10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________________________

FORM 10-Q

________________________________________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 29, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 001-06024

 __________________________________________________________ 

WOLVERINE WORLD WIDE, INC.

(Exact Name of Registrant as Specified in its Charter)

 __________________________________________________________ 

Delaware					38-1185150
(State or other jurisdiction of incorporation or organization)					(I.R.S. Employer Identification No.)
9341 Courtland Drive N.E.	,	Rockford	,	Michigan	49351
(Address of principal executive offices)					(Zip Code)

(616) 866-5500

(Registrant’s telephone number, including area code)

________________________________________________ 

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, $1 Par Value	WWW	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No ☒

There were 80,010,618 shares of common stock, $1 par value, outstanding as of July 22, 2024.

Table of Contents

PART I	Financial Information	4
Item 1.	Financial Statements	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	34
PART II	Other Information	35
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 5.	Other Information	35
Item 6.	Exhibits	36
Signatures		37

2

FORWARD-LOOKING STATEMENTS

This document contains “forward-looking statements,” which are statements relating to future, not past, events. In this context, forward-looking statements often address management’s current beliefs, assumptions, expectations, estimates and projections about future business and financial performance, national, regional or global political, economic and market conditions, and the Company itself. Such statements often contain words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “is likely,” “plans,” “predicts,” “projects,” “should,” “will,” variations of such words, and similar expressions. Forward-looking statements, by their nature, address matters that are, to varying degrees, uncertain. Uncertainties that could cause the Company’s performance to differ materially from what is expressed in forward-looking statements include, but are not limited to, the following:

•changes in general economic conditions, employment rates, business conditions, interest rates, tax policies and other factors affecting consumer spending in the markets and regions in which the Company’s products are sold;

•the inability for any reason to effectively compete in global footwear, apparel and direct-to-consumer markets;

•the inability to maintain positive brand images and anticipate, understand and respond to changing footwear and apparel trends and consumer preferences;

•the inability to effectively manage inventory levels;

•increases or changes in duties, tariffs, quotas or applicable assessments in countries of import and export;

•foreign currency exchange rate fluctuations;

•currency restrictions;

•supply chain and capacity constraints, production disruptions, including reduction in operating hours, labor shortages, and facility closures resulting in production delays at the Company’s manufacturers, quality issues, price increases or other risks associated with foreign sourcing;

•the cost, including the effect of inflationary pressures and availability of raw materials, inventories, services and labor for contract manufacturers;

•labor disruptions;

•changes in relationships with, including the loss of, significant wholesale customers;

•risks related to the significant investment in, and performance of, the Company’s direct-to-consumer operations;

•risks related to expansion into new markets and complementary product categories as well as direct-to-consumer operations;

•the impact of seasonality and unpredictable weather conditions;

•the impact of changes in general economic conditions and/or the credit markets on the Company’s manufacturers, distributors, suppliers, joint venture partners and wholesale customers;

•changes in the Company’s effective tax rates;

•failure of licensees or distributors to meet planned annual sales goals or to make timely payments to the Company;

•the risks of doing business in developing countries and politically or economically volatile areas;

•the ability to secure and protect owned intellectual property or use licensed intellectual property;

•the impact of regulation, regulatory and legal proceedings and legal compliance risks, including compliance with federal, state and local laws and regulations relating to the protection of the environment, environmental remediation and other related costs, and litigation or other legal proceedings relating to the protection of the environment or environmental effects on human health;

•risks of breach of the Company’s databases or other systems, or those of its vendors, which contain certain personal information, payment card data or proprietary information, due to cyberattack or other similar events;

•problems affecting the Company's supply chain and distribution system, including service interruptions at shipping and receiving ports;

•strategic actions, including new initiatives and ventures, acquisitions and dispositions, and the Company’s success in integrating acquired businesses, including Sweaty Betty®, and implementing new initiatives and ventures;

•risks related to stockholder activism;

•the potential effects of outbreaks of COVID-19 or future health crises on the Company’s business, operations, financial results and liquidity;

•the risk of impairment to goodwill and other intangibles;

•the success of the Company’s restructuring and realignment initiatives undertaken from time to time; and

•changes in future pension funding requirements and pension expenses.

These or other uncertainties could cause a material difference between an actual outcome and a forward-looking statement. The uncertainties included here are not exhaustive and are described in more detail in Part I, Item 1A: “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023 (the “2023 Form 10-K”), filed with the SEC on February 22, 2024. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company does not undertake an obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

3

PART I.     FINANCIAL INFORMATION

ITEM 1.    Financial Statements

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations and Comprehensive Income

(Unaudited)

	Quarter Ended				Year-To-Date Ended
(In millions, except per share data)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Revenue	$	425.2	$	589.1	$	820.1	$	1,188.5
Cost of goods sold	242.0		361.3		455.5		724.4
Gross profit	183.2		227.8		364.6		464.1
Selling, general and administrative expenses	166.6		195.5		343.4		407.5
Gain on sale of businesses, trademarks, and intangible assets	—		—		—		(20.1)
Impairment of long-lived assets	3.2		15.6		9.3		15.6
Environmental and other related costs (income), net of recoveries	(15.7)		(29.4)		(14.1)		(30.3)
Operating profit	29.1		46.1		26.0		91.4
Other expenses:
Interest expense, net	11.9		16.1		23.9		31.9
Other expense (income), net	(0.8)		(0.4)		(1.6)		0.8
Total other expense, net	11.1		15.7		22.3		32.7
Earnings before income taxes	18.0		30.4		3.7		58.7
Income tax expense	2.4		6.0		1.8		16.3
Net earnings	$	15.6	$	24.4	$	1.9	$	42.4
Less: net earnings (loss) attributable to noncontrolling interests	1.4		0.4		2.2		(0.6)
Net earnings (loss) attributable to Wolverine World Wide, Inc.	$	14.2	$	24.0	$	(0.3)	$	43.0
Net earnings (loss) per share (see Note 3):
Basic	$	0.17	$	0.30	$	(0.01)	$	0.53
Diluted	$	0.17	$	0.30	$	(0.01)	$	0.53
Comprehensive income (loss)	$	12.9	$	25.2	$	(6.4)	$	40.0
Less: comprehensive income (loss) attributable to noncontrolling interests	0.7		0.1		1.6		(0.4)
Comprehensive income (loss) attributable to Wolverine World Wide, Inc.	$	12.2	$	25.1	$	(8.0)	$	40.4
Cash dividends declared per share	$	0.10	$	0.10	$	0.20	$	0.20

See accompanying notes to consolidated condensed financial statements.

4

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

(Unaudited)

(In millions, except share data)	June 29, 2024		December 30, 2023		July 1, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	148.3	$	179.0	$	176.5
Accounts receivable, less allowances of $8.9, $18.3 and $12.0	272.2		230.8		241.5
Finished products, net	295.4		371.6		645.9
Raw materials and work-in-process, net	1.7		2.0		2.0
Total inventories	297.1		373.6		647.9
Prepaid expenses and other current assets	73.2		81.1		78.9
Current assets held for sale	—		160.6		19.1
Total current assets	790.8		1,025.1		1,163.9
Property, plant and equipment, net of accumulated depreciation of $247.1, $255.2 and $250.0	90.2		96.3		134.3
Lease right-of-use assets, net	103.6		118.2		155.4
Goodwill	425.8		427.1		469.7
Indefinite-lived intangibles	173.4		174.1		279.2
Amortizable intangibles, net	33.1		34.9		59.1
Deferred income taxes	116.4		116.4		25.1
Other assets	63.0		70.7		70.6
Total assets	$	1,796.3	$	2,062.8	$	2,357.3
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	181.6	$	206.0	$	252.2
Accrued salaries and wages	28.2		37.1		19.2
Other accrued liabilities	188.2		252.4		254.5
Lease liabilities	32.6		34.7		39.2
Current maturities of long-term debt	10.0		10.0		10.0
Borrowings under revolving credit agreements	225.0		305.0		385.0
Current liabilities held for sale	—		24.2		4.1
Total current liabilities	665.6		869.4		964.2
Long-term debt, less current maturities	579.7		605.8		718.5
Accrued pension liabilities	77.0		78.4		72.1
Deferred income taxes	27.8		26.9		33.9
Lease liabilities, noncurrent	119.8		132.4		146.7
Other liabilities	56.0		49.9		55.0
Stockholders’ equity:
Common stock – par value $1, authorized 320,000,000 shares; 113,406,905, 112,953,782, and 112,918,046 shares issued	113.4		113.0		112.9
Additional paid-in capital	371.6		364.0		326.8
Retained earnings	817.9		834.8		933.8
Accumulated other comprehensive loss	(149.9)		(142.2)		(135.5)
Cost of shares in treasury; 33,396,787, 33,403,280, and 33,409,577 shares	(890.9)		(891.0)		(891.2)
Total Wolverine World Wide, Inc. stockholders’ equity	262.1		278.6		346.8
Noncontrolling interest	8.3		21.4		20.1
Total stockholders’ equity	270.4		300.0		366.9
Total liabilities and stockholders’ equity	$	1,796.3	$	2,062.8	$	2,357.3

See accompanying notes to consolidated condensed financial statements.

5

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flows

(Unaudited)

	Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023
OPERATING ACTIVITIES
Net earnings	$	1.9	$	42.4
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	13.3		17.1
Deferred income taxes	(0.7)		(0.6)
Stock-based compensation expense	9.8		7.8
Pension and SERP expense	(0.3)		0.8
Impairment of long-lived assets	9.3		15.6
Environmental and other related costs, net of cash payments	(31.7)		(41.0)
Gain on sale of businesses, trademarks and intangible assets	—		(20.1)
Other	(8.2)		(0.9)
Changes in operating assets and liabilities:
Accounts receivable	(13.9)		0.8
Inventories	72.4		100.3
Other operating assets	4.3		(4.6)
Accounts payable	(23.2)		(23.1)
Income taxes payable	(4.7)		6.1
Other operating liabilities	(38.8)		(54.7)
Net cash provided by (used in) operating activities	(10.5)		45.9
INVESTING ACTIVITIES
Additions to property, plant and equipment	(8.1)		(14.2)
Proceeds from sale of businesses, intangible assets and other assets, net of cash disposed of	92.5		81.9
Proceeds from company-owned life insurance policy liquidations	7.9		—
Other	(2.4)		(0.7)
Net cash provided by investing activities	89.9		67.0
FINANCING ACTIVITIES
Payments under revolving credit agreements	(299.0)		(475.0)
Borrowings under revolving credit agreements	219.0		435.0
Proceeds from company-owned life insurance policies	7.0		—
Payments on long-term debt	(26.7)		(5.0)
Payments of debt issuance costs	—		(0.9)
Cash dividends paid	(16.2)		(16.4)
Employee taxes paid under stock-based compensation plans	(1.7)		(5.7)
Proceeds from the exercise of stock options	—		0.1
Contributions from noncontrolling interests	—		2.1
Net cash used in financing activities	(117.6)		(65.8)
Effect of foreign exchange rate changes	1.9		(2.5)
Increase (decrease) in cash and cash equivalents	(36.3)		44.6
Cash and cash equivalents at beginning of the year	184.6		135.5
Cash and cash equivalents at end of the quarter	$	148.3	$	180.1

See accompanying notes to consolidated condensed financial statements.

Cash and cash equivalents at the beginning of fiscal year 2024, the end of the second quarter of 2023 and the beginning of fiscal year 2023 included cash and cash equivalents that were classified as held for sale of $5.6 million, $3.6 million and $4.0 million, respectively.

6

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Stockholders' Equity

(Unaudited)

	Wolverine World Wide, Inc. Stockholders' Equity
(In millions, except share and per share data)	Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Non-controlling Interest		Total
Balance at April 1, 2023	$	112.8	$	323.8	$	917.9	$	(136.6)	$	(891.3)	$	17.9	$	344.5
Net earnings					24.0						0.4		24.4
Other comprehensive income (loss)							1.1				(0.3)		0.8
Shares issued, net of shares forfeited under stock incentive plans (76,914 shares)	0.1		(0.3)										(0.2)
Stock-based compensation expense			3.3										3.3
Cash dividends declared ($0.10 per share)					(8.1)								(8.1)
Issuance of treasury shares (1,802 shares)									0.1				0.1
Capital contribution from noncontrolling interest											2.1		2.1
Balance at July 1, 2023	$	112.9	$	326.8	$	933.8	$	(135.5)	$	(891.2)	$	20.1	$	366.9
Balance at March 30, 2024	$	113.3	$	366.1	$	812.0	$	(147.9)	$	(891.0)	$	7.6	$	260.1
Net earnings					14.2						1.4		15.6
Other comprehensive loss							(2.0)				(0.7)		(2.7)
Shares issued, net of shares forfeited under stock incentive plans (86,986 shares)	0.1		(0.2)										(0.1)
Stock-based compensation expense			5.7										5.7
Cash dividends declared ($0.10 per share)					(8.3)								(8.3)
Issuance of treasury shares (2,923 shares)			—						0.1				0.1
Balance at June 29, 2024	$	113.4	$	371.6	$	817.9	$	(149.9)	$	(890.9)	$	8.3	$	270.4

See accompanying notes to consolidated condensed financial statements.

7

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Stockholders' Equity

(Unaudited)

	Wolverine World Wide, Inc. Stockholders' Equity
(In millions, except share and per share data)	Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Non-controlling Interest		Total
Balance at December 31, 2022	$	112.2	$	325.4	$	907.2	$	(132.9)	$	(891.3)	$	18.4	$	339.0
Net earnings (loss)					43.0						(0.6)		42.4
Other comprehensive income (loss)							(2.6)				0.2		(2.4)
Shares issued, net of shares forfeited under stock incentive plans (709,926 shares)	0.7		(6.5)										(5.8)
Shares issued for stock options exercised, net (6,042 shares)	—		0.1										0.1
Stock-based compensation expense			7.8										7.8
Cash dividends declared ($0.20 per share)					(16.4)								(16.4)
Issuance of treasury shares (3,627 shares)			—						0.1				0.1
Capital contribution from noncontrolling interest											$	2.1	$	2.1
Balance at July 1, 2023	$	112.9	$	326.8	$	933.8	$	(135.5)	$	(891.2)	$	20.1	$	366.9
Balance at December 30, 2023	$	113.0	$	364.0	$	834.8	$	(142.2)	$	(891.0)	$	21.4	$	300.0
Net earnings (loss)					(0.3)						2.2		1.9
Other comprehensive loss							(7.7)				(0.6)		(8.3)
Shares issued, net of shares forfeited under stock incentive plans (453,123 shares)	0.4		(2.1)										(1.7)
Stock-based compensation expense			9.8										9.8
Cash dividends declared ($0.20 per share)					(16.6)								(16.6)
Issuance of treasury shares (6,493 shares)			(0.1)						0.1				—
Divestiture											(14.7)		(14.7)
Balance at June 29, 2024	$	113.4	$	371.6	$	817.9	$	(149.9)	$	(890.9)	$	8.3	$	270.4

See accompanying notes to consolidated condensed financial statements.

8

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Notes to Consolidated Condensed Financial Statements

(Unaudited)

1.BASIS OF PRESENTATION

Nature of Operations

Wolverine World Wide, Inc. (the “Company”) is a leading designer, marketer and licensor of a broad range of quality casual footwear and apparel; performance outdoor and athletic footwear and apparel; kids’ footwear; industrial work shoes, boots and apparel; and uniform shoes and boots. The Company’s portfolio of owned and licensed brands includes: Bates®, Cat®, Chaco®, Harley-Davidson®, Hush Puppies®, HYTEST®, Merrell®, Saucony®, Stride Rite®, Sweaty Betty® and Wolverine®. The Company’s products are marketed worldwide through owned operations, through licensing and distribution arrangements with third parties, and through joint ventures. The Company also operates retail stores and eCommerce sites to market both its own brands and branded footwear and apparel from other manufacturers.

Effective February 4, 2023, the Company completed the sale of the Keds® business. See Note 18 for further discussion.

In the third quarter of fiscal 2023, the Company entered into a multi-year licensing agreement of the Hush Puppies® brand in the United States and Canada and completed the sale of the Hush Puppies® trademarks, patents, copyrights, and domains in China, Hong Kong, and Macau. The Company will continue to own the Hush Puppies® brand throughout the rest of the world. See Note 18 for further discussion.

Effective August 23, 2023, the Company completed the sale of the U.S. Leathers business and effective December 28, 2023, the Company completed the sale of the Asia-based Leathers business. See Note 18 for further discussion.

Effective January 1, 2024, the Company completed the sale of the Company’s equity interest joint venture entities that sourced and marketed Merrell® and Saucony® footwear and apparel products in China. See Note 18 for further discussion.

Effective January 10, 2024, the Company completed the sale of the Sperry® business. See Note 18 for further discussion.

Effective May 4, 2024, the Company entered into global multi-year licensing agreements of the Merrell® and Saucony® kids footwear and Merrell® apparel and accessories.

Basis of Presentation

The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for a complete presentation of the financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included in the accompanying financial statements. For further information, refer to the consolidated financial statements and notes included in the Company’s 2023 Form 10-K.

Fiscal Year

The Company’s fiscal year is the 52 or 53-week period that ends on the Saturday nearest to December 31. Fiscal years 2024 and 2023 each have 52 weeks. The Company reports its quarterly results of operations on the basis of 13-week quarters for each of the first three fiscal quarters and a 13 or 14-week period for the fourth fiscal quarter. References to particular years or quarters refer to the Company’s fiscal years ended on the Saturday nearest to December 31 or the fiscal quarters within those years.

Seasonality

The Company experiences moderate fluctuations in sales volume during the year, as reflected in quarterly revenue. The Company expects current seasonal sales patterns to continue in future years. The Company also experiences some fluctuation in its levels of working capital, typically reflecting an increase in net working capital requirements near the end of the first and third fiscal quarters as inventory builds to support peak shipping periods. Historically, cash provided by operating activities is higher in the second half of the fiscal year due to collection of wholesale channel receivables and direct-to-consumer sales being higher during the holiday season. The Company meets its working capital requirements through internal operating cash flows and, as needed, borrowings under its revolving credit facility, as discussed in more detail under the caption "Liquidity and Capital Resources" in Item 2: "Management's Discussion and Analysis of Financial Condition and Results of Operations". The Company's working capital could also be impacted by other events, including health crises.

9

Impairment of Long-Lived Assets

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or an asset group may not be recoverable. Each impairment test is based on a comparison of the carrying amount of the asset or asset group to the future undiscounted net cash flows expected to be generated by the asset or asset group. Assets are considered impaired if the carrying amount exceeds fair value. The impairment amount recognized is the amount by which the carrying amount of the assets exceeds their fair value.

In the first quarter of 2024, the Company incurred non-cash impairment charges on the long-lived property, plant and equipment and lease right-of-use assets at the Company’s distribution center in Louisville, Kentucky to adjust the carrying amount of the assets to their estimated fair value. The Louisville distribution center impairment was related to the Company’s transformation activities and actions to consolidate distribution operations. The long-lived assets are not expected to have a fair value after the Company stops using the distribution center.

In the second quarter of 2024 and 2023, the Company incurred non-cash impairment charges on certain Corporate U.S. and Canada office long-lived property, plant and equipment and right-of-use assets, primarily resulting from divestiture activities and consolidation of corporate office space, to adjust the carrying amount of the assets to estimated fair value. Fair value was estimated based on the discounted cash flows of estimated rental income from subleases net of estimated expenses.

The following table provides details related to asset impairment charges recorded:

	Quarter Ended				Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Lease right-of-use assets impairment	$	3.0	$	12.1	$	5.9	$	12.1
Property, plant and equipment impairment	0.2		3.5		3.4		3.5
Total impairment	$	3.2	$	15.6	$	9.3	$	15.6

2.NEW ACCOUNTING STANDARDS

The Financial Accounting Standards Board (“FASB”) has issued the following Accounting Standards Updates (“ASU”) that the Company has not yet adopted. The following is a summary of the new standards and anticipated impact of adopting these new standards.

Standard	Description	Effect on the Financial Statements
ASU 2023-07, Improvements to Reportable Segment Disclosures	Requires entities disclose on an annual and interim basis significant segment expense, including an amount and composition description for other segment items, and how reported measures of profit or loss are used by the chief operating decision maker in assessing segment performance and deciding how to allocate resources. The ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.	The Company is evaluating the impact of the new standard on its Consolidated Financial Statements.
ASU 2023-09, Improvements to Income Tax Disclosures	Requires annual disclosures of prescribed standard categories for the components of the effective tax rate reconciliation, disclosure of income taxes paid disaggregated by jurisdiction, and other income-tax related disclosures. The ASU is effective on a prospective basis, with retrospective application permitted, for fiscal years beginning after December 15, 2024.	The Company is evaluating the impact of the new standard on its Consolidated Financial Statements.

10

3.EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share.

	Quarter Ended				Year-To-Date Ended
(In millions, except per share data)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Numerator:
Net earnings (loss) attributable to Wolverine World Wide, Inc.	$	14.2	$	24.0	$	(0.3)	$	43.0
Adjustment for earnings allocated to non-vested restricted common stock	(0.5)		(0.5)		(0.6)		(1.0)
Net earnings (loss) used in calculating basic and diluted earnings per share	$	13.7	$	23.5	$	(0.9)	$	42.0
Denominator:
Weighted average shares outstanding	80.0		79.5		79.9		79.3
Effect of dilutive stock options	—		—		—		—
Shares used in calculating diluted earnings per share	80.0		79.5		79.9		79.3
Net earnings (loss) per share:
Basic	$	0.17	$	0.30	$	(0.01)	$	0.53
Diluted	$	0.17	$	0.30	$	(0.01)	$	0.53

For the quarter and year-to-date ended June 29, 2024, 1,574,879 and 1,672,689 outstanding stock options, respectively, have not been included in the denominator for the computation of diluted earnings per share because they were anti-dilutive.

For the quarter and year-to-date ended July 1, 2023, 1,991,262 and 2,080,931 outstanding stock options, respectively, have not been included in the denominator for the computation of diluted earnings per share because they were anti-dilutive.

4.GOODWILL AND INDEFINITE-LIVED INTANGIBLES

The changes in the carrying amount of goodwill are as follows:

	Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023
Goodwill balance at beginning of the year	$	427.1	$	485.0
Sale of business (see Note 18)	—		(20.4)
Foreign currency translation effects	(1.3)		5.1
Goodwill balance at end of the quarter	$	425.8	$	469.7

Goodwill balances are net of accumulated impairment charges. Accumulated impairment charges were $48.4 million as of June 29, 2024 and July 1, 2023, and are related to the Sweaty Betty® reporting unit, which is part of the Active segment.

The Company’s indefinite-lived intangible assets, which comprise trade names and trademarks, totaled $173.4 million, $174.1 million, and $279.2 million as of June 29, 2024, December 30, 2023, and July 1, 2023, respectively. The Company conducted an interim impairment assessment as of June 29, 2024 and determined that there were no triggering events indicating impairment of the Company’s goodwill and indefinite-lived intangible assets.

Following the fiscal 2023 annual impairment test, the Company concluded that the estimated fair value of the Sweaty Betty® reporting unit exceeded its carrying value by 5%. The key assumptions used in the valuation were revenue growth, EBITDA margin, and the discount rate. Although the Company believes the estimates and assumptions used in the valuation were appropriate, it is possible that assumptions could change in future periods. The risk of future impairment to the Sweaty Betty® trade name and Sweaty Betty® goodwill depend on key assumptions used in the determination of the trade name's and reporting unit's fair value, such as revenue growth, earnings before interest, taxes, depreciation and amortization margin, discount rate, and assumed tax rate, or if macroeconomic conditions deteriorate and adversely affect the values of the Company's Sweaty Betty® trade name and the Sweaty Betty® reporting unit. A future impairment charge of the Sweaty Betty® trade name and the Sweaty Betty® reporting unit goodwill could have an adverse material effect on the Company's consolidated financial results. The carrying values of the Company’s Sweaty Betty® trade name indefinite-lived intangible asset and the Sweaty Betty® reporting unit goodwill were $98.7 million and $52.6 million, respectively, as of June 29, 2024.

11

5.ACCOUNTS RECEIVABLE

The Company and certain of its subsidiaries sell, on a continuous basis without recourse, their trade receivables to Rockford ARS, LLC (“Rockford ARS”), a wholly-owned bankruptcy-remote subsidiary of the Company. On December 7, 2022, Rockford ARS entered into a receivables purchase agreement (“RPA”), which was subsequently amended on April 15, 2024, to sell up to $125.0 million of receivables to certain purchasers (the “Purchasers”) on a recurring basis in exchange for cash (referred to as “capital” in the RPA) equal to the gross receivables transferred. The parties intend that the transfers of receivables to the Purchasers constitute purchases and sales of receivables. Rockford ARS has guaranteed to each Purchaser the prompt payment of sold receivables, and has granted a security interest in its assets for the benefit of the Purchasers. Under the RPA, which matures on December 5, 2025, each Purchaser’s share of capital accrues yield at a floating rate plus an applicable margin. The Company is the master servicer under the RPA, and is responsible for administering and collecting receivables.

The proceeds of the RPA are classified as operating activities in the Company's consolidated condensed statements of cash flows. Cash received from collections of sold receivables may be used to fund additional purchases of receivables on a revolving basis or to return all or any portion of outstanding capital of the Purchasers. Subsequent collections of the pledged receivables, which have not been sold, are classified as operating cash flows at the time of collection. Total receivables sold under the RPA were $102.7 million and $205.0 million for the quarter and year-to-date ended June 29, 2024, respectively. Total receivables sold under the RPA were $182.4 million and $365.6 million for the quarter and year-to-date ended July 1, 2023, respectively. Total cash collections under the RPA were $104.1 million and $205.8 million in the quarter and year-to-date ended June 29, 2024, respectively. Total cash collections under the RPA were $196.8 million and $372.8 million in the quarter and year-to-date ended July 1, 2023, respectively. The fair value of the sold receivables approximated book value due to their credit quality and short-term nature, and as a result, no gain or loss on sale of receivables was recorded.

As of the fiscal quarters ended June 29, 2024 and July 1, 2023, the amount sold to the Purchasers under the RPA was $93.0 million and $135.5 million, respectively, which was derecognized from the consolidated condensed balance sheets. As collateral against sold receivables, Rockford ARS maintains a certain level of unsold receivables, which were $53.6 million and $68.5 million as of the fiscal quarters ended June 29, 2024 and July 1, 2023, respectively.

6.REVENUE FROM CONTRACTS WITH CUSTOMERS

Revenue Recognition and Performance Obligations

The Company reports disaggregated revenue by sales channel, including the wholesale and direct-to-consumer sales channels, reconciled to the Company’s reportable segments. The wholesale channel includes royalty revenues due to the similarity in the Company’s oversight and management, customer base, the performance obligation (footwear and apparel goods) and point in time completion of the performance obligation. The direct-to-consumer sales channel includes sales from the Company’s owned retail stores and from the Company’s owned eCommerce sites.

	Quarter Ended June 29, 2024						Quarter Ended July 1, 2023
(In millions)	Wholesale		Direct-to-Consumer		Total		Wholesale		Direct-to-Consumer		Total
Active Group	$	203.1	$	102.8	$	305.9	$	284.2	$	99.1	$	383.3
Work Group	95.8		9.2		105.0		107.7		10.1		117.8
Other	12.9		1.4		14.3		64.8		23.2		88.0
Total Revenue	$	311.8	$	113.4	$	425.2	$	456.7	$	132.4	$	589.1

	Year-To-Date Ended June 29, 2024						Year-To-Date Ended July 1, 2023
(In millions)	Wholesale		Direct-to-Consumer		Total		Wholesale		Direct-to-Consumer		Total
Active Group	$	399.3	$	196.4	$	595.7	$	575.2	$	194.0	$	769.2
Work Group	177.1		18.0		195.1		211.0		21.3		232.3
Other	23.9		5.4		29.3		143.4		43.6		187.0
Total Revenue	$	600.3	$	219.8	$	820.1	$	929.6	$	258.9	$	1,188.5

The Company has agreements to license symbolic intellectual property with minimum guarantees or fixed consideration. The Company was due $39.7 million of remaining fixed transaction price under its license agreements as of June 29, 2024, which it expects to recognize per the terms of its contracts over the course of time through December 2028. The Company has elected to omit the remaining variable consideration under its license agreements given the Company recognizes revenue equal to what it

12

has the right to invoice and that amount corresponds directly with the value to the customer of the Company’s performance to date.

Reserves for Variable Consideration

Revenue is recorded at the net sales price (“transaction price”), which includes estimates of variable consideration for which reserves are established. Components of variable consideration include trade discounts and allowances, product returns, customer markdowns, customer rebates and other sales incentives relating to the sale of the Company’s products. These reserves, as detailed below, are based on the amounts earned, or to be claimed on the related sales. These estimates take into consideration a range of possible outcomes, which are probability-weighted in accordance with the expected value method for relevant factors such as current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the respective underlying contracts. Revenue recognized during the fiscal periods presented related to the Company’s contract liabilities was nominal.

The Company’s contract balances are as follows:

(In millions)	June 29, 2024		December 30, 2023		July 1, 2023
Product returns reserve	$	8.4	$	13.1	$	12.2
Customer markdowns reserve	0.4		5.1		4.6
Other sales incentives reserve	2.9		4.2		3.1
Customer rebates liability	8.4		14.7		13.3
Customer advances liability	6.1		6.8		5.7

The amount of variable consideration included in the transaction price may be constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. Actual amounts of consideration ultimately received may differ from initial estimates. If actual results in the future vary from initial estimates, the Company subsequently adjusts these estimates, which affects net revenue and earnings in the period such variances become known.

7.DEBT

Total debt consists of the following obligations:

(In millions)	June 29, 2024		December 30, 2023		July 1, 2023
Term Facility, due October 21, 2026	$	45.0	$	71.7	$	185.0
Senior Notes, 4.000% interest, due August 15, 2029	550.0		550.0		550.0
Borrowings under revolving credit agreements	225.0		305.0		385.0
Unamortized deferred financing costs	(5.3)		(5.9)		(6.5)
Total debt	$	814.7	$	920.8	$	1,113.5

The Company’s Credit Agreement provides for a term loan A facility (the “Term Facility”) and for a revolving credit facility (the “Revolving Facility” and, together with the Term Facility, the “Senior Credit Facilities”). The maturity date of the loans under the Senior Credit Facilities is October 21, 2026. The Credit Agreement provides for a debt capacity of up to an aggregate debt amount (including outstanding term loan principal and revolver commitment amounts in addition to permitted incremental debt) not to exceed $2.0 billion unless certain specified conditions set forth in the Credit Agreement are met.

The Term Facility requires quarterly principal payments with a balloon payment due on October 21, 2026. The scheduled principal payments due under the Term Facility over the next 12 months total $10.0 million as of June 29, 2024 and are recorded as current maturities of long-term debt on the consolidated condensed balance sheets. In addition, the Company made payments towards the Term Facility in accordance with disposition proceeds language contained in the Credit Agreement.

The Revolving Facility allows the Company to borrow up to an aggregate amount of $1.0 billion. The Revolving Facility also includes a $100.0 million swingline subfacility and a $50.0 million letter of credit subfacility. The Company had outstanding letters of credit under the Revolving Facility of $7.0 million, $6.6 million and $6.5 million as of June 29, 2024, December 30, 2023 and July 1, 2023, respectively. These outstanding letters of credit reduce the borrowing capacity under the Revolving Facility.

