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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Briggs and Stratton Corp | NYSE:BGG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.7768 | 0 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Wisconsin
|
|
39-0182330
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
Class
|
|
Outstanding at January 30, 2018
|
COMMON STOCK, par value $0.01 per share
|
|
42,911,786 Shares
|
|
|
Page No.
|
|
|
|
PART I – FINANCIAL INFORMATION
|
|
|
|
|
|
Item 1.
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
PART II – OTHER INFORMATION
|
|
|
|
|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 6.
|
||
|
|
|
|
|
|
|
|
|
|
||||
|
|
December 31,
2017 |
|
July 2,
2017 |
||||
CURRENT ASSETS:
|
|
|
|
|
||||
Cash and Cash Equivalents
|
|
$
|
66,366
|
|
|
$
|
61,707
|
|
Accounts Receivable, Net
|
|
201,253
|
|
|
230,011
|
|
||
Inventories -
|
|
|
|
|
||||
Finished Products
|
|
372,236
|
|
|
265,720
|
|
||
Work in Process
|
|
122,371
|
|
|
102,187
|
|
||
Raw Materials
|
|
6,924
|
|
|
6,972
|
|
||
Total Inventories
|
|
501,531
|
|
|
374,879
|
|
||
Prepaid Expenses and Other Current Assets
|
|
37,901
|
|
|
22,844
|
|
||
Total Current Assets
|
|
807,051
|
|
|
689,441
|
|
||
OTHER ASSETS:
|
|
|
|
|
||||
Goodwill
|
|
164,312
|
|
|
161,649
|
|
||
Investments
|
|
47,626
|
|
|
51,677
|
|
||
Other Intangible Assets, Net
|
|
98,895
|
|
|
100,595
|
|
||
Long-Term Deferred Income Tax Asset
|
|
43,882
|
|
|
64,412
|
|
||
Other Long-Term Assets, Net
|
|
19,870
|
|
|
18,325
|
|
||
Total Other Assets
|
|
374,585
|
|
|
396,658
|
|
||
PLANT AND EQUIPMENT:
|
|
|
|
|
||||
Cost
|
|
1,140,232
|
|
|
1,104,583
|
|
||
Less - Accumulated Depreciation
|
|
754,654
|
|
|
739,703
|
|
||
Total Plant and Equipment, Net
|
|
385,578
|
|
|
364,880
|
|
||
TOTAL ASSETS
|
|
$
|
1,567,214
|
|
|
$
|
1,450,979
|
|
|
|
|
|
|
||||
|
|
December 31,
2017 |
|
July 2,
2017 |
||||
CURRENT LIABILITIES:
|
|
|
|
|
||||
Accounts Payable
|
|
$
|
208,307
|
|
|
$
|
193,677
|
|
Short-Term Debt
|
|
128,647
|
|
|
—
|
|
||
Accrued Liabilities
|
|
142,785
|
|
|
136,701
|
|
||
Total Current Liabilities
|
|
479,739
|
|
|
330,378
|
|
||
OTHER LIABILITIES:
|
|
|
|
|
||||
Accrued Pension Cost
|
|
232,769
|
|
|
242,908
|
|
||
Accrued Employee Benefits
|
|
21,664
|
|
|
21,897
|
|
||
Accrued Postretirement Health Care Obligation
|
|
31,361
|
|
|
35,132
|
|
||
Accrued Warranty
|
|
14,372
|
|
|
14,468
|
|
||
Other Long-Term Liabilities
|
|
37,092
|
|
|
25,069
|
|
||
Long-Term Debt
|
|
222,008
|
|
|
221,793
|
|
||
Total Other Liabilities
|
|
559,266
|
|
|
561,267
|
|
||
SHAREHOLDERS’ INVESTMENT:
|
|
|
|
|
||||
Common Stock - Authorized 120,000 shares, $.01 par value, issued 57,854 shares
|
|
579
|
|
|
579
|
|
||
Additional Paid-In Capital
|
|
73,635
|
|
|
73,562
|
|
||
Retained Earnings
|
|
1,063,501
|
|
|
1,107,033
|
|
||
Accumulated Other Comprehensive Loss
|
|
(290,254
|
)
|
|
(300,026
|
)
|
||
Treasury Stock at cost, 14,942 and 15,047 shares, respectively
|
|
(319,252
|
)
|
|
(321,814
|
)
|
||
Total Shareholders’ Investment
|
|
528,209
|
|
|
559,334
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT
|
|
$
|
1,567,214
|
|
|
$
|
1,450,979
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
December 31,
2017 |
|
January 1,
2017 |
|
December 31,
2017 |
|
January 1,
2017 |
||||||||
NET SALES
|
|
$
|
446,436
|
|
|
$
|
428,236
|
|
|
$
|
775,531
|
|
|
$
|
715,034
|
|
COST OF GOODS SOLD
|
|
353,570
|
|
|
332,830
|
|
|
616,400
|
|
|
567,106
|
|
||||
Gross Profit
|
|
92,866
|
|
|
95,406
|
|
|
159,131
|
|
|
147,928
|
|
||||
ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
|
77,891
|
|
|
73,032
|
|
|
164,605
|
|
|
145,095
|
|
||||
EQUITY IN EARNINGS OF UNCONSOLIDATED AFFILIATES
|
|
2,113
|
|
|
3,011
|
|
|
5,726
|
|
|
6,239
|
|
||||
Income from Operations
|
|
17,088
|
|
|
25,385
|
|
|
252
|
|
|
9,072
|
|
||||
INTEREST EXPENSE
|
|
(5,593
|
)
|
|
(5,133
|
)
|
|
(10,550
|
)
|
|
(9,638
|
)
|
||||
OTHER INCOME, Net
|
|
685
|
|
|
381
|
|
|
1,403
|
|
|
836
|
|
||||
Income (Loss) Before Income Taxes
|
|
12,180
|
|
|
20,633
|
|
|
(8,895
|
)
|
|
270
|
|
||||
