10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________ 

FORM 10-Q

_____________________________________ 

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 27, 2015

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number 1-1370

________________________________________

BRIGGS & STRATTON CORPORATION

(Exact name of registrant as specified in its charter)

_____________________________________ 

Wisconsin	39-0182330
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

12301 West Wirth Street, Wauwatosa, Wisconsin 53222

(Address of Principal Executive Offices) (Zip Code)

(414) 259-5333

(Registrant’s telephone number, including area code)

____________________________________________ 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.        Yes  x    No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  ¨    No x

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Class	Outstanding at January 29, 2016
COMMON STOCK, par value $0.01 per share	43,148,318 Shares

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

INDEX

		Page No.
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets – December 27, 2015 and June 28, 2015	3
	Condensed Consolidated Statements of Operations – Three and Six Months Ended December 27, 2015 and December 28, 2014	5
	Condensed Consolidated Statements of Comprehensive Income (Loss) – Three and Six Months Ended December 27, 2015 and December 28, 2014	6
	Condensed Consolidated Statements of Cash Flows – Six Months Ended December 27, 2015 and December 28, 2014	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39
Item 4.	Controls and Procedures	39
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 6.	Exhibits	40
Signatures		41
Exhibit Index		42

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

ASSETS

	December 27, 2015		June 28, 2015
CURRENT ASSETS:
Cash and Cash Equivalents	$	60,367	$	118,390
Accounts Receivable, Net	182,126		215,841
Inventories -
Finished Products	361,432		266,726
Work in Process	136,800		101,285
Raw Materials	7,090		10,677
Total Inventories	505,322		378,688
Deferred Income Tax Asset	46,135		45,871
Prepaid Expenses and Other Current Assets	42,150		36,453
Total Current Assets	836,100		795,243
OTHER ASSETS:
Goodwill	168,032		165,522
Investments	34,538		30,779
Debt Issuance Costs	3,250		3,714
Other Intangible Assets, Net	106,392		111,280
Long-Term Deferred Income Tax Asset	16,321		22,452
Other Long-Term Assets, Net	15,819		15,134
Total Other Assets	344,352		348,881
PLANT AND EQUIPMENT:
Cost	1,029,224		1,035,326
Less - Accumulated Depreciation	717,625		720,488
Total Plant and Equipment, Net	311,599		314,838
TOTAL ASSETS	$	1,492,051	$	1,458,962

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

(In thousands, except per share data)

(Unaudited)

LIABILITIES & SHAREHOLDERS’ INVESTMENT

	December 27, 2015			June 28, 2015
CURRENT LIABILITIES:
Accounts Payable	$	189,624		$	182,676
Short-Term Debt	93,243			—
Accrued Liabilities	140,027			152,440
Total Current Liabilities	422,894			335,116
OTHER LIABILITIES:
Accrued Pension Cost	199,597			208,623
Accrued Employee Benefits	22,970			23,298
Accrued Postretirement Health Care Obligation	42,989			47,545
Deferred Income Tax Liability	154			223
Other Long-Term Liabilities	47,650			44,907
Long-Term Debt	225,000			225,000
Total Other Liabilities	538,360			549,596
SHAREHOLDERS’ INVESTMENT:
Common Stock - Authorized 120,000 shares, $.01 par value, issued 57,854 shares	579			579
Additional Paid-In Capital	72,533			77,272
Retained Earnings	1,053,983			1,071,493
Accumulated Other Comprehensive Loss	(287,678		)	(279,110		)
Treasury Stock at cost, 14,274 and 13,480 shares, respectively	(308,620		)	(295,984		)
Total Shareholders’ Investment	530,797			574,250
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT	$	1,492,051		$	1,458,962

The accompanying notes are an integral part of these statements.

4

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

	Three Months Ended						Six Months Ended
	December 27, 2015			December 28, 2014			December 27, 2015			December 28, 2014
NET SALES	$	413,379		$	444,287		$	702,837		$	736,916
COST OF GOODS SOLD	319,036			349,573			556,323			588,035
RESTRUCTURING CHARGES	2,647			6,846			5,106			13,692
Gross Profit	91,696			87,868			141,408			135,189
ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	72,559			73,970			144,693			144,053
RESTRUCTURING CHARGES	372			583			1,286			1,538
Income (Loss) from Operations	18,765			13,315			(4,571		)	(10,402		)
INTEREST EXPENSE	(5,013		)	(4,890		)	(9,549		)	(9,408		)
OTHER INCOME, Net	2,383			2,052			3,838			4,425
Income (Loss) Before Income Taxes	16,135			10,477			(10,282		)	(15,385		)
PROVISION (CREDIT) FOR INCOME TAXES	3,575			3,534			(4,671		)	(7,049		)
NET INCOME (LOSS)	$	12,560		$	6,943		$	(5,611	)	$	(8,336	)
EARNINGS (LOSS) PER SHARE
Basic	$	0.28		$	0.15		$	(0.13	)	$	(0.19	)
Diluted	0.28			0.15			(0.13		)	(0.19		)
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic	43,374			44,579			43,426			44,827
Diluted	43,470			44,629			43,426			44,827
DIVIDENDS PER SHARE	$	0.135		$	0.125		$	0.27		$	0.25

The accompanying notes are an integral part of these statements.

5

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

(Unaudited)

	Three Months Ended						Six Months Ended
	December 27, 2015			December 28, 2014			December 27, 2015			December 28, 2014
Net Income (Loss)	$	12,560		$	6,943		$	(5,611	)	$	(8,336	)
Other Comprehensive Income (Loss):
Cumulative Translation Adjustments	(1,710		)	(11,213		)	(14,183		)	(21,120		)
Gain (Loss) on Derivative Instruments, Net of Tax	(950		)	(161		)	(1,301		)	3,506
Pension & Postretirement Obligation, Net of Tax	2,360			2,397			4,553			4,752
Gain on Marketable Securities, Net of Tax	2,363			—			2,363			—
Other Comprehensive Income (Loss)	2,063			(8,977		)	(8,568		)	(12,862		)
Total Comprehensive Income (Loss)	$	14,623		$	(2,034	)	$	(14,179	)	$	(21,198	)

The accompanying notes are an integral part of these statements.

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Six Months Ended
	December 27, 2015			December 28, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$	(5,611	)	$	(8,336	)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Depreciation and Amortization	26,856			26,026
Stock Compensation Expense	3,204			3,382
Loss on Disposition of Plant and Equipment	249			132
Provision for Deferred Income Taxes	2,435			8,420
Equity in Earnings of Unconsolidated Affiliates	(3,187		)	(3,341		)
Dividends Received from Unconsolidated Affiliates	4,436			4,381
Non-Cash Restructuring Charges	1,611			9,190
Change in Operating Assets and Liabilities:
Accounts Receivable	28,924			24,305
Inventories	(127,537		)	(151,170		)
Other Current Assets	3,649			7,659
Accounts Payable, Accrued Liabilities and Income Taxes	(25,552		)	(26,912		)
Other, Net	(8,112		)	(7,768		)
Net Cash Used in Operating Activities	(98,635		)	(114,032		)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to Plant and Equipment	(25,843		)	(23,289		)
Proceeds Received on Disposition of Plant and Equipment	997			289
Cash Paid for Acquisition, Net of Cash Acquired	(2,174		)	(62,056		)
Net Cash Used in Investing Activities	(27,020		)	(85,056		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Borrowings on Revolver	93,243			87,000
Treasury Stock Purchases	(24,903		)	(27,598		)
Stock Option Exercise Proceeds and Tax Benefits	7,230			3,652
Cash Dividends Paid	(5,992		)	(5,718		)
Net Cash Provided by Financing Activities	69,578			57,336
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(1,946		)	(1,226		)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(58,023		)	(142,978		)
CASH AND CASH EQUIVALENTS, Beginning	118,390			194,668
CASH AND CASH EQUIVALENTS, Ending	$	60,367		$	51,690

The accompanying notes are an integral part of these statements.

7

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. General Information

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and therefore do not include all information and footnotes necessary for a fair statement of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but also does not include all disclosures required by accounting principles generally accepted in the United States. However, in the opinion of Briggs & Stratton Corporation (the Company), adequate disclosures have been presented to prevent the information from being misleading, and all adjustments necessary to fairly present the results of operations and financial position have been included. All of these adjustments are of a normal recurring nature, except as otherwise noted.

Interim results are not necessarily indicative of results for a full year. The information included in these condensed consolidated financial statements should be read in conjunction with the financial statements and the notes thereto that were included in the Company's latest Annual Report on Form 10-K.

2. New Accounting Pronouncements

In November 2015, the Financial Accounting Standard Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-07, "Balance Sheet Classification of Deferred Taxes (Topic 740)." Current guidance requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position; however, the new guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is permitted. The Company is currently assessing the potential impact of this new accounting pronouncement on the Company's financial position.

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, under either full or modified retrospective adoption. Early application is only permitted for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently assessing the potential impact of this new accounting pronouncement on the Company's results of operations, financial position, and cash flows.

8

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

3. Accumulated Other Comprehensive Income (Loss)

The following tables set forth the changes in accumulated other comprehensive income (loss) (in thousands):

	Three Months Ended December 27, 2015
	Cumulative Translation Adjustments			Derivative Financial Instruments			Pension and Postretirement Benefit Plans			Marketable Securities			Total
Beginning Balance	$	(31,590	)	$	861		$	(259,012	)	$	—		$	(289,741	)
Other Comprehensive Income (Loss) Before Reclassification	(1,710		)	(6		)	—			3,780			2,064
Income Tax Benefit (Expense)	—			2			—			(1,417		)	(1,415		)
Net Other Comprehensive Income (Loss) Before Reclassifications	(1,710		)	(4		)	—			2,363			649
Reclassifications:
Realized (Gains) Losses - Foreign Currency Contracts (1)	—			(2,073		)	—			—			(2,073		)
Realized (Gains) Losses - Commodity Contracts (1)	—			260			—			—			260
Realized (Gains) Losses - Interest Rate Swaps (1)	—			298			—			—			298
Amortization of Prior Service Costs (Credits) (2)	—			—			(619		)	—			(619		)
Amortization of Actuarial Losses (2)	—			—			4,397			—			4,397
Total Reclassifications Before Tax	—			(1,515		)	3,778			—			2,263
Income Tax Expense (Benefit)	—			569			(1,418		)	—			(849		)
Net Reclassifications	—			(946		)	2,360			—			1,414
Other Comprehensive Income (Loss)	(1,710		)	(950		)	2,360			2,363			2,063
Ending Balance	$	(33,300	)	$	(89	)	$	(256,652	)	$	2,363		$	(287,678	)

(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments.

(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans.

9

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

	Three Months Ended December 28, 2014
	Cumulative Translation Adjustments			Derivative Financial Instruments			Pension and Postretirement Benefit Plans			Total
Beginning Balance	$	3,146		$	2,583		$	(204,871	)	$	(199,142	)
Other Comprehensive Income (Loss) Before Reclassification	(11,213		)	987			—			(10,226		)
Income Tax Benefit (Expense)	—			(375		)	—			(375		)
Net Other Comprehensive Income (Loss) Before Reclassifications	(11,213		)	612			—			(10,601		)
Reclassifications:
Realized (Gains) Losses - Foreign Currency Contracts (1)	—			(1,904		)	—			(1,904		)
Realized (Gains) Losses - Commodity Contracts (1)	—			343			—			343
Realized (Gains) Losses - Interest Rate Swaps (1)	—			314			—			314
Amortization of Prior Service Costs (Credits) (2)	—			—			(644		)	(644		)
Amortization of Actuarial Losses (2)	—			—			4,510			4,510
Total Reclassifications Before Tax	—			(1,247		)	3,866			2,619
Income Tax Expense (Benefit)	—			474			(1,469		)	(995		)
Net Reclassifications	—			(773		)	2,397			1,624
Other Comprehensive Income (Loss)	(11,213		)	(161		)	2,397			(8,977		)
Ending Balance	$	(8,067	)	$	2,422		$	(202,474	)	$	(208,119	)

(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments.

(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans.

10

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

	Six Months Ended December 27, 2015
	Cumulative Translation Adjustments			Derivative Financial Instruments			Pension and Postretirement Benefit Plans			Marketable Securities			Total
Beginning Balance	$	(19,117	)	$	1,212		$	(261,205	)	$	—		$	(279,110	)
Other Comprehensive Income (Loss) Before Reclassification	(14,183		)	2,170			—			3,780			(8,233		)
Income Tax Benefit (Expense)	—			(814		)	—			(1,417		)	(2,231		)
Net Other Comprehensive Income (Loss) Before Reclassifications	(14,183		)	1,356			—			2,363			(10,464		)
Reclassifications:
Realized (Gains) Losses - Foreign Currency Contracts (1)	—			(5,244		)	—			—			(5,244		)
Realized (Gains) Losses - Commodity Contracts (1)	—			392			—			—			392
Realized (Gains) Losses - Interest Rate Swaps (1)	—			600			—			—			600
Amortization of Prior Service Costs (Credits) (2)	—			—			(1,239		)	—			(1,239		)
Amortization of Actuarial Losses (2)	—			—			8,526			—			8,526
Total Reclassifications Before Tax	—			(4,252		)	7,287			—			3,035
Income Tax Expense (Benefit)	—			1,595			(2,734		)	—			(1,139		)
Net Reclassifications	—			(2,657		)	4,553			—			1,896
Other Comprehensive Income (Loss)	(14,183		)	(1,301		)	4,553			2,363			(8,568		)
Ending Balance	$	(33,300	)	$	(89	)	$	(256,652	)	$	2,363		$	(287,678	)

(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments.

(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans.

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

	Six Months Ended December 28, 2014
	Cumulative Translation Adjustments			Derivative Financial Instruments			Pension and Postretirement Benefit Plans			Total
Beginning Balance	$	13,053		$	(1,084	)	$	(207,226	)	$	(195,257	)
Other Comprehensive Income (Loss) Before Reclassification	(21,120		)	6,805			—			(14,315		)
Income Tax Benefit (Expense)	—			(2,586		)	—			(2,586		)
Net Other Comprehensive Income (Loss) Before Reclassifications	(21,120		)	4,219			—			(16,901		)
Reclassifications:										—
Realized (Gains) Losses - Foreign Currency Contracts (1)	—			(2,297		)	—			(2,297		)
Realized (Gains) Losses - Commodity Contracts (1)	—			522			—			522
Realized (Gains) Losses - Interest Rate Swaps (1)	—			625			—			625
Amortization of Prior Service Costs (Credits) (2)	—			—			(1,289		)	(1,289		)
Amortization of Actuarial Losses (2)	—			—			8,955			8,955
Total Reclassifications Before Tax	—			(1,150		)	7,666			6,516
Income Tax Expense (Benefit)	—			437			(2,914		)	(2,477		)
Net Reclassifications	—			(713		)	4,752			4,039
Other Comprehensive Income (Loss)	(21,120		)	3,506			4,752			(12,862		)
Ending Balance	$	(8,067	)	$	2,422		$	(202,474	)	$	(208,119	)

(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments.

(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans.

4. Acquisitions

On August 29, 2014, the Company acquired all of the outstanding shares of Allmand Bros., Inc. ("Allmand") of Holdrege, Nebraska for total cash consideration of $59.9 million, net of cash acquired. Allmand is a leading designer and manufacturer of high quality towable light towers, industrial heaters, and solar LED arrow boards. Its products are used in a variety of industries, including construction, roadway, oil and gas, mining, and sporting and special events. Allmand's products are generally powered by diesel engines, and distributed through national and regional equipment rental companies, equipment dealers and distributors. Allmand sells its products and service parts in approximately 40 countries. During fiscal 2015, the Company recorded a purchase price allocation based on its estimates of fair value. The purchase price allocation resulted in the recognition of $15.6 million of goodwill, which was allocated to the Products Segment, and $24.1 million of intangible assets, including $15.7 million of customer relationships, $8.1 million of tradenames, and $0.3 million of other intangible assets.

On May 20, 2015, the Company acquired all of the outstanding shares of Billy Goat Industries, Inc. ("Billy Goat") of Lee's Summit, Missouri for total cash consideration of $28.3 million, net of cash acquired. Billy Goat is a leading manufacturer of specialty turf equipment, which includes aerators, sod cutters, overseeders, power rakes, brush cutters, walk behind blowers, lawn vacuums, and debris loaders. During fiscal 2015, the Company recorded a purchase price allocation based on its estimates of fair value. The purchase price allocation resulted in the recognition of $9.2 million of goodwill, which was allocated to the Products Segment, and $16.4 million of intangible assets, including $12.0 million of customer relationships, $4.0 million of tradenames, and $0.4 million of other intangible assets.

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

The results of operations of the acquisitions have been included in the Consolidated Condensed Statements of Operations since the date of acquisition. Pro forma financial information and allocation of the purchase price are not presented as the effects of the acquisitions are not material to the Company's consolidated results of operations or financial position.

5. Restructuring Actions

In fiscal 2015, the Company announced and began implementing restructuring actions to narrow its assortment of lower-priced Snapper consumer lawn and garden equipment and consolidate its Products Segment manufacturing facilities in order to further reduce costs. The Company continues to focus on premium residential products to customers through its Snapper and Simplicity brands and commercial products through its Snapper Pro and Ferris brands. The Company closed its McDonough, Georgia location in the fourth quarter of fiscal 2015 and consolidated production into existing facilities. Production of pressure washers, riding mowers, and snow throwers have been moved to the Company's Wauwatosa, Wisconsin facility. At Decemer 27, 2015, the Company had $3.6 million classified as assets held for sale, which is included in Prepaid Expenses and Other Current Assets within the Condensed Consolidated Balance Sheets, related to the McDonough, Georgia location.

The Products Segment recorded pre-tax charges of $3.0 million and $5.0 million during the second quarter and first six months of fiscal 2016, respectively. As of December 27, 2015, the Products Segment cumulative pre-tax restructuring costs associated with the restructuring actions announced in fiscal 2015 are $32.3 million. Total cumulative pre-tax restructuring cost estimates for the Product Segment restructuring actions are $33 million to $35 million.

During the first quarter of fiscal 2016, the Company implemented restructuring actions within the Engines Segment. These actions, which were completed in the first quarter of fiscal 2016, included a headcount reduction at its plant in Chongqing, China to offset lower production of engines used on snow throwers as well as changes in salaried personnel in the United States. The Engines Segment recorded pre-tax charges of $1.4 million during the first quarter of fiscal 2016, which represented the cumulative pre-tax restructuring costs and the total costs expected to be incurred under these restructuring actions.

The Company reports restructuring charges associated with manufacturing and related initiatives as costs of goods sold within the Condensed Consolidated Statements of Operations. Restructuring charges reflected as costs of goods sold include, but are not limited to, termination and related costs associated with manufacturing employees, asset impairments and accelerated depreciation relating to manufacturing initiatives, and other costs directly related to the restructuring initiatives implemented. The Company reports all other non-manufacturing related restructuring charges as engineering, selling, general and administrative expenses within the Condensed Consolidated Statements of Operations.

The restructuring actions discussed above resulted in pre-tax charges of $3.0 million ($2.0 million after tax or $0.05 per diluted share) and $6.4 million ($4.2 million after tax or $0.09 per diluted share) for the second quarter and first six months of fiscal 2016, respectively.

The following is a rollforward of the restructuring reserve (included in Accrued Liabilities within the Condensed Consolidated Balance Sheets) attributable to Engines Segment restructuring activities for the six month period ended December 27, 2015 (in thousands):

	Termination Benefits			Other Costs		Total
Reserve Balance at June 28, 2015	$	—		$	—	$	—
Provisions	1,354			—		1,354
Cash Expenditures	(638		)	—		(638		)
Other Adjustments	(182		)	—		(182		)
Reserve Balance at December 27, 2015	$	534		$	—	$	534

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

The following is a rollforward of the restructuring reserve (included in Accrued Liabilities within the Condensed Consolidated Balance Sheets) attributable to Products Segment restructuring activities for the six month period ended December 27, 2015 (in thousands):

	Termination Benefits			Other Costs			Total
Reserve Balance at June 28, 2015	$	2,107		$	—		$	2,107
Provisions	—			5,038			5,038
Cash Expenditures	(1,772		)	(3,609		)	(5,381		)
Other Adjustments (1)	—			(1,429		)	(1,429		)
Reserve Balance at December 27, 2015	$	335		$	—		$	335

(1) Other adjustments includes $1.4 million of asset impairments.

6. Earnings (Loss) Per Share

The Company computes earnings (loss) per share using the two-class method, an earnings allocation formula that determines earnings (loss) per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The Company’s unvested grants of restricted stock, restricted stock units, and deferred stock awards contain non-forfeitable rights to dividends (whether paid or unpaid), which are required to be treated as participating securities and included in the computation of basic earnings (loss) per share.

Information on earnings (loss) per share is as follows (in thousands, except per share data):

	Three Months Ended						Six Months Ended
	December 27, 2015			December 28, 2014			December 27, 2015			December 28, 2014
Net Income (Loss)	$	12,560		$	6,943		$	(5,611	)	$	(8,336	)
Less: Allocation to Participating Securities	(255		)	(168		)	(217		)	(266		)
Net Income (Loss) Available to Common Shareholders	$	12,305		$	6,775		$	(5,828	)	$	(8,602	)
Average Shares of Common Stock Outstanding	43,374			44,579			43,426			44,827
Diluted Average Shares Outstanding	43,470			44,629			43,426			44,827
Basic Earnings (Loss) Per Share	$	0.28		$	0.15		$	(0.13	)	$	(0.19	)
Diluted Earnings (Loss) Per Share	$	0.28		$	0.15		$	(0.13	)	$	(0.19	)

The dilutive effect of the potential exercise of outstanding stock-based awards to acquire common shares is calculated using the treasury stock method. The following options to purchase shares of common stock were excluded from the calculation of diluted earnings (loss) per share as the exercise prices were greater than the average market price of the common shares:

	Three Months Ended				Six Months Ended
	December 27, 2015		December 28, 2014		December 27, 2015		December 28, 2014
Options to Purchase Shares of Common Stock (in thousands)	1,365		858		408		858
Weighted Average Exercise Price of Options Excluded	$	19.43	$	20.32	$	20.82	$	20.32

As a result of the Company incurring a net loss for the six months ended December 27, 2015 and December 28, 2014, potential incremental common shares of 758,000 and 1,002,000, respectively, were excluded from the calculation of diluted earnings (loss) per share because the effect would have been anti-dilutive.

On August 13, 2014, the Board of Directors of the Company authorized up to $50 million in funds associated with the common share repurchase program. As of December 27, 2015, the total remaining authorization was approximately $15.4 million with an expiration date of June 30, 2016. The common share repurchase program authorizes the purchase of shares of the Company's common stock on the open market or in private transactions from time to time, depending on market conditions and certain governing loan covenants. During the six months

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

ended December 27, 2015, the Company repurchased 1,343,968 shares on the open market at an average price of $18.53 per share, as compared to 1,428,588 shares purchased on the open market at an average price of $19.33 per share during the six months ended December 28, 2014.

7. Investments

This caption represents the Company’s investments in unconsolidated affiliated companies and marketable securities.

Combined financial information of the unconsolidated affiliated companies is accounted for by the equity method, generally on a lag of 3 months or less. Unaudited results of operations of unconsolidated affiliated companies for the three and six months ended December 27, 2015 and December 28, 2014 (in thousands):

	Three Months Ended				Six Months Ended
	December 27, 2015		December 28, 2014		December 27, 2015	December 28, 2014
Results of Operations:
Sales	$	60,274	$	52,452	121,763	101,591
Cost of Goods Sold	47,066		41,126		95,024	79,619
Gross Profit	$	13,208	$	11,326	26,739	21,972
Net Income	$	2,900	$	2,667	7,476	5,885

Unaudited balance sheets of unconsolidated affiliated companies as of December 27, 2015 and June 28, 2015 (in thousands):

	December 27, 2015		June 28, 2015
Financial Position:
Assets:
Current Assets	$	103,063	$	99,596
Noncurrent Assets	53,674		43,555
	156,737		143,151
Liabilities:
Current Liabilities	$	38,804	$	36,630
Noncurrent Liabilities	28,154		9,859
	66,958		46,489
Equity	$	89,779	$	96,662

Net sales to equity method investees were approximately $40.9 million and $27.3 million for the six months ended December 27, 2015 and December 28, 2014, respectively. Purchases of finished products from equity method investees were approximately $54.1 million and $49.5 million for the six months ended December 27, 2015 and December 28, 2014, respectively.

During the third quarter of fiscal 2014, the Company joined with one of its independent distributors to form Power Distributors LLC (the venture) to distribute service parts. The Company contributed non-cash assets in exchange for receiving an ownership interest in the venture. As a result of the transaction, the Company recorded an investment of $6.5 million. In the first quarter of fiscal 2015, a second independent distributor joined the venture and, as a result, the Company recorded an additional investment of $2.8 million. During the second quarter of fiscal 2015 and the first quarter of fiscal 2016, the venture acquired the assets of a third and fourth independent distributor, respectively. The Company uses the equity method to account for this investment, and the earnings of the unconsolidated affiliate are recorded within the Products Segment. At December 27, 2015 and June 28, 2015, the Company's total investment in the venture was $11.9 million and $10.0 million, respectively, and its ownership percentage was 15.2% and 11.9%, respectively. Subsequent to the second quarter of fiscal 2016, the Company contributed $19.1 million in cash as well as non-cash assets in exchange for receiving an additional ownership interest in the venture. As a result of the transaction, the Company's ownership percentage increased to 38%.

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

The Company's investment in marketable securities relate to its ownership of common stock in a publicly traded company. The Company classifies its investment as available-for-sale securities, and it is reported at fair value. Unrealized gains and losses, net of the related tax effect, are reported as a separate component of Accumulated Other Comprehensive Income (Loss). At June 28, 2015, the investment was not recorded. During the second quarter of fiscal 2016, the Company corrected its investment balance to report it at fair value. The correction, which primarily related to prior periods, was not material. At December 27, 2015, the available-for-sale securities had a cost basis and fair value of $0 and $3.8 million, respectively, and unrealized gains, net of tax, of $2.4 million.

8. Pension and Postretirement Benefits

The Company has noncontributory defined benefit retirement plans and postretirement plans covering certain employees. The following tables summarize the plans’ income and expense for the periods indicated (in thousands):

	Pension Benefits						Other Postretirement Benefits
	Three Months Ended						Three Months Ended
	December 27, 2015			December 28, 2014			December 27, 2015			December 28, 2014
Components of Net Periodic Expense (Income):
Service Cost	$	909		$	886		$	55		$	63
Interest Cost on Projected Benefit Obligation	13,013			12,430			813			907
Expected Return on Plan Assets	(17,774		)	(18,631		)	—			—
Amortization of:
Prior Service Cost (Credit)	45			45			(664		)	(689		)
Actuarial Loss	3,332			3,333			1,065			1,177
Net Periodic Expense (Income)	$	(475	)	$	(1,937	)	$	1,269		$	1,458

	Pension Benefits						Other Postretirement Benefits
	Six Months Ended						Six Months Ended
	December 27, 2015			December 28, 2014			December 27, 2015			December 28, 2014
Components of Net Periodic Expense (Income):
Service Cost	$	1,766		$	1,716		$	131		$	148
Interest Cost on Projected Benefit Obligation	26,055			24,891			1,622			1,804
Expected Return on Plan Assets	(35,601		)	(37,319		)	—			—
Amortization of:
Prior Service Cost (Credit)	90			90			(1,329		)	(1,379		)
Actuarial Loss	6,504			6,631			2,022			2,324
Net Periodic Expense (Income)	$	(1,186	)	$	(3,991	)	$	2,446		$	2,897

The Company expects to make benefit payments of $3.0 million attributable to its non-qualified pension plans during fiscal 2016. During the first six months of fiscal 2016, the Company made payments of approximately $1.2 million for its non-qualified pension plans. The Company anticipates making benefit payments of approximately $11.9 million for its other postretirement benefit plans during fiscal 2016. During the first six months of fiscal 2016, the Company made payments of $7.3 million for its other postretirement benefit plans.

During the first six months of fiscal 2016, the Company made no cash contributions to the qualified pension plan. Based upon current regulations and actuarial studies, the Company is not required to make contributions to the qualified pension plan in fiscal 2016 through fiscal 2019. The Company may be required to make further contributions in future years depending upon the actual return on plan assets and the funded status of the plan in future periods.

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9. Stock Incentives

Stock based compensation expense is calculated by estimating the fair value of incentive stock awards granted and amortizing the estimated value over the awards' vesting period. Stock based compensation expense was $1.6 million and $3.2 million for the three and six months ended December 27, 2015. For the three and six months ended December 28, 2014, stock based compensation expense was $1.8 million and $3.4 million, respectively.

