credit losses.

The Company sells a broad range of marine products to a worldwide customer base and extends credit to its customers based upon an ongoing credit evaluation program. The Company’s business units maintain credit departments to manage financial exposure and perform credit-risk assessments on an individual account basis. Accounts are not aggregated into categories for credit-risk determinations. Due to the composition of the account portfolio, the Company does not believe that the credit risk posed by the Company’s financing receivables is significant to its operations, financial condition or cash flows. There were no significant troubled debt restructurings during the years ended December 31, 2023, 2022 or 2021.

The Company’s financing receivables, excluding trade accounts receivable contractually due within one year, as of December 31, 2023 and December 31, 2022 were $6.3 million and $6.1 million, respectively.

The activity related to the allowance for credit loss on financing receivables during the years ended December 31, 2023 and December 31, 2022 was not material.

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Financing Joint Venture

12 Months Ended

Dec. 31, 2023

Financial Services [Abstract]

Financial Services

Financing Joint Venture

The Company, through its Brunswick Financial Services Corporation (BFS) subsidiary, owns a 49 percent interest in a joint venture, Brunswick Acceptance Company, LLC (BAC). CDF Joint Ventures, LLC (CDFJV), a subsidiary of Wells Fargo and Company, owns the remaining 51 percent.

In March of 2021, the parties entered into an amended and restated joint venture agreement (JV Agreement) to extend the term of their financial services through December 31, 2025, which included expanded financing to Freedom Boat Club franchisees. The JV Agreement contains a financial covenant that conforms to the maximum leverage ratio test in the Credit Facility described in Note 14 – Debt. The JV Agreement contains provisions allowing for the renewal of the agreement or the purchase of the other party's interest in the joint venture at the end of its term. Alternatively, either partner may terminate the agreement at the end of its term.

BAC is funded in part through a $1.0 billion secured borrowing facility from Wells Fargo Commercial Distribution Finance, LLC (WFCDF), which is in place through the term of the joint venture, and with equity contributions from both partners. BAC also sells a portion of its receivables to a securitization facility, the Wells Fargo Dealer Floorplan Master Note Trust, which is arranged by Wells Fargo. The sales of these receivables meet the requirements of a "true sale" and are therefore not retained on the financial statements of BAC. Neither the Company nor any of its subsidiaries guarantee the indebtedness of BAC. In addition, BAC is not responsible for any continuing servicing costs or obligations with respect to the securitized receivables. 

The Company considers BFS's investment in BAC as an investment in a variable interest entity of which the Company is not the primary beneficiary. As a result, the Company accounts for BFS's investment in BAC under the equity method and records it as a component of Equity investments in its Consolidated Balance Sheets. The Company records BFS's share of income or loss in BAC based on its ownership percentage in the joint venture in Equity (loss) earnings in its Consolidated Statements of Operations. BFS's equity investment is adjusted monthly to maintain a 49 percent interest in accordance with the capital provisions of the JV Agreement. The Company funds its investment in BAC through cash contributions and reinvested earnings. BFS's total investment in BAC as of December 31, 2023 and December 31, 2022 was $27.2 million and $20.3 million, respectively.

The Company's maximum loss exposure relating to BAC is detailed as follows:

(in millions)	December 31, 2023		December 31, 2022
Investment	$	27.2	$	20.3
Repurchase and recourse obligations (A)	43.1		41.4
Liabilities (B)	(2.2)		(1.1)
Total maximum loss exposure	$	68.1	$	60.6

(A)Repurchase and recourse obligations are off-balance sheet obligations provided by the Company for the Propulsion, Engine P&A, Navico Group and Boat segments, respectively, and are included within the Maximum Potential Obligations disclosed in Note 11 – Commitments and Contingencies. Repurchase and recourse obligations include a North American repurchase agreement with WFCDF and could be reduced by repurchase activity occurring under other similar agreements with WFCDF and affiliates. The Company's risk under these repurchase arrangements is partially mitigated by the value of the products repurchased as part of the transaction. Amounts above exclude any potential recoveries from the value of the repurchased product.

(B)Represents accrued amounts for potential losses related to recourse exposure and the Company's expected losses on obligations to repurchase products, after giving effect to proceeds anticipated to be received from the resale of these products to alternative dealers.

BFS recorded income related to the operations of BAC of $8.6 million, $4.5 million and $2.1 million in Equity (loss) earnings in the Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021, respectively.  

Cash Flows

BFS reported cash flows from operating activities of $8.2 million, $4.3 million and $2.1 million within Other, net on the Consolidated Statements of Cash Flows in 2023, 2022 and 2021, respectively.

In 2023, BFS reported net cash flows from investing activities within Investments on the Consolidated Statements of Cash Flows. Such cash flows for 2023 were $(6.4) million, consisting of $7.2 million of cash received and $(13.6) million of cash contributions; in 2022 were $(9.2) million, consisting of $2.8 million of cash received and $(12.0) million of cash contributions; and in 2021 were $2.5 million, consisting of $6.5 million of cash received and $(4.0) million of cash contributions.

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Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

Goodwill and Other Intangibles

Changes in the Company's goodwill by segment during the periods ended December 31, 2023 and 2022 are summarized below:

(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
December 31, 2021	$	14.7	$	233.1	$	581.8	$	58.8	$	888.4
Acquisitions	—		—		—		66.6		66.6
Adjustments	(0.7)		(0.3)		14.0		(0.4)		12.6
December 31, 2022	$	14.0	$	232.8	$	595.8	$	125.0	$	967.6
Acquisitions	38.5		—		—		14.0		52.5
Adjustments	1.6		0.2		3.9		4.9		10.6
December 31, 2023	$	54.1	$	233.0	$	599.7	$	143.9	$	1,030.7

See Note 4 – Acquisitions for further details on the Company's acquisitions. Adjustments in both periods include the effect of foreign currency translation on goodwill denominated in currencies other than the U.S. dollar. In addition, adjustments during the year ended December 31, 2023 also include $4.8 million of purchase accounting adjustments from 2022 Freedom Boat Club acquisitions, a majority of which related to boat fleet fair market value adjustments.

As discussed in Note 1 – Significant Accounting Policies, effective January 1, 2023, we changed our reportable segments. Concurrent with the change in reportable segments, the Navico Group operating segment is now also the reporting unit at which we evaluate goodwill for impairment. As a result of this change, we evaluated impairment indicators at the previous reporting units immediately prior to the change and at the Navico Group reporting unit immediately following the change and concluded there were no indicators of impairment.

The Company performed its required fourth quarter goodwill impairment assessment and determined the fair value of its reporting units exceeded the carrying value, and therefore, no goodwill impairment was recorded. As part of the impairment assessment, we determined that our Navico Group reporting unit had an estimated fair value that was not significantly in excess of its carrying value. The Navico Group reporting unit has goodwill assigned to it of $599.7 million as of December 31, 2023 and its fair value exceeded its carrying value by approximately 10% in the current year impairment assessment. As the fair value is not significantly in excess of the carrying value, we performed sensitivity analyses on certain assumptions. Holding other assumptions constant, a 100 basis point increase in the discount rate results in the fair value of the reporting unit approximating its carrying value. Holding other assumptions constant, a 100 basis point decrease in the forecasted revenue compound annual growth rate would not result in an impairment. There was no accumulated impairment loss on Goodwill as of December 31, 2023 or 2022.

The Company's intangible assets, included within Other intangibles, net on the Consolidated Balance Sheets as of December 31, 2023 and 2022, are summarized by intangible asset type below:

	2023				2022
(in millions)	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Intangible assets:
Customer relationships (A)	$	907.3	$	(428.6)	$	897.4	$	(386.1)
Trade names	311.5		—		305.4		—
Developed technology (A)	167.5		(24.3)		160.0		(13.3)
Other (A)	91.2		(46.6)		67.6		(33.6)
Total	$	1,477.5	$	(499.5)	$	1,430.4	$	(433.0)

(A) The weighted average remaining amortization period for Customer relationships, Developed technology and Other intangibles assets was 11.2 years, 12.7 years, and 4.0 years, respectively, as of December 31, 2023.

Other intangible assets primarily consist of software, patents and franchise agreements. Gross and related accumulated amortization amounts include adjustments related to the impact of foreign currency translation. See Note 4 – Acquisitions for further details on intangibles acquired during 2023 and 2022. Aggregate amortization expense for intangibles was $68.6 million, $63.3 million and $36.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. Estimated amortization expense for intangible assets is $69.3 million for each of the years ending December 31, 2024, 2025, 2026, and 2027, and $69.1 million for the year ending December 31, 2028.

The Company tests its intangible assets for impairment during the fourth quarter of each year, or whenever a change in events and circumstances (triggering event) occurs that indicates the fair value of intangible assets may be below their carrying values. The Company recorded impairment charges of $16.6 million during the year ended December 31, 2023, including a $13.0 million impairment of its Navico trade name as a result of declines in forecasted revenues primarily driven by macroeconomic factors and a decline in market conditions and a $3.0 million impairment associated with the decision to no longer go to market under the Garelick trade name. The Company recorded $17.4 million of impairment charges during the year ended December 31, 2022 related to capitalized software intangible assets that will not be placed into service. The Company did not record any intangible asset impairments in 2021.

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Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The sources of Earnings before income taxes were as follows:

(in millions)	2023		2022		2021
United States	$	364.4	$	603.2	$	537.0
Foreign	264.5		250.4		199.4
Earnings before income taxes	$	628.9	$	853.6	$	736.4

The Income tax provision consisted of the following:

(in millions)	2023		2022		2021
Current tax expense:
U.S. Federal	$	88.7	$	109.8	$	84.3
State and local	17.3		20.3		11.2
Foreign	73.9		61.1		67.3
Total current	179.9		191.2		162.8
Deferred tax expense (benefit):
U.S. Federal	17.2		(24.6)		(4.9)
State and local	10.2		1.5		(5.9)
Foreign	(11.0)		4.2		(11.0)
Total deferred	16.4		(18.9)		(21.8)
Income tax provision	$	196.3	$	172.3	$	141.0

Temporary differences and carryforwards giving rise to deferred tax assets and liabilities as of December 31, 2023 and 2022 are summarized in the table below:

(in millions)	2023		2022
Deferred tax assets:
Loss carryforwards	$	59.9	$	56.8
Tax credit carryforwards	56.1		52.9
Deferred revenue	38.0		36.3
Product warranties	35.4		33.6
Sales incentives and discounts	33.3		29.2
Operating lease liabilities	29.8		24.4
Interest expense	17.6		18.0
Equity compensation	13.1		13.5
Other	73.2		66.2
Gross deferred tax assets	356.4		330.9
Valuation allowance	(71.3)		(52.8)
Deferred tax assets	285.1		278.1
Deferred tax liabilities:
Depreciation and amortization	(54.5)		(81.7)
Operating lease assets	(27.6)		(21.8)
State and Local income taxes	(22.7)		(22.7)
Other	(5.9)		(9.3)
Deferred tax liabilities	(110.7)		(135.5)
Total net deferred tax assets	$	174.4	$	142.6

As of December 31, 2023, the Company had a total valuation allowance against its deferred tax assets of $71.3 million. The remaining realizable value of deferred tax assets as of December 31, 2023 was determined by evaluating the potential to recover the value of these assets through the utilization of tax loss and credit carrybacks, the reversal of existing taxable temporary differences and carryforwards, certain tax planning strategies and future taxable income exclusive of reversing temporary differences and carryforwards. As of December 31, 2023, the Company retained valuation allowance reserves of $50.2 million against deferred tax assets in the U.S. primarily related to state tax credits that are subject to restrictive rules for future utilization, various state operating loss carryforwards, and non-amortizable intangibles and valuation allowances of $21.1 million for deferred tax assets related to foreign jurisdictions, primarily Luxembourg.

As of December 31, 2023, the tax benefit of loss carryforwards totaling $60.3 million was available to reduce future tax liabilities. This deferred tax asset was comprised of $1.1 million for the tax benefit of federal net operating loss (NOL) carryforwards, $24.0 million for the tax benefit of state NOL carryforwards and $35.2 million for the tax benefit of foreign NOL carryforwards. NOL carryforwards of $43.1 million expire at various intervals between the years 2024 and 2043, while $17.2 million have an unlimited life.

As of December 31, 2023, tax credit carryforwards totaling $56.1 million were available to reduce future tax liabilities. This deferred tax asset was comprised of $6.6 million related to federal tax credits, $48.4 million of various state tax credits related to research and development, capital investment and job incentives and $1.1 million related to foreign tax credits. These tax credit carryforwards expire at various intervals between the years 2024 and 2042.

No deferred income taxes have been provided as of December 31, 2023 or 2022 on the applicable undistributed earnings of the non-U.S. subsidiaries where the indefinite reinvestment assertion has been applied. If at some future date these earnings cease to be indefinitely reinvested and are repatriated, the Company may be subject to additional U.S. income taxes and foreign withholding and other taxes on such amounts. Remittances from foreign subsidiaries are generally not subject to U.S. income taxation. These remittances are either excluded from U.S. taxable income as earnings that have already been subjected to taxation or in the alternative are subject to a 100 percent foreign dividends received deduction. The Company continues to provide deferred taxes, primarily related to foreign withholding taxes, on the undistributed net earnings of foreign subsidiaries and unconsolidated affiliates that are not deemed to be indefinitely reinvested in operations outside the United States, although such amounts were immaterial as of December 31, 2023 and 2022. We have not provided for deferred taxes on the outside basis differences in our investments in our foreign subsidiaries. A determination of the unrecognized deferred taxes related to these outside basis differences is not practicable.

As of December 31, 2023, 2022 and 2021 the Company had $9.3 million, $7.8 million and $10.1 million of gross unrecognized tax benefits, including interest, respectively. Substantially all of these amounts, if recognized, would impact the Company's tax provision and the effective tax rate.

The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. As of December 31, 2023, 2022 and 2021, the amounts accrued for interest and penalties were not material.

The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for the 2023, 2022 and 2021 annual reporting periods:

(in millions)	2023		2022		2021
Balance as of January 1	$	7.5	$	9.7	$	3.7
Gross increases - tax positions prior periods	0.9		0.5		5.9
Gross decreases - tax positions prior periods	—		(2.1)		(0.2)
Gross increases - current period tax positions	—		—		0.5
Decreases - settlements with taxing authorities	—		(0.6)		(0.2)
Balance as of December 31	$	8.4	$	7.5	$	9.7

The Company believes it is reasonably possible that the total amount of gross unrecognized tax benefits as of December 31, 2023 could decrease by approximately $2.1 million in 2024 due to settlements with taxing authorities or lapses in applicable statutes of limitation. Due to the various jurisdictions in which the Company files tax returns and the uncertainty regarding the timing of the settlement of tax audits, it is possible that there could be significant changes in the amount of unrecognized tax benefits in 2024, but the amount cannot be estimated at this time.

The Company is regularly audited by federal, state and foreign tax authorities. The Internal Revenue Service (IRS) has completed its field examination and has issued its Revenue Agents Report through the 2014 tax year and all open issues have been resolved. The Company is currently open to tax examinations by the IRS for the 2020 through 2022 tax years. The Company is open to state and local tax audits in major tax jurisdictions dating back to the 2017 taxable year. The Company is no longer subject to income tax examinations by any major foreign tax jurisdiction for years prior to 2015.

Many countries are implementing local legislation based upon the Organization for Economic Co-operation and Development’s base erosion and profit shifting project, the Pillar Two framework, which imposes a global minimum corporate tax rate of 15%. The Company will continue to monitor the implementation of the Pillar Two rules in the jurisdictions in which it operates.

The difference between the actual income tax provision and the tax provision computed by applying the statutory Federal income tax rate to Earnings before income taxes is attributable to the following:

(in millions)	2023			2022			2021
Income tax provision at 21 percent	$	132.1		$	179.3		$	154.6
State and local income taxes, net of federal income tax effect	13.3			19.5			18.0
Deferred tax asset valuation allowance	17.8			(10.4)			(24.2)
Equity compensation	(1.3)			(2.9)			(1.8)
Change in estimates related to prior years and prior years amended tax return filings	1.8			(1.3)			3.5
Federal and state tax credits	(15.2)			(16.6)			(14.9)
Taxes related to foreign income, net of credits	(4.5)			12.1			5.5
Deferred tax reassessment	2.5			6.4			6.4
FDII deduction	(16.6)			(18.4)			(15.3)
Intercompany sales of intellectual property rights	53.1			—			—
Nondeductible loss on intercompany sale	6.9			—			—
Other	6.4			4.6			9.2
Actual income tax provision	$	196.3		$	172.3		$	141.0
Effective tax rate	31.2		%	20.2		%	19.1		%

For the year ended December 31, 2023, the Company recorded $17.8 million of income tax expense related to an increase in its valuation allowance on deferred tax assets and $53.1 million of income tax expense related to the intercompany sales of intellectual property (IP) rights. The valuation allowance increase is primarily due to certain federal tax credits, impairment of certain investments, and state credits and NOLs that may not be realized in future years. The sales of the IP rights were to better align the ownership of these rights with how our business operates.

During 2021, the Company recorded a $21.0 million income tax benefit related to the release of a portion of the Company’s valuation allowance. This was due to a reassessment of the realizability of certain federal tax credits, state tax credits and state NOLs. The conclusion to release the valuation allowance was based upon sustained positive operating performance of its U.S. operations and the availability of expected future taxable income, leading the Company to believe that it is more likely than not that the benefit of these U.S. deferred tax assets will be realized.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Financial Commitments

The Company has entered into guarantees of indebtedness of third parties, primarily in connection with customer financing programs. Under these arrangements, the Company has guaranteed customer obligations to the financial institutions in the event of customer default, generally subject to a maximum amount that is less than the total outstanding obligations. The Company has also extended guarantees to third parties that have purchased customer receivables from Brunswick and, in certain instances, has guaranteed secured term financing of its customers. Potential payments in connection with these customer financing arrangements generally extend over several years. The single year and maximum potential cash obligations associated with these customer financing arrangements as of December 31, 2023 and December 31, 2022 were $66.6 million and $71.7 million, respectively.

In most instances, upon repurchase of the receivable or note, the Company receives rights to the collateral securing the financing. The Company’s risk under these arrangements is partially mitigated by the value of the collateral that secures the financing.

The Company has accounts receivable sale arrangements with third parties which are included in the guarantee arrangements discussed above. The Company treats the sale of receivables in which the Company retains an interest as a secured obligation as the transfers of the receivables under these arrangements do not meet the requirements of a "true sale." Accordingly, the current portion of receivables underlying these arrangements of $4.3 million and $4.1 million was recorded in Accounts and notes receivable and Accrued expenses as of December 31, 2023 and December 31, 2022, respectively. As of December 31, 2023 and 2022, the Company did not have any long-term receivables related to these arrangements.

The Company has also entered into arrangements with third party lenders in which it has agreed, in the event of a customer or franchisee default, to repurchase from the third party lender those Brunswick products repossessed from the customer or franchisee. These arrangements are typically subject to a maximum repurchase amount. The single year and maximum potential cash payments the Company could be required to make to repurchase collateral as of December 31, 2023 and December 31, 2022 were $81.1 million and $69.9 million, respectively. Included within this repurchase amount are amounts related to BAC, as discussed in Note 8 – Financing Joint Venture.

The Company’s risk under these repurchase arrangements is partially mitigated by the value of the products repurchased as part of the transaction. The Company had $1.7 million and $0.8 million accrued for potential losses related to repurchase exposure as of December 31, 2023 and December 31, 2022, respectively. The Company’s repurchase accrual represents the expected losses that could result from obligations to repurchase products, after giving effect to proceeds anticipated to be received from the resale of those products to alternative dealers.

The Company has recorded its estimated net liability associated with losses from these guarantee and repurchase obligations on its Consolidated Balance Sheets based on historical experience and current facts and circumstances. Historical cash requirements and losses associated with these obligations have not been significant, but could increase if dealer defaults exceed current expectations.

Financial institutions have issued standby letters of credit and surety bonds conditionally guaranteeing obligations on behalf of the Company totaling $8.5 million and $18.4 million, respectively, as of December 31, 2023. A large portion of these standby letters of credit and surety bonds are related to the Company’s self-insured workers' compensation program as required by its insurance companies and various state agencies. The Company has recorded reserves to cover the anticipated liabilities associated with these programs. Under certain circumstances, such as an event of default under the Company's revolving credit facility, or, in the case of surety bonds, a ratings downgrade, the Company could be required to post collateral to support the outstanding letters of credit and surety bonds. The Company was not required to post letters of credit as collateral against surety bonds as of December 31, 2023.

The Company has a collateral trust arrangement with insurance carriers and a trustee bank. The trust is owned by the Company, but the assets are pledged as collateral against workers’ compensation related obligations in lieu of other forms of collateral including letters of credit. In connection with this arrangement, the Company had $8.3 million and $8.0 million of cash in the trust as of December 31, 2023 and December 31, 2022, respectively, which was classified as Restricted cash in the Company's Consolidated Balance Sheets.