PROVISION (CREDIT) FOR INCOME TAXES
|
|
28,524
|
|
|
5,382
|
|
|
22,488
|
|
|
(833
|
)
|
||||
NET INCOME (LOSS)
|
|
$
|
(16,344
|
)
|
|
$
|
15,251
|
|
|
$
|
(31,383
|
)
|
|
$
|
1,103
|
|
|
|
|
|
|
|
|
|
|
||||||||
EARNINGS (LOSS) PER SHARE
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
(0.39
|
)
|
|
$
|
0.35
|
|
|
$
|
(0.75
|
)
|
|
$
|
0.02
|
|
Diluted
|
|
(0.39
|
)
|
|
0.35
|
|
|
(0.75
|
)
|
|
0.02
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
42,154
|
|
|
42,081
|
|
|
42,130
|
|
|
42,287
|
|
||||
Diluted
|
|
42,154
|
|
|
42,142
|
|
|
42,130
|
|
|
42,337
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
DIVIDENDS PER SHARE
|
|
$
|
0.14
|
|
|
$
|
0.14
|
|
|
$
|
0.28
|
|
|
$
|
0.28
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
December 31,
2017 |
|
January 1,
2017 |
|
December 31,
2017 |
|
January 1,
2017 |
||||||||
Net Income (Loss)
|
|
$
|
(16,344
|
)
|
|
$
|
15,251
|
|
|
$
|
(31,383
|
)
|
|
$
|
1,103
|
|
Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
||||||||
Cumulative Translation Adjustments
|
|
(681
|
)
|
|
(8,051
|
)
|
|
3,247
|
|
|
(6,450
|
)
|
||||
Unrealized Gain on Derivative Instruments, Net of Tax
|
|
1,579
|
|
|
2,815
|
|
|
1,047
|
|
|
2,768
|
|
||||
Unrecognized Pension & Postretirement Obligation, Net of Tax
|
|
2,758
|
|
|
2,620
|
|
|
5,478
|
|
|
5,180
|
|
||||
Other Comprehensive Income (Loss)
|
|
3,656
|
|
|
(2,616
|
)
|
|
9,772
|
|
|
1,498
|
|
||||
Total Comprehensive Income (Loss)
|
|
$
|
(12,688
|
)
|
|
$
|
12,635
|
|
|
$
|
(21,611
|
)
|
|
$
|
2,601
|
|
|
|
Six Months Ended
|
||||||
|
|
December 31,
2017 |
|
January 1,
2017 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
||||
Net Income (Loss)
|
|
$
|
(31,383
|
)
|
|
$
|
1,103
|
|
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities:
|
|
|
|
|
||||
Depreciation and Amortization
|
|
28,524
|
|
|
28,156
|
|
||
Stock Compensation Expense
|
|
3,869
|
|
|
2,826
|
|
||
Loss on Disposition of Plant and Equipment
|
|
1,553
|
|
|
331
|
|
||
Provision for Deferred Income Taxes
|
|
18,427
|
|
|
4,315
|
|
||
Equity in Earnings of Unconsolidated Affiliates
|
|
(6,948
|
)
|
|
(6,239
|
)
|
||
Dividends Received from Unconsolidated Affiliates
|
|
9,810
|
|
|
8,186
|
|
||
Change in Operating Assets and Liabilities:
|
|
|
|
|
||||
Accounts Receivable
|
|
29,900
|
|
|
(36,077
|
)
|
||
Inventories
|
|
(126,075
|
)
|
|
(99,787
|
)
|
||
Other Current Assets
|
|
(3,402
|
)
|
|
1,203
|
|
||
Accounts Payable, Accrued Liabilities and Income Taxes
|
|
16,808
|
|
|
(23,350
|
)
|
||
Other, Net
|
|
(5,944
|
)
|
|
(7,240
|
)
|
||
Net Cash Used in Operating Activities
|
|
(64,861
|
)
|
|
(126,573
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
||||
Capital Expenditures
|
|
(45,597
|
)
|
|
(31,163
|
)
|
||
Proceeds Received on Disposition of Plant and Equipment
|
|
686
|
|
|
1,009
|
|
||
Cash Paid for Acquisition, Net of Cash Acquired
|
|
(1,800
|
)
|
|
—
|
|
||
Proceeds on Sale of Investment in Marketable Securities
|
|
—
|
|
|
3,343
|
|
||
Increase to Restricted Cash
|
|
(12,704
|
)
|
|
—
|
|
||
Net Cash Used in Investing Activities
|
|
(59,415
|
)
|
|
(26,811
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
||||
Net Borrowings on Revolver
|
|
128,648
|
|
|
132,100
|
|
||
Long Term Note Payable
|
|
7,685
|
|
|
—
|
|
||
Debt Issuance Costs
|
|
(1,154
|
)
|
|
—
|
|
||
Treasury Stock Purchases
|
|
(3,128
|
)
|
|
(15,153
|
)
|
||
Payment of Acquisition Contingent Liability
|
|
—
|
|
|
(813
|
)
|
||
Stock Option Exercise Proceeds and Tax Benefits
|
|
2,939
|
|
|
4,243
|
|
||
Cash Dividends Paid
|
|
(5,998
|
)
|
|
(6,039
|
)
|
||
Payments Related to Shares Withheld for Taxes for Stock Compensation
|
|
(1,147
|
)
|
|
(1,739
|
)
|
||
Net Cash Provided by Financing Activities
|
|
127,845
|
|
|
112,599
|
|
||
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
1,090
|
|
|
(1,727
|
)
|
||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
4,659
|
|
|
(42,512
|
)
|
||
CASH AND CASH EQUIVALENTS, Beginning
|
|
61,707
|
|
|
89,839
|
|
||
CASH AND CASH EQUIVALENTS, Ending
|
|
$
|
66,366
|
|
|
$
|
47,327
|
|
|
|
Three Months Ended December 31, 2017
|
||||||||||||||
|
|