10. Derivative Instruments & Hedging Activities

The Company enters into derivative contracts designated as cash flow hedges to manage certain interest rate, foreign currency and commodity exposures. Company policy allows derivatives to be used only for identifiable exposures and, therefore, the Company does not enter into hedges for trading purposes where the sole objective is to generate profits.

The Company formally designates the financial instrument as a hedge of a specific underlying exposure and documents both the risk management objectives and strategies for undertaking the hedge. The Company formally assesses, both at the inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the forecasted cash flows of the related underlying exposure. Because of the high degree of effectiveness between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instruments are generally offset by changes in the forecasted cash flows of the underlying exposures being hedged. Derivative financial instruments are recorded within the Condensed Consolidated Balance Sheets as assets or liabilities, measured at fair value. The effective portion of gains or losses on derivatives designated as cash flow hedges are reported as a component of Accumulated Other Comprehensive Income (Loss) (AOCI) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of a financial instrument's change in fair value is immediately recognized in earnings.

The Company discontinues hedge accounting prospectively when it determines that the derivative is no longer effective in offsetting cash flows attributable to the hedged risk, the derivative expires or is sold, terminated, or exercised, the cash flow hedge is dedesignated because a forecasted transaction is not probable of occurring, or management determines to remove the designation of the cash flow hedge.

In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent changes in its fair value in earnings. When it is probable that a forecasted transaction will not occur, the Company discontinues hedge accounting and recognizes immediately in earnings gains and losses that were accumulated in other comprehensive income related to the hedging relationship.

The Company enters into interest rate swaps to manage a portion of its interest rate risk from financing certain dealer and distributor inventories through a third party financing source. The swaps are designated as cash flow hedges and are used to effectively fix the interest payments to a third party financing source, exclusive of lender spreads, ranging from 1.17% to 1.60% for a notional principal amount of $95 million with expiration dates ranging from July 2017 through May 2019.

The Company enters into forward foreign currency contracts to hedge the risk from forecasted third party and intercompany sales or payments denominated in foreign currencies. These obligations generally require the Company to exchange foreign currencies for U.S. Dollars, Australian Dollars, Brazilian Real, Canadian Dollars, Chinese Renminbi, Euros, Japanese Yen, or Mexican Peso. These contracts generally do not have a maturity of more than twenty-four months.

The Company uses raw materials that are subject to price volatility. The Company hedges a portion of its exposure to the variability of cash flows associated with commodities used in the manufacturing process by entering into forward purchase contracts or commodity swaps. Derivative contracts designated as cash flow hedges are used by the Company to reduce exposure to variability in cash flows associated with future purchases of natural gas. These contracts generally do not have a maturity of more than thirty-six months.

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

The Company has considered the counterparty credit risk related to all of its interest rate, foreign currency and commodity derivative contracts and deems any risk of counterparty default to be minimal.

As of December 27, 2015 and June 28, 2015, the Company had the following outstanding derivative contracts (in thousands):

Contract		Notional Amount
		December 27, 2015	June 28, 2015
Interest Rate:
LIBOR Interest Rate (U.S. Dollars)	Fixed	95,000	95,000
Foreign Currency:
Australian Dollar	Sell	15,963	29,473
Brazilian Real	Sell	10,515	22,443
Canadian Dollar	Sell	6,025	9,326
Chinese Renminbi	Buy	251,425	259,350
Euro	Sell	55,825	62,740
Japanese Yen	Buy	998,000	711,000
Mexican Peso	Sell	10,000	—
Commodity:
Natural Gas (Therms)	Buy	15,294	11,324

The location and fair value of derivative instruments reported in the Condensed Consolidated Balance Sheets are as follows (in thousands):

Balance Sheet Location	Asset (Liability) Fair Value
	December 27, 2015			June 28, 2015
Interest rate contracts
Other Long-Term Liabilities	$	(930	)	$	(1,034	)
Foreign currency contracts
Other Current Assets	2,993			4,417
Other Long-Term Assets	417			276
Accrued Liabilities	(1,104		)	(1,041		)
Other Long-Term Liabilities	(149		)	(43		)
Commodity contracts
Accrued Liabilities	(842		)	(493		)
Other Long-Term Liabilities	(325		)	(134		)
	$	60		$	1,948

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

The effect of derivative instruments on the Condensed Consolidated Statements of Operations and Comprehensive Loss is as follows (in thousands):

	Three Months Ended December 27, 2015
	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives, Net of Taxes (Effective Portion)			Classification of Gain (Loss)	Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)			Recognized in Earnings (Ineffective Portion)
Interest rate contracts	$	329		Net Sales	$	(298	)	$	—
Foreign currency contracts - sell	(721		)	Net Sales	2,231			—
Foreign currency contracts - buy	(324		)	Cost of Goods Sold	(158		)	—
Commodity contracts	(234		)	Cost of Goods Sold	(260		)	—
	$	(950	)		$	1,515		$	—

	Three Months Ended December 28, 2014
	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives, Net of Taxes (Effective Portion)			Classification of Gain (Loss)	Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)			Recognized in Earnings (Ineffective Portion)
Interest rate contracts	$	(89	)	Net Sales	$	(314	)	$	—
Foreign currency contracts - sell	394			Net Sales	2,079			—
Foreign currency contracts - buy	(251		)	Cost of Goods Sold	(175		)	—
Commodity contracts	(215		)	Cost of Goods Sold	(343		)	—
	$	(161	)		$	1,247		$	—

	Six Months Ended December 27, 2015
	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives, Net of Taxes (Effective Portion)			Classification of Gain (Loss)	Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)			Recognized in Earnings (Ineffective Portion)
Interest rate contracts	$	60		Net Sales	$	(600	)	$	—
Foreign currency contracts - sell	(331		)	Net Sales	5,538			—
Foreign currency contracts - buy	(690		)	Cost of Goods Sold	(294		)	—
Commodity contracts	(340		)	Cost of Goods Sold	(392		)	—
	$	(1,301	)		$	4,252		$	—

	Six Months Ended December 28, 2014
	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives, Net of Taxes (Effective Portion)			Classification of Gain (Loss)	Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)			Recognized in Earnings (Ineffective Portion)
Interest rate contracts	$	261		Net Sales	$	(625	)	$	—
Foreign currency contracts - sell	3,840			Net Sales	2,543			—
Foreign currency contracts - buy	(408		)	Cost of Goods Sold	(246		)	—
Commodity contracts	(187		)	Cost of Goods Sold	(522		)	—
	$	3,506			$	1,150		$	—

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

During the next twelve months, the estimated net amount of income on cash flow hedges as of December 27, 2015 expected to be reclassified out of AOCI into earnings is $0.1 million.

11. Fair Value Measurements

The following guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels:

Level 1: Quoted prices for identical instruments in active markets.

Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-driven valuations whose inputs are observable or whose significant value drivers are observable.

Level 3: Significant inputs to the valuation model are unobservable.

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 27, 2015 and June 28, 2015 (in thousands):

			Fair Value Measurements Using
	December 27, 2015		Level 1		Level 2		Level 3
Assets:
Derivatives	$	3,410	$	—	$	3,410	$	—
Marketable Securities	$	3,780	$	3,780	$	—	$	—
Liabilities:
Derivatives	$	3,350	$	—	$	3,350	$	—
	June 28, 2015		Level 1		Level 2		Level 3
Assets:
Derivatives	$	4,693	$	—	$	4,693	$	—
Marketable Securities	$	—	$	—	$	—	$	—
Liabilities:
Derivatives	$	2,745	$	—	$	2,745	$	—

The fair value for Level 2 measurements are based upon the respective quoted market prices for comparable instruments in active markets, which include current market pricing for forward purchases of commodities, foreign currency forwards, and current interest rates.

The Company has currently chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with accounting principles generally accepted in the United States.

The estimated fair value of the Company's Senior Notes (as defined in Note 16) at December 27, 2015 and June 28, 2015 was $245.3 million and $248.3 million, respectively, compared to the carrying value of $225.0 million on each date. The estimated fair value of the Senior Notes is based on quoted market prices for similar instruments and is, therefore, classified as Level 2 within the valuation hierarchy. The carrying value of the Revolver (as defined in Note 16) approximates fair value since the underlying rate of interest is variable based upon LIBOR rates.  

The Company believes that the carrying values of cash and cash equivalents, trade receivables, and accounts payable are reasonable estimates of their fair values at December 27, 2015 and June 28, 2015 due to the short-term nature of these instruments.

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

12. Warranty

The Company recognizes the cost associated with its standard warranty on Engines and Products at the time of sale. The general warranty period begins at the time of sale and typically covers two years, but may vary due to product type and geographic location. The amount recognized is based on historical failure rates and current claim cost experience. The following is a reconciliation of the changes in accrued warranty costs for the reporting period (in thousands):

	Six Months Ended
	December 27, 2015			December 28, 2014
Beginning Balance	$	48,006		$	44,744
Payments	(15,301		)	(15,201		)
Provision for Current Year Warranties	12,161			13,235
Changes in Estimates	(45		)	(39		)
Ending Balance	$	44,821		$	42,739

13. Income Taxes

The effective tax rates for the second quarter and first six months of fiscal 2016 were 22.2% and 45.4%, compared to 33.7% and 45.8% for the respective periods last year. The tax rates for the second quarter and first six months of fiscal 2016 and 2015 were primarily impacted by the re-enactment of the U.S. research and development tax credit and losses incurred at certain foreign subsidiaries for which the Company has not recorded benefits. In addition, the tax rate for the second quarter of fiscal 2016 was impacted by foreign earnings in jurisdictions with tax rates that vary from the U.S. statutory rate.

For the six months ended December 27, 2015, the Company's unrecognized tax benefits increased by $0.8 million, all of which impacted the current effective tax rate.

Income tax returns are filed in the U.S., state, and foreign jurisdictions and related audits occur on a regular basis.  In the U.S., the Company is currently under audit for the fiscal years 2010 and 2013, and is no longer subject to U.S. federal income tax examinations for years before fiscal 2010.  The Company is also currently under audit by various state and foreign jurisdictions.  With respect to the Company's major foreign jurisdictions, they are no longer subject to tax examinations for years before fiscal 2005.

14. Commitments and Contingencies

The Company is subject to various unresolved legal actions that arise in the normal course of its business. These actions typically relate to product liability (including asbestos-related liability), patent and trademark matters, and disputes with customers, suppliers, distributors and dealers, competitors and employees.

On May 14, 2010, the Company notified retirees and certain retirement eligible employees of various amendments to the Company-sponsored retiree medical plans intended to better align the plans offered to both hourly and salaried retirees. On August 16, 2010, a putative class of retirees who retired prior to August 1, 2006 and the United Steel Workers filed a complaint in the U.S. District Court for the Eastern District of Wisconsin (Merrill, Weber, Carpenter, et al.; United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union, AFL-CIO/CLC v. Briggs & Stratton Corporation; Group Insurance Plan of Briggs & Stratton Corporation; and Does 1 through 20, Docket No. 10-C-0700), contesting the Company's right to make these changes. The complaint seeks an injunction preventing the alleged unilateral termination or reduction in insurance coverage to the class of retirees, a permanent injunction preventing defendants from ever making changes to the retirees' insurance coverage, restitution with interest (if applicable) and attorneys' fees and costs. A class has been certified, and discovery has concluded. Both parties moved for summary judgment, which was fully briefed on December 23, 2014. The court denied both sides’ motions on September 3, 2015, concluding that factual issues were present which preclude summary judgment and should be determined by the jury at trial.  The Company filed a motion requesting permission to appeal the court’s decision on an interlocutory basis. The plaintiffs also moved the court to clarify its decision. Upon the request of all parties, the court stayed any further decisions in the matter pending mediation in mid-December 2015. The mediation led to an agreement in principle to

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

settle this case for an aggregate payment of $3.95 million covering both claimed benefits and plaintiffs’ attorneys fees, which will result in a contribution of $1.975 million from the Company and $1.975 million from a third party insurance provider. The parties are in the process of negotiating the Stipulation of Settlement that must be filed with and approved by the Court prior to becoming effective. As a result of the agreement in principle, the Company has recorded a total charge of $1.975 million as Engineering, Selling, General and Administrative Expense on the Condensed Consolidated Statements of Operations in the second quarter of fiscal 2016.

On May 12, 2010, Exmark Manufacturing Company, Inc. filed suit against Briggs & Stratton Power Products Group, LLC (“BSPPG”), a wholly owned subsidiary of the Company (Case No. 8:10CV187, U.S. District Court for the District of Nebraska), alleging that certain Ferris® and Snapper Pro® mower decks infringed an Exmark mower deck patent. Exmark sought damages relating to sales since May 2004, attorneys’ fees, and enhanced damages. As a result of a reexamination proceeding in 2012, the United States Patent and Trademark Office (“USPTO”) initially rejected the asserted Exmark claims as invalid.  However, in 2014, that decision was reversed by the USPTO on appeal by Exmark. Following discovery, each of BSPPG and Exmark filed several motions for summary judgment in the Nebraska district court, which were decided on July 28, 2015. The court concluded that older mower deck designs infringed Exmark’s patent, leaving for trial the issues of whether current designs infringed, the amount of damages, and whether any infringement was willful.

The trial began on September 8, 2015, and on September 18, 2015, the jury returned its verdict, finding that BSPPG’s current mower deck designs do not infringe the Exmark patent. As to the older designs, the jury awarded Exmark $24.3 million in damages and found that the infringement was willful, which would allow the judge to enhance the jury’s damages award post-trial by up to three times. Also on September 18, 2015, the U.S. Court of Appeals for the Federal Circuit issued its decision in an unrelated case, SCA Hygiene Products Aktiebolag SCA Personal Care, Inc. v. First Quality Baby Products, LLC, et al. (Case No. 2013-1564) (“SCA”), confirming the availability of laches as a defense to patent infringement claims. Laches is an equitable doctrine that may bar a patent owner from obtaining damages prior to commencing suit, in circumstances in which the owner knows or should have known its patent was being infringed for more than six years. Although the court in the Exmark case ruled before trial that BSPPG could not rely on the defense of laches, as a result of the subsequent SCA decision, the court held a bench trial on that defense on October 21 and 22, 2015.

The parties submitted post-trial motions and briefing related to: damages; willfulness; laches; attorney fees; enhanced damages; and prejudgment/post-judgment interest and costs.  All post-trial motions and briefing were completed on December 18, 2015.  The parties are awaiting the court’s rulings.

BSPPG and the Company strongly disagree with the jury verdict and certain rulings made in connection with the jury trial, and BSPPG is vigorously pursuing its rights through post-trial motions and will continue to do so, if necessary, on appeal. In assessing whether the Company should accrue a liability in its financial statements as a result of the jury verdict, the Company considered various factors, including the legal and factual circumstances of the case, the trial record, the current status of the proceedings, applicable law (including without limitation the precedence of the SCA decision), the views of legal counsel, and the likelihood of successful post-trial motions and appeals. As a result of this review, the Company has concluded that a loss from this case is not probable and reasonably estimable at this time and, therefore, a liability has not been recorded with respect to this case as of December 27, 2015.

Although it is not possible to predict with certainty the outcome of these and other unresolved legal actions or the range of possible loss, the Company believes the unresolved legal actions will not have a material adverse effect on its results of operations, financial position or cash flows.

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

15. Segment Information

The Company aggregates operating segments that have similar economic characteristics, products, production processes, types or classes of customers and distribution methods into reportable segments. The Company concluded that it operates two reportable segments: Engines and Products. The Company uses “segment income (loss)” as the primary measure to evaluate operating performance and allocate capital resources for the Engines and Products Segments. Segment income (loss) is defined as income (loss) from operations plus equity in earnings of unconsolidated affiliates. Summarized segment data is as follows (in thousands):

	Three Months Ended						Six Months Ended
	December 27, 2015			December 28, 2014			December 27, 2015			December 28, 2014
NET SALES:
Engines	$	262,007		$	271,704		$	412,090		$	424,820
Products	172,497			199,050			335,038			365,178
Inter-Segment Eliminations	(21,125		)	(26,467		)	(44,291		)	(53,082		)
Total*	$	413,379		$	444,287		$	702,837		$	736,916
* International sales included in net sales based on product shipment destination	$	152,676		$	168,994		$	244,216		$	275,048
GROSS PROFIT:
Engines	$	65,635		$	62,896		$	89,411		$	90,696
Products	26,744			25,213			53,888			44,597
Inter-Segment Eliminations	(683		)	(241		)	(1,891		)	(104		)
Total	$	91,696		$	87,868		$	141,408		$	135,189
SEGMENT INCOME (LOSS):
Engines	$	20,782		$	18,894		$	28		$	5,040
Products	417			(3,884		)	479			(11,997		)
Inter-Segment Eliminations	(683		)	(241		)	(1,891		)	(104		)
Total	$	20,516		$	14,769		$	(1,384	)	$	(7,061	)
Reconciliation from Segment Income (Loss) to Income (Loss) Before Income Taxes:
Equity in Earnings of Unconsolidated Affiliates	1,751			1,454			3,187			3,341
Income (Loss) from Operations	$	18,765		$	13,315		$	(4,571	)	$	(10,402	)
INTEREST EXPENSE	(5,013		)	(4,890		)	(9,549		)	(9,408		)
OTHER INCOME, Net	2,383			2,052			3,838			4,425
Income (Loss) Before Income Taxes	16,135			10,477			(10,282		)	(15,385		)
PROVISION (CREDIT) FOR INCOME TAXES	3,575			3,534			(4,671		)	(7,049		)
Net Income (Loss)	$	12,560		$	6,943		$	(5,611	)	$	(8,336	)

Pre-tax restructuring charges and acquisition-related charges included in gross profit were as follows (in thousands):

	Three Months Ended				Six Months Ended
	December 27, 2015		December 28, 2014		December 27, 2015		December 28, 2014
Engines	$	—	$	—	$	464	$	—
Products	2,647		6,846		4,892		14,864
Total	$	2,647	$	6,846	$	5,356	$	14,864

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

Pre-tax restructuring charges, acquisition-related charges, and litigation charges included in segment income (loss) were as follows (in thousands):

	Three Months Ended				Six Months Ended
	December 27, 2015		December 28, 2014		December 27, 2015		December 28, 2014
Engines	$	1,975	$	—	$	4,179	$	—
Products	3,019		7,610		5,314		16,761
Total	$	4,994	$	7,610	$	9,493	$	16,761

16. Debt

The following is a summary of the Company’s indebtedness (in thousands):

	December 27, 2015		June 28, 2015
Senior Notes	$	225,000	$	225,000
Multicurrency Credit Agreement	93,243		—
	$	318,243	$	225,000

On December 20, 2010, the Company issued $225 million of 6.875% Senior Notes ("Senior Notes") due December 15, 2020.  

On October 21, 2013, the Company entered into an amendment to its $500 million multicurrency credit agreement (the “Revolver”), which, among other things, extended the maturity of the Revolver to October 21, 2018. The initial maximum availability under the revolving credit facility is $500 million. Availability under the revolving credit facility is reduced by outstanding letters of credit. The Company may from time to time increase the maximum availability under the revolving credit facility by up to $250 million if certain conditions are satisfied. As of December 27, 2015, $93.2 million was outstanding under the Revolver. There were no borrowings under the Revolver as of June 28, 2015.

The Senior Notes and Revolver contain restrictive covenants. These covenants include restrictions on the Company’s ability to: pay dividends; repurchase shares; incur indebtedness; create liens; enter into sale and leaseback transactions; consolidate or merge with other entities; sell or lease all or substantially all of its assets; and dispose of assets or use proceeds from sales of its assets. The Revolver contains financial covenants that require the Company to maintain a minimum interest coverage ratio and impose a maximum average leverage ratio.

24

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

17. Separate Financial Information of Subsidiary Guarantor of Indebtedness

Under the terms of the Company’s Senior Notes and the Revolver (collectively, the “Domestic Indebtedness”), Briggs & Stratton Power Products Group, LLC, a 100% owned subsidiary of the Company, was the sole joint and several guarantor of the Domestic Indebtedness (the “Guarantor”) as of December 27, 2015 and June 28, 2015. The Guarantor provides a full and unconditional guarantee of the Domestic Indebtedness, except for certain customary limitations. These customary limitations, which are described in detail in the First Supplemental Indenture (Indenture) dated December 20, 2010, include (i) the sale of the guarantor or substantially all of the guarantor’s assets, (ii) the designation of the guarantor as an unrestricted subsidiary for covenant purposes, (iii) the guarantor ceasing to guarantee certain other indebtedness, if the guarantor is also not a significant subsidiary within the meaning of Article 1, Rule 1-02 of Regulation S-X, and (iv) achieving the Indenture’s requirements for legal defeasance, covenant defeasance or discharge. Additionally, if at any time a domestic subsidiary of the Company constitutes a significant domestic subsidiary, then such domestic subsidiary will also become a guarantor of the Domestic Indebtedness. Currently, all of the Domestic Indebtedness is unsecured. If the Company were to fail to make a payment of interest or principal on its due date, the Guarantor is obligated to pay the outstanding Domestic Indebtedness. The Company had the following outstanding amounts related to the guaranteed debt (in thousands):

	December 27, 2015 Carrying Amount		Maximum Guarantee
Senior Notes	$	225,000	$	225,000
Multicurrency Credit Agreement	$	93,243	$	500,000

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

The following condensed supplemental consolidating financial information reflects the summarized financial information of Briggs & Stratton, its Guarantor Subsidiary and its Non-Guarantor Subsidiaries (in thousands):

CONSOLIDATING BALANCE SHEET

As of December 27, 2015

(Unaudited)

	Briggs & Stratton Corporation		Guarantor Subsidiary		Non-Guarantor Subsidiaries		Eliminations			Consolidated
CURRENT ASSETS:
Cash and Cash Equivalents	$	12,459	$	3,490	$	44,418	$	—		$	60,367
Accounts Receivable, Net	104,268		38,900		38,958		—			182,126
Intercompany Accounts Receivable	28,050		7,721		40,545		(76,316		)	—
Inventories, Net	266,925		144,286		94,111		—			505,322
Deferred Income Tax Asset	31,157		12,417		2,561		—			46,135
Prepaid Expenses and Other Current Assets	30,156		5,237		6,757		—			42,150
Total Current Assets	$	473,015	$	212,051	$	227,350	$	(76,316	)	$	836,100
OTHER ASSETS:
Goodwill	$	128,300	$	—	$	39,732	$	—		$	168,032
Investments	34,538		—		—		—			34,538
Investments in Subsidiaries	489,624		—		—		(489,624		)	—
Intercompany Note Receivable	37,594		103,243		46,521		(187,358		)	—
Debt Issuance Costs	3,250		—		—		—			3,250
Other Intangible Assets, Net	—		54,105		52,287		—			106,392
Long-Term Deferred Income Tax Asset	48,637		—		394		(32,710		)	16,321
Other Long-Term Assets, Net	10,144		4,539		1,136		—			15,819
Total Other Assets	$	752,087	$	161,887	$	140,070	$	(709,692	)	$	344,352
PLANT AND EQUIPMENT, NET	260,238		24,094		27,267		—			311,599
TOTAL ASSETS	$	1,485,340	$	398,032	$	394,687	$	(786,008	)	$	1,492,051
CURRENT LIABILITIES:
Accounts Payable	$	123,707	$	39,213	$	26,704	$	—		$	189,624
Intercompany Accounts Payable	30,362		8,614		37,340		(76,316		)	—
Short-Term Debt	93,243		—		—		—			93,243
Accrued Liabilities	76,589		39,295		24,143		—			140,027
Total Current Liabilities	$	323,901	$	87,122	$	88,187	$	(76,316	)	$	422,894
OTHER LIABILITIES:
Accrued Pension Cost	$	198,725	$	371	$	501	$	—		$	199,597
Accrued Employee Benefits	22,970		—		—		—			22,970
Accrued Postretirement Health Care Obligation	28,035		14,954		—		—			42,989
Intercompany Note Payable	117,157		—		70,201		(187,358		)	—
Deferred Income Tax Liabilities	—		16,211		16,653		(32,710		)	154
Other Long-Term Liabilities	38,755		7,176		1,719		—			47,650
Long-Term Debt	225,000		—		—		—			225,000
Total Other Liabilities	$	630,642	$	38,712	$	89,074	$	(220,068	)	$	538,360
TOTAL SHAREHOLDERS’ INVESTMENT	530,797		272,198		217,426		(489,624		)	530,797
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT	$	1,485,340	$	398,032	$	394,687	$	(786,008	)	$	1,492,051

26

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

CONSOLIDATING BALANCE SHEET

As of June 28, 2015

	Briggs & Stratton Corporation		Guarantor Subsidiary		Non-Guarantor Subsidiaries		Eliminations			Consolidated
CURRENT ASSETS:
Cash and Cash Equivalents	$	45,395	$	17,237	$	55,758	$	—		$	118,390
Accounts Receivable, Net	99,852		72,859		43,130		—			215,841
Intercompany Accounts Receivable	21,697		8,060		40,772		(70,529		)	—
Inventories, Net	161,343		125,698		91,647		—			378,688
Deferred Income Tax Asset	30,692		13,187		1,992		—			45,871
Prepaid Expenses and Other Current Assets	23,580		19,916		7,031		(14,074		)	36,453
Total Current Assets	$	382,559	$	256,957	$	240,330	$	(84,603	)	$	795,243
OTHER ASSETS:
Goodwill	$	128,300	$	—	$	37,222	$	—		$	165,522
Investments	30,779		—		—		—			30,779
Investments in Subsidiaries	537,799		—		—		(537,799		)	—
Intercompany Note Receivable	36,448		89,186		26,722		(152,356		)	—
Debt Issuance Costs	3,714		—		—		—			3,714
Other Intangible Assets, Net	—		54,706		56,574		—			111,280
Long-Term Deferred Income Tax Asset	54,622		—		133		(32,303		)	22,452
Other Long-Term Assets, Net	8,800		4,999		1,335		—			15,134
Total Other Assets	$	800,462	$	148,891	$	121,986	$	(722,458	)	$	348,881
PLANT AND EQUIPMENT, NET	260,843		24,314		29,681		—			314,838
TOTAL ASSETS	$	1,443,864	$	430,162	$	391,997	$	(807,061	)	$	1,458,962
CURRENT LIABILITIES:
Accounts Payable	$	116,972	$	38,672	$	27,032	$	—		$	182,676
Intercompany Accounts Payable	33,898		6,945		29,686		(70,529		)	—
Accrued Liabilities	90,168		51,851		24,495		(14,074		)	152,440
Total Current Liabilities	$	241,038	$	97,468	$	81,213	$	(84,603	)	$	335,116
OTHER LIABILITIES:
Accrued Pension Cost	$	207,745	$	367	$	511	$	—		$	208,623
Accrued Employee Benefits	23,298		—		—		—			23,298
Accrued Postretirement Health Care Obligation	32,405		15,140		—		—			47,545
Intercompany Note Payable	104,676		—		47,680		(152,356		)	—
Deferred Income Tax Liabilities	—		15,483		17,043		(32,303		)	223
Other Long-Term Liabilities	35,452		8,511		944		—			44,907
Long-Term Debt	225,000		—		—		—			225,000
Total Other Liabilities	$	628,576	$	39,501	$	66,178	$	(184,659	)	$	549,596
TOTAL SHAREHOLDERS’ INVESTMENT	574,250		293,193		244,606		(537,799		)	574,250
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT	$	1,443,864	$	430,162	$	391,997	$	(807,061	)	$	1,458,962

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months EndedDecember 27, 2015

(Unaudited)

	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	250,214		$	124,581		$	84,833		$	(46,249	)	$	413,379
Cost of Goods Sold	193,212			107,082			64,991			(46,249		)	319,036
Restructuring Charges	—			2,647			—			—			2,647
Gross Profit	57,002			14,852			19,842			—			91,696
Engineering, Selling, General and Administrative Expenses	42,628			16,908			13,023			—			72,559
Restructuring Charges	—			372			—			—			372
Equity in Loss from Subsidiaries	(4,562		)	—			—			4,562			—
Income (Loss) from Operations	18,936			(2,428		)	6,819			(4,562		)	18,765
Interest Expense	(4,975		)	(35		)	(3		)	—			(5,013		)
Other Income, Net	1,479			409			495			—			2,383
Income (Loss) before Income Taxes	15,440			(2,054		)	7,311			(4,562		)	16,135
Provision (Credit) for Income Taxes	2,880			(731		)	1,426			—			3,575
Net Income (Loss)	$	12,560		$	(1,323	)	$	5,885		$	(4,562	)	$	12,560
Comprehensive Income (Loss)	$	14,623		$	(6,360	)	$	3,390		$	2,970		$	14,623

