BC 2013.01.17 8K



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

________________________

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported):  January 17, 2013

 

BRUNSWICK CORPORATION


(Exact Name of Registrant Specified in Charter)

 

 
Delaware
 
001-01043
 
36-0848180
(State or Other
Jurisdiction of
Incorporation)
 
(Commission File
Number)
 
(I.R.S. Employer
Identification No.)



1 N. Field Court
Lake Forest, Illinois
 
 
60045-4811
(Address of Principal Executive Offices)
 
 
(Zip Code)

 
Registrant’s telephone number, including area code: (847) 735-4700

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]          Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]           Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]           Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240, 14d-2(b))
[ ]           Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240, 13e-4(c))









Item 7.01.                  Regulation FD Disclosure

On December 31, 2012, the Board of Directors of Brunswick Corporation (the "Company") authorized the Company to exit its Hatteras and CABO boat businesses. As a result, these businesses, which were previously reported in the Boat segment, will be reported as discontinued operations beginning with the fourth quarter of 2012.

In advance of the Company filing its 2012 Form 10-K, this Form 8-K provides restated historical Net sales, Operating earnings (loss) and Restructuring segment results for continuing operations for the three months and year-to-date periods ended during each quarterly period for 2011 and the first three quarters of 2012. These changes will be reflected in the earnings release for the fourth quarter of 2012 scheduled for January 24, 2013, and the management discussion and analysis and consolidated financial statements and footnotes in the Form 10-K yet to be issued for the year ended December 31, 2012.
 
Brunswick Corporation
 
 
 
 
 
 
 
 
 
 
 
 
Segment Restatement - Continuing Operations
 
 
 
 
 
 
 
 
2011 - 2012
 
 
 
 
 
 
 
 
 
 
 
 
(in millions)
 
 
 
 
 
 
 
 
 
 
 
 
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First Quarter - Year to Date
 
 
Net Sales
 
Operating Earnings (Loss)
 
Restructuring
 
 
2012
 
2011
 
2012
 
2011
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
 
Marine Engine
 
$
489.4

 
$
501.1

 
$
47.9

 
$
57.7

 
$
1.7

 
$
4.3

Boat
 
291.8

 
281.8

 
10.5

 
1.5

 
(1.5
)
 
0.7

Marine eliminations
 
(68.6
)
 
(62.3
)
 

 

 

 

   Total Marine
 
712.6

 
720.6

 
58.4

 
59.2

 
0.2

 
5.0

 
 
 
 
 
 
 
 
 
 
 
 
 
Fitness
 
157.1

 
156.4

 
23.7

 
23.4

 

 

Bowling & Billiards
 
89.9

 
87.3

 
14.4

 
14.2

 

 

Pension - non-service costs
 

 

 
(5.7
)
 
(7.6
)
 

 

Corporate/Other
 

 

 
(15.5
)
 
(15.9
)
 

 

   Total
 
$
959.6

 
$
964.3

 
$
75.3

 
$
73.3

 
$
0.2

 
$
5.0

 
 
 
 
 
 
 
 
 
 
 
 
 






Brunswick Corporation
 
 
 
 
 
 
 
 
 
 
 
 
Segment Restatement - Continuing Operations
 
 
 
 
 
 
 
 
2011 - 2012
 
 
 
 
 
 
 
 
 
 
 
 
(in millions)
 
 
 
 
 
 
 
 
 
 
 
 
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Second Quarter - Year to Date
 
 
Net Sales
 
Operating Earnings (Loss)
 
Restructuring
 
 
2012
 
2011
 
2012
 
2011
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
 
Marine Engine
 
$
1,080.6

 
$
1,090.1

 
$
152.8

 
$
157.6

 
$
2.6

 
$
4.0

Boat
 
600.5

 
624.1

 
29.2

 
17.6

 
(1.4
)
 
0.4

Marine eliminations
 
(130.5
)
 
(130.2
)
 

 

 

 

   Total Marine
 
1,550.6

 
1,584.0

 
182.0

 
175.2

 
1.2

 
4.4

 
 
 
 
 
 
 
 
 
 
 
 
 
Fitness
 
300.4

 
298.0

 
43.6

 
42.5

 

 
0.1

Bowling & Billiards
 
162.5

 
164.8

 
16.8

 
16.7

 

 

Pension - non-service costs
 

 

 
(11.8
)
 
(15.2
)
 

 

Corporate/Other
 

 

 
(30.2
)
 
(32.0
)
 
(0.2
)
 

   Total
 
$
2,013.5

 
$
2,046.8

 
$
200.4

 
$
187.2

 
$
1.0

 
$
4.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Second Quarter - Quarter to Date
 
 
Net Sales
 
Operating Earnings (Loss)
 
Restructuring
 
 
2012
 
2011
 
2012
 
2011
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
 
Marine Engine
 
$
591.2

 
$
589.0

 
$
104.9

 
$
99.9

 
$
0.9

 
$
(0.3
)
Boat
 
308.7

 
342.3

 
18.7

 
16.1

 
0.1

 
(0.3
)
Marine eliminations
 
(61.9
)
 
(67.9
)
 

 

 

 

   Total Marine
 
838.0

 
863.4

 
123.6

 
116.0

 
1.0

 
(0.6
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fitness
 
143.3

 
141.6

 
19.9

 
19.1

 

