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    SEC Form 11-K filed by Brunswick Corporation

    6/25/25 4:06:00 PM ET
    $BC
    Industrial Machinery/Components
    Industrials
    Get the next $BC alert in real time by email
    11-K 1 bc2024123111-k.htm 11-K Document

     UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, DC 20549
    _____________________________________
    FORM 11-K
    _____________________________________


    [X] Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934

    For the fiscal year ended December 31, 2024


    OR


    [  ] Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934

    For the transition period from                      to                     


    Commission file number 001-01043

    _____________________________________


    A. Full title of the plans and the address of the plans, if different from that of the issuer named below:

    Brunswick Retirement Savings Plan
    Brunswick Rewards Plan

    B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:


    brunswicklogo_midnightblue1a.jpg


    BRUNSWICK CORPORATION
    26125 N. Riverwoods Boulevard
    Mettawa, Illinois 60045-3420



    Brunswick Retirement Savings Plan
     
    Financial Statements and Supplemental Schedule
     
    December 31, 2024 and 2023, and Year Ended December 31, 2024

     
    Contents
     

    Page
    Report of Independent Registered Public Accounting Firm
    1
      
    Audited Financial Statements 
     
    Statements of Net Assets Available for Benefits
    2
    Statement of Changes in Net Assets Available for Benefits
    3
    Notes to Financial Statements
    4
      
    Supplemental Information 
    Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
    12





    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
     

    Plan Administrator and Plan Participants
    Brunswick Retirement Savings Plan

    Opinion on the financial statements
    We have audited the accompanying statements of net assets available for benefits of Brunswick Retirement Savings Plan (the “Plan”) as of December 31, 2024 and 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

    Basis for opinion
    These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

    We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

    Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

    Supplemental information
    The schedule of assets (held at end of year) as of December 31, 2024 (“supplemental information”) has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

    /s/ GRANT THORNTON LLP

    We have served as the Plan’s auditor since 2017.

    Chicago, Illinois
    June 25, 2025
    1


    Brunswick Retirement Savings Plan
    Statements of Net Assets Available for Benefits
     December 31,
     20242023
    Assets  
    Investments at fair value$130,639,630 $119,834,172 
    Interest in Brunswick Corporation Master Trust 29,163,338 30,430,564 
    Total investments 159,802,968 150,264,736 
    Receivables:
    Employer contributions51,990 29,939 
    Notes receivable from participants2,675,210 2,009,211 
    Total receivables2,727,200 2,039,150 
    Net assets available for benefits$162,530,168 $152,303,886 
    The notes to financial statements are an integral part of these statements.  
    2


    Brunswick Retirement Savings Plan
      
    Statement of Changes in Net Assets Available for Benefits
      
    Year Ended
    December 31, 2024
    Investment income:
    Net appreciation in fair value of investments$14,095,825 
    Interest and dividends from investments387,394 
    Change in interest in Brunswick Corporation Master Trust 1,059,412 
    Net investment income15,542,631 
    Interest income on notes receivable from participants131,175 
    Contributions: 
    Participants6,461,514 
    Employer2,830,970 
    Rollovers204,399 
    Total contributions9,496,883 
      
    Benefits paid to participants14,645,694 
    Administrative expenses169,141 
    Net increase in net assets available for benefits before transfers10,355,854 
    Transfers to other plan (Note 1)(129,572)
    Net increase in net assets available for benefits10,226,282 
    Net assets available for benefits: 
    Beginning of year152,303,886 
    End of year$162,530,168 
      
    The notes to financial statements are an integral part of these statements.

    3

    Brunswick Retirement Savings Plan
    Notes to Financial Statements
    December 31, 2024 and 2023

    1. Description of the Plan
     
    The following description of the Brunswick Retirement Savings Plan (the "Plan") provides only general information. Brunswick Corporation (the "Company" or "Employer") is the Plan's sponsor. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
     
    General
     
    The Plan, established by the Company effective January 1, 1986, is a defined-contribution plan subject to the requirements of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended. Any related company, as defined in the Plan, may, with the Company’s consent, adopt the Plan. The Plan is administered by the Benefits Administration Committee, consisting of at least three members appointed for indefinite terms by the Company’s Board of Directors. Certain investment assets of the Plan are held in the Brunswick Corporation Master Trust (the "Master Trust") at Vanguard Fiduciary Trust Company (the "Trustee"). Vanguard Fiduciary Trust Company is the Trustee of the Plan for all investment assets under an agreement with the Company.
     
    Participation

    Eligible employees include all groups under the terms of the Plan.
     
    Eligible employees under the terms of the Plan, who are not eligible to participate in the Brunswick Rewards Plan, must be at least 21 years of age and employed by the Company or a related company to which the Plan has been extended. IAM Union employees located in Fond du Lac, Wisconsin and Brookfield, Wisconsin, must be at least 18 years of age to participate in the Plan.
     
    Employees working at least 30 hours per week are eligible to participate in the Plan on the first day of the month following or coinciding with 60 days of employment. Employees working less than 30 hours per week are eligible to participate on the first day of the month following or coinciding with 12 months of employment. IAM Union Employees located in Fond du Lac, Wisconsin are eligible to participate immediately upon reaching the age requirement. Employees can generally increase, decrease, or cancel their deferrals at any time.
     
    Participant Accounts
     
    Each participant’s account is credited with the participant’s contributions and allocations of: (a) the Company’s contributions, and (b) the Plan’s earnings (losses). Allocations are based on participant earnings or account balances, as defined in the Plan. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account balances.
     
    Participants may direct their own contributions and related Company contributions into any of the Plan’s fund options. Participants may generally change their elections and transfer balances between funds at any time.

    Contributions
     
    Participants may make pre-tax or Roth contributions from 1% to 40% of compensation as defined in the Plan. Contributions are made via payroll deductions and are remitted to the Trustee on the earliest date on which funds can be segregated from the Company’s funds. Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions. In 2024, pre-tax and Roth contributions were subject to the Internal Revenue Service ("IRS") limit of $23,000 and catch-up contributions were subject to the IRS limit of $7,500.
     