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months EndedDecember 28, 2014

(Unaudited)

	Briggs & Stratton Corporation			Guarantor Subsidiary			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	)

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Six Months EndedDecember 27, 2015

(Unaudited)

	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	399,714		$	231,088		$	167,325		$	(95,290	)	$	702,837
Cost of Goods Sold	321,813			200,568			129,232			(95,290		)	556,323
Restructuring Charges	—			4,642			464			—			5,106
Gross Profit	77,901			25,878			37,629			—			141,408
Engineering, Selling, General and Administrative Expenses	80,432			33,862			30,399			—			144,693
Restructuring Charges	890			396			—			—			1,286
Equity in Loss from Subsidiaries	(867		)	—			—			867			—
Income (Loss) from Operations	(2,554		)	(8,380		)	7,230			(867		)	(4,571		)
Interest Expense	(9,447		)	(98		)	(4		)	—			(9,549		)
Other Income, Net	2,182			1,199			457			—			3,838
Income (Loss) before Income Taxes	(9,819		)	(7,279		)	7,683			(867		)	(10,282		)
Provision (Credit) for Income Taxes	(4,208		)	(2,629		)	2,166			—			(4,671		)
Net Income (Loss)	$	(5,611	)	$	(4,650	)	$	5,517		$	(867	)	$	(5,611	)
Comprehensive Income (Loss)	$	(14,179	)	$	(9,961	)	$	(3,116	)	$	13,077		$	(14,179	)

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Six Months EndedDecember 28, 2014

(Unaudited)

	Briggs & Stratton Corporation			Guarantor Subsidiary			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	)

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months EndedDecember 27, 2015

(Unaudited)

	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided by (Used in) Operating Activities	$	(85,326	)	$	1,791		$	6,433		$	(21,533	)	$	(98,635	)
Cash Flows from Investing Activities:
Additions to Plant and Equipment	(22,500		)	(2,417		)	(926		)	—			(25,843		)
Proceeds Received on Disposition of Plant and Equipment	18			955			24			—			997
Cash Paid for Acquisition, Net of Cash Acquired	—			—			(2,174		)	—			(2,174		)
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt	5,294			—			—			(5,294		)	—
Net Cash Used in Investing Activities	(17,188		)	(1,462		)	(3,076		)	(5,294		)	(27,020		)
Cash Flows from Financing Activities:
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt	93,243			(14,076		)	8,782			5,294			93,243
Treasury Stock Purchases	(24,903		)	—			—			—			(24,903		)
Stock Option Exercise Proceeds and Tax Benefits	7,230			—			—			—			7,230
Cash Dividends Paid	(5,992		)	—			—			—			(5,992		)
Cash Investment in Subsidiary	—			—			(21,533		)	21,533			—
Net Cash Provided by (Used in) Financing Activities	69,578			(14,076		)	(12,751		)	26,827			69,578
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents	—			—			(1,946		)	—			(1,946		)
Net Decrease in Cash and Cash Equivalents	(32,936		)	(13,747		)	(11,340		)	—			(58,023		)
Cash and Cash Equivalents, Beginning	45,395			17,237			55,758			—			118,390
Cash and Cash Equivalents, Ending	$	12,459		$	3,490		$	44,418		$	—		$	60,367

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CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months EndedDecember 28, 2014

(Unaudited)

	Briggs & Stratton Corporation			Guarantor Subsidiary			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 Used in Investing Activities	(53,106		)	(2,603		)	(4,137		)	(25,210		)	(85,056		)
Cash Flows from Financing Activities:
Net Borrowings (Repayments) on Loans, 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 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

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

The following table is a reconciliation of financial results by segment, as reported, to adjusted financial results by segment, excluding restructuring charges, acquisition-related charges, certain litigation charges, and the reinstatement of a deferred tax asset for the three months ended fiscal December 2016 and 2015 (in thousands, except per share data):

	Three Months Ended Fiscal December
	2016 Reported			Adjustments(1)		2016 Adjusted (2)			2015 Reported			Adjustments(1)		2015 Adjusted(2)
Gross Profit:
Engines	$	65,635		$	—	$	65,635		$	62,896		$	—	$	62,896
Products	26,744			2,647		29,391			25,213			6,846		32,059
Inter-Segment Eliminations	(683		)	—		(683		)	(241		)	—		(241		)
Total	$	91,696		$	2,647	$	94,343		$	87,868		$	6,846	$	94,714
Engineering, Selling, General and Administrative Expenses:
Engines	$	46,214		$	1,975	$	44,239		$	45,161		$	—	$	45,161
Products	26,345			—		26,345			28,809			181		28,628
Total	$	72,559		$	1,975	$	70,584		$	73,970		$	181	$	73,789
Segment Income (Loss) (3):
Engines	$	20,782		$	1,975	$	22,757		$	18,894		$	—	$	18,894
Products	417			3,019		3,436			(3,884		)	7,610		3,726
Inter-Segment Eliminations	(683		)	—		(683		)	(241		)	—		(241		)
Total	$	20,516		$	4,994	$	25,510		$	14,769		$	7,610	$	22,379
Reconciliation from Segment Income (Loss) to Income Before Income Taxes:
Equity in Earnings of Unconsolidated Affiliates	1,751			—		1,751			1,454			—		1,454
Income from Operations	$	18,765		$	4,994	$	23,759		$	13,315		$	7,610	$	20,925
Income Before Income Taxes	16,135			4,994		21,129			10,477			7,610		18,087
Provision for Income Taxes	3,575			2,417		5,992			3,534			2,664		6,198
Net Income	$	12,560		$	2,577	$	15,137		$	6,943		$	4,946	$	11,889
Earnings Per Share
Basic	$	0.28		$	0.06	$	0.34		$	0.15		$	0.11	$	0.26
Diluted	0.28			0.06		0.34			0.15			0.11		0.26

(1) For the second quarter of fiscal 2016, includes pre-tax restructuring charges of $3,019 ($1,962 after tax), pre-tax litigation charges of $1,975 ($1,284 after tax), and a tax benefit of $669 for reinstatement of a deferred tax asset related to an investment in marketable securities. For the second quarter of fiscal 2015, includes pre-tax restructuring charges of $7,429 ($4,829 after tax) and pre-tax acquisition-related charges of $181 ($117 after tax).

(2) Adjusted financial results are non-GAAP financial measures. The Company believes this information is meaningful to investors as it isolates the impact that restructuring charges, acquisition-related charges, certain litigation charges, and reinstatement of deferred tax assets have on reported financial results and facilitates comparisons between peer companies. The Company may utilize non-GAAP financial measures as a guide in the forecasting, budgeting, and long-term planning process. While the Company believes that adjusted financial results are useful supplemental information, such adjusted financial results are not intended to replace its GAAP financial results and should be read in conjunction with those GAAP results.

(3) The Company defines segment income (loss) as income from operations plus equity in earnings of unconsolidated affiliates.

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NET SALES

Consolidated net sales for the second quarter of fiscal 2016 were $413 million, a decrease of $31 million or 7.0% from the second quarter of fiscal 2015. Net sales decreased during the quarter partially due to an unfavorable foreign currency impact, net of price increases, of $8.8 million, predominately related to the weakening of the Euro, Australian Dollar, and Brazilian Real. Excluding currency impacts, net sales decreased by $22 million. The decrease in net sales was primarily a result of lower sales of job site products, the timing of pressure washer shipments, and lower sales of standby generators as well as lower shipments in certain international regions. Partially offsetting this decrease were increased shipments of engines to customers in North America, higher sales of commercial lawn and garden products in North America, and sales from Billy Goat, which was acquired in May 2015.

Engines Segment net sales in the second quarter of fiscal 2016 decreased $10 million or 3.6% from the prior year. Unfavorable foreign currency, net of offsetting price increases, negatively impacted net sales by approximately $2.1 million, largely due to the weakening of the Euro. Total engine volumes shipped in the quarter decreased by 0.8% or approximately 15,000 engines, mainly attributable to lower shipments into Europe and Asia as OEMs have delayed orders and are expected to produce closer to the season due to caution over the global economy, including the strength of the U.S. dollar. Shipments of small engines to North American customers increased in the quarter due to more normal pacing of walk mower production following the improved lawn and garden season. In fiscal 2015 walk mower production was delayed given elevated channel inventory coming out of the previous season.

Products Segment net sales in the second quarter of fiscal 2016 decreased $27 million or 13.3% from the prior year. Unfavorable foreign currency, net of offsetting price increases, negatively impacted net sales by approximately $6.7 million, primarily related to the Australian Dollar and Brazilian Real. Excluding currency impacts, net sales decreased by $19.9 million, primarily from lower sales of job site products, pressure washers, standby generators and snow throwers. Partially offsetting this decrease were increased sales of high-end residential and commercial lawn and garden equipment through our North American dealer channel and the Billy Goat acquisition.

GROSS PROFIT

The consolidated gross profit percentage was 22.2% in the second quarter of fiscal 2016, an increase from 19.8% in the same period last year.

The Engines Segment gross profit percentage was 25.1% in the second quarter of fiscal 2016, an increase of 200 basis points from the 23.1% in the second quarter of fiscal 2015. Expanded margins on new products, manufacturing efficiency improvements and slightly lower material costs contributed to the higher gross profit percentage compared to the second quarter of fiscal 2015. Manufacturing volume was consistent year over year during the second quarter. The impact of unfavorable foreign currency was largely offset by price increases.

The Products Segment gross profit percentage, including restructuring charges, was 15.5% for the second quarter of fiscal 2016, up from 12.7% in the second quarter of fiscal 2015. The adjusted gross profit percentage of 17.0% in the second quarter of fiscal 2016 increased 90 basis points year over year. Adjusted gross margins improved due to manufacturing efficiencies, including $2.0 million of incremental savings realized from the previously announced restructuring actions. Partially offsetting the higher gross profit margins was lower manufacturing volume, which reduced adjusted gross profit margins by 80 basis points. Manufacturing throughput decreased 13% during the second quarter of fiscal 2016 as production had been elevated in the second quarter of last year to pre-build products to support the closure of the McDonough plant. Unfavorable foreign currency, net of offsetting price increases, negatively impacted gross profit percentage by 50 basis points, largely due to the weakening of the Australian Dollar and Brazilian Real.

ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Engineering, selling, general and administrative expenses were $72.6 million in the second quarter of fiscal 2016, a decrease of $1.4 million or 1.9% from the second quarter of fiscal 2015.

The Engines Segment engineering, selling, general and administrative expenses were $46.2 million in the second quarter of fiscal 2016, compared to $45.2 million in the same period last year. Adjusted engineering, selling, general and administrative expenses for the second quarter of fiscal 2016 were $44.2 million, a decrease of $0.9 million

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from the second quarter of fiscal 2015, largely due to the benefit of the movement in foreign currency rates, partially offset by higher costs related to pension expense.

The Products Segment engineering, selling, general and administrative expenses were $26.3 million for the second quarter of fiscal 2016, a decrease of $2.5 million from the second quarter of fiscal 2015. Adjusted engineering, selling, general and administrative expenses in the second quarter of fiscal 2016 were $26.3 million, a decrease of $2.3 million from the prior year primarily due to the benefit of the movement in foreign currency rates, partially offset by the Billy Goat acquisition.

The following table is a reconciliation of financial results by segment, as reported, to adjusted financial results by segment, excluding restructuring charges, acquisition-related charges, certain litigation charges, and the reinstatement of a deferred tax asset for the six months ended fiscal December 2016 and 2015 (in thousands, except per share data):

	Six Months Ended Fiscal December
	2016 Reported			Adjustments(1)		2016 Adjusted (2)			2015 Reported			Adjustments(1)		2015 Adjusted(2)
Gross Profit:
Engines	$	89,411		$	464	$	89,875		$	90,696		$	—	$	90,696
Products	53,888			4,892		58,780			44,597			14,864		59,461
Inter-Segment Eliminations	(1,891		)	—		(1,891		)	(104		)	—		(104		)
Total	$	141,408		$	5,356	$	146,764		$	135,189		$	14,864	$	150,053
Engineering, Selling, General and Administrative Expenses:
Engines	$	90,514		$	2,825	$	87,689		$	88,267		$	—	$	88,267
Products	54,179			26		54,153			55,786			359		55,427
Total	$	144,693		$	2,851	$	141,842		$	144,053		$	359	$	143,694
Segment Income (Loss) (3):
Engines	$	28		$	4,179	$	4,207		$	5,040		$	—	$	5,040
Products	479			5,314		5,793			(11,997		)	16,761		4,764
Inter-Segment Eliminations	(1,891		)	—		(1,891		)	(104		)	—		(104		)
Total	$	(1,384	)	$	9,493	$	8,109		$	(7,061	)	$	16,761	$	9,700
Reconciliation from Segment Income (Loss) to Income (Loss) Before Income Taxes:
Equity in Earnings of Unconsolidated Affiliates	3,187			—		3,187			3,341			—		3,341
Income (Loss) from Operations	$	(4,571	)	$	9,493	$	4,922		$	(10,402	)	$	16,761	$	6,359
Income (Loss) Before Income Taxes	(10,282		)	9,493		(789		)	(15,385		)	16,761		1,376
Provision (Credit) for Income Taxes	(4,671		)	3,945		(726		)	(7,049		)	5,866		(1,183		)
Net Income (Loss)	$	(5,611	)	$	5,548	$	(63	)	$	(8,336	)	$	10,895	$	2,559
Earnings (Loss) Per Share
Basic	$	(0.13	)	$	0.12	$	(0.01	)	$	(0.19	)	$	0.24	$	0.05
Diluted	(0.13		)	0.12		(0.01		)	(0.19		)	0.24		0.05

(1) For the first six months of fiscal 2016, includes pre-tax restructuring charges of $6,392 ($4,201 after tax), pre-tax acquisition-related charges of $276 ($180 after tax), pre-tax litigation charges of $2,825 ($1,836 after tax), and a tax benefit of $669 for reinstatement of a deferred tax asset related to an investment in marketable securities. For the first six months of fiscal 2015, includes pre-tax restructuring charges of $15,230 ($9,900 after tax) and pre-tax acquisition-related charges of $1,531 ($995 after tax).

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(2) Adjusted financial results are non-GAAP financial measures. The Company believes this information is meaningful to investors as it isolates the impact that restructuring charges, acquisition-related charges, certain litigation charges, and reinstatement of deferred tax assets have on reported financial results and facilitates comparisons between peer companies. The Company may utilize non-GAAP financial measures as a guide in the forecasting, budgeting, and long-term planning process. While the Company believes that adjusted financial results are useful supplemental information, such adjusted financial results are not intended to replace its GAAP financial results and should be read in conjunction with those GAAP results.

(3) The Company defines segment income (loss) as income from operations plus equity in earnings of unconsolidated affiliates.

NET SALES

Consolidated net sales for the first six months of fiscal 2016 were $703 million, a decrease of $34.1 million or 4.6% from the first six months of fiscal 2015. Net sales decreased during the first six months of fiscal year 2016 partially due to an unfavorable foreign currency impact, net of price increases, of $17.6 million, predominately related to the weakening of the Euro, Australian Dollar, and Brazilian Real. The decrease in net sales was also due to lower sales of job site products, the timing of pressure washer shipments, and lower shipments to certain international regions. Partially offsetting this decrease were sales from Billy Goat, which was acquired in May 2015, higher shipments of small engines used on walk mowers, and increased sales of commercial lawn and garden products.

Engines Segment net sales for the first six months of fiscal 2016 decreased $13 million or 3.0% from the prior year. Unfavorable foreign currency, net of offsetting price increases, negatively impacted net sales, largely due to the weakening of the Euro. Net sales also decreased due to lower shipments into Europe and Asia as OEMs have delayed orders and are expected to produce closer to the season due to caution over the global economy. Total engine volumes shipped in the first six months increased by 1.5% or approximately 40,000 engines, mainly attributable to higher shipments of small engines used on walk mowers due to improved lawn and garden markets in North America this past season and more normal pacing of walk mower production.

Products Segment net sales for the first six months of fiscal 2016 decreased $30 million or 8.3% from the prior year. Unfavorable foreign currency, net of offsetting price increases, negatively impacted net sales by $10.7 million, primarily related to the Australian Dollar and Brazilian Real. Net sales also decreased due to lower sales of job site products, pressure washers, and standby generators. Partially offsetting this decrease were the results of the Billy Goat acquisition as well as increased sales of high-end residential and commercial lawn and garden equipment through our North American dealer channel.

GROSS PROFIT

The consolidated gross profit percentage was 20.1% in the first six months of fiscal 2016, an increase from 18.4% in the same period last year.

The Engines Segment gross profit percentage, including restructuring charges, was 21.7% in the first six months of fiscal 2016, higher than the 21.3% in the first six months of fiscal 2015. The adjusted gross profit percentage was 21.8% in the first six months of fiscal 2016, an increase of 50 basis points from the prior year. Expanded margins on new products, manufacturing efficiency improvements and slightly lower material costs contributed to the higher gross profit percentage compared to the first six months of fiscal 2015. Manufacturing volume was consistent year over year. Unfavorable foreign currency, net of offsetting price increases, also negatively impacted net sales, largely due to the weakening of the Euro.

The Products Segment gross profit percentage, including restructuring and acquisition-related charges, was 16.1% for the first six months of fiscal 2016, up from 12.2% in the first six months of fiscal 2015. The adjusted gross profit percentage of 17.5% in the first six months of fiscal 2016 increased 120 basis points year over year. Adjusted gross margins increased due to improved manufacturing efficiencies, including $4.1 million of incremental savings realized from the previously announced restructuring actions. Partially offsetting the higher gross profit margins was lower manufacturing volume. Manufacturing throughput decreased 13% during the first six months of fiscal 2016 as production had been elevated in the first six months of last year to pre-build products to support the closure of the McDonough plant.

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ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Engineering, selling, general and administrative expenses were $144.7 million in the first six months of fiscal 2016, an increase of $0.6 million or 0.4% from the first six months of fiscal 2015.

The Engines Segment engineering, selling, general and administrative expenses were $90.5 million in the first six months of fiscal 2016, compared to $88.3 million in the same period last year. Adjusted engineering, selling, general and administrative expenses for the first six months of fiscal 2016 were $87.7 million, a decrease of $0.6 million from the first six months of fiscal 2015, largely due to the benefit of the movement in foreign currency rates, partially offset by higher costs related to pension expense.

The Products Segment engineering, selling, general and administrative expenses were $54.2 million for the first six months of fiscal 2016, a decrease of $1.6 million from the first six months of fiscal 2015. Adjusted engineering, selling, general and administrative expenses in the first six months of fiscal 2016 were $54.2 million, a decrease of $1.3 million from the prior year due to the benefit of the movement in foreign currency rates, partially offset by the Billy Goat acquisition.

INTEREST EXPENSE

Interest expense for the second quarter and first six months of fiscal 2016 was higher by $0.1 million and $0.1 million, respectively, compared to the same periods a year ago due to higher average borrowings in fiscal 2016.

PROVISION FOR INCOME TAXES

The effective tax rates for the second quarter and first six months of fiscal 2016 were 22.2% and 45.4%, compared to 33.7% and 45.8% for the respective periods last year. The tax rates for the second quarter and first six months of fiscal 2016 and 2015 were primarily impacted by the re-enactment of the U.S. research and development tax credit and losses incurred at certain foreign subsidiaries for which the Company has not recorded benefits. In addition, the tax rate for the second quarter of fiscal 2016 was impacted by foreign earnings in jurisdictions with tax rates that vary from the U.S. statutory rate.

RESTRUCTURING ACTIONS

During the second quarter of fiscal 2016, the Company made progress implementing the previously announced restructuring actions to narrow its assortment of lower-priced Snapper consumer lawn and garden equipment and consolidate its Products Segment manufacturing facilities in order to reduce costs. Products Segment pre-tax restructuring costs for the second quarter and first six months of fiscal 2016 were $3.0 million and $5.0 million, respectively. Pre-tax restructuring cost estimates for the Products Segment for fiscal 2016 are $6 million to $8 million. Incremental pre-tax savings related to the Products Segment restructuring actions during the second quarter of fiscal 2016 were $2.0 million. Incremental cost savings as a result of Products Segment restructuring actions are anticipated to be $5 million to $7 million in fiscal 2016. Engines Segment restructuring actions implemented and completed in the first quarter of fiscal 2016 resulted in pre-tax restructuring costs of $1.4 million.

LIQUIDITY AND CAPITAL RESOURCES

Cash flows used in operating activities for the first six months of fiscal 2016 were $98.6 million compared to $114.0 million in the first six months of fiscal 2015. The decrease in operating cash flows used was primarily related to changes in working capital, primarily lower inventory levels. Inventory levels were elevated last year in the second quarter to support the McDonough plant closure.

Cash flows used in investing activities were $27.0 million and $85.1 million during the first six months of fiscal 2016 and fiscal 2015, respectively. The $58.1 million decrease in cash used in investing activities was primarily related to $2.2 million of cash paid for acquisitions in the first six months of fiscal 2016 compared to $62.1 million of cash paid for the Allmand acquisition in the first six months of fiscal 2015, partially offset by a $2.6 million increase in additions to plant and equipment during the first six months of fiscal 2016 compared to the same period last year.

Cash flows provided by financing activities were $69.6 million during the first six months of fiscal 2016 as compared to $57.3 million during the first six months of fiscal 2015. The $12.3 million increase in cash provided by financing

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

activities was attributable to $93.2 million of borrowings on the Revolver in the first six months of fiscal 2016 compared to $87.0 million of borrowings in fiscal 2015, $3.6 million of higher stock option proceeds in the first six months of fiscal 2016 compared to fiscal 2015, and a $2.7 million decrease in treasury stock purchases in the first six months of fiscal 2016 compared to fiscal 2015.

FUTURE LIQUIDITY AND CAPITAL RESOURCES

On December 20, 2010, the Company issued $225 million of 6.875% Senior Notes ("Senior Notes") due December 15, 2020.  

On October 21, 2013, the Company entered into an amendment to its $500 million multicurrency credit agreement (the “Revolver”), which, among other things, extended the maturity of the Revolver to October 21, 2018. The initial maximum availability under the revolving credit facility is $500 million. Availability under the revolving credit facility is reduced by outstanding letters of credit. The Company may from time to time increase the maximum availability under the revolving credit facility by up to $250 million if certain conditions are satisfied. As of December 27, 2015, $93.2 million was outstanding under the Revolver.

In August 2015, the Company announced that its Board of Directors declared an increase in the quarterly dividend from $0.125 per share to $0.135 per share on the Company's common stock, beginning with the dividend payable on September 30, 2015.

On August 13, 2014, the Board of Directors authorized up to $50 million in funds for use in the Company’s common share repurchase program. As of December 27, 2015, the total remaining authorization was approximately $15.4 million with an expiration date of June 30, 2016. The common share repurchase program authorizes the purchase of shares of the Company's common stock on the open market or in private transactions from time to time, depending on market conditions and certain governing loan covenants. During the six months ended December 27, 2015, the Company repurchased 1,343,968 shares on the open market at an average price of $18.53 per share.

During the third quarter of fiscal 2014, the Company joined with one of its independent distributors to form Power Distributors LLC (the venture) to distribute service parts. The Company contributed non-cash assets in exchange for receiving an ownership interest in the venture. In the first quarter of fiscal 2015, a second independent distributor joined the venture. During the second quarter of fiscal 2015 and the first quarter of fiscal 2016, the venture acquired the assets of a third and fourth independent distributor, respectively. Subsequent to the second quarter of fiscal 2016, the Company contributed $19.1 million in cash as well as non-cash assets in exchange for receiving an additional ownership interest in the venture. As a result of the transaction, the Company's ownership percentage increased to 38%.

The Company expects capital expenditures to be approximately $65 million to $70 million in fiscal 2016. These anticipated expenditures reflect its plans to continue to invest in new products, manufacturing efficiencies and technology update projects.

During the first six months of fiscal 2016, the Company made no cash contributions to the qualified pension plan. Based upon current regulations and actuarial studies, the Company estimates that it will not be required to make minimum contributions to the qualified pension plan in fiscal 2016 through fiscal 2019. The Company may be required to make further contributions in future years depending upon the actual return on plan assets and the funded status of the plan in future periods.

Management believes that available cash, cash generated from operations, existing lines of credit and access to debt markets will be adequate to fund the Company’s capital requirements and operational needs for the foreseeable future.

The Revolver and the Senior Notes contain restrictive covenants. These covenants include restrictions on the Company’s ability to: pay dividends; repurchase shares; incur indebtedness; create liens; enter into sale and leaseback transactions; consolidate or merge with other entities; sell or lease all or substantially all of its assets; and dispose of assets or use proceeds from sales of its assets. The Revolver contains financial covenants that require the Company to maintain a minimum interest coverage ratio and impose a maximum leverage ratio. As of December 27, 2015, the Company was in compliance with these covenants, and expects to be in compliance with all covenants during the remainder of fiscal 2016.

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

OFF-BALANCE SHEET ARRANGEMENTS

There have been no material changes since the August 21, 2015 filing of the Company’s Annual Report on Form 10-K.

CONTRACTUAL OBLIGATIONS

There have been no material changes since the August 21, 2015 filing of the Company’s Annual Report on Form 10-K.

CRITICAL ACCOUNTING POLICIES

There have been no material changes in the Company’s critical accounting policies since the August 21, 2015 filing of its Annual Report on Form 10-K. As discussed in its annual report, the preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions about future events that affect the amounts reported in the financial statements and accompanying notes. Future events and their effects cannot be determined with absolute certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual results inevitably will differ from those estimates, and such differences may be material to the financial statements.

The most significant accounting estimates inherent in the preparation of the Company's financial statements include a goodwill assessment, estimates as to the realizability of accounts receivable and inventory assets, as well as estimates used in the determination of liabilities related to customer rebates, pension obligations, postretirement benefits, warranty, product liability, group health insurance, litigation and taxation. Various assumptions and other factors underlie the determination of these significant estimates. The process of determining significant estimates is fact specific and takes into account factors such as historical experience, current and expected economic conditions, product mix, and, in some instances, actuarial techniques. The Company re-evaluates these significant factors as facts and circumstances change.

The Company has contingent liabilities related to litigation and claims that arise in the normal course of business. The Company accrues for contingent liabilities when management determines it is probable that a liability has been incurred and the amount can be reasonably estimated. Liabilities are recorded based on management’s current judgments as to the probable and reasonably estimable outcome of the contingencies. To the extent that management’s future judgments related to the outcome of the contingencies differ from current expectations or as additional information becomes available, earnings could be impacted in the period such changes occur. See Note 14, “Commitments and Contingencies,” for a description of these matters.

NEW ACCOUNTING PRONOUNCEMENTS

A discussion of new accounting pronouncements is included in the Notes to Condensed Consolidated Financial Statements of this Form 10-Q under the heading "New Accounting Pronouncements" and is incorporated herein by reference.

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

This report contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. The words "anticipate", “believe”, “estimate”, “expect”, “forecast”, “intend”, “plan”, “project”, and similar expressions are intended to identify forward-looking statements. The forward-looking statements are based on the Company’s current views and assumptions and involve risks and uncertainties that include, among other things, the ability to successfully forecast demand for its products; changes in interest rates and foreign exchange rates; the effects of weather on the purchasing patterns of consumers and original equipment manufacturers (OEMs); actions of engine manufacturers and OEMs with whom we compete; changes in laws and regulations; changes in customer and OEM demand; changes in prices of raw materials and parts that we purchase; changes in domestic and foreign economic conditions; the ability to bring new productive capacity on line efficiently and with good quality; outcomes of legal proceedings and claims; the ability to realize anticipated savings from restructuring actions; and other factors disclosed from time to time in its SEC filings or otherwise, including the factors discussed in Item 1A, Risk Factors, of the Company’s Annual Report on Form 10-K and in its periodic reports on Form 10-Q. The Company is not undertaking any obligation to update

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

any forward-looking statements or other statements it may make even though these statements may be affected by events or circumstances occurring after the forward-looking statements or other statements were made.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes since the August 21, 2015 filing of the Company’s Annual Report on Form 10-K.

ITEM 4. CONTROLS AND PROCEDURES

DISCLOSURE CONTROLS AND PROCEDURES

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act.

INTERNAL CONTROL OVER FINANCIAL REPORTING

There has not been any change in the Company’s internal control over financial reporting during the second fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

A discussion of legal proceedings is included in the Notes to Condensed Consolidated Financial Statements of this Form 10-Q under the heading "Commitments and Contingencies" and is incorporated herein by reference.

ITEM 1A. RISK FACTORS

There have been no material changes since the August 21, 2015 filing of the Company’s Annual Report on Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The table below sets forth the information with respect to purchases made by or on behalf of the Company of its common stock during the quarterly period ended December 27, 2015.

