000001493012/3165,330,8002025Q2FALSE200,000,000200,000,0000.750.75102,538,000102,538,0001110———P13Y3M18DP11Y8M12Dxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pure00000149302025-01-012025-06-280000014930us-gaap:CommonStockMemberexch:XCHI2025-01-012025-06-280000014930us-gaap:CommonStockMemberexch:XNYS2025-01-012025-06-280000014930bcorp:A6.500SeniorNotesdue2048Memberexch:XNYS2025-01-012025-06-280000014930bcorp:A6.375SeniorNotesdue2049Memberexch:XNYS2025-01-012025-06-2800000149302025-07-2800000149302025-03-302025-06-2800000149302024-03-312024-06-2900000149302024-01-012024-06-2900000149302025-06-2800000149302024-12-3100000149302024-06-2900000149302024-03-3000000149302023-12-3100000149302025-03-290000014930us-gaap:CommonStockMember2024-12-310000014930us-gaap:AdditionalPaidInCapitalMember2024-12-310000014930us-gaap:RetainedEarningsMember2024-12-310000014930us-gaap:TreasuryStockCommonMember2024-12-310000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000014930us-gaap:CommonStockMember2025-01-012025-03-290000014930us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-290000014930us-gaap:RetainedEarningsMember2025-01-012025-03-290000014930us-gaap:TreasuryStockCommonMember2025-01-012025-03-290000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-2900000149302025-01-012025-03-290000014930us-gaap:CommonStockMember2025-03-290000014930us-gaap:AdditionalPaidInCapitalMember2025-03-290000014930us-gaap:RetainedEarningsMember2025-03-290000014930us-gaap:TreasuryStockCommonMember2025-03-290000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-290000014930us-gaap:CommonStockMember2025-03-302025-06-280000014930us-gaap:AdditionalPaidInCapitalMember2025-03-302025-06-280000014930us-gaap:RetainedEarningsMember2025-03-302025-06-280000014930us-gaap:TreasuryStockCommonMember2025-03-302025-06-280000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-302025-06-280000014930us-gaap:CommonStockMember2025-06-280000014930us-gaap:AdditionalPaidInCapitalMember2025-06-280000014930us-gaap:RetainedEarningsMember2025-06-280000014930us-gaap:TreasuryStockCommonMember2025-06-280000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-280000014930us-gaap:CommonStockMember2023-12-310000014930us-gaap:AdditionalPaidInCapitalMember2023-12-310000014930us-gaap:RetainedEarningsMember2023-12-310000014930us-gaap:TreasuryStockCommonMember2023-12-310000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000014930us-gaap:CommonStockMember2024-01-012024-03-300000014930us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-300000014930us-gaap:RetainedEarningsMember2024-01-012024-03-300000014930us-gaap:TreasuryStockCommonMember2024-01-012024-03-300000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-3000000149302024-01-012024-03-300000014930us-gaap:CommonStockMember2024-03-300000014930us-gaap:AdditionalPaidInCapitalMember2024-03-300000014930us-gaap:RetainedEarningsMember2024-03-300000014930us-gaap:TreasuryStockCommonMember2024-03-300000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-300000014930us-gaap:CommonStockMember2024-03-312024-06-290000014930us-gaap:AdditionalPaidInCapitalMember2024-03-312024-06-290000014930us-gaap:RetainedEarningsMember2024-03-312024-06-290000014930us-gaap:TreasuryStockCommonMember2024-03-312024-06-290000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-312024-06-290000014930us-gaap:CommonStockMember2024-06-290000014930us-gaap:AdditionalPaidInCapitalMember2024-06-290000014930us-gaap:RetainedEarningsMember2024-06-290000014930us-gaap:TreasuryStockCommonMember2024-06-290000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-290000014930country:USbcorp:PropulsionMember2025-03-302025-06-280000014930country:USbcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930country:USbcorp:NavicoGroupMember2025-03-302025-06-280000014930country:USbcorp:BoatMember2025-03-302025-06-280000014930country:US2025-03-302025-06-280000014930srt:EuropeMemberbcorp:PropulsionMember2025-03-302025-06-280000014930srt:EuropeMemberbcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930srt:EuropeMemberbcorp:NavicoGroupMember2025-03-302025-06-280000014930srt:EuropeMemberbcorp:BoatMember2025-03-302025-06-280000014930srt:EuropeMember2025-03-302025-06-280000014930srt:AsiaPacificMemberbcorp:PropulsionMember2025-03-302025-06-280000014930srt:AsiaPacificMemberbcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930srt:AsiaPacificMemberbcorp:NavicoGroupMember2025-03-302025-06-280000014930srt:AsiaPacificMemberbcorp:BoatMember2025-03-302025-06-280000014930srt:AsiaPacificMember2025-03-302025-06-280000014930country:CAbcorp:PropulsionMember2025-03-302025-06-280000014930country:CAbcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930country:CAbcorp:NavicoGroupMember2025-03-302025-06-280000014930country:CAbcorp:BoatMember2025-03-302025-06-280000014930country:CA2025-03-302025-06-280000014930bcorp:RestofWorldMemberbcorp:PropulsionMember2025-03-302025-06-280000014930bcorp:RestofWorldMemberbcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930bcorp:RestofWorldMemberbcorp:NavicoGroupMember2025-03-302025-06-280000014930bcorp:RestofWorldMemberbcorp:BoatMember2025-03-302025-06-280000014930bcorp:RestofWorldMember2025-03-302025-06-280000014930us-gaap:IntersegmentEliminationMemberbcorp:PropulsionMember2025-03-302025-06-280000014930us-gaap:IntersegmentEliminationMemberbcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930us-gaap:IntersegmentEliminationMemberbcorp:NavicoGroupMember2025-03-302025-06-280000014930us-gaap:IntersegmentEliminationMemberbcorp:BoatMember2025-03-302025-06-280000014930us-gaap:IntersegmentEliminationMember2025-03-302025-06-280000014930bcorp:PropulsionMember2025-03-302025-06-280000014930bcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930bcorp:NavicoGroupMember2025-03-302025-06-280000014930bcorp:BoatMember2025-03-302025-06-280000014930country:USbcorp:PropulsionMember2024-03-312024-06-290000014930country:USbcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930country:USbcorp:NavicoGroupMember2024-03-312024-06-290000014930country:USbcorp:BoatMember2024-03-312024-06-290000014930country:US2024-03-312024-06-290000014930srt:EuropeMemberbcorp:PropulsionMember2024-03-312024-06-290000014930srt:EuropeMemberbcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930srt:EuropeMemberbcorp:NavicoGroupMember2024-03-312024-06-290000014930srt:EuropeMemberbcorp:BoatMember2024-03-312024-06-290000014930srt:EuropeMember2024-03-312024-06-290000014930srt:AsiaPacificMemberbcorp:PropulsionMember2024-03-312024-06-290000014930srt:AsiaPacificMemberbcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930srt:AsiaPacificMemberbcorp:NavicoGroupMember2024-03-312024-06-290000014930srt:AsiaPacificMemberbcorp:BoatMember2024-03-312024-06-290000014930srt:AsiaPacificMember2024-03-312024-06-290000014930country:CAbcorp:PropulsionMember2024-03-312024-06-290000014930country:CAbcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930country:CAbcorp:NavicoGroupMember2024-03-312024-06-290000014930country:CAbcorp:BoatMember2024-03-312024-06-290000014930country:CA2024-03-312024-06-290000014930bcorp:RestofWorldMemberbcorp:PropulsionMember2024-03-312024-06-290000014930bcorp:RestofWorldMemberbcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930bcorp:RestofWorldMemberbcorp:NavicoGroupMember2024-03-312024-06-290000014930bcorp:RestofWorldMemberbcorp:BoatMember2024-03-312024-06-290000014930bcorp:RestofWorldMember2024-03-312024-06-290000014930us-gaap:IntersegmentEliminationMemberbcorp:PropulsionMember2024-03-312024-06-290000014930us-gaap:IntersegmentEliminationMemberbcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930us-gaap:IntersegmentEliminationMemberbcorp:NavicoGroupMember2024-03-312024-06-290000014930us-gaap:IntersegmentEliminationMemberbcorp:BoatMember2024-03-312024-06-290000014930us-gaap:IntersegmentEliminationMember2024-03-312024-06-290000014930bcorp:PropulsionMember2024-03-312024-06-290000014930bcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930bcorp:NavicoGroupMember2024-03-312024-06-290000014930bcorp:BoatMember2024-03-312024-06-290000014930country:USbcorp:PropulsionMember2025-01-012025-06-280000014930country:USbcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930country:USbcorp:NavicoGroupMember2025-01-012025-06-280000014930country:USbcorp:BoatMember2025-01-012025-06-280000014930country:US2025-01-012025-06-280000014930srt:EuropeMemberbcorp:PropulsionMember2025-01-012025-06-280000014930srt:EuropeMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930srt:EuropeMemberbcorp:NavicoGroupMember2025-01-012025-06-280000014930srt:EuropeMemberbcorp:BoatMember2025-01-012025-06-280000014930srt:EuropeMember2025-01-012025-06-280000014930srt:AsiaPacificMemberbcorp:PropulsionMember2025-01-012025-06-280000014930srt:AsiaPacificMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930srt:AsiaPacificMemberbcorp:NavicoGroupMember2025-01-012025-06-280000014930srt:AsiaPacificMemberbcorp:BoatMember2025-01-012025-06-280000014930srt:AsiaPacificMember2025-01-012025-06-280000014930country:CAbcorp:PropulsionMember2025-01-012025-06-280000014930country:CAbcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930country:CAbcorp:NavicoGroupMember2025-01-012025-06-280000014930country:CAbcorp:BoatMember2025-01-012025-06-280000014930country:CA2025-01-012025-06-280000014930bcorp:RestofWorldMemberbcorp:PropulsionMember2025-01-012025-06-280000014930bcorp:RestofWorldMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930bcorp:RestofWorldMemberbcorp:NavicoGroupMember2025-01-012025-06-280000014930bcorp:RestofWorldMemberbcorp:BoatMember2025-01-012025-06-280000014930bcorp:RestofWorldMember2025-01-012025-06-280000014930us-gaap:IntersegmentEliminationMemberbcorp:PropulsionMember2025-01-012025-06-280000014930us-gaap:IntersegmentEliminationMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930us-gaap:IntersegmentEliminationMemberbcorp:NavicoGroupMember2025-01-012025-06-280000014930us-gaap:IntersegmentEliminationMemberbcorp:BoatMember2025-01-012025-06-280000014930us-gaap:IntersegmentEliminationMember2025-01-012025-06-280000014930bcorp:PropulsionMember2025-01-012025-06-280000014930bcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930bcorp:NavicoGroupMember2025-01-012025-06-280000014930bcorp:BoatMember2025-01-012025-06-280000014930country:USbcorp:PropulsionMember2024-01-012024-06-290000014930country:USbcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930country:USbcorp:NavicoGroupMember2024-01-012024-06-290000014930country:USbcorp:BoatMember2024-01-012024-06-290000014930country:US2024-01-012024-06-290000014930srt:EuropeMemberbcorp:PropulsionMember2024-01-012024-06-290000014930srt:EuropeMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930srt:EuropeMemberbcorp:NavicoGroupMember2024-01-012024-06-290000014930srt:EuropeMemberbcorp:BoatMember2024-01-012024-06-290000014930srt:EuropeMember2024-01-012024-06-290000014930srt:AsiaPacificMemberbcorp:PropulsionMember2024-01-012024-06-290000014930srt:AsiaPacificMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930srt:AsiaPacificMemberbcorp:NavicoGroupMember2024-01-012024-06-290000014930srt:AsiaPacificMemberbcorp:BoatMember2024-01-012024-06-290000014930srt:AsiaPacificMember2024-01-012024-06-290000014930country:CAbcorp:PropulsionMember2024-01-012024-06-290000014930country:CAbcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930country:CAbcorp:NavicoGroupMember2024-01-012024-06-290000014930country:CAbcorp:BoatMember2024-01-012024-06-290000014930country:CA2024-01-012024-06-290000014930bcorp:RestofWorldMemberbcorp:PropulsionMember2024-01-012024-06-290000014930bcorp:RestofWorldMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930bcorp:RestofWorldMemberbcorp:NavicoGroupMember2024-01-012024-06-290000014930bcorp:RestofWorldMemberbcorp:BoatMember2024-01-012024-06-290000014930bcorp:RestofWorldMember2024-01-012024-06-290000014930us-gaap:IntersegmentEliminationMemberbcorp:PropulsionMember2024-01-012024-06-290000014930us-gaap:IntersegmentEliminationMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930us-gaap:IntersegmentEliminationMemberbcorp:NavicoGroupMember2024-01-012024-06-290000014930us-gaap:IntersegmentEliminationMemberbcorp:BoatMember2024-01-012024-06-290000014930us-gaap:IntersegmentEliminationMember2024-01-012024-06-290000014930bcorp:PropulsionMember2024-01-012024-06-290000014930bcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930bcorp:NavicoGroupMember2024-01-012024-06-290000014930bcorp:BoatMember2024-01-012024-06-290000014930bcorp:OutboardEnginesMemberbcorp:PropulsionMember2025-03-302025-06-280000014930bcorp:OutboardEnginesMemberbcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930bcorp:OutboardEnginesMemberbcorp:NavicoGroupMember2025-03-302025-06-280000014930bcorp:OutboardEnginesMemberbcorp:BoatMember2025-03-302025-06-280000014930bcorp:OutboardEnginesMember2025-03-302025-06-280000014930bcorp:ControlsRiggingandPropellersMemberbcorp:PropulsionMember2025-03-302025-06-280000014930bcorp:ControlsRiggingandPropellersMemberbcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930bcorp:ControlsRiggingandPropellersMemberbcorp:NavicoGroupMember2025-03-302025-06-280000014930bcorp:ControlsRiggingandPropellersMemberbcorp:BoatMember2025-03-302025-06-280000014930bcorp:ControlsRiggingandPropellersMember2025-03-302025-06-280000014930bcorp:SterndriveEngineMemberbcorp:PropulsionMember2025-03-302025-06-280000014930bcorp:SterndriveEngineMemberbcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930bcorp:SterndriveEngineMemberbcorp:NavicoGroupMember2025-03-302025-06-280000014930bcorp:SterndriveEngineMemberbcorp:BoatMember2025-03-302025-06-280000014930bcorp:SterndriveEngineMember2025-03-302025-06-280000014930bcorp:DistributionMemberbcorp:PropulsionMember2025-03-302025-06-280000014930bcorp:DistributionMemberbcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930bcorp:DistributionMemberbcorp:NavicoGroupMember2025-03-302025-06-280000014930bcorp:DistributionMemberbcorp:BoatMember2025-03-302025-06-280000014930bcorp:DistributionMember2025-03-302025-06-280000014930bcorp:EnginePartsandAccessoriesMemberbcorp:PropulsionMember2025-03-302025-06-280000014930bcorp:EnginePartsandAccessoriesMemberbcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930bcorp:EnginePartsandAccessoriesMemberbcorp:NavicoGroupMember2025-03-302025-06-280000014930bcorp:EnginePartsandAccessoriesMemberbcorp:BoatMember2025-03-302025-06-280000014930bcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930bcorp:NavicoGroupMemberbcorp:PropulsionMember2025-03-302025-06-280000014930bcorp:NavicoGroupMemberbcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930bcorp:NavicoGroupMemberbcorp:NavicoGroupMember2025-03-302025-06-280000014930bcorp:NavicoGroupMemberbcorp:BoatMember2025-03-302025-06-280000014930bcorp:NavicoGroupMember2025-03-302025-06-280000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:PropulsionMember2025-03-302025-06-280000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:NavicoGroupMember2025-03-302025-06-280000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:BoatMember2025-03-302025-06-280000014930bcorp:AluminumFreshwaterBoatsMember2025-03-302025-06-280000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:PropulsionMember2025-03-302025-06-280000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:NavicoGroupMember2025-03-302025-06-280000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:BoatMember2025-03-302025-06-280000014930bcorp:RecreationalFiberglassBoatsMember2025-03-302025-06-280000014930bcorp:SaltwaterFishingBoatsMemberbcorp:PropulsionMember2025-03-302025-06-280000014930bcorp:SaltwaterFishingBoatsMemberbcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930bcorp:SaltwaterFishingBoatsMemberbcorp:NavicoGroupMember2025-03-302025-06-280000014930bcorp:SaltwaterFishingBoatsMemberbcorp:BoatMember2025-03-302025-06-280000014930bcorp:SaltwaterFishingBoatsMember2025-03-302025-06-280000014930bcorp:BusinessAccelerationMemberbcorp:PropulsionMember2025-03-302025-06-280000014930bcorp:BusinessAccelerationMemberbcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930bcorp:BusinessAccelerationMemberbcorp:NavicoGroupMember2025-03-302025-06-280000014930bcorp:BusinessAccelerationMemberbcorp:BoatMember2025-03-302025-06-280000014930bcorp:BusinessAccelerationMember2025-03-302025-06-280000014930bcorp:BoatEliminationsMemberbcorp:PropulsionMember2025-03-302025-06-280000014930bcorp:BoatEliminationsMemberbcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930bcorp:BoatEliminationsMemberbcorp:NavicoGroupMember2025-03-302025-06-280000014930bcorp:BoatEliminationsMemberbcorp:BoatMember2025-03-302025-06-280000014930bcorp:BoatEliminationsMember2025-03-302025-06-280000014930bcorp:OutboardEnginesMemberbcorp:PropulsionMember2024-03-312024-06-290000014930bcorp:OutboardEnginesMemberbcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930bcorp:OutboardEnginesMemberbcorp:NavicoGroupMember2024-03-312024-06-290000014930bcorp:OutboardEnginesMemberbcorp:BoatMember2024-03-312024-06-290000014930bcorp:OutboardEnginesMember2024-03-312024-06-290000014930bcorp:ControlsRiggingandPropellersMemberbcorp:PropulsionMember2024-03-312024-06-290000014930bcorp:ControlsRiggingandPropellersMemberbcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930bcorp:ControlsRiggingandPropellersMemberbcorp:NavicoGroupMember2024-03-312024-06-290000014930bcorp:ControlsRiggingandPropellersMemberbcorp:BoatMember2024-03-312024-06-290000014930bcorp:ControlsRiggingandPropellersMember2024-03-312024-06-290000014930bcorp:SterndriveEngineMemberbcorp:PropulsionMember2024-03-312024-06-290000014930bcorp:SterndriveEngineMemberbcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930bcorp:SterndriveEngineMemberbcorp:NavicoGroupMember2024-03-312024-06-290000014930bcorp:SterndriveEngineMemberbcorp:BoatMember2024-03-312024-06-290000014930bcorp:SterndriveEngineMember2024-03-312024-06-290000014930bcorp:DistributionMemberbcorp:PropulsionMember2024-03-312024-06-290000014930bcorp:DistributionMemberbcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930bcorp:DistributionMemberbcorp:NavicoGroupMember2024-03-312024-06-290000014930bcorp:DistributionMemberbcorp:BoatMember2024-03-312024-06-290000014930bcorp:DistributionMember2024-03-312024-06-290000014930bcorp:EnginePartsandAccessoriesMemberbcorp:PropulsionMember2024-03-312024-06-290000014930bcorp:EnginePartsandAccessoriesMemberbcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930bcorp:EnginePartsandAccessoriesMemberbcorp:NavicoGroupMember2024-03-312024-06-290000014930bcorp:EnginePartsandAccessoriesMemberbcorp:BoatMember2024-03-312024-06-290000014930bcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930bcorp:NavicoGroupMemberbcorp:PropulsionMember2024-03-312024-06-290000014930bcorp:NavicoGroupMemberbcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930bcorp:NavicoGroupMemberbcorp:NavicoGroupMember2024-03-312024-06-290000014930bcorp:NavicoGroupMemberbcorp:BoatMember2024-03-312024-06-290000014930bcorp:NavicoGroupMember2024-03-312024-06-290000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:PropulsionMember2024-03-312024-06-290000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:NavicoGroupMember2024-03-312024-06-290000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:BoatMember2024-03-312024-06-290000014930bcorp:AluminumFreshwaterBoatsMember2024-03-312024-06-290000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:PropulsionMember2024-03-312024-06-290000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:NavicoGroupMember2024-03-312024-06-290000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:BoatMember2024-03-312024-06-290000014930bcorp:RecreationalFiberglassBoatsMember2024-03-312024-06-290000014930bcorp:SaltwaterFishingBoatsMemberbcorp:PropulsionMember2024-03-312024-06-290000014930bcorp:SaltwaterFishingBoatsMemberbcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930bcorp:SaltwaterFishingBoatsMemberbcorp:NavicoGroupMember2024-03-312024-06-290000014930bcorp:SaltwaterFishingBoatsMemberbcorp:BoatMember2024-03-312024-06-290000014930bcorp:SaltwaterFishingBoatsMember2024-03-312024-06-290000014930bcorp:BusinessAccelerationMemberbcorp:PropulsionMember2024-03-312024-06-290000014930bcorp:BusinessAccelerationMemberbcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930bcorp:BusinessAccelerationMemberbcorp:NavicoGroupMember2024-03-312024-06-290000014930bcorp:BusinessAccelerationMemberbcorp:BoatMember2024-03-312024-06-290000014930bcorp:BusinessAccelerationMember2024-03-312024-06-290000014930bcorp:BoatEliminationsMemberbcorp:PropulsionMember2024-03-312024-06-290000014930bcorp:BoatEliminationsMemberbcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930bcorp:BoatEliminationsMemberbcorp:NavicoGroupMember2024-03-312024-06-290000014930bcorp:BoatEliminationsMemberbcorp:BoatMember2024-03-312024-06-290000014930bcorp:BoatEliminationsMember2024-03-312024-06-290000014930bcorp:OutboardEnginesMemberbcorp:PropulsionMember2025-01-012025-06-280000014930bcorp:OutboardEnginesMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930bcorp:OutboardEnginesMemberbcorp:NavicoGroupMember2025-01-012025-06-280000014930bcorp:OutboardEnginesMemberbcorp:BoatMember2025-01-012025-06-280000014930bcorp:OutboardEnginesMember2025-01-012025-06-280000014930bcorp:ControlsRiggingandPropellersMemberbcorp:PropulsionMember2025-01-012025-06-280000014930bcorp:ControlsRiggingandPropellersMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930bcorp:ControlsRiggingandPropellersMemberbcorp:NavicoGroupMember2025-01-012025-06-280000014930bcorp:ControlsRiggingandPropellersMemberbcorp:BoatMember2025-01-012025-06-280000014930bcorp:ControlsRiggingandPropellersMember2025-01-012025-06-280000014930bcorp:SterndriveEngineMemberbcorp:PropulsionMember2025-01-012025-06-280000014930bcorp:SterndriveEngineMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930bcorp:SterndriveEngineMemberbcorp:NavicoGroupMember2025-01-012025-06-280000014930bcorp:SterndriveEngineMemberbcorp:BoatMember2025-01-012025-06-280000014930bcorp:SterndriveEngineMember2025-01-012025-06-280000014930bcorp:DistributionMemberbcorp:PropulsionMember2025-01-012025-06-280000014930bcorp:DistributionMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930bcorp:DistributionMemberbcorp:NavicoGroupMember2025-01-012025-06-280000014930bcorp:DistributionMemberbcorp:BoatMember2025-01-012025-06-280000014930bcorp:DistributionMember2025-01-012025-06-280000014930bcorp:EnginePartsandAccessoriesMemberbcorp:PropulsionMember2025-01-012025-06-280000014930bcorp:EnginePartsandAccessoriesMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930bcorp:EnginePartsandAccessoriesMemberbcorp:NavicoGroupMember2025-01-012025-06-280000014930bcorp:EnginePartsandAccessoriesMemberbcorp:BoatMember2025-01-012025-06-280000014930bcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930bcorp:NavicoGroupMemberbcorp:PropulsionMember2025-01-012025-06-280000014930bcorp:NavicoGroupMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930bcorp:NavicoGroupMemberbcorp:NavicoGroupMember2025-01-012025-06-280000014930bcorp:NavicoGroupMemberbcorp:BoatMember2025-01-012025-06-280000014930bcorp:NavicoGroupMember2025-01-012025-06-280000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:PropulsionMember2025-01-012025-06-280000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:NavicoGroupMember2025-01-012025-06-280000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:BoatMember2025-01-012025-06-280000014930bcorp:AluminumFreshwaterBoatsMember2025-01-012025-06-280000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:PropulsionMember2025-01-012025-06-280000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:NavicoGroupMember2025-01-012025-06-280000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:BoatMember2025-01-012025-06-280000014930bcorp:RecreationalFiberglassBoatsMember2025-01-012025-06-280000014930bcorp:SaltwaterFishingBoatsMemberbcorp:PropulsionMember2025-01-012025-06-280000014930bcorp:SaltwaterFishingBoatsMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930bcorp:SaltwaterFishingBoatsMemberbcorp:NavicoGroupMember2025-01-012025-06-280000014930bcorp:SaltwaterFishingBoatsMemberbcorp:BoatMember2025-01-012025-06-280000014930bcorp:SaltwaterFishingBoatsMember2025-01-012025-06-280000014930bcorp:BusinessAccelerationMemberbcorp:PropulsionMember2025-01-012025-06-280000014930bcorp:BusinessAccelerationMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930bcorp:BusinessAccelerationMemberbcorp:NavicoGroupMember2025-01-012025-06-280000014930bcorp:BusinessAccelerationMemberbcorp:BoatMember2025-01-012025-06-280000014930bcorp:BusinessAccelerationMember2025-01-012025-06-280000014930bcorp:BoatEliminationsMemberbcorp:PropulsionMember2025-01-012025-06-280000014930bcorp:BoatEliminationsMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930bcorp:BoatEliminationsMemberbcorp:NavicoGroupMember2025-01-012025-06-280000014930bcorp:BoatEliminationsMemberbcorp:BoatMember2025-01-012025-06-280000014930bcorp:BoatEliminationsMember2025-01-012025-06-280000014930bcorp:OutboardEnginesMemberbcorp:PropulsionMember2024-01-012024-06-290000014930bcorp:OutboardEnginesMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930bcorp:OutboardEnginesMemberbcorp:NavicoGroupMember2024-01-012024-06-290000014930bcorp:OutboardEnginesMemberbcorp:BoatMember2024-01-012024-06-290000014930bcorp:OutboardEnginesMember2024-01-012024-06-290000014930bcorp:ControlsRiggingandPropellersMemberbcorp:PropulsionMember2024-01-012024-06-290000014930bcorp:ControlsRiggingandPropellersMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930bcorp:ControlsRiggingandPropellersMemberbcorp:NavicoGroupMember2024-01-012024-06-290000014930bcorp:ControlsRiggingandPropellersMemberbcorp:BoatMember2024-01-012024-06-290000014930bcorp:ControlsRiggingandPropellersMember2024-01-012024-06-290000014930bcorp:SterndriveEngineMemberbcorp:PropulsionMember2024-01-012024-06-290000014930bcorp:SterndriveEngineMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930bcorp:SterndriveEngineMemberbcorp:NavicoGroupMember2024-01-012024-06-290000014930bcorp:SterndriveEngineMemberbcorp:BoatMember2024-01-012024-06-290000014930bcorp:SterndriveEngineMember2024-01-012024-06-290000014930bcorp:DistributionMemberbcorp:PropulsionMember2024-01-012024-06-290000014930bcorp:DistributionMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930bcorp:DistributionMemberbcorp:NavicoGroupMember2024-01-012024-06-290000014930bcorp:DistributionMemberbcorp:BoatMember2024-01-012024-06-290000014930bcorp:DistributionMember2024-01-012024-06-290000014930bcorp:EnginePartsandAccessoriesMemberbcorp:PropulsionMember2024-01-012024-06-290000014930bcorp:EnginePartsandAccessoriesMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930bcorp:EnginePartsandAccessoriesMemberbcorp:NavicoGroupMember2024-01-012024-06-290000014930bcorp:EnginePartsandAccessoriesMemberbcorp:BoatMember2024-01-012024-06-290000014930bcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930bcorp:NavicoGroupMemberbcorp:PropulsionMember2024-01-012024-06-290000014930bcorp:NavicoGroupMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930bcorp:NavicoGroupMemberbcorp:NavicoGroupMember2024-01-012024-06-290000014930bcorp:NavicoGroupMemberbcorp:BoatMember2024-01-012024-06-290000014930bcorp:NavicoGroupMember2024-01-012024-06-290000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:PropulsionMember2024-01-012024-06-290000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:NavicoGroupMember2024-01-012024-06-290000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:BoatMember2024-01-012024-06-290000014930bcorp:AluminumFreshwaterBoatsMember2024-01-012024-06-290000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:PropulsionMember2024-01-012024-06-290000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:NavicoGroupMember2024-01-012024-06-290000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:BoatMember2024-01-012024-06-290000014930bcorp:RecreationalFiberglassBoatsMember2024-01-012024-06-290000014930bcorp:SaltwaterFishingBoatsMemberbcorp:PropulsionMember2024-01-012024-06-290000014930bcorp:SaltwaterFishingBoatsMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930bcorp:SaltwaterFishingBoatsMemberbcorp:NavicoGroupMember2024-01-012024-06-290000014930bcorp:SaltwaterFishingBoatsMemberbcorp:BoatMember2024-01-012024-06-290000014930bcorp:SaltwaterFishingBoatsMember2024-01-012024-06-290000014930bcorp:BusinessAccelerationMemberbcorp:PropulsionMember2024-01-012024-06-290000014930bcorp:BusinessAccelerationMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930bcorp:BusinessAccelerationMemberbcorp:NavicoGroupMember2024-01-012024-06-290000014930bcorp:BusinessAccelerationMemberbcorp:BoatMember2024-01-012024-06-290000014930bcorp:BusinessAccelerationMember2024-01-012024-06-290000014930bcorp:BoatEliminationsMemberbcorp:PropulsionMember2024-01-012024-06-290000014930bcorp:BoatEliminationsMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930bcorp:BoatEliminationsMemberbcorp:NavicoGroupMember2024-01-012024-06-290000014930bcorp:BoatEliminationsMemberbcorp:BoatMember2024-01-012024-06-290000014930bcorp:BoatEliminationsMember2024-01-012024-06-2900000149302025-01-012025-06-2800000149302026-01-012025-06-2800000149302027-01-012025-06-2800000149302025-01-012025-03-2900000149302026-01-012025-03-2900000149302027-01-012025-03-290000014930bcorp:RestructuringandExitActivitiesMemberbcorp:PropulsionMember2025-03-302025-06-280000014930bcorp:RestructuringandExitActivitiesMemberbcorp:EnginePartsandAccessoriesMember2025-03-302025-06-280000014930bcorp:RestructuringandExitActivitiesMemberbcorp:NavicoGroupMember2025-03-302025-06-280000014930bcorp:RestructuringandExitActivitiesMemberbcorp:BoatMember2025-03-302025-06-280000014930bcorp:RestructuringandExitActivitiesMemberus-gaap:CorporateMember2025-03-302025-06-280000014930bcorp:RestructuringandExitActivitiesMember2025-03-302025-06-280000014930bcorp:RestructuringandExitActivitiesMemberbcorp:PropulsionMember2025-01-012025-03-290000014930bcorp:RestructuringandExitActivitiesMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-03-290000014930bcorp:RestructuringandExitActivitiesMemberbcorp:NavicoGroupMember2025-01-012025-03-290000014930bcorp:RestructuringandExitActivitiesMemberbcorp:BoatMember2025-01-012025-03-290000014930bcorp:RestructuringandExitActivitiesMemberus-gaap:CorporateMember2025-01-012025-03-290000014930bcorp:RestructuringandExitActivitiesMember2025-01-012