BRUNSWICK CORP

Previous wording

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. Refer to Item 1A. Risk Factors for further details.

Current wording

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.

Previous wording

Net sales decreased 11 percent during the first quarter of 2025 when compared with the first quarter of 2024, as the impact of continued lower wholesale ordering by dealers and OEMs and prudent pipeline management throughout the channel was only partially offset by modest annual price increases and benefits from well-received new products. Our Propulsion segment delivered sequentially improved sales and operating earnings versus the fourth quarter of 2024, although below first quarter 2024 levels, as anticipated. Sales to U.S. boat OEMs were strong as our customer builders increased production levels ahead of the primary retail season and engine pipelines remain at appropriate levels. Our Engine Parts and Accessories (Engine P&A) segment had another strong quarter, with solid year-over-year operating earnings and operating margin growth despite slightly lower sales. This primarily aftermarket-based business continues to derive its success from stable boating participation and the world's largest marine distribution network, which delivered sales growth of 2 percent through continued distribution market share gains resulting from our ability to support same day or next day deliveries to most locations in the world. Our Navico Group segment had flat sales and slightly lower operating earnings versus the first quarter of 2024 as aftermarket sales to dealers and retailers remained strong, but OEM orders were pressured. Navico Group delivered sequential sales growth versus fourth quarter 2024 as its recently launched new products continue to gain momentum and market acceptance. Our Boat segment had sales and operating earnings below the first quarter of 2024, consistent with lower planned wholesale shipments, but sales grew mid-single digits versus fourth quarter 2024 as anticipated. Our international net sales decreased 10 percent and 6 percent in the first quarter on a GAAP and constant currency basis, respectively.

Current wording

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.

Previous wording

Operating earnings in the first quarter of 2025 were $56.3 million and $72.1 million on a GAAP and As Adjusted basis, respectively. This compares to operating earnings during the first quarter of 2024 of $110.6 million and $141.5 million on a GAAP and As Adjusted basis, respectively. Operating earnings were down versus prior year as a result of the impact of lower sales, lower absorption from decreased production levels, and the negative impact of changes in foreign currency exchange rates, partially offset by new product momentum, annual price increases and ongoing cost control measures throughout the enterprise.

Current wording

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.

Previous wording

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 23 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.

Current wording

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.

Previous wording

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

Current wording

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:

Previous wording

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 months ended March 29, 2025 when compared with the same prior year comparative period:

Current wording

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:

Previous wording

(A) We incurred non-recurring costs related to the 2023 IT security incident during the three months ended March 30, 2024.

Current wording

(A) We incurred non-recurring costs related to the 2023 IT security incident during the six months ended June 29, 2024.

Previous wording

Net sales decreased 11 percent during the first quarter when compared with the same prior year period. The components of the consolidated net sales change were as follows:

Current wording

Net sales increased slightly during the second quarter of 2025 and decreased 5 percent during the first half of 2025 when compared with the same prior year periods. The components of the consolidated net sales change were as follows:

Previous wording

Gross margin decreased 250 basis points in the first quarter of 2025 when compared to the same prior year period, driven by lower absorption from decreased production levels (240 bps), increased warranty costs (130 bps), sales-related drivers (50 bps), and foreign currency exchange-rate fluctuations (40 bps), partially offset by favorable labor costs (200 bps) and acquisitions (10 bps).

Current wording

Gross margin decreased 200 basis points in the first half of 2025 when compared to the same prior year period, driven by lower absorption from decreased production levels (170 bps), material inflation (100 bps), and foreign currency exchange-rate fluctuations (40 bps), partially offset by favorable labor costs (100 bps) and acquisitions (10 bps).

Previous wording

Selling, general and administrative expense as a percentage of net sales increased 210 basis points during the first quarter of 2025 when compared with the same prior year period due to lower sales. Research and development expense decreased in the first quarter of 2025 versus the same period in 2024.

Current wording

Selling, general and administrative expense as a percentage of net sales increased 240 basis points during the second quarter of 2025 when compared with the same prior year period due to reinstatement of variable compensation. Research and development expense slightly decreased in the second quarter of 2025 versus the same period in 2024.

Previous wording

We recorded Restructuring, exit and impairment charges of $1.1 million and $13.5 million during the three months ended March 29, 2025 and March 30, 2024 respectively. First quarter 2025 actions are not expected to result in material annualized cost savings. Refer to Note 3 – Restructuring, Exit and Impairment Activities in the Notes to Condensed Consolidated Financial Statements for further information.

