Delaware | 001-01043 | 36-0848180 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
26125 N. Riverwoods Blvd., Suite 500, Mettawa, Illinois | 60045-3420 | |
(Address of Principal Executive Offices) | (Zip Code) |
BRUNSWICK CORPORATION | |||
Dated: February 1, 2018 | By: | /S/ DANIEL J. TANNER | |
Daniel J. Tanner | |||
Vice President and Controller | |||
Exhibit No. | Description of Exhibit | |
99.1 | News Release, dated February 1, 2018, of Brunswick Corporation, announcing its fourth quarter and full-year 2017 earnings. |
![]() | ![]() |
Brunswick Corporation 26125 N. Riverwoods Blvd., Suite 500, Mettawa, IL 60045 | |
Telephone 847.735.4700 Facsimile 847.735.4750 |
Release: | IMMEDIATE | |
Contact: | Ryan Gwillim | |
Vice President - Investor Relations | ||
Phone: | 847-735-4926 | |
Contact: | Daniel Kubera | |
Director - Media Relations and Corporate Communications | ||
Phone: | 847-735-4617 | |
Email: | daniel.kubera@brunswick.com |
• | Consolidated net sales increased 9 percent versus 2016. Net sales increased 14 percent in the Boat segment and 8 percent in the Marine Engine segment. |
• | On a GAAP basis, operating earnings decreased by 13 percent. Adjusted operating earnings were up 5 percent versus the prior period. |
• | On a GAAP basis, diluted EPS of $2.08 decreased by $0.88 or 30 percent compared to the prior year. Diluted EPS, as adjusted, was $3.89, up $0.43 or 12 percent versus 2016. |
Full-Year | ||||||||||||||||
Operating Earnings (Loss) | Diluted Earnings (Loss) Per Share | |||||||||||||||
$ millions | 2017 | 2016 | 2017 | 2016 | ||||||||||||
GAAP | $ | 354.9 | $ | 406.9 | $ | 2.08 | $ | 2.96 | ||||||||
Pension Settlement Charge | 96.6 | 55.1 | 0.69 | 0.38 | ||||||||||||
Restructuring, Exit, Integration, and Impairment Charges | 36.6 | 15.2 | 0.26 | 0.10 | ||||||||||||
Product Field Campaigns Charge | 13.5 | - | 0.10 | - | ||||||||||||
Special Tax Items | - | - | 0.76 | 0.02 | ||||||||||||
As Adjusted | $ | 501.6 | $ | 477.2 | $ | 3.89 | $ | 3.46 | ||||||||
Percent Increase | 5 | % | 12 | % | ||||||||||||
Adjusted Operating Margin | 11.1 | % | 11.5 | % | ||||||||||||
GAAP Operating Margin | 7.9 | % | 9.8 | % |
Quarter Ended | ||||||||||||||||
Operating Earnings (Loss) | Diluted Earnings (Loss) Per Share | |||||||||||||||
$ millions | Q4 2017 | Q4 2016 | Q4 2017 | Q4 2016 | ||||||||||||
GAAP | $ | (33.4 | ) | $ | 26.9 | $ | (1.02 | ) | $ | 0.18 | ||||||
Pension Settlement Charge | 96.6 | 55.1 | 0.70 | 0.38 | ||||||||||||
Restructuring, Exit, Integration, and Impairment Charges 1 | 16.7 | 6.4 | 0.12 | 0.04 | ||||||||||||
Product Field Campaigns Charge | 13.5 | - | 0.10 | - | ||||||||||||
Special Tax Items | - | - | 0.80 | 0.06 | ||||||||||||
As Adjusted | $ | 93.4 | $ | 88.4 | $ | 0.70 | $ | 0.66 | ||||||||
Percent Increase | 6% | 6% | ||||||||||||||
Adjusted Operating Margin | 8.6 | % | 9.0 | % | ||||||||||||
GAAP Operating Margin | (3.1 | )% | 2.7 | % |
Brunswick Corporation Comparative Condensed Consolidated Statements of Operations (in millions, except per share data) (unaudited) | ||||||||||
Three Months Ended | ||||||||||
December 31, 2017 | December 31, 2016 | % Change | ||||||||
Net sales | $ | 1,090.9 | $ | 986.3 | 11 | % | ||||
