BRUNSWICK CORPBC
BRUNSWICK CORP Segments Disclosure
Segment Information
The Company's segments are defined by management's reporting structure and operating activities. The Company's reportable segments are the following:
Propulsion. The Propulsion segment manufactures and markets a full range of outboard, sterndrive, and inboard engines, as well as propulsion-related controls, rigging, and propellers. These products are principally sold directly to boat builders, including Brunswick's Boat segment, and through marine retail dealers worldwide. The Propulsion segment primarily markets under the Mercury, Mercury MerCruiser, Mariner, Mercury Racing, Mercury Diesel, Avator and Fliteboard brands. The segment's engine manufacturing plants are located mainly in the United States and China, along with a joint venture in Japan, with sales mainly to markets in the Americas, Europe and Asia-Pacific.
Engine P&A. The Engine P&A segment manufactures, markets, supplies and distributes products for both marine and non-marine markets. These products are designed for and sold mostly to aftermarket retailers, distributors, and distribution businesses, as well as original equipment manufacturers (including Brunswick brands). Company-branded products include consumables, such as engine oils and lubricants, and are sold under the Mercury, Mercury Precision Parts, Quicksilver and Seachoice brands. The Engine P&A segment also includes distribution businesses such as Land 'N' Sea, Kellogg Marine Supply, Lankhorst Taselaar, BLA and Payne's Marine Group, which distribute third party and Company products. These businesses are leading distributors of marine parts and accessories throughout North America, Europe and Asia-Pacific. The segment's manufacturing and distribution facilities are primarily located in North America, Europe, Australia and New Zealand.
Navico Group. The Navico Group segment designs, develops, manufactures, and markets products and systems for the marine, RV, specialty vehicle, mobile and industrial markets, as well as aftermarket channels. Navico Group's brand portfolio includes the Ancor, Attwood, B&G, BEP, Blue Sea Systems, C-MAP, CZone, Lenco, Lowrance, Marinco, Mastervolt, MotorGuide, Progressive Industries, ProMariner, Simrad and Whale brand names. These brands span multiple categories, including marine electronics, sensors, control systems, instruments, power systems and general accessories. The segment's manufacturing and distribution facilities are primarily located in North America, Europe, Australia and New Zealand.
Boat. The Boat segment designs, manufactures, and markets the following boat brands and products: Sea Ray sport boats and cruisers; Bayliner sport cruisers, runabouts, and Heyday wake boats; Boston Whaler fiberglass offshore boats; Lund fiberglass fishing boats; Crestliner, Harris, Lowe, Lund, and Princecraft aluminum fishing, utility, pontoon boats, and deck boats; Navan premium exploration boats; and Thunder Jet and Lund heavy-gauge aluminum boats. The Boat segment also includes Brunswick boat brands based in Europe and Asia-Pacific, which include Quicksilver, Rayglass (including Protector and Legend) and Uttern. The Boat segment procures substantially all of its engines from Brunswick's Propulsion segment, and boats typically incorporate a significant volume of parts and accessories supplied by the Engine P&A and Navico Group segments. The Boat segment's products are manufactured mainly in the United States, Europe, Mexico and Canada and sold through a global network of dealer and distributor locations, primarily in North America and Europe.
The Boat segment also includes Business Acceleration which, through innovative service models, shared-access solutions, including the Freedom Boat Club business acquired in 2019, dealer services and emerging technology, aims to provide exceptional experiences to attract a wide range of customers to the marine industry and shape the future of boating.
Brunswick Corporation’s chief operating decision maker (CODM) is the Chief Executive Officer. The CODM uses operating earnings to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget and forecasting process. The CODM considers forecast-to-actual variances when making decisions about allocating capital and personnel to the segments. The CODM also uses segment operating earnings for evaluating product pricing and cost structure, to assess the performance of each segment by comparing the results with one another, and in the compensation of certain employees. Segment operating earnings do not include the expenses of corporate administration, impairments or gains on the sale of equity investments, earnings from unconsolidated affiliates, other expenses and income of a non-operating nature, transaction financing charges, interest expense and income or provisions or benefits for income taxes.
