Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 29, 2014 | Aug. 22, 2014 | Dec. 29, 2013 |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'BRIGGS & STRATTON CORP | ' | ' |
Entity Central Index Key | '0000014195 | ' | ' |
Current Fiscal Year End Date | '--06-29 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 29-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 45,807,549 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,003.60 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and Cash Equivalents | $194,668 | $188,445 |
Receivables, Less Reserves of $6,352 and $6,501, Respectively | 220,590 | 190,800 |
Inventories: | ' | ' |
Finished Products and Parts | 268,116 | 306,104 |
Work in Process | 102,431 | 96,751 |
Raw Materials | 5,556 | 5,240 |
Total Inventories | 376,103 | 408,095 |
Deferred Income Tax Asset | 48,958 | 47,534 |
Prepaid Expenses and Other Current Assets | 30,016 | 24,107 |
Total Current Assets | 870,335 | 858,981 |
GOODWILL | 144,522 | 147,352 |
Investments | 27,137 | 19,764 |
DEBT ISSUANCE COSTS, Net | 4,671 | 4,710 |
OTHER INTANGIBLE ASSETS, Net | 80,317 | 87,980 |
LONG-TERM DEFERRED INCOME TAX ASSET | 15,178 | 27,544 |
OTHER LONG-TERM ASSETS, Net | 10,539 | 14,025 |
PLANT AND EQUIPMENT: | ' | ' |
Land and Land Improvements | 16,173 | 15,947 |
Buildings | 131,159 | 130,872 |
Machinery and Equipment | 849,470 | 852,039 |
Construction in Progress | 39,046 | 20,497 |
Plant and Equipment before Accumulated Depreciation | 1,035,848 | 1,019,355 |
Less - Accumulated Depreciation | 738,841 | 732,160 |
Total Plant and Equipment, Net | 297,007 | 287,195 |
TOTAL ASSETS | 1,449,706 | 1,447,551 |
CURRENT LIABILITIES: | ' | ' |
Accounts Payable | 169,271 | 143,189 |
Short-Term Debt | 0 | 300 |
Accrued Liabilities: | ' | ' |
Wages and Salaries | 45,585 | 35,163 |
Warranty | 27,066 | 26,167 |
Accrued Postretirement Health Care Obligation | 13,882 | 16,344 |
Other | 47,383 | 53,592 |
Total Accrued Liabilities | 133,916 | 131,266 |
Total Current Liabilities | 303,187 | 274,755 |
ACCRUED PENSION COST | 126,529 | 150,131 |
ACCRUED EMPLOYEE BENEFITS | 24,491 | 23,458 |
ACCRUED POSTRETIREMENT HEALTH CARE OBLIGATION | 59,290 | 72,695 |
ACCRUED WARRANTY | 17,678 | 18,871 |
OTHER LONG-TERM LIABILITIES | 21,097 | 14,703 |
LONG-TERM DEBT | 225,000 | 225,000 |
COMMITMENTS AND CONTINGENCIES (Note 13) | ' | ' |
SHAREHOLDERS' INVESTMENT: | ' | ' |
Common Stock - Authorized 120,000 Shares $.01 Par Value, Issued 57,854 Shares | 579 | 579 |
Additional Paid-In Capital | 78,466 | 77,004 |
Retained Earnings | 1,048,466 | 1,042,917 |
Accumulated Other Comprehensive Loss | -195,257 | -224,928 |
Treasury Stock at Cost, 11,536 and 9,901 Shares, Respectively | -259,820 | -227,634 |
Total Shareholders' Investment | 672,434 | 667,938 |
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT | $1,449,706 | $1,447,551 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Receivables, Less Reserves | $6,352 | $6,501 |
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 | 11,536 | 9,901 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
NET SALES | $1,859,060 | $1,862,498 | $2,066,533 |
COST OF GOODS SOLD | 1,506,436 | 1,514,597 | 1,685,048 |
RESTRUCTURING CHARGES | 5,841 | 18,761 | 44,760 |
Gross Profit | 346,783 | 329,140 | 336,725 |
ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 291,367 | 276,188 | 290,381 |
RESTRUCTURING CHARGES | 698 | 3,435 | 5,107 |
GOODWILL AND TRADENAME IMPAIRMENT | 8,460 | 90,080 | 0 |
Income (Loss) from Operations | 46,258 | -40,563 | 41,237 |
INTEREST EXPENSE | -18,466 | -18,519 | -18,542 |
OTHER INCOME, Net | 9,342 | 6,941 | 7,178 |
Income (Loss) Before Income Taxes | 37,134 | -52,141 | 29,873 |
PROVISION (CREDIT) FOR INCOME TAXES | 8,787 | -18,484 | 867 |
NET INCOME (LOSS) | $28,347 | ($33,657) | $29,006 |
EARNINGS (LOSS) PER SHARE DATA | ' | ' | ' |
Basic Earnings (Loss) Per Share | $0.59 | ($0.73) | $0.58 |
Diluted Earnings (Loss) Per Share | $0.59 | ($0.73) | $0.57 |
Weighted Average Shares Outstanding | 46,366 | 47,172 | 48,965 |
Diluted Average Shares Outstanding | 46,436 | 47,172 | 49,909 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Net Income (Loss) | $28,347 | ($33,657) | $29,006 |
Other Comprehensive Income (Loss): | ' | ' | ' |
Cumulative Translation Adjustments | 1,168 | -617 | -13,487 |
Unrealized Gain (Loss) on Derivatives Instruments, Net of Tax Provision (Benefit) of $1,605, $2,428, and ($3,301), respectively | 2,589 | 3,981 | -5,411 |
Unrecognized Pension & Postretirement Obligation, Net of Tax Provision (Benefit) of $16,067, $57,591, and ($38,537), respectively | 25,914 | 94,412 | -60,308 |
Other Comprehensive Income (Loss) | 29,671 | 97,776 | -79,206 |
Total Comprehensive Income (Loss) | $58,018 | $64,119 | ($50,200) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) Consolidated Statements of Comprehensive Income (Loss) Parenthetical (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Statement of Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Unrealized Gain (Loss) on Derivative Instruments Tax Provision (Benefit) | $1,605 | $2,428 | ($3,301) |
Unrecognized Pension & Postretirement Obligation Tax Provision (Benefit) | $16,067 | $57,591 | ($38,537) |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Investment (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
BALANCES | $667,938 | $631,970 | $737,943 |
Net Income (Loss) | 28,347 | -33,657 | 29,006 |
Other Comprehensive Income (Loss), Net of Tax | 29,671 | 97,776 | -79,206 |
Cash Dividends Paid | -22,798 | -23,285 | -22,011 |
Stock Option Activity, Net of Tax | 9,469 | 21,982 | 1,645 |
Restricted Stock | -899 | -234 | -162 |
Amortization of Unearned Compensation | 2,737 | 2,421 | 3,296 |
Deferred Stock | 286 | 736 | 749 |
Shares Issued To Directors | 730 | 588 | -4 |
Treasury Stock Purchases | -43,047 | -30,359 | 39,286 |
BALANCES | 672,434 | 667,938 | 631,970 |
Common Stock [Member] | ' | ' | ' |
BALANCES | 579 | 579 | 579 |
Net Income (Loss) | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 |
Cash Dividends Paid | 0 | 0 | 0 |
Stock Option Activity, Net of Tax | 0 | 0 | 0 |
Restricted Stock | 0 | 0 | 0 |
Amortization of Unearned Compensation | 0 | 0 | 0 |
Deferred Stock | 0 | 0 | 0 |
Shares Issued To Directors | 0 | 0 | 0 |
Treasury Stock Purchases | 0 | 0 | 0 |
BALANCES | 579 | 579 | 579 |
Additional Paid-In Capital [Member] | ' | ' | ' |
BALANCES | 77,004 | 81,723 | 79,354 |
Net Income (Loss) | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 |
Cash Dividends Paid | 0 | 0 | 0 |
Stock Option Activity, Net of Tax | 3,269 | -4,680 | 1,255 |
Restricted Stock | -3,322 | -3,127 | -2,901 |
Amortization of Unearned Compensation | 2,737 | 2,421 | 3,296 |
Deferred Stock | -1,188 | 703 | 726 |
Shares Issued To Directors | -34 | -36 | -7 |
Treasury Stock Purchases | 0 | 0 | 0 |
BALANCES | 78,466 | 77,004 | 81,723 |
Retained Earnings [Member] | ' | ' | ' |
BALANCES | 1,042,917 | 1,099,859 | 1,092,864 |
Net Income (Loss) | 28,347 | -33,657 | 29,006 |
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 |
Cash Dividends Paid | -22,798 | -23,285 | -22,011 |
Stock Option Activity, Net of Tax | 0 | 0 | 0 |
Restricted Stock | 0 | 0 | 0 |
Amortization of Unearned Compensation | 0 | 0 | 0 |
Deferred Stock | 0 | 0 | 0 |
Shares Issued To Directors | 0 | 0 | 0 |
Treasury Stock Purchases | 0 | 0 | 0 |
BALANCES | 1,048,466 | 1,042,917 | 1,099,859 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' |
BALANCES | -224,928 | -322,704 | -243,498 |
Net Income (Loss) | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 29,671 | 97,776 | -79,206 |
Cash Dividends Paid | 0 | 0 | 0 |
Stock Option Activity, Net of Tax | 0 | 0 | 0 |
Restricted Stock | 0 | 0 | 0 |
Amortization of Unearned Compensation | 0 | 0 | 0 |
Deferred Stock | 0 | 0 | 0 |
Shares Issued To Directors | 0 | 0 | 0 |
Treasury Stock Purchases | 0 | 0 | 0 |
BALANCES | -195,257 | -224,928 | -322,704 |
Treasury Stock [Member] | ' | ' | ' |
BALANCES | -227,634 | -227,487 | -191,356 |
Net Income (Loss) | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 |
Cash Dividends Paid | 0 | 0 | 0 |
Stock Option Activity, Net of Tax | 6,200 | 26,662 | 390 |
Restricted Stock | 2,423 | 2,893 | 2,739 |
Amortization of Unearned Compensation | 0 | 0 | 0 |
Deferred Stock | 1,474 | 33 | 23 |
Shares Issued To Directors | 764 | 624 | 3 |
Treasury Stock Purchases | -43,047 | -30,359 | 39,286 |
BALANCES | ($259,820) | ($227,634) | ($227,487) |
Recovered_Sheet1
Consolidated Statements of Shareholders' Investment (Parenthetical) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Cash Dividends Paid, per share | $0.48 | $0.48 | $0.44 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net Income (Loss) | $28,347 | ($33,657) | $29,006 |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | ' | ' | ' |
Depreciation and Amortization | 50,343 | 55,752 | 63,714 |
Stock Compensation Expense | 7,174 | 6,514 | 5,555 |
Goodwill and Tradename Impairment | 8,460 | 90,080 | 0 |
Earnings of Unconsolidated Affiliates | -6,264 | -4,244 | -5,100 |
Dividends Received from Unconsolidated Affiliates | 4,069 | 4,636 | 4,029 |
Loss on Disposition of Plant and Equipment | 465 | 696 | 174 |
Provision (Credit) for Deferred Income Taxes | -5,396 | -27,914 | 3,926 |
Cash Contributions to Qualified Pension Plans | 0 | -29,363 | -28,746 |
Non-Cash Restructuring Charges | 4,231 | 13,081 | 35,910 |
Change in Operating Assets and Liabilities: | ' | ' | ' |
Accounts Receivable | -29,211 | 42,121 | 6,195 |
Inventories | 30,775 | 34,696 | -20,693 |
Other Current Assets | -9,304 | 10,232 | -6,945 |
Accounts Payable, Accrued Liabilities and Income Taxes | 47,867 | 9,196 | -9,755 |
Other, Net | -4,477 | -11,013 | -11,309 |
Net Cash Provided by Operating Activities | 127,079 | 160,813 | 65,961 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Additions to Plant and Equipment | -60,371 | -44,878 | -49,573 |
Cash Paid for Acquisition, Net of Cash Acquired | 0 | -59,627 | -2,673 |
Proceeds Received on Disposition of Plant and Equipment | 628 | 12,492 | 1,457 |
Net Cash Used in Investing Activities | -59,743 | -92,013 | -50,789 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Net Repayments on Revolver | 0 | 0 | 0 |
Repayments on Short-Term Debt | -300 | -2,700 | 0 |
Debt Issuance Costs | -949 | 0 | -2,007 |
Cash Dividends Paid | -22,697 | -23,285 | -22,011 |
Stock Option Exercise Proceeds and Tax Benefits | 5,402 | 19,988 | 235 |
Treasury Stock Purchases | -43,047 | -30,359 | -39,287 |
Net Cash Used in Financing Activities | -61,591 | -36,356 | -63,070 |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 478 | -74 | -5,666 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 6,223 | 32,370 | -53,564 |
CASH AND CASH EQUIVALENTS: | ' | ' | ' |
Beginning of Year | 188,445 | 156,075 | 209,639 |
End of Year | 194,668 | 188,445 | 156,075 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' | ' |
Interest Paid | 17,499 | 17,338 | 18,630 |
Income Taxes Paid (Refunded) | $12,574 | $1,171 | ($2,388) |
Nature_Of_Operations
Nature Of Operations | 12 Months Ended |
Jun. 29, 2014 | |
Nature Of Operations Abstract | ' |
Nature of Operations | ' |
Nature of Operations: | |
Briggs & Stratton (the “Company”) is a U.S. based producer of air cooled gasoline engines and engine powered outdoor equipment. The Company’s Engines segment sells engines worldwide, primarily to original equipment manufacturers of lawn and garden equipment and other gasoline engine powered equipment. The Company’s Products segment designs, manufacturers and markets a wide range of outdoor power equipment and related accessories. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Summary of Significant Accounting Policies: [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
Summary of Significant Accounting Policies: | |||||||||||||
Fiscal Year: The Company’s fiscal year consists of 52 or 53 weeks, ending on the Sunday nearest the last day of June in each year. The 2014, 2013 and 2012 fiscal years were each 52 weeks long. All references to years relate to fiscal years rather than calendar years. | |||||||||||||
Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its majority owned domestic and foreign subsidiaries after elimination of intercompany accounts and transactions. Investments in companies for which we have significant influence are accounted for by the equity method. | |||||||||||||
Accounting Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. | |||||||||||||
Cash and Cash Equivalents: This caption includes cash, commercial paper and certificates of deposit. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |||||||||||||
Receivables: Receivables are recorded at their original carrying value less reserves for estimated uncollectible accounts. | |||||||||||||
Inventories: Inventories are stated at cost, which does not exceed market. The last-in, first-out (LIFO) method was used for determining the cost of approximately 51% of total inventories at June 29, 2014 and 48% at June 30, 2013. The cost for the remaining inventories was determined using the first-in, first-out (FIFO) method. If the FIFO inventory valuation method had been used exclusively, inventories would have been $64.5 million and $62.1 million higher in fiscal 2014 and 2013, respectively. The LIFO inventory adjustment was determined on an overall basis, and accordingly, each class of inventory reflects an allocation based on the FIFO amounts. | |||||||||||||
Goodwill and Other Intangible Assets: Goodwill reflects the cost of acquisitions in excess of the fair values assigned to identifiable net assets acquired. Goodwill is assigned to reporting units based upon the expected benefit of the synergies of the acquisition. The reporting units are Engines and Products. Other Intangible Assets reflect identifiable intangible assets that arose from purchase acquisitions. Other Intangible Assets are comprised of tradenames, patents and customer relationships. Goodwill and tradenames, which are considered to have indefinite lives, are not amortized; however, both must be tested for impairment at least annually. Amortization is recorded on a straight-line basis for other intangible assets with finite lives. Patents have been assigned an estimated weighted average useful life of 13 years. The customer relationships have been assigned an estimated useful life of 14 to 25 years. The Company is subject to financial statement risk in the event that goodwill and intangible assets become impaired. | |||||||||||||
The Company performed the required impairment tests in fiscal 2014, 2013 and 2012. The Company recorded non-cash goodwill impairment charges and non-cash intangible asset impairment charges in fiscal 2014 and 2013. There were no goodwill impairment charges or intangible asset impairment charges recorded in fiscal 2012. Refer to Note 7 for a discussion of the non-cash goodwill impairment charges and the non-cash intangible asset impairment charges recorded in fiscal 2014 and 2013. | |||||||||||||
Investments: This caption represents the Company’s investments in unconsolidated affiliated companies. Combined financial information of the unconsolidated affiliated companies accounted for by the equity method, generally on a lag of 3 months or less, was as follows (in thousands): | |||||||||||||
Results of operations of unconsolidated affiliated companies for the fiscal year (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Results of Operations: | |||||||||||||
Sales | $ | 143,007 | $ | 113,452 | $ | 129,063 | |||||||
Cost of Goods Sold | 116,158 | 92,844 | 103,254 | ||||||||||
Gross Profit | $ | 26,849 | $ | 20,608 | $ | 25,809 | |||||||
Net Income | $ | 13,653 | $ | 8,057 | $ | 9,751 | |||||||
Balance sheets of unconsolidated affiliated companies as of fiscal year-end (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Financial Position: | |||||||||||||
Assets: | |||||||||||||
Current Assets | $ | 76,811 | $ | 45,355 | |||||||||
Noncurrent Assets | 28,106 | 15,527 | |||||||||||
104,917 | 60,882 | ||||||||||||
Liabilities: | |||||||||||||
Current Liabilities | $ | 22,990 | $ | 12,989 | |||||||||
Noncurrent Liabilities | 1,779 | 2,900 | |||||||||||
24,769 | 15,889 | ||||||||||||
Equity | $ | 80,148 | $ | 44,993 | |||||||||
Net sales to equity method investees were approximately $18.7 million, $1.0 million and $1.8 million in 2014, 2013 and 2012, respectively. Purchases of finished products from equity method investees were approximately $102.4 million, $107.0 million and $119.6 million in 2014, 2013 and 2012, respectively. | |||||||||||||
During the third quarter of fiscal 2014, the Company joined with one of its independent distributors to form a 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. The Company uses the equity method to account for this investment. Subsequent to fiscal 2014, a second independent distributor joined the venture. | |||||||||||||
Debt Issuance Costs: Direct and incremental costs incurred in obtaining loans or in connection with the issuance of long-term debt are capitalized and amortized to interest expense over the terms of the related credit agreements. Approximately $1.0 million, $1.0 million and $1.2 million of debt issuance costs and original issue discounts were amortized to interest expense during fiscal years 2014, 2013 and 2012, respectively. | |||||||||||||
Plant and Equipment and Depreciation: Plant and equipment are stated at historical cost. For financial reporting purposes, plant and equipment are depreciated primarily by the straight line method over the estimated useful lives of the assets which generally range from 3 to 10 years for software, from 20 to 40 years for land improvements, from 20 to 50 years for buildings, and 3 to 20 years for machinery and equipment. Expenditures for repairs and maintenance are charged to expense as incurred. Expenditures for major renewals and betterments, which significantly extend the useful lives of existing plant and equipment, are capitalized and depreciated. Upon retirement or disposition of plant and equipment, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in cost of goods sold. | |||||||||||||
Depreciation expense was approximately $47.2 million, $52.3 million and $60.3 million during fiscal years 2014, 2013 and 2012, respectively. | |||||||||||||
Impairment of Property, Plant and Equipment: Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. Refer to Note 18 for impairments associated with restructuring actions. | |||||||||||||
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): | |||||||||||||
2014 | 2013 | ||||||||||||
Balance, Beginning of Period | $ | 45,037 | $ | 46,012 | |||||||||
Payments | (28,377 | ) | (26,173 | ) | |||||||||
Provision for Current Year Warranties | 29,087 | 26,438 | |||||||||||
Changes in Estimates | (1,003 | ) | (1,240 | ) | |||||||||
Balance, End of Period | $ | 44,744 | $ | 45,037 | |||||||||
Revenue Recognition: Net sales include sales of engines, products, and related service parts and accessories, net of allowances for cash discounts, customer volume rebates and discounts, floor plan interest and advertising allowances. The Company recognizes revenue when all of the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, and collectibility is reasonably assured. This is generally upon shipment, except for certain international shipments, where revenue is recognized when the customer receives the product. | |||||||||||||
Included in net sales are costs associated with programs under which the Company shares the expense of financing certain dealer and distributor inventories, referred to as floor plan expense. This represents interest for a pre-established length of time based on a variable rate from a contract with a third party financing source for dealer and distributor inventory purchases. Sharing the cost of these financing arrangements is used by Briggs & Stratton as a marketing incentive for customers to buy inventory. The financing costs included in net sales in fiscal 2014, 2013 and 2012 were $5.5 million, $6.3 million and $5.5 million, respectively. | |||||||||||||
The Company also offers a variety of customer rebates and sales incentives. The Company records estimates for rebates and incentives at the time of sale, as a reduction in net sales. | |||||||||||||
Income Taxes: The provision for income taxes includes federal, state and foreign income taxes currently payable and those deferred because of temporary differences between the financial statement and tax bases of assets and liabilities. The deferred income tax asset represents temporary differences relating to current assets and current liabilities, and the long-term deferred income tax asset represents temporary differences related to noncurrent assets and liabilities. A valuation allowance is recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. | |||||||||||||
Retirement Plans: The Company has noncontributory, defined benefit retirement plans and postretirement benefit plans covering certain employees. Retirement benefits represent a form of deferred compensation, which are subject to change due to changes in assumptions. Management reviews underlying assumptions on an annual basis. Refer to Note 17. | |||||||||||||
Research and Development Costs: Expenditures relating to the development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred and recorded in engineering, selling, general and administrative expenses within the Consolidated Statements of Operations. The amounts charged against income were $19.7 million, $18.5 million and $19.8 million in fiscal 2014, 2013 and 2012, respectively. | |||||||||||||
Advertising Costs: Advertising costs, included in Engineering, Selling, General and Administrative Expenses in the accompanying Consolidated Statements of Operations, are expensed as incurred. These expenses totaled $18.5 million in fiscal 2014, $17.7 million in fiscal 2013 and $22.3 million in fiscal 2012. | |||||||||||||
Shipping and Handling Fees: Revenue received from shipping and handling fees is reflected in net sales and related shipping costs are recorded in cost of goods sold. Shipping fee revenue for fiscal 2014, 2013 and 2012 was $4.4 million, $4.9 million and $5.9 million, respectively. | |||||||||||||
Foreign Currency Translation: Foreign currency balance sheet accounts are translated into dollars at the rates of exchange in effect at fiscal year-end. Income and expenses incurred in a foreign currency are translated at the average rates of exchange in effect during the year. The related translation adjustments are made directly to a separate component of Shareholders’ Investment. During fiscal 2013, the Company recorded a charge of $4.2 million of foreign currency translation primarily recognized in connection with the substantial liquidation of the Company's investment in the Ostrava, Czech Republic entity, which was related to previously announced restructuring actions. Foreign currency transaction gains and losses are included in the results of operations in the period incurred. The Company recorded pre-tax foreign currency transaction losses of $3.9 million and $4.1 million during fiscal 2014 and 2013, respectively. | |||||||||||||
Earnings (Loss) Per Share: The Company computes earnings per share using the two-class method, an earnings allocation formula that determines earnings 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 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 per share. | |||||||||||||
Information on earnings (loss) per share is as follows (in thousands except per share data): | |||||||||||||
Fiscal Year Ended | |||||||||||||
June 29, 2014 | June 30, 2013 | July 1, 2012 | |||||||||||
Net Income (Loss) | $ | 28,347 | $ | (33,657 | ) | $ | 29,006 | ||||||
Less: Earnings Allocated to Participating Securities | (768 | ) | (605 | ) | (508 | ) | |||||||
Net Income (Loss) available to Common Shareholders | $ | 27,579 | $ | (34,262 | ) | $ | 28,498 | ||||||
Average Shares of Common Stock Outstanding | 46,366 | 47,172 | 48,965 | ||||||||||
Incremental Common Shares Applicable to Common Stock Options and Performance Shares Based on the Common Stock Average Market Price During the Period | 70 | — | — | ||||||||||
Incremental Common Shares Applicable to Deferred and Restricted Common Stock Based on the Common Stock Average Market Price During the Period | — | — | 944 | ||||||||||
Diluted Average Shares of Common Stock Outstanding | 46,436 | 47,172 | 49,909 | ||||||||||
Basic Earnings (Loss) Per Share | $ | 0.59 | $ | (0.73 | ) | $ | 0.58 | ||||||
Diluted Earnings (Loss) Per Share | $ | 0.59 | $ | (0.73 | ) | $ | 0.57 | ||||||
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 per share as the exercise prices were greater than the average market price of the common shares, and their inclusion in the computation would be antidilutive: | |||||||||||||
Fiscal Year Ended | |||||||||||||
June 29, 2014 | June 30, 2013 | July 1, 2012 | |||||||||||
Options to Purchase Shares of Common Stock (in thousands) | 916 | 1,590 | 3,679 | ||||||||||
Weighted Average Exercise Price of Options Excluded | $ | 29.62 | $ | 34.13 | $ | 27.71 | |||||||
As a result of the Company incurring a net loss for the fiscal year ended June 30, 2013, potential incremental common shares of 1,126,000 were excluded from the calculation of diluted earnings (loss) because the effect would have been anti-dilutive. | |||||||||||||
Derivative Instruments & Hedging Activity: 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 derivative instruments 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 on the 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 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. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Jun. 29, 2014 | |
Prospective Adoption of New Accounting Pronouncements [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements: | |
In May 2014, the Financial Accounting Standard Board ("FASB") issued Accounting Standards Update ("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, 2016, including interim periods within that reporting period, under either full or modified retrospective adoption. Early application is not permitted. Management is currently assessing the potential impact of this new accounting pronouncement on the Company's results of operations, financial position, and cash flow. | |
In February 2013, the FASB issued ASU No. 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income," which requires an entity to present significant reclassifications out of accumulated other comprehensive income by the respective line items of net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety from accumulated other comprehensive income to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2012 with earlier adoption permitted. The amendments in the ASU are applied prospectively. The Company adopted ASU No. 2013-02 at the beginning of fiscal 2014, and the required new disclosures are presented in Note 4. The adoption of this ASU did not have any impact on the Company's results of operations, financial position or cash flow, as the ASU solely relates to disclosures. | |
In July 2012, the FASB issued ASU No. 2012-02, "Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment," which permits an entity to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired before performing quantitative impairment testing. The amendments did not change the measurement of impairment losses. This update is effective for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company adopted ASU No. 2012-02 at the beginning of fiscal 2014. The adoption of this ASU did not have any impact on the Company’s results of operations, financial position or cash flow. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) (Notes) | 12 Months Ended | ||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss): | |||||||||||||||||
The following tables set forth the changes in accumulated other comprehensive income (loss) (in thousands): | |||||||||||||||||
Fiscal Year Ended June 29, 2014 | |||||||||||||||||
Cumulative Translation Adjustments | Derivative Financial Instruments | Pension and Postretirement Benefit Plans | Total | ||||||||||||||
Beginning Balance | $ | 11,885 | $ | (3,673 | ) | $ | (233,140 | ) | $ | (224,928 | ) | ||||||
Other Comprehensive Income (Loss) Before Reclassification | 1,168 | (4,797 | ) | 13,951 | 10,322 | ||||||||||||
Income Tax Benefit (Expense) | — | 1,823 | (5,316 | ) | (3,493 | ) | |||||||||||
Net Other Comprehensive Income (Loss) Before Reclassifications | 1,168 | (2,974 | ) | 8,635 | 6,829 | ||||||||||||
Reclassifications: | |||||||||||||||||
Realized (Gains) Losses - Foreign Currency Contracts (1) | — | 2,133 | — | 2,133 | |||||||||||||
Realized (Gains) Losses - Commodity Contracts (1) | — | 5,630 | — | 5,630 | |||||||||||||
Realized (Gains) Losses - Interest Rate Swaps (1) | — | 1,209 | — | 1,209 | |||||||||||||
Amortization of Prior Service Costs (Credits) (2) | — | — | (2,715 | ) | (2,715 | ) | |||||||||||
Amortization of Actuarial Losses (2) | — | — | 30,632 | 30,632 | |||||||||||||
Total Reclassifications Before Tax | — | 8,972 | 27,917 | 36,889 | |||||||||||||
Income Tax Expense (Benefit) | — | (3,409 | ) | (10,638 | ) | (14,047 | ) | ||||||||||
Net Reclassifications | — | 5,563 | 17,279 | 22,842 | |||||||||||||
Other Comprehensive Income (Loss) | 1,168 | 2,589 | 25,914 | 29,671 | |||||||||||||
Ending Balance | $ | 13,053 | $ | (1,084 | ) | $ | (207,226 | ) | $ | (195,257 | ) | ||||||
(1) Amounts reclassified to net income are included in net sales or cost of goods sold. See Note 16 for information related to derivative financial instruments. | |||||||||||||||||
(2) Amounts reclassified to net income 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 17 for information related to pension and postretirement benefit plans. | |||||||||||||||||
Fiscal Year Ended June 30, 2013 | |||||||||||||||||
Cumulative Translation Adjustments | Derivative Financial Instruments | Pension and Postretirement Benefit Plans | Total | ||||||||||||||
Beginning Balance | $ | 12,502 | $ | (7,654 | ) | $ | (327,552 | ) | $ | (322,704 | ) | ||||||
Other Comprehensive Income (Loss) Before Reclassification | (617 | ) | (5,141 | ) | 113,757 | 107,999 | |||||||||||
Income Tax Benefit (Expense) | — | 2,005 | (43,554 | ) | (41,549 | ) | |||||||||||
Net Other Comprehensive Income (Loss) Before Reclassifications | (617 | ) | (3,136 | ) | 70,203 | 66,450 | |||||||||||
Reclassifications: | |||||||||||||||||
Realized (Gains) Losses - Foreign Currency Contracts (1) | — | 2,023 | — | 2,023 | |||||||||||||
Realized (Gains) Losses - Commodity Contracts (1) | — | 9,644 | — | 9,644 | |||||||||||||
Realized (Gains) Losses - Interest Rate Swaps (1) | — | — | — | — | |||||||||||||
Transition Obligation (2) | — | — | 7 | 7 | |||||||||||||
Amortization of Prior Service Costs (Credits) (2) | — | — | (3,223 | ) | (3,223 | ) | |||||||||||
Amortization of Actuarial Losses (2) | — | — | 42,445 | 42,445 | |||||||||||||
Total Reclassifications Before Tax | — | 11,667 | 39,229 | 50,896 | |||||||||||||
Income Tax Expense (Benefit) | — | (4,550 | ) | (15,020 | ) | (19,570 | ) | ||||||||||
Net Reclassifications | — | 7,117 | 24,209 | 31,326 | |||||||||||||
Other Comprehensive Income (Loss) | (617 | ) | 3,981 | 94,412 | 97,776 | ||||||||||||
Ending Balance | $ | 11,885 | $ | (3,673 | ) | $ | (233,140 | ) | $ | (224,928 | ) | ||||||
(1) Amounts reclassified to net income are included in net sales or cost of goods sold. See Note 16 for information related to derivative financial instruments. | |||||||||||||||||
(2) Amounts reclassified to net income 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 17 for information related to pension and postretirement benefit plans. |
Acquisitions_Acquisitions
Acquisitions Acquisitions | 12 Months Ended |
Jun. 29, 2014 | |
Acquisitions [Abstract] | ' |
Acquisitions | ' |
Acquisitions: | |
On December 7, 2012, Briggs & Stratton Representação de Motores e Produtos de Força do Brasil Ltda., a wholly-owned subsidiary of the Company, acquired all of the common stock of Companhia Caetano Branco (“Branco”) of Sao Jose dos Pinhais, Brazil for a total cash consideration of $59.6 million, net of cash acquired. Branco is a leading brand in the Brazilian light power equipment market with a broad range of outdoor power equipment used primarily in light commercial applications. Its products, including generators, water pumps, light construction equipment and diesel engines, are sold through its independent network of over 1,200 dealers throughout Brazil. The Company recorded a purchase price allocation during fiscal 2013 based on a fair value appraisal by a third party valuation firm. At June 30, 2013, the purchase price allocation resulted in the recognition of $15.3 million of goodwill, of which $4.6 million and $10.7 million were allocated to the Engines segment and Products segment, respectively, and $24.0 million of intangible assets, including $14.6 million of customer relationships and $9.4 million of tradenames. | |
The results of operations of Branco 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 acquisition are not material to the Company's consolidated results of operations or financial position. | |
On August 14, 2014, the Company announced that it signed a definitive agreement to acquire Allmand Bros., Inc. for approximately $62.0 million in cash, subject to customary due diligence and working capital adjustments. Founded in 1938 and based in Holdrege, Nebraska, Allmand is a leading designer and manufacturer of high quality towable light towers, industrial heaters and solar LED arrow boards. This transaction is expected to close in the first quarter of fiscal 2015. |
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value | ' | ||||||||||||||||
Fair Value: | |||||||||||||||||
Assets and Liabilities Measured at Fair Value: | |||||||||||||||||
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 June 29, 2014 and June 30, 2013 (in thousands): | |||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||
June 29, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Derivatives | $ | 431 | $ | — | $ | 431 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 1,932 | $ | — | $ | 1,932 | $ | — | |||||||||
Fair Value Measurement Using | |||||||||||||||||
June 30, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Derivatives | $ | 2,009 | $ | — | $ | 2,009 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 5,413 | $ | — | $ | 5,413 | $ | — | |||||||||
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. | |||||||||||||||||
Fair Value of Financial Instruments: | |||||||||||||||||
The Company believes that the carrying values of cash and cash equivalents, trade receivables, accounts payable and foreign lines of credit are reasonable estimates of their fair values at June 29, 2014 and June 30, 2013 due to the short-term nature of these instruments. The estimated fair value of the 6.875% Senior Notes due December 2020 is based on quoted market prices for similar instruments and is, therefore, classified as Level 2 within the valuation hierarchy. | |||||||||||||||||
The estimated fair market values of the Company’s Long-Term Debt is (in thousands): | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Long-Term Debt | |||||||||||||||||
6.875% Senior Notes | $ | 225,000 | $ | 251,438 | $ | 225,000 | $ | 250,875 | |||||||||
Borrowings on Revolver | $ | — | $ | — | $ | — | $ | — | |||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets: | |||||||||||||||||||||||||
Goodwill reflects the cost of acquisitions in excess of the fair values assigned to identifiable net assets acquired. Goodwill is assigned to reporting units based upon the expected benefit of the synergies of the acquisition. The reporting units are Engines and Products. | |||||||||||||||||||||||||
The changes in the carrying amount of goodwill for the fiscal years ended June 29, 2014 and June 30, 2013 are as follows (in thousands): | |||||||||||||||||||||||||
Engines | Products | Total | |||||||||||||||||||||||
Goodwill Balance at July 1, 2012 | $ | 137,359 | $ | 67,405 | $ | 204,764 | |||||||||||||||||||
Impairment Loss | — | (71,310 | ) | (71,310 | ) | ||||||||||||||||||||
Acquisition | 4,589 | 10,707 | 15,296 | ||||||||||||||||||||||
Effect of Translation | (1,011 | ) | (387 | ) | (1,398 | ) | |||||||||||||||||||
Goodwill Balance at June 30, 2013 | $ | 140,937 | $ | 6,415 | $ | 147,352 | |||||||||||||||||||
Impairment Loss | — | (2,960 | ) | (2,960 | ) | ||||||||||||||||||||
Acquisition | — | — | — | ||||||||||||||||||||||
Effect of Translation | 125 | 5 | 130 | ||||||||||||||||||||||
Goodwill Balance at June 29, 2014 | $ | 141,062 | $ | 3,460 | $ | 144,522 | |||||||||||||||||||
At June 29, 2014, June 30, 2013 and July 1, 2012, accumulated goodwill impairment losses, as recorded in the Products segment, were $123.7 million, $120.8 million and $49.5 million respectively. | |||||||||||||||||||||||||
The Company evaluates goodwill for impairment at least annually as of the fiscal year-end or more frequently if events or circumstances indicate that the assets may be impaired. Goodwill impairment is determined using a two-step process. The first step of the goodwill impairment test is to compare the carrying values of each of the Company's reporting units to their estimated fair values as of the test dates. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not considered impaired. If the book value of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed, which compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill. If the carrying amount is in excess of the implied fair value, goodwill is considered to be impaired. The estimates of fair value of the reporting units are computed using an income approach. The income approach utilizes a multi-year forecast of estimated cash flows and a terminal value at the end of the cash flow period. The forecast period assumptions consist of internal projections that are based on the Company's budget and long-range strategic plan. The discount rate used at the test date is the weighted-average cost of capital which reflects the overall level of inherent risk of the reporting unit and the rate of return an outside investor would expect to earn. The fair value of goodwill is considered a non-recurring level 3 fair value measurement in accordance with ASC 820 Fair Value Measurement. | |||||||||||||||||||||||||