Cost of sales | 819.2 | 719.4 | 14 | % | ||||||
Selling, general and administrative expense | 156.0 | 145.2 | 7 | % | ||||||
Research and development expense | 35.8 | 33.3 | 8 | % | ||||||
Pension settlement charge | 96.6 | 55.1 | 75 | % | ||||||
Restructuring, exit, integration and impairment charges | 16.7 | 6.4 | NM | |||||||
Operating earnings (loss) | (33.4 | ) | 26.9 | NM | ||||||
Equity earnings | 0.9 | 1.1 | -18 | % | ||||||
Other income, net | 1.0 | 0.7 | 43 | % | ||||||
Earnings (loss) before interest and income taxes | (31.5 | ) | 28.7 | NM | ||||||
Interest expense | (6.6 | ) | (6.6 | ) | 0 | % | ||||
Interest income | 0.8 | 0.6 | 33 | % | ||||||
Earnings (loss) before income taxes | (37.3 | ) | 22.7 | NM | ||||||
Income tax provision | 53.1 | 6.0 | NM | |||||||
Net earnings (loss) from continuing operations | (90.4 | ) | 16.7 | NM | ||||||
Net earnings (loss) from discontinued operations, net of tax | (26.5 | ) | 1.0 | NM | ||||||
Net earnings (loss) | $ | (116.9 | ) | $ | 17.7 | NM | ||||
Earnings (loss) per common share: | ||||||||||
Basic | ||||||||||
Earnings (loss) from continuing operations | $ | (1.02 | ) | $ | 0.19 | |||||
Earnings (loss) from discontinued operations | (0.30 | ) | 0.01 | |||||||
Net earnings (loss) | $ | (1.32 | ) | $ | 0.20 | NM | ||||
Diluted | ||||||||||
Earnings (loss) from continuing operations | $ | (1.02 | ) | $ | 0.18 | |||||
Earnings (loss) from discontinued operations | (0.30 | ) | 0.01 | |||||||
Net earnings (loss) | $ | (1.32 | ) | $ | 0.19 | NM | ||||
Weighted average shares used for computation of: | ||||||||||
Basic earnings per common share | 88.4 | 90.4 | ||||||||
Diluted earnings per common share | 88.4 | 91.2 | ||||||||
Effective tax rate from continuing operations | NM | 26.4 | % | |||||||
Reconciliations | ||||||||||
Continuing Operations: | ||||||||||
Operating earnings (loss) | $ | (33.4 | ) | $ | 26.9 | NM | ||||
Pension settlement charge | 96.6 | 55.1 | 75 | % | ||||||
Restructuring, exit, integration and impairment charges | 16.7 | 6.4 | NM | |||||||
Product field campaigns charge (A) | 13.5 | — | ||||||||
Adjusted operating earnings | $ | 93.4 | $ | 88.4 | 6 | % | ||||
Earnings (loss) before income taxes | $ | (37.3 | ) | $ | 22.7 | NM | ||||
Pension settlement charge | 96.6 | 55.1 | 75 | % | ||||||
Restructuring, exit, integration and impairment charges | 16.7 | 6.4 | NM | |||||||
Product field campaigns charge (A) | 13.5 | — | ||||||||
Adjusted pretax earnings | $ | 89.5 | $ | 84.2 | 6 | % | ||||
Earnings (loss) per common share: | ||||||||||
Earnings (loss) from continuing operations | $ | (1.02 | ) | $ | 0.18 | |||||
Pension settlement charge | 0.70 | 0.38 | ||||||||
Restructuring, exit, integration and impairment charges | 0.12 | 0.04 | ||||||||
Product field campaigns charge (A) | 0.10 | — | ||||||||
Special tax items | 0.80 | 0.06 | ||||||||
Diluted earnings from continuing operations, as adjusted | $ | 0.70 | $ | 0.66 | 6 | % | ||||
NM = not meaningful |
Brunswick Corporation Comparative Condensed Consolidated Statements of Operations (in millions, except per share data) (unaudited) | |||||||||||
Twelve Months Ended | |||||||||||
December 31, 2017 | December 31, 2016 | % Change | |||||||||