 
0.1

Bowling & Billiards
 
72.6

 
77.5

 
2.4

 
2.5

 

 

Pension - non-service costs
 

 

 
(6.1
)
 
(7.6
)
 

 

Corporate/Other
 

 

 
(14.7
)
 
(16.1
)
 
(0.2
)
 

   Total
 
$
1,053.9

 
$
1,082.5

 
$
125.1

 
$
113.9

 
$
0.8

 
$
(0.5
)






Brunswick Corporation
 
 
 
 
 
 
 
 
 
 
 
 
Segment Restatement - Continuing Operations
 
 
 
 
 
 
 
 
2011 - 2012
 
 
 
 
 
 
 
 
 
 
 
 
(in millions)
 
 
 
 
 
 
 
 
 
 
 
 
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Third Quarter - Year to Date
 
 
Net Sales
 
Operating Earnings (Loss)
 
Restructuring
 
 
2012
 
2011
 
2012
 
2011
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
 
Marine Engine
 
$
1,584.1

 
$
1,545.7

 
$
227.3

 
$
210.5

 
$
3.0

 
$
8.2

Boat
 
795.9

 
830.2

 
4.9

 
0.7

 
12.4

 
8.5

Marine eliminations
 
(181.5
)
 
(166.9
)
 

 

 

 

   Total Marine
 
2,198.5

 
2,209.0

 
232.2

 
211.2

 
15.4

 
16.7

 
 
 
 
 
 
 
 
 
 
 
 
 
Fitness
 
452.3

 
455.2

 
66.7

 
65.1

 
0.1

 
0.1

Bowling & Billiards
 
237.0

 
244.3

 
20.0

 
19.5

 

 
0.3

Pension - non-service costs
 

 

 
(17.9
)
 
(22.8
)
 

 

Corporate/Other
 

 

 
(43.9
)
 
(45.9
)
 
(0.2
)
 

   Total
 
$
2,887.8

 
$
2,908.5

 
$
257.1

 
$
227.1

 
$
15.3

 
$
17.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Third Quarter - Quarter to Date
 
 
Net Sales
 
Operating Earnings (Loss)
 
Restructuring
 
 
2012
 
2011
 
2012
 
2011
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
 
Marine Engine
 
$
503.5

 
$
455.6

 
$
74.5

 
$
52.9

 
$
0.4

 
$
4.2

Boat
 
195.4

 
206.1

 
(24.3
)
 
(16.9
)
 
13.8

 
8.1

Marine eliminations
 
(51.0
)
 
(36.7
)
 

 

 

 

   Total Marine
 
647.9

 
625.0

 
50.2

 
36.0

 
14.2

 
12.3

 
 
 
 
 
 
 
 
 
 
 
 
 
Fitness
 
151.9

 
157.2

 
23.1

 
22.6

 
0.1

 

Bowling & Billiards
 
74.5

 
79.5

 
3.2

 
2.8

 

 
0.3

Pension - non-service costs
 

 

 
(6.1
)
 
(7.6
)
 

 

Corporate/Other
 

 

 
(13.7
)
 
(13.9
)
 

 

   Total
 
$
874.3

 
$
861.7

 
$
56.7

 
$
39.9

 
$
14.3

 
$
12.6

 
 
 
 
 
 
 
 
 
 
 
 
 






Brunswick Corporation
 
 
 
 
 
 
Segment Restatement - Continuing Operations
 
 
 
2011
 
 
 
 
 
 
(in millions)
 
 
 
 
 
 
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fourth Quarter - Year to Date
 
 
Net Sales
Operating Earnings (Loss)
Restructuring
 
 
2011
 
2011
 
2011
 
 
 
 
 
 
 
Marine Engine
 
$
1,905.3

 
$
217.5

 
$
11.0

Boat
 
1,007.6

 
(27.3
)
 
8.3

Marine eliminations
 
(203.3
)
 

 

   Total Marine
 
2,709.6

 
190.2

 
19.3

 
 
 
 
 
 
 
Fitness
 
635.2

 
93.4

 
0.1

Bowling & Billiards
 
325.2

 
23.6

 
1.9

Pension - non-service costs
 

 
(30.4
)
 

Corporate/Other
 

 
(63.1
)
 

   Total
 
$
3,670.0

 
$
213.7

 
$
21.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fourth Quarter - Quarter to Date
 
 
Net Sales
Operating Earnings (Loss)
Restructuring
 
 
2011
 
2011
 
2011
 
 
 
 
 
 
 
Marine Engine
 
$
359.6

 
$
7.0

 
$
2.8

Boat
 
177.4

 
(28.0
)
 
(0.2
)
Marine eliminations
 
(36.4
)
 

 

   Total Marine
 
500.6

 
(21.0
)
 
2.6

 
 
 
 
 
 
 
Fitness
 
180.0

 
28.3

 

Bowling & Billiards
 
80.9

 
4.1

 
1.6

Pension - non-service costs
 

 
(7.6
)
 

Corporate/Other
 

 
(17.2
)
 

   Total
 
$
761.5

 
$
(13.4
)
 
$
4.2

 
 
 
 
 
 
 








SIGNATURE
 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
BRUNSWICK CORPORATION
 
 
 
Dated: January 17, 2013
By:
/s/ ALAN L. LOWE
 
 
Alan L. Lowe
 
 
Vice President and Controller