Separate Financial Information Of Subsidiary Guarantor Of Indebtedness (Tables)

6 Months Ended

Dec. 30, 2012

Separate Financial Information Of Subsidiary Guarantors Of Indebtedness

Schedule Of Outstanding Amounts Related To Guaranteed Debt

The Company had the following outstanding amounts related to the guaranteed debt (in thousands):



	December 30, 2012 Carrying Amount		Maximum Guarantee
Senior Notes	$	225,000	$	225,000
Multicurrency Credit Agreement	$	18,900	$	500,000

Schedule of Condensed Supplemental Consolidating Balance Sheets

BALANCE SHEET

As of December 30, 2012

(Unaudited)



	Briggs & Stratton Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
CURRENT ASSETS:
Cash and Cash Equivalents	$	1,887	$	925	$	15,430	$	—		$	18,242
Accounts Receivable, Net	140,029		76,242		42,288		—			258,559
Intercompany Accounts Receivable	34,327		8,598		49,906		(92,831		)	—
Inventories, Net	280,251		181,575		74,864		—			536,690
Deferred Tax Asset	26,424		17,140		1,249		—			44,813
Assets Held for Sale	—		—		5,539		—			5,539
Prepaid Expenses and Other	26,906		7,049		5,031		—			38,986
Total Current Assets	$	509,824	$	291,529	$	194,307	$	(92,831	)	$	902,829
OTHER ASSETS:
Goodwill	$	128,300	$	64,544	$	25,791	$	—		$	218,635
Investments	20,303		—		—		—			20,303
Investments in Subsidiaries	570,886		—		—		(570,886		)	—
Intercompany Note Receivable	73,480		103,614		22,881		(199,975		)	—
Debt Issuance Costs	5,208		—		—		—			5,208
Other Intangible Assets, Net	—		82,312		27,985		—			110,297
Long-Term Deferred Tax Asset	101,908		—		27		(44,072		)	57,863
Other Long-Term Assets, Net	5,194		2,507		1,272		—			8,973
Total Other Assets	$	905,279	$	252,977	$	77,956	$	(814,933	)	$	421,279
PLANT AND EQUIPMENT, NET	220,531		48,053		18,756		—			287,340
TOTAL ASSETS	$	1,635,634	$	592,559	$	291,019	$	(907,764	)	$	1,611,448

CURRENT LIABILITIES:
Accounts Payable	$	117,713	$	45,902	$	19,663	$	—		$	183,278
Intercompany Accounts Payable	45,377		28,712		18,742		(92,831		)	—
Short-Term Debt	—		—		3,000		—			3,000
Accrued Liabilities	113,741		19,972		17,690		—			151,403
Total Current Liabilities	$	276,831	$	94,586	$	59,095	$	(92,831	)	$	337,681
OTHER LIABILITIES:
Accrued Pension Cost	$	249,980	$	493	$	50	$	—		$	250,523
Accrued Employee Benefits	23,607		—		—		—			23,607
Accrued Postretirement Health Care Obligation	70,941		16,537		—		—			87,478
Intercompany Note Payable	115,464		—		84,511		(199,975		)	—
Deferred Tax Liabilities	—		44,072		—		(44,072		)	—
Other Long-Term Liabilities	22,572		11,881		1,467		—			35,920
Long-Term Debt	243,900		—		—		—			243,900
Total Other Liabilities	$	726,464	$	72,983	$	86,028	$	(244,047	)	$	641,428
TOTAL SHAREHOLDERS’ INVESTMENT:	632,339		424,990		145,896		(570,886		)	632,339
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT	$	1,635,634	$	592,559	$	291,019	$	(907,764	)	$	1,611,448

CONSOLIDATING BALANCE SHEET

As of July 1, 2012



	Briggs & Stratton Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
CURRENT ASSETS:
Cash and Cash Equivalents	$	133,108	$	5,375	$	17,592	$	—		$	156,075
Accounts Receivable, Net	102,997		97,009		23,990		—			223,996
Intercompany Accounts Receivable	45,407		7,593		69,096		(122,096		)	—
Inventories, Net	149,863		224,642		59,179		—			433,684
Deferred Tax Asset	25,630		17,699		1,198		—			44,527
Assets Held for Sale	—		4,000		6,404		—			10,404
Prepaid Expenses and Other	28,660		11,412		2,742		—			42,814
Total Current Assets	$	485,665	$	367,730	$	180,201	$	(122,096	)	$	911,500
OTHER ASSETS:
Goodwill	$	128,300	$	64,544	$	11,920	$	—		$	204,764
Investments	22,163		—		—		—			22,163
Investments in Subsidiaries	556,958		—		—		(556,958		)	—
Intercompany Note Receivable	22,650		36,987		11,137		(70,774		)	—
Debt Issuance Costs	5,717		—		—		—			5,717
Other Intangible Assets, Net	—		83,242		3,825		—			87,067
Long-Term Deferred Tax Asset	108,003		—		2		(41,054		)	66,951
Other Long-Term Assets, Net	4,813		2,733		1,274		—			8,820
Total Other Assets	$	848,604	$	187,506	$	28,158	$	(668,786	)	$	395,482
PLANT AND EQUIPMENT, NET	230,253		53,105		17,891		—			301,249
TOTAL ASSETS	$	1,564,522	$	608,341	$	226,250	$	(790,882	)	$	1,608,231