2016 Fiscal Month	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of a Publicly Announced Program (1)	Approximate Dollar Value of Shares that May Yet Be Purchased Under  the Program (1)
September 28, 2015 to October 25, 2015	94,972	$	19.77	94,972	$	27,201,595
October 26, 2015 to November 22, 2015	255,214	18.00		255,214	22,607,743
November 23, 2015 to December 27, 2015	403,900	17.96		403,900	15,353,699
Total Second Quarter	754,086	$	18.20	754,086	$	15,353,699

(1) On January 22, 2014, the Board of Directors of the Company authorized up to $50 million in funds associated with the common share repurchase program. On August 13, 2014, the Board of Directors authorized up to an additional $50 million in funds for use in the Company’s common share repurchase program with an expiration date of June 30, 2016.

39

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

ITEM 6. EXHIBITS

Exhibit Number	Description
10.1	Summary of Director Compensation (Filed herewith)
31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
31.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
32.1	Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Furnished herewith)
32.2	Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Furnished herewith)
101	The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended December 27, 2015 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss), (iv) the Condensed Consolidated Statements of Cash Flows, and (v) related Notes to Condensed Consolidated Financial Statements

40

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		BRIGGS & STRATTON CORPORATION
		(Registrant)
Date:	February 2, 2016	/s/ Mark A. Schwertfeger
		Mark A. Schwertfeger
		Senior Vice President and Chief Financial Officer and Duly Authorized Officer

41

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

EXHIBIT INDEX

Exhibit Number	Description
10.1	Summary of Director Compensation (Filed herewith)
31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
31.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
32.1	Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Furnished herewith)
32.2	Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Furnished herewith)
101	The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended December 27, 2015 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss), (iv) the Condensed Consolidated Statements of Cash Flows, and (v) related Notes to Condensed Consolidated Financial Statements

42

EX-10.1

Exhibit 10.1

SUMMARY OF DIRECTOR COMPENSATON

Each nonemployee director receives an annual retainer fee of $180,000, of which $85,000 is payable in cash and $95,000 is payable in the company’s common stock. In addition, the lead independent director receives $25,000 in cash annually, the chair of the Audit Committee receives $15,000 in cash annually, the chairs of the Compensation, Finance and Nominating & Governance Committees each receive $10,000 in cash annually, and each member of the Audit Committee receives $5,000 in cash annually.

The common stock grant is credited to the director’s account in the Deferred Compensation Plan for Directors. Stock granted prior to 2012 is distributed following the director’s retirement from the Board. For stock granted during or after 2012 to a director who has achieved the stock ownership guidelines, the stock will be distributed one year after the grant date unless the director elects to defer distribution to a later date. For stock granted during or after 2012 to a director who has not yet achieved the stock ownership guidelines, the stock will be distributed following the director’s retirement from the Board.

In addition, under the Plan a nonemployee director may elect to defer receipt of all or a portion of his or her director’s cash and stock compensation until any date but no later than the year in which the director attains the age of 73 years. Participants may elect to have cash deferred amounts (1) credited with interest quarterly at 80% of the prevailing prime rate, or (2) converted into deferred stock based on the deferral date closing price of the company’s common stock. Any balance of deferred shares in a director’s account is credited with an amount equivalent to any dividend paid on the common stock, which will be converted into additional deferred shares. The portion of a director’s annual retainer that was automatically deferred in common stock is distributed in stock. Voluntary deferrals into a cash account are distributed in cash, and voluntary deferrals into a deferred stock account are distributed in cash or stock at the election of a director.

Nonemployee directors are provided with $150,000 of coverage under Briggs & Stratton’s Business Travel Accident Plan while on corporate business.

Nonemployee directors are encouraged to use company products to enhance their understanding and appreciation of the company’s business. Each such director may purchase at retail up to $10,000 annually of company products and products powered by the company’s engines. The company reimburses directors for the purchase price of these products. The amount of the reimbursement is included in the director’s taxable income.

Updated effective as of January 1, 2016

EX-31.1

Exhibit 31.1

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

Form 10-Q for Quarterly Period Ended December 27, 2015

Certification of Principal Executive Officer

I, Todd J. Teske, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Briggs & Stratton Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 2, 2016	/s/ Todd J. Teske
		Todd J. Teske
		Chief Executive Officer

EX-31.2

Exhibit 31.2

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

Form 10-Q for Quarterly Period Ended December 27, 2015

Certification of Principal Financial Officer

I, Mark A. Schwertfeger, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Briggs & Stratton Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 2, 2016	/s/ Mark A. Schwertfeger
		Mark A. Schwertfeger
		Chief Financial Officer

EX-32.1

Exhibit 32.1

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

Form 10-Q for Quarterly Period Ended December 27, 2015

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Briggs & Stratton Corporation (the “Company”) on Form 10-Q for the quarter ended December 27, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Todd J. Teske, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Todd J. Teske

Todd J. Teske

Chief Executive Officer

February 2, 2016

This certification accompanies this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

Form 10-Q for Quarterly Period Ended December 27, 2015

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Briggs & Stratton Corporation (the “Company”) on Form 10-Q for the quarter ended December 27, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark A. Schwertfeger, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Mark A. Schwertfeger

Mark A. Schwertfeger

Chief Financial Officer

February 2, 2016

This certification accompanies this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document And Entity Information - shares	6 Months Ended
	Dec. 27, 2015	Jan. 29, 2016
Document Information [Line Items]
Entity Registrant Name	BRIGGS & STRATTON CORP
Entity Central Index Key	0000014195
Current Fiscal Year End Date	--07-03
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Dec. 27, 2015
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		43,148,318

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 27, 2015	Jun. 28, 2015
CURRENT ASSETS:
Cash and Cash Equivalents	$ 60,367	$ 118,390
Accounts Receivable, Net	182,126	215,841
Inventories:
Finished Products	361,432	266,726
Work in Process	136,800	101,285
Raw Materials	7,090	10,677
Total Inventories	505,322	378,688
Deferred Income Tax Asset	46,135	45,871
Prepaid Expenses and Other Current Assets	42,150	36,453
Total Current Assets	836,100	795,243
OTHER ASSETS:
Goodwill	168,032	165,522
Investments	34,538	30,779
Debt Issuance Costs	3,250	3,714
Other Intangible Assets, Net	106,392	111,280
Long-Term Deferred Income Tax Asset	16,321	22,452
Other Long-Term Assets, Net	15,819	15,134
Total Other Assets	344,352	348,881
PLANT AND EQUIPMENT:
Cost	1,029,224	1,035,326
Less - Accumulated Depreciation	717,625	720,488
Total Plant and Equipment, Net	311,599	314,838
TOTAL ASSETS	1,492,051	1,458,962
CURRENT LIABILITIES:
Accounts Payable	189,624	182,676
Short-Term Debt	93,243	0
Accrued Liabilities	140,027	152,440
Total Current Liabilities	422,894	335,116
OTHER LIABILITIES:
Accrued Pension Cost	199,597	208,623
Accrued Employee Benefits	22,970	23,298
Accrued Postretirement Health Care Obligation	42,989	47,545
Deferred Income Tax Liabilities	154	223
Other Long-Term Liabilities	47,650	44,907
Long-Term Debt	225,000	225,000
Total Other Liabilities	538,360	549,596
SHAREHOLDERS' INVESTMENT:
Common Stock - Authorized 120,000 Shares $.01 Par Value, Issued 57,854 Shares	579	579
Additional Paid-In Capital	72,533	77,272
Retained Earnings	1,053,983	1,071,493
Accumulated Other Comprehensive Loss	(287,678)	(279,110)
Treasury Stock at cost, 14,274 Shares and 13,480 Shares, respectively	(308,620)	(295,984)
Total Shareholders' Investment	530,797	574,250
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT	$ 1,492,051	$ 1,458,962

XML

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 27, 2015	Jun. 28, 2015
Common Stock, shares authorized	120,000	120,000
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares issued	57,854	57,854
Treasury Stock, shares	14,274	13,480

XML

Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2015	Dec. 28, 2014	Dec. 27, 2015	Dec. 28, 2014
Income Statement [Abstract]
NET SALES	$ 413,379	$ 444,287	$ 702,837	$ 736,916
COST OF GOODS SOLD	319,036	349,573	556,323	588,035
Cost Of Goods Sold Restructuring Charges	2,647	6,846	5,106	13,692
Gross Profit	91,696	87,868	141,408	135,189
ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	72,559	73,970	144,693	144,053
Operating Restructuring Charges	372	583	1,286	1,538
Income (Loss) from Operations	18,765	13,315	(4,571)	(10,402)
INTEREST EXPENSE	(5,013)	(4,890)	(9,549)	(9,408)
OTHER INCOME, Net	2,383	2,052	3,838	4,425
Income (Loss) Before Income Taxes	16,135	10,477	(10,282)	(15,385)
PROVISION (CREDIT) FOR INCOME TAXES	3,575	3,534	(4,671)	(7,049)
NET INCOME (LOSS)	$ 12,560	$ 6,943	$ (5,611)	$ (8,336)
Basic Earnings (Loss) Per Share	$ 0.28	$ 0.15	$ (0.13)	$ (0.19)
Diluted Earnings (Loss) Per Share	$ 0.28	$ 0.15	$ (0.13)	$ (0.19)
Weighted Average Shares Outstanding	43,374	44,579	43,426	44,827
Diluted Average Shares Outstanding	43,470	44,629	43,426	44,827
DIVIDENDS PER SHARE	$ 0.135	$ 0.125	$ 0.27	$ 0.25

XML

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2015	Dec. 28, 2014	Dec. 27, 2015	Dec. 28, 2014
Net Income (Loss)	$ 12,560	$ 6,943	$ (5,611)	$ (8,336)
Other Comprehensive Income (Loss):
Cumulative Translation Adjustments	(1,710)	(11,213)	(14,183)	(21,120)
Gain (Loss) on Derivative Instruments, Net of Tax	(950)	(161)	(1,301)	3,506
Pension & Postretirement Obligation, Net of Tax	2,360	2,397	4,553	4,752
Gain on Marketable Securities, Net of Tax	2,363	0	2,363	0
Other Comprehensive Income (Loss)	2,063	(8,977)	(8,568)	(12,862)
Total Comprehensive Income (Loss)	$ 14,623	$ (2,034)	$ (14,179)	$ (21,198)

XML

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 27, 2015	Dec. 28, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (5,611)	$ (8,336)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Depreciation and Amortization	26,856	26,026
Stock Compensation Expense	3,204	3,382
Loss on Disposition of Plant and Equipment	249	132
Provision for Deferred Income Taxes	2,435	8,420
Equity in Earnings of Unconsolidated Affiliates	(3,187)	(3,341)
Dividends Received from Unconsolidated Affiliates	4,436	4,381
Non-Cash Restructuring Charges	1,611	9,190
Change in Operating Assets and Liabilities:
Accounts Receivable	28,924	24,305
Inventories	(127,537)	(151,170)
Other Current Assets	3,649	7,659
Accounts Payable, Accrued Liabilities and Income Taxes	(25,552)	(26,912)
Other, Net	(8,112)	(7,768)
Net Cash Used in Operating Activities	(98,635)	(114,032)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to Plant and Equipment	(25,843)	(23,289)
Proceeds Received on Disposition of Plant and Equipment	997	289
Cash Paid for Acquisition, Net of Cash Acquired	(2,174)	(62,056)
Net Cash Used in Investing Activities	(27,020)	(85,056)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Borrowings on Revolver	93,243	87,000
Treasury Stock Purchases	(24,903)	(27,598)
Stock Option Exercise Proceeds and Tax Benefits	7,230	3,652
Cash Dividends Paid	(5,992)	(5,718)
Net Cash Provided by Financing Activities	69,578	57,336
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(1,946)	(1,226)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(58,023)	(142,978)
CASH AND CASH EQUIVALENTS:
CASH AND CASH EQUIVALENTS, Beginning	118,390	194,668
CASH AND CASH EQUIVALENTS, Ending	$ 60,367	$ 51,690

XML

General Information

6 Months Ended

Dec. 27, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General Information

General Information

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and therefore do not include all information and footnotes necessary for a fair statement of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but also does not include all disclosures required by accounting principles generally accepted in the United States. However, in the opinion of Briggs & Stratton Corporation (the Company), adequate disclosures have been presented to prevent the information from being misleading, and all adjustments necessary to fairly present the results of operations and financial position have been included. All of these adjustments are of a normal recurring nature, except as otherwise noted.

Interim results are not necessarily indicative of results for a full year. The information included in these condensed consolidated financial statements should be read in conjunction with the financial statements and the notes thereto that were included in the Company's latest Annual Report on Form 10-K.

XML

New Accounting Pronouncements

6 Months Ended

Dec. 27, 2015

Prospective Adoption of New Accounting Pronouncements [Abstract]

New Accounting Pronouncements

New Accounting Pronouncements

In November 2015, the Financial Accounting Standard Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-07, "Balance Sheet Classification of Deferred Taxes (Topic 740)." Current guidance requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position; however, the new guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is permitted. The Company is currently assessing the potential impact of this new accounting pronouncement on the Company's financial position.

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, under either full or modified retrospective adoption. Early application is only permitted for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently assessing the potential impact of this new accounting pronouncement on the Company's results of operations, financial position, and cash flows.

XML

Accumulated Other Comprehensive Income (Loss) (Notes)

6 Months Ended

Dec. 27, 2015

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income (Loss)

The following tables set forth the changes in accumulated other comprehensive income (loss) (in thousands):

	Three Months Ended December 27, 2015
	Cumulative Translation Adjustments			Derivative Financial Instruments			Pension and Postretirement Benefit Plans			Marketable Securities			Total
Beginning Balance	$	(31,590	)	$	861		$	(259,012	)	$	—		$	(289,741	)
Other Comprehensive Income (Loss) Before Reclassification	(1,710		)	(6		)	—			3,780			2,064
Income Tax Benefit (Expense)	—			2			—			(1,417		)	(1,415		)
Net Other Comprehensive Income (Loss) Before Reclassifications	(1,710		)	(4		)	—			2,363			649
Reclassifications:
Realized (Gains) Losses - Foreign Currency Contracts (1)	—			(2,073		)	—			—			(2,073		)
Realized (Gains) Losses - Commodity Contracts (1)	—			260			—			—			260
Realized (Gains) Losses - Interest Rate Swaps (1)	—			298			—			—			298
Amortization of Prior Service Costs (Credits) (2)	—			—			(619		)	—			(619		)
Amortization of Actuarial Losses (2)	—			—			4,397			—			4,397
Total Reclassifications Before Tax	—			(1,515		)	3,778			—			2,263
Income Tax Expense (Benefit)	—			569			(1,418		)	—			(849		)
Net Reclassifications	—			(946		)	2,360			—			1,414
Other Comprehensive Income (Loss)	(1,710		)	(950		)	2,360			2,363			2,063
Ending Balance	$	(33,300	)	$	(89	)	$	(256,652	)	$	2,363		$	(287,678	)

(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments.

(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans.

	Three Months Ended December 28, 2014
	Cumulative Translation Adjustments			Derivative Financial Instruments			Pension and Postretirement Benefit Plans			Total
Beginning Balance	$	3,146		$	2,583		$	(204,871	)	$	(199,142	)
Other Comprehensive Income (Loss) Before Reclassification	(11,213		)	987			—			(10,226		)
Income Tax Benefit (Expense)	—			(375		)	—			(375		)
Net Other Comprehensive Income (Loss) Before Reclassifications	(11,213		)	612			—			(10,601		)
Reclassifications:
Realized (Gains) Losses - Foreign Currency Contracts (1)	—			(1,904		)	—			(1,904		)
Realized (Gains) Losses - Commodity Contracts (1)	—			343			—			343
Realized (Gains) Losses - Interest Rate Swaps (1)	—			314			—			314
Amortization of Prior Service Costs (Credits) (2)	—			—			(644		)	(644		)
Amortization of Actuarial Losses (2)	—			—			4,510			4,510
Total Reclassifications Before Tax	—			(1,247		)	3,866			2,619
Income Tax Expense (Benefit)	—			474			(1,469		)	(995		)
Net Reclassifications	—			(773		)	2,397			1,624
Other Comprehensive Income (Loss)	(11,213		)	(161		)	2,397			(8,977		)
Ending Balance	$	(8,067	)	$	2,422		$	(202,474	)	$	(208,119	)

(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments.

(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans.

	Six Months Ended December 27, 2015
	Cumulative Translation Adjustments			Derivative Financial Instruments			Pension and Postretirement Benefit Plans			Marketable Securities			Total
Beginning Balance	$	(19,117	)	$	1,212		$	(261,205	)	$	—		$	(279,110	)
Other Comprehensive Income (Loss) Before Reclassification	(14,183		)	2,170			—			3,780			(8,233		)
Income Tax Benefit (Expense)	—			(814		)	—			(1,417		)	(2,231		)
Net Other Comprehensive Income (Loss) Before Reclassifications	(14,183		)	1,356			—			2,363			(10,464		)
Reclassifications:
Realized (Gains) Losses - Foreign Currency Contracts (1)	—			(5,244		)	—			—			(5,244		)
Realized (Gains) Losses - Commodity Contracts (1)	—			392			—			—			392
Realized (Gains) Losses - Interest Rate Swaps (1)	—			600			—			—			600
Amortization of Prior Service Costs (Credits) (2)	—			—			(1,239		)	—			(1,239		)
Amortization of Actuarial Losses (2)	—			—			8,526			—			8,526
Total Reclassifications Before Tax	—			(4,252		)	7,287			—			3,035
Income Tax Expense (Benefit)	—			1,595			(2,734		)	—			(1,139		)
Net Reclassifications	—			(2,657		)	4,553			—			1,896
Other Comprehensive Income (Loss)	(14,183		)	(1,301		)	4,553			2,363			(8,568		)
Ending Balance	$	(33,300	)	$	(89	)	$	(256,652	)	$	2,363		$	(287,678	)

(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments.

(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans.

	Six Months Ended December 28, 2014
	Cumulative Translation Adjustments			Derivative Financial Instruments			Pension and Postretirement Benefit Plans			Total
Beginning Balance	$	13,053		$	(1,084	)	$	(207,226	)	$	(195,257	)
Other Comprehensive Income (Loss) Before Reclassification	(21,120		)	6,805			—			(14,315		)
Income Tax Benefit (Expense)	—			(2,586		)	—			(2,586		)
Net Other Comprehensive Income (Loss) Before Reclassifications	(21,120		)	4,219			—			(16,901		)
Reclassifications:										—
Realized (Gains) Losses - Foreign Currency Contracts (1)	—			(2,297		)	—			(2,297		)
Realized (Gains) Losses - Commodity Contracts (1)	—			522			—			522
Realized (Gains) Losses - Interest Rate Swaps (1)	—			625			—			625
Amortization of Prior Service Costs (Credits) (2)	—			—			(1,289		)	(1,289		)
Amortization of Actuarial Losses (2)	—			—			8,955			8,955
Total Reclassifications Before Tax	—			(1,150		)	7,666			6,516
Income Tax Expense (Benefit)	—			437			(2,914		)	(2,477		)
Net Reclassifications	—			(713		)	4,752			4,039
Other Comprehensive Income (Loss)	(21,120		)	3,506			4,752			(12,862		)
Ending Balance	$	(8,067	)	$	2,422		$	(202,474	)	$	(208,119	)

(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments.

(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans.

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Acquisitions

6 Months Ended

Dec. 27, 2015

Acquisitions [Abstract]

Acquisitions

Acquisitions

On August 29, 2014, the Company acquired all of the outstanding shares of Allmand Bros., Inc. ("Allmand") of Holdrege, Nebraska for total cash consideration of $59.9 million, net of cash acquired. Allmand is a leading designer and manufacturer of high quality towable light towers, industrial heaters, and solar LED arrow boards. Its products are used in a variety of industries, including construction, roadway, oil and gas, mining, and sporting and special events. Allmand's products are generally powered by diesel engines, and distributed through national and regional equipment rental companies, equipment dealers and distributors. Allmand sells its products and service parts in approximately 40 countries. During fiscal 2015, the Company recorded a purchase price allocation based on its estimates of fair value. The purchase price allocation resulted in the recognition of $15.6 million of goodwill, which was allocated to the Products Segment, and $24.1 million of intangible assets, including $15.7 million of customer relationships, $8.1 million of tradenames, and $0.3 million of other intangible assets.

On May 20, 2015, the Company acquired all of the outstanding shares of Billy Goat Industries, Inc. ("Billy Goat") of Lee's Summit, Missouri for total cash consideration of $28.3 million, net of cash acquired. Billy Goat is a leading manufacturer of specialty turf equipment, which includes aerators, sod cutters, overseeders, power rakes, brush cutters, walk behind blowers, lawn vacuums, and debris loaders. During fiscal 2015, the Company recorded a purchase price allocation based on its estimates of fair value. The purchase price allocation resulted in the recognition of $9.2 million of goodwill, which was allocated to the Products Segment, and $16.4 million of intangible assets, including $12.0 million of customer relationships, $4.0 million of tradenames, and $0.4 million of other intangible assets.

The results of operations of the acquisitions have been included in the Consolidated Condensed Statements of Operations since the date of acquisition. Pro forma financial information and allocation of the purchase price are not presented as the effects of the acquisitions are not material to the Company's consolidated results of operations or financial position.

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Restructuring Actions

6 Months Ended

Dec. 27, 2015

Restructuring Actions [Abstract]

Restructuring Actions

Restructuring Actions

In fiscal 2015, the Company announced and began implementing restructuring actions to narrow its assortment of lower-priced Snapper consumer lawn and garden equipment and consolidate its Products Segment manufacturing facilities in order to further reduce costs. The Company continues to focus on premium residential products to customers through its Snapper and Simplicity brands and commercial products through its Snapper Pro and Ferris brands. The Company closed its McDonough, Georgia location in the fourth quarter of fiscal 2015 and consolidated production into existing facilities. Production of pressure washers, riding mowers, and snow throwers have been moved to the Company's Wauwatosa, Wisconsin facility. At Decemer 27, 2015, the Company had $3.6 million classified as assets held for sale, which is included in Prepaid Expenses and Other Current Assets within the Condensed Consolidated Balance Sheets, related to the McDonough, Georgia location.

The Products Segment recorded pre-tax charges of $3.0 million and $5.0 million during the second quarter and first six months of fiscal 2016, respectively. As of December 27, 2015, the Products Segment cumulative pre-tax restructuring costs associated with the restructuring actions announced in fiscal 2015 are $32.3 million. Total cumulative pre-tax restructuring cost estimates for the Product Segment restructuring actions are $33 million to $35 million.

During the first quarter of fiscal 2016, the Company implemented restructuring actions within the Engines Segment. These actions, which were completed in the first quarter of fiscal 2016, included a headcount reduction at its plant in Chongqing, China to offset lower production of engines used on snow throwers as well as changes in salaried personnel in the United States. The Engines Segment recorded pre-tax charges of $1.4 million during the first quarter of fiscal 2016, which represented the cumulative pre-tax restructuring costs and the total costs expected to be incurred under these restructuring actions.

The Company reports restructuring charges associated with manufacturing and related initiatives as costs of goods sold within the Condensed Consolidated Statements of Operations. Restructuring charges reflected as costs of goods sold include, but are not limited to, termination and related costs associated with manufacturing employees, asset impairments and accelerated depreciation relating to manufacturing initiatives, and other costs directly related to the restructuring initiatives implemented. The Company reports all other non-manufacturing related restructuring charges as engineering, selling, general and administrative expenses within the Condensed Consolidated Statements of Operations.

The restructuring actions discussed above resulted in pre-tax charges of $3.0 million ($2.0 million after tax or $0.05 per diluted share) and $6.4 million ($4.2 million after tax or $0.09 per diluted share) for the second quarter and first six months of fiscal 2016, respectively.

The following is a rollforward of the restructuring reserve (included in Accrued Liabilities within the Condensed Consolidated Balance Sheets) attributable to Engines Segment restructuring activities for the six month period ended December 27, 2015 (in thousands):

	Termination Benefits			Other Costs		Total
Reserve Balance at June 28, 2015	$	—		$	—	$	—
Provisions	1,354			—		1,354
Cash Expenditures	(638		)	—		(638		)
Other Adjustments	(182		)	—		(182		)
Reserve Balance at December 27, 2015	$	534		$	—	$	534

The following is a rollforward of the restructuring reserve (included in Accrued Liabilities within the Condensed Consolidated Balance Sheets) attributable to Products Segment restructuring activities for the six month period ended December 27, 2015 (in thousands):

	Termination Benefits			Other Costs			Total
Reserve Balance at June 28, 2015	$	2,107		$	—		$	2,107
Provisions	—			5,038			5,038
Cash Expenditures	(1,772		)	(3,609		)	(5,381		)
Other Adjustments (1)	—			(1,429		)	(1,429		)
Reserve Balance at December 27, 2015	$	335		$	—		$	335

(1) Other adjustments includes $1.4 million of asset impairments.

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Earnings (Loss) Per Share

6 Months Ended

Dec. 27, 2015

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Earnings (Loss) Per Share

The Company computes earnings (loss) per share using the two-class method, an earnings allocation formula that determines earnings (loss) per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The Company’s unvested grants of restricted stock, restricted stock units, and deferred stock awards contain non-forfeitable rights to dividends (whether paid or unpaid), which are required to be treated as participating securities and included in the computation of basic earnings (loss) per share.

Information on earnings (loss) per share is as follows (in thousands, except per share data):

	Three Months Ended						Six Months Ended
	December 27, 2015			December 28, 2014			December 27, 2015			December 28, 2014
Net Income (Loss)	$	12,560		$	6,943		$	(5,611	)	$	(8,336	)
Less: Allocation to Participating Securities	(255		)	(168		)	(217		)	(266		)
Net Income (Loss) Available to Common Shareholders	$	12,305		$	6,775		$	(5,828	)	$	(8,602	)
Average Shares of Common Stock Outstanding	43,374			44,579			43,426			44,827
Diluted Average Shares Outstanding	43,470			44,629			43,426			44,827
Basic Earnings (Loss) Per Share	$	0.28		$	0.15		$	(0.13	)	$	(0.19	)
Diluted Earnings (Loss) Per Share	$	0.28		$	0.15		$	(0.13	)	$	(0.19	)

The dilutive effect of the potential exercise of outstanding stock-based awards to acquire common shares is calculated using the treasury stock method. The following options to purchase shares of common stock were excluded from the calculation of diluted earnings (loss) per share as the exercise prices were greater than the average market price of the common shares:

	Three Months Ended				Six Months Ended
	December 27, 2015		December 28, 2014		December 27, 2015		December 28, 2014
Options to Purchase Shares of Common Stock (in thousands)	1,365		858		408		858
Weighted Average Exercise Price of Options Excluded	$	19.43	$	20.32	$	20.82	$	20.32

As a result of the Company incurring a net loss for the six months ended December 27, 2015 and December 28, 2014, potential incremental common shares of 758,000 and 1,002,000, respectively, were excluded from the calculation of diluted earnings (loss) per share because the effect would have been anti-dilutive.

On August 13, 2014, the Board of Directors of the Company authorized up to $50 million in funds associated with the common share repurchase program. As of December 27, 2015, the total remaining authorization was approximately $15.4 million with an expiration date of June 30, 2016. The common share repurchase program authorizes the purchase of shares of the Company's common stock on the open market or in private transactions from time to time, depending on market conditions and certain governing loan covenants. During the six months ended December 27, 2015, the Company repurchased 1,343,968 shares on the open market at an average price of $18.53 per share, as compared to 1,428,588 shares purchased on the open market at an average price of $19.33 per share during the six months ended December 28, 2014.

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Investments (Notes)

6 Months Ended

Dec. 27, 2015

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

Investments

This caption represents the Company’s investments in unconsolidated affiliated companies and marketable securities.

Combined financial information of the unconsolidated affiliated companies is accounted for by the equity method, generally on a lag of 3 months or less. Unaudited results of operations of unconsolidated affiliated companies for the three and six months ended December 27, 2015 and December 28, 2014 (in thousands):

	Three Months Ended				Six Months Ended
	December 27, 2015		December 28, 2014		December 27, 2015	December 28, 2014
Results of Operations:
Sales	$	60,274	$	52,452	121,763	101,591
Cost of Goods Sold	47,066		41,126		95,024	79,619
Gross Profit	$	13,208	$	11,326	26,739	21,972
Net Income	$	2,900	$	2,667	7,476	5,885

Unaudited balance sheets of unconsolidated affiliated companies as of December 27, 2015 and June 28, 2015 (in thousands):

	December 27, 2015		June 28, 2015
Financial Position:
Assets:
Current Assets	$	103,063	$	99,596
Noncurrent Assets	53,674		43,555
	156,737		143,151
Liabilities:
Current Liabilities	$	38,804	$	36,630
Noncurrent Liabilities	28,154		9,859
	66,958		46,489
Equity	$	89,779	$	96,662

Net sales to equity method investees were approximately $40.9 million and $27.3 million for the six months ended December 27, 2015 and December 28, 2014, respectively. Purchases of finished products from equity method investees were approximately $54.1 million and $49.5 million for the six months ended December 27, 2015 and December 28, 2014, respectively.