In fiscal 2013, the Company recorded a non-cash goodwill impairment charge of $71.3 million, which was determined by comparing the carrying value of the Products reporting unit goodwill with the implied fair value of goodwill for the reporting unit. Based on a combination of factors, predominantly driven by a slower than anticipated recovery of the North American lawn and garden market at that time and the operating results of the Products segment during the previous years leading up to the impairments which lacked the benefit of certain weather related events that would have been favorable to the business, the Company’s forecasted cash flow estimates used in the goodwill assessment as of June 30, 2013 were adversely impacted. As a result, the Company concluded that the carrying value amounts of the Products reporting unit exceeded its fair value as of June 30, 2013. The impairment charge was a non-cash expense that was recorded as a separate component of operating expenses. The impairment charge did not adversely affect the Company’s debt position, cash flow, liquidity or compliance with financial covenants under its revolving credit facility. | |||||||||||||||||||||||||
The Company’s other intangible assets as of June 29, 2014 and June 30, 2013 are as follows (in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Amortized Intangible Assets: | |||||||||||||||||||||||||
Patents | $ | 13,601 | $ | (11,167 | ) | $ | 2,434 | $ | 13,601 | $ | (10,680 | ) | $ | 2,921 | |||||||||||
Customer Relationships | 32,539 | (8,610 | ) | 23,929 | 32,539 | (6,971 | ) | 25,568 | |||||||||||||||||
Effect of Translation | (991 | ) | (49 | ) | (1,040 | ) | (991 | ) | 39 | (952 | ) | ||||||||||||||
Total Amortized Intangible Assets | 45,149 | (19,826 | ) | 25,323 | 45,149 | (17,612 | ) | 27,537 | |||||||||||||||||
Unamortized Intangible Assets: | |||||||||||||||||||||||||
Tradenames | 55,016 | — | 55,016 | 60,516 | — | 60,516 | |||||||||||||||||||
Effect of Translation | (22 | ) | — | (22 | ) | (73 | ) | — | (73 | ) | |||||||||||||||
Total Unamortized Intangible Assets | 54,994 | — | 54,994 | 60,443 | — | 60,443 | |||||||||||||||||||
Total Intangible Assets | $ | 100,143 | $ | (19,826 | ) | $ | 80,317 | $ | 105,592 | $ | (17,612 | ) | $ | 87,980 | |||||||||||
The Company also performs an impairment test of its indefinite-lived intangible assets as of the fiscal year-end or more frequently if events or circumstances indicate that the assets may be impaired. For purposes of the indefinite-lived intangible asset impairment analysis, the Company performs its assessment of fair value based on an income approach using the relief-from-royalty method. The Company determines the fair value of each tradename by applying a royalty rate to a projection of net sales discounted using a risk adjusted cost of capital. Sales growth rates are determined after considering current and future economic conditions, recent sales trends, discussions with customers, planned timing of new product launches and many other variables. Each royalty rate is based on profitability of the business to which it relates and observed market royalty rates. The fair value of indefinite-lived intangibles is considered a non-recurring level 3 fair value measurement in accordance with ASC 820 Fair Value Measurement. | |||||||||||||||||||||||||
In fiscal 2014 and fiscal 2013, the non-cash intangible asset impairment charge recorded was $5.5 million and $18.8 million, respectively. Based on a combination of factors, predominantly driven by a slower than anticipated recovery of the North American lawn and garden market at that time, the Company’s forecasted cash flow estimates used in the other intangible assets assessment as of June 29, 2014 and June 30, 2013 were adversely impacted. As a result, the Company concluded that the carrying value of a tradename within the Products reporting unit exceeded its fair value as of June 29, 2014 and June 30, 2013. The impairment charges did not adversely affect the Company’s debt position, cash flow, liquidity or compliance with financial covenants under its revolving credit facility. In fiscal 2012, the Company determined that no intangible asset impairment existed. | |||||||||||||||||||||||||
Amortization expense of other intangible assets amounted to approximately $2.2 million in 2014, $2.5 million in 2013, and $1.9 million in 2012. | |||||||||||||||||||||||||
The estimated amortization expense of other intangible assets for the next five years is (in thousands): | |||||||||||||||||||||||||
2015 | $ | 2,178 | |||||||||||||||||||||||
2016 | 2,178 | ||||||||||||||||||||||||
2017 | 2,178 | ||||||||||||||||||||||||
2018 | 2,178 | ||||||||||||||||||||||||
2019 | 2,178 | ||||||||||||||||||||||||
$ | 10,890 | ||||||||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure | ' | ||||||||||||
Income Taxes: | |||||||||||||
Components of income (loss) before income taxes consists of the following (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. | $ | 30,291 | $ | (58,625 | ) | $ | 28,053 | ||||||
Foreign | 6,843 | 6,484 | 1,820 | ||||||||||
Total | $ | 37,134 | $ | (52,141 | ) | $ | 29,873 | ||||||
The provision (credit) for income taxes consists of the following (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current | |||||||||||||
Federal | $ | 9,725 | $ | 10,377 | $ | (8,711 | ) | ||||||
State | 733 | (1,870 | ) | 430 | |||||||||
Foreign | 3,725 | 923 | 5,222 | ||||||||||
14,183 | 9,430 | (3,059 | ) | ||||||||||
Deferred | (5,396 | ) | (27,914 | ) | 3,926 | ||||||||
$ | 8,787 | $ | (18,484 | ) | $ | 867 | |||||||
A reconciliation of the U.S. statutory tax rates to the effective tax rates on income follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. Statutory Rate | 35 | % | 35 | % | 35 | % | |||||||
State Taxes, Net of Federal Tax Benefit | 2 | % | 1.1 | % | 1.8 | % | |||||||
Impact of Foreign Operations and Tax Rates | 0.7 | % | 5.3 | % | 4.2 | % | |||||||
Impact of Dividends Received | (0.8 | )% | 1.1 | % | (2.2 | )% | |||||||
Changes to Unrecognized Tax Benefits | 1.2 | % | (0.5 | )% | (16.0 | )% | |||||||
Impact of Restructuring Actions | — | % | (2.1 | )% | (18.7 | )% | |||||||
Benefits on State Credits and NOL's, Net of Valuation Allowance | (0.4 | )% | 4.3 | % | — | % | |||||||
*Change in Accounting Method | (7.8 | )% | — | % | — | % | |||||||
**Other, Net | (6.2 | )% | (8.7 | )% | (1.2 | )% | |||||||
Effective Tax Rate | 23.7 | % | 35.5 | % | 2.9 | % | |||||||
* "Change in Accounting Method" in fiscal 2014 relates to a taxpayer election filed in the current year, which provided the Company a tax benefit that was previously unavailable. | |||||||||||||
** “Other, Net” in fiscal 2014 includes (4.8)% for the impact of U.S. manufacturers deduction and (1.4)% for other items, and in fiscal 2013 includes (10.8)% for the impact of goodwill impairment and 2.1% for other items. | |||||||||||||
The components of deferred income taxes were as follows (in thousands): | |||||||||||||
Current Asset (Liability): | 2014 | 2013 | |||||||||||
Difference Between Book and Tax Related to: | |||||||||||||
Inventory | $ | 13,504 | $ | 13,697 | |||||||||
Payroll Related Accruals | 4,741 | 3,870 | |||||||||||
Warranty Reserves | 10,247 | 9,897 | |||||||||||
Workers Compensation Accruals | 2,547 | 2,685 | |||||||||||
Other Accrued Liabilities | 12,191 | 14,618 | |||||||||||
Pension Cost | — | 746 | |||||||||||
Net Operating Loss/State Credit Carryforwards | 585 | 4,608 | |||||||||||
Miscellaneous | 5,143 | (2,587 | ) | ||||||||||
Deferred Income Tax Asset (Liability) | $ | 48,958 | $ | 47,534 | |||||||||
Long-Term Asset (Liability): | |||||||||||||
Difference Between Book and Tax Related to: | |||||||||||||
Pension Cost | $ | 25,272 | $ | 35,663 | |||||||||
Accumulated Depreciation | (45,397 | ) | (54,339 | ) | |||||||||
Intangibles | (43,062 | ) | (44,611 | ) | |||||||||
Accrued Employee Benefits | 44,827 | 45,016 | |||||||||||
Postretirement Health Care Obligation | 22,530 | 27,787 | |||||||||||
Warranty | 6,718 | 7,227 | |||||||||||
Valuation Allowance | (15,241 | ) | (12,725 | ) | |||||||||
Net Operating Loss/State Credit Carryforwards | 19,629 | 17,236 | |||||||||||
Miscellaneous | (98 | ) | 6,290 | ||||||||||
Deferred Income Tax Asset (Liability) | $ | 15,178 | $ | 27,544 | |||||||||
Deferred tax assets were generated during the current year as a result of foreign income tax loss carryforwards in the amount of $2.7 million. At June 29, 2014, there are $3.7 million of foreign income tax loss carryforwards, consisting of $1.9 million which have no expiration date, and $1.8 million which will expire within the next 5 to 10 years. A deferred tax asset of $16.5 million exists at June 29, 2014 related to state income tax losses and state tax credit carryforwards. If not utilized against future taxable income, this amount will expire from 2015 through 2028. Realization of the deferred tax assets are contingent upon generating sufficient taxable income prior to expiration of these carryforwards. At June 29, 2014, a valuation allowance of $2.9 million is recorded for the foreign losses which the Company believes are unlikely to be realized in the future. In addition, a valuation allowance of $12.3 million is recorded related to state tax credits that are unlikely to be realized. | |||||||||||||
The Company does not record deferred income taxes applicable to undistributed earnings of foreign subsidiaries for which the Company intends to reinvest such earnings indefinitely outside of the U.S. The undistributed earnings amounted to approximately $65.9 million at June 29, 2014. If the Company were to distribute these earnings, foreign tax credits may become available under current law to reduce the resulting U.S. income tax. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable. | |||||||||||||
The change to the gross unrecognized tax benefits of the Company during the fiscal year ended June 29, 2014 and June 30, 2013 is reconciled as follows: | |||||||||||||
Unrecognized Tax Benefits (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning Balance | $ | 6,949 | $ | 6,717 | 12,040 | ||||||||
Changes based on tax positions related to prior year | 380 | — | — | ||||||||||
Additions based on tax positions related to current year | 378 | 997 | 429 | ||||||||||
Settlements with taxing authorities | — | (39 | ) | (516 | ) | ||||||||
Lapse of statute of limitations | (50 | ) | (726 | ) | (5,236 | ) | |||||||
Ending Balance | $ | 7,657 | $ | 6,949 | $ | 6,717 | |||||||
As of June 29, 2014, gross unrecognized tax benefits that, if recognized, would impact the effective tax rate were $6.5 million. Of that amount, there is a reasonable possibility that approximately $2.8 million of the current remaining unrecognized tax benefits may be recognized within the next twelve months due to the resolution of audits or expiration of statutes of limitations. | |||||||||||||
The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. The total expense (income) recognized for fiscal years 2014, 2013 and 2012 was $0.1 million, $0.2 million, and $(1.0) million, respectively. | |||||||||||||
As of June 29, 2014 and June 30, 2013, the Company had $1.2 million and $0.9 million, respectively, accrued for the payment of interest and penalties. | |||||||||||||
At June 29, 2014 and June 30, 2013, the liability for uncertain tax positions, inclusive of interest and penalties, was $8.8 million and $7.9 million, respectively, which is recorded as an other long-term liability within the Consolidated Balance Sheets. | |||||||||||||
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 no longer subject to U.S. federal income tax examinations before fiscal 2010 and is currently under audit by various state and foreign jurisdictions. The Company is no longer subject to tax examinations before fiscal 2004 in its major foreign jurisdictions. |
Segment_and_Geographic_Informa
Segment and Geographic Information and Significant Customers | 12 Months Ended | |||||||||||||||||||||
Jun. 29, 2014 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||
Segment and Geographical Information and Significant Customers | ' | |||||||||||||||||||||
Segment and Geographic Information and Significant Customers: | ||||||||||||||||||||||
The Company has concluded that it operates two reportable business segments that are managed separately based on fundamental differences in their operations. Summarized segment data is as follows (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
NET SALES: | ||||||||||||||||||||||
Engines | $ | 1,219,627 | $ | 1,189,674 | $ | 1,309,942 | ||||||||||||||||
Products | 736,312 | 805,450 | 952,110 | |||||||||||||||||||
Eliminations | (96,879 | ) | (132,626 | ) | (195,519 | ) | ||||||||||||||||
$ | 1,859,060 | $ | 1,862,498 | $ | 2,066,533 | |||||||||||||||||
GROSS PROFIT: | ||||||||||||||||||||||
Engines | $ | 257,441 | $ | 236,486 | $ | 250,323 | ||||||||||||||||
Products | 87,682 | 87,392 | 86,193 | |||||||||||||||||||
Eliminations | 1,660 | 5,262 | 209 | |||||||||||||||||||
$ | 346,783 | $ | 329,140 | $ | 336,725 | |||||||||||||||||
INCOME (LOSS) FROM OPERATIONS: | ||||||||||||||||||||||
Engines | $ | 72,213 | $ | 59,093 | $ | 66,559 | ||||||||||||||||
Products | (27,615 | ) | (104,918 | ) | (25,531 | ) | ||||||||||||||||
Eliminations | 1,660 | 5,262 | 209 | |||||||||||||||||||
$ | 46,258 | $ | (40,563 | ) | $ | 41,237 | ||||||||||||||||
ASSETS: | ||||||||||||||||||||||
Engines | $ | 1,048,416 | $ | 1,013,204 | $ | 1,120,065 | ||||||||||||||||
Products | 503,609 | 545,081 | 629,325 | |||||||||||||||||||
Eliminations | (102,319 | ) | (110,734 | ) | (141,159 | ) | ||||||||||||||||
$ | 1,449,706 | $ | 1,447,551 | $ | 1,608,231 | |||||||||||||||||
CAPITAL EXPENDITURES: | ||||||||||||||||||||||
Engines | $ | 56,230 | $ | 36,002 | $ | 42,697 | ||||||||||||||||
Products | 4,141 | 8,876 | 6,876 | |||||||||||||||||||
$ | 60,371 | $ | 44,878 | $ | 49,573 | |||||||||||||||||
DEPRECIATION & AMORTIZATION: | ||||||||||||||||||||||
Engines | $ | 39,456 | $ | 42,349 | $ | 45,647 | ||||||||||||||||
Products | 10,887 | 13,403 | 18,067 | |||||||||||||||||||
$ | 50,343 | $ | 55,752 | $ | 63,714 | |||||||||||||||||
Pre-tax restructuring charges impact on gross profit is as follows (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
PRE-TAX RESTRUCTURING CHARGES INCLUDED IN GROSS PROFIT: | ||||||||||||||||||||||
Engines | $ | 3,099 | $ | 9,008 | $ | 14,257 | ||||||||||||||||
Products | 2,742 | 9,753 | 30,503 | |||||||||||||||||||
Total | $ | 5,841 | $ | 18,761 | $ | 44,760 | ||||||||||||||||
Pre-tax restructuring, goodwill and tradename impairment, and litigation settlement charges impact on income (loss) from operations is as follows (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
PRE-TAX RESTRUCTURING, GOODWILL & TRADENAME IMPAIRMENT AND LITIGATION SETTLEMENT CHARGES INCLUDED IN INCOME (LOSS) FROM OPERATIONS: | ||||||||||||||||||||||
Engines | $ | 3,524 | $ | 14,320 | $ | 18,314 | ||||||||||||||||
Products | 11,475 | 99,833 | 31,553 | |||||||||||||||||||
Total | $ | 14,999 | $ | 114,153 | $ | 49,867 | ||||||||||||||||
Information regarding the Company’s geographic sales based on product shipment destination (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
United States | $ | 1,293,558 | $ | 1,304,964 | $ | 1,440,955 | ||||||||||||||||
All Other Countries | 565,502 | 557,534 | 625,578 | |||||||||||||||||||
Total | $ | 1,859,060 | $ | 1,862,498 | $ | 2,066,533 | ||||||||||||||||
Information regarding the Company’s net plant and equipment based on geographic location (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
United States | $ | 281,029 | $ | 269,477 | $ | 280,954 | ||||||||||||||||
All Other Countries | 15,978 | 17,718 | 20,295 | |||||||||||||||||||
Total | $ | 297,007 | $ | 287,195 | $ | 301,249 | ||||||||||||||||
Sales to the following customers in the Company’s Engines segment amount to greater than or equal to 10% of consolidated net sales, respectively (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Customer: | Net Sales | % | Net Sales | % | Net Sales | % | ||||||||||||||||
HOP | $ | 293,225 | 16 | % | $ | 251,098 | 13 | % | $ | 265,752 | 13 | % | ||||||||||
MTD | 235,141 | 13 | % | 241,033 | 13 | % | 230,882 | 11 | % | |||||||||||||
$ | 528,366 | 29 | % | $ | 492,131 | 26 | % | $ | 496,634 | 24 | % | |||||||||||
Leases
Leases | 12 Months Ended | ||||
Jun. 29, 2014 | |||||
Leases [Abstract] | ' | ||||
Leases | ' | ||||
Leases: | |||||
The Company leases certain facilities, vehicles, and equipment under operating leases. Operating leases are not capitalized and lease payments are expensed over the life of the lease. Terms of the leases, including purchase options, renewals, and maintenance costs, vary by lease. Rental expense for fiscal 2014, 2013 and 2012 was $20.1 million, $22.8 million and $22.4 million, respectively. | |||||
Future minimum lease commitments for all non-cancelable operating leases as of June 29, 2014 are as follows (in thousands): | |||||
Fiscal Year | Operating | ||||
2015 | $ | 13,934 | |||
2016 | 8,228 | ||||
2017 | 6,406 | ||||
2018 | 5,549 | ||||
2019 | 4,086 | ||||
Thereafter | 30,752 | ||||
Total future minimum lease commitments | $ | 68,955 | |||
Indebtedness
Indebtedness | 12 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Indebtedness | ' | ||||||||
Indebtedness: | |||||||||
The following is a summary of the Company’s long-term indebtedness (in thousands): | |||||||||
2014 | 2013 | ||||||||
Multicurrency Credit Agreement | $ | — | $ | — | |||||
6.875% Senior Notes | 225,000 | 225,000 | |||||||
Total Long-Term Debt | $ | 225,000 | $ | 225,000 | |||||
6.875% Senior Notes | |||||||||
On December 15, 2010, the Company issued $225 million of 6.875% Senior Notes due December 15, 2020 ("Senior Notes"). The net proceeds of the offering were primarily used to redeem the then outstanding principal of the 8.875% Senior Notes due March 15, 2011. In connection with the refinancing and the issuance of the Senior Notes, the Company incurred approximately $5.0 million in new debt issuance costs, which are being amortized over the life of the Senior Notes using the effective interest method. These amounts are included in interest expense in the Consolidated Statements of Operations. | |||||||||
Additionally, under the terms of the indentures and credit agreements governing the Senior Notes, Briggs & Stratton Power Products Group, LLC became a joint and several guarantor of amounts outstanding under the Senior Notes. Refer to Note 20 for subsidiary guarantor financial information. | |||||||||
Multicurrency Credit Agreement | |||||||||
On October 13, 2011, the Company entered into a $500 million multicurrency credit agreement (the “Revolver”). The Revolver had a term of five years and all outstanding borrowings on the Revolver were due and payable on October 13, 2016. On October 21, 2013, the Company entered into an amendment to the Revolver, which, among other things, extended the maturity of the Revolver from October 13, 2016 to October 21, 2018. The initial maximum availability under the Revolver is $500 million. Availability under the Revolver is reduced by outstanding letters of credit. The Company may from time to time increase the maximum availability under the Revolver by up to $250 million if certain conditions are satisfied. In connection with the refinancing and the issuance of the Revolver in fiscal 2012, the Company incurred approximately $2.0 million in new debt issuance costs, which are being amortized over the life of the Revolver using the straight-line method. In connection with the amendment to the Revolver in fiscal 2014, the Company incurred approximately $0.9 million in new debt issuance costs, which are being amortized over the life of the Revolver using the straight-line method. There were no borrowings under the Revolver as of June 29, 2014 and June 30, 2013. | |||||||||
Borrowings under the Revolver by the Company bear interest at a rate per annum equal to, at its option, either: | |||||||||
(1) a 1, 2, 3 or 6 month LIBOR rate plus a margin varying from 1.25% to 2.25%, depending on the Company’s average net leverage ratio; or | |||||||||
(2) the higher of (a) the federal funds rate plus 0.50%; (b) the bank's prime rate; or (c) the Eurocurrency rate for a one-month interest period plus 1.00%. In addition, the Company is subject to a 0.18% to 0.38% commitment fee and a 1.25% to 2.25% letter of credit fee, depending on the Company’s average net leverage ratio. | |||||||||
The Revolver contains covenants that the Company considers usual and customary for an agreement of this type, including a maximum average leverage ratio and minimum interest coverage ratio. Certain of the Company’s subsidiaries are required to be guarantors of the Company’s obligations under the Revolver. | |||||||||
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 average leverage ratio. | |||||||||
Foreign Lines of Credit | |||||||||
The lines of credit available to the Company in foreign countries are in connection with short-term borrowings and bank overdrafts used in the normal course of business. These amounts totaled $4.0 million at June 29, 2014, and expire at various times throughout fiscal 2015 and beyond and are renewable. None of these arrangements had material commitment fees or compensating balance requirements. Borrowings using these lines of credit were included in short-term debt. Outstanding balances are as follows (in thousands): | |||||||||
2014 | 2013 | ||||||||
Balance at Fiscal Year-End | $ | — | $ | 300 | |||||
Weighted Average Interest Rate at Fiscal Year-End | — | % | 3.86 | % |
Other_Income_Net_Other_Income_
Other Income, Net Other Income, Net | 12 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||
Interest and Other Income [Text Block] | ' | ||||||||||||
Other Income, Net: | |||||||||||||
The components of Other Income, Net are as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest Income | $ | 1,540 | $ | 888 | $ | 512 | |||||||
Equity in Earnings from Unconsolidated Affiliates | 6,264 | 4,244 | 5,100 | ||||||||||
Other Items | 1,538 | 1,809 | 1,566 | ||||||||||
Total | $ | 9,342 | $ | 6,941 | $ | 7,178 | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 29, 2014 | |
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 March 19, 2010, plaintiffs filed a complaint in the Ontario Superior Court of Justice in Canada (Robert Foster et al. v. Sears Canada, Inc. et al., Court File No. 766-2010) against the Company and other engine and lawnmower manufacturers alleging that the horsepower labels on the products they purchased were inaccurate and that the Company conspired with other engine and lawnmower manufacturers to conceal the true horsepower of these engines. On May 3, 2010, other plaintiffs filed a similar complaint in the Montreal Superior Court in Canada (Eric Liverman, et al. v. Deere & Company, et al., Court File No. 500-06-000507-109). Both proceedings were based on various theories of Canadian law and sought unspecified damages. On June 27, 2013, the Company entered into a Canadian Lawnmower Class Action National Settlement Agreement (“Settlement”) that resolved all horsepower claims brought by all persons in Canada who purchased lawn mowers in Canada during the class period (defined as January 1, 1994 through December 31, 2012), except certain specified persons. The Settlement was approved by the Ontario Court and the Quebec Court in September 2013, and all payments required by the Company have been made. As a result of the Settlement, the Company recorded a total charge of US $1.9 million as a litigation settlement expense on the Statement of Operations in the fourth quarter of fiscal year 2013. | |
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 been concluded. Briefing on the Company’s and the retirees' summary judgment motions will occur soon. If the court denies the motions, a jury trial will be scheduled. | |
Although it is not possible to predict with certainty the outcome of these 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. |
Stock_Incentives
Stock Incentives | 12 Months Ended | ||||||||||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||||||||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||
Stock Incentives | ' | ||||||||||||||||||||||||||||
Stock Incentives: | |||||||||||||||||||||||||||||
The Company previously adopted an Incentive Compensation Plan, effective October 20, 2004, under which 4,000,000 shares of common stock (8,000,000 shares as a result of the fiscal 2005 2-for-1 stock split) were reserved for future issuance. An amendment to the Incentive Compensation Plan approved by shareholders on October 21, 2009, added 2,481,494 shares to the shares available for grant under the plan. Prior to October 20, 2004, the Company had a Stock Incentive Plan under which 5,361,935 shares of common stock were reserved for issuance. The adoption of the Incentive Compensation Plan reduced the number of shares available for future issuance under the Stock Incentive Plan to zero. However, as of June 29, 2014, there were 508,260 outstanding option awards granted under the Stock Incentive Plan that are or may become exercisable in the future. In accordance with the plans, the Company can issue eligible employees stock options, stock appreciation rights, restricted stock, deferred stock, performance shares and cash bonus awards subject to certain annual limitations. The plans also allow the Company to issue directors non-qualified stock options and directors’ fees in stock. Stock based compensation vests in accordance with the Plan but can become immediately exercisable upon eligible recipients' departure from the Company or upon reaching retirement age, subject to approval of the Compensation Committee. | |||||||||||||||||||||||||||||
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 periods. During fiscal 2014, 2013 and 2012, the Company recognized stock based compensation expense of approximately $7.2 million, $6.5 million and $5.6 million, respectively. | |||||||||||||||||||||||||||||
On the grant date, the exercise price of each stock option issued exceeds the market value of the stock by 10%. The fair value of each option is estimated using the Black-Scholes option pricing model, and the assumptions are based on historical data and standard industry valuation practices and methodology. The assumptions used to determine fair value are as follows: | |||||||||||||||||||||||||||||
Options Granted During | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Grant Date Fair Value | $ | 5.19 | $ | 4.83 | $ | 3.96 | |||||||||||||||||||||||
(Since options are only granted once per year, the grant date fair value equals the weighted average grant date fair value.) | |||||||||||||||||||||||||||||
Assumptions: | |||||||||||||||||||||||||||||
Risk-free Interest Rate | 1.6 | % | 0.7 | % | 1 | % | |||||||||||||||||||||||
Expected Volatility | 41.3 | % | 43.9 | % | 43.2 | % | |||||||||||||||||||||||
Expected Dividend Yield | 2.5 | % | 2.6 | % | 3 | % | |||||||||||||||||||||||
Expected Term (in Years) | 5 | 5 | 5 | ||||||||||||||||||||||||||
Information on the options outstanding is as follows: | |||||||||||||||||||||||||||||
Options | Wtd. Avg. Exercise Price | Wtd. Avg. Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||||||||
Balance, July 3, 2011 | 4,721,190 | $ | 26.38 | ||||||||||||||||||||||||||
Granted During the Year | 465,350 | 16.2 | |||||||||||||||||||||||||||
Exercised During the Year | (15,870 | ) | 14.83 | ||||||||||||||||||||||||||
Expired During the Year | (474,240 | ) | 29.87 | ||||||||||||||||||||||||||
Balance, July 1, 2012 | 4,696,430 | $ | 25.06 | ||||||||||||||||||||||||||
Granted During the Year | 399,850 | 18.85 | |||||||||||||||||||||||||||
Exercised During the Year | (1,151,882 | ) | 17.37 | ||||||||||||||||||||||||||
Expired During the Year | (573,130 | ) | 30.81 | ||||||||||||||||||||||||||
Balance, June 30, 2013 | 3,371,268 | $ | 25.97 | ||||||||||||||||||||||||||
Granted During the Year | 407,860 | 20.82 | |||||||||||||||||||||||||||
Exercised During the Year | (273,394 | ) | 19.76 | ||||||||||||||||||||||||||
Expired During the Year | (1,088,368 | ) | 32.82 | ||||||||||||||||||||||||||
Balance, June 29, 2014 | 2,417,366 | $ | 22.71 | 1.91 | $ | 2,795 | |||||||||||||||||||||||
Exercisable, June 29, 2014 | 1,165,016 | $ | 27.19 | 0.57 | $ | 139 | |||||||||||||||||||||||
The total intrinsic value of options exercised during fiscal year 2014 was $0.6 million. The exercise of options resulted in cash receipts of $5.4 million in fiscal 2014. The total intrinsic value of options exercised during fiscal 2013 was $4.4 million. The exercise of options resulted in cash receipts of $20.0 million in fiscal 2013. The total intrinsic value of options exercised during fiscal 2012 was $0.1 million. The exercise of options resulted in cash receipts of $0.3 million in fiscal 2012. | |||||||||||||||||||||||||||||
Options Outstanding (as of June 29, 2014) | |||||||||||||||||||||||||||||
Fiscal | Grant | Date | Expiration | Exercise | Options | ||||||||||||||||||||||||
Year | Date | Exercisable | Date | Price | Outstanding | ||||||||||||||||||||||||
2005 | 8/13/04 | 8/13/07 | 8/13/14 | $ | 36.68 | 508,260 | |||||||||||||||||||||||
2010 | 8/18/09 | 8/18/12 | 8/31/14 | $ | 19.73 | 159,696 | |||||||||||||||||||||||
2011 | 8/17/10 | 8/17/13 | 8/31/15 | $ | 19.88 | 497,060 | |||||||||||||||||||||||
2012 | 8/16/11 | 8/16/14 | 8/31/16 | $ | 16.2 | 444,640 | |||||||||||||||||||||||
2013 | 8/14/12 | 8/14/15 | 8/31/17 | $ | 18.85 | 399,850 | |||||||||||||||||||||||
2014 | 8/20/13 | 8/20/16 | 8/31/18 | $ | 20.82 | 407,860 | |||||||||||||||||||||||
Below is a summary of the status of the Company’s nonvested shares as of June 29, 2014, and changes during the year then ended: | |||||||||||||||||||||||||||||
Deferred Stock | Restricted Stock | Stock Options | Performance Shares | ||||||||||||||||||||||||||
Shares | Wtd. Avg. | Shares | Wtd. Avg. | Shares | Wtd. Avg. | Shares | Wtd. Avg. | ||||||||||||||||||||||
Grant Date | Grant Date | Grant Date | Grant Date | ||||||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | Fair Value | ||||||||||||||||||||||||||
Nonvested shares, | 567,943 | $ | 17.05 | 820,597 | $ | 17.12 | 1,391,550 | $ | 3.97 | 249,170 | $ | 18.59 | |||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||||||
Granted | 64,553 | 19.48 | 146,320 | 19.28 | 407,860 | 5.19 | 128,371 | 19.09 | |||||||||||||||||||||
Cancelled | — | — | (9,386 | ) | 17.51 | — | — | (13,040 | ) | 18.6 | |||||||||||||||||||
Vested | (206,978 | ) | 14.48 | (109,771 | ) | 13.51 | (547,060 | ) | 5.24 | — | — | ||||||||||||||||||
Nonvested shares, | 425,518 | $ | 18.67 | 847,760 | $ | 17.96 | 1,252,350 | $ | 4.64 | 364,501 | $ | 18.77 | |||||||||||||||||
29-Jun-14 | |||||||||||||||||||||||||||||
As of June 29, 2014, there was $7.9 million of total unrecognized compensation cost related to nonvested share-based compensation. That cost is expected to be recognized over a weighted average period of 1.8 years. The total fair value of shares vested during fiscal 2014 and 2013 was $4.1 million and $5.8 million, respectively. | |||||||||||||||||||||||||||||
Under the plans, the Company has issued restricted stock to certain employees. During fiscal years 2014, 2013 and 2012, the Company issued 146,320, 134,830 and 111,890 shares, respectively. The restricted stock vests on the fifth anniversary date of the grant provided the recipient is still employed by the Company. The aggregate market value on the date of issue was approximately $2.8 million, $2.5 million and $1.7 million in fiscal 2014, 2013 and 2012, respectively, and has been recorded within the Shareholders’ Investment section of the Consolidated Balance Sheets, and is being amortized over the five-year vesting period. | |||||||||||||||||||||||||||||
Under the plans, the Company may also issue deferred stock to its directors in lieu of directors fees. The Company issued 35,433, 38,888 and 44,127 shares in fiscal 2014, 2013 and 2012, respectively, under this provision of the plans. | |||||||||||||||||||||||||||||
Under the plans, the Company may also issue deferred stock to its officers and key employees. The Company issued 29,120, 43,499 and 38,250 shares in fiscal 2014, 2013 and 2012, respectively, under this provision. The aggregate market value on the date of grant was approximately $0.6 million, $0.8 million and $0.6 million, respectively. Expense is recognized ratably over the five-year vesting period. | |||||||||||||||||||||||||||||
Under the plans, the Company issued performance shares to its officers and key employees. The Company issued 128,371, 121,230, and 127,940 performance shares under this provision in fiscal 2014, 2013, and 2012, respectively. A maximum of two shares of Briggs & Stratton common stock per performance share may be awarded to recipients if certain performance targets are met at the end of the vesting period. The aggregate market value on the date of issue was approximately $2.5 million, $2.4 million, and $2.2 million using the Monte Carlo simulation methodology of valuation in fiscal 2014, 2013, and 2012, respectively. Expense is recognized ratably over the three-year vesting period. The Monte-Carlo valuation model simulates a range of possible future stock prices for the Company and the components of a peer group to estimate the probability that a vesting condition will be achieved. In determining valuation assumptions for the Monte Carlo model, we consider historic and observable market data. Assumptions used in the Monte Carlo valuation model include the following: | |||||||||||||||||||||||||||||
Performance Shares Granted During | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Assumptions: | |||||||||||||||||||||||||||||
Risk-free Interest Rate | 0.7 | % | 0.4 | % | 0.3 | % | |||||||||||||||||||||||
Expected Volatility | 32.1 | % | 35.5 | % | 46 | % | |||||||||||||||||||||||
Expected Dividend Yield (Dividends are Assumed Reinvested) | — | % | — | % | — | % | |||||||||||||||||||||||
Expected Term (in Years) | 2.86 | 2.87 | 2.87 | ||||||||||||||||||||||||||
The following table summarizes the components of the Company’s stock-based compensation programs recorded as expense: | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Stock Options: | |||||||||||||||||||||||||||||
Pretax compensation expense | $ | 2,065 | $ | 1,964 | $ | 1,760 | |||||||||||||||||||||||
Tax benefit | (791 | ) | (766 | ) | (686 | ) | |||||||||||||||||||||||
Stock option expense, net of tax | $ | 1,274 | $ | 1,198 | $ | 1,074 | |||||||||||||||||||||||
Restricted Stock: | |||||||||||||||||||||||||||||
Pretax compensation expense | $ | 2,563 | $ | 2,375 | $ | 2,102 | |||||||||||||||||||||||
Tax benefit | (982 | ) | (926 | ) | (820 | ) | |||||||||||||||||||||||
Restricted stock expense, net of tax | $ | 1,581 | $ | 1,449 | $ | 1,282 | |||||||||||||||||||||||
Deferred Stock: | |||||||||||||||||||||||||||||
Pretax compensation expense | $ | 685 | $ | 475 | $ | 534 | |||||||||||||||||||||||
Tax benefit | (252 | ) | (185 | ) | (208 | ) | |||||||||||||||||||||||
Deferred stock expense, net of tax | $ | 433 | $ | 290 | $ | 326 | |||||||||||||||||||||||
Performance Shares: | |||||||||||||||||||||||||||||
Pretax compensation expense | $ | 1,861 | $ | 1,700 | $ | 1,159 | |||||||||||||||||||||||
Tax benefit | (713 | ) | (664 | ) | (452 | ) | |||||||||||||||||||||||
Performance Share expense, net of tax | $ | 1,148 | $ | 1,036 | $ | 707 | |||||||||||||||||||||||
Total Stock-Based Compensation: | |||||||||||||||||||||||||||||
Pretax compensation expense | $ | 7,174 | $ | 6,514 | $ | 5,555 | |||||||||||||||||||||||
Tax benefit | (2,738 | ) | (2,541 | ) | (2,166 | ) | |||||||||||||||||||||||
Total stock-based compensation, net of tax | $ | 4,436 | $ | 3,973 | $ | 3,389 | |||||||||||||||||||||||
Shareholder_Rights_Agreement
Shareholder Rights Agreement | 12 Months Ended |
Jun. 29, 2014 | |
Shareholder Rights Agreement | ' |
Shareholder Rights Agreement | ' |
Shareholder Rights Agreement: | |
On August 6, 1996, the Board of Directors declared a dividend distribution of one common stock purchase right (a right) for each share of the Company's common stock outstanding on August 19, 1996. Each right would entitle shareowners to buy one-half of one share of the Company's common stock at an exercise price of $80.00 per full common share (equivalent to $40.00 for each one-half of one share of common stock), subject to adjustment. Pursuant to the rights agreement, in order for the rights to become exercisable, a person or group must acquire or attempt to acquire 20 percent or more of the Company's outstanding shares. Shareholders may vote to redeem the rights in certain circumstances, and the rights may be redeemed at a redemption price of $0.001 per right. On August 8, 2012, the Board of Directors amended the rights agreement to extend its term until October 21, 2015, subject to shareholder ratification; shareholders ratified the rights agreement at the Company's annual meeting on October 17, 2012. |
Derivative_Instruments_Hedging
Derivative Instruments & Hedging Activities | 12 Months Ended | ||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||
Foreign Currency Derivatives [Abstract] | ' | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||||||
Derivative Instruments & Hedging Activities: | |||||||||||||||||||
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 to May 2019. | |||||||||||||||||||
