Separate Financial Information Of Subsidiary Guarantor Of Indebtedness (Tables)

9 Months Ended

Mar. 27, 2016

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):



	March 27, 2016 Carrying Amount		Maximum Guarantee
Senior Notes	$	223,149	$	223,149
Multicurrency Credit Agreement	$	32,443	$	500,000

Schedule of Condensed Supplemental Consolidating Balance Sheets

CONSOLIDATING BALANCE SHEET

As of March 27, 2016

(Unaudited)



	Briggs & Stratton Corporation		Guarantor Subsidiary		Non-Guarantor Subsidiaries		Eliminations			Consolidated
CURRENT ASSETS:
Cash and Cash Equivalents	$	3,768	$	1,183	$	38,765	$	—		$	43,716
Accounts Receivable, Net	160,137		68,737		50,253		—			279,127
Intercompany Accounts Receivable	22,635		6,015		40,037		(68,687		)	—
Inventories, Net	190,230		141,279		88,028		—			419,537
Deferred Income Tax Asset	31,959		13,351		2,592		—			47,902
Prepaid Expenses and Other Current Assets	18,593		5,084		6,316		—			29,993
Total Current Assets	$	427,322	$	235,649	$	225,991	$	(68,687	)	$	820,275
OTHER ASSETS:
Goodwill	$	128,300	$	—	$	32,698	$	—		$	160,998
Investments	56,715		—		—		—			56,715
Investments in Subsidiaries	491,980		—		—		(491,980		)	—
Intercompany Note Receivable	33,676		111,375		53,021		(198,072		)	—
Debt Issuance Costs	3,937		—		—		—			3,937
Other Intangible Assets, Net	—		53,804		52,740		—			106,544
Long-Term Deferred Income Tax Asset	43,310		—		799		(29,716		)	14,393
Other Long-Term Assets, Net	9,551		2,429		1,133		—			13,113
Total Other Assets	$	767,469	$	167,608	$	140,391	$	(719,768	)	$	355,700
PLANT AND EQUIPMENT, NET	263,601		23,941		26,841		—			314,383
TOTAL ASSETS	$	1,458,392	$	427,198	$	393,223	$	(788,455	)	$	1,490,358

CURRENT LIABILITIES:
Accounts Payable	$	127,072	$	59,189	$	26,111	$	—		$	212,372
Intercompany Accounts Payable	32,153		5,563		30,971		(68,687		)	—
Short-Term Debt	32,443		—		—		—			32,443
Accrued Liabilities	83,147		49,149		23,669		—			155,965
Total Current Liabilities	$	274,815	$	113,901	$	80,751	$	(68,687	)	$	400,780
OTHER LIABILITIES:
Accrued Pension Cost	$	193,672	$	358	$	512	$	—		$	194,542
Accrued Employee Benefits	22,778		—		—		—			22,778
Accrued Postretirement Health Care Obligation	26,206		14,959		—		—			41,165
Intercompany Note Payable	122,638		—		75,434		(198,072		)	—
Deferred Income Tax Liabilities	—		13,365		16,357		(29,716		)	6
Other Long-Term Liabilities	39,495		11,730		1,074		—			52,299
Long-Term Debt	223,149		—		—		—			223,149
Total Other Liabilities	$	627,938	$	40,412	$	93,377	$	(227,788	)	$	533,939
TOTAL SHAREHOLDERS’ INVESTMENT	555,639		272,885		219,095		(491,980		)	555,639
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT	$	1,458,392	$	427,198	$	393,223	$	(788,455	)	$	1,490,358