During the third quarter of fiscal 2014, the Company joined with one of its independent distributors to form Power Distributors LLC (the venture) to distribute service parts. The Company contributed non-cash assets in exchange for receiving an ownership interest in the venture. As a result of the transaction, the Company recorded an investment of $6.5 million. In the first quarter of fiscal 2015, a second independent distributor joined the venture and, as a result, the Company recorded an additional investment of $2.8 million. During the second quarter of fiscal 2015 and the first quarter of fiscal 2016, the venture acquired the assets of a third and fourth independent distributor, respectively. The Company uses the equity method to account for this investment, and the earnings of the unconsolidated affiliate are recorded within the Products Segment. At December 27, 2015 and June 28, 2015, the Company's total investment in the venture was $11.9 million and $10.0 million, respectively, and its ownership percentage was 15.2% and 11.9%, respectively. Subsequent to the second quarter of fiscal 2016, the Company contributed $19.1 million in cash as well as non-cash assets in exchange for receiving an additional ownership interest in the venture. As a result of the transaction, the Company's ownership percentage increased to 38%.

The Company's investment in marketable securities relate to its ownership of common stock in a publicly traded company. The Company classifies its investment as available-for-sale securities, and it is reported at fair value. Unrealized gains and losses, net of the related tax effect, are reported as a separate component of Accumulated Other Comprehensive Income (Loss). At June 28, 2015, the investment was not recorded. During the second quarter of fiscal 2016, the Company corrected its investment balance to report it at fair value. The correction, which primarily related to prior periods, was not material. At December 27, 2015, the available-for-sale securities had a cost basis and fair value of $0 and $3.8 million, respectively, and unrealized gains, net of tax, of $2.4 million.

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Pension and Postretirement Benefits

6 Months Ended

Dec. 27, 2015

Compensation and Retirement Disclosure [Abstract]

Pension and Postretirement Benefits

Pension and Postretirement Benefits

The Company has noncontributory defined benefit retirement plans and postretirement plans covering certain employees. The following tables summarize the plans’ income and expense for the periods indicated (in thousands):

	Pension Benefits						Other Postretirement Benefits
	Three Months Ended						Three Months Ended
	December 27, 2015			December 28, 2014			December 27, 2015			December 28, 2014
Components of Net Periodic Expense (Income):
Service Cost	$	909		$	886		$	55		$	63
Interest Cost on Projected Benefit Obligation	13,013			12,430			813			907
Expected Return on Plan Assets	(17,774		)	(18,631		)	—			—
Amortization of:
Prior Service Cost (Credit)	45			45			(664		)	(689		)
Actuarial Loss	3,332			3,333			1,065			1,177
Net Periodic Expense (Income)	$	(475	)	$	(1,937	)	$	1,269		$	1,458

	Pension Benefits						Other Postretirement Benefits
	Six Months Ended						Six Months Ended
	December 27, 2015			December 28, 2014			December 27, 2015			December 28, 2014
Components of Net Periodic Expense (Income):
Service Cost	$	1,766		$	1,716		$	131		$	148
Interest Cost on Projected Benefit Obligation	26,055			24,891			1,622			1,804
Expected Return on Plan Assets	(35,601		)	(37,319		)	—			—
Amortization of:
Prior Service Cost (Credit)	90			90			(1,329		)	(1,379		)
Actuarial Loss	6,504			6,631			2,022			2,324
Net Periodic Expense (Income)	$	(1,186	)	$	(3,991	)	$	2,446		$	2,897

The Company expects to make benefit payments of $3.0 million attributable to its non-qualified pension plans during fiscal 2016. During the first six months of fiscal 2016, the Company made payments of approximately $1.2 million for its non-qualified pension plans. The Company anticipates making benefit payments of approximately $11.9 million for its other postretirement benefit plans during fiscal 2016. During the first six months of fiscal 2016, the Company made payments of $7.3 million for its other postretirement benefit plans.

During the first six months of fiscal 2016, the Company made no cash contributions to the qualified pension plan. Based upon current regulations and actuarial studies, the Company is not required to make contributions to the qualified pension plan in fiscal 2016 through fiscal 2019. The Company may be required to make further contributions in future years depending upon the actual return on plan assets and the funded status of the plan in future periods.

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Stock Incentives

6 Months Ended

Dec. 27, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Incentives

Stock Incentives

Stock based compensation expense is calculated by estimating the fair value of incentive stock awards granted and amortizing the estimated value over the awards' vesting period. Stock based compensation expense was $1.6 million and $3.2 million for the three and six months ended December 27, 2015. For the three and six months ended December 28, 2014, stock based compensation expense was $1.8 million and $3.4 million, respectively.

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Derivative Instruments and Hedging Activities

6 Months Ended

Dec. 27, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Derivative Instruments & Hedging Activities

The Company enters into derivative contracts designated as cash flow hedges to manage certain interest rate, foreign currency and commodity exposures. Company policy allows derivatives to be used only for identifiable exposures and, therefore, the Company does not enter into hedges for trading purposes where the sole objective is to generate profits.

The Company formally designates the financial instrument as a hedge of a specific underlying exposure and documents both the risk management objectives and strategies for undertaking the hedge. The Company formally assesses, both at the inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the forecasted cash flows of the related underlying exposure. Because of the high degree of effectiveness between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instruments are generally offset by changes in the forecasted cash flows of the underlying exposures being hedged. Derivative financial instruments are recorded within the Condensed Consolidated Balance Sheets as assets or liabilities, measured at fair value. The effective portion of gains or losses on derivatives designated as cash flow hedges are reported as a component of Accumulated Other Comprehensive Income (Loss) (AOCI) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of a financial instrument's change in fair value is immediately recognized in earnings.

The Company discontinues hedge accounting prospectively when it determines that the derivative is no longer effective in offsetting cash flows attributable to the hedged risk, the derivative expires or is sold, terminated, or exercised, the cash flow hedge is dedesignated because a forecasted transaction is not probable of occurring, or management determines to remove the designation of the cash flow hedge.

In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent changes in its fair value in earnings. When it is probable that a forecasted transaction will not occur, the Company discontinues hedge accounting and recognizes immediately in earnings gains and losses that were accumulated in other comprehensive income related to the hedging relationship.

The Company enters into interest rate swaps to manage a portion of its interest rate risk from financing certain dealer and distributor inventories through a third party financing source. The swaps are designated as cash flow hedges and are used to effectively fix the interest payments to a third party financing source, exclusive of lender spreads, ranging from 1.17% to 1.60% for a notional principal amount of $95 million with expiration dates ranging from July 2017 through May 2019.

The Company enters into forward foreign currency contracts to hedge the risk from forecasted third party and intercompany sales or payments denominated in foreign currencies. These obligations generally require the Company to exchange foreign currencies for U.S. Dollars, Australian Dollars, Brazilian Real, Canadian Dollars, Chinese Renminbi, Euros, Japanese Yen, or Mexican Peso. These contracts generally do not have a maturity of more than twenty-four months.

The Company uses raw materials that are subject to price volatility. The Company hedges a portion of its exposure to the variability of cash flows associated with commodities used in the manufacturing process by entering into forward purchase contracts or commodity swaps. Derivative contracts designated as cash flow hedges are used by the Company to reduce exposure to variability in cash flows associated with future purchases of natural gas. These contracts generally do not have a maturity of more than thirty-six months.

The Company has considered the counterparty credit risk related to all of its interest rate, foreign currency and commodity derivative contracts and deems any risk of counterparty default to be minimal.

As of December 27, 2015 and June 28, 2015, the Company had the following outstanding derivative contracts (in thousands):

Contract		Notional Amount
		December 27, 2015	June 28, 2015
Interest Rate:
LIBOR Interest Rate (U.S. Dollars)	Fixed	95,000	95,000
Foreign Currency:
Australian Dollar	Sell	15,963	29,473
Brazilian Real	Sell	10,515	22,443
Canadian Dollar	Sell	6,025	9,326
Chinese Renminbi	Buy	251,425	259,350
Euro	Sell	55,825	62,740
Japanese Yen	Buy	998,000	711,000
Mexican Peso	Sell	10,000	—
Commodity:
Natural Gas (Therms)	Buy	15,294	11,324

The location and fair value of derivative instruments reported in the Condensed Consolidated Balance Sheets are as follows (in thousands):

Balance Sheet Location	Asset (Liability) Fair Value
	December 27, 2015			June 28, 2015
Interest rate contracts
Other Long-Term Liabilities	$	(930	)	$	(1,034	)
Foreign currency contracts
Other Current Assets	2,993			4,417
Other Long-Term Assets	417			276
Accrued Liabilities	(1,104		)	(1,041		)
Other Long-Term Liabilities	(149		)	(43		)
Commodity contracts
Accrued Liabilities	(842		)	(493		)
Other Long-Term Liabilities	(325		)	(134		)
	$	60		$	1,948

The effect of derivative instruments on the Condensed Consolidated Statements of Operations and Comprehensive Loss is as follows (in thousands):

	Three Months Ended December 27, 2015
	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives, Net of Taxes (Effective Portion)			Classification of Gain (Loss)	Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)			Recognized in Earnings (Ineffective Portion)
Interest rate contracts	$	329		Net Sales	$	(298	)	$	—
Foreign currency contracts - sell	(721		)	Net Sales	2,231			—
Foreign currency contracts - buy	(324		)	Cost of Goods Sold	(158		)	—
Commodity contracts	(234		)	Cost of Goods Sold	(260		)	—
	$	(950	)		$	1,515		$	—

	Three Months Ended December 28, 2014
	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives, Net of Taxes (Effective Portion)			Classification of Gain (Loss)	Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)			Recognized in Earnings (Ineffective Portion)
Interest rate contracts	$	(89	)	Net Sales	$	(314	)	$	—
Foreign currency contracts - sell	394			Net Sales	2,079			—
Foreign currency contracts - buy	(251		)	Cost of Goods Sold	(175		)	—
Commodity contracts	(215		)	Cost of Goods Sold	(343		)	—
	$	(161	)		$	1,247		$	—

	Six Months Ended December 27, 2015
	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives, Net of Taxes (Effective Portion)			Classification of Gain (Loss)	Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)			Recognized in Earnings (Ineffective Portion)
Interest rate contracts	$	60		Net Sales	$	(600	)	$	—
Foreign currency contracts - sell	(331		)	Net Sales	5,538			—
Foreign currency contracts - buy	(690		)	Cost of Goods Sold	(294		)	—
Commodity contracts	(340		)	Cost of Goods Sold	(392		)	—
	$	(1,301	)		$	4,252		$	—

	Six Months Ended December 28, 2014
	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives, Net of Taxes (Effective Portion)			Classification of Gain (Loss)	Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)			Recognized in Earnings (Ineffective Portion)
Interest rate contracts	$	261		Net Sales	$	(625	)	$	—
Foreign currency contracts - sell	3,840			Net Sales	2,543			—
Foreign currency contracts - buy	(408		)	Cost of Goods Sold	(246		)	—
Commodity contracts	(187		)	Cost of Goods Sold	(522		)	—
	$	3,506			$	1,150		$	—

During the next twelve months, the estimated net amount of income on cash flow hedges as of December 27, 2015 expected to be reclassified out of AOCI into earnings is $0.1 million.

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Fair Value Measurements

6 Months Ended

Dec. 27, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels:

Level 1: Quoted prices for identical instruments in active markets.

Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-driven valuations whose inputs are observable or whose significant value drivers are observable.

Level 3: Significant inputs to the valuation model are unobservable.

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 27, 2015 and June 28, 2015 (in thousands):

			Fair Value Measurements Using
	December 27, 2015		Level 1		Level 2		Level 3
Assets:
Derivatives	$	3,410	$	—	$	3,410	$	—
Marketable Securities	$	3,780	$	3,780	$	—	$	—
Liabilities:
Derivatives	$	3,350	$	—	$	3,350	$	—
	June 28, 2015		Level 1		Level 2		Level 3
Assets:
Derivatives	$	4,693	$	—	$	4,693	$	—
Marketable Securities	$	—	$	—	$	—	$	—
Liabilities:
Derivatives	$	2,745	$	—	$	2,745	$	—

The fair value for Level 2 measurements are based upon the respective quoted market prices for comparable instruments in active markets, which include current market pricing for forward purchases of commodities, foreign currency forwards, and current interest rates.

The Company has currently chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with accounting principles generally accepted in the United States.

The estimated fair value of the Company's Senior Notes (as defined in Note 16) at December 27, 2015 and June 28, 2015 was $245.3 million and $248.3 million, respectively, compared to the carrying value of $225.0 million on each date. The estimated fair value of the Senior Notes is based on quoted market prices for similar instruments and is, therefore, classified as Level 2 within the valuation hierarchy. The carrying value of the Revolver (as defined in Note 16) approximates fair value since the underlying rate of interest is variable based upon LIBOR rates.  

The Company believes that the carrying values of cash and cash equivalents, trade receivables, and accounts payable are reasonable estimates of their fair values at December 27, 2015 and June 28, 2015 due to the short-term nature of these instruments.

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Warranty

6 Months Ended

Dec. 27, 2015

Standard Product Warranty Disclosure [Abstract]

Warranty

Warranty

The Company recognizes the cost associated with its standard warranty on Engines and Products at the time of sale. The general warranty period begins at the time of sale and typically covers two years, but may vary due to product type and geographic location. The amount recognized is based on historical failure rates and current claim cost experience. The following is a reconciliation of the changes in accrued warranty costs for the reporting period (in thousands):

	Six Months Ended
	December 27, 2015			December 28, 2014
Beginning Balance	$	48,006		$	44,744
Payments	(15,301		)	(15,201		)
Provision for Current Year Warranties	12,161			13,235
Changes in Estimates	(45		)	(39		)
Ending Balance	$	44,821		$	42,739

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Income Taxes

6 Months Ended

Dec. 27, 2015

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective tax rates for the second quarter and first six months of fiscal 2016 were 22.2% and 45.4%, compared to 33.7% and 45.8% for the respective periods last year. The tax rates for the second quarter and first six months of fiscal 2016 and 2015 were primarily impacted by the re-enactment of the U.S. research and development tax credit and losses incurred at certain foreign subsidiaries for which the Company has not recorded benefits. In addition, the tax rate for the second quarter of fiscal 2016 was impacted by foreign earnings in jurisdictions with tax rates that vary from the U.S. statutory rate.

For the six months ended December 27, 2015, the Company's unrecognized tax benefits increased by $0.8 million, all of which impacted the current effective tax rate.

Income tax returns are filed in the U.S., state, and foreign jurisdictions and related audits occur on a regular basis.  In the U.S., the Company is currently under audit for the fiscal years 2010 and 2013, and is no longer subject to U.S. federal income tax examinations for years before fiscal 2010.  The Company is also currently under audit by various state and foreign jurisdictions.  With respect to the Company's major foreign jurisdictions, they are no longer subject to tax examinations for years before fiscal 2005.

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Commitments And Contingencies

6 Months Ended

Dec. 27, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

Commitments and Contingencies

The Company is subject to various unresolved legal actions that arise in the normal course of its business. These actions typically relate to product liability (including asbestos-related liability), patent and trademark matters, and disputes with customers, suppliers, distributors and dealers, competitors and employees.

On May 14, 2010, the Company notified retirees and certain retirement eligible employees of various amendments to the Company-sponsored retiree medical plans intended to better align the plans offered to both hourly and salaried retirees. On August 16, 2010, a putative class of retirees who retired prior to August 1, 2006 and the United Steel Workers filed a complaint in the U.S. District Court for the Eastern District of Wisconsin (Merrill, Weber, Carpenter, et al.; United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union, AFL-CIO/CLC v. Briggs & Stratton Corporation; Group Insurance Plan of Briggs & Stratton Corporation; and Does 1 through 20, Docket No. 10-C-0700), contesting the Company's right to make these changes. The complaint seeks an injunction preventing the alleged unilateral termination or reduction in insurance coverage to the class of retirees, a permanent injunction preventing defendants from ever making changes to the retirees' insurance coverage, restitution with interest (if applicable) and attorneys' fees and costs. A class has been certified, and discovery has concluded. Both parties moved for summary judgment, which was fully briefed on December 23, 2014. The court denied both sides’ motions on September 3, 2015, concluding that factual issues were present which preclude summary judgment and should be determined by the jury at trial.  The Company filed a motion requesting permission to appeal the court’s decision on an interlocutory basis. The plaintiffs also moved the court to clarify its decision. Upon the request of all parties, the court stayed any further decisions in the matter pending mediation in mid-December 2015. The mediation led to an agreement in principle to settle this case for an aggregate payment of $3.95 million covering both claimed benefits and plaintiffs’ attorneys fees, which will result in a contribution of $1.975 million from the Company and $1.975 million from a third party insurance provider. The parties are in the process of negotiating the Stipulation of Settlement that must be filed with and approved by the Court prior to becoming effective. As a result of the agreement in principle, the Company has recorded a total charge of $1.975 million as Engineering, Selling, General and Administrative Expense on the Condensed Consolidated Statements of Operations in the second quarter of fiscal 2016.

On May 12, 2010, Exmark Manufacturing Company, Inc. filed suit against Briggs & Stratton Power Products Group, LLC (“BSPPG”), a wholly owned subsidiary of the Company (Case No. 8:10CV187, U.S. District Court for the District of Nebraska), alleging that certain Ferris® and Snapper Pro® mower decks infringed an Exmark mower deck patent. Exmark sought damages relating to sales since May 2004, attorneys’ fees, and enhanced damages. As a result of a reexamination proceeding in 2012, the United States Patent and Trademark Office (“USPTO”) initially rejected the asserted Exmark claims as invalid.  However, in 2014, that decision was reversed by the USPTO on appeal by Exmark. Following discovery, each of BSPPG and Exmark filed several motions for summary judgment in the Nebraska district court, which were decided on July 28, 2015. The court concluded that older mower deck designs infringed Exmark’s patent, leaving for trial the issues of whether current designs infringed, the amount of damages, and whether any infringement was willful.

The trial began on September 8, 2015, and on September 18, 2015, the jury returned its verdict, finding that BSPPG’s current mower deck designs do not infringe the Exmark patent. As to the older designs, the jury awarded Exmark $24.3 million in damages and found that the infringement was willful, which would allow the judge to enhance the jury’s damages award post-trial by up to three times. Also on September 18, 2015, the U.S. Court of Appeals for the Federal Circuit issued its decision in an unrelated case, SCA Hygiene Products Aktiebolag SCA Personal Care, Inc. v. First Quality Baby Products, LLC, et al. (Case No. 2013-1564) (“SCA”), confirming the availability of laches as a defense to patent infringement claims. Laches is an equitable doctrine that may bar a patent owner from obtaining damages prior to commencing suit, in circumstances in which the owner knows or should have known its patent was being infringed for more than six years. Although the court in the Exmark case ruled before trial that BSPPG could not rely on the defense of laches, as a result of the subsequent SCA decision, the court held a bench trial on that defense on October 21 and 22, 2015.

The parties submitted post-trial motions and briefing related to: damages; willfulness; laches; attorney fees; enhanced damages; and prejudgment/post-judgment interest and costs.  All post-trial motions and briefing were completed on December 18, 2015.  The parties are awaiting the court’s rulings.

BSPPG and the Company strongly disagree with the jury verdict and certain rulings made in connection with the jury trial, and BSPPG is vigorously pursuing its rights through post-trial motions and will continue to do so, if necessary, on appeal. In assessing whether the Company should accrue a liability in its financial statements as a result of the jury verdict, the Company considered various factors, including the legal and factual circumstances of the case, the trial record, the current status of the proceedings, applicable law (including without limitation the precedence of the SCA decision), the views of legal counsel, and the likelihood of successful post-trial motions and appeals. As a result of this review, the Company has concluded that a loss from this case is not probable and reasonably estimable at this time and, therefore, a liability has not been recorded with respect to this case as of December 27, 2015.

Although it is not possible to predict with certainty the outcome of these and other unresolved legal actions or the range of possible loss, the Company believes the unresolved legal actions will not have a material adverse effect on its results of operations, financial position or cash flows.

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Segment Information

6 Months Ended

Dec. 27, 2015

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company aggregates operating segments that have similar economic characteristics, products, production processes, types or classes of customers and distribution methods into reportable segments. The Company concluded that it operates two reportable segments: Engines and Products. The Company uses “segment income (loss)” as the primary measure to evaluate operating performance and allocate capital resources for the Engines and Products Segments. Segment income (loss) is defined as income (loss) from operations plus equity in earnings of unconsolidated affiliates. Summarized segment data is as follows (in thousands):

	Three Months Ended						Six Months Ended
	December 27, 2015			December 28, 2014			December 27, 2015			December 28, 2014
NET SALES:
Engines	$	262,007		$	271,704		$	412,090		$	424,820
Products	172,497			199,050			335,038			365,178
Inter-Segment Eliminations	(21,125		)	(26,467		)	(44,291		)	(53,082		)
Total*	$	413,379		$	444,287		$	702,837		$	736,916
* International sales included in net sales based on product shipment destination	$	152,676		$	168,994		$	244,216		$	275,048
GROSS PROFIT:
Engines	$	65,635		$	62,896		$	89,411		$	90,696
Products	26,744			25,213			53,888			44,597
Inter-Segment Eliminations	(683		)	(241		)	(1,891		)	(104		)
Total	$	91,696		$	87,868		$	141,408		$	135,189
SEGMENT INCOME (LOSS):
Engines	$	20,782		$	18,894		$	28		$	5,040
Products	417			(3,884		)	479			(11,997		)
Inter-Segment Eliminations	(683		)	(241		)	(1,891		)	(104		)
Total	$	20,516		$	14,769		$	(1,384	)	$	(7,061	)
Reconciliation from Segment Income (Loss) to Income (Loss) Before Income Taxes:
Equity in Earnings of Unconsolidated Affiliates	1,751			1,454			3,187			3,341
Income (Loss) from Operations	$	18,765		$	13,315		$	(4,571	)	$	(10,402	)
INTEREST EXPENSE	(5,013		)	(4,890		)	(9,549		)	(9,408		)
OTHER INCOME, Net	2,383			2,052			3,838			4,425
Income (Loss) Before Income Taxes	16,135			10,477			(10,282		)	(15,385		)
PROVISION (CREDIT) FOR INCOME TAXES	3,575			3,534			(4,671		)	(7,049		)
Net Income (Loss)	$	12,560		$	6,943		$	(5,611	)	$	(8,336	)

Pre-tax restructuring charges and acquisition-related charges included in gross profit were as follows (in thousands):

	Three Months Ended				Six Months Ended
	December 27, 2015		December 28, 2014		December 27, 2015		December 28, 2014
Engines	$	—	$	—	$	464	$	—
Products	2,647		6,846		4,892		14,864
Total	$	2,647	$	6,846	$	5,356	$	14,864

Pre-tax restructuring charges, acquisition-related charges, and litigation charges included in segment income (loss) were as follows (in thousands):

	Three Months Ended				Six Months Ended
	December 27, 2015		December 28, 2014		December 27, 2015		December 28, 2014
Engines	$	1,975	$	—	$	4,179	$	—
Products	3,019		7,610		5,314		16,761
Total	$	4,994	$	7,610	$	9,493	$	16,761

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Debt

6 Months Ended

Dec. 27, 2015

Debt Disclosure [Abstract]

Debt

Debt

The following is a summary of the Company’s indebtedness (in thousands):

	December 27, 2015		June 28, 2015
Senior Notes	$	225,000	$	225,000
Multicurrency Credit Agreement	93,243		—
	$	318,243	$	225,000

On December 20, 2010, the Company issued $225 million of 6.875% Senior Notes ("Senior Notes") due December 15, 2020.  

On October 21, 2013, the Company entered into an amendment to its $500 million multicurrency credit agreement (the “Revolver”), which, among other things, extended the maturity of the Revolver to October 21, 2018. The initial maximum availability under the revolving credit facility is $500 million. Availability under the revolving credit facility is reduced by outstanding letters of credit. The Company may from time to time increase the maximum availability under the revolving credit facility by up to $250 million if certain conditions are satisfied. As of December 27, 2015, $93.2 million was outstanding under the Revolver. There were no borrowings under the Revolver as of June 28, 2015.

The Senior Notes and Revolver contain restrictive covenants. These covenants include restrictions on the Company’s ability to: pay dividends; repurchase shares; incur indebtedness; create liens; enter into sale and leaseback transactions; consolidate or merge with other entities; sell or lease all or substantially all of its assets; and dispose of assets or use proceeds from sales of its assets. The Revolver contains financial covenants that require the Company to maintain a minimum interest coverage ratio and impose a maximum average leverage ratio.