Cumulative Translation Adjustments
|
|
Derivative Financial Instruments
|
|
Pension and Postretirement Benefit Plans
|
|
Total
|
||||||||
Beginning Balance
|
|
$
|
(20,816
|
)
|
|
$
|
(608
|
)
|
|
$
|
(272,486
|
)
|
|
$
|
(293,910
|
)
|
Other Comprehensive Income (Loss) Before Reclassification
|
|
(681
|
)
|
|
1,471
|
|
|
—
|
|
|
790
|
|
||||
Income Tax Benefit (Expense)
|
|
—
|
|
|
(551
|
)
|
|
—
|
|
|
(551
|
)
|
||||
Net Other Comprehensive Income (Loss) Before Reclassifications
|
|
(681
|
)
|
|
920
|
|
|
—
|
|
|
239
|
|
||||
Reclassifications:
|
|
|
|
|
|
|
|
|
|
|||||||
Realized (Gains) Losses - Foreign Currency Contracts (1)
|
|
—
|
|
|
1,047
|
|
|
—
|
|
|
1,047
|
|
||||
Realized (Gains) Losses - Commodity Contracts (1)
|
|
—
|
|
|
27
|
|
|
—
|
|
|
27
|
|
||||
Realized (Gains) Losses - Interest Rate Swaps (1)
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
|
(19
|
)
|
||||
Amortization of Prior Service Costs (Credits) (2)
|
|
—
|
|
|
—
|
|
|
(314
|
)
|
|
(314
|
)
|
||||
Amortization of Actuarial Losses (2)
|
|
—
|
|
|
—
|
|
|
4,727
|
|
|
4,727
|
|
||||
Total Reclassifications Before Tax
|
|
—
|
|
|
1,055
|
|
|
4,413
|
|
|
5,468
|
|
||||
Income Tax Expense (Benefit)
|
|
—
|
|
|
(396
|
)
|
|
(1,655
|
)
|
|
(2,051
|
)
|
||||
Net Reclassifications
|
|
—
|
|
|
659
|
|
|
2,758
|
|
|
3,417
|
|
||||
Other Comprehensive Income (Loss)
|
|
(681
|
)
|
|
1,579
|
|
|
2,758
|
|
|
3,656
|
|
||||
Ending Balance
|
|
$
|
(21,497
|
)
|
|
$
|
971
|
|
|
$
|
(269,728
|
)
|
|
$
|
(290,254
|
)
|
|
|
Three Months Ended January 1, 2017
|
||||||||||||||
|
|
Cumulative Translation Adjustments
|
|
Derivative Financial Instruments
|
|
Pension and Postretirement Benefit Plans
|
|
Total
|
||||||||
Beginning Balance
|
|
$
|
(22,262
|
)
|
|
$
|
(1,599
|
)
|
|
$
|
(310,475
|
)
|
|
$
|
(334,336
|
)
|
Other Comprehensive Income (Loss) Before Reclassification
|
|
(8,051
|
)
|
|
4,149
|
|
|
—
|
|
|
(3,902
|
)
|
||||
Income Tax Benefit (Expense)
|
|
—
|
|
|
(1,556
|
)
|
|
—
|
|
|
(1,556
|
)
|
||||
Net Other Comprehensive Income (Loss) Before Reclassifications
|
|
(8,051
|
)
|
|
2,593
|
|
|
—
|
|
|
(5,458
|
)
|
||||
Reclassifications:
|
|
|
|
|
|
|
|
|
|
|||||||
Realized (Gains) Losses - Foreign Currency Contracts (1)
|
|
—
|
|
|
18
|
|
|
—
|
|
|
18
|
|
||||
Realized (Gains) Losses - Commodity Contracts (1)
|
|
—
|
|
|
120
|
|
|
—
|
|
|
120
|
|
||||
Realized (Gains) Losses - Interest Rate Swaps (1)
|
|
—
|
|
|
217
|
|
|
—
|
|
|
217
|
|
||||
Amortization of Prior Service Costs (Credits) (2)
|
|
—
|
|
|
—
|
|
|
(618
|
)
|
|
(618
|
)
|
||||
Amortization of Actuarial Losses (2)
|
|
—
|
|
|
—
|
|
|
4,813
|
|
|
4,813
|
|
||||
Total Reclassifications Before Tax
|
|
—
|
|
|
355
|
|
|
4,195
|
|
|
4,550
|
|
||||
Income Tax Expense (Benefit)
|
|
—
|
|
|
(133
|
)
|
|
(1,575
|
)
|
|
(1,708
|
)
|
||||
Net Reclassifications
|
|
—
|
|
|
222
|
|
|
2,620
|
|
|
2,842
|
|
||||
Other Comprehensive Income (Loss)
|
|
(8,051
|
)
|
|
2,815
|
|
|
2,620
|
|
|
(2,616
|
)
|
||||
Ending Balance
|
|
$
|
(30,313
|
)
|
|
$
|
1,216
|
|
|
$
|
(307,855
|
)
|
|
$
|
(336,952
|
)
|
|
|
Six Months Ended December 31, 2017
|
||||||||||||||
|
|
Cumulative Translation Adjustments
|
|
Derivative Financial Instruments
|
|
Pension and Postretirement Benefit Plans
|
|
Total
|
||||||||
Beginning Balance
|
|
$
|
(24,744
|
)
|
|
$
|
(76
|
)
|
|
$
|
(275,206
|
)
|
|
$
|
(300,026
|
)
|
Other Comprehensive Income (Loss) Before Reclassification
|
|
3,247
|
|
|
(755
|
)
|
|
—
|
|
|
2,492
|
|
||||
Income Tax Benefit (Expense)
|
|
—
|
|
|
283
|
|
|
—
|
|
|
283
|
|
||||
Net Other Comprehensive Income (Loss) Before Reclassifications
|
|
3,247
|
|
|
(472
|
)
|
|
—
|
|
|
2,775
|
|
||||
Reclassifications:
|
|
|
|
|
|
|
|
|
|
|||||||
Realized (Gains) Losses - Foreign Currency Contracts (1)
|
|
—
|
|
|
2,416
|
|
|
—
|
|
|
2,416
|
|
||||
Realized (Gains) Losses - Commodity Contracts (1)
|
|
—
|
|
|
32
|
|
|
—
|
|
|
32
|
|
||||
Realized (Gains) Losses - Interest Rate Swaps (1)
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
|
(17
|
)
|
||||
Amortization of Prior Service Costs (Credits) (2)
|
|
—
|
|
|
—
|
|
|
(627
|
)
|
|
(627
|
)
|
||||
