| Operating Segments |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 28, 2025 | | | | | | | | (in millions) | Propulsion | | Engine P&A | | Navico Group | | Boat | | Corporate/Other | | Total | | | | | | | | | | | | | Net sales (A) | $ | 525.0 | | | $ | 335.9 | | | $ | 180.7 | | | $ | 405.4 | | | $ | — | | | $ | 1,447.0 | | | | | | | | | | | | | | Cost of sales (B) | 391.6 | | | 233.0 | | | 116.5 | | | 338.3 | | | — | | | 1,079.4 | | | | | | | | | | | | | | Operating expenses (C) | 67.6 | | | 31.2 | | | 71.8 | | | 56.0 | | | 37.7 | | | 264.3 | | | | | | | | | | | | | | | Operating earnings | $ | 65.8 | | | $ | 71.7 | | | $ | (7.6) | | | $ | 11.1 | | | $ | (37.7) | | | $ | 103.3 | | | | | | | | | | | | | |
(A) Net sales includes $73.2 million, $1.9 million, $21.6 million and $0.2 million of segment eliminations for the Propulsion, Engine P&A, Navico Group and Boat reportable segments, respectively. (B) Includes $2.1 million of Cost of sales related Restructuring, exit and impairment charges. (C) Includes $216.6 million of Selling, general and administrative expense, $41.8 million of Research and development expense and $5.9 million of Restructuring, exit and impairment charges. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 29, 2024 | | (in millions) | Propulsion | | Engine P&A | | Navico Group | | Boat | | Corporate/Other | | Total | Net sales (A) | $ | 486.5 | | | $ | 334.1 | | | $ | 189.1 | | | $ | 434.2 | | | $ | — | | | $ | 1,443.9 | | Cost of sales (B) | 341.6 | | | 232.5 | | | 125.7 | | | 359.4 | | | — | | | 1,059.2 | | Operating expenses (C) | 59.3 | | | 26.0 | | | 66.4 | | | 50.0 | | | 24.7 | | | 226.4 | | | Operating earnings | $ | 85.6 | | | $ | 75.6 | | | $ | (3.0) | | | $ | 24.8 | | | $ | (24.7) | | | $ | 158.3 | |
(A) Net sales includes $71.5 million, $2.0 million and $21.0 million of segment eliminations for the Propulsion, Engine P&A and Navico Group reportable segments, respectively. (B) Includes $6.3 million of Cost of sales related Restructuring, exit and impairment charges. (C) Includes $181.8 million of Selling, general and administrative expense, $43.0 million of Research and development expense and $1.6 million of Restructuring, exit and impairment charges.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 28, 2025 | | (in millions) | Propulsion | | Engine P&A | | Navico Group | | Boat | | Corporate/Other | | Total | Net sales (A) | $ | 938.7 | | | $ | 588.8 | | | $ | 364.2 | | | $ | 777.1 | | | $ | — | | | $ | 2,668.8 | | Cost of sales (B) | 699.5 | | | 418.3 | | | 233.2 | | | 647.0 | | | — | | | 1,998.0 | | Operating expenses (C) | 127.3 | | | 59.7 | | | 141.4 | | | 111.3 | | | 71.5 | | | 511.2 | | | Operating earnings | $ | 111.9 | | | $ | 110.8 | | | $ | (10.4) | | | $ | 18.8 | | | $ | (71.5) | | | $ | 159.6 | |
(A) Net sales includes $146.5 million, $4.3 million, $46.3 million and $0.6 million of segment eliminations for the Propulsion, Engine P&A, Navico Group and Boat reportable segments, respectively. (B) Includes $2.8 million of Cost of sales related Restructuring, exit and impairment charges. (C) Includes $424.6 million of Selling, general and administrative expense, $80.3 million of Research and development expense and $6.3 million of Restructuring, exit and impairment charges.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 29, 2024 | | (in millions) | Propulsion | | Engine P&A | | Navico Group | | Boat | | Corporate/Other | | Total | Net sales (A) | $ | 982.3 | | | $ | 594.8 | | | $ | 371.9 | | | $ | 859.9 | | | $ | — | | | $ | 2,808.9 | | Cost of sales (B) | 681.5 | | | 430.1 | | | 240.1 | | | 702.5 | | | — | | | 2,054.2 | | Operating expenses (C) | 132.4 | | | 55.9 | | | 137.2 | | | 103.2 | | | 57.1 | | | 485.8 | | | Operating earnings | $ | 168.4 | | | $ | 108.8 | | | $ | (5.4) | | | $ | 54.2 | | | $ | (57.1) | | | $ | 268.9 | |
(A) Net sales includes $153.9 million, $3.7 million and $49.1 million of segment eliminations for the Propulsion, Engine P&A and Navico Group reportable segments, respectively. (B) Includes $9.9 million of Cost of sales related Restructuring, exit and impairment charges. (C) Includes $385.5 million of Selling, general and administrative expense, $88.8 million of Research and development expense and $11.5 million of Restructuring, exit and impairment charges.
