Separate Financial Information Of Subsidiary Guarantor Of Indebtedness (Tables)

6 Months Ended

Dec. 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):



	December 28, 2014 Carrying Amount		Maximum Guarantee
Senior Notes	$	225,000	$	225,000
Multicurrency Credit Agreement	$	87,000	$	500,000

Schedule of Condensed Supplemental Consolidating Balance Sheets

CONSOLIDATING BALANCE SHEET

As of December 28, 2014

(Unaudited)



	Briggs & Stratton Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
CURRENT ASSETS:
Cash and Cash Equivalents	$	4,751	$	1,304	$	45,635	$	—		$	51,690
Accounts Receivable, Net	108,449		41,313		58,121		—			207,883
Intercompany Accounts Receivable	30,884		6,938		40,247		(78,069		)	—
Inventories, Net	290,002		169,779		80,336		—			540,117
Deferred Income Tax Asset	32,803		14,534		1,926		—			49,263
Prepaid Expenses and Other Current Assets	35,977		1,736		8,309		—			46,022
Total Current Assets	$	502,866	$	235,604	$	234,574	$	(78,069	)	$	894,975
OTHER ASSETS:
Goodwill	$	128,300	$	—	$	31,380	$	—		$	159,680
Investments	27,967		—		—		—			27,967
Investments in Subsidiaries	507,884		—		—		(507,884		)	—
Intercompany Note Receivable	43,460		105,904		22,903		(172,267		)	—
Debt Issuance Costs	4,188		—		—		—			4,188
Other Intangible Assets, Net	—		55,308		43,454		—			98,762
Long-Term Deferred Income Tax Asset	21,232		—		382		(21,232		)	382
Other Long-Term Assets, Net	8,023		1,918		1,417		—			11,358
Total Other Assets	$	741,054	$	163,130	$	99,536	$	(701,383	)	$	302,337
PLANT AND EQUIPMENT, NET	238,147		31,012		26,619		—			295,778
TOTAL ASSETS	$	1,482,067	$	429,746	$	360,729	$	(779,452	)	$	1,493,090

CURRENT LIABILITIES:
Accounts Payable	$	110,631	$	39,466	$	31,812	$	—		$	181,909
Intercompany Accounts Payable	28,364		11,699		38,006		(78,069		)	—
Short-Term Debt	87,000		—		—		—			87,000
Accrued Liabilities	89,220		34,775		19,370		—			143,365
Total Current Liabilities	$	315,215	$	85,940	$	89,188	$	(78,069	)	$	412,274
OTHER LIABILITIES:
Accrued Pension Cost	$	113,453	$	394	$	559	$	—		$	114,406
Accrued Employee Benefits	24,575		—		—		—			24,575
Accrued Postretirement Health Care Obligation	39,329		14,297		—		—			53,626
Intercompany Note Payable	119,655		—		52,612		(172,267		)	—
Deferred Income Tax Liabilities	—		20,638		10,773		(21,232		)	10,179
Other Long-Term Liabilities	28,057		7,283		907		—			36,247
Long-Term Debt	225,000		—		—		—			225,000
Total Other Liabilities	$	550,069	$	42,612	$	64,851	$	(193,499	)	$	464,033
TOTAL SHAREHOLDERS’ INVESTMENT:	616,783		301,194		206,690		(507,884		)	616,783
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT	$	1,482,067	$	429,746	$	360,729	$	(779,452	)	$	1,493,090

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 December 28, 2014

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Net Sales	$	262,278		$	131,030		$	109,095	$	(58,116	)	$	444,287
Cost of Goods Sold	205,012			117,706			84,971		(58,116		)	349,573
Restructuring Charges	—			6,846			—		—			6,846
Gross Profit	57,266			6,478			24,124		—			87,868
Engineering, Selling, General and Administrative Expenses	40,433			18,087			15,450		—			73,970
Restructuring Charges	—			583			—		—			583
Equity in Loss from Subsidiaries	1,283			—			—		(1,283		)	—
Income (Loss) from Operations	15,550			(12,192		)	8,674		1,283			13,315
Interest Expense	(4,855		)	(35		)	—		—			(4,890		)
Other Income, Net	1,389			315			348		—			2,052
Income (Loss) before Income Taxes	12,084			(11,912		)	9,022		1,283			10,477
Provision (Credit) for Income Taxes	5,141			(4,498		)	2,891		—			3,534
Net Income (Loss)	$	6,943		$	(7,414	)	$	6,131	$	1,283		$	6,943
Comprehensive Income (Loss)	$	(2,034	)	$	(7,624	)	$	437	$	7,187		$	(2,034	)

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months Ended December 29, 2013

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	250,564		$	134,785		$	80,288		$	(49,045	)	$	416,592
Cost of Goods Sold	200,716			122,697			62,965			(49,045		)	337,333
Restructuring Charges	1,597			—			296			—			1,893
Gross Profit	48,251			12,088			17,027			—			77,366
Engineering, Selling, General and Administrative Expenses	42,243			18,094			11,440			—			71,777
Restructuring Charges	77			—			348			—			425
Equity in Loss from Subsidiaries	(436		)	—			—			436			—
Income (Loss) from Operations	6,367			(6,006		)	5,239			(436		)	5,164
Interest Expense	(4,582		)	—			(12		)	—			(4,594		)
Other Income, Net	1,611			95			45			—			1,751
Income (Loss) before Income Taxes	3,396			(5,911		)	5,272			(436		)	2,321
Provision (Credit) for Income Taxes	2,694			(2,174		)	1,099			—			1,619
Net Income (Loss)	$	702		$	(3,737	)	$	4,173		$	(436	)	$	702
Comprehensive Income (Loss)	$	2,982		$	(3,590	)	$	2,332		$	1,258		$	2,982