Product Warranties

The Company records a liability for product warranties at the time of the related product sale. The liability is estimated using historical warranty experience, projected claim rates and expected costs per claim. The Company adjusts its liability for specific warranty matters when they become known and the exposure can be estimated. Product failure rates as well as material usage and labor costs incurred in correcting a product failure affect the Company's warranty liabilities. If actual costs differ from estimated costs, the Company must make a revision to the warranty liability. Changes in the Company's warranty liabilities resulting from the Company's experience and adjustments related to changes in estimates are included as aggregate changes for preexisting warranties presented in the table below.

The following activity related to product warranty liabilities was recorded in Accrued expenses during the years ended December 31, 2023 and December 31, 2022:

(in millions)	2023		2022
Balance at beginning of period	$	146.7	$	129.3
Payments	(92.4)		(63.1)
Provisions/additions for contracts issued/sold	89.9		82.7
Aggregate changes for preexisting warranties	9.3		(0.7)
Foreign currency translation	0.8		(1.2)
Acquisitions	0.3		—
Other	3.0		(0.3)
Balance at end of period	$	157.6	$	146.7

Extended Product Warranties

End users of the Company's products may purchase a contract from the Company that extends product warranty beyond the standard period. For certain extended warranty contracts in which the Company retains the warranty or administration obligation, a deferred revenue liability is recorded based on the aggregate sales price for contracts sold. The liability is reduced and revenue is recognized on a straight-line basis over the contract period during which corresponding costs are expected to be incurred.

The following activity related to deferred revenue for extended product warranty contracts was recorded in Accrued expenses and Other long-term liabilities during the years ended December 31, 2023 and December 31, 2022:

(in millions)	2023		2022
Balance at beginning of period	$	112.5	$	99.5
Extended warranty contracts sold	41.8		37.0
Revenue recognized on existing extended warranty contracts	(26.9)		(23.2)
Foreign currency translation	0.2		(0.4)
Other	(0.4)		(0.4)
Balance at end of period	$	127.2	$	112.5

Legal

The Company accrues for litigation exposure when it is probable that future costs will be incurred and such costs can be reasonably estimated. Adjustments to estimates are recorded in the period they are identified. Management does not believe that there is a reasonable possibility that a material loss exceeding the amounts already recognized for the Company's litigation claims and matters, if any, has been incurred. In light of existing accruals, the Company's litigation claims, when finally resolved, are not expected, in the opinion of management, to have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows.

Environmental

The Company is involved in certain legal and administrative proceedings under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 and other federal and state legislation governing the generation and disposal of certain hazardous wastes. These proceedings, which involve both on- and off-site waste disposal or other contamination, in many instances seek compensation or remedial action from the Company as a waste generator under Superfund legislation, which authorizes action regardless of fault, legality of original disposition or ownership of a disposal site. The Company has established accruals based on a range of cost estimates for all known claims.

The environmental remediation and clean-up projects in which the Company is involved have an aggregate estimated range of exposure of approximately $14.4 million to $37.8 million as of December 31, 2023. As of December 31, 2023 and 2022, the Company had accruals for environmental liabilities of $14.7 million and $15.4 million, respectively, which were recorded within Accrued expenses and Other long-term liabilities in the Consolidated Balance Sheets. The Company recorded $0.7 million, $0.1 million and $0.4 million of environmental provisions for the years ended December 31, 2023, 2022 and 2021, respectively.

The Company accrues for environmental remediation-related activities for which commitments or clean-up plans have been developed and for which costs can be reasonably estimated. All accrued amounts are generally determined in consultation with third party experts on an undiscounted basis and do not consider recoveries from third parties until such recoveries are realized. In light of existing accruals, the Company's environmental claims, when finally resolved, are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows.

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Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Financial Instruments

The Company operates globally with manufacturing and sales facilities around the world, and therefore, is subject to both financial and market risk. The Company utilizes normal operating and financing activities, along with derivative financial instruments, to minimize these risks.

Derivative Financial Instruments. The Company uses derivative financial instruments to manage its risks associated with movements in foreign currency exchange rates and interest rates. Derivative instruments are not used for trading or speculative purposes. The Company formally documents its hedge relationships, including identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction. This process includes linking derivatives that are designated as hedges to specific forecasted transactions. The Company also assesses, both at the hedge’s inception and monthly thereafter, whether the derivatives used in hedging transactions are highly effective in offsetting the changes in the anticipated cash flows of the hedged item. If the hedging relationship ceases to be highly effective, or it becomes probable that a forecasted transaction is no longer expected to occur, the Company discontinues hedge accounting prospectively and immediately recognizes the gains and losses associated with those hedges. There were no material adjustments as a result of ineffectiveness to the results of operations for the years ended December 31, 2023, 2022 and 2021. The fair value of derivative financial instruments is determined through market-based valuations and may not be representative of the actual gains or losses that will be recorded when these instruments mature due to future fluctuations in the markets in which they are traded. The effects of derivative financial instruments are not expected to be material to the Company’s financial position or results of operations when considered together with the underlying exposure being hedged. Use of derivative financial instruments exposes the Company to credit-risk with its counterparties when the fair value of a derivative contract is an asset. The Company mitigates this risk by entering into derivative contracts with highly rated counterparties. The maximum amount of loss due to counterparty credit-risk is limited to the asset value of derivative financial instruments.

Cash Flow Hedges. The Company enters into certain derivative instruments that are designated and qualify as cash flow hedges. The Company executes both forward and option contracts, based on forecasted transactions, to manage foreign currency exchange exposure mainly related to inventory purchase and sales transactions. 

A cash flow hedge requires that as changes in the fair value of derivatives occur, the portion of the change deemed to be effective is recorded temporarily in Accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. As of December 31, 2023, the term of derivative instruments hedging forecasted transactions ranged up to 21 months. 

The following activity related to cash flow hedges was recorded in Accumulated other comprehensive income (loss) as of December 31:

	Accumulated Unrealized Derivative
	Gains (Losses)
	2023				2022
(in millions)	Pre-tax		After-tax		Pre-tax		After-tax
Beginning balance	$	56.5	$	36.0	$	21.6	$	9.9
Net change in value of outstanding hedges	(3.9)		(3.3)		62.0		46.1
Net amount recognized into earnings	(13.6)		(9.6)		(27.1)		(20.0)
Ending balance	$	39.0	$	23.1	$	56.5	$	36.0

Other Hedging Activity. The Company has entered into certain foreign currency forward contracts that have not been designated as a hedge for accounting purposes. These contracts are used to manage foreign currency exposure related to changes in the value of assets or liabilities caused by changes in foreign exchange rates. The change in the fair value of the foreign currency derivative contract and the corresponding change in the fair value of the asset or liability of the Company are both recorded through earnings, each period as incurred.

Cross-Currency Swaps. The Company enters into cross-currency swaps to hedge Euro currency exposures of the net investment in certain foreign subsidiaries. The cross-currency swaps were designated as net investment hedges, with the amount of gain or loss associated with the change in fair value of these instruments deferred within Accumulated other comprehensive income (loss) and recognized upon termination of the respective investment. During the fourth quarter of 2023, the company entered into $250.0 million of cross-currency swap contracts. During 2022, the company settled $450.0 million of cross-currency swap contracts resulting in a deferred gain of $42.5 million within Accumulated other comprehensive income (loss). As of December 31, 2023, the notional value of cross-currency swap contracts outstanding was $250.0 million. There were no cross-currency swaps outstanding as of December 31, 2022.

Commodity Price. The Company uses commodity swaps to hedge anticipated purchases of aluminum and copper. As of December 31, 2023 and 2022, the notional value of commodity swap contracts outstanding was $31.8 million and $24.1 million, respectively. The amount of gain or loss associated with the change in fair value of these instruments is deferred in Accumulated other comprehensive income (loss) and recognized in Cost of sales in the same period or periods during which the hedged transaction affects earnings. As of December 31, 2023, the Company estimates that during the next 12 months it will reclassify $0.9 million of net losses (based on current prices) from Accumulated other comprehensive income (loss) to Cost of sales.

Foreign Currency Derivatives. The Company enters into forward and option contracts to manage foreign exchange exposure related to forecasted transactions and assets and liabilities that are subject to risk from foreign currency rate changes. These exposures include: product costs; revenues and expenses; associated receivables and payables; intercompany obligations and receivables and other related cash flows.

Forward exchange contracts outstanding as of December 31, 2023 and December 31, 2022 had notional contract values of $694.6 million and $684.8 million, respectively. There were no option contracts outstanding as of December 31, 2023 or December 31, 2022. The forward contracts outstanding as of December 31, 2023 mature during 2024 and 2025 and mainly relate to the Euro, Australian dollar, Norwegian krone and Canadian dollar. As of December 31, 2023, the Company estimates that, during the next 12 months, it will reclassify approximately $1.7 million of net gains (based on rates as of December 31, 2023) from Accumulated other comprehensive income (loss) to Cost of sales.

Interest-Rate Derivatives. The Company previously entered into forward-starting interest rate swaps to hedge the interest rate risk associated with anticipated debt issuances. During 2022, the Company entered into and settled a series of treasury-lock swaps to hedge the interest-rate risk associated with debt issuances, resulting in a net deferred gain of $5.1 million. There were no forward-starting interest rate swaps or treasury-lock swaps outstanding as of December 31, 2023 or December 31, 2022.

The Company had net deferred gains associated with forward-starting interest-rate swaps and the treasury-lock swaps discussed above of $3.3 million and $3.2 million, as of December 31, 2023 and December 31, 2022, respectively. These instruments were designated as cash flow hedges with gains and losses included in Accumulated other comprehensive income (loss). As of December 31, 2023, the Company estimates that during the next 12 months, it will reclassify approximately $0.1 million of net gain resulting from Accumulated other comprehensive income (loss) to Interest expense.

As of December 31, 2023 and December 31, 2022, the fair values of the Company’s derivative instruments were:

(in millions)	Fair Value
Asset Derivatives	December 31, 2023		December 31, 2022
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts	$	4.1	$	15.2
Commodity contracts	0.9		0.3
Total	$	5.0	$	15.5
Other Hedging Activity
Foreign exchange contracts	$	0.2	$	0.6
Liability Derivatives
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts	$	6.1	$	8.0
Commodity contracts	0.8		1.1
Total	$	6.9	$	9.1
Derivatives Designated as Net Investment Hedges
Cross-currency swaps	$	5.0	$	—
Other Hedging Activity
Foreign exchange contracts	$	1.8	$	0.8

As of December 31, 2023 and December 31, 2022, asset derivatives are included within Prepaid expenses and other, and liability derivatives are included within Accrued expenses and Other long-term liabilities in the Consolidated Balance Sheets.

The effect of derivative instruments on the Consolidated Statements of Operations for the years ended December 31, 2023 and December 31, 2022 is as shown in the tables below.

The amount of gain (loss) on derivatives recognized in Accumulated other comprehensive income (loss) was as follows: 

(in millions)
Derivatives Designated as Cash Flow Hedging Instruments	December 31, 2023		December 31, 2022
Interest-rate contracts	$	—	$	5.3
Foreign exchange contracts	3.2		30.6
Commodity contracts	(2.1)		(2.1)
Total	$	1.1	$	33.8
Derivatives Designated as Net Investment Hedging Instruments
Cross-currency swaps	$	(5.0)	$	28.2

The amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into earnings was as follows:

(in millions)
Derivatives Designated as Cash Flow Hedging Instruments	Location of Gain (Loss)	December 31, 2023		December 31, 2022
Interest-rate contracts	Interest expense	$	(0.1)	$	(0.3)
Foreign exchange contracts	Cost of sales	16.8		26.0
Commodity contracts	Cost of sales	(3.1)		1.4
Total		$	13.6	$	27.1
Derivatives Designated as Fair Value Hedging Instruments
Interest-rate contracts	Interest expense	$	0.4	$	0.7
Other Hedging Activity
Foreign exchange contracts	Cost of sales	$	(2.8)	$	1.0
Foreign exchange contracts	Other income (expense), net	0.6		0.9
Total		$	(2.2)	$	1.9

Fair Value of Other Financial Instruments. The carrying values of the Company’s short-term financial instruments, including cash and cash equivalents and accounts and notes receivable, approximate their fair values because of the short maturity of these instruments. As of December 31, 2023 and December 31, 2022, the fair value of the Company’s long-term debt, including current maturities, and short-term debt was approximately $2,228.2 million and $2,225.0 million, respectively, and was determined using Level 1 and Level 2 inputs described in Note 6 – Fair Value Measurements, including quoted market prices or discounted cash flows based on quoted market rates for similar types of debt. The carrying value of long-term debt, including current maturities, and short-term debt was $2,458.7 million and $2,540.5 million as of December 31, 2023 and December 31, 2022, respectively.

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Accrued Expenses

12 Months Ended

Dec. 31, 2023

Accrued Liabilities, Current [Abstract]

Accrued Expenses

Accrued Expenses

Accrued Expenses as of December 31, 2023 and 2022 were as follows:

(in millions)	2023		2022
Compensation and benefit plans	$	159.4	$	180.9
Product warranties	157.6		146.7
Sales incentives and discounts	186.0		164.2
Deferred revenue and customer deposits	73.7		70.3
Current operating lease liabilities	28.3		27.8
Interest	28.6		30.6
Product Liability	22.2		8.2
Insurance reserves	8.7		5.7
Derivatives	8.7		9.9
Real property, personal property and other non-income taxes	7.2		6.2
Environmental reserves	6.2		6.3
Legal fees	4.0		14.6
Income taxes	3.0		10.1
Other	45.8		56.8
Total accrued expenses	$	739.4	$	738.3

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Postretirement Benefits

12 Months Ended

Dec. 31, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Postretirement Benefits

Postretirement Benefits

Defined Contribution Plan and Other Pension/Postretirement Benefit Plans. The Company has defined contribution plans and makes contributions including matching and annual discretionary contributions which are based on various percentages of compensation and in some instances, are based on the amount of the employees' contributions to the plans. The expense related to the defined contribution plans was $47.0 million in 2023, $58.0 million in 2022 and $47.1 million in 2021.

The Company also maintains a nonqualified pension plan and an other postretirement benefit plan. The funded status of the nonqualified pension plan includes projected and accumulated benefit obligations of $17.0 million and $18.6 million as of December 31, 2023 and 2022, respectively. The other postretirement plan is frozen. The funded status of the other postretirement benefit plan includes projected and accumulated benefit obligations of $19.9 million and $21.1 million as of December 31, 2023 and 2022, respectively.

The Company's foreign pension and other postretirement plans are not significant, individually or in the aggregate. The projected benefit obligation, net of plan assets for the Company's foreign pension plans, was $15.1 million and $11.5 million as of December 31, 2023 and 2022, respectively.

Activity impacting the Consolidated Statements of Operations and Consolidated Statements of Cash Flows related to these plans was immaterial in 2023, 2022, and 2021.

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Stock Plans and Management Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Stock Plans and Management Compensation

Stock Plans and Management Compensation

On May 3, 2023, the Company's shareholders approved the Brunswick Corporation 2023 Stock Incentive Plan (Plan), which replaced the Company's 2014 Stock Incentive Plan. Under the Plan, the Company may grant stock options, stock appreciation rights (SARs), non-vested stock units, performance awards, and other share-based or cash-based awards to executives, other employees, non-employee directors and persons expected to become officers, other employees and non-employee directors with shares from treasury shares and from authorized, but unissued, shares of common stock initially available for grant, in addition to: (i) the forfeiture of past awards; (ii) shares not issued upon the net settlement of SARs; or (iii) shares delivered to or withheld by the Company to pay the withholding taxes related to awards. As of December 31, 2023, 3.6 million shares remained available for grant.

Share grant amounts, fair values and fair value assumptions reflect all outstanding awards for both continuing and discontinued operations.

Non-Vested Stock Units

The Company grants both stock-settled and cash-settled non-vested stock units to key employees as determined by management and the Human Resources and Compensation Committee of the Board of Directors. Non-vested stock units have vesting periods of three years. Non-vested stock units are eligible for dividends, which are reinvested, and are non-voting. All non-vested units have restrictions on the sale or transfer of such awards during the vesting period.

Generally, grants of non-vested stock units are forfeited if employment is terminated prior to vesting. Non-vested stock units vest pro rata over one year if (i) the grantee has attained the age of 62, as long as the grantee also has a minimum of three years of continuous service from his or her most recent hire date, or (ii) the grantee's age plus total years of service equals 70 or more.

The Company recognizes the cost of non-vested stock units on a straight-line basis over the requisite service period. Additionally, cash-settled, non-vested stock units are recorded as a liability on the balance sheet and adjusted to fair value each reporting period through stock compensation expense. During the years ended December 31, 2023, 2022 and 2021, the Company charged $20.4 million, $18.2 million and $16.3 million, respectively, to compensation expense for non-vested stock units. The related income tax benefit recognized in 2023, 2022 and 2021 was $5.0 million, $4.5 million and $4.0 million, respectively. The fair value of shares vested during 2023, 2022 and 2021 was $24.5 million, $16.7 million and $11.3 million, respectively.

The weighted average price per non-vested stock unit at grant date was $88.00, $93.62 and $91.14 for units granted in 2023, 2022 and 2021, respectively. Non-vested stock unit activity for the year ended December 31, 2023 was as follows:

(in thousands, except grant date fair value)	Non-vested Stock Unit Activity	Weighted Average Grant Date Fair Value ($)
Non-vested units, unvested as of January 1, 2023	601	82.14
Awarded	278	88.00
Forfeited	(49)	86.54
Vested	(253)	68.17
Non-vested units, unvested as of December 31, 2023	577	90.72

As of December 31, 2023, there was $14.2 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements. The Company expects this expense to be recognized over a weighted average period of 1.4 years.

Performance Awards

In 2023, 2022 and 2021, the Company granted performance shares to certain senior executives. Performance share awards are based on three performance measures: a cash flow return on investment (CFROI) measure, an operating margin (OM) measure and a total shareholder return (TSR) modifier. Performance shares are earned based on a three-year performance period commencing at the beginning of the calendar year of each grant. The performance shares earned are then subject to a TSR modifier based on stock returns measured against stock returns of a predefined comparator group over a three-year performance period. Additionally, in 2023, 2022 and 2021, the Company granted 36,170, 24,320 and 24,560 performance shares, respectively, to certain officers and certain senior managers based on the respective measures and performance periods described above but excluding a TSR modifier.

The fair values of the senior executives' performance share award grants with a TSR modifier at the grant date in 2023, 2022 and 2021 were $88.47, $94.59 and $91.44, respectively, which were estimated using the Monte Carlo valuation model, and incorporated the following assumptions:

	2023		2022		2021
Risk-free interest rate	4.3	%	1.7	%	0.2	%
Dividend yield	1.8	%	1.5	%	1.2	%
Volatility factor	49.8	%	54.8	%	65.6	%
Expected life of award	2.9 years		2.9 years		2.9 years

The fair value of certain officers' and certain senior managers' performance awards granted based solely on the CFROI and OM performance factors was $83.97, $91.62 and $87.48, which was equal to the stock price on the date of grant in 2023, 2022 and 2021, respectively, less the present value of dividend payments over the vesting period.

The Company recorded compensation expense related to performance awards of $2.1 million, $3.6 million and $13.5 million in 2023, 2022 and 2021, respectively. The related income tax benefit recognized in 2023, 2022 and 2021 was $0.5 million, $0.9 million and $3.3 million, respectively. The fair value of awards vested during 2023, 2022 and 2021 was $16.2 million, $14.6 million and $18.6 million, respectively.

Performance award activity for the year ended December 31, 2023 was as follows:

(in thousands, except grant date fair value)	Performance Awards	Weighted Average Grant Date Fair Value ($)
Performance awards, unvested at January 1	191	90.97
Awarded	206	78.49
Forfeited	(13)	87.15
Vested and earned	(167)	77.02
Performance awards, unvested at December 31	217	90.09

As of December 31, 2023, the Company had $1.3 million of total unrecognized compensation expense related to performance awards. The Company expects this expense to be recognized over a weighted average period of 1.6 years.

Director Awards

The Company issues stock awards to non-employee directors in accordance with the terms and conditions determined by the Nominating and Corporate Governance Committee of the Board of Directors. A portion of each director’s annual fee is paid in Brunswick common stock, the receipt of which may be deferred until a director retires from the Board of Directors. Each director may elect to have the remaining portion paid in cash, in Brunswick common stock distributed at the time of the award, or in deferred Brunswick common stock units with a 20 percent premium.