    The basic Company matching contribution for participants in the Plan is 50% of participant deferrals, up to 6% of eligible compensation.

    4

    Brunswick Retirement Savings Plan
    Notes to Financial Statements
    December 31, 2024 and 2023
    The Company matching contributions changed for IAM Union employees in Fond du Lac, Wisconsin effective January 1, 2024 and IBB Union employees in Lowell, Michigan effective July 1, 2024. As a result of these changes for both employee groups, the Company makes matching contributions on a per-pay check basis equal to 100% of the first 3% of participant contributions plus 50% of the next 2% of contributions.These contributions are invested in accordance with the participant’s investment elections.

    The Plan provides a true-up feature, which allows the Company to make up for any missed match resulting from the difference between the per payroll calculation performed throughout the year and the annualized amount due under the terms of the Plan. The true-up is performed during the first quarter of the following plan year and takes into account the maximum matching contribution that could have been received and makes up for any difference in comparison to the matching contributions that were actually made. For the years ended December 31, 2024 and 2023, the Company contributed $51,990 and $29,939 to the Plan, respectively, relating to the true-ups of certain participant accounts. The true-up balances are reflected as Employer contributions receivable in the accompanying Statements of Net Assets Available for Benefits.

    Forfeited balances of participants' nonvested accounts are used to reduce future Company contributions or fund administrative expenses incurred by the Plan. At December 31, 2024 and 2023, forfeited nonvested accounts totaled $13,352 and $4,379, respectively. All of the forfeited nonvested accounts at December 31, 2023 were used to reduce employer contributions or pay Plan administrative expenses during 2024.
     
    Vesting
     
    Participants are fully vested in their accounts at all times. Eligible participants in the IAM Union in Fond du Lac, Wisconsin, who are hired after January 1, 2019 and eligible participants in the IBB Union in Lowell, Michigan, who are hired after July 1, 2024, must complete two years of service to become fully vested in employer matching contributions.

    Notes Receivable From Participants
     
    Active participants may borrow from their interest in the funds held by the Trustee. The minimum loan amount is $1,000. The maximum loan amount is the lesser of half of the participant's account balance or $50,000 less the largest balance of all loans in the prior 12 months, limited to participant contributions and rollovers only. Generally, a participant is not permitted to have more than one loan outstanding at any one time.

    Participant loans bear interest, are secured by the participants’ accounts, and are payable over a period not to exceed five years unless the loan is for the purchase of a primary home, in which case, the loan term may be up to 10 years. The interest rate on loans is fixed at the prime rate reported by Reuters at the initiation of the loan.

    If a participant's employment with the Company terminates and the loan balance is not paid in full by the termination date, the participant may make manual payments directly to the Trustee to avoid default. Loans will be subject to default if a payment has not been made for a period of time as outlined by the Plan document or if the participant takes a distribution of their account balance.
     
    Payment of Benefits
     
    In-service distributions are allowed for certain cases of financial hardship, upon the participant's attainment of age 59-1/2 or if the participant is still employed after age 73.

    Upon termination of employment, participants may elect to roll over account balances into another qualified retirement vehicle, receive a lump-sum or partial lump-sum distribution, or receive installment payments. Terminated participants with balances exceeding $1,000 may elect to remain in the Plan and defer payment until such time the participant attains age 73 and becomes subject to required minimum distributions. Account balances less than $1,000 are distributed as soon as administratively possible following termination of employment.
     


    5

    Brunswick Retirement Savings Plan
    Notes to Financial Statements
    December 31, 2024 and 2023
    Administrative Expenses
     
    Investment management fees, recordkeeping fees, agent fees, brokerage commissions and other fees are paid by the Plan’s participants and are included in either Net appreciation in the fair value of investments or Administrative expenses in the accompanying Statement of Changes in Net Assets Available for Benefits.

    Transfers to and from Other Plan
     
    Transfers of assets between plans generally occur if a change in the employment status of an employee, who participates in a Company-sponsored plan, causes the employee to change plans due to eligibility requirements. During the year ended December 31, 2024, $129,572 was transferred from the Plan into the Brunswick Rewards Plan and there were no transfers into the Plan from the Brunswick Rewards Plan.
     
    Plan Termination
     
    Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event that the Plan is terminated, the Benefits Administration Committee can direct that all accounts be distributed to its participants or continued in trust for their benefit. Participants will also become 100% vested at this time.

    2. Significant Accounting Policies
     
    Basis of Accounting
     
    The accompanying financial statements of the Plan have been prepared under the accrual basis of accounting.
     
    Payment of Benefits
     
    Benefits are recorded when paid.
      
    Use of Estimates
     
    The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
     
    Investment Valuation and Income Recognition
     
    Investments held by the Plan are stated at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). See Note 4 - Fair Value Measurements for further discussion of fair value measurements.
     
    The Brunswick ESOP Company Stock Fund is a fund composed principally of Brunswick Corporation common stock. Dividends received on shares held in the Brunswick ESOP Company Stock Fund may be reinvested in the Plan or, if elected by the participant, received as cash.
     
    Purchases and sales of investments are recorded on a trade-date basis. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Capital gain distributions are included in dividend income. Net appreciation includes plan gains and losses on investments bought and sold as well as held during the year.

    6

    Brunswick Retirement Savings Plan
    Notes to Financial Statements
    December 31, 2024 and 2023
    Notes Receivable From Participants

    Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. If a participant ceases to make loan repayments and the Plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced and a benefit payment is recorded.

    Recent Accounting Pronouncements

    The Company evaluates the pronouncements of various authoritative accounting organizations, primarily the Financial Accounting Standards Board ("FASB"), the Securities and Exchange Commission ("SEC"), and the Emerging Issues Task Force ("EITF"), to determine the impact of new pronouncements on U.S. GAAP and the impact on the Plan. There were no recent accounting pronouncements that impacted the Plan in 2024 or that are expected to impact the Plan in the future.