Net sales | $ | 4,510.0 | $ | 4,153.9 | 9 | % | |||||
Cost of sales | 3,275.3 | 2,973.6 | 10 | % | |||||||
Selling, general and administrative expense | 608.1 | 572.1 | 6 | % | |||||||
Research and development expense | 138.5 | 131.0 | 6 | % | |||||||
Pension settlement charge | 96.6 | 55.1 | 75 | % | |||||||
Restructuring, exit, integration and impairment charges | 36.6 | 15.2 | NM | ||||||||
Operating earnings | 354.9 | 406.9 | -13 | % | |||||||
Equity earnings | 6.1 | 4.3 | 42 | % | |||||||
Other income, net | 6.1 | 3.2 | 91 | % | |||||||
Earnings before interest and income taxes | 367.1 | 414.4 | -11 | % | |||||||
Interest expense | (26.4 | ) | (27.2 | ) | -3 | % | |||||
Interest income | 2.6 | 1.8 | 44 | % | |||||||
Earnings before income taxes | 343.3 | 389.0 | -12 | % | |||||||
Income tax provision | 156.0 | 116.4 | 34 | % | |||||||
Net earnings from continuing operations | 187.3 | 272.6 | -31 | % | |||||||
Net earnings (loss) from discontinued operations, net of tax | (40.9 | ) | 3.4 | NM | |||||||
Net earnings | $ | 146.4 | $ | 276.0 | -47 | % | |||||
Earnings per common share: | |||||||||||
Basic | |||||||||||
Earnings from continuing operations | $ | 2.10 | $ | 2.99 | |||||||
Earnings (loss) from discontinued operations | (0.46 | ) | 0.04 | ||||||||
Net earnings | $ | 1.64 | $ | 3.03 | -46 | % | |||||
Diluted | |||||||||||
Earnings from continuing operations | $ | 2.08 | $ | 2.96 | |||||||
Earnings (loss) from discontinued operations | (0.46 | ) | 0.04 | ||||||||
Net earnings | $ | 1.62 | $ | 3.00 | -46 | % | |||||
Weighted average shares used for computation of: | |||||||||||
Basic earnings per common share | 89.4 | 91.2 | |||||||||
Diluted earnings per common share | 90.1 | 92.0 | |||||||||
Effective tax rate from continuing operations | 45.4 | % | 29.9 | % | |||||||
Reconciliations | |||||||||||
Continuing Operations: | |||||||||||
Operating earnings | $ | 354.9 | $ | 406.9 | -13 | % | |||||
Pension settlement charge | 96.6 | 55.1 | 75 | % | |||||||
Restructuring, exit, integration and impairment charges | 36.6 | 15.2 | NM | ||||||||
Product field campaigns charge (A) | 13.5 | — | |||||||||
Adjusted operating earnings | $ | 501.6 | $ | 477.2 | — | 5 | % | ||||
Earnings before income taxes | $ | 343.3 | $ | 389.0 | -12 | % | |||||
Pension settlement charge | 96.6 | 55.1 | 75 | % | |||||||
Restructuring, exit, integration and impairment charges | 36.6 | 15.2 | NM | ||||||||
Product field campaigns charge (A) | 13.5 | — | NM | ||||||||
Adjusted pretax earnings | $ | 490.0 | $ | 459.3 | 7 | % | |||||
Earnings per common share: | |||||||||||
Earnings from continuing operations | $ | 2.08 | $ | 2.96 | |||||||
Pension settlement charge | 0.69 | 0.38 | |||||||||
Restructuring, exit, integration and impairment charges | 0.26 | 0.10 | |||||||||
Product field campaigns charge (A) | 0.10 | — | |||||||||
Special tax items | 0.76 | 0.02 | |||||||||
Diluted earnings from continuing operations, as adjusted | $ | 3.89 | $ | 3.46 | 12 | % | |||||
NM = not meaningful |
Brunswick Corporation Selected Financial Information (in millions) (unaudited) Segment Information - Continuing Operations | |||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||