Amortization of Actuarial Losses (2)
|
|
—
|
|
|
—
|
|
|
9,392
|
|
|
9,392
|
|
||||
Total Reclassifications Before Tax
|
|
—
|
|
|
2,431
|
|
|
8,765
|
|
|
11,196
|
|
||||
Income Tax Expense (Benefit)
|
|
—
|
|
|
(912
|
)
|
|
(3,287
|
)
|
|
(4,199
|
)
|
||||
Net Reclassifications
|
|
—
|
|
|
1,519
|
|
|
5,478
|
|
|
6,997
|
|
||||
Other Comprehensive Income (Loss)
|
|
3,247
|
|
|
1,047
|
|
|
5,478
|
|
|
9,772
|
|
||||
Ending Balance
|
|
$
|
(21,497
|
)
|
|
$
|
971
|
|
|
$
|
(269,728
|
)
|
|
$
|
(290,254
|
)
|
|
|
Six Months Ended January 1, 2017
|
||||||||||||||
|
|
Cumulative Translation Adjustments
|
|
Derivative Financial Instruments
|
|
Pension and Postretirement Benefit Plans
|
|
Total
|
||||||||
Beginning Balance
|
|
$
|
(23,863
|
)
|
|
$
|
(1,552
|
)
|
|
$
|
(313,035
|
)
|
|
$
|
(338,450
|
)
|
Other Comprehensive Income (Loss) Before Reclassification
|
|
(6,450
|
)
|
|
3,832
|
|
|
—
|
|
|
(2,618
|
)
|
||||
Income Tax Benefit (Expense)
|
|
—
|
|
|
(1,436
|
)
|
|
—
|
|
|
(1,436
|
)
|
||||
Net Other Comprehensive Income (Loss) Before Reclassifications
|
|
(6,450
|
)
|
|
2,396
|
|
|
—
|
|
|
(4,054
|
)
|
||||
Reclassifications:
|
|
|
|
|
|
|
|
|
|
|||||||
Realized (Gains) Losses - Foreign Currency Contracts (1)
|
|
—
|
|
|
(53
|
)
|
|
—
|
|
|
(53
|
)
|
||||
Realized (Gains) Losses - Commodity Contracts (1)
|
|
—
|
|
|
200
|
|
|
—
|
|
|
200
|
|
||||
Realized (Gains) Losses - Interest Rate Swaps (1)
|
|
—
|
|
|
449
|
|
|
—
|
|
|
449
|
|
||||
Amortization of Prior Service Costs (Credits) (2)
|
|
—
|
|
|
—
|
|
|
(1,237
|
)
|
|
(1,237
|
)
|
||||
Amortization of Actuarial Losses (2)
|
|
—
|
|
|
—
|
|
|
9,527
|
|
|
9,527
|
|
||||
Total Reclassifications Before Tax
|
|
—
|
|
|
596
|
|
|
8,290
|
|
|
8,886
|
|
||||
Income Tax Expense (Benefit)
|
|
—
|
|
|
(224
|
)
|
|
(3,110
|
)
|
|
(3,334
|
)
|
||||
Net Reclassifications
|
|
—
|
|
|
372
|
|
|
5,180
|
|
|
5,552
|
|
||||
Other Comprehensive Income (Loss)
|
|
(6,450
|
)
|
|
2,768
|
|
|
5,180
|
|
|
1,498
|
|
||||
Ending Balance
|
|
$
|
(30,313
|
)
|
|
$
|
1,216
|
|
|
$
|
(307,855
|
)
|
|
$
|
(336,952
|
)
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
December 31,
2017 |
|
January 1,
2017 |
|
December 31,
2017 |
|
January 1,
2017 |
||||||||
Net Income (Loss)
|
|
$
|
(16,344
|
)
|
|
$
|
15,251
|
|
|
$
|
(31,383
|
)
|
|
$
|
1,103
|
|
Less: Allocation to Participating Securities
|
|
(150
|
)
|
|
(332
|
)
|
|
(301
|
)
|
|
(225
|
)
|
||||
Net Income (Loss) Available to Common Shareholders
|
|
$
|
(16,494
|
)
|
|
$
|
14,919
|
|
|
$
|
(31,684
|
)
|
|
$
|
878
|
|
Average Shares of Common Stock Outstanding
|
|
42,154
|
|
|
42,081
|
|
|
42,130
|
|
|
42,287
|
|
||||
Shares Used in Calculating Diluted Earnings (Loss) Per Share
|
|
42,154
|
|
|
42,142
|
|
|
42,130
|
|
|
42,337
|
|
||||
Basic Earnings (Loss) Per Share
|
|
$
|
(0.39
|
)
|
|
$
|
0.35
|
|
|
$
|
(0.75
|
)
|
|
$
|
0.02
|
|
Diluted Earnings (Loss) Per Share
|
|
$
|
(0.39
|
)
|
|
$
|
0.35
|
|
|
$
|
(0.75
|
)
|
|
$
|
0.02
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
December 31,
2017 |
|
January 1,
2017 |
|
December 31,
2017 |
|
January 1,
2017 |
||||||||
Options to Purchase Shares of Common Stock (in thousands)
|
|
—
|
|
|
408
|
|
|
—
|
|
|
408
|
|
||||
Weighted Average Exercise Price of Options Excluded
|
|
$
|
—
|
|
|
$
|
20.82
|
|
|
$
|
—
|
|
|
$
|
20.82
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
December 31,
2017 |
|
January 1,
2017 |
|
December 31,
2017 |
|
January 1,
2017 |
||||||||
Results of Operations:
|
|
|
|
|
|
|
|
|
||||||||
Sales
|
|
$
|
75,579
|
|
|
$
|
74,487
|
|
|
$
|
156,426
|
|
|
$
|
150,748
|
|
Cost of Goods Sold
|
|
57,699
|
|
|
55,097
|
|
|
119,681
|
|
|
113,408
|
|
||||
Gross Profit
|
|
$
|
17,880
|
|
|
$
|
19,390
|
|
|
$
|
36,745
|
|
|
$
|
37,340
|
|
Net Income
|
|
$
|
4,881
|
|
|
$
|
5,541
|
|
|
$
|
9,897
|
|
|
$
|
8,940
|
|
|
|
December 31,
2017 |
|
July 2,
2017 |
||||
Financial Position:
|
|
|
|
|
||||
Assets:
|
|
|
|
|
||||
Current Assets
|
|
$
|
127,524
|
|
|
$
|
157,117
|
|
Noncurrent Assets
|
|
50,004
|
|
|
54,748
|
|
||
|
|
177,528
|
|
|
211,865
|
|
||
Liabilities:
|
|
|
|
|
||||
Current Liabilities
|
|
$
|
39,469
|
