XML 68 R33.htm IDEA: XBRL DOCUMENT v2.4.0.8
Subsidiary Guarantors of the Notes (Tables)
 9 Months Ended
Sep. 07, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Consolidated Condensed Statements of Operations and Comprehensive Income
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Operations and Comprehensive Income
For the 12 weeks ended September 7, 2013
(Unaudited)
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Revenue
$
135.5

 
$
1,527.4

 
$
226.0

 
$
(1,172.3
)
 
$
716.6

Cost of goods sold
95.0

 
1,358.1

 
130.1

 
(1,152.6
)
 
430.6

Gross profit
40.5

 
169.3

 
95.9

 
(19.7
)
 
286.0

Selling, general and administrative expenses
24.5

 
115.2

 
72.6

 
(20.0
)
 
192.3

Acquisition-related transaction and integration costs
4.1

 
1.2

 
2.1

 
—

 
7.4

Operating profit
11.9

 
52.9

 
21.2

 
0.3

 
86.3

Other expenses:
 
 
 
 
 
 
 
 
 
Interest expense – net
11.9

 
—

 
—

 
—

 
11.9

Acquisition-related interest expense
—

 
—

 
—

 
—

 
—

Other expense – net
(0.9
)
 
0.1

 
2.0

 
(0.2
)
 
1.0

 
11.0

 
0.1

 
2.0

 
(0.2
)
 
12.9

Earnings before income taxes
0.9

 
52.8

 
19.2

 
0.5

 
73.4

Income taxes
17.1

 
—

 
1.9

 
—

 
19.0

Earnings before equity in earnings (loss) of consolidated subsidiaries
(16.2
)
 
52.8

 
17.3

 
0.5

 
54.4

Equity in earnings (loss) of consolidated subsidiaries
70.6

 
133.0

 
(6.1
)
 
(197.5
)
 
—

Net earnings
54.4

 
185.8

 
11.2

 
(197.0
)
 
54.4

Net (earnings) loss attributable to non-controlling interests
—

 
—

 
—

 
—

 
—

Net earnings (loss) attributable to Wolverine World Wide, Inc.
$
54.4

 
$
185.8

 
$
11.2

 
$
(197.0
)
 
$
54.4

 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
58.4

 
$
185.8

 
$
7.3

 
$
(193.1
)
 
$
58.4

Comprehensive (income) loss attributable to non-controlling interest
—

 
—

 
—

 
—

 
—

Comprehensive income attributable to Wolverine World Wide, Inc.
$
58.4

 
$
185.8

 
$
7.3

 
$
(193.1
)
 
$
58.4

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Operations and Comprehensive Income
For the 12 weeks ended September 8, 2012
(Unaudited)
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Revenue
$
129.5

 
$
128.5

 
$
128.0

 
$
(32.9
)
 
$
353.1

Cost of goods sold
93.6

 
80.3

 
65.0

 
(24.4
)
 
214.5

Gross profit
35.9

 
48.2

 
63.0

 
(8.5
)
 
138.6

Selling, general and administrative expenses
22.1

 
32.1

 
43.6

 
(8.5
)
 
89.3

Acquisition-related transaction and integration costs
3.0

 
—

 
—

 
—

 
3.0

Operating profit
10.8

 
16.1

 
19.4

 
—

 
46.3

Other expenses:
 
 
 
 
 
 
 
 
 
Interest expense – net
0.8

 
(0.1
)
 
(0.4
)
 
—

 
0.3

Acquisition-related interest expense
1.4

 
—

 
—

 
—

 
1.4

Other expense – net
—

 
0.1

 
(0.4
)
 
—

 
(0.3
)
 
2.2

 
—

 
(0.8
)
 
—

 
1.4

Earnings before income taxes
8.6

 
16.1

 
20.2

 
—

 
44.9

Income taxes
10.6

 
—

 
1.5

 
—

 
12.1

Earnings before equity in earnings (loss) of consolidated subsidiaries
(2.0
)
 
16.1

 
18.7

 
—

 
32.8

Equity in earnings (loss) of consolidated subsidiaries
34.7

 
19.3

 
24.8

 
(78.8
)
 
—

Net earnings
32.7

 
35.4

 
43.5

 
(78.8
)
 