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Comprehensive Income

12 Months Ended

Dec. 31, 2023

Comprehensive Income [Abstract]

Comprehensive Income

Comprehensive Income (Loss)

The following table presents reclassification adjustments out of Accumulated other comprehensive income (loss) during the years ended December 31, 2023, 2022 and 2021:

(in millions)
Details about Accumulated other comprehensive income (loss) components	2023		2022		2021		Affected line item in the statement where net income is presented
Amortization of defined benefit items:
Prior service credits	$	4.3	$	0.7	$	0.2	Other income (expense), net
Net actuarial losses	(2.2)		(0.9)		(1.1)		Other income (expense), net
	2.1		(0.2)		(0.9)		Earnings before income taxes
	(1.0)		—		0.1		Income tax provision
	$	1.1	$	(0.2)	$	(0.8)	Net earnings from continuing operations
Amount of gain (loss) reclassified into earnings on derivative contracts:
Interest rate contracts	$	(0.1)	$	(0.3)	$	(0.6)	Interest expense
Foreign exchange contracts	16.8		26.0		(8.3)		Cost of sales
Commodity contracts	(3.1)		1.4		4.7		Cost of sales
	13.6		27.1		(4.2)		Earnings before income taxes
	(4.0)		(7.1)		1.3		Income tax provision
	$	9.6	$	20.0	$	(2.9)	Net earnings from continuing operations

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Treasury Stock

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Treasury Stock

Treasury Stock

The Company has executed share repurchases against an authorization approved by the Board of Directors in 2022. In 2023, the Company repurchased $275.0 million of stock under this authorization and as of December 31, 2023, the remaining authorization was $121.5 million.

Treasury stock activity for the years ended December 31, 2023, 2022 and 2021 was as follows:

(Shares in thousands)	2023	2022	2021
Balance as of January 1	31,173	25,605	24,663
Compensation plans and other	(298)	(343)	(303)
Share repurchases	3,436	5,911	1,245
Balance as of December 31	34,311	31,173	25,605

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Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lessee, Operating Leases [Text Block]

Note 19 – Leases

The Company has operating lease agreements for offices, branches, factories, distribution and service facilities and certain personal property. Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. Finance leases are not material to the Company's consolidated financial statements.

The Company determines if an arrangement is a lease at lease inception. Operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company's lease contracts do not include an implicit rate, the Company uses its incremental borrowing rate, based on information available at commencement date, in determining the present value of future payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The operating lease asset also includes any initial direct costs and lease payments made prior to lease commencement and excludes lease incentives incurred.

Several leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The exercise of lease renewal options is at our sole discretion. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Certain of our lease agreements include rental payments that vary based on changes in volume activity, storage activity or changes in the Consumer Price Index or other indices. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Operating lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company has certain lease agreements that contain both lease and non-lease components, which it has elected to account for as a single lease component for all asset classes.

A summary of the Company's lease assets and lease liabilities as of December 31, 2023 and December 31, 2022 is as follows:

(in millions)	Classification	2023		2022
Lease Assets
Operating lease assets	Operating lease assets	$	152.2	$	114.8
Lease Liabilities
Current operating lease liabilities	Accrued expenses	28.3		27.8
Non-current operating lease liabilities	Operating lease liabilities	133.9		97.8
Total lease liabilities		$	162.2	$	125.6

A summary of the Company's total lease cost for the years ended December 31, 2023, December 31, 2022 and December 31, 2021 is as follows:

(in millions)	Classification	2023		2022		2021
Operating lease cost	Selling, general and administrative expense	$	20.1	$	16.2	$	13.4
	Cost of sales	39.3		34.0		28.6
Variable lease cost	Selling, general and administrative expense	1.6		1.3		1.1
	Cost of sales	6.2		5.5		5.2
Total lease cost (A)		$	67.2	$	57.0	$	48.3

(A) Includes total short-term lease cost which is immaterial.

The Company's maturity analysis of its operating lease liabilities as of December 31, 2023 is as follows:

(in millions)
2024	$	37.2
2025	28.0
2026	23.2
2027	19.7
2028	17.3
Thereafter	97.7
Total lease payments	223.1
Less: Interest	(60.9)
Present value of lease liabilities	$	162.2

The total weighted-average discount rate and remaining lease term for the Company's operating leases were 6.5 percent and 9.3 years, respectively, as of December 31, 2023. Total operating lease payments reflected in operating cash flows were $30.0 million for the year ended December 31, 2023.

As of December 31, 2023, we have entered into leases with total lease payments of approximately $80.5 million, primarily for office space and equipment, that have not yet commenced. These leases are expected to commence in 2024 and 2025, with lease terms of up to 14 years.

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Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II

(in millions)

Allowances for Losses on Receivables	Balance at Beginning of Year		Charges to Profit and Loss		Write-offs		Recoveries		Other		Balance at End of Year
2023	$	10.2	$	3.2	$	(4.2)	$	1.4	$	0.2	$	10.8
2022	9.7		2.0		(2.6)		0.3		0.8		10.2
2021	10.7		0.4		(1.0)		0.1		(0.5)		9.7

Deferred Tax Asset Valuation Allowance	Balance at Beginning of Year		Charges to Profit and Loss (A)		Write-offs		Recoveries		Other (B)		Balance at End of Year
2023	$	52.8	$	17.8	$	—	$	—	$	0.7	$	71.3
2022	97.9		(10.4)		—		—		(34.7)		52.8
2021	93.4		(24.2)		—		—		28.7		97.9

(A) For the year ended December 31, 2023, the deferred tax asset valuation expense primarily relates to reassessments of certain federal tax credits, impairment of certain investments, and state tax credits and NOL's. For the year ended December 31, 2022, the deferred tax asset valuation benefit activity primarily relates to reassessments for state tax credits and NOL’s and certain federal losses. For the year ended December 31, 2021, the deferred tax asset valuation benefit activity primarily relates to reassessments for state tax credits and NOL’s and to certain federal tax credits.

(B) For the year ended December 31, 2023, the activity primarily relates to currency translation of foreign balances. For the year ended December 31, 2022, the activity primarily relates to final adjustments to the opening balances of foreign entities acquired during the fourth quarter of 2021. For the year ended December 31, 2021, the activity primarily relates to the opening balances of foreign entities acquired during the year.

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Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation. Effective January 1, 2023, Brunswick Corporation (we, us, our, the Company, or Brunswick) changed its management reporting and updated its reportable segments to Propulsion, Engine Parts and Accessories (Engine P&A), Navico Group and Boat to align with our internal operating structure. As a result of this change, the Company has recast all segment information for all prior periods presented. For further information, refer to Note 5 –Segment Information. The Company has prepared its consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain previously reported amounts have been reclassified to conform with current period presentation. Brunswick's results reflect continuing operations only, unless otherwise noted.

Principles of Consolidation

Principles of Consolidation. Brunswick's consolidated financial statements include the accounts of all majority owned and controlled domestic and foreign subsidiaries. Intercompany balances and transactions have been eliminated.

Use of Estimates

Use of Estimates. The preparation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates. Actual results could differ materially from those estimates. These estimates affect:

•The reported amounts of revenues and expenses during the reporting periods;

•The reported amounts of assets and liabilities at the date of the financial statements; and

•The disclosure of contingent assets and liabilities at the date of the financial statements.

Estimates in these consolidated financial statements include, but are not limited to:

•Allowances for doubtful accounts;

•Inventory valuation reserves;

•Variable consideration related to recorded revenue;

•Reserves related to repurchase and recourse obligations;

•Warranty related reserves;

•Losses on litigation and other contingencies;

•Environmental reserves;

•Insurance reserves;

•Valuation of goodwill and other intangible assets;

•Impairments of long-lived assets;

•Reserves related to restructuring, exit and impairment activities;

•Postretirement benefit liabilities;

•Valuation allowances on deferred tax assets; and

•Income tax reserves.

Cash and Cash Equivalents

Cash and Cash Equivalents. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. These investments include, but are not limited to, investments in money market funds, bank deposits, federal government and agency debt securities and commercial paper.

Restricted Cash

Restricted Cash. Restricted Cash is primarily related to cash deposited in a trust that is pledged as collateral against certain workers' compensation-related obligations. Refer to Note 11 – Commitments and Contingencies for more information.

Accounts and Notes Receivable and Allowance for Doubtful Accounts

Accounts and Notes Receivable and Allowance for Doubtful Accounts. The Company carries its accounts and notes receivable at their face amounts less an allowance for doubtful accounts. On a regular basis, the Company records an allowance for uncollectible receivables based upon known bad debt risks and past loss history, customer payment practices and economic conditions. Actual collection experience may differ from the current estimate of net receivables. A change to the allowance for doubtful accounts may be required if a future event or other change in circumstances results in a change in the estimate of the ultimate collectability of a specific account.

Inventories

Inventories. Inventories are valued at the lower of cost or net realizable value, with net realizable value equal to the estimated selling price less the estimated costs to transact. Approximately 51 percent and 54 percent of the Company's inventories were determined by the first-in, first-out method (FIFO) as of December 31, 2023 and December 31, 2022, respectively. Remaining inventories valued at the last-in, first-out method (LIFO) were $192.1 million and $170.6 million lower than the FIFO cost of inventories as of December 31, 2023 and 2022, respectively. Inventory cost includes material, labor and manufacturing overhead. There were no liquidations of LIFO inventory layers in 2023, 2022 or 2021.

Property

Property. Property, including major improvements and product tooling costs, is recorded at cost. Product tooling costs principally comprise the cost to acquire and construct various long-lived molds, dies and other tooling the Company uses in its manufacturing processes. Design and prototype development costs associated with product tooling are expensed as incurred. Maintenance and repair costs are also expensed as incurred. Depreciation is recorded over the estimated service lives of the related assets, principally using the straight-line method. Buildings and improvements are depreciated over a useful life of five to forty years. Equipment is depreciated over a useful life of two to twenty years. Product tooling costs are amortized over the shorter of the useful life of the tooling or the anticipated life of the applicable product, for a period up to eight years. The Company capitalizes interest on qualifying assets during the construction period and capitalized $2.7 million and $6.9 million in the periods ending December 31, 2023 and 2022, respectively. The Company presents capital expenditures on a cash basis within the Consolidated Statements of Cash Flows. There were $34.1 million and $56.2 million of unpaid capital expenditures within Accounts payable as of December 31, 2023 and 2022, respectively. The Company includes gains and losses recognized on the sale and disposal of property in either Cost of sales, Selling, general and administrative expenses or Restructuring, exit and impairment charges as appropriate. The amount of gains and losses for the years ended December 31 were as follows:

(in millions)	2023		2022		2021
Gains on the sale of property	$	2.6	$	3.5	$	1.4
Losses on the sale and disposal of property	(1.4)		(1.2)		(0.9)
Net gains on sale and disposal of property	$	1.2	$	2.3	$	0.5

Software Development Costs

Software Development Costs for Internal Use. The Company expenses all software development and implementation costs incurred until the Company has determined that the software will result in probable future economic benefit and management has committed to funding the project. Once this is determined, external direct costs of material and services, payroll-related costs of employees working on the project and related interest costs incurred during the application development stage are capitalized. These capitalized costs are amortized over three to seven years. All other related costs, including training costs and costs to re-engineer business processes, are expensed as incurred.

Equity Investments

Equity Investments. For investments in which the Company owns or controls from 20 percent to 50 percent of the voting shares, the Company uses the equity method of accounting. The Company's share of net earnings or losses from equity method investments is included in the Consolidated Statements of Operations. The Company carries other investments, for which the Company does not have the ability to exercise significant influence, at fair value, with changes in fair value recognized in net income. For equity investments that do not have a readily determinable fair value, the Company measures the investment at cost less impairment, plus or minus observable equity price changes. The Company periodically evaluates the carrying value of its investments. During the year ended December 31, 2023, the Company recorded an impairment charge of $19.2 million due to a decline in the fair value of its investment in TN-BC Holdings LLC (the Joint Venture), as a result of a reduction in value of certain of the Joint Venture's underlying investments. See Note 7 – Investments for further details about the Company's evaluation of the fair value of its investments.

Long-Lived Assets

Long-Lived Assets. The Company continually evaluates whether events and circumstances have occurred that indicate the remaining estimated useful lives of its definite-lived intangible assets and other long-lived assets may warrant revision or that the remaining balance of such assets may not be recoverable. Once an impairment indicator is identified, the Company tests for recoverability of the related asset group using an estimate of undiscounted cash flows over the asset group's remaining life. If an asset group's carrying value is not recoverable, the Company records an impairment loss based on the excess of the carrying value of the asset group over the long-lived asset group's fair value. Fair value is determined using observable inputs, including the use of appraisals from independent third parties, when available, and, when observable inputs are not available, based on the Company's assumptions of the data that market participants would use in pricing the asset, based on the best information available in the circumstances. Specifically, the Company uses discounted cash flows to determine the fair value of the asset when observable inputs are unavailable. The Company tested its long-lived asset balances for impairment as indicators arose during 2023, 2022 and 2021, resulting in impairment charges of $1.3 million, $1.5 million and $0.8 million, respectively, which are recognized either in Restructuring, exit and impairment charges or Selling, general and administrative expense in the Consolidated Statements of Operations.

Other Long-Term Assets

Other Long-Term Assets. Other long-term assets consists mainly of capitalized financing costs and deposits.

Revenue Recognition

Revenue Recognition. Revenue is recognized as performance obligations under the terms of contracts with customers are satisfied; this occurs when control of promised goods is transferred to the customer. The Company recognizes revenue related to the sale of extended warranty contracts that extend the coverage period beyond the standard warranty period over the life of the extended warranty period.

Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for transferring goods or providing services. The Company has excluded sales, value add and other taxes collected concurrent with revenue-producing activities from the determination of the transaction price for all contracts. The Company has elected to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment activity. For all contracts with customers, the Company has not adjusted the promised amount of consideration for the effects of a significant financing component as the period between the transfer of the promised goods and the customer's payment is expected to be one year or less.

For product sales, the Company transfers control and recognizes revenue at the time the product ships from a manufacturing or distribution facility ("free on board shipping point"), or at the time the product arrives at the customer's facility ("free on board destination"). When the shipping terms are "free on board shipping point", the customer obtains control and is able to direct the use of, and obtain substantially all of the benefits from, the products at the time the products are shipped. For shipments provided under "free on board destination", control transfers to the customer upon delivery. Payment terms vary but are generally due within 30 days of transferring control. For the Company's Boat and Propulsion segments, most product sales to dealers are wholesale financed through the Company's joint venture, Brunswick Acceptance Company, LLC (BAC), or other lending institutions, and payment is typically due in the month of shipment. For further information on the BAC joint venture, refer to Note 8 – Financing Joint Venture. In addition, periodically the Company may require the customer to provide upfront cash deposits in advance of performance.

The Company also sells separately priced, extended warranty contracts that extend the coverage period beyond the standard warranty period. When determining an appropriate allocation of the transaction price to the extended warranty performance obligation, the Company uses an observable price to determine the stand-alone selling price. Extended warranties typically range from an additional 1 to 3 years. The Company receives payment at the inception of the contract and recognizes revenue over the extended warranty coverage period. This time-elapsed method is used to measure progress because the Company, on average, satisfies its performance obligation evenly over the warranty period.

See Note 2 – Revenue Recognition for more information.

Advertising Costs

Advertising Costs. The Company records advertising and promotion costs in Selling, general and administrative expense in the Consolidated Statements of Operations in the period when the advertising first takes place. Advertising and promotion costs were $28.5 million, $39.9 million and $33.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Foreign Currency

Foreign Currency. The functional currency for the majority of Brunswick's operations is the U.S. dollar. All assets and liabilities of operations with a functional currency other than the U.S. dollar are translated at period-end currency exchange rates. The resulting translation adjustments are recorded in Accumulated other comprehensive income (loss). Revenues and expenses of operations with a functional currency other than the U.S. dollar are translated at the average exchange rates for the period. Transaction gains and losses resulting from changes in foreign currency exchange rates are recorded in either Cost of sales or Other income (expense), net in the Consolidated Statements of Operations.

Share-Based Compensation

Share-Based Compensation. The Company records amounts for all share-based compensation, including non-vested stock awards and performance-based share awards, over the vesting period in the Consolidated Statements of Operations based upon their fair values at the date of the grant. Share-based compensation costs are included in Selling, general and administrative expense in the Consolidated Statements of Operations. See Note 16 – Stock Plans and Management Compensation for a description of the Company's accounting for share-based compensation plans.

Research and Development

Research and Development. Research and development costs are expensed as incurred.

Derivatives

Derivatives. The Company uses derivative financial instruments to manage its risk associated with movements in foreign currency exchange rates, interest rates and commodity prices. These instruments are used in accordance with guidelines established by the Company's management and are not used for trading or speculative purposes. The Company records all derivatives on the Consolidated Balance Sheets at fair value. See Note 12 – Financial Instruments for further discussion.

IT Security Incident. As previously announced on June 13, 2023, the Company experienced an IT security incident that impacted some of its systems and global facilities. The Company activated its response protocols, including pausing operations in some locations, engaging leading security experts and coordinating with relevant law enforcement agencies. Normal global business operations resumed over the course of nine days following the incident. While we were able to quickly restore our operations, the incident resulted in disruption to sales as well as non-recurring costs. We will attempt to recover a portion of the lost operating earnings from lost sales and non-recurring costs from our insurance carriers. Non-recurring costs include labor while plants were idle, IT-related costs and costs for legal, consulting and other professional services directly related to this incident. The Company incurred non-recurring costs related to the IT security incident of $10.1 million during the year ended December 31, 2023. A portion of the non-recurring costs are included in Cost of sales and a portion in Selling, general and administrative expense in the Consolidated Statements of Operations. We estimate the incident resulted in lost revenue of approximately $80 million to $85 million and operating earnings of $35 million to $40 million during the year ended December 31, 2023.

Recent Accounting Pronouncements

Recently Adopted Accounting Standards

Supplier Finance Programs: In September 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which adds disclosure requirements associated with participation in supplier finance programs. ASU 2022-04 requires the buyer in a supplier finance program to disclose qualitative and quantitative information about the program including key terms and obligations outstanding at the end of the reporting period. ASU 2022-04 is effective for financial statements for interim and annual periods beginning after December 15, 2022. The Company adopted the guidance in ASU 2022-04 on January 1, 2023. For further information, refer to Note 20 – Supplier Finance Program Obligations.

Fair Value Hedge Accounting: In March 2022, the FASB issued ASU 2022-01, Fair Value Hedging — Portfolio Layer Method, which clarifies the guidance in ASC 815 on fair value hedge accounting of interest-rate risk for portfolios of financial assets. The ASU amends the guidance that established the “last-of-layer” method for making the fair value hedge accounting for these portfolios more accessible. The amendment was effective for financial statements for interim and annual periods beginning after December 15, 2022. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Revenue Contracts Acquired in Business Combinations: In October 2021, the FASB issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities From Contracts With Customers, which amended the guidance in Accounting Standards Codification (ASC) 805 to require that the acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606. The Company early adopted the guidance in ASU 2021-08 on July 2, 2022. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Recently Issued Accounting Standards

Segment Reporting: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures, which adds new disclosure requirements related to significant segment expenses regularly provided to the chief operating decision maker (CODM) and included in each reported measure of segment profit or loss, other segment items that constitute the difference between segment revenues less significant segment expenses and the measure of profit or loss, disclosure of the CODMs title and position as well as an explanation of how the CODM uses the reported measures and expanded interim disclosures. ASU 2023-07 is effective for financial statements for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the potential impact of adopting this guidance on the consolidated financial statements.

Income Taxes: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures. Under this ASU, entities must disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires entities to disclose additional information about income taxes paid. ASU 2023-09 is effective for financial statements for annual periods beginning after December 15, 2024. We are currently evaluating the potential impact of adopting this guidance on the consolidated financial statements.

Marketable Securities, Policy

Investments in Marketable Securities. The Company classifies investments in debt securities that are not considered to be cash equivalents as Short-term investments in marketable securities as discussed in Note 7 – Investments. Short-term investments in marketable securities have a stated maturity of twelve months or less from the balance sheet date. These securities are considered as available-for-sale and are reported at fair value. Unrealized gains and losses on these debt securities are recorded net of tax as a component of Accumulated other comprehensive income (loss) in Unrealized investment gains (losses) within Shareholders' equity. Declines in market value from the original cost deemed to be "other-than-temporary" are charged to Other income (expense), net in the Consolidated Statements of Operations in the period in which the loss occurs. The Company considers both the duration and extent of which a decline in value has occurred in its determination of whether a decline in value has been "other-than-temporary." Realized gains and losses are calculated based on the specific identification method and are included in Other income (expense), net in the Consolidated Statements of Operations.