CURRENT LIABILITIES:
Accounts Payable	$	85,839	$	44,829	$	20,485	$	—		$	151,153
Intercompany Accounts Payable	56,674		26,661		38,761		(122,096		)	—
Short-Term Debt	—		—		3,000		—			3,000
Accrued Liabilities	108,079		28,706		14,971		—			151,756
Total Current Liabilities	$	250,592	$	100,196	$	77,217	$	(122,096	)	$	305,909
OTHER LIABILITIES:
Accrued Pension Cost	$	295,862	$	464	$	68	$	—		$	296,394
Accrued Employee Benefits	25,035		—		—		—			25,035
Accrued Postretirement Health Care Obligation	73,575		16,267		—		—			89,842
Intercompany Note Payable	41,147		—		29,627		(70,774		)	—
Deferred Tax Liabilities	—		41,054		—		(41,054		)	—
Other Long-Term Liabilities	21,341		11,485		1,255		—			34,081
Long-Term Debt	225,000		—		—		—			225,000
Total Other Liabilities	$	681,960	$	69,270	$	30,950	$	(111,828	)	$	670,352
TOTAL SHAREHOLDERS’ INVESTMENT:	631,970		438,875		118,083		(556,958		)	631,970
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT	$	1,564,522	$	608,341	$	226,250	$	(790,882	)	$	1,608,231

Schedule of Condensed Supplemental Consolidating Statements Of Operations

STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months Ended December 30, 2012

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	262,148		$	171,411		$	62,350		$	(56,843	)	$	439,066
Cost of Goods Sold	210,185			157,308			48,303			(56,843		)	358,953
Restructuring Charges	642			2,355			203			—			3,200
Gross Profit	51,321			11,748			13,844			—			76,913
Engineering, Selling, General and Administrative Expenses	42,316			16,554			10,330			—			69,200
Restructuring Charges	3,435			—			—			—			3,435
Equity in Income from Subsidiaries	(664		)	—			—			664			—
Income (Loss) from Operations	6,234			(4,806		)	3,514			(664		)	4,278
Interest Expense	(4,555		)	—			(44		)	—			(4,599		)
Other Income, Net	1,174			62			214			—			1,450
Income (Loss) before Income Taxes	2,853			(4,744		)	3,684			(664		)	1,129
Provision (Credit) for Income Taxes	3,488			(1,707		)	(17		)	—			1,764
Net Income (Loss)	$	(635	)	$	(3,037	)	$	3,701		$	(664	)	$	(635	)
Comprehensive Income (Loss)	$	20,433		$	(2,982	)	$	4,376		$	(1,394	)	$	20,433

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months Ended January 1, 2012

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	270,624		$	180,007		$	83,529		$	(86,213	)	$	447,947
Cost of Goods Sold	231,128			162,276			66,876			(86,213		)	374,067
Gross Profit	39,496			17,731			16,653			—			73,880
Engineering, Selling, General and Administrative Expenses	44,427			18,730			10,135			—			73,292
Equity in Income from Subsidiaries	(5,827		)	—			—			5,827			—
Income (Loss) from Operations	896			(999		)	6,518			(5,827		)	588
Interest Expense	(4,738		)	(9		)	(49		)	—			(4,796		)
Other Income, Net	931			74			383			—			1,388
Income (Loss) before Income Taxes	(2,911		)	(934		)	6,852			(5,827		)	(2,820		)
Provision (Credit) for Income Taxes	(5,608		)	(2,060		)	2,151			—			(5,517		)
Net Income (Loss)	$	2,697		$	1,126		$	4,701		$	(5,827	)	$	2,697
Comprehensive Income (Loss)	$	4,414		$	667		$	5,101		$	(5,768	)	$	4,414

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Six Months Ended December 30, 2012

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	413,711		$	316,528		$	134,316		$	(116,469	)	$	748,086
Cost of Goods Sold	342,145			287,019			106,283			(116,469		)	618,978
Restructuring Charges	1,720			6,390			215			—			8,325
Gross Profit	69,846			23,119			27,818			—			120,783
Engineering, Selling, General and Administrative Expenses	80,758			34,624			19,506			—			134,888
Restructuring Charges	3,435			—			—			—			3,435
Equity in Income from Subsidiaries	(322		)	—			—			322			—
Income (Loss) from Operations	(14,025		)	(11,505		)	8,312			(322		)	(17,540		)
Interest Expense	(8,998		)	(3		)	(84		)	—			(9,085		)
Other Income, Net	2,215			154			485			—			2,854
Income (Loss) before Income Taxes	(20,808		)	(11,354		)	8,713			(322		)	(23,771		)
Provision (Credit) for Income Taxes	(3,646		)	(4,156		)	1,193			—			(6,609		)
Net Income (Loss)	$	(17,162	)	$	(7,198	)	$	7,520		$	(322	)	$	(17,162	)
Comprehensive Income (Loss)	$	15,861		$	(7,700	)	$	11,519		$	(3,819	)	$	15,861