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Six Months Ended December 28, 2014

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	407,856		$	247,968		$	199,911		$	(118,819	)	$	736,916
Cost of Goods Sold	328,968			221,737			156,149			(118,819		)	588,035
Restructuring Charges	—			13,692			—			—			13,692
Gross Profit	78,888			12,539			43,762			—			135,189
Engineering, Selling, General and Administrative Expenses	77,300			35,744			31,009			—			144,053
Restructuring Charges	—			1,538			—			—			1,538
Equity in Loss from Subsidiaries	6,004			—			—			(6,004		)	—
Income (Loss) from Operations	(4,416		)	(24,743		)	12,753			6,004			(10,402		)
Interest Expense	(9,301		)	(106		)	(1		)	—			(9,408		)
Other Income, Net	3,315			775			335			—			4,425
Income (Loss) before Income Taxes	(10,402		)	(24,074		)	13,087			6,004			(15,385		)
Provision (Credit) for Income Taxes	(2,066		)	(8,979		)	3,996			—			(7,049		)
Net Income (Loss)	$	(8,336	)	$	(15,095	)	$	9,091		$	6,004		$	(8,336	)
Comprehensive Income (Loss)	$	(21,198	)	$	(15,031	)	$	(2,063	)	$	17,094		$	(21,198	)

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Six Months Ended December 29, 2013

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	425,354		$	252,549		$	150,697		$	(94,704	)	$	733,896
Cost of Goods Sold	354,253			229,391			118,281			(94,704		)	607,221
Restructuring Charges	3,396			339			1,743			—			5,478
Gross Profit	67,705			22,819			30,673			—			121,197
Engineering, Selling, General and Administrative Expenses	79,751			35,691			25,097			—			140,539
Restructuring Charges	77			—			348			—			425
Equity in Loss from Subsidiaries	5,117			—			—			(5,117		)	—
Income (Loss) from Operations	(17,240		)	(12,872		)	5,228			5,117			(19,767		)
Interest Expense	(9,076		)	—			(27		)	—			(9,103		)
Other Income, Net	3,803			185			(145		)	—			3,843
Income (Loss) before Income Taxes	(22,513		)	(12,687		)	5,056			5,117			(25,027		)
Provision (Credit) for Income Taxes	(3,866		)	(4,678		)	2,164			—			(6,380		)
Net Income (Loss)	$	(18,647	)	$	(8,009	)	$	2,892		$	5,117		$	(18,647	)
Comprehensive Income (Loss)	$	(12,045	)	$	(8,205	)	$	2,509		$	5,696		$	(12,045	)

Schedule of Condensed Supplemental Consolidating Statements Of Cash Flows

CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended December 28, 2014

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided by (Used in) Operating Activities	$	(138,405	)	$	22,575		$	2,501		$	(703	)	$	(114,032	)
Cash Flows from Investing Activities:
Additions to Plant and Equipment	(16,344		)	(2,739		)	(4,206		)	—			(23,289		)
Proceeds Received on Disposition of Plant and Equipment	84			136			69			—			289
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	29,860			—			—			(29,860		)	—
Net Cash Provided by (Used in) Investing Activities	(53,106		)	(2,603		)	(4,137		)	(25,210		)	(85,056		)
Cash Flows from Financing Activities:
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt	87,000			(21,348		)	(8,512		)	29,860			87,000
Treasury Stock Purchases	(27,598		)	—			—			—			(27,598		)
Stock Option Exercise Proceeds and Tax Benefits	3,652			—			—			—			3,652
Cash Dividends Paid	(5,718		)	—			—			—			(5,718		)
Cash Investment in Subsidiary	—			—			3,947			(3,947		)	—
Net Cash Provided by (Used in) Financing Activities	57,336			(21,348		)	(4,565		)	25,913			57,336
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents	—			—			(1,226		)	—			(1,226		)
Net Increase (Decrease) in Cash and Cash Equivalents	(134,175		)	(1,376		)	(7,427		)	—			(142,978		)
Cash and Cash Equivalents, Beginning	138,926			2,680			53,062			—			194,668
Cash and Cash Equivalents, Ending	$	4,751		$	1,304		$	45,635		$	—		$	51,690

CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended December 29, 2013

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net Cash Provided by (Used in) Operating Activities	$	(98,437	)	$	28,940		$	24,249		$	—	$	(45,248	)
Cash Flows from Investing Activities:
Additions to Plant and Equipment	(15,904		)	(1,365		)	(794		)	—		(18,063		)
Proceeds Received on Disposition of Plant and Equipment	28			33			—			—		61
Cash Investment in Subsidiary	8,107			—			(8,107		)	—		—
Net Cash Provided by (Used in) Investing Activities	(7,769		)	(1,332		)	(8,901		)	—		(18,002		)
Cash Flows from Financing Activities:
Repayments on Short-Term Debt	—			—			(300		)	—		(300		)
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt	27,300			(27,300		)	—			—		—
Debt Issuance Costs	(942		)	—			—			—		(942		)
Treasury Stock Purchases	(21,086		)	—			—			—		(21,086		)
Stock Option Exercise Proceeds and Tax Benefits	994			—			—			—		994
Cash Dividends Paid	(5,730		)	—			—			—		(5,730		)
Net Cash Provided by (Used in) Financing Activities	536			(27,300		)	(300		)	—		(27,064		)
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents	—			—			31			—		31
Net Increase (Decrease) in Cash and Cash Equivalents	(105,670		)	308			15,079			—		(90,283		)
Cash and Cash Equivalents, Beginning	162,628			1,275			24,542			—		188,445
Cash and Cash Equivalents, Ending	$	56,958		$	1,583		$	39,621		$	—	$	98,162