Separate Financial Information Of Subsidiary Guarantor Of Indebtedness (Tables)

3 Months Ended

Sep. 28, 2014

Separate Financial Information Of Subsidiary Guarantors Of Indebtedness

Schedule Of Outstanding Amounts Related To Guaranteed Debt

The Company had the following outstanding amounts related to the guaranteed debt (in thousands):



	September 28, 2014 Carrying Amount		Maximum Guarantee
Senior Notes	$	225,000	$	225,000
Multicurrency Credit Agreement	$	—	$	500,000

Schedule of Condensed Supplemental Consolidating Balance Sheets

CONSOLIDATING BALANCE SHEET

As of September 28, 2014

(Unaudited)



	Briggs & Stratton Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
CURRENT ASSETS:
Cash and Cash Equivalents	$	5,286	$	1,325	$	55,287	$	—		$	61,898
Accounts Receivable, Net	39,949		65,113		61,251		—			166,313
Intercompany Accounts Receivable	23,193		7,916		40,156		(71,265		)	—
Inventories, Net	263,039		162,690		81,159		—			506,888
Deferred Income Tax Asset	31,715		14,315		1,874		—			47,904
Prepaid Expenses and Other Current Assets	31,432		1,983		6,384		—			39,799
Total Current Assets	$	394,614	$	253,342	$	246,111	$	(71,265	)	$	822,802
OTHER ASSETS:
Goodwill	$	128,300	$	—	$	32,676	$	—		$	160,976
Investments	27,056		—		—		—			27,056
Investments in Subsidiaries	515,452		—		—		(515,452		)	—
Intercompany Note Receivable	50,984		95,772		17,258		(164,014		)	—
Debt Issuance Costs	4,428		—		—		—			4,428
Other Intangible Assets, Net	—		55,609		45,985		—			101,594
Long-Term Deferred Income Tax Asset	27,417		—		291		(27,417		)	291
Other Long-Term Assets, Net	7,867		2,134		1,457		—			11,458
Total Other Assets	$	761,504	$	153,515	$	97,667	$	(706,883	)	$	305,803
PLANT AND EQUIPMENT, NET	236,240		35,162		25,519		—			296,921
TOTAL ASSETS	$	1,392,358	$	442,019	$	369,297	$	(778,148	)	$	1,425,526

CURRENT LIABILITIES:
Accounts Payable	$	103,196	$	47,320	$	36,698	$	—		$	187,214
Intercompany Accounts Payable	30,047		6,124		35,094		(71,265		)	—
Accrued Liabilities	84,062		36,985		19,841		—			140,888
Total Current Liabilities	$	217,305	$	90,429	$	91,633	$	(71,265	)	$	328,102
OTHER LIABILITIES:
Accrued Pension Cost	$	119,578	$	408	$	583	$	—		$	120,569
Accrued Employee Benefits	24,538		—		—		—			24,538
Accrued Postretirement Health Care Obligation	41,770		14,352		—		—			56,122
Intercompany Note Payable	105,355		—		58,659		(164,014		)	—
Deferred Income Tax Liabilities	—		20,874		10,449		(27,417		)	3,906
Other Long-Term Liabilities	26,779		7,532		945		—			35,256
Long-Term Debt	225,000		—		—		—			225,000
Total Other Liabilities	$	543,020	$	43,166	$	70,636	$	(191,431	)	$	465,391
TOTAL SHAREHOLDERS’ INVESTMENT:	632,033		308,424		207,028		(515,452		)	632,033
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT	$	1,392,358	$	442,019	$	369,297	$	(778,148	)	$	1,425,526

