Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Mar. 29, 2015 | 1-May-15 | |
Document Information [Line Items] | ||
Entity Registrant Name | BRIGGS & STRATTON CORP | |
Entity Central Index Key | 14195 | |
Current Fiscal Year End Date | -22 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 29-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 44,599,944 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 29, 2015 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and Cash Equivalents | $49,694 | $194,668 |
Accounts Receivable, Net | 315,725 | 220,590 |
Inventories: | ||
Finished Products and Parts | 323,059 | 268,116 |
Work in Process | 115,145 | 102,431 |
Raw Materials | 8,692 | 5,556 |
Total Inventories | 446,896 | 376,103 |
Deferred Income Tax Asset | 48,958 | 48,958 |
Prepaid Expenses and Other Current Assets | 35,463 | 30,016 |
Total Current Assets | 896,736 | 870,335 |
OTHER ASSETS: | ||
Goodwill | 156,278 | 144,522 |
Investments | 29,354 | 27,137 |
Debt Issuance Costs | 3,950 | 4,671 |
Other Intangible Assets, Net | 95,405 | 80,317 |
Long-Term Deferred Income Tax Asset | 129 | 15,178 |
Other Long-Term Assets, Net | 12,445 | 10,539 |
Total Other Assets | 297,561 | 282,364 |
PLANT AND EQUIPMENT: | ||
Cost | 1,028,368 | 1,035,848 |
Less - Accumulated Depreciation | 728,136 | 738,841 |
Total Plant and Equipment, Net | 300,232 | 297,007 |
TOTAL ASSETS | 1,494,529 | 1,449,706 |
CURRENT LIABILITIES: | ||
Accounts Payable | 197,476 | 169,271 |
Short-Term Debt | 60,100 | 0 |
Accrued Liabilities | 158,644 | 133,916 |
Total Current Liabilities | 416,220 | 303,187 |
OTHER LIABILITIES: | ||
Accrued Pension Cost | 107,992 | 126,529 |
Accrued Employee Benefits | 24,487 | 24,491 |
Accrued Postretirement Health Care Obligation | 51,750 | 59,290 |
Deferred Income Tax Liabilities | 3,414 | 0 |
Other Long-Term Liabilities | 40,822 | 38,775 |
Long-Term Debt | 225,000 | 225,000 |
Total Other Liabilities | 453,465 | 474,085 |
SHAREHOLDERS' INVESTMENT: | ||
Common Stock - Authorized 120,000 Shares $.01 Par Value, Issued 57,854 Shares | 579 | 579 |
Additional Paid-In Capital | 76,332 | 78,466 |
Retained Earnings | 1,056,981 | 1,048,466 |
Accumulated Other Comprehensive Loss | -218,840 | -195,257 |
Treasury Stock at cost, 13,174 Shares and 11,536 Shares, respectively | -290,208 | -259,820 |
Total Shareholders' Investment | 624,844 | 672,434 |
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT | $1,494,529 | $1,449,706 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 29, 2015 | Jun. 29, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
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 | 13,174 | 11,536 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 30, 2014 |
Income Statement [Abstract] | ||||
NET SALES | $619,015 | $628,403 | $1,355,931 | $1,362,299 |
COST OF GOODS SOLD | 492,847 | 498,927 | 1,080,883 | 1,106,148 |
Cost Of Goods Sold Restructuring Charges | 7,088 | -774 | 20,780 | 4,704 |
Gross Profit | 119,080 | 130,250 | 254,268 | 251,447 |
ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 72,714 | 74,863 | 216,767 | 215,402 |
Operating Restructuring Charges | 943 | 0 | 2,481 | 425 |
Income from Operations | 45,423 | 55,387 | 35,020 | 35,620 |
INTEREST EXPENSE | -5,233 | -4,720 | -14,641 | -13,823 |
OTHER INCOME, Net | 2,323 | 2,295 | 6,749 | 6,138 |
Income Before Income Taxes | 42,513 | 52,962 | 27,128 | 27,935 |
PROVISION FOR INCOME TAXES | 8,592 | 13,809 | 1,542 | 7,429 |
NET INCOME | $33,921 | $39,153 | $25,586 | $20,506 |
EARNINGS PER SHARE DATA: | ||||
Basic Earnings Per Share | $0.75 | $0.82 | $0.56 | $0.43 |
Diluted Earnings Per Share | $0.75 | $0.82 | $0.56 | $0.43 |
Weighted Average Shares Outstanding | 44,160 | 46,129 | 44,605 | 46,549 |
Diluted Average Shares Outstanding | 44,241 | 46,245 | 44,656 | 46,615 |
DIVIDENDS PER SHARE | $0.13 | $0.12 | $0.38 | $0.36 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 30, 2014 |
Net Income | $33,921 | $39,153 | $25,586 | $20,506 |
Cumulative Translation Adjustments | -12,925 | 2,212 | -34,045 | -1,160 |
Unrealized Gain (Loss) on Derivative Instruments, Net of Tax | -173 | 1,381 | 3,333 | 2,568 |
Unrecognized Pension & Postretirement Obligation, Net of Tax | 2,377 | 4,381 | 7,129 | 13,168 |
Other Comprehensive Income (Loss) | -10,721 | 7,974 | -23,583 | 14,576 |
Total Comprehensive Income | $23,200 | $47,127 | $2,003 | $35,082 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $25,586 | $20,506 |
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities: | ||
Depreciation and Amortization | 39,302 | 38,333 |
Stock Compensation Expense | 4,840 | 5,822 |
Loss on Disposition of Plant and Equipment | 300 | 462 |
Provision (Credit) for Deferred Income Taxes | 914 | -8,705 |
Equity in Earnings of Unconsolidated Affiliates | -5,005 | -4,277 |
Dividends Received from Unconsolidated Affiliates | 4,381 | 4,069 |
Non-Cash Restructuring Charges | 12,445 | 3,386 |
Change in Operating Assets and Liabilities: | ||
Accounts Receivable | -88,898 | -147,738 |
Inventories | -58,715 | 11,713 |
Other Current Assets | 5,917 | -9,083 |
Accounts Payable, Accrued Liabilities and Income Taxes | 18,844 | 76,335 |
Other, Net | -12,046 | -4,856 |
Net Cash Used in Operating Activities | -52,135 | -14,033 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to Plant and Equipment | -44,157 | -29,471 |
Proceeds Received on Disposition of Plant and Equipment | 318 | 109 |
Cash Paid for Acquisition, Net of Cash Acquired | -59,855 | 0 |
Payments for Other Investing Activities | -250 | 0 |
Net Cash Used in Investing Activities | -103,944 | -29,362 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayments of Short-Term Debt | 0 | -300 |
Net Borrowings on Revolver | 60,100 | 0 |
Debt Issuance Costs | 0 | -949 |
Treasury Stock Purchases | -39,560 | -30,066 |
Stock Option Exercise Proceeds and Tax Benefits | 3,921 | 4,361 |
Cash Dividends Paid | -11,374 | -11,387 |
Net Cash Provided by (Used in) Financing Activities | 13,087 | -38,341 |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -1,982 | 529 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -144,974 | -81,207 |
CASH AND CASH EQUIVALENTS: | ||
CASH AND CASH EQUIVALENTS, Beginning | 194,668 | 188,445 |
CASH AND CASH EQUIVALENTS, Ending | $49,694 | $107,238 |
General_Information
General Information | 9 Months Ended |
Mar. 29, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Information | General Information |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and therefore do not include all information and footnotes necessary for a fair statement of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but also does not include all disclosures required by accounting principles generally accepted in the United States. However, in the opinion of Briggs & Stratton Corporation (the Company), adequate disclosures have been presented to prevent the information from being misleading, and all adjustments necessary to fairly present the results of operations and financial position have been included. All of these adjustments are of a normal recurring nature, except as otherwise noted. | |
Interim results are not necessarily indicative of results for a full year. The information included in these condensed consolidated financial statements should be read in conjunction with the financial statements and the notes thereto that were included in the Company's latest Annual Report on Form 10-K. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Mar. 29, 2015 | |
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. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) (Notes) | 9 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
The following tables set forth the changes in accumulated other comprehensive income (loss) (in thousands): | |||||||||||||||||
Three Months Ended March 29, 2015 | |||||||||||||||||
Cumulative Translation Adjustments | Derivative Financial Instruments | Pension and Postretirement Benefit Plans | Total | ||||||||||||||
Beginning Balance | $ | (8,067 | ) | $ | 2,422 | $ | (202,474 | ) | $ | (208,119 | ) | ||||||
Other Comprehensive Income (Loss) Before Reclassification | (12,925 | ) | 3,824 | — | (9,101 | ) | |||||||||||
Income Tax Benefit (Expense) | — | (1,453 | ) | — | (1,453 | ) | |||||||||||
Net Other Comprehensive Income (Loss) Before Reclassifications | (12,925 | ) | 2,371 | — | (10,554 | ) | |||||||||||
Reclassifications: | |||||||||||||||||
Realized (Gains) Losses - Foreign Currency Contracts (1) | — | (4,728 | ) | — | (4,728 | ) | |||||||||||
Realized (Gains) Losses - Commodity Contracts (1) | — | 319 | — | 319 | |||||||||||||
Realized (Gains) Losses - Interest Rate Swaps (1) | — | 306 | — | 306 | |||||||||||||
Amortization of Prior Service Costs (Credits) (2) | — | — | (644 | ) | (644 | ) | |||||||||||
Amortization of Actuarial Losses (2) | — | — | 4,477 | 4,477 | |||||||||||||
Total Reclassifications Before Tax | — | (4,103 | ) | 3,833 | (270 | ) | |||||||||||
Income Tax Expense (Benefit) | — | 1,559 | (1,456 | ) | 103 | ||||||||||||
Net Reclassifications | — | (2,544 | ) | 2,377 | (167 | ) | |||||||||||
Other Comprehensive Income (Loss) | (12,925 | ) | (173 | ) | 2,377 | (10,721 | ) | ||||||||||
Ending Balance | $ | (20,992 | ) | $ | 2,249 | $ | (200,097 | ) | $ | (218,840 | ) | ||||||
(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments. | |||||||||||||||||
(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans. | |||||||||||||||||
Three Months Ended March 30, 2014 | |||||||||||||||||
Cumulative Translation Adjustments | Derivative Financial Instruments | Pension and Postretirement Benefit Plans | Total | ||||||||||||||
Beginning Balance | $ | 8,514 | $ | (2,486 | ) | $ | (224,354 | ) | $ | (218,326 | ) | ||||||
Other Comprehensive Income (Loss) Before Reclassification | 2,212 | 323 | — | 2,535 | |||||||||||||
Income Tax Benefit (Expense) | — | (124 | ) | — | (124 | ) | |||||||||||
Net Other Comprehensive Income (Loss) Before Reclassifications | 2,212 | 199 | — | 2,411 | |||||||||||||
Reclassifications: | |||||||||||||||||
Realized (Gains) Losses - Foreign Currency Contracts (1) | — | 448 | — | 448 | |||||||||||||
Realized (Gains) Losses - Commodity Contracts (1) | — | 1,165 | — | 1,165 | |||||||||||||
Realized (Gains) Losses - Interest Rate Swaps (1) | — | 302 | — | 302 | |||||||||||||
Amortization of Prior Service Costs (Credits) (2) | — | — | (679 | ) | (679 | ) | |||||||||||
Amortization of Actuarial Losses (2) | — | — | 7,780 | 7,780 | |||||||||||||
Total Reclassifications Before Tax | — | 1,915 | 7,101 | 9,016 | |||||||||||||
Income Tax Expense (Benefit) | — | (733 | ) | (2,720 | ) | (3,453 | ) | ||||||||||
Net Reclassifications | — | 1,182 | 4,381 | 5,563 | |||||||||||||
Other Comprehensive Income (Loss) | 2,212 | 1,381 | 4,381 | 7,974 | |||||||||||||
Ending Balance | $ | 10,726 | $ | (1,105 | ) | $ | (219,973 | ) | $ | (210,352 | ) | ||||||
(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments. | |||||||||||||||||
(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans. | |||||||||||||||||
Nine Months Ended March 29, 2015 | |||||||||||||||||
Cumulative Translation Adjustments | Derivative Financial Instruments | Pension and Postretirement Benefit Plans | Total | ||||||||||||||
Beginning Balance | $ | 13,053 | $ | (1,084 | ) | $ | (207,226 | ) | $ | (195,257 | ) | ||||||
Other Comprehensive Income (Loss) Before Reclassification | (34,045 | ) | 10,629 | — | (23,416 | ) | |||||||||||
Income Tax Benefit (Expense) | — | (4,039 | ) | — | (4,039 | ) | |||||||||||
Net Other Comprehensive Income (Loss) Before Reclassifications | (34,045 | ) | 6,590 | — | (27,455 | ) | |||||||||||
Reclassifications: | |||||||||||||||||
Realized (Gains) Losses - Foreign Currency Contracts (1) | — | (7,025 | ) | — | (7,025 | ) | |||||||||||
Realized (Gains) Losses - Commodity Contracts (1) | — | 841 | — | 841 | |||||||||||||
Realized (Gains) Losses - Interest Rate Swaps (1) | — | 931 | — | 931 | |||||||||||||
Amortization of Prior Service Costs (Credits) (2) | — | — | (1,933 | ) | (1,933 | ) | |||||||||||
Amortization of Actuarial Losses (2) | — | — | 13,432 | 13,432 | |||||||||||||
Total Reclassifications Before Tax | — | (5,253 | ) | 11,499 | 6,246 | ||||||||||||
Income Tax Expense (Benefit) | — | 1,996 | (4,370 | ) | (2,374 | ) | |||||||||||
Net Reclassifications | — | (3,257 | ) | 7,129 | 3,872 | ||||||||||||
Other Comprehensive Income (Loss) | (34,045 | ) | 3,333 | 7,129 | (23,583 | ) | |||||||||||
Ending Balance | $ | (20,992 | ) | $ | 2,249 | $ | (200,097 | ) | $ | (218,840 | ) | ||||||
(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments. | |||||||||||||||||
(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans. | |||||||||||||||||
Nine Months Ended March 30, 2014 | |||||||||||||||||
Cumulative Translation Adjustments | Derivative Financial Instruments | Pension and Postretirement Benefit Plans | Total | ||||||||||||||
Beginning Balance | $ | 11,886 | $ | (3,673 | ) | $ | (233,141 | ) | $ | (224,928 | ) | ||||||
Other Comprehensive Income (Loss) Before Reclassification | (1,160 | ) | (2,757 | ) | — | (3,917 | ) | ||||||||||
Income Tax Benefit (Expense) | — | 1,056 | — | 1,056 | |||||||||||||
Net Other Comprehensive Income (Loss) Before Reclassifications | (1,160 | ) | (1,701 | ) | — | (2,861 | ) | ||||||||||
Reclassifications: | |||||||||||||||||
Realized (Gains) Losses - Foreign Currency Contracts (1) | — | 1,197 | — | 1,197 | |||||||||||||
Realized (Gains) Losses - Commodity Contracts (1) | — | 4,823 | — | 4,823 | |||||||||||||
Realized (Gains) Losses - Interest Rate Swaps (1) | — | 899 | — | 899 | |||||||||||||
Amortization of Prior Service Costs (Credits) (2) | — | — | (2,037 | ) | (2,037 | ) | |||||||||||
Amortization of Actuarial Losses (2) | — | — | 23,333 | 23,333 | |||||||||||||
Total Reclassifications Before Tax | — | 6,919 | 21,296 | 28,215 | |||||||||||||
Income Tax Expense (Benefit) | — | (2,650 | ) | (8,128 | ) | (10,778 | ) | ||||||||||
Net Reclassifications | — | 4,269 | 13,168 | 17,437 | |||||||||||||
Other Comprehensive Income (Loss) | (1,160 | ) | 2,568 | 13,168 | 14,576 | ||||||||||||
Ending Balance | $ | 10,726 | $ | (1,105 | ) | $ | (219,973 | ) | $ | (210,352 | ) | ||||||
(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments. | |||||||||||||||||
(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans. |
Acquisitions
Acquisitions | 9 Months Ended |
Mar. 29, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | Acquisitions |
On August 29, 2014, the Company acquired all of the outstanding shares of Allmand Bros., Inc. ("Allmand") of Holdrege, Nebraska for total cash consideration of $59.9 million, net of cash acquired. The total cash consideration, net of cash acquired, decreased by $2.2 million during the third quarter of fiscal 2015 due to finalization of the working capital adjustment. Allmand is a leading designer and manufacturer of high quality towable light towers, industrial heaters, and solar LED arrow boards. Its products are used in a variety of industries, including construction, roadway, oil and gas, mining, and sporting and special events. Allmand's products are generally powered by diesel engines, and distributed through national and regional equipment rental companies, equipment dealers and distributors. Allmand sells its products and service parts in approximately 40 countries. As of March 29, 2015, the Company recorded a preliminary purchase price allocation based on its initial estimates of fair value. The preliminary purchase price allocation resulted in the recognition of $15.5 million of goodwill, which was allocated to the Products Segment, and $24.1 million of intangible assets, including $15.7 million of customer relationships, $8.1 million of tradenames, and $0.3 million of other intangible assets. | |
The results of operations of Allmand have been included in the Condensed Consolidated Statements of Operations since the date of acquisition. Pro forma financial information and allocation of the preliminary 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. |
Restructuring_Actions
Restructuring Actions | 9 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Restructuring Actions [Abstract] | |||||||||||||
Restructuring Actions | Restructuring Actions | ||||||||||||
During the first quarter of fiscal 2015, the Company announced and began implementing restructuring actions to narrow its assortment of lower-priced Snapper consumer lawn and garden equipment and consolidate its Products Segment manufacturing facilities in order to reduce costs. The Company closed its McDonough, Georgia plant in the fourth quarter of fiscal 2015 and is consolidating production into existing facilities in Wisconsin and New York. | |||||||||||||
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 restructuring actions discussed above resulted in pre-tax charges of $8.0 million ($5.2 million after tax or $0.11 per diluted share) and $23.3 million ($15.1 million after tax or $0.33 per diluted share) recorded within the Products Segment for the third quarter and first nine months of fiscal 2015, respectively. Total estimated pre-tax restructuring cost estimates for the restructuring actions remain unchanged at $30 million to $37 million, including non-cash write-downs of $15 million to $20 million. | |||||||||||||
The following is a rollforward of the restructuring reserve (included in Accrued Liabilities within the Condensed Consolidated Balance Sheets) attributable to Products Segment restructuring activities for the nine month period ended March 29, 2015 (in thousands): | |||||||||||||
Termination Benefits | Other Costs | Total | |||||||||||
Reserve Balance at June 29, 2014 | $ | — | $ | 105 | $ | 105 | |||||||
Provisions | 5,326 | 17,935 | 23,261 | ||||||||||
Cash Expenditures | (650 | ) | (5,595 | ) | (6,245 | ) | |||||||
Other Adjustments (1) | — | (12,445 | ) | (12,445 | ) | ||||||||
Reserve Balance at March 29, 2015 | $ | 4,676 | $ | — | $ | 4,676 | |||||||