The Company periodically 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, Euros, Australian Dollars, Mexican Pesos, Canadian Dollars or Japanese Yen. 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 and aluminum. These contracts generally do not have a maturity of more than twenty-four months. | |||||||||||||||||||
The Company has considered the counterparty credit risk related to all its foreign currency and commodity derivative contracts and does not deem any counterparty credit risk material at this time. | |||||||||||||||||||
The notional amount of derivative contracts outstanding at the end of the period is indicative of the level of the Company’s derivative activity during the period. As of June 29, 2014 and June 30, 2013, the Company had the following outstanding derivative contracts (in thousands): | |||||||||||||||||||
Contract | Notional Amount | ||||||||||||||||||
June 29, 2014 | June 30, 2013 | ||||||||||||||||||
Interest Rate: | |||||||||||||||||||
LIBOR Interest Rate (U.S. Dollars) | Fixed | 95,000 | 95,000 | ||||||||||||||||
Foreign Currency: | |||||||||||||||||||
Australian Dollar | Sell | 19,904 | 6,392 | ||||||||||||||||
Canadian Dollar | Sell | 3,100 | — | ||||||||||||||||
Euro | Sell | 49,300 | 31,000 | ||||||||||||||||
Japanese Yen | Buy | 530,000 | 905,000 | ||||||||||||||||
Mexican Peso | Sell | 3,000 | 3,345 | ||||||||||||||||
Commodity: | |||||||||||||||||||
Aluminum (Metric Tons) | Buy | — | 18 | ||||||||||||||||
Natural Gas (Therms) | Buy | 5,686 | 5,423 | ||||||||||||||||
The location and fair value of derivative instruments reported in the Consolidated Balance Sheets are as follows (in thousands): | |||||||||||||||||||
Balance Sheet Location | Asset (Liability) Fair Value | ||||||||||||||||||
June 29, 2014 | June 30, 2013 | ||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||
Other Long-Term Assets, Net | $ | 43 | $ | 257 | |||||||||||||||
Other Long-Term Liabilities | (1,209 | ) | (1,020 | ) | |||||||||||||||
Foreign currency contracts: | |||||||||||||||||||
Other Current Assets | 337 | 1,752 | |||||||||||||||||
Other Long-Term Assets, Net | 12 | — | |||||||||||||||||
Accrued Liabilities | (665 | ) | (1,138 | ) | |||||||||||||||
Other Long-Term Liabilities | (9 | ) | — | ||||||||||||||||
Commodity contracts: | |||||||||||||||||||
Other Current Assets | 39 | — | |||||||||||||||||
Accrued Liabilities | (35 | ) | (3,250 | ) | |||||||||||||||
Other Long-Term Liabilities | (14 | ) | (5 | ) | |||||||||||||||
$ | (1,501 | ) | $ | (3,404 | ) | ||||||||||||||
The effect of derivatives designated as hedging instruments on the Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows (in thousands): | |||||||||||||||||||
Twelve months ended June 29, 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 | $ | (254 | ) | Net Sales | $ | (1,209 | ) | $ | — | ||||||||||
Foreign currency contracts – sell | (717 | ) | Net Sales | (1,024 | ) | — | |||||||||||||
Foreign currency contracts – buy | 182 | Cost of Goods Sold | (1,109 | ) | — | ||||||||||||||
Commodity contracts | 3,378 | Cost of Goods Sold | (5,630 | ) | — | ||||||||||||||
$ | 2,589 | $ | (8,972 | ) | $ | — | |||||||||||||
Twelve months ended June 30, 2013 | |||||||||||||||||||
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 | $ | 962 | Net Sales | $ | — | $ | — | ||||||||||||
Foreign currency contracts – sell | 102 | Net Sales | (55 | ) | — | ||||||||||||||
Foreign currency contracts – buy | (177 | ) | Cost of Goods Sold | (1,968 | ) | — | |||||||||||||
Commodity contracts | 3,094 | Cost of Goods Sold | (9,644 | ) | |||||||||||||||
$ | 3,981 | $ | (11,667 | ) | $ | — | |||||||||||||
Twelve months ended July 1, 2012 | |||||||||||||||||||
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 | $ | (1,428 | ) | Net Sales | $ | — | $ | — | |||||||||||
Foreign currency contracts – sell | 1,553 | Net Sales | 4,031 | — | |||||||||||||||
Foreign currency contracts – buy | 11 | Cost of Goods Sold | 132 | — | |||||||||||||||
Commodity contracts | (5,547 | ) | Cost of Goods Sold | (7,292 | ) | 6 | |||||||||||||
$ | (5,411 | ) | $ | (3,129 | ) | $ | 6 | ||||||||||||
During the next twelve months, the amount of the June 29, 2014 Accumulated Other Comprehensive Income (Loss) balance that is expected to be reclassified into earnings is $0.4 million. | |||||||||||||||||||
The Company enters into forward exchange contracts to hedge purchases and sales that are denominated in foreign currencies. The terms of these currency derivatives do not exceed twenty-four months, and the purpose is to protect the Company from the risk that the eventual dollars being transferred will be adversely affected by changes in exchange rates. | |||||||||||||||||||
The Company has forward foreign exchange contracts to sell foreign currency, with the Euro as the most significant. These contracts are used to hedge foreign currency collections on sales of inventory. The Company also has forward contracts to purchase foreign currencies. The Company’s foreign currency forward contracts are carried at fair value based on current exchange rates. | |||||||||||||||||||
The Company had the following forward currency contracts outstanding at the end of fiscal 2014: | |||||||||||||||||||
Hedge | In Thousands | ||||||||||||||||||
Notional | Contract | Fair Value | (Gain) Loss | Conversion | Latest | ||||||||||||||
Currency | Contract | Value | Value | at Fair Value | Currency | Expiration Date | |||||||||||||
Australian Dollar | Sell | 19,904 | 18,115 | 18,586 | 471 | U.S. | Jun-15 | ||||||||||||
Canadian Dollar | Sell | 3,100 | 2,859 | 2,899 | 40 | U.S. | Apr-15 | ||||||||||||
Euro | Sell | 49,300 | 67,529 | 67,379 | (149 | ) | U.S. | Dec-15 | |||||||||||
Japanese Yen | Buy | 530,000 | 5,192 | 5,229 | (37 | ) | U.S. | Jan-15 | |||||||||||
Mexican Peso | Sell | 3,000 | 231 | 231 | — | U.S. | Jul-14 | ||||||||||||
The Company had the following forward currency contracts outstanding at the end of fiscal 2013: | |||||||||||||||||||
Hedge | In Thousands | ||||||||||||||||||
Notional | Contract | Fair Value | (Gain) Loss | Conversion | Latest | ||||||||||||||
Currency | Contract | Value | Value | at Fair Value | Currency | Expiration Date | |||||||||||||
Australian Dollar | Sell | 6,392 | 6,489 | 5,798 | (691 | ) | U.S. | Mar-14 | |||||||||||
Euro | Sell | 31,000 | 41,037 | 40,377 | (660 | ) | U.S. | Jun-14 | |||||||||||
Japanese Yen | Buy | 905,000 | 9,885 | 9,137 | 747 | U.S. | Jun-14 | ||||||||||||
Mexican Peso | Sell | 3,345 | 265 | 255 | (10 | ) | U.S. | Dec-13 | |||||||||||
The Company continuously evaluates the effectiveness of its hedging program by evaluating its foreign exchange contracts compared to the anticipated underlying transactions. The Company did not have any ineffective currency hedges in fiscal 2014, 2013, or 2012. |
Employee_Benefit_Costs
Employee Benefit Costs | 12 Months Ended | ||||||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Employee Benefit Costs | ' | ||||||||||||||||||||||||
Employee Benefit Costs: | |||||||||||||||||||||||||
Retirement Plan and Other Postretirement Benefits | |||||||||||||||||||||||||
The Company has noncontributory, defined benefit retirement plans and other postretirement benefit plans covering certain employees. The Company uses a June 30 measurement date for all of its plans. The following provides a reconciliation of obligations, plan assets and funded status of the plans for the two years indicated (in thousands): | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
Actuarial Assumptions: | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discounted Rate Used to Determine Present Value of Projected Benefit Obligation | 4.4 | % | 5 | % | 3.95 | % | 4.4 | % | |||||||||||||||||
Expected Rate of Future Compensation Level Increases | 3.0-4.0% | 3.0-4.0% | n/a | n/a | |||||||||||||||||||||
Expected Long-Term Rate of Return on Plan Assets | 8 | % | 8.25 | % | n/a | n/a | |||||||||||||||||||
Change in Benefit Obligations: | |||||||||||||||||||||||||
Projected Benefit Obligation at Beginning of Year | $ | 1,115,855 | $ | 1,236,747 | $ | 111,506 | $ | 136,854 | |||||||||||||||||
Service Cost | 7,645 | 13,222 | 333 | 358 | |||||||||||||||||||||
Interest Cost | 53,743 | 50,154 | 4,566 | 4,754 | |||||||||||||||||||||
Plan Curtailments | — | (52,236 | ) | — | — | ||||||||||||||||||||
Plan Participant Contributions | — | — | 1,513 | 1,347 | |||||||||||||||||||||
Actuarial (Gain) Loss | 71,288 | (56,239 | ) | (5,447 | ) | (13,309 | ) | ||||||||||||||||||
Benefits Paid | (75,384 | ) | (75,793 | ) | (16,014 | ) | (18,498 | ) | |||||||||||||||||
Projected Benefit Obligation at End of Year | $ | 1,173,147 | $ | 1,115,855 | $ | 96,457 | $ | 111,506 | |||||||||||||||||
Change in Plan Assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | $ | 962,633 | $ | 937,745 | $ | — | $ | — | |||||||||||||||||
Actual Return on Plan Assets | 153,306 | 68,296 | — | — | |||||||||||||||||||||
Plan Participant Contributions | — | — | 1,512 | 1,347 | |||||||||||||||||||||
Employer Contributions | 2,911 | 32,385 | 14,502 | 17,151 | |||||||||||||||||||||
Benefits Paid | (75,384 | ) | (75,793 | ) | (16,014 | ) | (18,498 | ) | |||||||||||||||||
Fair Value of Plan Assets at End of Year | $ | 1,043,466 | $ | 962,633 | $ | — | $ | — | |||||||||||||||||
Funded Status: | |||||||||||||||||||||||||
Plan Assets (Less Than) in Excess of Projected Benefit Obligation | $ | (129,681 | ) | $ | (153,222 | ) | $ | (96,457 | ) | $ | (111,506 | ) | |||||||||||||
Amounts Recognized on the Balance Sheets: | |||||||||||||||||||||||||
Accrued Pension Cost | $ | (126,529 | ) | $ | (150,131 | ) | $ | — | $ | — | |||||||||||||||
Accrued Wages and Salaries | (3,152 | ) | (3,091 | ) | — | — | |||||||||||||||||||
Accrued Postretirement Health Care Obligation | — | — | (59,290 | ) | (72,695 | ) | |||||||||||||||||||
Accrued Liabilities | — | — | (13,624 | ) | (16,113 | ) | |||||||||||||||||||
Accrued Employee Benefits | — | — | (23,543 | ) | (22,698 | ) | |||||||||||||||||||
Net Amount Recognized at End of Year | $ | (129,681 | ) | $ | (153,222 | ) | $ | (96,457 | ) | $ | (111,506 | ) | |||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income (Loss): | |||||||||||||||||||||||||
Transition Assets (Obligation) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Net Actuarial Loss | (190,756 | ) | (211,444 | ) | (21,962 | ) | (28,668 | ) | |||||||||||||||||
Prior Service Credit (Cost) | (550 | ) | (660 | ) | 6,243 | 8,008 | |||||||||||||||||||
Net Amount Recognized at End of Year | $ | (191,306 | ) | $ | (212,104 | ) | $ | (15,719 | ) | $ | (20,660 | ) | |||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $1,173 million and $1,115 million at June 29, 2014 and June 30, 2013, respectively. | |||||||||||||||||||||||||
The following table summarizes the plans’ income and expense for the three years indicated (in thousands): | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Components of Net Periodic (Income) Expense: | |||||||||||||||||||||||||
Service Cost-Benefits Earned During the Year | $ | 7,645 | $ | 13,222 | $ | 13,764 | $ | 333 | $ | 358 | $ | 407 | |||||||||||||
Interest Cost on Projected Benefit Obligation | 53,743 | 50,154 | 56,762 | 4,565 | 4,754 | 6,468 | |||||||||||||||||||
Expected Return on Plan Assets | (74,152 | ) | (75,832 | ) | (76,445 | ) | — | — | — | ||||||||||||||||
Amortization of: | |||||||||||||||||||||||||
Transition Obligation | — | 7 | 8 | — | — | — | |||||||||||||||||||
Prior Service Cost (Credit) | 180 | 366 | 2,856 | (2,895 | ) | (3,589 | ) | (3,800 | ) | ||||||||||||||||
Actuarial Loss | 25,105 | 34,821 | 20,230 | 5,527 | 7,624 | 8,942 | |||||||||||||||||||
Net Curtailment Loss | — | 1,914 | 375 | — | — | 359 | |||||||||||||||||||
Net Periodic Expense | $ | 12,521 | $ | 24,652 | $ | 17,550 | $ | 7,530 | $ | 9,147 | $ | 12,376 | |||||||||||||
Significant assumptions used in determining net periodic expense for the fiscal years indicated are as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Discount Rate | 5.00% | 4.45% | 5.35% | 4.40% | 3.75% | 4.45% | |||||||||||||||||||
Expected Return on Plan Assets | 8.25% | 8.50% | 8.50% | n/a | n/a | n/a | |||||||||||||||||||
Compensation Increase Rate | 3.0-4.0% | 3.0-4.0% | 3.0-4.0% | n/a | n/a | n/a | |||||||||||||||||||
The amounts in Accumulated Other Comprehensive Income (Loss) that are expected to be recognized as components of net periodic (income) expense during the next fiscal year are as follows (in thousands): | |||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||
Plans | Postretirement | ||||||||||||||||||||||||
Plans | |||||||||||||||||||||||||
Prior Service Cost (Credit) | $ | 180 | $ | (2,758 | ) | ||||||||||||||||||||
Net Actuarial Loss | 13,190 | 4,255 | |||||||||||||||||||||||
The “Other Postretirement Benefit” plans are unfunded. | |||||||||||||||||||||||||
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 been concluded. Briefing on the Company’s and the retirees’ summary judgment motions will occur soon. If the court denies the motions, a jury trial will be scheduled. | |||||||||||||||||||||||||
For measurement purposes an 7.8% annual rate of increase in the per capita cost of covered health care claims was assumed for the Company for the fiscal year 2014 decreasing gradually to 4.5% for the fiscal year 2028. The health care cost trend rate assumptions have a significant effect on the amounts reported. An increase of one percentage point, would increase the accumulated postretirement benefit by $1.9 million and would increase the service and interest cost by $0.1 million for fiscal 2014. A corresponding decrease of one percentage point, would decrease the accumulated postretirement benefit by $2.1 million and decrease the service and interest cost by $0.1 million for the fiscal year 2014. | |||||||||||||||||||||||||
In October 2012, the Board of Directors of the Company authorized an amendment to the Company's defined benefit retirement plans for U.S., non-bargaining employees. The amendment freezes accruals for all non-bargaining employees within the pension plan effective January 1, 2014. The Company recorded a pre-tax curtailment charge of $1.9 million in fiscal 2013 related to the defined benefit plan change. | |||||||||||||||||||||||||
As discussed in Note 18, the Company reduced its salaried headcount by approximately 10% in fiscal 2012. The termination of the employees associated with this restructuring action, and the related impact on unrecognized prior service costs, unrecognized losses and the projected benefit obligation resulted in a net curtailment loss of $0.7 million in fiscal 2012. | |||||||||||||||||||||||||
In fiscal 2012, as a result of the non-discrimination testing results of the qualified pension plan, approximately 90 employees were moved to the non-qualified pension plan. Benefits accrued prior to July 1, 2012 were unaffected; only benefits accruing for those affected employees after July 1, 2012 are being covered by the non-qualified plan. | |||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||
A Board of Directors appointed Investment Committee (“Committee”) manages the investment of the pension plan assets. The Committee has established and operates under an Investment Policy. It determines the asset allocation and target ranges based upon periodic asset/liability studies and capital market projections. The Committee retains external investment managers to invest the assets. The Investment Policy prohibits certain investment transactions, such as lettered stock, commodity contracts, margin transactions and short selling, unless the Committee gives prior approval. The Company’s pension plan’s current target and asset allocations at June 29, 2014 and June 30, 2013, by asset category are as follows: | |||||||||||||||||||||||||
Plan Assets at Year-end | |||||||||||||||||||||||||
Asset Category | Target % | 2014 | 2013 | ||||||||||||||||||||||
Domestic Equities | 17%-25% | 20% | 22% | ||||||||||||||||||||||
International Equities | 5%-15% | 10% | 10% | ||||||||||||||||||||||
Alternative & Absolute Return | 10%-20% | 16% | 26% | ||||||||||||||||||||||
Fixed Income | 45%-55% | 52% | 39% | ||||||||||||||||||||||
Cash Equivalents | 1% | 2% | 3% | ||||||||||||||||||||||
100% | 100% | ||||||||||||||||||||||||
The plan’s investment strategy is based on an expectation that, over time, equity securities will provide higher total returns than debt securities, but with greater risk. The plan primarily minimizes the risk of large losses through diversification of investments by asset class, by investing in different types of styles within the classes and by using a number of different managers. The Committee monitors the asset allocation and investment performance monthly, with a more comprehensive quarterly review with its consultant. During fiscal 2014, the Committee revised the target asset allocation to shift to more fixed income and less alternative investments as a percentage of total plan assets. This revision to the target asset allocation was made to better match future cash flows from plan assets with the future cash flows of the projected benefit obligation. | |||||||||||||||||||||||||
The plan’s expected return on assets is based on management’s and the Committee’s expectations of long-term average rates of return to be achieved by the plan’s investments. These expectations are based on the plan’s historical returns and expected returns for the asset classes in which the plan is invested. | |||||||||||||||||||||||||
The Company has adopted the fair value provisions for the plan assets of its pension plans. The Company categorizes plan assets within a three level fair value hierarchy, as described in Note 6. | |||||||||||||||||||||||||
Investments stated at fair value as determined by quoted market prices (Level 1) include: | |||||||||||||||||||||||||
Short-Term Investments: Short-Term Investments include cash and money market mutual funds that invest in short-term securities and are valued based on cost, which approximates fair value; | |||||||||||||||||||||||||
Equity Securities: U.S. Common Stocks and International Mutual Funds are valued at the last reported sales price on the last business day of the fiscal year. | |||||||||||||||||||||||||
Investments stated at estimated fair value using significant observable inputs (Level 2) include: | |||||||||||||||||||||||||
Fixed Income Securities: Fixed Income Securities include investments in domestic bond collective trusts that are not traded publicly, but the underlying assets held in these funds are traded on active markets and the prices are readily observable. The investment in the trusts is valued at the last quoted price on the last business day of the fiscal year. Fixed Income Securities also include corporate and government bonds that are valued using a bid evaluation process with data provided by independent pricing sources. | |||||||||||||||||||||||||
Investments stated at estimated fair value using significant unobservable inputs (Level 3) include: | |||||||||||||||||||||||||
Other Investments: Other Investments include investments in limited partnerships and are valued at estimated fair value, as determined with the assistance of each respective limited partnership, based on the net asset value of the investment as of the balance sheet date, which is subject to judgment. | |||||||||||||||||||||||||
The fair value of the major categories of the pension plans’ investments are presented below (in thousands): | |||||||||||||||||||||||||
June 29, 2014 | |||||||||||||||||||||||||
Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Short-Term Investments: | $ | 21,534 | $ | 21,534 | $ | — | $ | — | |||||||||||||||||
Fixed Income Securities: | 542,381 | — | 542,381 | — | |||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||
U.S. common stocks | 204,578 | 204,578 | — | — | |||||||||||||||||||||
International mutual funds | 106,990 | 106,990 | — | — | |||||||||||||||||||||
Other Investments: | |||||||||||||||||||||||||
Venture capital funds | (A) | 82,776 | — | — | 82,776 | ||||||||||||||||||||
Debt funds | (B) | 19,907 | — | — | 19,907 | ||||||||||||||||||||
Real estate funds | (C) | 10,445 | — | — | 10,445 | ||||||||||||||||||||
Private equity funds | (D) | 54,855 | — | — | 54,855 | ||||||||||||||||||||
Fair Value of Plan Assets at End of Year | $ | 1,043,466 | $ | 333,102 | $ | 542,381 | $ | 167,983 | |||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||
Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Short-Term Investments: | $ | 26,714 | $ | 26,714 | $ | — | $ | — | |||||||||||||||||
Fixed Income Securities: | 369,744 | — | 369,744 | — | |||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||
U.S. common stocks | 211,767 | 211,767 | — | — | |||||||||||||||||||||
International mutual funds | 100,392 | 100,392 | — | — | |||||||||||||||||||||
Other Investments: | |||||||||||||||||||||||||
Venture capital funds | (A) | 153,645 | — | — | 153,645 | ||||||||||||||||||||
Debt funds | (B) | 27,299 | — | — | 27,299 | ||||||||||||||||||||
Real estate funds | (C) | 11,506 | — | — | 11,506 | ||||||||||||||||||||
Private equity funds | (D) | 61,566 | — | — | 61,566 | ||||||||||||||||||||
Fair Value of Plan Assets at End of Year | $ | 962,633 | $ | 338,873 | $ | 369,744 | $ | 254,016 | |||||||||||||||||
(A) | This category invests in a combination of public and private securities of companies in financial distress, spin-offs, or new projects focused on technology and manufacturing. | ||||||||||||||||||||||||
(B) | This fund primarily invests in the debt of various entities including corporations and governments in emerging markets, mezzanine financing, or entities that are undergoing, are considered likely to undergo or have undergone a reorganization. | ||||||||||||||||||||||||
(C) | This category invests primarily in real estate related investments, including real estate properties, securities of real estate companies and other companies with significant real estate assets as well as real estate related debt and equity securities. | ||||||||||||||||||||||||
(D) | Primarily represents investments in all sizes of mostly privately held operating companies in the following core industry sectors: healthcare, energy, financial services, technology-media-telecommunications and industrial and consumer. | ||||||||||||||||||||||||
The following tables present the changes in Level 3 investments for the pension plan (in thousands). | |||||||||||||||||||||||||
Changes to Level 3 investments for the year ended June 29, 2014: | |||||||||||||||||||||||||
Category | June 30, 2013 | Purchases, | Realized | June 29, 2014 | |||||||||||||||||||||
Fair Value | Sales, | and | Fair Value (a) | ||||||||||||||||||||||
Issuances, | Unrealized | ||||||||||||||||||||||||
and | Gain | ||||||||||||||||||||||||
Settlements | (Loss) | ||||||||||||||||||||||||
Venture capital funds | $ | 153,645 | $ | (98,738 | ) | $ | 27,869 | $ | 82,776 | ||||||||||||||||
Debt funds | 27,299 | (6,109 | ) | (1,283 | ) | 19,907 | |||||||||||||||||||
Real estate funds | 11,506 | (1,179 | ) | 118 | 10,445 | ||||||||||||||||||||
Private equity funds | 61,566 | (8,821 | ) | 2,110 | 54,855 | ||||||||||||||||||||
$ | 254,016 | $ | (114,847 | ) | $ | 28,814 | $ | 167,983 | |||||||||||||||||
Changes to Level 3 investments for the year ended June 30, 2013: | |||||||||||||||||||||||||
Category | 30-Jun-12 | Purchases, | Realized | June 30, 2013 | |||||||||||||||||||||
Fair Value | Sales, | and | Fair Value (a) | ||||||||||||||||||||||
Issuances, | Unrealized | ||||||||||||||||||||||||
and | Gain | ||||||||||||||||||||||||
Settlements | (Loss) | ||||||||||||||||||||||||
Venture capital funds | $ | 152,093 | $ | (16,360 | ) | $ | 17,912 | $ | 153,645 | ||||||||||||||||
Debt funds | 36,211 | (7,258 | ) | (1,654 | ) | 27,299 | |||||||||||||||||||
Real estate funds | 13,888 | (3,272 | ) | 890 | 11,506 | ||||||||||||||||||||
Private equity funds | 71,185 | (10,094 | ) | 475 | 61,566 | ||||||||||||||||||||
Global balanced funds | 23,178 | (20,000 | ) | (3,178 | ) | — | |||||||||||||||||||
$ | 296,555 | $ | (56,984 | ) | $ | 14,445 | $ | 254,016 | |||||||||||||||||
(a) There were no transfers in or out of Level 3 during the years ended June 29, 2014 or June 30, 2013. | |||||||||||||||||||||||||
Contributions | |||||||||||||||||||||||||
On July 6, 2012, the Moving Ahead for Progress in the 21st Century Act (MAP-21 Act) was signed into law. The MAP-21 Act included certain pension-related provisions which included changes to the methodology used to determine discount rates for ERISA funding purposes for qualified defined benefit pension plans. Based on historical interest rates, the MAP-21 Act allows plan sponsors to utilize a higher discount rate to value pension liabilities, which results in lower required pension plan contributions under ERISA. During fiscal 2014, the Company made no cash contributions to the qualified pension plan. Based upon current regulations and actuarial studies the Company is required to make no minimum contributions to the qualified pension plan in fiscal 2015. The Company may be required to make further contributions in future years depending on the actual return on plan assets and the funded status of the plan in future periods. | |||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||
Projected benefit payments from the plans as of June 29, 2014 are estimated as follows (in thousands): | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
Year Ending | Qualified | Non-Qualified | Retiree | Retiree Life | |||||||||||||||||||||
Medical | |||||||||||||||||||||||||
2015 | $ | 75,150 | $ | 3,152 | $ | 12,280 | $ | 1,418 | |||||||||||||||||
2016 | 75,183 | 3,195 | 11,408 | 1,443 | |||||||||||||||||||||
2017 | 75,352 | 3,234 | 9,468 | 1,465 | |||||||||||||||||||||
2018 | 75,333 | 3,259 | 8,811 | 1,484 | |||||||||||||||||||||
2019 | 75,550 | 3,410 | 7,137 | 1,500 | |||||||||||||||||||||
2020-2024 | 370,510 | 17,749 | 21,822 | 7,601 | |||||||||||||||||||||
Defined Contribution Plans | |||||||||||||||||||||||||
Employees of the Company may participate in a defined contribution savings plan that allows participants to contribute a portion of their earnings in accordance with plan specifications. Prior to January 1, 2014, a maximum of 1.5% to 3.5% of each participant’s salary, depending upon the participant’s group, was matched by the Company. Additionally, certain employees may have received Company nonelective contributions equal to 2.0% of the employee’s salary. | |||||||||||||||||||||||||
Simultaneously with the aforementioned amendments to freeze the Company's defined benefit retirement plans for U.S., non-bargaining employees, effective January 1, 2014, amendments were also made to increase benefits under the defined contribution plans effective January 1, 2014. These amendments increased the Company's maximum matching contribution from 3.5% to 4.0% of pay and offer all domestic non-bargaining employees a Company non-elective contribution of 3.0% of the employee's pay. | |||||||||||||||||||||||||
The Company contributions totaled $10.8 million in 2014, $7.9 million in 2013 and $8.3 million in 2012. | |||||||||||||||||||||||||
Postemployment Benefits | |||||||||||||||||||||||||
The Company accrues the expected cost of postemployment benefits over the years that the employees render service. These benefits apply only to employees who become disabled while actively employed, or who terminate with at least thirty years of service and retire prior to age sixty-five. The items include disability payments, life insurance and medical benefits. These amounts were discounted using a 3.95% interest rate for fiscal 2014 and 4.40% interest rate for fiscal 2013. Amounts are included in Accrued Employee Benefits in the Consolidated Balance Sheets. |
Restructuring_Actions
Restructuring Actions | 12 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Restructuring Actions [Abstract] | ' | ||||||||||||
Restructuring Actions [Text Block] | ' | ||||||||||||
Restructuring Actions: | |||||||||||||
In fiscal 2012, the Company announced plans to reduce manufacturing capacity through closure of its Newbern, Tennessee and Ostrava, Czech Republic plants, as well as the consolidation of its plants in Poplar Bluff, Missouri and Auburn, Alabama. During fiscal 2012, the Company ceased manufacturing operations at its Newbern, Tennessee and Ostrava, Czech Republic plants, and carried out the consolidation of the Poplar Bluff, Missouri plant. Production of horizontal shaft engines was concluded at the Auburn, Alabama plant during the second quarter of fiscal 2014. The Company also announced in fiscal 2012 the reduction of approximately 10% of the Company's salaried headcount. In fiscal 2012 and fiscal 2013, the Company implemented the salaried headcount reductions. Additionally, beginning in fiscal 2013, the Company exited the placement of lawn and garden products at national mass retailers. The Engines segment continues to support lawn and garden equipment OEMs who provide lawn and garden equipment to these retailers. Workforce reductions associated with the Company's restructuring initiatives impacted approximately 1,250 regular and temporary employees globally. | |||||||||||||
In October 2012, the Board of Directors of the Company authorized an amendment to the Company's defined benefit retirement plans for U.S., non-bargaining employees. The amendment froze accruals for all non-bargaining employees effective January 1, 2014. The Company recorded a pre-tax curtailment charge of $1.9 million in fiscal 2013 related to the defined benefit plan change. | |||||||||||||
In the first quarter of fiscal 2013, the Company completed the sale of its dormant manufacturing facility in Jefferson, Wisconsin and a land parcel adjacent to its Ostrava, Czech Republic plant. In the fourth quarter of fiscal 2013, the Company completed the sale of the Ostrava, Czech Republic facility. | |||||||||||||
Subsequent to fiscal 2014, the Company announced several new actions to be taken to execute the Company's strategy. Beginning in the 2016 lawn & garden season, the Company will narrow its assortment of lower-priced Snapper consumer lawn and garden equipment and consolidate its Products manufacturing facilities in order to further reduce costs. The Company will continue 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 will close its McDonough, Georgia location and consolidate production into existing facilities in Wisconsin and New York. Production of pressure washers, snow throwers and lawn tractors will move to its Wauwatosa, Wisconsin manufacturing facility, and production of zero-turn lawnmowers will be moved to its Munnsville, New York facility. Production is estimated to be completed in McDonough and transitioned to the other facilities during the first quarter of calendar 2015. These changes will affect approximately 475 employees during fiscal 2015. The Company's dealer product offerings under the Snapper Pro, Simplicity and Ferris brands as well as sales of Snapper and Murray branded lawn and garden products at Walmart are unaffected by these 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 on the Condensed Consolidated Statements of Operations. | |||||||||||||
The Company recorded pre-tax charges of $6.5 million ($5.2 million after tax or $0.03 per diluted share) and $22.2 million ($15.5 million after tax or $0.33 per diluted share) during fiscal 2014 and 2013, respectively, related to the restructuring actions. The Engines segment recorded $3.5 million and $12.4 million of pre-tax restructuring charges during fiscal 2014 and 2013, respectively. The Products segment recorded $3.0 million and $9.8 million of pre-tax restructuring charges during fiscal 2014 and 2013, respectively. | |||||||||||||
The following is a rollforward of the restructuring reserve (included in Accrued Liabilities within the Consolidated Condensed Balance Sheets) attributable to all Engines segment restructuring activities for fiscal 2014 (in thousands): | |||||||||||||
Engines Segment | Termination Benefits | Other Costs | Total | ||||||||||
Reserve Balance at June 30, 2013 | $ | 99 | $ | 2,575 | $ | 2,674 | |||||||
Provisions | 348 | 3,176 | 3,524 | ||||||||||
Cash Expenditures | (447 | ) | (3,525 | ) | (3,972 | ) | |||||||
Other Adjustments (1) | — | (2,226 | ) | (2,226 | ) | ||||||||
Reserve Balance at June 29, 2014 | $ | — | $ | — | $ | — | |||||||
(1) Other adjustments includes $0.5 million of accelerated depreciation and $1.7 million of asset impairments. | |||||||||||||
The following is a rollforward of the restructuring reserve (included in Accrued Liabilities within the Consolidated Condensed Balance Sheets) attributable to all Products Segment restructuring activities for fiscal 2014 (in thousands): | |||||||||||||
Products Segment | Termination Benefits | Other Costs | Total | ||||||||||
Reserve Balance at June 30, 2013 | $ | 94 | $ | 45 | $ | 139 | |||||||
Provisions | 256 | 2,759 | 3,015 | ||||||||||
Cash Expenditures | (350 | ) | (649 | ) | (999 | ) | |||||||
Other Adjustments (2) | — | (2,050 | ) | (2,050 | ) | ||||||||
Reserve Balance at June 29, 2014 | $ | — | $ | 105 | $ | 105 | |||||||
(2) Other adjustments includes $1.3 million of asset impairments and $0.7 million of other costs including transition costs and foreign currency translation. |
Equity
Equity | 12 Months Ended |
Jun. 29, 2014 | |
Equity [Abstract] | ' |
Stockholders' Equity Note Disclosure | ' |
Equity: | |
Share Repurchases | |
In August 2011, the Board of Directors of the Company authorized up to $50 million in funds for use in a common share repurchase program with an expiration of June 30, 2013. In August 2012, the Board of Directors authorized an additional $50 million in funds associated with the common share repurchase program and an extension of the expiration date to June 30, 2014. On January 22, 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 extension of the expiration date to June 30, 2016. 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. Share repurchases, among other things, allow the Company to offset any potentially dilutive impacts of share-based compensation. 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. In fiscal 2014, the Company repurchased 2,100,499 shares on the open market at a total cost of $43.0 million, or $20.49 per share. There were 1,546,686 shares repurchased in fiscal 2013 at a total cost of $30.4 million, or $19.63 per share. |
Separate_Financial_Information
Separate Financial Information of Subsidiary Guarantors of Indebtedness | 12 Months Ended | ||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||
Separate Financial Information Of Subsidiary Guarantors Of Indebtedness | ' | ||||||||||||||||||||
Separate Financial Information of Subsidiary Guarantors of Indebtedness | ' | ||||||||||||||||||||
Separate Financial Information of Subsidiary Guarantors 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, is the joint and several guarantor of the Domestic Indebtedness (the “Guarantor”). The guarantees are full and unconditional guarantees. 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): | |||||||||||||||||||||
29-Jun-14 | Maximum | ||||||||||||||||||||
Carrying | Guarantee | ||||||||||||||||||||
Amount | |||||||||||||||||||||
6.875% Senior Notes | $ | 225,000 | $ | 225,000 | |||||||||||||||||
Multicurrency Credit Agreement | $ | — | $ | 500,000 | |||||||||||||||||
The following condensed supplemental consolidating financial information reflects the summarized financial information of Briggs & Stratton, its Guarantors and Non-Guarantor Subsidiaries (in thousands): | |||||||||||||||||||||
CONSOLIDATING BALANCE SHEET: | Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
As of June 29, 2014 | Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and Cash Equivalents | $ | 138,926 | $ | 2,680 | $ | 53,062 | $ | — | $ | 194,668 | |||||||||||
Accounts Receivable, Net | 86,099 | 100,062 | 34,429 | — | 220,590 | ||||||||||||||||
Intercompany Accounts Receivable | 15,987 | 3,492 | 32,826 | (52,305 | ) | — | |||||||||||||||
Inventories, Net | 165,159 | 146,749 | 64,195 | — | 376,103 | ||||||||||||||||
Deferred Tax Asset | 33,343 | 13,904 | 1,711 | — | 48,958 | ||||||||||||||||
Prepaid Expenses and Other | 17,436 | 3,508 | 9,072 | 30,016 | |||||||||||||||||
Total Current Assets | $ | 456,950 | $ | 270,395 | $ | 195,295 | $ | (52,305 | ) | $ | 870,335 | ||||||||||
OTHER ASSETS: | |||||||||||||||||||||
Goodwill | $ | 128,300 | $ | — | $ | 16,222 | $ | — | $ | 144,522 | |||||||||||
Investments | 27,137 | — | — | — | 27,137 | ||||||||||||||||
Investments in Subsidiaries | 470,391 | — | — | (470,391 | ) | — | |||||||||||||||
Intercompany Note Receivable | 49,293 | 84,567 | 13,876 | (147,736 | ) | — | |||||||||||||||
Debt Issuance Costs, Net | 4,671 | — | — | — | 4,671 | ||||||||||||||||
Other Intangible Assets, Net | — | 55,909 | 24,408 | — | 80,317 | ||||||||||||||||
Long-Term Deferred Tax Asset | 32,507 | — | 677 | (18,006 | ) | 15,178 | |||||||||||||||
Other Long-Term Assets, Net | 7,120 | 2,088 | 1,331 | — | 10,539 | ||||||||||||||||
Total Other Assets | $ | 719,419 | $ | 142,564 | $ | 56,514 | $ | (636,133 | ) | $ | 282,364 | ||||||||||
PLANT AND EQUIPMENT, NET | 241,166 | 39,863 | 15,978 | — | 297,007 | ||||||||||||||||
TOTAL ASSETS | $ | 1,417,535 | $ | 452,822 | $ | 267,787 | $ | (688,438 | ) | $ | 1,449,706 | ||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Accounts Payable | 105,532 | 45,171 | 18,568 | — | 169,271 | ||||||||||||||||
Intercompany Accounts Payable | 21,859 | 6,002 | 24,444 | (52,305 | ) | — | |||||||||||||||
Accrued Liabilities | 85,735 | 31,863 | 16,318 | — | 133,916 | ||||||||||||||||
Total Current Liabilities | $ | 213,126 | $ | 83,036 | $ | 59,330 | $ | (52,305 | ) | $ | 303,187 | ||||||||||
OTHER LIABILITIES: | |||||||||||||||||||||
Accrued Pension Cost | 125,481 | 421 | 627 | — | 126,529 | ||||||||||||||||
Accrued Employee Benefits | 24,491 | — | — | — | 24,491 | ||||||||||||||||