Corporate/Other results include items such as corporate staff and administrative costs, investments in technology solutions, business development and other growth-related expenses, including IT enhancements. Corporate/Other total assets consist of mainly cash, cash equivalents and investments in short-term marketable securities, restricted cash, income tax balances and investments in unconsolidated affiliates.
Segment eliminations adjust for sales between the Company's reportable segments and primarily relate to the sale of engines and parts and accessories to various boat brands, which are consummated at established arm's length transfer prices as the intersegment pricing for these engines and parts and accessories are based upon and consistent with selling prices to third-party customers.
Information about the operations of Brunswick's reportable and geographic segments is set forth below:
For the Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
| (in millions) | Propulsion | Engine P&A | Navico Group | Boat | Corporate/Other | Total | |||||||||||||||||||||||||||||
Net sales (A) | $ | 1,908.1 | $ | 1,210.1 | $ | 720.5 | $ | 1,524.1 | $ | — | $ | 5,362.8 | |||||||||||||||||||||||
Cost of sales (B) | 1,449.1 | 870.1 | 461.0 | 1,269.6 | — | 4,049.8 | |||||||||||||||||||||||||||||
Operating expenses (C) | 266.0 | 119.7 | 599.1 | 222.3 | 146.6 | 1,353.7 | |||||||||||||||||||||||||||||
| Operating (loss) earnings | $ | 193.0 | $ | 220.3 | $ | (339.6) | $ | 32.2 | $ | (146.6) | $ | (40.7) | |||||||||||||||||||||||
(A) Net sales includes $269.1 million, $7.4 million, $79.9 million and $1.1 million of segment eliminations for the Propulsion, Engine P&A , Navico Group and Boat reportable segments, respectively.
(B) Includes $19.2 million of Cost of sales related Restructuring, exit, and impairment charges.
(C) Includes $851.1 million of Selling, general and administrative expense, $168.7 million of Research and development expense and $333.9 million of Restructuring, exit, and impairment charges.
For the Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| (in millions) | Propulsion | Engine P&A | Navico Group | Boat | Corporate/Other | Total | |||||||||||||||||||||||||||||
Net sales (A) | $ | 1,809.0 | $ | 1,154.5 | $ | 720.1 | $ | 1,553.5 | $ | — | $ | 5,237.1 | |||||||||||||||||||||||
Cost of sales (B) | 1,315.0 | 826.3 | 471.5 | 1,288.2 | — | 3,901.0 | |||||||||||||||||||||||||||||
Operating expenses (C) | 251.4 | 108.3 | 349.2 | 202.0 | 113.6 | 1,024.5 | |||||||||||||||||||||||||||||
| Operating (loss) earnings | $ | 242.6 | $ | 219.9 | $ | (100.6) | $ | 63.3 | $ | (113.6) | $ | 311.6 | |||||||||||||||||||||||
(A) Net sales includes $265.2 million, $6.3 million, and $80.1 million of segment eliminations for the Propulsion, Engine P&A, and Navico Group reportable segments, respectively.
(B) Includes $14.7 million of Cost of sales related Restructuring, exit, and impairment charges.
(C) Includes $747.9 million of Selling, general and administrative expense, $169.6 million of Research and development expense and $107.0 million of Restructuring, exit, and impairment charges.