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Separate Financial Information Of Subsidiary Guarantor Of Indebtedness

6 Months Ended

Dec. 27, 2015

Separate Financial Information Of Subsidiary Guarantors Of Indebtedness

Separate Financial Information Of Subsidiary Guarantor Of Indebtedness

Separate Financial Information of Subsidiary Guarantor of Indebtedness

Under the terms of the Company’s Senior Notes and the Revolver (collectively, the “Domestic Indebtedness”), Briggs & Stratton Power Products Group, LLC, a 100% owned subsidiary of the Company, was the sole joint and several guarantor of the Domestic Indebtedness (the “Guarantor”) as of December 27, 2015 and June 28, 2015. The Guarantor provides a full and unconditional guarantee of the Domestic Indebtedness, except for certain customary limitations. These customary limitations, which are described in detail in the First Supplemental Indenture (Indenture) dated December 20, 2010, include (i) the sale of the guarantor or substantially all of the guarantor’s assets, (ii) the designation of the guarantor as an unrestricted subsidiary for covenant purposes, (iii) the guarantor ceasing to guarantee certain other indebtedness, if the guarantor is also not a significant subsidiary within the meaning of Article 1, Rule 1-02 of Regulation S-X, and (iv) achieving the Indenture’s requirements for legal defeasance, covenant defeasance or discharge. Additionally, if at any time a domestic subsidiary of the Company constitutes a significant domestic subsidiary, then such domestic subsidiary will also become a guarantor of the Domestic Indebtedness. Currently, all of the Domestic Indebtedness is unsecured. If the Company were to fail to make a payment of interest or principal on its due date, the Guarantor is obligated to pay the outstanding Domestic Indebtedness. The Company had the following outstanding amounts related to the guaranteed debt (in thousands):

	December 27, 2015 Carrying Amount		Maximum Guarantee
Senior Notes	$	225,000	$	225,000
Multicurrency Credit Agreement	$	93,243	$	500,000

The following condensed supplemental consolidating financial information reflects the summarized financial information of Briggs & Stratton, its Guarantor Subsidiary and its Non-Guarantor Subsidiaries (in thousands):

CONSOLIDATING BALANCE SHEET

As of December 27, 2015

(Unaudited)

	Briggs & Stratton Corporation		Guarantor Subsidiary		Non-Guarantor Subsidiaries		Eliminations			Consolidated
CURRENT ASSETS:
Cash and Cash Equivalents	$	12,459	$	3,490	$	44,418	$	—		$	60,367
Accounts Receivable, Net	104,268		38,900		38,958		—			182,126
Intercompany Accounts Receivable	28,050		7,721		40,545		(76,316		)	—
Inventories, Net	266,925		144,286		94,111		—			505,322
Deferred Income Tax Asset	31,157		12,417		2,561		—			46,135
Prepaid Expenses and Other Current Assets	30,156		5,237		6,757		—			42,150
Total Current Assets	$	473,015	$	212,051	$	227,350	$	(76,316	)	$	836,100
OTHER ASSETS:
Goodwill	$	128,300	$	—	$	39,732	$	—		$	168,032
Investments	34,538		—		—		—			34,538
Investments in Subsidiaries	489,624		—		—		(489,624		)	—
Intercompany Note Receivable	37,594		103,243		46,521		(187,358		)	—
Debt Issuance Costs	3,250		—		—		—			3,250
Other Intangible Assets, Net	—		54,105		52,287		—			106,392
Long-Term Deferred Income Tax Asset	48,637		—		394		(32,710		)	16,321
Other Long-Term Assets, Net	10,144		4,539		1,136		—			15,819
Total Other Assets	$	752,087	$	161,887	$	140,070	$	(709,692	)	$	344,352
PLANT AND EQUIPMENT, NET	260,238		24,094		27,267		—			311,599
TOTAL ASSETS	$	1,485,340	$	398,032	$	394,687	$	(786,008	)	$	1,492,051
CURRENT LIABILITIES:
Accounts Payable	$	123,707	$	39,213	$	26,704	$	—		$	189,624
Intercompany Accounts Payable	30,362		8,614		37,340		(76,316		)	—
Short-Term Debt	93,243		—		—		—			93,243
Accrued Liabilities	76,589		39,295		24,143		—			140,027
Total Current Liabilities	$	323,901	$	87,122	$	88,187	$	(76,316	)	$	422,894
OTHER LIABILITIES:
Accrued Pension Cost	$	198,725	$	371	$	501	$	—		$	199,597
Accrued Employee Benefits	22,970		—		—		—			22,970
Accrued Postretirement Health Care Obligation	28,035		14,954		—		—			42,989
Intercompany Note Payable	117,157		—		70,201		(187,358		)	—
Deferred Income Tax Liabilities	—		16,211		16,653		(32,710		)	154
Other Long-Term Liabilities	38,755		7,176		1,719		—			47,650
Long-Term Debt	225,000		—		—		—			225,000
Total Other Liabilities	$	630,642	$	38,712	$	89,074	$	(220,068	)	$	538,360
TOTAL SHAREHOLDERS’ INVESTMENT	530,797		272,198		217,426		(489,624		)	530,797
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT	$	1,485,340	$	398,032	$	394,687	$	(786,008	)	$	1,492,051

CONSOLIDATING BALANCE SHEET

As of June 28, 2015

	Briggs & Stratton Corporation		Guarantor Subsidiary		Non-Guarantor Subsidiaries		Eliminations			Consolidated
CURRENT ASSETS:
Cash and Cash Equivalents	$	45,395	$	17,237	$	55,758	$	—		$	118,390
Accounts Receivable, Net	99,852		72,859		43,130		—			215,841
Intercompany Accounts Receivable	21,697		8,060		40,772		(70,529		)	—
Inventories, Net	161,343		125,698		91,647		—			378,688
Deferred Income Tax Asset	30,692		13,187		1,992		—			45,871
Prepaid Expenses and Other Current Assets	23,580		19,916		7,031		(14,074		)	36,453
Total Current Assets	$	382,559	$	256,957	$	240,330	$	(84,603	)	$	795,243
OTHER ASSETS:
Goodwill	$	128,300	$	—	$	37,222	$	—		$	165,522
Investments	30,779		—		—		—			30,779
Investments in Subsidiaries	537,799		—		—		(537,799		)	—
Intercompany Note Receivable	36,448		89,186		26,722		(152,356		)	—
Debt Issuance Costs	3,714		—		—		—			3,714
Other Intangible Assets, Net	—		54,706		56,574		—			111,280
Long-Term Deferred Income Tax Asset	54,622		—		133		(32,303		)	22,452
Other Long-Term Assets, Net	8,800		4,999		1,335		—			15,134
Total Other Assets	$	800,462	$	148,891	$	121,986	$	(722,458	)	$	348,881
PLANT AND EQUIPMENT, NET	260,843		24,314		29,681		—			314,838
TOTAL ASSETS	$	1,443,864	$	430,162	$	391,997	$	(807,061	)	$	1,458,962
CURRENT LIABILITIES:
Accounts Payable	$	116,972	$	38,672	$	27,032	$	—		$	182,676
Intercompany Accounts Payable	33,898		6,945		29,686		(70,529		)	—
Accrued Liabilities	90,168		51,851		24,495		(14,074		)	152,440
Total Current Liabilities	$	241,038	$	97,468	$	81,213	$	(84,603	)	$	335,116
OTHER LIABILITIES:
Accrued Pension Cost	$	207,745	$	367	$	511	$	—		$	208,623
Accrued Employee Benefits	23,298		—		—		—			23,298
Accrued Postretirement Health Care Obligation	32,405		15,140		—		—			47,545
Intercompany Note Payable	104,676		—		47,680		(152,356		)	—
Deferred Income Tax Liabilities	—		15,483		17,043		(32,303		)	223
Other Long-Term Liabilities	35,452		8,511		944		—			44,907
Long-Term Debt	225,000		—		—		—			225,000
Total Other Liabilities	$	628,576	$	39,501	$	66,178	$	(184,659	)	$	549,596
TOTAL SHAREHOLDERS’ INVESTMENT	574,250		293,193		244,606		(537,799		)	574,250
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT	$	1,443,864	$	430,162	$	391,997	$	(807,061	)	$	1,458,962

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months EndedDecember 27, 2015

(Unaudited)

	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	250,214		$	124,581		$	84,833		$	(46,249	)	$	413,379
Cost of Goods Sold	193,212			107,082			64,991			(46,249		)	319,036
Restructuring Charges	—			2,647			—			—			2,647
Gross Profit	57,002			14,852			19,842			—			91,696
Engineering, Selling, General and Administrative Expenses	42,628			16,908			13,023			—			72,559
Restructuring Charges	—			372			—			—			372
Equity in Loss from Subsidiaries	(4,562		)	—			—			4,562			—
Income (Loss) from Operations	18,936			(2,428		)	6,819			(4,562		)	18,765
Interest Expense	(4,975		)	(35		)	(3		)	—			(5,013		)
Other Income, Net	1,479			409			495			—			2,383
Income (Loss) before Income Taxes	15,440			(2,054		)	7,311			(4,562		)	16,135
Provision (Credit) for Income Taxes	2,880			(731		)	1,426			—			3,575
Net Income (Loss)	$	12,560		$	(1,323	)	$	5,885		$	(4,562	)	$	12,560
Comprehensive Income (Loss)	$	14,623		$	(6,360	)	$	3,390		$	2,970		$	14,623

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months EndedDecember 28, 2014

(Unaudited)

	Briggs & Stratton Corporation			Guarantor Subsidiary			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 Six Months EndedDecember 27, 2015

(Unaudited)

	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	399,714		$	231,088		$	167,325		$	(95,290	)	$	702,837
Cost of Goods Sold	321,813			200,568			129,232			(95,290		)	556,323
Restructuring Charges	—			4,642			464			—			5,106
Gross Profit	77,901			25,878			37,629			—			141,408
Engineering, Selling, General and Administrative Expenses	80,432			33,862			30,399			—			144,693
Restructuring Charges	890			396			—			—			1,286
Equity in Loss from Subsidiaries	(867		)	—			—			867			—
Income (Loss) from Operations	(2,554		)	(8,380		)	7,230			(867		)	(4,571		)
Interest Expense	(9,447		)	(98		)	(4		)	—			(9,549		)
Other Income, Net	2,182			1,199			457			—			3,838
Income (Loss) before Income Taxes	(9,819		)	(7,279		)	7,683			(867		)	(10,282		)
Provision (Credit) for Income Taxes	(4,208		)	(2,629		)	2,166			—			(4,671		)
Net Income (Loss)	$	(5,611	)	$	(4,650	)	$	5,517		$	(867	)	$	(5,611	)
Comprehensive Income (Loss)	$	(14,179	)	$	(9,961	)	$	(3,116	)	$	13,077		$	(14,179	)

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Six Months EndedDecember 28, 2014

(Unaudited)

	Briggs & Stratton Corporation			Guarantor Subsidiary			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 CASH FLOWS

For the Six Months EndedDecember 27, 2015

(Unaudited)

	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided by (Used in) Operating Activities	$	(85,326	)	$	1,791		$	6,433		$	(21,533	)	$	(98,635	)
Cash Flows from Investing Activities:
Additions to Plant and Equipment	(22,500		)	(2,417		)	(926		)	—			(25,843		)
Proceeds Received on Disposition of Plant and Equipment	18			955			24			—			997
Cash Paid for Acquisition, Net of Cash Acquired	—			—			(2,174		)	—			(2,174		)
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt	5,294			—			—			(5,294		)	—
Net Cash Used in Investing Activities	(17,188		)	(1,462		)	(3,076		)	(5,294		)	(27,020		)
Cash Flows from Financing Activities:
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt	93,243			(14,076		)	8,782			5,294			93,243
Treasury Stock Purchases	(24,903		)	—			—			—			(24,903		)
Stock Option Exercise Proceeds and Tax Benefits	7,230			—			—			—			7,230
Cash Dividends Paid	(5,992		)	—			—			—			(5,992		)
Cash Investment in Subsidiary	—			—			(21,533		)	21,533			—
Net Cash Provided by (Used in) Financing Activities	69,578			(14,076		)	(12,751		)	26,827			69,578
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents	—			—			(1,946		)	—			(1,946		)
Net Decrease in Cash and Cash Equivalents	(32,936		)	(13,747		)	(11,340		)	—			(58,023		)
Cash and Cash Equivalents, Beginning	45,395			17,237			55,758			—			118,390
Cash and Cash Equivalents, Ending	$	12,459		$	3,490		$	44,418		$	—		$	60,367

CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months EndedDecember 28, 2014

(Unaudited)

	Briggs & Stratton Corporation			Guarantor Subsidiary			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 Used in Investing Activities	(53,106		)	(2,603		)	(4,137		)	(25,210		)	(85,056		)
Cash Flows from Financing Activities:
Net Borrowings (Repayments) on Loans, 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 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

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Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Dec. 27, 2015

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following tables set forth the changes in accumulated other comprehensive income (loss) (in thousands):

	Three Months Ended December 27, 2015
	Cumulative Translation Adjustments			Derivative Financial Instruments			Pension and Postretirement Benefit Plans			Marketable Securities			Total
Beginning Balance	$	(31,590	)	$	861		$	(259,012	)	$	—		$	(289,741	)
Other Comprehensive Income (Loss) Before Reclassification	(1,710		)	(6		)	—			3,780			2,064
Income Tax Benefit (Expense)	—			2			—			(1,417		)	(1,415		)
Net Other Comprehensive Income (Loss) Before Reclassifications	(1,710		)	(4		)	—			2,363			649
Reclassifications:
Realized (Gains) Losses - Foreign Currency Contracts (1)	—			(2,073		)	—			—			(2,073		)
Realized (Gains) Losses - Commodity Contracts (1)	—			260			—			—			260
Realized (Gains) Losses - Interest Rate Swaps (1)	—			298			—			—			298
Amortization of Prior Service Costs (Credits) (2)	—			—			(619		)	—			(619		)
Amortization of Actuarial Losses (2)	—			—			4,397			—			4,397
Total Reclassifications Before Tax	—			(1,515		)	3,778			—			2,263
Income Tax Expense (Benefit)	—			569			(1,418		)	—			(849		)
Net Reclassifications	—			(946		)	2,360			—			1,414
Other Comprehensive Income (Loss)	(1,710		)	(950		)	2,360			2,363			2,063
Ending Balance	$	(33,300	)	$	(89	)	$	(256,652	)	$	2,363		$	(287,678	)

(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments.

(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans.

	Three Months Ended December 28, 2014
	Cumulative Translation Adjustments			Derivative Financial Instruments			Pension and Postretirement Benefit Plans			Total
Beginning Balance	$	3,146		$	2,583		$	(204,871	)	$	(199,142	)
Other Comprehensive Income (Loss) Before Reclassification	(11,213		)	987			—			(10,226		)
Income Tax Benefit (Expense)	—			(375		)	—			(375		)
Net Other Comprehensive Income (Loss) Before Reclassifications	(11,213		)	612			—			(10,601		)
Reclassifications:
Realized (Gains) Losses - Foreign Currency Contracts (1)	—			(1,904		)	—			(1,904		)
Realized (Gains) Losses - Commodity Contracts (1)	—			343			—			343
Realized (Gains) Losses - Interest Rate Swaps (1)	—			314			—			314
Amortization of Prior Service Costs (Credits) (2)	—			—			(644		)	(644		)
Amortization of Actuarial Losses (2)	—			—			4,510			4,510
Total Reclassifications Before Tax	—			(1,247		)	3,866			2,619
Income Tax Expense (Benefit)	—			474			(1,469		)	(995		)
Net Reclassifications	—			(773		)	2,397			1,624
Other Comprehensive Income (Loss)	(11,213		)	(161		)	2,397			(8,977		)
Ending Balance	$	(8,067	)	$	2,422		$	(202,474	)	$	(208,119	)

(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments.

(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans.

	Six Months Ended December 27, 2015
	Cumulative Translation Adjustments			Derivative Financial Instruments			Pension and Postretirement Benefit Plans			Marketable Securities			Total
Beginning Balance	$	(19,117	)	$	1,212		$	(261,205	)	$	—		$	(279,110	)
Other Comprehensive Income (Loss) Before Reclassification	(14,183		)	2,170			—			3,780			(8,233		)
Income Tax Benefit (Expense)	—			(814		)	—			(1,417		)	(2,231		)
Net Other Comprehensive Income (Loss) Before Reclassifications	(14,183		)	1,356			—			2,363			(10,464		)
Reclassifications:
Realized (Gains) Losses - Foreign Currency Contracts (1)	—			(5,244		)	—			—			(5,244		)
Realized (Gains) Losses - Commodity Contracts (1)	—			392			—			—			392
Realized (Gains) Losses - Interest Rate Swaps (1)	—			600			—			—			600
Amortization of Prior Service Costs (Credits) (2)	—			—			(1,239		)	—			(1,239		)
Amortization of Actuarial Losses (2)	—			—			8,526			—			8,526
Total Reclassifications Before Tax	—			(4,252		)	7,287			—			3,035
Income Tax Expense (Benefit)	—			1,595			(2,734		)	—			(1,139		)
Net Reclassifications	—			(2,657		)	4,553			—			1,896
Other Comprehensive Income (Loss)	(14,183		)	(1,301		)	4,553			2,363			(8,568		)
Ending Balance	$	(33,300	)	$	(89	)	$	(256,652	)	$	2,363		$	(287,678	)

(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments.

(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans.

	Six Months Ended December 28, 2014
	Cumulative Translation Adjustments			Derivative Financial Instruments			Pension and Postretirement Benefit Plans			Total
Beginning Balance	$	13,053		$	(1,084	)	$	(207,226	)	$	(195,257	)
Other Comprehensive Income (Loss) Before Reclassification	(21,120		)	6,805			—			(14,315		)
Income Tax Benefit (Expense)	—			(2,586		)	—			(2,586		)
Net Other Comprehensive Income (Loss) Before Reclassifications	(21,120		)	4,219			—			(16,901		)
Reclassifications:										—
Realized (Gains) Losses - Foreign Currency Contracts (1)	—			(2,297		)	—			(2,297		)
Realized (Gains) Losses - Commodity Contracts (1)	—			522			—			522
Realized (Gains) Losses - Interest Rate Swaps (1)	—			625			—			625
Amortization of Prior Service Costs (Credits) (2)	—			—			(1,289		)	(1,289		)
Amortization of Actuarial Losses (2)	—			—			8,955			8,955
Total Reclassifications Before Tax	—			(1,150		)	7,666			6,516
Income Tax Expense (Benefit)	—			437			(2,914		)	(2,477		)
Net Reclassifications	—			(713		)	4,752			4,039
Other Comprehensive Income (Loss)	(21,120		)	3,506			4,752			(12,862		)
Ending Balance	$	(8,067	)	$	2,422		$	(202,474	)	$	(208,119	)

(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments.

(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans.

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Restructuring Actions (Tables)

6 Months Ended

Dec. 27, 2015

Restructuring Actions [Abstract]

Schedule of Restructuring Reserve by Type of Cost

The following is a rollforward of the restructuring reserve (included in Accrued Liabilities within the Condensed Consolidated Balance Sheets) attributable to Engines Segment restructuring activities for the six month period ended December 27, 2015 (in thousands):

	Termination Benefits			Other Costs		Total
Reserve Balance at June 28, 2015	$	—		$	—	$	—
Provisions	1,354			—		1,354
Cash Expenditures	(638		)	—		(638		)
Other Adjustments	(182		)	—		(182		)
Reserve Balance at December 27, 2015	$	534		$	—	$	534

The following is a rollforward of the restructuring reserve (included in Accrued Liabilities within the Condensed Consolidated Balance Sheets) attributable to Products Segment restructuring activities for the six month period ended December 27, 2015 (in thousands):

	Termination Benefits			Other Costs			Total
Reserve Balance at June 28, 2015	$	2,107		$	—		$	2,107
Provisions	—			5,038			5,038
Cash Expenditures	(1,772		)	(3,609		)	(5,381		)
Other Adjustments (1)	—			(1,429		)	(1,429		)
Reserve Balance at December 27, 2015	$	335		$	—		$	335

(1) Other adjustments includes $1.4 million of asset impairments.

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Earnings (Loss) Per Share (Tables)

6 Months Ended

Dec. 27, 2015

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Information on earnings (loss) per share is as follows (in thousands, except per share data):

	Three Months Ended						Six Months Ended
	December 27, 2015			December 28, 2014			December 27, 2015			December 28, 2014
Net Income (Loss)	$	12,560		$	6,943		$	(5,611	)	$	(8,336	)
Less: Allocation to Participating Securities	(255		)	(168		)	(217		)	(266		)
Net Income (Loss) Available to Common Shareholders	$	12,305		$	6,775		$	(5,828	)	$	(8,602	)
Average Shares of Common Stock Outstanding	43,374			44,579			43,426			44,827
Diluted Average Shares Outstanding	43,470			44,629			43,426			44,827
Basic Earnings (Loss) Per Share	$	0.28		$	0.15		$	(0.13	)	$	(0.19	)
Diluted Earnings (Loss) Per Share	$	0.28		$	0.15		$	(0.13	)	$	(0.19	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following options to purchase shares of common stock were excluded from the calculation of diluted earnings (loss) per share as the exercise prices were greater than the average market price of the common shares:

	Three Months Ended				Six Months Ended
	December 27, 2015		December 28, 2014		December 27, 2015		December 28, 2014
Options to Purchase Shares of Common Stock (in thousands)	1,365		858		408		858
Weighted Average Exercise Price of Options Excluded	$	19.43	$	20.32	$	20.82	$	20.32

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Investments (Tables)

6 Months Ended

Dec. 27, 2015

Schedule of Results of Operations of Unconsolidated Affiliates [Abstract]

Schedule Of Results Of Operations Of Unconsolidated Affiliated Companies [Table Text Block]

Unaudited results of operations of unconsolidated affiliated companies for the three and six months ended December 27, 2015 and December 28, 2014 (in thousands):

	Three Months Ended				Six Months Ended
	December 27, 2015		December 28, 2014		December 27, 2015	December 28, 2014
Results of Operations:
Sales	$	60,274	$	52,452	121,763	101,591
Cost of Goods Sold	47,066		41,126		95,024	79,619
Gross Profit	$	13,208	$	11,326	26,739	21,972
Net Income	$	2,900	$	2,667	7,476	5,885

Schedule Of Balance Sheets Of Unconsolidated Affiliated Companies [Table Text Block]

Unaudited balance sheets of unconsolidated affiliated companies as of December 27, 2015 and June 28, 2015 (in thousands):

	December 27, 2015		June 28, 2015
Financial Position:
Assets:
Current Assets	$	103,063	$	99,596
Noncurrent Assets	53,674		43,555
	156,737		143,151
Liabilities:
Current Liabilities	$	38,804	$	36,630
Noncurrent Liabilities	28,154		9,859
	66,958		46,489
Equity	$	89,779	$	96,662

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Pension and Postretirement Benefits (Tables)

6 Months Ended

Dec. 27, 2015

Compensation and Retirement Disclosure [Abstract]

Schedule of Net Benefit Costs

The following tables summarize the plans’ income and expense for the periods indicated (in thousands):

	Pension Benefits						Other Postretirement Benefits
	Three Months Ended						Three Months Ended
	December 27, 2015			December 28, 2014			December 27, 2015			December 28, 2014
Components of Net Periodic Expense (Income):
Service Cost	$	909		$	886		$	55		$	63
Interest Cost on Projected Benefit Obligation	13,013			12,430			813			907
Expected Return on Plan Assets	(17,774		)	(18,631		)	—			—
Amortization of:
Prior Service Cost (Credit)	45			45			(664		)	(689		)
Actuarial Loss	3,332			3,333			1,065			1,177
Net Periodic Expense (Income)	$	(475	)	$	(1,937	)	$	1,269		$	1,458

	Pension Benefits						Other Postretirement Benefits
	Six Months Ended						Six Months Ended
	December 27, 2015			December 28, 2014			December 27, 2015			December 28, 2014
Components of Net Periodic Expense (Income):
Service Cost	$	1,766		$	1,716		$	131		$	148
Interest Cost on Projected Benefit Obligation	26,055			24,891			1,622			1,804
Expected Return on Plan Assets	(35,601		)	(37,319		)	—			—
Amortization of:
Prior Service Cost (Credit)	90			90			(1,329		)	(1,379		)
Actuarial Loss	6,504			6,631			2,022			2,324
Net Periodic Expense (Income)	$	(1,186	)	$	(3,991	)	$	2,446		$	2,897

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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Dec. 27, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Contracts

As of December 27, 2015 and June 28, 2015, the Company had the following outstanding derivative contracts (in thousands):

Contract		Notional Amount
		December 27, 2015	June 28, 2015
Interest Rate:
LIBOR Interest Rate (U.S. Dollars)	Fixed	95,000	95,000
Foreign Currency:
Australian Dollar	Sell	15,963	29,473
Brazilian Real	Sell	10,515	22,443
Canadian Dollar	Sell	6,025	9,326
Chinese Renminbi	Buy	251,425	259,350
Euro	Sell	55,825	62,740
Japanese Yen	Buy	998,000	711,000
Mexican Peso	Sell	10,000	—
Commodity:
Natural Gas (Therms)	Buy	15,294	11,324

Schedule of Derivative Instruments in Consolidated Condensed Balance Sheets, Fair Value

The location and fair value of derivative instruments reported in the Condensed Consolidated Balance Sheets are as follows (in thousands):

Balance Sheet Location	Asset (Liability) Fair Value
	December 27, 2015			June 28, 2015
Interest rate contracts
Other Long-Term Liabilities	$	(930	)	$	(1,034	)
Foreign currency contracts
Other Current Assets	2,993			4,417
Other Long-Term Assets	417			276
Accrued Liabilities	(1,104		)	(1,041		)
Other Long-Term Liabilities	(149		)	(43		)
Commodity contracts
Accrued Liabilities	(842		)	(493		)
Other Long-Term Liabilities	(325		)	(134		)
	$	60		$	1,948

Schedule of Derivative Instruments, Gain (Loss) in Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

The effect of derivative instruments on the Condensed Consolidated Statements of Operations and Comprehensive Loss is as follows (in thousands):

	Three Months Ended December 27, 2015
	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives, Net of Taxes (Effective Portion)			Classification of Gain (Loss)	Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)			Recognized in Earnings (Ineffective Portion)
Interest rate contracts	$	329		Net Sales	$	(298	)	$	—
Foreign currency contracts - sell	(721		)	Net Sales	2,231			—
Foreign currency contracts - buy	(324		)	Cost of Goods Sold	(158		)	—
Commodity contracts	(234		)	Cost of Goods Sold	(260		)	—
	$	(950	)		$	1,515		$	—

	Three Months Ended December 28, 2014
	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives, Net of Taxes (Effective Portion)			Classification of Gain (Loss)	Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)			Recognized in Earnings (Ineffective Portion)
Interest rate contracts	$	(89	)	Net Sales	$	(314	)	$	—
Foreign currency contracts - sell	394			Net Sales	2,079			—
Foreign currency contracts - buy	(251		)	Cost of Goods Sold	(175		)	—
Commodity contracts	(215		)	Cost of Goods Sold	(343		)	—
	$	(161	)		$	1,247		$	—

	Six Months Ended December 27, 2015
	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives, Net of Taxes (Effective Portion)			Classification of Gain (Loss)	Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)			Recognized in Earnings (Ineffective Portion)
Interest rate contracts	$	60		Net Sales	$	(600	)	$	—
Foreign currency contracts - sell	(331		)	Net Sales	5,538			—
Foreign currency contracts - buy	(690		)	Cost of Goods Sold	(294		)	—
Commodity contracts	(340		)	Cost of Goods Sold	(392		)	—
	$	(1,301	)		$	4,252		$	—

	Six Months Ended December 28, 2014
	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives, Net of Taxes (Effective Portion)			Classification of Gain (Loss)	Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)			Recognized in Earnings (Ineffective Portion)
Interest rate contracts	$	261		Net Sales	$	(625	)	$	—
Foreign currency contracts - sell	3,840			Net Sales	2,543			—
Foreign currency contracts - buy	(408		)	Cost of Goods Sold	(246		)	—
Commodity contracts	(187		)	Cost of Goods Sold	(522		)	—
	$	3,506			$	1,150		$	—

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Fair Value Measurements (Tables)

6 Months Ended

Dec. 27, 2015

Fair Value Disclosures [Abstract]

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 27, 2015 and June 28, 2015 (in thousands):

			Fair Value Measurements Using
	December 27, 2015		Level 1		Level 2		Level 3
Assets:
Derivatives	$	3,410	$	—	$	3,410	$	—
Marketable Securities	$	3,780	$	3,780	$	—	$	—
Liabilities:
Derivatives	$	3,350	$	—	$	3,350	$	—
	June 28, 2015		Level 1		Level 2		Level 3
Assets:
Derivatives	$	4,693	$	—	$	4,693	$	—
Marketable Securities	$	—	$	—	$	—	$	—
Liabilities:
Derivatives	$	2,745	$	—	$	2,745	$	—

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Warranty (Tables)

6 Months Ended

Dec. 27, 2015

Standard Product Warranty Disclosure [Abstract]

Schedule of Warranty Liability

The following is a reconciliation of the changes in accrued warranty costs for the reporting period (in thousands):

	Six Months Ended
	December 27, 2015			December 28, 2014
Beginning Balance	$	48,006		$	44,744
Payments	(15,301		)	(15,201		)
Provision for Current Year Warranties	12,161			13,235
Changes in Estimates	(45		)	(39		)
Ending Balance	$	44,821		$	42,739

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Segment Information (Tables)

6 Months Ended

Dec. 27, 2015

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Summarized segment data is as follows (in thousands):

	Three Months Ended						Six Months Ended
	December 27, 2015			December 28, 2014			December 27, 2015			December 28, 2014
NET SALES:
Engines	$	262,007		$	271,704		$	412,090		$	424,820
Products	172,497			199,050			335,038			365,178
Inter-Segment Eliminations	(21,125		)	(26,467		)	(44,291		)	(53,082		)
Total*	$	413,379		$	444,287		$	702,837		$	736,916
* International sales included in net sales based on product shipment destination	$	152,676		$	168,994		$	244,216		$	275,048
GROSS PROFIT:
Engines	$	65,635		$	62,896		$	89,411		$	90,696
Products	26,744			25,213			53,888			44,597
Inter-Segment Eliminations	(683		)	(241		)	(1,891		)	(104		)
Total	$	91,696		$	87,868		$	141,408		$	135,189
SEGMENT INCOME (LOSS):
Engines	$	20,782		$	18,894		$	28		$	5,040
Products	417			(3,884		)	479			(11,997		)
Inter-Segment Eliminations	(683		)	(241		)	(1,891		)	(104		)
Total	$	20,516		$	14,769		$	(1,384	)	$	(7,061	)
Reconciliation from Segment Income (Loss) to Income (Loss) Before Income Taxes:
Equity in Earnings of Unconsolidated Affiliates	1,751			1,454			3,187			3,341
Income (Loss) from Operations	$	18,765		$	13,315		$	(4,571	)	$	(10,402	)
INTEREST EXPENSE	(5,013		)	(4,890		)	(9,549		)	(9,408		)
OTHER INCOME, Net	2,383			2,052			3,838			4,425
Income (Loss) Before Income Taxes	16,135			10,477			(10,282		)	(15,385		)
PROVISION (CREDIT) FOR INCOME TAXES	3,575			3,534			(4,671		)	(7,049		)
Net Income (Loss)	$	12,560		$	6,943		$	(5,611	)	$	(8,336	)

Restructuring Charges Impact on Gross Profit by Segment

Pre-tax restructuring charges and acquisition-related charges included in gross profit were as follows (in thousands):

	Three Months Ended				Six Months Ended
	December 27, 2015		December 28, 2014		December 27, 2015		December 28, 2014
Engines	$	—	$	—	$	464	$	—
Products	2,647		6,846		4,892		14,864
Total	$	2,647	$	6,846	$	5,356	$	14,864

Restructuring Charges Impact on Operating Income Loss by Segment

Pre-tax restructuring charges, acquisition-related charges, and litigation charges included in segment income (loss) were as follows (in thousands):