025-03-290000014930us-gaap:CorporateMember2025-03-302025-06-280000014930bcorp:PropulsionMember2025-06-280000014930bcorp:EnginePartsandAccessoriesMember2025-06-280000014930bcorp:NavicoGroupMember2025-06-280000014930bcorp:BoatMember2025-06-280000014930us-gaap:CorporateMember2025-06-280000014930bcorp:RestructuringandExitActivitiesMemberbcorp:PropulsionMember2024-03-312024-06-290000014930bcorp:RestructuringandExitActivitiesMemberbcorp:EnginePartsandAccessoriesMember2024-03-312024-06-290000014930bcorp:RestructuringandExitActivitiesMemberbcorp:NavicoGroupMember2024-03-312024-06-290000014930bcorp:RestructuringandExitActivitiesMemberbcorp:BoatMember2024-03-312024-06-290000014930bcorp:RestructuringandExitActivitiesMemberus-gaap:CorporateMember2024-03-312024-06-290000014930bcorp:RestructuringandExitActivitiesMember2024-03-312024-06-290000014930us-gaap:CorporateMember2024-03-312024-06-290000014930bcorp:PropulsionMember2024-06-290000014930bcorp:EnginePartsandAccessoriesMember2024-06-290000014930bcorp:NavicoGroupMember2024-06-290000014930bcorp:BoatMember2024-06-290000014930us-gaap:CorporateMember2024-06-290000014930bcorp:RestructuringandExitActivitiesMemberbcorp:PropulsionMember2025-01-012025-06-280000014930bcorp:RestructuringandExitActivitiesMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-06-280000014930bcorp:RestructuringandExitActivitiesMemberbcorp:NavicoGroupMember2025-01-012025-06-280000014930bcorp:RestructuringandExitActivitiesMemberbcorp:BoatMember2025-01-012025-06-280000014930bcorp:RestructuringandExitActivitiesMemberus-gaap:CorporateMember2025-01-012025-06-280000014930bcorp:RestructuringandExitActivitiesMember2025-01-012025-06-280000014930us-gaap:CorporateMember2025-01-012025-06-280000014930bcorp:RestructuringandExitActivitiesMemberbcorp:PropulsionMember2024-01-012024-06-290000014930bcorp:RestructuringandExitActivitiesMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-06-290000014930bcorp:RestructuringandExitActivitiesMemberbcorp:NavicoGroupMember2024-01-012024-06-290000014930bcorp:RestructuringandExitActivitiesMemberbcorp:BoatMember2024-01-012024-06-290000014930bcorp:RestructuringandExitActivitiesMemberus-gaap:CorporateMember2024-01-012024-06-290000014930bcorp:RestructuringandExitActivitiesMember2024-01-012024-06-290000014930us-gaap:CorporateMember2024-01-012024-06-290000014930bcorp:FreedomBoatClubFranchisesMember2025-01-012025-06-280000014930bcorp:FreedomBoatClubFranchisesMember2024-09-120000014930bcorp:FreedomBoatClubFranchisesMemberus-gaap:CustomerRelationshipsMember2025-01-012025-06-280000014930bcorp:FreedomBoatClubFranchisesMemberus-gaap:CustomerRelationshipsMember2025-01-012025-03-290000014930us-gaap:CrossCurrencyInterestRateContractMember2025-06-280000014930us-gaap:CrossCurrencyInterestRateContractMember2025-01-012025-06-280000014930us-gaap:CrossCurrencyInterestRateContractMember2024-12-310000014930us-gaap:CrossCurrencyInterestRateContractMember2024-06-290000014930us-gaap:CommodityContractMember2025-06-280000014930us-gaap:CommodityContractMember2024-12-310000014930us-gaap:CommodityContractMember2024-06-290000014930us-gaap:ForeignExchangeForwardMember2025-06-280000014930us-gaap:ForeignExchangeForwardMember2024-12-310000014930us-gaap:ForeignExchangeForwardMember2024-06-290000014930us-gaap:ForeignExchangeContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-06-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310000014930us-gaap:ForeignExchangeContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-06-290000014930us-gaap:CommodityContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-06-280000014930us-gaap:CommodityContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310000014930us-gaap:CommodityContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-06-290000014930us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-06-280000014930us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000014930us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-06-290000014930us-gaap:InterestRateContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2025-06-280000014930us-gaap:InterestRateContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2024-12-310000014930us-gaap:InterestRateContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2024-06-290000014930us-gaap:ForeignExchangeContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:FairValueHedgingMember2025-06-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:FairValueHedgingMember2024-12-310000014930us-gaap:ForeignExchangeContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:FairValueHedgingMember2024-06-290000014930us-gaap:ForeignExchangeContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-06-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310000014930us-gaap:ForeignExchangeContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-06-290000014930us-gaap:CommodityContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-06-280000014930us-gaap:CommodityContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310000014930us-gaap:CommodityContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-06-290000014930us-gaap:InterestRateContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2025-06-280000014930us-gaap:InterestRateContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2024-12-310000014930us-gaap:InterestRateContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2024-06-290000014930us-gaap:ForeignExchangeContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:FairValueHedgingMember2025-06-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:FairValueHedgingMember2024-12-310000014930us-gaap:ForeignExchangeContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:FairValueHedgingMember2024-06-290000014930us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-03-302025-06-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-03-312024-06-290000014930us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-01-012025-06-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-01-012024-06-290000014930us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-03-302025-06-280000014930us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-03-312024-06-290000014930us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-01-012025-06-280000014930us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-01-012024-06-290000014930us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-03-302025-06-280000014930us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-03-312024-06-290000014930us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-01-012025-06-280000014930us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-06-290000014930us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-03-302025-06-280000014930us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-03-312024-06-290000014930us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-01-012025-06-280000014930us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-01-012024-06-290000014930us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-03-302025-06-280000014930us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-03-312024-06-290000014930us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-01-012025-06-280000014930us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-01-012024-06-290000014930us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-03-302025-06-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-03-312024-06-290000014930us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-01-012025-06-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-01-012024-06-290000014930us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-03-302025-06-280000014930us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-03-312024-06-290000014930us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-01-012025-06-280000014930us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-01-012024-06-290000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:CostOfSalesMember2025-03-302025-06-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:CostOfSalesMember2024-03-312024-06-290000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:CostOfSalesMember2025-01-012025-06-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:CostOfSalesMember2024-01-012024-06-290000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-03-302025-06-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-03-312024-06-290000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-01-012025-06-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-01-012024-06-290000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2025-03-302025-06-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2024-03-312024-06-290000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2025-01-012025-06-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2024-01-012024-06-290000014930us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-06-280000014930us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000014930us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-06-290000014930us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-280000014930us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000014930us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-06-290000014930us-gaap:FairValueMeasurementsRecurringMember2025-06-280000014930us-gaap:FairValueMeasurementsRecurringMember2024-12-310000014930us-gaap:FairValueMeasurementsRecurringMember2024-06-290000014930bcorp:PropulsionMember2024-12-310000014930bcorp:EnginePartsandAccessoriesMember2024-12-310000014930bcorp:NavicoGroupMember2024-12-310000014930bcorp:BoatMember2024-12-310000014930bcorp:PropulsionMember2023-12-310000014930bcorp:EnginePartsandAccessoriesMember2023-12-310000014930bcorp:NavicoGroupMember2023-12-310000014930bcorp:BoatMember2023-12-310000014930us-gaap:CustomerRelationshipsMember2025-06-280000014930us-gaap:CustomerRelationshipsMember2024-12-310000014930us-gaap:CustomerRelationshipsMember2024-06-290000014930us-gaap:TradeNamesMember2025-06-280000014930us-gaap:TradeNamesMember2024-12-310000014930us-gaap:TradeNamesMember2024-06-290000014930us-gaap:DevelopedTechnologyRightsMember2025-06-280000014930us-gaap:DevelopedTechnologyRightsMember2024-12-310000014930us-gaap:DevelopedTechnologyRightsMember2024-06-290000014930us-gaap:OtherIntangibleAssetsMember2025-06-280000014930us-gaap:OtherIntangibleAssetsMember2024-12-310000014930us-gaap:OtherIntangibleAssetsMember2024-06-290000014930us-gaap:CustomerRelationshipsMember2025-01-012025-03-290000014930us-gaap:OtherIntangibleAssetsMember2025-01-012025-03-290000014930us-gaap:CostOfSalesMember2025-03-302025-06-280000014930us-gaap:SellingGeneralAndAdministrativeExpensesMember2025-03-302025-06-280000014930us-gaap:CostOfSalesMember2024-03-312024-06-290000014930us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-03-312024-06-290000014930us-gaap:CostOfSalesMember2025-01-012025-06-280000014930us-gaap:SellingGeneralAndAdministrativeExpensesMember2025-01-012025-06-280000014930us-gaap:CostOfSalesMember2024-01-012024-06-290000014930us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-06-290000014930us-gaap:CorporateMember2024-12-310000014930us-gaap:NonUsMember2025-03-302025-06-280000014930us-gaap:NonUsMember2024-03-312024-06-290000014930us-gaap:NonUsMember2025-01-012025-06-280000014930us-gaap:NonUsMember2024-01-012024-06-290000014930country:US2025-06-280000014930country:US2024-12-310000014930country:US2024-06-290000014930us-gaap:NonUsMember2025-06-280000014930us-gaap:NonUsMember2024-12-310000014930us-gaap:NonUsMember2024-06-290000014930us-gaap:CorporateMember2025-06-280000014930us-gaap:CorporateMember2024-12-310000014930us-gaap:CorporateMember2024-06-290000014930us-gaap:AccumulatedTranslationAdjustmentMember2025-03-290000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2025-03-290000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2025-03-290000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-03-290000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-03-290000014930us-gaap:AccumulatedTranslationAdjustmentMember2025-03-302025-06-280000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2025-03-302025-06-280000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2025-03-302025-06-280000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-03-302025-06-280000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-03-302025-06-280000014930us-gaap:AccumulatedTranslationAdjustmentMember2025-06-280000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2025-06-280000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2025-06-280000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-06-280000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-06-280000014930us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-12-310000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-12-310000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-12-310000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310000014930us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-06-280000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2025-01-012025-06-280000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2025-01-012025-06-280000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-06-280000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-06-280000014930us-gaap:AccumulatedTranslationAdjustmentMember2024-03-300000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-03-300000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-03-300000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-03-300000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-03-300000014930us-gaap:AccumulatedTranslationAdjustmentMember2024-03-312024-06-290000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-03-312024-06-290000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-03-312024-06-290000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-03-312024-06-290000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-03-312024-06-290000014930us-gaap:AccumulatedTranslationAdjustmentMember2024-06-290000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-06-290000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-06-290000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-06-290000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-290000014930us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-12-310000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2023-12-310000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000014930us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-06-290000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-01-012024-06-290000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-01-012024-06-290000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-06-290000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-06-290000014930bcorp:A6.625SeniorNotesdue2049Member2025-01-012025-03-290000014930bcorp:A6.625SeniorNotesdue2049Member2025-03-290000014930us-gaap:LineOfCreditMember2025-06-280000014930us-gaap:LineOfCreditMember2024-06-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the quarterly period ended June 28, 2025