    3. Interest in Brunswick Corporation Master Trust
     
    The Master Trust agreement includes Separately Managed Accounts (SMAs) which hold certain investment assets of both the Plan and the Brunswick Rewards Plan. An SMA is an investment account composed of individually selected securities—such as stocks, mutual funds, and collective trusts, which are all selected and managed by the designated investment manager per the mandate of their fund. Certain investment options offered to participants are structured as SMAs and are held within the Master Trust. Each participating plan has a divided interest in the Master Trust. Plan investments and investment income reported in the Plan’s financial statements include the Plan’s interest in the Master Trust's net assets and investment gains and losses.

    The net assets in the Master Trust and the Plan's interest in the Master Trust as of December 31, 2024 and December 31, 2023 are as follows:
    2024
    Master TrustPlan's Interest in Master Trust
    US All Cap Equity Fund
    Common stock$135,778,951 $11,463,952 
    Mutual funds132,003,915 11,145,222 
    Collective trusts973,903 82,227 
    Total US All Cap Equity Fund268,756,769 22,691,401 
    Brunswick ESOP Company Stock Fund33,797,147 6,471,937 
    Total investments $302,553,916 $29,163,338 

    2023
    Master TrustPlan's Interest in Master Trust
    US All Cap Equity Fund
    Common stock$119,681,870 $10,112,732 
    Mutual funds121,676,468 10,281,268 
    Collective trusts1,039,027 87,794 
    Total US All Cap Equity Fund242,397,365 20,481,794 
    Brunswick ESOP Company Stock Fund51,558,432 9,948,770 
    Total investments $293,955,797 $30,430,564 

    7

    Brunswick Retirement Savings Plan
    Notes to Financial Statements
    December 31, 2024 and 2023
    The net appreciation in fair value of investments and investment income for the Master Trust for the year ended December 31, 2024 are as follows:

    Net appreciation in fair value of investments$30,785,148 
    Interest and dividend income2,923,776 
    Total$33,708,924 

    4. Fair Value Measurements
     
    Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
     
    Level 1 – Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities.
     
    Level 2 – Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: 

    •Quoted prices for similar assets and liabilities in active markets;
    •Quoted prices for identical or similar assets or liabilities in markets that are not active;
    •Observable inputs other than quoted prices that are used in the valuation of the assets or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals); and
    •Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

    Level 3 – Unobservable inputs for the asset or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumption about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).

    The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level of input that is significant to the fair value measurement in its entirety.

    The following is a description of the valuation techniques and inputs used for assets measured at fair value:
     
    Common stock: Valued at the quoted market price of shares held by the Plan at year-end.

    Target date retirement collective trust funds: The fair values of investments in target date retirement collective trusts are valued as determined by fund managers based on their net asset values ("NAV") and recent transaction prices. There are target date collective trust funds ranging from 2020 through 2070, in five-year increments, and an income fund. The asset allocation of each target date retirement collective trust fund (except for the income fund) gradually changes over time according to a targeted retirement year until the fund merges with the income fund. The trusts invest in mutual funds at varying asset allocations as appropriate to adjust to a more conservative mix over time as participants approach their target retirement age. Each collective trust provides for daily redemptions by the Plan at reported net asset values per share, with no advance notification requirement. There are no unfunded commitments associated with these funds.
     
    Mutual funds: Valued at quoted market prices.

    Stable value collective trust: The fair value of investments in the stable value retirement savings collective trust are valued as determined by fund managers based on their NAV. This fund invests largely in investment contracts backed by high-quality, shorter-term securities. There are no restrictions on participant redemptions of the stable value retirement savings collective trust. There are no unfunded commitments associated with this fund.
    8

    Brunswick Retirement Savings Plan
    Notes to Financial Statements
    December 31, 2024 and 2023

    Collective trusts: The fair values of participation units held in the collective trust fund are based on the net asset values per unit as reported by the fund managers. The collective trust fund provides for daily redemptions by the participants at reported net asset values per share, with no advance notice requirement. There are no unfunded commitments associated with this fund.

    The following table sets forth, by level within the fair value hierarchy, the investment assets exclusive of those included in the Master Trust as of December 31, 2024:
     Level 1Level 2Level 3Total
    Assets    
    Mutual funds$417,504 $— $— $417,504 
    Total investments at fair value$417,504 $— $— $417,504 
    Investments measured at net asset value (A) (B)
    130,222,126 
    Total investments$130,639,630 

    (A) Certain investments measured at net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits. Certain investments measured at net asset value per share (or its equivalent) are direct filing entities and, as such, investment strategy disclosures are not required.
    (B) This includes the Target date retirement collective trust funds, Stable Value Collective trust and Collective trusts noted above.

    The following table sets forth, by level within the fair value hierarchy, the investment asset exclusive of those included in the Master Trust as of December 31, 2023:
     Level 1Level 2Level 3Total
    Assets    
    Mutual funds$1,216,867 $— $— $1,216,867 
    Total investments at fair value$1,216,867 $— $— $1,216,867 
    Investments measured at net asset value (A) (B) (C)
    118,617,305 
    Total investments$119,834,172 

    (A) Certain investments measured at net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits. Certain investments measured at net asset value per share (or its equivalent) are direct filing entities and, as such, investment strategy disclosures are not required.
    (B) This includes the Target date retirement collective trust funds, Stable Value Collective trust and Collective trusts noted above.
    (C) Management concluded that the net asset value of the collective trusts is not widely published and observable and as a result, net asset value is used as a practical expedient, consistent with the 2024 presentation.

    9

    Brunswick Retirement Savings Plan
    Notes to Financial Statements
    December 31, 2024 and 2023
    The following table sets forth, by level within the fair value hierarchy, the Plan's interest in the investment assets within the Master Trust as of December 31, 2024:
     Level 1Level 2Level 3Total
    Assets    
    Common stock$11,463,952 $— $— $11,463,952 
    Mutual funds11,145,222 — — 11,145,222 
    Brunswick ESOP Company Stock Fund (A)
    6,471,937 — — 6,471,937 
    Total investments at fair value$29,081,111 $— $— $29,081,111 
    Investments measured at net asset value (B)
    82,227 
    Total investments$29,163,338 

    (A) Substantially all the Fund's investments are in Brunswick Corporation's common stock.
    (B) Certain investments measured at net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits. Certain investments measured at net asset value per share (or its equivalent) are direct filing entities and, as such, investment strategy disclosures are not required. This includes the Collective trusts noted above.