(1) Other adjustments includes $1.2 million of asset impairments and $11.2 million of accelerated depreciation. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 9 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings (Loss) Per Share | Earnings 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 per share is as follows (in thousands, except per share data): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Net Income | $ | 33,921 | $ | 39,153 | $ | 25,586 | $ | 20,506 | |||||||||
Less: Allocation to Participating Securities | (893 | ) | (1,150 | ) | (626 | ) | (552 | ) | |||||||||
Net Income Available to Common Shareholders | $ | 33,028 | $ | 38,003 | $ | 24,960 | $ | 19,954 | |||||||||
Average Shares of Common Stock Outstanding | 44,160 | 46,129 | 44,605 | 46,549 | |||||||||||||
Diluted Average Shares Outstanding | 44,241 | 46,245 | 44,656 | 46,615 | |||||||||||||
Basic Earnings Per Share | $ | 0.75 | $ | 0.82 | $ | 0.56 | $ | 0.43 | |||||||||
Diluted Earnings Per Share | $ | 0.75 | $ | 0.82 | $ | 0.56 | $ | 0.43 | |||||||||
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: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Options to Purchase Shares of Common Stock (in thousands) | 845 | 508 | 845 | 916 | |||||||||||||
Weighted Average Exercise Price of Options Excluded | $ | 20.33 | $ | 36.68 | $ | 20.33 | $ | 29.62 | |||||||||
On January 22, 2014, the Board of Directors of the Company authorized up to $50 million in funds for use in the Company’s common share repurchase program. On August 13, 2014, the Board of Directors of the Company authorized up to an additional $50 million in funds associated with the common share repurchase program. As of March 29, 2015, the total remaining authorization was approximately $47.7 million with an expiration date of June 30, 2016. The common share repurchase program authorizes the purchase of shares of the Company's common stock on the open market or in private transactions from time to time, depending on market conditions and certain governing loan covenants. During the nine months ended March 29, 2015, the Company repurchased 2,039,399 shares on the open market at an average price of $19.40 per share, as compared to 1,479,626 shares purchased on the open market at an average price of $20.32 per share during the nine months ended March 30, 2014. |
Investments_Notes
Investments (Notes) | 9 Months Ended |
Mar. 29, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Investments |
This caption represents the Company’s investments in unconsolidated affiliated companies. | |
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. In the first quarter of fiscal 2015, a second independent distributor joined the venture and, as a result, the Company recorded an additional investment of $2.8 million. During the second quarter of fiscal 2015, the venture acquired a third independent distributor. The Company uses the equity method to account for this investment, and the earnings of the unconsolidated affiliate are recorded within the Products Segment. As of March 29, 2015, the Company's total investment in the venture was $10.1 million, and its ownership percentage was 11.9%. |
Pension_and_Postretirement_Ben
Pension and Postretirement Benefits | 9 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Pension and Postretirement Benefits | Pension and Postretirement Benefits | ||||||||||||||||
The Company has noncontributory defined benefit retirement plans and postretirement plans covering certain employees. The following tables summarize the plans’ income and expense for the periods indicated (in thousands): | |||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Components of Net Periodic Expense (Income): | |||||||||||||||||
Service Cost | $ | 858 | $ | 1,911 | $ | 74 | $ | 83 | |||||||||
Interest Cost on Projected Benefit Obligation | 12,445 | 13,436 | 902 | 1,150 | |||||||||||||
Expected Return on Plan Assets | (18,659 | ) | (18,538 | ) | — | — | |||||||||||
Amortization of: | |||||||||||||||||
Prior Service Cost (Credit) | 45 | 45 | (689 | ) | (724 | ) | |||||||||||
Actuarial Loss | 3,315 | 6,276 | 1,162 | 1,504 | |||||||||||||
Net Periodic Expense (Income) | $ | (1,996 | ) | $ | 3,130 | $ | 1,449 | $ | 2,013 | ||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Components of Net Periodic Expense (Income): | |||||||||||||||||
Service Cost | $ | 2,574 | $ | 5,735 | $ | 222 | $ | 250 | |||||||||
Interest Cost on Projected Benefit Obligation | 37,336 | 40,307 | 2,706 | 3,450 | |||||||||||||
Expected Return on Plan Assets | (55,978 | ) | (55,614 | ) | — | — | |||||||||||
Amortization of: | |||||||||||||||||
Prior Service Cost (Credit) | 135 | 135 | (2,068 | ) | (2,172 | ) | |||||||||||
Actuarial Loss | 9,946 | 18,821 | 3,486 | 4,512 | |||||||||||||
Net Periodic Expense (Income) | $ | (5,987 | ) | $ | 9,384 | $ | 4,346 | $ | 6,040 | ||||||||
On January 1, 2014, an amendment to the Company's defined benefit retirement plans became effective that froze accruals for all U.S. non-bargaining employees. Also, on January 1, 2014, amendments became effective that increased benefits under the defined contribution plans. | |||||||||||||||||
The Company expects to make benefit payments of $3.2 million attributable to its non-qualified pension plans during fiscal 2015. During the first nine months of fiscal 2015, the Company made payments of approximately $2.3 million for its non-qualified pension plans. The Company anticipates making benefit payments of approximately $12.7 million for its other postretirement benefit plans during fiscal 2015. During the first nine months of fiscal 2015, the Company made payments of $11.7 million for its other postretirement benefit plans. | |||||||||||||||||
During the first nine months of fiscal 2015, the Company made no cash contributions to the qualified pension plan. Based upon current regulations and actuarial studies, the Company is not required to make contributions to the qualified pension plan during the remainder of fiscal 2015. In addition, the Company expects it will not be required to make minimum contributions to the qualified pension plan in fiscal 2016 through fiscal 2019. The Company may be required to make further contributions in future years depending upon the actual return on plan assets and the funded status of the plan in future periods. |
Stock_Incentives
Stock Incentives | 9 Months Ended |
Mar. 29, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentives | Stock Incentives |
Stock based compensation expense is calculated by estimating the fair value of incentive stock awards granted and amortizing the estimated value over the awards' vesting period. Stock based compensation expense was $1.5 million and $4.8 million for the three and nine months ended March 29, 2015, respectively. For the three and nine months ended March 30, 2014, stock based compensation expense was $1.3 million and $5.8 million, respectively. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | ||||||||||||||
Mar. 29, 2015 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments & Hedging Activities | ||||||||||||||
The Company enters into derivative contracts designated as cash flow hedges to manage certain interest rate, foreign currency and commodity exposures. Company policy allows derivatives to be used only for identifiable exposures and, therefore, the Company does not enter into hedges for trading purposes where the sole objective is to generate profits. | |||||||||||||||
The Company formally designates the financial instrument as a hedge of a specific underlying exposure and documents both the risk management objectives and strategies for undertaking the hedge. The Company formally assesses, both at the inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the forecasted cash flows of the related underlying exposure. Because of the high degree of effectiveness between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instruments are generally offset by changes in the forecasted cash flows of the underlying exposures being hedged. Derivative financial instruments are recorded on the Condensed Consolidated Balance Sheets as assets or liabilities, measured at fair value. The effective portion of gains or losses on derivatives designated as cash flow hedges are reported as a component of Accumulated Other Comprehensive Income (Loss) (AOCI) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of a financial instrument's change in fair value is immediately recognized in earnings. | |||||||||||||||
The Company discontinues hedge accounting prospectively when it determines that the derivative is no longer effective in offsetting cash flows attributable to the hedged risk, the derivative expires or is sold, terminated, or exercised, the cash flow hedge is dedesignated because a forecasted transaction is not probable of occurring, or management determines to remove the designation of the cash flow hedge. | |||||||||||||||
In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent changes in its fair value in earnings. When it is probable that a forecasted transaction will not occur, the Company discontinues hedge accounting and recognizes immediately in earnings gains and losses that were accumulated in other comprehensive income related to the hedging relationship. | |||||||||||||||
The Company enters into interest rate swaps to manage a portion of its interest rate risk from financing certain dealer and distributor inventories through a third party financing source. The swaps are designated as cash flow hedges and are used to effectively fix the interest payments to a third party financing source, exclusive of lender spreads, ranging from 1.17% to 1.60% for a notional principal amount of $95 million with expiration dates ranging from July 2017 through May 2019. | |||||||||||||||
The Company enters into forward foreign currency contracts to hedge the risk from forecasted third party and intercompany sales or payments denominated in foreign currencies. These obligations generally require the Company to exchange foreign currencies for U.S. Dollars, Australian Dollars, Brazilian Real, Canadian Dollars, Chinese Renminbi, Euros, Japanese Yen or Mexican Pesos. These contracts generally do not have a maturity of more than twenty-four months. | |||||||||||||||
The Company uses raw materials that are subject to price volatility. The Company hedges a portion of its exposure to the variability of cash flows associated with commodities used in the manufacturing process by entering into forward purchase contracts or commodity swaps. Derivative contracts designated as cash flow hedges are used by the Company to reduce exposure to variability in cash flows associated with future purchases of natural gas. These contracts generally do not have a maturity of more than twenty-four months. | |||||||||||||||
The Company has considered the counterparty credit risk related to all of its interest rate, foreign currency and commodity derivative contracts and deems any risk of counterparty default to be minimal. | |||||||||||||||
As of March 29, 2015 and June 29, 2014, the Company had the following outstanding derivative contracts (in thousands): | |||||||||||||||
Contract | Notional Amount | ||||||||||||||
March 29, | June 29, | ||||||||||||||
2015 | 2014 | ||||||||||||||
Interest Rate: | |||||||||||||||
LIBOR Interest Rate (U.S. Dollars) | Fixed | 95,000 | 95,000 | ||||||||||||
Foreign Currency: | |||||||||||||||
Australian Dollar | Sell | 13,801 | 19,904 | ||||||||||||
Brazilian Real | Sell | 11,608 | — | ||||||||||||
Canadian Dollar | Sell | 6,700 | 3,100 | ||||||||||||
Chinese Renminbi | Buy | 223,575 | — | ||||||||||||
Euro | Sell | 46,590 | 49,300 | ||||||||||||
Euro | Buy | 6,000 | — | ||||||||||||
Japanese Yen | Buy | 1,014,000 | 530,000 | ||||||||||||
Mexican Peso | Sell | — | 3,000 | ||||||||||||
Commodity: | |||||||||||||||
Natural Gas (Therms) | Buy | 10,304 | 5,686 | ||||||||||||
The location and fair value of derivative instruments reported in the Condensed Consolidated Balance Sheets are as follows (in thousands): | |||||||||||||||
Balance Sheet Location | Asset (Liability) Fair Value | ||||||||||||||
March 29, | June 29, | ||||||||||||||
2015 | 2014 | ||||||||||||||
Interest rate contracts | |||||||||||||||
Other Long-Term Assets | $ | — | $ | 43 | |||||||||||
Other Long-Term Liabilities | (1,354 | ) | (1,209 | ) | |||||||||||
Foreign currency contracts | |||||||||||||||
Other Current Assets | 9,740 | 337 | |||||||||||||
Other Long-Term Assets | 31 | 12 | |||||||||||||
Accrued Liabilities | (1,235 | ) | (665 | ) | |||||||||||
Other Long-Term Liabilities | (47 | ) | (9 | ) | |||||||||||
Commodity contracts | |||||||||||||||
Other Current Assets | — | 39 | |||||||||||||
Accrued Liabilities | (598 | ) | (35 | ) | |||||||||||
Other Long-Term Liabilities | (221 | ) | (14 | ) | |||||||||||
$ | 6,316 | $ | (1,501 | ) | |||||||||||
The effect of derivative instruments on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows (in thousands): | |||||||||||||||
Three months ended March 29, 2015 | |||||||||||||||
Amount of Gain (Loss) | Classification of | Amount of Gain (Loss) | Recognized in | ||||||||||||
Recognized in Other | Gain (Loss) | Reclassified from | Earnings | ||||||||||||
Comprehensive Income | AOCI into Income | (Ineffective Portion) | |||||||||||||
(Loss) on Derivatives, Net of | (Effective Portion) | ||||||||||||||
Taxes (Effective | |||||||||||||||
Portion) | |||||||||||||||
Interest rate contracts | $ | (381 | ) | Net Sales | $ | (306 | ) | $ | — | ||||||
Foreign currency contracts - sell | (120 | ) | Net Sales | 5,146 | — | ||||||||||
Foreign currency contracts - buy | 357 | Cost of Goods Sold | (418 | ) | — | ||||||||||
Commodity contracts | (29 | ) | Cost of Goods Sold | (319 | ) | — | |||||||||
$ | (173 | ) | $ | 4,103 | $ | — | |||||||||
Three months ended March 30, 2014 | |||||||||||||||
Amount of Gain (Loss) | Classification of | Amount of Gain (Loss) | Recognized in | ||||||||||||
Recognized in Other | Gain (Loss) | Reclassified from | Earnings | ||||||||||||
Comprehensive Income | AOCI into Income | (Ineffective Portion) | |||||||||||||
(Loss) on Derivatives, Net of | (Effective Portion) | ||||||||||||||
Taxes (Effective | |||||||||||||||
Portion) | |||||||||||||||
Interest rate contracts | $ | 15 | Net Sales | $ | (302 | ) | $ | — | |||||||
Foreign currency contracts - sell | 348 | Net Sales | (138 | ) | — | ||||||||||
Foreign currency contracts - buy | 170 | Cost of Goods Sold | (310 | ) | — | ||||||||||
Commodity contracts | 848 | Cost of Goods Sold | (1,165 | ) | — | ||||||||||
$ | 1,381 | $ | (1,915 | ) | $ | — | |||||||||
Nine months ended March 29, 2015 | |||||||||||||||
Amount of Gain (Loss) | Classification of | Amount of Gain (Loss) | Recognized in | ||||||||||||
Recognized in Other | Gain (Loss) | Reclassified from | Earnings | ||||||||||||
Comprehensive Income | AOCI into Income | (Ineffective Portion) | |||||||||||||
(Loss) on Derivatives, Net of | (Effective Portion) | ||||||||||||||
Taxes (Effective | |||||||||||||||
Portion) | |||||||||||||||
Interest rate contracts | $ | (120 | ) | Net Sales | $ | (931 | ) | $ | — | ||||||
Foreign currency contracts - sell | 3,720 | Net Sales | 7,689 | — | |||||||||||
Foreign currency contracts - buy | (51 | ) | Cost of Goods Sold | (664 | ) | — | |||||||||
Commodity contracts | (216 | ) | Cost of Goods Sold | (841 | ) | — | |||||||||
$ | 3,333 | $ | 5,253 | $ | — | ||||||||||
Nine months ended March 30, 2014 | |||||||||||||||
Amount of Gain (Loss) | Classification of | Amount of Gain (Loss) | Recognized in | ||||||||||||
Recognized in Other | Gain (Loss) | Reclassified from | Earnings | ||||||||||||
Comprehensive Income | AOCI into Income | (Ineffective Portion) | |||||||||||||
(Loss) on Derivatives, Net of | (Effective Portion) | ||||||||||||||
Taxes (Effective | |||||||||||||||
Portion) | |||||||||||||||
Interest rate contracts | $ | 20 | Net Sales | $ | (899 | ) | $ | — | |||||||
Foreign currency contracts - sell | (751 | ) | Net Sales | (248 | ) | — | |||||||||
Foreign currency contracts - buy | 142 | Cost of Goods Sold | (949 | ) | — | ||||||||||
Commodity contracts | 3,157 | Cost of Goods Sold | (4,823 | ) | — | ||||||||||
$ | 2,568 | $ | (6,919 | ) | $ | — | |||||||||
During the next twelve months, the estimated net amount of income on cash flow hedges as of March 29, 2015 expected to be reclassified out of AOCI into earnings is $4.8 million. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||
The following guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: | |||||||||||||||||
Level 1: Quoted prices for identical instruments in active markets. | |||||||||||||||||
Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-driven valuations whose inputs are observable or whose significant value drivers are observable. | |||||||||||||||||
Level 3: Significant inputs to the valuation model are unobservable. | |||||||||||||||||
The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 29, 2015 and June 29, 2014 (in thousands): | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
March 29, | Level 1 | Level 2 | Level 3 | ||||||||||||||
2015 | |||||||||||||||||
Assets: | |||||||||||||||||
Derivatives | $ | 9,771 | $ | — | $ | 9,771 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 3,455 | $ | — | $ | 3,455 | $ | — | |||||||||
June 29, | Level 1 | Level 2 | Level 3 | ||||||||||||||
2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Derivatives | $ | 431 | $ | — | $ | 431 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 1,932 | $ | — | $ | 1,932 | $ | — | |||||||||
The fair value for Level 2 measurements are based upon the respective quoted market prices for comparable instruments in active markets, which include current market pricing for forward purchases of commodities, foreign currency forwards, and current interest rates. | |||||||||||||||||
The Company has currently chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with accounting principles generally accepted in the United States. | |||||||||||||||||