CONSOLIDATING BALANCE SHEET

As of June 29, 2014



	Briggs & Stratton Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
CURRENT ASSETS:
Cash and Cash Equivalents	$	138,926	$	2,680	$	53,062	$	—		$	194,668
Accounts Receivable, Net	86,099		100,062		34,429		—			220,590
Intercompany Accounts Receivable	15,987		3,492		32,826		(52,305		)	—
Inventories, Net	165,159		146,749		64,195		—			376,103
Deferred Income Tax Asset	33,343		13,904		1,711		—			48,958
Prepaid Expenses and Other Current Assets	17,436		3,508		9,072		—			30,016
Total Current Assets	$	456,950	$	270,395	$	195,295	$	(52,305	)	$	870,335
OTHER ASSETS:
Goodwill	$	128,300	$	—	$	16,222	$	—		$	144,522
Investments	27,137		—		—		—			27,137
Investments in Subsidiaries	470,391		—		—		(470,391		)	—
Intercompany Note Receivable	49,293		84,567		13,876		(147,736		)	—
Debt Issuance Costs	4,671		—		—		—			4,671
Other Intangible Assets, Net	—		55,909		24,408		—			80,317
Long-Term Deferred Income Tax Asset	32,507		—		677		(18,006		)	15,178
Other Long-Term Assets, Net	7,120		2,088		1,331		—			10,539
Total Other Assets	$	719,419	$	142,564	$	56,514	$	(636,133	)	$	282,364
PLANT AND EQUIPMENT, NET	241,166		39,863		15,978		—			297,007
TOTAL ASSETS	$	1,417,535	$	452,822	$	267,787	$	(688,438	)	$	1,449,706

CURRENT LIABILITIES:
Accounts Payable	$	105,532	$	45,171	$	18,568	$	—		$	169,271
Intercompany Accounts Payable	21,859		6,002		24,444		(52,305		)	—
Accrued Liabilities	85,735		31,863		16,318		—			133,916
Total Current Liabilities	$	213,126	$	83,036	$	59,330	$	(52,305	)	$	303,187
OTHER LIABILITIES:
Accrued Pension Cost	$	125,481	$	421	$	627	$	—		$	126,529
Accrued Employee Benefits	24,491		—		—		—			24,491
Accrued Postretirement Health Care Obligation	44,928		14,362		—		—			59,290
Intercompany Note Payable	85,343		—		62,393		(147,736		)	—
Deferred Income Tax Liabilities			18,006		—		(18,006		)	—
Other Long-Term Liabilities	26,732		11,037		1,006		—			38,775
Long-Term Debt	225,000		—		—		—			225,000
Total Other Liabilities	$	531,975	$	43,826	$	64,026	$	(165,742	)	$	474,085
TOTAL SHAREHOLDERS’ INVESTMENT:	672,434		325,960		144,431		(470,391		)	672,434
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT	$	1,417,535	$	452,822	$	267,787	$	(688,438	)	$	1,449,706

Schedule of Condensed Supplemental Consolidating Statements Of Operations and Comprehensive Income (Loss)

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months Ended September 28, 2014

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	145,579		$	116,938		$	90,816		$	(60,704	)	$	292,629
Cost of Goods Sold	123,956			104,031			71,179			(60,704		)	238,462
Restructuring Charges	—			6,846			—			—			6,846
Gross Profit	21,623			6,061			19,637			—			47,321
Engineering, Selling, General and Administrative Expenses	36,868			17,657			15,559			—			70,084
Restructuring Charges	—			955			—			—			955
Equity in Loss from Subsidiaries	4,721			—			—			(4,721		)	—
Income (Loss) from Operations	(19,966		)	(12,551		)	4,078			4,721			(23,718		)
Interest Expense	(4,447		)	(71		)	—			—			(4,518		)
Other Income, Net	1,926			460			(13		)	—			2,373
Income (Loss) before Income Taxes	(22,487		)	(12,162		)	4,065			4,721			(25,863		)
Provision (Credit) for Income Taxes	(7,208		)	(4,481		)	1,105			—			(10,584		)
Net Income (Loss)	$	(15,279	)	$	(7,681	)	$	2,960		$	4,721		$	(15,279	)
Comprehensive Income (Loss)	$	(19,164	)	$	(7,407	)	$	(2,500	)	$	9,907		$	(19,164	)

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months Ended September 29, 2013