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 Ended March 27, 2016

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	394,555		$	180,035		$	79,969		$	(50,809	)	$	603,750
Cost of Goods Sold	306,243			159,877			60,764			(50,809		)	476,075
Restructuring Charges	—			580			—			—			580
Gross Profit	88,312			19,578			19,205			—			127,095
Engineering, Selling, General and Administrative Expenses	44,929			11,274			19,085			—			75,288
Restructuring Charges	—			144			—			—			144
Goodwill Impairment	—			7,651			—			—			7,651
Equity in Earnings of Unconsolidated Affiliates	554			551			—			—			1,105
Equity in Earnings from Subsidiaries	986			—			—			(986		)	—
Income from Operations	44,923			1,060			120			(986		)	45,117
Interest Expense	(5,477		)	(114		)	(2		)	—			(5,593		)
Other Income (Loss), Net	(195		)	6			700			—			511
Income before Income Taxes	39,251			952			818			(986		)	40,035
Provision for Income Taxes	12,428			366			418			—			13,212
Net Income	$	26,823		$	586		$	400		$	(986	)	$	26,823
Comprehensive Income	$	33,561		$	349		$	2,132		$	(2,481	)	$	33,561

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months Ended March 29, 2015

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	408,530		$	165,804		$	95,155		$	(50,474	)	$	619,015
Cost of Goods Sold	321,429			150,392			71,500			(50,474		)	492,847
Restructuring Charges	—			7,088			—			—			7,088
Gross Profit	87,101			8,324			23,655			—			119,080
Engineering, Selling, General and Administrative Expenses	43,252			19,504			9,958			—			72,714
Restructuring Charges	—			943			—			—			943
Equity in Earnings from Subsidiaries	5,072			—			—			(5,072		)	—
Income (Loss) from Operations	48,921			(12,123		)	13,697			(5,072		)	45,423
Interest Expense	(5,159		)	(72		)	(2		)	—			(5,233		)
Other Income, Net	1,375			293			655			—			2,323
Income (Loss) before Income Taxes	45,137			(11,902		)	14,350			(5,072		)	42,513
Provision (Credit) for Income Taxes	11,216			(4,448		)	1,824			—			8,592
Net Income (Loss)	$	33,921		$	(7,454	)	$	12,526		$	(5,072	)	$	33,921
Comprehensive Income (Loss)	$	23,200		$	(8,010	)	$	4,740		$	3,270		$	23,200

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Nine Months Ended March 27, 2016

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	794,269		$	411,123		$	247,294		$	(146,099	)	$	1,306,587
Cost of Goods Sold	628,055			360,446			189,996			(146,099		)	1,032,398
Restructuring Charges	—			5,222			464			—			5,686
Gross Profit	166,214			45,455			56,834			—			268,503
Engineering, Selling, General and Administrative Expenses	125,363			45,133			49,484			—			219,980
Restructuring Charges	890			540			—			—			1,430
Goodwill Impairment	—			7,651			—			—			7,651
Equity in Earnings of Unconsolidated Affiliates	554			551			—			—			1,105
Equity in Earnings from Subsidiaries	1,853			—			—			(1,853		)	—
Income (Loss) from Operations	42,368			(7,318		)	7,350			(1,853		)	40,547
Interest Expense	(14,923		)	(213		)	(6		)	—			(15,142		)
Other Income, Net	1,987			1,204			1,157			—			4,348
Income (Loss) before Income Taxes	29,432			(6,327		)	8,501			(1,853		)	29,753
Provision (Credit) for Income Taxes	8,220			(2,263		)	2,584			—			8,541
Net Income (Loss)	$	21,212		$	(4,064	)	$	5,917		$	(1,853	)	$	21,212
Comprehensive Income (Loss)	$	19,382		$	(4,354	)	$	(984	)	$	5,338		$	19,382

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Nine Months Ended March 29, 2015

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	816,386		$	413,772		$	295,066		$	(169,293	)	$	1,355,931
Cost of Goods Sold	650,398			372,129			227,649			(169,293		)	1,080,883
Restructuring Charges	—			20,780			—			—			20,780
Gross Profit	165,988			20,863			67,417			—			254,268
Engineering, Selling, General and Administrative Expenses	120,553			55,248			40,966			—			216,767
Restructuring Charges	—			2,481			—			—			2,481
Equity in Earnings (Loss) from Subsidiaries	(930		)	—			—			930			—
Income (Loss) from Operations	44,505			(36,866		)	26,451			930			35,020
Interest Expense	(14,460		)	(178		)	(3		)	—			(14,641		)
Other Income, Net	4,690			1,069			990			—			6,749
Income (Loss) before Income Taxes	34,735			(35,975		)	27,438			930			27,128
Provision (Credit) for Income Taxes	9,149			(13,426		)	5,819			—			1,542
Net Income (Loss)	$	25,586		$	(22,549	)	$	21,619		$	930		$	25,586
Comprehensive Income (Loss)	$	2,003		$	(23,041	)	$	2,677		$	20,364		$	2,003