	Three Months Ended				Six Months Ended
	December 27, 2015		December 28, 2014		December 27, 2015		December 28, 2014
Engines	$	1,975	$	—	$	4,179	$	—
Products	3,019		7,610		5,314		16,761
Total	$	4,994	$	7,610	$	9,493	$	16,761

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Debt (Tables)

6 Months Ended

Dec. 27, 2015

Debt Disclosure [Abstract]

Schedule of Long-Term Indebtedness

The following is a summary of the Company’s indebtedness (in thousands):

	December 27, 2015		June 28, 2015
Senior Notes	$	225,000	$	225,000
Multicurrency Credit Agreement	93,243		—
	$	318,243	$	225,000

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Separate Financial Information Of Subsidiary Guarantor Of Indebtedness (Tables)

6 Months Ended

Dec. 27, 2015

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 27, 2015 Carrying Amount		Maximum Guarantee
Senior Notes	$	225,000	$	225,000
Multicurrency Credit Agreement	$	93,243	$	500,000

Schedule of Condensed Supplemental Consolidating Balance Sheets

CONSOLIDATING BALANCE SHEET

As of December 27, 2015

(Unaudited)

	Briggs & Stratton Corporation		Guarantor Subsidiary		Non-Guarantor Subsidiaries		Eliminations			Consolidated
CURRENT ASSETS:
Cash and Cash Equivalents	$	12,459	$	3,490	$	44,418	$	—		$	60,367
Accounts Receivable, Net	104,268		38,900		38,958		—			182,126
Intercompany Accounts Receivable	28,050		7,721		40,545		(76,316		)	—
Inventories, Net	266,925		144,286		94,111		—			505,322
Deferred Income Tax Asset	31,157		12,417		2,561		—			46,135
Prepaid Expenses and Other Current Assets	30,156		5,237		6,757		—			42,150
Total Current Assets	$	473,015	$	212,051	$	227,350	$	(76,316	)	$	836,100
OTHER ASSETS:
Goodwill	$	128,300	$	—	$	39,732	$	—		$	168,032
Investments	34,538		—		—		—			34,538
Investments in Subsidiaries	489,624		—		—		(489,624		)	—
Intercompany Note Receivable	37,594		103,243		46,521		(187,358		)	—
Debt Issuance Costs	3,250		—		—		—			3,250
Other Intangible Assets, Net	—		54,105		52,287		—			106,392
Long-Term Deferred Income Tax Asset	48,637		—		394		(32,710		)	16,321
Other Long-Term Assets, Net	10,144		4,539		1,136		—			15,819
Total Other Assets	$	752,087	$	161,887	$	140,070	$	(709,692	)	$	344,352
PLANT AND EQUIPMENT, NET	260,238		24,094		27,267		—			311,599
TOTAL ASSETS	$	1,485,340	$	398,032	$	394,687	$	(786,008	)	$	1,492,051
CURRENT LIABILITIES:
Accounts Payable	$	123,707	$	39,213	$	26,704	$	—		$	189,624
Intercompany Accounts Payable	30,362		8,614		37,340		(76,316		)	—
Short-Term Debt	93,243		—		—		—			93,243
Accrued Liabilities	76,589		39,295		24,143		—			140,027
Total Current Liabilities	$	323,901	$	87,122	$	88,187	$	(76,316	)	$	422,894
OTHER LIABILITIES:
Accrued Pension Cost	$	198,725	$	371	$	501	$	—		$	199,597
Accrued Employee Benefits	22,970		—		—		—			22,970
Accrued Postretirement Health Care Obligation	28,035		14,954		—		—			42,989
Intercompany Note Payable	117,157		—		70,201		(187,358		)	—
Deferred Income Tax Liabilities	—		16,211		16,653		(32,710		)	154
Other Long-Term Liabilities	38,755		7,176		1,719		—			47,650
Long-Term Debt	225,000		—		—		—			225,000
Total Other Liabilities	$	630,642	$	38,712	$	89,074	$	(220,068	)	$	538,360
TOTAL SHAREHOLDERS’ INVESTMENT	530,797		272,198		217,426		(489,624		)	530,797
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT	$	1,485,340	$	398,032	$	394,687	$	(786,008	)	$	1,492,051

CONSOLIDATING BALANCE SHEET

As of June 28, 2015

	Briggs & Stratton Corporation		Guarantor Subsidiary		Non-Guarantor Subsidiaries		Eliminations			Consolidated
CURRENT ASSETS:
Cash and Cash Equivalents	$	45,395	$	17,237	$	55,758	$	—		$	118,390
Accounts Receivable, Net	99,852		72,859		43,130		—			215,841
Intercompany Accounts Receivable	21,697		8,060		40,772		(70,529		)	—
Inventories, Net	161,343		125,698		91,647		—			378,688
Deferred Income Tax Asset	30,692		13,187		1,992		—			45,871
Prepaid Expenses and Other Current Assets	23,580		19,916		7,031		(14,074		)	36,453
Total Current Assets	$	382,559	$	256,957	$	240,330	$	(84,603	)	$	795,243
OTHER ASSETS:
Goodwill	$	128,300	$	—	$	37,222	$	—		$	165,522
Investments	30,779		—		—		—			30,779
Investments in Subsidiaries	537,799		—		—		(537,799		)	—
Intercompany Note Receivable	36,448		89,186		26,722		(152,356		)	—
Debt Issuance Costs	3,714		—		—		—			3,714
Other Intangible Assets, Net	—		54,706		56,574		—			111,280
Long-Term Deferred Income Tax Asset	54,622		—		133		(32,303		)	22,452
Other Long-Term Assets, Net	8,800		4,999		1,335		—			15,134
Total Other Assets	$	800,462	$	148,891	$	121,986	$	(722,458	)	$	348,881
PLANT AND EQUIPMENT, NET	260,843		24,314		29,681		—			314,838
TOTAL ASSETS	$	1,443,864	$	430,162	$	391,997	$	(807,061	)	$	1,458,962
CURRENT LIABILITIES:
Accounts Payable	$	116,972	$	38,672	$	27,032	$	—		$	182,676
Intercompany Accounts Payable	33,898		6,945		29,686		(70,529		)	—
Accrued Liabilities	90,168		51,851		24,495		(14,074		)	152,440
Total Current Liabilities	$	241,038	$	97,468	$	81,213	$	(84,603	)	$	335,116
OTHER LIABILITIES:
Accrued Pension Cost	$	207,745	$	367	$	511	$	—		$	208,623
Accrued Employee Benefits	23,298		—		—		—			23,298
Accrued Postretirement Health Care Obligation	32,405		15,140		—		—			47,545
Intercompany Note Payable	104,676		—		47,680		(152,356		)	—
Deferred Income Tax Liabilities	—		15,483		17,043		(32,303		)	223
Other Long-Term Liabilities	35,452		8,511		944		—			44,907
Long-Term Debt	225,000		—		—		—			225,000
Total Other Liabilities	$	628,576	$	39,501	$	66,178	$	(184,659	)	$	549,596
TOTAL SHAREHOLDERS’ INVESTMENT	574,250		293,193		244,606		(537,799		)	574,250
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT	$	1,443,864	$	430,162	$	391,997	$	(807,061	)	$	1,458,962

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

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months EndedDecember 27, 2015

(Unaudited)

	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	250,214		$	124,581		$	84,833		$	(46,249	)	$	413,379
Cost of Goods Sold	193,212			107,082			64,991			(46,249		)	319,036
Restructuring Charges	—			2,647			—			—			2,647
Gross Profit	57,002			14,852			19,842			—			91,696
Engineering, Selling, General and Administrative Expenses	42,628			16,908			13,023			—			72,559
Restructuring Charges	—			372			—			—			372
Equity in Loss from Subsidiaries	(4,562		)	—			—			4,562			—
Income (Loss) from Operations	18,936			(2,428		)	6,819			(4,562		)	18,765
Interest Expense	(4,975		)	(35		)	(3		)	—			(5,013		)
Other Income, Net	1,479			409			495			—			2,383
Income (Loss) before Income Taxes	15,440			(2,054		)	7,311			(4,562		)	16,135
Provision (Credit) for Income Taxes	2,880			(731		)	1,426			—			3,575
Net Income (Loss)	$	12,560		$	(1,323	)	$	5,885		$	(4,562	)	$	12,560
Comprehensive Income (Loss)	$	14,623		$	(6,360	)	$	3,390		$	2,970		$	14,623

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months EndedDecember 28, 2014

(Unaudited)

	Briggs & Stratton Corporation			Guarantor Subsidiary			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 Six Months EndedDecember 27, 2015

(Unaudited)

	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	399,714		$	231,088		$	167,325		$	(95,290	)	$	702,837
Cost of Goods Sold	321,813			200,568			129,232			(95,290		)	556,323
Restructuring Charges	—			4,642			464			—			5,106
Gross Profit	77,901			25,878			37,629			—			141,408
Engineering, Selling, General and Administrative Expenses	80,432			33,862			30,399			—			144,693
Restructuring Charges	890			396			—			—			1,286
Equity in Loss from Subsidiaries	(867		)	—			—			867			—
Income (Loss) from Operations	(2,554		)	(8,380		)	7,230			(867		)	(4,571		)
Interest Expense	(9,447		)	(98		)	(4		)	—			(9,549		)
Other Income, Net	2,182			1,199			457			—			3,838
Income (Loss) before Income Taxes	(9,819		)	(7,279		)	7,683			(867		)	(10,282		)
Provision (Credit) for Income Taxes	(4,208		)	(2,629		)	2,166			—			(4,671		)
Net Income (Loss)	$	(5,611	)	$	(4,650	)	$	5,517		$	(867	)	$	(5,611	)
Comprehensive Income (Loss)	$	(14,179	)	$	(9,961	)	$	(3,116	)	$	13,077		$	(14,179	)

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Six Months EndedDecember 28, 2014

(Unaudited)

	Briggs & Stratton Corporation			Guarantor Subsidiary			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	)

Schedule of Condensed Supplemental Consolidating Statements Of Cash Flows

CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months EndedDecember 27, 2015

(Unaudited)

	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided by (Used in) Operating Activities	$	(85,326	)	$	1,791		$	6,433		$	(21,533	)	$	(98,635	)
Cash Flows from Investing Activities:
Additions to Plant and Equipment	(22,500		)	(2,417		)	(926		)	—			(25,843		)
Proceeds Received on Disposition of Plant and Equipment	18			955			24			—			997
Cash Paid for Acquisition, Net of Cash Acquired	—			—			(2,174		)	—			(2,174		)
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt	5,294			—			—			(5,294		)	—
Net Cash Used in Investing Activities	(17,188		)	(1,462		)	(3,076		)	(5,294		)	(27,020		)
Cash Flows from Financing Activities:
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt	93,243			(14,076		)	8,782			5,294			93,243
Treasury Stock Purchases	(24,903		)	—			—			—			(24,903		)
Stock Option Exercise Proceeds and Tax Benefits	7,230			—			—			—			7,230
Cash Dividends Paid	(5,992		)	—			—			—			(5,992		)
Cash Investment in Subsidiary	—			—			(21,533		)	21,533			—
Net Cash Provided by (Used in) Financing Activities	69,578			(14,076		)	(12,751		)	26,827			69,578
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents	—			—			(1,946		)	—			(1,946		)
Net Decrease in Cash and Cash Equivalents	(32,936		)	(13,747		)	(11,340		)	—			(58,023		)
Cash and Cash Equivalents, Beginning	45,395			17,237			55,758			—			118,390
Cash and Cash Equivalents, Ending	$	12,459		$	3,490		$	44,418		$	—		$	60,367

CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months EndedDecember 28, 2014

(Unaudited)

	Briggs & Stratton Corporation			Guarantor Subsidiary			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 Used in Investing Activities	(53,106		)	(2,603		)	(4,137		)	(25,210		)	(85,056		)
Cash Flows from Financing Activities:
Net Borrowings (Repayments) on Loans, 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 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

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Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2015	Dec. 28, 2014	Dec. 27, 2015	Dec. 28, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ (289,741)	$ (199,142)	$ (279,110)	$ (195,257)
Other Comprehensive Income (Loss), Before Reclassifications	2,064	(10,226)	(8,233)	(14,315)
Income Tax Benefit (Expense)	(1,415)	(375)	(2,231)	(2,586)
Net Other Comprehensive Income (Loss) Before Reclassifications	649	(10,601)	(10,464)	(16,901)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	2,263	2,619	3,035	6,516
Income Tax Expense (Benefit)	(849)	(995)	(1,139)	(2,477)
Net Reclassifications	1,414	1,624	1,896	4,039
Other Comprehensive Income (Loss)	2,063	(8,977)	(8,568)	(12,862)
Ending Balance	(287,678)	(208,119)	(287,678)	(208,119)
Prior Service Costs [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	(619)	(644)	(1,239)	(1,289)
Actuarial Losses [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	4,397	4,510	8,526	8,955
Foreign Currency Contract [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	(2,073)	(1,904)	(5,244)	(2,297)
Commodity Contract [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	260	343	392	522
Interest Rate Swap [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	298	314	600	625
Accumulated Translation Adjustment [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(31,590)	3,146	(19,117)	13,053
Other Comprehensive Income (Loss), Before Reclassifications	(1,710)	(11,213)	(14,183)	(21,120)
Income Tax Benefit (Expense)	0	0	0	0
Net Other Comprehensive Income (Loss) Before Reclassifications	(1,710)	(11,213)	(14,183)	(21,120)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	0	0	0	0
Income Tax Expense (Benefit)	0	0	0	0
Net Reclassifications	0	0	0	0
Other Comprehensive Income (Loss)	(1,710)	(11,213)	(14,183)	(21,120)
Ending Balance	(33,300)	(8,067)	(33,300)	(8,067)
Accumulated Translation Adjustment [Member] | Prior Service Costs [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	0	0	0	0
Accumulated Translation Adjustment [Member] | Actuarial Losses [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	0	0	0	0
Accumulated Translation Adjustment [Member] | Foreign Currency Contract [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	0	0	0	0
Accumulated Translation Adjustment [Member] | Commodity Contract [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	0	0	0	0
Accumulated Translation Adjustment [Member] | Interest Rate Swap [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	0	0	0	0
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	861	2,583	1,212	(1,084)
Other Comprehensive Income (Loss), Before Reclassifications	(6)	987	2,170	6,805
Income Tax Benefit (Expense)	2	(375)	(814)	(2,586)
Net Other Comprehensive Income (Loss) Before Reclassifications	(4)	612	1,356	4,219
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	(1,515)	(1,247)	(4,252)	(1,150)
Income Tax Expense (Benefit)	569	474	1,595	437
Net Reclassifications	(946)	(773)	(2,657)	(713)
Other Comprehensive Income (Loss)	(950)	(161)	(1,301)	3,506
Ending Balance	(89)	2,422	(89)	2,422
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Prior Service Costs [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	0	0	0	0
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Actuarial Losses [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	0	0	0	0
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Foreign Currency Contract [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	(2,073)	(1,904)	(5,244)	(2,297)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Commodity Contract [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	260	343	392	522
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Swap [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	298	314	600	625
Accumulated Defined Benefit Plans Adjustment [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(259,012)	(204,871)	(261,205)	(207,226)
Other Comprehensive Income (Loss), Before Reclassifications	0	0	0	0
Income Tax Benefit (Expense)	0	0	0	0
Net Other Comprehensive Income (Loss) Before Reclassifications	0	0	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	3,778	3,866	7,287	7,666
Income Tax Expense (Benefit)	(1,418)	(1,469)	(2,734)	(2,914)
Net Reclassifications	2,360	2,397	4,553	4,752
Other Comprehensive Income (Loss)	2,360	2,397	4,553	4,752
Ending Balance	(256,652)	(202,474)	(256,652)	(202,474)
Accumulated Defined Benefit Plans Adjustment [Member] | Prior Service Costs [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	(619)	(644)	(1,239)	(1,289)
Accumulated Defined Benefit Plans Adjustment [Member] | Actuarial Losses [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	4,397	4,510	8,526	8,955
Accumulated Defined Benefit Plans Adjustment [Member] | Foreign Currency Contract [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	0	0	0	0
Accumulated Defined Benefit Plans Adjustment [Member] | Commodity Contract [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	0	0	0	0
Accumulated Defined Benefit Plans Adjustment [Member] | Interest Rate Swap [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	0	$ 0	0	$ 0
Accumulated Net Gain (Loss) from Marketable Securities Attributable to Parent [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	0		0
Other Comprehensive Income (Loss), Before Reclassifications	3,780		3,780
Income Tax Benefit (Expense)	(1,417)		(1,417)
Net Other Comprehensive Income (Loss) Before Reclassifications	2,363		2,363
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	0		0
Income Tax Expense (Benefit)	0		0
Net Reclassifications	0		0
Other Comprehensive Income (Loss)	2,363		2,363
Ending Balance	2,363		2,363
Accumulated Net Gain (Loss) from Marketable Securities Attributable to Parent [Member] | Prior Service Costs [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	0		0
Accumulated Net Gain (Loss) from Marketable Securities Attributable to Parent [Member] | Actuarial Losses [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	0		0
Accumulated Net Gain (Loss) from Marketable Securities Attributable to Parent [Member] | Foreign Currency Contract [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	0		0
Accumulated Net Gain (Loss) from Marketable Securities Attributable to Parent [Member] | Commodity Contract [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	0		0
Accumulated Net Gain (Loss) from Marketable Securities Attributable to Parent [Member] | Interest Rate Swap [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax	$ 0		$ 0

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Acquisitions (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Dec. 27, 2015	Dec. 28, 2014	Jun. 28, 2015
Business Acquisition [Line Items]
Cash Paid for Acquisition, Net of Cash Acquired	$ 2,174	$ 62,056
Allmand Bros. [Member]
Business Acquisition [Line Items]
Cash Paid for Acquisition, Net of Cash Acquired			$ 59,900
Business Acquisition, Goodwill			15,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			24,100
Business Acquisitions, Purchase Price Allocation, Customer Relationships Amount			15,700
Business Acquisition, Purchase Price Allocation, Tradenames Amount			8,100
Business Acquisition, Purchase Price Allocation, Other Intangible Assets Amount			300
Billy Goat [Member]
Business Acquisition [Line Items]
Cash Paid for Acquisition, Net of Cash Acquired			28,300
Business Acquisition, Goodwill			9,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			16,400
Business Acquisitions, Purchase Price Allocation, Customer Relationships Amount			12,000
Business Acquisition, Purchase Price Allocation, Tradenames Amount			4,000
Business Acquisition, Purchase Price Allocation, Other Intangible Assets Amount			$ 400

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Restructuring Actions Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 27, 2015 USD ($) $ / shares	Dec. 27, 2015 USD ($) $ / shares
Restructuring Cost and Reserve [Line Items]
Assets Held for Sale	$ 3,600	$ 3,600
Restructuring Charges	3,000	6,400
After Tax Restructuring Charges	$ 2,000	$ 4,200
Restructuring Charge Per Diluted Share | $ / shares	$ 0.05	$ 0.09
Engines [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		$ 1,354
Products [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 3,000	5,038
Cumulative Restructuring Charges	$ 32,300
Minimum [Member] | Products [Member]
Restructuring Cost and Reserve [Line Items]
Total Restructuring Charges Estimate		33,000
Maximum [Member] | Products [Member]
Restructuring Cost and Reserve [Line Items]
Total Restructuring Charges Estimate		$ 35,000

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Restructuring Actions Restructuring Reserve Rollforward (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Dec. 27, 2015	Dec. 27, 2015
Restructuring Cost and Reserve [Line Items]
Provisions		$ 3,000	$ 6,400
Engines [Member]
Restructuring Cost and Reserve [Line Items]
Reserve Balance at June 28, 2015			0
Provisions			1,354
Cash Expenditures			(638)
Other Adjustments			182
Reserve Balance at December 27, 2015		534	534
Products [Member]
Restructuring Cost and Reserve [Line Items]
Reserve Balance at June 28, 2015			2,107
Provisions		3,000	5,038
Cash Expenditures			(5,381)
Other Adjustments	[1]		1,429
Reserve Balance at December 27, 2015		335	335
Termination Benefits [Member] | Engines [Member]
Restructuring Cost and Reserve [Line Items]
Reserve Balance at June 28, 2015			0
Provisions			1,354
Cash Expenditures			(638)
Other Adjustments			182
Reserve Balance at December 27, 2015		534	534
Termination Benefits [Member] | Products [Member]
Restructuring Cost and Reserve [Line Items]
Reserve Balance at June 28, 2015			2,107
Provisions			0
Cash Expenditures			(1,772)
Other Adjustments			0
Reserve Balance at December 27, 2015		335	335
Other Restructuring Costs [Member] | Engines [Member]
Restructuring Cost and Reserve [Line Items]
Reserve Balance at June 28, 2015			0
Provisions			0
Cash Expenditures			0
Other Adjustments			0
Reserve Balance at December 27, 2015		0	0
Other Restructuring Costs [Member] | Products [Member]
Restructuring Cost and Reserve [Line Items]
Reserve Balance at June 28, 2015			0
Provisions			5,038
Cash Expenditures			(3,609)
Other Adjustments	[1]		1,429
Reserve Balance at December 27, 2015		$ 0	0
Other Restructuring Costs [Member] | Products [Member]
Restructuring Cost and Reserve [Line Items]
Other Adjustments			$ 1,400

[1] (1) Other adjustments includes $1.4 million of asset impairments.

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Earnings (Loss) Per Share Earnings Per Share Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2015	Dec. 28, 2014	Dec. 27, 2015	Dec. 28, 2014
Net Income (Loss)	$ 12,560	$ 6,943	$ (5,611)	$ (8,336)
Less: Allocation to Participating Securities	(255)	(168)	(217)	(266)
Net Loss Available to Common Shareholders	$ 12,305	$ 6,775	$ (5,828)	$ (8,602)
Average Shares of Common Stock Outstanding	43,374	44,579	43,426	44,827
Diluted Average Shares Outstanding	43,470	44,629	43,426	44,827
Basic Earnings (Loss) Per Share	$ 0.28	$ 0.15	$ (0.13)	$ (0.19)
Diluted Earnings (Loss) Per Share	$ 0.28	$ 0.15	$ (0.13)	$ (0.19)

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Earnings (Loss) Per Share Antidilutive Shares Information (Details) - $ / shares	3 Months Ended		6 Months Ended
	Dec. 27, 2015	Dec. 28, 2014	Dec. 27, 2015	Dec. 28, 2014
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,365,000	858,000	408,000	858,000
Weighted Average Exercise Prices Of Antidilutive Securities Excluded From Computation Of Earnings Per Share	$ 19.43	$ 20.32	$ 20.82	$ 20.32
Potential Other Incremental Common Shares Excluded [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			758,000	1,002,000

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Earnings (Loss) Per Share Share Repurchase Information (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Dec. 27, 2015	Dec. 28, 2014
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 15.4
Treasury Stock, Shares, Acquired	1,343,968	1,428,588
Treasury Stock Acquired, Average Cost Per Share	$ 18.53	$ 19.33
Fiscal 2015 Share Repurchase Program [Member]
Stock Repurchase Program, Authorized Amount	$ 50.0

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Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2015	Dec. 28, 2014	Dec. 27, 2015	Dec. 28, 2014	Jun. 28, 2015	Sep. 28, 2014	Mar. 30, 2014
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Revenue	$ 60,274	$ 52,452	$ 121,763	$ 101,591
Equity Method Investment, Summarized Financial Information, Cost of Sales	47,066	41,126	95,024	79,619
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss)	13,208	11,326	26,739	21,972
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	2,900	$ 2,667	7,476	5,885
Equity Method Investment, Summarized Financial Information, Current Assets	103,063		103,063		$ 99,596
Equity Method Investment, Summarized Financial Information, Noncurrent Assets	53,674		53,674		43,555
Equity Method Investment, Summarized Financial Information, Assets	156,737		156,737		143,151
Equity Method Investment, Summarized Financial Information, Current Liabilities	38,804		38,804		36,630
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities	28,154		28,154		9,859
Equity Method Investment, Summarized Financial Information, Liabilities	66,958		66,958		46,489
Equity Method Investment Summarized Financial Information, Equity	89,779		89,779		96,662
Revenue from Related Parties			40,900	27,300
Purchases Of Finished Products From Equity Method Investees			54,100	$ 49,500
Equity Method Investments	34,538		34,538		30,779
Independent Distributors [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 11,900		$ 11,900		$ 10,000		$ 6,500
Equity Method Investment, Ownership Percentage	15.20%		15.20%		11.90%
Equity Method Investment - Incremental Investment						$ 2,800
Equity method investment, Incremental Investment, Subsequent Event	$ 19,100		$ 19,100
Equity Method Investment, Ownership Percentage, Subsequent Event	38.00%		38.00%

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Investments Schedule of Investments in Marketable Securities (Details)	6 Months Ended
	Dec. 27, 2015 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	$ 0
Available-for-sale Securities, Noncurrent	3,800,000
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax	$ 2,400,000

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Pension and Postretirement Benefits Net Periodic Income and Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2015	Dec. 28, 2014	Dec. 27, 2015	Dec. 28, 2014
Pension Plans, Defined Benefit [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service Cost	$ 909	$ 886	$ 1,766	$ 1,716
Interest Cost on Projected Benefit Obligation	13,013	12,430	26,055	24,891
Expected Return on Plan Assets	(17,774)	(18,631)	(35,601)	(37,319)
Amortization of Prior Service Cost (Credit)	45	45	90	90
Amortization of Actuarial Loss	3,332	3,333	6,504	6,631
Net Periodic Expense (Income)	(475)	(1,937)	(1,186)	(3,991)
Other Postretirement Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service Cost	55	63	131	148
Interest Cost on Projected Benefit Obligation	813	907	1,622	1,804
Expected Return on Plan Assets	0	0	0	0
Amortization of Prior Service Cost (Credit)	(664)	(689)	(1,329)	(1,379)
Amortization of Actuarial Loss	1,065	1,177	2,022	2,324
Net Periodic Expense (Income)	$ 1,269	$ 1,458	$ 2,446	$ 2,897

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Pension and Postretirement Benefits Pension and Postretirement Benefits (Narrative) (Details) $ in Thousands	6 Months Ended
	Dec. 27, 2015 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Cash Contributions to Qualified Pension Plans	$ 0
Non-Qualified Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year	3,000
Defined Benefit Plan, Benefits Paid	1,200
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year	11,900
Other Postretirement Benefits Payments	$ 7,300

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Stock Incentives Stock Incentives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2015	Dec. 28, 2014	Dec. 27, 2015	Dec. 28, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Compensation Expense	$ 1,600	$ 1,800	$ 3,204	$ 3,382

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Derivative Instruments and Hedging Activities Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 27, 2015	Jun. 28, 2015
Derivative [Line Items]
Net Cash Flow Hedge Losses (Gains) to be Reclassified into Earnings within Twelve Months	$ (100)
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Lower Fixed Interest Rate Range	1.17%
Derivative, Higher Fixed Interest Rate Range	1.60%
Derivative, Notional Amount	$ 95,000	$ 95,000
Minimum [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Maturity Date	Jul. 01, 2017
Maximum [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Maturity Date	May 18, 2019

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Derivative Instruments and Hedging Activities Notional Amounts (Details) € in Thousands, ¥ in Thousands, ¥ in Thousands, MXN in Thousands, CAD in Thousands, BTU in Thousands, BRL in Thousands, AUD in Thousands, $ in Thousands	Dec. 27, 2015 EUR (€) BTU	Dec. 27, 2015 USD ($) BTU	Dec. 27, 2015 AUD BTU	Dec. 27, 2015 BRL BTU	Dec. 27, 2015 MXN BTU	Dec. 27, 2015 JPY (¥) BTU	Dec. 27, 2015 CNY (¥) BTU	Dec. 27, 2015 CAD BTU	Jun. 28, 2015 EUR (€) BTU	Jun. 28, 2015 USD ($) BTU	Jun. 28, 2015 AUD BTU	Jun. 28, 2015 BRL BTU	Jun. 28, 2015 MXN BTU	Jun. 28, 2015 JPY (¥) BTU	Jun. 28, 2015 CNY (¥) BTU	Jun. 28, 2015 CAD BTU
Interest Rate Contract [Member]
Derivative [Line Items]
Derivative, Notional Amount | $		$ 95,000								$ 95,000
Australian Dollar, Sell [Member]
Derivative [Line Items]
Derivative, Notional Amount | AUD			AUD 15,963								AUD 29,473
Brazilian Real, Sell [Member] [Domain]
Derivative [Line Items]
Derivative, Notional Amount | BRL				BRL 10,515								BRL 22,443
Canadian Dollar, Sell [Member]
Derivative [Line Items]
Derivative, Notional Amount | CAD								CAD 6,025								CAD 9,326
Chinese Renminbi, Buy [Member] [Domain]
Derivative [Line Items]
Derivative, Notional Amount							¥ 251,425								¥ 259,350
Euro, Sell [Member]
Derivative [Line Items]
Derivative, Notional Amount | €	€ 55,825								€ 62,740
Japanese Yen, Buy [Member]
Derivative [Line Items]
Derivative, Notional Amount						¥ 998,000								¥ 711,000
Mexican Peso, Sell [Member]
Derivative [Line Items]
Derivative, Notional Amount | MXN					MXN 10,000								MXN 0
Natural Gas [Member]
Derivative [Line Items]
Nonmonetary Notional Amount Derivatives (in ones) | BTU	15,294	15,294	15,294	15,294	15,294	15,294	15,294	15,294	11,324	11,324	11,324	11,324	11,324	11,324	11,324	11,324