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Significant Accounting Policies Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Net Gains (Losses) on Sale and Disposal of Property [Table Text Block]

The amount of gains and losses for the years ended December 31 were as follows:

(in millions)	2023		2022		2021
Gains on the sale of property	$	2.6	$	3.5	$	1.4
Losses on the sale and disposal of property	(1.4)		(1.2)		(0.9)
Net gains on sale and disposal of property	$	1.2	$	2.3	$	0.5

Supplier Finance Program

Supplier Finance Program Obligations

Under our supplier finance program, the Company agrees to pay Bank of America (the Bank) the stated amount of confirmed invoices from our suppliers on the original invoice payment due date. Our suppliers may request payment from the Bank at a date earlier than the payment due date stated on the original invoice in exchange for a fee in the form of a discounted invoice amount. Brunswick or the Bank may terminate the agreement upon at least 90 days’ notice. The supplier invoices that have been confirmed as valid under the program require payment ranging from 60 to 120 days from the invoice date, consistent with the terms of the original invoice. The Company does not pay the Bank any service fees or subscription fees under the program. In addition, the Company does not pledge any assets as security or provide other forms of guarantees for the committed payment to the Bank. As of December 31, 2023 and 2022, the Company had $11.6 million and $18.2 million confirmed invoices under the supplier finance program, respectively, which were included in Accounts payable on the Consolidated Balance Sheets. The roll-forward of the Company's outstanding obligations confirmed as valid under its supplier finance program for the year ended December 31, 2023 is as follows:

(in millions)	2023
Confirmed obligations outstanding at the beginning of the year	$	18.2
Invoices confirmed during the year	99.3
Confirmed invoices paid during the year	(105.9)
Confirmed obligations outstanding at the end of the year	$	11.6

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Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

The following tables present the Company's revenue in categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors:

	Year Ended December 31, 2023
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Geographic Markets
United States	$	1,881.7	$	852.6	$	573.0	$	1,548.8	$	4,856.1
Europe	367.0		108.7		221.2		162.9		859.8
Asia-Pacific	201.7		103.2		79.6		32.0		416.5
Canada	93.1		83.2		19.4		206.8		402.5
Rest-of-World	220.3		52.1		21.5		38.9		332.8
Segment Eliminations	(357.3)		(7.1)		(101.2)		(0.7)		(466.3)
Total	$	2,406.5	$	1,192.7	$	813.5	$	1,988.7	$	6,401.4
Major Product Lines
Outboard Engines	$	2,198.9	$	—	$	—	$	—	$	2,198.9
Controls, Rigging, and Propellers	391.6		—		—		—		391.6
Sterndrive Engines	173.3		—		—		—		173.3
Distribution Parts & Accessories	—		691.8		—		—		691.8
Products	—		508.0		—		—		508.0
Navico Group	—		—		914.7		—		914.7
Aluminum Freshwater Boats	—		—		—		726.0		726.0
Recreational Fiberglass Boats	—		—		—		643.0		643.0
Saltwater Fishing Boats	—		—		—		472.8		472.8
Business Acceleration	—		—		—		167.6		167.6
Boat Eliminations/Other	—		—		—		(20.0)		(20.0)
Segment Eliminations	(357.3)		(7.1)		(101.2)		(0.7)		(466.3)
Total	$	2,406.5	$	1,192.7	$	813.5	$	1,988.7	$	6,401.4

	Year Ended December 31, 2022
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Geographic Markets
United States	$	1,909.9	$	922.1	$	691.8	$	1,617.0	$	5,140.8
Europe	391.5		117.5		236.3		181.8		927.1
Asia-Pacific	223.0		117.4		98.0		35.7		474.1
Canada	114.2		100.8		27.8		251.7		494.5
Rest-of-World	185.4		52.4		15.4		33.2		286.4
Segment Eliminations	(398.3)		(7.6)		(104.5)		(0.3)		(510.7)
Total	$	2,425.7	$	1,302.6	$	964.8	$	2,119.1	$	6,812.2
Major Product Lines
Outboard Engines	$	2,221.5	$	—	$	—	$	—	$	2,221.5
Controls, Rigging, and Propellers	382.1		—		—		—		382.1
Sterndrive Engines	220.4		—		—		—		220.4
Distribution Parts & Accessories	—		781.7		—		—		781.7
Products	—		528.5		—		—		528.5
Navico Group	—		—		1,069.3		—		1,069.3
Aluminum Freshwater Boats	—		—		—		874.1		874.1
Recreational Fiberglass Boats	—		—		—		727.4		727.4
Saltwater Fishing Boats	—		—		—		404.3		404.3
Business Acceleration	—		—		—		126.0		126.0
Boat Eliminations/Other	—		—		—		(12.4)		(12.4)
Segment Eliminations	(398.3)		(7.6)		(104.5)		(0.3)		(510.7)
Total	$	2,425.7	$	1,302.6	$	964.8	$	2,119.1	$	6,812.2

	Year Ended December 31, 2021
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Geographic Markets
United States	$	1,641.9	$	947.4	$	469.1	$	1,259.1	$	4,317.5
Europe	376.8		134.3		146.9		162.5		820.5
Asia-Pacific	236.9		134.6		47.1		32.8		451.4
Canada	102.0		104.6		16.5		217.1		440.2
Rest-of-World	147.1		50.8		8.7		31.6		238.2
Segment Eliminations	(337.5)		(5.1)		(79.0)		—		(421.6)
Total	$	2,167.2	$	1,366.6	$	609.3	$	1,703.1	$	5,846.2
Major Product Lines
Outboard Engines	$	1,935.1	$	—	$	—	$	—	$	1,935.1
Controls, Rigging, and Propellers	352.4		—		—		—		352.4
Sterndrive Engines	217.2		—		—		—		217.2
Distribution Parts & Accessories	—		820.1		—		—		820.1
Products	—		551.6		—		—		551.6
Navico Group	—		—		688.3		—		688.3
Aluminum Freshwater Boats	—		—		—		712.4		712.4
Recreational Fiberglass Boats	—		—		—		571.6		571.6
Saltwater Fishing Boats	—		—		—		371.9		371.9
Business Acceleration	—		—		—		60.1		60.1
Boat Eliminations/Other	—		—		—		(12.9)		(12.9)
Segment Eliminations	(337.5)		(5.1)		(79.0)		—		(421.6)
Total	$	2,167.2	$	1,366.6	$	609.3	$	1,703.1	$	5,846.2

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Restructuring, Exit, Impairment and Integration Activities (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring Cost and Reserve [Line Items]

Summary of the Expense Associated with Restructuring, Exit, Impairment and Integration Activities

(in millions)	Propulsion		Engine P&A		Navico Group (A)		Boat		Corporate (B)		Total
Restructuring, exit and impairment activities:
Employee termination and other benefits	$	2.7	$	3.3	$	11.6	$	10.5	$	2.8	$	30.9
Asset-related	—		—		18.9		—		—		18.9
Professional fees	—		—		—		—		4.9		4.9
Total 2023 restructuring, exit and impairment charges	$	2.7	$	3.3	$	30.5	$	10.5	$	7.7	$	54.7
Employee termination and other benefits	$	—	$	—	$	7.7	$	—	$	—	$	7.7
Asset-related	—		—		—		—		17.4		17.4
Total 2022 restructuring, exit and impairment charges	$	—	$	—	$	7.7	$	—	$	17.4	$	25.1
Employee termination and other benefits	$	—	$	—	$	0.7	$	0.1	$	—	$	0.8
Total 2021 restructuring, exit and impairment charges	$	—	$	—	$	0.7	$	0.1	$	—	$	0.8

(A) Includes impairment charges of $13.0 million associated with an impairment of the Navico trade name and $3.0 million associated with the Company's decision to no longer go to market under the Garelick trade name during the year ended December 31, 2023.

(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 year ended December 31, 2022.

Schedule of Restructuring Reserve by Segment [Table Text Block]

The following tables summarize the change in accrued restructuring, exit and impairment charges within Accrued expenses in the Consolidated Balance Sheets for the years ended December 31, 2023, 2022 and 2021:

(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Corporate		Total
Accrued Charges as of December 31, 2020	$	—	$	—	$	0.3	$	1.2	$	1.7	$	3.2
Total Charges	—		$	—	0.7		0.1		—		0.8
Payments (A)	—		—		(1.0)		(1.1)		(1.7)		$	(3.8)
Accrued Charges as of December 31, 2021	$	—	$	—	$	—	$	0.2	$	—	$	0.2
Total Charges	—		—		7.7		—		17.4		25.1
Non-Cash Charges	—		—		—		—		(17.4)		$	(17.4)
Payments (A)	—		—		(3.6)		(0.2)		—		$	(3.8)
Accrued Charges as of December 31, 2022	$	—	$	—	$	4.1	$	—	$	—	$	4.1
Total Charges	2.7		3.3		30.5		10.5		7.7		54.7
Non-Cash Charges	—		—		(18.9)		1.2		—		(17.7)
Payments (A)	(1.5)		(2.6)		(10.6)		(10.0)		(7.1)		$	(31.8)
Accrued Charges as of December 31, 2023 (B)	$	1.2	$	0.7	$	5.1	$	1.7	$	0.6	$	9.3

(A) Cash payments may include payments related to prior period charges.

(B) The accrued charges as of December 31, 2023 are expected to be paid in the next twelve months.

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Acquisitions Schedule of assets acquired, liabilities assumed and cash consideration paid (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table is a summary of the assets acquired, liabilities assumed and net cash consideration paid, net of cash acquired, for the Navico acquisition:

(in millions)	Fair Value		Useful Life
Accounts and notes receivable	$	59.3
Inventory (A)	159.9
Goodwill (A)(B)(C)(D)	459.2
Trade names	133.0		Indefinite
Developed technology	160.0		15 years
Customer relationships	185.0		15 years
Property and equipment	46.1
Other assets	26.6
Total assets acquired	1,229.1
Accounts payable	66.0
Accrued expenses (C)	48.6
Other liabilities (D)	23.4
Deferred tax liabilities (D)	18.7
Total liabilities assumed	156.7
Net cash consideration paid, net of cash acquired	$	1,072.4

(A) Includes $1.8 million of purchase accounting adjustments related to inventory reserves.

(B) The goodwill recorded for the acquisition of Navico is partially deductible for tax purposes.

(C) Includes $3.5 million of purchase accounting adjustments related to contingency reserves.

(D) Includes $18.4 million of purchase accounting adjustments related to taxes.

Business Acquisition, Pro Forma Information [Table Text Block]

(in millions)	Year Ended  December 31, 2022		Year Ended  December 31, 2021
Pro forma Net sales	$	6,812.2	$	6,218.7
Pro forma Net earnings	684.9		589.6

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Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Operating Segments

Information about the operations of Brunswick's reportable segments is set forth below:

	Net Sales						Operating Earnings (Loss)						Total Assets
(in millions)	2023		2022		2021		2023		2022		2021		2023		2022
Propulsion	$	2,763.8	$	2,824.0	$	2,504.7	$	494.7	$	522.9	$	449.7	$	1,648.7	$	1,516.7
Engine P&A	1,199.8		1,310.2		1,371.7		217.4		268.0		282.4		855.6		868.6
Navico Group	914.7		1,069.3		688.3		5.2		68.2		53.4		2,074.3		2,169.0
Boat	1,989.4		2,119.4		1,703.1		155.6		212.8		142.3		874.8		829.8
Corporate/Other	—		—		—		(138.0)		(124.1)		(114.9)		777.1		937.2
Segment Eliminations	(466.3)		(510.7)		(421.6)		—		—		—		—		—
Total	$	6,401.4	$	6,812.2	$	5,846.2	$	734.9	$	947.8	$	812.9	$	6,230.5	$	6,321.3

	Depreciation						Amortization
(in millions)	2023		2022		2021		2023		2022		2021
Propulsion	$	124.3	$	98.8	$	84.2	$	4.7	$	3.1	$	—
Engine P&A	15.2		11.0		10.5		0.7		0.7		0.7
Navico Group	12.3		13.5		8.2		55.7		55.2		33.5
Boat	49.0		42.1		36.7		5.0		3.3		1.8
Corporate/Other	3.5		2.5		2.5		2.5		1.0		—
Total	$	204.3	$	167.9	$	142.1	$	68.6	$	63.3	$	36.0

	Capital Expenditures						Research & Development Expense
(in millions)	2023		2022		2021		2023		2022		2021
Propulsion	$	157.1	$	236.1	$	162.2	$	99.6	$	104.6	$	93.8
Engine P&A	17.9		25.7		15.3		1.4		1.3		1.6
Navico Group	26.3		24.4		15.2		48.0		66.1		34.7
Boat	72.3		86.6		63.6		26.9		26.7		21.1
Corporate/Other	15.7		15.5		10.8		9.3		4.2		3.3
Total	$	289.3	$	388.3	$	267.1	$	185.2	$	202.9	$	154.5

Geographic Segments

Geographic Segments

	Net sales						Net property
(in millions)	2023		2022		2021		2023		2022
United States	$	4,449.8	$	4,699.2	$	3,961.9	$	1,182.7	$	1,165.8
International	1,951.6		2,113.0		1,884.3		111.4		92.8
Corporate/Other	—		—		—		21.7		12.2
Total	$	6,401.4	$	6,812.2	$	5,846.2	$	1,315.8	$	1,270.8

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis:

		Fair Value
(in millions)	Fair Value Level	December 31, 2023		December 31, 2022
Cash equivalents	1	$	0.4	$	0.4
Short-term investments in marketable securities	1	0.8		4.5
Restricted cash	1	11.1		12.9
Derivative assets	2	5.2		16.1
Derivative liabilities	2	13.7		9.9
Deferred compensation	1	1.5		1.6
Deferred compensation	2	16.1		14.1
Liabilities measured at net asset value		12.9		10.4

Refer to Note 12 – Financial Instruments for additional information related to the fair value of derivative assets and liabilities by class.

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Financing Receivables (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Financing Receivables, Excluding Trade Accounts Receivable Contractually Due Within One Year, by Segment

The Company’s financing receivables, excluding trade accounts receivable contractually due within one year, as of December 31, 2023 and December 31, 2022 were $6.3 million and $6.1 million, respectively.

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Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investment

Investments in Marketable Securities

The Company may invest a portion of its cash reserves in marketable debt securities. These investments are reported in Short-term investments in marketable securities on the Consolidated Balance Sheets.

The following is a summary of the fair values, which were equal to the amortized costs, of the Company's available-for-sale securities, all due in one year or less, as of December 31, 2023 and 2022.

(in millions)	December 31, 2023		December 31, 2022
Commercial Paper	$	—	$	3.7
U.S. Treasury Bills	0.8		0.8
Total available-for-sale-securities	$	0.8	$	4.5

The Company had $3.8 million, $56.4 million and $55.9 million of maturities of available-for-sale securities in 2023, 2022, and 2021, respectively.

Equity Investments

The Company has certain unconsolidated international and domestic affiliates that are accounted for using the equity method. The equity method is applied in situations in which the Company has the ability to exercise significant influence, but not control, over the investees. Management reviews equity investments for impairment whenever indicators are present, suggesting that the carrying value of an investment is not recoverable. The following items are examples of impairment indicators: significant, sustained declines in an investee’s revenue, earnings, and cash flow trends; adverse market conditions of the investee’s industry or geographic area; the investee’s inability to execute its operating plan; the investee’s inability to continue operations measured by several items, including liquidity; and other factors. Once an impairment indicator is identified, management uses considerable judgment to determine if the decline in value is other-than-temporary. If the decline in value is determined to be other-than-temporary, then the equity investment is written down to its estimated fair value. Such a write down could negatively impact reported results of operations.

The Company has a 50 percent interest in TN-BC Holdings LLC (the Joint Venture), which is a joint venture accounted for as an equity method investment, between the Company and TechNexus Holdings LLC formed in 2017. During the year ended December 31, 2023, the Company recorded an impairment charge of $19.2 million due to a decline in the fair value of its investment in the Joint Venture, as a result of a reduction in value of certain of the Joint Venture's underlying investments. The impairment charge is included in Equity (loss) earnings in the Consolidated Statements of Operations.

The Company has a 50 percent interest in a Japanese manufacturing company, Tohatsu Marine Corporation (TMC), which is accounted for as an equity method investment. The Company purchases engines from TMC, which are sold mostly in international markets. The Company reported a net amount payable to TMC of $15.5 million and $43.1 million as of December 31, 2023 and December 31, 2022, respectively, within Accounts payable in the Consolidated Balance Sheets. Purchases from TMC were $80.2 million, $137.7 million and $135.1 million in 2023, 2022, and 2021, respectively.

Refer to Note 8 – Financing Joint Venture for more details on the Company’s Brunswick Acceptance Company, LLC joint venture.

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Financing Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2023

Financial Services [Abstract]

Maximum Loss Exposure Related to Joint Venture

The Company's maximum loss exposure relating to BAC is detailed as follows:

(in millions)	December 31, 2023		December 31, 2022
Investment	$	27.2	$	20.3
Repurchase and recourse obligations (A)	43.1		41.4
Liabilities (B)	(2.2)		(1.1)
Total maximum loss exposure	$	68.1	$	60.6

(A)Repurchase and recourse obligations are off-balance sheet obligations provided by the Company for the Propulsion, Engine P&A, Navico Group and Boat segments, respectively, and are included within the Maximum Potential Obligations disclosed in Note 11 – Commitments and Contingencies. Repurchase and recourse obligations include a North American repurchase agreement with WFCDF and could be reduced by repurchase activity occurring under other similar agreements with WFCDF and affiliates. The Company's risk under these repurchase arrangements is partially mitigated by the value of the products repurchased as part of the transaction. Amounts above exclude any potential recoveries from the value of the repurchased product.

(B)Represents accrued amounts for potential losses related to recourse exposure and the Company's expected losses on obligations to repurchase products, after giving effect to proceeds anticipated to be received from the resale of these products to alternative dealers.

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Goodwill and Other Intangibles (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the Company's goodwill by segment during the periods ended December 31, 2023 and 2022 are summarized below:

(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
December 31, 2021	$	14.7	$	233.1	$	581.8	$	58.8	$	888.4
Acquisitions	—		—		—		66.6		66.6
Adjustments	(0.7)		(0.3)		14.0		(0.4)		12.6
December 31, 2022	$	14.0	$	232.8	$	595.8	$	125.0	$	967.6
Acquisitions	38.5		—		—		14.0		52.5
Adjustments	1.6		0.2		3.9		4.9		10.6
December 31, 2023	$	54.1	$	233.0	$	599.7	$	143.9	$	1,030.7

Schedule of Other Intangible Assets

The Company's intangible assets, included within Other intangibles, net on the Consolidated Balance Sheets as of December 31, 2023 and 2022, are summarized by intangible asset type below:

	2023				2022
(in millions)	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Intangible assets:
Customer relationships (A)	$	907.3	$	(428.6)	$	897.4	$	(386.1)
Trade names	311.5		—		305.4		—
Developed technology (A)	167.5		(24.3)		160.0		(13.3)
Other (A)	91.2		(46.6)		67.6		(33.6)
Total	$	1,477.5	$	(499.5)	$	1,430.4	$	(433.0)

(A) The weighted average remaining amortization period for Customer relationships, Developed technology and Other intangibles assets was 11.2 years, 12.7 years, and 4.0 years, respectively, as of December 31, 2023.

Other intangible assets primarily consist of software, patents and franchise agreements. Gross and related accumulated amortization amounts include adjustments related to the impact of foreign currency translation. See Note 4 – Acquisitions for further details on intangibles acquired during 2023 and 2022. Aggregate amortization expense for intangibles was $68.6 million, $63.3 million and $36.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. Estimated amortization expense for intangible assets is $69.3 million for each of the years ending December 31, 2024, 2025, 2026, and 2027, and $69.1 million for the year ending December 31, 2028.