☐			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 001-01043

____________

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) (Zip code)

(847) 735-4700

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

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.


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. ☐

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

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

New York Stock Exchange

Chicago Stock Exchange

6.500% Senior Notes due 2048

BC-A

New York Stock Exchange

6.375% Senior Notes due 2049

BC-C

New York Stock Exchange

The number of shares of Common Stock ($0.75 par value) of the registrant outstanding as of July 28, 2025 was 65,330,800.

BRUNSWICK CORPORATION

INDEX TO QUARTERLY REPORT ON FORM 10-Q

June 28, 2025

TABLE OF CONTENTS


PART I – FINANCIAL INFORMATION		Page

Item 1.	Condensed Consolidated Financial Statements (Unaudited)	3













Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35

Item 4.	Controls and Procedures	36


PART II – OTHER INFORMATION



Item 1A.	Risk Factors	37

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37

Item 5.	Other Information	38

Item 6.	Exhibits	39

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

BRUNSWICK CORPORATION

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)


	Three Months Ended				Six Months Ended
(in millions, except per share data)	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Net sales	$	1,447.0	$	1,443.9	$	2,668.8	$	2,808.9
Cost of sales	1,077.3		1,052.9		1,995.2		2,044.3
Selling, general and administrative expense	216.6		181.8		424.6		385.5
Research and development expense	41.8		43.0		80.3		88.8
Restructuring, exit and impairment charges	8.0		7.9		9.1		21.4
Operating earnings	103.3		158.3		159.6		268.9
Equity earnings	1.7		2.9		3.9		5.4
Other expense, net	(1.4)		(0.8)		(0.1)		(0.8)
Earnings before interest and income taxes	103.6		160.4		163.4		273.5
Interest expense	(30.0)		(32.6)		(59.7)		(61.2)
Interest income	1.7		4.7		3.4		7.2
Loss on early extinguishment of debt	—		—		(3.7)		—

Earnings before income taxes	75.3		132.5		103.4		219.5
Income tax provision	15.7		27.7		23.6		46.3
Net earnings from continuing operations	59.6		104.8		79.8		173.2



Net loss from discontinued operations, net of tax	(0.3)		(4.8)		(0.3)		(5.2)
Net earnings	$	59.3	$	100.0	$	79.5	$	168.0

Earnings per common share:
Basic
Earnings from continuing operations	$	0.90	$	1.55	$	1.21	$	2.55
Loss from discontinued operations	(0.01)		(0.07)		(0.01)		(0.08)
Net earnings	$	0.89	$	1.48	$	1.20	$	2.47

Diluted
Earnings from continuing operations	$	0.90	$	1.55	$	1.21	$	2.54
Loss from discontinued operations	(0.01)		(0.07)		(0.01)		(0.07)
Net earnings	$	0.89	$	1.48	$	1.20	$	2.47

Weighted average shares used for computation of:
Basic earnings per common share	66.0		67.6		66.1		67.9
Diluted earnings per common share	66.0		67.6		66.2		68.1

Comprehensive income	$	68.3	$	93.6	$	101.2	$	151.1



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

Table of Contents

BRUNSWICK CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions)	June 28, 2025		December 31, 2024		June 29, 2024
Assets
Current assets
Cash and cash equivalents, at cost, which approximates fair value	$	315.7	$	269.0	$	494.5
Restricted cash	18.2		16.9		16.2
Short-term investments in marketable securities	0.8		0.8		82.5
Total cash and short-term investments in marketable securities	334.7		286.7		593.2
Accounts and notes receivable, less allowances of $11.2, $10.3, and $10.0	509.8		429.0		530.0
Inventories
Finished goods	832.7		846.9		1,008.0
Work-in-process	165.6		148.1		170.8
Raw materials	306.8		307.6		345.4
Net inventories	1,305.1		1,302.6		1,524.2
Prepaid expenses and other	86.7		95.5		80.7