Accrued Postretirement Health Care Obligation | 44,928 | 14,362 | — | — | 59,290 | ||||||||||||||||
Accrued Warranty | 9,300 | 8,378 | — | — | 17,678 | ||||||||||||||||
Intercompany Note Payable | 85,343 | — | 62,393 | (147,736 | ) | — | |||||||||||||||
Deferred Tax Liabilities | 18,006 | — | (18,006 | ) | — | ||||||||||||||||
Other Long-Term Liabilities | 17,432 | 2,659 | 1,006 | — | 21,097 | ||||||||||||||||
Long-Term Debt | 225,000 | — | — | — | 225,000 | ||||||||||||||||
Total Other Liabilities | $ | 531,975 | $ | 43,826 | $ | 64,026 | $ | (165,742 | ) | $ | 474,085 | ||||||||||
TOTAL SHAREHOLDERS’ INVESTMENT: | 672,434 | 325,960 | 144,431 | (470,391 | ) | 672,434 | |||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT | $ | 1,417,535 | $ | 452,822 | $ | 267,787 | $ | (688,438 | ) | $ | 1,449,706 | ||||||||||
CONSOLIDATING BALANCE SHEET: | Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
As of June 30, 2013 | Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and Cash Equivalents | $ | 162,628 | $ | 1,275 | $ | 24,542 | $ | — | $ | 188,445 | |||||||||||
Accounts Receivable, Net | 80,017 | 80,531 | 30,252 | — | 190,800 | ||||||||||||||||
Intercompany Accounts Receivable | 11,987 | 5,971 | 46,366 | (64,324 | ) | — | |||||||||||||||
Inventories, Net | 165,600 | 175,523 | 66,972 | — | 408,095 | ||||||||||||||||
Deferred Tax Asset | 32,543 | 13,923 | 1,068 | — | 47,534 | ||||||||||||||||
Prepaid Expenses and Other | 15,194 | 1,967 | 6,946 | — | 24,107 | ||||||||||||||||
Total Current Assets | $ | 467,969 | $ | 279,190 | $ | 176,146 | $ | (64,324 | ) | $ | 858,981 | ||||||||||
OTHER ASSETS: | |||||||||||||||||||||
Goodwill | $ | 128,300 | $ | — | $ | 19,052 | $ | — | $ | 147,352 | |||||||||||
Investments | 19,764 | — | — | — | 19,764 | ||||||||||||||||
Investments in Subsidiaries | 520,604 | — | — | (520,604 | ) | — | |||||||||||||||
Intercompany Note Receivable | 45,747 | 81,844 | 14,486 | (142,077 | ) | — | |||||||||||||||
Debt Issuance Costs, Net | 4,710 | — | — | — | 4,710 | ||||||||||||||||
Other Intangible Assets, Net | — | 62,612 | 25,368 | — | 87,980 | ||||||||||||||||
Long-Term Deferred Tax Asset | 48,694 | — | 83 | (21,233 | ) | 27,544 | |||||||||||||||
Other Long-Term Assets, Net | 9,810 | 2,957 | 1,258 | — | 14,025 | ||||||||||||||||
Total Other Assets | $ | 777,629 | $ | 147,413 | $ | 60,247 | $ | (683,914 | ) | $ | 301,375 | ||||||||||
PLANT AND EQUIPMENT, NET | 224,002 | 45,475 | 17,718 | — | 287,195 | ||||||||||||||||
TOTAL ASSETS | $ | 1,469,600 | $ | 472,078 | $ | 254,111 | $ | (748,238 | ) | $ | 1,447,551 | ||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Accounts Payable | 91,965 | 37,112 | 14,112 | — | 143,189 | ||||||||||||||||
Intercompany Accounts Payable | 38,078 | 5,197 | 21,049 | (64,324 | ) | — | |||||||||||||||
Short-Term Debt | — | — | 300 | — | 300 | ||||||||||||||||
Accrued Liabilities | 111,146 | 7,452 | 12,668 | — | 131,266 | ||||||||||||||||
Total Current Liabilities | $ | 241,189 | $ | 49,761 | $ | 48,129 | $ | (64,324 | ) | $ | 274,755 | ||||||||||
OTHER LIABILITIES: | |||||||||||||||||||||
Accrued Pension Cost | 149,614 | 472 | 45 | — | 150,131 | ||||||||||||||||
Accrued Employee Benefits | 23,458 | — | — | — | 23,458 | ||||||||||||||||
Accrued Postretirement Health Care Obligation | 57,298 | 15,397 | — | — | 72,695 | ||||||||||||||||
Accrued Warranty | 9,400 | 9,471 | — | — | 18,871 | ||||||||||||||||
Intercompany Note Payable | 85,095 | 56,982 | (142,077 | ) | — | ||||||||||||||||
Deferred Tax Liabilities | — | 21,233 | — | (21,233 | ) | — | |||||||||||||||
Other Long-Term Liabilities | 10,608 | 3,070 | 1,025 | — | 14,703 | ||||||||||||||||
Long-Term Debt | 225,000 | — | — | 225,000 | |||||||||||||||||
Total Other Liabilities | $ | 560,473 | $ | 49,643 | $ | 58,052 | $ | (163,310 | ) | $ | 504,858 | ||||||||||
TOTAL SHAREHOLDERS’ INVESTMENT: | 667,938 | 372,674 | 147,930 | (520,604 | ) | 667,938 | |||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT | $ | 1,469,600 | $ | 472,078 | $ | 254,111 | $ | (748,238 | ) | $ | 1,447,551 | ||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
For the Fiscal Year Ended June 29, 2014 | Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||
Net Sales | $ | 1,156,394 | $ | 599,013 | $ | 304,160 | $ | (200,507 | ) | $ | 1,859,060 | ||||||||||
Cost of Goods Sold | 928,557 | 544,313 | 234,073 | (200,507 | ) | 1,506,436 | |||||||||||||||
Restructuring Charges | 3,830 | 228 | 1,783 | — | 5,841 | ||||||||||||||||
Gross Profit | 224,007 | 54,472 | 68,304 | — | 346,783 | ||||||||||||||||
Engineering, Selling, General and Administrative Expenses | 163,594 | 76,021 | 51,752 | — | 291,367 | ||||||||||||||||
Restructuring Charges | 77 | 67 | 554 | — | 698 | ||||||||||||||||
Goodwill and Tradename Impairment | — | 5,500 | 2,960 | — | 8,460 | ||||||||||||||||
Equity in Loss from Subsidiaries | 5,622 | — | — | (5,622 | ) | — | |||||||||||||||
Income (Loss) from Operations | 54,714 | (27,116 | ) | 13,038 | 5,622 | 46,258 | |||||||||||||||
Interest Expense | (18,431 | ) | (6 | ) | (29 | ) | — | (18,466 | ) | ||||||||||||
Other Income, Net | 8,251 | 152 | 939 | — | 9,342 | ||||||||||||||||
Income (Loss) Before Provision for Income Taxes | 44,534 | (26,970 | ) | 13,948 | 5,622 | 37,134 | |||||||||||||||
Provision (Credit) for Income Taxes | 16,187 | (9,889 | ) | 2,489 | — | 8,787 | |||||||||||||||
Net Income (Loss) | $ | 28,347 | $ | (17,081 | ) | $ | 11,459 | $ | 5,622 | $ | 28,347 | ||||||||||
Comprehensive Income (Loss) | $ | 58,018 | $ | (16,836 | ) | $ | 12,832 | $ | 4,004 | $ | 58,018 | ||||||||||
For the Fiscal Year Ended June 30, 2013 | |||||||||||||||||||||
Net Sales | $ | 1,126,562 | $ | 695,137 | $ | 277,516 | $ | (236,717 | ) | $ | 1,862,498 | ||||||||||
Cost of Goods Sold | 916,859 | 626,266 | 208,189 | (236,717 | ) | 1,514,597 | |||||||||||||||
Restructuring Charges | 9,614 | 8,618 | 529 | — | 18,761 | ||||||||||||||||
Gross Profit | 200,089 | 60,253 | 68,798 | — | 329,140 | ||||||||||||||||
Engineering, Selling, General and Administrative Expenses | 161,465 | 71,434 | 43,289 | — | 276,188 | ||||||||||||||||
Restructuring Charges | 3,435 | — | — | — | 3,435 | ||||||||||||||||
Goodwill Impairment | — | 83,314 | 6,766 | — | 90,080 | ||||||||||||||||
Equity in Loss from Subsidiaries | 45,191 | — | — | (45,191 | ) | — | |||||||||||||||
Income (Loss) from Operations | (10,002 | ) | (94,495 | ) | 18,743 | 45,191 | (40,563 | ) | |||||||||||||
Interest Expense | (18,369 | ) | (3 | ) | (147 | ) | — | (18,519 | ) | ||||||||||||
Other Income, Net | 6,225 | 286 | 430 | — | 6,941 | ||||||||||||||||
Income (Loss) Before Provision for Income Taxes | (22,146 | ) | (94,212 | ) | 19,026 | 45,191 | (52,141 | ) | |||||||||||||
Provision (Credit) for Income Taxes | 11,511 | (30,902 | ) | 907 | — | (18,484 | ) | ||||||||||||||
Net Income (Loss) | $ | (33,657 | ) | $ | (63,310 | ) | $ | 18,119 | $ | 45,191 | $ | (33,657 | ) | ||||||||
Comprehensive Income (Loss) | $ | 64,119 | $ | (62,068 | ) | $ | 16,779 | $ | 45,289 | $ | 64,119 | ||||||||||
For the Fiscal Year Ended July 1, 2012 | |||||||||||||||||||||
Net Sales | $ | 1,235,805 | $ | 835,011 | $ | 321,216 | $ | (325,499 | ) | $ | 2,066,533 | ||||||||||
Cost of Goods Sold | 1,007,493 | 744,103 | 258,951 | (325,499 | ) | 1,685,048 | |||||||||||||||
Restructuring Charges | 4,235 | 28,790 | 11,735 | — | 44,760 | ||||||||||||||||
Gross Profit | 224,077 | 62,118 | 50,530 | — | 336,725 | ||||||||||||||||
Engineering, Selling, General and Administrative Expenses | 167,133 | 80,915 | 42,333 | — | 290,381 | ||||||||||||||||
Restructuring Charges | 4,001 | 1,106 | — | — | 5,107 | ||||||||||||||||
Equity in Loss from Subsidiaries | 5,881 | — | — | (5,881 | ) | — | |||||||||||||||
Income (Loss) from Operations | 47,062 | (19,903 | ) | 8,197 | 5,881 | 41,237 | |||||||||||||||
Interest Expense | (18,347 | ) | (33 | ) | (162 | ) | — | (18,542 | ) | ||||||||||||
Other Income, Net | 4,830 | 207 | 2,141 | — | 7,178 | ||||||||||||||||
Income (Loss) Before Provision for Income Taxes | 33,545 | (19,729 | ) | 10,176 | 5,881 | 29,873 | |||||||||||||||
Provision (Credit) for Income Taxes | 4,539 | (8,897 | ) | 5,225 | — | 867 | |||||||||||||||
Net Income (Loss) | $ | 29,006 | $ | (10,832 | ) | $ | 4,951 | $ | 5,881 | $ | 29,006 | ||||||||||
Comprehensive Income (Loss) | $ | (50,200 | ) | $ | (12,062 | ) | $ | (2,529 | ) | $ | 14,591 | $ | (50,200 | ) | |||||||
CONSOLIDATING STATEMENT | Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
OF CASH FLOWS: | Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||
For the Fiscal Year Ended June 29, 2014 | |||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 77,161 | $ | 6,816 | $ | 43,102 | $ | — | $ | 127,079 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Additions to Plant and Equipment | (55,775 | ) | (2,718 | ) | (1,878 | ) | — | (60,371 | ) | ||||||||||||
Proceeds Received on Disposition of Plant and Equipment | 170 | 33 | 425 | — | 628 | ||||||||||||||||
Cash Investment in Subsidiary | 13,307 | — | (13,307 | ) | — | — | |||||||||||||||
Net Cash Used in Investing Activities | (42,298 | ) | (2,685 | ) | (14,760 | ) | — | (59,743 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt | 2,726 | (2,726 | ) | (300 | ) | — | (300 | ) | |||||||||||||
Debt Issuance Costs | (949 | ) | — | — | — | (949 | ) | ||||||||||||||
Cash Dividends Paid | (22,697 | ) | — | — | — | (22,697 | ) | ||||||||||||||
Stock Option Exercise Proceeds and Tax Benefits | 5,402 | — | — | — | 5,402 | ||||||||||||||||
Treasury Stock Repurchases | (43,047 | ) | — | — | — | (43,047 | ) | ||||||||||||||
Net Cash Provided by (Used in) Financing Activities | (58,565 | ) | (2,726 | ) | (300 | ) | — | (61,591 | ) | ||||||||||||
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | 478 | — | 478 | ||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (23,702 | ) | 1,405 | 28,520 | — | 6,223 | |||||||||||||||
Cash and Cash Equivalents, Beginning of Year | 162,628 | 1,275 | 24,542 | — | 188,445 | ||||||||||||||||
Cash and Cash Equivalents, End of Year | $ | 138,926 | $ | 2,680 | $ | 53,062 | $ | — | $ | 194,668 | |||||||||||
CONSOLIDATING STATEMENT | Briggs & Stratton Corporation | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
OF CASH FLOWS: | Subsidiaries | Subsidiaries | |||||||||||||||||||
For the Fiscal Year Ended June 30, 2013 | |||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 69,746 | $ | 40,812 | $ | 50,255 | $ | — | $ | 160,813 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Additions to Plant and Equipment | (36,306 | ) | (6,120 | ) | (2,452 | ) | — | (44,878 | ) | ||||||||||||
Cash Paid for Acquisition, Net of Cash Acquired | — | — | (59,627 | ) | — | (59,627 | ) | ||||||||||||||
Proceeds Received on Disposition of Plant and Equipment | 70 | 6,068 | 6,354 | — | 12,492 | ||||||||||||||||
Cash Investment in Subsidiary | (15,194 | ) | — | 15,194 | — | — | |||||||||||||||
Net Cash Used in Investing Activities | (51,430 | ) | (52 | ) | (40,531 | ) | — | (92,013 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt | 44,860 | (44,860 | ) | (2,700 | ) | — | (2,700 | ) | |||||||||||||
Cash Dividends Paid | (23,285 | ) | — | — | — | (23,285 | ) | ||||||||||||||
Stock Option Exercise Proceeds and Tax Benefits | 19,988 | — | — | — | 19,988 | ||||||||||||||||
Treasury Stock Repurchases | (30,359 | ) | — | — | — | (30,359 | ) | ||||||||||||||
Net Cash Provided by (Used in) Financing Activities | 11,204 | (44,860 | ) | (2,700 | ) | — | (36,356 | ) | |||||||||||||
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (74 | ) | — | (74 | ) | ||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 29,520 | (4,100 | ) | 6,950 | — | 32,370 | |||||||||||||||
Cash and Cash Equivalents, Beginning of Year | 133,108 | 5,375 | 17,592 | — | 156,075 | ||||||||||||||||
Cash and Cash Equivalents, End of Year | $ | 162,628 | $ | 1,275 | $ | 24,542 | $ | — | $ | 188,445 | |||||||||||
CONSOLIDATING STATEMENT | Briggs & Stratton Corporation | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
OF CASH FLOWS: | Subsidiaries | Subsidiaries | |||||||||||||||||||
For the Fiscal Year Ended July 1, 2012 | |||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net Cash Provided by (Used in)Operating Activities | $ | 82,114 | $ | 2,879 | $ | (19,032 | ) | $ | — | $ | 65,961 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Additions to Plant and Equipment | (40,456 | ) | (6,588 | ) | (2,529 | ) | — | (49,573 | ) | ||||||||||||
Cash Paid for Acquisition, Net of Cash Received | — | — | (2,673 | ) | — | (2,673 | ) | ||||||||||||||
Proceeds Received on Disposition of Plant and Equipment | 141 | 1,278 | 38 | — | 1,457 | ||||||||||||||||
Cash Investment in Subsidiary | 2,141 | — | (2,141 | ) | — | — | |||||||||||||||
Net Cash Used in Investing Activities | (38,174 | ) | (5,310 | ) | (7,305 | ) | — | (50,789 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Net Borrowings on Loans, Notes Payable and Long-Term Debt | (6,434 | ) | 6,434 | — | — | — | |||||||||||||||
Debt Issuance Costs | (2,007 | ) | — | — | — | (2,007 | ) | ||||||||||||||
Cash Dividends Paid | (22,011 | ) | — | — | — | (22,011 | ) | ||||||||||||||
Stock Option Exercise Proceeds and Tax Benefits | 235 | — | — | — | 235 | ||||||||||||||||
Treasury Stock Repurchases | (39,287 | ) | — | — | — | (39,287 | ) | ||||||||||||||
Net Cash Provided by (Used in) Financing Activities | (69,504 | ) | 6,434 | — | — | (63,070 | ) | ||||||||||||||
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (5,666 | ) | — | (5,666 | ) | ||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (25,564 | ) | 4,003 | (32,003 | ) | — | (53,564 | ) | |||||||||||||
Cash and Cash Equivalents, Beginning of Year | 158,672 | 1,372 | 49,595 | — | 209,639 | ||||||||||||||||
Cash and Cash Equivalents, End of Year | $ | 133,108 | $ | 5,375 | $ | 17,592 | $ | — | $ | 156,075 | |||||||||||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||
Schedule of Valuation and Qualifying Accounts | ' | ||||||||
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES | |||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | |||||||||
FOR FISCAL YEARS ENDED JUNE 29, 2014, JUNE 30, 2013 AND JULY 1, 2012 | |||||||||
Reserve for | Balance | Additions | Charges to | Balance | |||||
Doubtful Accounts | Beginning | Charged | Reserve, Net | End of | |||||
Receivable | of Year | to Earnings | Year | ||||||
2014 | $6,501,000 | 1,321,000 | -1,470,000 | $6,352,000 | |||||
2013 | $5,780,000 | 1,881,000 | -1,160,000 | $6,501,000 | |||||
2012 | $4,971,000 | 3,608,000 | -2,799,000 | $5,780,000 | |||||
Deferred Tax | Balance | Allowance | Allowance | Balance | |||||
Assets Valuation | Beginning | Established for | Reversed for | End of | |||||
Allowance | of Year | Net Operating | Loss Carryforwards | Year | |||||
and Other Loss | Utilized and | ||||||||
Carryforwards | Other Adjustments | ||||||||
2014 | $12,725,000 | 2,516,000 | — | $15,241,000 | |||||
2013 | $12,025,000 | 9,210,000 | -8,510,000 | $12,725,000 | |||||
2012 | $7,259,000 | 5,430,000 | -664,000 | $12,025,000 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policy) | 12 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Fiscal Year | ' | ||||||||||||
Fiscal Year: The Company’s fiscal year consists of 52 or 53 weeks, ending on the Sunday nearest the last day of June in each year. The 2014, 2013 and 2012 fiscal years were each 52 weeks long. All references to years relate to fiscal years rather than calendar years. | |||||||||||||
Principles of Consolidation | ' | ||||||||||||
Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its majority owned domestic and foreign subsidiaries after elimination of intercompany accounts and transactions. Investments in companies for which we have significant influence are accounted for by the equity method. | |||||||||||||
Accounting Estimates | ' | ||||||||||||
Accounting Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents: This caption includes cash, commercial paper and certificates of deposit. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |||||||||||||
Receivables | ' | ||||||||||||
Receivables: Receivables are recorded at their original carrying value less reserves for estimated uncollectible accounts. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories: Inventories are stated at cost, which does not exceed market. The last-in, first-out (LIFO) method was used for determining the cost of approximately 51% of total inventories at June 29, 2014 and 48% at June 30, 2013. The cost for the remaining inventories was determined using the first-in, first-out (FIFO) method. If the FIFO inventory valuation method had been used exclusively, inventories would have been $64.5 million and $62.1 million higher in fiscal 2014 and 2013, respectively. The LIFO inventory adjustment was determined on an overall basis, and accordingly, each class of inventory reflects an allocation based on the FIFO amounts. | |||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||
Goodwill and Other Intangible Assets: Goodwill reflects the cost of acquisitions in excess of the fair values assigned to identifiable net assets acquired. Goodwill is assigned to reporting units based upon the expected benefit of the synergies of the acquisition. The reporting units are Engines and Products. Other Intangible Assets reflect identifiable intangible assets that arose from purchase acquisitions. Other Intangible Assets are comprised of tradenames, patents and customer relationships. Goodwill and tradenames, which are considered to have indefinite lives, are not amortized; however, both must be tested for impairment at least annually. Amortization is recorded on a straight-line basis for other intangible assets with finite lives. Patents have been assigned an estimated weighted average useful life of 13 years. The customer relationships have been assigned an estimated useful life of 14 to 25 years. The Company is subject to financial statement risk in the event that goodwill and intangible assets become impaired. | |||||||||||||
The Company performed the required impairment tests in fiscal 2014, 2013 and 2012. The Company recorded non-cash goodwill impairment charges and non-cash intangible asset impairment charges in fiscal 2014 and 2013. There were no goodwill impairment charges or intangible asset impairment charges recorded in fiscal 2012. Refer to Note 7 for a discussion of the non-cash goodwill impairment charges and the non-cash intangible asset impairment charges recorded in fiscal 2014 and 2013. | |||||||||||||
Investments | ' | ||||||||||||
Investments: This caption represents the Company’s investments in unconsolidated affiliated companies. Combined financial information of the unconsolidated affiliated companies accounted for by the equity method, generally on a lag of 3 months or less, was as follows (in thousands): | |||||||||||||
Results of operations of unconsolidated affiliated companies for the fiscal year (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Results of Operations: | |||||||||||||
Sales | $ | 143,007 | $ | 113,452 | $ | 129,063 | |||||||
Cost of Goods Sold | 116,158 | 92,844 | 103,254 | ||||||||||
Gross Profit | $ | 26,849 | $ | 20,608 | $ | 25,809 | |||||||
Net Income | $ | 13,653 | $ | 8,057 | $ | 9,751 | |||||||
Balance sheets of unconsolidated affiliated companies as of fiscal year-end (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Financial Position: | |||||||||||||
Assets: | |||||||||||||
Current Assets | $ | 76,811 | $ | 45,355 | |||||||||
Noncurrent Assets | 28,106 | 15,527 | |||||||||||
104,917 | 60,882 | ||||||||||||
Liabilities: | |||||||||||||
Current Liabilities | $ | 22,990 | $ | 12,989 | |||||||||
Noncurrent Liabilities | 1,779 | 2,900 | |||||||||||
24,769 | 15,889 | ||||||||||||
Equity | $ | 80,148 | $ | 44,993 | |||||||||
Net sales to equity method investees were approximately $18.7 million, $1.0 million and $1.8 million in 2014, 2013 and 2012, respectively. Purchases of finished products from equity method investees were approximately $102.4 million, $107.0 million and $119.6 million in 2014, 2013 and 2012, respectively. | |||||||||||||
During the third quarter of fiscal 2014, the Company joined with one of its independent distributors to form a 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. The Company uses the equity method to account for this investment. Subsequent to fiscal 2014, a second independent distributor joined the venture. | |||||||||||||
Debt Issuance Costs | ' | ||||||||||||
Debt Issuance Costs: Direct and incremental costs incurred in obtaining loans or in connection with the issuance of long-term debt are capitalized and amortized to interest expense over the terms of the related credit agreements. Approximately $1.0 million, $1.0 million and $1.2 million of debt issuance costs and original issue discounts were amortized to interest expense during fiscal years 2014, 2013 and 2012, respectively. | |||||||||||||
Plant and Equipment and Depreciation | ' | ||||||||||||
Plant and Equipment and Depreciation: Plant and equipment are stated at historical cost. For financial reporting purposes, plant and equipment are depreciated primarily by the straight line method over the estimated useful lives of the assets which generally range from 3 to 10 years for software, from 20 to 40 years for land improvements, from 20 to 50 years for buildings, and 3 to 20 years for machinery and equipment. Expenditures for repairs and maintenance are charged to expense as incurred. Expenditures for major renewals and betterments, which significantly extend the useful lives of existing plant and equipment, are capitalized and depreciated. Upon retirement or disposition of plant and equipment, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in cost of goods sold. | |||||||||||||
Depreciation expense was approximately $47.2 million, $52.3 million and $60.3 million during fiscal years 2014, 2013 and 2012, respectively. | |||||||||||||
Impairment of Property, Plant and Equipment | ' | ||||||||||||
Impairment of Property, Plant and Equipment: Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. Refer to Note 18 for impairments associated with restructuring actions. | |||||||||||||
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): | |||||||||||||
2014 | 2013 | ||||||||||||
Balance, Beginning of Period | $ | 45,037 | $ | 46,012 | |||||||||
Payments | (28,377 | ) | (26,173 | ) | |||||||||
Provision for Current Year Warranties | 29,087 | 26,438 | |||||||||||
Changes in Estimates | (1,003 | ) | (1,240 | ) | |||||||||
Balance, End of Period | $ | 44,744 | $ | 45,037 | |||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition: Net sales include sales of engines, products, and related service parts and accessories, net of allowances for cash discounts, customer volume rebates and discounts, floor plan interest and advertising allowances. The Company recognizes revenue when all of the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, and collectibility is reasonably assured. This is generally upon shipment, except for certain international shipments, where revenue is recognized when the customer receives the product. | |||||||||||||
Included in net sales are costs associated with programs under which the Company shares the expense of financing certain dealer and distributor inventories, referred to as floor plan expense. This represents interest for a pre-established length of time based on a variable rate from a contract with a third party financing source for dealer and distributor inventory purchases. Sharing the cost of these financing arrangements is used by Briggs & Stratton as a marketing incentive for customers to buy inventory. The financing costs included in net sales in fiscal 2014, 2013 and 2012 were $5.5 million, $6.3 million and $5.5 million, respectively. | |||||||||||||
The Company also offers a variety of customer rebates and sales incentives. The Company records estimates for rebates and incentives at the time of sale, as a reduction in net sales. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes: The provision for income taxes includes federal, state and foreign income taxes currently payable and those deferred because of temporary differences between the financial statement and tax bases of assets and liabilities. The deferred income tax asset represents temporary differences relating to current assets and current liabilities, and the long-term deferred income tax asset represents temporary differences related to noncurrent assets and liabilities. A valuation allowance is recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. | |||||||||||||
Retirement Plans | ' | ||||||||||||
Retirement Plans: The Company has noncontributory, defined benefit retirement plans and postretirement benefit plans covering certain employees. Retirement benefits represent a form of deferred compensation, which are subject to change due to changes in assumptions. Management reviews underlying assumptions on an annual basis. Refer to Note 17. | |||||||||||||
Research and Development Costs | ' | ||||||||||||
Research and Development Costs: Expenditures relating to the development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred and recorded in engineering, selling, general and administrative expenses within the Consolidated Statements of Operations. The amounts charged against income were $19.7 million, $18.5 million and $19.8 million in fiscal 2014, 2013 and 2012, respectively. | |||||||||||||
Advertising Costs | ' | ||||||||||||
Advertising Costs: Advertising costs, included in Engineering, Selling, General and Administrative Expenses in the accompanying Consolidated Statements of Operations, are expensed as incurred. These expenses totaled $18.5 million in fiscal 2014, $17.7 million in fiscal 2013 and $22.3 million in fiscal 2012. | |||||||||||||
Shipping and Handling Fees | ' | ||||||||||||
Shipping and Handling Fees: Revenue received from shipping and handling fees is reflected in net sales and related shipping costs are recorded in cost of goods sold. Shipping fee revenue for fiscal 2014, 2013 and 2012 was $4.4 million, $4.9 million and $5.9 million, respectively. | |||||||||||||
Foreign Currency Translation | ' | ||||||||||||
Foreign Currency Translation: Foreign currency balance sheet accounts are translated into dollars at the rates of exchange in effect at fiscal year-end. Income and expenses incurred in a foreign currency are translated at the average rates of exchange in effect during the year. The related translation adjustments are made directly to a separate component of Shareholders’ Investment. During fiscal 2013, the Company recorded a charge of $4.2 million of foreign currency translation primarily recognized in connection with the substantial liquidation of the Company's investment in the Ostrava, Czech Republic entity, which was related to previously announced restructuring actions. Foreign currency transaction gains and losses are included in the results of operations in the period incurred. The Company recorded pre-tax foreign currency transaction losses of $3.9 million and $4.1 million during fiscal 2014 and 2013, respectively. | |||||||||||||
Earnings (Loss) Per Share | ' | ||||||||||||
Earnings (Loss) Per Share: The Company computes earnings per share using the two-class method, an earnings allocation formula that determines earnings 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 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 per share. | |||||||||||||
Information on earnings (loss) per share is as follows (in thousands except per share data): | |||||||||||||
Fiscal Year Ended | |||||||||||||
June 29, 2014 | June 30, 2013 | July 1, 2012 | |||||||||||
Net Income (Loss) | $ | 28,347 | $ | (33,657 | ) | $ | 29,006 | ||||||
Less: Earnings Allocated to Participating Securities | (768 | ) | (605 | ) | (508 | ) | |||||||
Net Income (Loss) available to Common Shareholders | $ | 27,579 | $ | (34,262 | ) | $ | 28,498 | ||||||
Average Shares of Common Stock Outstanding | 46,366 | 47,172 | 48,965 | ||||||||||
Incremental Common Shares Applicable to Common Stock Options and Performance Shares Based on the Common Stock Average Market Price During the Period | 70 | — | — | ||||||||||
Incremental Common Shares Applicable to Deferred and Restricted Common Stock Based on the Common Stock Average Market Price During the Period | — | — | 944 | ||||||||||
Diluted Average Shares of Common Stock Outstanding | 46,436 | 47,172 | 49,909 | ||||||||||
Basic Earnings (Loss) Per Share | $ | 0.59 | $ | (0.73 | ) | $ | 0.58 | ||||||
Diluted Earnings (Loss) Per Share | $ | 0.59 | $ | (0.73 | ) | $ | 0.57 | ||||||
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 per share as the exercise prices were greater than the average market price of the common shares, and their inclusion in the computation would be antidilutive: | |||||||||||||
Fiscal Year Ended | |||||||||||||
June 29, 2014 | June 30, 2013 | July 1, 2012 | |||||||||||
Options to Purchase Shares of Common Stock (in thousands) | 916 | 1,590 | 3,679 | ||||||||||
Weighted Average Exercise Price of Options Excluded | $ | 29.62 | $ | 34.13 | $ | 27.71 | |||||||
As a result of the Company incurring a net loss for the fiscal year ended June 30, 2013, potential incremental common shares of 1,126,000 were excluded from the calculation of diluted earnings (loss) because the effect would have been anti-dilutive. | |||||||||||||
Derivative Instruments & Hedging Activity | ' | ||||||||||||
Derivative Instruments & Hedging Activity: 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 derivative instruments 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 on the 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 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. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of Results of Operations of Unconsolidated Affiliated Companies | ' | ||||||||||||
Results of operations of unconsolidated affiliated companies for the fiscal year (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Results of Operations: | |||||||||||||
Sales | $ | 143,007 | $ | 113,452 | $ | 129,063 | |||||||
Cost of Goods Sold | 116,158 | 92,844 | 103,254 | ||||||||||
Gross Profit | $ | 26,849 | $ | 20,608 | $ | 25,809 | |||||||
Net Income | $ | 13,653 | $ | 8,057 | $ | 9,751 | |||||||
Schedule of Balance Sheets of Unconsolidated Affiliated Companies | ' | ||||||||||||
Balance sheets of unconsolidated affiliated companies as of fiscal year-end (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Financial Position: | |||||||||||||
Assets: | |||||||||||||
Current Assets | $ | 76,811 | $ | 45,355 | |||||||||
Noncurrent Assets | 28,106 | 15,527 | |||||||||||
104,917 | 60,882 | ||||||||||||
Liabilities: | |||||||||||||
Current Liabilities | $ | 22,990 | $ | 12,989 | |||||||||
Noncurrent Liabilities | 1,779 | 2,900 | |||||||||||
24,769 | 15,889 | ||||||||||||
Equity | $ | 80,148 | $ | 44,993 | |||||||||
Changes in Accrued Warranty Costs | ' | ||||||||||||
The following is a reconciliation of the changes in accrued warranty costs for the reporting period (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Balance, Beginning of Period | $ | 45,037 | $ | 46,012 | |||||||||
Payments | (28,377 | ) | (26,173 | ) | |||||||||
Provision for Current Year Warranties | 29,087 | 26,438 | |||||||||||
Changes in Estimates | (1,003 | ) | (1,240 | ) | |||||||||
Balance, End of Period | $ | 44,744 | $ | 45,037 | |||||||||
Information on Earnings (Loss) Per Share | ' | ||||||||||||
Information on earnings (loss) per share is as follows (in thousands except per share data): | |||||||||||||
Fiscal Year Ended | |||||||||||||
June 29, 2014 | June 30, 2013 | July 1, 2012 | |||||||||||
Net Income (Loss) | $ | 28,347 | $ | (33,657 | ) | $ | 29,006 | ||||||
Less: Earnings Allocated to Participating Securities | (768 | ) | (605 | ) | (508 | ) | |||||||
Net Income (Loss) available to Common Shareholders | $ | 27,579 | $ | (34,262 | ) | $ | 28,498 | ||||||
Average Shares of Common Stock Outstanding | 46,366 | 47,172 | 48,965 | ||||||||||
Incremental Common Shares Applicable to Common Stock Options and Performance Shares Based on the Common Stock Average Market Price During the Period | 70 | — | — | ||||||||||
Incremental Common Shares Applicable to Deferred and Restricted Common Stock Based on the Common Stock Average Market Price During the Period | — | — | 944 | ||||||||||
Diluted Average Shares of Common Stock Outstanding | 46,436 | 47,172 | 49,909 | ||||||||||
Basic Earnings (Loss) Per Share | $ | 0.59 | $ | (0.73 | ) | $ | 0.58 | ||||||
Diluted Earnings (Loss) Per Share | $ | 0.59 | $ | (0.73 | ) | $ | 0.57 | ||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per (Loss) Share | ' | ||||||||||||
The following options to purchase shares of common stock were excluded from the calculation of diluted earnings per share as the exercise prices were greater than the average market price of the common shares, and their inclusion in the computation would be antidilutive: | |||||||||||||
Fiscal Year Ended | |||||||||||||
June 29, 2014 | June 30, 2013 | July 1, 2012 | |||||||||||
Options to Purchase Shares of Common Stock (in thousands) | 916 | 1,590 | 3,679 | ||||||||||
Weighted Average Exercise Price of Options Excluded | $ | 29.62 | $ | 34.13 | $ | 27.71 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
The following tables set forth the changes in accumulated other comprehensive income (loss) (in thousands): | |||||||||||||||||
Fiscal Year Ended June 29, 2014 | |||||||||||||||||
Cumulative Translation Adjustments | Derivative Financial Instruments | Pension and Postretirement Benefit Plans | Total | ||||||||||||||
Beginning Balance | $ | 11,885 | $ | (3,673 | ) | $ | (233,140 | ) | $ | (224,928 | ) | ||||||
Other Comprehensive Income (Loss) Before Reclassification | 1,168 | (4,797 | ) | 13,951 | 10,322 | ||||||||||||
Income Tax Benefit (Expense) | — | 1,823 | (5,316 | ) | (3,493 | ) | |||||||||||
Net Other Comprehensive Income (Loss) Before Reclassifications | 1,168 | (2,974 | ) | 8,635 | 6,829 | ||||||||||||
Reclassifications: | |||||||||||||||||
Realized (Gains) Losses - Foreign Currency Contracts (1) | — | 2,133 | — | 2,133 | |||||||||||||
Realized (Gains) Losses - Commodity Contracts (1) | — | 5,630 | — | 5,630 | |||||||||||||
Realized (Gains) Losses - Interest Rate Swaps (1) | — | 1,209 | — | 1,209 | |||||||||||||
Amortization of Prior Service Costs (Credits) (2) | — | — | (2,715 | ) | (2,715 | ) | |||||||||||
Amortization of Actuarial Losses (2) | — | — | 30,632 | 30,632 | |||||||||||||
Total Reclassifications Before Tax | — | 8,972 | 27,917 | 36,889 | |||||||||||||
Income Tax Expense (Benefit) | — | (3,409 | ) | (10,638 | ) | (14,047 | ) | ||||||||||
Net Reclassifications | — | 5,563 | 17,279 | 22,842 | |||||||||||||
Other Comprehensive Income (Loss) | 1,168 | 2,589 | 25,914 | 29,671 | |||||||||||||
Ending Balance | $ | 13,053 | $ | (1,084 | ) | $ | (207,226 | ) | $ | (195,257 | ) | ||||||
(1) Amounts reclassified to net income are included in net sales or cost of goods sold. See Note 16 for information related to derivative financial instruments. | |||||||||||||||||
(2) Amounts reclassified to net income 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 17 for information related to pension and postretirement benefit plans. | |||||||||||||||||
Fiscal Year Ended June 30, 2013 | |||||||||||||||||
Cumulative Translation Adjustments | Derivative Financial Instruments | Pension and Postretirement Benefit Plans | Total | ||||||||||||||
Beginning Balance | $ | 12,502 | $ | (7,654 | ) | $ | (327,552 | ) | $ | (322,704 | ) | ||||||
Other Comprehensive Income (Loss) Before Reclassification | (617 | ) | (5,141 | ) | 113,757 | 107,999 | |||||||||||
Income Tax Benefit (Expense) | — | 2,005 | (43,554 | ) | (41,549 | ) | |||||||||||
Net Other Comprehensive Income (Loss) Before Reclassifications | (617 | ) | (3,136 | ) | 70,203 | 66,450 | |||||||||||
Reclassifications: | |||||||||||||||||
Realized (Gains) Losses - Foreign Currency Contracts (1) | — | 2,023 | — | 2,023 | |||||||||||||
Realized (Gains) Losses - Commodity Contracts (1) | — | 9,644 | — | 9,644 | |||||||||||||
Realized (Gains) Losses - Interest Rate Swaps (1) | — | — | — | — | |||||||||||||
Transition Obligation (2) | — | — | 7 | 7 | |||||||||||||
Amortization of Prior Service Costs (Credits) (2) | — | — | (3,223 | ) | (3,223 | ) | |||||||||||
Amortization of Actuarial Losses (2) | — | — | 42,445 | 42,445 | |||||||||||||
Total Reclassifications Before Tax | — | 11,667 | 39,229 | 50,896 | |||||||||||||
Income Tax Expense (Benefit) | — | (4,550 | ) | (15,020 | ) | (19,570 | ) | ||||||||||
Net Reclassifications | — | 7,117 | 24,209 | 31,326 | |||||||||||||
Other Comprehensive Income (Loss) | (617 | ) | 3,981 | 94,412 | 97,776 | ||||||||||||
Ending Balance | $ | 11,885 | $ | (3,673 | ) | $ | (233,140 | ) | $ | (224,928 | ) | ||||||
(1) Amounts reclassified to net income are included in net sales or cost of goods sold. See Note 16 for information related to derivative financial instruments. | |||||||||||||||||
(2) Amounts reclassified to net income 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 17 for information related to pension and postretirement benefit plans. |
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||
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 June 29, 2014 and June 30, 2013 (in thousands): | |||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||
June 29, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Derivatives | $ | 431 | $ | — | $ | 431 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 1,932 | $ | — | $ | 1,932 | $ | — | |||||||||
Fair Value Measurement Using | |||||||||||||||||
June 30, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Derivatives | $ | 2,009 | $ | — | $ | 2,009 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 5,413 | $ | — | $ | 5,413 | $ | — | |||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||||||
