XML 44 R28.htm IDEA: XBRL DOCUMENT v3.22.0.1
Business Segments (Notes)
12 Months Ended
Jan. 01, 2022
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS
The Company’s portfolio of brands is organized into the following two operating segments, which the Company has determined to be reportable segments.
Wolverine Michigan Group, consisting of Merrell® footwear and apparel, Cat® footwear, Wolverine® footwear and apparel, Chaco® footwear, Hush Puppies® footwear and apparel, Bates® uniform footwear, Harley-Davidson® footwear and Hytest® safety footwear; and
Wolverine Boston Group, consisting of Sperry® footwear, Saucony® footwear and apparel, Keds® footwear and the Kids' footwear business, which includes the Stride Rite® licensed business, as well as Kids' footwear offerings from Saucony®, Sperry®, Keds®, Merrell®, Hush Puppies® and Cat®.
The Company also reports “Other” and “Corporate” categories. The Other category consists of the Sweaty Betty® activewear business, the Company’s leather marketing operations, sourcing operations that include third-party commission revenues and multi-branded consumer-direct retail stores. The Corporate category consists of unallocated corporate expenses, such as
corporate employee costs, costs related to the COVID-19 pandemic, impairment of intangible assets and environmental and other related costs.
The reportable segments are engaged in designing, manufacturing, sourcing, marketing, licensing and distributing branded footwear, apparel and accessories. Revenue for the reportable 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’s reportable segments are determined based on how the Company internally reports and evaluates financial information used to make operating decisions.
Company management uses various financial measures to evaluate the performance of the reportable segments. The following is a summary of certain key financial measures for the respective fiscal periods indicated.
 Fiscal Year
(In millions)202120202019
Revenue:
Wolverine Michigan Group$1,298.9 $1,051.0 $1,299.7 
Wolverine Boston Group935.8 696.0 910.9 
Other180.2 44.1 63.1 
Total$2,414.9 $1,791.1 $2,273.7 
Operating profit (loss):
Wolverine Michigan Group$245.3 $179.9 $244.8 
Wolverine Boston Group149.3 88.1 153.8 
Other14.3 1.6 2.9 
Corporate(253.2)(406.7)(230.5)
Total$155.7 $(137.1)$171.0 
Depreciation and amortization expense:
Wolverine Michigan Group$2.2 $2.7 $2.4 
Wolverine Boston Group2.6 3.4 3.3 
Other4.8 2.0 2.4 
Corporate23.6 24.7 24.6 
Total$33.2 $32.8 $32.7 
Capital expenditures:
Wolverine Michigan Group$0.8 $0.8 $2.2 
Wolverine Boston Group0.4 2.3 5.7 
Other6.0 0.9 2.2 
Corporate10.4 6.3 24.3 
Total$17.6 $10.3 $34.4 

(In millions)January 1,
2022
January 2,
2021
Total assets:
Wolverine Michigan Group$651.9 $626.9 
Wolverine Boston Group1,123.6 1,077.8 
Other606.2 31.4 
Corporate204.7 401.3 
Total$2,586.4 $2,137.4 
Goodwill:
Wolverine Michigan Group$145.1 $145.4 
Wolverine Boston Group296.2 297.0 
Other115.3 — 
Total$556.6 $442.4 
Geographic dispersion of revenue from external customers, based on shipping destination is as follows:
Fiscal Year
(In millions)202120202019
United States$1,573.9 $1,234.2 $1,507.9 
Foreign:
Europe, Middle East and Africa460.3 279.8 343.1 
Asia Pacific161.6 120.3 193.7 
Canada116.9 88.9 117.9 
Latin America102.2 67.9 111.1 
Total from foreign territories841.0 556.9 765.8 
Total revenue$2,414.9 $1,791.1 $2,273.7 
The location of the Company’s tangible long-lived assets, which comprises property, plant and equipment and lease right-of-use assets, is as follows:
(In millions)January 1,
2022
January 2,
2021
December 28,
2019
United States$205.8 $222.2 $247.2 
Foreign countries61.4 44.9 54.6 
Total$267.2 $267.1 $301.8 
The Company does not believe that it is dependent upon any single customer because no customer accounts for more than 10% of consolidated revenue in any year.
During fiscal 2021, the Company sourced 100% of its footwear products and apparel and accessories from third-party suppliers, located primarily in the Asia Pacific region. While changes in suppliers could cause delays in manufacturing and a possible loss of sales, management believes that other suppliers could provide similar products on comparable terms.