    The following table sets forth, by level within the fair value hierarchy, the Plan's interest in the investment assets within the Master Trust as of December 31, 2023:
     Level 1Level 2Level 3Total
    Assets    
    Common stock$10,112,732 $— $— $10,112,732 
    Mutual funds10,281,268 — — 10,281,268 
    Brunswick ESOP Company Stock Fund (A)
    9,948,770 — — 9,948,770 
    Total investments at fair value$30,342,770 $— $— $30,342,770 
    Investments measured at net asset value (B)
    87,794 
    Total investments (C)
    $30,430,564 

    (A) Substantially all the Fund's investments are in Brunswick Corporation's common stock.
    (B) Certain investments measured at net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits. Certain investments measured at net asset value per share (or its equivalent) are direct filing entities and, as such, investment strategy disclosures are not required. This includes the Collective trusts noted above. Management concluded that the net asset value of the collective trusts is not widely published and observable and as a result, net asset value is used as a practical expedient, consistent with the 2024 presentation.
    (C) The presentation of investments held in separately managed accounts within the Master Trust as of December 31, 2023 has been provided by investment type consistent with the 2024 presentation.

    5. Reconciliation to Form 5500
     
    The following is a reconciliation of Net assets available for benefits per the financial statements to net assets per the Form 5500:
     December 31,
     20242023
    Net assets available for benefits per the financial statements$162,530,168 $152,303,886 
    Adjustment for certain deemed distributions of participant loans(4,937)(4,936)
    Net assets per Form 5500$162,525,231 $152,298,950 

    10

    Brunswick Retirement Savings Plan
    Notes to Financial Statements
    December 31, 2024 and 2023
    6. Risks and Uncertainties
     
    The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, liquidity, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the fair value of certain investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

    7. Related Party and Party-In-Interest Transactions
     
    Parties-in-interest are defined under Department of Labor regulations as any fiduciary of the Plan, any party rendering service to the Plan, the employer, and certain others. The Plan holds units of mutual funds managed by The Vanguard Group, Inc. The Vanguard Group, Inc. is an affiliate of Vanguard Fiduciary Trust Company, the Plan Trustee; therefore, these transactions and the Plan's payment of trustee fees to Vanguard qualify as party-in-interest transactions. The Plan also holds units of the Vanguard mutual funds and collective funds which are issued by Vanguard Fiduciary Trust Company or an affiliate thereof. The Plan also holds shares of Brunswick Corporation common stock. These shares depreciated in fair value by $3,242,688 and recognized dividend income of $173,243 during 2024. At December 31, 2024 and 2023, the Plan held 100,061 and 102,830 shares of Brunswick Corporation common stock. Notes receivable from participants also reflect party-in-interest transactions. Certain administrative functions are performed by officers or employees of the Company. No such officer or employee receives compensation from the Plan.

    8. Income Tax Status
     
    The IRS has determined and informed the Company by a letter dated July 27, 2017 that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code ("IRC"). Although the Plan has been amended since receiving the determination letter, Plan management believes that the Plan is designed and being operated in compliance with the applicable requirements of the IRC. Therefore, Plan management believes that the Plan was qualified and the related trust was tax-exempt as of the financial statement date.

    U.S. GAAP requires the management of the Plan to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by applicable taxing authorities. Management of the Plan has analyzed tax positions taken by the Plan and has concluded that, as of December 31, 2024 and December 31, 2023, there were no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions, however, there are currently no audits for any tax periods in progress.

    9. Subsequent Events

    The Plan evaluated subsequent events through June 25, 2025, the date the financial statements were issued, and no events were identified requiring adjustment to or disclosure in the financial statements.
    11


    Brunswick Retirement Savings Plan
       
    Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
       
    EIN 36-0848180 Plan #154
       
    December 31, 2024
       
       
    Identity of IssuerDescription of InvestmentCost**Current Value
       
    Target Date Retirement Collective Trust
    Vanguard Fiduciary Trust Company*Target Retirement 2020 Trust I$1,653,570 
    Vanguard Fiduciary Trust Company*Target Retirement 2025 Trust I12,612,044 
    Vanguard Fiduciary Trust Company*Target Retirement 2030 Trust I5,052,746 
    Vanguard Fiduciary Trust Company*Target Retirement 2035 Trust I13,870,219 
    Vanguard Fiduciary Trust Company*Target Retirement 2040 Trust I2,571,295 
    Vanguard Fiduciary Trust Company*Target Retirement 2045 Trust I7,472,165 
    Vanguard Fiduciary Trust Company*Target Retirement 2050 Trust I2,153,049 
    Vanguard Fiduciary Trust Company*Target Retirement 2055 Trust I5,150,065 
    Vanguard Fiduciary Trust Company*Target Retirement 2060 Trust I1,823,785 
    Vanguard Fiduciary Trust Company*Target Retirement 2065 Trust I1,588,740 
    Vanguard Fiduciary Trust Company*Target Retirement 2070 Trust I46,466 
    Vanguard Fiduciary Trust Company*Target Retirement Income Trust I4,438,165 
    Total Target Date Retirement Collective Trust58,432,309 
    Mutual Funds
    The Vanguard Group, Inc.*Federal Money Market Fund417,504 
    Total Mutual Funds 417,504 
    Stable Value Collective Trust
    Vanguard Fiduciary Trust Company*Vanguard Retirement Savings Trust III13,455,393 
    Other Collective Trusts
    The Vanguard Group, Inc.*Total Stock Market Index Trust38,243,461 
    The Vanguard Group, Inc.*Total Bond Market Index Trust10,571,305 
    The Vanguard Group, Inc.*Total International Stock Market Index Trust8,102,160 
    MFSInternational Equity CIT; Class 3B364,921 
    Loomis Sayles Trust Company, LLCCore Plus Fixed Income Fund; Class F1,052,577 
    Total Other Collective Trusts58,334,424 
    Participant Loans*Loans to participants, bearing interest from 3.25% to 8.50%, with varying maturities2,675,210 
      $133,314,840 
    *Represents a party-in-interest to the Plan. 
    ** Cost information not required for participant-directed investments.
    12