The estimated fair market values of the Company’s Long-Term Debt is (in thousands): | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Long-Term Debt | |||||||||||||||||
6.875% Senior Notes | $ | 225,000 | $ | 251,438 | $ | 225,000 | $ | 250,875 | |||||||||
Borrowings on Revolver | $ | — | $ | — | $ | — | $ | — | |||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Changes in the Carrying Amount of Goodwill | ' | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill for the fiscal years ended June 29, 2014 and June 30, 2013 are as follows (in thousands): | |||||||||||||||||||||||||
Engines | Products | Total | |||||||||||||||||||||||
Goodwill Balance at July 1, 2012 | $ | 137,359 | $ | 67,405 | $ | 204,764 | |||||||||||||||||||
Impairment Loss | — | (71,310 | ) | (71,310 | ) | ||||||||||||||||||||
Acquisition | 4,589 | 10,707 | 15,296 | ||||||||||||||||||||||
Effect of Translation | (1,011 | ) | (387 | ) | (1,398 | ) | |||||||||||||||||||
Goodwill Balance at June 30, 2013 | $ | 140,937 | $ | 6,415 | $ | 147,352 | |||||||||||||||||||
Impairment Loss | — | (2,960 | ) | (2,960 | ) | ||||||||||||||||||||
Acquisition | — | — | — | ||||||||||||||||||||||
Effect of Translation | 125 | 5 | 130 | ||||||||||||||||||||||
Goodwill Balance at June 29, 2014 | $ | 141,062 | $ | 3,460 | $ | 144,522 | |||||||||||||||||||
Schedule of Other Intangible Assets | ' | ||||||||||||||||||||||||
The Company’s other intangible assets as of June 29, 2014 and June 30, 2013 are as follows (in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Amortized Intangible Assets: | |||||||||||||||||||||||||
Patents | $ | 13,601 | $ | (11,167 | ) | $ | 2,434 | $ | 13,601 | $ | (10,680 | ) | $ | 2,921 | |||||||||||
Customer Relationships | 32,539 | (8,610 | ) | 23,929 | 32,539 | (6,971 | ) | 25,568 | |||||||||||||||||
Effect of Translation | (991 | ) | (49 | ) | (1,040 | ) | (991 | ) | 39 | (952 | ) | ||||||||||||||
Total Amortized Intangible Assets | 45,149 | (19,826 | ) | 25,323 | 45,149 | (17,612 | ) | 27,537 | |||||||||||||||||
Unamortized Intangible Assets: | |||||||||||||||||||||||||
Tradenames | 55,016 | — | 55,016 | 60,516 | — | 60,516 | |||||||||||||||||||
Effect of Translation | (22 | ) | — | (22 | ) | (73 | ) | — | (73 | ) | |||||||||||||||
Total Unamortized Intangible Assets | 54,994 | — | 54,994 | 60,443 | — | 60,443 | |||||||||||||||||||
Total Intangible Assets | $ | 100,143 | $ | (19,826 | ) | $ | 80,317 | $ | 105,592 | $ | (17,612 | ) | $ | 87,980 | |||||||||||
Schedule of Estimated Amortization Expense of Other Intangible Assets | ' | ||||||||||||||||||||||||
The estimated amortization expense of other intangible assets for the next five years is (in thousands): | |||||||||||||||||||||||||
2015 | $ | 2,178 | |||||||||||||||||||||||
2016 | 2,178 | ||||||||||||||||||||||||
2017 | 2,178 | ||||||||||||||||||||||||
2018 | 2,178 | ||||||||||||||||||||||||
2019 | 2,178 | ||||||||||||||||||||||||
$ | 10,890 | ||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Income before Income Tax, U.S. and Foreign | ' | ||||||||||||
Components of income (loss) before income taxes consists of the following (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. | $ | 30,291 | $ | (58,625 | ) | $ | 28,053 | ||||||
Foreign | 6,843 | 6,484 | 1,820 | ||||||||||
Total | $ | 37,134 | $ | (52,141 | ) | $ | 29,873 | ||||||
Schedule of Provision (Credit) for Income Tax Benefit | ' | ||||||||||||
The provision (credit) for income taxes consists of the following (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current | |||||||||||||
Federal | $ | 9,725 | $ | 10,377 | $ | (8,711 | ) | ||||||
State | 733 | (1,870 | ) | 430 | |||||||||
Foreign | 3,725 | 923 | 5,222 | ||||||||||
14,183 | 9,430 | (3,059 | ) | ||||||||||
Deferred | (5,396 | ) | (27,914 | ) | 3,926 | ||||||||
$ | 8,787 | $ | (18,484 | ) | $ | 867 | |||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||
A reconciliation of the U.S. statutory tax rates to the effective tax rates on income follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. Statutory Rate | 35 | % | 35 | % | 35 | % | |||||||
State Taxes, Net of Federal Tax Benefit | 2 | % | 1.1 | % | 1.8 | % | |||||||
Impact of Foreign Operations and Tax Rates | 0.7 | % | 5.3 | % | 4.2 | % | |||||||
Impact of Dividends Received | (0.8 | )% | 1.1 | % | (2.2 | )% | |||||||
Changes to Unrecognized Tax Benefits | 1.2 | % | (0.5 | )% | (16.0 | )% | |||||||
Impact of Restructuring Actions | — | % | (2.1 | )% | (18.7 | )% | |||||||
Benefits on State Credits and NOL's, Net of Valuation Allowance | (0.4 | )% | 4.3 | % | — | % | |||||||
*Change in Accounting Method | (7.8 | )% | — | % | — | % | |||||||
**Other, Net | (6.2 | )% | (8.7 | )% | (1.2 | )% | |||||||
Effective Tax Rate | 23.7 | % | 35.5 | % | 2.9 | % | |||||||
Schedule of Deferred Income Taxes | ' | ||||||||||||
The components of deferred income taxes were as follows (in thousands): | |||||||||||||
Current Asset (Liability): | 2014 | 2013 | |||||||||||
Difference Between Book and Tax Related to: | |||||||||||||
Inventory | $ | 13,504 | $ | 13,697 | |||||||||
Payroll Related Accruals | 4,741 | 3,870 | |||||||||||
Warranty Reserves | 10,247 | 9,897 | |||||||||||
Workers Compensation Accruals | 2,547 | 2,685 | |||||||||||
Other Accrued Liabilities | 12,191 | 14,618 | |||||||||||
Pension Cost | — | 746 | |||||||||||
Net Operating Loss/State Credit Carryforwards | 585 | 4,608 | |||||||||||
Miscellaneous | 5,143 | (2,587 | ) | ||||||||||
Deferred Income Tax Asset (Liability) | $ | 48,958 | $ | 47,534 | |||||||||
Long-Term Asset (Liability): | |||||||||||||
Difference Between Book and Tax Related to: | |||||||||||||
Pension Cost | $ | 25,272 | $ | 35,663 | |||||||||
Accumulated Depreciation | (45,397 | ) | (54,339 | ) | |||||||||
Intangibles | (43,062 | ) | (44,611 | ) | |||||||||
Accrued Employee Benefits | 44,827 | 45,016 | |||||||||||
Postretirement Health Care Obligation | 22,530 | 27,787 | |||||||||||
Warranty | 6,718 | 7,227 | |||||||||||
Valuation Allowance | (15,241 | ) | (12,725 | ) | |||||||||
Net Operating Loss/State Credit Carryforwards | 19,629 | 17,236 | |||||||||||
Miscellaneous | (98 | ) | 6,290 | ||||||||||
Deferred Income Tax Asset (Liability) | $ | 15,178 | $ | 27,544 | |||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | ||||||||||||
The change to the gross unrecognized tax benefits of the Company during the fiscal year ended June 29, 2014 and June 30, 2013 is reconciled as follows: | |||||||||||||
Unrecognized Tax Benefits (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning Balance | $ | 6,949 | $ | 6,717 | 12,040 | ||||||||
Changes based on tax positions related to prior year | 380 | — | — | ||||||||||
Additions based on tax positions related to current year | 378 | 997 | 429 | ||||||||||
Settlements with taxing authorities | — | (39 | ) | (516 | ) | ||||||||
Lapse of statute of limitations | (50 | ) | (726 | ) | (5,236 | ) | |||||||
Ending Balance | $ | 7,657 | $ | 6,949 | $ | 6,717 | |||||||
Segment_and_Geographic_Informa1
Segment and Geographic Information and Significant Customers (Tables) | 12 Months Ended | |||||||||||||||||||||
Jun. 29, 2014 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||
Schedule of Segment Reporting Information | ' | |||||||||||||||||||||
Summarized segment data is as follows (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
NET SALES: | ||||||||||||||||||||||
Engines | $ | 1,219,627 | $ | 1,189,674 | $ | 1,309,942 | ||||||||||||||||
Products | 736,312 | 805,450 | 952,110 | |||||||||||||||||||
Eliminations | (96,879 | ) | (132,626 | ) | (195,519 | ) | ||||||||||||||||
$ | 1,859,060 | $ | 1,862,498 | $ | 2,066,533 | |||||||||||||||||
GROSS PROFIT: | ||||||||||||||||||||||
Engines | $ | 257,441 | $ | 236,486 | $ | 250,323 | ||||||||||||||||
Products | 87,682 | 87,392 | 86,193 | |||||||||||||||||||
Eliminations | 1,660 | 5,262 | 209 | |||||||||||||||||||
$ | 346,783 | $ | 329,140 | $ | 336,725 | |||||||||||||||||
INCOME (LOSS) FROM OPERATIONS: | ||||||||||||||||||||||
Engines | $ | 72,213 | $ | 59,093 | $ | 66,559 | ||||||||||||||||
Products | (27,615 | ) | (104,918 | ) | (25,531 | ) | ||||||||||||||||
Eliminations | 1,660 | 5,262 | 209 | |||||||||||||||||||
$ | 46,258 | $ | (40,563 | ) | $ | 41,237 | ||||||||||||||||
ASSETS: | ||||||||||||||||||||||
Engines | $ | 1,048,416 | $ | 1,013,204 | $ | 1,120,065 | ||||||||||||||||
Products | 503,609 | 545,081 | 629,325 | |||||||||||||||||||
Eliminations | (102,319 | ) | (110,734 | ) | (141,159 | ) | ||||||||||||||||
$ | 1,449,706 | $ | 1,447,551 | $ | 1,608,231 | |||||||||||||||||
CAPITAL EXPENDITURES: | ||||||||||||||||||||||
Engines | $ | 56,230 | $ | 36,002 | $ | 42,697 | ||||||||||||||||
Products | 4,141 | 8,876 | 6,876 | |||||||||||||||||||
$ | 60,371 | $ | 44,878 | $ | 49,573 | |||||||||||||||||
DEPRECIATION & AMORTIZATION: | ||||||||||||||||||||||
Engines | $ | 39,456 | $ | 42,349 | $ | 45,647 | ||||||||||||||||
Products | 10,887 | 13,403 | 18,067 | |||||||||||||||||||
$ | 50,343 | $ | 55,752 | $ | 63,714 | |||||||||||||||||
Restructuring Charges Impact on Gross Profit by Segment | ' | |||||||||||||||||||||
Pre-tax restructuring charges impact on gross profit is as follows (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
PRE-TAX RESTRUCTURING CHARGES INCLUDED IN GROSS PROFIT: | ||||||||||||||||||||||
Engines | $ | 3,099 | $ | 9,008 | $ | 14,257 | ||||||||||||||||
Products | 2,742 | 9,753 | 30,503 | |||||||||||||||||||
Total | $ | 5,841 | $ | 18,761 | $ | 44,760 | ||||||||||||||||
Restructuring Charges, Goodwill and Tradename Impairment, and Litigation Settlement Charges Impact on Operating Income Loss by Segment | ' | |||||||||||||||||||||
Pre-tax restructuring, goodwill and tradename impairment, and litigation settlement charges impact on income (loss) from operations is as follows (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
PRE-TAX RESTRUCTURING, GOODWILL & TRADENAME IMPAIRMENT AND LITIGATION SETTLEMENT CHARGES INCLUDED IN INCOME (LOSS) FROM OPERATIONS: | ||||||||||||||||||||||
Engines | $ | 3,524 | $ | 14,320 | $ | 18,314 | ||||||||||||||||
Products | 11,475 | 99,833 | 31,553 | |||||||||||||||||||
Total | $ | 14,999 | $ | 114,153 | $ | 49,867 | ||||||||||||||||
Schedule of Geographic Sales Based on Product Shipment Destination | ' | |||||||||||||||||||||
Information regarding the Company’s geographic sales based on product shipment destination (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
United States | $ | 1,293,558 | $ | 1,304,964 | $ | 1,440,955 | ||||||||||||||||
All Other Countries | 565,502 | 557,534 | 625,578 | |||||||||||||||||||
Total | $ | 1,859,060 | $ | 1,862,498 | $ | 2,066,533 | ||||||||||||||||
Schedule of Company's Net Property Plant and Equipment Based on Geographic Location | ' | |||||||||||||||||||||
Information regarding the Company’s net plant and equipment based on geographic location (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
United States | $ | 281,029 | $ | 269,477 | $ | 280,954 | ||||||||||||||||
All Other Countries | 15,978 | 17,718 | 20,295 | |||||||||||||||||||
Total | $ | 297,007 | $ | 287,195 | $ | 301,249 | ||||||||||||||||
Schedule of Revenue by Major Customers by Reporting Segments | ' | |||||||||||||||||||||
Sales to the following customers in the Company’s Engines segment amount to greater than or equal to 10% of consolidated net sales, respectively (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Customer: | Net Sales | % | Net Sales | % | Net Sales | % | ||||||||||||||||
HOP | $ | 293,225 | 16 | % | $ | 251,098 | 13 | % | $ | 265,752 | 13 | % | ||||||||||
MTD | 235,141 | 13 | % | 241,033 | 13 | % | 230,882 | 11 | % | |||||||||||||
$ | 528,366 | 29 | % | $ | 492,131 | 26 | % | $ | 496,634 | 24 | % | |||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Jun. 29, 2014 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Lease Commitments for Non-Cancelable Operating Leases [Table Text Block] | ' | ||||
Future minimum lease commitments for all non-cancelable operating leases as of June 29, 2014 are as follows (in thousands): | |||||
Fiscal Year | Operating | ||||
2015 | $ | 13,934 | |||
2016 | 8,228 | ||||
2017 | 6,406 | ||||
2018 | 5,549 | ||||
2019 | 4,086 | ||||
Thereafter | 30,752 | ||||
Total future minimum lease commitments | $ | 68,955 | |||
Indebtedness_Tables
Indebtedness (Tables) | 12 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-Term Debt | ' | ||||||||
The following is a summary of the Company’s long-term indebtedness (in thousands): | |||||||||
2014 | 2013 | ||||||||
Multicurrency Credit Agreement | $ | — | $ | — | |||||
6.875% Senior Notes | 225,000 | 225,000 | |||||||
Total Long-Term Debt | $ | 225,000 | $ | 225,000 | |||||
Schedule of Foreign Lines of Credit Included In Short-Term Debt | ' | ||||||||
Outstanding balances are as follows (in thousands): | |||||||||
2014 | 2013 | ||||||||
Balance at Fiscal Year-End | $ | — | $ | 300 | |||||
Weighted Average Interest Rate at Fiscal Year-End | — | % | 3.86 | % |
Other_Income_Net_Other_Income_1
Other Income, Net Other Income, Net (Tables) | 12 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Other Income, Net [Abstract] | ' | ||||||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | ' | ||||||||||||
The components of Other Income, Net are as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest Income | $ | 1,540 | $ | 888 | $ | 512 | |||||||
Equity in Earnings from Unconsolidated Affiliates | 6,264 | 4,244 | 5,100 | ||||||||||
Other Items | 1,538 | 1,809 | 1,566 | ||||||||||
Total | $ | 9,342 | $ | 6,941 | $ | 7,178 | |||||||
Stock_Incentives_Tables
Stock Incentives (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||||||||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Assumptions Used to Determine Fair Value | ' | ||||||||||||||||||||||||||||
The assumptions used to determine fair value are as follows: | |||||||||||||||||||||||||||||
Options Granted During | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Grant Date Fair Value | $ | 5.19 | $ | 4.83 | $ | 3.96 | |||||||||||||||||||||||
(Since options are only granted once per year, the grant date fair value equals the weighted average grant date fair value.) | |||||||||||||||||||||||||||||
Assumptions: | |||||||||||||||||||||||||||||
Risk-free Interest Rate | 1.6 | % | 0.7 | % | 1 | % | |||||||||||||||||||||||
Expected Volatility | 41.3 | % | 43.9 | % | 43.2 | % | |||||||||||||||||||||||
Expected Dividend Yield | 2.5 | % | 2.6 | % | 3 | % | |||||||||||||||||||||||
Expected Term (in Years) | 5 | 5 | 5 | ||||||||||||||||||||||||||
Schedule of Options Outstanding | ' | ||||||||||||||||||||||||||||
Information on the options outstanding is as follows: | |||||||||||||||||||||||||||||
Options | Wtd. Avg. Exercise Price | Wtd. Avg. Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||||||||
Balance, July 3, 2011 | 4,721,190 | $ | 26.38 | ||||||||||||||||||||||||||
Granted During the Year | 465,350 | 16.2 | |||||||||||||||||||||||||||
Exercised During the Year | (15,870 | ) | 14.83 | ||||||||||||||||||||||||||
Expired During the Year | (474,240 | ) | 29.87 | ||||||||||||||||||||||||||
Balance, July 1, 2012 | 4,696,430 | $ | 25.06 | ||||||||||||||||||||||||||
Granted During the Year | 399,850 | 18.85 | |||||||||||||||||||||||||||
Exercised During the Year | (1,151,882 | ) | 17.37 | ||||||||||||||||||||||||||
Expired During the Year | (573,130 | ) | 30.81 | ||||||||||||||||||||||||||
Balance, June 30, 2013 | 3,371,268 | $ | 25.97 | ||||||||||||||||||||||||||
Granted During the Year | 407,860 | 20.82 | |||||||||||||||||||||||||||
Exercised During the Year | (273,394 | ) | 19.76 | ||||||||||||||||||||||||||
Expired During the Year | (1,088,368 | ) | 32.82 | ||||||||||||||||||||||||||
Balance, June 29, 2014 | 2,417,366 | $ | 22.71 | 1.91 | $ | 2,795 | |||||||||||||||||||||||
Exercisable, June 29, 2014 | 1,165,016 | $ | 27.19 | 0.57 | $ | 139 | |||||||||||||||||||||||
Schedule of Options Grants Outstanding Summary | ' | ||||||||||||||||||||||||||||
Options Outstanding (as of June 29, 2014) | |||||||||||||||||||||||||||||
Fiscal | Grant | Date | Expiration | Exercise | Options | ||||||||||||||||||||||||
Year | Date | Exercisable | Date | Price | Outstanding | ||||||||||||||||||||||||
2005 | 8/13/04 | 8/13/07 | 8/13/14 | $ | 36.68 | 508,260 | |||||||||||||||||||||||
2010 | 8/18/09 | 8/18/12 | 8/31/14 | $ | 19.73 | 159,696 | |||||||||||||||||||||||
2011 | 8/17/10 | 8/17/13 | 8/31/15 | $ | 19.88 | 497,060 | |||||||||||||||||||||||
2012 | 8/16/11 | 8/16/14 | 8/31/16 | $ | 16.2 | 444,640 | |||||||||||||||||||||||
2013 | 8/14/12 | 8/14/15 | 8/31/17 | $ | 18.85 | 399,850 | |||||||||||||||||||||||
2014 | 8/20/13 | 8/20/16 | 8/31/18 | $ | 20.82 | 407,860 | |||||||||||||||||||||||
Summary of Nonvested Shares | ' | ||||||||||||||||||||||||||||
Below is a summary of the status of the Company’s nonvested shares as of June 29, 2014, and changes during the year then ended: | |||||||||||||||||||||||||||||
Deferred Stock | Restricted Stock | Stock Options | Performance Shares | ||||||||||||||||||||||||||
Shares | Wtd. Avg. | Shares | Wtd. Avg. | Shares | Wtd. Avg. | Shares | Wtd. Avg. | ||||||||||||||||||||||
Grant Date | Grant Date | Grant Date | Grant Date | ||||||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | Fair Value | ||||||||||||||||||||||||||
Nonvested shares, | 567,943 | $ | 17.05 | 820,597 | $ | 17.12 | 1,391,550 | $ | 3.97 | 249,170 | $ | 18.59 | |||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||||||
Granted | 64,553 | 19.48 | 146,320 | 19.28 | 407,860 | 5.19 | 128,371 | 19.09 | |||||||||||||||||||||
Cancelled | — | — | (9,386 | ) | 17.51 | — | — | (13,040 | ) | 18.6 | |||||||||||||||||||
Vested | (206,978 | ) | 14.48 | (109,771 | ) | 13.51 | (547,060 | ) | 5.24 | — | — | ||||||||||||||||||
Nonvested shares, | 425,518 | $ | 18.67 | 847,760 | $ | 17.96 | 1,252,350 | $ | 4.64 | 364,501 | $ | 18.77 | |||||||||||||||||
29-Jun-14 | |||||||||||||||||||||||||||||
Performance Share Assumptions Used in Monte Carlo Simulation | ' | ||||||||||||||||||||||||||||
Assumptions used in the Monte Carlo valuation model include the following: | |||||||||||||||||||||||||||||
Performance Shares Granted During | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Assumptions: | |||||||||||||||||||||||||||||
Risk-free Interest Rate | 0.7 | % | 0.4 | % | 0.3 | % | |||||||||||||||||||||||
Expected Volatility | 32.1 | % | 35.5 | % | 46 | % | |||||||||||||||||||||||
Expected Dividend Yield (Dividends are Assumed Reinvested) | — | % | — | % | — | % | |||||||||||||||||||||||
Expected Term (in Years) | 2.86 | 2.87 | 2.87 | ||||||||||||||||||||||||||
Schedule of Stock-Based Compensation Programs | ' | ||||||||||||||||||||||||||||
The following table summarizes the components of the Company’s stock-based compensation programs recorded as expense: | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Stock Options: | |||||||||||||||||||||||||||||
Pretax compensation expense | $ | 2,065 | $ | 1,964 | $ | 1,760 | |||||||||||||||||||||||
Tax benefit | (791 | ) | (766 | ) | (686 | ) | |||||||||||||||||||||||
Stock option expense, net of tax | $ | 1,274 | $ | 1,198 | $ | 1,074 | |||||||||||||||||||||||
Restricted Stock: | |||||||||||||||||||||||||||||
Pretax compensation expense | $ | 2,563 | $ | 2,375 | $ | 2,102 | |||||||||||||||||||||||
Tax benefit | (982 | ) | (926 | ) | (820 | ) | |||||||||||||||||||||||
Restricted stock expense, net of tax | $ | 1,581 | $ | 1,449 | $ | 1,282 | |||||||||||||||||||||||
Deferred Stock: | |||||||||||||||||||||||||||||
Pretax compensation expense | $ | 685 | $ | 475 | $ | 534 | |||||||||||||||||||||||
Tax benefit | (252 | ) | (185 | ) | (208 | ) | |||||||||||||||||||||||
Deferred stock expense, net of tax | $ | 433 | $ | 290 | $ | 326 | |||||||||||||||||||||||
Performance Shares: | |||||||||||||||||||||||||||||
Pretax compensation expense | $ | 1,861 | $ | 1,700 | $ | 1,159 | |||||||||||||||||||||||
Tax benefit | (713 | ) | (664 | ) | (452 | ) | |||||||||||||||||||||||
Performance Share expense, net of tax | $ | 1,148 | $ | 1,036 | $ | 707 | |||||||||||||||||||||||
Total Stock-Based Compensation: | |||||||||||||||||||||||||||||
Pretax compensation expense | $ | 7,174 | $ | 6,514 | $ | 5,555 | |||||||||||||||||||||||
Tax benefit | (2,738 | ) | (2,541 | ) | (2,166 | ) | |||||||||||||||||||||||
Total stock-based compensation, net of tax | $ | 4,436 | $ | 3,973 | $ | 3,389 | |||||||||||||||||||||||
Derivative_Instruments_Hedging1
Derivative Instruments & Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||
Foreign Currency Derivatives [Abstract] | ' | ||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | ||||||||||||||||||
As of June 29, 2014 and June 30, 2013, the Company had the following outstanding derivative contracts (in thousands): | |||||||||||||||||||
Contract | Notional Amount | ||||||||||||||||||
June 29, 2014 | June 30, 2013 | ||||||||||||||||||
Interest Rate: | |||||||||||||||||||
LIBOR Interest Rate (U.S. Dollars) | Fixed | 95,000 | 95,000 | ||||||||||||||||
Foreign Currency: | |||||||||||||||||||
Australian Dollar | Sell | 19,904 | 6,392 | ||||||||||||||||
Canadian Dollar | Sell | 3,100 | — | ||||||||||||||||
Euro | Sell | 49,300 | 31,000 | ||||||||||||||||
Japanese Yen | Buy | 530,000 | 905,000 | ||||||||||||||||
Mexican Peso | Sell | 3,000 | 3,345 | ||||||||||||||||
Commodity: | |||||||||||||||||||
Aluminum (Metric Tons) | Buy | — | 18 | ||||||||||||||||
Natural Gas (Therms) | Buy | 5,686 | 5,423 | ||||||||||||||||
Location and Fair Value of Derivative Instruments on Consolidated Balance Sheets | ' | ||||||||||||||||||
The location and fair value of derivative instruments reported in the Consolidated Balance Sheets are as follows (in thousands): | |||||||||||||||||||
Balance Sheet Location | Asset (Liability) Fair Value | ||||||||||||||||||
June 29, 2014 | June 30, 2013 | ||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||
Other Long-Term Assets, Net | $ | 43 | $ | 257 | |||||||||||||||
Other Long-Term Liabilities | (1,209 | ) | (1,020 | ) | |||||||||||||||
Foreign currency contracts: | |||||||||||||||||||
Other Current Assets | 337 | 1,752 | |||||||||||||||||
Other Long-Term Assets, Net | 12 | — | |||||||||||||||||
Accrued Liabilities | (665 | ) | (1,138 | ) | |||||||||||||||
Other Long-Term Liabilities | (9 | ) | — | ||||||||||||||||
Commodity contracts: | |||||||||||||||||||
Other Current Assets | 39 | — | |||||||||||||||||
Accrued Liabilities | (35 | ) | (3,250 | ) | |||||||||||||||
Other Long-Term Liabilities | (14 | ) | (5 | ) | |||||||||||||||
$ | (1,501 | ) | $ | (3,404 | ) | ||||||||||||||
Effect of Derivatives on Consolidated Statements of Operations | ' | ||||||||||||||||||
The effect of derivatives designated as hedging instruments on the Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows (in thousands): | |||||||||||||||||||
Twelve months ended June 29, 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 | $ | (254 | ) | Net Sales | $ | (1,209 | ) | $ | — | ||||||||||
Foreign currency contracts – sell | (717 | ) | Net Sales | (1,024 | ) | — | |||||||||||||
Foreign currency contracts – buy | 182 | Cost of Goods Sold | (1,109 | ) | — | ||||||||||||||
Commodity contracts | 3,378 | Cost of Goods Sold | (5,630 | ) | — | ||||||||||||||
$ | 2,589 | $ | (8,972 | ) | $ | — | |||||||||||||
Twelve months ended June 30, 2013 | |||||||||||||||||||
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 | $ | 962 | Net Sales | $ | — | $ | — | ||||||||||||
Foreign currency contracts – sell | 102 | Net Sales | (55 | ) | — | ||||||||||||||
Foreign currency contracts – buy | (177 | ) | Cost of Goods Sold | (1,968 | ) | — | |||||||||||||
Commodity contracts | 3,094 | Cost of Goods Sold | (9,644 | ) | |||||||||||||||
$ | 3,981 | $ | (11,667 | ) | $ | — | |||||||||||||
Twelve months ended July 1, 2012 | |||||||||||||||||||
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 | $ | (1,428 | ) | Net Sales | $ | — | $ | — | |||||||||||
Foreign currency contracts – sell | 1,553 | Net Sales | 4,031 | — | |||||||||||||||
Foreign currency contracts – buy | 11 | Cost of Goods Sold | 132 | — | |||||||||||||||
Commodity contracts | (5,547 | ) | Cost of Goods Sold | (7,292 | ) | 6 | |||||||||||||
$ | (5,411 | ) | $ | (3,129 | ) | $ | 6 | ||||||||||||
Schedule of Forward Currency Contracts Outstanding | ' | ||||||||||||||||||
The Company had the following forward currency contracts outstanding at the end of fiscal 2014: | |||||||||||||||||||
Hedge | In Thousands | ||||||||||||||||||
Notional | Contract | Fair Value | (Gain) Loss | Conversion | Latest | ||||||||||||||
Currency | Contract | Value | Value | at Fair Value | Currency | Expiration Date | |||||||||||||
Australian Dollar | Sell | 19,904 | 18,115 | 18,586 | 471 | U.S. | Jun-15 | ||||||||||||
Canadian Dollar | Sell | 3,100 | 2,859 | 2,899 | 40 | U.S. | Apr-15 | ||||||||||||
Euro | Sell | 49,300 | 67,529 | 67,379 | (149 | ) | U.S. | Dec-15 | |||||||||||
Japanese Yen | Buy | 530,000 | 5,192 | 5,229 | (37 | ) | U.S. | Jan-15 | |||||||||||
Mexican Peso | Sell | 3,000 | 231 | 231 | — | U.S. | Jul-14 | ||||||||||||
The Company had the following forward currency contracts outstanding at the end of fiscal 2013: | |||||||||||||||||||
Hedge | In Thousands | ||||||||||||||||||
Notional | Contract | Fair Value | (Gain) Loss | Conversion | Latest | ||||||||||||||
Currency | Contract | Value | Value | at Fair Value | Currency | Expiration Date | |||||||||||||
Australian Dollar | Sell | 6,392 | 6,489 | 5,798 | (691 | ) | U.S. | Mar-14 | |||||||||||
Euro | Sell | 31,000 | 41,037 | 40,377 | (660 | ) | U.S. | Jun-14 | |||||||||||
Japanese Yen | Buy | 905,000 | 9,885 | 9,137 | 747 | U.S. | Jun-14 | ||||||||||||
Mexican Peso | Sell | 3,345 | 265 | 255 | (10 | ) | U.S. | Dec-13 | |||||||||||
Employee_Benefit_Costs_Tables
Employee Benefit Costs (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Reconciliation of Obligations, Plan Assets and Funded Status | ' | ||||||||||||||||||||||||
The following provides a reconciliation of obligations, plan assets and funded status of the plans for the two years indicated (in thousands): | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
Actuarial Assumptions: | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discounted Rate Used to Determine Present Value of Projected Benefit Obligation | 4.4 | % | 5 | % | 3.95 | % | 4.4 | % | |||||||||||||||||
Expected Rate of Future Compensation Level Increases | 3.0-4.0% | 3.0-4.0% | n/a | n/a | |||||||||||||||||||||
Expected Long-Term Rate of Return on Plan Assets | 8 | % | 8.25 | % | n/a | n/a | |||||||||||||||||||
Change in Benefit Obligations: | |||||||||||||||||||||||||
Projected Benefit Obligation at Beginning of Year | $ | 1,115,855 | $ | 1,236,747 | $ | 111,506 | $ | 136,854 | |||||||||||||||||
Service Cost | 7,645 | 13,222 | 333 | 358 | |||||||||||||||||||||
Interest Cost | 53,743 | 50,154 | 4,566 | 4,754 | |||||||||||||||||||||
Plan Curtailments | — | (52,236 | ) | — | — | ||||||||||||||||||||
Plan Participant Contributions | — | — | 1,513 | 1,347 | |||||||||||||||||||||
Actuarial (Gain) Loss | 71,288 | (56,239 | ) | (5,447 | ) | (13,309 | ) | ||||||||||||||||||
Benefits Paid | (75,384 | ) | (75,793 | ) | (16,014 | ) | (18,498 | ) | |||||||||||||||||
Projected Benefit Obligation at End of Year | $ | 1,173,147 | $ | 1,115,855 | $ | 96,457 | $ | 111,506 | |||||||||||||||||
Change in Plan Assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | $ | 962,633 | $ | 937,745 | $ | — | $ | — | |||||||||||||||||
Actual Return on Plan Assets | 153,306 | 68,296 | — | — | |||||||||||||||||||||
Plan Participant Contributions | — | — | 1,512 | 1,347 | |||||||||||||||||||||
Employer Contributions | 2,911 | 32,385 | 14,502 | 17,151 | |||||||||||||||||||||
Benefits Paid | (75,384 | ) | (75,793 | ) | (16,014 | ) | (18,498 | ) | |||||||||||||||||
Fair Value of Plan Assets at End of Year | $ | 1,043,466 | $ | 962,633 | $ | — | $ | — | |||||||||||||||||
Funded Status: | |||||||||||||||||||||||||
Plan Assets (Less Than) in Excess of Projected Benefit Obligation | $ | (129,681 | ) | $ | (153,222 | ) | $ | (96,457 | ) | $ | (111,506 | ) | |||||||||||||
Amounts Recognized on the Balance Sheets: | |||||||||||||||||||||||||
Accrued Pension Cost | $ | (126,529 | ) | $ | (150,131 | ) | $ | — | $ | — | |||||||||||||||
Accrued Wages and Salaries | (3,152 | ) | (3,091 | ) | — | — | |||||||||||||||||||
Accrued Postretirement Health Care Obligation | — | — | (59,290 | ) | (72,695 | ) | |||||||||||||||||||
Accrued Liabilities | — | — | (13,624 | ) | (16,113 | ) | |||||||||||||||||||
Accrued Employee Benefits | — | — | (23,543 | ) | (22,698 | ) | |||||||||||||||||||
Net Amount Recognized at End of Year | $ | (129,681 | ) | $ | (153,222 | ) | $ | (96,457 | ) | $ | (111,506 | ) | |||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income (Loss): | |||||||||||||||||||||||||
Transition Assets (Obligation) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Net Actuarial Loss | (190,756 | ) | (211,444 | ) | (21,962 | ) | (28,668 | ) | |||||||||||||||||
Prior Service Credit (Cost) | (550 | ) | (660 | ) | 6,243 | 8,008 | |||||||||||||||||||
Net Amount Recognized at End of Year | $ | (191,306 | ) | $ | (212,104 | ) | $ | (15,719 | ) | $ | (20,660 | ) | |||||||||||||
Schedule of Income and Expense for Retirement Plans | ' | ||||||||||||||||||||||||
The following table summarizes the plans’ income and expense for the three years indicated (in thousands): | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Components of Net Periodic (Income) Expense: | |||||||||||||||||||||||||
Service Cost-Benefits Earned During the Year | $ | 7,645 | $ | 13,222 | $ | 13,764 | $ | 333 | $ | 358 | $ | 407 | |||||||||||||
Interest Cost on Projected Benefit Obligation | 53,743 | 50,154 | 56,762 | 4,565 | 4,754 | 6,468 | |||||||||||||||||||
Expected Return on Plan Assets | (74,152 | ) | (75,832 | ) | (76,445 | ) | — | — | — | ||||||||||||||||
Amortization of: | |||||||||||||||||||||||||
Transition Obligation | — | 7 | 8 | — | — | — | |||||||||||||||||||
Prior Service Cost (Credit) | 180 | 366 | 2,856 | (2,895 | ) | (3,589 | ) | (3,800 | ) | ||||||||||||||||
Actuarial Loss | 25,105 | 34,821 | 20,230 | 5,527 | 7,624 | 8,942 | |||||||||||||||||||
Net Curtailment Loss | — | 1,914 | 375 | — | — | 359 | |||||||||||||||||||
Net Periodic Expense | $ | 12,521 | $ | 24,652 | $ | 17,550 | $ | 7,530 | $ | 9,147 | $ | 12,376 | |||||||||||||
Schedule of Significant Assumptions Used in Determining Net Periodic Expense | ' | ||||||||||||||||||||||||
Significant assumptions used in determining net periodic expense for the fiscal years indicated are as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Discount Rate | 5.00% | 4.45% | 5.35% | 4.40% | 3.75% | 4.45% | |||||||||||||||||||
Expected Return on Plan Assets | 8.25% | 8.50% | 8.50% | n/a | n/a | n/a | |||||||||||||||||||
Compensation Increase Rate | 3.0-4.0% | 3.0-4.0% | 3.0-4.0% | n/a | n/a | n/a | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) that are Expected to be Recognized as Components of Net Periodic (Income) Expense During the Next Fiscal Year | ' | ||||||||||||||||||||||||
The amounts in Accumulated Other Comprehensive Income (Loss) that are expected to be recognized as components of net periodic (income) expense during the next fiscal year are as follows (in thousands): | |||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||
Plans | Postretirement | ||||||||||||||||||||||||
Plans | |||||||||||||||||||||||||
Prior Service Cost (Credit) | $ | 180 | $ | (2,758 | ) | ||||||||||||||||||||
Net Actuarial Loss | 13,190 | 4,255 | |||||||||||||||||||||||
Schedule of Defined Benefit Plan Targeted and Actual Plan Asset Allocations | ' | ||||||||||||||||||||||||
The Company’s pension plan’s current target and asset allocations at June 29, 2014 and June 30, 2013, by asset category are as follows: | |||||||||||||||||||||||||
Plan Assets at Year-end | |||||||||||||||||||||||||
Asset Category | Target % | 2014 | 2013 | ||||||||||||||||||||||
Domestic Equities | 17%-25% | 20% | 22% | ||||||||||||||||||||||
International Equities | 5%-15% | 10% | 10% | ||||||||||||||||||||||
Alternative & Absolute Return | 10%-20% | 16% | 26% | ||||||||||||||||||||||
Fixed Income | 45%-55% | 52% | 39% | ||||||||||||||||||||||
Cash Equivalents | 1% | 2% | 3% | ||||||||||||||||||||||
100% | 100% | ||||||||||||||||||||||||
Schedule of The Fair Value of the Major Categories of Plan Assets | ' | ||||||||||||||||||||||||
The fair value of the major categories of the pension plans’ investments are presented below (in thousands): | |||||||||||||||||||||||||
June 29, 2014 | |||||||||||||||||||||||||
Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Short-Term Investments: | $ | 21,534 | $ | 21,534 | $ | — | $ | — | |||||||||||||||||
Fixed Income Securities: | 542,381 | — | 542,381 | — | |||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||
U.S. common stocks | 204,578 | 204,578 | — | — | |||||||||||||||||||||
International mutual funds | 106,990 | 106,990 | — | — | |||||||||||||||||||||
Other Investments: | |||||||||||||||||||||||||
Venture capital funds | (A) | 82,776 | — | — | 82,776 | ||||||||||||||||||||
Debt funds | (B) | 19,907 | — | — | 19,907 | ||||||||||||||||||||
Real estate funds | (C) | 10,445 | — | — | 10,445 | ||||||||||||||||||||
Private equity funds | (D) | 54,855 | — | — | 54,855 | ||||||||||||||||||||
Fair Value of Plan Assets at End of Year | $ | 1,043,466 | $ | 333,102 | $ | 542,381 | $ | 167,983 | |||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||
Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Short-Term Investments: | $ | 26,714 | $ | 26,714 | $ | — | $ | — | |||||||||||||||||
Fixed Income Securities: | 369,744 | — | 369,744 | — | |||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||
U.S. common stocks | 211,767 | 211,767 | — | — | |||||||||||||||||||||
International mutual funds | 100,392 | 100,392 | — | — | |||||||||||||||||||||
Other Investments: | |||||||||||||||||||||||||
Venture capital funds | (A) | 153,645 | — | — | 153,645 | ||||||||||||||||||||
Debt funds | (B) | 27,299 | — | — | 27,299 | ||||||||||||||||||||
Real estate funds | (C) | 11,506 | — | — | 11,506 | ||||||||||||||||||||
Private equity funds | (D) | 61,566 | — | — | 61,566 | ||||||||||||||||||||
Fair Value of Plan Assets at End of Year | $ | 962,633 | $ | 338,873 | $ | 369,744 | $ | 254,016 | |||||||||||||||||
(A) | This category invests in a combination of public and private securities of companies in financial distress, spin-offs, or new projects focused on technology and manufacturing. | ||||||||||||||||||||||||
(B) | This fund primarily invests in the debt of various entities including corporations and governments in emerging markets, mezzanine financing, or entities that are undergoing, are considered likely to undergo or have undergone a reorganization. | ||||||||||||||||||||||||
(C) | This category invests primarily in real estate related investments, including real estate properties, securities of real estate companies and other companies with significant real estate assets as well as real estate related debt and equity securities. | ||||||||||||||||||||||||
(D) | Primarily represents investments in all sizes of mostly privately held operating companies in the following core industry sectors: healthcare, energy, financial services, technology-media-telecommunications and industrial and consumer. | ||||||||||||||||||||||||
Schedule of Changes in Level 3 Investments for Pension Plan | ' | ||||||||||||||||||||||||
The following tables present the changes in Level 3 investments for the pension plan (in thousands). | |||||||||||||||||||||||||
Changes to Level 3 investments for the year ended June 29, 2014: | |||||||||||||||||||||||||
Category | June 30, 2013 | Purchases, | Realized | June 29, 2014 | |||||||||||||||||||||
Fair Value | Sales, | and | Fair Value (a) | ||||||||||||||||||||||
Issuances, | Unrealized | ||||||||||||||||||||||||
and | Gain | ||||||||||||||||||||||||
Settlements | (Loss) | ||||||||||||||||||||||||
Venture capital funds | $ | 153,645 | $ | (98,738 | ) | $ | 27,869 | $ | 82,776 | ||||||||||||||||
Debt funds | 27,299 | (6,109 | ) | (1,283 | ) | 19,907 | |||||||||||||||||||
Real estate funds | 11,506 | (1,179 | ) | 118 | 10,445 | ||||||||||||||||||||
Private equity funds | 61,566 | (8,821 | ) | 2,110 | 54,855 | ||||||||||||||||||||
$ | 254,016 | $ | (114,847 | ) | $ | 28,814 | $ | 167,983 | |||||||||||||||||
Changes to Level 3 investments for the year ended June 30, 2013: | |||||||||||||||||||||||||
Category | 30-Jun-12 | Purchases, | Realized | June 30, 2013 | |||||||||||||||||||||
Fair Value | Sales, | and | Fair Value (a) | ||||||||||||||||||||||
Issuances, | Unrealized | ||||||||||||||||||||||||
and | Gain | ||||||||||||||||||||||||
Settlements | (Loss) | ||||||||||||||||||||||||
Venture capital funds | $ | 152,093 | $ | (16,360 | ) | $ | 17,912 | $ | 153,645 | ||||||||||||||||
Debt funds | 36,211 | (7,258 | ) | (1,654 | ) | 27,299 | |||||||||||||||||||
Real estate funds | 13,888 | (3,272 | ) | 890 | 11,506 | ||||||||||||||||||||
Private equity funds | 71,185 | (10,094 | ) | 475 | 61,566 | ||||||||||||||||||||
Global balanced funds | 23,178 | (20,000 | ) | (3,178 | ) | — | |||||||||||||||||||
$ | 296,555 | $ | (56,984 | ) | $ | 14,445 | $ | 254,016 | |||||||||||||||||
(a) There were no transfers in or out of Level 3 during the years ended June 29, 2014 or June 30, 2013. | |||||||||||||||||||||||||
Schedule of Projected Benefit Payments | ' | ||||||||||||||||||||||||
Projected benefit payments from the plans as of June 29, 2014 are estimated as follows (in thousands): | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
Year Ending | Qualified | Non-Qualified | Retiree | Retiree Life | |||||||||||||||||||||
Medical | |||||||||||||||||||||||||
2015 | $ | 75,150 | $ | 3,152 | $ | 12,280 | $ | 1,418 | |||||||||||||||||
2016 | 75,183 | 3,195 | 11,408 | 1,443 | |||||||||||||||||||||
2017 | 75,352 | 3,234 | 9,468 | 1,465 | |||||||||||||||||||||
2018 | 75,333 | 3,259 | 8,811 | 1,484 | |||||||||||||||||||||
2019 | 75,550 | 3,410 | 7,137 | 1,500 | |||||||||||||||||||||