13

The interest rates applicable to amounts outstanding under Term Facility and to U.S. dollar denominated amounts outstanding under the Revolving Facility are, at the Company’s option, either (1) the Alternate Base Rate plus an Applicable Margin as determined by the Company’s Consolidated Leverage Ratio, within a range of 0.125% to 1.000%, or (2) the Eurocurrency Rate plus an Applicable Margin as determined by the Company’s Consolidated Leverage Ratio, within a range of 1.125% to 2.000% (all capitalized terms used in this sentence are as defined in the Credit Agreement). At June 29, 2024, the Term Facility and the Revolving Facility had a weighted-average interest rate of 6.35%.

The obligations of the Company pursuant to the Credit Agreement are guaranteed by substantially all of the Company’s material domestic subsidiaries and secured by substantially all of the personal and real property of the Company and its material domestic subsidiaries, subject to certain exceptions.

The Senior Credit Facilities also contain certain affirmative and negative covenants, including covenants that limit the ability of the Company and its Restricted Subsidiaries to, among other things: incur or guarantee indebtedness; incur liens; pay dividends or repurchase stock; enter into transactions with affiliates; consummate asset sales, acquisitions or mergers; prepay certain other indebtedness; or make investments, as well as covenants restricting the activities of certain foreign subsidiaries of the Company that hold intellectual property related assets. Further, the Senior Credit Facilities require compliance with the following financial covenants: a maximum Consolidated Leverage Ratio and a minimum Consolidated Interest Coverage Ratio (all capitalized terms used in this paragraph are as defined in the Senior Credit Facilities). As of June 29, 2024, the Company was in compliance with all covenants and performance ratios under the Senior Credit Facilities.

On December 21, 2023, the Company entered into the fifth amendment (the "Fifth Amendment") to its Credit Agreement, dated as of July 31, 2012. The Fifth Amendment provides the Company with additional allowable disposition capacity in fiscal 2023 and fiscal 2024 to support the Company's transformation.

The Company’s $550.0 million 4.000% senior notes issued on August 26, 2021 are due on August 15, 2029. Related interest payments are due semi-annually. The senior notes are guaranteed by substantially all of the Company’s domestic subsidiaries.

The Company has a foreign revolving credit facility with aggregate available borrowings of $1.0 million that are uncommitted and, therefore, each borrowing against the facility is subject to approval by the lender. There were no borrowings against this facility as of June 29, 2024, December 30, 2023 and July 1, 2023.

The Company included in interest expense the amortization of deferred financing costs of $0.5 million and $1.1 million for the quarter and year-to-date ended June 29, 2024, respectively. The Company included in interest expense the amortization of deferred financing costs of $0.5 million and $1.0 million for the quarter and year-to-date ended July 1, 2023, respectively.

8.LEASES

The following is a summary of the Company’s lease cost.

	Quarter Ended				Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Operating lease cost	$	8.0	$	10.0	$	16.9	$	20.5
Variable lease cost	3.0		3.7		5.9		7.0
Short-term lease cost	0.6		1.2		1.1		1.9
Sublease income	(1.5)		(1.7)		(2.8)		(3.2)
Total lease cost	$	10.1	$	13.2	$	21.1	$	26.2

The following is a summary of the Company’s supplemental cash flow information related to leases.

	Quarter Ended				Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Cash paid for operating lease liabilities	$	13.3	$	11.2	$	26.3	$	22.6
Operating lease assets obtained in exchange for lease liabilities	0.3		1.4		4.9		5.4

The Company did not enter into any real estate leases with commencement dates subsequent to June 29, 2024.

14

9.DERIVATIVE FINANCIAL INSTRUMENTS

The Company utilizes foreign currency forward exchange contracts designated as cash flow hedges to manage the volatility associated primarily with U.S. dollar inventory purchases made by non-U.S. wholesale operations in the normal course of business. These foreign currency forward exchange hedge contracts extended out to a maximum of 503 days, 531 days, and 524 days as of June 29, 2024, December 30, 2023 and July 1, 2023, respectively. If, in the future, the foreign exchange contracts are determined not to be highly effective or are terminated before their contractual termination dates, the Company would remove the hedge designation from those contracts and reclassify into earnings the unrealized gains or losses that would otherwise be included in accumulated other comprehensive income (loss) within stockholders’ equity.

The Company also utilizes foreign currency forward exchange contracts that are not designated as hedging instruments to manage foreign currency transaction exposure. Foreign currency derivatives not designated as hedging instruments are offset by foreign exchange gains or losses resulting from the underlying exposures of foreign currency denominated assets and liabilities.

The Company has an interest rate swap arrangement, which unless otherwise terminated, will mature on May 30, 2025. This agreement, which exchanges floating rate interest payments for fixed rate interest payments over the life of the agreement without the exchange of the underlying notional amounts, has been designated as a cash flow hedge of the underlying debt. The notional amount of the interest rate swap arrangement is used to measure interest to be paid or received and does not represent the amount of exposure to credit loss. The differential paid or received on the interest rate swap arrangement is recognized as interest expense, net. In accordance with FASB Accounting Standards Codification (“ASC”) Topic 815, Derivatives and Hedging, the Company has formally documented the relationship between the interest rate swap and the variable rate borrowing, as well as its risk management objective and strategy for undertaking the hedge transactions. This process included linking the derivative to the specific liability or asset on the balance sheet. The Company also assessed at the inception of the hedge, and continues to assess on an ongoing basis, whether the derivative used in the hedging transaction is highly effective in offsetting changes in the cash flows of the hedged item.

The notional amounts of the Company’s derivative instruments are as follows:

(Dollars in millions)	June 29, 2024		December 30, 2023		July 1, 2023
Foreign exchange hedge contracts	$	257.9	$	269.0	$	295.0
Interest rate swap	41.1		75.3		119.9

The recorded fair values of the Company’s derivative instruments are as follows:

(In millions)	June 29, 2024		December 30, 2023		July 1, 2023
Financial assets:
Foreign exchange hedge contracts	$	3.2	$	—	$	1.6
Interest rate swap	0.8		1.8		3.9
Financial liabilities:
Foreign exchange hedge contracts	$	(1.0)	$	(5.1)	$	(4.7)

Foreign exchange hedge contract financial assets are recorded to prepaid expenses and other current assets and financial liabilities are recorded to other accrued liabilities on the consolidated balance sheets. Interest rate swap financial assets are recorded to other assets and financial liabilities are recorded to other liabilities on the consolidated condensed balance sheets.

10.STOCK-BASED COMPENSATION

The Company recognized compensation expense of $5.7 million and $9.8 million, and related income tax benefits of $1.1 million and $1.9 million, for grants under its stock-based compensation plans for the quarter and year-to-date ended June 29, 2024, respectively. The Company recognized compensation expense of $3.3 million and $7.8 million, and related income tax benefits of $0.7 million and $1.5 million, for grants under its stock-based compensation plans for the quarter and year-to-date ended July 1, 2023, respectively.

The Company grants restricted stock or units (“restricted awards”), performance-based restricted stock or units (“performance awards”) and stock options under its stock-based compensation plans.

15

The Company granted restricted awards and performance awards as follows:

	Year-To-Date Ended June 29, 2024			Year-To-Date Ended July 1, 2023
(In millions)	Company Shares Issued	Weighted-Average Grant Date Fair Value		Company Shares Issued	Weighted-Average Grant Date Fair Value
Restricted Awards	1,865,330	$	8.43	1,253,579	$	15.18
Performance Awards	1,233,484	$	8.56	659,162	$	15.20

11.RETIREMENT PLANS

The following is a summary of net pension and Supplemental Executive Retirement Plan (“SERP”) expense recognized by the Company.

	Quarter Ended				Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Service cost pertaining to benefits earned during the period	$	0.7	$	0.8	$	1.4	$	1.6
Interest cost on projected benefit obligations	4.5		4.5		8.9		8.9
Expected return on pension assets	(4.9)		(4.7)		(9.8)		(9.3)
Net amortization loss	(0.4)		(0.2)		(0.8)		(0.4)
Net pension expense (income)	$	(0.1)	$	0.4	$	(0.3)	$	0.8

The non-service cost components of net pension expense is recorded in the Other expense (income), net line item on the consolidated condensed statements of operations and comprehensive income.

12.INCOME TAXES

The Company maintains management and operational activities in overseas subsidiaries, and its foreign earnings are taxed at rates that are different than the U.S. federal statutory income tax rate. A significant amount of the Company’s earnings are generated by its Canadian, European and Asian subsidiaries and, to a lesser extent, in jurisdictions that are not subject to income tax.

The Company intends to permanently reinvest all non-cash undistributed earnings outside of the U.S. and has therefore not established a deferred tax liability on that amount of foreign unremitted earnings. However, if these non-cash undistributed earnings were repatriated, the Company would be required to accrue and pay applicable U.S. taxes and withholding taxes payable to various countries. It is not practicable to estimate the amount of the deferred tax liability associated with these non-cash unremitted earnings due to the complexity of the hypothetical calculation.

The Company’s effective tax rates for the quarter and year-to-date ended June 29, 2024 were 13.1% and 47.8%, respectively. The Company’s effective tax rates for the quarter and year-to-date ended July 1, 2023 were 19.8% and 27.8%, respectively. The decrease in the effective tax rate between 2024 and 2023 for the quarter-to-date period is due to an increase in discrete tax benefits recognized in the current year, as well as lower pretax income, which increases the impact of the discrete benefits on the effective tax rate. The increase in the effective tax rate between 2024 and 2023 for the year-to-date period is driven by lower pretax income in the current year, which increases the impact of the discrete tax expenses on the effective tax rate.

The Company is subject to periodic audits by U.S. federal, state, local and non-U.S. tax authorities. Currently, the Company is undergoing routine periodic audits in both U.S. federal, state, local and non-U.S. tax jurisdictions. It is reasonably possible that the amounts of unrecognized tax benefits could change in the next 12 months as a result of the audits; however, any payment of tax is not expected to be significant to the consolidated condensed financial statements. The Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2020 in the majority of tax jurisdictions.

16

13.ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income (loss) represents net earnings and any revenue, expenses, gains and losses that, under U.S. GAAP, are excluded from net earnings and recognized directly as a component of stockholders’ equity.

The change in accumulated other comprehensive income (loss) during the quarters ended June 29, 2024 and July 1, 2023 is as follows:

(In millions)	Foreign currency translation		Derivatives			Pension			Total
Balance at April 1, 2023	$	(130.3)	$	(4.5)		$	(1.8)		$	(136.6)
Other comprehensive income (loss) before reclassifications (1)	5.3		(2.0)			—			3.3
Amounts reclassified from accumulated other comprehensive loss	—		(2.8)		(2)	(0.2)		(3)	(3.0)
Income tax expense	—		0.8			—			0.8
Net reclassifications	—		(2.0)			(0.2)			(2.2)
Net current-period other comprehensive income (loss) (1)	5.3		(4.0)			(0.2)			1.1
Balance at July 1, 2023	$	(125.0)	$	(8.5)		$	(2.0)		$	(135.5)
Balance at March 30, 2024	$	(124.2)	$	(14.6)		$	(9.1)		$	(147.9)
Other comprehensive income (loss) before reclassifications (1)	(2.8)		1.3			—			(1.5)
Amounts reclassified from accumulated other comprehensive loss	—		(0.2)		(2)	(0.4)		(3)	(0.6)
Income tax expense	—		0.1			—			0.1
Net reclassifications	—		(0.1)			(0.4)			(0.5)
Net current-period other comprehensive income (loss) (1)	(2.8)		1.2			(0.4)			(2.0)
Balance at June 29, 2024	$	(127.0)	$	(13.4)		$	(9.5)		$	(149.9)

(1)Other comprehensive income (loss) is reported net of taxes and noncontrolling interest.

(2)Amounts related to foreign currency derivatives deemed to be highly effective are included in cost of goods sold. Amounts related to foreign currency derivatives that are no longer deemed to be highly effective are included in other income. Amounts related to the interest rate swap are included in interest expense.

(3)Amounts reclassified are included in the computation of net pension expense.

17

The change in accumulated other comprehensive income (loss) during the year-to-date periods ended June 29, 2024 and July 1, 2023 is as follows:

(In millions)	Foreign currency translation		Derivatives			Pension			Total
Balance at December 31, 2022	$	(133.1)	$	1.9		$	(1.7)		$	(132.9)
Other comprehensive income (loss) before reclassifications (1)	3.9		(2.9)			—			1.0
Amounts reclassified from accumulated other comprehensive income (loss)	4.2		(10.1)		(2)	(0.4)		(3)	(6.3)
Income tax expense (benefit)	—		2.6			0.1			2.7
Net reclassifications	4.2		(7.5)			(0.3)			(3.6)
Net current-period other comprehensive income (loss) (1)	8.1		(10.4)			(0.3)			(2.6)
Balance at July 1, 2023	$	(125.0)	$	(8.5)		$	(2.0)		$	(135.5)
Balance at December 30, 2023	$	(116.3)	$	(17.1)		$	(8.8)		$	(142.2)
Other comprehensive income (loss) before reclassifications (1)	(10.9)		5.9			—			(5.0)
Amounts reclassified from accumulated other comprehensive income (loss)	0.2		(2.9)		(2)	(0.8)		(3)	(3.5)
Income tax expense (benefit)	—		0.7			0.1			0.8
Net reclassifications	0.2		(2.2)			(0.7)			(2.7)
Net current-period other comprehensive income (loss) (1)	(10.7)		3.7			(0.7)			(7.7)
Balance at June 29, 2024	$	(127.0)	$	(13.4)		$	(9.5)		$	(149.9)

(1)Other comprehensive income (loss) is reported net of taxes and noncontrolling interest.

(2)Amounts related to foreign currency derivatives deemed to be highly effective are included in cost of goods sold. Amounts related to foreign currency derivatives that are no longer deemed to be highly effective are included in other income. Amounts related to the interest rate swap are included in interest expense.

(3)Amounts reclassified are included in the computation of net pension expense.

14. FAIR VALUE MEASUREMENTS

The Company measures certain financial assets and liabilities at fair value on a recurring basis. For additional information regarding the Company’s fair value policies, refer to Note 1 in the Company’s 2023 Form 10-K.

Recurring Fair Value Measurements

The following table sets forth financial assets and liabilities measured at fair value in the consolidated condensed balance sheets and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy.

	Fair Value Measurements
	Quoted Prices With Other Observable Inputs (Level 2)
(In millions)	June 29, 2024		December 30, 2023		July 1, 2023
Financial assets:
Derivatives	$	4.0	$	1.8	$	5.5
Financial liabilities:
Derivatives	$	(1.0)	$	(5.1)	$	(4.7)

The fair value of foreign currency forward exchange contracts represents the estimated receipts or payments necessary to terminate the contracts. The interest rate swap was valued based on the current forward rates of the future cash flows.

Fair Value Disclosures

The Company’s financial instruments that are not recorded at fair value consist of cash and cash equivalents, accounts and notes receivable, accounts payable, borrowings under revolving credit agreements and other short-term and long-term debt. The

18

carrying amount of these financial instruments is historical cost, which approximates fair value, except for the debt. The carrying value and the fair value of the Company’s debt are as follows:

(In millions)	June 29, 2024		December 30, 2023		July 1, 2023
Carrying value	$	814.7	$	920.8	$	1,113.5
Fair value	732.0		813.3		1,020.1

The fair value of the fixed rate debt was based on third-party quotes (Level 2). The fair value of the variable rate debt was calculated by discounting the future cash flows to its present value using a discount rate based on the risk-free rate of the same maturity (Level 3).

15. LITIGATION AND CONTINGENCIES

Litigation

The Company operated a leather tannery in Rockford, Michigan from the early 1900s through 2009 (the “Tannery”). The Company also owns a parcel on House Street in Plainfield Township that the Company used for the disposal of Tannery byproducts until about 1970 (the "House Street" site). Beginning in the late 1950s, the Company used 3M Company’s Scotchgard™ in its processing of certain leathers at the Tannery. Until 2002 when 3M Company changed its Scotchgard™ formula, Tannery byproducts disposed of by the Company at the House Street site and other locations may have contained PFOA and/or PFOS, two chemicals in the family of compounds known as per- and polyfluoroalkyl substances (together, “PFAS”). PFOA and PFOS help provide non-stick, stain-resistant, and water-resistant qualities, and were used for many decades in commercial products like firefighting foams and metal plating, and in common consumer items like food wrappers, microwave popcorn bags, pizza boxes, Teflon™, carpets and Scotchgard™.

In May 2016, the Environmental Protection Agency (“EPA”) announced a lifetime health advisory level of 70 parts per trillion (“ppt”) combined for PFOA and PFOS, which the EPA reduced in June 2022 to 0.004 ppt and 0.02 ppt for PFOA and PFOS, respectively. In January 2018, the Michigan Department of Environmental Quality (“MDEQ”, now known as the Michigan Department of Environment, Great Lakes, and Energy (“EGLE”)) enacted a drinking water criterion of 70 ppt combined for PFOA and PFOS, which set an official state standard for acceptable concentrations of these contaminants in groundwater used for drinking water purposes. On August 3, 2020, Michigan changed the standards for PFOA and PFOS in drinking water to 8 and 16 ppt, respectively, and set standards for four other PFAS substances.

Civil and Regulatory Actions of EGLE and EPA

On January 10, 2018, EGLE filed a civil action against the Company in the U.S. District Court for the Western District of Michigan under the federal Resource Conservation and Recovery Act of 1976 (“RCRA”) and Parts 201 and 31 of the Michigan Natural Resources and Environmental Protection Act (“NREPA”) alleging that the Company’s past and present handling, storage, treatment, transportation and/or disposal of solid waste at the Company’s properties has resulted in releases of PFAS at levels exceeding applicable Michigan cleanup criteria for PFOA and PFOS (the "EGLE Action"). Plainfield and Algoma Townships intervened in the EGLE Action alleging claims under RCRA, NREPA, the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) and common law nuisance.

On February 3, 2020, the parties entered into a consent decree resolving the EGLE Action, which was approved by U.S. District Judge Janet T. Neff on February 19, 2020 (the “Consent Decree”). Under the Consent Decree, the Company agreed to pay for an extension of Plainfield Township’s municipal water system to more than 1,000 properties in Plainfield and Algoma Townships, subject to an aggregate cap of $69.5 million. The Company also agreed to continue maintaining water filters for certain homeowners, resample certain residential wells for PFAS, continue remediation at the Company’s Tannery property and House Street site, and conduct further investigations and monitoring to assess the presence of PFAS in area groundwater. The Company’s activities under the Consent Decree are not materially impacted by either the drinking water standards that became effective on August 3, 2020, or the EPA’s revised advisory levels issued in June 2022.

On December 19, 2018, the Company filed a third-party complaint against 3M Company seeking, among other things, recovery of the Company’s remediation and other costs incurred in defense of the EGLE Action ("the 3M Action"). On June 20, 2019, the 3M Company filed a counterclaim against the Company in response to the 3M Action, seeking, among other things, contractual and common law indemnity and contribution under CERCLA and Part 201 of NREPA. On February 20, 2020, the Company and 3M Company entered into a settlement agreement resolving the 3M Action, under which 3M Company paid the Company a lump sum amount of $55.0 million during the first quarter of 2020.

On January 10, 2018, the EPA entered a Unilateral Administrative Order (the “Order”) under Section 106(a) of CERCLA, 42 U.S.C. § 9606(a) with an effective date of February 1, 2018. The Order pertained to specified removal actions at the Company's

19

Tannery and House Street sites, including certain time critical removal actions subsequently identified in an April 29, 2019 letter from the EPA, to abate the actual or threatened release of hazardous substances at or from the sites. On October 28, 2019, the EPA and the Company entered into an Administrative Settlement and Order on Consent (“AOC”) that supersedes the Order and addresses the agreed-upon removal actions outlined in the Order. The Company has completed the activities required by the AOC.

The Company discusses its reserve for remediation costs in the environmental liabilities section below.

Individual and Class Action Litigation

Beginning in late 2017, individual lawsuits and three putative class action lawsuits were filed against the Company that raise a variety of claims, including claims related to property, remediation, and human health effects. The three putative class action lawsuits were subsequently refiled in the U.S. District Court for the Western District of Michigan as a single consolidated putative class action lawsuit. 3M Company has been named as a co-defendant in the individual lawsuits and consolidated putative class action lawsuit. In addition, the current owner of a former landfill and gravel mining operation sued the Company seeking damages and cost recovery for property damage allegedly caused by the Company’s disposal of tannery waste containing PFAS. The owner of another former landfill filed notice threatening suit and sent a demand letter to the Company seeking recovery for damages allegedly caused by the Company’s disposal of tannery waste containing PFAS (this notice, the former landfill and gravel mining suit collectively with the individual lawsuits and putative class action, the “Litigation Matters”).

On January 11, 2022, the Company and 3M Company entered into a master settlement agreement with the law firm representing certain of the plaintiffs in the individual lawsuits included in the Litigation Matters, and each of these plaintiffs subsequently agreed to participate in the settlement. These plaintiffs’ lawsuits were dismissed with prejudice on or around April 25, 2022.

On December 9, 2021, the Company and 3M Company reached a settlement in principle to resolve certain of the remaining individual lawsuits included in the Litigation Matters, and the parties entered into definitive settlement agreements in March 2022. These plaintiffs’ lawsuits were dismissed with prejudice on June 14, 2022. The last remaining individual action was dismissed without prejudice on June 24, 2022.

In addition, in September 2022, the parties to the putative class action filed a motion for preliminary approval of a proposed class action settlement seeking to resolve the putative class action plaintiffs’ claims. On March 29, 2023, the court presiding over the putative class action granted final approval of the proposed settlement and dismissed the lawsuit with prejudice.

The last remaining Litigation Matter, the lawsuit filed by the current owner of a former landfill and gravel mining operations, was pending in Michigan state court but has been administratively stayed by the Court.

For certain of the Litigation Matters described above, and as a result of developments during the second quarter of 2024, the Company increased its accrual by $8.4 million. The Company made no payments in connection with the Litigation Matters described above during the first two quarters of 2024. As of June 29, 2024, the Company had recorded liabilities of $11.1 million for certain of the Litigation Matters described above which are recorded as other accrued liabilities in the consolidated condensed balance sheets.

In December 2018, the Company filed a lawsuit against certain of its historic liability insurers, seeking to compel them to provide a defense against the Litigation Matters on the Company's behalf and coverage for remediation efforts undertaken by, and indemnity provided by, the Company. The Company recognized certain recoveries from legacy insurance policies in 2024 and 2023 and continues pursuing additional recoveries through the lawsuit.

Other Litigation

The Company is also involved in litigation incidental to its business and is a party to legal actions and claims, including, but not limited to, those related to employment, intellectual property, and consumer related matters. Some of the legal proceedings include claims for compensatory as well as punitive damages. While the final outcome of these matters cannot be predicted with certainty, considering, among other things, the meritorious legal defenses available to the Company and reserves for liabilities that the Company has recorded, along with applicable insurance, it is management’s opinion that the outcome of these items are not expected to have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

20

Environmental Liabilities

The following is a summary of the activity with respect to the environmental remediation reserve established by the Company:

	Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023
Remediation liability at beginning of the year	$	57.9	$	74.1
Changes in estimate	3.8		(21.0)
Amounts paid	(15.5)		(6.7)
Remediation liability at the end of the quarter	$	46.2	$	46.4

The reserve balance as of June 29, 2024 includes $17.8 million that is expected to be paid within the next twelve months and is recorded as a current obligation in other accrued liabilities, with the remaining $28.4 million expected to be paid over the course of up to 25 years, recorded in other liabilities.

The Company's remediation activity at the Tannery property, House Street site and other relevant operations or disposal sites is ongoing. Although the Consent Decree has made near-term costs more clear, it is difficult to estimate the long-term cost of environmental compliance and remediation given the uncertainties regarding the interpretation and enforcement of applicable environmental laws and regulations, the extent of environmental contamination and the existence of alternative cleanup methods. Future developments may occur that could materially change the Company’s current cost estimates, including, but not limited to: (i) changes in the information available regarding the environmental impact of the Company’s operations and products; (ii) changes in environmental regulations, changes in permissible levels of specific compounds in drinking water sources, or changes in enforcement theories and policies, including efforts to recover natural resource damages; (iii) new and evolving analytical and remediation techniques; (iv) changes to the form of remediation; (v) success in allocating liability to other potentially responsible parties; and (vi) the financial viability of other potentially responsible parties and third-party indemnitors. For locations at which remediation activity is largely ongoing, the Company cannot estimate a possible loss or range of loss in excess of the associated established reserves for the reasons described above. The Company adjusts recorded liabilities as further information develops or circumstances change.

Minimum Royalties and Advertising Commitments

The Company has future minimum royalty and advertising obligations due under the terms of certain licenses held by the Company. These minimum future obligations for the fiscal periods subsequent to June 29, 2024 are as follows:

(In millions)	2024		2025		2026		2027		2028		Thereafter
Minimum royalties	$	0.5	$	—	$	—	$	—	$	—	$	—
Minimum advertising	—		3.0		3.1		3.2		3.3		—

Minimum royalties are based on both fixed obligations and assumptions regarding the Consumer Price Index. Royalty obligations in excess of minimum requirements are based upon future sales levels. In accordance with these agreements, the Company incurred royalty expense of $0.3 million and $0.6 million for the quarter and year-to-date ended June 29, 2024, respectively. For the quarter and year-to-date ended July 1, 2023, the Company incurred royalty expense in accordance with these agreements of $0.4 million and $0.7 million, respectively.

The terms of certain license agreements also require the Company to make advertising expenditures based on the level of sales of the licensed products. In accordance with these agreements, the Company incurred advertising expense of $1.2 million and $2.3 million for the quarter and year-to-date ended June 29, 2024, respectively. For the quarter and year-to-date ended July 1, 2023, the Company incurred advertising expense in accordance with these agreements of $2.4 million and $3.7 million, respectively.

16. BUSINESS SEGMENTS

The Company’s portfolio of brands is organized into the following reportable segments.

•Active Group, consisting of Merrell® footwear and apparel, Saucony® footwear and apparel, Sweaty Betty® activewear, and Chaco® footwear; and

•Work Group, consisting of Wolverine® footwear and apparel, Cat® footwear, Bates® uniform footwear, Harley-Davidson® footwear and HYTEST® safety footwear;

21

The Company's operating segments are the Active Group, Work Group, and Sweaty Betty®. Sweaty Betty® and the Active Group were evaluated and combined into one reportable segment because they meet the similar economic characteristics and qualitative aggregation criteria set forth in the relevant accounting guidance.

Kids' footwear offerings from Saucony®, Sperry®, Keds®, Merrell®, Hush Puppies® and Cat® are included with the applicable brand.

The Company also reports “Other” and “Corporate” categories. The Other category consists of Sperry® footwear, Keds® footwear, Hush Puppies® footwear and apparel, the Company’s leather marketing operations, sourcing operations that include third-party commission revenues, multi-branded direct-to-consumer retail stores and the Stride Rite® licensed business. The Corporate category consists of gains on the sale of businesses and trademarks, unallocated corporate expenses, such as corporate employee costs, corporate facility costs, reorganization activities, impairment of long-lived 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 direct-to-consumer 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.

	Quarter Ended				Year-to-Date Ended
(In millions)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Revenue:
Active Group	$	305.9	$	383.3	$	595.7	$	769.2
Work Group	105.0		117.8		195.1		232.3
Other	14.3		88.0		29.3		187.0
Total	$	425.2	$	589.1	$	820.1	$	1,188.5
Segment operating profit (loss):
Active Group	$	42.1	$	39.8	$	78.3	$	91.9
Work Group	14.6		14.8		27.3		30.3
Other	8.2		13.5		12.4		19.7
Corporate	(35.8)		(22.0)		(92.0)		(50.5)
Operating profit	29.1		46.1		26.0		91.4
Interest expense, net	11.9		16.1		23.9		31.9
Other expense (income), net	(0.8)		(0.4)		(1.6)		0.8
Earnings before income taxes	$	18.0	$	30.4	$	3.7	$	58.7

(In millions)	June 29, 2024		December 30, 2023		July 1, 2023
Total assets:
Active Group	$	1,072.7	$	1,183.9	$	1,315.3
Work Group	282.8		288.4		319.4
Other	98.5		250.8		471.2
Corporate	342.3		339.7		251.4
Total	$	1,796.3	$	2,062.8	$	2,357.3
Goodwill:
Active Group	$	316.5	$	317.7	$	317.4
Work Group	60.2		60.3		60.3
Other	49.1		49.1		92.0
Total	$	425.8	$	427.1	$	469.7

22

17. VARIABLE INTEREST ENTITIES AND RELATED PARTY TRANSACTIONS

Assets and Liabilities of Consolidated VIEs

The Company had equity interests in Merrell® and Saucony® joint ventures that sourced Merrell® and Saucony® footwear and apparel products in China. Based upon the criteria set forth in FASB ASC 810, Consolidation, the Company had determined that two of the joint ventures were variable interest entities (VIEs) of which the Company was the primary beneficiary and, as a result, the Company consolidated these VIEs. The Merrell® and Saucony® joint ventures were divested effective January 1, 2024.

The following is a summary of these VIEs’ assets and liabilities included in the Company’s consolidated condensed balance sheets.

(In millions)	December 30, 2023		July 1, 2023
Cash	$	—	$	7.4
Accounts receivable	—		7.2
Inventory	—		31.8
Other current assets	—		2.9
Noncurrent assets	—		0.9
Assets held for sale	51.6		—
Total assets	$	51.6	$	50.2
Current liabilities	$	—	$	10.1
Noncurrent liabilities	—		0.1
Liabilities held for sale	15.4		—
Total liabilities	$	15.4	$	10.2

Nonconsolidated VIEs

The Company also had equity interests in two Merrell® and Saucony® joint ventures that marketed the Company’s Merrell® and Saucony® footwear and apparel products in China that were VIEs that are not consolidated as the Company did not have the power to direct the most significant activities that impact the VIEs' economic performance. The following is a summary of carrying amounts of assets included in the Company’s consolidated condensed balance sheets as of December 30, 2023 and July 1, 2023, respectively, related to VIEs for which the Company was not the primary beneficiary.

The following is a summary of the carrying amounts of assets included in the Company’s Consolidated Condensed Balance Sheets.

(In millions)	December 30, 2023		July 1, 2023
Equity method investments (1)	$	—	$	7.5

(1) Equity method investments are included in “Other Assets” on the consolidated condensed balance sheets.

Related Party Transactions

In the normal course of business, the Company entered into transactions with related party equity affiliates. Related party transactions consist of the sale of goods, made at arm’s length, and other arrangements. For the quarter and year-to-date ended July 1, 2023, the Company recognized net sales to equity affiliates totaling $13.6 million and $24.2 million, respectively. The Company did not recognize any sales to equity affiliates for the quarter and year-to-date ended June 29, 2024.

The following table summarizes related party transactions included in the consolidated condensed balance sheets.