    Brunswick Rewards Plan
     
    Financial Statements and Supplemental Schedule
     
    December 31, 2024 and 2023, and Year Ended December 31, 2024
     
     
    Contents
     
    Page
    Report of Independent Registered Public Accounting Firm
    1
      
    Audited Financial Statements 
      
    Statements of Net Assets Available for Benefits
    2
    Statement of Changes in Net Assets Available for Benefits
    3
    Notes to Financial Statements
    4
      
    Supplemental Information 
      
    Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
    12




    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

     
    Plan Administrator and Plan Participants
    Brunswick Rewards Plan

    Opinion on the financial statements
    We have audited the accompanying statements of net assets available for benefits of Brunswick Rewards Plan (the “Plan”) as of December 31, 2024 and 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

    Basis for opinion
    These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

    We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

    Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

    Supplemental information
    The schedule of assets (held at end of year) as of December 31, 2024 (“supplemental information”) has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

    /s/ GRANT THORNTON LLP

    We have served as the Plan’s auditor since 2017.

    Chicago, Illinois
    June 25, 2025

    1


    Brunswick Rewards Plan
    Statements of Net Assets Available for Benefits
     December 31,
     20242023
    Assets  
    Investments at fair value$1,518,575,810 $1,410,926,345 
    Interest in Brunswick Corporation Master Trust273,390,578 263,525,233 
    Total investments1,791,966,388 1,674,451,578 
    Receivables:
    Employer contributions4,306,901 16,598,071 
    Notes receivable from participants15,119,329 14,058,587 
    Total receivables19,426,230 30,656,658 
    Net assets available for benefits$1,811,392,618 $1,705,108,236 
    The notes to financial statements are an integral part of these statements. 

    2


    Brunswick Rewards Plan
      
    Statement of Changes in Net Assets Available for Benefits
      
     Year Ended
    December 31, 2024
    Investment income:
    Net appreciation in fair value of investments$171,606,026 
    Interest and dividends from investments3,159,169 
    Change in interest in Brunswick Corporation Master Trust32,649,512 
    Net investment income207,414,707 
    Interest income on notes receivable from participants945,920 
     
    Contributions: 
    Participants53,068,422 
    Employer27,652,732 
    Rollovers4,081,290 
    Total contributions84,802,444 
    Benefits paid to participants186,014,981 
    Administrative expenses1,109,408 
    Net increase in net assets available for benefits before transfers106,038,682 
    Transfers from other plans (Note 1)245,700 
    Net increase in net assets available for benefits106,284,382 
    Net assets available for benefits: 
    Beginning of year1,705,108,236 
    End of year$1,811,392,618 
      
    The notes to financial statements are an integral part of these statements. 
      

    3

    Brunswick Rewards Plan
    Notes to Financial Statements
    December 31, 2024 and 2023
    1. Description of the Plan
     
    The following description of the Brunswick Rewards Plan (the "Plan") provides only general information. Brunswick Corporation (the "Company" or "Employer") is the Plan's sponsor. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
     
    General
     
    The Plan, established by the Company effective April 1, 1999, is a defined-contribution plan subject to the requirements of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended. Any related company, as defined in the Plan, may, with the Company’s consent, adopt the Plan. The Plan is administered by the Benefits Administration Committee, consisting of at least three members appointed for indefinite terms by the Company’s Board of Directors. Certain of the investment assets of the Plan are held in the Brunswick Corporation Master Trust (the "Master Trust") at Vanguard Fiduciary Trust Company (the "Trustee"). Vanguard Fiduciary Trust Company is the Trustee of the Plan for all investment assets under an agreement with the Company.
     
    Participation
     
    Eligible employees include all groups under the terms of the Plan.

    Employees are immediately eligible to participate in the Plan and are automatically enrolled in the Plan at a deferral rate of 3% of eligible compensation. Employees have a window of 60 days from the date their demographic data is received at the Trustee in which to opt out of the Plan before automatic enrollment. Employees can generally increase, decrease, or cancel their deferrals at any time.
     
    Participant Accounts
     
    Each participant’s account is credited with the participant’s contributions and allocations of: (a) the Company’s contributions, and (b) the Plan’s earnings (losses). Allocations are based on participant earnings or account balances as defined in the Plan. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account balances.

    Participants may direct their own contributions and related Company contributions into any of the Plan’s fund options. Participants may generally change their elections and transfer balances between funds at any time.

    Contributions
     
    Participants may make pre-tax or Roth contributions from 1% to 40% of compensation as defined in the Plan. Contributions are made via payroll deductions and are remitted to the Trustee on the earliest date on which funds can be segregated from the Company’s funds. Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions. In 2024, pre-tax and Roth contributions were subject to the Internal Revenue Service ("IRS") limit of $23,000 and catch-up contributions were subject to the IRS limit of $7,500. The Plan also contains an automatic contribution increase feature for certain eligible employees. Specifically, the Plan increases each eligible participant's contributions by 1% (up to a maximum of 10%) in April of each year.
     
    Subject to certain limitations, the Company makes matching contributions on a per-pay check basis equal to 100% of the first 3% of participant contributions plus 50% of the next 2% of contributions. These contributions are invested in accordance with the participant’s investment elections.

    The Company may make an annual retirement profit sharing contribution of up to 9% of compensation as defined by the Plan to the accounts of participants employed by the Company as of December 31 of the current plan year. The Company may also make an annual retirement profit sharing contribution to participants that were terminated during the plan year due to death, disability, layoffs, or retirement. Retirement profit sharing contributions are invested in accordance with the participant’s investment elections. As of December 31, 2024 and 2023, retirement profit sharing contributions of $3,352,527 and $15,517,600, respectively, are included as Employer contributions receivable in the accompanying Statements of Net Assets Available for Benefits.
    4

    Brunswick Rewards Plan
    Notes to Financial Statements
    December 31, 2024 and 2023
    The Plan provides a true-up feature, which allows the Company to make up for any missed match resulting from the difference between the per payroll calculation performed throughout the year and the annualized amount due under the terms of the Plan. The true-up is performed during the first quarter of the following plan year and takes into account the maximum matching contribution that could have been received and makes up for any difference in comparison to the matching contributions that were actually made. True-ups of certain participant accounts, all of which are included as Employer contributions receivable in the accompanying Statements of Net Assets Available for Benefits are $954,374 and $1,080,471 for the years ended December 31, 2024 and 2023, respectively.