32.8

Net (earnings) loss attributable to non-controlling interests
—

 
—

 
(0.1
)
 
—

 
(0.1
)
Net earnings (loss) attributable to Wolverine World Wide, Inc.
$
32.7

 
$
35.4

 
$
43.4

 
$
(78.8
)
 
$
32.7

 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
37.1

 
$
35.4

 
$
47.9

 
$
(83.2
)
 
$
37.2

Comprehensive (income) loss attributable to non-controlling interest
—

 
—

 
(0.1
)
 
—

 
(0.1
)
Comprehensive income attributable to Wolverine World Wide, Inc.
$
37.1

 
$
35.4

 
$
47.8

 
$
(83.2
)
 
$
37.1

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Operations and Comprehensive Income
For the 36 weeks ended September 7, 2013
(Unaudited)
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Revenue
$
357.1

 
$
2,868.2

 
$
548.0

 
$
(1,823.0
)
 
$
1,950.3

Cost of goods sold
253.7

 
2,385.3

 
293.9

 
(1,771.7
)
 
1,161.2

Gross profit
103.4

 
482.9

 
254.1

 
(51.3
)
 
789.1

Selling, general and administrative expenses
112.7

 
325.9

 
196.3

 
(50.6
)
 
584.3

Acquisition-related transaction and integration costs
12.5

 
12.8

 
5.2

 
—

 
30.5

Operating profit
(21.8
)
 
144.2

 
52.6

 
(0.7
)
 
174.3

Other expenses:
 
 
 
 
 
 
 
 
 
Interest expense – net
37.3

 
—

 
—

 
—

 
37.3

Acquisition-related interest expense
—

 
—

 
—

 
—

 
—

Other expense – net
(0.9
)
 
0.1

 
2.8

 
—

 
2.0

 
36.4

 
0.1

 
2.8

 
—

 
39.3

Earnings before income taxes
(58.2
)
 
144.1

 
49.8

 
(0.7
)
 
135.0

Income taxes
27.7

 
—

 
5.0

 
—

 
32.7

Earnings before equity in earnings (loss) of consolidated subsidiaries
(85.9
)
 
144.1

 
44.8

 
(0.7
)
 
102.3

Equity in earnings (loss) of consolidated subsidiaries
188.0

 
293.4

 
45.9

 
(527.3
)
 
—

Net earnings
102.1

 
437.5

 
90.7

 
(528.0
)
 
102.3

Net (earnings) loss attributable to non-controlling interests
—

 
—

 
(0.2
)
 
—

 
(0.2
)
Net earnings (loss) attributable to Wolverine World Wide, Inc.
$
102.1

 
$
437.5

 
$
90.5

 
$
(528.0
)
 
$
102.1

 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
111.2

 
$
437.5

 
$
82.3

 
$
(519.6
)
 
$
111.4

Comprehensive (income) loss attributable to non-controlling interest
—

 
—

 
(0.2
)
 
—

 
(0.2
)
Comprehensive income attributable to Wolverine World Wide, Inc.
$
111.2

 
$
437.5

 
$
82.1

 
$
(519.6
)
 
$
111.2

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Operations and Comprehensive Income
For the 36 weeks ended September 8, 2012
(Unaudited)
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Revenue
$
349.6

 
$
375.7

 
$
345.0

 
$
(81.7
)
 
$
988.6

Cost of goods sold
256.6

 
230.9

 
170.7

 
(58.4
)
 
599.8

Gross profit
93.0

 
144.8

 
174.3

 
(23.3
)
 
388.8

Selling, general and administrative expenses
86.4

 
84.5

 
128.1

 
(24.2
)
 
274.8

Acquisition-related transaction and integration costs
7.9

 
—

 
—

 
—

 
7.9

Operating profit
(1.3
)
 
60.3

 
46.2

 
0.9

 
106.1

Other expenses:
 
 
 
 
 
 
 
 
 
Interest expense – net
0.7

 
(0.1
)
 
0.4

 
—

 
1.0

Acquisition-related interest expense
1.4

 
—

 
—

 
—

 
1.4

Other expense – net
—

 
0.1

 
1.2

 
—

 
1.3

 
2.1

 
—

 
1.6

 
—

 
3.7

Earnings before income taxes
(3.4
)
 