(In millions)	December 30, 2023		July 1, 2023
Accounts receivable due from related parties	$	15.4	$	7.2
Long term liabilities due to related parties	1.4		—

23

18. DIVESTITURES AND ASSETS AND LIABILITIES HELD FOR SALE

Divestiture of Sperry® Business

On January 10, 2024, the Company entered into a Purchase Agreement with ABG Intermediate Holdings 2 LLC, an affiliate of Authentic Brands Group LLC. (the "ABG Buyer"), pursuant to which the ABG Buyer agreed to purchase all of the outstanding equity of certain subsidiaries of the Company that own or hold for use intellectual property used by the Company exclusively in the footwear, apparel, and accessories business conducted by the Company under the Sperry® brand. In addition, on January 10, 2024 the Company entered into an Inventory Purchase Agreement with Aldo U.S. Inc., an affiliate of the Aldo Group (the "Aldo Buyer"), pursuant to which the Aldo Buyer agreed to purchase certain inventory and other assets of the Sperry® business, and to assume certain contracts of the Sperry® business, including Sperry® retail store leases. The sale was effective January 10, 2024, in accordance with the terms and conditions of the Purchase Agreement.

The aggregate purchase price under these two purchase agreements was $97.4 million in cash. As of December 30, 2023, the Company recognized an impairment charge of $95.0 million which included $6.0 million for disposal costs. In determining the amount of the impairment loss for the assets of this transaction during the fourth quarter of 2023, the Company included $1.0 million of accumulated foreign currency translation gains, which were classified within accumulated other comprehensive income (“AOCI”).

The Company determined that the divestiture of the Sperry® business did not represent a strategic shift that had or will have a major effect on the consolidated condensed results of operations, and therefore results of this business were not classified as discontinued operations.

Divestiture of Merrell and Saucony China Joint Venture Entities

On December 17, 2023, the Company and Xtep entered into a Purchase Agreement pursuant to which Xtep agreed to purchase the Company’s equity interest in the Merrell and Saucony joint venture entities that sourced and marketed Merrell® and Saucony® footwear and apparel products in China (Saucony Brand Operations Ltd., Saucony Distribution Operations Ltd., Merrell Brand Operations Ltd. and Merrell Distribution Operations Ltd.), transitioning the business from a joint venture model to a license and distribution rights model under which Xtep will exclusively carry out the development, marketing and distribution of footwear, apparel and accessories for the Saucony and Merrell brands in China. The sale was effective January 1, 2024, in accordance with the terms and conditions of the Purchase Agreement and the purchase price was $22.0 million in cash. As of December 30, 2023, the Company recognized an impairment charge of $1.8 million. In determining the amount of the impairment loss for the assets of this transaction during the fourth quarter of 2023, the Company included $0.8 million of accumulated foreign currency translation losses, which were classified within AOCI.

Divestiture of Asia-based Leathers Business

On December 14, 2023, the Company completed the sale of its Asia-based performance leathers business to Interhides Public Company Limited, a current materials vendor of the Company. The Company received $8.2 million in cash for the sale. The assets sold, which were included in the Other segment category, consist of $8.2 million in inventory.

Sale-Leaseback of Louisville Distribution Facility

On December 28, 2023, the Company completed a sale and leaseback transaction with an independent third party for the land, building and related fixed assets of the Company’s distribution center located in Louisville, Kentucky for a sale price of $23.5 million. The distribution center was leased back to the Company via a two-year lease agreement, which includes a one year renewal option. The transaction qualifies for sales recognition under the sale leaseback accounting requirements and the Company recorded a gain of $12.6 million in the fourth quarter of 2023.

Divestiture of Hush Puppies intellectual property in China, Hong Kong, and Macau

On September 1, 2023, the Company entered into an asset purchase agreement to sell the Hush Puppies® trademarks, patents, copyrights and domains in China, Hong Kong and Macau to its current sublicensee, Beijing Jiaman Dress Co., Ltd. for cash of $58.8 million and recognized a gain on sale of $55.8 million in the third quarter of 2023. The gain on sale is net of transaction related fees of $3.0 million. The transaction closed on September 14, 2023. The Company will continue to own the Hush Puppies® brand throughout the rest of the world.

24

Divestiture of U.S. Wolverine Leathers Business

On August 23, 2023, the Company completed the sale of its U.S. Wolverine Leathers business to its long-time customer, New Balance. The Company received $4.0 million in cash for the sale and recognized a gain on sale of $1.9 million. The assets sold, which were included in the Other segment category, consist of $2.1 million in inventory.

Divestiture of Keds® Business

On February 7, 2023 the Company entered into an Asset Purchase Agreement with Designer Brands, Inc. (the "Buyer") pursuant to which the Buyer agreed to purchase the global Keds® business. The sale was effective February 4, 2023, in accordance with the terms and conditions of the Asset Purchase Agreement.

The following table summarizes the net gain recognized in the first quarter of 2023 in connection with the divestiture:

(In millions)
Net proceeds	$	83.4
Net assets disposed	(65.9)
Direct costs to sell	(1.6)
AOCI reclassification adjustment, foreign currency translation	4.2
Gain on sale of business	$	20.1

The Company determined that the divestiture of the Keds® business did not represent a strategic shift that had or will have a major effect on the Consolidated Results of Operations, and therefore results were not classified as discontinued operations. The proceeds from the sales were used to reduce outstanding revolver borrowings.

Assets and Liabilities Held for Sale

The Sperry® business and the Merrell® and Saucony® China joint venture entities met the criteria to be classified as held for sale as of December 30, 2023, and therefore the Company reclassified the related assets and liabilities as held for sale on the Consolidated Balance Sheets as of December 30, 2023.

The performance leathers business met the criteria to be classified as held for sale as of July 1, 2023, and therefore the Company reclassified the related assets and liabilities as held for sale on the Consolidated Balance Sheets as of July 1, 2023.

25

The following is a summary of the major categories of assets and liabilities that have been classified as held for sale on the consolidated condensed balance sheets:

(In millions)	December 30, 2023		July 1, 2023
Cash and cash equivalents	$	5.6	$	3.6
Accounts receivables, net	15.4		4.7
Inventories	83.3		10.8
Other current assets	2.9		—
Property, plant and equipment, net	3.8		—
Lease right-of-use assets	7.6		—
Goodwill	43.0		—
Indefinite-lived intangibles	67.0		—
Amortizable intangibles, net	21.0		—
Other assets	7.8		—
Impairment of carrying value	(96.8)		—
Total assets held for sale	$	160.6	$	19.1
Accounts payable	$	4.8	$	3.4
Lease liabilities	9.0		—
Accrued liabilities	9.0		0.7
Other liabilities	1.4		—
Total liabilities held for sale	$	24.2	$	4.1

26

ITEM 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion of the Company’s results of operations and liquidity and capital resources. This section should be read in conjunction with the Company’s consolidated condensed financial statements and related notes included elsewhere in this Quarterly Report.

BUSINESS OVERVIEW

The Company is a leading global designer, marketer and licensor of branded footwear, apparel and accessories. The Company’s strategic vision is to build and grow high-energy footwear, apparel and accessories brands that inspire and empower consumers to explore and enjoy their active lives. The Company seeks to fulfill this vision by offering innovative products and compelling brand propositions; complementing its footwear brands with strong apparel and accessories offerings; expanding its global direct-to-consumer footprint; and delivering supply chain excellence.

The Company’s brands are marketed in approximately 170 countries and territories at June 29, 2024, including through owned operations in the U.S., Canada, the United Kingdom and certain countries in continental Europe and Asia Pacific. In other regions (Latin America, portions of Europe and Asia Pacific, the Middle East and Africa), the Company relies on a network of third-party distributors, licensees and joint ventures. At June 29, 2024, the Company operated 121 retail stores in the U.S., Europe and Canada and 54 direct-to-consumer eCommerce sites.

Effective February 4, 2023, the Company completed the sale of the Keds® business.

In the third quarter of fiscal 2023, the Company entered into a multi-year licensing agreement of the Hush Puppies® brand in the United States and Canada. In addition, the Company completed the sale of the Hush Puppies® trademarks, patents, copyrights, and domains in China, Hong Kong, and Macau. The Company will continue to own the Hush Puppies® brand throughout the rest of the world.

Effective August 23, 2023, the Company completed the sale of the U.S. Leathers business and effective December 28, 2023, the Company completed the sale of the Asia-based Leathers business.

Effective January 1, 2024, the Company completed the sale of the Company’s equity interest in the Merrell® and Saucony® joint venture entities.

Effective January 10, 2024, the Company completed the sale of the Sperry® business.

Effective May 4, 2024, the Company entered into global multi-year licensing agreements of the Merrell® and Saucony® kids footwear and Merrell® apparel and accessories.

2024 FINANCIAL OVERVIEW

•Revenue was $425.2 million for the second quarter of 2024, representing a decrease of 27.8% compared to the second quarter of 2023.

•Gross margin was 43.1% in the second quarter of 2024 compared to 38.7% in the second quarter of 2023.

•The effective tax rates in the second quarters of 2024 and 2023 were 13.1% and 19.8%, respectively.

•Diluted earnings per share for the second quarter of 2024 were $0.17 per share compared to diluted earnings per share of $0.30 per share for the second quarter of 2023.

•The Company declared cash dividends of $0.10 per share in the second quarters of both 2024 and 2023.

•Cash flow used in operating activities was $10.5 million for the first two quarters of 2024 compared to cash flow provided by operating activities of $45.9 million for the first two quarters of 2023.

•Compared to the second quarter of 2023, inventory as of the second quarter of 2024 decreased $350.8 million, or 54.1%. As of the end of the second quarter of 2024, the Company had $18.9 million of inventory in-transit, which represents a decrease of $13.0 million as compared to the end of the second quarter of 2023.

27

RESULTS OF OPERATIONS

	Quarter Ended						Year-To-Date Ended
(In millions, except per share data)	June 29, 2024		July 1, 2023		Percent Change		June 29, 2024		July 1, 2023		Percent Change
Revenue	$	425.2	$	589.1	(27.8)	%	$	820.1	$	1,188.5	(31.0)	%
Cost of goods sold	242.0		361.3		(33.0)	%	455.5		724.4		(37.1)	%
Gross profit	183.2		227.8		(19.6)	%	364.6		464.1		(21.4)	%
Selling, general and administrative expenses	166.6		195.5		(14.8)	%	343.4		407.5		(15.7)	%
Gain on sale of businesses, trademarks, and intangible assets	—		—		*		—		(20.1)		(100.0)	%
Impairment of long-lived assets	3.2		15.6		(79.5)	%	9.3		15.6		(40.4)	%
Environmental and other related costs (income), net of recoveries	(15.7)		(29.4)		(46.6)	%	(14.1)		(30.3)		(53.5)	%
Operating profit	29.1		46.1		(36.9)	%	26.0		91.4		(71.6)	%
Interest expense, net	11.9		16.1		(26.1)	%	23.9		31.9		(25.1)	%
Other expense (income), net	(0.8)		(0.4)		(100.0)	%	(1.6)		0.8		(300.0)	%
Earnings before income taxes	18.0		30.4		(40.8)	%	3.7		58.7		(93.7)	%
Income tax expense	2.4		6.0		(60.0)	%	1.8		16.3		(89.0)	%
Net earnings	15.6		24.4		(36.1)	%	1.9		42.4		(95.5)	%
Less: net earnings (loss) attributable to noncontrolling interests	1.4		0.4		250.0	%	2.2		(0.6)		466.7	%
Net earnings (loss) attributable to Wolverine World Wide, Inc.	$	14.2	$	24.0	(40.8)	%	$	(0.3)	$	43.0	(100.7)	%
Diluted earnings (loss) per share	$	0.17	$	0.30	(43.3)	%	$	(0.01)	$	0.53	(101.9)	%

* Percentage change not meaningful

REVENUE

Revenue was $425.2 million for the second quarter of 2024, representing a decline of $163.9 million compared to the second quarter of 2023. The change in revenue reflected a $77.4 million, or 20.2%, decline from the Active Group, a $12.8 million, or 10.9%, decline from the Work Group, and a $73.7 million, or 83.8%, decline from Other. The Active Group’s revenue decrease was primarily driven by a decrease of $39.7 million from Saucony®, $33.9 million from Merrell® and $3.7 million from Chaco®. The Work Group’s revenue decrease was primarily driven by a decrease of $5.6 million from Cat®, $3.3 million from HYTEST®, $2.4 million from Harley-Davidson®, and $1.3 million from Wolverine®. The decline in Other revenue was primarily driven by a decrease in revenue from businesses that were sold in 2023 and 2024 and the licensing of the Hush Puppies® business, including decreases of $55.6 million from Sperry®, $10.9 million from the performance leathers business and $8.0 million from Hush Puppies®. Changes in foreign exchange rates decreased revenue by $0.7 million during the second quarter of 2024. Direct-to-consumer revenue decreased during the second quarter of 2024 by $19.0 million, or 14.4%, compared to the second quarter of 2023.

Revenue was $820.1 million for the first two quarters of 2024, representing a decline of $368.4 million compared to the first two quarters of 2023. The change in revenue reflected a $173.5 million, or 22.6%, decrease from the Active Group, a $37.2 million, or 16.0%, decrease from the Work Group, and a $157.7 million, or 84.3%, decrease from Other. The Active Group’s revenue decrease was primarily driven by a decrease of $81.2 million from Merrell®, $72.2 million from Saucony® and $17.8 million from Chaco®. The Work Group’s revenue decrease was primarily driven by a decrease of $14.1 million from Cat®, $11.8 million from Wolverine®, $5.6 million from HYTEST®, $3.3 million from Harley-Davidson® and $2.4 million from Bates®. The decline in Other revenue was primarily driven by a decrease in revenue from businesses that were sold in 2023 and 2024 and the licensing of the Hush Puppies® business, including decreases of $116.1 million from Sperry®, $22.8 million from the performance leathers business, $16.4 million from Hush Puppies® and $6.5 million from Keds®. Changes in foreign exchange rates increased revenue by $2.3 million during the first two quarters of 2024. Direct-to-consumer revenue decreased during the first two quarters of 2024 by $39.1 million, or 15.1%, compared to the first two quarters of 2023.

28

GROSS MARGIN

Gross margin was 43.1% in the second quarter of 2024 compared to 38.7% in the second quarter of 2023. The gross margin increase in the second quarter was primarily driven by less end-of-life inventory sales, less supply chain costs and less promotional activity.

Gross margin was 44.5% in the first two quarters of 2024 compared to 39.0% during the first two quarters of 2023. The gross margin increase in the first two quarters of 2024 was primarily driven by favorable distribution channel mix, less end-of-life inventory sales, less supply chain costs and less promotional activity.

OPERATING EXPENSES

Operating expenses decreased $27.6 million, from $181.7 million in the second quarter of 2023 to $154.1 million in the second quarter of 2024. The decrease was primarily driven by lower general and administrative costs ($14.2 million), lower impairment of long-lived assets ($12.4 million), lower selling costs ($11.9 million), lower advertising costs ($11.1 million), lower distribution costs ($5.4 million) and lower product development costs ($1.8 million), partially offset by higher environmental and other related costs, net of insurance recoveries ($13.7 million), higher incentive compensation costs ($8.7 million) and higher reorganization costs ($6.8 million). Environmental and other related costs were $10.8 million and $2.1 million in the second quarter of 2024 and 2023, respectively.

Operating expenses decreased $34.1 million, from $372.7 million in the first two quarters of 2023 to $338.6 million in the first two quarters of 2024. The decrease was primarily driven by lower selling costs ($22.6 million), lower general and administrative costs ($20.4 million), lower advertising costs ($20.2 million), lower distribution costs ($13.5 million), lower impairment of long-lived assets ($6.3 million) and lower product development costs ($4.2 million), partially offset by the 2023 gain on the divestiture of the Keds® business ($20.1 million), higher environmental and other related costs, net of insurance recoveries ($16.2 million), higher incentive compensation costs ($8.8 million) and higher reorganization costs ($8.0 million). Environmental and other related costs were $12.7 million and $3.7 million in the first two quarters of 2024 and 2023, respectively.

INTEREST, OTHER AND INCOME TAXES

Net interest expense was $11.9 million in the second quarter of 2024 compared to $16.1 million in the second quarter of 2023. Net interest expense was $23.9 million in the first two quarters of 2024 compared to $31.9 million in the first two quarters of 2023. The decrease in interest expense for both the quarter-to-date and year-to-date periods is due to lower average principal balances of variable rate debt.

Other income was $0.8 million in the second quarter of 2024, compared to other income of $0.4 million in the second quarter of 2023. Other income was $1.6 million in the first two quarters of 2024, compared to other expense of $0.8 million in the first two quarters of 2023.

The effective tax rates in the second quarter of 2024 and 2023 were 13.1% and 19.8%, respectively. The effective tax rates in the first two quarters of 2024 and 2023 were 47.8% and 27.8%, respectively. The decrease in the effective tax rate between 2024 and 2023 for the quarter-to-date period is due to an increase in discrete tax benefits recognized in the current year, as well as lower pretax income, which increases the impact of the discrete benefits on the effective tax rate. The increase in the effective tax rate between 2024 and 2023 for the year-to-date period is driven by lower pretax income in the current year, which increases the impact of the discrete tax expenses on the effective tax rate.

REPORTABLE SEGMENTS

The Company’s portfolio of brands is organized into the following reportable segments.

•Active Group, consisting of Merrell® footwear and apparel, Saucony® footwear and apparel, Sweaty Betty® activewear, and Chaco® footwear; and

•Work Group, consisting of Wolverine® footwear and apparel, Cat® footwear, Bates® uniform footwear, Harley-Davidson® footwear and HYTEST® safety footwear;

Kids' footwear offerings from Saucony®, Sperry®, Keds®, Merrell®, Hush Puppies® and Cat® are included with the applicable brand.

The Company also reports “Other” and “Corporate” categories. The Other category consists of Sperry® footwear, Keds® footwear, Hush Puppies® footwear and apparel, the Company’s leather marketing operations, sourcing operations that include third-party commission revenues, multi-branded direct-to-consumer retail stores and the Stride Rite® licensed business. The Corporate category consists of gains on the sale of businesses and trademarks, unallocated corporate expenses, such as

29

corporate employee costs, corporate facility costs, reorganization activities, impairment of long-lived assets and environmental and other related costs.

The reportable segment results are as follows:

	Quarter Ended								Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023		Change		Percent Change		June 29, 2024		July 1, 2023		Change		Percent Change
REVENUE
Active Group	$	305.9	$	383.3	$	(77.4)	(20.2)	%	$	595.7	$	769.2	$	(173.5)	(22.6)	%
Work Group	105.0		117.8		(12.8)		(10.9)	%	195.1		232.3		(37.2)		(16.0)	%
Other	14.3		88.0		(73.7)		(83.8)	%	29.3		187.0		(157.7)		(84.3)	%
Total	$	425.2	$	589.1	$	(163.9)	(27.8)	%	$	820.1	$	1,188.5	$	(368.4)	(31.0)	%
OPERATING PROFIT (LOSS)
Active Group	$	42.1	$	39.8	$	2.3	5.8	%	$	78.3	$	91.9	$	(13.6)	(14.8)	%
Work Group	14.6		14.8		(0.2)		(1.4)	%	27.3		30.3		(3.0)		(9.9)	%
Other	8.2		13.5		(5.3)		(39.3)	%	12.4		19.7		(7.3)		(37.1)	%
Corporate	(35.8)		(22.0)		(13.8)		(62.7)	%	(92.0)		(50.5)		(41.5)		(82.2)	%
Total	$	29.1	$	46.1	$	(17.0)	(36.9)	%	$	26.0	$	91.4	$	(65.4)	(71.6)	%

Further information regarding the reportable segments can be found in Note 16 to the consolidated condensed financial statements.

Active Group

The Active Group’s revenue decreased $77.4 million, or 20.2%, in the second quarter of 2024 compared to the second quarter of 2023. The revenue decline was primarily driven by decreases of $39.7 million from Saucony®, $33.9 million from Merrell® and $3.7 million from Chaco®. The Active Group’s revenue decreased $173.5 million, or 22.6%, in the first two quarters of 2024 compared to the first two quarters of 2023. The revenue decline was primarily driven by decreases of $81.2 million from Merrell®, $72.2 million from Saucony® and $17.8 million from Chaco®. The Merrell® decrease is primarily due to lower end of life inventory sales versus the prior year and softer consumer demand in the U.S. wholesale and International channels. The Saucony® decrease was primarily driven by lower end of life inventory sales versus the prior year. The Chaco® decrease was primarily due to lower closeout and end of life inventory sales versus the prior year and softer consumer demand.

The Active Group’s operating profit increased $2.3 million, or 5.8%, in the second quarter of 2024 compared to the second quarter of 2023. The operating profit increase was due to a 550 basis point increase in gross margin and a $17.5 million decrease in selling, general and administrative expenses, partially offset by revenue decreases. The Active Group’s operating profit decreased $13.6 million, or 14.8%, in the first two quarters of 2024 compared to the first two quarters of 2023. The operating profit decrease was due to revenue decreases, partially offset by a 440 basis point increase in gross margin and a $30.8 million decrease in selling, general and administrative expenses. The increase in gross margin in the current year period was due to decreased closeout sales and less promotional activity. The decrease in selling, general and administrative expenses in the current year periods was primarily due to lower advertising costs, selling expenses and distribution costs.

Work Group

The Work Group’s revenue decreased $12.8 million, or 10.9%, during the second quarter of 2024 compared to the second quarter of 2023. The revenue decline was primarily driven by decreases of $5.6 million from Cat®, $3.3 million from HYTEST®, $2.4 million from Harley-Davidson®, and $1.3 million from Wolverine®. The Work Group’s revenue decreased $37.2 million, or 16.0%, during the first two quarters of 2024 compared to the first two quarters of 2023. The revenue decline was primarily driven by decreases of $14.1 million from Cat®, $11.8 million from Wolverine®, $5.6 million from HYTEST®, $3.3 million from Harley-Davidson® and $2.4 million from Bates®. The Cat® decrease was primarily due to timing of shipments in the U.S. and international channels, lower closeout sales versus the prior year and softer consumer demand in the direct-to-consumer channel. The Wolverine® decrease was primarily due to softer consumer demand in the U.S. wholesale channel and lower closeout sales versus the prior year. The HYTEST® decrease was primarily due to due to lower closeout sales versus the prior year. The Harley-Davidson® decrease was primarily due to declines in top dealer accounts. The Bates® decrease was primarily due to softer consumer demand in the U.S. wholesale channel, high inventory levels at certain retail customers, and lower closeout sales versus the prior year.

The Work Group’s operating profit decreased $0.2 million, or 1.4%, in the second quarter of 2024 compared to the second quarter of 2023. The operating profit decrease was due to revenue decreases, partially offset by a 190 basis point increase in

30

gross margin and a $1.9 million decrease in selling, general and administrative expenses. The Work Group’s operating profit decreased $3.0 million, or 9.9%, in the first two quarters of 2024 compared to the first two quarters of 2023. The operating profit decrease was due to revenue decreases, partially offset by a 220 basis point increase in gross margin and a $5.3 million decrease in selling, general and administrative expenses. The increase in gross margin in the current year periods was due to decreased closeout sales, product mix and favorable average selling price. The decrease in selling, general and administrative expenses in the current year periods was primarily due to lower advertising costs and selling expenses.

Other

The Other category’s revenue decreased $73.7 million, or 83.8%, in the second quarter of 2024 compared to the second quarter of 2023. The revenue decline was driven by decreases of $55.6 million from Sperry®, $10.9 million from the performance leathers business and $8.0 million from Hush Puppies®. The Other category’s revenue decreased $157.7 million, or 84.3%, in the first two quarters of 2024 compared to the first two quarters of 2023. The revenue decrease was primarily driven by decreases of $116.1 million from Sperry®, $22.8 million from the performance leathers business, $16.4 million from Hush Puppies® and $6.5 million from Keds®. The Sperry® decrease is due to the divestiture of the business effective January 10, 2024. The performance leathers business decrease is due to the divestiture of the U.S. leathers business, effective August 23, 2023 and the Asia-based leathers business, effective December 28, 2023. The Hush Puppies® decrease is due to the licensing of the brand in the United States and Canada starting in the third quarter of 2023. The Keds® decrease is due to the divestiture of the business, effective February 4, 2023.

Other operating profit decreased $5.3 million, or 39.3%, in the second quarter of 2024 compared to the second quarter of 2023. The operating profit decrease was due to revenue decreases, partially offset by a $22.5 million decrease in selling, general and administrative costs. Other operating profit decreased $7.3 million, or 37.1%, in the first two quarters of 2024 compared to the first two quarters of 2023. The operating profit decrease was due to revenue decreases, partially offset by a $49.9 million decrease in selling, general and administrative costs. The decrease in selling, general and administrative expenses in the current year period was primarily due to the divestiture of the Sperry® business, performance leathers business, and Keds® business, along with the licensing of the Hush Puppies® business.

Corporate

Corporate expenses increased $13.8 million in the second quarter of 2024 compared to the second quarter of 2023, primarily due to higher environmental and other related costs ($13.7 million), higher incentive compensation costs ($9.0 million) and higher reorganization activities ($6.8 million), partially offset by lower impairment of long-lived and intangible assets ($12.4 million) and lower employee costs ($3.1 million).

Corporate expenses increased $41.5 million in the first two quarters of 2024 compared to the first two quarters of 2023, primarily due to the 2023 gain recorded on the sale of the Keds® business ($20.1 million), higher environmental and other related costs ($16.2 million), higher incentive compensation costs ($9.7 million) and higher reorganization costs ($8.0 million), partially offset by lower impairment of long-lived assets ($6.3 million) and lower employee costs ($3.4 million).

LIQUIDITY AND CAPITAL RESOURCES

(In millions)	June 29, 2024		December 30, 2023		July 1, 2023
Cash and cash equivalents (1)	$	148.3	$	184.6	$	180.1
Debt	814.7		920.8		1,113.5
Available revolving credit facility (2)	768.0		688.4		608.5

(1)Cash and cash equivalents at December 30, 2023 and July 1, 2023 includes $5.6 million and $3.6 million, respectively, of cash and cash equivalents that are classified as held for sale that are not included in cash and cash equivalents in the Consolidated Balance Sheets.

(2)Amounts are net of both borrowings, if any, and outstanding standby letters of credit in accordance with the terms of the revolving credit facility.

Liquidity

Cash and cash equivalents of $148.3 million as of June 29, 2024 were $31.8 million lower compared to July 1, 2023. The decrease is due primarily to cash provided by operating activities of $65.4 million, proceeds from divestitures of $199.5 million, contributions from noncontrolling interests of $29.1 million, and proceeds from company-owned life insurance policies of $7.0 million, partially offset by borrowings less repayments of debt of $300.0 million, cash dividends paid of $32.4 million, and additions to property, plant and equipment of $8.5 million. The Company had $768.0 million of borrowing capacity available

31

under the revolving facility as of June 29, 2024. Cash and cash equivalents located in foreign jurisdictions totaled $119.3 million as of June 29, 2024.

Cash flow from operating activities is expected to be sufficient to meet the Company’s working capital needs for the foreseeable future. Any excess cash flow from operating activities is expected to be used to fund organic growth initiatives, reduce debt, pay dividends and for general corporate purposes.

The Company did not repurchase shares during the first two quarters of both 2024 and 2023.

A detailed discussion of environmental remediation costs is found in Note 15 to the consolidated condensed financial statements. The Company has established a reserve for estimated environmental remediation costs based upon an evaluation of currently available facts with respect to each individual site. As of June 29, 2024, the Company had a reserve of $46.2 million, of which $17.8 million is expected to be paid in the next 12 months and is recorded as a current obligation in other accrued liabilities, and the remaining $28.4 million is recorded in other liabilities and is expected to be paid over the course of up to 25 years. It is difficult to estimate the cost of environmental compliance and remediation given the uncertainties regarding the interpretation and enforcement of applicable environmental laws and regulations, the extent of environmental contamination and the existence of alternative cleanup methods.

Developments may occur that could materially change the Company’s current cost estimates. The Company adjusts recorded liabilities as further information develops or circumstances change.

Financing Arrangements

The Company’s Credit Agreement provides for a term loan A facility (the “Term Facility”) and for a revolving credit facility (the “Revolving Facility” and, together with the Term Facility, the “Senior Credit Facilities”). The maturity date of the loans under the Senior Credit Facilities is October 21, 2026. The Credit Agreement provides for a debt capacity of up to an aggregate debt amount (including outstanding term loan principal and revolver commitment amounts in addition to permitted incremental debt) not to exceed $2.0 billion unless certain specified conditions set forth in the Credit Agreement are met. The Revolving Facility allows the Company to borrow up to an aggregate amount of $1.0 billion.

The Company’s $550.0 million 4.0% senior notes issued on August 26, 2021 are due on August 15, 2029. Related interest payments are due semi-annually. The senior notes are guaranteed by substantially all of the Company’s domestic subsidiaries.

As of June 29, 2024, the Company was in compliance with all covenants and performance ratios under the Credit Agreement.

The Company’s debt at June 29, 2024 totaled $814.7 million compared to $920.8 million at December 30, 2023. The reduced debt position primarily resulted from repayments of debt using proceeds received from the sale of the Sperry® business.

Cash Flows

The following table summarizes cash flow activities:

	Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023
Net cash provided by (used in) operating activities	$	(10.5)	$	45.9
Net cash provided by investing activities	89.9		67.0
Net cash used in financing activities	(117.6)		(65.8)
Additions to property, plant and equipment	(8.1)		(14.2)
Depreciation and amortization	13.3		17.1

Operating Activities

The principal source of the Company’s operating cash flow is net earnings, including cash receipts from the sale of the Company’s products, net of costs of goods sold.

For the first two quarters of 2024, an increase in net working capital represented a use of cash of $3.9 million. Working capital balances were favorably impacted by a decrease in inventories of $72.4 million and a decrease in other operating assets of $4.3 million, offset by an increase in accounts receivable of $13.9 million, an increase in other operating liabilities of $38.8 million, an increase in accounts payable of $23.2 million, and an increase in income taxes payable of $4.7 million. Operating cash flows included depreciation and amortization expense adjustment of $13.3 million, impairment of long-lived assets of $9.3 million, stock-based compensation expense adjustment of $9.8 million, environmental and other related costs, net of cash payments and recoveries received cash outflow of $31.7 million, and pension expense adjustment of $0.3 million.

32

Investing Activities

The Company made capital expenditures of $8.1 million and $14.2 million in the first two quarters of 2024 and 2023, respectively, for corporate headquarters improvements, eCommerce sites, distribution operations improvements and information systems and technology. The current year investing activity includes proceeds from divestitures of $92.5 million.

Financing Activities

The current year activity includes net payments under the Revolving Facility of $80.0 million. The Company paid $26.7 million and $5.0 million in principal payments associated with its financing arrangements during the first two quarters of 2024 and 2023, respectively. The Company paid $1.7 million and $5.7 million during the first two quarters of 2024 and 2023, respectively, in connection with shares or units withheld to pay employee taxes related to awards under stock incentive plans. The Company did not repurchase shares in the first two quarters of 2024 or 2023.

The Company declared cash dividends of $0.20 per share during the first two quarters of 2024 and 2023. Dividends paid in the first two quarters of 2024 and 2023 totaled $16.2 million and $16.4 million, respectively. A quarterly dividend of $0.10 per share was declared on July 31, 2024 to shareholders of record on October 1, 2024.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of the Company’s consolidated condensed financial statements, which have been prepared in accordance with U.S. GAAP, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, management evaluates these estimates. Estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Historically, actual results have not been materially different from the Company’s estimates. However, actual results may differ materially from these estimates under different assumptions or conditions.