    Forfeited balances of participants' nonvested accounts are used to reduce future Company contributions and can also be used to pay certain Plan administrative expenses. At December 31, 2024 and 2023, forfeited nonvested accounts totaled $2,351,688 and $2,008,451, respectively. All of the forfeited nonvested accounts at December 31, 2023 were used to reduce employer contributions or pay Plan administrative expenses during 2024.

    Vesting
     
    Participants are required to complete two years of service to become fully vested in employer matching contributions and employer retirement profit sharing contributions.
     
    Notes Receivable From Participants
     
    Active participants may borrow from their interest in the funds held by the Trustee. The minimum loan amount is $1,000. The maximum loan amount is the lesser of half of the participant's account balance or $50,000 less the largest balance of all loans in the prior 12 months, limited to participant contributions and rollovers only. Generally, a participant is not permitted to have more than one loan outstanding at any one time.

    Participant loans bear interest, are secured by the participants’ accounts, and are payable over a period not to exceed five years unless the loan is for the purchase of a primary home, in which case, the loan term may be up to 10 years. The interest rate on loans is fixed at the prime rate reported by Reuters at the initiation of the loan.

    If a participant's employment with the Company terminates and the loan balance is not paid in full by the termination date, the participant may make manual payments directly to the Trustee to avoid default. Loans will be subject to default if a payment has not been made for a period of time as outlined by the Plan document or if the participant takes a distribution of their account balance.
     
    Payment of Benefits
     
    In-service distributions are allowed for certain cases of financial hardship, upon the participant's attainment of age 59-1/2 or if the participant is still employed after age 73.

    Upon termination of employment, participants may elect to roll over account balances into another qualified retirement vehicle, receive a lump-sum or partial lump-sum distribution, or receive installment payments. Terminated participants with balances exceeding $1,000 may elect to remain in the Plan and defer payment until such time the participant attains age 73 and becomes subject to required minimum distributions. Account balances less than $1,000 are distributed as soon as administratively possible following termination of employment.

    Administrative Expenses
     
    Investment management fees, recordkeeping fees, agent fees, brokerage commissions and other fees are paid by the Plan’s participants and are included in either Net appreciation in fair value of investments or Administrative expenses in the accompanying Statement of Changes in Net Assets Available for Benefits.

    Transfers to and from Other Plans

    During 2023, the Company acquired Fliteboard Pty Ltd and 15 employees became eligible for the Plan on January 1, 2024. As a result, $116,128 of assets were transferred into the Plan on April 17, 2024.
    5

    Brunswick Rewards Plan
    Notes to Financial Statements
    December 31, 2024 and 2023
    During 2022, the Company acquired certain Freedom Boat Cub franchise operations and territory rights as well as certain marine assets in the Southeast United States and 371 employees became eligible for the Plan on January 1, 2023. As a result, $333,308 of assets were transferred into the Plan on January 12, 2023.

    Transfers of assets generally occur if a change in the employment status of an employee, who participates in a Brunswick-sponsored plan, causes the employee to change plans due to eligibility requirements. During the year ended December 31, 2024, there were no transfers from the Plan into the Brunswick Retirement Savings Plan, while $129,572 was transferred into the Plan from the Brunswick Retirement Savings Plan.

    Plan Termination

    Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event that the Plan is terminated, the Benefits Administration Committee can direct that all accounts be distributed to its participants or continued in trust for their benefit. Participants will also become 100% vested at this time.

    2. Significant Accounting Policies
     
    Basis of Accounting
     
    The accompanying financial statements of the Plan have been prepared under the accrual basis of accounting.
     
    Payment of Benefits
     
    Benefits are recorded when paid.
     
    Use of Estimates
     
    The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
     
    Investment Valuation and Income Recognition
     
    Investments held by the Plan are stated at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). See Note 4 - Fair Value Measurements for further discussion of fair value measurements.

    The Brunswick ESOP Company Stock Fund is a fund composed principally of Brunswick Corporation common stock. Dividends received on shares held in the Brunswick ESOP Company Stock Fund may be reinvested in the Plan or, if elected by the participant, received as cash.

    Purchases and sales of investments are recorded on a trade-date basis. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Capital gain distributions are included in dividend income. Net appreciation includes plan gains and losses on investments bought and sold as well as held during the year.

    Notes Receivable from Participants

    Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. If a participant ceases to make loan repayments and the Plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced and a benefit payment is recorded.

    6

    Brunswick Rewards Plan
    Notes to Financial Statements
    December 31, 2024 and 2023
    Recent Accounting Pronouncements

    The Company evaluates the pronouncements of various authoritative accounting organizations, primarily the Financial Accounting Standards Board ("FASB"), the Securities and Exchange Commission ("SEC"), and the Emerging Issues Task Force ("EITF"), to determine the impact of new pronouncements on U.S. GAAP and the impact on the Plan. There were no recent accounting pronouncements that impacted the Plan in 2024 or that are expected to impact the Plan in the future.

    3. Interest in Brunswick Corporation Master Trust

    The Master Trust agreement includes Separately Managed Accounts (SMAs) which hold certain investment assets of both the Plan and the Brunswick Retirement Savings Plan. An SMA is an investment account composed of individually selected securities—such as stocks, mutual funds, and collective trusts, which are all selected and managed by the designated investment manager per the mandate of their fund. Certain investment options offered to participants are structured as SMAs and are held within the Master Trust. Each participating plan has a divided interest in the Master Trust. Plan investments and investment income reported in the Plan’s financial statements include the Plan’s interest in the Master Trust's net assets and investment gains and losses.