60.3

 
44.6

 
0.9

 
102.4

Income taxes
17.0

 
—

 
1.1

 
—

 
18.1

Earnings before equity in earnings (loss) of consolidated subsidiaries
(20.4
)
 
60.3

 
43.5

 
0.9

 
84.3

Equity in earnings (loss) of consolidated subsidiaries
104.8

 
39.7

 
59.9

 
(204.4
)
 
—

Net earnings
84.4

 
100.0

 
103.4

 
(203.5
)
 
84.3

Net (earnings) loss attributable to non-controlling interests
—

 
—

 
0.1

 
—

 
0.1

Net earnings attributable to Wolverine World Wide, Inc.
$
84.4

 
$
100.0

 
$
103.5

 
$
(203.5
)
 
$
84.4

 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
86.0

 
$
100.0

 
$
105.0

 
$
(205.1
)
 
$
85.9

Comprehensive (income) loss attributable to non-controlling interest
—

 
—

 
0.1

 
—

 
0.1

Comprehensive income attributable to Wolverine World Wide, Inc.
$
86.0

 
$
100.0

 
$
105.1

 
$
(205.1
)
 
$
86.0
Consolidated Condensed Balance Sheets
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
As of September 7, 2013
(Unaudited)
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
(3.4
)
 
$
13.1

 
$
138.1

 
$
—

 
$
147.8

Accounts receivable, net
101.8

 
226.6

 
147.0

 
3.5

 
478.9

Inventories:
 
 
 
 
 
 
 
 
 
Finished products
64.7

 
279.3

 
90.3

 
(1.4
)
 
432.9

Raw materials and work-in-process
0.8

 
0.6

 
28.3

 
—

 
29.7

 
65.5

 
279.9

 
118.6

 
(1.4
)
 
462.6

Deferred income taxes
9.4

 
16.9

 
0.4

 
—

 
26.7

Prepaid expenses and other current assets
17.6

 
3.8

 
12.1

 
0.6

 
34.1

Total current assets
190.9

 
540.3

 
416.2

 
2.7

 
1,150.1

Property, plant and equipment:
 
 
 
 
 
 
 
 
 
Gross cost
220.5

 
136.5

 
54.2

 
—

 
411.2

Accumulated depreciation
(170.2
)
 
(49.0
)
 
(36.7
)
 
—

 
(255.9
)
 
50.3

 
87.5

 
17.5

 
—

 
155.3

Other assets:
 
 
 
 
 
 
 
 
 
Goodwill and indefinite-lived intangibles
11.7

 
1,032.0

 
94.8

 
—

 
1,138.5

Amortizable intangibles, net
0.4

 
129.9

 
0.2

 
—

 
130.5

Deferred income taxes
0.2

 
—

 
0.2

 
—

 
0.4

Deferred financing costs, net
34.3

 
—

 
—

 
—

 
34.3

Other
45.4

 
9.4

 
4.0

 
2.3

 
61.1

Intercompany accounts receivable
—

 
1,209.2

 
132.8

 
(1,342.0
)
 
—

Investment in affiliates
2,752.3

 
510.2

 
384.7

 
(3,647.2
)
 
—

 
2,844.3

 
2,890.7

 
616.7

 
(4,986.9
)
 
1,364.8

Total assets
$
3,085.5

 
$
3,518.5

 
$
1,050.4

 
$
(4,984.2
)
 
$
2,670.2

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets - continued
As of September 7, 2013
(Unaudited)
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
44.5

 
$
86.7

 
$
48.1

 
$
3.5

 
$
182.8

Accrued salaries and wages
22.0

 
11.2

 
7.6

 
—

 
40.8

Other accrued liabilities
59.9

 
8.5

 
41.4

 
1.5

 
111.3

Current maturities of long-term debt
40.2

 
—

 
—

 
—

 
40.2

Total current liabilities
166.6

 
106.4

 
97.1

 
5.0

 
375.1

Long-term debt, less current maturities
1,101.9

 
—

 
—

 
—

 
1,101.9

Accrued pension liabilities
131.8

 
35.6

 
—

 
—

 
167.4

Deferred income taxes
(49.7
)
 
