Brunswick Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Brunswick Corp. filed its 2023 10-K, detailing financial positions including $6.4 billion in assets and $6.8 billion in debt, with minimal credit risk from financing receivables.</b>

AI Summary

BRUNSWICK CORP (BC-PC) filed a Annual Report (10-K) with the SEC on February 16, 2024. Brunswick Corp. reported total assets of $6,401.4 million and total debt of $6,812.2 million for the fiscal year ended December 31, 2023. The company's financing receivables, excluding trade accounts receivable due within one year, were $6.3 million as of December 31, 2023, a slight increase from $6.1 million in 2022. The allowance for credit losses on financing receivables was not material for the years ended December 31, 2023 and 2022. Brunswick Corp. operates in the Engines & Turbines sector, SIC code 3510. The company's common stock is listed on the NYSE (XNYS) and CHI (XCHI).

Why It Matters

For investors and stakeholders tracking BRUNSWICK CORP, this filing contains several important signals. The filing provides a comprehensive overview of Brunswick Corp.'s financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. Details on financing receivables and credit risk management are important for understanding the company's exposure to potential defaults and its strategies for mitigating such risks.

Risk Assessment

Risk Level: low — BRUNSWICK CORP shows low risk based on this filing. The company states that its financing receivables are not significant to its operations, financial condition, or cash flows, and no significant troubled debt restructurings occurred, indicating low credit risk.

Analyst Insight

Investors should review the detailed financial statements and risk factor disclosures in the 10-K to fully understand Brunswick Corp.'s financial position and operational risks.

Financial Highlights

revenue

6401.4

total Assets

6401.4

total Debt

6812.2

Key Numbers

• 6,401.4 — Total Assets (as of December 31, 2023)
• 6,812.2 — Total Debt (as of December 31, 2023)
• 6.3 — Financing Receivables (excluding trade) (as of December 31, 2023)
• 6.1 — Financing Receivables (excluding trade) (as of December 31, 2022)

Key Players & Entities

• BRUNSWICK CORP (company) — FILER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240216 (date) — FILED AS OF DATE
• METTAWA (location) — CITY
• IL (location) — STATE
• 60045-3420 (postal_code) — ZIP
• DE (location) — STATE OF INCORPORATION
• 1231 (date) — FISCAL YEAR END

FAQ

Risk Factors

• Credit Risk of Financing Receivables [low — financial]: The company extends credit to customers and manages financial exposure through credit evaluation programs, but does not believe the credit risk posed by financing receivables is significant.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-16: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

Financing Receivables

A contractual right to receive money, recorded as assets on the Consolidated Balance Sheets. (Key component of the company's assets, with associated credit risk that is managed by the company.)

Key Financial Figures

• $0.75 — ich Registered Common stock, par value $0.75 per share BC New York Stock Exchange

Filing Documents

• bcorp-20231231.htm (10-K) — 3001KB
• bc20231231ex104.htm (EX-10.4) — 211KB
• bc20231231ex1011.htm (EX-10.11) — 25KB
• bc20231231ex1012.htm (EX-10.12) — 71KB
• bc20231231ex1013.htm (EX-10.13) — 43KB
• bc20231231ex211.htm (EX-21.1) — 48KB
• bc20231231ex231.htm (EX-23.1) — 2KB
• bc20231231ex241poa.htm (EX-24.1) — 11KB
• bc20231231ex311.htm (EX-31.1) — 11KB
• bc20231231ex312.htm (EX-31.2) — 11KB
• bc20231231ex321.htm (EX-32.1) — 5KB
• bc20231231ex322.htm (EX-32.2) — 5KB
• bc20231231ex971.htm (EX-97.1) — 40KB
• bcorp-20231231_g1.jpg (GRAPHIC) — 63KB
• bcorp-20231231_g2.jpg (GRAPHIC) — 571KB
• bcorp-20231231_g3.jpg (GRAPHIC) — 336KB
• bcorp-20231231_g4.jpg (GRAPHIC) — 62KB
• bcorp-20231231_g5.jpg (GRAPHIC) — 96KB
• brunswicklogo_midnightblue1.jpg (GRAPHIC) — 63KB
• brunswicklogo_midnightblue1a.jpg (GRAPHIC) — 63KB
• brunswicklogo_midnightbluea.jpg (GRAPHIC) — 63KB
• brunswicklogo_midnightblueb.jpg (GRAPHIC) — 63KB
• 0000014930-24-000054.txt (&nbsp;) — 19954KB
• bcorp-20231231.xsd (EX-101.SCH) — 95KB
• bcorp-20231231_cal.xml (EX-101.CAL) — 147KB
• bcorp-20231231_def.xml (EX-101.DEF) — 699KB
• bcorp-20231231_lab.xml (EX-101.LAB) — 1467KB
• bcorp-20231231_pre.xml (EX-101.PRE) — 1037KB
• bcorp-20231231_htm.xml (XML) — 2699KB

Page

PART I Page Item 1.

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 25 Item 2.

Properties

Properties 27 Item 3.

Legal Proceedings

Legal Proceedings 27 Item 4. Mine Safety Disclosures 27 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 Item 6. Reserved 31 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 47 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 47 Item 9A.

Controls and Procedures

Controls and Procedures 47 Item 9B. Other Information 48 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 48 PART III Item 10. Directors, Executive Officers and Corporate Governance 49 Item 11.

Executive Compensation

Executive Compensation 49 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters 49 Item 13. Certain Relationships and Related Transactions, and Director Independence 49 Item 14. Principal Accounting Fees and Services 49 PART IV Item 15. Exhibits and Financial Statement Schedules 50 Item 16. Form 10-K Summary 101

Forward-Looking Statements

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

Business

Item 1. Business References to "we," "us," "our," the "Company," "Brunswick," and "Brunswick Corporation" refer to Brunswick Corporation and its consolidated subsidiaries unless the context specifically states or implies otherwise. Brunswick Corporation is a global leader in marine recreation, delivering innovation that transforms experiences on the water and beyond. Our unique, technology-driven solutions are informed and inspired by deep consumer insights and powered by our belief that "Next Never Rests." We design, manufacture, and market recreational marine products, including leading marine propulsion products and boats, as well as parts and accessories for the marine and RV markets, and we operate the world's largest boat club. We are dedicated to industry leadership, to being the best and most trusted partner to our many customers, and to building synergies and ecosystems that enable us to challenge convention and define the future. Incorporated in Delaware on December 31, 1907, Brunswick has traded on the New York Stock Exchange for nearly 100 years. Our strategy is focused on: Understanding and addressing the changing needs and behaviors of global boating participants; Investing in innovative, global product leadership and leveraging our leading brands to meet consumer needs; Delivering distinctive, elevated ownership and shared-access experiences that expand boating participation; Being the partner of choice to our customers by offering integrated technical and business solutions; Engaging consumers with the richest, most intuitive digital experiences; Leading the industry in Autonomy, Connectivity, Electrification, and Shared Access (ACES) strategies, with an expanding set of commercially available products in each category; Unlocking unique and profound enterprise synergies; Investing in increasing global business resiliency; Being an acknowledged marine industry leader in sustainability; and Being an employer of choice through our clear

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View this 10-K filing on SEC EDGAR