    The net assets in the Master Trust and the Plan's interest in the Master Trust as of December 31, 2024 and December 31, 2023 are as follows:
    2024
    Master TrustPlan's Interest in Master Trust
    US All Cap Equity Fund
    Common stock$135,778,951 $124,314,999 
    Mutual funds132,003,915 120,858,693 
    Collective trusts973,903 891,676 
    Total US All Cap Equity Fund268,756,769 246,065,368 
    Brunswick ESOP Company Stock Fund33,797,147 27,325,210 
    Total investments $302,553,916 $273,390,578 

    2023
    Master TrustPlan's Interest in Master Trust
    US All Cap Equity Fund
    Common stock$119,681,870 $109,569,138 
    Mutual funds121,676,468 111,395,200 
    Collective trusts1,039,027 951,233 
    Total US All Cap Equity Fund242,397,365 221,915,571 
    Brunswick ESOP Company Stock Fund51,558,432 41,609,662 
    Total investments $293,955,797 $263,525,233 

    The net appreciation in fair value of investments and investment income for the Master Trust for the year ended December 31, 2024 are as follows:

    Net appreciation in fair value of investments$30,785,148 
    Interest and dividend income2,923,776 
    Total$33,708,924 
    7

    Brunswick Rewards Plan
    Notes to Financial Statements
    December 31, 2024 and 2023
    4. Fair Value Measurements
     
    Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
     
    Level 1 – Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities.

    Level 2 – Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:
     
    •Quoted prices for similar assets and liabilities in active markets;
    •Quoted prices for identical or similar assets or liabilities in markets that are not active;
    •Observable inputs other than quoted prices that are used in the valuation of the assets or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals); and
    •Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

    Level 3 – Unobservable inputs for the asset or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumption about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).

    The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level of input that is significant to the fair value measurement in its entirety.

    The following is a description of the valuation techniques and inputs used for assets measured at fair value:
     
    Common stock: Valued at the quoted market price of shares held by the Plan at year-end.

    Target date retirement collective trust funds: The fair values of investments in target date retirement collective trusts are valued as determined by fund managers based on their net asset values ("NAV") and recent transaction prices. There are target date collective trust funds ranging from 2020 through 2070, in five-year increments, and an income fund. The asset allocation of each target date retirement collective trust fund (except for the income fund) gradually changes over time according to a targeted retirement year until the fund merges with the income fund. The trusts invest in mutual funds at varying asset allocations as appropriate to adjust to a more conservative mix over time as participants approach their target retirement age. Each collective trust provides for daily redemptions by the Plan at reported net asset values per share, with no advance notification requirement. There are no unfunded commitments associated with these funds.

    Mutual funds: Valued at quoted market prices.

    Stable value collective trust: The fair value of investments in the stable value retirement savings collective trust are valued as determined by fund managers based on their NAV. This fund invests largely in investment contracts backed by high-quality, shorter-term securities. There are no restrictions on participant redemptions of the stable value retirement savings collective trust. There are no unfunded commitments associated with this fund.

    Collective trusts: The fair values of participation units held in the collective trust fund are based on the net asset values per unit as reported by the fund managers. The collective trust fund provides for daily redemptions by the participants at reported net asset values per share, with no advance notice requirement. There are no unfunded commitments associated with this fund.

    8

    Brunswick Rewards Plan
    Notes to Financial Statements
    December 31, 2024 and 2023
    The following table sets forth, by level within the fair value hierarchy, the investment assets as of December 31, 2024:
     Level 1Level 2Level 3Total
    Assets    
    Mutual funds$3,223,546 $— $— $3,223,546 
    Total investments at fair value$3,223,546 $— $— $3,223,546 
    Investments measured at net asset value (A) (B)
    1,515,352,264 
    Total investments$1,518,575,810 

    (A) Certain investments measured at net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits. Certain investments measured at net asset value per share (or its equivalent) are direct filing entities and, as such, investment strategy disclosures are not required.
    (B) This includes the Target date retirement collective trust funds, Stable Value Collective trust and Collective trusts noted above.

    The following table sets forth, by level within the fair value hierarchy, the investment assets as of December 31, 2023:
     Level 1Level 2Level 3Total
    Assets    
    Mutual funds$16,251,149 $— $— $16,251,149 
    Total investments at fair value$16,251,149 $— $— $16,251,149 
    Investments measured at net asset value (A) (B) (C)
    1,394,675,196 
    Total investments$1,410,926,345 

    (A) Certain investments measured at net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits. Certain investments measured at net asset value per share (or its equivalent) are direct filing entities and, as such, investment strategy disclosures are not required.
    (B) This includes the Target date retirement collective trust funds, Stable Value Collective trust and Collective trusts noted above.
    (C) Management concluded that the net asset value of the collective trusts is not widely published and observable and as a result, net asset value is used as a practical expedient, consistent with the 2024 presentation.

    9

    Brunswick Rewards Plan
    Notes to Financial Statements
    December 31, 2024 and 2023
    The following table sets forth, by level within the fair value hierarchy, the Plan's interest in the investment assets within the Master Trust as of December 31, 2024:
     Level 1Level 2Level 3Total
    Assets    
    Common stock$124,314,999 $— $— $124,314,999 
    Mutual funds120,858,693 — — 120,858,693 
    Brunswick ESOP Company Stock Fund (A)
    27,325,210 — — 27,325,210 
    Total investments at fair value $272,498,902 $— $— $272,498,902 
    Investments measured at net asset value (B)
    891,676 
    Total investments (C)
    $273,390,578 

    (A) Substantially all the Fund's investments are in Brunswick Corporation's common stock.
    (B) Certain investments measured at net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits. Certain investments measured at net asset value per share (or its equivalent) are direct filing entities and, as such, investment strategy disclosures are not required. This includes the Collective trusts noted above.
    (C) As of December 31, 2024, there was $1,227,294 payable from the Master Trust to the Plan.