The Company has identified the critical accounting policies used in determining estimates and assumptions in the amounts reported. For information regarding our critical accounting policies refer to Part II, Item 7: “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” in the Company’s 2023 Form 10-K. Management believes there have been no material changes in those critical accounting policies.

33

ITEM 3.    Quantitative and Qualitative Disclosures about Market Risk

The Company faces market risk to the extent that changes in foreign currency exchange rates affect the Company’s foreign assets, liabilities and inventory purchase commitments. The Company manages these risks by attempting to denominate contractual and other foreign arrangements in U.S. dollars. The Company does not believe that there has been a material change in the nature of the Company’s primary market risk exposures, including the categories of market risk to which the Company is exposed and the particular markets that present the primary risk of loss to the Company. As of the date of this Quarterly Report on Form 10-Q, the Company does not know of any material change in the near-term in the general nature of its primary market risk exposure.

Under the provisions of Financial Accounting Standards Board Accounting Standards Codification Topic 815, Derivatives and Hedging, the Company is required to recognize all derivatives on the balance sheet at fair value. Derivatives that are not qualifying hedges must be adjusted to fair value through earnings. If a derivative is a qualifying hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings or recognized in accumulated other comprehensive income (loss) until the hedged item is recognized in earnings.

The Company conducts wholesale operations outside of the U.S. in Canada, continental Europe, United Kingdom, Hong Kong, China and Mexico where the functional currencies are primarily the Canadian dollar, euro, British pound, Hong Kong dollar, Chinese renminbi and Mexican peso, respectively. The Company utilizes foreign currency forward exchange contracts to manage the volatility associated primarily with U.S. dollar inventory purchases made by non-U.S. wholesale operations in the normal course of business as well as to manage foreign currency translation exposure. As of June 29, 2024 and July 1, 2023, the Company had outstanding forward currency exchange contracts to purchase primarily U.S. dollars in the amounts of $257.9 million and $295.0 million, respectively, with maturities ranging up to 503 and 524 days, respectively.

The Company also has sourcing locations in Asia, where financial statements reflect the U.S. dollar as the functional currency. However, operating costs are paid in the local currency. Revenue generated by the Company from third-party foreign licensees is calculated in the local currencies but paid in U.S. dollars. Accordingly, the Company’s reported results are subject to foreign currency exposure for this stream of revenue and expenses. Any associated foreign currency gains or losses on the settlement of local currency amounts are reflected within the Company's consolidated condensed statement of operations and comprehensive income.

Assets and liabilities outside the U.S. are primarily located in the United Kingdom, Canada and the Netherlands. The Company’s investments in foreign subsidiaries with a functional currency other than the U.S. dollar are generally considered long-term. As of June 29, 2024, a stronger U.S. dollar compared to certain foreign currencies decreased the value of these investments in net assets by $10.9 million from their value as of December 30, 2023. As of July 1, 2023, a weaker U.S. dollar compared to certain foreign currencies increased the value of these investments in net assets by $3.9 million from their value as of December 31, 2022.

The Company is exposed to interest rate changes primarily as a result of interest expense on the term loan borrowings and any borrowings under the Revolving Facility. The Company’s total variable-rate debt was $270.0 million at June 29, 2024 and the Company held a forward-dated interest rate swap agreement, denominated in U.S. dollars, that effectively converts $41.1 million of this amount to fixed-rate debt.

The Company does not enter into contracts for speculative or trading purposes, nor is it a party to any leveraged derivative instruments.

ITEM 4.    Controls and Procedures

An evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based on, and as of the time of such evaluation, the Company’s management, including the Chief Executive Officer and Chief Financial Officer, concluded that the Company’s disclosure controls and procedures, as defined in Securities Exchange Act Rule 13a-15(e), were effective as of the end of the period covered by this report. There have been no changes during the quarter ended June 29, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

34

PART II.     OTHER INFORMATION

ITEM 1.    Legal Proceedings

The Company is involved in litigation and various legal matters arising in the normal course of business, including certain environmental compliance activities. For a discussion of legal matters, refer to Note 15 to the Company’s consolidated condensed financial statements.

ITEM 1A.    Risk Factors

There have been no material changes in the assessment of the Company’s risk factors from those set forth in the Company’s Annual Report on Form 10-K for the year ended December 30, 2023, filed with the SEC on February 22, 2024.

ITEM 2.    Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information regarding the Company’s purchases of its own common stock during the second quarter of 2024.

Issuer Purchases of Equity Securities

Period	Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Dollar Amount that May Yet Be Purchased Under the Plans or Programs
Period 4 (March 31, 2024 to May 4, 2024)
Common Stock Repurchase Program(1)	—	—	—	$	150,000,000
Employee Transactions(2)	7,361	10.56	—
Period 5 (May 5, 2024 to June 1, 2024)
Common Stock Repurchase Program(1)	—	—	—	$	150,000,000
Employee Transactions(2)	—	—	—
Period 6 (June 2, 2024 to June 29, 2024)
Common Stock Repurchase Program(1)	—	—	—	$	150,000,000
Employee Transactions(2)	—	—	—
Total for the Second Quarter Ended June 29, 2024
Common Stock Repurchase Program(1)	—	—	—	$	150,000,000
Employee Transactions(2)	7,361	10.56	—

(1)On March 7, 2024, the Company’s Board of Directors approved a common stock repurchase program that authorized the repurchase of $150.0 million of common stock over a three-year period. Since that date, the Company has not repurchased any common stock.

(2)Employee transactions include: (1) shares delivered or attested to in satisfaction of the exercise price and/or tax withholding obligations by holders of employee stock options who exercised options, and (2) restricted shares and units withheld to offset statutory minimum tax withholding that occurs upon vesting of restricted shares and units. The Company’s employee stock compensation plans provide that the shares delivered or attested to, or withheld, shall be valued at the closing price of the Company’s common stock on the date the relevant transaction occurs.

ITEM 5.    Other Information

(c) On June 3, 2024, Amy M. Klimek, Executive Vice President, Global Human Resources, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 10,214 shares of Wolverine World Wide, Inc. common stock issuable upon exercise of vested stock options between August 30, 2024 and May 1, 2025, subject to certain conditions.

On June 6, 2024, Christopher E. Hufnagel, President and Chief Executive Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 49,083 shares of Wolverine World Wide, Inc. common stock issuable upon exercise of vested stock options between September 9, 2024 and May 30, 2025, subject to certain conditions.

On June 7, 2024, David A. Latchana, Chief Legal Officer and Corporate Secretary, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 11,713 shares of Wolverine World Wide, Inc. common stock issuable upon exercise of vested stock options between September 6, 2024 and May 30, 2025, subject to certain conditions.

35

ITEM 6.    Exhibits

Exhibits filed as a part of this Form 10-Q are incorporated by reference herein.

Exhibit Number	Document
3.1	Amended and Restated Certificate of Incorporation. Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on April 24, 2014.
3.2	Amended and Restated By-laws. Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on November 7, 2022.
10.1	Second Amendment to the 409A Supplemental Executive Retirement Plan.*
10.2	Transition Agreement between Wolverine World Wide, Inc. and Michael D. Stornant dated as of May 7, 2024.*
31.1	Certification of Chief Executive Officer and President under Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer and Treasurer under Section 302 of the Sarbanes-Oxley Act of 2002.
32	Certification pursuant to 18 U.S.C. §1350.
101	The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 29, 2024, formatted in Inline XBRL: (i) Consolidated Condensed Statements of Operations and Comprehensive Income; (ii) Consolidated Condensed Balance Sheets; (iii) Consolidated Condensed Statements of Cash Flows; (iv) Consolidated Condensed Statements of Stockholders’ Equity; and (v) Notes to Consolidated Condensed Financial Statements.
104	The cover page of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 29, 2024, formatted in Inline XBRL (included in Exhibit 101).

* Management contract or compensatory plan or arrangement

36

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	WOLVERINE WORLD WIDE, INC.
August 8, 2024	/s/ Christopher E. Hufnagel
Date	Christopher E. Hufnagel President and Chief Executive Officer (Principal Executive Officer and Duly Authorized Signatory for Registrant)
August 8, 2024	/s/ Taryn L. Miller
Date	Taryn L. Miller Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer and Duly Authorized Signatory for Registrant)

37

EX-10.1

Exhibit 10.1

SECOND AMENDMENT

TO THE

WOLVERINE WORLD WIDE, INC.

409A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

    This is an Amendment made this 29th day of April, 2024, by Wolverine World Wide, Inc. ("Wolverine").

WITNESSETH :

    WHEREAS, Wolverine adopted the Wolverine World Wide, Inc. 409A Supplemental Executive Retirement Plan ("plan") effective as of December 11, 2008; and

    WHEREAS, Wolverine wishes to clarify and document the interpretation of existing plan terms and to align provisions of the plan with existing employment agreement language without changing the calculation or amount of plan benefits or the time and form of any benefit payment; and

    WHEREAS, Section 11.1 empowers Wolverine to amend the plan;

    NOW, THEREFORE, Wolverine amends the plan, and any applicable participation agreement to the extent necessary or required to effectuate this amendment, effective as of June 1, 2024, as follows:

1.Section 6.1 is amended to read as follows:

Subject to Article 10, a Participant will forfeit all benefits under this Plan if the Participant’s employment terminates for Cause or the Participant’s employment terminates while an investigation is ongoing to determine whether the Participant should be discharged and the Administrator determines that the Participant would have been discharged for Cause but for the Participant’s resignation.

2.To clarify where the term “Employer” means “Company”, which related entities are being referenced, and that the term “Board of Directors” as used in the plan means the Board of the Directors of Wolverine World Wide, Inc. ("Company”), Section 8.2 of the plan is replaced as follows:

8.2    EmployerorCompanyAction.

An action required to be taken by the Employer or Company (or successor thereto) shall be taken by the Board of Directors of the Company (“Board”) unless the Board has delegated the power or responsibility to one or more Persons identified by its resolution. References to the Company’s “affiliate” or “its subsidiaries” shall include any corporation, trade, or business which is treated as a single employer with the Company under Code Sections 414(b) or 414(c).

3.To avoid ambiguity regarding the interpretation of “Cause” under applicable employment agreement language and this plan, Section 10.2(a) is replaced with the following:

(a) Cause. "Cause" means any of the following: (i) Any intentional act of fraud, embezzlement, theft or breach of fiduciary duty with respect to the Company or its subsidiaries; (ii) Participant’s (A) intentional act of dishonesty or misrepresentation with respect to the Company or its subsidiaries; or (B) gross negligence or willful misconduct in the performance of his duties to the Company (other than any such failure resulting from Participant’s Disability, or Participant’s resignation for Good Reason), in each of the foregoing clauses (A) and (B) above which is material to the Company; (iii) Material failure or refusal to follow any reasonable directive of the Board, consistent with the terms of this Agreement; (iv) Participant’s material (A) breach of any noncompetition, nonsolicitation, confidentiality or other covenant with the Company or its subsidiaries under the Participant’s employment agreement; (B) breach of any material written policy of the Company, a copy of which such material written policy has been made available to Participant; or (C) breach of Participant’s employment agreement with the Company; or (v)Participant’s conviction of or indictment for or entering of a guilty plea or plea of no contest or nolo contendere with respect to any felony or any crime involving an act of moral turpitude.

Notwithstanding the foregoing, Participant shall not be deemed to have been terminated for Cause unless and until the Company provides Participant with a notice from the Board specifying the grounds for a Termination for Cause (and providing an opportunity to cure the conduct if such conduct is curable within ten (10) days), and a copy of a resolution adopted by an affirmative vote of not less than a majority of the independent directors of the Board at a meeting of the Board called and held for the purpose (after notice to Participant and an opportunity for Participant, with counsel, to be heard before the Board), finding that in the good faith opinion of the majority of the independent directors of the Board that Executive has been guilty of conduct set forth above, setting forth the particulars in detail. A determination of Cause by the Board shall not be binding upon or entitled to deference by any finder of fact in the event of a dispute, it being the intent of the parties that such finder of fact shall make an independent determination of whether the termination was for “Cause” as defined above. No act or failure to act on the part of Participant shall be considered “willful” unless done or omitted to be done by Participant not in good faith and without reasonable belief that Participant’s action(s) or omission(s) was in the best interests of the Company.

        Except as herein amended, the Employer ratifies the plan.

        IN WITNESS WHEREOF, the Employer has caused this instrument to be executed by a proper officer on the day and year first above written.

WOLVERINE WORLD WIDE, INC.

/s/ David Latchana

Name: David Latchana
Title: Chief Legal Officer & Corporate Secretary

2

EX-10.2

Exhibit 10.2

WOLVERINE WORLD WIDE INC.

TRANSITION AND RELEASE AGREEMENT

    This Transition and Release Agreement (the “Agreement”) is made by and among Wolverine World Wide, Inc., acting on behalf of itself and its affiliates, subsidiaries, and related companies (collectively, the “Company”) and Michael D. Stornant (the “Employee”).

    WHEREAS, the Employee’s employment by the Company is expected to end when he retires on May 15, 2025; and

    WHEREAS, the Company desires to provide the Employee with certain transition benefits in exchanges for the Employee’s execution of this Agreement.

    WHEREAS, the Company and the Employee wish to fully and finally settle and resolve any and all claims, differences, and disputes between them, including, but not limited to, claims arising out of or relating to the Employee’s employment, terms and conditions of employment, separation from employment or any other event, transaction, or communication between the Company and the Employee; and

    NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Employee agree as follows:

1.Employee’s Payments and Benefits.

(a)Employment Continuation. Provided the Employee (i) complies with all material Company policies, and (ii) executes and delivers this Agreement, including the First Release and Waiver set forth in Section 12 (the “First Release”), to the Company no later than 5:00 pm ET on May 23, 2023 (the “First Release Date”), then the Employee’s employment by the Company shall end, subject to the terms of this Agreement, on May 15, 2025 (the “End Date”). The Employee shall continue receiving his current base salary and benefits through the End Date except his base salary and target bonus percentage for fiscal 2025, which shall be determined by the Company.

The Company reserves the right to terminate the Employee’s employment by the Company prior to the End Date if: (i) the Employee enters into new employment; (ii) the Employee breaches any material policy of the Company; or (iii) the Employee breaches any term or condition of this Agreement. With respect to subsections (ii) and (iii), prior to termination the Employee shall be given notice of the claimed breach and, if the breach is capable of being cured, a period of ten (10) days in which to cure it.

From May 2, 2024, through May 8, 2024 (the “Transition Date”), the Employee shall continue in his current role and performing his current work duties. From the Transition Date through the End Date, the Employee shall: (a) have the title of Executive Vice President; (b) continue reporting to the President and Chief Executive Officer; and (c) perform duties assigned to him by the President and Chief Executive Officer, including but not limited to transition support, profit improvement initiatives, and special projects.

Following the End Date, the Employee shall have no rights to any compensation or other benefits not expressly provided in this Agreement.

(b)Vacation Pay. After the End Date, the Company shall pay the Employee for all 2025 accrued, unused vacation, less applicable deductions for federal, state, and local taxes, social security, wage withholding, and other taxes.

(c)     Other. Provided the Employee: (i) complies with all of the Employee’s obligations under this Agreement, (ii) executes and delivers the First Release to the Company between May 2, 2024, and the First Release Date, (iii) executes and delivers to the Company between the End Date and twenty-one (21) days thereafter the Second Release, and (iv) does not revoke the First Release or the Second Release, then Company will provide through December 31, 2025, the concierge medical benefits currently provided to Employee.

2.Other Benefits; Health Insurance Coverage.

(a)All of the Employee’s Company benefits, including, but not limited to long-term disability, short-term disability and life insurance coverage will cease as of the End Date, except to the extent explicitly set forth in this Agreement. The Employee will not continue to earn vacation or other paid time off after the End Date. The Employee’s right to contribute to the Company’s 401(k) plan shall cease as of the End Date, in accordance with the terms of that plan.

Notwithstanding the foregoing, after the End Date the Employee will continue to be eligible to receive a discount on Company products under the terms and conditions of the Company’s employee discount program, as amended from time to time.

(b)Equity Awards.

(i)The Employee is not and shall not be eligible for or entitled to any awards of stock or other equity or equity-based incentives after May 2, 2024.

(ii)The Employee acknowledges and understands that: (x) any restricted stock or other equity awards (including any time-vested and performance-based stock) for which the restrictions have not lapsed as of the later of the End Date or, if applicable, the end of the Determination Period (as that phrase is defined in the Company’s Stock Incentive Plan) shall be forfeited to the Company in accordance with the terms of the applicable stock agreements and plans; and (y) any stock options or other equity awards that have not vested as of the later of the End Date or, if applicable, the end of the Determination Period (as that phrase is defined in the Company’s Stock Incentive Plan) shall be forfeited to the Company in accordance with the terms of the applicable option agreements and plans.

(c)If enrolled as of the End Date, the Employee will be eligible for continued health care coverage as permitted under the Company’s retiree medical program or the federal Consolidated Omnibus Budget Reconciliation Act of 1985 as amended (“COBRA”), at the Employee’s sole election and expense. The Employee will be required to pay the Employee’s retiree medical contributions to the Company each month or, in the case of COBRA, directly to the Company’s COBRA administrator each month. As of the End Date, all continuing medical or COBRA coverage shall be at the Employee’s sole election and expense. If the Employee timely elects retiree medical or COBRA, the Employee may use any unused balance in the Employee’s Medical Flexible Spending Account.

    2

The Company may substitute for its current health insurance plan and/or dental insurance plan such coverage and employee contribution requirements as are then being furnished by the Company to its similarly situated active employees.

(d)Subject to the Employee fulfilling all of the Employee’s obligations under this Agreement, the Company will pay the Employee an amount equal to the bonus the Employee would have been eligible to receive for fiscal year 2025, if any, had the Employee met the requirements of the Company’s Administrative Bonus Plan or Amended and Restated Executive Short-Term Incentive Plan, as applicable (“Other Payment”). The Other Payment shall be made on or after the date on which bonus payments for fiscal year 2025 are made to active employees, and shall be subject to all applicable deductions for federal, state, and local taxes, social security, wage withholding, and other taxes.

3.Return of Property. All documents, including memoranda, notes, records, reports, photographs, drawings, plans, papers, or other documents, samples or analyses, or electronically stored information, whether or not they contain Confidential Information, are the property of the Company and must be returned to the Company on or before the End Date, as requested by the Company. The Employee shall return to the Company all of its property in the Employee’s possession, including, but not limited to, keys, office equipment, credit cards, personal computers, files, correspondence, customer lists, business notes, documents and all other materials relating to the Company’s business on or before the End Date, as requested by the Company. The Employee shall not keep photocopies, facsimiles or electronically stored forms of any Company materials.

4.Outstanding Balances. Prior to the End Date, the Employee will reimburse the Company for any outstanding personal expenses the Company paid on behalf of the Employee. The Employee shall pay any balances outstanding for personal purchases or expenses charged to any Company credit card or any business expenses already reimbursed. If the Employee does not pay these expenses in full on or before the End Date, the Employee consents to the Company deducting these amounts from the Employee’s last paycheck or offsetting these amounts against any other payments due to the Employee.

5.Future Communications. Should inquiries be made of the Company regarding the Employee’s employment by the Company, the Company will limit the information it releases to the dates of the Employee’s employment and the positions held, except to the extent it is otherwise required by law to release information regarding the Employee’s employment.

6.Non-Disparagement. The Employee shall not disparage or defame the Company, its directors, management, employees, products, or services, in any conversation, correspondence, or other form of communication, oral or written, and the Employee shall not do or say anything that could reasonably be expected to disrupt the morale of the employees of the Company or otherwise harm the business interests, goodwill, or reputation of the Company. The Company shall make best efforts to cause its Executive Team not to disparage or defame the Employee in any conversation, correspondence, or other form of communication, oral or written, or to do or say anything that could reasonably be expected to harm the business interests, goodwill, or reputation of the Employee.

    3

7.Compliance with Laws. The Employee acknowledges, affirms, represents, and warrants that at all times during the Employee’s employment by the Company, the Employee complied with all state and federal laws, conducted himself with the highest degree of fidelity to the Company, committed no acts of theft, embezzlement, misappropriation, insider trading, or other forms of misconduct contrary to the interests of the Company.

8.Confidential Information. The Employee shall not use for personal benefit or another’s benefit, or disclose to anyone, any information obtained during the Employee’s employment by the Company that is not generally known to the public, including, but not limited to, technical data, methods, processes, software, compositions, equipment, research data, marketing and sales information, product design, development and sourcing information, personnel data, customer lists, books, records, reports, statements, financial and other data, and all the other know-how and trade secrets pertaining in any respect to the Company or the Company’s business or customers (collectively, “Confidential Information”). In addition, as of May 2, 2024, the Employee shall not disclose the terms or nature of this Agreement to anyone, except to his spouse or as strictly necessary to the Employee’s attorneys and tax advisors.

9.Non-Solicitation and Non-Competition.

(a)Non-Solicitation. For the period beginning on the End Date and extending through May 15, 2026 (the “Non-Solicitation Termination Date”), the Employee shall not, without the Company’s prior written consent, directly or indirectly: (a) solicit, hire, cause, or induce, or attempt to solicit, hire, cause, or induce any employee, agent, representative, or contractor, of the Company who was an employee, agent, representative, or contactor of the Company as of the End Date, to terminate such person’s relationship with the Company or to become employed by any business or person other than the Company; (b) authorize, condone, solicit, or assist in the taking of such actions by any third party, including but not limited to a recruiter or future employer of the Employee; provided, however, that with respect to this Section, a general solicitation or advertisement not specifically targeted to or reasonably expected to specifically target such individuals will not be deemed in and of itself to violate the prohibitions of this Agreement; (c) solicit sales, orders, or other business from, or conduct business with, any Company Customer (as defined below) with respect to products, services or business that are similar or competitive with the products, services or business of the Company; or (d) interfere or attempt to interfere with any transaction, agreement, prospective agreement, business opportunity or business relationship in which the Company or any affiliate was involved during the two (2) years prior to the End Date. The Employee acknowledges and agrees that the restriction in this Section is reasonable in light of the Employee’s responsibilities with the Company and the scope of the Company’s business.

“Customer” is defined as any person, company, or business that placed a wholesale order with any of the Company’s brands during the two (2) years prior to the End Date.

(b)    Non-Competition. Employee agrees that for the period beginning on the End Date and continuing through May 15, 2026 (the “Restriction Period”), Employee will not engage, directly or indirectly, as an owner, manager, proprietor, contractor, more than five percent (5%) shareholder, partner, officer, employee or otherwise (collectively, “Employment”) where such Employment (i) involves any of the same or similar activities or functions as Employee performed, supervised, or managed for the Company at any time during the two (2)

    4

years preceding the End Date, and (ii) is for or on behalf of any business that, directly or indirectly, (a) is engaged in the design, development, manufacturing, marketing, or retail or wholesale sale of footwear or apparel competitive with or substantially similar to the footwear or apparel designed, developed, manufactured, marketed, or sold by the Company, or (b) is engaged in any line of business substantially similar to the lines of business engaged in by the Company (clauses (a) and (b) each being a “Competitor”), where such Competitor did business in any state or country where the Company or its distributors, licensees, or partners did business during Employee’s employment. Employee acknowledges and agrees that the restriction in this Section is reasonable in light of the Employee’s responsibilities with the Company and the scope of the Company’s business.

In the event the Employee breaches this covenant not to compete, the Restriction Period shall automatically toll from the date of the first breach, and all subsequent breaches, until the resolution of the breach through private settlement, judicial or other action, including all appeals. The Restriction Period shall continue upon the effective date of any such judicial settlement or other resolution. The Company has the option, in its sole discretion, to waive (but only in writing) all or any portion of the Restriction Period or to limit the definition of Competitor. The Employee agrees to disclose to the Company the name of any subsequent employer during the Restriction Period, wherever located and regardless of whether such employer is a Competitor.

10.Enforcement of Covenants. The Employee acknowledges and affirms that the Employee has carefully read and considered all the terms and conditions of this Agreement, including the restraints imposed upon the Employee pursuant to Sections 6, 7, 8, and 9.  The Employee agrees without reservation that each of the restraints contained herein is necessary for the reasonable and proper protection of the goodwill, Confidential Information, trade secrets, and other legitimate interests of the Company and its subsidiaries, affiliates, and related parties; that each of them is a significant and material provision of this Agreement, and serves as an inducement for the Company to enter into this Agreement; and that each and every one of those restraints is reasonable in respect to subject matter, length of time and geographic area. The Employee further acknowledges that, were the Employee to breach any of the covenants contained in Sections 6, 7, 8, or 9, the damage to the Company would be irreparable.  The Employee therefore agrees that in the event of the breach or a threatened breach by the Employee of any of the provisions of Sections 6, 7, 8, or 9, the Company, in addition to any and all other rights remedies available to it at law or equity, shall be entitled to: (a) cease any payments set forth in this Agreement that would otherwise be paid to the Employee after the date of the breach under this Agreement; (b) State or federal court injunctive relief restraining the Employee from further violation of this Agreement, and ordering specific performance of the Employee’s obligations under this Agreement; (c) money damages suffered by the Company as a result of the Employee’s breach; and (d) reimbursement of court costs and attorney fees and costs reasonably incurred by the Company in securing the Employee’s compliance with this Agreement.

No breach of any provision of this Agreement by the Company, or any other claimed breach of contract or violation of law, or change in the nature or scope of the Employee’s employment relationship with the Company, shall operate to extinguish the Employee’s obligation to comply with Sections 6, 7, 8, or 9.

11.Interpretation by Court. If any provision of this Agreement as applied to the Company or the Employee or to any circumstance shall be adjudged by a court of competent

    5

jurisdiction to be invalid or unenforceable, that provision and determination shall in no way affect any other provision of this Agreement, the application of such provision in any other circumstances, or the validity or enforceability of this Agreement. The Company and the Employee agree that the provisions of this Agreement are reasonable and they intend this Agreement to be enforced as written. If, however, any provision, or any part of a provision is held to be unenforceable because of its duration or the types of activities restricted by it, all parties agree that a court of competent jurisdiction making such determination shall have and should exercise the power to (a) reduce the duration of the provision or types of activities restricted to the maximum duration permitted by applicable law; (b) delete specific words or phrases; and (c) enforce the provision in its reduced form.

12.First Release and Waiver. In consideration of the payments and benefits set forth in Sections 1(a), 1(c), and 2(d) of this Agreement, the Employee, for himself, his spouse (if any), their marital community (if any), and their respective heirs, estates, representatives, executors, successors and assigns, hereby fully, forever, irrevocably, and unconditionally releases and discharges the Company, its shareholders, affiliates, subsidiaries, parent companies, employee benefit plans, any co-employers or joint employers, their officers, directors, employees, agents, attorneys, administrators, representatives, successors, heirs, assigns, and all persons acting by, through, under, or in concert with them (collectively, the “Released Parties”), from any and all claims of whatever kind and nature, character, and description, whether in law or equity, whether sounding in tort, contract, federal, state and/or local law, statute, ordinance, regulation, common law, or other source of law, which he or they may have against them, or any of them, including any and all claims arising out of and/or in any way related to the Employee’s employment with the Company or the circumstances of the termination of that employment, which could have arisen out of any act or omission occurring from the beginning of time to the First Effective Date, whether now known or unknown, contingent or vested, whether anticipated or unanticipated, asserted or unasserted, at the time of execution of this Agreement or not, for any type of relief.

(a)Included Statutes. This First Release includes but is not limited to, any and all claims, including claims arising under the Civil Rights Act of 1964, the Employee Retirement Income Security Act, the Americans with Disabilities Act, the Family & Medical Leave Act, the Occupational Safety and Health Act, the Immigration Reform and Control Act, the Fair Labor Standards Act, the Workers Adjustment and Retraining Notification Act, the Fair Credit Reporting Act, the Uniformed Services Employment and Reemployment Act of 1994, the Equal Pay Act, the Rehabilitation Act, the Employee Polygraph Protection Act, the Sarbanes-Oxley Act (as applicable), the National Labor Relations Act, the Securities and Exchange Act of 1933 and 1934, the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), Michigan’s Elliot-Larsen Civil Rights Act, the Michigan Persons With Disabilities Civil Rights Act, the Massachusetts Fair Employment Practices Law, the Massachusetts Public Accommodations Act, Article 114 of the Massachusetts Constitution, and all other relevant local, state and federal statutes, rules, regulations, and applicable provisions of state constitutions.

(b)Included Claims. This Agreement includes, but is not limited to, all claims for past due or future wages, overtime, compensation, minimum wages, damages, back pay, front pay, severance pay, meal and rest break compensation, penalties (including late payment penalties), liquidated damages, punitive damages, interest, attorneys’ fees, litigation costs,

    6

restitution, equitable relief, bonuses, vacation pay, medical insurance, life or disability insurance, and other benefits (except vested retirement benefits) and all claims for violation of any express or implied agreement, written or verbal, that occurred before the execution of this Agreement, or for any violation of any common law duty or statute.

In waiving and releasing any and all claims set forth in this Agreement, whether or not now known to the Employee, the Employeeunderstands that this means that if the Employeelater discovers facts different from or in addition to those facts currently known or believed to be true, then the waivers and releases of this Agreement will remain effective in all respects – despite such different or additional facts – and even if Employee would not have agreed to this Agreement if Employee had prior knowledge of such facts. The Employeeexpressly, knowingly, and intentionally waives the benefits and rights of any statute, rule, doctrine, or common law principle of any jurisdiction whatsoever that provides that a general release does not extend to unknown claims.

The Employee further agrees that, except to enforce the terms of the Agreement and subject to the rights enumerated in Section 12(c), the Employee will not initiate or file, or cause to be initiated or filed, any complaint, suit, charge, or other proceeding asserting any of the released claims against the Company. The consideration offered herein is accepted by the Employee as being in full accord, satisfaction, compromise and settlement of any and all claims or potential claims, and the Employee expressly agrees that the Employee is not entitled to and shall not receive any further recovery of any kind from, and that in the event of any further complaint, suit, charge or other proceeding whatsoever, except those to enforce the terms of the Agreement, based upon any matter released herein, the Company shall have no further monetary or other obligation of any kind to the Employee, including any obligation for any costs, expenses, and attorneys’ fees incurred by Employee or on Employee’s behalf.  THE EMPLOYEE AGREES TO WAIVE ANY RIGHT TO RECOVER MONETARY DAMAGES (INCLUDING, BUT NOT LIMITED TO BACK PAY, FRONT PAY, LIQUIDATED DAMAGES, PUNITIVE DAMAGES, AND/OR COMPENSATORY DAMAGES) IN ANY SUIT, COMPLAINT, CHARGE, OR OTHER PROCEEDING FILED BY THE EMPLOYEE OR ANYONE ELSE ON THE EMPLOYEE’S BEHALF.

(c)Excluded Claims & Protected Rights. Notwithstanding the above, by signing this agreement, the Employee does not release and discharge: (i) any claims that are not permitted to be waived or released under applicable law, including but not limited to, the right to file a charge with or participate in an investigation by the EEOC, claims for workers’ compensation, and claims for unemployment compensation;  (ii) any claim for breach of this Agreement; and (iii) any claims arising after the date on which the Employee signs this Agreement. Nor is this Agreement intended in any way to limit the Employee’s right or ability to: (i) bring a lawsuit against the Company to enforce the Company’s obligations under this Agreement; (ii) make any disclosure of information required by law; (iii) report a possible violation of any federal law or regulation to any government agency or entity, or make disclosures that are protected under the whistleblower provisions of any law; or (iv) initiate, provide information to, testify at, participate, or otherwise assist, in any investigation or proceeding brought by any federal regulatory or law enforcement agency or legislative body, such as the EEOC and SEC, any self-regulatory organization, or the Company’s legal, compliance, or human resources officers relating to an alleged violation of any federal, state, or municipal law.

