Business Segments

6 Months Ended

Jul. 01, 2017

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

The Company’s portfolio of brands is organized into the following four operating segments, which the Company has determined to be reportable operating segments. During the second quarter of fiscal 2017, the components within the Wolverine Multi-Brand Group were realigned as the Company transitions Stride Rite^® to a global license arrangement. The license arrangement was effective on July 2, 2017, subsequent to the second quarter.

• Wolverine Outdoor & Lifestyle Group, consisting of Merrell^® footwear and apparel, Cat^® footwear, Hush Puppies^®footwearand apparel, Chaco^® footwear, Sebago^® footwear and apparel and Cushe^® footwear;

• Wolverine Boston Group, consisting of Sperry^® footwear and apparel, Saucony^® footwear and apparel and Keds^® footwear and apparel;

• Wolverine Heritage Group, consisting of Wolverine^® footwear and apparel, Bates^® uniform footwear, Harley-Davidson^® footwear and HyTest^® safety footwear; and

• Wolverine Multi-Brand Group, consisting of the Company’s Children’s footwear business and the Company's multi-brand consumer-direct businesses. The Children’s footwear business includes Stride Rite^®, as well as children’s footwear offerings from Saucony^®, Sperry^®, Keds^® and Merrell^®.

The reportable segments are engaged in designing, manufacturing, sourcing, marketing, licensing and distributing branded footwear, apparel and accessories. Reported revenue for the reportable operating segments includes revenue from the sale of branded footwear, apparel and accessories to third-party customers; revenue from third-party licensees and distributors; and revenue from the Company’s consumer-direct businesses.

The Company also reports “Other” and “Corporate” categories. The Other category consists of the Company’s leather marketing operations and sourcing operations that include third-party commission revenues. The Corporate category consists of unallocated corporate expenses, including restructuring and impairment costs and organizational transformation costs. The Company’s operating segments are determined based on how the Company internally reports and evaluates financial information used to make operating decisions. The operating segment managers all report directly to the chief operating decision maker.

Company management uses various financial measures to evaluate the performance of the reportable operating segments. The following is a summary of certain key financial measures for the respective fiscal periods indicated.

(In millions)	13 Weeks Ended July 1, 2017			12 Weeks Ended June 18, 2016			26 Weeks Ended July 1, 2017			24 Weeks Ended June 18, 2016
Revenue:
Wolverine Outdoor & Lifestyle Group	$	231.9		$	203.0		$	464.5		$	420.7
Wolverine Boston Group	221.7			218.2			425.6			427.3
Wolverine Heritage Group	74.1			74.2			149.8			146.0
Wolverine Multi-Brand Group	51.7			69.7			116.1			138.1
Other	19.4			18.6			34.1			29.2
Total	$	598.8		$	583.7		$	1,190.1		$	1,161.3
Operating profit (loss):
Wolverine Outdoor & Lifestyle Group	$	44.0		$	34.7		$	96.3		$	83.5
Wolverine Boston Group	38.9			30.9			70.8			58.6
Wolverine Heritage Group	11.2			8.3			20.8			16.8
Wolverine Multi-Brand Group	4.1			2.6			4.3			1.2
Other	1.9			1.6			3.2			2.1
Corporate	(70.9		)	(36.3		)	(133.6		)	(86.4		)
Total	$	29.2		$	41.8		$	61.8		$	75.8

(In millions)	July 1, 2017		December 31, 2016		June 18, 2016
Total assets:
Wolverine Outdoor & Lifestyle Group	$	444.2	$	391.8	$	455.8
Wolverine Boston Group	1,283.2		1,273.5		1,337.0
Wolverine Heritage Group	130.3		157.8		148.8
Wolverine Multi-Brand Group	130.5		140.8		189.4
Other	31.0		33.7		28.3
Corporate	480.8		434.1		294.2
Total	$	2,500.0	$	2,431.7	$	2,453.5
Goodwill:
Wolverine Outdoor & Lifestyle Group	$	127.7	$	126.6	$	129.9
Wolverine Boston Group	259.3		257.5		259.5
Wolverine Heritage Group	16.5		16.5		16.5
Wolverine Multi-Brand Group	23.7		23.7		26.0
Total	$	427.2	$	424.3	$	431.9