Net Sales | Operating Earnings (Loss) (1) | Operating Margin | |||||||||||||||||||||||||
Dec 31, 2017 | Dec 31, 2016 | % Change | Dec 31, 2017 | Dec 31, 2016 | % Change | Dec 31, 2017 | Dec 31, 2016 | ||||||||||||||||||||
Marine Engine | $ | 564.6 | $ | 500.2 | 13 | % | $ | 57.5 | $ | 51.0 | 13 | % | 10.2 | % | 10.2 | % | |||||||||||
Boat | 283.2 | 245.3 | 15 | % | 21.9 | 13.1 | 67 | % | 7.7 | % | 5.3 | % | |||||||||||||||
Marine eliminations | (61.7 | ) | (53.9 | ) | 14 | % | — | — | |||||||||||||||||||
Total Marine | 786.1 | 691.6 | 14 | % | 79.4 | 64.1 | 24 | % | 10.1 | % | 9.3 | % | |||||||||||||||
Fitness | 304.8 | 294.7 | 3 | % | 7.9 | 44.0 | -82 | % | 2.6 | % | 14.9 | % | |||||||||||||||
Pension costs | — | — | (98.9 | ) | (58.8 | ) | -68 | % | |||||||||||||||||||
Corporate/Other | — | — | (21.8 | ) | (22.4 | ) | 3 | % | |||||||||||||||||||
Total | $ | 1,090.9 | $ | 986.3 | 11 | % | $ | (33.4 | ) | $ | 26.9 | NM | -3.1 | % | 2.7 | % | |||||||||||
Year Ended | |||||||||||||||||||||||||||
Net Sales | Operating Earnings (Loss) (2) | Operating Margin | |||||||||||||||||||||||||
Dec 31, 2017 | Dec 31, 2016 | % Change | Dec 31, 2017 | Dec 31, 2016 | % Change | Dec 31, 2017 | Dec 31, 2016 | ||||||||||||||||||||
Marine Engine | $ | 2,631.8 | $ | 2,441.1 | 8 | % | $ | 407.0 | $ | 377.1 | 8 | % | 15.5 | % | 15.4 | % | |||||||||||
Boat | 1,103.0 | 963.7 | 14 | % | 71.1 | 59.4 | 20 | % | 6.4 | % | 6.2 | % | |||||||||||||||
Marine eliminations | (258.5 | ) | (231.3 | ) | 12 | % | — | — | |||||||||||||||||||
Total Marine | 3,476.3 | 3,173.5 | 10 | % | 478.1 | 436.5 | 10 | % | 13.8 | % | 13.8 | % | |||||||||||||||
Fitness | 1,033.7 | 980.4 | 5 | % | 64.1 | 117.3 | -45 | % | 6.2 | % | 12.0 | % | |||||||||||||||
Pension costs | — | — | (105.9 | ) | (69.8 | ) | -52 | % | |||||||||||||||||||
Corporate/Other | — | — | (81.4 | ) | (77.1 | ) | -6 | % | |||||||||||||||||||
Total | $ | 4,510.0 | $ | 4,153.9 | 9 | % | $ | 354.9 | $ | 406.9 | -13 | % | 7.9 | % | 9.8 | % | |||||||||||
Brunswick Corporation Selected Financial Information (in millions) (unaudited) Segment Information - Continuing Operations, As Adjusted | |||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||
Net Sales | Operating Earnings (Loss) (1) | Operating Margin | |||||||||||||||||||||||||
Dec 31, 2017 | Dec 31, 2016 | % Change | Dec 31, 2017 | Dec 31, 2016 | % Change | Dec 31, 2017 | Dec 31, 2016 | ||||||||||||||||||||
Marine Engine | $ | 564.6 | $ | 500.2 | 13 | % | $ | 57.5 | $ | 51.0 | 13 | % | 10.2 | % | 10.2 | % | |||||||||||
Boat | 283.2 | 245.3 | 15 | % | 21.9 | 13.3 | 65 | % | 7.7 | % | 5.4 | % | |||||||||||||||
Marine eliminations | (61.7 | ) | (53.9 | ) | 14 | % | — | — | |||||||||||||||||||
Total Marine | 786.1 | 691.6 | 14 | % | 79.4 | 64.3 | 23 | % | 10.1 | % | 9.3 | % | |||||||||||||||
Fitness | 304.8 | 294.7 | 3 | % | 38.1 | 47.9 | -20 | % | 12.5 | % | 16.3 | % | |||||||||||||||
Pension costs | — | — | (2.3 | ) | (3.7 | ) | 38 | % | |||||||||||||||||||
Corporate/Other | — | — | (21.8 | ) | (20.1 | ) | -8 | % | |||||||||||||||||||
Total | $ | 1,090.9 | $ | 986.3 | 11 | % | $ | 93.4 | $ | 88.4 | 6 | % | 8.6 | % | 9.0 | % | |||||||||||
Year Ended | |||||||||||||||||||||||||||
Net Sales | Operating Earnings (Loss) (1) | Operating Margin | |||||||||||||||||||||||||