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Earnings Before Income Taxes by Jurisdiction

The sources of Earnings before income taxes were as follows:

(in millions)	2023		2022		2021
United States	$	364.4	$	603.2	$	537.0
Foreign	264.5		250.4		199.4
Earnings before income taxes	$	628.9	$	853.6	$	736.4

Schedule of Components of Income Tax Provision (Benefit)

The Income tax provision consisted of the following:

(in millions)	2023		2022		2021
Current tax expense:
U.S. Federal	$	88.7	$	109.8	$	84.3
State and local	17.3		20.3		11.2
Foreign	73.9		61.1		67.3
Total current	179.9		191.2		162.8
Deferred tax expense (benefit):
U.S. Federal	17.2		(24.6)		(4.9)
State and local	10.2		1.5		(5.9)
Foreign	(11.0)		4.2		(11.0)
Total deferred	16.4		(18.9)		(21.8)
Income tax provision	$	196.3	$	172.3	$	141.0

Schedule of Deferred Tax Assets and Liabilities

Temporary differences and carryforwards giving rise to deferred tax assets and liabilities as of December 31, 2023 and 2022 are summarized in the table below:

(in millions)	2023		2022
Deferred tax assets:
Loss carryforwards	$	59.9	$	56.8
Tax credit carryforwards	56.1		52.9
Deferred revenue	38.0		36.3
Product warranties	35.4		33.6
Sales incentives and discounts	33.3		29.2
Operating lease liabilities	29.8		24.4
Interest expense	17.6		18.0
Equity compensation	13.1		13.5
Other	73.2		66.2
Gross deferred tax assets	356.4		330.9
Valuation allowance	(71.3)		(52.8)
Deferred tax assets	285.1		278.1
Deferred tax liabilities:
Depreciation and amortization	(54.5)		(81.7)
Operating lease assets	(27.6)		(21.8)
State and Local income taxes	(22.7)		(22.7)
Other	(5.9)		(9.3)
Deferred tax liabilities	(110.7)		(135.5)
Total net deferred tax assets	$	174.4	$	142.6

Reconciliation of Unrecognized Tax Benefits

The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for the 2023, 2022 and 2021 annual reporting periods:

(in millions)	2023		2022		2021
Balance as of January 1	$	7.5	$	9.7	$	3.7
Gross increases - tax positions prior periods	0.9		0.5		5.9
Gross decreases - tax positions prior periods	—		(2.1)		(0.2)
Gross increases - current period tax positions	—		—		0.5
Decreases - settlements with taxing authorities	—		(0.6)		(0.2)
Balance as of December 31	$	8.4	$	7.5	$	9.7

Reconciliation of Income Taxes at the Statutory Federal Income Tax Rate to Income Tax Provision (Benefit)

The difference between the actual income tax provision and the tax provision computed by applying the statutory Federal income tax rate to Earnings before income taxes is attributable to the following:

(in millions)	2023			2022			2021
Income tax provision at 21 percent	$	132.1		$	179.3		$	154.6
State and local income taxes, net of federal income tax effect	13.3			19.5			18.0
Deferred tax asset valuation allowance	17.8			(10.4)			(24.2)
Equity compensation	(1.3)			(2.9)			(1.8)
Change in estimates related to prior years and prior years amended tax return filings	1.8			(1.3)			3.5
Federal and state tax credits	(15.2)			(16.6)			(14.9)
Taxes related to foreign income, net of credits	(4.5)			12.1			5.5
Deferred tax reassessment	2.5			6.4			6.4
FDII deduction	(16.6)			(18.4)			(15.3)
Intercompany sales of intellectual property rights	53.1			—			—
Nondeductible loss on intercompany sale	6.9			—			—
Other	6.4			4.6			9.2
Actual income tax provision	$	196.3		$	172.3		$	141.0
Effective tax rate	31.2		%	20.2		%	19.1		%

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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Product Warranty Liabilities

The following activity related to product warranty liabilities was recorded in Accrued expenses during the years ended December 31, 2023 and December 31, 2022:

(in millions)	2023		2022
Balance at beginning of period	$	146.7	$	129.3
Payments	(92.4)		(63.1)
Provisions/additions for contracts issued/sold	89.9		82.7
Aggregate changes for preexisting warranties	9.3		(0.7)
Foreign currency translation	0.8		(1.2)
Acquisitions	0.3		—
Other	3.0		(0.3)
Balance at end of period	$	157.6	$	146.7

Extended Product Warranty Liabilities

The following activity related to deferred revenue for extended product warranty contracts was recorded in Accrued expenses and Other long-term liabilities during the years ended December 31, 2023 and December 31, 2022:

(in millions)	2023		2022
Balance at beginning of period	$	112.5	$	99.5
Extended warranty contracts sold	41.8		37.0
Revenue recognized on existing extended warranty contracts	(26.9)		(23.2)
Foreign currency translation	0.2		(0.4)
Other	(0.4)		(0.4)
Balance at end of period	$	127.2	$	112.5

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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Activity Related to Cash Flow Hedges Recorded in Accumulated Other Comprehensive Loss

The following activity related to cash flow hedges was recorded in Accumulated other comprehensive income (loss) as of December 31:

	Accumulated Unrealized Derivative
	Gains (Losses)
	2023				2022
(in millions)	Pre-tax		After-tax		Pre-tax		After-tax
Beginning balance	$	56.5	$	36.0	$	21.6	$	9.9
Net change in value of outstanding hedges	(3.9)		(3.3)		62.0		46.1
Net amount recognized into earnings	(13.6)		(9.6)		(27.1)		(20.0)
Ending balance	$	39.0	$	23.1	$	56.5	$	36.0

Fair Values Of Derivative Instruments

As of December 31, 2023 and December 31, 2022, the fair values of the Company’s derivative instruments were:

(in millions)	Fair Value
Asset Derivatives	December 31, 2023		December 31, 2022
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts	$	4.1	$	15.2
Commodity contracts	0.9		0.3
Total	$	5.0	$	15.5
Other Hedging Activity
Foreign exchange contracts	$	0.2	$	0.6
Liability Derivatives
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts	$	6.1	$	8.0
Commodity contracts	0.8		1.1
Total	$	6.9	$	9.1
Derivatives Designated as Net Investment Hedges
Cross-currency swaps	$	5.0	$	—
Other Hedging Activity
Foreign exchange contracts	$	1.8	$	0.8

Effect of Derivative Instruments on the Consolidated Statement of Operations

The amount of gain (loss) on derivatives recognized in Accumulated other comprehensive income (loss) was as follows: 

(in millions)
Derivatives Designated as Cash Flow Hedging Instruments	December 31, 2023		December 31, 2022
Interest-rate contracts	$	—	$	5.3
Foreign exchange contracts	3.2		30.6
Commodity contracts	(2.1)		(2.1)
Total	$	1.1	$	33.8
Derivatives Designated as Net Investment Hedging Instruments
Cross-currency swaps	$	(5.0)	$	28.2

The amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into earnings was as follows:

(in millions)
Derivatives Designated as Cash Flow Hedging Instruments	Location of Gain (Loss)	December 31, 2023		December 31, 2022
Interest-rate contracts	Interest expense	$	(0.1)	$	(0.3)
Foreign exchange contracts	Cost of sales	16.8		26.0
Commodity contracts	Cost of sales	(3.1)		1.4
Total		$	13.6	$	27.1
Derivatives Designated as Fair Value Hedging Instruments
Interest-rate contracts	Interest expense	$	0.4	$	0.7
Other Hedging Activity
Foreign exchange contracts	Cost of sales	$	(2.8)	$	1.0
Foreign exchange contracts	Other income (expense), net	0.6		0.9
Total		$	(2.2)	$	1.9

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Accrued Expenses Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses

Accrued Expenses as of December 31, 2023 and 2022 were as follows:

(in millions)	2023		2022
Compensation and benefit plans	$	159.4	$	180.9
Product warranties	157.6		146.7
Sales incentives and discounts	186.0		164.2
Deferred revenue and customer deposits	73.7		70.3
Current operating lease liabilities	28.3		27.8
Interest	28.6		30.6
Product Liability	22.2		8.2
Insurance reserves	8.7		5.7
Derivatives	8.7		9.9
Real property, personal property and other non-income taxes	7.2		6.2
Environmental reserves	6.2		6.3
Legal fees	4.0		14.6
Income taxes	3.0		10.1
Other	45.8		56.8
Total accrued expenses	$	739.4	$	738.3

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Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The following table provides the changes in the Company's debt for the year ended December 31, 2023:

(in millions)	Short-term debt and current maturities of long-term debt		Long-term debt		Total
Balance as of December 31, 2022	$	89.0	$	2,420.0	$	2,509.0
Proceeds from issuances of debt	4.7		—		4.7
Repayments of debt	(90.5)		(0.4)		(90.9)
Reclassification of long-term debt (A)	450.7		(450.7)		—
Other	0.8		6.8		7.6
Balance as of December 31, 2023	$	454.7	$	1,975.7	$	2,430.4

(A) During the third quarter of 2023, $450.0 million of 0.85% Senior Notes due 2024 were reclassified from Long-term debt to Current maturities of long-term debt.

Long-term debt as of December 31, 2023 and December 31, 2022 consisted of the following:

(in millions)	2023		2022
Senior Notes, 2.4% due 2031	$	550.0	$	550.0
Senior Notes, 0.85% due 2024	450.0		450.0
Senior Notes, 4.400% due 2032	450.0		450.0
Senior Notes, 5.100% due 2052	300.0		300.0
Senior Notes, 6.375% due 2049	230.0		230.0
Senior Notes, 6.500% due 2048	185.0		185.0
Notes, 7.125% due 2027	160.7		160.7
Senior Notes, 6.625% due 2049	125.0		125.0
Debentures, 7.375% due 2023 (A)	—		80.1
Other debt	12.2		13.9
Total debt, excluding unamortized discount and issuance costs	2,462.9		2,544.7
Unamortized discount and issuance costs	(32.5)		(35.7)
Short-term debt and current maturities of long-term debt	(454.7)		(89.0)
Total long-term debt	$	1,975.7	$	2,420.0

(A) Included in Debentures, 7.375% due 2023 as of December 31, 2022, are the aggregate fair values related to the fixed-to-floating interest rate swaps as discussed in Note 12 – Financial Instruments. During the third quarter of 2022, the Debentures were reclassified from Long-term debt to Current maturities of long-term debt, of which the remaining principal payments were paid during the third quarter of 2023.

Schedule of Maturities of Long-term Debt, Net

Scheduled maturities as of December 31, 2023 consisted of the following:

(in millions)
2024	$	455.4
2025	2.2
2026	2.2
2027	162.2
2028	0.9
Thereafter	1,840.0
Total debt, excluding unamortized discount and issuance costs	$	2,462.9

Debt Instrument Redemption

The table below summarizes the general provisions of these long-term debt instruments.

	Senior Notes due 2031	Senior Notes due 2024	Senior Notes Due 2032	Senior Notes Due 2052	Senior Notes due 2049	Senior Notes due 2048	Notes due 2027	Senior Notes due 2049	Debentures due 2023
Coupon Rate	2.400%	0.850%	4.400%	5.100%	6.375%	6.500%	7.125%	6.625%	7.375%
Maturity Date	8/18/2031	8/18/2024	9/15/2032	4/1/2052	4/15/2049	10/15/2048	8/1/2027	1/15/2049	9/1/2023
Interest Payment Frequency	Semi-Annually	Semi-Annually	Semi-Annually	Semi-Annually	Quarterly	Quarterly	Semi-Annually	Quarterly	Semi-Annually
Callable	No	Yes	No	No	Yes	Yes	No	Yes	No
Price Callable at:	N/A	Par	N/A	N/A	Par	Par	N/A	Par	N/A
Callable as of:	N/A	8/18/2022	N/A	N/A	4/15/2024	10/15/2023	N/A	1/15/2024	N/A
Redeemable (A)	Yes	No	Yes	Yes	No	No	Yes	No	No
Redeemable at:	Make-Whole Premium	N/A	Make-Whole Premium	Make-Whole Premium	N/A	N/A	Make-Whole Premium	N/A	N/A
Redeemable until:	3-months prior to Maturity	N/A	3-months prior to Maturity	6-months prior to Maturity	N/A	N/A	6-months prior to Maturity	N/A	N/A
Change of Control (B)	Yes	Yes	Yes	Yes	Yes	Yes	N/A	Yes	No

(A) If the Company elects to redeem the debt instrument, it will pay a "make-whole" redemption price set forth in the respective indenture.

(B) If the Company experiences a change of control, subject to certain circumstances, the Company may be required to repurchase some or all of the notes for an amount equal to 101 percent of the outstanding principal plus any accrued and unpaid interest.

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Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Reconciliation of the Changes in Plans Benefit Obligations, Fair Value of Plan Assets, and Statement of Funded Status

The funded status of the nonqualified pension plan includes projected and accumulated benefit obligations of $17.0 million and $18.6 million as of December 31, 2023 and 2022, respectively. The other postretirement plan is frozen. The funded status of the other postretirement benefit plan includes projected and accumulated benefit obligations of $19.9 million and $21.1 million as of December 31, 2023 and 2022, respectively.

The Company's foreign pension and other postretirement plans are not significant, individually or in the aggregate. The projected benefit obligation, net of plan assets for the Company's foreign pension plans, was $15.1 million and $11.5 million as of December 31, 2023 and 2022, respectively.

Activity impacting the Consolidated Statements of Operations and Consolidated Statements of Cash Flows related to these plans was immaterial in 2023, 2022, and 2021.

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Stock Plans and Management Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Non-Vested Stock Award Activity

The weighted average price per non-vested stock unit at grant date was $88.00, $93.62 and $91.14 for units granted in 2023, 2022 and 2021, respectively. Non-vested stock unit activity for the year ended December 31, 2023 was as follows:

(in thousands, except grant date fair value)	Non-vested Stock Unit Activity	Weighted Average Grant Date Fair Value ($)
Non-vested units, unvested as of January 1, 2023	601	82.14
Awarded	278	88.00
Forfeited	(49)	86.54
Vested	(253)	68.17
Non-vested units, unvested as of December 31, 2023	577	90.72

Fair Value Assumptions for Performance Awards

The fair values of the senior executives' performance share award grants with a TSR modifier at the grant date in 2023, 2022 and 2021 were $88.47, $94.59 and $91.44, respectively, which were estimated using the Monte Carlo valuation model, and incorporated the following assumptions:

	2023		2022		2021
Risk-free interest rate	4.3	%	1.7	%	0.2	%
Dividend yield	1.8	%	1.5	%	1.2	%
Volatility factor	49.8	%	54.8	%	65.6	%
Expected life of award	2.9 years		2.9 years		2.9 years

Performance Award Activity

Performance award activity for the year ended December 31, 2023 was as follows:

(in thousands, except grant date fair value)	Performance Awards	Weighted Average Grant Date Fair Value ($)
Performance awards, unvested at January 1	191	90.97
Awarded	206	78.49
Forfeited	(13)	87.15
Vested and earned	(167)	77.02
Performance awards, unvested at December 31	217	90.09

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Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2023

Comprehensive Income [Abstract]

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

The following table presents reclassification adjustments out of Accumulated other comprehensive income (loss) during the years ended December 31, 2023, 2022 and 2021:

(in millions)
Details about Accumulated other comprehensive income (loss) components	2023		2022		2021		Affected line item in the statement where net income is presented
Amortization of defined benefit items:
Prior service credits	$	4.3	$	0.7	$	0.2	Other income (expense), net
Net actuarial losses	(2.2)		(0.9)		(1.1)		Other income (expense), net
	2.1		(0.2)		(0.9)		Earnings before income taxes
	(1.0)		—		0.1		Income tax provision
	$	1.1	$	(0.2)	$	(0.8)	Net earnings from continuing operations
Amount of gain (loss) reclassified into earnings on derivative contracts:
Interest rate contracts	$	(0.1)	$	(0.3)	$	(0.6)	Interest expense
Foreign exchange contracts	16.8		26.0		(8.3)		Cost of sales
Commodity contracts	(3.1)		1.4		4.7		Cost of sales
	13.6		27.1		(4.2)		Earnings before income taxes
	(4.0)		(7.1)		1.3		Income tax provision
	$	9.6	$	20.0	$	(2.9)	Net earnings from continuing operations

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Treasury Stock (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Treasury Stock Activity

Treasury stock activity for the years ended December 31, 2023, 2022 and 2021 was as follows:

(Shares in thousands)	2023	2022	2021
Balance as of January 1	31,173	25,605	24,663
Compensation plans and other	(298)	(343)	(303)
Share repurchases	3,436	5,911	1,245
Balance as of December 31	34,311	31,173	25,605

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Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease Assets and Lease Liabilities [Table Text Block]

A summary of the Company's lease assets and lease liabilities as of December 31, 2023 and December 31, 2022 is as follows:

(in millions)	Classification	2023		2022
Lease Assets
Operating lease assets	Operating lease assets	$	152.2	$	114.8
Lease Liabilities
Current operating lease liabilities	Accrued expenses	28.3		27.8
Non-current operating lease liabilities	Operating lease liabilities	133.9		97.8
Total lease liabilities		$	162.2	$	125.6

Lease, Cost [Table Text Block]

A summary of the Company's total lease cost for the years ended December 31, 2023, December 31, 2022 and December 31, 2021 is as follows:

(in millions)	Classification	2023		2022		2021
Operating lease cost	Selling, general and administrative expense	$	20.1	$	16.2	$	13.4
	Cost of sales	39.3		34.0		28.6
Variable lease cost	Selling, general and administrative expense	1.6		1.3		1.1
	Cost of sales	6.2		5.5		5.2
Total lease cost (A)		$	67.2	$	57.0	$	48.3

(A) Includes total short-term lease cost which is immaterial.

Operating Lease Liability, Maturity Analysis [Table Text Block]

The Company's maturity analysis of its operating lease liabilities as of December 31, 2023 is as follows:

(in millions)
2024	$	37.2
2025	28.0
2026	23.2
2027	19.7
2028	17.3
Thereafter	97.7
Total lease payments	223.1
Less: Interest	(60.9)
Present value of lease liabilities	$	162.2

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Payables and Accruals (Tables)

12 Months Ended

Dec. 31, 2023

Supplier Finance Program Obligations [Abstract]

Supplier Finance Program

Supplier Finance Program Obligations

Under our supplier finance program, the Company agrees to pay Bank of America (the Bank) the stated amount of confirmed invoices from our suppliers on the original invoice payment due date. Our suppliers may request payment from the Bank at a date earlier than the payment due date stated on the original invoice in exchange for a fee in the form of a discounted invoice amount. Brunswick or the Bank may terminate the agreement upon at least 90 days’ notice. The supplier invoices that have been confirmed as valid under the program require payment ranging from 60 to 120 days from the invoice date, consistent with the terms of the original invoice. The Company does not pay the Bank any service fees or subscription fees under the program. In addition, the Company does not pledge any assets as security or provide other forms of guarantees for the committed payment to the Bank. As of December 31, 2023 and 2022, the Company had $11.6 million and $18.2 million confirmed invoices under the supplier finance program, respectively, which were included in Accounts payable on the Consolidated Balance Sheets. The roll-forward of the Company's outstanding obligations confirmed as valid under its supplier finance program for the year ended December 31, 2023 is as follows:

(in millions)	2023
Confirmed obligations outstanding at the beginning of the year	$	18.2
Invoices confirmed during the year	99.3
Confirmed invoices paid during the year	(105.9)
Confirmed obligations outstanding at the end of the year	$	11.6

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Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021	Oct. 04, 2021
Significant Accounting Policies [Line Items]
Percentage of the Company's Inventories Utilizing First In, First Out Method (FIFO)	51.00%		54.00%
Amount Last In, First Out (LIFO) Inventory Method is Below First In, First Out (FIFO) Inventory Method in Inventory Calculation	$ 192.1		$ 170.6
Accumulated Capitalized Interest Costs	2.7		6.9
Capital Expenditures Incurred but Not yet Paid	34.1		56.2
Gains on the Sale of Property	2.6		3.5		$ 1.4
Losses on the Sale and Disposal of Property	(1.4)		(1.2)		(0.9)
Net Gains (Losses) on Sale and Disposal of Property	1.2		2.3		0.5
Impairment of Long-Lived Assets	1.3		1.5		0.8
Advertising Costs	28.5		39.9		33.2
Effect of LIFO Inventory Liquidation on Income	0.0		0.0		0.0
Goodwill and Intangible Asset Impairment			17.4
Customer Relationships					24.1
Supplier Finance Program, Obligation	11.6		18.2
Supplier Finance Program, Obligation, Addition	99.3
Supplier Finance Program, Obligation, Settlement	105.9
Other Nonrecurring Expense	10.1
Low Range - Lost Operating Earnings	35.0
High Range - Lost Revenue	85.0
Low Range - Lost Revenue	80.0
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)	16.6		17.4
High Range - Lost Operating Earnings	40.0
Restructuring and Exit Activities [Member]
Significant Accounting Policies [Line Items]
Asset Impairment Charges	18.9		17.4
Parts and Accessories [Member] | Restructuring and Exit Activities [Member]
Significant Accounting Policies [Line Items]
Asset Impairment Charges	0.0		17.4	[1]
Navico Group | Restructuring and Exit Activities [Member]
Significant Accounting Policies [Line Items]
Asset Impairment Charges	18.9	[2]	$ 0.0
Customer Relationships [Member]
Significant Accounting Policies [Line Items]
Customer Relationships					$ 17.2
Navico | Customer Relationships [Member]
Significant Accounting Policies [Line Items]
Customer Relationships						$ 185.0
Garelick
Significant Accounting Policies [Line Items]
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)	3.0
Garelick | Navico Group | Restructuring and Exit Activities [Member]
Significant Accounting Policies [Line Items]
Asset Impairment Charges	$ 3.0
Minimum [Member]
Significant Accounting Policies [Line Items]
Extended Warranty Period of Coverage	1 year
Amortization Period for Customer Relationships and Trade Names	3 years
Maximum [Member]
Significant Accounting Policies [Line Items]
Extended Warranty Period of Coverage	3 years
Building and Building Improvements [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Asset Depreciable Life (in Years)	5 years
Building and Building Improvements [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Asset Depreciable Life (in Years)	40 years
Equipment [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Asset Depreciable Life (in Years)	2 years
Equipment [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Asset Depreciable Life (in Years)	20 years
Tools, Dies and Molds [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Asset Depreciable Life (in Years)	8 years
Software Development [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Asset Depreciable Life (in Years)	3 years
Software Development [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Asset Depreciable Life (in Years)	7 years
Amortization Period for Customer Relationships and Trade Names	15 years

[1] (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 year ended December 31, 2022.

[2] (A) Includes impairment charges of $13.0 million associated with an impairment of the Navico trade name and $3.0 million associated with the Company's decision to no longer go to market under the Garelick trade name during the year ended December 31, 2023.