|
|
$
|
61,346
|
|
Noncurrent Liabilities
|
|
22,714
|
|
|
25,399
|
|
||
|
|
62,183
|
|
|
86,745
|
|
||
Equity
|
|
$
|
115,345
|
|
|
$
|
125,120
|
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
|
|
December 31,
2017 |
|
January 1,
2017 |
|
December 31,
2017 |
|
January 1,
2017 |
||||||||
Components of Net Periodic (Income) Expense:
|
|
|
|
|
|
|
|
|
||||||||
Service Cost (Credit)
|
|
$
|
(300
|
)
|
|
$
|
1,652
|
|
|
$
|
25
|
|
|
$
|
32
|
|
Interest Cost on Projected Benefit Obligation
|
|
10,760
|
|
|
10,832
|
|
|
591
|
|
|
597
|
|
||||
Expected Return on Plan Assets
|
|
(15,482
|
)
|
|
(16,095
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of:
|
|
|
|
|
|
|
|
|
||||||||
Prior Service Cost (Credit)
|
|
45
|
|
|
45
|
|
|
(359
|
)
|
|
(663
|
)
|
||||
Actuarial Loss
|
|
3,871
|
|
|
4,276
|
|
|
856
|
|
|
661
|
|
||||
Net Periodic (Income) Expense
|
|
$
|
(1,106
|
)
|
|
$
|
710
|
|
|
$
|
1,113
|
|
|
$
|
627
|
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
|
|
Six Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
December 31,
2017 |
|
January 1,
2017 |
|
December 31,
2017 |
|
January 1,
2017 |
||||||||
Components of Net Periodic (Income) Expense:
|
|
|
|
|
|
|
|
|
||||||||
Service Cost
|
|
$
|
1,201
|
|
|
$
|
3,379
|
|
|
$
|
67
|
|
|
$
|
95
|
|
Interest Cost on Projected Benefit Obligation
|
|
21,534
|
|
|
21,678
|
|
|
1,186
|
|
|
1,191
|
|
||||
Expected Return on Plan Assets
|
|
(30,956
|
)
|
|
(32,213
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of:
|
|
|
|
|
|
|
|
|
||||||||
Prior Service Cost (Credit)
|
|
90
|
|
|
90
|
|
|
(717
|
)
|
|
(1,327
|
)
|
||||
Actuarial Loss
|
|
7,666
|
|
|
8,479
|
|
|
1,726
|
|
|
1,398
|
|
||||
Net Periodic (Income) Expense
|
|
$
|
(465
|
)
|
|
$
|
1,413
|
|
|
$
|
2,262
|
|
|
$
|
1,357
|
|
Contract
|
|
Notional Amount
|
||||||
|
|
|
|
December 31,
2017 |
|
July 2,
2017 |
||
Interest Rate:
|
|
|
|
|
|
|
||
LIBOR Interest Rate (U.S. Dollars)
|
|
Fixed
|
|
110,000
|
|
|
95,000
|
|
Foreign Currency:
|
|
|
|
|
|
|
||
Australian Dollar
|
|
Sell
|
|
41,388
|
|
|
39,196
|
|
Brazilian Real
|
|
Buy
|
|
20,437
|
|
|
28,137
|
|
Canadian Dollar
|
|
Sell
|
|
15,840
|
|
|
14,725
|
|
Chinese Renminbi
|
|
Buy
|
|
107,410
|
|
|
74,950
|
|
Euro
|
|
Sell
|
|
46,407
|
|
|
31,240
|
|
Japanese Yen
|
|
Buy
|
|
935,850
|
|
|
570,000
|
|
Commodity:
|
|
|
|
|
|
|
||
Natural Gas (Therms)
|
|
Buy
|
|
9,498
|
|
|
11,307
|
|
Balance Sheet Location
|
|
Asset (Liability) Fair Value
|
||||||
|
|
December 31,
2017 |
|
July 2,
2017 |
||||
Interest rate contracts
|
|
|
|
|
||||
Other Long-Term Assets
|
|
$
|
2,659
|
|
|
$
|
1,852
|
|
Accrued Liabilities
|
|
—
|
|
|
(23
|
)
|
||
Other Long-Term Liabilities
|
|
—
|
|
|
(39
|
)
|
||
Foreign currency contracts
|
|
|
|
|
||||
Other Current Assets
|
|
822
|
|
|
157
|
|
||
Other Long-Term Assets
|
|
22
|
|
|
31
|
|
||
Accrued Liabilities
|
|
(3,680
|
)
|
|
(3,050
|
)
|
||
Other Long-Term Liabilities
|
|
(273
|
)
|
|
(68
|
)
|
||
Commodity contracts
|
|
|
|
|
||||
Other Current Assets
|
|
—
|
|
|
40
|
|
||
Other Long-Term Assets
|
|
—
|
|
|
1
|
|
||
Accrued Liabilities
|
|
(105
|
)
|
|
(22
|
)
|
||
Other Long-Term Liabilities
|
|
(24
|
)
|
|
(11
|
)
|
||
|
|
$
|
(579
|
)
|
|
$
|
(1,132
|
)
|
|
|
Three Months Ended December 31, 2017
|
||||||||||||
|
|
Amount of Gain (Loss)
Recognized in Other
Comprehensive Income
(Loss) on Derivatives, Net of
Taxes (Effective
Portion)
|
|
Classification of
Gain (Loss)
|
|
Amount of Gain (Loss)
Reclassified from
AOCI into Income
(Effective Portion)
|
|
Recognized in
Earnings
(Ineffective Portion)
|
||||||
Interest rate contracts
|
|
$
|
482
|
|
|
Net Sales
|
|
$
|
19
|
|
|
$
|
—
|
|
Foreign currency contracts - sell
|
|
592
|
|
|
Net Sales
|
|
(840
|
)
|
|
—
|
|
|||
Foreign currency contracts - buy
|
|
601
|
|
|
Cost of Goods Sold
|
|
(207
|
)
|
|
—
|
|
|||
Commodity contracts
|
|
(96
|
)
|
|
Cost of Goods Sold
|
|
(27
|
)
|
|
—
|
|
|||
|
|
$
|
1,579
|
|
|
|
|
$
|
(1,055
|
)
|
|
$
|
—
|
|
|
|
Three Months Ended January 1, 2017
|
||||||||||||
|
|
Amount of Gain (Loss)
Recognized in Other
Comprehensive Income
(Loss) on Derivatives, Net of
Taxes (Effective