Current assets	2,236.3		2,113.8		2,728.1

Property
Land	43.8		44.0		44.0
Buildings and improvements	662.2		642.1		626.6
Equipment	1,582.3		1,544.7		1,576.3

Total land, buildings and improvements and equipment	2,288.3		2,230.8		2,246.9
Accumulated depreciation	(1,244.6)		(1,186.9)		(1,176.9)
Net land, buildings and improvements and equipment	1,043.7		1,043.9		1,070.0
Unamortized product tooling costs	194.8		207.6		230.3
Net property	1,238.5		1,251.5		1,300.3

Other assets
Goodwill	986.1		966.1		1,024.1
Other intangibles, net	899.4		918.3		948.1
Deferred income tax asset	207.2		197.5		186.5
Operating lease assets	163.5		161.8		153.8
Equity investments	35.0		35.0		37.5
Other long-term assets	28.3		33.7		17.3

Other assets	2,319.5		2,312.4		2,367.3

Total assets	$	5,794.3	$	5,677.7	$	6,395.7

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

Table of Contents


(in millions)	June 28, 2025		December 31, 2024		June 29, 2024
Liabilities and shareholders' equity
Current liabilities
Short-term debt and current maturities of long-term debt	$	176.6	$	242.8	$	454.7
Accounts payable	422.7		393.4		447.9
Accrued expenses	735.1		643.7		705.5

Current liabilities	1,334.4		1,279.9		1,608.1

Long-term liabilities
Debt	2,097.5		2,097.8		2,372.4
Operating lease liabilities	142.2		145.1		135.8
Postretirement benefits	47.2		46.4		48.8
Deferred income tax liability	10.9		10.4		12.2
Other long-term liabilities	257.1		205.8		204.8

Long-term liabilities	2,554.9		2,505.5		2,774.0

Shareholders' equity
Common stock; authorized: 200,000,000 shares, $0.75 par value; issued: 102,538,000 shares; outstanding: 65,477,000, 65,987,000 and 66,352,000 shares	76.9		76.9		76.9
Additional paid-in capital	406.1		401.8		389.2
Retained earnings	3,637.6		3,614.7		3,708.1
Treasury stock, at cost: 37,061,000, 36,551,000 and 36,186,000 shares	(2,183.9)		(2,147.7)		(2,118.0)







Accumulated other comprehensive loss, net of tax	(31.7)		(53.4)		(42.6)
Shareholders' equity	1,905.0		1,892.3		2,013.6

Total liabilities and shareholders' equity	$	5,794.3	$	5,677.7	$	6,395.7

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

Table of Contents

BRUNSWICK CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Six Months Ended
(in millions)	June 28, 2025		June 29, 2024
Cash flows from operating activities
Net earnings	$	79.5	$	168.0
Less: net loss from discontinued operations, net of tax	(0.3)		(5.2)
Net earnings from continuing operations	79.8		173.2
Depreciation and amortization	143.2		139.8
Stock compensation expense	17.1		11.2


Asset impairment charges	0.4		5.4

Deferred income taxes	(0.6)		7.2


Changes in certain current assets and current liabilities	60.2		(255.4)
Extended warranty contracts and other deferred revenue	8.5		8.4


Income taxes	7.1		(24.6)
Other, net	(6.6)		2.4
Net cash provided by operating activities of continuing operations	309.1		67.6
Net cash used for operating activities of discontinued operations	(20.3)		(10.0)
Net cash provided by operating activities	288.8		57.6

Cash flows from investing activities
Capital expenditures	(82.6)		(101.1)
Purchases of marketable securities	—		(80.9)

Investments	0.5		1.2
Acquisition of businesses, net of cash acquired	—		(0.6)
Proceeds from the sale of property, plant and equipment	6.8		5.4
Other, net	5.3		—



Net cash used for investing activities	(70.0)		(176.0)

Cash flows from financing activities
Net proceeds from issuances of short-term debt	267.6		1.3
Payments of short-term debt	(212.7)		(2.3)
Net proceeds from issuances of long-term debt	—		396.9
Payments of long-term debt including current maturities	(127.3)		(1.3)

Common stock repurchases	(43.1)		(170.0)
Cash dividends paid	(56.6)		(56.8)

Tax withholding associated with shares issued for share-based compensation	(7.1)		(9.2)
Other, net	(1.8)		(1.4)


Net cash (used for) provided by financing activities	(181.0)		157.2

Effect of exchange rate changes	10.2		(7.0)
Net increase in Cash and cash equivalents and Restricted cash	48.0		31.8
Cash and cash equivalents and Restricted cash at beginning of period	285.9		478.9

Cash and cash equivalents and Restricted cash at end of period	333.9		510.7
Less: Restricted cash	18.2		16.2
Cash and cash equivalents at the end of period	$	315.7	$	494.5

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

Table of Contents

Brunswick Corporation

Condensed Consolidated Statements of Shareholders' Equity

(Unaudited)


(in millions, except per share data)	Common Stock		Additional Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated other comprehensive loss, net of tax		Total
Balance at December 31, 2024	$	76.9	$	401.8	$	3,614.7	$	(2,147.7)	$	(53.4)	$	1,892.3
Net earnings	—		—		20.2		—		—		20.2
Other comprehensive income	—		—		—		—		12.7		12.7
Dividends ($0.43 per common share)	—		—		(28.2)		—		—		(28.2)
Compensation plans and other	—		(5.6)		—		6.6		—		1.0
Common stock repurchases	—		—		—		(25.8)		—		(25.8)
Balance at March 29, 2025	76.9		396.2		3,606.7		(2,166.9)		(40.7)		1,872.2
Net earnings	—		—		59.3		—		—		59.3
Other comprehensive income	—		—		—		—		9.0		9.0
Dividends ($0.43 per common share)	—		—		(28.4)		—		—		(28.4)
Compensation plans and other	—		9.9		—		0.7		—		10.6
Common stock repurchases	—		—		—		(17.7)		—		(17.7)
Balance at June 28, 2025	$	76.9	$	406.1	$	3,637.6	$	(2,183.9)	$	(31.7)	$	1,905.0


(in millions, except per share data)	Common Stock		Additional Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated other comprehensive loss, net of tax		Total
Balance at December 31, 2023	$	76.9	$	392.0	$	3,596.9	$	(1,952.7)	$	(25.7)	$	2,087.4
Net earnings	—		—		68.0		—		—		68.0
Other comprehensive loss	—		—		—		—		(10.5)		(10.5)
Dividends ($0.42 per common share)	—		—		(28.6)		—		—		(28.6)
Compensation plans and other	—		(8.6)		—		6.0		—		(2.6)
Common stock repurchases	—		—		—		(64.1)		—		(64.1)
Balance at March 30, 2024	76.9		383.4		3,636.3		(2,010.8)		(36.2)		2,049.6
Net earnings	—		—		100.0		—		—		100.0
Other comprehensive loss	—		—		—		—		(6.4)		(6.4)
Dividends ($0.42 per common share)	—		—		(28.2)		—		—		(28.2)
Compensation plans and other	—		5.8		—		0.2		—		6.0
Common stock repurchases	—		—		—		(107.4)		—		(107.4)
Balance at June 29, 2024	$	76.9	$	389.2	$	3,708.1	$	(2,118.0)	$	(42.6)	$	2,013.6

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

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

Note 1 – Significant Accounting Policies

Interim Financial Statements

Brunswick's unaudited interim condensed consolidated financial statements have been prepared pursuant to SEC rules and regulations. Therefore, certain information and disclosures normally included in financial statements and related notes prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted.

These financial statements should be read in conjunction with, and have been prepared in conformity with, the accounting principles reflected in the consolidated financial statements and related notes included in Brunswick's Annual Report on Form 10-K for the year ended December 31, 2024 (the 2024 Form 10-K). These results include, in management's opinion, all normal and recurring adjustments necessary to present fairly Brunswick's financial position, results of operations and cash flows. Due to the seasonality of Brunswick's businesses, the interim results are not necessarily indicative of the results that may be expected for the remainder of the year.

The Company maintains its financial records on the basis of a fiscal year ending on December 31, with the fiscal quarters spanning approximately thirteen weeks. The first quarter ends on the Saturday closest to the end of the first thirteen-week period. The second and third quarters are thirteen weeks in duration and the fourth quarter is the remainder of the year. The second quarter of fiscal year 2025 ended on June 28, 2025 and the second quarter of fiscal year 2024 ended on June 29, 2024.

Recently Issued Accounting Standards

Income Statement: In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This guidance requires disclosures about significant expense categories, including, but not limited to, inventory purchases, employee compensation, depreciation, amortization, and selling expenses. ASU 2024-03 is effective for financial statements for annual periods beginning after December 15, 2026. We are currently evaluating the 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.

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

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:


	Three Months Ended
	June 28, 2025
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Geographic Markets
United States	$	374.4	$	246.4	$	113.9	$	327.4	$	1,062.1
Europe	100.6		33.7		59.2		32.8		226.3
Asia-Pacific	48.3		23.2		18.3		3.9		93.7
Canada	17.9		21.8		4.6		35.7		80.0
Rest-of-World	57.0		12.7		6.3		5.8		81.8
Segment Eliminations	(73.2)		(1.9)		(21.6)		(0.2)		(96.9)
Total	$	525.0	$	335.9	$	180.7	$	405.4	$	1,447.0

	Three Months Ended
	June 29, 2024
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Geographic Markets
United States	$	350.6	$	245.5	$	125.5	$	337.5	$	1,059.1
Europe	97.1		32.1		59.4		34.5		223.1
Asia-Pacific	43.5		22.8		17.0		5.2		88.5
Canada	14.2		22.0		3.6		43.6		83.4
Rest-of-World	52.6		13.7		4.6		13.4		84.3
Segment Eliminations	(71.5)		(2.0)		(21.0)		—		(94.5)
Total	$	486.5	$	334.1	$	189.1	$	434.2	$	1,443.9

	Six Months Ended
	June 28, 2025
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Geographic Markets
United States	$	674.6	$	427.4	$	238.9	$	626.3	$	1,967.2
Europe	183.2		58.3		117.7		62.2		421.4
Asia-Pacific	88.3		47.8		33.4		7.8		177.3
Canada	34.9		34.7		9.0		70.8		149.4
Rest-of-World	104.2		24.9		11.5		10.6		151.2
Segment Eliminations	(146.5)		(4.3)		(46.3)		(0.6)		(197.7)
Total	$	938.7	$	588.8	$	364.2	$	777.1	$	2,668.8

	Six Months Ended
	June 29, 2024
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Geographic Markets
United States	$	729.3	$	425.0	$	249.0	$	671.2	$	2,074.5
Europe	184.1		59.5		121.1		74.5		439.2
Asia-Pacific	87.3		48.2		33.0		10.7		179.2
Canada	30.2		37.2		7.8		81.1		156.3
Rest-of-World	105.3		28.6		10.1		22.4		166.4
Segment Eliminations	(153.9)		(3.7)		(49.1)		—		(206.7)
Total	$	982.3	$	594.8	$	371.9	$	859.9	$	2,808.9

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)