Dec 31, 2017 | Dec 31, 2016 | % Change | Dec 31, 2017 | Dec 31, 2016 | % Change | Dec 31, 2017 | Dec 31, 2016 | ||||||||||||||||||||
Marine Engine | $ | 2,631.8 | $ | 2,441.1 | 8 | % | $ | 407.0 | $ | 377.1 | 8 | % | 15.5 | % | 15.4 | % | |||||||||||
Boat | 1,103.0 | 963.7 | 14 | % | 74.9 | 59.6 | 26 | % | 6.8 | % | 6.2 | % | |||||||||||||||
Marine eliminations | (258.5 | ) | (231.3 | ) | 12 | % | — | — | |||||||||||||||||||
Total Marine | 3,476.3 | 3,173.5 | 10 | % | 481.9 | 436.7 | 10 | % | 13.9 | % | 13.8 | % | |||||||||||||||
Fitness | 1,033.7 | 980.4 | 5 | % | 108.0 | 130.0 | -17 | % | 10.4 | % | 13.3 | % | |||||||||||||||
Pension costs | — | — | (9.3 | ) | (14.7 | ) | 37 | % | |||||||||||||||||||
Corporate/Other | — | — | (79.0 | ) | (74.8 | ) | -6 | % | |||||||||||||||||||
Total | $ | 4,510.0 | $ | 4,153.9 | 9 | % | $ | 501.6 | $ | 477.2 | 5 | % | 11.1 | % | 11.5 | % | |||||||||||
Brunswick Corporation Comparative Condensed Consolidated Balance Sheets (in millions) (unaudited) | |||||||
December 31, 2017 | December 31, 2016 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents, at cost, which approximates fair value | $ | 448.8 | $ | 422.4 | |||
Restricted cash | 9.4 | 11.2 | |||||
Short-term investments in marketable securities | 0.8 | 35.8 | |||||
Total cash and short-term investments in marketable securities | 459.0 | 469.4 | |||||
Accounts and notes receivable, net | 480.2 | 411.5 | |||||
Inventories | |||||||
Finished goods | 506.9 | 488.8 | |||||
Work-in-process | 96.8 | 68.3 | |||||
Raw materials | 161.9 | 141.9 | |||||
Net inventories | 765.6 | 699.0 | |||||
Prepaid expenses and other | 73.1 | 37.1 | |||||
Current assets held for sale | 68.8 | 71.5 | |||||
Current assets | 1,846.7 | 1,688.5 | |||||
Net property | 659.5 | 569.0 | |||||
Other assets | |||||||
Goodwill | 425.3 | 413.8 | |||||
Other intangibles, net | 144.4 | 160.1 | |||||
Equity investments | 25.0 | 20.7 | |||||
Deferred income tax asset | 165.6 | 307.8 | |||||
Other long-term assets | 45.1 | 43.4 | |||||
Long-term assets held for sale | 46.6 | 81.4 | |||||
Other assets | 852.0 | 1,027.2 | |||||
Total assets | $ | 3,358.2 | $ | 3,284.7 | |||
Liabilities and shareholders’ equity | |||||||
Current liabilities | |||||||
Current maturities of long-term debt | $ | 5.6 | $ | 5.6 | |||
Accounts payable | 409.7 | 378.2 | |||||
Accrued expenses | 563.6 | 521.3 | |||||
Current liabilities held for sale | 56.2 | 59.8 | |||||
Current liabilities | 1,035.1 | 964.9 | |||||
Debt | 431.8 | 433.8 | |||||
Other long-term liabilities | 405.7 | 439.2 | |||||
Long-term liabilities held for sale | 2.7 | 6.7 | |||||
Shareholders’ equity | 1,482.9 | 1,440.1 | |||||
Total liabilities and shareholders’ equity | $ | 3,358.2 | $ | 3,284.7 | |||
Supplemental Information | |||||||
Debt-to-capitalization rate | 22.8 | % | 23.4 | % |
Brunswick Corporation Comparative Condensed Consolidated Statements of Cash Flows (in millions) (unaudited) | |||||||
Twelve Months Ended | |||||||
December 31, 2017 | December 31, 2016 | ||||||
Cash flows from operating activities | |||||||
Net earnings | $ | 146.4 | $ | 276.0 | |||
Less: earnings (loss) from discontinued operations, net of tax | (40.9 | ) | 3.4 | ||||