The estimated fair value of the Company's Senior Notes (as defined in Note 16) at March 29, 2015 and June 29, 2014 was $248.6 million and $251.4 million, respectively, compared to the carrying value of $225.0 million on each date. The estimated fair value of the Senior Notes is based on quoted market prices for similar instruments and is, therefore, classified as Level 2 within the valuation hierarchy. The carrying value of the Revolver (as defined in Note 16) approximates fair value since the underlying rate of interest is variable based upon LIBOR rates. | |||||||||||||||||
The Company believes that the carrying values of cash and cash equivalents, trade receivables, and accounts payable are reasonable estimates of their fair values at March 29, 2015 and June 29, 2014 due to the short-term nature of these instruments. |
Warranty
Warranty | 9 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Standard Product Warranty Disclosure [Abstract] | |||||||||
Warranty | Warranty | ||||||||
The Company recognizes the cost associated with its standard warranty on Engines and Products at the time of sale. The general warranty period begins at the time of sale and typically covers two years, but may vary due to product type and geographic location. The amount recognized is based on historical failure rates and current claim cost experience. The following is a reconciliation of the changes in accrued warranty costs for the reporting period (in thousands): | |||||||||
Nine Months Ended | |||||||||
March 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Beginning Balance | $ | 44,744 | $ | 45,037 | |||||
Payments | (20,106 | ) | (20,336 | ) | |||||
Provision for Current Year Warranties | 22,493 | 20,889 | |||||||
Changes in Estimates | (46 | ) | (616 | ) | |||||
Ending Balance | $ | 47,085 | $ | 44,974 | |||||
Income_Taxes
Income Taxes | 9 Months Ended |
Mar. 29, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The effective tax rates for the third quarter and first nine months of fiscal 2015 were 20.2% and 5.7%, compared to 26.1% and 26.6% for the respective periods last year. The tax rates for the third quarter and first nine months of fiscal 2015 were primarily impacted by incremental federal research & development (R&D) tax credits related to prior years, offset by reserves for unrecognized tax positions for a net tax benefit of $4.7 million and $5.0 million, respectively. In addition, the tax rate for the first nine months of fiscal 2015 was impacted by the reversal of previously recorded reserves as a result of the effective settlement of the Company’s IRS audit. The tax rates for the third quarter and the first nine months of fiscal 2014 included a taxpayer election filed pursuant to the outcome of a U.S. court case that provided the Company precedent to record a tax benefit of $2.9 million for the permanent exclusion of qualified export activity from prior years’ taxable income. | |
For the three and nine months ended March 29, 2015, the Company's unrecognized tax benefits increased by $4.2 million and $2.1 million, respectively, all of which impacted the current effective tax rate. This amount substantially consists of the reversal of previously recorded reserves as a result of the effective settlement of the Company’s IRS audit, offset by the recording of additional reserves associated with incremental R&D credit claimed. | |
Income tax returns are filed in the U.S., state, and foreign jurisdictions and related audits occur on a regular basis. The Company is no longer subject to U.S. federal income tax examinations before fiscal 2012 and is currently under audit by various other jurisdictions. With respect to the Company's major foreign jurisdictions, they are no longer subject to tax examinations before fiscal 2004. |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Mar. 29, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies |
Briggs & Stratton is subject to various unresolved legal actions that arise in the normal course of its business. These actions typically relate to product liability (including asbestos-related liability), patent and trademark matters, and disputes with customers, suppliers, distributors and dealers, competitors and employees. | |
On May 14, 2010, the Company notified retirees and certain retirement eligible employees of various amendments to the Company-sponsored retiree medical plans intended to better align the plans offered to both hourly and salaried retirees. On August 16, 2010, a putative class of retirees who retired prior to August 1, 2006 and the United Steel Workers filed a complaint in the U.S. District Court for the Eastern District of Wisconsin (Merrill, Weber, Carpenter, et al.; United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union, AFL-CIO/CLC v. Briggs & Stratton Corporation; Group Insurance Plan of Briggs & Stratton Corporation; and Does 1 through 20, Docket No. 10-C-0700), contesting the Company's right to make these changes. The complaint seeks an injunction preventing the alleged unilateral termination or reduction in insurance coverage to the class of retirees, a permanent injunction preventing defendants from ever making changes to the retirees' insurance coverage, restitution with interest (if applicable) and attorneys' fees and costs. A class has been certified, and discovery has concluded. Both parties moved for summary judgment, which was fully briefed on December 23, 2014. Summary judgment is currently pending before the court, and no hearing date or trial date has been set. | |
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. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Information | Segment Information | ||||||||||||||||
The Company maintains two reportable business segments that are managed separately based on fundamental differences in their operations. Beginning in fiscal 2015, the Company is using “segment income (loss)” as the primary measure to evaluate operating performance and allocate capital resources for the Engines and Products Segments. Previously, the Company used income (loss) from operations. Segment income (loss) is defined as income (loss) from operations plus equity in earnings of unconsolidated affiliates. The Company has recast prior year amounts for comparability. Summarized segment data is as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
NET SALES: | |||||||||||||||||
Engines | $ | 432,248 | $ | 452,359 | $ | 857,067 | $ | 901,858 | |||||||||
Products | 211,135 | 205,160 | 576,313 | 529,724 | |||||||||||||
Inter-Segment Eliminations | (24,368 | ) | (29,116 | ) | (77,449 | ) | (69,283 | ) | |||||||||
Total | $ | 619,015 | $ | 628,403 | $ | 1,355,931 | $ | 1,362,299 | |||||||||
GROSS PROFIT: | |||||||||||||||||
Engines | $ | 98,885 | $ | 107,930 | $ | 189,580 | $ | 187,423 | |||||||||
Products | 19,908 | 22,365 | 64,505 | 62,149 | |||||||||||||
Inter-Segment Eliminations | 287 | (45 | ) | 183 | 1,875 | ||||||||||||
Total | $ | 119,080 | $ | 130,250 | $ | 254,268 | $ | 251,447 | |||||||||
SEGMENT INCOME (LOSS): | |||||||||||||||||
Engines | $ | 54,928 | $ | 62,071 | $ | 59,967 | $ | 54,805 | |||||||||
Products | (8,128 | ) | (4,913 | ) | (20,125 | ) | (16,783 | ) | |||||||||
Inter-Segment Eliminations | 287 | (45 | ) | 183 | 1,875 | ||||||||||||
Total | $ | 47,087 | $ | 57,113 | $ | 40,025 | $ | 39,897 | |||||||||
Reconciliation from Segment Income (Loss) to Income Before Income Taxes: | |||||||||||||||||
Equity in Earnings of Unconsolidated Affiliates | 1,664 | 1,726 | 5,005 | 4,277 | |||||||||||||
Income from Operations | $ | 45,423 | $ | 55,387 | $ | 35,020 | $ | 35,620 | |||||||||
INTEREST EXPENSE | (5,233 | ) | (4,720 | ) | (14,641 | ) | (13,823 | ) | |||||||||
OTHER INCOME, Net | 2,323 | 2,295 | 6,749 | 6,138 | |||||||||||||
Income Before Income Taxes | 42,513 | 52,962 | 27,128 | 27,935 | |||||||||||||
PROVISION FOR INCOME TAXES | 8,592 | 13,809 | 1,542 | 7,429 | |||||||||||||
Net Income | $ | 33,921 | $ | 39,153 | $ | 25,586 | $ | 20,506 | |||||||||
Pre-tax restructuring charges and acquisition-related charges included in gross profit were as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
PRE-TAX RESTRUCTURING CHARGES AND ACQUISITION-RELATED CHARGES INCLUDED IN GROSS PROFIT: | |||||||||||||||||
Engines | $ | — | $ | (774 | ) | $ | — | $ | 2,622 | ||||||||
Products | 7,088 | — | 21,952 | 2,082 | |||||||||||||
Total | $ | 7,088 | $ | (774 | ) | $ | 21,952 | $ | 4,704 | ||||||||
Pre-tax restructuring charges and acquisition-related charges included in segment income (loss) were as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
PRE-TAX RESTRUCTURING CHARGES AND ACQUISITION-RELATED CHARGES INCLUDED IN SEGMENT INCOME (LOSS): | |||||||||||||||||
Engines | $ | — | $ | (774 | ) | $ | — | $ | 3,047 | ||||||||
Products | 8,141 | — | 24,902 | 2,082 | |||||||||||||
Total | $ | 8,141 | $ | (774 | ) | $ | 24,902 | $ | 5,129 | ||||||||
Debt
Debt | 9 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | Debt | ||||||||
The following is a summary of the Company’s indebtedness (in thousands): | |||||||||
March 29, | June 29, | ||||||||
2015 | 2014 | ||||||||
Senior Notes | $ | 225,000 | $ | 225,000 | |||||
Multicurrency Credit Agreement | 60,100 | — | |||||||
$ | 285,100 | $ | 225,000 | ||||||
On December 20, 2010, the Company issued $225 million of 6.875% Senior Notes ("Senior Notes") due December 15, 2020. | |||||||||
On October 21, 2013, the Company entered into an amendment to its $500 million multicurrency credit agreement (the “Revolver”), which, among other things, extended the maturity of the Revolver to October 21, 2018. The initial maximum availability under the revolving credit facility is $500 million. Availability under the revolving credit facility is reduced by outstanding letters of credit. The Company may from time to time increase the maximum availability under the revolving credit facility by up to $250 million if certain conditions are satisfied. In connection with the amendment to the Revolver in the second quarter of 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. As of March 29, 2015, $60.1 million was outstanding under the Revolver. | |||||||||
The Senior Notes and Revolver contain restrictive covenants. These covenants include restrictions on the Company’s ability to: pay dividends; repurchase shares; incur indebtedness; create liens; enter into sale and leaseback transactions; consolidate or merge with other entities; sell or lease all or substantially all of its assets; and dispose of assets or use proceeds from sales of its assets. The Revolver contains financial covenants that require the Company to maintain a minimum interest coverage ratio and impose a maximum average leverage ratio. |
Separate_Financial_Information
Separate Financial Information Of Subsidiary Guarantor Of Indebtedness | 9 Months Ended | ||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||
Separate Financial Information Of Subsidiary Guarantors Of Indebtedness | |||||||||||||||||||||
Separate Financial Information Of Subsidiary Guarantor Of Indebtedness | Separate Financial Information of Subsidiary Guarantor of Indebtedness | ||||||||||||||||||||
Under the terms of the Company’s Senior Notes and the Revolver (collectively, the “Domestic Indebtedness”), Briggs & Stratton Power Products Group, LLC, a 100% owned subsidiary of the Company, was the sole joint and several guarantor of the Domestic Indebtedness (the “Guarantor”) as of March 29, 2015 and June 29, 2014. The Guarantor provides a full and unconditional guarantee of the Domestic Indebtedness, except for certain customary limitations. These customary limitations, which are described in detail in the First Supplemental Indenture (Indenture) dated December 20, 2010, include (i) the sale of the guarantor or substantially all of the guarantor’s assets, (ii) the designation of the guarantor as an unrestricted subsidiary for covenant purposes, (iii) the guarantor ceasing to guarantee certain other indebtedness, if the guarantor is also not a significant subsidiary within the meaning of Article 1, Rule 1-02 of Regulation S-X, and (iv) achieving the Indenture’s requirements for legal defeasance, covenant defeasance or discharge. Additionally, if at any time a domestic subsidiary of the Company constitutes a significant domestic subsidiary, then such domestic subsidiary will also become a guarantor of the Domestic Indebtedness. Currently, all of the Domestic Indebtedness is unsecured. If the Company were to fail to make a payment of interest or principal on its due date, the Guarantor is obligated to pay the outstanding Domestic Indebtedness. The Company had the following outstanding amounts related to the guaranteed debt (in thousands): | |||||||||||||||||||||
March 29, 2015 Carrying Amount | Maximum | ||||||||||||||||||||
Guarantee | |||||||||||||||||||||
Senior Notes | $ | 225,000 | $ | 225,000 | |||||||||||||||||
Multicurrency Credit Agreement | $ | 60,100 | $ | 500,000 | |||||||||||||||||
The following condensed supplemental consolidating financial information reflects the summarized financial information of Briggs & Stratton, its Guarantor Subsidiary and its Non-Guarantor Subsidiaries (in thousands): | |||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
As of March 29, 2015 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiary | Subsidiaries | |||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and Cash Equivalents | $ | 5,946 | $ | 455 | $ | 43,293 | $ | — | $ | 49,694 | |||||||||||
Accounts Receivable, Net | 164,675 | 95,655 | 55,395 | — | 315,725 | ||||||||||||||||
Intercompany Accounts Receivable | 19,650 | 6,690 | 38,401 | (64,741 | ) | — | |||||||||||||||
Inventories, Net | 209,572 | 160,022 | 77,302 | — | 446,896 | ||||||||||||||||
Deferred Income Tax Asset | 31,697 | 15,414 | 1,847 | — | 48,958 | ||||||||||||||||
Prepaid Expenses and Other Current Assets | 26,630 | 1,768 | 7,065 | — | 35,463 | ||||||||||||||||
Total Current Assets | $ | 458,170 | $ | 280,004 | $ | 223,303 | $ | (64,741 | ) | $ | 896,736 | ||||||||||
OTHER ASSETS: | |||||||||||||||||||||
Goodwill | $ | 128,300 | $ | — | $ | 27,978 | $ | — | $ | 156,278 | |||||||||||
Investments | 29,354 | — | — | — | 29,354 | ||||||||||||||||
Investments in Subsidiaries | 504,606 | — | — | (504,606 | ) | — | |||||||||||||||
Intercompany Note Receivable | 37,667 | 72,354 | 22,918 | (132,939 | ) | — | |||||||||||||||
Debt Issuance Costs | 3,950 | — | — | — | 3,950 | ||||||||||||||||
Other Intangible Assets, Net | — | 55,007 | 40,398 | — | 95,405 | ||||||||||||||||
Long-Term Deferred Income Tax Asset | 23,271 | — | 129 | (23,271 | ) | 129 | |||||||||||||||
Other Long-Term Assets, Net | 7,783 | 3,262 | 1,400 | — | 12,445 | ||||||||||||||||
Total Other Assets | $ | 734,931 | $ | 130,623 | $ | 92,823 | $ | (660,816 | ) | $ | 297,561 | ||||||||||
PLANT AND EQUIPMENT, NET | 246,041 | 27,931 | 26,260 | — | 300,232 | ||||||||||||||||
TOTAL ASSETS | $ | 1,439,142 | $ | 438,558 | $ | 342,386 | $ | (725,557 | ) | $ | 1,494,529 | ||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Accounts Payable | $ | 115,794 | $ | 55,909 | $ | 25,773 | $ | — | $ | 197,476 | |||||||||||
Intercompany Accounts Payable | 30,074 | 7,511 | 27,156 | (64,741 | ) | — | |||||||||||||||
Short-Term Debt | 60,100 | — | — | — | 60,100 | ||||||||||||||||
Accrued Liabilities | 96,202 | 42,053 | 20,389 | — | 158,644 | ||||||||||||||||
Total Current Liabilities | $ | 302,170 | $ | 105,473 | $ | 73,318 | $ | (64,741 | ) | $ | 416,220 | ||||||||||
OTHER LIABILITIES: | |||||||||||||||||||||
Accrued Pension Cost | $ | 107,115 | $ | 381 | $ | 496 | $ | — | $ | 107,992 | |||||||||||
Accrued Employee Benefits | 24,487 | — | — | — | 24,487 | ||||||||||||||||
Accrued Postretirement Health Care Obligation | 37,529 | 14,221 | — | — | 51,750 | ||||||||||||||||
Intercompany Note Payable | 86,864 | — | 46,075 | (132,939 | ) | — | |||||||||||||||
Deferred Income Tax Liabilities | — | 15,781 | 10,904 | (23,271 | ) | 3,414 | |||||||||||||||
Other Long-Term Liabilities | 31,133 | 8,824 | 865 | — | 40,822 | ||||||||||||||||
Long-Term Debt | 225,000 | — | — | — | 225,000 | ||||||||||||||||
Total Other Liabilities | $ | 512,128 | $ | 39,207 | $ | 58,340 | $ | (156,210 | ) | $ | 453,465 | ||||||||||
TOTAL SHAREHOLDERS’ INVESTMENT | 624,844 | 293,878 | 210,728 | (504,606 | ) | 624,844 | |||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT | $ | 1,439,142 | $ | 438,558 | $ | 342,386 | $ | (725,557 | ) | $ | 1,494,529 | ||||||||||
CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
As of June 29, 2014 | |||||||||||||||||||||
Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiary | 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 Income Tax Asset | 33,343 | 13,904 | 1,711 | — | 48,958 | ||||||||||||||||
Prepaid Expenses and Other Current Assets | 17,436 | 3,508 | 9,072 | — | 30,016 | ||||||||||||||||
Total Current Assets | $ | 456,950 | $ | 270,395 | $ | 195,295 | $ | (52,305 | ) | $ | 870,335 | ||||||||||
OTHER ASSETS: | |||||||||||||||||||||
Goodwill | $ | 128,300 | $ | — | $ | 16,222 | $ | — | $ | 144,522 | |||||||||||
Investments | 27,137 | — | — | — | 27,137 | ||||||||||||||||
Investments in Subsidiaries | 470,391 | — | — | (470,391 | ) | — | |||||||||||||||
Intercompany Note Receivable | 49,293 | 84,567 | 13,876 | (147,736 | ) | — | |||||||||||||||
Debt Issuance Costs | 4,671 | — | — | — | 4,671 | ||||||||||||||||
Other Intangible Assets, Net | — | 55,909 | 24,408 | — | 80,317 | ||||||||||||||||
Long-Term Deferred Income Tax Asset | 32,507 | — | 677 | (18,006 | ) | 15,178 | |||||||||||||||
Other Long-Term Assets, Net | 7,120 | 2,088 | 1,331 | — | 10,539 | ||||||||||||||||
Total Other Assets | $ | 719,419 | $ | 142,564 | $ | 56,514 | $ | (636,133 | ) | $ | 282,364 | ||||||||||
PLANT AND EQUIPMENT, NET | 241,166 | 39,863 | 15,978 | — | 297,007 | ||||||||||||||||
TOTAL ASSETS | $ | 1,417,535 | $ | 452,822 | $ | 267,787 | $ | (688,438 | ) | $ | 1,449,706 | ||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Accounts Payable | $ | 105,532 | $ | 45,171 | $ | 18,568 | $ | — | $ | 169,271 | |||||||||||
Intercompany Accounts Payable | 21,859 | 6,002 | 24,444 | (52,305 | ) | — | |||||||||||||||