	Three Months Ended
	June 28, 2025
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Major Product Lines
Outboard Engines	$	468.0	$	—	$	—	$	—	$	468.0
Controls, Rigging, and Propellers	93.9		—		—		—		93.9
Sterndrive Engines	36.3		—		—		—		36.3
Distribution	—		202.7		—		—		202.7
Products	—		135.1		—		—		135.1
Navico Group	—		—		202.3		—		202.3
Aluminum Freshwater Boats	—		—		—		151.0		151.0
Recreational Fiberglass Boats	—		—		—		123.7		123.7
Saltwater Fishing Boats	—		—		—		92.7		92.7
Business Acceleration	—		—		—		54.4		54.4
Boat Eliminations/Other	—		—		—		(16.2)		(16.2)
Segment Eliminations	(73.2)		(1.9)		(21.6)		(0.2)		(96.9)
Total	$	525.0	$	335.9	$	180.7	$	405.4	$	1,447.0

	Three Months Ended
	June 29, 2024
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Major Product Lines
Outboard Engines	$	423.1	$	—	$	—	$	—	$	423.1
Controls, Rigging, and Propellers	100.6		—		—		—		100.6
Sterndrive Engines	34.3		—		—		—		34.3
Distribution	—		195.8		—		—		195.8
Products	—		140.3		—		—		140.3
Navico Group	—		—		210.1		—		210.1
Aluminum Freshwater Boats	—		—		—		148.2		148.2
Recreational Fiberglass Boats	—		—		—		132.4		132.4
Saltwater Fishing Boats	—		—		—		110.0		110.0
Business Acceleration	—		—		—		54.6		54.6
Boat Eliminations/Other	—		—		—		(11.0)		(11.0)
Segment Eliminations	(71.5)		(2.0)		(21.0)		—		(94.5)
Total	$	486.5	$	334.1	$	189.1	$	434.2	$	1,443.9

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)


	Six Months Ended
	June 28, 2025
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Major Product Lines
Outboard Engines	$	844.5	$	—	$	—	$	—	$	844.5
Controls, Rigging, and Propellers	174.1		—		—		—		174.1
Sterndrive Engines	66.6		—		—		—		66.6
Distribution	—		358.1		—		—		358.1
Products	—		235.0		—		—		235.0
Navico Group	—		—		410.5		—		410.5
Aluminum Freshwater Boats	—		—		—		291.7		291.7
Recreational Fiberglass Boats	—		—		—		240.9		240.9
Saltwater Fishing Boats	—		—		—		173.5		173.5
Business Acceleration	—		—		—		106.0		106.0
Boat Eliminations/Other	—		—		—		(34.4)		(34.4)
Segment Eliminations	(146.5)		(4.3)		(46.3)		(0.6)		(197.7)
Total	$	938.7	$	588.8	$	364.2	$	777.1	$	2,668.8

	Six Months Ended
	June 29, 2024
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Major Product Lines
Outboard Engines	$	873.6	$	—	$	—	$	—	$	873.6
Controls, Rigging, and Propellers	191.0		—		—		—		191.0
Sterndrive Engines	71.6		—		—		—		71.6
Distribution	—		348.2		—		—		348.2
Products	—		250.3		—		—		250.3
Navico Group	—		—		421.0		—		421.0
Aluminum Freshwater Boats	—		—		—		298.4		298.4
Recreational Fiberglass Boats	—		—		—		267.7		267.7
Saltwater Fishing Boats	—		—		—		217.2		217.2
Business Acceleration	—		—		—		103.8		103.8
Boat Eliminations/Other	—		—		—		(27.2)		(27.2)
Segment Eliminations	(153.9)		(3.7)		(49.1)		—		(206.7)
Total	$	982.3	$	594.8	$	371.9	$	859.9	$	2,808.9

As of December 31, 2024, $191.2 million of contract liabilities associated with extended warranties, deferred revenue and customer deposits were reported in Accrued expenses and Other long-term liabilities, of which $37.5 million were recognized as revenue during the six months ended June 28, 2025. As of June 28, 2025, total contract liabilities were $199.9 million. The total amount of the transaction price allocated to unsatisfied performance obligations as of June 28, 2025 was $196.5 million for contracts greater than one year, which primarily relates to extended warranties. The Company expects to recognize $38.6 million of this amount in 2025, $48.0 million in 2026, and $109.9 million thereafter.

Note 3 – Restructuring, Exit and Impairment Activities

During the three and six months ended June 28, 2025 and June 29, 2024, the Company recorded restructuring charges related to headcount reductions and related costs associated with streamlining the enterprise-wide cost structure and improving operating efficiencies. The Company also incurred charges related to the rationalization of its manufacturing footprint.

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

The following table is a summary of these expenses for the three months ended June 28, 2025:



(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Corporate		Total
Restructuring, exit and impairment activities:
Employee termination and other benefits	$	1.2	$	0.4	$	4.3	$	1.0	$	0.3	$	7.2
Asset-related	—		—		0.4		—		—		0.4
Professional fees	—		—		0.4		—		—		0.4
Total restructuring, exit and impairment charges	$	1.2	$	0.4	$	5.1	$	1.0	$	0.3	$	8.0

Total cash payments for restructuring, exit and impairment charges (A)	$	0.7	$	0.4	$	1.8	$	1.2	$	0.1	$	4.2
Accrued charges at end of the period (B)	$	0.8	$	0.2	$	3.6	$	0.9	$	0.3	$	5.8

(A) Cash payments for the three months ended June 28, 2025 may include payments related to prior period charges.

(B) Restructuring, exit and impairment charges accrued as of June 28, 2025 are expected to be paid in the next twelve months.

The following table is a summary of these expenses for the three months ended June 29, 2024:



(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Corporate		Total
Restructuring, exit and impairment activities:
Employee termination and other benefits	$	0.4	$	0.2	$	0.4	$	1.7	$	0.3	$	3.0
Asset-related	—		—		4.9		—		—		4.9

Total restructuring, exit and impairment charges	$	0.4	$	0.2	$	5.3	$	1.7	$	0.3	$	7.9

Total cash payments for restructuring, exit and impairment charges (A)	$	2.2	$	1.1	$	1.2	$	0.7	$	0.5	$	5.7
Accrued charges at end of the period	$	2.3	$	1.5	$	0.4	$	2.7	$	0.4	$	7.3

(A) Cash payments for the three months ended June 29, 2024 may include payments related to prior period charges.

The following table is a summary of these expenses for the six months ended June 28, 2025:


(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Corporate		Total
Restructuring, exit and impairment activities:
Employee termination and other benefits	$	1.2	$	0.4	$	5.1	$	1.3	$	0.3	$	8.3
Asset-related	—		—		0.4		—		—		0.4
Professional fees	—		—		0.4		—		—		0.4
Total restructuring, exit and impairment charges	$	1.2	$	0.4	$	5.9	$	1.3	$	0.3	$	9.1

Total cash payments for restructuring, exit and impairment charges (A)	$	1.8	$	0.9	$	3.4	$	2.4	$	0.9	$	9.4
Accrued charges at end of the period (B)	$	0.8	$	0.2	$	3.6	$	0.9	$	0.3	$	5.8

(A) Cash payments for the six months ended June 28, 2025 may include payments related to prior period charges.

(B) Restructuring, exit and impairment charges accrued as of June 28, 2025 are expected to be paid in the next twelve months.

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

The following table is a summary of these expenses for the six months ended June 29, 2024:


(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Corporate		Total
Restructuring, exit and impairment activities:
Employee termination and other benefits	$	6.0	$	3.5	$	2.6	$	2.7	$	1.2	$	16.0
Asset-related	—		—		5.4		—		—		5.4

Total restructuring, exit and impairment charges	$	6.0	$	3.5	$	8.0	$	2.7	$	1.2	$	21.4

Total cash payments for restructuring, exit and impairment charges (A)	$	4.9	$	2.7	$	7.4	$	1.7	$	1.4	$	18.1
Accrued charges at end of the period	$	2.3	$	1.5	$	0.4	$	2.7	$	0.4	$	7.3

(A) Cash payments for the six months ended June 29, 2024 may include payments related to prior period charges.

Note 4 – Acquisitions

2024 Acquisition

On September 12, 2024, the Company acquired additional Freedom Boat Club franchise operations and territories in Southeast Florida. The acquisition enhances Freedom Boat Club's presence in Florida and provides an opportunity to leverage synergies across Brunswick's portfolio of brands. The acquisition is included as part of the Company's Boat segment.

The Company paid net cash consideration of $31.2 million for the acquisition. 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 $26.7 million of goodwill and $5.2 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 the acquisition were not material to the Company's consolidated results of operations. The acquisition is 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 acquisition, and pro forma results for prior periods are not presented.

Note 5 – Financial Instruments

The Company operates globally with manufacturing and sales facilities around the world. Due to the Company’s global operations, the Company engages in activities involving both financial and market risks. The Company utilizes normal operating and financing activities, along with derivative financial instruments, to minimize these risks. See Note 12 in the Notes to Consolidated Financial Statements in the 2024 Form 10-K for further details regarding the Company's financial instruments and hedging policies.

The Company regularly enters into cross-currency swaps to hedge Euro and Yuan currency exposures of the net investment in certain foreign subsidiaries. During the first half of 2025, the Company entered into $500.0 million of cross-currency swap contracts and settled $400.0 million of cross-currency swap contracts previously entered into, resulting in a deferred gain of $4.9 million within Accumulated other comprehensive loss, net of tax.

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

The following table summarizes the notional values of the Company's derivative instruments as of June 28, 2025, December 31, 2024, and June 29, 2024:


(in millions)	Notional Value
Instruments	June 28, 2025		December 31, 2024		June 29, 2024
Cross-currency swaps	$	500.0	$	400.0	$	300.0
Commodity contracts (A)(B)	37.8		26.9		39.9
Foreign exchange contracts (B)(C)	715.3		571.2		575.8

(A) Commodity contracts outstanding as of June 28, 2025 mature through 2027.

(B) The amount of gain or loss that is expected to be reclassified from Accumulated other comprehensive loss to earnings in the next twelve months is immaterial.

(C) Forward contracts outstanding as of June 28, 2025 mature through 2027 and mainly relate to the Euro, Australian dollar, Mexican peso and Norwegian krone.

As of June 28, 2025, December 31, 2024 and June 29, 2024, the fair values of the Company’s derivative instruments were:



(in millions)	Fair Value
Asset Derivatives	June 28, 2025		December 31, 2024		June 29, 2024
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts	$	4.8	$	13.2	$	4.6
Commodity contracts	5.3		0.8		1.3


Total	$	10.1	$	14.0	$	5.9

Derivatives Designated as Net Investment Hedges
Cross-currency swaps	$	0.1	$	5.1	$	1.8



Other Hedging Activity
Foreign exchange contracts	$	1.6	$	3.0	$	0.7

Liability Derivatives
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts	$	17.1	$	5.8	$	6.1
Commodity contracts	—		0.4		0.2

Total	$	17.1	$	6.2	$	6.3










Derivatives Designated as Net Investment Hedges
Cross-currency swaps	$	45.5	$	—	$	—

Other Hedging Activity
Foreign exchange contracts	$	1.4	$	3.2	$	3.0

As of June 28, 2025, December 31, 2024 and June 29, 2024, asset derivatives are included within Prepaid expenses and other and Other long-term assets, and liability derivatives are included within Accrued expenses and Other long-term liabilities in the Condensed Consolidated Balance Sheets.

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

The effect of derivative instruments on the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 28, 2025 and June 29, 2024 is shown in the tables below.