284.1

 
1.7

 
—

 
236.1

Intercompany accounts payable
958.9

 
24.8

 
358.3

 
(1,342.0
)
 
—

Other liabilities
9.5

 
9.2

 
3.0

 
—

 
21.7

Stockholders’ equity
 
 
 
 
 
 
 
Wolverine World Wide, Inc. stockholders’ equity
766.5

 
3,058.4

 
588.8

 
(3,647.2
)
 
766.5

Non-controlling interest
—

 
—

 
1.5

 
—

 
1.5

Total stockholders’ equity
766.5

 
3,058.4

 
590.3

 
(3,647.2
)
 
768.0

Total liabilities and stockholders’ equity
$
3,085.5

 
$
3,518.5

 
$
1,050.4

 
$
(4,984.2
)
 
$
2,670.2

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
As of September 8, 2012
(Unaudited)
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
5.6

 
$
(5.5
)
 
$
144.2

 
$
—

 
$
144.3

Accounts receivable, net
102.8

 
77.8

 
99.9

 
—

 
280.5

Inventories:
 
 
 
 
 
 
 
 
 
Finished products
77.7

 
78.9

 
84.9

 
—

 
241.5

Raw materials and work-in-process
1.8

 
0.3

 
26.1

 
—

 
28.2

 
79.5

 
79.2

 
111.0

 
—

 
269.7

Deferred income taxes
14.4

 
—

 
(0.1
)
 
—

 
14.3

Prepaid expenses and other current assets
8.2

 
2.6

 
7.8

 
—

 
18.6

Total current assets
210.5

 
154.1

 
362.8

 
—

 
727.4

Property, plant and equipment:
 
 
 
 
 
 
 
 
 
Gross cost
209.4

 
46.1

 
45.4

 
—

 
300.9

Accumulated depreciation
(162.5
)
 
(30.8
)
 
(31.7
)
 
—

 
(225.0
)
 
46.9

 
15.3

 
13.7

 
—

 
75.9

Other assets:
 
 
 
 
 
 
 
 
 
Goodwill and indefinite-lived intangibles
11.3

 
14.2

 
32.0

 
—

 
57.5

Amortizable intangibles, net
0.3

 
0.3

 
0.2

 
—

 
0.8

Deferred income taxes
45.2

 
—

 
(2.1
)
 
—

 
43.1

Deferred financing costs, net
0.4

 
—

 
—

 
—

 
0.4

Other
39.4

 
—

 
3.5

 
—

 
42.9

Intercompany accounts receivable
229.6

 
432.1

 
125.6

 
(787.3
)
 
—

Investment in affiliates
749.2

 
203.5

 
382.4

 
(1,335.1
)
 
—

 
1,075.4

 
650.1

 
541.6

 
(2,122.4
)
 
144.7

Total assets
$
1,332.8

 
$
819.5

 
$
918.1

 
$
(2,122.4
)
 
$
948.0

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets - continued
As of September 8, 2012
(Unaudited)
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
22.9

 
$
10.7

 
$
25.9

 
$
—

 
$
59.5

Accrued salaries and wages
10.8

 
1.6

 
4.7

 
—

 
17.1

Other accrued liabilities
28.8

 
12.2

 
26.4

 
—

 
67.4

Borrowings under revolving credit agreement
27.0

 
—

 
—

 
—

 
27.0

Total current liabilities
89.5

 
24.5

 
57.0

 
—

 
171.0

Long-term debt, less current maturities
—

 
—

 
—

 
—

 
—

Accrued pension liabilities
95.3

 
—

 
—

 
—

 
95.3

Intercompany accounts payable
473.0

 
5.9

 
308.4

 
(787.3
)
 
—

Other liabilities
8.4

 
1.2

 
4.4

 
—

 
14.0

Stockholders’ equity
 
 
 
 
 
 
 
 
 
Wolverine World Wide, Inc. stockholders’ equity
666.6

 
787.9

 
547.2

 
(1,335.1
)
 
666.6

Non-controlling interest
—

 
—

 
1.1

 
—

 
1.1

Total stockholders’ equity
666.6

 
787.9

 
548.3

 
(1,335.1
)
 