Accrued Liabilities | 85,735 | 31,863 | 16,318 | — | 133,916 | ||||||||||||||||
Total Current Liabilities | $ | 213,126 | $ | 83,036 | $ | 59,330 | $ | (52,305 | ) | $ | 303,187 | ||||||||||
OTHER LIABILITIES: | |||||||||||||||||||||
Accrued Pension Cost | $ | 125,481 | $ | 421 | $ | 627 | $ | — | $ | 126,529 | |||||||||||
Accrued Employee Benefits | 24,491 | — | — | — | 24,491 | ||||||||||||||||
Accrued Postretirement Health Care Obligation | 44,928 | 14,362 | — | — | 59,290 | ||||||||||||||||
Intercompany Note Payable | 85,343 | — | 62,393 | (147,736 | ) | — | |||||||||||||||
Deferred Income Tax Liabilities | — | 18,006 | — | (18,006 | ) | — | |||||||||||||||
Other Long-Term Liabilities | 26,732 | 11,037 | 1,006 | — | 38,775 | ||||||||||||||||
Long-Term Debt | 225,000 | — | — | — | 225,000 | ||||||||||||||||
Total Other Liabilities | $ | 531,975 | $ | 43,826 | $ | 64,026 | $ | (165,742 | ) | $ | 474,085 | ||||||||||
TOTAL SHAREHOLDERS’ INVESTMENT | 672,434 | 325,960 | 144,431 | (470,391 | ) | 672,434 | |||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT | $ | 1,417,535 | $ | 452,822 | $ | 267,787 | $ | (688,438 | ) | $ | 1,449,706 | ||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
For the Three Months Ended March 29, 2015 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiary | Subsidiaries | |||||||||||||||||||
Net Sales | $ | 408,530 | $ | 165,804 | $ | 95,155 | $ | (50,474 | ) | $ | 619,015 | ||||||||||
Cost of Goods Sold | 321,429 | 150,392 | 71,500 | (50,474 | ) | 492,847 | |||||||||||||||
Restructuring Charges | — | 7,088 | — | — | 7,088 | ||||||||||||||||
Gross Profit | 87,101 | 8,324 | 23,655 | — | 119,080 | ||||||||||||||||
Engineering, Selling, General and Administrative Expenses | 43,252 | 19,504 | 9,958 | — | 72,714 | ||||||||||||||||
Restructuring Charges | — | 943 | — | — | 943 | ||||||||||||||||
Equity in Earnings from Subsidiaries | (5,072 | ) | — | — | 5,072 | — | |||||||||||||||
Income (Loss) from Operations | 48,921 | (12,123 | ) | 13,697 | (5,072 | ) | 45,423 | ||||||||||||||
Interest Expense | (5,159 | ) | (72 | ) | (2 | ) | — | (5,233 | ) | ||||||||||||
Other Income, Net | 1,375 | 293 | 655 | — | 2,323 | ||||||||||||||||
Income (Loss) before Income Taxes | 45,137 | (11,902 | ) | 14,350 | (5,072 | ) | 42,513 | ||||||||||||||
Provision (Credit) for Income Taxes | 11,216 | (4,448 | ) | 1,824 | — | 8,592 | |||||||||||||||
Net Income (Loss) | $ | 33,921 | $ | (7,454 | ) | $ | 12,526 | $ | (5,072 | ) | $ | 33,921 | |||||||||
Comprehensive Income (Loss) | $ | 23,200 | $ | (8,010 | ) | $ | 4,740 | $ | 3,270 | $ | 23,200 | ||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
For the Three Months Ended March 30, 2014 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiary | Subsidiaries | |||||||||||||||||||
Net Sales | $ | 429,788 | $ | 172,493 | $ | 78,767 | $ | (52,645 | ) | $ | 628,403 | ||||||||||
Cost of Goods Sold | 334,097 | 158,623 | 58,852 | (52,645 | ) | 498,927 | |||||||||||||||
Restructuring Charges | (774 | ) | — | — | — | (774 | ) | ||||||||||||||
Gross Profit | 96,465 | 13,870 | 19,915 | — | 130,250 | ||||||||||||||||
Engineering, Selling, General and Administrative Expenses | 43,267 | 20,938 | 10,658 | — | 74,863 | ||||||||||||||||
Equity in Earnings from Subsidiaries | (3,658 | ) | — | — | 3,658 | — | |||||||||||||||
Income (Loss) from Operations | 56,856 | (7,068 | ) | 9,257 | (3,658 | ) | 55,387 | ||||||||||||||
Interest Expense | (4,720 | ) | — | — | — | (4,720 | ) | ||||||||||||||
Other Income, Net | 2,078 | 15 | 202 | — | 2,295 | ||||||||||||||||
Income (Loss) before Income Taxes | 54,214 | (7,053 | ) | 9,459 | (3,658 | ) | 52,962 | ||||||||||||||
Provision (Credit) for Income Taxes | 15,061 | (2,598 | ) | 1,346 | — | 13,809 | |||||||||||||||
Net Income (Loss) | $ | 39,153 | $ | (4,455 | ) | $ | 8,113 | $ | (3,658 | ) | $ | 39,153 | |||||||||
Comprehensive Income (Loss) | $ | 47,127 | $ | (4,542 | ) | $ | 9,276 | $ | (4,734 | ) | $ | 47,127 | |||||||||
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
For the Nine Months Ended March 29, 2015 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiary | Subsidiaries | |||||||||||||||||||
Net Sales | $ | 816,386 | $ | 413,772 | $ | 295,066 | $ | (169,293 | ) | $ | 1,355,931 | ||||||||||
Cost of Goods Sold | 650,398 | 372,129 | 227,649 | (169,293 | ) | 1,080,883 | |||||||||||||||
Restructuring Charges | — | 20,780 | — | — | 20,780 | ||||||||||||||||
Gross Profit | 165,988 | 20,863 | 67,417 | — | 254,268 | ||||||||||||||||
Engineering, Selling, General and Administrative Expenses | 120,553 | 55,248 | 40,966 | — | 216,767 | ||||||||||||||||
Restructuring Charges | — | 2,481 | — | — | 2,481 | ||||||||||||||||
Equity in Loss from Subsidiaries | 930 | — | — | (930 | ) | — | |||||||||||||||
Income (Loss) from Operations | 44,505 | (36,866 | ) | 26,451 | 930 | 35,020 | |||||||||||||||
Interest Expense | (14,460 | ) | (178 | ) | (3 | ) | — | (14,641 | ) | ||||||||||||
Other Income, Net | 4,690 | 1,069 | 990 | — | 6,749 | ||||||||||||||||
Income (Loss) before Income Taxes | 34,735 | (35,975 | ) | 27,438 | 930 | 27,128 | |||||||||||||||
Provision (Credit) for Income Taxes | 9,149 | (13,426 | ) | 5,819 | — | 1,542 | |||||||||||||||
Net Income (Loss) | $ | 25,586 | $ | (22,549 | ) | $ | 21,619 | $ | 930 | $ | 25,586 | ||||||||||
Comprehensive Income (Loss) | $ | 2,003 | $ | (23,041 | ) | $ | 2,677 | $ | 20,364 | $ | 2,003 | ||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
For the Nine Months Ended March 30, 2014 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiary | Subsidiaries | |||||||||||||||||||
Net Sales | $ | 855,142 | $ | 425,041 | $ | 229,465 | $ | (147,349 | ) | $ | 1,362,299 | ||||||||||
Cost of Goods Sold | 688,280 | 388,123 | 177,094 | (147,349 | ) | 1,106,148 | |||||||||||||||
Restructuring Charges | 2,693 | 228 | 1,783 | — | 4,704 | ||||||||||||||||
Gross Profit | 164,169 | 36,690 | 50,588 | — | 251,447 | ||||||||||||||||
Engineering, Selling, General and Administrative Expenses | 123,019 | 56,628 | 35,755 | — | 215,402 | ||||||||||||||||
Restructuring Charges | 77 | — | 348 | — | 425 | ||||||||||||||||
Equity in Loss from Subsidiaries | 1,459 | — | — | (1,459 | ) | — | |||||||||||||||
Income (Loss) from Operations | 39,614 | (19,938 | ) | 14,485 | 1,459 | 35,620 | |||||||||||||||
Interest Expense | (13,796 | ) | — | (27 | ) | — | (13,823 | ) | |||||||||||||
Other Income, Net | 5,882 | 199 | 57 | — | 6,138 | ||||||||||||||||
Income (Loss) before Income Taxes | 31,700 | (19,739 | ) | 14,515 | 1,459 | 27,935 | |||||||||||||||
Provision (Credit) for Income Taxes | 11,194 | (7,275 | ) | 3,510 | — | 7,429 | |||||||||||||||
Net Income (Loss) | $ | 20,506 | $ | (12,464 | ) | $ | 11,005 | $ | 1,459 | $ | 20,506 | ||||||||||
Comprehensive Income (Loss) | $ | 35,082 | $ | (12,747 | ) | $ | 11,785 | $ | 962 | $ | 35,082 | ||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
For the Nine Months Ended March 29, 2015 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiary | Subsidiaries | |||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | (44,164 | ) | $ | (9,889 | ) | $ | 3,398 | $ | (1,480 | ) | $ | (52,135 | ) | |||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||
Additions to Plant and Equipment | (34,008 | ) | (4,680 | ) | (5,469 | ) | — | (44,157 | ) | ||||||||||||
Proceeds Received on Disposition of Plant and Equipment | 90 | 156 | 72 | — | 318 | ||||||||||||||||
Cash Investment in Subsidiary | (6,880 | ) | — | — | 6,880 | — | |||||||||||||||
Cash Paid for Acquisition, Net of Cash Acquired | (59,855 | ) | — | — | — | (59,855 | ) | ||||||||||||||
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt | (1,000 | ) | — | — | 1,000 | — | |||||||||||||||
Other, Net | (250 | ) | — | — | — | (250 | ) | ||||||||||||||
Net Cash Provided by (Used in) Investing Activities | (101,903 | ) | (4,524 | ) | (5,397 | ) | 7,880 | (103,944 | ) | ||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt | 60,100 | 12,188 | (11,188 | ) | (1,000 | ) | 60,100 | ||||||||||||||
Treasury Stock Purchases | (39,560 | ) | — | — | — | (39,560 | ) | ||||||||||||||
Stock Option Exercise Proceeds and Tax Benefits | 3,921 | — | — | — | 3,921 | ||||||||||||||||
Cash Dividends Paid | (11,374 | ) | — | — | — | (11,374 | ) | ||||||||||||||
Cash Investment in Subsidiary | — | — | 5,400 | (5,400 | ) | — | |||||||||||||||
Net Cash Provided by (Used in) Financing Activities | 13,087 | 12,188 | (5,788 | ) | (6,400 | ) | 13,087 | ||||||||||||||
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents | — | — | (1,982 | ) | — | (1,982 | ) | ||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (132,980 | ) | (2,225 | ) | (9,769 | ) | — | (144,974 | ) | ||||||||||||
Cash and Cash Equivalents, Beginning | 138,926 | 2,680 | 53,062 | — | 194,668 | ||||||||||||||||
Cash and Cash Equivalents, Ending | $ | 5,946 | $ | 455 | $ | 43,293 | $ | — | $ | 49,694 | |||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
For the Nine Months Ended March 30, 2014 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiary | Subsidiaries | |||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | (48,051 | ) | $ | 1,925 | $ | 32,093 | $ | — | $ | (14,033 | ) | |||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||
Additions to Plant and Equipment | (26,474 | ) | (1,932 | ) | (1,065 | ) | — | (29,471 | ) | ||||||||||||
Proceeds Received on Disposition of Plant and Equipment | 57 | 33 | 19 | — | 109 | ||||||||||||||||
Cash Investment in Subsidiary | 8,107 | — | (8,107 | ) | — | — | |||||||||||||||
Net Cash Provided by (Used in) Investing Activities | (18,310 | ) | (1,899 | ) | (9,153 | ) | — | (29,362 | ) | ||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||
Repayments on Short-Term Debt | — | — | (300 | ) | — | (300 | ) | ||||||||||||||
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt | (668 | ) | 668 | — | — | — | |||||||||||||||
Debt Issuance Costs | (949 | ) | — | — | — | (949 | ) | ||||||||||||||
Treasury Stock Purchases | (30,066 | ) | — | — | — | (30,066 | ) | ||||||||||||||
Stock Option Exercise Proceeds and Tax Benefits | 4,361 | — | — | — | 4,361 | ||||||||||||||||
Cash Dividends Paid | (11,387 | ) | — | — | — | (11,387 | ) | ||||||||||||||
Net Cash Provided by (Used in) Financing Activities | (38,709 | ) | 668 | (300 | ) | — | (38,341 | ) | |||||||||||||
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents | — | — | 529 | — | 529 | ||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (105,070 | ) | 694 | 23,169 | — | (81,207 | ) | ||||||||||||||
Cash and Cash Equivalents, Beginning | 162,628 | 1,275 | 24,542 | — | 188,445 | ||||||||||||||||
Cash and Cash Equivalents, Ending | $ | 57,558 | $ | 1,969 | $ | 47,711 | $ | — | $ | 107,238 | |||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables set forth the changes in accumulated other comprehensive income (loss) (in thousands): | ||||||||||||||||
Three Months Ended March 29, 2015 | |||||||||||||||||
Cumulative Translation Adjustments | Derivative Financial Instruments | Pension and Postretirement Benefit Plans | Total | ||||||||||||||
Beginning Balance | $ | (8,067 | ) | $ | 2,422 | $ | (202,474 | ) | $ | (208,119 | ) | ||||||
Other Comprehensive Income (Loss) Before Reclassification | (12,925 | ) | 3,824 | — | (9,101 | ) | |||||||||||
Income Tax Benefit (Expense) | — | (1,453 | ) | — | (1,453 | ) | |||||||||||
Net Other Comprehensive Income (Loss) Before Reclassifications | (12,925 | ) | 2,371 | — | (10,554 | ) | |||||||||||
Reclassifications: | |||||||||||||||||
Realized (Gains) Losses - Foreign Currency Contracts (1) | — | (4,728 | ) | — | (4,728 | ) | |||||||||||
Realized (Gains) Losses - Commodity Contracts (1) | — | 319 | — | 319 | |||||||||||||
Realized (Gains) Losses - Interest Rate Swaps (1) | — | 306 | — | 306 | |||||||||||||
Amortization of Prior Service Costs (Credits) (2) | — | — | (644 | ) | (644 | ) | |||||||||||
Amortization of Actuarial Losses (2) | — | — | 4,477 | 4,477 | |||||||||||||
Total Reclassifications Before Tax | — | (4,103 | ) | 3,833 | (270 | ) | |||||||||||
Income Tax Expense (Benefit) | — | 1,559 | (1,456 | ) | 103 | ||||||||||||
Net Reclassifications | — | (2,544 | ) | 2,377 | (167 | ) | |||||||||||
Other Comprehensive Income (Loss) | (12,925 | ) | (173 | ) | 2,377 | (10,721 | ) | ||||||||||
Ending Balance | $ | (20,992 | ) | $ | 2,249 | $ | (200,097 | ) | $ | (218,840 | ) | ||||||
(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments. | |||||||||||||||||
(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans. | |||||||||||||||||
Three Months Ended March 30, 2014 | |||||||||||||||||
Cumulative Translation Adjustments | Derivative Financial Instruments | Pension and Postretirement Benefit Plans | Total | ||||||||||||||
Beginning Balance | $ | 8,514 | $ | (2,486 | ) | $ | (224,354 | ) | $ | (218,326 | ) | ||||||
Other Comprehensive Income (Loss) Before Reclassification | 2,212 | 323 | — | 2,535 | |||||||||||||
Income Tax Benefit (Expense) | — | (124 | ) | — | (124 | ) | |||||||||||
Net Other Comprehensive Income (Loss) Before Reclassifications | 2,212 | 199 | — | 2,411 | |||||||||||||
Reclassifications: | |||||||||||||||||
Realized (Gains) Losses - Foreign Currency Contracts (1) | — | 448 | — | 448 | |||||||||||||
Realized (Gains) Losses - Commodity Contracts (1) | — | 1,165 | — | 1,165 | |||||||||||||
Realized (Gains) Losses - Interest Rate Swaps (1) | — | 302 | — | 302 | |||||||||||||
Amortization of Prior Service Costs (Credits) (2) | — | — | (679 | ) | (679 | ) | |||||||||||
Amortization of Actuarial Losses (2) | — | — | 7,780 | 7,780 | |||||||||||||
Total Reclassifications Before Tax | — | 1,915 | 7,101 | 9,016 | |||||||||||||
Income Tax Expense (Benefit) | — | (733 | ) | (2,720 | ) | (3,453 | ) | ||||||||||
Net Reclassifications | — | 1,182 | 4,381 | 5,563 | |||||||||||||
Other Comprehensive Income (Loss) | 2,212 | 1,381 | 4,381 | 7,974 | |||||||||||||
Ending Balance | $ | 10,726 | $ | (1,105 | ) | $ | (219,973 | ) | $ | (210,352 | ) | ||||||
(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments. | |||||||||||||||||
(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans. | |||||||||||||||||
Nine Months Ended March 29, 2015 | |||||||||||||||||
Cumulative Translation Adjustments | Derivative Financial Instruments | Pension and Postretirement Benefit Plans | Total | ||||||||||||||
Beginning Balance | $ | 13,053 | $ | (1,084 | ) | $ | (207,226 | ) | $ | (195,257 | ) | ||||||
Other Comprehensive Income (Loss) Before Reclassification | (34,045 | ) | 10,629 | — | (23,416 | ) | |||||||||||
Income Tax Benefit (Expense) | — | (4,039 | ) | — | (4,039 | ) | |||||||||||
Net Other Comprehensive Income (Loss) Before Reclassifications | (34,045 | ) | 6,590 | — | (27,455 | ) | |||||||||||
Reclassifications: | |||||||||||||||||
Realized (Gains) Losses - Foreign Currency Contracts (1) | — | (7,025 | ) | — | (7,025 | ) | |||||||||||
Realized (Gains) Losses - Commodity Contracts (1) | — | 841 | — | 841 | |||||||||||||
Realized (Gains) Losses - Interest Rate Swaps (1) | — | 931 | — | 931 | |||||||||||||
Amortization of Prior Service Costs (Credits) (2) | — | — | (1,933 | ) | (1,933 | ) | |||||||||||
Amortization of Actuarial Losses (2) | — | — | 13,432 | 13,432 | |||||||||||||
Total Reclassifications Before Tax | — | (5,253 | ) | 11,499 | 6,246 | ||||||||||||
Income Tax Expense (Benefit) | — | 1,996 | (4,370 | ) | (2,374 | ) | |||||||||||
Net Reclassifications | — | (3,257 | ) | 7,129 | 3,872 | ||||||||||||
Other Comprehensive Income (Loss) | (34,045 | ) | 3,333 | 7,129 | (23,583 | ) | |||||||||||
Ending Balance | $ | (20,992 | ) | $ | 2,249 | $ | (200,097 | ) | $ | (218,840 | ) | ||||||
(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments. | |||||||||||||||||
(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans. | |||||||||||||||||
Nine Months Ended March 30, 2014 | |||||||||||||||||
Cumulative Translation Adjustments | Derivative Financial Instruments | Pension and Postretirement Benefit Plans | Total | ||||||||||||||
Beginning Balance | $ | 11,886 | $ | (3,673 | ) | $ | (233,141 | ) | $ | (224,928 | ) | ||||||
Other Comprehensive Income (Loss) Before Reclassification | (1,160 | ) | (2,757 | ) | — | (3,917 | ) | ||||||||||
Income Tax Benefit (Expense) | — | 1,056 | — | 1,056 | |||||||||||||
Net Other Comprehensive Income (Loss) Before Reclassifications | (1,160 | ) | (1,701 | ) | — | (2,861 | ) | ||||||||||
Reclassifications: | |||||||||||||||||
Realized (Gains) Losses - Foreign Currency Contracts (1) | — | 1,197 | — | 1,197 | |||||||||||||
Realized (Gains) Losses - Commodity Contracts (1) | — | 4,823 | — | 4,823 | |||||||||||||
Realized (Gains) Losses - Interest Rate Swaps (1) | — | 899 | — | 899 | |||||||||||||
Amortization of Prior Service Costs (Credits) (2) | — | — | (2,037 | ) | (2,037 | ) | |||||||||||
Amortization of Actuarial Losses (2) | — | — | 23,333 | 23,333 | |||||||||||||
Total Reclassifications Before Tax | — | 6,919 | 21,296 | 28,215 | |||||||||||||
Income Tax Expense (Benefit) | — | (2,650 | ) | (8,128 | ) | (10,778 | ) | ||||||||||
Net Reclassifications | — | 4,269 | 13,168 | 17,437 | |||||||||||||
Other Comprehensive Income (Loss) | (1,160 | ) | 2,568 | 13,168 | 14,576 | ||||||||||||
Ending Balance | $ | 10,726 | $ | (1,105 | ) | $ | (219,973 | ) | $ | (210,352 | ) | ||||||
(1) Amounts reclassified to net income (loss) are included in net sales or cost of goods sold. See Note 10 for information related to derivative financial instruments. | |||||||||||||||||
(2) Amounts reclassified to net income (loss) are included in the computation of net periodic expense, which is presented in cost of goods sold or engineering, selling, general and administrative expenses. See Note 8 for information related to pension and postretirement benefit plans. |
Restructuring_Actions_Tables
Restructuring Actions (Tables) | 9 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Restructuring Actions [Abstract] | |||||||||||||