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


(in millions)	Three Months Ended				Six Months Ended
Derivatives Designated as Cash Flow Hedging Instruments	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024

Foreign exchange contracts	$	(16.3)	$	(5.7)	$	(21.3)	$	5.1
Commodity contracts	2.9		1.6		6.1		0.5
Total	$	(13.4)	$	(4.1)	$	(15.2)	$	5.6

Derivatives Designated as Net Investment Hedging Instruments
Cross-currency swaps	$	(33.1)	$	2.8	$	(45.5)	$	6.8

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


(in millions)		Three Months Ended				Six Months Ended
Derivatives Designated as Cash Flow Hedging Instruments	Location of Gain (Loss)	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Interest-rate contracts	Interest expense	$	0.1	$	0.1	$	0.1	$	0.1
Foreign exchange contracts	Cost of sales	0.8		2.5		2.5		4.4
Commodity contracts	Cost of sales	0.6		(0.2)		1.1		(1.0)
Total		$	1.5	$	2.4	$	3.7	$	3.5

The amount of gain (loss) on derivatives recognized directly into earnings was as follows:


(in millions)		Three Months Ended				Six Months Ended
Other Hedging Activity	Location of Gain (Loss)	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Foreign exchange contracts	Cost of sales	$	(6.5)	$	1.5	$	(11.2)	$	3.5
Foreign exchange contracts	Other expense, net	4.3		(2.2)		9.4		(4.9)
Total		$	(2.2)	$	(0.7)	$	(1.8)	$	(1.4)

Note 6 – Fair Value Measurements

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	June 28, 2025		December 31, 2024		June 29, 2024
Cash equivalents	1	$	0.3	$	12.3	$	70.5
Short-term investments in marketable securities	1	0.8		0.8		82.5
Restricted cash	1	18.2		16.9		16.2
Derivative assets	2	11.8		22.1		8.4
Derivative liabilities	2	64.0		9.4		9.3
Deferred compensation	1	0.9		1.0		1.1
Deferred compensation	2	20.1		19.2		17.1

Liabilities measured at net asset value		14.0		14.3		13.5

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

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. The fair value of the Company's long-term debt, including current maturities, and short-term debt is determined using Level 1 and Level 2 inputs described in Note 6 to Notes to Consolidated Financial Statements in the 2024 Form 10-K. The fair value and carrying value of long-term debt, including current maturities, and short term debt as of June 28, 2025, December 31, 2024 and June 29, 2024 was as follows:


(in millions)	June 28, 2025		December 31, 2024		June 29, 2024
Carrying Value	$	2,298.9	$	2,370.2	$	2,858.3
Fair Value	$	2,120.6	$	2,161.3	$	2,640.5

Note 7 – Commitments and Contingencies

Product Warranties

The following activity related to product warranty liabilities was recorded in Accrued expenses during the six months ended June 28, 2025 and June 29, 2024:


(in millions)	June 28, 2025		June 29, 2024
Balance at beginning of period	$	152.8	$	157.6
Payments	(42.3)		(49.3)
Provisions/additions for contracts issued/sold	55.6		44.2
Aggregate changes for preexisting warranties	0.7		3.7
Foreign currency translation	2.9		(1.0)


Other	(1.2)		(2.9)
Balance at end of period	$	168.5	$	152.3

Extended Product Warranties

The following activity related to deferred revenue for extended product warranty contracts was recorded in Accrued expenses and Other long-term liabilities during the six months ended June 28, 2025 and June 29, 2024:


(in millions)	June 28, 2025		June 29, 2024
Balance at beginning of period	$	136.6	$	127.2
Extended warranty contracts sold	24.7		23.8
Revenue recognized on existing extended warranty contracts	(16.6)		(14.8)
Foreign currency translation	0.5		(0.3)
Other	—		(0.3)
Balance at end of period	$	145.2	$	135.6

Note 8 – Goodwill and Other Intangibles

Changes in the Company's goodwill during the six months ended June 28, 2025 and June 29, 2024, by segment, are summarized below:


(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
December 31, 2024	$	50.8	$	232.6	$	513.4	$	169.3	$	966.1

Adjustments	3.0		0.7		15.8		0.5		20.0
June 28, 2025	$	53.8	$	233.3	$	529.2	$	169.8	$	986.1

December 31, 2023	$	54.1	$	233.0	$	599.7	$	143.9	$	1,030.7

Adjustments	(2.1)		(0.2)		(3.0)		(1.3)		(6.6)
June 29, 2024	$	52.0	$	232.8	$	596.7	$	142.6	$	1,024.1

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

Adjustments in both periods include the effect of foreign currency translation on goodwill denominated in currencies other than the U.S. dollar. Adjustments during the six months ended June 29, 2024 also include $2.2 million of purchase accounting adjustments related to the 2023 Fliteboard and Freedom Boat Club acquisitions. The accumulated impairment loss on goodwill was $80.0 million as of June 28, 2025 and December 31, 2024, respectively. There was no accumulated impairment loss on goodwill as of June 29, 2024. As of December 31, 2024, the Navico Group reporting unit's fair value approximated its carrying value. The economic uncertainty resulting from the volatile trade policy environment could negatively impact Navico Group's results of operations and cash flows and result in future impairment of the Navico Group reporting unit's goodwill.

The Company's intangible assets, included within Other intangibles, net on the Condensed Consolidated Balance Sheets as of June 28, 2025, December 31, 2024, and June 29, 2024, are summarized by intangible asset type below:


	June 28, 2025				December 31, 2024				June 29, 2024
(in millions)	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Intangible assets:
Customer relationships	$	917.3	$	(499.0)	$	909.4	$	(473.5)	$	906.0	$	(451.2)
Trade names	305.7		—		304.2		—		310.8		—
Developed technology	167.2		(41.3)		166.8		(35.6)		167.3		(29.9)
Other	127.7		(78.2)		113.7		(66.7)		98.9		(53.8)
Total	$	1,517.9	$	(618.5)	$	1,494.1	$	(575.8)	$	1,483.0	$	(534.9)

Other intangible assets primarily consist of software, patents, and franchise agreements. Gross amounts and related accumulated amortization amounts include adjustments related to the impact of foreign currency translation. Aggregate amortization expense for intangibles was $20.1 million and $39.3 million for the three and six months ended June 28, 2025, respectively. Aggregate amortization expense for intangibles was $17.9 million and $35.8 million for the three and six months ended June 29, 2024, respectively.

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 did not record any impairment charges on its intangible assets during the six months ended June 28, 2025 or June 29, 2024.

Note 9 – Segment Information

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



	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.

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)


	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

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)


	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

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)


	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

Note 10 – Comprehensive Income

Accumulated other comprehensive loss, net of tax, in the Condensed Consolidated Balance Sheets includes foreign currency cumulative translation adjustments; prior service costs and credits and net actuarial gains and losses for defined benefit plans; and unrealized derivative gains and losses. Changes in the components of Accumulated other comprehensive loss, net of tax, for the three and six months ended June 28, 2025 and June 29, 2024 are as follows:


	Three Months Ended				Six Months Ended
(in millions)	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Net earnings	$	59.3	$	100.0	$	79.5	$	168.0
Other comprehensive income (loss):
Foreign currency cumulative translation adjustments	45.5		(3.6)		70.9		(23.2)
Net change in unamortized prior service credits	(0.2)		(0.2)		(0.3)		(0.3)
Net change in unamortized actuarial losses	(0.1)		(0.2)		(0.3)		(0.3)

Net change in unrealized derivative (losses) gains	(36.2)		(2.4)		(48.6)		6.9
Total other comprehensive income (loss)	9.0		(6.4)		21.7		(16.9)
Comprehensive income	$	68.3	$	93.6	$	101.2	$	151.1

The following table presents the changes in Accumulated other comprehensive loss, net of tax, by component for the three months ended June 28, 2025:


(in millions)	Foreign currency translation		Prior service credits		Net actuarial gains		Unrealized investment gains		Net derivative gains (losses)		Total
Beginning balance	$	(71.5)	$	(8.0)	$	10.3	$	0.2	$	28.3	$	(40.7)
Other comprehensive income (loss) before reclassifications (A)	45.5		—		—		—		(35.1)		10.4
Amounts reclassified from Accumulated other comprehensive loss, net of tax (B)(C)	—		(0.2)		(0.1)		—		(1.1)		(1.4)
Net other comprehensive income (loss)	45.5		(0.2)		(0.1)		—		(36.2)		9.0
Ending balance	$	(26.0)	$	(8.2)	$	10.2	$	0.2	$	(7.9)	$	(31.7)

(A) The tax effects for the three months ended June 28, 2025 were $(8.2) million for foreign currency translation and $11.4 million for derivatives.

(B) The tax effects for the three months ended June 28, 2025 were $0.4 million for derivatives.

(C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the three months ended June 28, 2025. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss, net of tax related to derivatives.

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

The following table presents the changes in Accumulated other comprehensive loss, net of tax, by component for the six months ended June 28, 2025:


(in millions)	Foreign currency translation		Prior service credits		Net actuarial gains		Unrealized investment gains		Net derivative gains (losses)		Total
Beginning balance	$	(96.9)	$	(7.9)	$	10.5	$	0.2	$	40.7	$	(53.4)
Other comprehensive income (loss) before reclassifications (A)	70.9		—		—		—		(45.8)		25.1
Amounts reclassified from Accumulated other comprehensive loss, net of tax (B)(C)	—		(0.3)		(0.3)		—		(2.8)		(3.4)
Net other comprehensive income (loss)	70.9		(0.3)		(0.3)		—		(48.6)		21.7
Ending balance	$	(26.0)	$	(8.2)	$	10.2	$	0.2	$	(7.9)	$	(31.7)

(A) The tax effects for the six months ended June 28, 2025 were $(11.8) million for foreign currency translation and $14.9 million for derivatives.

(B) The tax effects for the six months ended June 28, 2025 were $0.9 million for derivatives.

(C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the six months ended June 28, 2025. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss, net of tax related to derivatives.

The following table presents the changes in Accumulated other comprehensive loss, net of tax, by component for the three months ended June 29, 2024:


(in millions)	Foreign currency translation		Prior service credits		Net actuarial gains		Unrealized investment gains		Net derivative gains		Total
Beginning balance	$	(69.1)	$	(7.5)	$	7.8	$	0.2	$	32.4	$	(36.2)
Other comprehensive loss before reclassifications (A)	(3.6)		—		—		—		(0.7)		(4.3)
Amounts reclassified from Accumulated other comprehensive loss, net of tax (B)(C)	—		(0.2)		(0.2)		—		(1.7)		(2.1)
Net other comprehensive loss	(3.6)		(0.2)		(0.2)		—		(2.4)		(6.4)
Ending balance	$	(72.7)	$	(7.7)	$	7.6	$	0.2	$	30.0	$	(42.6)

(A) The tax effects for the three months ended June 29, 2024 were $1.3 million for foreign currency translation and $0.6 million for derivatives.

(B) The tax effects for the three months ended June 29, 2024 were $0.7 million for derivatives.

(C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the three months ended June 29, 2024. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss, net of tax related to derivatives.

The following table presents the changes in Accumulated other comprehensive loss, net of tax, by component for the six months ended June 29, 2024:


(in millions)	Foreign currency translation		Prior service credits		Net actuarial gains		Unrealized investment gains		Net derivative gains		Total
Beginning balance	$	(49.5)	$	(7.4)	$	7.9	$	0.2	$	23.1	$	(25.7)
Other comprehensive (loss) income before reclassifications (A)	(23.2)		—		—		—		9.3		(13.9)
Amounts reclassified from Accumulated other comprehensive loss, net of tax (B)(C)	—		(0.3)		(0.3)		—		(2.4)		(3.0)
Net other comprehensive (loss) income	(23.2)		(0.3)		(0.3)		—		6.9		(16.9)
Ending balance	$	(72.7)	$	(7.7)	$	7.6	$	0.2	$	30.0	$	(42.6)

(A) The tax effects for the six months ended June 29, 2024 were $4.3 million for foreign currency translation and $(3.1) million for derivatives.