Current wording

We recorded Restructuring, exit and impairment charges of $8.0 million and $9.1 million during the three and six months ended June 28, 2025, respectively. We recorded Restructuring, exit and impairment charges of $7.9 million and $21.4 million during the three and six months ended June 29, 2024, respectively. First half 2025 actions are not expected to result in material annualized cost savings. Refer to Note 3 – Restructuring, Exit and Impairment Activities in the Notes to Condensed Consolidated Financial Statements for further information.

Previous wording

We recorded Equity earnings of $2.2 million and $2.5 million in the three months ended March 29, 2025 and March 30, 2024, respectively, which were primarily related to our marine and technology-related joint ventures.

Current wording

We recorded Equity earnings of $1.7 million and $3.9 million in the three and six months ended June 28, 2025, respectively, which were primarily related to our marine and technology-related joint ventures. This compares with Equity earnings of $2.9 million and $5.4 million in the three and six months ended June 29, 2024, respectively.

Previous wording

We recognized $1.3 million and $0.0 million of Other income, net in the three months ended March 29, 2025 and March 30, 2024, respectively. Other income, net primarily includes remeasurement gains and losses resulting from changes in foreign currency rates and other postretirement benefit costs.

Current wording

We recognized $(1.4) million and $(0.1) million of Other expense, net in the three and six months ended June 28, 2025, respectively. This compares with $(0.8) million of Other expense, net in the three and six months ended June 29, 2024, respectively. Other expense, net primarily includes remeasurement gains and losses resulting from changes in foreign currency rates and other postretirement benefit costs.

Previous wording

Net interest expense increased for the three months ended March 29, 2025 when compared with the same prior year period due to an increase in average daily debt outstanding, which was influenced by the timing of debt issuances. We also recognized a loss on early extinguishment of debt related to the redemption of our 2049 Notes. Refer to Note 12 – Debt in the Notes to Condensed Consolidated Financial Statements and Note 14 – Debt in the Notes to Consolidated Financial Statements in the 2024 Form 10-K.

Current wording

Net interest expense increased for the three and six months ended June 28, 2025 when compared with the same prior year period due to lower interest income. We also recognized a loss on early extinguishment of debt during the six months ended June 28, 2025, related to the redemption of our 2049 Notes. Refer to Note 12 – Debt in the Notes to Condensed Consolidated Financial Statements and Note 14 – Debt in the Notes to Consolidated Financial Statements in the 2024 Form 10-K.

Previous wording

We recognized an Income tax provision for the three months ended March 29, 2025 of $7.9 million, compared to $18.6 million, for the three months ended March 30, 2024. The decrease in the Income tax provision for the three months ended March 29, 2025 is primarily due to lower pretax income. We have also evaluated the effects of Pillar Two legislation and concluded that the tax effects are not material to the financial statements. Refer to Note 11 – Income Taxesin the Notes to Condensed Consolidated Financial Statements for further information.

Current wording

We recognized an Income tax provision for the three and six months ended June 28, 2025 of $15.7 million and $23.6 million compared to $27.7 million and $46.3 million for the three and six months ended June 29, 2024, respectively. The decrease in the Income tax provision for the three and six months ended June 28, 2025 is due to lower pretax income. We have also evaluated the effects of Pillar Two legislation and concluded that the tax effects are not material to the financial statements.

Previous wording

The effective tax rate, which is calculated as the Income tax provision as a percentage of Earnings before income taxes, was 28.1 percent and 21.4 percent for the three months ended March 29, 2025 and March 30, 2024, respectively.

Current wording

The effective tax rate, which is calculated as the Income tax provision as a percentage of Earnings before income taxes, was 20.8 percent and 22.8 percent for the three and six months ended June 28, 2025, respectively. The effective tax rate for the three and six months ended June 29, 2024, was 20.9 percent and 21.1 percent, respectively. Refer to Note 11 – Income Taxesin the Notes to Condensed Consolidated Financial Statements for further information.

Previous wording

Due to the factors described in the preceding paragraphs, Operating earnings, Net earnings from continuing operations, and Diluted earnings per common share from continuing operations decreased during the three months ended March 29, 2025 when compared with the same prior year period.

Current wording

Due to the factors described in the preceding paragraphs, Operating earnings, Net earnings from continuing operations, and Diluted earnings per common share from continuing operations decreased during both the three and six months ended June 28, 2025 when compared with the same prior year period.