Portion)
|
|
Classification of
Gain (Loss)
|
|
Amount of Gain (Loss)
Reclassified from
AOCI into Income
(Effective Portion)
|
|
Recognized in
Earnings
(Ineffective Portion)
|
||||||
Interest rate contracts
|
|
$
|
1,565
|
|
|
Net Sales
|
|
$
|
(217
|
)
|
|
$
|
—
|
|
Foreign currency contracts - sell
|
|
2,079
|
|
|
Net Sales
|
|
706
|
|
|
—
|
|
|||
Foreign currency contracts - buy
|
|
(1,169
|
)
|
|
Cost of Goods Sold
|
|
(724
|
)
|
|
—
|
|
|||
Commodity contracts
|
|
340
|
|
|
Cost of Goods Sold
|
|
(120
|
)
|
|
—
|
|
|||
|
|
$
|
2,815
|
|
|
|
|
$
|
(355
|
)
|
|
$
|
—
|
|
|
|
Six Months Ended December 31, 2017
|
||||||||||||
|
|
Amount of Gain (Loss)
Recognized in Other
Comprehensive Income
(Loss) on Derivatives, Net of
Taxes (Effective
Portion)
|
|
Classification of
Gain (Loss)
|
|
Amount of Gain (Loss)
Reclassified from
AOCI into Income
(Effective Portion)
|
|
Recognized in
Earnings
(Ineffective Portion)
|
||||||
Interest rate contracts
|
|
$
|
544
|
|
|
Net Sales
|
|
$
|
17
|
|
|
$
|
—
|
|
Foreign currency contracts - sell
|
|
116
|
|
|
Net Sales
|
|
(1,674
|
)
|
|
—
|
|
|||
Foreign currency contracts - buy
|
|
472
|
|
|
Cost of Goods Sold
|
|
(742
|
)
|
|
—
|
|
|||
Commodity contracts
|
|
(85
|
)
|
|
Cost of Goods Sold
|
|
(32
|
)
|
|
—
|
|
|||
|
|
$
|
1,047
|
|
|
|
|
$
|
(2,431
|
)
|
|
$
|
—
|
|
|
|
Six Months Ended January 1, 2017
|
||||||||||||
|
|
Amount of Gain (Loss)
Recognized in Other
Comprehensive Income
(Loss) on Derivatives, Net of
Taxes (Effective
Portion)
|
|
Classification of
Gain (Loss)
|
|
Amount of Gain (Loss)
Reclassified from
AOCI into Income
(Effective Portion)
|
|
Recognized in
Earnings
(Ineffective Portion)
|
||||||
Interest rate contracts
|
|
$
|
1,929
|
|
|
Net Sales
|
|
$
|
(449
|
)
|
|
$
|
—
|
|
Foreign currency contracts - sell
|
|
1,953
|
|
|
Net Sales
|
|
400
|
|
|
—
|
|
|||
Foreign currency contracts - buy
|
|
(1,401
|
)
|
|
Cost of Goods Sold
|
|
(347
|
)
|
|
—
|
|
|||
Commodity contracts
|
|
287
|
|
|
Cost of Goods Sold
|
|
(200
|
)
|
|
—
|
|
|||
|
|
$
|
2,768
|
|
|
|
|
$
|
(596
|
)
|
|
$
|
—
|
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||
|
|
December 31,
2017 |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
$
|
3,503
|
|
|
$
|
—
|
|
|
$
|
3,503
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
$
|
4,082
|
|
|
$
|
—
|
|
|
$
|
4,082
|
|
|
$
|
—
|
|
|
|
July 2,
2017 |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
$
|
2,081
|
|
|
$
|
—
|
|
|
$
|
2,081
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
$
|
3,213
|
|
|
$
|
—
|
|
|
$
|
3,213
|
|
|
$
|
—
|
|
|
|
Six Months Ended
|
||||||
|
|
December 31,
2017 |
|
January 1,
2017 |
||||
Beginning Balance
|
|
$
|
43,108
|
|
|
$
|
44,367
|
|
Payments
|
|
(13,587
|
)
|
|
(14,754
|
)
|
||
Provision for Current Year Warranties
|
|
10,313
|
|
|
10,569
|
|
||
Changes in Estimates
|
|
509
|
|
|
(625
|
)
|
||
Ending Balance
|
|
$
|
40,343
|
|
|
$
|
39,557
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
December 31,
2017 |
|
January 1,
2017 |
|
December 31,
2017 |
|
January 1,
2017 |
||||||||
NET SALES:
|
|
|
|
|
|
|
|
|
||||||||
Engines
|
|
$
|
243,505
|
|
|
$
|
260,737
|
|
|
$
|
406,252
|
|
|
$
|
415,235
|
|
Products
|
|
222,080
|
|
|
190,701
|
|
|
408,676
|
|
|
341,497
|
|
||||
Inter-Segment Eliminations
|
|
(19,149
|
)
|
|
(23,202
|
)
|
|
(39,397
|
)
|
|
(41,698
|
)
|
||||
Total*
|
|
$
|
446,436
|
|
|
$
|
428,236
|
|
|
$
|
775,531
|
|
|
$
|
715,034
|
|
* International sales included in net sales based on product shipment destination
|
|
$
|
157,248
|
|
|
$
|
158,727
|
|
|
$
|
271,885
|
|
|
$
|
268,614
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
||||||||
Engines
|
|
$
|
55,429
|
|
|
$
|
61,573
|
|
|
$
|
86,648
|
|
|
$
|
92,559
|
|
Products
|
|
37,090
|
|
|
33,178
|
|
|
72,797
|
|
|
56,129
|
|
||||
Inter-Segment Eliminations
|
|
347
|
|
|
655
|
|
|
(314
|
)
|
|
(760
|
)
|
||||
Total
|
|
$
|
92,866
|
|
|
$
|
95,406
|
|
|
$
|
159,131
|
|
|
$
|
147,928
|
|
SEGMENT INCOME (LOSS):
|
|
|
|
|
|
|
|
|
||||||||
Engines
|
|
$
|
8,421
|
|
|
$
|
17,922
|
|
|
$
|
(11,437
|
)
|
|
$
|
6,269
|
|
Products
|
|
8,320
|
|
|
6,808
|
|
|
12,003
|
|
|