    The following table sets forth, by level within the fair value hierarchy, the Plan's interest in the investment assets within the Master Trust as of December 31, 2023:
     Level 1Level 2Level 3Total
    Assets    
    Common stock$109,569,138 $— $— $109,569,138 
    Mutual funds111,395,200 — — 111,395,200 
    Brunswick ESOP Company Stock Fund (A)
    41,609,662 — — 41,609,662 
    Total investments at fair value$262,574,000 $— $— $262,574,000 
    Investments measured at net asset value (B)
    951,233 
    Total investments (C)
    $263,525,233 

    (A) Substantially all the Fund's investments are in Brunswick Corporation's common stock.
    (B) Certain investments measured at net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits. Certain investments measured at net asset value per share (or its equivalent) are direct filing entities and, as such, investment strategy disclosures are not required. This includes the Collective trusts noted above. Management concluded that the net asset value of the collective trusts is not widely published and observable and as a result, net asset value is used as a practical expedient, consistent with the 2024 presentation.
    (C) The presentation of investments held in separately managed accounts within the Master Trust as of December 31, 2023 has been provided by investment type consistent with the 2024 presentation.

    5. Reconciliation to Form 5500
     
    The following is a reconciliation of Net assets available for benefits per the financial statements to net assets per the Form 5500:
     December 31,
     20242023
    Net assets available for benefits per the financial statements$1,811,392,618 $1,705,108,236 
    Adjustment for certain deemed distributions of participant loans(87,832)(106,340)
    Net assets per Form 5500$1,811,304,786 $1,705,001,896 

    10

    Brunswick Rewards Plan
    Notes to Financial Statements
    December 31, 2024 and 2023
    6. Risks and Uncertainties
     
    The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, liquidity, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the fair value of certain investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

    7. Related Party and Party-In-Interest Transactions

    Parties-in-interest are defined under Department of Labor regulations as any fiduciary of the Plan, any party rendering service to the Plan, the employer, and certain others. The Plan holds units of mutual funds managed by The Vanguard Group, Inc. The Vanguard Group, Inc. is an affiliate of Vanguard Fiduciary Trust Company, the Plan Trustee; therefore, these transactions and the Plan's payment of trustee fees to Vanguard qualify as party-in-interest transactions. The Plan also holds units of the Vanguard mutual funds and collective funds which are issued by Vanguard Fiduciary Trust Company or an affiliate thereof. The Plan also holds shares of Brunswick Corporation common stock. These shares depreciated in fair value by $13,223,752 and recognized dividend income of $690,973 during 2024. At December 31, 2024 and 2023, the Plan held 422,468 and 430,074 shares of Brunswick Corporation common stock. Notes receivable from participants also reflect party-in-interest transactions. Certain administrative functions are performed by officers or employees of the Company. No such officer or employee receives compensation from the Plan.

    8. Income Tax Status
     
    The IRS has determined and informed the Company by a letter dated August 24, 2017 that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code ("IRC"). Although the Plan has been amended since receiving the determination letter, Plan management believes that the Plan is designed and being operated in compliance with the applicable requirements of the IRC. Therefore, Plan management believes that the Plan was qualified and the related trust was tax-exempt as of the financial statement date.

    U.S. GAAP requires the management of the Plan to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by applicable taxing authorities. Management of the Plan has analyzed tax positions taken by the Plan and has concluded that, as of December 31, 2024 and December 31, 2023, there were no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions, however, there are currently no audits for any tax periods in progress.

    9. Subsequent Events

    The Plan evaluated subsequent events through June 25, 2025, the date the financial statements were issued, and no events were identified requiring adjustment to or disclosure in the financial statements.

    11


    Brunswick Rewards Plan
       
    Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
       
    EIN 36-0848180     Plan #170
       
    December 31, 2024
    Identity of IssuerDescription of InvestmentCost**Current Value
       
    Target Date Retirement Collective Trust
    Vanguard Fiduciary Trust Company*Target Retirement 2020 Trust I$7,912,980 
    Vanguard Fiduciary Trust Company*Target Retirement 2025 Trust I137,720,696 
    Vanguard Fiduciary Trust Company*Target Retirement 2030 Trust I50,578,602 
    Vanguard Fiduciary Trust Company*Target Retirement 2035 Trust I180,265,718 
    Vanguard Fiduciary Trust Company*Target Retirement 2040 Trust I35,566,483 
    Vanguard Fiduciary Trust Company*Target Retirement 2045 Trust I171,536,436 
    Vanguard Fiduciary Trust Company*Target Retirement 2050 Trust I32,887,390 
    Vanguard Fiduciary Trust Company*Target Retirement 2055 Trust I77,465,013 
    Vanguard Fiduciary Trust Company*Target Retirement 2060 Trust I25,215,581 
    Vanguard Fiduciary Trust Company*Target Retirement 2065 Trust I12,117,864 
    Vanguard Fiduciary Trust Company*Target Retirement 2070 Trust I2,957,645 
    Vanguard Fiduciary Trust Company*Target Retirement Income Trust I32,205,277 
    Total Target Date Retirement Collective Trust766,429,685 
    Mutual Funds
    The Vanguard Group, Inc.*Federal Money Market Fund3,223,546 
    Total Mutual Funds 3,223,546 
    Stable Value Collective Trust
    Vanguard Fiduciary Trust Company*Vanguard Retirement Savings Trust III98,855,661 
    Other Collective Trusts
    The Vanguard Group, Inc.*Total Stock Marker Index Trust404,435,803 
    The Vanguard Group, Inc.*Total Bond Market Index Trust 115,933,016 
    The Vanguard Group, Inc.*Total International Stock Index Trust108,366,194 
    MFSInternational Equity CIT; Class 3B7,247,926 
    Loomis Sayles Trust Company, LLC
    Core Plus Fixed Income Fund; Class F14,083,979 
    Total Other Collective Trusts650,066,918 
    Participant Loans*Loans to participants, bearing interest from 3.25% to 8.50%, with varying maturities15,119,329 
      $1,533,695,139 
    *Represents a party-in-interest to the Plan. 
    ** Cost information not required for participant-directed investments.
    12



    SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the trustee (or other persons who administer the employee benefit plans) has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

     Brunswick Retirement Savings Plan
     Brunswick Rewards Plan
      
       
     By:  BRUNSWICK CORPORATION
      as Administrator of the Plans
    Date: June 25, 2025
    By:  /s/ RANDALL S. ALTMAN
    Randall S. Altman
    Benefits Administration Committee





    EXHIBIT INDEX

    Exhibit No.Description of Exhibit
      
    23.1
    Consents of Independent Registered Public Accounting Firm


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