For the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
| (in millions) | Propulsion | Engine P&A | Navico Group | Boat | Corporate/Other | Total | |||||||||||||||||||||||||||||
Net sales (A) | $ | 2,406.5 | $ | 1,192.7 | $ | 813.5 | $ | 1,988.7 | $ | — | $ | 6,401.4 | |||||||||||||||||||||||
Cost of sales (B) | 1,643.2 | 856.9 | 512.6 | 1,612.6 | — | 4,625.3 | |||||||||||||||||||||||||||||
Operating expenses (C) | 268.6 | 118.4 | 295.7 | 220.5 | 138.0 | 1,041.2 | |||||||||||||||||||||||||||||
| Operating (loss) earnings | $ | 494.7 | $ | 217.4 | $ | 5.2 | $ | 155.6 | $ | (138.0) | $ | 734.9 | |||||||||||||||||||||||
(A) Net Sales includes $357.3 million, $7.1 million, $101.2 million, and $0.7 million of segment eliminations for the Propulsion, Engine P&A, Navico Group and Boat reportable segments, respectively.
(B) Includes $10.9 million of Cost of sales related Restructuring, exit, and impairment charges.
(C) Includes $812.2 million of Selling, general and administrative expense, $185.2 million of Research and development expense and $43.8 million of Restructuring, exit, and impairment charges.
| Depreciation | Amortization | ||||||||||||||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||
| Propulsion | $ | 122.9 | $ | 127.0 | $ | 124.3 | $ | 7.4 | $ | 8.7 | $ | 4.7 | |||||||||||||||||||||||
| Engine P&A | 16.6 | 16.9 | 15.2 | 1.0 | 0.9 | 0.7 | |||||||||||||||||||||||||||||
| Navico Group | 11.9 | 12.3 | 12.3 | 59.4 | 55.9 | 55.7 | |||||||||||||||||||||||||||||
| Boat | 57.9 | 52.8 | 49.0 | 6.0 | 5.8 | 5.0 | |||||||||||||||||||||||||||||
| Corporate/Other | 4.8 | 5.0 | 3.5 | 4.6 | 3.5 | 2.5 | |||||||||||||||||||||||||||||
| Total | $ | 214.1 | $ | 214.0 | $ | 204.3 | $ | 78.4 | $ | 74.8 | $ | 68.6 | |||||||||||||||||||||||
| Total assets | Capital expenditures | Research and development expense | |||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||
| Propulsion | $ | 1,381.0 | $ | 1,507.3 | $ | 77.6 | $ | 81.4 | $ | 157.1 | $ | 87.7 | $ | 88.2 | $ | 99.6 | |||||||||||||||||||||||||||||||
| Engine P&A | 861.3 | 803.5 | 14.9 | 8.4 | 17.9 | 0.9 | 1.3 | 1.4 | |||||||||||||||||||||||||||||||||||||||
| Navico Group | 1,524.4 | 1,877.6 | 14.0 | 21.8 | 26.3 | 47.1 | 46.6 | 48.0 | |||||||||||||||||||||||||||||||||||||||
| Boat | 893.9 | 868.3 | 52.4 | 47.3 | 72.3 | 28.8 | 25.2 | 26.9 | |||||||||||||||||||||||||||||||||||||||
| Corporate/Other | 651.6 | 621.0 | 6.9 | 8.5 | 15.7 | 4.2 | 8.3 | 9.3 | |||||||||||||||||||||||||||||||||||||||
| Total | $ | 5,312.2 | $ | 5,677.7 | $ | 165.8 | $ | 167.4 | $ | 289.3 | $ | 168.7 | $ | 169.6 | $ | 185.2 | |||||||||||||||||||||||||||||||
| Net sales | Net property | ||||||||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | 2025 | 2024 | ||||||||||||||||||||||||
| United States | $ | 3,614.4 | $ | 3,547.6 | $ | 4,449.8 | $ | 1,097.9 | $ | 1,146.3 | |||||||||||||||||||
| International | 1,748.4 | 1,689.5 | 1,951.6 | 109.9 | 105.2 | ||||||||||||||||||||||||
| Total | $ | 5,362.8 | $ | 5,237.1 | $ | 6,401.4 | $ | 1,207.8 | $ | 1,251.5 | |||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 16, 2021 | |
| 2019 | Feb 18, 2020 | |
| 2018 | Feb 19, 2019 | |
| 2017 | Feb 20, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 17, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.