    7

(d)This release shall not constitute a release by the Employee of any right by the Employee to be indemnified by the Company as provided by statute, the Company’s By-Laws, or any Directors and Officers liability insurance policy maintained by the Company for any acts or omissions during the term of the Employee’s employment to the same extent the Employee would have had the right to be indemnified absent this release.

(e)This release shall not constitute a release by Employee relating to any rights or obligations set forth in the Executive Severance Agreement between the Company and Employee.

(f)This waiver and release does not affect the Employee’s right to continue COBRA continuation coverage after the Company paid period, if any, of COBRA coverage.

13.Second Release and Waiver. The Employee acknowledges that to receive the benefits set forth in Sections 1(b), 1(c), 2(a), 2(c), and 2(d), he must execute and deliver to the Company between the End Date and twenty-one (21) days thereafter a Second Release and Waiver in the form of Exhibit A to this Agreement. The Employee acknowledges and agrees that (a) he has consulted with an attorney regarding the Second Release, (b) he is under no obligation to sign the Second Release, and (c) executing the Second Release is within his discretion.

14.Retirement Plans. The parties recognize that the Employee may have certain vested interests in a “401(k)” retirement, supplemental executive retirement plan, and/or other pension plan to which the Company has contributed on the Employee’s behalf, including but not limited to the Wolverine World Wide, Inc. 409A Supplemental Executive Retirement Plan, the Wolverine Employees’ Pension Plan, and the Wolverine World Wide, Inc. Money Accumulation Plan. The waiver and release of claims set forth in Section 12 does not apply to the Employee’s vested interests in such plans.

15.Opportunity for Review and Consultation. The Employee acknowledges having read this Agreement and understands all of its provisions. The Employee knowingly and voluntarily agrees to all of the terms and provisions of this Agreement. The Employee acknowledges that the Employee has had twenty-one (21) days to enter into this Agreement. For the avoidance of doubt, a copy of this Agreement executed by the Employee must be received by the Company no later than 5:00 pm EST on the First Release Date (May 23, 2024), in order for it to be effective. If this Agreement was executed prior to the expiration of the twenty-one (21) day deliberation period, the Employee warrants such execution was voluntary and without coercion by the Company. The Company encourages the Employee to consult with an attorney regarding this Agreement. The Employee acknowledges that the Employee either has consulted with an attorney regarding this Agreement or has intentionally chosen not to exercise the right to do so.

The Company and the Employee agree that any changes to this Agreement after it is first presented to the Employee, material or otherwise, do not impact the amount of time the Employee has to consider and execute this Agreement.

16.Effective Date; Revocation Period. The Employee has seven (7) days after signing this Agreement to revoke the Agreement, and the Agreement will not be effective until that revocation period has expired (the “First Effective Date”). Notice of revocation shall be in a

    8

signed document delivered to the Executive Vice President, Chief Human Resources Officer before the expiration of the revocation period.

17.Disclosures and Subpoena.

(a)The Employee agrees that the Employee will not, directly or indirectly, and without the Company’s prior written consent, voluntarily provide information, documents, or statements to any entity or person, including current or former employees of the Company (except the Employee’s counsel, tax preparer, and immediate family) regarding: (i) any other person’s employment with, or termination of employment from, the Company; or (ii) any information or documents concerning the Company. In the event that a subpoena or other lawful process is properly served upon the Employee requiring production or disclosure of information or documents concerning the foregoing matters, the Employee shall promptly notify the Company, in accordance with the Notices provisions detailed herein, and shall provide it with copies of any subpoena or other process served upon the Employee. The Employee shall thereafter make such documents available to the Company for inspection and copying at a reasonable time and place designated by the Company prior to their production.

(b)In the event that the subpoena or other process requires testimony or statements from the Employee, the Employee agrees to meet, telephonically or in person, with attorneys or agents designated by the Company, at a reasonable time and place designated by the Company and prior to giving the testimony or the production of documents, for the purpose of discussing the same.

(c)Nothing herein shall give the Company the right to control or dictate the content of any testimony given by the Employee, or any documents produced by the Employee pursuant to subpoena or other lawful process. It is understood that the Employee shall provide all information lawfully required of the Employee, but shall not waive any matters of attorney-client privilege without the Company’s express consent. In the event that the Company requires any information or testimony from the Employee in connection with any claim made against the Company, or any claims made by the Company against persons or entities not party to this Agreement, the Employee agrees to cooperate fully with and without cost to the Company, including: (i) appearing at any deposition, trial, hearing or arbitration; (ii) meeting telephonically or in person with attorneys or agents designated by the Company, at a reasonable time and place designated by the Company and prior to the giving of testimony, for the purpose of discussing such testimony; and (iii) providing the Company with any relevant documentation in the Employee’s custody, control or possession. The Company will, however, pay for or reimburse the Employee for his reasonable time and any expenses, not including attorneys’ fees, the Employee incurs in connection with such cooperation, provided the Company has agreed in advance to such expenses.

18.Future Cooperation. The Employee agrees that, in the future, the Employee will cooperate with the Company and will respond to reasonable requests for information about the Company’s business activities during the period when the Employee was employed by the Company and will execute such documents that the Company requests in order to fulfill the Employee’s obligations hereunder.

    9

19.Assignment/Binding Effect. This Agreement is personal in nature as to the Employee and the Employee may not assign the Agreement. The terms of this Agreement shall inure to the benefit of the Company and its successors and assigns.

20.Amendment. The Company and the Employee may amend this Agreement only through a writing signed by both of them.

21.Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of Michigan. The Company and the Employee irrevocably agree and consent to the exclusive jurisdiction of the Circuit Court for Kent County, Michigan for the resolution of claims, disputes and controversies under this Agreement.

22.Voluntary Agreement. The Employee acknowledges and affirms that the Employee is signing this Agreement knowingly, voluntarily, and without any coercion or duress.

23.Adequate Consideration. The Employee acknowledges and affirms that the payments and other benefits provided to the Employee under this Agreement exceed the nature and scope of that to which the Employee would otherwise have been entitled to receive from the Company, and constitute adequate consideration for the promises herein.

24.Entire Agreement. This Agreement including Exhibit A constitutes the entire agreement between the Employee and the Company with respect to the subject matter of this Agreement and supersedes all earlier agreements and understandings, oral and written, between the parties.

AGREED:	AGREED:
/s/ Michael D. Stornant	/s/ Amy Klimek
Name: Michael D. Stornant	Wolverine World Wide, Inc.
Date: May 7, 2024	By: Amy Klimek
	Executive VP & CHRO
	Date: May 7, 2024

    10

EXHIBIT A

WOLVERINE WORLD WIDE INC.

TRANSITION AND RELEASE AGREEMENT

SECOND RELEASE AND WAIVER

This Second Release and Waiver (the “Second Release”) is entered into by and between Wolverine World Wide, Inc., acting on behalf of itself and its affiliates, subsidiaries, and related companies (collectively, the “Company”) and Michael D. Stornant (the “Employee”) as provided for in the Transition and Release Agreement between the Company and the Employee (the “Agreement”) with an Effective Date of ________________. The Company and the Employee agree as follows regarding the conclusion of the Employee’s employment with the Company.

1.Conclusion of Employment. Effective as of the End Date, the Employee’s employment by the Company is terminated. All benefits not expressly addressed in this Second Release or in the Agreement or which the Company is not obligated by applicable law to continue beyond the End Date, ceased as of the End Date.

2.Employee’s Payments. Provided the Employee fulfils all of his obligations under the Agreement and this Second Release, the Company will pay the Employee the amounts and provide the benefits set forth in Sections 1(b), 1(c), 2(c), and 2(d) of the Agreement.

3.Incorporation by Reference. Sections 3-11 and 17-18 of the Agreement are specifically incorporated into this Second Release by reference, and remain in full force and effect.

4.Second Release and Waiver. In consideration of the payments and benefits set forth in Sections 1(b), 1(c), 2(a), 2(c), and 2(d) of the Agreement, the Employee, for himself, his spouse (if any), their marital community (if any), and their respective heirs, estates, representatives, executors, successors and assigns, hereby fully, forever, irrevocably, and unconditionally releases and discharges the Company, its shareholders, affiliates, subsidiaries, parent companies, employee benefit plans, any co-employers or joint employers, their officers, directors, employees, agents, attorneys, administrators, representatives, successors, heirs, assigns, and all persons acting by, through, under, or in concert with them (collectively, the “Released Parties”), from any and all claims of whatever kind and nature, character, and description, whether in law or equity, whether sounding in tort, contract, federal, state and/or local law, statute, ordinance, regulation, common law, or other source of law, which he or they may have against them, or any of them, including any and all claims arising out of and/or in any way related to the Employee’s employment with the Company or the circumstances of the termination of that employment, which could have arisen out of any act or omission occurring from the beginning of time to the Second Effective Date, whether now known or unknown, contingent or vested, whether anticipated or unanticipated, asserted or unasserted, at the time of execution of this Second Release or not, for any type of relief.

(a)Included Statutes. This Second Release includes but is not limited to, any and all claims, including claims arising under the Civil Rights Act of 1964, the Employee Retirement Income Security Act, the Americans with Disabilities Act, the Family & Medical Leave Act, the Age Discrimination in Employment Act (“ADEA”), the Older Workers Benefit Protection Act, the Occupational Safety and Health Act, the Immigration Reform and Control Act, the Fair Labor Standards Act, the Workers Adjustment and Retraining Notification Act, the Fair Credit

{00053559.DOCX }

Reporting Act, the Uniformed Services Employment and Reemployment Act of 1994, the Equal Pay Act, the Rehabilitation Act, the Employee Polygraph Protection Act, the Sarbanes-Oxley Act (as applicable), the National Labor Relations Act, the Securities and Exchange Act of 1933 and 1934, the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), Michigan’s Elliot-Larsen Civil Rights Act, the Michigan Persons With Disabilities Civil Rights Act, the Massachusetts Fair Employment Practices Law, the Massachusetts Public Accommodations Act, Article 114 of the Massachusetts Constitution, and all other relevant local, state and federal statutes, rules, regulations, and applicable provisions of state constitutions.

(b)Included Claims. This Second Release includes, but is not limited to, all claims for past due or future wages, overtime, compensation, minimum wages, damages, back pay, front pay, severance pay, meal and rest break compensation, penalties (including late payment penalties), liquidated damages, punitive damages, interest, attorneys’ fees, litigation costs, restitution, equitable relief, bonuses, vacation pay, medical insurance, life or disability insurance, and other benefits (except vested retirement benefits) and all claims for violation of any express or implied agreement, written or verbal, that occurred before the execution of this Second Release, or for any violation of any common law duty or statute.

In waiving and releasing any and all claims set forth in this Second Release, whether or not now known to the Employee, the Employeeunderstands that this means that if the Employeelater discovers facts different from or in addition to those facts currently known or believed to be true, the waivers and releases of this Second Release will remain effective in all respects – despite such different or additional facts – and even if the Employee would not have agreed to this Second Release if the Employee had prior knowledge of such facts. The Employeeexpressly, knowingly, and intentionally waives the benefits and rights of any statute, rule, doctrine, or common law principle of any jurisdiction whatsoever that provides that a general release does not extend to unknown claims.

The Employee further agrees that, except to enforce the terms of this Second Release and subject to the rights enumerated in Section 4(c), the Employee will not initiate or file, or cause to be initiated or filed, any complaint, suit, charge, or other proceeding asserting any of the released claims against the Company. The consideration offered herein is accepted by the Employee as being in full accord, satisfaction, compromise and settlement of any and all claims or potential claims, and the Employee expressly agrees that the Employee is not entitled to and shall not receive any further recovery of any kind from, and that in the event of any further complaint, suit, charge or other proceeding whatsoever, except those to enforce the terms of this Second Release, based upon any matter released herein, the Company shall have no further monetary or other obligation of any kind to the Employee, including any obligation for any costs, expenses, and attorneys’ fees incurred by the Employee or on the Employee’s behalf.  THE EMPLOYEE AGREES TO WAIVE ANY RIGHT TO RECOVER MONETARY DAMAGES (INCLUDING, BUT NOT LIMITED TO BACK PAY, FRONT PAY, LIQUIDATED DAMAGES, PUNITIVE DAMAGES, AND/OR COMPENSATORY DAMAGES) IN ANY SUIT, COMPLAINT, CHARGE, OR OTHER PROCEEDING FILED BY THE EMPLOYEE OR ANYONE ELSE ON THE EMPLOYEE’S BEHALF.

(c)Excluded Claims & Protected Rights. Notwithstanding the above, by signing this Second Release, the Employee does not release and discharge: (i) any claims that are not

    2

permitted to be waived or released under applicable law, including but not limited to, the right to file a charge with or participate in an investigation by the EEOC, claims for workers’ compensation, and claims for unemployment compensation;  (ii) any claim for breach of this Second Release or to challenge its validity under the ADEA; and (iii) any claims arising after the date on which the Employee signs this Second Release. Nor is this Second Release intended in any way to limit the Employee’s right or ability to: (i) bring a lawsuit against the Company to enforce the Company’s obligations under this Second Release; (ii) make any disclosure of information required by law; (iii) report a possible violation of any federal law or regulation to any government agency or entity, or make disclosures that are protected under the whistleblower provisions of any law; or (iv) initiate, provide information to, testify at, participate, or otherwise assist, in any investigation or proceeding brought by any federal regulatory or law enforcement agency or legislative body, such as the EEOC and SEC, any self-regulatory organization, or the Company’s legal, compliance, or human resources officers relating to an alleged violation of any federal, state, or municipal law.

(d)This Second Release shall not constitute a release by the Employee of any right by the Employee to be indemnified by the Company as provided by statute, the Company’s By-Laws, or any Directors and Officers liability insurance policy maintained by the Company for any acts or omissions during the term of the Employee’s employment to the same extent the Employee would have had the right to be indemnified absent this release.

(e)This release shall not constitute a release by Employee relating to any rights or obligations set forth in the Executive Severance Agreement between the Company and Employee.

(f)This Second Release does not affect the Employee’s right to continue COBRA continuation coverage after the Company paid period, if any, of COBRA coverage.

5.Retirement Plans. The parties recognize that the Employee may have certain vested interests in a “401(k)” retirement, supplemental executive retirement plan, and/or other pension plan to which the Company has contributed on the Employee’s behalf, including but not limited to the Wolverine World Wide, Inc. 409A Supplemental Executive Retirement Plan, the Wolverine Employees’ Pension Plan, and the Wolverine World Wide, Inc. Money Accumulation Plan. The waiver and release of claims set forth in Section 4 does not apply to the Employee’s vested interests in such plans.

6.Opportunity for Review and Consultation. The Employee acknowledges having read this Second Release and understands all of its provisions. The Employee knowingly and voluntarily agrees to all of the terms and provisions of this Second Release. The Employee acknowledges that the Employee has had twenty-one (21) days to enter into this Second Release. If this Second Release was executed prior to the expiration of the twenty-one (21) day deliberation period, the Employee warrants such execution was voluntary and without coercion by the Company. The Company encourages the Employee to consult with an attorney regarding this Second Release. The Employee acknowledges that the Employee either has consulted with an attorney regarding this Second Release or has intentionally chosen not to exercise the right to do so.

    3

7.Effective Date; Revocation Period. The Employee has seven (7) days after signing this Second Release to revoke the Second Release, and the Second Release will not be effective until that revocation period has expired (the “Second Effective Date”). Notice of revocation shall be in a signed document delivered to the Executive Vice President, Chief Human Resources Officer before the expiration of the revocation period.

8.Assignment/Binding Effect. This Second Release is personal in nature as to the Employee and the Employee may not assign the Second Release. The terms of this Second Release shall inure to the benefit of the Company and its successors and assigns.

9.Amendment. The Company and the Employee may amend this Second Release only through a writing signed by both of them.

10.Governing Law. This Second Release will be governed by and construed in accordance with the laws of the State of Michigan. The Company and the Employee irrevocably agree and consent to the exclusive jurisdiction of the Circuit Court for Kent County, Michigan for the resolution of claims, disputes and controversies under this Second Release.

11.Voluntary Agreement. The Employee acknowledges and affirms that the Employee is signing this Second Release knowingly, voluntarily, and without any coercion or duress.

12.Adequate Consideration. The Employee acknowledges and affirms that the payments and other benefits provided to the Employee under this Second Release exceed the nature and scope of that to which the Employee would otherwise have been entitled to receive from the Company, and constitute adequate consideration for the promises herein.

13.Entire Agreement. The Agreement and this Second Release constitute the entire agreement between the Employee and the Company with respect to the subject matter of the Agreement and this Second Release, and supersede all earlier agreements and understandings, oral and written, between the parties.

AGREED:	AGREED:
/s/ Michael D. Stornant	/s/ Amy Klimek
Name: Michael D. Stornant	Wolverine World Wide, Inc.
Date: May 7, 2024	By: Amy Klimek
	Executive VP & CHRO
	Date: May 7, 2024

    4

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Christopher E. Hufnagel, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Wolverine World Wide, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 8, 2024

/s/ Christopher E. Hufnagel

Christopher E. Hufnagel

President and Chief Executive Officer

Wolverine World Wide, Inc.

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Taryn L. Miller, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Wolverine World Wide, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 8, 2024

/s/ Taryn L. Miller

Taryn L. Miller

Chief Financial Officer and Treasurer

Wolverine World Wide, Inc.

EX-32

Exhibit 32

CERTIFICATIONS

Solely for the purpose of complying with 18 U.S.C. § 1350, each of the undersigned hereby certifies in his capacity as an officer of Wolverine World Wide, Inc. (the “Company”) that the Quarterly Report of the Company on Form 10-Q for the year-to-date ended June 29, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such report fairly presents, in all material respects, the financial condition of the Company at the end of such period and the results of operations of the Company for such period.

Date:	August 8, 2024	/s/ Christopher E. Hufnagel
		Christopher E. Hufnagel
		President and Chief Executive Officer
		(Principal Executive Officer)
		/s/ Taryn L. Miller
		Taryn L. Miller
		Chief Financial Officer and Treasurer
		(Principal Financial Officer)

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 29, 2024	Jul. 22, 2024
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 29, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	WOLVERINE WORLD WIDE INC /DE/
Entity Central Index Key	0000110471
Current Fiscal Year End Date	--12-28
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		80,010,618
Entity Emerging Growth Company	false
Entity Small Business	false
Document Transition Report	false
Document Quarterly Report	true
Entity File Number	001-06024
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	38-1185150
Entity Address, Address Line One	9341 Courtland Drive N.E.
Entity Address, City or Town	Rockford
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	49351
City Area Code	(616)
Local Phone Number	866-5500
Title of 12(b) Security	Common Stock, $1 Par Value
Trading Symbol	WWW
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false

XML

Consolidated Condensed Statements of Operations and Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Statement [Abstract]
Revenue	$ 425.2	$ 589.1	$ 820.1	$ 1,188.5
Cost of goods sold	242.0	361.3	455.5	724.4
Gross profit	183.2	227.8	364.6	464.1
Selling, general and administrative expenses	166.6	195.5	343.4	407.5
Gain on sale of businesses, trademarks, and intangible assets	0.0	0.0	0.0	(20.1)
Impairment, Long-Lived Asset, Held-for-Use	3.2	15.6	9.3	15.6
Environmental and other related costs (income), net of recoveries	(15.7)	(29.4)	(14.1)	(30.3)
Operating profit	29.1	46.1	26.0	91.4
Other expenses:
Interest expense, net	11.9	16.1	23.9	31.9
Other expense (income), net	(0.8)	(0.4)	(1.6)	0.8
Total other expenses	11.1	15.7	22.3	32.7
Earnings before income taxes	18.0	30.4	3.7	58.7
Income tax expense	2.4	6.0	1.8	16.3
Net earnings	15.6	24.4	1.9	42.4
Less: net earnings (loss) attributable to noncontrolling interests	1.4	0.4	2.2	(0.6)
Net earnings (loss) attributable to Wolverine World Wide, Inc.	$ 14.2	$ 24.0	$ (0.3)	$ 43.0
Net Earnings Per Share:
Basic	$ 0.17	$ 0.30	$ (0.01)	$ 0.53
Diluted	$ 0.17	$ 0.30	$ (0.01)	$ 0.53
Comprehensive income (loss)	$ 12.9	$ 25.2	$ (6.4)	$ 40.0
Less: comprehensive income (loss) attributable to noncontrolling interests	0.7	0.1	1.6	(0.4)
Comprehensive income (loss) attributable to Wolverine World Wide, Inc.	$ 12.2	$ 25.1	$ (8.0)	$ 40.4
Cash dividends declared per share	$ 0.10	$ 0.10	$ 0.20	$ 0.20

XML

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Current assets:
Cash and cash equivalents	$ 148.3	$ 179.0	$ 176.5
Accounts receivable, less allowances: June 29, 2024: $8.9; December 30, 2023 $18.3; July 1, 2023: $12.0	272.2	230.8	241.5
Inventories:
Finished products, net	295.4	371.6	645.9
Raw materials and work-in-process, net	1.7	2.0	2.0
Total inventories	297.1	373.6	647.9
Prepaid expenses and other current assets	73.2	81.1	78.9
Current assets held for sale	0.0	160.6	19.1
Total current assets	790.8	1,025.1	1,163.9
Noncurrent assets:
Property plant and equipment net of accumulated depreciation: June 29, 2024: $247.1; December 30, 2023: $255.2; July 1, 2023: $250.0	90.2	96.3	134.3
Lease right-of-use assets, net	103.6	118.2	155.4
Goodwill	425.8	427.1	469.7
Indefinite-lived intangibles	173.4	174.1	279.2
Amortizable intangibles, net	33.1	34.9	59.1
Deferred Income Tax Assets, Net	116.4	116.4	25.1
Other assets	63.0	70.7	70.6
Total assets	1,796.3	2,062.8	2,357.3
Current liabilities:
Accounts payable	181.6	206.0	252.2
Accrued salaries and wages	28.2	37.1	19.2
Other accrued liabilities	188.2	252.4	254.5
Lease liabilities	32.6	34.7	39.2
Current maturities of long-term debt	10.0	10.0	10.0
Borrowings under revolving credit agreements	225.0	305.0	385.0
Disposal Group, Including Discontinued Operation, Liabilities, Current	0.0	24.2	4.1
Total current liabilities	665.6	869.4	964.2
Noncurrent liabilities:
Long-term debt, less current maturities	579.7	605.8	718.5
Accrued pension liabilities	77.0	78.4	72.1
Deferred Income Tax Liabilities, Net	27.8	26.9	33.9
Operating Lease, Liability, Noncurrent	119.8	132.4	146.7
Other liabilities	56.0	49.9	55.0
Stockholders’ equity:
Common Stock - par value $1, authorized 320,000,000 shares; shares issued (including shares in treasury): June 29, 2024: 113,406,905 shares; December 30, 2023: 112,953,782 shares; July 1, 2023: 112,918,046 shares	113.4	113.0	112.9
Additional paid-in capital	371.6	364.0	326.8
Retained earnings	817.9	834.8	933.8
Accumulated other comprehensive loss	(149.9)	(142.2)	(135.5)
Cost of shares in treasury: June 29, 2024: 33,396,787 shares; December 30, 2023: 33,403,280 shares; July 1, 2023: 33,409,577 shares	(890.9)	(891.0)	(891.2)
Total Wolverine World Wide, Inc. stockholders’ equity	262.1	278.6	346.8
Noncontrolling interest	8.3	21.4	20.1
Total stockholders’ equity	270.4	300.0	366.9
Total liabilities and stockholders’ equity	$ 1,796.3	$ 2,062.8	$ 2,357.3

XML

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Statement of Financial Position [Abstract]
Accounts receivable allowance	$ 8.9	$ 18.3	$ 12.0
Accumulated depreciation	$ (247.1)	$ (255.2)	$ (250.0)
Common stock, par value	$ 1	$ 1	$ 1
Common stock, shares authorized	320,000,000	320,000,000	320,000,000
Common stock, shares issued (including shares in treasury)	113,406,905	112,953,782	112,918,046
Treasury Stock, Common, Shares	33,396,787	33,403,280	33,409,577

XML

Consolidated Condensed Statements of Cash Flow - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
OPERATING ACTIVITIES
Net earnings	$ 15.6	$ 24.4	$ 1.9	$ 42.4
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization			13.3	17.1
Deferred income taxes			(0.7)	(0.6)
Stock-based compensation expense	5.7	3.3	9.8	7.8
Pension and SERP expense			(0.3)	0.8
Impairment, Long-Lived Asset, Held-for-Use	3.2	15.6	9.3	15.6
Environmental and other related costs, net of cash payments			(31.7)	(41.0)
Gain on sale of businesses, trademarks and intangible assets			0.0	20.1
Other			(8.2)	(0.9)
Changes in operating assets and liabilities:
Accounts receivable			(13.9)	0.8
Inventories			72.4	100.3
Other operating assets			4.3	(4.6)
Accounts payable			(23.2)	(23.1)
Income taxes payable			(4.7)	6.1
Other operating liabilities			(38.8)	(54.7)
Net cash provided by (used in) operating activities			(10.5)	45.9
INVESTING ACTIVITIES
Additions to property, plant and equipment			(8.1)	(14.2)
Proceeds from sale of businesses, intangible assets and other assets, net of cash disposed of			92.5	81.9
Proceeds from Life Insurance Policy			7.9	0.0
Other			(2.4)	(0.7)
Net cash provided by investing activities			89.9	67.0
FINANCING ACTIVITIES
Repayments of Lines of Credit			(299.0)	(475.0)
Proceeds from Lines of Credit			219.0	435.0
Cash Received From Borrowings Against Company Owned Life Insurance Policies			7.0	0.0
Payments on long-term debt			(26.7)	(5.0)
Payments of Debt Issuance Costs			0.0	(0.9)
Cash dividends paid			(16.2)	(16.4)
Payment, Tax Withholding, Share-based Payment Arrangement			(1.7)	(5.7)
Proceeds from the exercise of stock options			0.0	0.1
Contributions from noncontrolling interests			0.0	2.1
Net cash used in financing activities			(117.6)	(65.8)
Effect of foreign exchange rate changes			1.9	(2.5)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect			(36.3)	44.6
Cash and cash equivalents at beginning of the year			184.6	135.5	$ 135.5
Cash and cash equivalents at end of the quarter	$ 148.3	$ 180.1	$ 148.3	$ 180.1	$ 184.6

XML

Consolidated Statement of Shareholders' Equity Statement - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock, Common	Noncontrolling Interest [Member]
Beginning Balance at Dec. 31, 2022	$ 339.0	$ 112.2	$ 325.4	$ 907.2	$ (132.9)	$ (891.3)	$ 18.4
Net earnings (loss) attributable to Wolverine World Wide, Inc.	43.0			43.0
Less: net earnings (loss) attributable to noncontrolling interests	(0.6)						(0.6)
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax	42.4
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	2.6				(2.6)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest							0.2
Other Comprehensive Income (Loss), Net of Tax	(2.4)
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	(5.8)	0.7	(6.5)
Stock Issued During Period, Value, Stock Options Exercised	0.1	0.0	0.1
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	7.8		7.8
Dividends, Common Stock, Cash	(16.4)			(16.4)
Stock Issued During Period, Value, Treasury Stock Reissued	0.1		0.0			0.1
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	2.1						2.1
Ending Balance at Jul. 01, 2023	366.9	112.9	326.8	933.8	(135.5)	(891.2)	20.1
Beginning Balance at Apr. 01, 2023	344.5	112.8	323.8	917.9	(136.6)	(891.3)	17.9
Net earnings (loss) attributable to Wolverine World Wide, Inc.	24.0			24.0
Less: net earnings (loss) attributable to noncontrolling interests	0.4						0.4
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax	24.4
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(1.1)				1.1
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest							(0.3)
Other Comprehensive Income (Loss), Net of Tax	0.8
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	(0.2)	0.1	(0.3)
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	3.3		3.3
Dividends, Common Stock, Cash	(8.1)			(8.1)
Stock Issued During Period, Value, Treasury Stock Reissued	0.1					0.1
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	2.1						2.1
Ending Balance at Jul. 01, 2023	366.9	112.9	326.8	933.8	(135.5)	(891.2)	20.1
Beginning Balance at Dec. 30, 2023	300.0	113.0	364.0	834.8	(142.2)	(891.0)	21.4
Net earnings (loss) attributable to Wolverine World Wide, Inc.	(0.3)			(0.3)
Less: net earnings (loss) attributable to noncontrolling interests	2.2						2.2
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax	1.9
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	7.7				(7.7)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest							(0.6)
Other Comprehensive Income (Loss), Net of Tax	(8.3)
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	(1.7)	0.4	(2.1)
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	9.8		9.8
Dividends, Common Stock, Cash	(16.6)			(16.6)
Stock Issued During Period, Value, Treasury Stock Reissued	0.0		(0.1)			0.1
Stockholders' Equity, Other	(14.7)						(14.7)
Ending Balance at Jun. 29, 2024	270.4	113.4	371.6	817.9	(149.9)	(890.9)	8.3
Beginning Balance at Mar. 30, 2024	260.1	113.3	366.1	812.0	(147.9)	(891.0)	7.6
Net earnings (loss) attributable to Wolverine World Wide, Inc.	14.2			14.2
Less: net earnings (loss) attributable to noncontrolling interests	1.4						1.4
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax	15.6
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	2.0				(2.0)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest							(0.7)
Other Comprehensive Income (Loss), Net of Tax	(2.7)
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	(0.1)	0.1	(0.2)
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	5.7		5.7
Dividends, Common Stock, Cash	(8.3)			(8.3)
Stock Issued During Period, Value, Treasury Stock Reissued	0.1		0.0			0.1
Ending Balance at Jun. 29, 2024	$ 270.4	$ 113.4	$ 371.6	$ 817.9	$ (149.9)	$ (890.9)	$ 8.3

XML

Statement of Shareholders' Equity (Statement) - Parenthetical - $ / shares	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture	86,986	76,914	453,123	709,926
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0		0	6,042
Cash dividends declared per share	$ 0.10	$ 0.10	$ 0.20	$ 0.20
Stock Issued During Period, Shares, Treasury Stock Reissued	2,923	1,802	6,493	3,627

XML

Summary of Significant Accounting Policies (Notes)

6 Months Ended

Jun. 29, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

BASIS OF PRESENTATION

Nature of Operations

Wolverine World Wide, Inc. (the “Company”) is a leading designer, marketer and licensor of a broad range of quality casual footwear and apparel; performance outdoor and athletic footwear and apparel; kids’ footwear; industrial work shoes, boots and apparel; and uniform shoes and boots. The Company’s portfolio of owned and licensed brands includes: Bates®, Cat®, Chaco®, Harley-Davidson®, Hush Puppies®, HYTEST®, Merrell®, Saucony®, Stride Rite®, Sweaty Betty® and Wolverine®. The Company’s products are marketed worldwide through owned operations, through licensing and distribution arrangements with third parties, and through joint ventures. The Company also operates retail stores and eCommerce sites to market both its own brands and branded footwear and apparel from other manufacturers.