3,563
|
|
||||
Inter-Segment Eliminations
|
|
347
|
|
|
655
|
|
|
(314
|
)
|
|
(760
|
)
|
||||
Total
|
|
$
|
17,088
|
|
|
$
|
25,385
|
|
|
$
|
252
|
|
|
$
|
9,072
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
December 31,
2017 |
|
January 1,
2017 |
|
December 31,
2017 |
|
January 1,
2017 |
||||||||
Engines
|
|
$
|
703
|
|
|
$
|
—
|
|
|
$
|
1,128
|
|
|
$
|
—
|
|
Products
|
|
754
|
|
|
—
|
|
|
1,522
|
|
|
—
|
|
||||
Total
|
|
$
|
1,457
|
|
|
$
|
—
|
|
|
$
|
2,650
|
|
|
$
|
—
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
December 31,
2017 |
|
January 1,
2017 |
|
December 31,
2017 |
|
January 1,
2017 |
||||||||
Engines
|
|
$
|
2,016
|
|
|
$
|
—
|
|
|
$
|
4,347
|
|
|
$
|
—
|
|
Products
|
|
1,044
|
|
|
—
|
|
|
3,950
|
|
|
—
|
|
||||
Total
|
|
$
|
3,060
|
|
|
$
|
—
|
|
|
$
|
8,297
|
|
|
$
|
—
|
|
|
|
December 31,
2017 |
|
July 2,
2017 |
||||
Multicurrency Credit Agreement
|
|
$
|
128,647
|
|
|
$
|
—
|
|
Total Short-Term Debt
|
|
$
|
128,647
|
|
|
$
|
—
|
|
|
|
|
|
|
||||
Note Payable (NMTC transaction)
|
|
$
|
7,685
|
|
|
$
|
—
|
|
Unamortized Debt Issuance Costs associated with Note Payable
|
|
1,091
|
|
|
—
|
|
||
|
|
$
|
6,594
|
|
|
$
|
—
|
|
|
|
|
|
|
||||
6.875% Senior Notes
|
|
$
|
223,149
|
|
|
$
|
223,149
|
|
Unamortized Debt Issuance Costs associated with 6.875% Senior Notes
|
|
1,141
|
|
|
1,356
|
|
||
|
|
$
|
222,008
|
|
|
$
|
221,793
|
|
Total Long-Term Debt
|
|
$
|
228,602
|
|
|
$
|
221,793
|
|
|
|
Three Months Ended Fiscal December
|
||||||||||||||||||||||
|
|
2018 Reported
|
|
Adjustments
(1)
|
|
2018 Adjusted
(2)
|
|
2017 Reported
|
|
Adjustments
|
|
2017 Adjusted
(2)
|
||||||||||||
Gross Profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engines
|
|
$
|
55,429
|
|
|
$
|
703
|
|
|
$
|
56,132
|
|
|
$
|
61,573
|
|
|
$
|
—
|
|
|
$
|
61,573
|
|
Products
|
|
37,090
|
|
|
754
|
|
|
37,844
|
|
|
33,178
|
|
|
—
|
|
|
33,178
|
|
||||||
Inter-Segment Eliminations
|
|
347
|
|
|
—
|
|
|
347
|
|
|
655
|
|
|
—
|
|
|
655
|
|
||||||
Total
|
|
$
|
92,866
|
|
|
$
|
1,457
|
|
|
$
|
94,323
|
|
|
$
|
95,406
|
|
|
$
|
—
|
|
|
$
|
95,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineering, Selling, General and Administrative Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engines
|
|
$
|
48,167
|
|
|
$
|
90
|
|
|
$
|
48,077
|
|
|
$
|
45,706
|
|
|
$
|
—
|
|
|
$
|
45,706
|
|
Products
|
|
29,724
|
|
|
290
|
|
|
29,434
|
|
|
27,326
|
|
|
—
|
|
|
27,326
|
|
||||||
Total
|
|
$
|
77,891
|
|
|
$
|
380
|
|
|
$
|
77,511
|
|
|
$
|
73,032
|
|
|
$
|
—
|
|
|
$
|
73,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity in Earnings of Unconsolidated Affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engines
|
|
$
|
1,159
|
|
|
$
|
1,223
|
|
|
$
|
2,382
|
|
|
$
|
2,055
|
|
|
$
|
—
|
|
|
$
|
2,055
|
|
Products
|
|
954
|
|
|
—
|
|
|
954
|
|
|
956
|
|
|
—
|
|
|
956
|
|
||||||
Total
|
|
$
|
2,113
|
|
|
$
|
1,223
|
|
|
$
|
3,336
|
|
|
$
|
3,011
|
|
|
$
|
—
|
|
|
$
|
3,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engines
|
|
$
|
8,421
|
|
|
$
|
2,016
|
|
|
$
|
10,437
|
|
|
$
|
17,922
|
|
|
$
|
—
|
|
|
$
|
17,922
|
|
Products
|
|
8,320
|
|
|
1,044
|
|
|
9,364
|
|
|
6,808
|
|
|
—
|
|
|
6,808
|
|
||||||
Inter-Segment Eliminations
|
|
347
|
|
|
—
|
|
|
347
|
|
|
655
|
|
|
—
|
|
|
655
|
|
||||||
Total
|
|
$
|
17,088
|
|
|
$
|
3,060
|
|
|
$
|
20,148
|
|
|
$
|
25,385
|
|
|
$
|
—
|
|
|
$
|
25,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income (Loss) Before Income Taxes
|
|
12,180
|
|
|
3,060
|
|
|
15,240
|
|
|
20,633
|
|
|
—
|
|
|
20,633
|
|
||||||
Provision (Credit) for Income Taxes
|
|
28,524
|
|
|
(24,010
|
)
|
|
4,514
|
|
|
5,382
|
|
|
—
|
|
|
5,382
|
|
||||||
Net Income (Loss)
|
|
$
|
(16,344
|
)
|
|
$
|
27,070
|
|
|
$
|
10,726
|
|
|
$
|
15,251
|
|
|
$
|
—
|
|
|
$
|
15,251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Earnings (Loss) Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic
|
|
$
|
(0.39
|
)
|
|
$
|
0.64
|
|
|
$
|
0.25
|
|
|
$
|
0.35
|
|
|
$
|
—
|
|
|
$
|
0.35
|
|
Diluted
|
|
(0.39
|
)
|
|
0.64
|
|
|
0.25
|
|
|
0.35
|
|
|
—
|
|
|
0.35
|
|
|
|
Six Months Ended Fiscal December
|
||||||||||||||||||||||
|
|
2018 Reported