Previous wording

The following table sets forth Propulsion segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the three months ended:

Current wording

The following table sets forth Propulsion segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the three and six months ended:

Previous wording

Propulsion segment's net sales decreased in the first quarter of 2025 compared to the first quarter of 2024, primarily resulting from continued pipeline management and overall lower wholesale shipments to OEM boat builder customers.

Current wording

Propulsion segment's net sales decreased in the first half of 2025 versus 2024 as the second quarter increase only partially offset first quarter impacts from pipeline management and lower wholesale shipments to OEM boat builder customers.

Previous wording

International sales were 38 percent of the Propulsion segment's net sales in the first quarter of 2025 and decreased 6 percent from the prior year on a GAAP basis. On a constant currency basis, international sales decreased 1 percent.

Current wording

International sales were 38 percent of Propulsion segment's net sales in the first half of 2025 and increased 1 percent from the prior year on a GAAP basis. On a constant currency basis, international sales increased 3 percent.

Previous wording

Propulsion segment's operating earnings in the first quarter of 2025 decreased when compared to the first quarter of 2024, due to the impact of sales declines and lower absorption from decreased production levels, partially offset by cost control measures.

Current wording

Propulsion segment's operating earnings in the second quarter of 2025 decreased when compared to the second quarter of 2024 due to the impact of the reinstatement of variable compensation, lower absorption from decreased production levels, and tariffs partially offset by cost control measures and the benefits from the increased sales.

Previous wording

The following table sets forth Engine P&A segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the three months ended:

Current wording

The following table sets forth Engine P&A segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the three and six months ended:

Previous wording

International sales were 29 percent of the Engine P&A segment's net sales in the first quarter of 2025 and decreased 10 percent from the prior year on a GAAP basis. On a constant currency basis, international sales decreased 6 percent.

Current wording

International sales were 27 percent of the Engine P&A segment's net sales in the second quarter of 2025 and increased 1 percent from the prior year on a GAAP basis. On a constant currency basis, international sales were flat to prior year.

Previous wording

The following table sets forth Navico Group segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the three months ended:

Current wording

The following table sets forth Navico Group segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the three and six months ended:

Previous wording

Navico Group segment's operating earnings in the first quarter of 2025 decreased when compared to the first quarter of 2024 due to the impact from lower sales.

Current wording

Navico Group segment's operating earnings in the second quarter of 2025 decreased when compared to the second quarter of 2024 due to the impact from lower sales, tariffs, and the variable compensation reset.

Previous wording

The following table sets forth Boat segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the three months ended:

Current wording

The following table sets forth Boat segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the three and six months ended:

Previous wording

Boat segment's net sales decreased in the first quarter of 2025 compared to the first quarter of 2024, resulting from anticipated cautious wholesale ordering patterns by dealers, which was only partially offset by the favorable impact of modest model-year price increases.

Current wording

Boat segment's net sales decreased in the second quarter of 2025 compared to the second quarter of 2024, resulting from anticipated cautious wholesale ordering patterns by dealers, which was only partially offset by the favorable impact of modest model-year price increases.

Previous wording

International sales were 20 percent of the Boat segment's net sales in the first quarter of 2025 and decreased 20 percent from the prior year on a GAAP basis. On a constant currency basis, international sales decreased by 18 percent.

Current wording

International sales were 19 percent of the Boat segment's net sales in the first half of 2025 and decreased 20 percent from the prior year on a GAAP basis. On a constant currency basis, international sales decreased by 19 percent.

Previous wording

Boat segment's operating earnings in the first quarter of 2025 decreased when compared to the first quarter of 2024, as the impact of the net sales declines and lower absorption from the reduced production was only partially offset by pricing and continued cost control measures.

Current wording

Boat segment's operating earnings in the second quarter of 2025 decreased when compared to the second quarter of 2024, as the impact of the net sales declines and the variable compensation reset were only partially offset by pricing and continued cost control measures.

Previous wording

The following table sets forth Corporate/Other results and a reconciliation to our non-GAAP measure of adjusted operating loss for the three months ended:

Current wording

The following table sets forth Corporate/Other results and a reconciliation to our non-GAAP measure of adjusted operating loss for the three and six months ended:

Previous wording

Corporate operating loss in the first quarter of 2025 is flat compared to thefirst quarter of 2024.

Current wording

Corporate operating loss in the second quarter of 2025 increased compared to the second quarter of 2024 due to the impact of reinstated variable compensation.