Effective February 4, 2023, the Company completed the sale of the Keds® business. See Note 18 for further discussion.

In the third quarter of fiscal 2023, the Company entered into a multi-year licensing agreement of the Hush Puppies® brand in the United States and Canada and completed the sale of the Hush Puppies® trademarks, patents, copyrights, and domains in China, Hong Kong, and Macau. The Company will continue to own the Hush Puppies® brand throughout the rest of the world. See Note 18 for further discussion.

Effective August 23, 2023, the Company completed the sale of the U.S. Leathers business and effective December 28, 2023, the Company completed the sale of the Asia-based Leathers business. See Note 18 for further discussion.

Effective January 1, 2024, the Company completed the sale of the Company’s equity interest joint venture entities that sourced and marketed Merrell® and Saucony® footwear and apparel products in China. See Note 18 for further discussion.

Effective January 10, 2024, the Company completed the sale of the Sperry® business. See Note 18 for further discussion.

Effective May 4, 2024, the Company entered into global multi-year licensing agreements of the Merrell® and Saucony® kids footwear and Merrell® apparel and accessories.

Basis of Presentation

The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for a complete presentation of the financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included in the accompanying financial statements. For further information, refer to the consolidated financial statements and notes included in the Company’s 2023 Form 10-K.

Fiscal Year

The Company’s fiscal year is the 52 or 53-week period that ends on the Saturday nearest to December 31. Fiscal years 2024 and 2023 each have 52 weeks. The Company reports its quarterly results of operations on the basis of 13-week quarters for each of the first three fiscal quarters and a 13 or 14-week period for the fourth fiscal quarter. References to particular years or quarters refer to the Company’s fiscal years ended on the Saturday nearest to December 31 or the fiscal quarters within those years.

Seasonality

The Company experiences moderate fluctuations in sales volume during the year, as reflected in quarterly revenue. The Company expects current seasonal sales patterns to continue in future years. The Company also experiences some fluctuation in its levels of working capital, typically reflecting an increase in net working capital requirements near the end of the first and third fiscal quarters as inventory builds to support peak shipping periods. Historically, cash provided by operating activities is higher in the second half of the fiscal year due to collection of wholesale channel receivables and direct-to-consumer sales being higher during the holiday season. The Company meets its working capital requirements through internal operating cash flows and, as needed, borrowings under its revolving credit facility, as discussed in more detail under the caption "Liquidity and Capital Resources" in Item 2: "Management's Discussion and Analysis of Financial Condition and Results of Operations". The Company's working capital could also be impacted by other events, including health crises.

Impairment of Long-Lived Assets

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or an asset group may not be recoverable. Each impairment test is based on a comparison of the carrying amount of the asset or asset group to the future undiscounted net cash flows expected to be generated by the asset or asset group. Assets are considered impaired if the carrying amount exceeds fair value. The impairment amount recognized is the amount by which the carrying amount of the assets exceeds their fair value.

In the first quarter of 2024, the Company incurred non-cash impairment charges on the long-lived property, plant and equipment and lease right-of-use assets at the Company’s distribution center in Louisville, Kentucky to adjust the carrying amount of the assets to their estimated fair value. The Louisville distribution center impairment was related to the Company’s transformation activities and actions to consolidate distribution operations. The long-lived assets are not expected to have a fair value after the Company stops using the distribution center.

In the second quarter of 2024 and 2023, the Company incurred non-cash impairment charges on certain Corporate U.S. and Canada office long-lived property, plant and equipment and right-of-use assets, primarily resulting from divestiture activities and consolidation of corporate office space, to adjust the carrying amount of the assets to estimated fair value. Fair value was estimated based on the discounted cash flows of estimated rental income from subleases net of estimated expenses.

The following table provides details related to asset impairment charges recorded:

	Quarter Ended				Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Lease right-of-use assets impairment	$	3.0	$	12.1	$	5.9	$	12.1
Property, plant and equipment impairment	0.2		3.5		3.4		3.5
Total impairment	$	3.2	$	15.6	$	9.3	$	15.6

XML

New Accounting Standards (Notes)

6 Months Ended

Jun. 29, 2024

Accounting Standards Update and Change in Accounting Principle [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]

NEW ACCOUNTING STANDARDS

The Financial Accounting Standards Board (“FASB”) has issued the following Accounting Standards Updates (“ASU”) that the Company has not yet adopted. The following is a summary of the new standards and anticipated impact of adopting these new standards.

Standard	Description	Effect on the Financial Statements
ASU 2023-07, Improvements to Reportable Segment Disclosures	Requires entities disclose on an annual and interim basis significant segment expense, including an amount and composition description for other segment items, and how reported measures of profit or loss are used by the chief operating decision maker in assessing segment performance and deciding how to allocate resources. The ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.	The Company is evaluating the impact of the new standard on its Consolidated Financial Statements.
ASU 2023-09, Improvements to Income Tax Disclosures	Requires annual disclosures of prescribed standard categories for the components of the effective tax rate reconciliation, disclosure of income taxes paid disaggregated by jurisdiction, and other income-tax related disclosures. The ASU is effective on a prospective basis, with retrospective application permitted, for fiscal years beginning after December 15, 2024.	The Company is evaluating the impact of the new standard on its Consolidated Financial Statements.

XML

Earnings Per Share (Notes)

6 Months Ended

Jun. 29, 2024

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share.

	Quarter Ended				Year-To-Date Ended
(In millions, except per share data)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Numerator:
Net earnings (loss) attributable to Wolverine World Wide, Inc.	$	14.2	$	24.0	$	(0.3)	$	43.0
Adjustment for earnings allocated to non-vested restricted common stock	(0.5)		(0.5)		(0.6)		(1.0)
Net earnings (loss) used in calculating basic and diluted earnings per share	$	13.7	$	23.5	$	(0.9)	$	42.0
Denominator:
Weighted average shares outstanding	80.0		79.5		79.9		79.3
Effect of dilutive stock options	—		—		—		—
Shares used in calculating diluted earnings per share	80.0		79.5		79.9		79.3
Net earnings (loss) per share:
Basic	$	0.17	$	0.30	$	(0.01)	$	0.53
Diluted	$	0.17	$	0.30	$	(0.01)	$	0.53

For the quarter and year-to-date ended June 29, 2024, 1,574,879 and 1,672,689 outstanding stock options, respectively, have not been included in the denominator for the computation of diluted earnings per share because they were anti-dilutive.

For the quarter and year-to-date ended July 1, 2023, 1,991,262 and 2,080,931 outstanding stock options, respectively, have not been included in the denominator for the computation of diluted earnings per share because they were anti-dilutive.

XML

Goodwill and Indefinite-Lived Intangibles (Notes)

6 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Indefinite-Lived Intangibles

GOODWILL AND INDEFINITE-LIVED INTANGIBLES

The changes in the carrying amount of goodwill are as follows:

	Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023
Goodwill balance at beginning of the year	$	427.1	$	485.0
Sale of business (see Note 18)	—		(20.4)
Foreign currency translation effects	(1.3)		5.1
Goodwill balance at end of the quarter	$	425.8	$	469.7

Goodwill balances are net of accumulated impairment charges. Accumulated impairment charges were $48.4 million as of June 29, 2024 and July 1, 2023, and are related to the Sweaty Betty® reporting unit, which is part of the Active segment.

The Company’s indefinite-lived intangible assets, which comprise trade names and trademarks, totaled $173.4 million, $174.1 million, and $279.2 million as of June 29, 2024, December 30, 2023, and July 1, 2023, respectively. The Company conducted an interim impairment assessment as of June 29, 2024 and determined that there were no triggering events indicating impairment of the Company’s goodwill and indefinite-lived intangible assets.

Following the fiscal 2023 annual impairment test, the Company concluded that the estimated fair value of the Sweaty Betty® reporting unit exceeded its carrying value by 5%. The key assumptions used in the valuation were revenue growth, EBITDA margin, and the discount rate. Although the Company believes the estimates and assumptions used in the valuation were appropriate, it is possible that assumptions could change in future periods. The risk of future impairment to the Sweaty Betty® trade name and Sweaty Betty® goodwill depend on key assumptions used in the determination of the trade name's and reporting unit's fair value, such as revenue growth, earnings before interest, taxes, depreciation and amortization margin, discount rate, and assumed tax rate, or if macroeconomic conditions deteriorate and adversely affect the values of the Company's Sweaty Betty® trade name and the Sweaty Betty® reporting unit. A future impairment charge of the Sweaty Betty® trade name and the Sweaty Betty® reporting unit goodwill could have an adverse material effect on the Company's consolidated financial results. The carrying values of the Company’s Sweaty Betty® trade name indefinite-lived intangible asset and the Sweaty Betty® reporting unit goodwill were $98.7 million and $52.6 million, respectively, as of June 29, 2024.

XML

Accounts Receivable (Notes)

6 Months Ended

Jun. 29, 2024

Accounts Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

ACCOUNTS RECEIVABLE

The Company and certain of its subsidiaries sell, on a continuous basis without recourse, their trade receivables to Rockford ARS, LLC (“Rockford ARS”), a wholly-owned bankruptcy-remote subsidiary of the Company. On December 7, 2022, Rockford ARS entered into a receivables purchase agreement (“RPA”), which was subsequently amended on April 15, 2024, to sell up to $125.0 million of receivables to certain purchasers (the “Purchasers”) on a recurring basis in exchange for cash (referred to as “capital” in the RPA) equal to the gross receivables transferred. The parties intend that the transfers of receivables to the Purchasers constitute purchases and sales of receivables. Rockford ARS has guaranteed to each Purchaser the prompt payment of sold receivables, and has granted a security interest in its assets for the benefit of the Purchasers. Under the RPA, which matures on December 5, 2025, each Purchaser’s share of capital accrues yield at a floating rate plus an applicable margin. The Company is the master servicer under the RPA, and is responsible for administering and collecting receivables.

The proceeds of the RPA are classified as operating activities in the Company's consolidated condensed statements of cash flows. Cash received from collections of sold receivables may be used to fund additional purchases of receivables on a revolving basis or to return all or any portion of outstanding capital of the Purchasers. Subsequent collections of the pledged receivables, which have not been sold, are classified as operating cash flows at the time of collection. Total receivables sold under the RPA were $102.7 million and $205.0 million for the quarter and year-to-date ended June 29, 2024, respectively. Total receivables sold under the RPA were $182.4 million and $365.6 million for the quarter and year-to-date ended July 1, 2023, respectively. Total cash collections under the RPA were $104.1 million and $205.8 million in the quarter and year-to-date ended June 29, 2024, respectively. Total cash collections under the RPA were $196.8 million and $372.8 million in the quarter and year-to-date ended July 1, 2023, respectively. The fair value of the sold receivables approximated book value due to their credit quality and short-term nature, and as a result, no gain or loss on sale of receivables was recorded.

As of the fiscal quarters ended June 29, 2024 and July 1, 2023, the amount sold to the Purchasers under the RPA was $93.0 million and $135.5 million, respectively, which was derecognized from the consolidated condensed balance sheets. As collateral against sold receivables, Rockford ARS maintains a certain level of unsold receivables, which were $53.6 million and $68.5 million as of the fiscal quarters ended June 29, 2024 and July 1, 2023, respectively.

XML

Revenue From Contracts With Customers (Notes)

6 Months Ended

Jun. 29, 2024

Revenue From Contracts With Customers [Abstract]

Revenue from Contract with Customer [Text Block]

REVENUE FROM CONTRACTS WITH CUSTOMERS

Revenue Recognition and Performance Obligations

The Company reports disaggregated revenue by sales channel, including the wholesale and direct-to-consumer sales channels, reconciled to the Company’s reportable segments. The wholesale channel includes royalty revenues due to the similarity in the Company’s oversight and management, customer base, the performance obligation (footwear and apparel goods) and point in time completion of the performance obligation. The direct-to-consumer sales channel includes sales from the Company’s owned retail stores and from the Company’s owned eCommerce sites.

	Quarter Ended June 29, 2024						Quarter Ended July 1, 2023
(In millions)	Wholesale		Direct-to-Consumer		Total		Wholesale		Direct-to-Consumer		Total
Active Group	$	203.1	$	102.8	$	305.9	$	284.2	$	99.1	$	383.3
Work Group	95.8		9.2		105.0		107.7		10.1		117.8
Other	12.9		1.4		14.3		64.8		23.2		88.0
Total Revenue	$	311.8	$	113.4	$	425.2	$	456.7	$	132.4	$	589.1

	Year-To-Date Ended June 29, 2024						Year-To-Date Ended July 1, 2023
(In millions)	Wholesale		Direct-to-Consumer		Total		Wholesale		Direct-to-Consumer		Total
Active Group	$	399.3	$	196.4	$	595.7	$	575.2	$	194.0	$	769.2
Work Group	177.1		18.0		195.1		211.0		21.3		232.3
Other	23.9		5.4		29.3		143.4		43.6		187.0
Total Revenue	$	600.3	$	219.8	$	820.1	$	929.6	$	258.9	$	1,188.5

The Company has agreements to license symbolic intellectual property with minimum guarantees or fixed consideration. The Company was due $39.7 million of remaining fixed transaction price under its license agreements as of June 29, 2024, which it expects to recognize per the terms of its contracts over the course of time through December 2028. The Company has elected to omit the remaining variable consideration under its license agreements given the Company recognizes revenue equal to what it

has the right to invoice and that amount corresponds directly with the value to the customer of the Company’s performance to date.

Reserves for Variable Consideration

Revenue is recorded at the net sales price (“transaction price”), which includes estimates of variable consideration for which reserves are established. Components of variable consideration include trade discounts and allowances, product returns, customer markdowns, customer rebates and other sales incentives relating to the sale of the Company’s products. These reserves, as detailed below, are based on the amounts earned, or to be claimed on the related sales. These estimates take into consideration a range of possible outcomes, which are probability-weighted in accordance with the expected value method for relevant factors such as current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the respective underlying contracts. Revenue recognized during the fiscal periods presented related to the Company’s contract liabilities was nominal.

The Company’s contract balances are as follows:

(In millions)	June 29, 2024		December 30, 2023		July 1, 2023
Product returns reserve	$	8.4	$	13.1	$	12.2
Customer markdowns reserve	0.4		5.1		4.6
Other sales incentives reserve	2.9		4.2		3.1
Customer rebates liability	8.4		14.7		13.3
Customer advances liability	6.1		6.8		5.7

The amount of variable consideration included in the transaction price may be constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. Actual amounts of consideration ultimately received may differ from initial estimates. If actual results in the future vary from initial estimates, the Company subsequently adjusts these estimates, which affects net revenue and earnings in the period such variances become known.

XML

Debt (Notes)

6 Months Ended

Jun. 29, 2024

Debt Disclosure [Abstract]

Debt

DEBT

Total debt consists of the following obligations:

(In millions)	June 29, 2024		December 30, 2023		July 1, 2023
Term Facility, due October 21, 2026	$	45.0	$	71.7	$	185.0
Senior Notes, 4.000% interest, due August 15, 2029	550.0		550.0		550.0
Borrowings under revolving credit agreements	225.0		305.0		385.0
Unamortized deferred financing costs	(5.3)		(5.9)		(6.5)
Total debt	$	814.7	$	920.8	$	1,113.5

The Company’s Credit Agreement provides for a term loan A facility (the “Term Facility”) and for a revolving credit facility (the “Revolving Facility” and, together with the Term Facility, the “Senior Credit Facilities”). The maturity date of the loans under the Senior Credit Facilities is October 21, 2026. The Credit Agreement provides for a debt capacity of up to an aggregate debt amount (including outstanding term loan principal and revolver commitment amounts in addition to permitted incremental debt) not to exceed $2.0 billion unless certain specified conditions set forth in the Credit Agreement are met.

The Term Facility requires quarterly principal payments with a balloon payment due on October 21, 2026. The scheduled principal payments due under the Term Facility over the next 12 months total $10.0 million as of June 29, 2024 and are recorded as current maturities of long-term debt on the consolidated condensed balance sheets. In addition, the Company made payments towards the Term Facility in accordance with disposition proceeds language contained in the Credit Agreement.

The Revolving Facility allows the Company to borrow up to an aggregate amount of $1.0 billion. The Revolving Facility also includes a $100.0 million swingline subfacility and a $50.0 million letter of credit subfacility. The Company had outstanding letters of credit under the Revolving Facility of $7.0 million, $6.6 million and $6.5 million as of June 29, 2024, December 30, 2023 and July 1, 2023, respectively. These outstanding letters of credit reduce the borrowing capacity under the Revolving Facility.

The interest rates applicable to amounts outstanding under Term Facility and to U.S. dollar denominated amounts outstanding under the Revolving Facility are, at the Company’s option, either (1) the Alternate Base Rate plus an Applicable Margin as determined by the Company’s Consolidated Leverage Ratio, within a range of 0.125% to 1.000%, or (2) the Eurocurrency Rate plus an Applicable Margin as determined by the Company’s Consolidated Leverage Ratio, within a range of 1.125% to 2.000% (all capitalized terms used in this sentence are as defined in the Credit Agreement). At June 29, 2024, the Term Facility and the Revolving Facility had a weighted-average interest rate of 6.35%.

The obligations of the Company pursuant to the Credit Agreement are guaranteed by substantially all of the Company’s material domestic subsidiaries and secured by substantially all of the personal and real property of the Company and its material domestic subsidiaries, subject to certain exceptions.

The Senior Credit Facilities also contain certain affirmative and negative covenants, including covenants that limit the ability of the Company and its Restricted Subsidiaries to, among other things: incur or guarantee indebtedness; incur liens; pay dividends or repurchase stock; enter into transactions with affiliates; consummate asset sales, acquisitions or mergers; prepay certain other indebtedness; or make investments, as well as covenants restricting the activities of certain foreign subsidiaries of the Company that hold intellectual property related assets. Further, the Senior Credit Facilities require compliance with the following financial covenants: a maximum Consolidated Leverage Ratio and a minimum Consolidated Interest Coverage Ratio (all capitalized terms used in this paragraph are as defined in the Senior Credit Facilities). As of June 29, 2024, the Company was in compliance with all covenants and performance ratios under the Senior Credit Facilities.

On December 21, 2023, the Company entered into the fifth amendment (the "Fifth Amendment") to its Credit Agreement, dated as of July 31, 2012. The Fifth Amendment provides the Company with additional allowable disposition capacity in fiscal 2023 and fiscal 2024 to support the Company's transformation.

The Company’s $550.0 million 4.000% senior notes issued on August 26, 2021 are due on August 15, 2029. Related interest payments are due semi-annually. The senior notes are guaranteed by substantially all of the Company’s domestic subsidiaries.

The Company has a foreign revolving credit facility with aggregate available borrowings of $1.0 million that are uncommitted and, therefore, each borrowing against the facility is subject to approval by the lender. There were no borrowings against this facility as of June 29, 2024, December 30, 2023 and July 1, 2023.

The Company included in interest expense the amortization of deferred financing costs of $0.5 million and $1.1 million for the quarter and year-to-date ended June 29, 2024, respectively. The Company included in interest expense the amortization of deferred financing costs of $0.5 million and $1.0 million for the quarter and year-to-date ended July 1, 2023, respectively.

XML

Leases (Notes)

6 Months Ended

Jun. 29, 2024

Leases [Abstract]

Lessee, Operating Leases [Text Block]

LEASES

The following is a summary of the Company’s lease cost.

	Quarter Ended				Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Operating lease cost	$	8.0	$	10.0	$	16.9	$	20.5
Variable lease cost	3.0		3.7		5.9		7.0
Short-term lease cost	0.6		1.2		1.1		1.9
Sublease income	(1.5)		(1.7)		(2.8)		(3.2)
Total lease cost	$	10.1	$	13.2	$	21.1	$	26.2

The following is a summary of the Company’s supplemental cash flow information related to leases.

	Quarter Ended				Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Cash paid for operating lease liabilities	$	13.3	$	11.2	$	26.3	$	22.6
Operating lease assets obtained in exchange for lease liabilities	0.3		1.4		4.9		5.4

The Company did not enter into any real estate leases with commencement dates subsequent to June 29, 2024

XML

Financial Instruments and Risk Management (Notes)

6 Months Ended

Jun. 29, 2024

Investments, All Other Investments [Abstract]

Financial Instruments and Risk Management

DERIVATIVE FINANCIAL INSTRUMENTS

The Company utilizes foreign currency forward exchange contracts designated as cash flow hedges to manage the volatility associated primarily with U.S. dollar inventory purchases made by non-U.S. wholesale operations in the normal course of business. These foreign currency forward exchange hedge contracts extended out to a maximum of 503 days, 531 days, and 524 days as of June 29, 2024, December 30, 2023 and July 1, 2023, respectively. If, in the future, the foreign exchange contracts are determined not to be highly effective or are terminated before their contractual termination dates, the Company would remove the hedge designation from those contracts and reclassify into earnings the unrealized gains or losses that would otherwise be included in accumulated other comprehensive income (loss) within stockholders’ equity.

The Company also utilizes foreign currency forward exchange contracts that are not designated as hedging instruments to manage foreign currency transaction exposure. Foreign currency derivatives not designated as hedging instruments are offset by foreign exchange gains or losses resulting from the underlying exposures of foreign currency denominated assets and liabilities.

The Company has an interest rate swap arrangement, which unless otherwise terminated, will mature on May 30, 2025. This agreement, which exchanges floating rate interest payments for fixed rate interest payments over the life of the agreement without the exchange of the underlying notional amounts, has been designated as a cash flow hedge of the underlying debt. The notional amount of the interest rate swap arrangement is used to measure interest to be paid or received and does not represent the amount of exposure to credit loss. The differential paid or received on the interest rate swap arrangement is recognized as interest expense, net. In accordance with FASB Accounting Standards Codification (“ASC”) Topic 815, Derivatives and Hedging, the Company has formally documented the relationship between the interest rate swap and the variable rate borrowing, as well as its risk management objective and strategy for undertaking the hedge transactions. This process included linking the derivative to the specific liability or asset on the balance sheet. The Company also assessed at the inception of the hedge, and continues to assess on an ongoing basis, whether the derivative used in the hedging transaction is highly effective in offsetting changes in the cash flows of the hedged item.

The notional amounts of the Company’s derivative instruments are as follows:

(Dollars in millions)	June 29, 2024		December 30, 2023		July 1, 2023
Foreign exchange hedge contracts	$	257.9	$	269.0	$	295.0
Interest rate swap	41.1		75.3		119.9

The recorded fair values of the Company’s derivative instruments are as follows:

(In millions)	June 29, 2024		December 30, 2023		July 1, 2023
Financial assets:
Foreign exchange hedge contracts	$	3.2	$	—	$	1.6
Interest rate swap	0.8		1.8		3.9
Financial liabilities:
Foreign exchange hedge contracts	$	(1.0)	$	(5.1)	$	(4.7)

Foreign exchange hedge contract financial assets are recorded to prepaid expenses and other current assets and financial liabilities are recorded to other accrued liabilities on the consolidated balance sheets. Interest rate swap financial assets are recorded to other assets and financial liabilities are recorded to other liabilities on the consolidated condensed balance sheets.

XML

Stock-Based Compensation (Notes)

6 Months Ended

Jun. 29, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

The Company recognized compensation expense of $5.7 million and $9.8 million, and related income tax benefits of $1.1 million and $1.9 million, for grants under its stock-based compensation plans for the quarter and year-to-date ended June 29, 2024, respectively. The Company recognized compensation expense of $3.3 million and $7.8 million, and related income tax benefits of $0.7 million and $1.5 million, for grants under its stock-based compensation plans for the quarter and year-to-date ended July 1, 2023, respectively.

The Company grants restricted stock or units (“restricted awards”), performance-based restricted stock or units (“performance awards”) and stock options under its stock-based compensation plans.

The Company granted restricted awards and performance awards as follows:

	Year-To-Date Ended June 29, 2024			Year-To-Date Ended July 1, 2023
(In millions)	Company Shares Issued	Weighted-Average Grant Date Fair Value		Company Shares Issued	Weighted-Average Grant Date Fair Value
Restricted Awards	1,865,330	$	8.43	1,253,579	$	15.18
Performance Awards	1,233,484	$	8.56	659,162	$	15.20

XML

Retirement Plans (Notes)

6 Months Ended

Jun. 29, 2024

Retirement Benefits [Abstract]

Retirement Plans

RETIREMENT PLANS

The following is a summary of net pension and Supplemental Executive Retirement Plan (“SERP”) expense recognized by the Company.

	Quarter Ended				Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Service cost pertaining to benefits earned during the period	$	0.7	$	0.8	$	1.4	$	1.6
Interest cost on projected benefit obligations	4.5		4.5		8.9		8.9
Expected return on pension assets	(4.9)		(4.7)		(9.8)		(9.3)
Net amortization loss	(0.4)		(0.2)		(0.8)		(0.4)
Net pension expense (income)	$	(0.1)	$	0.4	$	(0.3)	$	0.8

The non-service cost components of net pension expense is recorded in the Other expense (income), net line item on the consolidated condensed statements of operations and comprehensive income.

XML

Income Taxes (Notes)

6 Months Ended

Jun. 29, 2024

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The Company maintains management and operational activities in overseas subsidiaries, and its foreign earnings are taxed at rates that are different than the U.S. federal statutory income tax rate. A significant amount of the Company’s earnings are generated by its Canadian, European and Asian subsidiaries and, to a lesser extent, in jurisdictions that are not subject to income tax.

The Company intends to permanently reinvest all non-cash undistributed earnings outside of the U.S. and has therefore not established a deferred tax liability on that amount of foreign unremitted earnings. However, if these non-cash undistributed earnings were repatriated, the Company would be required to accrue and pay applicable U.S. taxes and withholding taxes payable to various countries. It is not practicable to estimate the amount of the deferred tax liability associated with these non-cash unremitted earnings due to the complexity of the hypothetical calculation.

The Company’s effective tax rates for the quarter and year-to-date ended June 29, 2024 were 13.1% and 47.8%, respectively. The Company’s effective tax rates for the quarter and year-to-date ended July 1, 2023 were 19.8% and 27.8%, respectively. The decrease in the effective tax rate between 2024 and 2023 for the quarter-to-date period is due to an increase in discrete tax benefits recognized in the current year, as well as lower pretax income, which increases the impact of the discrete benefits on the effective tax rate. The increase in the effective tax rate between 2024 and 2023 for the year-to-date period is driven by lower pretax income in the current year, which increases the impact of the discrete tax expenses on the effective tax rate.

The Company is subject to periodic audits by U.S. federal, state, local and non-U.S. tax authorities. Currently, the Company is undergoing routine periodic audits in both U.S. federal, state, local and non-U.S. tax jurisdictions. It is reasonably possible that the amounts of unrecognized tax benefits could change in the next 12 months as a result of the audits; however, any payment of tax is not expected to be significant to the consolidated condensed financial statements. The Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2020 in the majority of tax jurisdictions.

XML

Accumulated Other Comprehensive Income (Loss) (Notes)

6 Months Ended

Jun. 29, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income (loss) represents net earnings and any revenue, expenses, gains and losses that, under U.S. GAAP, are excluded from net earnings and recognized directly as a component of stockholders’ equity.

The change in accumulated other comprehensive income (loss) during the quarters ended June 29, 2024 and July 1, 2023 is as follows:

(In millions)	Foreign currency translation		Derivatives			Pension			Total
Balance at April 1, 2023	$	(130.3)	$	(4.5)		$	(1.8)		$	(136.6)
Other comprehensive income (loss) before reclassifications (1)	5.3		(2.0)			—			3.3
Amounts reclassified from accumulated other comprehensive loss	—		(2.8)		(2)	(0.2)		(3)	(3.0)
Income tax expense	—		0.8			—			0.8
Net reclassifications	—		(2.0)			(0.2)			(2.2)
Net current-period other comprehensive income (loss) (1)	5.3		(4.0)			(0.2)			1.1
Balance at July 1, 2023	$	(125.0)	$	(8.5)		$	(2.0)		$	(135.5)
Balance at March 30, 2024	$	(124.2)	$	(14.6)		$	(9.1)		$	(147.9)
Other comprehensive income (loss) before reclassifications (1)	(2.8)		1.3			—			(1.5)
Amounts reclassified from accumulated other comprehensive loss	—		(0.2)		(2)	(0.4)		(3)	(0.6)
Income tax expense	—		0.1			—			0.1
Net reclassifications	—		(0.1)			(0.4)			(0.5)
Net current-period other comprehensive income (loss) (1)	(2.8)		1.2			(0.4)			(2.0)
Balance at June 29, 2024	$	(127.0)	$	(13.4)		$	(9.5)		$	(149.9)

(1)Other comprehensive income (loss) is reported net of taxes and noncontrolling interest.

(2)Amounts related to foreign currency derivatives deemed to be highly effective are included in cost of goods sold. Amounts related to foreign currency derivatives that are no longer deemed to be highly effective are included in other income. Amounts related to the interest rate swap are included in interest expense.

(3)Amounts reclassified are included in the computation of net pension expense.

The change in accumulated other comprehensive income (loss) during the year-to-date periods ended June 29, 2024 and July 1, 2023 is as follows:

(In millions)	Foreign currency translation		Derivatives			Pension			Total
Balance at December 31, 2022	$	(133.1)	$	1.9		$	(1.7)		$	(132.9)
Other comprehensive income (loss) before reclassifications (1)	3.9		(2.9)			—			1.0
Amounts reclassified from accumulated other comprehensive income (loss)	4.2		(10.1)		(2)	(0.4)		(3)	(6.3)
Income tax expense (benefit)	—		2.6			0.1			2.7
Net reclassifications	4.2		(7.5)			(0.3)			(3.6)
Net current-period other comprehensive income (loss) (1)	8.1		(10.4)			(0.3)			(2.6)
Balance at July 1, 2023	$	(125.0)	$	(8.5)		$	(2.0)		$	(135.5)
Balance at December 30, 2023	$	(116.3)	$	(17.1)		$	(8.8)		$	(142.2)
Other comprehensive income (loss) before reclassifications (1)	(10.9)		5.9			—			(5.0)
Amounts reclassified from accumulated other comprehensive income (loss)	0.2		(2.9)		(2)	(0.8)		(3)	(3.5)
Income tax expense (benefit)	—		0.7			0.1			0.8
Net reclassifications	0.2		(2.2)			(0.7)			(2.7)
Net current-period other comprehensive income (loss) (1)	(10.7)		3.7			(0.7)			(7.7)
Balance at June 29, 2024	$	(127.0)	$	(13.4)		$	(9.5)		$	(149.9)

(1)Other comprehensive income (loss) is reported net of taxes and noncontrolling interest.

(2)Amounts related to foreign currency derivatives deemed to be highly effective are included in cost of goods sold. Amounts related to foreign currency derivatives that are no longer deemed to be highly effective are included in other income. Amounts related to the interest rate swap are included in interest expense.

(3)Amounts reclassified are included in the computation of net pension expense.

XML

Fair Value Measurements (Notes)

6 Months Ended

Jun. 29, 2024

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

FAIR VALUE MEASUREMENTS

The Company measures certain financial assets and liabilities at fair value on a recurring basis. For additional information regarding the Company’s fair value policies, refer to Note 1 in the Company’s 2023 Form 10-K.

Recurring Fair Value Measurements

The following table sets forth financial assets and liabilities measured at fair value in the consolidated condensed balance sheets and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy.