XML

Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 6,401.4	$ 6,812.2	$ 5,846.2
Boat Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(20.0)	(12.4)	(12.9)
Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,988.7	2,119.1	1,703.1
Boat [Member] | Boat Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(20.0)	(12.4)	(12.9)
Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			1,366.6
Parts and Accessories [Member] | Boat Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			0.0
Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,406.5	2,425.7	2,167.2
Propulsion [Member] | Boat Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,192.7	1,302.6
Engine Parts and Accessories [Member] | Boat Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0
Navico Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	813.5	964.8	609.3
Navico Group | Boat Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Aluminum Freshwater Boats [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	726.0	874.1	712.4
Aluminum Freshwater Boats [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	726.0	874.1	712.4
Aluminum Freshwater Boats [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			0.0
Aluminum Freshwater Boats [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Aluminum Freshwater Boats [Member] | Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0
Aluminum Freshwater Boats [Member] | Navico Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Recreational Fiberglass Boats [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	643.0	727.4	571.6
Recreational Fiberglass Boats [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	643.0	727.4	571.6
Recreational Fiberglass Boats [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			0.0
Recreational Fiberglass Boats [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Recreational Fiberglass Boats [Member] | Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0
Recreational Fiberglass Boats [Member] | Navico Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Saltwater Fishing Boats [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	472.8	404.3	371.9
Saltwater Fishing Boats [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	472.8	404.3	371.9
Saltwater Fishing Boats [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			0.0
Saltwater Fishing Boats [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Saltwater Fishing Boats [Member] | Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0
Saltwater Fishing Boats [Member] | Navico Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Business Acceleration [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	167.6	126.0	60.1
Business Acceleration [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	167.6	126.0	60.1
Business Acceleration [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			0.0
Business Acceleration [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Business Acceleration [Member] | Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0
Business Acceleration [Member] | Navico Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Outboard Engines [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,198.9	2,221.5	1,935.1
Outboard Engines [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Outboard Engines [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			0.0
Outboard Engines [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,198.9	2,221.5	1,935.1
Outboard Engines [Member] | Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0
Outboard Engines [Member] | Navico Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Controls, Rigging, and Propellers [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	391.6	382.1	352.4
Controls, Rigging, and Propellers [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Controls, Rigging, and Propellers [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			0.0
Controls, Rigging, and Propellers [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	391.6	382.1	352.4
Controls, Rigging, and Propellers [Member] | Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0
Controls, Rigging, and Propellers [Member] | Navico Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Sterndrive Engine [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	173.3	220.4	217.2
Sterndrive Engine [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Sterndrive Engine [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			0.0
Sterndrive Engine [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	173.3	220.4	217.2
Sterndrive Engine [Member] | Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0
Sterndrive Engine [Member] | Navico Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	691.8	781.7	820.1
Distribution [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Distribution [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			820.1
Distribution [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Distribution [Member] | Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	691.8	781.7
Distribution [Member] | Navico Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	508.0	528.5	551.6
Engine Parts and Accessories [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Engine Parts and Accessories [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			551.6
Engine Parts and Accessories [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Engine Parts and Accessories [Member] | Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	508.0	528.5
Engine Parts and Accessories [Member] | Navico Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Navico Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	914.7	1,069.3	688.3
Navico Group | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Navico Group | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			0.0
Navico Group | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Navico Group | Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0
Navico Group | Navico Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	914.7	1,069.3	688.3
Marine Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(466.3)	(510.7)	(421.6)
Marine Eliminations [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(0.7)	(0.3)	0.0
Marine Eliminations [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			(5.1)
Marine Eliminations [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(357.3)	(398.3)	(337.5)
Marine Eliminations [Member] | Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(7.1)	(7.6)
Marine Eliminations [Member] | Navico Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(101.2)	(104.5)	(79.0)
United States [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,856.1	5,140.8	4,317.5
United States [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,548.8	1,617.0	1,259.1
United States [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			947.4
United States [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,881.7	1,909.9	1,641.9
United States [Member] | Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	852.6	922.1
United States [Member] | Navico Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	573.0	691.8	469.1
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	859.8	927.1	820.5
Europe [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	162.9	181.8	162.5
Europe [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			134.3
Europe [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	367.0	391.5	376.8
Europe [Member] | Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	108.7	117.5
Europe [Member] | Navico Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	221.2	236.3	146.9
Asia-Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	416.5	474.1	451.4
Asia-Pacific [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	32.0	35.7	32.8
Asia-Pacific [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			134.6
Asia-Pacific [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	201.7	223.0	236.9
Asia-Pacific [Member] | Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	103.2	117.4
Asia-Pacific [Member] | Navico Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	79.6	98.0	47.1
Canada [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	402.5	494.5	440.2
Canada [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	206.8	251.7	217.1
Canada [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			104.6
Canada [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	93.1	114.2	102.0
Canada [Member] | Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	83.2	100.8
Canada [Member] | Navico Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	19.4	27.8	16.5
Rest of World [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	332.8	286.4	238.2
Rest of World [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	38.9	33.2	31.6
Rest of World [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			50.8
Rest of World [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	220.3	185.4	147.1
Rest of World [Member] | Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	52.1	52.4
Rest of World [Member] | Navico Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 21.5	$ 15.4	$ 8.7

XML

Revenue Recognition Contracts with Customer (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2023
Revenue from Contract with Customer [Abstract]
Contract with Customer, Liability	$ 187.1			$ 178.5
Contract with Customer, Liability, Revenue Recognized	61.8
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,401.4	$ 6,812.2	$ 5,846.2
Boat Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(20.0)	(12.4)	(12.9)
Outboard Engines [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,198.9	2,221.5	1,935.1
Controls, Rigging, and Propellers [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	391.6	382.1	352.4
Sterndrive Engine [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	173.3	220.4	217.2
Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	691.8	781.7	820.1
Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	508.0	528.5	551.6
Aluminum Freshwater Boats [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	726.0	874.1	712.4
Recreational Fiberglass Boats [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	643.0	727.4	571.6
Saltwater Fishing Boats [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	472.8	404.3	371.9
Business Acceleration [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	167.6	126.0	60.1
Marine Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(466.3)	(510.7)	(421.6)
Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,988.7	2,119.1	1,703.1
Boat [Member] | Boat Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(20.0)	(12.4)	(12.9)
Boat [Member] | Outboard Engines [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Boat [Member] | Controls, Rigging, and Propellers [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Boat [Member] | Sterndrive Engine [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Boat [Member] | Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Boat [Member] | Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Boat [Member] | Aluminum Freshwater Boats [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	726.0	874.1	712.4
Boat [Member] | Recreational Fiberglass Boats [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	643.0	727.4	571.6
Boat [Member] | Saltwater Fishing Boats [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	472.8	404.3	371.9
Boat [Member] | Business Acceleration [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	167.6	126.0	60.1
Boat [Member] | Marine Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(0.7)	(0.3)	0.0
Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,406.5	2,425.7	2,167.2
Propulsion [Member] | Boat Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Propulsion [Member] | Outboard Engines [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,198.9	2,221.5	1,935.1
Propulsion [Member] | Controls, Rigging, and Propellers [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	391.6	382.1	352.4
Propulsion [Member] | Sterndrive Engine [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	173.3	220.4	217.2
Propulsion [Member] | Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Propulsion [Member] | Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Propulsion [Member] | Aluminum Freshwater Boats [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Propulsion [Member] | Recreational Fiberglass Boats [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Propulsion [Member] | Saltwater Fishing Boats [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Propulsion [Member] | Business Acceleration [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Propulsion [Member] | Marine Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(357.3)	(398.3)	(337.5)
Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			1,366.6
Parts and Accessories [Member] | Boat Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			0.0
Parts and Accessories [Member] | Outboard Engines [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			0.0
Parts and Accessories [Member] | Controls, Rigging, and Propellers [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			0.0
Parts and Accessories [Member] | Sterndrive Engine [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			0.0
Parts and Accessories [Member] | Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			820.1
Parts and Accessories [Member] | Engine Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			551.6
Parts and Accessories [Member] | Aluminum Freshwater Boats [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			0.0
Parts and Accessories [Member] | Recreational Fiberglass Boats [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			0.0
Parts and Accessories [Member] | Saltwater Fishing Boats [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			0.0
Parts and Accessories [Member] | Business Acceleration [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			0.0
Parts and Accessories [Member] | Marine Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			(5.1)
United States [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,856.1	5,140.8	4,317.5
United States [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,548.8	1,617.0	1,259.1
United States [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,881.7	1,909.9	1,641.9
United States [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			947.4
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	859.8	927.1	820.5
Europe [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	162.9	181.8	162.5
Europe [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	367.0	391.5	376.8
Europe [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			134.3
Asia-Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	416.5	474.1	451.4
Asia-Pacific [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	32.0	35.7	32.8
Asia-Pacific [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	201.7	223.0	236.9
Asia-Pacific [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			134.6
Canada [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	402.5	494.5	440.2
Canada [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	206.8	251.7	217.1
Canada [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	93.1	114.2	102.0
Canada [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			104.6
Rest of World [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	332.8	286.4	238.2
Rest of World [Member] | Boat [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	38.9	33.2	31.6
Rest of World [Member] | Propulsion [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 220.3	$ 185.4	147.1
Rest of World [Member] | Parts and Accessories [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			$ 50.8

XML

Revenue Recognition Performance Obligations (Details) $ in Millions	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 183.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	60.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 122.9

XML

Discontinued Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
Net (Loss) Earnings from Discontinued Operations, Net of Tax	$ (12.2)	$ (4.3)	$ (2.1)
Goodwill, Impairment Loss	$ 0.0	$ 0.0	$ 0.0

XML

Restructuring, Exit, Impairment and Integration Activities (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Professional Fees		$ 4.9
Restructuring, Exit and Impairment Charges		54.7		$ 25.1		$ 0.8
Restructuring Reserve [Roll Forward]
Accrued Charges - Beginning		4.1		0.2		3.2
Restructuring, Exit and Impairment Charges		54.7		25.1		0.8
Non-Cash Charges		(17.7)		(17.4)
Payments	[1]	(31.8)		(3.8)		(3.8)
Accrued Charges - Ending		9.3	[2]	4.1		0.2
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)		16.6		17.4
Navico
Restructuring Reserve [Roll Forward]
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)		13.0
Garelick
Restructuring Reserve [Roll Forward]
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)		3.0
Boat [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, Exit and Impairment Charges		10.5		0.0		0.1
Restructuring Reserve [Roll Forward]
Accrued Charges - Beginning		0.0		0.2		1.2
Restructuring, Exit and Impairment Charges		10.5		0.0		0.1
Non-Cash Charges		1.2		0.0
Payments	[1]	(10.0)		(0.2)		(1.1)
Accrued Charges - Ending		1.7	[2]	0.0		0.2
Parts and Accessories [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, Exit and Impairment Charges		7.7		17.4		0.0
Restructuring Reserve [Roll Forward]
Accrued Charges - Beginning		0.0		0.0		1.7
Restructuring, Exit and Impairment Charges		7.7		17.4		0.0
Non-Cash Charges		0.0		(17.4)
Payments	[1]	(7.1)		0.0		(1.7)
Accrued Charges - Ending		0.6	[2]	0.0		0.0
Navico Group
Restructuring Cost and Reserve [Line Items]
Restructuring, Exit and Impairment Charges		30.5		7.7		0.7
Restructuring Reserve [Roll Forward]
Accrued Charges - Beginning		4.1		0.0		0.3
Restructuring, Exit and Impairment Charges		30.5		7.7		0.7
Non-Cash Charges		(18.9)		0.0
Payments	[1]	(10.6)		(3.6)		(1.0)
Accrued Charges - Ending		5.1	[2]	4.1		0.0
Engine Parts and Accessories [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, Exit and Impairment Charges		3.3		0.0		0.0
Restructuring Reserve [Roll Forward]
Accrued Charges - Beginning		0.0		0.0		0.0
Restructuring, Exit and Impairment Charges		3.3		0.0		0.0
Non-Cash Charges		0.0		0.0
Payments		(2.6)		0.0		0.0
Accrued Charges - Ending		0.7		0.0		0.0
Propulsion [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, Exit and Impairment Charges		2.7		0.0		0.0
Restructuring Reserve [Roll Forward]
Accrued Charges - Beginning		0.0		0.0		0.0
Restructuring, Exit and Impairment Charges		2.7		0.0		0.0
Non-Cash Charges		0.0		0.0
Payments		(1.5)		0.0		0.0
Accrued Charges - Ending		1.2		0.0		0.0
Restructuring and Exit Activities [Member]
Restructuring Cost and Reserve [Line Items]
Employee Termination and Other Benefits		30.9		7.7		0.8
Asset Impairment Charges		18.9		17.4
Restructuring Costs and Asset Impairment Charges		54.7		25.1		0.8
Restructuring and Exit Activities [Member] | Boat [Member]
Restructuring Cost and Reserve [Line Items]
Employee Termination and Other Benefits		10.5		0.0		0.1
Asset Impairment Charges		0.0		0.0
Professional Fees		0.0
Restructuring Costs and Asset Impairment Charges		10.5		0.0		0.1
Restructuring and Exit Activities [Member] | Parts and Accessories [Member]
Restructuring Cost and Reserve [Line Items]
Employee Termination and Other Benefits		2.8		0.0		0.0
Asset Impairment Charges		0.0		17.4	[3]
Professional Fees		4.9
Restructuring Costs and Asset Impairment Charges		7.7		17.4		0.0
Restructuring and Exit Activities [Member] | Parts and Accessories [Member]
Restructuring Cost and Reserve [Line Items]
Professional Fees		0.0
Restructuring and Exit Activities [Member] | Navico Group
Restructuring Cost and Reserve [Line Items]
Employee Termination and Other Benefits		11.6		7.7		0.7
Asset Impairment Charges		18.9	[4]	0.0
Restructuring Costs and Asset Impairment Charges		30.5		7.7		0.7
Restructuring and Exit Activities [Member] | Navico Group | Navico
Restructuring Cost and Reserve [Line Items]
Asset Impairment Charges		13.0
Restructuring and Exit Activities [Member] | Navico Group | Garelick
Restructuring Cost and Reserve [Line Items]
Asset Impairment Charges		3.0
Restructuring and Exit Activities [Member] | Engine Parts and Accessories [Member]
Restructuring Cost and Reserve [Line Items]
Employee Termination and Other Benefits		3.3		0.0		0.0
Asset Impairment Charges		0.0		0.0
Professional Fees		0.0
Restructuring Costs and Asset Impairment Charges		3.3		0.0		0.0
Restructuring and Exit Activities [Member] | Propulsion [Member]
Restructuring Cost and Reserve [Line Items]
Employee Termination and Other Benefits		2.7		0.0		0.0
Asset Impairment Charges		0.0		0.0
Professional Fees		0.0
Restructuring Costs and Asset Impairment Charges		$ 2.7		$ 0.0		$ 0.0

[1] (A) Cash payments may include payments related to prior period charges.

[2] (B) The accrued charges as of December 31, 2023 are expected to be paid in the next twelve months.

[3] (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 year ended December 31, 2022.

[4] (A) Includes impairment charges of $13.0 million associated with an impairment of the Navico trade name and $3.0 million associated with the Company's decision to no longer go to market under the Garelick trade name during the year ended December 31, 2023.

XML

Acquisitions (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
		Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 01, 2023	Sep. 01, 2023	May 10, 2022	Oct. 04, 2021
Business Acquisition [Line Items]
Business Combination, Consideration Transferred		$ 66.1
Goodwill		1,030.7		$ 1,030.7	$ 967.6	$ 888.4
Customer Relationships						24.1
Payments to Acquire Businesses, Net of Cash Acquired				103.6	93.8	1,138.6
Business Combination, Acquisition Related Costs				$ 0.0	$ 0.0	$ (4.0)
Effective Tax Rate				31.20%	20.20%	19.10%
Net Sales				$ 6,401.4	$ 6,812.2	$ 5,846.2
Operating Income (Loss)				734.9	947.8	812.9
Trade Names [Member]
Business Acquisition [Line Items]
Customer Relationships						6.9
Customer Relationships [Member]
Business Acquisition [Line Items]
Customer Relationships						17.2
Other Current Assets
Business Acquisition [Line Items]
Goodwill, Translation and Purchase Accounting Adjustments					1.8
Other Current Liabilities [Member]
Business Acquisition [Line Items]
Goodwill, Translation and Purchase Accounting Adjustments					18.4
Accrued Expenses [Member]
Business Acquisition [Line Items]
Goodwill, Translation and Purchase Accounting Adjustments					3.5
Goodwill
Business Acquisition [Line Items]
Customer Relationships						36.8
Freedom Boat Club [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred				16.0	93.9
Goodwill							$ 14.0
Freedom Boat Club [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred				$ 3.3
Useful Life				10 years
Freedom Boat Club [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Trade Names									$ 11.9
Navico
Business Acquisition [Line Items]
Accounts and Notes Receivable										$ 59.3
Inventory										159.9
Goodwill		$ 599.7		$ 599.7						459.2	[1],[2]
Trade Names						5.8				133.0
Property, Plant and Equipment										46.1
Other Assets										26.6
Total Assets Acquired										1,229.1
Accounts Payable										66.0
Accrued Expenses	[1]									48.6
Accrued Expenses										23.4
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities										18.7
Total Liabilities Assumed										156.7
Payments to Acquire Businesses, Net of Cash Acquired				$ 1,072.4
Pro Forma Net Sales					6,812.2	6,218.7
Pro Forma Net Earnings					684.9	589.6
Business Combination, Acquisition Related Costs					$ 1.0	$ 13.8
Effective Tax Rate					21.00%	21.00%
Business Acquisition, Pro Forma Information, Description					18.1 million
Net Sales						$ 120.4
Operating Income (Loss)						(7.4)
Inventory, Noncurrent, Fair Value Disclosure						9.0
Navico | Technology-Based Intangible Assets
Business Acquisition [Line Items]
Customer Relationships										160.0
Navico | Customer Relationships [Member]
Business Acquisition [Line Items]
Customer Relationships										$ 185.0
Quarterly Acquisitions
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs						$ 1.8
Freedom Boat Club Franchises
Business Acquisition [Line Items]
Goodwill									$ 71.4
Fliteboard
Business Acquisition [Line Items]
Business Combination, Consideration Transferred			$ 87.6
Goodwill								$ 38.5
Business Combination, Acquisition Related Costs			1.9
Indefinite-Lived Trade Names								20.7
Fliteboard | Technology-Based Intangible Assets
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation								$ 7.1
Fliteboard | Customer Relationships [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred			$ 8.4
Useful Life				15 years
Selling, General and Administrative Expenses [Member] | Freedom Boat Club [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs					$ 1.4

[1] (B) The goodwill recorded for the acquisition of Navico is partially deductible for tax purposes. (C) Includes $3.5 million of purchase accounting adjustments related to contingency reserves. (D) Includes $18.4 million of purchase accounting adjustments related to taxes.

[2] (A) Includes $1.8 million of purchase accounting adjustments related to inventory reserves.