|
|
Adjustments
(1)
|
|
2018 Adjusted
(2)
|
|
2017 Reported
|
|
Adjustments
|
|
2017 Adjusted
(2)
|
||||||||||||
Gross Profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engines
|
|
$
|
86,648
|
|
|
$
|
1,128
|
|
|
$
|
87,776
|
|
|
$
|
92,559
|
|
|
$
|
—
|
|
|
$
|
92,559
|
|
Products
|
|
72,797
|
|
|
1,522
|
|
|
74,319
|
|
|
56,129
|
|
|
—
|
|
|
56,129
|
|
||||||
Inter-Segment Eliminations
|
|
(314
|
)
|
|
—
|
|
|
(314
|
)
|
|
(760
|
)
|
|
—
|
|
|
(760
|
)
|
||||||
Total
|
|
$
|
159,131
|
|
|
$
|
2,650
|
|
|
$
|
161,781
|
|
|
$
|
147,928
|
|
|
$
|
—
|
|
|
$
|
147,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineering, Selling, General and Administrative Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engines
|
|
$
|
101,526
|
|
|
$
|
1,996
|
|
|
$
|
99,530
|
|
|
$
|
90,161
|
|
|
$
|
—
|
|
|
$
|
90,161
|
|
Products
|
|
63,079
|
|
|
2,428
|
|
|
60,651
|
|
|
54,934
|
|
|
—
|
|
|
54,934
|
|
||||||
Total
|
|
$
|
164,605
|
|
|
$
|
4,424
|
|
|
$
|
160,181
|
|
|
$
|
145,095
|
|
|
$
|
—
|
|
|
$
|
145,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity in Earnings of Unconsolidated Affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engines
|
|
$
|
3,441
|
|
|
$
|
1,223
|
|
|
4,664
|
|
|
$
|
3,871
|
|
|
$
|
—
|
|
|
$
|
3,871
|
|
|
Products
|
|
2,285
|
|
|
—
|
|
|
2,285
|
|
|
2,368
|
|
|
—
|
|
|
2,368
|
|
||||||
Total
|
|
$
|
5,726
|
|
|
$
|
1,223
|
|
|
$
|
6,949
|
|
|
$
|
6,239
|
|
|
$
|
—
|
|
|
$
|
6,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engines
|
|
$
|
(11,437
|
)
|
|
$
|
4,347
|
|
|
$
|
(7,090
|
)
|
|
$
|
6,269
|
|
|
$
|
—
|
|
|
$
|
6,269
|
|
Products
|
|
12,003
|
|
|
3,950
|
|
|
15,953
|
|
|
3,563
|
|
|
—
|
|
|
3,563
|
|
||||||
Inter-Segment Eliminations
|
|
(314
|
)
|
|
—
|
|
|
(314
|
)
|
|
(760
|
)
|
|
—
|
|
|
(760
|
)
|
||||||
Total
|
|
$
|
252
|
|
|
$
|
8,297
|
|
|
$
|
8,549
|
|
|
$
|
9,072
|
|
|
$
|
—
|
|
|
$
|
9,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income (Loss) Before Income Taxes
|
|
(8,895
|
)
|
|
8,297
|
|
|
(598
|
)
|
|
270
|
|
|
—
|
|
|
270
|
|
||||||
Provision (Credit) for Income Taxes
|
|
22,488
|
|
|
(22,501
|
)
|
|
(13
|
)
|
|
(833
|
)
|
|
—
|
|
|
(833
|
)
|
||||||
Net Income (Loss)
|
|
$
|
(31,383
|
)
|
|
$
|
30,798
|
|
|
$
|
(585
|
)
|
|
$
|
1,103
|
|
|
$
|
—
|
|
|
$
|
1,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Earnings (Loss) Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic
|
|
$
|
(0.75
|
)
|
|
$
|
0.73
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.02
|
|
|
$
|
—
|
|
|
$
|
0.02
|
|
Diluted
|
|
(0.75
|
)
|
|
0.73
|
|
|
(0.02
|
)
|
|
0.02
|
|
|
—
|
|
|
0.02
|
|
2018 Fiscal Month
|
|
Total Number of Shares Purchased (a)
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of a Publicly Announced Program (b)
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (b)
|
||||||
October 2, 2017 to October 29, 2017
|
|
1,036
|
|
|
$
|
21.99
|
|
|
160
|
|
|
$
|
28,411,129
|
|
October 30, 2017 to November 26, 2017
|
|
29,054
|
|
|
24.41
|
|
|
29,054
|
|
|
27,701,817
|
|
||
November 27, 2017 to December 31, 2017
|
|
12,700
|
|
|
24.49
|
|
|
12,700
|
|
|
27,390,825
|
|
||
Total Second Quarter
|
|
42,790
|
|
|
$
|
24.43
|
|
|
41,914
|
|
|
$
|
27,390,825
|
|
Exhibit
Number
|
|
Description
|
|
|
|
10.1
|
|
|
|
|
|
10.2
|
|
|
|
|
|
10.3
|
|
|
|
|
|
10.4
|
|
|
|
|
|
10.5
|
|
|
|
|
|
10.6
|
|
|
|
|
|
10.7
|
|
|
|
|
|
10.8
|
|
|
|
|
|
10.9
|
|
|
|
|
|
10.10
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
|
|
|
32.2
|
|
|
|
|
|
101
|
|
The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2017 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss), (iv) the Condensed Consolidated Statements of Cash Flows, and (v) related Notes to Condensed Consolidated Financial Statements
|
|
|
|
BRIGGS & STRATTON CORPORATION
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
Date:
|
February 5, 2018
|
|
/s/ Mark A. Schwertfeger
|
|
|
|
|
Mark A. Schwertfeger
|
|
|
|
|
Senior Vice President and Chief Financial Officer and
Duly Authorized Officer
|
|
1 Year Briggs and Stratton Chart |
1 Month Briggs and Stratton Chart |
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