Schedule of Restructuring Reserve by Type of Cost | The following is a rollforward of the restructuring reserve (included in Accrued Liabilities within the Condensed Consolidated Balance Sheets) attributable to Products Segment restructuring activities for the nine month period ended March 29, 2015 (in thousands): | ||||||||||||
Termination Benefits | Other Costs | Total | |||||||||||
Reserve Balance at June 29, 2014 | $ | — | $ | 105 | $ | 105 | |||||||
Provisions | 5,326 | 17,935 | 23,261 | ||||||||||
Cash Expenditures | (650 | ) | (5,595 | ) | (6,245 | ) | |||||||
Other Adjustments (1) | — | (12,445 | ) | (12,445 | ) | ||||||||
Reserve Balance at March 29, 2015 | $ | 4,676 | $ | — | $ | 4,676 | |||||||
(1) Other adjustments includes $1.2 million of asset impairments and $11.2 million of accelerated depreciation. |
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | Information on earnings per share is as follows (in thousands, except per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Net Income | $ | 33,921 | $ | 39,153 | $ | 25,586 | $ | 20,506 | |||||||||
Less: Allocation to Participating Securities | (893 | ) | (1,150 | ) | (626 | ) | (552 | ) | |||||||||
Net Income Available to Common Shareholders | $ | 33,028 | $ | 38,003 | $ | 24,960 | $ | 19,954 | |||||||||
Average Shares of Common Stock Outstanding | 44,160 | 46,129 | 44,605 | 46,549 | |||||||||||||
Diluted Average Shares Outstanding | 44,241 | 46,245 | 44,656 | 46,615 | |||||||||||||
Basic Earnings Per Share | $ | 0.75 | $ | 0.82 | $ | 0.56 | $ | 0.43 | |||||||||
Diluted Earnings Per Share | $ | 0.75 | $ | 0.82 | $ | 0.56 | $ | 0.43 | |||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following options to purchase shares of common stock were excluded from the calculation of diluted earnings per share as the exercise prices were greater than the average market price of the common shares: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Options to Purchase Shares of Common Stock (in thousands) | 845 | 508 | 845 | 916 | |||||||||||||
Weighted Average Exercise Price of Options Excluded | $ | 20.33 | $ | 36.68 | $ | 20.33 | $ | 29.62 | |||||||||
Pension_and_Postretirement_Ben1
Pension and Postretirement Benefits (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Schedule of Net Benefit Costs | The following tables summarize the plans’ income and expense for the periods indicated (in thousands): | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Components of Net Periodic Expense (Income): | |||||||||||||||||
Service Cost | $ | 858 | $ | 1,911 | $ | 74 | $ | 83 | |||||||||
Interest Cost on Projected Benefit Obligation | 12,445 | 13,436 | 902 | 1,150 | |||||||||||||
Expected Return on Plan Assets | (18,659 | ) | (18,538 | ) | — | — | |||||||||||
Amortization of: | |||||||||||||||||
Prior Service Cost (Credit) | 45 | 45 | (689 | ) | (724 | ) | |||||||||||
Actuarial Loss | 3,315 | 6,276 | 1,162 | 1,504 | |||||||||||||
Net Periodic Expense (Income) | $ | (1,996 | ) | $ | 3,130 | $ | 1,449 | $ | 2,013 | ||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Components of Net Periodic Expense (Income): | |||||||||||||||||
Service Cost | $ | 2,574 | $ | 5,735 | $ | 222 | $ | 250 | |||||||||
Interest Cost on Projected Benefit Obligation | 37,336 | 40,307 | 2,706 | 3,450 | |||||||||||||
Expected Return on Plan Assets | (55,978 | ) | (55,614 | ) | — | — | |||||||||||
Amortization of: | |||||||||||||||||
Prior Service Cost (Credit) | 135 | 135 | (2,068 | ) | (2,172 | ) | |||||||||||
Actuarial Loss | 9,946 | 18,821 | 3,486 | 4,512 | |||||||||||||
Net Periodic Expense (Income) | $ | (5,987 | ) | $ | 9,384 | $ | 4,346 | $ | 6,040 | ||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||
Mar. 29, 2015 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Contracts | As of March 29, 2015 and June 29, 2014, the Company had the following outstanding derivative contracts (in thousands): | ||||||||||||||
Contract | Notional Amount | ||||||||||||||
March 29, | June 29, | ||||||||||||||
2015 | 2014 | ||||||||||||||
Interest Rate: | |||||||||||||||
LIBOR Interest Rate (U.S. Dollars) | Fixed | 95,000 | 95,000 | ||||||||||||
Foreign Currency: | |||||||||||||||
Australian Dollar | Sell | 13,801 | 19,904 | ||||||||||||
Brazilian Real | Sell | 11,608 | — | ||||||||||||
Canadian Dollar | Sell | 6,700 | 3,100 | ||||||||||||
Chinese Renminbi | Buy | 223,575 | — | ||||||||||||
Euro | Sell | 46,590 | 49,300 | ||||||||||||
Euro | Buy | 6,000 | — | ||||||||||||
Japanese Yen | Buy | 1,014,000 | 530,000 | ||||||||||||
Mexican Peso | Sell | — | 3,000 | ||||||||||||
Commodity: | |||||||||||||||
Natural Gas (Therms) | Buy | 10,304 | 5,686 | ||||||||||||
Schedule of Derivative Instruments in Consolidated Condensed Balance Sheets, Fair Value | The location and fair value of derivative instruments reported in the Condensed Consolidated Balance Sheets are as follows (in thousands): | ||||||||||||||
Balance Sheet Location | Asset (Liability) Fair Value | ||||||||||||||
March 29, | June 29, | ||||||||||||||
2015 | 2014 | ||||||||||||||
Interest rate contracts | |||||||||||||||
Other Long-Term Assets | $ | — | $ | 43 | |||||||||||
Other Long-Term Liabilities | (1,354 | ) | (1,209 | ) | |||||||||||
Foreign currency contracts | |||||||||||||||
Other Current Assets | 9,740 | 337 | |||||||||||||
Other Long-Term Assets | 31 | 12 | |||||||||||||
Accrued Liabilities | (1,235 | ) | (665 | ) | |||||||||||
Other Long-Term Liabilities | (47 | ) | (9 | ) | |||||||||||
Commodity contracts | |||||||||||||||
Other Current Assets | — | 39 | |||||||||||||
Accrued Liabilities | (598 | ) | (35 | ) | |||||||||||
Other Long-Term Liabilities | (221 | ) | (14 | ) | |||||||||||
$ | 6,316 | $ | (1,501 | ) | |||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | The effect of derivative instruments on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows (in thousands): | ||||||||||||||
Three months ended March 29, 2015 | |||||||||||||||
Amount of Gain (Loss) | Classification of | Amount of Gain (Loss) | Recognized in | ||||||||||||
Recognized in Other | Gain (Loss) | Reclassified from | Earnings | ||||||||||||
Comprehensive Income | AOCI into Income | (Ineffective Portion) | |||||||||||||
(Loss) on Derivatives, Net of | (Effective Portion) | ||||||||||||||
Taxes (Effective | |||||||||||||||
Portion) | |||||||||||||||
Interest rate contracts | $ | (381 | ) | Net Sales | $ | (306 | ) | $ | — | ||||||
Foreign currency contracts - sell | (120 | ) | Net Sales | 5,146 | — | ||||||||||
Foreign currency contracts - buy | 357 | Cost of Goods Sold | (418 | ) | — | ||||||||||
Commodity contracts | (29 | ) | Cost of Goods Sold | (319 | ) | — | |||||||||
$ | (173 | ) | $ | 4,103 | $ | — | |||||||||
Three months ended March 30, 2014 | |||||||||||||||
Amount of Gain (Loss) | Classification of | Amount of Gain (Loss) | Recognized in | ||||||||||||
Recognized in Other | Gain (Loss) | Reclassified from | Earnings | ||||||||||||
Comprehensive Income | AOCI into Income | (Ineffective Portion) | |||||||||||||
(Loss) on Derivatives, Net of | (Effective Portion) | ||||||||||||||
Taxes (Effective | |||||||||||||||
Portion) | |||||||||||||||
Interest rate contracts | $ | 15 | Net Sales | $ | (302 | ) | $ | — | |||||||
Foreign currency contracts - sell | 348 | Net Sales | (138 | ) | — | ||||||||||
Foreign currency contracts - buy | 170 | Cost of Goods Sold | (310 | ) | — | ||||||||||
Commodity contracts | 848 | Cost of Goods Sold | (1,165 | ) | — | ||||||||||
$ | 1,381 | $ | (1,915 | ) | $ | — | |||||||||
Nine months ended March 29, 2015 | |||||||||||||||
Amount of Gain (Loss) | Classification of | Amount of Gain (Loss) | Recognized in | ||||||||||||
Recognized in Other | Gain (Loss) | Reclassified from | Earnings | ||||||||||||
Comprehensive Income | AOCI into Income | (Ineffective Portion) | |||||||||||||
(Loss) on Derivatives, Net of | (Effective Portion) | ||||||||||||||
Taxes (Effective | |||||||||||||||
Portion) | |||||||||||||||
Interest rate contracts | $ | (120 | ) | Net Sales | $ | (931 | ) | $ | — | ||||||
Foreign currency contracts - sell | 3,720 | Net Sales | 7,689 | — | |||||||||||
Foreign currency contracts - buy | (51 | ) | Cost of Goods Sold | (664 | ) | — | |||||||||
Commodity contracts | (216 | ) | Cost of Goods Sold | (841 | ) | — | |||||||||
$ | 3,333 | $ | 5,253 | $ | — | ||||||||||
Nine months ended March 30, 2014 | |||||||||||||||
Amount of Gain (Loss) | Classification of | Amount of Gain (Loss) | Recognized in | ||||||||||||
Recognized in Other | Gain (Loss) | Reclassified from | Earnings | ||||||||||||
Comprehensive Income | AOCI into Income | (Ineffective Portion) | |||||||||||||
(Loss) on Derivatives, Net of | (Effective Portion) | ||||||||||||||
Taxes (Effective | |||||||||||||||
Portion) | |||||||||||||||
Interest rate contracts | $ | 20 | Net Sales | $ | (899 | ) | $ | — | |||||||
Foreign currency contracts - sell | (751 | ) | Net Sales | (248 | ) | — | |||||||||
Foreign currency contracts - buy | 142 | Cost of Goods Sold | (949 | ) | — | ||||||||||
Commodity contracts | 3,157 | Cost of Goods Sold | (4,823 | ) | — | ||||||||||
$ | 2,568 | $ | (6,919 | ) | $ | — | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 29, 2015 and June 29, 2014 (in thousands): | ||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
March 29, | Level 1 | Level 2 | Level 3 | ||||||||||||||
2015 | |||||||||||||||||
Assets: | |||||||||||||||||
Derivatives | $ | 9,771 | $ | — | $ | 9,771 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 3,455 | $ | — | $ | 3,455 | $ | — | |||||||||
June 29, | Level 1 | Level 2 | Level 3 | ||||||||||||||
2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Derivatives | $ | 431 | $ | — | $ | 431 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 1,932 | $ | — | $ | 1,932 | $ | — | |||||||||
Warranty_Tables
Warranty (Tables) | 9 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Standard Product Warranty Disclosure [Abstract] | |||||||||
Schedule of Warranty Liability | The following is a reconciliation of the changes in accrued warranty costs for the reporting period (in thousands): | ||||||||
Nine Months Ended | |||||||||
March 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Beginning Balance | $ | 44,744 | $ | 45,037 | |||||
Payments | (20,106 | ) | (20,336 | ) | |||||
Provision for Current Year Warranties | 22,493 | 20,889 | |||||||
Changes in Estimates | (46 | ) | (616 | ) | |||||
Ending Balance | $ | 47,085 | $ | 44,974 | |||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Summarized segment data is as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
NET SALES: | |||||||||||||||||
Engines | $ | 432,248 | $ | 452,359 | $ | 857,067 | $ | 901,858 | |||||||||
Products | 211,135 | 205,160 | 576,313 | 529,724 | |||||||||||||
Inter-Segment Eliminations | (24,368 | ) | (29,116 | ) | (77,449 | ) | (69,283 | ) | |||||||||
Total | $ | 619,015 | $ | 628,403 | $ | 1,355,931 | $ | 1,362,299 | |||||||||
GROSS PROFIT: | |||||||||||||||||
Engines | $ | 98,885 | $ | 107,930 | $ | 189,580 | $ | 187,423 | |||||||||
Products | 19,908 | 22,365 | 64,505 | 62,149 | |||||||||||||
Inter-Segment Eliminations | 287 | (45 | ) | 183 | 1,875 | ||||||||||||
Total | $ | 119,080 | $ | 130,250 | $ | 254,268 | $ | 251,447 | |||||||||
SEGMENT INCOME (LOSS): | |||||||||||||||||
Engines | $ | 54,928 | $ | 62,071 | $ | 59,967 | $ | 54,805 | |||||||||
Products | (8,128 | ) | (4,913 | ) | (20,125 | ) | (16,783 | ) | |||||||||
Inter-Segment Eliminations | 287 | (45 | ) | 183 | 1,875 | ||||||||||||
Total | $ | 47,087 | $ | 57,113 | $ | 40,025 | $ | 39,897 | |||||||||
Reconciliation from Segment Income (Loss) to Income Before Income Taxes: | |||||||||||||||||
Equity in Earnings of Unconsolidated Affiliates | 1,664 | 1,726 | 5,005 | 4,277 | |||||||||||||
Income from Operations | $ | 45,423 | $ | 55,387 | $ | 35,020 | $ | 35,620 | |||||||||
INTEREST EXPENSE | (5,233 | ) | (4,720 | ) | (14,641 | ) | (13,823 | ) | |||||||||
OTHER INCOME, Net | 2,323 | 2,295 | 6,749 | 6,138 | |||||||||||||
Income Before Income Taxes | 42,513 | 52,962 | 27,128 | 27,935 | |||||||||||||
PROVISION FOR INCOME TAXES | 8,592 | 13,809 | 1,542 | 7,429 | |||||||||||||
Net Income | $ | 33,921 | $ | 39,153 | $ | 25,586 | $ | 20,506 | |||||||||
Restructuring Charges Impact on Gross Profit by Segment | Pre-tax restructuring charges and acquisition-related charges included in gross profit were as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
PRE-TAX RESTRUCTURING CHARGES AND ACQUISITION-RELATED CHARGES INCLUDED IN GROSS PROFIT: | |||||||||||||||||
Engines | $ | — | $ | (774 | ) | $ | — | $ | 2,622 | ||||||||
Products | 7,088 | — | 21,952 | 2,082 | |||||||||||||
Total | $ | 7,088 | $ | (774 | ) | $ | 21,952 | $ | 4,704 | ||||||||
Restructuring Charges Impact on Operating Income Loss by Segment | Pre-tax restructuring charges and acquisition-related charges included in segment income (loss) were as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
PRE-TAX RESTRUCTURING CHARGES AND ACQUISITION-RELATED CHARGES INCLUDED IN SEGMENT INCOME (LOSS): | |||||||||||||||||
Engines | $ | — | $ | (774 | ) | $ | — | $ | 3,047 | ||||||||
Products | 8,141 | — | 24,902 | 2,082 | |||||||||||||
Total | $ | 8,141 | $ | (774 | ) | $ | 24,902 | $ | 5,129 | ||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Long-Term Indebtedness | The following is a summary of the Company’s indebtedness (in thousands): | ||||||||
March 29, | June 29, | ||||||||
2015 | 2014 | ||||||||
Senior Notes | $ | 225,000 | $ | 225,000 | |||||
Multicurrency Credit Agreement | 60,100 | — | |||||||
$ | 285,100 | $ | 225,000 | ||||||
Separate_Financial_Information1
Separate Financial Information Of Subsidiary Guarantor Of Indebtedness (Tables) | 9 Months Ended | ||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||
Separate Financial Information Of Subsidiary Guarantors Of Indebtedness | |||||||||||||||||||||
Schedule Of Outstanding Amounts Related To Guaranteed Debt | The Company had the following outstanding amounts related to the guaranteed debt (in thousands): | ||||||||||||||||||||
March 29, 2015 Carrying Amount | Maximum | ||||||||||||||||||||
Guarantee | |||||||||||||||||||||
Senior Notes | $ | 225,000 | $ | 225,000 | |||||||||||||||||
Multicurrency Credit Agreement | $ | 60,100 | $ | 500,000 | |||||||||||||||||
Schedule of Condensed Supplemental Consolidating Balance Sheets | CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
As of March 29, 2015 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiary | Subsidiaries | |||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and Cash Equivalents | $ | 5,946 | $ | 455 | $ | 43,293 | $ | — | $ | 49,694 | |||||||||||
Accounts Receivable, Net | 164,675 | 95,655 | 55,395 | — | 315,725 | ||||||||||||||||
Intercompany Accounts Receivable | 19,650 | 6,690 | 38,401 | (64,741 | ) | — | |||||||||||||||
Inventories, Net | 209,572 | 160,022 | 77,302 | — | 446,896 | ||||||||||||||||
Deferred Income Tax Asset | 31,697 | 15,414 | 1,847 | — | 48,958 | ||||||||||||||||
Prepaid Expenses and Other Current Assets | 26,630 | 1,768 | 7,065 | — | 35,463 | ||||||||||||||||
Total Current Assets | $ | 458,170 | $ | 280,004 | $ | 223,303 | $ | (64,741 | ) | $ | 896,736 | ||||||||||
OTHER ASSETS: | |||||||||||||||||||||
Goodwill | $ | 128,300 | $ | — | $ | 27,978 | $ | — | $ | 156,278 | |||||||||||
Investments | 29,354 | — | — | — | 29,354 | ||||||||||||||||
Investments in Subsidiaries | 504,606 | — | — | (504,606 | ) | — | |||||||||||||||
Intercompany Note Receivable | 37,667 | 72,354 | 22,918 | (132,939 | ) | — | |||||||||||||||
Debt Issuance Costs | 3,950 | — | — | — | 3,950 | ||||||||||||||||
Other Intangible Assets, Net | — | 55,007 | 40,398 | — | 95,405 | ||||||||||||||||
Long-Term Deferred Income Tax Asset | 23,271 | — | 129 | (23,271 | ) | 129 | |||||||||||||||
Other Long-Term Assets, Net | 7,783 | 3,262 | 1,400 | — | 12,445 | ||||||||||||||||
Total Other Assets | $ | 734,931 | $ | 130,623 | $ | 92,823 | $ | (660,816 | ) | $ | 297,561 | ||||||||||
PLANT AND EQUIPMENT, NET | 246,041 | 27,931 | 26,260 | — | 300,232 | ||||||||||||||||
TOTAL ASSETS | $ | 1,439,142 | $ | 438,558 | $ | 342,386 | $ | (725,557 | ) | $ | 1,494,529 | ||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Accounts Payable | $ | 115,794 | $ | 55,909 | $ | 25,773 | $ | — | $ | 197,476 | |||||||||||
Intercompany Accounts Payable | 30,074 | 7,511 | 27,156 | (64,741 | ) | — | |||||||||||||||
Short-Term Debt | 60,100 | — | — | — | 60,100 | ||||||||||||||||
Accrued Liabilities | 96,202 | 42,053 | 20,389 | — | 158,644 | ||||||||||||||||
Total Current Liabilities | $ | 302,170 | $ | 105,473 | $ | 73,318 | $ | (64,741 | ) | $ | 416,220 | ||||||||||
OTHER LIABILITIES: | |||||||||||||||||||||
Accrued Pension Cost | $ | 107,115 | $ | 381 | $ | 496 | $ | — | $ | 107,992 | |||||||||||
Accrued Employee Benefits | 24,487 | — | — | — | 24,487 | ||||||||||||||||
Accrued Postretirement Health Care Obligation | 37,529 | 14,221 | — | — | 51,750 | ||||||||||||||||
Intercompany Note Payable | 86,864 | — | 46,075 | (132,939 | ) | — | |||||||||||||||
Deferred Income Tax Liabilities | — | 15,781 | 10,904 | (23,271 | ) | 3,414 | |||||||||||||||
Other Long-Term Liabilities | 31,133 | 8,824 | 865 | — | 40,822 | ||||||||||||||||
Long-Term Debt | 225,000 | — | — | — | 225,000 | ||||||||||||||||
Total Other Liabilities | $ | 512,128 | $ | 39,207 | $ | 58,340 | $ | (156,210 | ) | $ | 453,465 | ||||||||||
TOTAL SHAREHOLDERS’ INVESTMENT | 624,844 | 293,878 | 210,728 | (504,606 | ) | 624,844 | |||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT | $ | 1,439,142 | $ | 438,558 | $ | 342,386 | $ | (725,557 | ) | $ | 1,494,529 | ||||||||||
CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
As of June 29, 2014 | |||||||||||||||||||||
Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiary | 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 Income Tax Asset | 33,343 | 13,904 | 1,711 | — | 48,958 | ||||||||||||||||
Prepaid Expenses and Other Current Assets | 17,436 | 3,508 | 9,072 | — | 30,016 | ||||||||||||||||
Total Current Assets | $ | 456,950 | $ | 270,395 | $ | 195,295 | $ | (52,305 | ) | $ | 870,335 | ||||||||||
OTHER ASSETS: | |||||||||||||||||||||