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Six Months Ended January 1, 2012

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	464,705		$	390,573		$	155,010		$	(165,044	)	$	845,244
Cost of Goods Sold	392,010			350,286			128,058			(165,044		)	705,310
Gross Profit	72,695			40,287			26,952			—			139,934
Engineering, Selling, General and Administrative Expenses	81,540			36,882			22,547			—			140,969
Equity in Income from Subsidiaries	(3,640		)	—			—			3,640			—
Income (Loss) from Operations	(5,205		)	3,405			4,405			(3,640		)	(1,035		)
Interest Expense	(9,042		)	(21		)	(71		)	—			(9,134		)
Other Income, Net	2,410			165			608			—			3,183
Income (Loss) before Income Taxes	(11,837		)	3,549			4,942			(3,640		)	(6,986		)
Provision (Credit) for Income Taxes	(9,314		)	1,541			3,310			—			(4,463		)
Net Income (Loss)	$	(2,523	)	$	2,008		$	1,632		$	(3,640	)	$	(2,523	)
Comprehensive Income (Loss)	$	(6,754	)	$	1,486		$	(3,924	)	$	2,438		$	(6,754	)

Schedule of Condensed Supplemental Consolidating Statements Of Cash Flows

STATEMENT OF CASH FLOWS

For the Six Months Ended December 30, 2012

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net Cash Provided by (Used in) Operating Activities	$	(172,869	)	$	60,368		$	37,089		$	—	$	(75,412	)
Cash Flows from Investing Activities:
Additions to Plant and Equipment	(12,121		)	(3,464		)	(1,159		)	—		(16,744		)
Proceeds Received from Disposition of Plant and Equipment	19			5,265			983			—		6,267
Cash Investment in Subsidiary	(18,063		)	—			18,063			—		—
Payments for Acquisitions, Net of Cash Acquired	—			—			(57,807		)	—		(57,807		)
Net Cash Provided by (Used in) Investing Activities	(30,165		)	1,801			(39,920		)	—		(68,284		)
Cash Flows from Financing Activities:
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt	85,519			(66,619		)	—			—		18,900
Treasury Stock Purchases	(19,235		)	—			—			—		(19,235		)
Stock Option Exercise Proceeds and Tax Benefits	11,336			—			—			—		11,336
Cash Dividends Paid	(5,807		)	—			—			—		(5,807		)
Net Cash Provided by (Used in) Financing Activities	71,813			(66,619		)	—			—		5,194
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents	—			—			669			—		669
Net Increase (Decrease) in Cash and Cash Equivalents	(131,221		)	(4,450		)	(2,162		)	—		(137,833		)
Cash and Cash Equivalents, Beginning	133,108			5,375			17,592			—		156,075
Cash and Cash Equivalents, Ending	$	1,887		$	925		$	15,430		$	—	$	18,242

CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended January 1, 2012

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net Cash Used in Operating Activities	$	(116,857	)	$	(22,069	)	$	(26,074	)	$	—	$	(165,000	)
Cash Flows from Investing Activities:
Additions to Plant and Equipment	(16,386		)	(2,145		)	(1,173		)	—		(19,704		)
Proceeds Received from Disposition of Plant and Equipment	41			50			4			—		95
Cash Investment in Subsidiary	2,141			—			(2,141		)	—		—
Payments for Acquisitions, Net of Cash Acquired	—			—			(2,673		)	—		(2,673		)
Net Cash Used in Investing Activities	(14,204		)	(2,095		)	(5,983		)	—		(22,282		)
Cash Flows from Financing Activities:
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt	(8,563		)	23,563			—			—		15,000
Debt Issuance Costs	(2,007		)	—			—			—		(2,007		)
Treasury Stock Purchases	(11,384		)	—			—			—		(11,384		)
Cash Dividends Paid	(5,565		)	—			—			—		(5,565		)
Net Cash Provided by (Used in) Financing Activities	(27,519		)	23,563			—			—		(3,956		)
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents	—			—			(4,469		)	—		(4,469		)
Net Increase (Decrease) in Cash and Cash Equivalents	(158,580		)	(601		)	(36,526		)	—		(195,707		)
Cash and Cash Equivalents, Beginning	158,672			1,372			49,595			—		209,639
Cash and Cash Equivalents, Ending	$	92		$	771		$	13,069		$	—	$	13,932