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Segment Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net Sales	$ 6,401.4	$ 6,812.2	$ 5,846.2
Operating Earnings (Loss)	734.9	947.8	812.9
Total Assets	6,230.5	6,321.3
Depreciation	204.3	167.9	142.1
Amortization	68.6	63.3	36.0
Capital Expenditures	289.3	388.3	267.1
Research & Development Expense	185.2	202.9	154.5
Net property	1,315.8	1,270.8
United States [Member]
Segment Reporting Information [Line Items]
Net Sales	4,449.8	4,699.2	3,961.9
Net property	1,182.7	1,165.8
International [Member]
Segment Reporting Information [Line Items]
Net Sales	1,951.6	2,113.0	1,884.3
Net property	111.4	92.8
Parts and Accessories [Member]
Segment Reporting Information [Line Items]
Net Sales	0.0	0.0	0.0
Net property	21.7	12.2
Propulsion [Member]
Segment Reporting Information [Line Items]
Depreciation	124.3	98.8	84.2
Amortization	4.7	3.1	0.0
Research & Development Expense	99.6	104.6	93.8
Segment, Expenditure, Addition to Long-Lived Assets	157.1	236.1	162.2
Boat [Member]
Segment Reporting Information [Line Items]
Depreciation	49.0	42.1	36.7
Amortization	5.0	3.3	1.8
Research & Development Expense	26.9	26.7	21.1
Segment, Expenditure, Addition to Long-Lived Assets	72.3	86.6	63.6
Parts and Accessories [Member]
Segment Reporting Information [Line Items]
Net Sales	0.0	0.0	0.0
Depreciation	3.5	2.5	2.5
Amortization	2.5	1.0	0.0
Research & Development Expense	9.3	4.2	3.3
Segment, Expenditure, Addition to Long-Lived Assets	15.7	15.5	10.8
Navico Group
Segment Reporting Information [Line Items]
Depreciation	12.3	13.5	8.2
Amortization	55.7	55.2	33.5
Research & Development Expense	48.0	66.1	34.7
Segment, Expenditure, Addition to Long-Lived Assets	26.3	24.4	15.2
Engine Parts and Accessories [Member]
Segment Reporting Information [Line Items]
Depreciation	15.2	11.0	10.5
Amortization	0.7	0.7	0.7
Research & Development Expense	1.4	1.3	1.6
Segment, Expenditure, Addition to Long-Lived Assets	17.9	25.7	15.3
Marine Eliminations [Member]
Segment Reporting Information [Line Items]
Net Sales	(466.3)	(510.7)	(421.6)
Operating Earnings (Loss)	0.0	0.0	0.0
Total Assets	0.0	0.0
Operating Segments | Propulsion [Member]
Segment Reporting Information [Line Items]
Net Sales	2,763.8	2,824.0	2,504.7
Operating Earnings (Loss)	494.7	522.9	449.7
Total Assets	1,648.7	1,516.7
Operating Segments | Boat [Member]
Segment Reporting Information [Line Items]
Net Sales	1,989.4	2,119.4	1,703.1
Operating Earnings (Loss)	155.6	212.8	142.3
Total Assets	874.8	829.8
Operating Segments | Parts and Accessories [Member]
Segment Reporting Information [Line Items]
Operating Earnings (Loss)	(138.0)	(124.1)	(114.9)
Total Assets	777.1	937.2
Operating Segments | Navico Group
Segment Reporting Information [Line Items]
Net Sales	914.7	1,069.3	688.3
Operating Earnings (Loss)	5.2	68.2	53.4
Total Assets	2,074.3	2,169.0
Operating Segments | Engine Parts and Accessories [Member]
Segment Reporting Information [Line Items]
Net Sales	1,199.8	1,310.2	1,371.7
Operating Earnings (Loss)	217.4	268.0	$ 282.4
Total Assets	$ 855.6	$ 868.6

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Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Liabilities:
Liabilities Measured at Net Asset Value	$ 12.9	$ 10.4
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash Equivalents	0.4	0.4
Short-Term Investments in Marketable Securities	0.8	4.5
Restricted Cash	11.1	12.9
Liabilities:
Deferred Compensation	1.5	1.6
Fair Value, Inputs, Level 2 [Member]
Assets:
Derivatives	5.2	16.1
Liabilities:
Derivatives	13.7	9.9
Deferred Compensation	$ 16.1	$ 14.1

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Financing Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Total Financing Receivables	$ 6.3	$ 6.1

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Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investment [Line Items]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 15,500,000	$ 43,100,000
Related Party Transaction, Purchases from Related Party	80,200,000	137,700,000	$ 135,100,000
Commercial Paper	0	3,700,000
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	800,000	800,000
Available-for-sale Securities	800,000	4,500,000
Proceeds from Maturities, Prepayments and Calls of Held-to-maturity Securities	3,800,000	56,400,000	55,900,000
Equity Method Investment, Other than Temporary Impairment	$ 19,200,000	$ 0	$ 0
TMC [Member]
Investment [Line Items]
Percentage of Ownership in TMC	50.00%
TechNexus
Investment [Line Items]
Percentage of Ownership in TMC	50.00%
Equity Method Investment, Other than Temporary Impairment	$ 19,200,000

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Financing Joint Ventures (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Maximum loss exposure relating to joint venture [Abstract]
Income (Loss) from Equity Method Investments		$ (11.4)	$ 4.0	$ 2.3
Other Operating Activities, Cash Flow Statement		(18.3)	(14.2)	6.6
Payments for (Proceeds from) Investments		4.6	11.2	11.3
BAC [Member]
Maximum loss exposure relating to joint venture [Abstract]
Investment		27.2	20.3
Repurchase and Recourse Obligations	[1]	43.1	41.4
Liabilities	[2]	(2.2)	(1.1)
Total Maximum Loss Exposure		$ 68.1	60.6
Percent of Ownership Held by BFS in BAC Joint Venture		49.00%
Percentage of Ownership Held by Third Party in Joint Venture		51.00%
Amount of Secured Borrowing Facility Funded for Joint Venture		$ 1,000.0
Total Investment of Subsidiary in Joint Venture		27.2	20.3
Income (Loss) from Equity Method Investments		8.6	4.5	2.1
Other Operating Activities, Cash Flow Statement		8.2	4.3	2.1
Payments for (Proceeds from) Investments		6.4	9.2	(2.5)
(Proceeds from) [Member] | BAC [Member]
Maximum loss exposure relating to joint venture [Abstract]
Payments for (Proceeds from) Investments		(7.2)	(2.8)	(6.5)
Payments for [Member] | BAC [Member]
Maximum loss exposure relating to joint venture [Abstract]
Payments for (Proceeds from) Investments		$ 13.6	$ 12.0	$ 4.0

[1] Repurchase and recourse obligations are off-balance sheet obligations provided by the Company for the Propulsion, Engine P&A, Navico Group and Boat segments, respectively, and are included within the Maximum Potential Obligations disclosed in Note 11 – Commitments and Contingencies. Repurchase and recourse obligations include a North American repurchase agreement with WFCDF and could be reduced by repurchase activity occurring under other similar agreements with WFCDF and affiliates. The Company's risk under these repurchase arrangements is partially mitigated by the value of the products repurchased as part of the transaction. Amounts above exclude any potential recoveries from the value of the repurchased product.

[2] Represents accrued amounts for potential losses related to recourse exposure and the Company's expected losses on obligations to repurchase products, after giving effect to proceeds anticipated to be received from the resale of these products to alternative dealers.

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Goodwill and Other Intangibles (Details 1) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 967.6	$ 888.4
Acquisitions	52.5	66.6
Adjustments	10.6	12.6
Goodwill, Ending Balance	1,030.7	967.6
Business Acquisition [Line Items]
Goodwill, Purchase Accounting Adjustments	4.8
Boat [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	125.0	58.8
Acquisitions	14.0	66.6
Adjustments	4.9	(0.4)
Goodwill, Ending Balance	143.9	125.0
Propulsion [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	14.0	14.7
Acquisitions	38.5	0.0
Adjustments	1.6	(0.7)
Goodwill, Ending Balance	54.1	14.0
Navico Group
Goodwill [Roll Forward]
Goodwill, Beginning Balance	595.8	581.8
Acquisitions	0.0	0.0
Adjustments	3.9	14.0
Goodwill, Ending Balance	599.7	595.8
Engine Parts and Accessories [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	232.8	233.1
Acquisitions	0.0	0.0
Adjustments	0.2	(0.3)
Goodwill, Ending Balance	$ 233.0	$ 232.8
Developed Technology Rights | Fliteboard
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	10 years
Computer Software, Intangible Asset
Goodwill [Roll Forward]
Finite-Lived Intangible Asset, Weighted Average Remaining Useful Life	13 years 9 months 18 days
Customer Relationships [Member]
Goodwill [Roll Forward]
Finite-Lived Intangible Asset, Weighted Average Remaining Useful Life	11 years 1 month 6 days
Customer Relationships [Member] | Freedom Boat Club [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	10 years
Customer Relationships [Member] | Fliteboard
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	15 years
Other
Goodwill [Roll Forward]
Finite-Lived Intangible Asset, Weighted Average Remaining Useful Life	4 years 10 months 24 days

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Goodwill and Other Intangibles (Details 2) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Amount		$ 1,477.5	$ 1,430.4
Accumulated Amortization		(499.5)	(433.0)
Amortization Expense for Intangibles		68.6	63.3	$ 36.0
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]
2019		69.3	69.1
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount		311.5	305.4
Accumulated Amortization		0.0	0.0
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	[1]	907.3	897.4
Accumulated Amortization	[1]	$ (428.6)	(386.1)
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]
Finite-Lived Intangible Asset, Weighted Average Remaining Useful Life		11 years 1 month 6 days
Other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	[1]	$ 91.2	67.6
Accumulated Amortization	[1]	$ (46.6)	(33.6)
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]
Finite-Lived Intangible Asset, Weighted Average Remaining Useful Life		4 years 10 months 24 days
Developed Technology Rights
Finite-Lived Intangible Assets [Line Items]
Gross Amount		$ 167.5	160.0
Accumulated Amortization		$ (24.3)	$ (13.3)
Computer Software, Intangible Asset
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]
Finite-Lived Intangible Asset, Weighted Average Remaining Useful Life		13 years 9 months 18 days

[1] (A) The weighted average remaining amortization period for Customer relationships, Developed technology and Other intangibles assets was 11.2 years, 12.7 years, and 4.0 years, respectively, as of December 31, 2023

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Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract]
United States	$ 364.4	$ 603.2	$ 537.0
Foreign	264.5	250.4	199.4
Earnings Before Income Taxes	628.9	853.6	736.4
Current tax expense (benefit) [Abstract]
U.S. Federal	88.7	109.8	84.3
State and Local	17.3	20.3	11.2
Foreign	73.9	61.1	67.3
Total Current	179.9	191.2	162.8
Deferred tax expense (benefit) [Abstract]
U.S. Federal	17.2	(24.6)	(4.9)
State and Local	10.2	1.5	(5.9)
Foreign	(11.0)	4.2	(11.0)
Total Deferred	16.4	(18.9)	(21.8)
Income Tax Provision	196.3	172.3	$ 141.0
Deferred Tax Assets:
Loss Carryforwards	59.9	56.8
Tax Credit Carryforwards	56.1	52.9
Product Warranties	35.4	33.6
Sales Incentives and Discounts	33.3	29.2
Deferred Revenue	38.0	36.3
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities	29.8	24.4
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	13.1	13.5
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits	17.6	18.0
Other	73.2	66.2
Gross Deferred Tax Assets	356.4	330.9
Valuation Allowance	(71.3)	(52.8)
Deferred Tax Assets	285.1	278.1
Deferred Tax Liabilities, Leasing Arrangements	(27.6)	(21.8)
Deferred Tax Liabilities:
Depreciation and Amortization	(54.5)	(81.7)
State and Local Income Taxes	(22.7)	(22.7)
Other	(5.9)	(9.3)
Deferred Tax Liabilities	(110.7)	(135.5)
Total Net Deferred Tax Assets	$ 174.4	$ 142.6

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Income Taxes, Valuation Allowances and NOL Carryforwards (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 60.3
Tax Benefit of Loss Carryovers	59.9	$ 56.8
NOL Carryforwards which Expire	43.1
NOL Carryforwards which have an Unlimited Life	17.2
Valuation Allowance [Abstract]
Deferred Tax Assets, Valuation Allowance	(71.3)	$ (52.8)
Foreign Jurisdictions [Member]
Operating Loss Carryforwards [Line Items]
Tax Benefit of Loss Carryovers	35.2
Federal Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Tax Benefit of Loss Carryovers	1.1
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Tax Benefit of Loss Carryovers	24.0
United States [Member]
Valuation Allowance [Abstract]
Deferred Tax Assets, Valuation Allowance	(50.2)
Foreign Jurisdictions [Member]
Valuation Allowance [Abstract]
Deferred Tax Assets, Valuation Allowance	$ (21.1)

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Income Taxes, Tax Credits and Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Gross Unrecognized Tax Benefits, Including Interest	$ 9.3	$ 7.8	$ 10.1
Reconciliation of the total amounts of unrecognized tax benefits [Roll Forward]
Balance at January 1	7.5	9.7	3.7
Gross Increases - Tax Positions Prior Periods	0.9	0.5	5.9
Gross Decreases - Tax Positions Prior Periods	0.0	(2.1)	(0.2)
Gross Increases - Current Period Tax Positions	0.0	0.0	0.5
Decreases - Settlements with Taxing Authorities	0.0	(0.6)	(0.2)
Balance at December 31	8.4	7.5	9.7
Possible Decrease in Unrecognized Tax Benefits in 2017	2.1
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Amount	56.1
Tax Credit Carryforwards	56.1	52.9
Gross Unrecognized Tax Benefits, Including Interest	9.3	7.8	10.1
Income Tax Provision	196.3	$ 172.3	141.0
Deferred Tax Assets, Tax Credit Carryforwards, Foreign	1.1
SEC Schedule, 12-09, Valuation Allowance, Tax Credit Carryforward
Tax Credit Carryforward [Line Items]
Income Tax Provision			$ (21.0)
General Business Credits [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforwards	6.6
State Tax Credits [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforwards	$ 48.4

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Income Taxes, Income Tax Reconciliation and Allocation of Income Tax Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Provision	$ 196.3	$ 172.3	$ 141.0
Effective Income Tax Rate Reconciliation, Intercompany sale of intellectual property rights, Amount	53.1	0.0	0.0
Effective Income Tax Rate Reconciliation, Nondeductible loss on intercompany sale, Amount	6.9	0.0	0.0
Effective Income Tax Rate Reconciliation, FDII, Amount	(16.6)	(18.4)	(15.3)
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Income Tax Provision at 35 Percent	132.1	179.3	154.6
State and Local Income Taxes, Net of Federal Income Tax Effect	13.3	19.5	18.0
Deferred Tax Asset Valuation Allowance	17.8	(10.4)	(24.2)
Equity Compensation	(1.3)	(2.9)	(1.8)
Change in Estimates Related to Prior Years and Prior Years Amended Tax Return Filings	1.8	(1.3)	3.5
Federal and State Tax Credits	(15.2)	(16.6)	(14.9)
Taxes Related to Foreign Income, Net of Credits	(4.5)	12.1	5.5
Deferred Tax Reassessment	2.5	6.4	6.4
Other	6.4	4.6	9.2
Income Tax Provision	$ 196.3	$ 172.3	$ 141.0
Effective Tax Rate	31.20%	20.20%	19.10%
Income Tax Expense (Benefit), Intraperiod Tax Allocation [Abstract]
Continuing Operations	$ 196.3	$ 172.3	$ 141.0
Deferred Tax Liabilities, Undistributed Foreign Earnings	$ 0.0	$ 0.0

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Commitments and Contingencies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Potential Cash Payments to Third Parties Recourse, Single Year Obligation	$ 66,600,000	$ 71,700,000
Amounts of Accounts Receivable Under Sale Arrangements, Current Portion	4,300,000	4,100,000
Potential Cash Payments To Third Parties To Repurchase Collateral Single Year Obligation	81,100,000	69,900,000
Amount of Accrual for Potential Losses Related to Repurchase Exposure	1,700,000	800,000
Letters of Credit Outstanding	8,500,000
Amount of Outstanding Surety Bonds	18,400,000
Amount of Restricted Cash Collateral Against Workers Comp Obligations	11,100,000	12,900,000	$ 12,200,000
Activity Related to Product Warranty Liabilities [Roll Forward]
Balance at Beginning of Period	146,700,000	129,300,000
Payments Made	(92,400,000)	(63,100,000)
Provisions/Additions for Contracts Issued/Sold	89,900,000	82,700,000
Aggregate Changes for Preexisting Warranties	9,300,000	(700,000)
Foreign Currency Translation	800,000	(1,200,000)
Other	3,000,000.0	(300,000)
Balance at End of Period	157,600,000	146,700,000	129,300,000
Activity Related to Extended Product Warranty Accrual [Roll Forward]
Balance at Beginning of Period	112,500,000	99,500,000
Extended Warranty Contracts Sold	41,800,000	37,000,000.0
Revenue Recognized on Existing Extended Warranty Contracts	(26,900,000)	(23,200,000)
Foreign Currency Translation	200,000	(400,000)
Balance at End of Period	127,200,000	112,500,000	99,500,000
Amount of Reserves for Environmental Liabilities	14,700,000	15,400,000
Extended Product Warranty Accrual, Other Increase (Decrease)	(400,000)	(400,000)
Potential Cash Payments To Third Parties To Repurchase Collateral, Maximum Obligation	0	0
Indemnity - CPSC Fines Receivable	6,300,000
Amounts of Accounts Receivable Under Sale Arrangements, Long-Term Portion	0	0
Product Liability Contingency [Line Items]
Acquisitions	300,000	0
Amount of Environmental Provisions	700,000	100,000	$ 400,000
Minimum [Member]
Activity Related to Extended Product Warranty Accrual [Roll Forward]
Loss Contingency, Estimate of Possible Loss	14,400,000
Maximum [Member]
Activity Related to Extended Product Warranty Accrual [Roll Forward]
Loss Contingency, Estimate of Possible Loss	37,800,000
Trustee Bank [Domain]
Loss Contingencies [Line Items]
Amount of Restricted Cash Collateral Against Workers Comp Obligations	$ 8,300,000	$ 8,000,000

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Financial Instruments Financial Instruments, Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivatives Qualifying as Hedges, before Tax [Roll Forward]
Net Amount Recognized Into Earnings, Pretax		$ (13.6)	$ (27.1)	$ 4.2
Derivatives Qualifying as Hedges, Net of Tax [Roll Forward]
Beginning Balance, After-Tax		36.0
Net Change in Value of Outstanding Hedges, After-Tax	[1]	(3.3)	46.1	22.2
Net Amount Recognized Into Earnings, After-Tax	[2]	(9.6)	(20.0)	2.9
Ending Balance, After-Tax		23.1	36.0
Cash Flow Hedging [Member]
Derivatives Qualifying as Hedges, before Tax [Roll Forward]
Beginning Balance, Pretax		56.5	21.6
Net Change in Value of Outstanding Hedges, Pretax		(3.9)	62.0
Net Amount Recognized Into Earnings, Pretax		(13.6)	(27.1)
Ending Balance, Pretax		39.0	56.5	21.6
Derivatives Qualifying as Hedges, Net of Tax [Roll Forward]
Beginning Balance, After-Tax		36.0	9.9
Net Change in Value of Outstanding Hedges, After-Tax		(3.3)	46.1
Net Amount Recognized Into Earnings, After-Tax		(9.6)	(20.0)
Ending Balance, After-Tax		$ 23.1	$ 36.0	$ 9.9

[1] The tax effects for the year ended December 31, 2023 were $(2.3) million for foreign currency translation, $1.3 million for net actuarial gains arising during the period and $0.6 million for derivatives. The tax effects for the year ended December 31, 2022 were $5.9 million for foreign currency translation, $(4.2) million for net actuarial gains arising during the period and $(15.9) million for derivatives. The tax effects for the year ended December 31, 2021 were $(1.7) million for foreign currency translation, $(1.5) million for net actuarial losses arising during the period and $(7.4) million for derivatives.

[2] See Note 17 – Comprehensive Income (Loss) for the tax effects for the years ended December 31, 2023, December 31, 2022 and December 31, 2021.

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Financial Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 694.6	$ 684.8
Foreign Exchange Option [Member]
Derivative [Line Items]
Derivative, Notional Amount	0.0
Foreign Exchange Contracts [Member]
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified Within Twelve Months	1.7
Forward-Starting Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	0.0
Cash Flow Hedge Gain (Loss) to be Reclassified Within Twelve Months	0.1
Amount of Gain (Loss) Estimated to be Reclassified From Accumulated Other Comprehensive Loss to Cost of Sales or Interest Expense	3.3	3.2
Commodity Contracts [Member]
Derivative [Line Items]
Derivative, Notional Amount	31.8	24.1
Cash Flow Hedge Gain (Loss) to be Reclassified Within Twelve Months	0.9
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	0.0
Cross Currency Interest Rate Contract
Derivative [Line Items]
Derivative, Notional Amount	$ 250.0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements		$ 450.0
Minimum [Member]
Derivative [Line Items]
Term of Derivative Instruments (in Months)		1 month
Maximum [Member]
Derivative [Line Items]
Term of Derivative Instruments (in Months)		18 months

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Financial Instruments, Fair Values of Derivative Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Foreign Exchange Contracts [Member] | Prepaid Expenses and Other [Member] | Other Hedging Activity [Member]
Derivatives, Fair Value [Line Items]
Total Derivative Assets	$ 0.6	$ 0.2
Foreign Exchange Contracts [Member] | Accrued Expenses [Member] | Other Hedging Activity [Member]
Derivatives, Fair Value [Line Items]
Total Derivative Liabilities	0.8	1.8
Cross Currency Interest Rate Contract
Derivatives, Fair Value [Line Items]
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax	42.5
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax	42.5
Cash Flow Hedging [Member] | Derivatives Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Total Derivative Assets	15.5	5.0
Total Derivative Liabilities	9.1	6.9
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Prepaid Expenses and Other [Member] | Derivatives Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Total Derivative Assets	15.2	4.1
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Accrued Expenses [Member] | Derivatives Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Total Derivative Liabilities	8.0	6.1
Cash Flow Hedging [Member] | Commodity Contracts [Member] | Prepaid Expenses and Other [Member] | Derivatives Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Total Derivative Assets	0.3	0.9
Cash Flow Hedging [Member] | Commodity Contracts [Member] | Accrued Expenses [Member] | Derivatives Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Total Derivative Liabilities	1.1	0.8
Net Investment Hedging | Cross Currency Interest Rate Contract | Other Long-Term Liabilities [Member] | Derivatives Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Total Derivative Liabilities	$ 0.0	$ 5.0

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Financial Instruments, Consolidated Statements of Operations, Effect of Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Foreign Exchange Contracts [Member] | Other Hedging Activity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) on Derivatives Recognized in Earnings			$ (2.2)	$ 1.9
Foreign Exchange Contracts [Member] | Cost of Sales [Member] | Other Hedging Activity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) on Derivatives Recognized in Earnings			(2.8)	1.0
Foreign Exchange Contracts [Member] | Other Income, Net [Member] | Other Hedging Activity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) on Derivatives Recognized in Earnings			0.6	0.9
Cross Currency Interest Rate Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax				42.5
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion)			(3.9)	62.0
Cash Flow Hedging [Member] | Derivatives Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion)			1.1	33.8
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Loss Into Earnings (Effective Portion)			13.6	27.1
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | Derivatives Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion)			0.0	5.3
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | Derivatives Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Loss Into Earnings (Effective Portion)			(0.1)	(0.3)
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Derivatives Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion)			3.2	30.6
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Cost of Sales [Member] | Derivatives Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Loss Into Earnings (Effective Portion)			16.8	26.0
Cash Flow Hedging [Member] | Commodity Contracts [Member] | Derivatives Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion)			(2.1)	(2.1)
Cash Flow Hedging [Member] | Commodity Contracts [Member] | Cost of Sales [Member] | Derivatives Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Loss Into Earnings (Effective Portion)			(3.1)	1.4
Cash Flow Hedging [Member] | Cross Currency Interest Rate Contract | Derivatives Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion)	$ (5.0)	$ 28.2
Fair Value Hedging [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | Derivatives Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) on Derivatives Recognized in Earnings			$ 0.4	$ 0.7