Goodwill | $ | 128,300 | $ | — | $ | 16,222 | $ | — | $ | 144,522 | |||||||||||
Investments | 27,137 | — | — | — | 27,137 | ||||||||||||||||
Investments in Subsidiaries | 470,391 | — | — | (470,391 | ) | — | |||||||||||||||
Intercompany Note Receivable | 49,293 | 84,567 | 13,876 | (147,736 | ) | — | |||||||||||||||
Debt Issuance Costs | 4,671 | — | — | — | 4,671 | ||||||||||||||||
Other Intangible Assets, Net | — | 55,909 | 24,408 | — | 80,317 | ||||||||||||||||
Long-Term Deferred Income Tax Asset | 32,507 | — | 677 | (18,006 | ) | 15,178 | |||||||||||||||
Other Long-Term Assets, Net | 7,120 | 2,088 | 1,331 | — | 10,539 | ||||||||||||||||
Total Other Assets | $ | 719,419 | $ | 142,564 | $ | 56,514 | $ | (636,133 | ) | $ | 282,364 | ||||||||||
PLANT AND EQUIPMENT, NET | 241,166 | 39,863 | 15,978 | — | 297,007 | ||||||||||||||||
TOTAL ASSETS | $ | 1,417,535 | $ | 452,822 | $ | 267,787 | $ | (688,438 | ) | $ | 1,449,706 | ||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Accounts Payable | $ | 105,532 | $ | 45,171 | $ | 18,568 | $ | — | $ | 169,271 | |||||||||||
Intercompany Accounts Payable | 21,859 | 6,002 | 24,444 | (52,305 | ) | — | |||||||||||||||
Accrued Liabilities | 85,735 | 31,863 | 16,318 | — | 133,916 | ||||||||||||||||
Total Current Liabilities | $ | 213,126 | $ | 83,036 | $ | 59,330 | $ | (52,305 | ) | $ | 303,187 | ||||||||||
OTHER LIABILITIES: | |||||||||||||||||||||
Accrued Pension Cost | $ | 125,481 | $ | 421 | $ | 627 | $ | — | $ | 126,529 | |||||||||||
Accrued Employee Benefits | 24,491 | — | — | — | 24,491 | ||||||||||||||||
Accrued Postretirement Health Care Obligation | 44,928 | 14,362 | — | — | 59,290 | ||||||||||||||||
Intercompany Note Payable | 85,343 | — | 62,393 | (147,736 | ) | — | |||||||||||||||
Deferred Income Tax Liabilities | — | 18,006 | — | (18,006 | ) | — | |||||||||||||||
Other Long-Term Liabilities | 26,732 | 11,037 | 1,006 | — | 38,775 | ||||||||||||||||
Long-Term Debt | 225,000 | — | — | — | 225,000 | ||||||||||||||||
Total Other Liabilities | $ | 531,975 | $ | 43,826 | $ | 64,026 | $ | (165,742 | ) | $ | 474,085 | ||||||||||
TOTAL SHAREHOLDERS’ INVESTMENT | 672,434 | 325,960 | 144,431 | (470,391 | ) | 672,434 | |||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT | $ | 1,417,535 | $ | 452,822 | $ | 267,787 | $ | (688,438 | ) | $ | 1,449,706 | ||||||||||
Schedule of Condensed Supplemental Consolidating Statements Of Operations and Comprehensive Income (Loss) | CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
For the Three Months Ended March 29, 2015 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiary | Subsidiaries | |||||||||||||||||||
Net Sales | $ | 408,530 | $ | 165,804 | $ | 95,155 | $ | (50,474 | ) | $ | 619,015 | ||||||||||
Cost of Goods Sold | 321,429 | 150,392 | 71,500 | (50,474 | ) | 492,847 | |||||||||||||||
Restructuring Charges | — | 7,088 | — | — | 7,088 | ||||||||||||||||
Gross Profit | 87,101 | 8,324 | 23,655 | — | 119,080 | ||||||||||||||||
Engineering, Selling, General and Administrative Expenses | 43,252 | 19,504 | 9,958 | — | 72,714 | ||||||||||||||||
Restructuring Charges | — | 943 | — | — | 943 | ||||||||||||||||
Equity in Earnings from Subsidiaries | (5,072 | ) | — | — | 5,072 | — | |||||||||||||||
Income (Loss) from Operations | 48,921 | (12,123 | ) | 13,697 | (5,072 | ) | 45,423 | ||||||||||||||
Interest Expense | (5,159 | ) | (72 | ) | (2 | ) | — | (5,233 | ) | ||||||||||||
Other Income, Net | 1,375 | 293 | 655 | — | 2,323 | ||||||||||||||||
Income (Loss) before Income Taxes | 45,137 | (11,902 | ) | 14,350 | (5,072 | ) | 42,513 | ||||||||||||||
Provision (Credit) for Income Taxes | 11,216 | (4,448 | ) | 1,824 | — | 8,592 | |||||||||||||||
Net Income (Loss) | $ | 33,921 | $ | (7,454 | ) | $ | 12,526 | $ | (5,072 | ) | $ | 33,921 | |||||||||
Comprehensive Income (Loss) | $ | 23,200 | $ | (8,010 | ) | $ | 4,740 | $ | 3,270 | $ | 23,200 | ||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
For the Three Months Ended March 30, 2014 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiary | Subsidiaries | |||||||||||||||||||
Net Sales | $ | 429,788 | $ | 172,493 | $ | 78,767 | $ | (52,645 | ) | $ | 628,403 | ||||||||||
Cost of Goods Sold | 334,097 | 158,623 | 58,852 | (52,645 | ) | 498,927 | |||||||||||||||
Restructuring Charges | (774 | ) | — | — | — | (774 | ) | ||||||||||||||
Gross Profit | 96,465 | 13,870 | 19,915 | — | 130,250 | ||||||||||||||||
Engineering, Selling, General and Administrative Expenses | 43,267 | 20,938 | 10,658 | — | 74,863 | ||||||||||||||||
Equity in Earnings from Subsidiaries | (3,658 | ) | — | — | 3,658 | — | |||||||||||||||
Income (Loss) from Operations | 56,856 | (7,068 | ) | 9,257 | (3,658 | ) | 55,387 | ||||||||||||||
Interest Expense | (4,720 | ) | — | — | — | (4,720 | ) | ||||||||||||||
Other Income, Net | 2,078 | 15 | 202 | — | 2,295 | ||||||||||||||||
Income (Loss) before Income Taxes | 54,214 | (7,053 | ) | 9,459 | (3,658 | ) | 52,962 | ||||||||||||||
Provision (Credit) for Income Taxes | 15,061 | (2,598 | ) | 1,346 | — | 13,809 | |||||||||||||||
Net Income (Loss) | $ | 39,153 | $ | (4,455 | ) | $ | 8,113 | $ | (3,658 | ) | $ | 39,153 | |||||||||
Comprehensive Income (Loss) | $ | 47,127 | $ | (4,542 | ) | $ | 9,276 | $ | (4,734 | ) | $ | 47,127 | |||||||||
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
For the Nine Months Ended March 29, 2015 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiary | Subsidiaries | |||||||||||||||||||
Net Sales | $ | 816,386 | $ | 413,772 | $ | 295,066 | $ | (169,293 | ) | $ | 1,355,931 | ||||||||||
Cost of Goods Sold | 650,398 | 372,129 | 227,649 | (169,293 | ) | 1,080,883 | |||||||||||||||
Restructuring Charges | — | 20,780 | — | — | 20,780 | ||||||||||||||||
Gross Profit | 165,988 | 20,863 | 67,417 | — | 254,268 | ||||||||||||||||
Engineering, Selling, General and Administrative Expenses | 120,553 | 55,248 | 40,966 | — | 216,767 | ||||||||||||||||
Restructuring Charges | — | 2,481 | — | — | 2,481 | ||||||||||||||||
Equity in Loss from Subsidiaries | 930 | — | — | (930 | ) | — | |||||||||||||||
Income (Loss) from Operations | 44,505 | (36,866 | ) | 26,451 | 930 | 35,020 | |||||||||||||||
Interest Expense | (14,460 | ) | (178 | ) | (3 | ) | — | (14,641 | ) | ||||||||||||
Other Income, Net | 4,690 | 1,069 | 990 | — | 6,749 | ||||||||||||||||
Income (Loss) before Income Taxes | 34,735 | (35,975 | ) | 27,438 | 930 | 27,128 | |||||||||||||||
Provision (Credit) for Income Taxes | 9,149 | (13,426 | ) | 5,819 | — | 1,542 | |||||||||||||||
Net Income (Loss) | $ | 25,586 | $ | (22,549 | ) | $ | 21,619 | $ | 930 | $ | 25,586 | ||||||||||
Comprehensive Income (Loss) | $ | 2,003 | $ | (23,041 | ) | $ | 2,677 | $ | 20,364 | $ | 2,003 | ||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
For the Nine Months Ended March 30, 2014 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiary | Subsidiaries | |||||||||||||||||||
Net Sales | $ | 855,142 | $ | 425,041 | $ | 229,465 | $ | (147,349 | ) | $ | 1,362,299 | ||||||||||
Cost of Goods Sold | 688,280 | 388,123 | 177,094 | (147,349 | ) | 1,106,148 | |||||||||||||||
Restructuring Charges | 2,693 | 228 | 1,783 | — | 4,704 | ||||||||||||||||
Gross Profit | 164,169 | 36,690 | 50,588 | — | 251,447 | ||||||||||||||||
Engineering, Selling, General and Administrative Expenses | 123,019 | 56,628 | 35,755 | — | 215,402 | ||||||||||||||||
Restructuring Charges | 77 | — | 348 | — | 425 | ||||||||||||||||
Equity in Loss from Subsidiaries | 1,459 | — | — | (1,459 | ) | — | |||||||||||||||
Income (Loss) from Operations | 39,614 | (19,938 | ) | 14,485 | 1,459 | 35,620 | |||||||||||||||
Interest Expense | (13,796 | ) | — | (27 | ) | — | (13,823 | ) | |||||||||||||
Other Income, Net | 5,882 | 199 | 57 | — | 6,138 | ||||||||||||||||
Income (Loss) before Income Taxes | 31,700 | (19,739 | ) | 14,515 | 1,459 | 27,935 | |||||||||||||||
Provision (Credit) for Income Taxes | 11,194 | (7,275 | ) | 3,510 | — | 7,429 | |||||||||||||||
Net Income (Loss) | $ | 20,506 | $ | (12,464 | ) | $ | 11,005 | $ | 1,459 | $ | 20,506 | ||||||||||
Comprehensive Income (Loss) | $ | 35,082 | $ | (12,747 | ) | $ | 11,785 | $ | 962 | $ | 35,082 | ||||||||||
Schedule of Condensed Supplemental Consolidating Statements Of Cash Flows | CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For the Nine Months Ended March 29, 2015 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiary | Subsidiaries | |||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | (44,164 | ) | $ | (9,889 | ) | $ | 3,398 | $ | (1,480 | ) | $ | (52,135 | ) | |||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||
Additions to Plant and Equipment | (34,008 | ) | (4,680 | ) | (5,469 | ) | — | (44,157 | ) | ||||||||||||
Proceeds Received on Disposition of Plant and Equipment | 90 | 156 | 72 | — | 318 | ||||||||||||||||
Cash Investment in Subsidiary | (6,880 | ) | — | — | 6,880 | — | |||||||||||||||
Cash Paid for Acquisition, Net of Cash Acquired | (59,855 | ) | — | — | — | (59,855 | ) | ||||||||||||||
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt | (1,000 | ) | — | — | 1,000 | — | |||||||||||||||
Other, Net | (250 | ) | — | — | — | (250 | ) | ||||||||||||||
Net Cash Provided by (Used in) Investing Activities | (101,903 | ) | (4,524 | ) | (5,397 | ) | 7,880 | (103,944 | ) | ||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt | 60,100 | 12,188 | (11,188 | ) | (1,000 | ) | 60,100 | ||||||||||||||
Treasury Stock Purchases | (39,560 | ) | — | — | — | (39,560 | ) | ||||||||||||||
Stock Option Exercise Proceeds and Tax Benefits | 3,921 | — | — | — | 3,921 | ||||||||||||||||
Cash Dividends Paid | (11,374 | ) | — | — | — | (11,374 | ) | ||||||||||||||
Cash Investment in Subsidiary | — | — | 5,400 | (5,400 | ) | — | |||||||||||||||
Net Cash Provided by (Used in) Financing Activities | 13,087 | 12,188 | (5,788 | ) | (6,400 | ) | 13,087 | ||||||||||||||
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents | — | — | (1,982 | ) | — | (1,982 | ) | ||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (132,980 | ) | (2,225 | ) | (9,769 | ) | — | (144,974 | ) | ||||||||||||
Cash and Cash Equivalents, Beginning | 138,926 | 2,680 | 53,062 | — | 194,668 | ||||||||||||||||
Cash and Cash Equivalents, Ending | $ | 5,946 | $ | 455 | $ | 43,293 | $ | — | $ | 49,694 | |||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
For the Nine Months Ended March 30, 2014 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Briggs & Stratton | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiary | Subsidiaries | |||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | (48,051 | ) | $ | 1,925 | $ | 32,093 | $ | — | $ | (14,033 | ) | |||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||
Additions to Plant and Equipment | (26,474 | ) | (1,932 | ) | (1,065 | ) | — | (29,471 | ) | ||||||||||||
Proceeds Received on Disposition of Plant and Equipment | 57 | 33 | 19 | — | 109 | ||||||||||||||||
Cash Investment in Subsidiary | 8,107 | — | (8,107 | ) | — | — | |||||||||||||||
Net Cash Provided by (Used in) Investing Activities | (18,310 | ) | (1,899 | ) | (9,153 | ) | — | (29,362 | ) | ||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||
Repayments on Short-Term Debt | — | — | (300 | ) | — | (300 | ) | ||||||||||||||
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt | (668 | ) | 668 | — | — | — | |||||||||||||||
Debt Issuance Costs | (949 | ) | — | — | — | (949 | ) | ||||||||||||||
Treasury Stock Purchases | (30,066 | ) | — | — | — | (30,066 | ) | ||||||||||||||
Stock Option Exercise Proceeds and Tax Benefits | 4,361 | — | — | — | 4,361 | ||||||||||||||||
Cash Dividends Paid | (11,387 | ) | — | — | — | (11,387 | ) | ||||||||||||||
Net Cash Provided by (Used in) Financing Activities | (38,709 | ) | 668 | (300 | ) | — | (38,341 | ) | |||||||||||||
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents | — | — | 529 | — | 529 | ||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (105,070 | ) | 694 | 23,169 | — | (81,207 | ) | ||||||||||||||
Cash and Cash Equivalents, Beginning | 162,628 | 1,275 | 24,542 | — | 188,445 | ||||||||||||||||
Cash and Cash Equivalents, Ending | $ | 57,558 | $ | 1,969 | $ | 47,711 | $ | — | $ | 107,238 | |||||||||||
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 30, 2014 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | ($208,119) | ($218,326) | ($195,257) | ($224,928) |
Other Comprehensive Income (Loss), Before Reclassifications | -9,101 | 2,535 | -23,416 | -3,917 |
Income Tax Benefit (Expense) | -1,453 | -124 | -4,039 | 1,056 |
Net Other Comprehensive Income (Loss) Before Reclassifications | -10,554 | 2,411 | -27,455 | -2,861 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | -270 | 9,016 | 6,246 | 28,215 |
Income Tax Expense (Benefit) | 103 | -3,453 | -2,374 | -10,778 |
Net Reclassifications | -167 | 5,563 | 3,872 | 17,437 |
Other Comprehensive Income (Loss) | -10,721 | 7,974 | -23,583 | 14,576 |
Ending Balance | -218,840 | -210,352 | -218,840 | -210,352 |
Prior Service Costs [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | -644 | -679 | -1,933 | -2,037 |
Actuarial Losses [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | 4,477 | 7,780 | 13,432 | 23,333 |
Foreign Currency Contract [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | -4,728 | 448 | -7,025 | 1,197 |
Commodity Contract [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | 319 | 1,165 | 841 | 4,823 |
Interest Rate Swap [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | 306 | 302 | 931 | 899 |
Accumulated Translation Adjustment [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | -8,067 | 8,514 | 13,053 | 11,886 |
Other Comprehensive Income (Loss), Before Reclassifications | -12,925 | 2,212 | -34,045 | -1,160 |
Income Tax Benefit (Expense) | 0 | 0 | 0 | 0 |
Net Other Comprehensive Income (Loss) Before Reclassifications | -12,925 | 2,212 | -34,045 | -1,160 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | 0 | 0 | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Net Reclassifications | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss) | -12,925 | 2,212 | -34,045 | -1,160 |
Ending Balance | -20,992 | 10,726 | -20,992 | 10,726 |
Accumulated Translation Adjustment [Member] | Prior Service Costs [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | 0 | 0 | 0 | 0 |
Accumulated Translation Adjustment [Member] | Actuarial Losses [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | 0 | 0 | 0 | 0 |
Accumulated Translation Adjustment [Member] | Foreign Currency Contract [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | 0 | 0 | 0 | 0 |
Accumulated Translation Adjustment [Member] | Commodity Contract [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | 0 | 0 | 0 | 0 |
Accumulated Translation Adjustment [Member] | Interest Rate Swap [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | 0 | 0 | 0 | 0 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 2,422 | -2,486 | -1,084 | -3,673 |
Other Comprehensive Income (Loss), Before Reclassifications | 3,824 | 323 | 10,629 | -2,757 |
Income Tax Benefit (Expense) | -1,453 | -124 | -4,039 | 1,056 |
Net Other Comprehensive Income (Loss) Before Reclassifications | 2,371 | 199 | 6,590 | -1,701 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | -4,103 | 1,915 | -5,253 | 6,919 |
Income Tax Expense (Benefit) | 1,559 | -733 | 1,996 | -2,650 |
Net Reclassifications | -2,544 | 1,182 | -3,257 | 4,269 |
Other Comprehensive Income (Loss) | -173 | 1,381 | 3,333 | 2,568 |
Ending Balance | 2,249 | -1,105 | 2,249 | -1,105 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Prior Service Costs [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | 0 | 0 | 0 | 0 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Actuarial Losses [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | 0 | 0 | 0 | 0 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Foreign Currency Contract [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | -4,728 | 448 | -7,025 | 1,197 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Commodity Contract [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | 319 | 1,165 | 841 | 4,823 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Swap [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | 306 | 302 | 931 | 899 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | -202,474 | -224,354 | -207,226 | -233,141 |
Other Comprehensive Income (Loss), Before Reclassifications | 0 | 0 | 0 | 0 |
Income Tax Benefit (Expense) | 0 | 0 | 0 | 0 |
Net Other Comprehensive Income (Loss) Before Reclassifications | 0 | 0 | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | 3,833 | 7,101 | 11,499 | 21,296 |
Income Tax Expense (Benefit) | -1,456 | -2,720 | -4,370 | -8,128 |
Net Reclassifications | 2,377 | 4,381 | 7,129 | 13,168 |
Other Comprehensive Income (Loss) | 2,377 | 4,381 | 7,129 | 13,168 |
Ending Balance | -200,097 | -219,973 | -200,097 | -219,973 |
Accumulated Defined Benefit Plans Adjustment [Member] | Prior Service Costs [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | -644 | -679 | -1,933 | -2,037 |
Accumulated Defined Benefit Plans Adjustment [Member] | Actuarial Losses [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | 4,477 | 7,780 | 13,432 | 23,333 |
Accumulated Defined Benefit Plans Adjustment [Member] | Foreign Currency Contract [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | 0 | 0 | 0 | 0 |
Accumulated Defined Benefit Plans Adjustment [Member] | Commodity Contract [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | 0 | 0 | 0 | 0 |
Accumulated Defined Benefit Plans Adjustment [Member] | Interest Rate Swap [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Before Tax | $0 | $0 | $0 | $0 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 9 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Business Acquisition [Line Items] | ||
Cash Paid for Acquisition, Net of Cash Acquired | $59,855,000 | $0 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 2,200,000 | |
Business Acquisition, Goodwill | 15,500,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 24,100,000 | |
Trade Names [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 8,100,000 | |