2020-2024 | 370,510 | 17,749 | 21,822 | 7,601 | |||||||||||||||||||||
Restructuring_Actions_Tables
Restructuring Actions (Tables) | 12 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Restructuring Actions [Abstract] | ' | ||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||||||||||
The following is a rollforward of the restructuring reserve (included in Accrued Liabilities within the Consolidated Condensed Balance Sheets) attributable to all Engines segment restructuring activities for fiscal 2014 (in thousands): | |||||||||||||
Engines Segment | Termination Benefits | Other Costs | Total | ||||||||||
Reserve Balance at June 30, 2013 | $ | 99 | $ | 2,575 | $ | 2,674 | |||||||
Provisions | 348 | 3,176 | 3,524 | ||||||||||
Cash Expenditures | (447 | ) | (3,525 | ) | (3,972 | ) | |||||||
Other Adjustments (1) | — | (2,226 | ) | (2,226 | ) | ||||||||
Reserve Balance at June 29, 2014 | $ | — | $ | — | $ | — | |||||||
(1) Other adjustments includes $0.5 million of accelerated depreciation and $1.7 million of asset impairments. | |||||||||||||
The following is a rollforward of the restructuring reserve (included in Accrued Liabilities within the Consolidated Condensed Balance Sheets) attributable to all Products Segment restructuring activities for fiscal 2014 (in thousands): | |||||||||||||
Products Segment | Termination Benefits | Other Costs | Total | ||||||||||
Reserve Balance at June 30, 2013 | $ | 94 | $ | 45 | $ | 139 | |||||||
Provisions | 256 | 2,759 | 3,015 | ||||||||||
Cash Expenditures | (350 | ) | (649 | ) | (999 | ) | |||||||
Other Adjustments (2) | — | (2,050 | ) | (2,050 | ) | ||||||||
Reserve Balance at June 29, 2014 | $ | — | $ | 105 | $ | 105 | |||||||
(2) Other adjustments includes $1.3 million of asset impairments and $0.7 million of other costs including transition costs and foreign currency translation. |
Separate_Financial_Information1
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables) | 12 Months Ended | ||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||
Separate Financial Information Of Subsidiary Guarantors Of Indebtedness | ' | ||||||||||||||||||||
Schedule of Outstanding Amounts Related to Guaranteed Debt | ' | ||||||||||||||||||||
The Company had the following outstanding amounts related to the guaranteed debt (in thousands): | |||||||||||||||||||||
29-Jun-14 | Maximum | ||||||||||||||||||||
Carrying | Guarantee | ||||||||||||||||||||
Amount | |||||||||||||||||||||
6.875% Senior Notes | $ | 225,000 | $ | 225,000 | |||||||||||||||||
Multicurrency Credit Agreement | $ | — | $ | 500,000 | |||||||||||||||||
Schedule of Consolidated Balance Sheets | ' | ||||||||||||||||||||
CONSOLIDATING BALANCE SHEET: | Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
As of June 29, 2014 | Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and Cash Equivalents | $ | 138,926 | $ | 2,680 | $ | 53,062 | $ | — | $ | 194,668 | |||||||||||
Accounts Receivable, Net | 86,099 | 100,062 | 34,429 | — | 220,590 | ||||||||||||||||
Intercompany Accounts Receivable | 15,987 | 3,492 | 32,826 | (52,305 | ) | — | |||||||||||||||
Inventories, Net | 165,159 | 146,749 | 64,195 | — | 376,103 | ||||||||||||||||
Deferred Tax Asset | 33,343 | 13,904 | 1,711 | — | 48,958 | ||||||||||||||||
Prepaid Expenses and Other | 17,436 | 3,508 | 9,072 | 30,016 | |||||||||||||||||
Total Current Assets | $ | 456,950 | $ | 270,395 | $ | 195,295 | $ | (52,305 | ) | $ | 870,335 | ||||||||||
OTHER ASSETS: | |||||||||||||||||||||
Goodwill | $ | 128,300 | $ | — | $ | 16,222 | $ | — | $ | 144,522 | |||||||||||
Investments | 27,137 | — | — | — | 27,137 | ||||||||||||||||
Investments in Subsidiaries | 470,391 | — | — | (470,391 | ) | — | |||||||||||||||
Intercompany Note Receivable | 49,293 | 84,567 | 13,876 | (147,736 | ) | — | |||||||||||||||
Debt Issuance Costs, Net | 4,671 | — | — | — | 4,671 | ||||||||||||||||
Other Intangible Assets, Net | — | 55,909 | 24,408 | — | 80,317 | ||||||||||||||||
Long-Term Deferred Tax Asset | 32,507 | — | 677 | (18,006 | ) | 15,178 | |||||||||||||||
Other Long-Term Assets, Net | 7,120 | 2,088 | 1,331 | — | 10,539 | ||||||||||||||||
Total Other Assets | $ | 719,419 | $ | 142,564 | $ | 56,514 | $ | (636,133 | ) | $ | 282,364 | ||||||||||
PLANT AND EQUIPMENT, NET | 241,166 | 39,863 | 15,978 | — | 297,007 | ||||||||||||||||
TOTAL ASSETS | $ | 1,417,535 | $ | 452,822 | $ | 267,787 | $ | (688,438 | ) | $ | 1,449,706 | ||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Accounts Payable | 105,532 | 45,171 | 18,568 | — | 169,271 | ||||||||||||||||
Intercompany Accounts Payable | 21,859 | 6,002 | 24,444 | (52,305 | ) | — | |||||||||||||||
Accrued Liabilities | 85,735 | 31,863 | 16,318 | — | 133,916 | ||||||||||||||||
Total Current Liabilities | $ | 213,126 | $ | 83,036 | $ | 59,330 | $ | (52,305 | ) | $ | 303,187 | ||||||||||
OTHER LIABILITIES: | |||||||||||||||||||||
Accrued Pension Cost | 125,481 | 421 | 627 | — | 126,529 | ||||||||||||||||
Accrued Employee Benefits | 24,491 | — | — | — | 24,491 | ||||||||||||||||
Accrued Postretirement Health Care Obligation | 44,928 | 14,362 | — | — | 59,290 | ||||||||||||||||
Accrued Warranty | 9,300 | 8,378 | — | — | 17,678 | ||||||||||||||||
Intercompany Note Payable | 85,343 | — | 62,393 | (147,736 | ) | — | |||||||||||||||
Deferred Tax Liabilities | 18,006 | — | (18,006 | ) | — | ||||||||||||||||
Other Long-Term Liabilities | 17,432 | 2,659 | 1,006 | — | 21,097 | ||||||||||||||||
Long-Term Debt | 225,000 | — | — | — | 225,000 | ||||||||||||||||
Total Other Liabilities | $ | 531,975 | $ | 43,826 | $ | 64,026 | $ | (165,742 | ) | $ | 474,085 | ||||||||||
TOTAL SHAREHOLDERS’ INVESTMENT: | 672,434 | 325,960 | 144,431 | (470,391 | ) | 672,434 | |||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT | $ | 1,417,535 | $ | 452,822 | $ | 267,787 | $ | (688,438 | ) | $ | 1,449,706 | ||||||||||
CONSOLIDATING BALANCE SHEET: | Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
As of June 30, 2013 | Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and Cash Equivalents | $ | 162,628 | $ | 1,275 | $ | 24,542 | $ | — | $ | 188,445 | |||||||||||
Accounts Receivable, Net | 80,017 | 80,531 | 30,252 | — | 190,800 | ||||||||||||||||
Intercompany Accounts Receivable | 11,987 | 5,971 | 46,366 | (64,324 | ) | — | |||||||||||||||
Inventories, Net | 165,600 | 175,523 | 66,972 | — | 408,095 | ||||||||||||||||
Deferred Tax Asset | 32,543 | 13,923 | 1,068 | — | 47,534 | ||||||||||||||||
Prepaid Expenses and Other | 15,194 | 1,967 | 6,946 | — | 24,107 | ||||||||||||||||
Total Current Assets | $ | 467,969 | $ | 279,190 | $ | 176,146 | $ | (64,324 | ) | $ | 858,981 | ||||||||||
OTHER ASSETS: | |||||||||||||||||||||
Goodwill | $ | 128,300 | $ | — | $ | 19,052 | $ | — | $ | 147,352 | |||||||||||
Investments | 19,764 | — | — | — | 19,764 | ||||||||||||||||
Investments in Subsidiaries | 520,604 | — | — | (520,604 | ) | — | |||||||||||||||
Intercompany Note Receivable | 45,747 | 81,844 | 14,486 | (142,077 | ) | — | |||||||||||||||
Debt Issuance Costs, Net | 4,710 | — | — | — | 4,710 | ||||||||||||||||
Other Intangible Assets, Net | — | 62,612 | 25,368 | — | 87,980 | ||||||||||||||||
Long-Term Deferred Tax Asset | 48,694 | — | 83 | (21,233 | ) | 27,544 | |||||||||||||||
Other Long-Term Assets, Net | 9,810 | 2,957 | 1,258 | — | 14,025 | ||||||||||||||||
Total Other Assets | $ | 777,629 | $ | 147,413 | $ | 60,247 | $ | (683,914 | ) | $ | 301,375 | ||||||||||
PLANT AND EQUIPMENT, NET | 224,002 | 45,475 | 17,718 | — | 287,195 | ||||||||||||||||
TOTAL ASSETS | $ | 1,469,600 | $ | 472,078 | $ | 254,111 | $ | (748,238 | ) | $ | 1,447,551 | ||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Accounts Payable | 91,965 | 37,112 | 14,112 | — | 143,189 | ||||||||||||||||
Intercompany Accounts Payable | 38,078 | 5,197 | 21,049 | (64,324 | ) | — | |||||||||||||||
Short-Term Debt | — | — | 300 | — | 300 | ||||||||||||||||
Accrued Liabilities | 111,146 | 7,452 | 12,668 | — | 131,266 | ||||||||||||||||
Total Current Liabilities | $ | 241,189 | $ | 49,761 | $ | 48,129 | $ | (64,324 | ) | $ | 274,755 | ||||||||||
OTHER LIABILITIES: | |||||||||||||||||||||
Accrued Pension Cost | 149,614 | 472 | 45 | — | 150,131 | ||||||||||||||||
Accrued Employee Benefits | 23,458 | — | — | — | 23,458 | ||||||||||||||||
Accrued Postretirement Health Care Obligation | 57,298 | 15,397 | — | — | 72,695 | ||||||||||||||||
Accrued Warranty | 9,400 | 9,471 | — | — | 18,871 | ||||||||||||||||
Intercompany Note Payable | 85,095 | 56,982 | (142,077 | ) | — | ||||||||||||||||
Deferred Tax Liabilities | — | 21,233 | — | (21,233 | ) | — | |||||||||||||||
Other Long-Term Liabilities | 10,608 | 3,070 | 1,025 | — | 14,703 | ||||||||||||||||
Long-Term Debt | 225,000 | — | — | 225,000 | |||||||||||||||||
Total Other Liabilities | $ | 560,473 | $ | 49,643 | $ | 58,052 | $ | (163,310 | ) | $ | 504,858 | ||||||||||
TOTAL SHAREHOLDERS’ INVESTMENT: | 667,938 | 372,674 | 147,930 | (520,604 | ) | 667,938 | |||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT | $ | 1,469,600 | $ | 472,078 | $ | 254,111 | $ | (748,238 | ) | $ | 1,447,551 | ||||||||||
Schedule of Consolidated Statement of Operations | ' | ||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
For the Fiscal Year Ended June 29, 2014 | Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||
Net Sales | $ | 1,156,394 | $ | 599,013 | $ | 304,160 | $ | (200,507 | ) | $ | 1,859,060 | ||||||||||
Cost of Goods Sold | 928,557 | 544,313 | 234,073 | (200,507 | ) | 1,506,436 | |||||||||||||||
Restructuring Charges | 3,830 | 228 | 1,783 | — | 5,841 | ||||||||||||||||
Gross Profit | 224,007 | 54,472 | 68,304 | — | 346,783 | ||||||||||||||||
Engineering, Selling, General and Administrative Expenses | 163,594 | 76,021 | 51,752 | — | 291,367 | ||||||||||||||||
Restructuring Charges | 77 | 67 | 554 | — | 698 | ||||||||||||||||
Goodwill and Tradename Impairment | — | 5,500 | 2,960 | — | 8,460 | ||||||||||||||||
Equity in Loss from Subsidiaries | 5,622 | — | — | (5,622 | ) | — | |||||||||||||||
Income (Loss) from Operations | 54,714 | (27,116 | ) | 13,038 | 5,622 | 46,258 | |||||||||||||||
Interest Expense | (18,431 | ) | (6 | ) | (29 | ) | — | (18,466 | ) | ||||||||||||
Other Income, Net | 8,251 | 152 | 939 | — | 9,342 | ||||||||||||||||
Income (Loss) Before Provision for Income Taxes | 44,534 | (26,970 | ) | 13,948 | 5,622 | 37,134 | |||||||||||||||
Provision (Credit) for Income Taxes | 16,187 | (9,889 | ) | 2,489 | — | 8,787 | |||||||||||||||
Net Income (Loss) | $ | 28,347 | $ | (17,081 | ) | $ | 11,459 | $ | 5,622 | $ | 28,347 | ||||||||||
Comprehensive Income (Loss) | $ | 58,018 | $ | (16,836 | ) | $ | 12,832 | $ | 4,004 | $ | 58,018 | ||||||||||
For the Fiscal Year Ended June 30, 2013 | |||||||||||||||||||||
Net Sales | $ | 1,126,562 | $ | 695,137 | $ | 277,516 | $ | (236,717 | ) | $ | 1,862,498 | ||||||||||
Cost of Goods Sold | 916,859 | 626,266 | 208,189 | (236,717 | ) | 1,514,597 | |||||||||||||||
Restructuring Charges | 9,614 | 8,618 | 529 | — | 18,761 | ||||||||||||||||
Gross Profit | 200,089 | 60,253 | 68,798 | — | 329,140 | ||||||||||||||||
Engineering, Selling, General and Administrative Expenses | 161,465 | 71,434 | 43,289 | — | 276,188 | ||||||||||||||||
Restructuring Charges | 3,435 | — | — | — | 3,435 | ||||||||||||||||
Goodwill Impairment | — | 83,314 | 6,766 | — | 90,080 | ||||||||||||||||
Equity in Loss from Subsidiaries | 45,191 | — | — | (45,191 | ) | — | |||||||||||||||
Income (Loss) from Operations | (10,002 | ) | (94,495 | ) | 18,743 | 45,191 | (40,563 | ) | |||||||||||||
Interest Expense | (18,369 | ) | (3 | ) | (147 | ) | — | (18,519 | ) | ||||||||||||
Other Income, Net | 6,225 | 286 | 430 | — | 6,941 | ||||||||||||||||
Income (Loss) Before Provision for Income Taxes | (22,146 | ) | (94,212 | ) | 19,026 | 45,191 | (52,141 | ) | |||||||||||||
Provision (Credit) for Income Taxes | 11,511 | (30,902 | ) | 907 | — | (18,484 | ) | ||||||||||||||
Net Income (Loss) | $ | (33,657 | ) | $ | (63,310 | ) | $ | 18,119 | $ | 45,191 | $ | (33,657 | ) | ||||||||
Comprehensive Income (Loss) | $ | 64,119 | $ | (62,068 | ) | $ | 16,779 | $ | 45,289 | $ | 64,119 | ||||||||||
For the Fiscal Year Ended July 1, 2012 | |||||||||||||||||||||
Net Sales | $ | 1,235,805 | $ | 835,011 | $ | 321,216 | $ | (325,499 | ) | $ | 2,066,533 | ||||||||||
Cost of Goods Sold | 1,007,493 | 744,103 | 258,951 | (325,499 | ) | 1,685,048 | |||||||||||||||
Restructuring Charges | 4,235 | 28,790 | 11,735 | — | 44,760 | ||||||||||||||||
Gross Profit | 224,077 | 62,118 | 50,530 | — | 336,725 | ||||||||||||||||
Engineering, Selling, General and Administrative Expenses | 167,133 | 80,915 | 42,333 | — | 290,381 | ||||||||||||||||
Restructuring Charges | 4,001 | 1,106 | — | — | 5,107 | ||||||||||||||||
Equity in Loss from Subsidiaries | 5,881 | — | — | (5,881 | ) | — | |||||||||||||||
Income (Loss) from Operations | 47,062 | (19,903 | ) | 8,197 | 5,881 | 41,237 | |||||||||||||||
Interest Expense | (18,347 | ) | (33 | ) | (162 | ) | — | (18,542 | ) | ||||||||||||
Other Income, Net | 4,830 | 207 | 2,141 | — | 7,178 | ||||||||||||||||
Income (Loss) Before Provision for Income Taxes | 33,545 | (19,729 | ) | 10,176 | 5,881 | 29,873 | |||||||||||||||
Provision (Credit) for Income Taxes | 4,539 | (8,897 | ) | 5,225 | — | 867 | |||||||||||||||
Net Income (Loss) | $ | 29,006 | $ | (10,832 | ) | $ | 4,951 | $ | 5,881 | $ | 29,006 | ||||||||||
Comprehensive Income (Loss) | $ | (50,200 | ) | $ | (12,062 | ) | $ | (2,529 | ) | $ | 14,591 | $ | (50,200 | ) | |||||||
Schedule of Consolidated Statement of Cash Flows | ' | ||||||||||||||||||||
CONSOLIDATING STATEMENT | Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
OF CASH FLOWS: | Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||
For the Fiscal Year Ended June 29, 2014 | |||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 77,161 | $ | 6,816 | $ | 43,102 | $ | — | $ | 127,079 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Additions to Plant and Equipment | (55,775 | ) | (2,718 | ) | (1,878 | ) | — | (60,371 | ) | ||||||||||||
Proceeds Received on Disposition of Plant and Equipment | 170 | 33 | 425 | — | 628 | ||||||||||||||||
Cash Investment in Subsidiary | 13,307 | — | (13,307 | ) | — | — | |||||||||||||||
Net Cash Used in Investing Activities | (42,298 | ) | (2,685 | ) | (14,760 | ) | — | (59,743 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt | 2,726 | (2,726 | ) | (300 | ) | — | (300 | ) | |||||||||||||
Debt Issuance Costs | (949 | ) | — | — | — | (949 | ) | ||||||||||||||
Cash Dividends Paid | (22,697 | ) | — | — | — | (22,697 | ) | ||||||||||||||
Stock Option Exercise Proceeds and Tax Benefits | 5,402 | — | — | — | 5,402 | ||||||||||||||||
Treasury Stock Repurchases | (43,047 | ) | — | — | — | (43,047 | ) | ||||||||||||||
Net Cash Provided by (Used in) Financing Activities | (58,565 | ) | (2,726 | ) | (300 | ) | — | (61,591 | ) | ||||||||||||
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | 478 | — | 478 | ||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (23,702 | ) | 1,405 | 28,520 | — | 6,223 | |||||||||||||||
Cash and Cash Equivalents, Beginning of Year | 162,628 | 1,275 | 24,542 | — | 188,445 | ||||||||||||||||
Cash and Cash Equivalents, End of Year | $ | 138,926 | $ | 2,680 | $ | 53,062 | $ | — | $ | 194,668 | |||||||||||
CONSOLIDATING STATEMENT | Briggs & Stratton Corporation | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
OF CASH FLOWS: | Subsidiaries | Subsidiaries | |||||||||||||||||||
For the Fiscal Year Ended June 30, 2013 | |||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 69,746 | $ | 40,812 | $ | 50,255 | $ | — | $ | 160,813 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Additions to Plant and Equipment | (36,306 | ) | (6,120 | ) | (2,452 | ) | — | (44,878 | ) | ||||||||||||
Cash Paid for Acquisition, Net of Cash Acquired | — | — | (59,627 | ) | — | (59,627 | ) | ||||||||||||||
Proceeds Received on Disposition of Plant and Equipment | 70 | 6,068 | 6,354 | — | 12,492 | ||||||||||||||||
Cash Investment in Subsidiary | (15,194 | ) | — | 15,194 | — | — | |||||||||||||||
Net Cash Used in Investing Activities | (51,430 | ) | (52 | ) | (40,531 | ) | — | (92,013 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt | 44,860 | (44,860 | ) | (2,700 | ) | — | (2,700 | ) | |||||||||||||
Cash Dividends Paid | (23,285 | ) | — | — | — | (23,285 | ) | ||||||||||||||
Stock Option Exercise Proceeds and Tax Benefits | 19,988 | — | — | — | 19,988 | ||||||||||||||||
Treasury Stock Repurchases | (30,359 | ) | — | — | — | (30,359 | ) | ||||||||||||||
Net Cash Provided by (Used in) Financing Activities | 11,204 | (44,860 | ) | (2,700 | ) | — | (36,356 | ) | |||||||||||||
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (74 | ) | — | (74 | ) | ||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 29,520 | (4,100 | ) | 6,950 | — | 32,370 | |||||||||||||||
Cash and Cash Equivalents, Beginning of Year | 133,108 | 5,375 | 17,592 | — | 156,075 | ||||||||||||||||
Cash and Cash Equivalents, End of Year | $ | 162,628 | $ | 1,275 | $ | 24,542 | $ | — | $ | 188,445 | |||||||||||
CONSOLIDATING STATEMENT | Briggs & Stratton Corporation | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
OF CASH FLOWS: | Subsidiaries | Subsidiaries | |||||||||||||||||||
For the Fiscal Year Ended July 1, 2012 | |||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net Cash Provided by (Used in)Operating Activities | $ | 82,114 | $ | 2,879 | $ | (19,032 | ) | $ | — | $ | 65,961 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Additions to Plant and Equipment | (40,456 | ) | (6,588 | ) | (2,529 | ) | — | (49,573 | ) | ||||||||||||
Cash Paid for Acquisition, Net of Cash Received | — | — | (2,673 | ) | — | (2,673 | ) | ||||||||||||||
Proceeds Received on Disposition of Plant and Equipment | 141 | 1,278 | 38 | — | 1,457 | ||||||||||||||||
Cash Investment in Subsidiary | 2,141 | — | (2,141 | ) | — | — | |||||||||||||||
Net Cash Used in Investing Activities | (38,174 | ) | (5,310 | ) | (7,305 | ) | — | (50,789 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Net Borrowings on Loans, Notes Payable and Long-Term Debt | (6,434 | ) | 6,434 | — | — | — | |||||||||||||||
Debt Issuance Costs | (2,007 | ) | — | — | — | (2,007 | ) | ||||||||||||||
Cash Dividends Paid | (22,011 | ) | — | — | — | (22,011 | ) | ||||||||||||||
Stock Option Exercise Proceeds and Tax Benefits | 235 | — | — | — | 235 | ||||||||||||||||
Treasury Stock Repurchases | (39,287 | ) | — | — | — | (39,287 | ) | ||||||||||||||
Net Cash Provided by (Used in) Financing Activities | (69,504 | ) | 6,434 | — | — | (63,070 | ) | ||||||||||||||
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (5,666 | ) | — | (5,666 | ) | ||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (25,564 | ) | 4,003 | (32,003 | ) | — | (53,564 | ) | |||||||||||||
Cash and Cash Equivalents, Beginning of Year | 158,672 | 1,372 | 49,595 | — | 209,639 | ||||||||||||||||
Cash and Cash Equivalents, End of Year | $ | 133,108 | $ | 5,375 | $ | 17,592 | $ | — | $ | 156,075 | |||||||||||
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||
Schedule of Valuation and Qualifying Accounts | ' | ||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | |||||||||
FOR FISCAL YEARS ENDED JUNE 29, 2014, JUNE 30, 2013 AND JULY 1, 2012 | |||||||||
Reserve for | Balance | Additions | Charges to | Balance | |||||
Doubtful Accounts | Beginning | Charged | Reserve, Net | End of | |||||
Receivable | of Year | to Earnings | Year | ||||||
2014 | $6,501,000 | 1,321,000 | -1,470,000 | $6,352,000 | |||||
2013 | $5,780,000 | 1,881,000 | -1,160,000 | $6,501,000 | |||||
2012 | $4,971,000 | 3,608,000 | -2,799,000 | $5,780,000 | |||||
Deferred Tax | Balance | Allowance | Allowance | Balance | |||||
Assets Valuation | Beginning | Established for | Reversed for | End of | |||||
Allowance | of Year | Net Operating | Loss Carryforwards | Year | |||||
and Other Loss | Utilized and | ||||||||
Carryforwards | Other Adjustments | ||||||||
2014 | $12,725,000 | 2,516,000 | — | $15,241,000 | |||||
2013 | $12,025,000 | 9,210,000 | -8,510,000 | $12,725,000 | |||||
2012 | $7,259,000 | 5,430,000 | -664,000 | $12,025,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||||||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | |
Patents [Member] | Minimum [Member] | Maximum [Member] | Independent Distributors [Member] | ||||
Customer Relationships [Member] | Customer Relationships [Member] | ||||||
Percentage of LIFO inventory included in total inventory | 51.00% | 48.00% | ' | ' | ' | ' | ' |
Value of higher inventory if the FIFO inventory valuation method is exclusively used | $64,500,000 | $62,100,000 | ' | ' | ' | ' | ' |
Weighted Average useful life, years | ' | ' | ' | '13 years | '14 years | '25 years | ' |
Net sales to equity method investees | 18,700,000 | 1,000,000 | 1,800,000 | ' | ' | ' | ' |
Purchases of finished products from equity method investees | 102,400,000 | 107,000,000 | 119,600,000 | ' | ' | ' | ' |
Equity Method Investments | 27,137,000 | 19,764,000 | ' | ' | ' | ' | 6,500,000 |
Amortization of Financing Costs and Discounts | 1,000,000 | 1,000,000 | 1,200,000 | ' | ' | ' | ' |
Depreciation | 47,200,000 | 52,300,000 | 60,300,000 | ' | ' | ' | ' |
Financing costs included in net sales | 5,500,000 | 6,300,000 | 5,500,000 | ' | ' | ' | ' |
Research and Development | 19,700,000 | 18,500,000 | 19,800,000 | ' | ' | ' | ' |
Advertising costs | 18,500,000 | 17,700,000 | 22,300,000 | ' | ' | ' | ' |
Shipping fee revenue | 4,400,000 | 4,900,000 | 5,900,000 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment Realized upon Sale or Liquidation, before Tax | ' | -4,200,000 | ' | ' | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), before Tax | ($3,900,000) | ($4,100,000) | ' | ' | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Schedule Of Results Of Operations Of Unconsolidated Affiliated Companies) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Accounting Policies [Abstract] | ' | ' | ' |
Sales | $143,007 | $113,452 | $129,063 |
Cost of Goods Sold | 116,158 | 92,844 | 103,254 |
Gross Profit | 26,849 | 20,608 | 25,809 |
Net Income | $13,653 | $8,057 | $9,751 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Schedule Of Balance Sheets Of Unconsolidated Affiliated Companies) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Equity Method Investment, Summarized Financial Information, Assets | ' | ' |
Current Assets | $76,811 | $45,355 |
Noncurrent Assets | 28,106 | 15,527 |
Total Assets | 104,917 | 60,882 |
Equity Method Investment, Summarized Financial Information, Liabilities | ' | ' |
Current Liabilities | 22,990 | 12,989 |
Noncurrent Liabilities | 1,779 | 2,900 |
Total Liabilities | 24,769 | 15,889 |
Equity | $80,148 | $44,993 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Estimated Useful Lives Of Plant And Equipment) (Details) | 12 Months Ended |
Jun. 29, 2014 | |
Minimum [Member] | Software [Member] | ' |
Plant and equipment estimated useful lives, years | '3 years |
Minimum [Member] | Land Improvements [Member] | ' |
Plant and equipment estimated useful lives, years | '20 years |
Minimum [Member] | Buildings [Member] | ' |
Plant and equipment estimated useful lives, years | '20 years |
Minimum [Member] | Machinery & Equipment [Member] | ' |
Plant and equipment estimated useful lives, years | '3 years |
Maximum [Member] | Software [Member] | ' |
Plant and equipment estimated useful lives, years | '10 years |
Maximum [Member] | Land Improvements [Member] | ' |
Plant and equipment estimated useful lives, years | '40 years |
Maximum [Member] | Buildings [Member] | ' |
Plant and equipment estimated useful lives, years | '50 years |
Maximum [Member] | Machinery & Equipment [Member] | ' |
Plant and equipment estimated useful lives, years | '20 years |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Changes In Accrued Warranty Costs) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 |
Accounting Policies [Abstract] | ' | ' |
Balance, Beginning of Period | $45,037 | $46,012 |
Payments | -28,377 | -26,173 |
Provision for Current Year Warranties | 29,087 | 26,438 |
Changes in Estimates | -1,003 | -1,240 |
Balance, End of Period | $44,744 | $45,037 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Information On Earnings (Loss) Per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Net Income (Loss) | $28,347 | ($33,657) | $29,006 |
Less: Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | -768 | -605 | -508 |
Net Income (Loss) available to Common Shareholders | $27,579 | ($34,262) | $28,498 |
Average Shares of Common Stock Outstanding | 46,366 | 47,172 | 48,965 |
Incremental Common Shares Applicable to Common Stock Options and Performance Shares Based on the Common Stock Average Market Price During the Period | 70 | 0 | 0 |
Incremental Common Shares Applicable to Deferred and Restricted Common Stock Based on the Common Stock Average Market Price During the Period | 0 | 0 | 944 |
Diluted Average Common Shares Outstanding | 46,436 | 47,172 | 49,909 |
Basic Earnings (Loss) Per Share | $0.59 | ($0.73) | $0.58 |
Diluted Earnings (Loss) Per Share | $0.59 | ($0.73) | $0.57 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies (Schedule Of Options To Purchase Shares Of Common Stock And Weighted Exercise Price Of Option Excluded) (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Stock Options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share [Line Items] | ' | ' | ' |
Options to Purchase Shares of Common Stock | 916,000 | 1,590,000 | 3,679,000 |
Weighted Average Exercise Prices of Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share | $29.62 | $34.13 | $27.71 |
Potential Other Incremental Common Shares Excluded [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share [Line Items] | ' | ' | ' |
Options to Purchase Shares of Common Stock | 1,126,000 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Beginning Balance | ($224,928) | ($322,704) | ' | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 10,322 | 107,999 | ' | ||
Other Comprehensive Income (Loss), Before Reclassifications, Tax | -3,493 | -41,549 | ' | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 6,829 | 66,450 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 36,889 | 50,896 | ' | ||
Other Comprehensive Income (Loss), Tax | -14,047 | -19,570 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 22,842 | 31,326 | ' | ||
Other Comprehensive Income (Loss), Net of Tax | 29,671 | 97,776 | -79,206 | ||
Ending Balance | -195,257 | -224,928 | -322,704 | ||
Transition Obligation [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | ' | 7 | ' | ||
Prior Service Costs [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -2,715 | [1] | -3,223 | [1] | ' |
Actuarial Losses [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 30,632 | [1] | 42,445 | [1] | ' |
Foreign Exchange Contract [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2,133 | [2] | 2,023 | [2] | ' |
Commodity Contract [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 5,630 | [2] | 9,644 | [2] | ' |
Interest Rate Swap [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1,209 | [2] | 0 | [2] | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Beginning Balance | 11,885 | 12,502 | ' | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 1,168 | -617 | ' | ||
Other Comprehensive Income (Loss), Before Reclassifications, Tax | 0 | 0 | ' | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1,168 | -617 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ' | ||
Other Comprehensive Income (Loss), Tax | 0 | 0 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ' | ||
Other Comprehensive Income (Loss), Net of Tax | 1,168 | -617 | ' | ||
Ending Balance | 13,053 | 11,885 | ' | ||
Accumulated Translation Adjustment [Member] | Transition Obligation [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | ' | 0 | ' | ||
Accumulated Translation Adjustment [Member] | Prior Service Costs [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ' | ||
Accumulated Translation Adjustment [Member] | Actuarial Losses [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ' | ||
Accumulated Translation Adjustment [Member] | Foreign Exchange Contract [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ' | ||
Accumulated Translation Adjustment [Member] | Commodity Contract [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ' | ||
Accumulated Translation Adjustment [Member] | Interest Rate Swap [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ' | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Beginning Balance | -3,673 | -7,654 | ' | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -4,797 | -5,141 | ' | ||
Other Comprehensive Income (Loss), Before Reclassifications, Tax | 1,823 | 2,005 | ' | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -2,974 | -3,136 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 8,972 | 11,667 | ' | ||
Other Comprehensive Income (Loss), Tax | -3,409 | -4,550 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5,563 | 7,117 | ' | ||
Other Comprehensive Income (Loss), Net of Tax | 2,589 | 3,981 | ' | ||
Ending Balance | -1,084 | -3,673 | ' | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Transition Obligation [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | ' | 0 | ' | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Prior Service Costs [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ' | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Actuarial Losses [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ' | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Foreign Exchange Contract [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2,133 | [2] | 2,023 | [2] | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Commodity Contract [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 5,630 | [2] | 9,644 | [2] | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Swap [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1,209 | [2] | 0 | [2] | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Beginning Balance | -233,140 | -327,552 | ' | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 13,951 | 113,757 | ' | ||
Other Comprehensive Income (Loss), Before Reclassifications, Tax | -5,316 | -43,554 | ' | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 8,635 | 70,203 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 27,917 | 39,229 | ' | ||
Other Comprehensive Income (Loss), Tax | -10,638 | -15,020 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 17,279 | 24,209 | ' | ||
Other Comprehensive Income (Loss), Net of Tax | 25,914 | 94,412 | ' | ||
Ending Balance | -207,226 | -233,140 | ' | ||
Accumulated Defined Benefit Plans Adjustment [Member] | Transition Obligation [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | ' | 7 | ' | ||
Accumulated Defined Benefit Plans Adjustment [Member] | Prior Service Costs [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -2,715 | [1] | -3,223 | [1] | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | Actuarial Losses [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 30,632 | [1] | 42,445 | [1] | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | Foreign Exchange Contract [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ' | ||
Accumulated Defined Benefit Plans Adjustment [Member] | Commodity Contract [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ' | ||
Accumulated Defined Benefit Plans Adjustment [Member] | Interest Rate Swap [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $0 | $0 | ' | ||
[1] | (2) Amounts reclassified to net income 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 17 for information related to pension and postretirement benefit plans. | ||||
[2] | (1) Amounts reclassified to net income are included in net sales or cost of goods sold. See Note 16 for information related to derivative financial instruments. |
Acquisitions_Details
Acquisitions (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 14, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 |
Allmand Bros. [Member] | Branco [Member] | Branco [Member] | Branco [Member] | |
Engines [Member] | Products [Member] | |||
Business Acquisition, Cost of Acquired Entity, Cash Paid | $62 | $59.60 | ' | ' |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | ' | 15.3 | 4.6 | 10.7 |
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | ' | 24 | ' | ' |
Business Acquisitions, Purchase Price Allocation, Customer Relationships Amount | ' | 14.6 | ' | ' |
Business Acquisition, Purchase Price Allocation, Tradenames Amount | ' | $9.40 | ' | ' |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Assets, Derivatives | $431 | $2,009 |
Liabilities, Derivatives | 1,932 | 5,413 |
Fair Value Measurements Using Level 1 [Member] | ' | ' |
Assets, Derivatives | 0 | 0 |
Liabilities, Derivatives | 0 | 0 |
Fair Value Measurements Using Level 2 [Member] | ' | ' |
Assets, Derivatives | 431 | 2,009 |
Liabilities, Derivatives | 1,932 | 5,413 |
Fair Value Measurements Using Level 3 [Member] | ' | ' |
Assets, Derivatives | 0 | 0 |
Liabilities, Derivatives | $0 | $0 |
Fair_Value_Fair_Value_of_Finan
Fair Value Fair Value of Financial Instruments (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Senior Notes [Member] | ' | ' |
Fair Value of Financial Instruments [Line Items] | ' | ' |
Long-Term Debt | $225,000 | $225,000 |
Long-Term Debt, Fair Value | 251,438 | 250,875 |
Revolving Credit Facility [Member] | ' | ' |
Fair Value of Financial Instruments [Line Items] | ' | ' |
Long-Term Debt | 0 | 0 |
Long-Term Debt, Fair Value | $0 | $0 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Goodwill, Impaired, Accumulated Impairment Loss | $123,700,000 | $120,800,000 | $49,500,000 |
Goodwill, Impairment Loss | -2,960,000 | -71,310,000 | ' |
Impairment of Intangible Assets (Excluding Goodwill) | 5,500,000 | 18,800,000 | ' |
Amortization of Intangible Assets | 2,200,000 | 2,500,000 | 1,900,000 |
Engines [Member] | ' | ' | ' |
Goodwill, Impairment Loss | 0 | 0 | ' |
Products [Member] | ' | ' | ' |
Goodwill, Impairment Loss | ($2,960,000) | ($71,310,000) | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Schedule of Changes in the Carrying Amount of Goodwill) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 |
Goodwill [Line Items] | ' | ' |
Beginning Goodwill Balance | $147,352 | $204,764 |
Impairment Loss | -2,960 | -71,310 |
Acquisition | 0 | 15,296 |
Effect of Translation | 130 | -1,398 |
Ending Goodwill Balance | 144,522 | 147,352 |
Engines [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Goodwill Balance | 140,937 | 137,359 |
Impairment Loss | 0 | 0 |
Acquisition | 0 | 4,589 |
Effect of Translation | 125 | -1,011 |
Ending Goodwill Balance | 141,062 | 140,937 |
Products [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Goodwill Balance | 6,415 | 67,405 |
Impairment Loss | -2,960 | -71,310 |
Acquisition | 0 | 10,707 |
Effect of Translation | 5 | -387 |
Ending Goodwill Balance | $3,460 | $6,415 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Schedule of Other Intangible Assets) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Amortized Intangible Assets, Gross Carrying Amount | $45,149 | $45,149 |
Amortized Intangible Assets, Accumulated Amortization | -19,826 | -17,612 |
Amortized Intangible Assets, Net | 25,323 | 27,537 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 54,994 | 60,443 |
Total Intangible Assets, Gross Carrying Amount | 100,143 | 105,592 |
Other Intangible Assets, Net | 80,317 | 87,980 |
Trade Names [Member] | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 55,016 | 60,516 |
Effect of Translation [Member] | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | -22 | -73 |
Patents [Member] | ' | ' |
Amortized Intangible Assets, Gross Carrying Amount | 13,601 | 13,601 |
Amortized Intangible Assets, Accumulated Amortization | -11,167 | -10,680 |
Amortized Intangible Assets, Net | 2,434 | 2,921 |
Customer Relationships [Member] | ' | ' |
Amortized Intangible Assets, Gross Carrying Amount | 32,539 | 32,539 |
Amortized Intangible Assets, Accumulated Amortization | -8,610 | -6,971 |
Amortized Intangible Assets, Net | 23,929 | 25,568 |
Effect of Translation [Member] | ' | ' |
Amortized Intangible Assets, Gross Carrying Amount | -991 | -991 |
Amortized Intangible Assets, Accumulated Amortization | -49 | 39 |
Amortized Intangible Assets, Net | ($1,040) | ($952) |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Schedule of Estimated Amortization Expense Of Other Intangible Assets) (Details) (USD $) | Jun. 29, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2015 | $2,178 |
2016 | 2,178 |
2017 | 2,178 |
2018 | 2,178 |
2019 | 2,178 |
Total amortization expense | $10,890 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Deferrred Tax asset, Operating Loss Carryforwards, Foreign | $2,700,000 | ' | ' |
Deferred tax assets foreign income tax loss carryforwards and tax incentives | 3,700,000 | ' | ' |
Deferred tax assets foreign not utilized, not subject to expiration | 1,900,000 | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,800,000 | ' | ' |
Foreign Operating Loss Carryforwards Expiration Dates Minimum | '5 | ' | ' |
Foreign Operating Loss Carryforwards Expiration Dates Maximum | '10 | ' | ' |
Deferred tax as result of state income tax loss and state incentive tax, credit carryforwards | 16,500,000 | ' | ' |
Tax credit expiration dates not utilized against future taxable income | '2015 through 2028 | ' | ' |
Deferred tax assets, valuation allowances | 2,900,000 | ' | ' |
State tax credits not useable against future state income taxes | 12,300,000 | ' | ' |
Deferred tax liabilities, undistributed foreign earnings | 65,900,000 | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | 6,500,000 | ' | ' |
Reasonable possibility of current remaining unrecognized tax benefit being recognized | 2,800,000 | ' | ' |
Unrecognized tax benefits, income tax penalties and interest expense (income) | 100,000 | 200,000 | -1,000,000 |
Unrecognized tax benefits, income tax penalties and interest accrued | 1,200,000 | 900,000 | ' |