Previous wording

The following table sets forth an analysis of free cash flow for the three months ended:

Current wording

The following table sets forth an analysis of free cash flow for the six months ended:

Previous wording

Net cash used for operating activities of continuing operations in the three months ended March 29, 2025 totaled $13.4 million compared to $148.1 million in the three months ended March 30, 2024. The improvement is primarily due to less working capital usage. Working capital is defined as Accounts and notes receivable, Inventories and Prepaid expenses and other, net of Accounts payable and Accrued expenses as presented in the Condensed Consolidated Balance Sheets, excluding the impact of acquisitions and non-cash adjustments.

Current wording

Net cash provided by operating activities of continuing operations in the six months ended June 28, 2025 totaled $309.1 million compared to $67.6 million in the six months ended June 29, 2024. The improvement is primarily due to less working capital usage. Working capital is defined as Accounts and notes receivable, Inventories and Prepaid expenses and other, net of Accounts payable and Accrued expenses as presented in the Condensed Consolidated Balance Sheets, excluding the impact of acquisitions and non-cash adjustments.

Previous wording

The primary drivers of net cash used for operating activities of continuing operations in the three months ended March 29, 2025 was working capital partially offset by net earnings, net of non-cash items. Accounts and notes receivable increased $116.1 million, primarily due to the timing of collections and inventory increased $52.2 million due to seasonal inventory build.

Current wording

The primary drivers of net cash provided by operating activities of continuing operations in the six months ended June 28, 2025 was net earnings, net of non-cash items, and working capital. Accrued expenses increased $84.4 million, due to reinstatement of variable compensation, Accounts payable increased $22.0 million, due to timing of payments, inventory decreased $11.4 million due to reduced production, and Accounts and notes receivable increased $56.7 million, primarily due to higher sales and timing of collections.

Previous wording

Net cash used for investing activities was $35.0 million and primarily related to $37.7 million of capital expenditures. Our capital spending was focused on investments in new products and technologies.

Current wording

Net cash used for investing activities was $70.0 million and primarily related to $82.6 million of capital expenditures. Our capital spending was focused on investments in new products and technologies.

Previous wording

Net cash provided by financing activities was $77.9 million and primarily related to proceeds from issuances of short-term debt partially offset by payments of long-term debt including current maturities, common stock repurchases and cash dividends paid to common shareholders.

Current wording

Net cash used for financing activities was $181.0 million and primarily related to repayments of short-term debt, repayments of long-term debt, dividends paid to common shareholders and common stock repurchases, partially offset by the net proceeds from issuances of short-term debt.

Previous wording

Cash, cash equivalents and mark etable securities totaled $287.5 millionas of March 29, 2025, an increase of $17.7 million from $269.8 million as of December 31, 2024, and a decrease of $261.7 million from $549.2 million as of March 30, 2024. Total debt as of March 29, 2025, December 31, 2024 and March 30, 2024 was $2,484.1 million, $2,340.6 million and $2,827.3 million, respectively. Our debt-to-capitalization ratio was 57 percentas of March 29, 2025 compared to 55 percent at December 31, 2024 and 58 percent as of March 30, 2024.

Current wording

Cash, cash equivalents and mark etable securities totaled $316.5 millionas of June 28, 2025, an increase of $46.7 million from $269.8 million as of December 31, 2024, and a decrease of $260.5 million from $577.0 million as of June 29, 2024. Total debt as of June 28, 2025, December 31, 2024 and June 29, 2024 was $2,274.1 million, $2,340.6 million and $2,827.1 million, respectively. Our debt-to-capitalization ratio was 54 percentas of June 28, 2025 compared to 55 percent at December 31, 2024 and 58 percent as of June 29, 2024.

Previous wording

There were no borrowings under the Revolving Credit Agreement (Credit Facility) during the three months ended March 29, 2025 and we did not have any borrowings outstanding as of March 29, 2025. Available borrowing capacity under the Credit Facility as of March 29, 2025 totaled $997.0 million, net of $3.0 million of letters of credit outstanding. During the three months ended March 29, 2025, the maximum amount utilized under the CP Program was $445.5 million, and as of March 29, 2025, the Company had $380.0 million of borrowings outstanding under the CP Program. Refer to Note 12 – Debt in the Notes to Condensed Consolidated Financial Statements and Note 14 - Debt in the Notes to Consolidated Financial Statements in the 2023 Form 10-K, for further details.