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Financial Instruments, Fair Value of Other Financial Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of the Company's Long-Term Debt Including Current Maturities	$ 2,228.2	$ 2,225.0
Long-Term Debt	2,458.7	$ 2,540.5
Treasury Lock
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Estimated to be Reclassified From Accumulated Other Comprehensive Loss to Cost of Sales or Interest Expense	$ 5.1

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Accrued Expenses Accrued Expenses (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Compensation and Benefit Plans	$ 159.4	$ 180.9
Product Warranties	157.6	146.7
Sales Incentives and Discounts	186.0	164.2
Deferred Revenue and Customer Deposits	73.7	70.3
Current Operating Lease Liabilities	28.3	27.8
Legal reserves and contingencies	4.0	14.6
Accrued Insurance, Current	8.7	5.7
Derivatives	8.7	9.9
Interest	28.6	30.6
Accrued Income Taxes, Current	3.0	10.1
Accrual for Taxes Other than Income Taxes, Current	7.2	6.2
Product Liability Accrual, Period Expense	22.2	8.2
Environmental Reserves	6.2	6.3
Other	45.8	56.8
Total Accrued Expenses	$ 739.4	$ 738.3

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Debt (Details) - USD ($) $ in Millions			3 Months Ended		12 Months Ended
	Mar. 22, 2022	Mar. 04, 2019	Dec. 31, 2023		Dec. 31, 2023		Dec. 31, 2022	Dec. 31, 2021	Oct. 01, 2022	Jul. 16, 2021	Dec. 31, 2020	Jul. 03, 2019
Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities			$ 2,462.9		$ 2,462.9		$ 2,544.7
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net			(32.5)		(32.5)		(35.7)
Other Long-term Debt			12.2		12.2		13.9
Current Maturities of Long-term Debt			(454.7)		(454.7)		(89.0)
Long-Term Debt, Net			1,975.7		1,975.7		2,420.0
Proceeds from Issuance of Long-term Debt, Current and Long-term					4.7
Maturities of Long-term Debt [Abstract]
2019			455.4		455.4
2020			2.2		2.2
2021			2.2		2.2
2022			162.2		162.2
2023			0.9		0.9
Thereafter			1,840.0		1,840.0
Total Long-Term Debt Including Current Maturities			2,462.9		2,462.9		2,544.7
Line of Credit Facility [Abstract]
Letters of Credit Outstanding, Amount			8.5		8.5
Proceeds from Issuance of Commercial Paper					485.0		500.0
Commercial Paper, Maximum Amount Utilized					125.0		300.0
Proceeds from Notes Payable	$ 741.8				992.9
Less: Restricted Cash			11.1		11.1		12.9	$ 12.2
Proceeds from Issuance of Long-term Debt, Excluding Current Maturities					0.0
Repayments of Long-term Debt, Current					(90.5)
Repayments of Long-term Debt, Current and Long-term					(90.9)
Other Debt Activity, Excluding Current Maturities					6.8
Other Debt Activity, Current					0.8
Other Debt Activity, Current and Long-term					7.6
Debt, Long-term and Short-term, Combined Amount			2,430.4		2,430.4		2,509.0
Proceeds from Issuance of Long-term Debt, Current					4.7
Repayments of Long-term Debt, Excluding Current Maturities					(0.4)
Short-Term Debt, Refinanced, Amount					(450.7)
Reclassification of total debt					0.0
Payments of Debt Issuance Costs							8.2	7.1
Transaction Financing Charges					0.0		0.1	4.2
Line of Credit Facility, Maximum Amount Outstanding During Period			127.8
Commercial Paper, Maximum Amount Allowed to be Utilized					500.0
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]
Line of Credit Facility [Abstract]
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount			71.3		71.3		52.8	97.9			$ 93.4
Recoveries					0.0		0.0	$ 0.0
Trustee Bank [Domain]
Line of Credit Facility [Abstract]
Less: Restricted Cash			8.3		8.3		8.0
Commercial Paper [Member]
Line of Credit Facility [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity									$ 300.0
6.375% Senior Notes due 2049 [Member]
Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities			230.0		230.0		230.0
Maturities of Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities			230.0		230.0		230.0
Debentures Due 2023 [Member]
Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities			0.0	[1]	0.0	[1]	80.1
Maturities of Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities			$ 0.0	[1]	$ 0.0	[1]	$ 80.1
Loan With Fond Du Lac County Economic Development Corporation Due 2021 [Member]
Long-term Debt [Abstract]
Interest Rate			7.375%		7.375%		7.375%
Notes Due 2027 [Member]
Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities			$ 160.7		$ 160.7		$ 160.7
Maturities of Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities			160.7		160.7		160.7
Term Loan Due 2023 [Member]
Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities							56.3
Maturities of Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities							56.3
6.625% Senior Notes due 2049 [Member]
Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities			125.0		125.0		125.0
Maturities of Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities			125.0		125.0		125.0
6.500% Senior Notes due 2048 [Member]
Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities			185.0		185.0		185.0
Maturities of Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities			185.0		185.0		185.0
Senior Notes, 2.4% due 2031
Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities			550.0		550.0		550.0
Maturities of Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities			550.0		550.0		550.0
0.85% Senior Note Due 2024
Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities			450.0		450.0		450.0
Maturities of Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities			450.0		450.0		450.0
5.100% Senior Notes due 2052
Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities			300.0		300.0		300.0
Maturities of Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities			300.0		300.0		300.0
4.400% Senior Notes due 2032
Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities			450.0		450.0		450.0
Maturities of Long-term Debt [Abstract]
Total Long-Term Debt Including Current Maturities			450.0		450.0		450.0
Line of Credit [Member]
Line of Credit Facility [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity										$ 750.0
Line of Credit Facility, Remaining Borrowing Capacity			741.9		741.9		747.2
Letters of Credit Outstanding, Amount			8.1		8.1		2.8
Line of Credit Facility, Increase (Decrease), Other, Net					100.0
Line of Credit Facility, Current Borrowing Capacity							$ 125.0
Senior Notes Due 2021 [Member] | Unsecured Debt [Member]
Line of Credit Facility [Abstract]
Senior Notes												$ 150.0
Senior Notes Due 2049 [Member] | Unsecured Debt [Member]
Line of Credit Facility [Abstract]
Debt Instrument, Face Amount		$ 230.0
Proceeds from Issuance of Debt		$ 222.0
Term Loan Due 2023 [Member] | Unsecured Debt [Member]
Line of Credit Facility [Abstract]
Repayments of Other Debt					95.0
0.850% Senior Notes due 2024
Line of Credit Facility [Abstract]
Senior Notes			450.0		450.0
2,400% Senior Notes due 2031
Line of Credit Facility [Abstract]
Senior Notes			550.0		550.0
Debentures Due 2023 [Member]
Line of Credit Facility [Abstract]
Debt Instrument, Face Amount			103.1		103.1
Repayments of Other Debt					79.7
Debt Instrument, Repurchase Amount			23.4		23.4
Notes Due 2027 [Member]
Line of Credit Facility [Abstract]
Debt Instrument, Repurchase Amount			$ 2.5		$ 2.5
4.400% Senior Notes due 2032
Line of Credit Facility [Abstract]
Senior Notes	450.0
5.100% Senior Notes due 2052
Line of Credit Facility [Abstract]
Senior Notes	$ 300.0

[1] (A) Included in Debentures, 7.375% due 2023 as of December 31, 2022, are the aggregate fair values related to the fixed-to-floating interest rate swaps as discussed in Note 12 – Financial Instruments. During the third quarter of 2022, the Debentures were reclassified from Long-term debt to Current maturities of long-term debt, of which the remaining principal payments were paid during the third quarter of 2023.

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Postretirement Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan Expense	$ 47.0	$ 58.0	$ 47.1
Other Postretirement Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation	$ 19.9	$ 21.1

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Postretirement Benefits Benefit Obligations, Plan Assets and Funded Status (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Nonqualified Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation	$ 17.0	$ 18.6
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation	$ 15.1	$ 11.5

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Postretirement Benefits Pretax Activity in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Prior Service Costs (Credits) [Abstract]
Amount Recognized as Component of Net Benefit Costs	$ (4.3)	$ (0.7)	$ (0.2)
Net Actuarial Losses [Abstract]
Amount Recognized as Component of Net Benefit Costs	$ 2.2	$ 0.9	$ 1.1

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Postretirement Benefits Fair Values of Trust's Pension Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan Expense	$ 47.0	$ 58.0	$ 47.1

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Stock Plans and Management Compensation (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Available for Grant (in shares)	3,600
Non-Vested Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Age of Grantee		62 years
Share-Based Compensation Expense	$ 20.4	$ 18.2	$ 16.3
Share-Based Compensation Expense, Tax Benefit	5.0	4.5	4.0
Fair Value of Shares Vested During the Period	$ 24.5	$ 16.7	$ 11.3
Weighted Average Grant Date Fair Value	$ 90.72	$ 82.14
Awarded - Weighted Average Grant Date Fair Value	88.00	$ 93.62	$ 91.14
Forfeited - Weighted Average Grant Date Fair Value	86.54
Vested - Weighted Average Grant Date Fair Value	$ 68.17
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Outstanding at January 1	601
Awarded	278
Forfeited	(49)
Vested	(253)
Outstanding at December 31	577	601
Unrecognized Compensation Cost	$ 14.2
Non-Vested Stock Awards [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Age of Grantee plus Grantees Total Number of Years of Service	70 years
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Expense	$ 2.1	$ 3.6	$ 13.5
Share-Based Compensation Expense, Tax Benefit	0.5	0.9	3.3
Fair Value of Shares Vested During the Period	$ 16.2	$ 14.6	$ 18.6
Weighted Average Grant Date Fair Value	$ 90.09	$ 90.97
Awarded - Weighted Average Grant Date Fair Value	78.49
Forfeited - Weighted Average Grant Date Fair Value	87.15
Vested - Weighted Average Grant Date Fair Value	$ 77.02
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Outstanding at January 1	191
Awarded	206
Forfeited	(13)
Vested	(167)
Outstanding at December 31	217	191
Unrecognized Compensation Cost	$ 1.3

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Stock Plans and Management Compensation (Details 3) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Percentage of Premium Paid Out in Deferred Company Common Stock	20.00%
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Expense	$ 2.1	$ 3.6	$ 13.5
Share-Based Compensation Expense, Tax Benefit	0.5	0.9	3.3
Fair Value of Shares Vested During the Period	$ 16.2	$ 14.6	$ 18.6
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at January 1	191,000
Awarded Grants in Period	206,000
Forfeited	(13,000)
Vested	(167,000)
Outstanding at December 31	217,000	191,000
Weighted Average Grant Date Fair Value	$ 90.09	$ 90.97
Awarded - Weighted Average Grant Date Fair Value	78.49
Forfeited - Weighted Average Grant Date Fair Value	87.15
Vested - Weighted Average Grant Date Fair Value	$ 77.02
Unrecognized Compensation Cost	$ 1.3
Unrecognized Compensation Cost, Period for Recognition	1 year 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	2 years 10 months 24 days	2 years 10 months 24 days	2 years 10 months 24 days
Non-Vested Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Expense	$ 20.4	$ 18.2	$ 16.3
Share-Based Compensation Expense, Tax Benefit	5.0	4.5	4.0
Fair Value of Shares Vested During the Period	$ 24.5	$ 16.7	$ 11.3
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at January 1	601,000
Awarded Grants in Period	278,000
Forfeited	(49,000)
Vested	(253,000)
Outstanding at December 31	577,000	601,000
Weighted Average Grant Date Fair Value	$ 90.72	$ 82.14
Awarded - Weighted Average Grant Date Fair Value	88.00	$ 93.62	$ 91.14
Forfeited - Weighted Average Grant Date Fair Value	86.54
Vested - Weighted Average Grant Date Fair Value	$ 68.17
Unrecognized Compensation Cost	$ 14.2
Age of Grantee		62 years
Unrecognized Compensation Cost, Period for Recognition	1 year 2 months 12 days
Awards Vesting Period (in years)	3 years
Stock Options and SAR's [Member]
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Period for Stock Options and SARs to be Exercisable (in years)	10 years
Awards Vesting Period (in years)	4 years
Outstanding on December 31	1 month 6 days
Exercisable and Vested on December 31	1 month 6 days
Vested and Expected to Vest on December 31	1 month 6 days
Stock Options and SAR's [Member] | $23.79 [Member]
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding Options, Weighted Average Remaining Years of Contractual Life (in years)	1 year 1 month 6 days
Stock Options and SAR's [Member] | Greater Than $14.68 [Member]
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding Options, Weighted Average Remaining Years of Contractual Life (in years)	1 month 6 days
Stock Options and SAR's [Member] | $5.87 to $14.68 [Member]
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding Options, Weighted Average Remaining Years of Contractual Life (in years)	8 months 12 days
Stock Options and SAR's [Member] | $5.86 [Member]
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding Options, Weighted Average Remaining Years of Contractual Life (in years)	0 years
Share-based Payment Arrangement, Tranche Two [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Price at Grant Date (in dollars per share)	$ 83.97	$ 91.62	$ 87.48
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Awarded Grants in Period	36,170	24,320	24,560
Share-based Payment Arrangement, Tranche One [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Price at Grant Date (in dollars per share)	$ 88.47	$ 94.59	$ 91.44
Risk-Free Interest Rate	4.30%	1.70%	0.20%
Dividend Yield	1.80%	1.50%	1.20%
Volatility Factor	49.80%	54.80%	65.60%

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Comprehensive Income (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		$ 628.9	$ 853.6	$ 736.4
Income Tax Expense (Benefit)		(196.3)	(172.3)	(141.0)
Net Earnings from Continuing Operations		432.6	681.3	595.4
Prior Service Credits		4.3	0.7	0.2
Net Actuarial Losses		2.2	0.9	1.1
Defined Benefit Items, Earnings Before Income Taxes		2.1	(0.2)	(0.9)
Defined Benefit Items, Income Tax Provision		(1.0)	0.0	0.1
Defined Benefit Items, Earnings From Continuing Operations, Net of Tax		1.1	(0.2)	(0.8)
Derivatives, Earnings Before Income Taxes		13.6	27.1	(4.2)
Derivatives, Income Tax Provision		(4.0)	(7.1)	1.3
Derivatives, Net Earnings From Continuing Operations	[1]	9.6	20.0	(2.9)
Interest Expense [Member] | Interest Rate Contracts [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Derivatives, Earnings Before Income Taxes		(0.1)	(0.3)	(0.6)
Cost of Sales [Member] | Foreign Exchange Contracts [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Derivatives, Earnings Before Income Taxes		16.8	26.0	(8.3)
Cost of Sales [Member] | Commodity Contracts [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Derivatives, Earnings Before Income Taxes		$ (3.1)	$ 1.4	$ 4.7

[1] See Note 17 – Comprehensive Income (Loss) for the tax effects for the years ended December 31, 2023, December 31, 2022 and December 31, 2021.

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Treasury Stock (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Payments for Repurchase of Common Stock	$ 275.0	$ 450.0	$ 120.1
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	121,500
Treasury Stock Activity [Roll Forward]
Balance at January 1	31,173	25,605	24,663
Compensation Plans and Other	(298)	(343)	(303)
Share Repurchases	3,436	5,911	1,245
Balance as of December 31	34,311	31,173	25,605

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Leases Leases Assets and Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease assets	$ 152.2	$ 114.8
Current Operating Lease Liabilities	28.3	27.8
Non-Current Operating Lease Liabilities	133.9	97.8
Total Lease Liabilities	162.2	125.6
Lessee, Lease, Description [Line Items]
Current Operating Lease Liabilities	28.3	27.8
Other Current Liabilities [Member]
Leases [Abstract]
Current Operating Lease Liabilities	28.3	27.8
Lessee, Lease, Description [Line Items]
Current Operating Lease Liabilities	$ 28.3	$ 27.8

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Leases Operating Lease Liability, Maturity Analysis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months	$ 37.2
Lessee, Operating Lease, Liability, to be Paid, Year Two	28.0
Lessee, Operating Lease, Liability, to be Paid, Year Three	23.2
Lessee, Operating Lease, Liability, to be Paid, Year Four	19.7
Lessee, Operating Lease, Liability, to be Paid, Year Five	17.3
Lessee, Operating Lease, Liability, to be Paid, after Year Five	97.7
Total Lease Payments	223.1
Less: Interest	60.9
Present value of lease liabilities	$ 162.2	$ 125.6

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Leases Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Lease Cost	$ 67.2	[1]	$ 57.0	[1]	$ 48.3
Selling, General and Administrative Expenses [Member]
Lessee, Lease, Description [Line Items]
Operating Lease, Cost	20.1		16.2		13.4
Variable Lease, Cost	1.6		1.3		1.1
Cost of Sales [Member]
Lessee, Lease, Description [Line Items]
Operating Lease, Cost	39.3		34.0		28.6
Variable Lease, Cost	$ 6.2		$ 5.5		$ 5.2

[1] (A) Includes total short-term lease cost which is immaterial.

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Leases Other Lease Disclosures (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Operating Lease, Weighted Average Discount Rate, Percent	6.50%
Operating Cash Flows From Operating Leases	$ 30,000,000
Operating Lease, Weighted Average Remaining Lease Term	5 years 3 months 30 days
Lessor, Operating Lease, Lease Not yet Commenced, Assumption and Judgment, Value of Underlying Asset, Amount	$ 80,500,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Lessee, Lease, Description [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Lessee, Lease, Description [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

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Quarterly Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Net Sales	$ 6,401.4	$ 6,812.2	$ 5,846.2
Restructuring, Exit and Impairment Charges	54.7	25.1	0.8
Net Earnings from Continuing Operations	432.6	681.3	595.4
Net (Loss) Earnings from Discontinued Operations, Net of Tax	(12.2)	(4.3)	(2.1)
Net Earnings	$ 420.4	$ 677.0	$ 593.3
Dividends Declared	$ 1.60	$ 1.46	$ 1.275
Basic Earnings Per Common Share
Earnings from Continuing Operations (in Dollars Per Share)	6.16	9.11	7.65
Net Earnings (Loss) from Discontinued Operations (in Dollars Per Share)	(0.17)	(0.06)	(0.02)
Net Earnings (in Dollars per Share)	5.99	9.05	7.63
Diluted Earnings Per Common Share
Net Earnings (Loss) from Continuing Operations (in Dollars per Share)	6.13	9.06	7.59
Net Earnings (Loss) from Discontinued Operations (in Dollars per Share)	(0.17)	(0.06)	(0.02)
Net Earnings (in Dollars per Share)	$ 5.96	$ 9.00	$ 7.57
Field Campaigns Charges [Line Items]
Net Sales	$ 6,401.4	$ 6,812.2	$ 5,846.2
Cost of Sales	4,614.4	4,865.0	4,180.2
Net Earnings from Continuing Operations	$ 432.6	$ 681.3	$ 595.4

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Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Allowance, Credit Loss [Member]
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year		$ 10.2	$ 9.7	$ 10.7
Charges to Profit and Loss		(3.2)	(2.0)	(0.4)
Write-offs		(4.2)	(2.6)	(1.0)
Recoveries		1.4	0.3	0.1
Other		0.2	0.8	(0.5)
Balance at End of Year		10.8	10.2	9.7
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year		52.8	97.9	93.4
Charges to Profit and Loss	[1]	17.8	(10.4)	24.2
Write-offs		0.0	0.0	0.0
Recoveries		0.0	0.0	0.0
Other	[2]	0.7	(34.7)	28.7
Balance at End of Year		$ 71.3	$ 52.8	$ 97.9

[1] (A) For the year ended December 31, 2023, the deferred tax asset valuation expense primarily relates to reassessments of certain federal tax credits, impairment of certain investments, and state tax credits and NOL's. For the year ended December 31, 2022, the deferred tax asset valuation benefit activity primarily relates to reassessments for state tax credits and NOL’s and certain federal losses. For the year ended December 31, 2021, the deferred tax asset valuation benefit activity primarily relates to reassessments for state tax credits and NOL’s and to certain federal tax credits.

[2] (B) For the year ended December 31, 2023, the activity primarily relates to currency translation of foreign balances. For the year ended December 31, 2022, the activity primarily relates to final adjustments to the opening balances of foreign entities acquired during the fourth quarter of 2021. For the year ended December 31, 2021, the activity primarily relates to the opening balances of foreign entities acquired during the year.

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Payables and Accruals (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Supplier Finance Program [Line Items]
Supplier Finance Program, Obligation, Addition	$ 99.3
Supplier Finance Program, Obligation, Settlement	(105.9)
Supplier Finance Program, Obligation	$ 11.6	$ 18.2