| | | | | | | | | | | | | | | | | | | | | | | | | | | Depreciation | | Three Months Ended | | Six Months Ended | | (in millions) | June 28, 2025 | | | June 29, 2024 | | June 28, 2025 | | | June 29, 2024 | | Propulsion | $ | 30.8 | | | | $ | 31.6 | | | $ | 60.6 | | | | $ | 62.4 | | | Engine P&A | 4.1 | | | | 3.8 | | | 8.1 | | | | 7.5 | | | Navico Group | 3.2 | | | | 2.9 | | | 5.9 | | | | 6.1 | | | Boat | 13.7 | | | | 12.9 | | | 26.9 | | | | 25.5 | | | Corporate/Other | 1.2 | | | | 1.3 | | | 2.4 | | | | 2.5 | | | Total | $ | 53.0 | | | | $ | 52.5 | | | $ | 103.9 | | | | $ | 104.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Amortization | | Three Months Ended | | Six Months Ended | | (in millions) | June 28, 2025 | | | June 29, 2024 | | June 28, 2025 | | | June 29, 2024 | | Propulsion | $ | 2.1 | | | | $ | 1.5 | | | $ | 4.0 | | | | $ | 3.1 | | | Engine P&A | 0.3 | | | | 0.2 | | | 0.5 | | | | 0.4 | | | Navico Group | 15.1 | | | | 14.0 | | | 29.6 | | | | 27.9 | | | Boat | 1.5 | | | | 1.4 | | | 3.0 | | | | 2.8 | | | Corporate/Other | 1.1 | | | | 0.8 | | | 2.2 | | | | 1.6 | | | Total | $ | 20.1 | | | | $ | 17.9 | | | $ | 39.3 | | | | $ | 35.8 | |
| | | | | | | | | | | | | | | | | | | | Total Assets | | (in millions) | June 28, 2025 | | December 31, 2024 | | June 29, 2024 | | Propulsion | $ | 1,469.7 | | | $ | 1,507.3 | | | $ | 1,742.4 | | | Engine P&A | 886.7 | | | 803.5 | | | 869.9 | | | Navico Group | 1,875.6 | | | 1,877.6 | | | 1,995.0 | | | Boat | 902.1 | | | 868.3 | | | 891.8 | | | Corporate/Other | 660.2 | | | 621.0 | | | 896.6 | | | Total | $ | 5,794.3 | | | $ | 5,677.7 | | | $ | 6,395.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Capital Expenditures | | | Three Months Ended | | Six Months Ended | | | (in millions) | June 28, 2025 | | | | June 29, 2024 | | June 28, 2025 | | June 29, 2024 | | | Propulsion | $ | 21.4 | | | | | $ | 23.8 | | | $ | 36.6 | | | $ | 51.1 | | | | Engine P&A | 4.0 | | | | | 2.3 | | | 6.2 | | | 5.8 | | | | Navico Group | 4.9 | | | | | 5.6 | | | 7.4 | | | 9.6 | | | | Boat | 13.4 | | | | | 12.7 | | | 29.3 | | | 29.8 | | | | Corporate/Other | 1.2 | | | | | 2.7 | | | 3.1 | | | 4.8 | | | | Total | $ | 44.9 | | | | | $ | 47.1 | | | $ | 82.6 | | | $ | 101.1 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Research & Development Expense | | | | Three Months Ended | | Six Months Ended | | | | (in millions) | June 28, 2025 | | | | June 29, 2024 | | June 28, 2025 | | June 29, 2024 | | | | Propulsion | $ | 21.4 | | | | | $ | 21.4 | | | $ | 39.9 | | | $ | 45.2 | | | | | Engine P&A | 0.3 | | | | | 0.5 | | | 0.7 | | | 0.7 | | | | | Navico Group | 11.6 | | | | | 12.8 | | | 23.0 | | | 25.3 | | | | | Boat | 7.5 | | | | | 6.1 | | | 14.7 | | | 12.9 | | | | | Corporate/Other | 1.0 | | | | | 2.2 | | | 2.0 | | | 4.7 | | | | | Total | $ | 41.8 | | | | | $ | 43.0 | | | $ | 80.3 | | | $ | 88.8 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Net Sales | | Three Months Ended | | Six Months Ended | | (in millions) | June 28, 2025 | | June 29, 2024 | | June 28, 2025 | | June 29, 2024 | | United States | $ | 976.4 | | | $ | 974.9 | | | $ | 1,794.5 | | | $ | 1,891.9 | | | International | 470.6 | | | 469.0 | | | 874.3 | | | 917.0 | | | Total | $ | 1,447.0 | | | $ | 1,443.9 | | | $ | 2,668.8 | | | $ | 2,808.9 | |
| | | | | | | | | | | | | | | | | | | Net Property | | (in millions) | June 28, 2025 | | December 31, 2024 | | June 29, 2024 | | United States | $ | 1,112.3 | | | $ | 1,127.8 | | | $ | 1,174.3 | | | International | 110.0 | | | 105.2 | | | 105.6 | | | Corporate/Other | 16.2 | | | 18.5 | | | 20.4 | | | Total | $ | 1,238.5 | | | $ | 1,251.5 | | | $ | 1,300.3 | |
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