Net earnings from continuing operations | 187.3 | 272.6 | |||||
Depreciation and amortization | 98.2 | 91.0 | |||||
Pension expense, net of (funding) | 32.2 | (4.8 | ) | ||||
Other long-lived asset impairment charges | 14.0 | 1.0 | |||||
Deferred income taxes | 104.1 | 62.5 | |||||
Equity in earnings of unconsolidated affiliates | (6.1 | ) | (4.3 | ) | |||
Changes in certain current assets and current liabilities | (52.0 | ) | (27.6 | ) | |||
Income taxes | (42.8 | ) | 21.3 | ||||
Other, net | 82.3 | 11.8 | |||||
Net cash provided by operating activities of continuing operations* | 417.2 | 423.5 | |||||
Net cash provided by (used for) operating activities of discontinued operations | (16.9 | ) | 11.8 | ||||
Net cash provided by operating activities* | 400.3 | 435.3 | |||||
Cash flows from investing activities | |||||||
Capital expenditures | (189.3 | ) | (172.5 | ) | |||
Purchases of marketable securities | — | (35.0 | ) | ||||
Sales or maturities of marketable securities | 35.0 | 10.7 | |||||
Investments | (3.2 | ) | 5.1 | ||||
Acquisition of businesses, net of cash acquired | (15.5 | ) | (276.1 | ) | |||
Proceeds from the sale of property, plant and equipment | 8.3 | 1.9 | |||||
Other, net | (0.5 | ) | 1.3 | ||||
Net cash used for investing activities of continuing operations | (165.2 | ) | (464.6 | ) | |||
Net cash used for investing activities of discontinued operations | (13.7 | ) | (21.4 | ) | |||
Net cash used for investing activities | (178.9 | ) | (486.0 | ) | |||
Cash flows from financing activities | |||||||
Net proceeds from issuances of long-term debt | — | 1.0 | |||||
Payments of long-term debt including current maturities | (3.0 | ) | (2.8 | ) | |||
Common stock repurchases | (130.0 | ) | (120.3 | ) | |||
Cash dividends paid | (60.6 | ) | (55.4 | ) | |||
Proceeds from share-based compensation activity | 6.2 | 14.9 | |||||
Tax withholding associated with shares issued for share-based compensation | (14.8 | ) | (20.9 | ) | |||
Other, net | — | (1.9 | ) | ||||
Net cash used for financing activities of continuing operations* | (202.2 | ) | (185.4 | ) | |||
Net cash used for financing activities of discontinued operations | (1.5 | ) | (0.4 | ) | |||
Net cash used for financing activities* | (203.7 | ) | (185.8 | ) | |||
Effect of exchange rate changes | 6.9 | 0.1 | |||||
Net increase (decrease) in Cash and cash equivalents and Restricted cash | 24.6 | (236.4 | ) | ||||
Cash and cash equivalents and Restricted cash at beginning of period | 433.6 | 670.0 | |||||
Cash and cash equivalents and Restricted cash at end of period | 458.2 | 433.6 | |||||
Less: Restricted cash | 9.4 | 11.2 | |||||
Cash and cash equivalents at end of period | $ | 448.8 | $ | 422.4 | |||
Reconciliation | |||||||
Free Cash Flow | |||||||
Net cash provided by operating activities of continuing operations* | $ | 417.2 | $ | 423.5 | |||
Net cash provided by (used for): | |||||||
Capital expenditures | (189.3 | ) | (172.5 | ) | |||
Proceeds from the sale of property, plant and equipment | 8.3 | 1.9 | |||||
Effect of exchange rate changes | 6.9 | 0.1 | |||||
Total free cash flow* | $ | 243.1 | $ | 253.0 |
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