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	174,789		$	117,765		$	70,409		$	(45,659	)	$	317,304
Cost of Goods Sold	153,466			106,804			55,277			(45,659		)	269,888
Restructuring Charges	1,870			228			1,487			—			3,585
Gross Profit	19,453			10,733			13,645			—			43,831
Engineering, Selling, General and Administrative Expenses	37,508			17,598			13,656			—			68,762
Equity in Loss from Subsidiaries	5,553			—			—			(5,553		)	—
Income (Loss) from Operations	(23,608		)	(6,865		)	(11		)	5,553			(24,931		)
Interest Expense	(4,494		)	—			(16		)	—			(4,510		)
Other Income, Net	2,192			90			(189		)	—			2,093
Income (Loss) before Income Taxes	(25,910		)	(6,775		)	(216		)	5,553			(27,348		)
Provision (Credit) for Income Taxes	(6,561		)	(2,504		)	1,066			—			(7,999		)
Net Income (Loss)	$	(19,349	)	$	(4,271	)	$	(1,282	)	$	5,553		$	(19,349	)
Comprehensive Income (Loss)	$	(15,027	)	$	(7,119	)	$	177		$	6,942		$	(15,027	)

Schedule of Condensed Supplemental Consolidating Statements Of Cash Flows

CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended September 28, 2014

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided by (Used in) Operating Activities	$	(62,214	)	$	11,158		$	2,660		$	(482	)	$	(48,878	)
Cash Flows from Investing Activities:
Additions to Plant and Equipment	(4,623		)	(1,358		)	(1,409		)	—			(7,390		)
Proceeds Received on Disposition of Plant and Equipment	84			57			31			—			172
Cash Investment in Subsidiary	(4,650		)	—			—			4,650			—
Cash Paid for Acquisition, Net of Cash Acquired	(62,056		)	—			—			—			(62,056		)
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt	14,429			—			—			(14,429		)	—
Net Cash Provided by (Used in) Investing Activities	(56,816		)	(1,301		)	(1,378		)	(9,779		)	(69,274		)
Cash Flows from Financing Activities:
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt	—			(11,212		)	(3,217		)	14,429			—
Treasury Stock Purchases	(17,761		)	—			—			—			(17,761		)
Stock Option Exercise Proceeds and Tax Benefits	3,151			—			—			—			3,151
Cash Investment in Subsidiary	—			—			4,168			(4,168		)	—
Net Cash Provided by (Used in) Financing Activities	(14,610		)	(11,212		)	951			10,261			(14,610		)
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents	—			—			(8		)	—			(8		)
Net Increase (Decrease) in Cash and Cash Equivalents	(133,640		)	(1,355		)	2,225			—			(132,770		)
Cash and Cash Equivalents, Beginning	138,926			2,680			53,062			—			194,668
Cash and Cash Equivalents, Ending	$	5,286		$	1,325		$	55,287		$	—		$	61,898

CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended September 29, 2013

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net Cash Provided by (Used in) Operating Activities	$	(58,591	)	$	(8,847	)	$	14,577		$	—	$	(52,861	)
Cash Flows from Investing Activities:
Additions to Plant and Equipment	(10,498		)	(694		)	(458		)	—		(11,650		)
Proceeds Received on Disposition of Plant and Equipment	26			2			—			—		28
Cash Investment in Subsidiary	1,570			—			(1,570		)	—		—
Net Cash Provided by (Used in) Investing Activities	(8,902		)	(692		)	(2,028		)	—		(11,622		)
Cash Flows from Financing Activities:
Repayments on Short-Term Debt	—			—			(300		)	—		(300		)
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt	(9,818		)	9,818			—			—		—
Treasury Stock Purchases	(9,696		)	—			—			—		(9,696		)
Stock Option Exercise Proceeds and Tax Benefits	994			—			—			—		994
Net Cash Provided by (Used in) Financing Activities	(18,520		)	9,818			(300		)	—		(9,002		)
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents	—			—			216			—		216
Net Increase (Decrease) in Cash and Cash Equivalents	(86,013		)	279			12,465			—		(73,269		)
Cash and Cash Equivalents, Beginning	162,628			1,275			24,542			—		188,445
Cash and Cash Equivalents, Ending	$	76,615		$	1,554		$	37,007		$	—	$	115,176