(B) The tax effects for the six months ended June 29, 2024 were $1.1 million for derivatives.

(C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the six months ended June 29, 2024. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss, net of tax related to derivatives

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

Note 11 – Income Taxes

The effective tax rate for the three months ended June 28, 2025 and June 29, 2024 was 20.8% and 20.9%, respectively. The effective tax rate for the three months ended June 28, 2025 was consistent with the same period in the prior year.

The effective tax rate for the six months ended June 28, 2025 and June 29, 2024 was 22.8% and 21.1%, respectively. The effective tax rate for the six months ended June 28, 2025 was higher than the same period in the prior year, primarily due to the discrete income tax expense recorded associated with equity compensation.

Note 12 – Debt

The following table provides the changes in the Company's debt for the six months ended June 28, 2025:


(in millions)	Short-term debt and current maturities of long-term debt		Long-term debt		Total
Balance as of December 31, 2024	$	242.8	$	2,097.8	$	2,340.6
Proceeds from issuances of debt (A)	267.6		—		267.6
Repayments of debt (B)	(339.1)		(0.9)		(340.0)
Reclassification of long-term debt	1.5		(1.5)		—
Other	3.8		2.1		5.9
Balance as of June 28, 2025	$	176.6	$	2,097.5	$	2,274.1

(A) During 2025, the Company had short-term borrowings and repayments under its unsecured commercial paper program and borrowings outstanding of $170.0 million as of June 28, 2025.

(B) During 2025, the Company made the remaining principal repayments, totaling $125.0 million, of its 6.625% Senior Notes due 2049.

As of June 28, 2025, Brunswick was in compliance with the financial covenants associated with its debt.

2049 Notes

During the fourth quarter of 2024, the Company issued an irrevocable notice of redemption to the holders of its 6.625% Senior Notes due 2049 (2049 Notes). The 2049 Notes were redeemed in the first quarter of 2025 at a redemption price equal to 100 percent of the outstanding principal amount of $125.0 million plus accrued interest of $2.1 million in accordance with the redemption provision of the 2049 Notes. The Company recognized a loss on early extinguishment of debt of $3.7 million related to unamortized issuance costs. The Company financed the retirement of the 2049 Notes using commercial paper borrowings.

Credit Facility

The Company maintains a Revolving Credit Agreement (Credit Facility). During the six months ended June 28, 2025 and June 29, 2024, there were no borrowings under the Credit Facility. As of June 28, 2025, available borrowing capacity totaled $997.0 million, net of $3.0 million of letters of credit outstanding under the Credit Facility. As of June 29, 2024, available borrowing capacity totaled $747.0 million, net of $3.0 million of letters of credit outstanding under the Credit Facility. Refer to Note 14 in the Notes to Consolidated Financial Statements in the 2024 Form 10-K for details regarding Brunswick's Credit Facility.

Commercial Paper

The Company maintains an unsecured commercial paper program (CP Program) pursuant to which the Company may issue short-term, unsecured commercial paper notes (CP Notes). During the six months ended June 28, 2025, borrowings under the CP Program totaled $504.4 million. As of June 28, 2025, the Company had $170.0 million of borrowings outstanding under the CP Program with a weighted average interest rate of 5.15%. During the six months ended June 28, 2025, the maximum amount utilized under the CP Program was $445.5 million. During the six months ended June 29, 2024, borrowings under the CP Program totaled $425.0 million, all of which were repaid during the period. During the six months ended June 29, 2024, the maximum amount utilized under the CP Program was $225.0 million. Refer to Note 14 in the Notes to Consolidated Financial Statements in the 2024 Form 10-K for details regarding Brunswick's CP Program.

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

Note 13 – Supplier Finance Program Obligations

As of June 28, 2025, December 31, 2024, and June 29, 2024, the Company had $9.1 million, $8.2 million and $9.6 million confirmed invoices under the supplier finance program, respectively, which were included in Accounts payable on the Condensed Consolidated Balance Sheets.

Note 14 – Subsequent Events

On July 4, 2025, tax legislation commonly referred to as the One Big Beautiful Bill Act (the Act) was enacted. The Act included multiple business tax provisions with different effective dates and new elections related to the timing of certain tax deductions. We are currently analyzing the interaction of these changes, how they may impact Brunswick's tax provision and the elections available to Brunswick under the new law. At this time, we do not anticipate that the Act will have a material effect on the Company's financial statements.

Table of Cont ents

Item 2. 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 below.

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 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.

Known Trends or Uncertainties

We continue to monitor macroeconomic trends and uncertainties such as recently implemented tariffs along with the potential for new or modified tariffs, and related impacts to consumers, any or all of which could have a material impact on our business, financial condition and results of operations.

Acquisitions

On September 12, 2024, we acquired additional Freedom Boat Club franchise operations and territories in Southeast Florida for net cash consideration of $31.2 million. Refer to Note 4 – Acquisitions in the Notes to Condensed Consolidated Financial Statements for further information.

Table of Cont ents

Overview

Net sales increased slightly during the second quarter of 2025 when compared with the second quarter of 2024, as steady wholesale ordering by dealers and OEMs, together with modest pricing benefits, offset by the impact of continued challenging consumer demand market conditions. Our Propulsion segment delivered strong year-over-year sales growth, with shipments to U.S. OEM customers outpacing expectations, resulting in sequentially improved earnings despite the anticipated tariff and absorption headwinds. Our Engine Parts and Accessories (Engine P&A) segment had another strong quarter, with slight year-over-year sales growth and steady earnings despite a weather-affected start to the boating season. This primarily aftermarket-based business continues to derive its success from stable boating participation and the world's largest marine distribution network. Navico Group segment had slightly lower sales versus the second quarter of 2024 as aftermarket sales and sales to marine OEMs were modestly lower. Navico Group earnings were below the second quarter of 2024 but remained consistent with first quarter levels and were driven by customer acceptance of new products and steady operational performance. Year-to-date sales for Navico Group is down only 2.5 percent versus the first half of 2024, led by steady performance of the aftermarket businesses. Finally, our Boat segment had sales and operating earnings below the second quarter of 2024, consistent with lower planned wholesale shipments, but delivered strong sales and earnings growth versus the first quarter of 2025 as anticipated. Our Boat segment remains focused on gaining share in key categories, maintaining balanced field inventory levels, working closely with its channel partners to drive retail activity, and executing multiple structural actions intended to re-expand margins in the tighter market. Our international net sales were flat on a GAAP basis and decreased 1 percent on a constant currency basis in the second quarter.

Net sales decreased 5 percent during the first half of 2025, when compared with the first half of 2024. Our international sales decreased 5 percent and 3 percent on a GAAP and constant currency basis, respectively.

Operating earnings in the second quarter of 2025 were $103.3 million and $126.0 million on a GAAP and As Adjusted basis, respectively. This compares to operating earnings during the second quarter of 2024 of $158.3 million and $180.8 million on a GAAP and As Adjusted basis, respectively. Operating earnings were down versus prior year as the impacts of reinstated variable compensation, lower absorption from decreased production levels, and tariffs were only partially offset by new product momentum, the benefits from the slight sales increase, and ongoing cost control measures throughout the enterprise.

Operating earnings in the first half of 2025 were $159.6 million and $198.1 million on a GAAP and As Adjusted basis, respectively. This compares to operating earnings during the first half of 2024 of $268.9 million and $322.3 million on a GAAP and As Adjusted basis, respectively. Operating earnings were down versus the first half of 2024 due to the same factors described above and lower sales.

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 the U.S. dollar 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 24 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.

Table of Cont ents

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


	Three Months Ended										Six Months Ended
	Net Sales				2025 vs. 2024						Net Sales				2025 vs. 2024
(in millions)	June 28, 2025		June 29, 2024		GAAP		Currency Impact		Acquisition Impact		June 28, 2025		June 29, 2024		GAAP		Currency Impact		Acquisition Impact
Propulsion	$	598.2	$	558.0	7.2	%	0.3	%	—	%	$	1,085.2	$	1,136.2	(4.5)	%	(0.7)	%	—	%
Engine P&A	337.8		336.1		0.5	%	0.2	%	—	%	593.1		598.5		(0.9)	%	(0.5)	%	—	%
Navico Group	202.3		210.1		(3.7)	%	1.4	%	—	%	410.5		421.0		(2.5)	%	0.1	%	—	%
Boat	405.6		434.2		(6.6)	%	0.3	%	0.8	%	777.7		859.9		(9.6)	%	(0.1)	%	0.8	%
Segment Eliminations	(96.9)		(94.5)		2.5	%	0.1	%	—	%	(197.7)		(206.7)		(4.4)	%	(0.2)	%	—	%
Total	$	1,447.0	$	1,443.9	0.2	%	0.4	%	0.3	%	$	2,668.8	$	2,808.9	(5.0)	%	(0.4)	%	0.2	%

Results of Operations

Consolidated

The following table sets forth certain amounts, ratios and relationships calculated from the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended:


	Three Months Ended						2025 vs. 2024			Six Months Ended						2025 vs. 2024
(in millions, except per share data)	June 28, 2025			June 29, 2024			$ Change		% Change	June 28, 2025			June 29, 2024			$ Change		% Change
Net sales	$	1,447.0		$	1,443.9		$	3.1	0.2%	$	2,668.8		$	2,808.9		$	(140.1)	(5.0)%
Gross margin(A)	369.7			391.0			(21.3)		(5.4)%	673.6			764.6			(91.0)		(11.9)%
Restructuring, exit and impairment charges	8.0			7.9			0.1		1.3%	9.1			21.4			(12.3)		(57.5)%
Operating earnings	103.3			158.3			(55.0)		(34.7)%	159.6			268.9			(109.3)		(40.6)%
Net earnings from continuing operations	59.6			104.8			(45.2)		(43.1)%	79.8			173.2			(93.4)		(53.9)%

Diluted earnings per common share from continuing operations	$	0.90		$	1.55		$	(0.65)	(41.9)%	$	1.21		$	2.54		$	(1.33)	(52.4)%

Expressed as a percentage of Net sales:
Gross margin (A)	25.5		%	27.1		%			(160) bps	25.2		%	27.2		%			(200) bps
Selling, general and administrative expense	15.0		%	12.6		%			240 bps	15.9		%	13.7		%			220 bps
Research and development expense	2.9		%	3.0		%			(10) bps	3.0		%	3.2		%			(20) bps
Restructuring, exit and impairment charges	0.6		%	0.5		%			10 bps	0.3		%	0.8		%			(50) bps
Operating margin	7.1		%	11.0		%			(390) bps	6.0		%	9.6		%			(360) bps

bps = basis points

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

Table of Cont ents

The following is a reconciliation of our non-GAAP measures, adjusted operating earnings and adjusted diluted earnings per common share from continuing operations for the three and six months ended June 28, 2025 when compared with the same prior year comparative period:


	Three Months Ended								Six Months Ended
	Operating Earnings				Diluted Earnings Per Share				Operating Earnings				Diluted Earnings Per Share
(in millions, except per share data)	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
GAAP	$	103.3	$	158.3	$	0.90	$	1.55	$	159.6	$	268.9	$	1.21	$	2.54
Restructuring, exit and impairment charges	8.0		7.9		0.09		0.09		9.1		21.4		0.10		0.24
Purchase accounting amortization	14.7		14.5		0.17		0.16		29.3		29.3		0.34		0.33
Acquisition, integration, and IT related costs	—		0.1		—		—		0.1		2.4		—		0.03
IT security incident costs (A)	—		—		—		—		—		0.3		—		—
Loss on early extinguishment of debt	—		—		—		—		—		—		0.04		—
Special tax items	—		—		—		—		—		—		0.03

BRUNSWICK CORP 10-Q