Liability for uncertain tax positions, noncurrent | $8,800,000 | $7,900,000 | ' |
Income_Taxes_Income_Taxes_Sche
Income Taxes Income Taxes (Schedule of Income (Loss) before Income Tax, U.S. and Foreign) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income (Loss) before Income Taxes, U.S. | $30,291 | ($58,625) | $28,053 |
Income (Loss) before Income Taxes, Foreign | 6,843 | 6,484 | 1,820 |
Income (Loss) Before Income Taxes | $37,134 | ($52,141) | $29,873 |
Income_Taxes_Schedule_of_Provi
Income Taxes (Schedule of Provisions for Income Tax Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal | $9,725 | $10,377 | ($8,711) |
State | 733 | -1,870 | 430 |
Foreign | 3,725 | 923 | 5,222 |
Current Total | 14,183 | 9,430 | -3,059 |
Deferred | -5,396 | -27,914 | 3,926 |
Provision (credit) for income taxes | $8,787 | ($18,484) | $867 |
Income_Taxes_Schedule_of_Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |||
Income Tax Disclosure [Abstract] | ' | ' | ' | ||
Effective Income Tax Rate Reconciliation, at U.S. Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% | ||
Effective Income Tax Rate Reconciliation, State Taxes Net of Federal Benefit | 2.00% | 1.10% | 1.80% | ||
Effective Income Tax Rate Reconciliation, Impact of Foreign Operations and Tax Rates | 0.70% | 5.30% | 4.20% | ||
Effective Income Tax Rate Reconciliation, Impact of Dividends Received | -0.80% | 1.10% | -2.20% | ||
Effective Income Tax Rate Reconciliation, Changes to Unrecognized Tax Benefits | 1.20% | -0.50% | -16.00% | ||
Effective Income Tax Rate Reconciliation, Impact of Restructuring Actions | 0.00% | -2.10% | -18.70% | ||
Effective Income Tax Reconciliation, Benefits on State Credits and NOL's, Net of Valuation Allowance | -0.40% | 4.30% | 0.00% | ||
Effective Income Tax Reconciliation, Change in Accounting Method | -7.80% | [1] | 0.00% | 0.00% | |
Effective Income Tax Rate Reconciliation, Other Net | -6.20% | [2] | -8.70% | [2] | -1.20% |
Effective Tax Rate | 23.70% | 35.50% | 2.90% | ||
Effective Tax Rate Reconciliation, Taxpayer election | -4.80% | ' | ' | ||
Effective Income Tax Rate Reconcilation, Impact of Goodwill Impairment | ' | -10.80% | ' | ||
Effective Income Tax Rate Reconciliation, Miscellaneous Adjustments | -1.40% | 2.10% | ' | ||
[1] | "Change in Accounting Method" in fiscal 2014 relates to a taxpayer election filed in the current year, which provided the Company a tax benefit that was previously unavailable. | ||||
[2] | bOther, Netb in fiscal 2014 includes (4.8)% for the impact of U.S. manufacturers deduction and (1.4)% for other items, and in fiscal 2013 includes (10.8)% for the impact of goodwill impairment and 2.1% for other items. |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Income Taxes) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Components of Deferred Tax Assets and Liabilities [Abstract] | ' | ' |
Inventory | $13,504 | $13,697 |
Payroll Related Accruals | 4,741 | 3,870 |
Warranty Reserves | 10,247 | 9,897 |
Workers Compensation Accruals | 2,547 | 2,685 |
Other Accrued Liabilities | 12,191 | 14,618 |
Pension Cost | 0 | 746 |
Net Operating Loss State Credit Carryforwards | 585 | 4,608 |
Miscellaneous | 5,143 | -2,587 |
Deferred Income Tax Asset (Liability) | 48,958 | 47,534 |
Pension Cost | 25,272 | 35,663 |
Accumulated Depreciation | -45,397 | -54,339 |
Intangibles | -43,062 | -44,611 |
Accrued Employee Benefits | 44,827 | 45,016 |
Postretirement Health Care Obligation | 22,530 | 27,787 |
Warranty | 6,718 | 7,227 |
Valuation Allowance | -15,241 | -12,725 |
Net Operating Loss State Credit Carryforwards | 19,629 | 17,236 |
Miscellaneous | -98 | 6,290 |
Deferred Income Tax Asset (Liability) | $15,178 | $27,544 |
Income_Taxes_Schedule_Of_Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Gross Unrecognized Tax Benefits Beginning Balance | $6,949 | $6,717 | $12,040 |
Changes based on tax positions related to prior year | 380 | 0 | 0 |
Additions based on tax positions related to current year | 378 | 997 | 429 |
Settlements with taxing authorities | 0 | -39 | -516 |
Lapse of statute of limitations | -50 | -726 | -5,236 |
Gross Unrecognized Tax Benefits Ending Balance | $7,657 | $6,949 | $6,717 |
Segment_and_Geographic_Informa2
Segment and Geographic Information and Significant Customers (Schedules of Segment Reporting Information) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
NET SALES | $1,859,060 | $1,862,498 | $2,066,533 |
GROSS PROFIT | 346,783 | 329,140 | 336,725 |
INCOME (LOSS) FROM OPERATIONS | 46,258 | -40,563 | 41,237 |
ASSETS | 1,449,706 | 1,447,551 | 1,608,231 |
CAPITAL EXPENDITURES | 60,371 | 44,878 | 49,573 |
DEPRECIATION AND AMORTIZATION | 50,343 | 55,752 | 63,714 |
Engines [Member] | ' | ' | ' |
NET SALES | 1,219,627 | 1,189,674 | 1,309,942 |
GROSS PROFIT | 257,441 | 236,486 | 250,323 |
INCOME (LOSS) FROM OPERATIONS | 72,213 | 59,093 | 66,559 |
ASSETS | 1,048,416 | 1,013,204 | 1,120,065 |
CAPITAL EXPENDITURES | 56,230 | 36,002 | 42,697 |
DEPRECIATION AND AMORTIZATION | 39,456 | 42,349 | 45,647 |
Products [Member] | ' | ' | ' |
NET SALES | 736,312 | 805,450 | 952,110 |
GROSS PROFIT | 87,682 | 87,392 | 86,193 |
INCOME (LOSS) FROM OPERATIONS | -27,615 | -104,918 | -25,531 |
ASSETS | 503,609 | 545,081 | 629,325 |
CAPITAL EXPENDITURES | 4,141 | 8,876 | 6,876 |
DEPRECIATION AND AMORTIZATION | 10,887 | 13,403 | 18,067 |
Eliminations [Member] | ' | ' | ' |
NET SALES | -96,879 | -132,626 | -195,519 |
GROSS PROFIT | 1,660 | 5,262 | 209 |
INCOME (LOSS) FROM OPERATIONS | 1,660 | 5,262 | 209 |
ASSETS | ($102,319) | ($110,734) | ($141,159) |
Segment_and_Geographic_Informa3
Segment and Geographic Information and Significant Customers Segment and Geographical Information and Significant Customers (Restructuring Charges Impact on Gross Profit by Segment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Cost Of Goods Sold Restructuring Charges | $5,841 | $18,761 | $44,760 |
Engines [Member] | ' | ' | ' |
Cost Of Goods Sold Restructuring Charges | 3,099 | 9,008 | 14,257 |
Products [Member] | ' | ' | ' |
Cost Of Goods Sold Restructuring Charges | $2,742 | $9,753 | $30,503 |
Segment_and_Geographic_Informa4
Segment and Geographic Information and Significant Customers Segment and Geographical Information and Significant Customers (Schedule of Restructuring Charges, Impairment and Litigation Settlement Impact on Operating Income Loss By Segment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Restructuring, Goodwill & Tradename and Litigation Settlement Charges | $14,999 | $114,153 | $49,867 |
Engines [Member] | ' | ' | ' |
Restructuring, Goodwill & Tradename and Litigation Settlement Charges | 3,524 | 14,320 | 18,314 |
Products [Member] | ' | ' | ' |
Restructuring, Goodwill & Tradename and Litigation Settlement Charges | $11,475 | $99,833 | $31,553 |
Segment_and_Geographic_Informa5
Segment and Geographic Information and Significant Customers (Schedule of Geographic Sales On Product Shipment Destination) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Revenues, Net | $1,859,060 | $1,862,498 | $2,066,533 |
United States | ' | ' | ' |
Revenues, Net | 1,293,558 | 1,304,964 | 1,440,955 |
All Other Countries [Member] | ' | ' | ' |
Revenues, Net | $565,502 | $557,534 | $625,578 |
Segment_and_Geographic_Informa6
Segment and Geographic Information and Significant Customers (Schedule of Company's Property Plant and Equipment Based on Geographic Location) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment, Net | $297,007 | $287,195 | $301,249 |
United States | ' | ' | ' |
Property, Plant and Equipment, Net | 281,029 | 269,477 | 280,954 |
All Other Countries [Member] | ' | ' | ' |
Property, Plant and Equipment, Net | $15,978 | $17,718 | $20,295 |
Segment_and_Geographic_Informa7
Segment and Geographic Information and Significant Customers (Schedule of Revenue by Major Customers by Reporting Segment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Minimum percentage of net sales to be considered a major customer | 10.00% | ' | ' |
Net Sales | $528,366 | $492,131 | $496,634 |
Percentage of Net Sales | 29.00% | 26.00% | 24.00% |
HOP [Member] | ' | ' | ' |
Net Sales | 293,225 | 251,098 | 265,752 |
Percentage of Net Sales | 16.00% | 13.00% | 13.00% |
MTD [Member] | ' | ' | ' |
Net Sales | $235,141 | $241,033 | $230,882 |
Percentage of Net Sales | 13.00% | 13.00% | 11.00% |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Leases [Abstract] | ' | ' | ' |
Rental expense | $20,100,000 | $22,800,000 | $22,400,000 |
Operating leases future minimum lease commitments, 2015 | 13,934,000 | ' | ' |
Operating leases future minimum lease commitments, 2016 | 8,228,000 | ' | ' |
Operating leases future minimum lease commitments, 2017 | 6,406,000 | ' | ' |
Operating leases future minimum lease commitments, 2018 | 5,549,000 | ' | ' |
Operating leases future minimum lease commitments, 2019 | 4,086,000 | ' | ' |
Operating leases future minimum lease commitments, Thereafter | 30,752,000 | ' | ' |
Total future minimum lease commitments | $68,955,000 | ' | ' |
Indebtedness_Narrative_Details
Indebtedness (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | Jul. 03, 2011 | Jun. 30, 2013 | Jun. 29, 2014 | Dec. 15, 2010 | Jun. 30, 2002 | 14-May-01 | Jun. 29, 2014 | Jun. 30, 2013 | Oct. 13, 2011 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | |
6.875% Senior Notes [Member] | 6.875% Senior Notes [Member] | 6.875% Senior Notes [Member] | Old Senior Notes [Member] | Old Senior Notes [Member] | Multicurrency Credit Agreement [Member] | Multicurrency Credit Agreement [Member] | Multicurrency Credit Agreement [Member] | Foreign Lines Of Credit [Member] | Minimum [Member] | Maximum [Member] | |||||
Multicurrency Credit Agreement [Member] | Multicurrency Credit Agreement [Member] | ||||||||||||||
Senior Notes | ' | ' | ' | ' | $225,000,000 | $225,000,000 | $225,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | ' | ' | ' | ' | ' | ' | 6.88% | ' | 8.88% | ' | ' | ' | ' | ' | ' |
Debt Instruments Maturity Date | ' | ' | ' | ' | 'December 15, 2020 | ' | ' | 'March 15, 2011 | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Costs | 949,000 | 0 | 2,007,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | 4,000,000 | ' | ' |
Date revolving credit facility borrowings are due and payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13-Oct-16 | ' | ' | ' | ' | ' |
Line of Credit Facility Increased Available Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' |
Credit agreement, interest rate description | 'Borrowings under the Revolver by the Company bear interest at a rate per annum equal to, at its option, either:(1)B a 1, 2, 3 or 6 month LIBOR rate plus a margin varying from 1.25% to 2.25%, depending on the Companybs average net leverage ratio; or(2)B the higher of (a)B the federal funds rate plus 0.50%; (b)B the bank's prime rate; or (c) the Eurocurrency rate for a one-month interest period plus 1.00%. In addition, the Company is subject to a 0.18% to 0.38% commitment fee and a 1.25% to 2.25% letter of credit fee, depending on the Companybs average net leverage ratio. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement interest rate margin on LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 2.25% |
Credit agreement interest rate margin on federal funds rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' |
Credit agreement interest rate margin on Eurocurrency rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' |
Commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.18% | 0.38% |
Letter of credit fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 2.25% |
Multicurrency Credit Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' |
Indebtedness_Schedule_of_LongT
Indebtedness (Schedule of Long-Term Debt) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 15, 2010 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Long-Term Debt | $225,000 | $225,000 | ' |
Multicurrency Credit Agreement [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Multicurrency Credit Agreement | 0 | 0 | ' |
6.875% Senior Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Notes | $225,000 | $225,000 | $225,000 |
Indebtedness_Schedule_Of_Forei
Indebtedness (Schedule Of Foreign Lines Of Credit Included In Short-Term Debt) (Details) (Foreign Lines Of Credit [Member], USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Foreign Lines Of Credit [Member] | ' | ' |
Balance at Fiscal Year-End | $0 | $300 |
Weighted Average Interest Rate at Fiscal Year-End | 0.00% | 3.86% |
Other_Income_Net_Details
Other Income, Net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Other Income and Expenses [Abstract] | ' | ' | ' |
Interest Income | $1,540 | $888 | $512 |
Equity in Earnings from Unconsolidated Affiliates | 6,264 | 4,244 | 5,100 |
Other Items | 1,538 | 1,809 | 1,566 |
Total | $9,342 | $6,941 | $7,178 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 29, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Litigation Settlement | $1.90 |
Stock_Incentives_Narrative_Inc
Stock Incentives (Narrative Incentive Compensation Programs) (Details) | Jun. 29, 2014 | Oct. 21, 2009 | Oct. 20, 2004 | Oct. 20, 2004 | Oct. 20, 2004 | Oct. 19, 2004 |
Incentive Compensation Plan [Member] | Incentive Compensation Plan [Member] | Incentive Compensation Plan [Member] | Incentive Compensation Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | |
2-For-1 Stock Split [Member] | ||||||
Common stock reserved for future issuance | ' | 2,481,494 | 4,000,000 | 8,000,000 | 0 | 5,361,935 |
Stock split | ' | ' | ' | 2 | ' | ' |
Outstanding option and restricted stock awards granted under the Stock Incentive Plan that are or may become exercisable in the future | 508,260 | ' | ' | ' | ' | ' |
Stock_Incentives_Stock_Incenti
Stock Incentives Stock Incentives (Narrative Other) (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock Compensation Expense | $7,174,000 | $6,514,000 | $5,555,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | 600,000 | 4,400,000 | 100,000 |
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 5,400,000 | 20,000,000 | 300,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 7,900,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 9 months 9 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 4,100,000 | 5,800,000 | ' |
Deferred Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Other Than Options Granted, Shares | 64,553 | ' | ' |
Deferred Stock [Member] | Directors [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Other Than Options Granted, Shares | 35,433 | 38,888 | 44,127 |
Deferred Stock [Member] | Officers And Key Employees [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Other Than Options Granted, Shares | 29,120 | 43,499 | 38,250 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Grant Date Fair Value | 600,000 | 800,000 | 600,000 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Other Than Options Granted, Shares | 146,320 | 134,830 | 111,890 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Grant Date Fair Value | 2,800,000 | 2,500,000 | 1,700,000 |
Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Other Than Options Granted, Shares | 128,371 | 121,230 | 127,940 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Grant Date Fair Value | $2,500,000 | $2,400,000 | $2,200,000 |
Stock_Incentives_Schedule_of_A
Stock Incentives (Schedule of Assumptions Used to Determine Fair Value) (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of Stock Option Exercise Price Above Market Price | 10.00% | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Grant Date Fair Value | $5.19 | $4.83 | $3.96 |
Risk-free Interest Rate | 1.60% | 0.70% | 1.00% |
Expected Volatility | 41.30% | 43.90% | 43.20% |
Expected Dividend Yield | 2.50% | 2.60% | 3.00% |
Expected Term (In Years) | '5 years | '5 years | '5 years |
Stock_Incentives_Schedule_of_O
Stock Incentives (Schedule of Options Outstanding) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' | ' |
Beginning Balance, Shares | 3,371,268 | 4,696,430 | 4,721,190 |
Granted During the Year, Stock Options | 407,860 | 399,850 | 465,350 |
Exercised During the Year, Stock Options | -273,394 | -1,151,882 | -15,870 |
Expired During the Year, Stock Options | -1,088,368 | -573,130 | -474,240 |
Ending Balance, Shares | 2,417,366 | 3,371,268 | 4,696,430 |
Exercisable, Shares | 1,165,016 | ' | ' |
Beginning balance, Weighted Average Exercise Price | $25.97 | $25.06 | $26.38 |
Granted During the Year, Weighted Average Exercise Price | $20.82 | $18.85 | $16.20 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $19.76 | $17.37 | $14.83 |
Expired During the Year, Weighted Average Exercise Price | $32.82 | $30.81 | $29.87 |
Ending balance, Weighted Average Exercise Price | $22.71 | $25.97 | $25.06 |
Exercisable, Weighted Average Exercise Price | $27.19 | ' | ' |
Ending Balance, Weighted Average Remaining Contractual Term, Years | '1 year 10 months 27 days | ' | ' |
Exercisable, Weighted Average Remaining Contractual Term, Years | '0 years 6 months 27 days | ' | ' |
Ending Balance, Aggregate Intrinsic Value | $2,795 | ' | ' |
Exercisable, Aggregate Intrinsic Value | $139 | ' | ' |
Stock_Incentives_Schedule_of_G
Stock Incentives (Schedule of Grant Summary) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | Jul. 03, 2011 | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | Jun. 27, 2010 | Jun. 28, 2009 | Jun. 27, 2004 |
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | |||||
Grant Date | ' | ' | ' | ' | '8/20/2013 | '8/14/2012 | '8/16/2011 | '8/17/2010 | '8/18/2009 | '8/13/2004 |
Date Exercisable | ' | ' | ' | ' | '8/20/2016 | '8/14/2015 | '8/16/2014 | '8/17/2013 | '8/18/2012 | '8/13/2007 |
Expiration Date | ' | ' | ' | ' | 31-Aug-18 | 31-Aug-17 | 31-Aug-16 | 31-Aug-15 | 31-Aug-14 | 13-Aug-14 |
Exercise Price | $22.71 | $25.97 | $25.06 | $26.38 | $20.82 | $18.85 | $16.20 | $19.88 | $19.73 | $36.68 |
Options Outstanding | 2,417,366 | 3,371,268 | 4,696,430 | 4,721,190 | 407,860 | 399,850 | 444,640 | 497,060 | 159,696 | 508,260 |
Stock_Incentives_Summary_of_No
Stock Incentives (Summary of Nonvested Shares) (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Granted During the Year, Stock Options | 407,860 | 399,850 | 465,350 |
Deferred Stock [Member] | ' | ' | ' |
Nonvested shares, Beginning balance, Shares | 567,943 | ' | ' |
Other Than Options Granted, Shares | 64,553 | ' | ' |
Other Than Options Cancelled, Shares | 0 | ' | ' |
Other Than Options Vested, Shares | -206,978 | ' | ' |
Nonvested shares, Ending balance, Shares | 425,518 | ' | ' |
Nonvested shares, Beginning balance, Weighted Average Grant Date Fair Value | 17.05 | ' | ' |
Other Than Options Granted, Weighted Average Grant Date Fair Value | 19.48 | ' | ' |
Other Than Options Cancelled, Weighted Average Grant Date Fair Value | 0 | ' | ' |
Other Than Options Vested, Weighted Average Grant Date Fair Value | 14.48 | ' | ' |
Nonvested shares, Ending balance, Weighted Average Grant Date Fair Value | 18.67 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Nonvested shares, Beginning balance, Shares | 820,597 | ' | ' |
Other Than Options Granted, Shares | 146,320 | 134,830 | 111,890 |
Other Than Options Cancelled, Shares | -9,386 | ' | ' |
Other Than Options Vested, Shares | -109,771 | ' | ' |
Nonvested shares, Ending balance, Shares | 847,760 | 820,597 | ' |
Nonvested shares, Beginning balance, Weighted Average Grant Date Fair Value | 17.12 | ' | ' |
Other Than Options Granted, Weighted Average Grant Date Fair Value | 19.28 | ' | ' |
Other Than Options Cancelled, Weighted Average Grant Date Fair Value | 17.51 | ' | ' |
Other Than Options Vested, Weighted Average Grant Date Fair Value | 13.51 | ' | ' |
Nonvested shares, Ending balance, Weighted Average Grant Date Fair Value | 17.96 | 17.12 | ' |
Stock Options [Member] | ' | ' | ' |
Nonvested shares, Beginning balance, Shares | 1,391,550 | ' | ' |
Granted During the Year, Stock Options | 407,860 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 0 | ' | ' |
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancelledInPeriodWeightedAverageGrantDateFairValue | 0 | ' | ' |
Stock Options Vested, Shares | -547,060 | ' | ' |
Nonvested shares, Ending balance, Shares | 1,252,350 | 1,391,550 | ' |
Nonvested shares, Beginning balance, Weighted Average Grant Date Fair Value | 3.97 | ' | ' |
Options Granted, Weighted Average Grant Date Fair Value | 5.19 | 4.83 | 3.96 |
Options Vested, Weighted Average Grant Date Fair Value | 5.24 | ' | ' |
Nonvested shares, Ending balance, Weighted Average Grant Date Fair Value | 4.64 | 3.97 | ' |
Performance Shares [Member] | ' | ' | ' |
Nonvested shares, Beginning balance, Shares | 249,170 | ' | ' |
Other Than Options Granted, Shares | 128,371 | 121,230 | 127,940 |
Other Than Options Cancelled, Shares | -13,040 | ' | ' |
Other Than Options Vested, Shares | 0 | ' | ' |
Nonvested shares, Ending balance, Shares | 364,501 | 249,170 | ' |
Nonvested shares, Beginning balance, Weighted Average Grant Date Fair Value | 18.59 | ' | ' |
Other Than Options Granted, Weighted Average Grant Date Fair Value | 19.09 | ' | ' |
Other Than Options Cancelled, Weighted Average Grant Date Fair Value | 18.6 | ' | ' |
Other Than Options Vested, Weighted Average Grant Date Fair Value | 0 | ' | ' |
Nonvested shares, Ending balance, Weighted Average Grant Date Fair Value | 18.77 | 18.59 | ' |
Stock_Incentives_Stock_Incenti1
Stock Incentives Stock Incentives (Performance Share Assumptions Used in Monte Carlo Simulation) (Details) (Performance Shares [Member], USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 128,371 | 121,230 | 127,940 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Grant Date Fair Value | $2.50 | $2.40 | $2.20 |
Risk-free Interest Rate | 0.70% | 0.40% | 0.30% |
Expected Volatility | 32.10% | 35.50% | 46.00% |
Expected Dividend Yield (Dividends are Assumed Reinvested) | 0.00% | 0.00% | 0.00% |
Expected Term (In Years) | '2 years 315 days | '2 years 318 days | '2 years 318 days |
Stock_Incentives_Schedule_of_S
Stock Incentives (Schedule of Stock-Based Compensation Programs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Pretax compensation expense | $7,174 | $6,514 | $5,555 |
Tax benefit | -2,738 | -2,541 | -2,166 |
Compensation expense, net of tax | 4,436 | 3,973 | 3,389 |
Stock Options [Member] | ' | ' | ' |
Pretax stock based compensation expense | 2,065 | 1,964 | 1,760 |
Tax benefit | -791 | -766 | -686 |
Compensation expense, net of tax | 1,274 | 1,198 | 1,074 |
Restricted Stock [Member] | ' | ' | ' |
Pretax stock based compensation expense | 2,563 | 2,375 | 2,102 |
Tax benefit | -982 | -926 | -820 |
Compensation expense, net of tax | 1,581 | 1,449 | 1,282 |
Deferred Stock [Member] | ' | ' | ' |
Pretax stock based compensation expense | 685 | 475 | 534 |
Tax benefit | -252 | -185 | -208 |
Compensation expense, net of tax | 433 | 290 | 326 |
Performance Shares [Member] | ' | ' | ' |
Pretax stock based compensation expense | 1,861 | 1,700 | 1,159 |
Tax benefit | -713 | -664 | -452 |
Compensation expense, net of tax | $1,148 | $1,036 | $707 |
Shareholder_Rights_Agreement_D
Shareholder Rights Agreement (Details) (USD $) | Aug. 06, 1996 | Oct. 21, 2015 |
1996 Shareholder Rights Agreement [Member] | 2012 Amended Shareholder Rights Agreement [Member] | |
Common stock exercise price per share for each right | $80 | ' |
Common stock exercise price per one half share | $40 | ' |
Percent of outstanding common shares required to exercise purchase rights | 20.00% | ' |
Rights redemption price | $0.00 | ' |
Extended term of rights, expiration date | ' | 21-Oct-15 |
Derivative_Instruments_Hedging2
Derivative Instruments & Hedging Activities Derivative Instruments & Hedging Activities Narrative (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||
Jun. 29, 2014 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 29, 2014 | |
Interest Rate Contracts [Member] | Interest Rate Contracts [Member] | Minimum [Member] | Maximum [Member] | ||
Interest Rate Contracts [Member] | Interest Rate Contracts [Member] | ||||
Derivative [Line Items] | ' | ' | ' | ' | ' |
Derivative, Lower Fixed Interest Rate Range | ' | 1.17% | ' | ' | ' |
Derivative, Higher Fixed Interest Rate Range | ' | 1.60% | ' | ' | ' |
Derivative, Notional Amount | ' | $95,000,000 | $95,000,000 | ' | ' |
Derivative, Maturity Date | ' | ' | ' | 1-Jul-17 | 1-May-19 |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | ($400,000) | ' | ' | ' | ' |
Derivative_Instruments_Hedging3
Derivative Instruments & Hedging Activities Outstanding Derivative Contracts (Details) | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Interest Rate Contracts [Member] | Interest Rate Contracts [Member] | Australian Dollar, Sell [Member] | Australian Dollar, Sell [Member] | Canadian Dollar, Sell [Member] | Canadian Dollar, Sell [Member] | Euro, Sell [Member] | Euro, Sell [Member] | Japanese Yen, Buy [Member] | Japanese Yen, Buy [Member] | Mexican Peso, Sell [Member] | Mexican Peso, Sell [Member] | Aluminum [Member] | Aluminum [Member] | Natural Gas [Member] | Natural Gas [Member] |
USD ($) | USD ($) | AUD | AUD | CAD | CAD | EUR (€) | EUR (€) | JPY (¥) | JPY (¥) | MXN | MXN | t | t | Btu | Btu | |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | $95,000 | $95,000 | 19,904 | 6,392 | 3,100 | 0 | € 49,300 | € 31,000 | ¥ 530,000 | ¥ 905,000 | 3,000 | 3,345 | ' | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 18,000 | 5,686,000 | 5,423,000 |
Derivative_Instruments_Hedging4
Derivative Instruments & Hedging Activities Impact of Derivative Contracts on Consolidated Balance Sheet (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | ($1,501) | ($3,404) |
Other Long-Term Assets, Net [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest Rate Contracts at Fair Value | 43 | 257 |
Foreign Currency Contracts at Fair Value | 12 | 0 |
Other Long-Term Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest Rate Contracts at Fair Value | -1,209 | -1,020 |
Foreign Currency Contracts at Fair Value | -9 | 0 |
Commodity Contracts at Fair Value | -14 | -5 |
Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign Currency Contracts at Fair Value | 337 | 1,752 |
Commodity Contracts at Fair Value | 39 | 0 |
Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign Currency Contracts at Fair Value | -665 | -1,138 |
Commodity Contracts at Fair Value | ($35) | ($3,250) |
Derivative_Instruments_Hedging5
Derivative Instruments & Hedging Activities Impact of Derivative Contracts on Consolidated Statement of Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Interest Rate Contracts [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ($254) | $962 | ($1,428) |
Interest Rate Contracts [Member] | Net Sales [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -1,209 | 0 | 0 |
Derivative Instruments, Gain Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | 0 | 0 | 0 |
Foreign Currency Contract Sell [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -717 | 102 | 1,553 |
Foreign Currency Contract Sell [Member] | Net Sales [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -1,024 | -55 | 4,031 |
Derivative Instruments, Gain Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | 0 | 0 | 0 |
Foreign Currency Contract Buy [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 182 | -177 | 11 |
Foreign Currency Contract Buy [Member] | Cost of Goods Sold [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -1,109 | -1,968 | 132 |
Derivative Instruments, Gain Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | 0 | 0 | 0 |
Commodity Contract [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 3,378 | 3,094 | -5,547 |
Commodity Contract [Member] | Cost of Goods Sold [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -5,630 | -9,644 | -7,292 |
Derivative Instruments, Gain Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | $0 | ' | $6 |
Foreign_Exchange_Risk_Manageme
Foreign Exchange Risk Management (Schedule of Forward Currency Contracts Outstanding) (Details) | 12 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 30, 2013 |
Australian Dollar, Sell [Member] | Australian Dollar, Sell [Member] | Australian Dollar, Sell [Member] | Australian Dollar, Sell [Member] | Canadian Dollar, Sell [Member] | Canadian Dollar, Sell [Member] | Canadian Dollar, Sell [Member] | Euro, Sell [Member] | Euro, Sell [Member] | Euro, Sell [Member] | Euro, Sell [Member] | Japanese Yen, Buy [Member] | Japanese Yen, Buy [Member] | Japanese Yen, Buy [Member] | Japanese Yen, Buy [Member] | Mexican Peso, Sell [Member] | Mexican Peso, Sell [Member] | Mexican Peso, Sell [Member] | Mexican Peso, Sell [Member] | |
USD ($) | AUD | USD ($) | AUD | USD ($) | CAD | CAD | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | JPY (¥) | USD ($) | JPY (¥) | USD ($) | MXN | USD ($) | MXN | |
Derivative, Notional Amount | ' | 19,904 | ' | 6,392 | ' | 3,100 | 0 | ' | € 49,300 | ' | € 31,000 | ' | ¥ 530,000 | ' | ¥ 905,000 | ' | 3,000 | ' | 3,345 |
Contract Value | 18,115 | ' | 6,489 | ' | 2,859 | ' | ' | 67,529 | ' | 41,037 | ' | 5,192 | ' | 9,885 | ' | 231 | ' | 265 | ' |
Fair Value | 18,586 | ' | 5,798 | ' | 2,899 | ' | ' | 67,379 | ' | 40,377 | ' | 5,229 | ' | 9,137 | ' | 231 | ' | 255 | ' |
(Gain) Loss at Fair Value | $471 | ' | ($691) | ' | $40 | ' | ' | ($149) | ' | ($660) | ' | ($37) | ' | $747 | ' | $0 | ' | ($10) | ' |
Conversion Currency | 'U.S. | 'U.S. | ' | ' | 'U.S. | 'U.S. | ' | 'U.S. | 'U.S. | 'U.S. | 'U.S. | 'U.S. | 'U.S. | 'U.S. | 'U.S. | 'U.S. | 'U.S. | ' | ' |
Latest Expiration Date | 24-Jun-15 | 24-Jun-15 | 5-Mar-14 | 5-Mar-14 | 22-Apr-15 | 22-Apr-15 | ' | 31-Dec-15 | 31-Dec-15 | 25-Jun-14 | 25-Jun-14 | 15-Jan-15 | 15-Jan-15 | 16-Jun-14 | 16-Jun-14 | 23-Jul-14 | 23-Jul-14 | 1-Dec-13 | 1-Dec-13 |
Employee_Benefit_Costs_Narrati
Employee Benefit Costs (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Accumulated benefit obligation for defined benefit pension plans | $1,173,000,000 | $1,115,000,000 | ' |
Annual rate of increase in per capita cost of health care claims, current fiscal year | 7.80% | ' | ' |
Annual rate of increase in per capita cost of health care claims, ultimate trend rate | 4.50% | ' | ' |
Health care claims, year that ultimate trend rate reached | '2028 | ' | ' |
Increase in accumulated postretirement benefit due to increase of one percentage point | 1,900,000 | ' | ' |
Increase in service and interest cost due to increase of one percentage point | 100,000 | ' | ' |
Decrease in accumulated postretirement benefit due to decrease of one percentage point | 2,100,000 | ' | ' |
Decrease in service and interest cost due to decrease of one percentage point | 100,000 | ' | ' |
Plan Curtailments | ' | -1,914,000 | 700,000 |
Required minimum contributions to qualified pension plan in fiscal 2014 | 0 | ' | ' |
Nonelective contribution percentage | 2.00% | ' | ' |
Employer Contributions | 10,800,000 | 7,900,000 | 8,300,000 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Plan Curtailments | $0 | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.40% | 5.00% | ' |
DefinedContributionPlanAmendmentEffectiveJanuary2014 [Member] | ' | ' | ' |
Nonelective contribution percentage | 3.00% | ' | ' |
Minimum [Member] | ' | ' | ' |
Maximum percentage of participant salary matched | 1.50% | ' | ' |
Minimum [Member] | DefinedContributionPlanAmendmentEffectiveJanuary2014 [Member] | ' | ' | ' |
Maximum percentage of participant salary matched | 3.50% | ' | ' |
Maximum [Member] | ' | ' | ' |
Maximum percentage of participant salary matched | 3.50% | ' | ' |
Maximum [Member] | DefinedContributionPlanAmendmentEffectiveJanuary2014 [Member] | ' | ' | ' |
Maximum percentage of participant salary matched | 4.00% | ' | ' |
Employee_Benefit_Costs_Schedul
Employee Benefit Costs (Schedule of Reconciliation of Obligations, Plan Assets and Funded Status) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Fair Value of Plan Assets at End of Year | $1,043,466 | $962,633 | ' |
Pension Benefits [Member] | ' | ' | ' |
Discounted Rate Used to Determine Present Value of Projected Benefit Obligation | 4.40% | 5.00% | ' |
Defined Benefit Plan Assumptions Used Calculating Projected Benefit Obligation Expected Long Term Return On Assets | 8.00% | 8.25% | ' |
Service Cost | 7,645 | 13,222 | 13,764 |
Interest Cost | 53,743 | 50,154 | 56,762 |
Plan Assets (Less Than) in Excess of Projected Benefit Obligation | -129,681 | -153,222 | ' |
Accrued Pension Cost | -126,529 | -150,131 | ' |
Accrued Wages and Salaries | -3,152 | -3,091 | ' |
Accrued Postretirement Health Care Obligation | 0 | 0 | ' |
Accrued Liabilities | 0 | 0 | ' |
Defined Benefit Plan Accrued Employee Benefits | 0 | 0 | ' |
Net Amount Recognized at End of Year | -129,681 | -153,222 | ' |
Transition Assets (Obligation) | 0 | 0 | ' |
Net Actuarial Loss | -190,756 | -211,444 | ' |
Prior Service Credit (Cost) | -550 | -660 | ' |
Net Amount Recognized at End of Year | -191,306 | -212,104 | ' |
Other Postretirement Benefits [Member] | ' | ' | ' |
Discounted Rate Used to Determine Present Value of Projected Benefit Obligation | 3.95% | 4.40% | ' |
Service Cost | 333 | 358 | 407 |
Interest Cost | 4,565 | 4,754 | 6,468 |
Plan Assets (Less Than) in Excess of Projected Benefit Obligation | -96,457 | -111,506 | ' |
Accrued Pension Cost | 0 | 0 | ' |
Accrued Wages and Salaries | 0 | 0 | ' |
Accrued Postretirement Health Care Obligation | -59,290 | -72,695 | ' |
Accrued Liabilities | -13,624 | -16,113 | ' |
Defined Benefit Plan Accrued Employee Benefits | -23,543 | -22,698 | ' |
Net Amount Recognized at End of Year | -96,457 | -111,506 | ' |
Transition Assets (Obligation) | 0 | 0 | ' |
Net Actuarial Loss | -21,962 | -28,668 | ' |
Prior Service Credit (Cost) | 6,243 | 8,008 | ' |
Net Amount Recognized at End of Year | -15,719 | -20,660 | ' |
Minimum [Member] | Pension Benefits [Member] | ' | ' | ' |
Expected Rate of Future Compensation Level Increases | 3.00% | 3.00% | ' |
Maximum [Member] | Pension Benefits [Member] | ' | ' | ' |
Expected Rate of Future Compensation Level Increases | 4.00% | 4.00% | ' |
Change In Benefit Obligations [Member] | Pension Benefits [Member] | ' | ' | ' |
Projected Benefit Obligation at Beginning of Year | 1,115,855 | 1,236,747 | ' |
Service Cost | 7,645 | 13,222 | ' |
Interest Cost | 53,743 | 50,154 | ' |
Plan Curtailments | 0 | -52,236 | ' |
Plan Participant Contributions | 0 | 0 | ' |
Actuarial (Gain) Loss | 71,288 | -56,239 | ' |
Benefits Paid | -75,384 | -75,793 | ' |
Projected Benefit Obligation at End of Year | 1,173,147 | 1,115,855 | ' |
Change In Benefit Obligations [Member] | Other Postretirement Benefits [Member] | ' | ' | ' |
Projected Benefit Obligation at Beginning of Year | 111,506 | 136,854 | ' |
Service Cost | 333 | 358 | ' |
Interest Cost | 4,566 | 4,754 | ' |
Plan Curtailments | 0 | 0 | ' |
Plan Participant Contributions | 1,513 | 1,347 | ' |
Actuarial (Gain) Loss | -5,447 | -13,309 | ' |
Benefits Paid | -16,014 | -18,498 | ' |
Projected Benefit Obligation at End of Year | 96,457 | 111,506 | ' |
Change In Plan Assets [Member] | Pension Benefits [Member] | ' | ' | ' |
Plan Participant Contributions | 0 | 0 | ' |
Benefits Paid | -75,384 | -75,793 | ' |
Fair Value of Plan Assets at Beginning of Year | 962,633 | 937,745 | ' |
Actual Return on Plan Assets | 153,306 | 68,296 | ' |
Employer Contributions | 2,911 | 32,385 | ' |
Fair Value of Plan Assets at End of Year | 1,043,466 | 962,633 | ' |
Change In Plan Assets [Member] | Other Postretirement Benefits [Member] | ' | ' | ' |
Plan Participant Contributions | 1,512 | 1,347 | ' |
Benefits Paid | -16,014 | -18,498 | ' |
Fair Value of Plan Assets at Beginning of Year | 0 | 0 | ' |
Actual Return on Plan Assets | 0 | 0 | ' |
Employer Contributions | 14,502 | 17,151 | ' |
Fair Value of Plan Assets at End of Year | $0 | $0 | ' |
Employee_Benefit_Costs_Schedul1
Employee Benefit Costs (Schedule of Income and Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Net Curtailment Loss | ' | $1,914 | ($700) |
Pension Benefits [Member] | ' | ' | ' |
Service Cost-Benefits Earned During the Year | 7,645 | 13,222 | 13,764 |
Interest Cost on Projected Benefit Obligation | 53,743 | 50,154 | 56,762 |
Expected Return on Plan Assets | -74,152 | -75,832 | -76,445 |
Amortization of Transition Obligation | 0 | 7 | 8 |
Amortization of Prior Service Cost (Credit) | 180 | 366 | 2,856 |
Amortization of Actuarial Loss | 25,105 | 34,821 | 20,230 |
Net Curtailment Loss | 0 | ' | ' |
Net Periodic Expense | 12,521 | 24,652 | 17,550 |
Other Postretirement Benefits [Member] | ' | ' | ' |
Service Cost-Benefits Earned During the Year | 333 | 358 | 407 |
Interest Cost on Projected Benefit Obligation | 4,565 | 4,754 | 6,468 |
Expected Return on Plan Assets | 0 | 0 | 0 |
Amortization of Transition Obligation | 0 | 0 | 0 |
Amortization of Prior Service Cost (Credit) | -2,895 | -3,589 | -3,800 |
Amortization of Actuarial Loss | 5,527 | 7,624 | 8,942 |
Net Curtailment Loss | 0 | 0 | 359 |
Net Periodic Expense | $7,530 | $9,147 | $12,376 |
Employee_Benefit_Costs_Schedul2
Employee Benefit Costs (Schedule of Significant Assumptions Used In Determining Net Periodic (Income) Expense) (Details) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Pension Benefits [Member] | ' | ' | ' |
Discount Rate | 5.00% | 4.45% | 5.35% |
Expected Return on Plan Assets | 8.25% | 8.50% | 8.50% |
Other Postretirement Benefits [Member] | ' | ' | ' |
Discount Rate | 4.40% | 3.75% | 4.45% |
Minimum [Member] | Pension Benefits [Member] | ' | ' | ' |
Compensation Increase Rate | 3.00% | 3.00% | 3.00% |
Maximum [Member] | Pension Benefits [Member] | ' | ' | ' |
Compensation Increase Rate | 4.00% | 4.00% | 4.00% |
Employee_Benefit_Costs_Schedul3
Employee Benefit Costs (Schedule of Accumulated Other Comprehensive Income That Are Expected To Be Recognized As Components Of Net Periodic (Income) Expense During The Next Fiscal Year) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 29, 2014 |
Pension Benefits [Member] | ' |
Prior Service Cost (Credit) | $180 |
Net Actuarial Loss | 13,190 |