Other Intangible Assets [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 300,000 | |
Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $15,700,000 |
Restructuring_Actions_Narrativ
Restructuring Actions Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $8,031,000 | ($774,000) | $23,261,000 | $5,129,000 |
After Tax Restructuring Charges | 5,220,000 | 15,120,000 | ||
Restructuring Charge Per Diluted Share | $0.11 | $0.33 | ||
Engines [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | -774,000 | 3,047,000 | ||
Products [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 0 | 23,261,000 | 2,082,000 | |
Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Restructuring Charges Estimate | 30,000,000 | |||
Total Restructuring Charges Estimate Non-Cash | 15,000,000 | |||
Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Restructuring Charges Estimate | 37,000,000 | |||
Total Restructuring Charges Estimate Non-Cash | $20,000,000 |
Restructuring_Actions_Restruct
Restructuring Actions Restructuring Reserve Rollforward (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||||
Provisions | $8,031 | ($774) | $23,261 | $5,129 | |
Engines [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Provisions | -774 | 3,047 | |||
Products [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Reserve Balance at June 29, 2014 | 105 | ||||
Provisions | 0 | 23,261 | 2,082 | ||
Cash Expenditures | -6,245 | ||||
Other Adjustments | -12,445 | ||||
Reserve Balance at December 28, 2014 | 4,676 | 4,676 | |||
Termination Benefits [Member] | Products [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Reserve Balance at June 29, 2014 | 0 | ||||
Provisions | 5,326 | ||||
Cash Expenditures | -650 | ||||
Other Adjustments | 0 | ||||
Reserve Balance at December 28, 2014 | 4,676 | 4,676 | |||
Other Restructuring Costs [Member] | Products [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Reserve Balance at June 29, 2014 | 105 | ||||
Provisions | 17,935 | ||||
Cash Expenditures | -5,595 | ||||
Other Adjustments | -12,445 | [1] | |||
Reserve Balance at December 28, 2014 | 0 | 0 | |||
Restructuring Asset Impairments [Member] | Other Restructuring Costs [Member] | Products [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Other Adjustments | 1,200 | [1] | |||
Restructuring Accelerated Depreciation [Member] | Other Restructuring Costs [Member] | Products [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Other Adjustments | $11,200 | [1] | |||
[1] | Other adjustments includes $1.2 million of asset impairments and $11.2 million of accelerated depreciation. |
Earnings_Loss_Per_Share_Earnin
Earnings (Loss) Per Share Earnings Per Share Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 30, 2014 |
Net Income | $33,921 | $39,153 | $25,586 | $20,506 |
Less: Allocation to Participating Securities | -893 | -1,150 | -626 | -552 |
Net Income Available to Common Shareholders | $33,028 | $38,003 | $24,960 | $19,954 |
Average Shares of Common Stock Outstanding | 44,160 | 46,129 | 44,605 | 46,549 |
Diluted Average Shares Outstanding | 44,241 | 46,245 | 44,656 | 46,615 |
Basic Earnings Per Share | $0.75 | $0.82 | $0.56 | $0.43 |
Diluted Earnings Per Share | $0.75 | $0.82 | $0.56 | $0.43 |
Earnings_Loss_Per_Share_Antidi
Earnings (Loss) Per Share Antidilutive Shares Information (Details) (Employee Stock Option [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 30, 2014 |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 845 | 508 | 845 | 916 |
Weighted Average Exercise Prices Of Antidilutive Securities Excluded From Computation Of Earnings Per Share | $20.33 | $36.68 | $20.33 | $29.62 |
Earnings_Loss_Per_Share_Share_
Earnings (Loss) Per Share Share Repurchase Information (Details) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $47.70 | |
Treasury Stock, Shares, Acquired | 2,039,399 | 1,479,626 |
Treasury Stock Acquired, Average Cost Per Share | $19.40 | $20.32 |
Fiscal 2014 Share Repurchase Program [Member] [Domain] | ||
Stock Repurchase Program, Authorized Amount | 50 | |
Fiscal 2015 Share Repurchase Program [Member] | ||
Stock Repurchase Program, Authorized Amount | $50 |
Investments_Details
Investments (Details) (USD $) | Mar. 29, 2015 | Jun. 29, 2014 | Sep. 28, 2014 | Mar. 30, 2014 |
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | $29,354,000 | $27,137,000 | ||
Independent Distributors [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | 10,100,000 | 6,500,000 | ||
Equity Method Investment - Incremental Investment | $2,800,000 | |||
Equity Method Investment, Ownership Percentage | 11.90% |
Pension_and_Postretirement_Ben2
Pension and Postretirement Benefits Net Periodic Income and Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 30, 2014 |
Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | $858 | $1,911 | $2,574 | $5,735 |
Interest Cost on Projected Benefit Obligation | 12,445 | 13,436 | 37,336 | 40,307 |
Expected Return on Plan Assets | -18,659 | -18,538 | -55,978 | -55,614 |
Amortization of Prior Service Cost (Credit) | 45 | 45 | 135 | 135 |
Amortization of Actuarial Loss | 3,315 | 6,276 | 9,946 | 18,821 |
Net Periodic Expense | -1,996 | 3,130 | -5,987 | 9,384 |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 74 | 83 | 222 | 250 |
Interest Cost on Projected Benefit Obligation | 902 | 1,150 | 2,706 | 3,450 |
Expected Return on Plan Assets | 0 | 0 | 0 | 0 |
Amortization of Prior Service Cost (Credit) | -689 | -724 | -2,068 | -2,172 |
Amortization of Actuarial Loss | 1,162 | 1,504 | 3,486 | 4,512 |
Net Periodic Expense | $1,449 | $2,013 | $4,346 | $6,040 |
Pension_and_Postretirement_Ben3
Pension and Postretirement Benefits Pension and Postretirement Benefits (Narrative) (Details) (USD $) | 9 Months Ended |
Mar. 29, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Cash Contributions to Qualified Pension Plans | $0 |
Non-Qualified Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 3,200,000 |
Defined Benefit Plan, Benefits Paid | 2,300,000 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 12,700,000 |
Other Postretirement Benefits Payments | $11,700,000 |
Stock_Incentives_Stock_Incenti
Stock Incentives Stock Incentives (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Compensation Expense | $1,458 | $1,285 | $4,840 | $5,822 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities Narrative (Details) (USD $) | 9 Months Ended | |
Mar. 29, 2015 | Jun. 29, 2014 | |
Derivative [Line Items] | ||
Net Cash Flow Hedge Losses (Gains) to be Reclassified into Earnings within Twelve Months | ($4,800,000) | |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Lower Fixed Interest Rate Range | 1.17% | |
Derivative, Higher Fixed Interest Rate Range | 1.60% | |
Derivative, Notional Amount | $95,000,000 | $95,000,000 |
Minimum [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Maturity Date | 1-Jul-17 | |
Maximum [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Maturity Date | 18-May-19 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities Notional Amounts (Details) | Mar. 29, 2015 | Jun. 29, 2014 | Mar. 29, 2015 | Jun. 29, 2014 | Mar. 29, 2015 | Jun. 29, 2014 | Mar. 29, 2015 | Jun. 29, 2014 | Mar. 29, 2015 | Jun. 29, 2014 | Mar. 29, 2015 | Jun. 29, 2014 | Mar. 29, 2015 | Jun. 29, 2014 | Mar. 29, 2015 | Jun. 29, 2014 | Mar. 29, 2015 | Jun. 29, 2014 | Mar. 29, 2015 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Australian Dollar, Sell [Member] | Australian Dollar, Sell [Member] | Brazilian Real, Sell [Member] [Domain] | Brazilian Real, Sell [Member] [Domain] | Canadian Dollar, Sell [Member] | Canadian Dollar, Sell [Member] | Chinese Renminbi, Buy [Member] [Domain] | Chinese Renminbi, Buy [Member] [Domain] | Euro, Sell [Member] | Euro, Sell [Member] | Euro, Buy [Member] | Euro, Buy [Member] | Japanese Yen, Buy [Member] | Japanese Yen, Buy [Member] | Mexican Peso, Sell [Member] | Mexican Peso, Sell [Member] | Natural Gas [Member] | Natural Gas [Member] |
USD ($) | USD ($) | AUD | AUD | BRL | BRL | CAD | CAD | CNY | CNY | EUR (€) | EUR (€) | EUR (€) | EUR (€) | JPY (¥) | JPY (¥) | MXN | MXN | Btu | Btu | |
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Notional Amount | $95,000 | $95,000 | 13,801 | 19,904 | 11,608 | 0 | 6,700 | 3,100 | 223,575 | 0 | € 46,590 | € 49,300 | € 6,000 | € 0 | ¥ 1,014,000 | ¥ 530,000 | 0 | 3,000 | ||
Nonmonetary Notional Amount Derivatives (in ones) | 10,304,000 | 5,686,000 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities Balance Sheet Location (Details) (USD $) | Mar. 29, 2015 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $6,316 | ($1,501) |
Other Long-Term Assets, Net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Contracts at Fair Value | 0 | 43 |
Foreign Currency Contracts at Fair Value | 31 | 12 |
Other Long-Term Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Contracts at Fair Value | -1,354 | -1,209 |
Foreign Currency Contracts at Fair Value | -47 | -9 |
Commodity Contracts at Fair Value | -221 | -14 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Contracts at Fair Value | 9,740 | 337 |
Commodity Contracts at Fair Value | 0 | 39 |
Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Contracts at Fair Value | -1,235 | -665 |
Commodity Contracts at Fair Value | ($598) | ($35) |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities Effect of Derivatives on Consolidated Statements of Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 30, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ($173) | $1,381 | $3,333 | $2,568 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 4,103 | -1,915 | 5,253 | -6,919 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Interest Rate Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -381 | 15 | -120 | 20 |
Foreign Currency Contract Sell [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -120 | 348 | 3,720 | -751 |
Foreign Currency Contract Buy [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 357 | 170 | -51 | 142 |
Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -29 | 848 | -216 | 3,157 |
Net Sales [Member] | Interest Rate Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -306 | -302 | -931 | -899 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Net Sales [Member] | Foreign Currency Contract Sell [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 5,146 | -138 | 7,689 | -248 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Cost of Sales [Member] | Foreign Currency Contract Buy [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -418 | -310 | -664 | -949 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Cost of Sales [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -319 | -1,165 | -841 | -4,823 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $0 | $0 | $0 | $0 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 29, 2015 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | ||
Estimate of Fair Value Measurement [Member] | ||
Assets, Derivatives | $9,771 | $431 |
Liabilities, Derivatives | 3,455 | 1,932 |
Fair Value Measurements Using Level 1 [Member] | ||
Assets, Derivatives | 0 | 0 |
Liabilities, Derivatives | 0 | 0 |
Fair Value Measurements Using Level 2 [Member] | ||
Assets, Derivatives | 9,771 | 431 |
Liabilities, Derivatives | 3,455 | 1,932 |
Fair Value Measurements Using Level 3 [Member] | ||
Assets, Derivatives | 0 | 0 |
Liabilities, Derivatives | $0 | $0 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Disclosures (Details) (USD $) | Mar. 29, 2015 | Jun. 29, 2014 | Dec. 15, 2010 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $248,600,000 | $251,400,000 | |
Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior Notes | $225,000,000 | $225,000,000 | $225,000,000 |
Warranty_Details
Warranty (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Warranty Accrual, Beginning Balance | $44,744 | $45,037 |
Payments | -20,106 | -20,336 |
Provision for Current Year Warranties | 22,493 | 20,889 |
Changes in Estimates | -46 | -616 |
Warranty Accrual, Ending Balance | $47,085 | $44,974 |
Income_Taxes_Effective_Tax_Rat
Income Taxes Effective Tax Rate (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 30, 2014 |
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate | 20.20% | 26.10% | 5.70% | 26.60% |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $4.70 | $5 | ||
Effective Tax Rate Reconciliation, Taxpayer election | $2.90 |
Unrecognized_Tax_Benefits_Deta
Unrecognized Tax Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 29, 2015 |
Income Tax Contingency [Line Items] | ||
Unrecognized Tax Benefits, Period Increase (Decrease) | $4,200 | $2,100 |
Unrecognized Tax Benefits, Period Increase (Decrease), Current Effective Tax Rate Impact [Member] | ||
Income Tax Contingency [Line Items] | ||
Unrecognized Tax Benefits, Period Increase (Decrease) | $4,200 | $2,100 |
Segment_Information_Segment_In
Segment Information Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 30, 2014 |
Net Sales | $619,015 | $628,403 | $1,355,931 | $1,362,299 |
Gross Profit | 119,080 | 130,250 | 254,268 | 251,447 |
Segment Income (Loss) | 47,087 | 57,113 | 40,025 | 39,897 |
Equity in Earnings of Unconsolidated Affiliates | 1,664 | 1,726 | 5,005 | 4,277 |
Income from Operations | 45,423 | 55,387 | 35,020 | 35,620 |
Interest Expense | -5,233 | -4,720 | -14,641 | -13,823 |
Other Income, Net | 2,323 | 2,295 | 6,749 | 6,138 |
Income Before Income Taxes | 42,513 | 52,962 | 27,128 | 27,935 |
PROVISION FOR INCOME TAXES | 8,592 | 13,809 | 1,542 | 7,429 |
NET INCOME | 33,921 | 39,153 | 25,586 | 20,506 |
Engines [Member] | ||||
Net Sales | 432,248 | 452,359 | 857,067 | 901,858 |
Gross Profit | 98,885 | 107,930 | 189,580 | 187,423 |
Segment Income (Loss) | 54,928 | 62,071 | 59,967 | 54,805 |
Products [Member] | ||||
Net Sales | 211,135 | 205,160 | 576,313 | 529,724 |
Gross Profit | 19,908 | 22,365 | 64,505 | 62,149 |
Segment Income (Loss) | -8,128 | -4,913 | -20,125 | -16,783 |
Elimination [Member] | ||||
Net Sales | -24,368 | -29,116 | -77,449 | -69,283 |
Gross Profit | 287 | -45 | 183 | 1,875 |
Segment Income (Loss) | $287 | ($45) | $183 | $1,875 |
Segment_Information_Restructur
Segment Information Restructuring Charges and Acquisition Related Charges Impact on Gross Profit by Segment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 30, 2014 |
Cost Of Goods Sold Restructuring Charges and Acquisition Related Charges | $7,088 | $21,952 | ||
Cost Of Goods Sold Restructuring Charges | 7,088 | -774 | 20,780 | 4,704 |
Engines [Member] | ||||
Cost Of Goods Sold Restructuring Charges and Acquisition Related Charges | 0 | 0 | ||
Cost Of Goods Sold Restructuring Charges | -774 | 2,622 | ||
Products [Member] | ||||
Cost Of Goods Sold Restructuring Charges and Acquisition Related Charges | 7,088 | 21,952 | ||
Cost Of Goods Sold Restructuring Charges | $0 | $2,082 |
Segment_Information_Restructur1
Segment Information Restructuring Charges Impact on Segment Income (Loss) by Segment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 30, 2014 |
Restructuring Charges and Acquisition Related Charges | $8,141 | $24,902 | ||
Restructuring Charges | 8,031 | -774 | 23,261 | 5,129 |
Engines [Member] | ||||
Restructuring Charges and Acquisition Related Charges | 0 | 0 | ||
Restructuring Charges | -774 | 3,047 | ||
Products [Member] | ||||
Restructuring Charges and Acquisition Related Charges | 8,141 | 24,902 | ||
Restructuring Charges | $0 | $23,261 | $2,082 |
Debt_Details
Debt (Details) (USD $) | 9 Months Ended | ||||
Mar. 29, 2015 | Mar. 30, 2014 | Jun. 29, 2014 | Dec. 15, 2010 | Oct. 21, 2013 | |
Debt Instrument [Line Items] | |||||
Debt, Long-term and Short-term, Combined Amount | $285,100,000 | $225,000,000 | |||
Payments of Debt Issuance Costs | 0 | 949,000 | |||
Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | 225,000,000 | 225,000,000 | 225,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | ||||
Debt Instrument, Maturity Date | 15-Dec-20 | ||||
Multicurrency Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit, Current | 60,100,000 | 0 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000,000 | 500,000,000 | |||
Line of Credit Facility, Expiration Date | 21-Oct-18 | ||||
Line Of Credit Facility Increased Available Maximum Borrowing Capacity | $250,000,000 |
Separate_Financial_Information2
Separate Financial Information Of Subsidiary Guarantor Of Indebtedness (Schedule Of Outstanding Amounts Related To Guaranteed Debt) (Details) (USD $) | Mar. 29, 2015 | Jun. 29, 2014 | Dec. 15, 2010 | Oct. 21, 2013 |
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] | ||||
Line of Credit, Current | 60,100 | 0 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $500,000 | $500,000 |
Separate_Financial_Information3
Separate Financial Information Of Subsidiary Guarantor of Indebtedness (Schedule Of Consolidating Balance Sheets) (Details) (USD $) | Mar. 29, 2015 | Jun. 29, 2014 | Mar. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS: | ||||
Cash and Cash Equivalents | $49,694 | $194,668 | $107,238 | $188,445 |
Accounts Receivable, Net | 315,725 | 220,590 | ||
Intercompany Accounts Receivable | 0 | 0 | ||
Inventories, Net | 446,896 | 376,103 | ||
Deferred Income Tax Asset | 48,958 | 48,958 | ||
Prepaid Expenses and Other Current Assets | 35,463 | 30,016 | ||
Total Current Assets | 896,736 | 870,335 | ||
OTHER ASSETS: | ||||
Goodwill | 156,278 | 144,522 | ||
Investments | 29,354 | 27,137 | ||
Investment in Subsidiaries | 0 | 0 | ||
Intercompany Note Receivable | 0 | 0 | ||
Debt Issuance Costs | 3,950 | 4,671 | ||
Other Intangible Assets, Net | 95,405 | 80,317 | ||
Long-Term Deferred Income Tax Asset | 129 | 15,178 | ||
Other Long-Term Assets, Net | 12,445 | 10,539 | ||
Total Other Assets | 297,561 | 282,364 | ||
Plant and Equipment, Net | 300,232 | 297,007 | ||
TOTAL ASSETS | 1,494,529 | 1,449,706 | ||
CURRENT LIABILITIES: | ||||
Accounts Payable | 197,476 | 169,271 | ||
Intercompany Accounts Payable | 0 | 0 | ||
Short-term Debt | 60,100 | 0 | ||
Accrued Liabilities | 158,644 | 133,916 | ||
Total Current Liabilities | 416,220 | 303,187 | ||
OTHER LIABILITIES: | ||||
Accrued Pension Cost | 107,992 | 126,529 | ||