667.7

Total liabilities and stockholders’ equity
$
1,332.8

 
$
819.5

 
$
918.1

 
$
(2,122.4
)
 
$
948.0
Consolidated Condensed Statements of Cash Flow
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flow
For the 36 weeks ended September 7, 2013
(Unaudited)
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
103.2

 
$
(17.2
)
 
$
39.4

 
$
—

 
$
125.4

Investing activities
 
 
 
 
 
 
 
 
 
Additions to property, plant and equipment
(9.1
)
 
(18.2
)
 
(1.9
)
 
—

 
(29.2
)
Proceeds from sale of property, plant and equipment
—

 
—

 
2.8

 
—

 
2.8

Investment in joint venture
—

 
—

 
(1.6
)
 
—

 
(1.6
)
Other
(1.8
)
 
—

 
—

 
—

 
(1.8
)
Net cash provided by (used in) investing activities
(10.9
)
 
(18.2
)
 
(0.7
)
 
—

 
(29.8
)
Financing activities
 
 
 
 
 
 
 
 
 
Payments of long-term debt
(107.9
)
 
—

 
—

 
—

 
(107.9
)
Cash dividends paid
(17.7
)
 
—

 
—

 
—

 
(17.7
)
Surrender of common stock for treasury
(0.6
)
 
—

 
—

 
—

 
(0.6
)
Proceeds from shares issued under stock incentive plans
7.2

 
—

 
—

 
—

 
7.2

Excess tax benefits from stock-based compensation
2.0

 
—

 
—

 
—

 
2.0

Net cash provided by (used in) financing activities
(117.0
)
 
—

 
—

 
—

 
(117.0
)
Effect of foreign exchange rate changes
—

 
—

 
(2.2
)
 
—

 
(2.2
)
Increase (decrease) in cash and cash equivalents
(24.7
)
 
(35.4
)
 
36.5

 
—

 
(23.6
)
Cash and cash equivalents at beginning of the period
21.3

 
48.5

 
101.6

 
—

 
171.4

Cash and cash equivalents at end of the period
$
(3.4
)
 
$
13.1

 
$
138.1

 
$
—

 
$
147.8

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flow
For the 36 weeks ended September 8, 2012
(Unaudited)
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
3.1

 
$
(6.4
)
 
$
11.9

 
$
—

 
$
8.6

Investing activities
 
 
 
 
 
 
 
 
 
Additions to property, plant and equipment
(5.4
)
 
(1.9
)
 
(1.0
)
 
—

 
(8.3
)
Investment in joint venture
—

 
—

 
(2.5
)
 
—

 
(2.5
)
Other
0.9

 
(0.2
)
 
(2.5
)
 
—

 
(1.8
)
Net cash provided by (used in) investing activities
(4.5
)
 
(2.1
)
 
(6.0
)
 
—

 
(12.6
)
Financing activities
 
 
 
 
 
 
 
 
 
Net borrowings under revolver
16.0

 
—

 
—

 
—

 
16.0

Payments of long-term debt
—

 
—

 
(0.5
)
 
—

 
(0.5
)
Cash dividends paid
(17.6
)
 
—

 
—

 
—

 
(17.6
)
Purchase of common stock for treasury
(2.4
)
 
—

 
—

 
—

 
(2.4
)
Surrender of common stock for treasury
(5.7
)
 
—

 
—

 
—

 
(5.7
)
Proceeds from shares issued under stock incentive plans
9.1

 
—

 
—

 
—

 
9.1

Excess tax benefits from stock-based compensation
6.1

 
—

 
—

 
—

 
6.1

Contributions from non-controlling interests
—

 
—

 
1.2

 
—

 
1.2

Net cash provided by (used in) financing activities
5.5

 
—

 
0.7

 
—

 
6.2

Effect of foreign exchange rate changes
—

 
—

 
2.1

 
—

 
2.1

Increase (decrease) in cash and cash equivalents
4.1

 
(8.5
)
 
8.7

 
—

 
4.3

Cash and cash equivalents at beginning of the period
1.5

 
3.0

 
135.5

 
—

 
140.0

Cash and cash equivalents at end of the period
$
5.6

 
$
(5.5
)
 
$
144.2

 
$
—

 
$
144.3