Current wording

There were no borrowings under the Revolving Credit Agreement (Credit Facility) during the six months ended June 28, 2025 and we did not have any borrowings outstanding as of June 28, 2025. Available borrowing capacity under the Credit Facility as of June 28, 2025 totaled $997.0 million, net of $3.0 million of letters of credit outstanding. During the six months ended June 28, 2025, the maximum amount utilized under the CP Program was $445.5 million, and as of June 28, 2025, the Company had $170.0 million of borrowings outstanding under the CP Program. Refer to Note 12 – Debt in the Notes to Condensed Consolidated Financial Statements and Note 14 - Debt in the Notes to Consolidated Financial Statements in the 2024 Form 10-K, for further details.

Previous wording

Recent accounting pronouncements that have been adopted during the three months ended March 29, 2025, or will be adopted in future periods, are included in Note 1 – Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements.

Current wording

Recent accounting pronouncements that have been adopted during the six months ended June 28, 2025, or will be adopted in future periods, are included in Note 1 – Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements.

Previous wording

Certain statements in this Quarterly Report on Form 10-Q 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 report. These risks include, but are not limited to: the effect of adverse general economic conditions, including rising interest rates, and the amount of disposable income consumers have available for discretionary spending; changes in currency exchange rates; changes to trade policy and tariffs, including retaliatory tariffs; fiscal and monetary policy changes; adverse capital market conditions; competitive pricing pressures; higher energy and fuel costs; managing our manufacturing footprint and operations; loss of key customers; international business risks, geopolitical tensions or conflicts, sanctions, embargoes, or other regulations; actual or anticipated increases in costs, disruptions of supply, or defects in raw materials, parts, or components we purchase from third parties; supplier manufacturing constraints, increased demand for shipping carriers, and transportation disruptions; adverse weather conditions, climate change events and other catastrophic event risks; our ability to develop new and innovative products and services at a competitive price; absorbing fixed costs in production; our ability to meet demand in a rapidly changing environment; public health emergencies or pandemics; risks associated with joint ventures that do not operate solely for our benefit; our ability to successfully implement our strategic plan and growth initiatives; attracting and retaining skilled labor, implementing succession plans for key leadership, and executing organizational and leadership changes; our ability to integrate acquisitions and the risk for associated disruption to our business; the risk that restructuring or strategic divestitures will not provide business benefits; our ability to identify and complete targeted acquisitions; maintaining effective distribution; dealer and customer ability to access adequate financing; inventory reductions by dealers, retailers, or independent boat builders; requirements for us to repurchase inventory; risks related to the Freedom Boat Club franchise business model; outages, breaches, or other cybersecurity events regarding our technology systems, which have affected and could further affect manufacturing and business op…

Excerpt shortened here; the source contains the full paragraph.

Current wording

Certain statements in this Quarterly Report on Form 10-Q 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 report. These risks include, but are not limited to: the effect of adverse general economic conditions, including rising interest rates, and the amount of disposable income consumers have available for discretionary spending; changes to trade policy and tariffs, including retaliatory tariffs; changes in currency exchange rates; fiscal and monetary policy changes; adverse capital market conditions; competitive pricing pressures; higher energy and fuel costs; managing our manufacturing footprint and operations; loss of key customers; international business risks, geopolitical tensions or conflicts, sanctions, embargoes, or other regulations; actual or anticipated increases in costs, disruptions of supply, or defects in raw materials, parts, or components we purchase from third parties; supplier manufacturing constraints, increased demand for shipping carriers, and transportation disruptions; adverse weather conditions, climate change events and other catastrophic event risks; our ability to develop new and innovative products and services at a competitive price; absorbing fixed costs in production; our ability to meet demand in a rapidly changing environment; public health emergencies or pandemics; our ability to successfully implement our strategic plan and growth initiatives; attracting and retaining skilled labor, implementing succession plans for key leadership, and executing organizational and leadership changes; our ability to integrate acquisitions and the risk for associated disruption to our business; the risk that restructuring or strategic divestitures will not provide business benefits; our ability to identify and complete targeted acquisitions; maintaining effective distribution; dealer and customer ability to access adequate financing; inventory reductions by dealers, retailers, or independent boat builders; requirements for us to repurchase inventory; risks related to the Freedom Boat Club franchise business model; outages, breaches, or other cybersecurity events regarding our technology systems, which have affected and could further affect manufacturing and business operations and could result in lost or stolen information and associated remediatio…

Excerpt shortened here; the source contains the full paragraph.