Accrued Employee Benefits | 24,487 | 24,491 | ||
Accrued Postretirement Health Care Obligation | 51,750 | 59,290 | ||
Intercompany Note Payable | 0 | 0 | ||
Deferred Income Tax Liabilities | 3,414 | 0 | ||
Other Long-Term Liabilities | 40,822 | 38,775 | ||
Long-Term Debt | 225,000 | 225,000 | ||
Total Other Liabilities | 453,465 | 474,085 | ||
Total Shareholders' Investment | 624,844 | 672,434 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT | 1,494,529 | 1,449,706 | ||
Parent Company [Member] | ||||
CURRENT ASSETS: | ||||
Cash and Cash Equivalents | 5,946 | 138,926 | 57,558 | 162,628 |
Accounts Receivable, Net | 164,675 | 86,099 | ||
Intercompany Accounts Receivable | 19,650 | 15,987 | ||
Inventories, Net | 209,572 | 165,159 | ||
Deferred Income Tax Asset | 31,697 | 33,343 | ||
Prepaid Expenses and Other Current Assets | 26,630 | 17,436 | ||
Total Current Assets | 458,170 | 456,950 | ||
OTHER ASSETS: | ||||
Goodwill | 128,300 | 128,300 | ||
Investments | 29,354 | 27,137 | ||
Investment in Subsidiaries | 504,606 | 470,391 | ||
Intercompany Note Receivable | 37,667 | 49,293 | ||
Debt Issuance Costs | 3,950 | 4,671 | ||
Other Intangible Assets, Net | 0 | 0 | ||
Long-Term Deferred Income Tax Asset | 23,271 | 32,507 | ||
Other Long-Term Assets, Net | 7,783 | 7,120 | ||
Total Other Assets | 734,931 | 719,419 | ||
Plant and Equipment, Net | 246,041 | 241,166 | ||
TOTAL ASSETS | 1,439,142 | 1,417,535 | ||
CURRENT LIABILITIES: | ||||
Accounts Payable | 115,794 | 105,532 | ||
Intercompany Accounts Payable | 30,074 | 21,859 | ||
Short-term Debt | 60,100 | |||
Accrued Liabilities | 96,202 | 85,735 | ||
Total Current Liabilities | 302,170 | 213,126 | ||
OTHER LIABILITIES: | ||||
Accrued Pension Cost | 107,115 | 125,481 | ||
Accrued Employee Benefits | 24,487 | 24,491 | ||
Accrued Postretirement Health Care Obligation | 37,529 | 44,928 | ||
Intercompany Note Payable | 86,864 | 85,343 | ||
Deferred Income Tax Liabilities | 0 | 0 | ||
Other Long-Term Liabilities | 31,133 | 26,732 | ||
Long-Term Debt | 225,000 | 225,000 | ||
Total Other Liabilities | 512,128 | 531,975 | ||
Total Shareholders' Investment | 624,844 | 672,434 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT | 1,439,142 | 1,417,535 | ||
Guarantor Subsidiaries [Member] | ||||
CURRENT ASSETS: | ||||
Cash and Cash Equivalents | 455 | 2,680 | 1,969 | 1,275 |
Accounts Receivable, Net | 95,655 | 100,062 | ||
Intercompany Accounts Receivable | 6,690 | 3,492 | ||
Inventories, Net | 160,022 | 146,749 | ||
Deferred Income Tax Asset | 15,414 | 13,904 | ||
Prepaid Expenses and Other Current Assets | 1,768 | 3,508 | ||
Total Current Assets | 280,004 | 270,395 | ||
OTHER ASSETS: | ||||
Goodwill | 0 | 0 | ||
Investments | 0 | 0 | ||
Investment in Subsidiaries | 0 | 0 | ||
Intercompany Note Receivable | 72,354 | 84,567 | ||
Debt Issuance Costs | 0 | 0 | ||
Other Intangible Assets, Net | 55,007 | 55,909 | ||
Long-Term Deferred Income Tax Asset | 0 | 0 | ||
Other Long-Term Assets, Net | 3,262 | 2,088 | ||
Total Other Assets | 130,623 | 142,564 | ||
Plant and Equipment, Net | 27,931 | 39,863 | ||
TOTAL ASSETS | 438,558 | 452,822 | ||
CURRENT LIABILITIES: | ||||
Accounts Payable | 55,909 | 45,171 | ||
Intercompany Accounts Payable | 7,511 | 6,002 | ||
Short-term Debt | 0 | |||
Accrued Liabilities | 42,053 | 31,863 | ||
Total Current Liabilities | 105,473 | 83,036 | ||
OTHER LIABILITIES: | ||||
Accrued Pension Cost | 381 | 421 | ||
Accrued Employee Benefits | 0 | 0 | ||
Accrued Postretirement Health Care Obligation | 14,221 | 14,362 | ||
Intercompany Note Payable | 0 | 0 | ||
Deferred Income Tax Liabilities | 15,781 | 18,006 | ||
Other Long-Term Liabilities | 8,824 | 11,037 | ||
Long-Term Debt | 0 | 0 | ||
Total Other Liabilities | 39,207 | 43,826 | ||
Total Shareholders' Investment | 293,878 | 325,960 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT | 438,558 | 452,822 | ||
Non-Guarantor Subsidiaries [Member] | ||||
CURRENT ASSETS: | ||||
Cash and Cash Equivalents | 43,293 | 53,062 | 47,711 | 24,542 |
Accounts Receivable, Net | 55,395 | 34,429 | ||
Intercompany Accounts Receivable | 38,401 | 32,826 | ||
Inventories, Net | 77,302 | 64,195 | ||
Deferred Income Tax Asset | 1,847 | 1,711 | ||
Prepaid Expenses and Other Current Assets | 7,065 | 9,072 | ||
Total Current Assets | 223,303 | 195,295 | ||
OTHER ASSETS: | ||||
Goodwill | 27,978 | 16,222 | ||
Investments | 0 | 0 | ||
Investment in Subsidiaries | 0 | 0 | ||
Intercompany Note Receivable | 22,918 | 13,876 | ||
Debt Issuance Costs | 0 | 0 | ||
Other Intangible Assets, Net | 40,398 | 24,408 | ||
Long-Term Deferred Income Tax Asset | 129 | 677 | ||
Other Long-Term Assets, Net | 1,400 | 1,331 | ||
Total Other Assets | 92,823 | 56,514 | ||
Plant and Equipment, Net | 26,260 | 15,978 | ||
TOTAL ASSETS | 342,386 | 267,787 | ||
CURRENT LIABILITIES: | ||||
Accounts Payable | 25,773 | 18,568 | ||
Intercompany Accounts Payable | 27,156 | 24,444 | ||
Short-term Debt | 0 | |||
Accrued Liabilities | 20,389 | 16,318 | ||
Total Current Liabilities | 73,318 | 59,330 | ||
OTHER LIABILITIES: | ||||
Accrued Pension Cost | 496 | 627 | ||
Accrued Employee Benefits | 0 | 0 | ||
Accrued Postretirement Health Care Obligation | 0 | 0 | ||
Intercompany Note Payable | 46,075 | 62,393 | ||
Deferred Income Tax Liabilities | 10,904 | 0 | ||
Other Long-Term Liabilities | 865 | 1,006 | ||
Long-Term Debt | 0 | 0 | ||
Total Other Liabilities | 58,340 | 64,026 | ||
Total Shareholders' Investment | 210,728 | 144,431 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT | 342,386 | 267,787 | ||
Consolidation, Eliminations [Member] | ||||
CURRENT ASSETS: | ||||
Cash and Cash Equivalents | 0 | 0 | 0 | 0 |
Accounts Receivable, Net | 0 | 0 | ||
Intercompany Accounts Receivable | -64,741 | -52,305 | ||
Inventories, Net | 0 | 0 | ||
Deferred Income Tax Asset | 0 | 0 | ||
Prepaid Expenses and Other Current Assets | 0 | 0 | ||
Total Current Assets | -64,741 | -52,305 | ||
OTHER ASSETS: | ||||
Goodwill | 0 | 0 | ||
Investments | 0 | 0 | ||
Investment in Subsidiaries | -504,606 | -470,391 | ||
Intercompany Note Receivable | -132,939 | -147,736 | ||
Debt Issuance Costs | 0 | 0 | ||
Other Intangible Assets, Net | 0 | 0 | ||
Long-Term Deferred Income Tax Asset | -23,271 | -18,006 | ||
Other Long-Term Assets, Net | 0 | 0 | ||
Total Other Assets | -660,816 | -636,133 | ||
Plant and Equipment, Net | 0 | 0 | ||
TOTAL ASSETS | -725,557 | -688,438 | ||
CURRENT LIABILITIES: | ||||
Accounts Payable | 0 | 0 | ||
Intercompany Accounts Payable | -64,741 | -52,305 | ||
Short-term Debt | 0 | |||
Accrued Liabilities | 0 | 0 | ||
Total Current Liabilities | -64,741 | -52,305 | ||
OTHER LIABILITIES: | ||||
Accrued Pension Cost | 0 | 0 | ||
Accrued Employee Benefits | 0 | 0 | ||
Accrued Postretirement Health Care Obligation | 0 | 0 | ||
Intercompany Note Payable | -132,939 | -147,736 | ||
Deferred Income Tax Liabilities | -23,271 | -18,006 | ||
Other Long-Term Liabilities | 0 | 0 | ||
Long-Term Debt | 0 | 0 | ||
Total Other Liabilities | -156,210 | -165,742 | ||
Total Shareholders' Investment | -504,606 | -470,391 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT | ($725,557) | ($688,438) |
Separate_Financial_Information4
Separate Financial Information Of Subsidiary Guarantor of Indebtedness (Schedule Of Consolidating Statement Of Operations and Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 30, 2014 |
Net Sales | $619,015 | $628,403 | $1,355,931 | $1,362,299 |
Cost of Goods Sold | 492,847 | 498,927 | 1,080,883 | 1,106,148 |
Cost Of Goods Sold Restructuring Charges | 7,088 | -774 | 20,780 | 4,704 |
Gross Profit | 119,080 | 130,250 | 254,268 | 251,447 |
Engineering, Selling, General and Administrative Expenses | 72,714 | 74,863 | 216,767 | 215,402 |
Operating Restructuring Charges | 943 | 0 | 2,481 | 425 |
Equity In Loss From Subsidiaries | 0 | 0 | 0 | 0 |
Income (Loss) from Operations | 45,423 | 55,387 | 35,020 | 35,620 |
Interest Expense | -5,233 | -4,720 | -14,641 | -13,823 |
Other Income, Net | 2,323 | 2,295 | 6,749 | 6,138 |
Income (Loss) Before Income Taxes | 42,513 | 52,962 | 27,128 | 27,935 |
Provision (Credit) for Income Taxes | 8,592 | 13,809 | 1,542 | 7,429 |
NET INCOME (LOSS) | 33,921 | 39,153 | 25,586 | 20,506 |
Comprehensive Income (Loss) | 23,200 | 47,127 | 2,003 | 35,082 |
Briggs & Stratton Corporation [Member] | ||||
Net Sales | 408,530 | 429,788 | 816,386 | 855,142 |
Cost of Goods Sold | 321,429 | 334,097 | 650,398 | 688,280 |
Cost Of Goods Sold Restructuring Charges | 0 | -774 | 0 | 2,693 |
Gross Profit | 87,101 | 96,465 | 165,988 | 164,169 |
Engineering, Selling, General and Administrative Expenses | 43,252 | 43,267 | 120,553 | 123,019 |
Operating Restructuring Charges | 0 | 0 | 77 | |
Equity In Loss From Subsidiaries | -5,072 | -3,658 | 930 | 1,459 |
Income (Loss) from Operations | 48,921 | 56,856 | 44,505 | 39,614 |
Interest Expense | -5,159 | -4,720 | -14,460 | -13,796 |
Other Income, Net | 1,375 | 2,078 | 4,690 | 5,882 |
Income (Loss) Before Income Taxes | 45,137 | 54,214 | 34,735 | 31,700 |
Provision (Credit) for Income Taxes | 11,216 | 15,061 | 9,149 | 11,194 |
NET INCOME (LOSS) | 33,921 | 39,153 | 25,586 | 20,506 |
Comprehensive Income (Loss) | 23,200 | 47,127 | 2,003 | 35,082 |
Guarantor Subsidiary [Member] | ||||
Net Sales | 165,804 | 172,493 | 413,772 | 425,041 |
Cost of Goods Sold | 150,392 | 158,623 | 372,129 | 388,123 |
Cost Of Goods Sold Restructuring Charges | 7,088 | 0 | 20,780 | 228 |
Gross Profit | 8,324 | 13,870 | 20,863 | 36,690 |
Engineering, Selling, General and Administrative Expenses | 19,504 | 20,938 | 55,248 | 56,628 |
Operating Restructuring Charges | 943 | 2,481 | 0 | |
Equity In Loss From Subsidiaries | 0 | 0 | 0 | 0 |
Income (Loss) from Operations | -12,123 | -7,068 | -36,866 | -19,938 |
Interest Expense | -72 | 0 | -178 | 0 |
Other Income, Net | 293 | 15 | 1,069 | 199 |
Income (Loss) Before Income Taxes | -11,902 | -7,053 | -35,975 | -19,739 |
Provision (Credit) for Income Taxes | -4,448 | -2,598 | -13,426 | -7,275 |
NET INCOME (LOSS) | -7,454 | -4,455 | -22,549 | -12,464 |
Comprehensive Income (Loss) | -8,010 | -4,542 | -23,041 | -12,747 |
Non-Guarantor Subsidiaries [Member] | ||||
Net Sales | 95,155 | 78,767 | 295,066 | 229,465 |
Cost of Goods Sold | 71,500 | 58,852 | 227,649 | 177,094 |
Cost Of Goods Sold Restructuring Charges | 0 | 0 | 0 | 1,783 |
Gross Profit | 23,655 | 19,915 | 67,417 | 50,588 |
Engineering, Selling, General and Administrative Expenses | 9,958 | 10,658 | 40,966 | 35,755 |
Operating Restructuring Charges | 0 | 0 | 348 | |
Equity In Loss From Subsidiaries | 0 | 0 | 0 | 0 |
Income (Loss) from Operations | 13,697 | 9,257 | 26,451 | 14,485 |
Interest Expense | -2 | 0 | -3 | -27 |
Other Income, Net | 655 | 202 | 990 | 57 |
Income (Loss) Before Income Taxes | 14,350 | 9,459 | 27,438 | 14,515 |
Provision (Credit) for Income Taxes | 1,824 | 1,346 | 5,819 | 3,510 |
NET INCOME (LOSS) | 12,526 | 8,113 | 21,619 | 11,005 |
Comprehensive Income (Loss) | 4,740 | 9,276 | 2,677 | 11,785 |
Eliminations [Member] | ||||
Net Sales | -50,474 | -52,645 | -169,293 | -147,349 |
Cost of Goods Sold | -50,474 | -52,645 | -169,293 | -147,349 |
Cost Of Goods Sold Restructuring Charges | 0 | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 | 0 |
Engineering, Selling, General and Administrative Expenses | 0 | 0 | 0 | 0 |
Operating Restructuring Charges | 0 | 0 | 0 | |
Equity In Loss From Subsidiaries | 5,072 | 3,658 | -930 | -1,459 |
Income (Loss) from Operations | -5,072 | -3,658 | 930 | 1,459 |
Interest Expense | 0 | 0 | 0 | 0 |
Other Income, Net | 0 | 0 | 0 | 0 |
Income (Loss) Before Income Taxes | -5,072 | -3,658 | 930 | 1,459 |
Provision (Credit) for Income Taxes | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | -5,072 | -3,658 | 930 | 1,459 |
Comprehensive Income (Loss) | $3,270 | ($4,734) | $20,364 | $962 |
Separate_Financial_Information5
Separate Financial Information Of Subsidiary Guarantor of Indebtedness (Schedule Of Consolidating Statement Of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Net Cash Provided by (Used in) Operating Activities | ($52,135) | ($14,033) |
Cash Flows from Investing Activities: | ||
Additions to Plant and Equipment | -44,157 | -29,471 |
Proceeds Received on Disposition of Plant and Equipment | 318 | 109 |
Cash Investment In Subsidiary | 0 | 0 |
Cash Paid for Acquisition, Net of Cash Acquired | -59,855 | 0 |
Net Borrowings (Repayments) On Loans Notes Payable And Long Term Debt | 0 | |
Payments for Other Investing Activities | -250 | 0 |
Net Cash Provided by (Used in) Investing Activities | -103,944 | -29,362 |
Cash flows from Financing Activities: | ||
Repayments of Short-term Debt | 0 | -300 |
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt | 60,100 | 0 |
Debt Issuance Costs | 0 | -949 |
Treasury Stock Purchases | -39,560 | -30,066 |
Stock Option Exercise Proceeds and Tax Benefits | 3,921 | 4,361 |
Payments of Ordinary Dividends, Common Stock | -11,374 | -11,387 |
Cash Investment In Subsidiary | 0 | |
Net Cash Provided by (Used in) Financing Activities | 13,087 | -38,341 |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -1,982 | 529 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -144,974 | -81,207 |
CASH AND CASH EQUIVALENTS, Beginning | 194,668 | 188,445 |
CASH AND CASH EQUIVALENTS, Ending | 49,694 | 107,238 |
Parent Company [Member] | ||
Net Cash Provided by (Used in) Operating Activities | -44,164 | -48,051 |
Cash Flows from Investing Activities: | ||
Additions to Plant and Equipment | -34,008 | -26,474 |
Proceeds Received on Disposition of Plant and Equipment | 90 | 57 |
Cash Investment In Subsidiary | -6,880 | 8,107 |
Cash Paid for Acquisition, Net of Cash Acquired | -59,855 | |
Net Borrowings (Repayments) On Loans Notes Payable And Long Term Debt | -1,000 | |
Payments for Other Investing Activities | -250 | |
Net Cash Provided by (Used in) Investing Activities | -101,903 | -18,310 |
Cash flows from Financing Activities: | ||
Repayments of Short-term Debt | 0 | |
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt | 60,100 | -668 |
Debt Issuance Costs | -949 | |
Treasury Stock Purchases | -39,560 | -30,066 |
Stock Option Exercise Proceeds and Tax Benefits | 3,921 | 4,361 |
Payments of Ordinary Dividends, Common Stock | -11,374 | -11,387 |
Cash Investment In Subsidiary | 0 | |
Net Cash Provided by (Used in) Financing Activities | 13,087 | -38,709 |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -132,980 | -105,070 |
CASH AND CASH EQUIVALENTS, Beginning | 138,926 | 162,628 |
CASH AND CASH EQUIVALENTS, Ending | 5,946 | 57,558 |
Guarantor Subsidiaries [Member] | ||
Net Cash Provided by (Used in) Operating Activities | -9,889 | 1,925 |
Cash Flows from Investing Activities: | ||
Additions to Plant and Equipment | -4,680 | -1,932 |
Proceeds Received on Disposition of Plant and Equipment | 156 | 33 |
Cash Investment In Subsidiary | 0 | 0 |
Cash Paid for Acquisition, Net of Cash Acquired | 0 | |
Net Borrowings (Repayments) On Loans Notes Payable And Long Term Debt | 0 | |
Payments for Other Investing Activities | 0 | |
Net Cash Provided by (Used in) Investing Activities | -4,524 | -1,899 |
Cash flows from Financing Activities: | ||
Repayments of Short-term Debt | 0 | |
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt | 12,188 | 668 |
Debt Issuance Costs | 0 | |
Treasury Stock Purchases | 0 | 0 |
Stock Option Exercise Proceeds and Tax Benefits | 0 | 0 |
Payments of Ordinary Dividends, Common Stock | 0 | 0 |
Cash Investment In Subsidiary | 0 | |
Net Cash Provided by (Used in) Financing Activities | 12,188 | 668 |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -2,225 | 694 |
CASH AND CASH EQUIVALENTS, Beginning | 2,680 | 1,275 |
CASH AND CASH EQUIVALENTS, Ending | 455 | 1,969 |
Non-Guarantor Subsidiaries [Member] | ||
Net Cash Provided by (Used in) Operating Activities | 3,398 | 32,093 |
Cash Flows from Investing Activities: | ||
Additions to Plant and Equipment | -5,469 | -1,065 |
Proceeds Received on Disposition of Plant and Equipment | 72 | 19 |
Cash Investment In Subsidiary | 0 | -8,107 |
Cash Paid for Acquisition, Net of Cash Acquired | 0 | |
Net Borrowings (Repayments) On Loans Notes Payable And Long Term Debt | 0 | |
Payments for Other Investing Activities | 0 | |
Net Cash Provided by (Used in) Investing Activities | -5,397 | -9,153 |
Cash flows from Financing Activities: | ||
Repayments of Short-term Debt | -300 | |
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt | -11,188 | 0 |
Debt Issuance Costs | 0 | |
Treasury Stock Purchases | 0 | 0 |
Stock Option Exercise Proceeds and Tax Benefits | 0 | 0 |
Payments of Ordinary Dividends, Common Stock | 0 | 0 |
Cash Investment In Subsidiary | 5,400 | |
Net Cash Provided by (Used in) Financing Activities | -5,788 | -300 |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -1,982 | 529 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -9,769 | 23,169 |
CASH AND CASH EQUIVALENTS, Beginning | 53,062 | 24,542 |
CASH AND CASH EQUIVALENTS, Ending | 43,293 | 47,711 |
Consolidation, Eliminations [Member] | ||
Net Cash Provided by (Used in) Operating Activities | -1,480 | 0 |
Cash Flows from Investing Activities: | ||
Additions to Plant and Equipment | 0 | 0 |
Proceeds Received on Disposition of Plant and Equipment | 0 | 0 |
Cash Investment In Subsidiary | 6,880 | 0 |
Cash Paid for Acquisition, Net of Cash Acquired | 0 | |
Net Borrowings (Repayments) On Loans Notes Payable And Long Term Debt | 1,000 | |
Payments for Other Investing Activities | 0 | |
Net Cash Provided by (Used in) Investing Activities | 7,880 | 0 |
Cash flows from Financing Activities: | ||
Repayments of Short-term Debt | 0 | |
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt | -1,000 | 0 |
Debt Issuance Costs | 0 | |
Treasury Stock Purchases | 0 | 0 |
Stock Option Exercise Proceeds and Tax Benefits | 0 | 0 |
Payments of Ordinary Dividends, Common Stock | 0 | 0 |
Cash Investment In Subsidiary | -5,400 | |
Net Cash Provided by (Used in) Financing Activities | -6,400 | 0 |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS, Beginning | 0 | 0 |
CASH AND CASH EQUIVALENTS, Ending | $0 | $0 |