Other Postretirement Benefits [Member] | ' |
Prior Service Cost (Credit) | -2,758 |
Net Actuarial Loss | $4,255 |
Employee_Benefit_Costs_Schedul4
Employee Benefit Costs (Schedule of Company's Pension Plan's Asset Allocations) (Details) | 12 Months Ended | |
Jun. 29, 2014 | Jun. 30, 2013 | |
Plan Assets at Year-End | 100.00% | 100.00% |
Domestic Equities [Member] | ' | ' |
Target Percentage, Minimum | 17.00% | ' |
Target Percentage, Maximum | 25.00% | ' |
Plan Assets at Year-End | 20.00% | 22.00% |
International Equities [Member] | ' | ' |
Target Percentage, Minimum | 5.00% | ' |
Target Percentage, Maximum | 15.00% | ' |
Plan Assets at Year-End | 10.00% | 10.00% |
Alternative and Absolute Return [Member] | ' | ' |
Target Percentage, Minimum | 10.00% | ' |
Target Percentage, Maximum | 20.00% | ' |
Plan Assets at Year-End | 16.00% | 26.00% |
Emerging Markets Global Balanced [Member] | ' | ' |
Target Percentage, Minimum | 0.00% | ' |
Target Percentage, Maximum | 0.00% | ' |
Fixed Income [Member] | ' | ' |
Target Percentage, Minimum | 45.00% | ' |
Target Percentage, Maximum | 55.00% | ' |
Plan Assets at Year-End | 52.00% | 39.00% |
Cash Equivalents [Member] | ' | ' |
Target Percentage, Minimum | 1.00% | ' |
Plan Assets at Year-End | 2.00% | 3.00% |
Employee_Benefit_Costs_Schedul5
Employee Benefit Costs (Schedule of Inputs and Valuation Techniques Used to Measure Fair Value Of Assets) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | ||
In Thousands, unless otherwise specified | |||||
Assets at Fair Value | $1,043,466 | $962,633 | ' | ||
Short-term Investments [Member] | ' | ' | ' | ||
Assets at Fair Value | 21,534 | 26,714 | ' | ||
Fixed Income Securities [Member] | ' | ' | ' | ||
Assets at Fair Value | 542,381 | 369,744 | ' | ||
U.S. Common Stocks [Member] | ' | ' | ' | ||
Assets at Fair Value | 204,578 | 211,767 | ' | ||
International Mutual Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 106,990 | 100,392 | ' | ||
Venture Capital Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 82,776 | [1] | 153,645 | [1] | ' |
Debt Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 19,907 | [2] | 27,299 | [2] | ' |
Real Estate Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 10,445 | [3] | 11,506 | [3] | ' |
Private Equity Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 54,855 | [4] | 61,566 | [4] | ' |
Fair Value Measurements Using Level 1 [Member] | ' | ' | ' | ||
Assets at Fair Value | 333,102 | 338,873 | ' | ||
Fair Value Measurements Using Level 1 [Member] | Short-term Investments [Member] | ' | ' | ' | ||
Assets at Fair Value | 21,534 | 26,714 | ' | ||
Fair Value Measurements Using Level 1 [Member] | Fixed Income Securities [Member] | ' | ' | ' | ||
Assets at Fair Value | 0 | 0 | ' | ||
Fair Value Measurements Using Level 1 [Member] | U.S. Common Stocks [Member] | ' | ' | ' | ||
Assets at Fair Value | 204,578 | 211,767 | ' | ||
Fair Value Measurements Using Level 1 [Member] | International Mutual Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 106,990 | 100,392 | ' | ||
Fair Value Measurements Using Level 1 [Member] | Venture Capital Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 0 | [1] | 0 | [1] | ' |
Fair Value Measurements Using Level 1 [Member] | Debt Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 0 | [2] | 0 | [2] | ' |
Fair Value Measurements Using Level 1 [Member] | Real Estate Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 0 | [3] | 0 | [3] | ' |
Fair Value Measurements Using Level 1 [Member] | Private Equity Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 0 | [4] | 0 | [4] | ' |
Fair Value Measurements Using Level 2 [Member] | ' | ' | ' | ||
Assets at Fair Value | 542,381 | 369,744 | ' | ||
Fair Value Measurements Using Level 2 [Member] | Short-term Investments [Member] | ' | ' | ' | ||
Assets at Fair Value | 0 | 0 | ' | ||
Fair Value Measurements Using Level 2 [Member] | Fixed Income Securities [Member] | ' | ' | ' | ||
Assets at Fair Value | 542,381 | 369,744 | ' | ||
Fair Value Measurements Using Level 2 [Member] | U.S. Common Stocks [Member] | ' | ' | ' | ||
Assets at Fair Value | 0 | 0 | ' | ||
Fair Value Measurements Using Level 2 [Member] | International Mutual Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 0 | 0 | ' | ||
Fair Value Measurements Using Level 2 [Member] | Venture Capital Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 0 | [1] | 0 | [1] | ' |
Fair Value Measurements Using Level 2 [Member] | Debt Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 0 | [2] | 0 | [2] | ' |
Fair Value Measurements Using Level 2 [Member] | Real Estate Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 0 | [3] | 0 | [3] | ' |
Fair Value Measurements Using Level 2 [Member] | Private Equity Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 0 | [4] | 0 | [4] | ' |
Fair Value Measurements Using Level 3 [Member] | ' | ' | ' | ||
Assets at Fair Value | 167,983 | [5] | 254,016 | [5] | 296,555 |
Fair Value Measurements Using Level 3 [Member] | Short-term Investments [Member] | ' | ' | ' | ||
Assets at Fair Value | 0 | 0 | ' | ||
Fair Value Measurements Using Level 3 [Member] | Fixed Income Securities [Member] | ' | ' | ' | ||
Assets at Fair Value | 0 | 0 | ' | ||
Fair Value Measurements Using Level 3 [Member] | U.S. Common Stocks [Member] | ' | ' | ' | ||
Assets at Fair Value | 0 | 0 | ' | ||
Fair Value Measurements Using Level 3 [Member] | International Mutual Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 0 | 0 | ' | ||
Fair Value Measurements Using Level 3 [Member] | Venture Capital Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 82,776 | [1],[5] | 153,645 | [1],[5] | 152,093 |
Fair Value Measurements Using Level 3 [Member] | Debt Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 19,907 | [2],[5] | 27,299 | [2],[5] | 36,211 |
Fair Value Measurements Using Level 3 [Member] | Real Estate Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 10,445 | [3],[5] | 11,506 | [3],[5] | 13,888 |
Fair Value Measurements Using Level 3 [Member] | Private Equity Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | 54,855 | [4],[5] | 61,566 | [4],[5] | 71,185 |
Fair Value Measurements Using Level 3 [Member] | Global Balanced Funds [Member] | ' | ' | ' | ||
Assets at Fair Value | ' | $0 | [5] | $23,178 | |
[1] | This category invests in a combination of public and private securities of companies in financial distress, spin-offs, or new projects focused on technology and manufacturing. | ||||
[2] | This fund primarily invests in the debt of various entities including corporations and governments in emerging markets, mezzanine financing, or entities that are undergoing, are considered likely to undergo or have undergone a reorganization. | ||||
[3] | This category invests primarily in real estate related investments, including real estate properties, securities of real estate companies and other companies with significant real estate assets as well as real estate related debt and equity securities. | ||||
[4] | Primarily represents investments in all sizes of mostly privately held operating companies in the following core industry sectors: healthcare, energy, financial services, technology-media-telecommunications and industrial and consumer. | ||||
[5] | (a) There were no transfers in or out of Level 3 during the years ended JuneB 29, 2014 or JuneB 30, 2013. |
Employee_Benefit_Costs_Schedul6
Employee Benefit Costs (Schedule of Changes in Level 3 Investments for Pension Plan) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | ||
Fair Value of Plan Assets at End of Year | $1,043,466 | $962,633 | ||
Venture Capital Funds [Member] | ' | ' | ||
Fair Value of Plan Assets at End of Year | 82,776 | [1] | 153,645 | [1] |
Debt Funds [Member] | ' | ' | ||
Fair Value of Plan Assets at End of Year | 19,907 | [2] | 27,299 | [2] |
Real Estate Funds [Member] | ' | ' | ||
Fair Value of Plan Assets at End of Year | 10,445 | [3] | 11,506 | [3] |
Private Equity Funds [Member] | ' | ' | ||
Fair Value of Plan Assets at End of Year | 54,855 | [4] | 61,566 | [4] |
Fair Value Measurements Using Level 3 [Member] | ' | ' | ||
Fair Value of Plan Assets at Beginning of Year | 254,016 | [5] | 296,555 | |
Purchases, Sales, Issuances, and Settlements | -114,847 | -56,984 | ||
Realized and Unrealized Gain (Loss) | 28,814 | 14,445 | ||
Fair Value of Plan Assets at End of Year | 167,983 | [5] | 254,016 | [5] |
Fair Value Measurements Using Level 3 [Member] | Venture Capital Funds [Member] | ' | ' | ||
Fair Value of Plan Assets at Beginning of Year | 153,645 | [1],[5] | 152,093 | |
Purchases, Sales, Issuances, and Settlements | -98,738 | -16,360 | ||
Realized and Unrealized Gain (Loss) | 27,869 | 17,912 | ||
Fair Value of Plan Assets at End of Year | 82,776 | [1],[5] | 153,645 | [1],[5] |
Fair Value Measurements Using Level 3 [Member] | Debt Funds [Member] | ' | ' | ||
Fair Value of Plan Assets at Beginning of Year | 27,299 | [2],[5] | 36,211 | |
Purchases, Sales, Issuances, and Settlements | -6,109 | -7,258 | ||
Realized and Unrealized Gain (Loss) | -1,283 | -1,654 | ||
Fair Value of Plan Assets at End of Year | 19,907 | [2],[5] | 27,299 | [2],[5] |
Fair Value Measurements Using Level 3 [Member] | Real Estate Funds [Member] | ' | ' | ||
Fair Value of Plan Assets at Beginning of Year | 11,506 | [3],[5] | 13,888 | |
Purchases, Sales, Issuances, and Settlements | -1,179 | -3,272 | ||
Realized and Unrealized Gain (Loss) | 118 | 890 | ||
Fair Value of Plan Assets at End of Year | 10,445 | [3],[5] | 11,506 | [3],[5] |
Fair Value Measurements Using Level 3 [Member] | Private Equity Funds [Member] | ' | ' | ||
Fair Value of Plan Assets at Beginning of Year | 61,566 | [4],[5] | 71,185 | |
Purchases, Sales, Issuances, and Settlements | -8,821 | -10,094 | ||
Realized and Unrealized Gain (Loss) | 2,110 | 475 | ||
Fair Value of Plan Assets at End of Year | 54,855 | [4],[5] | 61,566 | [4],[5] |
Fair Value Measurements Using Level 3 [Member] | Global Balanced Funds [Member] | ' | ' | ||
Fair Value of Plan Assets at Beginning of Year | ' | 23,178 | ||
Purchases, Sales, Issuances, and Settlements | ' | -20,000 | ||
Realized and Unrealized Gain (Loss) | ' | -3,178 | ||
Fair Value of Plan Assets at End of Year | ' | $0 | [5] | |
[1] | This category invests in a combination of public and private securities of companies in financial distress, spin-offs, or new projects focused on technology and manufacturing. | |||
[2] | This fund primarily invests in the debt of various entities including corporations and governments in emerging markets, mezzanine financing, or entities that are undergoing, are considered likely to undergo or have undergone a reorganization. | |||
[3] | This category invests primarily in real estate related investments, including real estate properties, securities of real estate companies and other companies with significant real estate assets as well as real estate related debt and equity securities. | |||
[4] | Primarily represents investments in all sizes of mostly privately held operating companies in the following core industry sectors: healthcare, energy, financial services, technology-media-telecommunications and industrial and consumer. | |||
[5] | (a) There were no transfers in or out of Level 3 during the years ended JuneB 29, 2014 or JuneB 30, 2013. |
Employee_Benefit_Costs_Schedul7
Employee Benefit Costs (Schedule of Projected Benefit Payments) (Details) (USD $) | Jun. 29, 2014 |
In Thousands, unless otherwise specified | |
Qualified [Member] | Pension Benefits [Member] | ' |
2015 | $75,150 |
2016 | 75,183 |
2017 | 75,352 |
2018 | 75,333 |
2019 | 75,550 |
2020-2024 | 370,510 |
Non-Qualified [Member] | Pension Benefits [Member] | ' |
2015 | 3,152 |
2016 | 3,195 |
2017 | 3,234 |
2018 | 3,259 |
2019 | 3,410 |
2020-2024 | 17,749 |
Retiree Medical [Member] | Other Postretirement Benefits [Member] | ' |
2015 | 12,280 |
2016 | 11,408 |
2017 | 9,468 |
2018 | 8,811 |
2019 | 7,137 |
2020-2024 | 21,822 |
Retiree Life [Member] | Other Postretirement Benefits [Member] | ' |
2015 | 1,418 |
2016 | 1,443 |
2017 | 1,465 |
2018 | 1,484 |
2019 | 1,500 |
2020-2024 | $7,601 |
Restructuring_Actions_Restruct
Restructuring Actions Restructuring Actions (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Plan Curtailments | ' | $1,914,000 | ($700,000) |
Restructuring Charges | 6,539,000 | 22,196,000 | ' |
After Tax Restructuring Charges | 5,200,000 | 15,500,000 | ' |
Restructuring Charge Per Diluted Share | $0.03 | $0.33 | ' |
Engines [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 3,524,000 | 12,443,000 | ' |
Products [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | $3,015,000 | $9,753,000 | ' |
Restructuring_Actions_Position
Restructuring Actions Positions Eliminated (Details) | 12 Months Ended | |
Jun. 29, 2014 | Jun. 30, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and Related Cost, Number of Positions Eliminated - Subsequent Event | 475 | ' |
Restructuring and Related Cost, Number of Positions Eliminated | ' | 1,250 |
Global Salaried Employees [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent | ' | 10.00% |
Restructuring_Actions_Restruct1
Restructuring Actions Restructuring Reserve Rollforward (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Provisions | $6,539 | $22,196 | |
Engines [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Restructuring Reserve at June 30, 2013 | 2,674 | ' | |
Provisions | 3,524 | 12,443 | |
Cash Expenditures | -3,972 | ' | |
Other Adjustments | -2,226 | [1] | ' |
Restructuring Reserve at June 29, 2014 | 0 | 2,674 | |
Engines [Member] | Termination Benefits [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Restructuring Reserve at June 30, 2013 | 99 | ' | |
Provisions | 348 | ' | |
Cash Expenditures | -447 | ' | |
Other Adjustments | 0 | [1] | ' |
Restructuring Reserve at June 29, 2014 | 0 | ' | |
Engines [Member] | Other Restructuring Costs [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Restructuring Reserve at June 30, 2013 | 2,575 | ' | |
Provisions | 3,176 | ' | |
Cash Expenditures | -3,525 | ' | |
Other Adjustments | -2,226 | [1] | ' |
Restructuring Reserve at June 29, 2014 | 0 | ' | |
Products [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Restructuring Reserve at June 30, 2013 | 139 | ' | |
Provisions | 3,015 | 9,753 | |
Cash Expenditures | -999 | ' | |
Other Adjustments | -2,050 | [2] | ' |
Restructuring Reserve at June 29, 2014 | 105 | 139 | |
Products [Member] | Termination Benefits [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Restructuring Reserve at June 30, 2013 | 94 | ' | |
Provisions | 256 | ' | |
Cash Expenditures | -350 | ' | |
Other Adjustments | 0 | [2] | ' |
Restructuring Reserve at June 29, 2014 | 0 | ' | |
Products [Member] | Other Restructuring Costs [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Restructuring Reserve at June 30, 2013 | 45 | ' | |
Provisions | 2,759 | ' | |
Cash Expenditures | -649 | ' | |
Other Adjustments | -2,050 | [2] | ' |
Restructuring Reserve at June 29, 2014 | 105 | ' | |
Restructuring Accelerated Depreciation [Member] | Engines [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Other Adjustments | 500 | ' | |
Restructuring Asset Impairments [Member] | Engines [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Other Adjustments | 1,700 | ' | |
Restructuring Asset Impairments [Member] | Products [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Other Adjustments | 1,300 | ' | |
Other Restructuring Costs [Member] | Products [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Other Adjustments | $700 | ' | |
[1] | (1) Other adjustments includes $0.5 million of accelerated depreciation and $1.7 million of asset impairments. | ||
[2] | (2) Other adjustments includes $1.3 million of asset impairments and $0.7 million of other costs including transition costs and foreign currency translation. |
Equity_Share_Repurchases_Detai
Equity Share Repurchases (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Treasury Stock, Shares, Acquired | 2,100,499 | 1,546,686 | ' |
Treasury Stock Purchases | $43,047,000 | $30,359,000 | $39,287,000 |
Treasury Stock Acquired, Average Cost Per Share | $20.49 | $19.63 | ' |
Fiscal 2012 Share Repurchase Program [Member] | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | 50,000,000 | ' | ' |
Fiscal 2013 Share Repurchase Program [Member] | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | 50,000,000 | ' | ' |
Fiscal 2014 Share Repurchase Program [Member] [Domain] | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | 50,000,000 | ' | ' |
Fiscal 2015 Share Repurchase Program [Member] [Member] | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | $50,000,000 | ' | ' |
Separate_Financial_Information2
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Schedule of Outstanding Amounts Related To Guaranteed Debt) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 15, 2010 |
In Thousands, unless otherwise specified | |||
Senior Notes [Member] | ' | ' | ' |
Senior Notes | $225,000 | $225,000 | $225,000 |
Long-Term Debt Maximum Guarantee | 225,000 | ' | ' |
Multicurrency Credit Agreement [Member] | ' | ' | ' |
Multicurrency Credit Agreement | 0 | 0 | ' |
Long-Term Debt Maximum Guarantee | $500,000 | ' | ' |
Separate_Financial_Information3
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Schedule of Consolidated Balance Sheets) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | Jul. 03, 2011 |
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and Cash Equivalents | $194,668 | $188,445 | $156,075 | $209,639 |
Accounts Receivable, Net | 220,590 | 190,800 | ' | ' |
Intercompany Accounts Receivable | 0 | 0 | ' | ' |
Inventories, Net | 376,103 | 408,095 | ' | ' |
Deferred Tax Asset | 48,958 | 47,534 | ' | ' |
Prepaid Expenses and Other | 30,016 | 24,107 | ' | ' |
Total Current Assets | 870,335 | 858,981 | ' | ' |
OTHER ASSETS | ' | ' | ' | ' |
Goodwill | 144,522 | 147,352 | 204,764 | ' |
Investments | 27,137 | 19,764 | ' | ' |
Investment In Subsidiaries | 0 | 0 | ' | ' |
Intercompany Note Receivable | 0 | 0 | ' | ' |
Debt Issuance Costs, Net | 4,671 | 4,710 | ' | ' |
Other Intangible Assets, Net | 80,317 | 87,980 | ' | ' |
Long-Term Deferred Tax Asset | 15,178 | 27,544 | ' | ' |
Other Long-Term Assets, Net | 10,539 | 14,025 | ' | ' |
Total Other Assets | 282,364 | 301,375 | ' | ' |
PLANT AND EQUIPMENT, NET | 297,007 | 287,195 | 301,249 | ' |
TOTAL ASSETS | 1,449,706 | 1,447,551 | 1,608,231 | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts Payable | 169,271 | 143,189 | ' | ' |
Intercompany Accounts Payable | 0 | 0 | ' | ' |
Short-Term Debt | 0 | 300 | ' | ' |
Accrued Liabilities | 133,916 | 131,266 | ' | ' |
Total Current Liabilities | 303,187 | 274,755 | ' | ' |
OTHER LIABILITIES | ' | ' | ' | ' |
Accrued Pension Cost | 126,529 | 150,131 | ' | ' |
Accrued Employee Benefits | 24,491 | 23,458 | ' | ' |
Accrued Postretirement Health Care Obligation | 59,290 | 72,695 | ' | ' |
Accrued Warranty | 17,678 | 18,871 | ' | ' |
Intercompany Note Payable | 0 | 0 | ' | ' |
Deferred Tax Liabilities | 0 | 0 | ' | ' |
Other Long-Term Liabilities | 21,097 | 14,703 | ' | ' |
Long-Term Debt | 225,000 | 225,000 | ' | ' |
Total Other Liabilities | 474,085 | 504,858 | ' | ' |
TOTAL SHAREHOLDERS' INVESTMENT | 672,434 | 667,938 | 631,970 | 737,943 |
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT | 1,449,706 | 1,447,551 | ' | ' |
Briggs & Stratton Corporation [Member] | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and Cash Equivalents | 138,926 | 162,628 | 133,108 | 158,672 |
Accounts Receivable, Net | 86,099 | 80,017 | ' | ' |
Intercompany Accounts Receivable | 15,987 | 11,987 | ' | ' |
Inventories, Net | 165,159 | 165,600 | ' | ' |
Deferred Tax Asset | 33,343 | 32,543 | ' | ' |
Prepaid Expenses and Other | 17,436 | 15,194 | ' | ' |
Total Current Assets | 456,950 | 467,969 | ' | ' |
OTHER ASSETS | ' | ' | ' | ' |
Goodwill | 128,300 | 128,300 | ' | ' |
Investments | 27,137 | 19,764 | ' | ' |
Investment In Subsidiaries | 470,391 | 520,604 | ' | ' |
Intercompany Note Receivable | 49,293 | 45,747 | ' | ' |
Debt Issuance Costs, Net | 4,671 | 4,710 | ' | ' |
Other Intangible Assets, Net | 0 | 0 | ' | ' |
Long-Term Deferred Tax Asset | 32,507 | 48,694 | ' | ' |
Other Long-Term Assets, Net | 7,120 | 9,810 | ' | ' |
Total Other Assets | 719,419 | 777,629 | ' | ' |
PLANT AND EQUIPMENT, NET | 241,166 | 224,002 | ' | ' |
TOTAL ASSETS | 1,417,535 | 1,469,600 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts Payable | 105,532 | 91,965 | ' | ' |
Intercompany Accounts Payable | 21,859 | 38,078 | ' | ' |
Short-Term Debt | ' | 0 | ' | ' |
Accrued Liabilities | 85,735 | 111,146 | ' | ' |
Total Current Liabilities | 213,126 | 241,189 | ' | ' |
OTHER LIABILITIES | ' | ' | ' | ' |
Accrued Pension Cost | 125,481 | 149,614 | ' | ' |
Accrued Employee Benefits | 24,491 | 23,458 | ' | ' |
Accrued Postretirement Health Care Obligation | 44,928 | 57,298 | ' | ' |
Accrued Warranty | 9,300 | 9,400 | ' | ' |
Intercompany Note Payable | 85,343 | 85,095 | ' | ' |
Deferred Tax Liabilities | ' | 0 | ' | ' |
Other Long-Term Liabilities | 17,432 | 10,608 | ' | ' |
Long-Term Debt | 225,000 | 225,000 | ' | ' |
Total Other Liabilities | 531,975 | 560,473 | ' | ' |
TOTAL SHAREHOLDERS' INVESTMENT | 672,434 | 667,938 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT | 1,417,535 | 1,469,600 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and Cash Equivalents | 2,680 | 1,275 | 5,375 | 1,372 |
Accounts Receivable, Net | 100,062 | 80,531 | ' | ' |
Intercompany Accounts Receivable | 3,492 | 5,971 | ' | ' |
Inventories, Net | 146,749 | 175,523 | ' | ' |
Deferred Tax Asset | 13,904 | 13,923 | ' | ' |
Prepaid Expenses and Other | 3,508 | 1,967 | ' | ' |
Total Current Assets | 270,395 | 279,190 | ' | ' |
OTHER ASSETS | ' | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Investments | 0 | 0 | ' | ' |
Investment In Subsidiaries | 0 | 0 | ' | ' |
Intercompany Note Receivable | 84,567 | 81,844 | ' | ' |
Debt Issuance Costs, Net | 0 | 0 | ' | ' |
Other Intangible Assets, Net | 55,909 | 62,612 | ' | ' |
Long-Term Deferred Tax Asset | 0 | 0 | ' | ' |
Other Long-Term Assets, Net | 2,088 | 2,957 | ' | ' |
Total Other Assets | 142,564 | 147,413 | ' | ' |
PLANT AND EQUIPMENT, NET | 39,863 | 45,475 | ' | ' |
TOTAL ASSETS | 452,822 | 472,078 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts Payable | 45,171 | 37,112 | ' | ' |
Intercompany Accounts Payable | 6,002 | 5,197 | ' | ' |
Short-Term Debt | ' | 0 | ' | ' |
Accrued Liabilities | 31,863 | 7,452 | ' | ' |
Total Current Liabilities | 83,036 | 49,761 | ' | ' |
OTHER LIABILITIES | ' | ' | ' | ' |
Accrued Pension Cost | 421 | 472 | ' | ' |
Accrued Employee Benefits | 0 | 0 | ' | ' |
Accrued Postretirement Health Care Obligation | 14,362 | 15,397 | ' | ' |
Accrued Warranty | 8,378 | 9,471 | ' | ' |
Intercompany Note Payable | 0 | ' | ' | ' |
Deferred Tax Liabilities | 18,006 | 21,233 | ' | ' |
Other Long-Term Liabilities | 2,659 | 3,070 | ' | ' |
Long-Term Debt | 0 | ' | ' | ' |
Total Other Liabilities | 43,826 | 49,643 | ' | ' |
TOTAL SHAREHOLDERS' INVESTMENT | 325,960 | 372,674 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT | 452,822 | 472,078 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and Cash Equivalents | 53,062 | 24,542 | 17,592 | 49,595 |
Accounts Receivable, Net | 34,429 | 30,252 | ' | ' |
Intercompany Accounts Receivable | 32,826 | 46,366 | ' | ' |
Inventories, Net | 64,195 | 66,972 | ' | ' |
Deferred Tax Asset | 1,711 | 1,068 | ' | ' |
Prepaid Expenses and Other | 9,072 | 6,946 | ' | ' |
Total Current Assets | 195,295 | 176,146 | ' | ' |
OTHER ASSETS | ' | ' | ' | ' |
Goodwill | 16,222 | 19,052 | ' | ' |
Investments | 0 | 0 | ' | ' |
Investment In Subsidiaries | 0 | 0 | ' | ' |
Intercompany Note Receivable | 13,876 | 14,486 | ' | ' |
Debt Issuance Costs, Net | 0 | 0 | ' | ' |
Other Intangible Assets, Net | 24,408 | 25,368 | ' | ' |
Long-Term Deferred Tax Asset | 677 | 83 | ' | ' |
Other Long-Term Assets, Net | 1,331 | 1,258 | ' | ' |
Total Other Assets | 56,514 | 60,247 | ' | ' |
PLANT AND EQUIPMENT, NET | 15,978 | 17,718 | ' | ' |
TOTAL ASSETS | 267,787 | 254,111 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts Payable | 18,568 | 14,112 | ' | ' |
Intercompany Accounts Payable | 24,444 | 21,049 | ' | ' |
Short-Term Debt | ' | 300 | ' | ' |
Accrued Liabilities | 16,318 | 12,668 | ' | ' |
Total Current Liabilities | 59,330 | 48,129 | ' | ' |
OTHER LIABILITIES | ' | ' | ' | ' |
Accrued Pension Cost | 627 | 45 | ' | ' |
Accrued Employee Benefits | 0 | 0 | ' | ' |
Accrued Postretirement Health Care Obligation | 0 | 0 | ' | ' |
Accrued Warranty | 0 | 0 | ' | ' |
Intercompany Note Payable | 62,393 | 56,982 | ' | ' |
Deferred Tax Liabilities | 0 | 0 | ' | ' |
Other Long-Term Liabilities | 1,006 | 1,025 | ' | ' |
Long-Term Debt | 0 | 0 | ' | ' |
Total Other Liabilities | 64,026 | 58,052 | ' | ' |
TOTAL SHAREHOLDERS' INVESTMENT | 144,431 | 147,930 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT | 267,787 | 254,111 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and Cash Equivalents | 0 | 0 | 0 | 0 |
Accounts Receivable, Net | 0 | 0 | ' | ' |
Intercompany Accounts Receivable | -52,305 | -64,324 | ' | ' |
Inventories, Net | 0 | 0 | ' | ' |
Deferred Tax Asset | 0 | 0 | ' | ' |
Prepaid Expenses and Other | ' | 0 | ' | ' |
Total Current Assets | -52,305 | -64,324 | ' | ' |
OTHER ASSETS | ' | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Investments | 0 | 0 | ' | ' |
Investment In Subsidiaries | -470,391 | -520,604 | ' | ' |
Intercompany Note Receivable | -147,736 | -142,077 | ' | ' |
Debt Issuance Costs, Net | 0 | 0 | ' | ' |
Other Intangible Assets, Net | 0 | 0 | ' | ' |
Long-Term Deferred Tax Asset | -18,006 | -21,233 | ' | ' |
Other Long-Term Assets, Net | 0 | 0 | ' | ' |
Total Other Assets | -636,133 | -683,914 | ' | ' |
PLANT AND EQUIPMENT, NET | 0 | 0 | ' | ' |
TOTAL ASSETS | -688,438 | -748,238 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts Payable | 0 | 0 | ' | ' |
Intercompany Accounts Payable | -52,305 | -64,324 | ' | ' |
Short-Term Debt | ' | 0 | ' | ' |
Accrued Liabilities | 0 | 0 | ' | ' |
Total Current Liabilities | -52,305 | -64,324 | ' | ' |
OTHER LIABILITIES | ' | ' | ' | ' |
Accrued Pension Cost | 0 | 0 | ' | ' |
Accrued Employee Benefits | 0 | 0 | ' | ' |
Accrued Postretirement Health Care Obligation | 0 | 0 | ' | ' |
Accrued Warranty | 0 | 0 | ' | ' |
Intercompany Note Payable | -147,736 | -142,077 | ' | ' |
Deferred Tax Liabilities | -18,006 | -21,233 | ' | ' |
Other Long-Term Liabilities | 0 | 0 | ' | ' |
Long-Term Debt | 0 | 0 | ' | ' |
Total Other Liabilities | -165,742 | -163,310 | ' | ' |
TOTAL SHAREHOLDERS' INVESTMENT | -470,391 | -520,604 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT | ($688,438) | ($748,238) | ' | ' |
Separate_Financial_Information4
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Schedule of Consolidated Statement Of Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
NET SALES | $1,859,060 | $1,862,498 | $2,066,533 |
Cost of Goods Sold | 1,506,436 | 1,514,597 | 1,685,048 |
Cost Of Goods Sold Restructuring Charges | 5,841 | 18,761 | 44,760 |
Gross Profit | 346,783 | 329,140 | 336,725 |
Engineering, Selling, General and Administrative Expenses | 291,367 | 276,188 | 290,381 |
Operating Restructuring Charges | 698 | 3,435 | 5,107 |
Goodwill and Tradename Impairment | 8,460 | 90,080 | 0 |
Equity in Loss from Subsidiaries | 0 | 0 | 0 |
Income (Loss) from Operations | 46,258 | -40,563 | 41,237 |
Interest Expense | -18,466 | -18,519 | -18,542 |
Other Income (Expense), Net | 9,342 | 6,941 | 7,178 |
Income (Loss) Before Provision for Income Taxes | 37,134 | -52,141 | 29,873 |
Provision (Credit) for Income Taxes | 8,787 | -18,484 | 867 |
Net Income (Loss) | 28,347 | -33,657 | 29,006 |
Comprehensive Income (Loss) | 58,018 | 64,119 | -50,200 |
Briggs & Stratton Corporation [Member] | ' | ' | ' |
NET SALES | 1,156,394 | 1,126,562 | 1,235,805 |
Cost of Goods Sold | 928,557 | 916,859 | 1,007,493 |
Cost Of Goods Sold Restructuring Charges | 3,830 | 9,614 | 4,235 |
Gross Profit | 224,007 | 200,089 | 224,077 |
Engineering, Selling, General and Administrative Expenses | 163,594 | 161,465 | 167,133 |
Operating Restructuring Charges | 77 | 3,435 | 4,001 |
Goodwill and Tradename Impairment | 0 | 0 | ' |
Equity in Loss from Subsidiaries | 5,622 | 45,191 | 5,881 |
Income (Loss) from Operations | 54,714 | -10,002 | 47,062 |
Interest Expense | -18,431 | -18,369 | -18,347 |
Other Income (Expense), Net | 8,251 | 6,225 | 4,830 |
Income (Loss) Before Provision for Income Taxes | 44,534 | -22,146 | 33,545 |
Provision (Credit) for Income Taxes | 16,187 | 11,511 | 4,539 |
Net Income (Loss) | 28,347 | -33,657 | 29,006 |
Comprehensive Income (Loss) | 58,018 | 64,119 | -50,200 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
NET SALES | 599,013 | 695,137 | 835,011 |
Cost of Goods Sold | 544,313 | 626,266 | 744,103 |
Cost Of Goods Sold Restructuring Charges | 228 | 8,618 | 28,790 |
Gross Profit | 54,472 | 60,253 | 62,118 |
Engineering, Selling, General and Administrative Expenses | 76,021 | 71,434 | 80,915 |
Operating Restructuring Charges | 67 | 0 | 1,106 |
Goodwill and Tradename Impairment | 5,500 | 83,314 | ' |
Equity in Loss from Subsidiaries | 0 | 0 | 0 |
Income (Loss) from Operations | -27,116 | -94,495 | -19,903 |
Interest Expense | -6 | -3 | -33 |
Other Income (Expense), Net | 152 | 286 | 207 |
Income (Loss) Before Provision for Income Taxes | -26,970 | -94,212 | -19,729 |
Provision (Credit) for Income Taxes | -9,889 | -30,902 | -8,897 |
Net Income (Loss) | -17,081 | -63,310 | -10,832 |
Comprehensive Income (Loss) | -16,836 | -62,068 | -12,062 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
NET SALES | 304,160 | 277,516 | 321,216 |
Cost of Goods Sold | 234,073 | 208,189 | 258,951 |
Cost Of Goods Sold Restructuring Charges | 1,783 | 529 | 11,735 |
Gross Profit | 68,304 | 68,798 | 50,530 |
Engineering, Selling, General and Administrative Expenses | 51,752 | 43,289 | 42,333 |
Operating Restructuring Charges | 554 | 0 | 0 |
Goodwill and Tradename Impairment | 2,960 | 6,766 | ' |
Equity in Loss from Subsidiaries | 0 | 0 | 0 |
Income (Loss) from Operations | 13,038 | 18,743 | 8,197 |
Interest Expense | -29 | -147 | -162 |
Other Income (Expense), Net | 939 | 430 | 2,141 |
Income (Loss) Before Provision for Income Taxes | 13,948 | 19,026 | 10,176 |
Provision (Credit) for Income Taxes | 2,489 | 907 | 5,225 |
Net Income (Loss) | 11,459 | 18,119 | 4,951 |
Comprehensive Income (Loss) | 12,832 | 16,779 | -2,529 |
Eliminations [Member] | ' | ' | ' |
NET SALES | -200,507 | -236,717 | -325,499 |
Cost of Goods Sold | -200,507 | -236,717 | -325,499 |
Cost Of Goods Sold Restructuring Charges | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 |
Engineering, Selling, General and Administrative Expenses | 0 | 0 | 0 |
Operating Restructuring Charges | 0 | 0 | 0 |
Goodwill and Tradename Impairment | 0 | 0 | ' |
Equity in Loss from Subsidiaries | -5,622 | -45,191 | -5,881 |
Income (Loss) from Operations | 5,622 | 45,191 | 5,881 |
Interest Expense | 0 | 0 | 0 |
Other Income (Expense), Net | 0 | 0 | 0 |
Income (Loss) Before Provision for Income Taxes | 5,622 | 45,191 | 5,881 |
Provision (Credit) for Income Taxes | 0 | 0 | 0 |
Net Income (Loss) | 5,622 | 45,191 | 5,881 |
Comprehensive Income (Loss) | $4,004 | $45,289 | $14,591 |
Separate_Financial_Information5
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Schedule of Consolidated Statement Of Cash Flows) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | Jul. 03, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | $127,079 | $160,813 | $65,961 | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' |
Additions to Plant and Equipment | -60,371 | -44,878 | -49,573 | ' |
Cash Paid for Acquisition, Net of Cash Acquired | 0 | -59,627 | -2,673 | ' |
Proceeds Received on Disposition of Plant and Equipment | 628 | 12,492 | 1,457 | ' |
Cash Investment in Subsidiary | 0 | 0 | 0 | ' |
Net Cash Used in Investing Activities | -59,743 | -92,013 | -50,789 | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | ' |
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt | -300 | -2,700 | 0 | ' |
Debt Issuance Costs | -949 | 0 | -2,007 | -5,000 |
Cash Dividends Paid | -22,697 | -23,285 | -22,011 | ' |
Stock Option Exercise Proceeds and Tax Benefits | 5,402 | 19,988 | 235 | ' |
Treasury Stock Purchases | -43,047 | -30,359 | -39,287 | ' |
Net Cash Provided by (Used in) Financing Activities | -61,591 | -36,356 | -63,070 | ' |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 478 | -74 | -5,666 | ' |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 6,223 | 32,370 | -53,564 | ' |
Beginning of Year | 188,445 | 156,075 | 209,639 | ' |
End of Year | 194,668 | 188,445 | 156,075 | 209,639 |
Briggs & Stratton Corporation [Member] | ' | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 77,161 | 69,746 | 82,114 | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' |
Additions to Plant and Equipment | -55,775 | -36,306 | -40,456 | ' |
Cash Paid for Acquisition, Net of Cash Acquired | ' | 0 | ' | ' |
Proceeds Received on Disposition of Plant and Equipment | 170 | 70 | 141 | ' |
Cash Investment in Subsidiary | 13,307 | -15,194 | 2,141 | ' |
Net Cash Used in Investing Activities | -42,298 | -51,430 | -38,174 | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | ' |
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt | 2,726 | 44,860 | -6,434 | ' |
Debt Issuance Costs | -949 | ' | -2,007 | ' |
Cash Dividends Paid | -22,697 | -23,285 | -22,011 | ' |
Stock Option Exercise Proceeds and Tax Benefits | 5,402 | 19,988 | 235 | ' |
Treasury Stock Purchases | -43,047 | 30,359 | ' | ' |
Net Cash Provided by (Used in) Financing Activities | -58,565 | 11,204 | -69,504 | ' |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | ' |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -23,702 | 29,520 | -25,564 | ' |
Beginning of Year | 162,628 | 133,108 | 158,672 | ' |
End of Year | 138,926 | 162,628 | 133,108 | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 6,816 | 40,812 | 2,879 | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' |
Additions to Plant and Equipment | -2,718 | -6,120 | -6,588 | ' |
Cash Paid for Acquisition, Net of Cash Acquired | ' | 0 | ' | ' |
Proceeds Received on Disposition of Plant and Equipment | 33 | 6,068 | 1,278 | ' |
Cash Investment in Subsidiary | 0 | 0 | 0 | ' |
Net Cash Used in Investing Activities | -2,685 | -52 | -5,310 | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | ' |
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt | -2,726 | -44,860 | 6,434 | ' |
Debt Issuance Costs | 0 | ' | 0 | ' |
Cash Dividends Paid | 0 | 0 | 0 | ' |
Stock Option Exercise Proceeds and Tax Benefits | 0 | 0 | 0 | ' |
Treasury Stock Purchases | 0 | 0 | ' | ' |
Net Cash Provided by (Used in) Financing Activities | -2,726 | -44,860 | 6,434 | ' |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | ' |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,405 | -4,100 | 4,003 | ' |
Beginning of Year | 1,275 | 5,375 | 1,372 | ' |
End of Year | 2,680 | 1,275 | 5,375 | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 43,102 | 50,255 | -19,032 | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' |
Additions to Plant and Equipment | -1,878 | -2,452 | -2,529 | ' |
Cash Paid for Acquisition, Net of Cash Acquired | ' | -59,627 | ' | ' |
Proceeds Received on Disposition of Plant and Equipment | 425 | 6,354 | 38 | ' |
Cash Investment in Subsidiary | -13,307 | 15,194 | -2,141 | ' |
Net Cash Used in Investing Activities | -14,760 | -40,531 | -7,305 | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | ' |
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt | -300 | -2,700 | 0 | ' |
Debt Issuance Costs | 0 | ' | 0 | ' |
Cash Dividends Paid | 0 | 0 | 0 | ' |
Stock Option Exercise Proceeds and Tax Benefits | 0 | 0 | 0 | ' |
Treasury Stock Purchases | 0 | 0 | ' | ' |
Net Cash Provided by (Used in) Financing Activities | -300 | -2,700 | 0 | ' |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 478 | -74 | -5,666 | ' |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 28,520 | 6,950 | -32,003 | ' |
Beginning of Year | 24,542 | 17,592 | 49,595 | ' |
End of Year | 53,062 | 24,542 | 17,592 | ' |
Eliminations [Member] | ' | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | 0 | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' |
Additions to Plant and Equipment | 0 | 0 | 0 | ' |
Cash Paid for Acquisition, Net of Cash Acquired | ' | 0 | ' | ' |
Proceeds Received on Disposition of Plant and Equipment | 0 | 0 | 0 | ' |
Cash Investment in Subsidiary | 0 | 0 | 0 | ' |
Net Cash Used in Investing Activities | 0 | 0 | 0 | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | ' |
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt | 0 | 0 | 0 | ' |
Debt Issuance Costs | 0 | ' | 0 | ' |
Cash Dividends Paid | 0 | 0 | 0 | ' |
Stock Option Exercise Proceeds and Tax Benefits | 0 | 0 | 0 | ' |
Treasury Stock Purchases | 0 | 0 | ' | ' |
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | 0 | ' |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | ' |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | ' |
Beginning of Year | 0 | 0 | 0 | ' |
End of Year | $0 | $0 | $0 | ' |
Valuation_and_Qualifying_Accou2
Valuation and Qualifying Accounts (Schedule of Valuation and Qualifying Accounts) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Reserve For Doubtful Accounts Receivables [Member] | ' | ' | ' |
Balance Beginning of Year | $6,501,000 | $5,780,000 | $4,971,000 |
Additions Charged to Earnings | 1,321,000 | 1,881,000 | 3,608,000 |
Charges to Reserve, Net | -1,470,000 | -1,160,000 | -2,799,000 |
Balance End of Year | 6,352,000 | 6,501,000 | 5,780,000 |
Deferred Tax Assets Valuation Allowance [Member] | ' | ' | ' |
Balance Beginning of Year | 12,725,000 | 12,025,000 | 7,259,000 |
Additions Charged to Earnings | 2,516,000 | 9,210,000 | 5,430,000 |
Charges to Reserve, Net | 0 | -8,510,000 | -664,000 |
Balance End of Year | $15,241,000 | $12,725,000 | $12,025,000 |