	Fair Value Measurements
	Quoted Prices With Other Observable Inputs (Level 2)
(In millions)	June 29, 2024		December 30, 2023		July 1, 2023
Financial assets:
Derivatives	$	4.0	$	1.8	$	5.5
Financial liabilities:
Derivatives	$	(1.0)	$	(5.1)	$	(4.7)

The fair value of foreign currency forward exchange contracts represents the estimated receipts or payments necessary to terminate the contracts. The interest rate swap was valued based on the current forward rates of the future cash flows.

Fair Value Disclosures

The Company’s financial instruments that are not recorded at fair value consist of cash and cash equivalents, accounts and notes receivable, accounts payable, borrowings under revolving credit agreements and other short-term and long-term debt. The

carrying amount of these financial instruments is historical cost, which approximates fair value, except for the debt. The carrying value and the fair value of the Company’s debt are as follows:

(In millions)	June 29, 2024		December 30, 2023		July 1, 2023
Carrying value	$	814.7	$	920.8	$	1,113.5
Fair value	732.0		813.3		1,020.1

The fair value of the fixed rate debt was based on third-party quotes (Level 2). The fair value of the variable rate debt was calculated by discounting the future cash flows to its present value using a discount rate based on the risk-free rate of the same maturity (Level 3).

XML

Litigation and Contingencies (Notes)

6 Months Ended

Jun. 29, 2024

Commitments and Contingencies Disclosure [Abstract]

Litigation and Contingencies

LITIGATION AND CONTINGENCIES

Litigation

The Company operated a leather tannery in Rockford, Michigan from the early 1900s through 2009 (the “Tannery”). The Company also owns a parcel on House Street in Plainfield Township that the Company used for the disposal of Tannery byproducts until about 1970 (the "House Street" site). Beginning in the late 1950s, the Company used 3M Company’s Scotchgard™ in its processing of certain leathers at the Tannery. Until 2002 when 3M Company changed its Scotchgard™ formula, Tannery byproducts disposed of by the Company at the House Street site and other locations may have contained PFOA and/or PFOS, two chemicals in the family of compounds known as per- and polyfluoroalkyl substances (together, “PFAS”). PFOA and PFOS help provide non-stick, stain-resistant, and water-resistant qualities, and were used for many decades in commercial products like firefighting foams and metal plating, and in common consumer items like food wrappers, microwave popcorn bags, pizza boxes, Teflon™, carpets and Scotchgard™.

In May 2016, the Environmental Protection Agency (“EPA”) announced a lifetime health advisory level of 70 parts per trillion (“ppt”) combined for PFOA and PFOS, which the EPA reduced in June 2022 to 0.004 ppt and 0.02 ppt for PFOA and PFOS, respectively. In January 2018, the Michigan Department of Environmental Quality (“MDEQ”, now known as the Michigan Department of Environment, Great Lakes, and Energy (“EGLE”)) enacted a drinking water criterion of 70 ppt combined for PFOA and PFOS, which set an official state standard for acceptable concentrations of these contaminants in groundwater used for drinking water purposes. On August 3, 2020, Michigan changed the standards for PFOA and PFOS in drinking water to 8 and 16 ppt, respectively, and set standards for four other PFAS substances.

Civil and Regulatory Actions of EGLE and EPA

On January 10, 2018, EGLE filed a civil action against the Company in the U.S. District Court for the Western District of Michigan under the federal Resource Conservation and Recovery Act of 1976 (“RCRA”) and Parts 201 and 31 of the Michigan Natural Resources and Environmental Protection Act (“NREPA”) alleging that the Company’s past and present handling, storage, treatment, transportation and/or disposal of solid waste at the Company’s properties has resulted in releases of PFAS at levels exceeding applicable Michigan cleanup criteria for PFOA and PFOS (the "EGLE Action"). Plainfield and Algoma Townships intervened in the EGLE Action alleging claims under RCRA, NREPA, the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) and common law nuisance.

On February 3, 2020, the parties entered into a consent decree resolving the EGLE Action, which was approved by U.S. District Judge Janet T. Neff on February 19, 2020 (the “Consent Decree”). Under the Consent Decree, the Company agreed to pay for an extension of Plainfield Township’s municipal water system to more than 1,000 properties in Plainfield and Algoma Townships, subject to an aggregate cap of $69.5 million. The Company also agreed to continue maintaining water filters for certain homeowners, resample certain residential wells for PFAS, continue remediation at the Company’s Tannery property and House Street site, and conduct further investigations and monitoring to assess the presence of PFAS in area groundwater. The Company’s activities under the Consent Decree are not materially impacted by either the drinking water standards that became effective on August 3, 2020, or the EPA’s revised advisory levels issued in June 2022.

On December 19, 2018, the Company filed a third-party complaint against 3M Company seeking, among other things, recovery of the Company’s remediation and other costs incurred in defense of the EGLE Action ("the 3M Action"). On June 20, 2019, the 3M Company filed a counterclaim against the Company in response to the 3M Action, seeking, among other things, contractual and common law indemnity and contribution under CERCLA and Part 201 of NREPA. On February 20, 2020, the Company and 3M Company entered into a settlement agreement resolving the 3M Action, under which 3M Company paid the Company a lump sum amount of $55.0 million during the first quarter of 2020.

On January 10, 2018, the EPA entered a Unilateral Administrative Order (the “Order”) under Section 106(a) of CERCLA, 42 U.S.C. § 9606(a) with an effective date of February 1, 2018. The Order pertained to specified removal actions at the Company's

Tannery and House Street sites, including certain time critical removal actions subsequently identified in an April 29, 2019 letter from the EPA, to abate the actual or threatened release of hazardous substances at or from the sites. On October 28, 2019, the EPA and the Company entered into an Administrative Settlement and Order on Consent (“AOC”) that supersedes the Order and addresses the agreed-upon removal actions outlined in the Order. The Company has completed the activities required by the AOC.

The Company discusses its reserve for remediation costs in the environmental liabilities section below.

Individual and Class Action Litigation

Beginning in late 2017, individual lawsuits and three putative class action lawsuits were filed against the Company that raise a variety of claims, including claims related to property, remediation, and human health effects. The three putative class action lawsuits were subsequently refiled in the U.S. District Court for the Western District of Michigan as a single consolidated putative class action lawsuit. 3M Company has been named as a co-defendant in the individual lawsuits and consolidated putative class action lawsuit. In addition, the current owner of a former landfill and gravel mining operation sued the Company seeking damages and cost recovery for property damage allegedly caused by the Company’s disposal of tannery waste containing PFAS. The owner of another former landfill filed notice threatening suit and sent a demand letter to the Company seeking recovery for damages allegedly caused by the Company’s disposal of tannery waste containing PFAS (this notice, the former landfill and gravel mining suit collectively with the individual lawsuits and putative class action, the “Litigation Matters”).

On January 11, 2022, the Company and 3M Company entered into a master settlement agreement with the law firm representing certain of the plaintiffs in the individual lawsuits included in the Litigation Matters, and each of these plaintiffs subsequently agreed to participate in the settlement. These plaintiffs’ lawsuits were dismissed with prejudice on or around April 25, 2022.

On December 9, 2021, the Company and 3M Company reached a settlement in principle to resolve certain of the remaining individual lawsuits included in the Litigation Matters, and the parties entered into definitive settlement agreements in March 2022. These plaintiffs’ lawsuits were dismissed with prejudice on June 14, 2022. The last remaining individual action was dismissed without prejudice on June 24, 2022.

In addition, in September 2022, the parties to the putative class action filed a motion for preliminary approval of a proposed class action settlement seeking to resolve the putative class action plaintiffs’ claims. On March 29, 2023, the court presiding over the putative class action granted final approval of the proposed settlement and dismissed the lawsuit with prejudice.

The last remaining Litigation Matter, the lawsuit filed by the current owner of a former landfill and gravel mining operations, was pending in Michigan state court but has been administratively stayed by the Court.

For certain of the Litigation Matters described above, and as a result of developments during the second quarter of 2024, the Company increased its accrual by $8.4 million. The Company made no payments in connection with the Litigation Matters described above during the first two quarters of 2024. As of June 29, 2024, the Company had recorded liabilities of $11.1 million for certain of the Litigation Matters described above which are recorded as other accrued liabilities in the consolidated condensed balance sheets.

In December 2018, the Company filed a lawsuit against certain of its historic liability insurers, seeking to compel them to provide a defense against the Litigation Matters on the Company's behalf and coverage for remediation efforts undertaken by, and indemnity provided by, the Company. The Company recognized certain recoveries from legacy insurance policies in 2024 and 2023 and continues pursuing additional recoveries through the lawsuit.

Other Litigation

The Company is also involved in litigation incidental to its business and is a party to legal actions and claims, including, but not limited to, those related to employment, intellectual property, and consumer related matters. Some of the legal proceedings include claims for compensatory as well as punitive damages. While the final outcome of these matters cannot be predicted with certainty, considering, among other things, the meritorious legal defenses available to the Company and reserves for liabilities that the Company has recorded, along with applicable insurance, it is management’s opinion that the outcome of these items are not expected to have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

Environmental Liabilities

The following is a summary of the activity with respect to the environmental remediation reserve established by the Company:

	Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023
Remediation liability at beginning of the year	$	57.9	$	74.1
Changes in estimate	3.8		(21.0)
Amounts paid	(15.5)		(6.7)
Remediation liability at the end of the quarter	$	46.2	$	46.4

The reserve balance as of June 29, 2024 includes $17.8 million that is expected to be paid within the next twelve months and is recorded as a current obligation in other accrued liabilities, with the remaining $28.4 million expected to be paid over the course of up to 25 years, recorded in other liabilities.

The Company's remediation activity at the Tannery property, House Street site and other relevant operations or disposal sites is ongoing. Although the Consent Decree has made near-term costs more clear, it is difficult to estimate the long-term cost of environmental compliance and remediation given the uncertainties regarding the interpretation and enforcement of applicable environmental laws and regulations, the extent of environmental contamination and the existence of alternative cleanup methods. Future developments may occur that could materially change the Company’s current cost estimates, including, but not limited to: (i) changes in the information available regarding the environmental impact of the Company’s operations and products; (ii) changes in environmental regulations, changes in permissible levels of specific compounds in drinking water sources, or changes in enforcement theories and policies, including efforts to recover natural resource damages; (iii) new and evolving analytical and remediation techniques; (iv) changes to the form of remediation; (v) success in allocating liability to other potentially responsible parties; and (vi) the financial viability of other potentially responsible parties and third-party indemnitors. For locations at which remediation activity is largely ongoing, the Company cannot estimate a possible loss or range of loss in excess of the associated established reserves for the reasons described above. The Company adjusts recorded liabilities as further information develops or circumstances change.

Minimum Royalties and Advertising Commitments

The Company has future minimum royalty and advertising obligations due under the terms of certain licenses held by the Company. These minimum future obligations for the fiscal periods subsequent to June 29, 2024 are as follows:

(In millions)	2024		2025		2026		2027		2028		Thereafter
Minimum royalties	$	0.5	$	—	$	—	$	—	$	—	$	—
Minimum advertising	—		3.0		3.1		3.2		3.3		—

Minimum royalties are based on both fixed obligations and assumptions regarding the Consumer Price Index. Royalty obligations in excess of minimum requirements are based upon future sales levels. In accordance with these agreements, the Company incurred royalty expense of $0.3 million and $0.6 million for the quarter and year-to-date ended June 29, 2024, respectively. For the quarter and year-to-date ended July 1, 2023, the Company incurred royalty expense in accordance with these agreements of $0.4 million and $0.7 million, respectively.

The terms of certain license agreements also require the Company to make advertising expenditures based on the level of sales of the licensed products. In accordance with these agreements, the Company incurred advertising expense of $1.2 million and $2.3 million for the quarter and year-to-date ended June 29, 2024, respectively. For the quarter and year-to-date ended July 1, 2023, the Company incurred advertising expense in accordance with these agreements of $2.4 million and $3.7 million, respectively.

XML

Business Segments (Notes)

6 Months Ended

Jun. 29, 2024

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

The Company’s portfolio of brands is organized into the following reportable segments.

•Active Group, consisting of Merrell® footwear and apparel, Saucony® footwear and apparel, Sweaty Betty® activewear, and Chaco® footwear; and

•Work Group, consisting of Wolverine® footwear and apparel, Cat® footwear, Bates® uniform footwear, Harley-Davidson® footwear and HYTEST® safety footwear;

The Company's operating segments are the Active Group, Work Group, and Sweaty Betty®. Sweaty Betty® and the Active Group were evaluated and combined into one reportable segment because they meet the similar economic characteristics and qualitative aggregation criteria set forth in the relevant accounting guidance.

Kids' footwear offerings from Saucony®, Sperry®, Keds®, Merrell®, Hush Puppies® and Cat® are included with the applicable brand.

The Company also reports “Other” and “Corporate” categories. The Other category consists of Sperry® footwear, Keds® footwear, Hush Puppies® footwear and apparel, the Company’s leather marketing operations, sourcing operations that include third-party commission revenues, multi-branded direct-to-consumer retail stores and the Stride Rite® licensed business. The Corporate category consists of gains on the sale of businesses and trademarks, unallocated corporate expenses, such as corporate employee costs, corporate facility costs, reorganization activities, impairment of long-lived 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 direct-to-consumer 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.

	Quarter Ended				Year-to-Date Ended
(In millions)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Revenue:
Active Group	$	305.9	$	383.3	$	595.7	$	769.2
Work Group	105.0		117.8		195.1		232.3
Other	14.3		88.0		29.3		187.0
Total	$	425.2	$	589.1	$	820.1	$	1,188.5
Segment operating profit (loss):
Active Group	$	42.1	$	39.8	$	78.3	$	91.9
Work Group	14.6		14.8		27.3		30.3
Other	8.2		13.5		12.4		19.7
Corporate	(35.8)		(22.0)		(92.0)		(50.5)
Operating profit	29.1		46.1		26.0		91.4
Interest expense, net	11.9		16.1		23.9		31.9
Other expense (income), net	(0.8)		(0.4)		(1.6)		0.8
Earnings before income taxes	$	18.0	$	30.4	$	3.7	$	58.7

(In millions)	June 29, 2024		December 30, 2023		July 1, 2023
Total assets:
Active Group	$	1,072.7	$	1,183.9	$	1,315.3
Work Group	282.8		288.4		319.4
Other	98.5		250.8		471.2
Corporate	342.3		339.7		251.4
Total	$	1,796.3	$	2,062.8	$	2,357.3
Goodwill:
Active Group	$	316.5	$	317.7	$	317.4
Work Group	60.2		60.3		60.3
Other	49.1		49.1		92.0
Total	$	425.8	$	427.1	$	469.7

XML

Investments, Equity Method and Joint Ventures

6 Months Ended

Jun. 29, 2024

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure

VARIABLE INTEREST ENTITIES AND RELATED PARTY TRANSACTIONS

Assets and Liabilities of Consolidated VIEs

The Company had equity interests in Merrell® and Saucony® joint ventures that sourced Merrell® and Saucony® footwear and apparel products in China. Based upon the criteria set forth in FASB ASC 810, Consolidation, the Company had determined that two of the joint ventures were variable interest entities (VIEs) of which the Company was the primary beneficiary and, as a result, the Company consolidated these VIEs. The Merrell® and Saucony® joint ventures were divested effective January 1, 2024.

The following is a summary of these VIEs’ assets and liabilities included in the Company’s consolidated condensed balance sheets.

(In millions)	December 30, 2023		July 1, 2023
Cash	$	—	$	7.4
Accounts receivable	—		7.2
Inventory	—		31.8
Other current assets	—		2.9
Noncurrent assets	—		0.9
Assets held for sale	51.6		—
Total assets	$	51.6	$	50.2
Current liabilities	$	—	$	10.1
Noncurrent liabilities	—		0.1
Liabilities held for sale	15.4		—
Total liabilities	$	15.4	$	10.2

Nonconsolidated VIEs

The Company also had equity interests in two Merrell® and Saucony® joint ventures that marketed the Company’s Merrell® and Saucony® footwear and apparel products in China that were VIEs that are not consolidated as the Company did not have the power to direct the most significant activities that impact the VIEs' economic performance. The following is a summary of carrying amounts of assets included in the Company’s consolidated condensed balance sheets as of December 30, 2023 and July 1, 2023, respectively, related to VIEs for which the Company was not the primary beneficiary.

The following is a summary of the carrying amounts of assets included in the Company’s Consolidated Condensed Balance Sheets.

(In millions)	December 30, 2023		July 1, 2023
Equity method investments (1)	$	—	$	7.5

(1) Equity method investments are included in “Other Assets” on the consolidated condensed balance sheets.

Related Party Transactions

In the normal course of business, the Company entered into transactions with related party equity affiliates. Related party transactions consist of the sale of goods, made at arm’s length, and other arrangements. For the quarter and year-to-date ended July 1, 2023, the Company recognized net sales to equity affiliates totaling $13.6 million and $24.2 million, respectively. The Company did not recognize any sales to equity affiliates for the quarter and year-to-date ended June 29, 2024.

The following table summarizes related party transactions included in the consolidated condensed balance sheets.

(In millions)	December 30, 2023		July 1, 2023
Accounts receivable due from related parties	$	15.4	$	7.2
Long term liabilities due to related parties	1.4		—

XML

Divestitures (Notes)

6 Months Ended

Jun. 29, 2024

Divestitures [Abstract]

Mergers, Acquisitions and Dispositions Disclosures

DIVESTITURES AND ASSETS AND LIABILITIES HELD FOR SALE

Divestiture of Sperry® Business

On January 10, 2024, the Company entered into a Purchase Agreement with ABG Intermediate Holdings 2 LLC, an affiliate of Authentic Brands Group LLC. (the "ABG Buyer"), pursuant to which the ABG Buyer agreed to purchase all of the outstanding equity of certain subsidiaries of the Company that own or hold for use intellectual property used by the Company exclusively in the footwear, apparel, and accessories business conducted by the Company under the Sperry® brand. In addition, on January 10, 2024 the Company entered into an Inventory Purchase Agreement with Aldo U.S. Inc., an affiliate of the Aldo Group (the "Aldo Buyer"), pursuant to which the Aldo Buyer agreed to purchase certain inventory and other assets of the Sperry® business, and to assume certain contracts of the Sperry® business, including Sperry® retail store leases. The sale was effective January 10, 2024, in accordance with the terms and conditions of the Purchase Agreement.

The aggregate purchase price under these two purchase agreements was $97.4 million in cash. As of December 30, 2023, the Company recognized an impairment charge of $95.0 million which included $6.0 million for disposal costs. In determining the amount of the impairment loss for the assets of this transaction during the fourth quarter of 2023, the Company included $1.0 million of accumulated foreign currency translation gains, which were classified within accumulated other comprehensive income (“AOCI”).

The Company determined that the divestiture of the Sperry® business did not represent a strategic shift that had or will have a major effect on the consolidated condensed results of operations, and therefore results of this business were not classified as discontinued operations.

Divestiture of Merrell and Saucony China Joint Venture Entities

On December 17, 2023, the Company and Xtep entered into a Purchase Agreement pursuant to which Xtep agreed to purchase the Company’s equity interest in the Merrell and Saucony joint venture entities that sourced and marketed Merrell® and Saucony® footwear and apparel products in China (Saucony Brand Operations Ltd., Saucony Distribution Operations Ltd., Merrell Brand Operations Ltd. and Merrell Distribution Operations Ltd.), transitioning the business from a joint venture model to a license and distribution rights model under which Xtep will exclusively carry out the development, marketing and distribution of footwear, apparel and accessories for the Saucony and Merrell brands in China. The sale was effective January 1, 2024, in accordance with the terms and conditions of the Purchase Agreement and the purchase price was $22.0 million in cash. As of December 30, 2023, the Company recognized an impairment charge of $1.8 million. In determining the amount of the impairment loss for the assets of this transaction during the fourth quarter of 2023, the Company included $0.8 million of accumulated foreign currency translation losses, which were classified within AOCI.

Divestiture of Asia-based Leathers Business

On December 14, 2023, the Company completed the sale of its Asia-based performance leathers business to Interhides Public Company Limited, a current materials vendor of the Company. The Company received $8.2 million in cash for the sale. The assets sold, which were included in the Other segment category, consist of $8.2 million in inventory.

Sale-Leaseback of Louisville Distribution Facility

On December 28, 2023, the Company completed a sale and leaseback transaction with an independent third party for the land, building and related fixed assets of the Company’s distribution center located in Louisville, Kentucky for a sale price of $23.5 million. The distribution center was leased back to the Company via a two-year lease agreement, which includes a one year renewal option. The transaction qualifies for sales recognition under the sale leaseback accounting requirements and the Company recorded a gain of $12.6 million in the fourth quarter of 2023.

Divestiture of Hush Puppies intellectual property in China, Hong Kong, and Macau

On September 1, 2023, the Company entered into an asset purchase agreement to sell the Hush Puppies® trademarks, patents, copyrights and domains in China, Hong Kong and Macau to its current sublicensee, Beijing Jiaman Dress Co., Ltd. for cash of $58.8 million and recognized a gain on sale of $55.8 million in the third quarter of 2023. The gain on sale is net of transaction related fees of $3.0 million. The transaction closed on September 14, 2023. The Company will continue to own the Hush Puppies® brand throughout the rest of the world.

Divestiture of U.S. Wolverine Leathers Business

On August 23, 2023, the Company completed the sale of its U.S. Wolverine Leathers business to its long-time customer, New Balance. The Company received $4.0 million in cash for the sale and recognized a gain on sale of $1.9 million. The assets sold, which were included in the Other segment category, consist of $2.1 million in inventory.

Divestiture of Keds® Business

On February 7, 2023 the Company entered into an Asset Purchase Agreement with Designer Brands, Inc. (the "Buyer") pursuant to which the Buyer agreed to purchase the global Keds® business. The sale was effective February 4, 2023, in accordance with the terms and conditions of the Asset Purchase Agreement.

The following table summarizes the net gain recognized in the first quarter of 2023 in connection with the divestiture:

(In millions)
Net proceeds	$	83.4
Net assets disposed	(65.9)
Direct costs to sell	(1.6)
AOCI reclassification adjustment, foreign currency translation	4.2
Gain on sale of business	$	20.1

The Company determined that the divestiture of the Keds® business did not represent a strategic shift that had or will have a major effect on the Consolidated Results of Operations, and therefore results were not classified as discontinued operations. The proceeds from the sales were used to reduce outstanding revolver borrowings.

Assets and Liabilities Held for Sale

The Sperry® business and the Merrell® and Saucony® China joint venture entities met the criteria to be classified as held for sale as of December 30, 2023, and therefore the Company reclassified the related assets and liabilities as held for sale on the Consolidated Balance Sheets as of December 30, 2023.

The performance leathers business met the criteria to be classified as held for sale as of July 1, 2023, and therefore the Company reclassified the related assets and liabilities as held for sale on the Consolidated Balance Sheets as of July 1, 2023.

The following is a summary of the major categories of assets and liabilities that have been classified as held for sale on the consolidated condensed balance sheets:

(In millions)	December 30, 2023		July 1, 2023
Cash and cash equivalents	$	5.6	$	3.6
Accounts receivables, net	15.4		4.7
Inventories	83.3		10.8
Other current assets	2.9		—
Property, plant and equipment, net	3.8		—
Lease right-of-use assets	7.6		—
Goodwill	43.0		—
Indefinite-lived intangibles	67.0		—
Amortizable intangibles, net	21.0		—
Other assets	7.8		—
Impairment of carrying value	(96.8)		—
Total assets held for sale	$	160.6	$	19.1
Accounts payable	$	4.8	$	3.4
Lease liabilities	9.0		—
Accrued liabilities	9.0		0.7
Other liabilities	1.4		—
Total liabilities held for sale	$	24.2	$	4.1

XML

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Pay vs Performance Disclosure
Net earnings (loss) attributable to Wolverine World Wide, Inc.	$ 14.2	$ 24.0	$ (0.3)	$ 43.0

XML

Insider Trading Arrangements

6 Months Ended

Jun. 29, 2024

shares

Trading Arrangements, by Individual

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Amy M. Klimek [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

On June 3, 2024, Amy M. Klimek, Executive Vice President, Global Human Resources, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 10,214 shares of Wolverine World Wide, Inc. common stock issuable upon exercise of vested stock options between August 30, 2024 and May 1, 2025, subject to certain conditions.

Name

Amy M. Klimek

Title

Executive Vice President, Global Human Resources

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

June 3, 2024

Arrangement Duration

244 days

Aggregate Available

10,214

Christopher E. Hufnagel [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

On June 6, 2024, Christopher E. Hufnagel, President and Chief Executive Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 49,083 shares of Wolverine World Wide, Inc. common stock issuable upon exercise of vested stock options between September 9, 2024 and May 30, 2025, subject to certain conditions.

Name

Christopher E. Hufnagel

Title

President and Chief Executive Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

June 6, 2024

Arrangement Duration

263 days

Aggregate Available

49,083

David A. Latchana [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

On June 7, 2024, David A. Latchana, Chief Legal Officer and Corporate Secretary, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 11,713 shares of Wolverine World Wide, Inc. common stock issuable upon exercise of vested stock options between September 6, 2024 and May 30, 2025, subject to certain conditions.

Name

David A. Latchana

Title

Chief Legal Officer and Corporate Secretary

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

June 7, 2024

Arrangement Duration

266 days

Aggregate Available

11,713

XML

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 29, 2024

Accounting Policies [Abstract]

Nature of Operations

Nature of Operations

Wolverine World Wide, Inc. (the “Company”) is a leading designer, marketer and licensor of a broad range of quality casual footwear and apparel; performance outdoor and athletic footwear and apparel; kids’ footwear; industrial work shoes, boots and apparel; and uniform shoes and boots. The Company’s portfolio of owned and licensed brands includes: Bates®, Cat®, Chaco®, Harley-Davidson®, Hush Puppies®, HYTEST®, Merrell®, Saucony®, Stride Rite®, Sweaty Betty® and Wolverine®. The Company’s products are marketed worldwide through owned operations, through licensing and distribution arrangements with third parties, and through joint ventures. The Company also operates retail stores and eCommerce sites to market both its own brands and branded footwear and apparel from other manufacturers.

Effective February 4, 2023, the Company completed the sale of the Keds® business. See Note 18 for further discussion.

In the third quarter of fiscal 2023, the Company entered into a multi-year licensing agreement of the Hush Puppies® brand in the United States and Canada and completed the sale of the Hush Puppies® trademarks, patents, copyrights, and domains in China, Hong Kong, and Macau. The Company will continue to own the Hush Puppies® brand throughout the rest of the world. See Note 18 for further discussion.

Effective August 23, 2023, the Company completed the sale of the U.S. Leathers business and effective December 28, 2023, the Company completed the sale of the Asia-based Leathers business. See Note 18 for further discussion.

Effective January 1, 2024, the Company completed the sale of the Company’s equity interest joint venture entities that sourced and marketed Merrell® and Saucony® footwear and apparel products in China. See Note 18 for further discussion.

Effective January 10, 2024, the Company completed the sale of the Sperry® business. See Note 18 for further discussion.

Effective May 4, 2024, the Company entered into global multi-year licensing agreements of the Merrell® and Saucony® kids footwear and Merrell® apparel and accessories.

Basis of Presentation

Basis of Presentation

The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for a complete presentation of the financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included in the accompanying financial statements. For further information, refer to the consolidated financial statements and notes included in the Company’s 2023 Form 10-K.

Fiscal Year

Fiscal Year

The Company’s fiscal year is the 52 or 53-week period that ends on the Saturday nearest to December 31. Fiscal years 2024 and 2023 each have 52 weeks. The Company reports its quarterly results of operations on the basis of 13-week quarters for each of the first three fiscal quarters and a 13 or 14-week period for the fourth fiscal quarter. References to particular years or quarters refer to the Company’s fiscal years ended on the Saturday nearest to December 31 or the fiscal quarters within those years.

Seasonality

Seasonality

The Company experiences moderate fluctuations in sales volume during the year, as reflected in quarterly revenue. The Company expects current seasonal sales patterns to continue in future years. The Company also experiences some fluctuation in its levels of working capital, typically reflecting an increase in net working capital requirements near the end of the first and third fiscal quarters as inventory builds to support peak shipping periods. Historically, cash provided by operating activities is higher in the second half of the fiscal year due to collection of wholesale channel receivables and direct-to-consumer sales being higher during the holiday season. The Company meets its working capital requirements through internal operating cash flows and, as needed, borrowings under its revolving credit facility, as discussed in more detail under the caption "Liquidity and Capital Resources" in Item 2: "Management's Discussion and Analysis of Financial Condition and Results of Operations". The Company's working capital could also be impacted by other events, including health crises.

Impairment or Disposal of Long-Lived Assets, Policy

Impairment of Long-Lived Assets

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or an asset group may not be recoverable. Each impairment test is based on a comparison of the carrying amount of the asset or asset group to the future undiscounted net cash flows expected to be generated by the asset or asset group. Assets are considered impaired if the carrying amount exceeds fair value. The impairment amount recognized is the amount by which the carrying amount of the assets exceeds their fair value.

XML

Accounting Policies (Tables)

6 Months Ended

Jun. 29, 2024

Accounting Policies [Abstract]

Details of Impairment of Long-Lived Assets Held and Used by Asset

The following table provides details related to asset impairment charges recorded:

	Quarter Ended				Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Lease right-of-use assets impairment	$	3.0	$	12.1	$	5.9	$	12.1
Property, plant and equipment impairment	0.2		3.5		3.4		3.5
Total impairment	$	3.2	$	15.6	$	9.3	$	15.6

XML

Earnings Per Share (Tables)

6 Months Ended

Jun. 29, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share.