Schedule of Condensed Supplemental Consolidating Statements Of Cash Flows

CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended March 27, 2016

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided by (Used in) Operating Activities	$	3,980		$	8,420		$	3,829		$	(21,585	)	$	(5,356	)
Cash Flows from Investing Activities:
Additions to Plant and Equipment	(36,672		)	(3,229		)	(1,191		)	—			(41,092		)
Proceeds Received on Disposition of Plant and Equipment	18			955			24			—			997
Cash Paid for Acquisition, Net of Cash Acquired	—			—			(3,074		)	—			(3,074		)
Cash Paid for Investments in Unconsolidated Affiliates	(19,100		)	—			—			—			(19,100		)
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt	15,351			—			—			(15,351		)	—
Other, Net	(750		)	—			—			—			(750		)
Net Cash Used in Investing Activities	(41,153		)	(2,274		)	(4,241		)	(15,351		)	(63,019		)
Cash Flows from Financing Activities:
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt	32,443			(22,200		)	6,849			15,351			32,443
Repayments on Long-Term Debt	(1,851		)	—			—			—			(1,851		)
Debt Issuance Costs	(932		)	—			—			—			(932		)
Treasury Stock Purchases	(33,394		)	—			—			—			(33,394		)
Stock Option Exercise Proceeds and Tax Benefits	11,165			—			—			—			11,165
Cash Dividends Paid	(11,885		)	—			—			—			(11,885		)
Cash Investment in Subsidiary	—			—			(21,585		)	21,585			—
Net Cash (Used in) Provided by Financing Activities	(4,454		)	(22,200		)	(14,736		)	36,936			(4,454		)
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents	—			—			(1,845		)	—			(1,845		)
Net Decrease in Cash and Cash Equivalents	(41,627		)	(16,054		)	(16,993		)	—			(74,674		)
Cash and Cash Equivalents, Beginning	45,395			17,237			55,758			—			118,390
Cash and Cash Equivalents, Ending	$	3,768		$	1,183		$	38,765		$	—		$	43,716

CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended March 29, 2015

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided by (Used in) Operating Activities	$	(44,164	)	$	(9,889	)	$	3,398		$	(1,480	)	$	(52,135	)
Cash Flows from Investing Activities:
Additions to Plant and Equipment	(34,008		)	(4,680		)	(5,469		)	—			(44,157		)
Proceeds Received on Disposition of Plant and Equipment	90			156			72			—			318
Cash Investment in Subsidiary	(6,880		)	—			—			6,880			—
Cash Paid for Acquisition, Net of Cash Acquired	(59,855		)	—			—			—			(59,855		)
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt	(1,000		)	—			—			1,000			—
Other, Net	(250		)	—			—			—			(250		)
Net Cash (Used in) Provided by Investing Activities	(101,903		)	(4,524		)	(5,397		)	7,880			(103,944		)
Cash Flows from Financing Activities:
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt	60,100			12,188			(11,188		)	(1,000		)	60,100
Treasury Stock Purchases	(39,560		)	—			—			—			(39,560		)
Stock Option Exercise Proceeds and Tax Benefits	3,921			—			—			—			3,921
Cash Dividends Paid	(11,374		)	—			—			—			(11,374		)
Cash Investment in Subsidiary	—			—			5,400			(5,400		)	—
Net Cash Provided by (Used in) Financing Activities	13,087			12,188			(5,788		)	(6,400		)	13,087
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents	—			—			(1,982		)	—			(1,982		)
Net Decrease in Cash and Cash Equivalents	(132,980		)	(2,225		)	(9,769		)	—			(144,974		)
Cash and Cash Equivalents, Beginning	138,926			2,680			53,062			—			194,668
Cash and Cash Equivalents, Ending	$	5,946		$	455		$	43,293		$	—		$	49,694