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Derivative Instruments and Hedging Activities Balance Sheet Location (Details) - USD ($) $ in Thousands	Dec. 27, 2015	Jun. 28, 2015
Derivatives, Fair Value [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	$ 60	$ 1,948
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Contracts at Fair Value	2,993	4,417
Other Long-Term Assets, Net [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Contracts at Fair Value	417	276
Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Contracts at Fair Value	(1,104)	(1,041)
Commodity Contracts at Fair Value	(842)	(493)
Other Long-Term Liabilities [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Contracts at Fair Value	(930)	(1,034)
Foreign Currency Contracts at Fair Value	(149)	(43)
Commodity Contracts at Fair Value	$ (325)	$ (134)

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Derivative Instruments and Hedging Activities Effect of Derivatives on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2015	Dec. 28, 2014	Dec. 27, 2015	Dec. 28, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ (950)	$ (161)	$ (1,301)	$ 3,506
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	1,515	1,247	4,252	1,150
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	0	0	0	0
Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	329	(89)	60	261
Foreign Currency Contract Sell [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	(721)	394	(331)	3,840
Foreign Currency Contract Buy [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	(324)	(251)	(690)	(408)
Commodity Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	(234)	(215)	(340)	(187)
Net Sales [Member] | Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(298)	(314)	(600)	(625)
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	0	0	0	0
Net Sales [Member] | Foreign Currency Contract Sell [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	2,231	2,079	5,538	2,543
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	0	0	0	0
Cost of Sales [Member] | Foreign Currency Contract Buy [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(158)	(175)	(294)	(246)
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	0	0	0	0
Cost of Sales [Member] | Commodity Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(260)	(343)	(392)	(522)
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	$ 0	$ 0	$ 0	$ 0

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Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Dec. 27, 2015	Jun. 28, 2015
Liabilities, Derivatives	$ 3,350	$ 2,745
Fair Value Measurements Using Level 1 [Member]
Liabilities, Derivatives	0	0
Fair Value Measurements Using Level 2 [Member]
Liabilities, Derivatives	3,350	2,745
Fair Value Measurements Using Level 3 [Member]
Liabilities, Derivatives	0	0
Derivative Financial Instruments, Assets [Member]
Assets	3,410	4,693
Derivative Financial Instruments, Assets [Member] | Fair Value Measurements Using Level 1 [Member]
Assets	0	0
Derivative Financial Instruments, Assets [Member] | Fair Value Measurements Using Level 2 [Member]
Assets	3,410	4,693
Derivative Financial Instruments, Assets [Member] | Fair Value Measurements Using Level 3 [Member]
Assets	0	0
Investments [Member]
Assets	3,780	0
Investments [Member] | Fair Value Measurements Using Level 1 [Member]
Assets	3,780	0
Investments [Member] | Fair Value Measurements Using Level 2 [Member]
Assets	0	0
Investments [Member] | Fair Value Measurements Using Level 3 [Member]
Assets	$ 0	$ 0

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Fair Value Measurements Fair Value Disclosures (Details) - USD ($) $ in Thousands	Dec. 27, 2015	Jun. 28, 2015	Dec. 15, 2010
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	$ 245,300	$ 248,300
Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes	$ 225,000	$ 225,000	$ 225,000

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Warranty (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 27, 2015	Dec. 28, 2014
Warranty Accrual, Beginning Balance	$ 48,006	$ 44,744
Payments	(15,301)	(15,201)
Provision for Current Year Warranties	12,161	13,235
Changes in Estimates	(45)	(39)
Warranty Accrual, Ending Balance	$ 44,821	$ 42,739

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Income Taxes Effective Tax Rate (Details)	3 Months Ended		6 Months Ended
	Dec. 27, 2015	Dec. 28, 2014	Dec. 27, 2015	Dec. 28, 2014
Income Tax Contingency [Line Items]
Effective Income Tax Rate	22.20%	33.70%	45.40%	45.82%

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Unrecognized Tax Benefits (Details) $ in Millions	6 Months Ended
	Dec. 27, 2015 USD ($)
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits, Period Increase (Decrease)	$ 0.8

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Commitments and Contingencies (Details) $ in Thousands	6 Months Ended
	Dec. 27, 2015 USD ($)
Loss Contingencies [Line Items]
Loss Contingency, Damages Awarded, Value	$ 24,300
Retiree Medical Case [Domain]
Loss Contingencies [Line Items]
Litigation Settlement, Amount	3,950
Loss Contingency Accrual, Provision	1,975
Loss Contingency, Receivable, Additions	$ 1,975

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Segment Information Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2015	Dec. 28, 2014	Dec. 27, 2015	Dec. 28, 2014
Net Sales	$ 413,379	$ 444,287	$ 702,837	$ 736,916
Gross Profit	91,696	87,868	141,408	135,189
Segment Income (Loss)	20,516	14,769	(1,384)	(7,061)
Equity in Earnings of Unconsolidated Affiliates	1,751	1,454	3,187	3,341
Income (Loss) from Operations	18,765	13,315	(4,571)	(10,402)
Interest Expense	(5,013)	(4,890)	(9,549)	(9,408)
Other Income, Net	2,383	2,052	3,838	4,425
Income (Loss) Before Income Taxes	16,135	10,477	(10,282)	(15,385)
PROVISION (CREDIT) FOR INCOME TAXES	3,575	3,534	(4,671)	(7,049)
Net Income (Loss)	12,560	6,943	(5,611)	(8,336)
International sales included in net sales based on product shipment destination	152,676	168,994	244,216	275,048
Engines [Member]
Net Sales	262,007	271,704	412,090	424,820
Gross Profit	65,635	62,896	89,411	90,696
Segment Income (Loss)	20,782	18,894	28	5,040
Products [Member]
Net Sales	172,497	199,050	335,038	365,178
Gross Profit	26,744	25,213	53,888	44,597
Segment Income (Loss)	417	(3,884)	479	(11,997)
Elimination [Member]
Net Sales	(21,125)	(26,467)	(44,291)	(53,082)
Gross Profit	(683)	(241)	(1,891)	(104)
Segment Income (Loss)	$ (683)	$ (241)	$ (1,891)	$ (104)

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Segment Information Restructuring Charges and Acquisition Related Charges Impact on Gross Profit by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2015	Dec. 28, 2014	Dec. 27, 2015	Dec. 28, 2014
Cost Of Goods Sold Restructuring Charges and Acquisition Related Charges	$ 2,647	$ 6,846	$ 5,356	$ 14,864
Engines [Member]
Cost Of Goods Sold Restructuring Charges and Acquisition Related Charges	0	0	464	0
Products [Member]
Cost Of Goods Sold Restructuring Charges and Acquisition Related Charges	$ 2,647	$ 6,846	$ 4,892	$ 14,864

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Segment Information Restructuring Charges, Acquisition Related Charges, and Litigation Charges Impact on Segment Income (Loss) by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2015	Dec. 28, 2014	Dec. 27, 2015	Dec. 28, 2014
Restructuring Charges, Acquisition Related Charges, and Litigation Charges	$ 4,994	$ 7,610	$ 9,493	$ 16,761
Engines [Member]
Restructuring Charges, Acquisition Related Charges, and Litigation Charges	1,975	0	4,179	0
Products [Member]
Restructuring Charges, Acquisition Related Charges, and Litigation Charges	$ 3,019	$ 7,610	$ 5,314	$ 16,761

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Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 27, 2015	Jun. 28, 2015	Oct. 21, 2013	Dec. 15, 2010
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 318,243	$ 225,000
Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	$ 225,000	225,000		$ 225,000
Debt Instrument, Interest Rate, Stated Percentage				6.875%
Debt Instrument, Maturity Date	Dec. 15, 2020
Multicurrency Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit, Current	$ 93,243	$ 0
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,000		$ 500,000
Line of Credit Facility, Expiration Date	Oct. 21, 2018
Line Of Credit Facility Increased Available Maximum Borrowing Capacity			$ 250,000

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Separate Financial Information Of Subsidiary Guarantor Of Indebtedness (Schedule Of Outstanding Amounts Related To Guaranteed Debt) (Details) - USD ($) $ in Thousands	Dec. 27, 2015	Jun. 28, 2015	Oct. 21, 2013	Dec. 15, 2010
Senior Notes [Member]
Senior Notes	$ 225,000	$ 225,000		$ 225,000
Long-Term Debt Maximum Guarantee	225,000
Multicurrency Credit Agreement [Member]
Line of Credit, Current	93,243	$ 0
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,000		$ 500,000

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Separate Financial Information Of Subsidiary Guarantor of Indebtedness (Schedule Of Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 27, 2015	Jun. 28, 2015	Dec. 28, 2014	Jun. 29, 2014
CURRENT ASSETS:
Cash and Cash Equivalents	$ 60,367	$ 118,390	$ 51,690	$ 194,668
Accounts Receivable, Net	182,126	215,841
Intercompany Accounts Receivable	0	0
Inventories, Net	505,322	378,688
Deferred Income Tax Asset	46,135	45,871
Prepaid Expenses and Other Current Assets	42,150	36,453
Total Current Assets	836,100	795,243
OTHER ASSETS:
Goodwill	168,032	165,522
Investments	34,538	30,779
Investment in Subsidiaries	0	0
Intercompany Note Receivable	0	0
Debt Issuance Costs	3,250	3,714
Other Intangible Assets, Net	106,392	111,280
Long-Term Deferred Income Tax Asset	16,321	22,452
Other Long-Term Assets, Net	15,819	15,134
Total Other Assets	344,352	348,881
Plant and Equipment, Net	311,599	314,838
TOTAL ASSETS	1,492,051	1,458,962
CURRENT LIABILITIES:
Accounts Payable	189,624	182,676
Intercompany Accounts Payable	0	0
Short-term Debt	93,243	0
Accrued Liabilities	140,027	152,440
Total Current Liabilities	422,894	335,116
OTHER LIABILITIES:
Accrued Pension Cost	199,597	208,623
Accrued Employee Benefits	22,970	23,298
Accrued Postretirement Health Care Obligation	42,989	47,545
Intercompany Note Payable	0	0
Deferred Income Tax Liabilities	154	223
Other Long-Term Liabilities	47,650	44,907
Long-Term Debt	225,000	225,000
Total Other Liabilities	538,360	549,596
Total Shareholders' Investment	530,797	574,250
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT	1,492,051	1,458,962
Parent Company [Member]
CURRENT ASSETS:
Cash and Cash Equivalents	12,459	45,395	4,751	138,926
Accounts Receivable, Net	104,268	99,852
Intercompany Accounts Receivable	28,050	21,697
Inventories, Net	266,925	161,343
Deferred Income Tax Asset	31,157	30,692
Prepaid Expenses and Other Current Assets	30,156	23,580
Total Current Assets	473,015	382,559
OTHER ASSETS:
Goodwill	128,300	128,300
Investments	34,538	30,779
Investment in Subsidiaries	489,624	537,799
Intercompany Note Receivable	37,594	36,448
Debt Issuance Costs	3,250	3,714
Other Intangible Assets, Net	0	0
Long-Term Deferred Income Tax Asset	48,637	54,622
Other Long-Term Assets, Net	10,144	8,800
Total Other Assets	752,087	800,462
Plant and Equipment, Net	260,238	260,843
TOTAL ASSETS	1,485,340	1,443,864
CURRENT LIABILITIES:
Accounts Payable	123,707	116,972
Intercompany Accounts Payable	30,362	33,898
Short-term Debt	93,243
Accrued Liabilities	76,589	90,168
Total Current Liabilities	323,901	241,038
OTHER LIABILITIES:
Accrued Pension Cost	198,725	207,745
Accrued Employee Benefits	22,970	23,298
Accrued Postretirement Health Care Obligation	28,035	32,405
Intercompany Note Payable	117,157	104,676
Deferred Income Tax Liabilities	0	0
Other Long-Term Liabilities	38,755	35,452
Long-Term Debt	225,000	225,000
Total Other Liabilities	630,642	628,576
Total Shareholders' Investment	530,797	574,250
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT	1,485,340	1,443,864
Guarantor Subsidiaries [Member]
CURRENT ASSETS:
Cash and Cash Equivalents	3,490	17,237	1,304	2,680
Accounts Receivable, Net	38,900	72,859
Intercompany Accounts Receivable	7,721	8,060
Inventories, Net	144,286	125,698
Deferred Income Tax Asset	12,417	13,187
Prepaid Expenses and Other Current Assets	5,237	19,916
Total Current Assets	212,051	256,957
OTHER ASSETS:
Goodwill	0	0
Investments	0	0
Investment in Subsidiaries	0	0
Intercompany Note Receivable	103,243	89,186
Debt Issuance Costs	0	0
Other Intangible Assets, Net	54,105	54,706
Long-Term Deferred Income Tax Asset	0	0
Other Long-Term Assets, Net	4,539	4,999
Total Other Assets	161,887	148,891
Plant and Equipment, Net	24,094	24,314
TOTAL ASSETS	398,032	430,162
CURRENT LIABILITIES:
Accounts Payable	39,213	38,672
Intercompany Accounts Payable	8,614	6,945
Short-term Debt	0
Accrued Liabilities	39,295	51,851
Total Current Liabilities	87,122	97,468
OTHER LIABILITIES:
Accrued Pension Cost	371	367
Accrued Employee Benefits	0	0
Accrued Postretirement Health Care Obligation	14,954	15,140
Intercompany Note Payable	0	0
Deferred Income Tax Liabilities	16,211	15,483
Other Long-Term Liabilities	7,176	8,511
Long-Term Debt	0	0
Total Other Liabilities	38,712	39,501
Total Shareholders' Investment	272,198	293,193
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT	398,032	430,162
Non-Guarantor Subsidiaries [Member]
CURRENT ASSETS:
Cash and Cash Equivalents	44,418	55,758	45,635	53,062
Accounts Receivable, Net	38,958	43,130
Intercompany Accounts Receivable	40,545	40,772
Inventories, Net	94,111	91,647
Deferred Income Tax Asset	2,561	1,992
Prepaid Expenses and Other Current Assets	6,757	7,031
Total Current Assets	227,350	240,330
OTHER ASSETS:
Goodwill	39,732	37,222
Investments	0	0
Investment in Subsidiaries	0	0
Intercompany Note Receivable	46,521	26,722
Debt Issuance Costs	0	0
Other Intangible Assets, Net	52,287	56,574
Long-Term Deferred Income Tax Asset	394	133
Other Long-Term Assets, Net	1,136	1,335
Total Other Assets	140,070	121,986
Plant and Equipment, Net	27,267	29,681
TOTAL ASSETS	394,687	391,997
CURRENT LIABILITIES:
Accounts Payable	26,704	27,032
Intercompany Accounts Payable	37,340	29,686
Short-term Debt	0
Accrued Liabilities	24,143	24,495
Total Current Liabilities	88,187	81,213
OTHER LIABILITIES:
Accrued Pension Cost	501	511
Accrued Employee Benefits	0	0
Accrued Postretirement Health Care Obligation	0	0
Intercompany Note Payable	70,201	47,680
Deferred Income Tax Liabilities	16,653	17,043
Other Long-Term Liabilities	1,719	944
Long-Term Debt	0	0
Total Other Liabilities	89,074	66,178
Total Shareholders' Investment	217,426	244,606
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT	394,687	391,997
Consolidation, Eliminations [Member]
CURRENT ASSETS:
Cash and Cash Equivalents	0	0	$ 0	$ 0
Accounts Receivable, Net	0	0
Intercompany Accounts Receivable	(76,316)	(70,529)
Inventories, Net	0	0
Deferred Income Tax Asset	0	0
Prepaid Expenses and Other Current Assets	0	(14,074)
Total Current Assets	(76,316)	(84,603)
OTHER ASSETS:
Goodwill	0	0
Investments	0	0
Investment in Subsidiaries	(489,624)	(537,799)
Intercompany Note Receivable	(187,358)	(152,356)
Debt Issuance Costs	0	0
Other Intangible Assets, Net	0	0
Long-Term Deferred Income Tax Asset	(32,710)	(32,303)
Other Long-Term Assets, Net	0	0
Total Other Assets	(709,692)	(722,458)
Plant and Equipment, Net	0	0
TOTAL ASSETS	(786,008)	(807,061)
CURRENT LIABILITIES:
Accounts Payable	0	0
Intercompany Accounts Payable	(76,316)	(70,529)
Short-term Debt	0
Accrued Liabilities	0	(14,074)
Total Current Liabilities	(76,316)	(84,603)
OTHER LIABILITIES:
Accrued Pension Cost	0	0
Accrued Employee Benefits	0	0
Accrued Postretirement Health Care Obligation	0	0
Intercompany Note Payable	(187,358)	(152,356)
Deferred Income Tax Liabilities	(32,710)	(32,303)
Other Long-Term Liabilities	0	0
Long-Term Debt	0	0
Total Other Liabilities	(220,068)	(184,659)
Total Shareholders' Investment	(489,624)	(537,799)
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT	$ (786,008)	$ (807,061)

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Separate Financial Information Of Subsidiary Guarantor of Indebtedness (Schedule Of Consolidating Statement Of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2015	Dec. 28, 2014	Dec. 27, 2015	Dec. 28, 2014
Net Sales	$ 413,379	$ 444,287	$ 702,837	$ 736,916
Cost of Goods Sold	319,036	349,573	556,323	588,035
Cost Of Goods Sold Restructuring Charges	2,647	6,846	5,106	13,692
Gross Profit	91,696	87,868	141,408	135,189
Engineering, Selling, General and Administrative Expenses	72,559	73,970	144,693	144,053
Operating Restructuring Charges	372	583	1,286	1,538
Equity In Loss From Subsidiaries	0	0	0	0
Income (Loss) from Operations	18,765	13,315	(4,571)	(10,402)
Interest Expense	(5,013)	(4,890)	(9,549)	(9,408)
Other Income, Net	2,383	2,052	3,838	4,425
Income (Loss) Before Income Taxes	16,135	10,477	(10,282)	(15,385)
Provision (Credit) for Income Taxes	3,575	3,534	(4,671)	(7,049)
Net Income (Loss)	12,560	6,943	(5,611)	(8,336)
Comprehensive Income (Loss)	14,623	(2,034)	(14,179)	(21,198)
Briggs & Stratton Corporation [Member]
Net Sales	250,214	262,278	399,714	407,856
Cost of Goods Sold	193,212	205,012	321,813	328,968
Cost Of Goods Sold Restructuring Charges	0	0	0	0
Gross Profit	57,002	57,266	77,901	78,888
Engineering, Selling, General and Administrative Expenses	42,628	40,433	80,432	77,300
Operating Restructuring Charges	0	0	890	0
Equity In Loss From Subsidiaries	(4,562)	1,283	(867)	6,004
Income (Loss) from Operations	18,936	15,550	(2,554)	(4,416)
Interest Expense	(4,975)	(4,855)	(9,447)	(9,301)
Other Income, Net	1,479	1,389	2,182	3,315
Income (Loss) Before Income Taxes	15,440	12,084	(9,819)	(10,402)
Provision (Credit) for Income Taxes	2,880	5,141	(4,208)	(2,066)
Net Income (Loss)	12,560	6,943	(5,611)	(8,336)
Comprehensive Income (Loss)	14,623	(2,034)	(14,179)	(21,198)
Guarantor Subsidiary [Member]
Net Sales	124,581	131,030	231,088	247,968
Cost of Goods Sold	107,082	117,706	200,568	221,737
Cost Of Goods Sold Restructuring Charges	2,647	6,846	4,642	13,692
Gross Profit	14,852	6,478	25,878	12,539
Engineering, Selling, General and Administrative Expenses	16,908	18,087	33,862	35,744
Operating Restructuring Charges	372	583	396	1,538
Equity In Loss From Subsidiaries	0	0	0	0
Income (Loss) from Operations	(2,428)	(12,192)	(8,380)	(24,743)
Interest Expense	(35)	(35)	(98)	(106)
Other Income, Net	409	315	1,199	775
Income (Loss) Before Income Taxes	(2,054)	(11,912)	(7,279)	(24,074)
Provision (Credit) for Income Taxes	(731)	(4,498)	(2,629)	(8,979)
Net Income (Loss)	(1,323)	(7,414)	(4,650)	(15,095)
Comprehensive Income (Loss)	(6,360)	(7,624)	(9,961)	(15,031)
Non-Guarantor Subsidiaries [Member]
Net Sales	84,833	109,095	167,325	199,911
Cost of Goods Sold	64,991	84,971	129,232	156,149
Cost Of Goods Sold Restructuring Charges	0	0	464	0
Gross Profit	19,842	24,124	37,629	43,762
Engineering, Selling, General and Administrative Expenses	13,023	15,450	30,399	31,009
Operating Restructuring Charges	0	0	0	0
Equity In Loss From Subsidiaries	0	0	0	0
Income (Loss) from Operations	6,819	8,674	7,230	12,753
Interest Expense	(3)	0	(4)	(1)
Other Income, Net	495	348	457	335
Income (Loss) Before Income Taxes	7,311	9,022	7,683	13,087
Provision (Credit) for Income Taxes	1,426	2,891	2,166	3,996
Net Income (Loss)	5,885	6,131	5,517	9,091
Comprehensive Income (Loss)	3,390	437	(3,116)	(2,063)
Eliminations [Member]
Net Sales	(46,249)	(58,116)	(95,290)	(118,819)
Cost of Goods Sold	(46,249)	(58,116)	(95,290)	(118,819)
Cost Of Goods Sold Restructuring Charges	0	0	0	0
Gross Profit	0	0	0	0
Engineering, Selling, General and Administrative Expenses	0	0	0	0
Operating Restructuring Charges	0	0	0	0
Equity In Loss From Subsidiaries	4,562	(1,283)	867	(6,004)
Income (Loss) from Operations	(4,562)	1,283	(867)	6,004
Interest Expense	0	0	0	0
Other Income, Net	0	0	0	0
Income (Loss) Before Income Taxes	(4,562)	1,283	(867)	6,004
Provision (Credit) for Income Taxes	0	0	0	0
Net Income (Loss)	(4,562)	1,283	(867)	6,004
Comprehensive Income (Loss)	$ 2,970	$ 7,187	$ 13,077	$ 17,094

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Separate Financial Information Of Subsidiary Guarantor of Indebtedness (Schedule Of Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Dec. 27, 2015	Dec. 28, 2014	Jun. 28, 2015
Net Cash Provided by (Used in) Operating Activities	$ (98,635)	$ (114,032)
Cash Flows from Investing Activities:
Additions to Plant and Equipment	(25,843)	(23,289)
Proceeds Received on Disposition of Plant and Equipment	997	289
Cash Investment In Subsidiary		0
Cash Paid for Acquisition, Net of Cash Acquired	(2,174)	(62,056)
Net Borrowings (Repayments) On Loans Notes Payable And Long Term Debt	0	0
Net Cash Used in Investing Activities	(27,020)	(85,056)
Cash flows from Financing Activities:
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt	93,243	87,000
Treasury Stock Purchases	(24,903)	(27,598)
Stock Option Exercise Proceeds and Tax Benefits	7,230	3,652
Cash Dividends Paid	(5,992)	(5,718)
Cash Investment In Subsidiary	0	0
Net Cash Provided by (Used in) Financing Activities	69,578	57,336
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(1,946)	(1,226)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(58,023)	(142,978)
CASH AND CASH EQUIVALENTS, Beginning	118,390	194,668	$ 194,668
CASH AND CASH EQUIVALENTS, Ending	60,367	51,690	118,390
Parent Company [Member]
Net Cash Provided by (Used in) Operating Activities	(85,326)	(138,405)
Cash Flows from Investing Activities:
Additions to Plant and Equipment	(22,500)	(16,344)
Proceeds Received on Disposition of Plant and Equipment	18	84
Cash Investment In Subsidiary		(4,650)
Cash Paid for Acquisition, Net of Cash Acquired	0	(62,056)
Net Borrowings (Repayments) On Loans Notes Payable And Long Term Debt	5,294	29,860
Net Cash Used in Investing Activities	(17,188)	(53,106)
Cash flows from Financing Activities:
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt	93,243	87,000
Treasury Stock Purchases	(24,903)	(27,598)
Stock Option Exercise Proceeds and Tax Benefits	7,230	3,652
Cash Dividends Paid	(5,992)	(5,718)
Cash Investment In Subsidiary	0	0
Net Cash Provided by (Used in) Financing Activities	69,578	57,336
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	0	0
NET DECREASE IN CASH AND CASH EQUIVALENTS	(32,936)	(134,175)
CASH AND CASH EQUIVALENTS, Beginning	45,395	138,926	138,926
CASH AND CASH EQUIVALENTS, Ending	12,459	4,751	45,395
Guarantor Subsidiaries [Member]
Net Cash Provided by (Used in) Operating Activities	1,791	22,575
Cash Flows from Investing Activities:
Additions to Plant and Equipment	(2,417)	(2,739)
Proceeds Received on Disposition of Plant and Equipment	955	136
Cash Investment In Subsidiary		0
Cash Paid for Acquisition, Net of Cash Acquired	0	0
Net Borrowings (Repayments) On Loans Notes Payable And Long Term Debt	0	0
Net Cash Used in Investing Activities	(1,462)	(2,603)
Cash flows from Financing Activities:
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt	(14,076)	(21,348)
Treasury Stock Purchases	0	0
Stock Option Exercise Proceeds and Tax Benefits	0	0
Cash Dividends Paid	0	0
Cash Investment In Subsidiary	0	0
Net Cash Provided by (Used in) Financing Activities	(14,076)	(21,348)
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	0	0
NET DECREASE IN CASH AND CASH EQUIVALENTS	(13,747)	(1,376)
CASH AND CASH EQUIVALENTS, Beginning	17,237	2,680	2,680
CASH AND CASH EQUIVALENTS, Ending	3,490	1,304	17,237
Non-Guarantor Subsidiaries [Member]
Net Cash Provided by (Used in) Operating Activities	6,433	2,501
Cash Flows from Investing Activities:
Additions to Plant and Equipment	(926)	(4,206)
Proceeds Received on Disposition of Plant and Equipment	24	69
Cash Investment In Subsidiary		0
Cash Paid for Acquisition, Net of Cash Acquired	(2,174)	0
Net Borrowings (Repayments) On Loans Notes Payable And Long Term Debt	0	0
Net Cash Used in Investing Activities	(3,076)	(4,137)
Cash flows from Financing Activities:
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt	8,782	(8,512)
Treasury Stock Purchases	0	0
Stock Option Exercise Proceeds and Tax Benefits	0	0
Cash Dividends Paid	0	0
Cash Investment In Subsidiary	(21,533)	3,947
Net Cash Provided by (Used in) Financing Activities	(12,751)	(4,565)
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(1,946)	(1,226)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(11,340)	(7,427)
CASH AND CASH EQUIVALENTS, Beginning	55,758	53,062	53,062
CASH AND CASH EQUIVALENTS, Ending	44,418	45,635	55,758
Consolidation, Eliminations [Member]
Net Cash Provided by (Used in) Operating Activities	(21,533)	(703)
Cash Flows from Investing Activities:
Additions to Plant and Equipment	0	0
Proceeds Received on Disposition of Plant and Equipment	0	0
Cash Investment In Subsidiary		4,650
Cash Paid for Acquisition, Net of Cash Acquired	0	0
Net Borrowings (Repayments) On Loans Notes Payable And Long Term Debt	(5,294)	(29,860)
Net Cash Used in Investing Activities	(5,294)	(25,210)
Cash flows from Financing Activities:
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt	5,294	29,860
Treasury Stock Purchases	0	0
Stock Option Exercise Proceeds and Tax Benefits	0	0
Cash Dividends Paid	0	0
Cash Investment In Subsidiary	21,533	(3,947)
Net Cash Provided by (Used in) Financing Activities	26,827	25,913
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	0	0
NET DECREASE IN CASH AND CASH EQUIVALENTS	0	0
CASH AND CASH EQUIVALENTS, Beginning	0	0	0
CASH AND CASH EQUIVALENTS, Ending	$ 0	$ 0	$ 0