	Quarter Ended				Year-To-Date Ended
(In millions, except per share data)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Numerator:
Net earnings (loss) attributable to Wolverine World Wide, Inc.	$	14.2	$	24.0	$	(0.3)	$	43.0
Adjustment for earnings allocated to non-vested restricted common stock	(0.5)		(0.5)		(0.6)		(1.0)
Net earnings (loss) used in calculating basic and diluted earnings per share	$	13.7	$	23.5	$	(0.9)	$	42.0
Denominator:
Weighted average shares outstanding	80.0		79.5		79.9		79.3
Effect of dilutive stock options	—		—		—		—
Shares used in calculating diluted earnings per share	80.0		79.5		79.9		79.3
Net earnings (loss) per share:
Basic	$	0.17	$	0.30	$	(0.01)	$	0.53
Diluted	$	0.17	$	0.30	$	(0.01)	$	0.53

XML

Goodwill and Indefinite-Lived Intangibles (Tables)

6 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill are as follows:

	Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023
Goodwill balance at beginning of the year	$	427.1	$	485.0
Sale of business (see Note 18)	—		(20.4)
Foreign currency translation effects	(1.3)		5.1
Goodwill balance at end of the quarter	$	425.8	$	469.7

XML

Revenue From Contracts With Customers (Tables)

6 Months Ended

Jun. 29, 2024

Revenue From Contracts With Customers [Abstract]

Disaggregation of Revenue [Table Text Block]

	Quarter Ended June 29, 2024						Quarter Ended July 1, 2023
(In millions)	Wholesale		Direct-to-Consumer		Total		Wholesale		Direct-to-Consumer		Total
Active Group	$	203.1	$	102.8	$	305.9	$	284.2	$	99.1	$	383.3
Work Group	95.8		9.2		105.0		107.7		10.1		117.8
Other	12.9		1.4		14.3		64.8		23.2		88.0
Total Revenue	$	311.8	$	113.4	$	425.2	$	456.7	$	132.4	$	589.1

	Year-To-Date Ended June 29, 2024						Year-To-Date Ended July 1, 2023
(In millions)	Wholesale		Direct-to-Consumer		Total		Wholesale		Direct-to-Consumer		Total
Active Group	$	399.3	$	196.4	$	595.7	$	575.2	$	194.0	$	769.2
Work Group	177.1		18.0		195.1		211.0		21.3		232.3
Other	23.9		5.4		29.3		143.4		43.6		187.0
Total Revenue	$	600.3	$	219.8	$	820.1	$	929.6	$	258.9	$	1,188.5

Contract with Customer, Asset and Liability [Table Text Block]

The Company’s contract balances are as follows:

(In millions)	June 29, 2024		December 30, 2023		July 1, 2023
Product returns reserve	$	8.4	$	13.1	$	12.2
Customer markdowns reserve	0.4		5.1		4.6
Other sales incentives reserve	2.9		4.2		3.1
Customer rebates liability	8.4		14.7		13.3
Customer advances liability	6.1		6.8		5.7

XML

Debt (Tables)

6 Months Ended

Jun. 29, 2024

Debt Disclosure [Abstract]

Schedule of Borrowings

Total debt consists of the following obligations:

(In millions)	June 29, 2024		December 30, 2023		July 1, 2023
Term Facility, due October 21, 2026	$	45.0	$	71.7	$	185.0
Senior Notes, 4.000% interest, due August 15, 2029	550.0		550.0		550.0
Borrowings under revolving credit agreements	225.0		305.0		385.0
Unamortized deferred financing costs	(5.3)		(5.9)		(6.5)
Total debt	$	814.7	$	920.8	$	1,113.5

XML

Leases (Tables)

6 Months Ended

Jun. 29, 2024

Leases [Abstract]

Lease, Cost [Table Text Block]

The following is a summary of the Company’s lease cost.

	Quarter Ended				Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Operating lease cost	$	8.0	$	10.0	$	16.9	$	20.5
Variable lease cost	3.0		3.7		5.9		7.0
Short-term lease cost	0.6		1.2		1.1		1.9
Sublease income	(1.5)		(1.7)		(2.8)		(3.2)
Total lease cost	$	10.1	$	13.2	$	21.1	$	26.2

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

The following is a summary of the Company’s supplemental cash flow information related to leases.

	Quarter Ended				Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Cash paid for operating lease liabilities	$	13.3	$	11.2	$	26.3	$	22.6
Operating lease assets obtained in exchange for lease liabilities	0.3		1.4		4.9		5.4

XML

Financial Instruments and Risk Management (Tables)

6 Months Ended

Jun. 29, 2024

Investments, All Other Investments [Abstract]

Schedule of Derivative Instruments [Table Text Block]

The notional amounts of the Company’s derivative instruments are as follows:

(Dollars in millions)	June 29, 2024		December 30, 2023		July 1, 2023
Foreign exchange hedge contracts	$	257.9	$	269.0	$	295.0
Interest rate swap	41.1		75.3		119.9

Schedule of Derivative Assets at Fair Value [Table Text Block]

The recorded fair values of the Company’s derivative instruments are as follows:

(In millions)	June 29, 2024		December 30, 2023		July 1, 2023
Financial assets:
Foreign exchange hedge contracts	$	3.2	$	—	$	1.6
Interest rate swap	0.8		1.8		3.9
Financial liabilities:
Foreign exchange hedge contracts	$	(1.0)	$	(5.1)	$	(4.7)

XML

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 29, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The Company granted restricted awards and performance awards as follows:

	Year-To-Date Ended June 29, 2024			Year-To-Date Ended July 1, 2023
(In millions)	Company Shares Issued	Weighted-Average Grant Date Fair Value		Company Shares Issued	Weighted-Average Grant Date Fair Value
Restricted Awards	1,865,330	$	8.43	1,253,579	$	15.18
Performance Awards	1,233,484	$	8.56	659,162	$	15.20

XML

Retirement Plans (Tables)

6 Months Ended

Jun. 29, 2024

Retirement Benefits [Abstract]

Summary of Net Pension and SERP Expense Recognized

The following is a summary of net pension and Supplemental Executive Retirement Plan (“SERP”) expense recognized by the Company.

	Quarter Ended				Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Service cost pertaining to benefits earned during the period	$	0.7	$	0.8	$	1.4	$	1.6
Interest cost on projected benefit obligations	4.5		4.5		8.9		8.9
Expected return on pension assets	(4.9)		(4.7)		(9.8)		(9.3)
Net amortization loss	(0.4)		(0.2)		(0.8)		(0.4)
Net pension expense (income)	$	(0.1)	$	0.4	$	(0.3)	$	0.8

XML

Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 29, 2024

Equity [Abstract]

Changes in Accumulated Other Comprehensive Income (Loss)

The change in accumulated other comprehensive income (loss) during the quarters ended June 29, 2024 and July 1, 2023 is as follows:

(In millions)	Foreign currency translation		Derivatives			Pension			Total
Balance at April 1, 2023	$	(130.3)	$	(4.5)		$	(1.8)		$	(136.6)
Other comprehensive income (loss) before reclassifications (1)	5.3		(2.0)			—			3.3
Amounts reclassified from accumulated other comprehensive loss	—		(2.8)		(2)	(0.2)		(3)	(3.0)
Income tax expense	—		0.8			—			0.8
Net reclassifications	—		(2.0)			(0.2)			(2.2)
Net current-period other comprehensive income (loss) (1)	5.3		(4.0)			(0.2)			1.1
Balance at July 1, 2023	$	(125.0)	$	(8.5)		$	(2.0)		$	(135.5)
Balance at March 30, 2024	$	(124.2)	$	(14.6)		$	(9.1)		$	(147.9)
Other comprehensive income (loss) before reclassifications (1)	(2.8)		1.3			—			(1.5)
Amounts reclassified from accumulated other comprehensive loss	—		(0.2)		(2)	(0.4)		(3)	(0.6)
Income tax expense	—		0.1			—			0.1
Net reclassifications	—		(0.1)			(0.4)			(0.5)
Net current-period other comprehensive income (loss) (1)	(2.8)		1.2			(0.4)			(2.0)
Balance at June 29, 2024	$	(127.0)	$	(13.4)		$	(9.5)		$	(149.9)

(1)Other comprehensive income (loss) is reported net of taxes and noncontrolling interest.

(2)Amounts related to foreign currency derivatives deemed to be highly effective are included in cost of goods sold. Amounts related to foreign currency derivatives that are no longer deemed to be highly effective are included in other income. Amounts related to the interest rate swap are included in interest expense.

(3)Amounts reclassified are included in the computation of net pension expense.

The change in accumulated other comprehensive income (loss) during the year-to-date periods ended June 29, 2024 and July 1, 2023 is as follows:

(In millions)	Foreign currency translation		Derivatives			Pension			Total
Balance at December 31, 2022	$	(133.1)	$	1.9		$	(1.7)		$	(132.9)
Other comprehensive income (loss) before reclassifications (1)	3.9		(2.9)			—			1.0
Amounts reclassified from accumulated other comprehensive income (loss)	4.2		(10.1)		(2)	(0.4)		(3)	(6.3)
Income tax expense (benefit)	—		2.6			0.1			2.7
Net reclassifications	4.2		(7.5)			(0.3)			(3.6)
Net current-period other comprehensive income (loss) (1)	8.1		(10.4)			(0.3)			(2.6)
Balance at July 1, 2023	$	(125.0)	$	(8.5)		$	(2.0)		$	(135.5)
Balance at December 30, 2023	$	(116.3)	$	(17.1)		$	(8.8)		$	(142.2)
Other comprehensive income (loss) before reclassifications (1)	(10.9)		5.9			—			(5.0)
Amounts reclassified from accumulated other comprehensive income (loss)	0.2		(2.9)		(2)	(0.8)		(3)	(3.5)
Income tax expense (benefit)	—		0.7			0.1			0.8
Net reclassifications	0.2		(2.2)			(0.7)			(2.7)
Net current-period other comprehensive income (loss) (1)	(10.7)		3.7			(0.7)			(7.7)
Balance at June 29, 2024	$	(127.0)	$	(13.4)		$	(9.5)		$	(149.9)

(1)Other comprehensive income (loss) is reported net of taxes and noncontrolling interest.

(2)Amounts related to foreign currency derivatives deemed to be highly effective are included in cost of goods sold. Amounts related to foreign currency derivatives that are no longer deemed to be highly effective are included in other income. Amounts related to the interest rate swap are included in interest expense.

(3)Amounts reclassified are included in the computation of net pension expense.

XML

Fair Value Measurements (Tables)

6 Months Ended

Jun. 29, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table sets forth financial assets and liabilities measured at fair value in the consolidated condensed balance sheets and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy.

	Fair Value Measurements
	Quoted Prices With Other Observable Inputs (Level 2)
(In millions)	June 29, 2024		December 30, 2023		July 1, 2023
Financial assets:
Derivatives	$	4.0	$	1.8	$	5.5
Financial liabilities:
Derivatives	$	(1.0)	$	(5.1)	$	(4.7)

Fair Value, by Balance Sheet Grouping [Table Text Block]

The carrying value and the fair value of the Company’s debt are as follows:

(In millions)	June 29, 2024		December 30, 2023		July 1, 2023
Carrying value	$	814.7	$	920.8	$	1,113.5
Fair value	732.0		813.3		1,020.1

XML

Litigation and Contingencies (Tables)

6 Months Ended

Jun. 29, 2024

Commitments and Contingencies Disclosure [Abstract]

Environmental Exit Costs by Cost [Table Text Block]

The following is a summary of the activity with respect to the environmental remediation reserve established by the Company:

	Year-To-Date Ended
(In millions)	June 29, 2024		July 1, 2023
Remediation liability at beginning of the year	$	57.9	$	74.1
Changes in estimate	3.8		(21.0)
Amounts paid	(15.5)		(6.7)
Remediation liability at the end of the quarter	$	46.2	$	46.4

Minimum Royalty and Advertising Obligations Due Under Terms of Certain Licenses Held by Company

These minimum future obligations for the fiscal periods subsequent to June 29, 2024 are as follows:

(In millions)	2024		2025		2026		2027		2028		Thereafter
Minimum royalties	$	0.5	$	—	$	—	$	—	$	—	$	—
Minimum advertising	—		3.0		3.1		3.2		3.3		—

XML

Business Segments (Tables)

6 Months Ended

Jun. 29, 2024

Segment Reporting [Abstract]

Revenue and Operating Profit by Segment

	Quarter Ended				Year-to-Date Ended
(In millions)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Revenue:
Active Group	$	305.9	$	383.3	$	595.7	$	769.2
Work Group	105.0		117.8		195.1		232.3
Other	14.3		88.0		29.3		187.0
Total	$	425.2	$	589.1	$	820.1	$	1,188.5
Segment operating profit (loss):
Active Group	$	42.1	$	39.8	$	78.3	$	91.9
Work Group	14.6		14.8		27.3		30.3
Other	8.2		13.5		12.4		19.7
Corporate	(35.8)		(22.0)		(92.0)		(50.5)
Operating profit	29.1		46.1		26.0		91.4
Interest expense, net	11.9		16.1		23.9		31.9
Other expense (income), net	(0.8)		(0.4)		(1.6)		0.8
Earnings before income taxes	$	18.0	$	30.4	$	3.7	$	58.7

Assets and Goodwill by Segment

(In millions)	June 29, 2024		December 30, 2023		July 1, 2023
Total assets:
Active Group	$	1,072.7	$	1,183.9	$	1,315.3
Work Group	282.8		288.4		319.4
Other	98.5		250.8		471.2
Corporate	342.3		339.7		251.4
Total	$	1,796.3	$	2,062.8	$	2,357.3
Goodwill:
Active Group	$	316.5	$	317.7	$	317.4
Work Group	60.2		60.3		60.3
Other	49.1		49.1		92.0
Total	$	425.8	$	427.1	$	469.7

XML

Investments, Equity Method and Joint Ventures (Tables)

6 Months Ended

Jun. 29, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Variable Interest Entities

The following is a summary of these VIEs’ assets and liabilities included in the Company’s consolidated condensed balance sheets.

(In millions)	December 30, 2023		July 1, 2023
Cash	$	—	$	7.4
Accounts receivable	—		7.2
Inventory	—		31.8
Other current assets	—		2.9
Noncurrent assets	—		0.9
Assets held for sale	51.6		—
Total assets	$	51.6	$	50.2
Current liabilities	$	—	$	10.1
Noncurrent liabilities	—		0.1
Liabilities held for sale	15.4		—
Total liabilities	$	15.4	$	10.2

Equity Method Investments

The following is a summary of the carrying amounts of assets included in the Company’s Consolidated Condensed Balance Sheets.

(In millions)	December 30, 2023		July 1, 2023
Equity method investments (1)	$	—	$	7.5

Schedule of Related Party Transactions

The following table summarizes related party transactions included in the consolidated condensed balance sheets.

(In millions)	December 30, 2023		July 1, 2023
Accounts receivable due from related parties	$	15.4	$	7.2
Long term liabilities due to related parties	1.4		—

XML

Divestitures (Tables)

6 Months Ended

Jun. 29, 2024

Divestitures [Abstract]

Schedule of gain loss on sale of business

The following table summarizes the net gain recognized in the first quarter of 2023 in connection with the divestiture:

(In millions)
Net proceeds	$	83.4
Net assets disposed	(65.9)
Direct costs to sell	(1.6)
AOCI reclassification adjustment, foreign currency translation	4.2
Gain on sale of business	$	20.1

Disposal Groups, Including Discontinued Operations [Table Text Block]

The following is a summary of the major categories of assets and liabilities that have been classified as held for sale on the consolidated condensed balance sheets:

(In millions)	December 30, 2023		July 1, 2023
Cash and cash equivalents	$	5.6	$	3.6
Accounts receivables, net	15.4		4.7
Inventories	83.3		10.8
Other current assets	2.9		—
Property, plant and equipment, net	3.8		—
Lease right-of-use assets	7.6		—
Goodwill	43.0		—
Indefinite-lived intangibles	67.0		—
Amortizable intangibles, net	21.0		—
Other assets	7.8		—
Impairment of carrying value	(96.8)		—
Total assets held for sale	$	160.6	$	19.1
Accounts payable	$	4.8	$	3.4
Lease liabilities	9.0		—
Accrued liabilities	9.0		0.7
Other liabilities	1.4		—
Total liabilities held for sale	$	24.2	$	4.1

XML

Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Accounting Policies [Line Items]
Impairment, Long-Lived Asset, Held-for-Use	$ 3.2	$ 15.6	$ 9.3	$ 15.6
Operating Lease Right of Use Asset [Member]
Accounting Policies [Line Items]
Impairment, Long-Lived Asset, Held-for-Use	3.0	12.1	5.9	12.1
Property Plant and Equipment [Member]
Accounting Policies [Line Items]
Impairment, Long-Lived Asset, Held-for-Use	$ 0.2	$ 3.5	$ 3.4	$ 3.5

XML

Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,574,879	1,991,262	1,672,689	2,080,931
Numerator:
Net earnings (loss) attributable to Wolverine World Wide, Inc.	$ 14.2	$ 24.0	$ (0.3)	$ 43.0
Adjustment for earnings allocated to non-vested restricted common stock	(0.5)	(0.5)	(0.6)	(1.0)
Net earnings (loss) used in calculating basic and diluted earnings per share	$ 13.7	$ 23.5	$ (0.9)	$ 42.0
Denominator:
Weighted average shares outstanding	80,000,000.0	79,500,000	79,900,000	79,300,000
Effect of dilutive stock options	0	0	0	0
Shares used in calculating diluted earnings per share	80,000,000.0	79,500,000	79,900,000	79,300,000
Net Earnings Per Share: [Abstract]
Basic	$ 0.17	$ 0.30	$ (0.01)	$ 0.53
Diluted	$ 0.17	$ 0.30	$ (0.01)	$ 0.53

XML

Goodwill and Indefinite-Lived Intangibles (Changes in the Carrying Amount of Goodwill and Indefinite-Lived Intangibles) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Goodwill [Roll Forward]
Goodwill, Beginning balance	$ 427.1	$ 485.0
Goodwill, Written off Related to Sale of Business Unit	0.0	(20.4)
Foreign currency translation effects	(1.3)	5.1
Goodwill, Ending balance	$ 425.8	$ 469.7

XML

Goodwill and Indefinite-Lived Intangibles Additional Information (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023	Dec. 31, 2022
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangibles	$ 173.4	$ 174.1	$ 279.2
Goodwill	425.8	$ 427.1	$ 469.7	$ 485.0
Sweaty Betty [Member]
Indefinite-lived Intangible Assets [Line Items]
Goodwill, Impaired, Accumulated Impairment Loss	48.4
Indefinite-lived intangibles	98.7
Fair Value Exceeding Carrying Value of Goodwill, Percent		5.00%
Goodwill	$ 52.6

XML

Accounts Receivable (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Sale of accounts receivable, maximum amount under agreement	$ 125.0		$ 125.0
Receivables Purchase Agreement Maturity Date	Dec. 05, 2025
Accounts receivable sold	$ 102.7	$ 182.4	205.0	$ 365.6
Receivables Purchase Agreement Cash Collections	104.1	196.8	205.8	372.8
Receivables Purchase Agreement Uncollected	93.0	135.5	93.0	135.5
Receivables Purchase Agreement Collateral	$ 53.6	$ 68.5	$ 53.6	$ 68.5

XML

Revenue From Contracts With Customers Additional Information (Details) $ in Millions	Jun. 29, 2024 USD ($)
Revenue Recognition [Abstract]
Remaining Fixed Transaction Price	$ 39.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year	2028

XML

Revenue From Contracts With Customers Disaggrated Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Revenue	$ 425.2	$ 589.1	$ 820.1	$ 1,188.5
Active Group
Revenue	305.9	383.3	595.7	769.2
Work Group
Revenue	105.0	117.8	195.1	232.3
Other [Member]
Revenue	14.3	88.0	29.3	187.0
Wholesale Channel [Member]
Revenue	311.8	456.7	600.3	929.6
Wholesale Channel [Member] | Active Group
Revenue	203.1	284.2	399.3	575.2
Wholesale Channel [Member] | Work Group
Revenue	95.8	107.7	177.1	211.0
Wholesale Channel [Member] | Other [Member]
Revenue	12.9	64.8	23.9	143.4
Consumer-Direct Channel [Member]
Revenue	113.4	132.4	219.8	258.9
Consumer-Direct Channel [Member] | Active Group
Revenue	102.8	99.1	196.4	194.0
Consumer-Direct Channel [Member] | Work Group
Revenue	9.2	10.1	18.0	21.3
Consumer-Direct Channel [Member] | Other [Member]
Revenue	$ 1.4	$ 23.2	$ 5.4	$ 43.6

XML

Revenue From Contracts With Customers Contract Balances (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Revenue from Contracts with Customer [Abstract]
Product Returns Reserve	$ 8.4	$ 13.1	$ 12.2
Customer Markdowns Reserve	0.4	5.1	4.6
Sales Incentives Reserve	2.9	4.2	3.1
Customer Rebates Liability	8.4	14.7	13.3
Customer Advances, Current	$ 6.1	$ 6.8	$ 5.7

XML

Debt (Schedule of Borrowings) (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Debt Instrument [Line Items]
Borrowings under revolving credit agreements	$ 225.0	$ 305.0	$ 385.0
Debt Issuance Costs, Noncurrent, Net	(5.3)	(5.9)	(6.5)
Total debt	814.7	920.8	1,113.5
Term Loan A [Member] | October Twenty One Two Thousand Twenty Six
Debt Instrument [Line Items]
Long-term debt	45.0	71.7	185.0
Senior Notes [Member] | August Fifteenth Two Thousand Twenty Nine [Domain]
Debt Instrument [Line Items]
Long-term debt	$ 550.0	$ 550.0	$ 550.0

XML

Debt (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Debt Instrument [Line Items]
Current maturities of long-term debt	$ 10.0	$ 10.0	$ 10.0	$ 10.0	$ 10.0
Amortization of deferred financing costs	0.5	0.5	1.1	1.0
Maximum [Member]
Debt Instrument [Line Items]
Aggregate principal amount debt instrument	2,000.0		$ 2,000.0
Alternative Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Alternative Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			0.125%
Euro Currency Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
Euro Currency Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.125%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate principal amount debt instrument	1,000.0		$ 1,000.0
Outstanding letters of credit	7.0	6.5	7.0	6.5	6.6
Swingline Subfacility [Member]
Debt Instrument [Line Items]
Revolving credit facility amount	100.0		100.0
Letter of Credit Subfacility [Member]
Debt Instrument [Line Items]
Revolving credit facility amount	50.0		50.0
Foreign Line of Credit [Member]
Debt Instrument [Line Items]
Revolving credit facility amount	1.0		1.0
August Fifteenth Two Thousand Twenty Nine [Domain] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 550.0	550.0	$ 550.0	550.0	550.0
Interest rate	4.00%		4.00%
October Twenty One Two Thousand Twenty Six | Term Loan A [Member]
Debt Instrument [Line Items]
Weighted average interest rate	6.35%		6.35%
Debt, Long-term and Short-term, Combined Amount	$ 45.0	$ 185.0	$ 45.0	$ 185.0	$ 71.7

XML

Leases Operating Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Leases [Abstract]
Operating Lease, Cost	$ 8.0	$ 10.0	$ 16.9	$ 20.5
Variable Lease, Cost	3.0	3.7	5.9	7.0
Short-term Lease, Cost	0.6	1.2	1.1	1.9
Sublease Income	(1.5)	(1.7)	(2.8)	(3.2)
Lease, Cost	$ 10.1	$ 13.2	$ 21.1	$ 26.2

XML

Leases, Supplemental Cash Flow (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Leases [Abstract]
Operating Lease, Payments	$ 13.3	$ 11.2	$ 26.3	$ 22.6
Lease assets obtained in exchange for lease liabilities	$ 0.3	$ 1.4	$ 4.9	$ 5.4

XML

Financial Instruments and Risk Management (Derivative Notional Amounts) (Details) - Hedge [Member] - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Foreign exchange contracts [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset, Notional Amount	$ 257.9	$ 269.0	$ 295.0
Interest rate swaps [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset, Notional Amount	$ 41.1	$ 75.3	$ 119.9

XML

Financial Instruments and Risk Management Derivative Recorded Values (Details) - Hedge [Member] - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Foreign exchange contracts, asset	$ 3.2	$ 0.0	$ 1.6
Foreign exchange contracts liabilities	(1.0)	(5.1)	(4.7)
Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Interest rate swap, assets	$ 0.8	$ 1.8	$ 3.9

XML

Financial Instruments and Risk Management (Additional Information) (Details)	6 Months Ended		12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Foreign exchange contracts [Member]
Financial Instruments And Derivatives [Line Items]
Maximum remaining maturity of foreign currency derivatives	503 days	524 days	531 days
Interest rate swaps [Member]
Financial Instruments And Derivatives [Line Items]
Financial instrument expiration date	May 30, 2025

XML

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - $ / shares	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Restricted Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Issued	1,865,330	1,253,579
Awards Issued, Weighted Average Grant Date Fair Value	$ 8.43	$ 15.18
Performance Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Issued	1,233,484	659,162
Awards Issued, Weighted Average Grant Date Fair Value	$ 8.56	$ 15.20

XML

Stock-Based Compensation Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 5.7	$ 3.3	$ 9.8	$ 7.8
Related income tax benefits on share based compensation	$ 1.1	$ 0.7	$ 1.9	$ 1.5

XML

Retirement Plans (Summary of Net Pension and Supplemental Executive Retirement Plan Expense Recognized) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Retirement Benefits [Abstract]
Service cost pertaining to benefits earned during the period	$ 0.7	$ 0.8	$ 1.4	$ 1.6
Interest cost on projected benefit obligations	4.5	4.5	8.9	8.9
Expected return on pension assets	(4.9)	(4.7)	(9.8)	(9.3)
Net amortization loss	(0.4)	(0.2)	(0.8)	(0.4)
Net pension expense (income)	$ (0.1)	$ 0.4	$ (0.3)	$ 0.8

XML

Income Taxes (Additional Information) (Details)	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Effective Income Tax Rate, Percent	13.10%	19.80%	47.80%	27.80%

XML

Accumulated Other Comprehensive Income (Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance AOCI	$ (147.9)	$ (136.6)	$ (142.2)	$ (132.9)
Accumulated other comprehensive loss	(149.9)	(135.5)	(149.9)	(135.5)
Other comprehensive income (loss) before reclassifications	(1.5)	3.3	(5.0)	1.0
Amounts reclassified from AOCI	(0.6)	(3.0)	(3.5)	(6.3)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax	0.1	0.8	0.8	2.7
Net reclassifications	(0.5)	(2.2)	(2.7)	(3.6)
Other Comprehensive Income (Loss), Net of Tax	(2.7)	0.8	(8.3)	(2.4)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	2.0	(1.1)	7.7	2.6
Ending balance AOCI	(149.9)	(135.5)	(149.9)	(135.5)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance AOCI	(124.2)	(130.3)	(116.3)	(133.1)
Accumulated other comprehensive loss	(127.0)	(125.0)	(127.0)	(125.0)
Other comprehensive income (loss) before reclassifications	(2.8)	5.3	(10.9)	3.9
Amounts reclassified from AOCI	0.0	0.0	0.2	4.2
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax	0.0	0.0	0.0	0.0
Net reclassifications	0.0	0.0	0.2	4.2
Other Comprehensive Income (Loss), Net of Tax	2.8	(5.3)	10.7	(8.1)
Ending balance AOCI	(127.0)	(125.0)	(127.0)	(125.0)
Derivatives [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance AOCI	(14.6)	(4.5)	(17.1)	1.9
Accumulated other comprehensive loss	(13.4)	(8.5)	(13.4)	(8.5)
Other comprehensive income (loss) before reclassifications	1.3	(2.0)	5.9	(2.9)
Amounts reclassified from AOCI	(0.2)	(2.8)	(2.9)	(10.1)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax	0.1	0.8	0.7	2.6
Net reclassifications	(0.1)	(2.0)	(2.2)	(7.5)
Other Comprehensive Income (Loss), Net of Tax	(1.2)	4.0	(3.7)	10.4
Ending balance AOCI	(13.4)	(8.5)	(13.4)	(8.5)
Pension adjustments [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance AOCI	(9.1)	(1.8)	(8.8)	(1.7)
Accumulated other comprehensive loss	(9.5)	(2.0)	(9.5)	(2.0)
Other comprehensive income (loss) before reclassifications	0.0	0.0	0.0	0.0
Amounts reclassified from AOCI	(0.4)	(0.2)	(0.8)	(0.4)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax	0.0	0.0	0.1	0.1
Net reclassifications	(0.4)	(0.2)	(0.7)	(0.3)
Other Comprehensive Income (Loss), Net of Tax	0.4	0.2	0.7	0.3
Ending balance AOCI	$ (9.5)	$ (2.0)	$ (9.5)	$ (2.0)

XML

Fair Value Measurements Recurring Fair Value Measurements (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 4.0	$ 1.8	$ 5.5
Derivative Liability	$ (1.0)	$ (5.1)	$ (4.7)

XML

Fair Value Measurements Fair Value Disclosures (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Fair Value Disclosures [Abstract]
Debt, Carrying Value	$ 814.7	$ 920.8	$ 1,113.5
Debt, Fair Value	$ 732.0	$ 813.3	$ 1,020.1

XML

Litigation and Contingencies Environmental Remediation (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Environmental Exit Cost [Line Items]
Site Contingency, Recovery from Third Party of Environmental Remediation Cost		$ 55.0
Loss Contingency Accrual, Period Increase (Decrease)	$ 8.4
Loss Contingency Accrual	11.1
Accrual for Environmental Loss Contingencies [Roll Forward]
Remediation liability at beginning of the year	57.9	74.1
Changes in estimate	3.8	(21.0)
Amounts paid	(15.5)	(6.7)
Remediation liability at the end of the quarter	46.2	$ 46.4
Environmental remediation accrual, noncurrent	28.4
Environmental remediation accrual, current	$ 17.8
Site Contingency, Time Frame of Disbursements	25

XML

Litigation and Contingencies Minimum Royalty and Advertising Obligations Due Under Terms of Certain Licenses Held by Company (Details) $ in Millions	Jun. 29, 2024 USD ($)
Royalties [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
2024	$ 0.5
2025	0.0
2026	0.0
2027	0.0
2028	0.0
Thereafter	0.0
Advertising [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
2024	0.0
2025	3.0
2026	3.1
2027	3.2
2028	3.3
Thereafter	$ 0.0

XML

Litigation and Contingencies (Additional Information) (Details) - Licensing agreements [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Long-term Purchase Commitment [Line Items]
Royalty expense, licensing agreements	$ 0.3	$ 0.4	$ 0.6	$ 0.7
Advertising expense, licensing agreements	$ 1.2	$ 2.4	$ 2.3	$ 3.7

XML

Business Segments (Revenue and Operating Profit by Segment) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Segment Reporting Information [Line Items]
Revenue	$ 425.2	$ 589.1	$ 820.1	$ 1,188.5
Operating profit (loss)	29.1	46.1	26.0	91.4
Interest expense, net	11.9	16.1	23.9	31.9
Other Nonoperating Income (Expense)	(0.8)	(0.4)	(1.6)	0.8
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	18.0	30.4	3.7	58.7
Active Group
Segment Reporting Information [Line Items]
Revenue	305.9	383.3	595.7	769.2
Operating profit (loss)	42.1	39.8	78.3	91.9
Work Group
Segment Reporting Information [Line Items]
Revenue	105.0	117.8	195.1	232.3
Operating profit (loss)	14.6	14.8	27.3	30.3
Other [Member]
Segment Reporting Information [Line Items]
Revenue	14.3	88.0	29.3	187.0
Operating profit (loss)	8.2	13.5	12.4	19.7
Corporate [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)	$ (35.8)	$ (22.0)	$ (92.0)	$ (50.5)

XML

Business Segments (Assets and Goodwill by Segment) (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 1,796.3	$ 2,062.8	$ 2,357.3
Goodwill	425.8	427.1	469.7	$ 485.0
Active Group
Segment Reporting Information [Line Items]
Total assets	1,072.7	1,183.9	1,315.3
Goodwill	316.5	317.7	317.4
Work Group
Segment Reporting Information [Line Items]
Total assets	282.8	288.4	319.4
Goodwill	60.2	60.3	60.3
Other [Member]
Segment Reporting Information [Line Items]
Total assets	98.5	250.8	471.2
Goodwill	49.1	49.1	92.0
Corporate [Member]
Segment Reporting Information [Line Items]
Total assets	$ 342.3	$ 339.7	$ 251.4

XML

JV Consolidated Balances (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 148.3	$ 179.0	$ 176.5
Accounts receivable, less allowances	272.2	230.8	241.5
Inventory, Net	297.1	373.6	647.9
Current assets held for sale	0.0	160.6	19.1
Total assets	1,796.3	2,062.8	2,357.3
Total current liabilities	665.6	869.4	964.2
Disposal Group, Including Discontinued Operation, Liabilities, Current	$ 0.0	24.2	4.1
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash and cash equivalents		0.0	7.4
Accounts receivable, less allowances		0.0	7.2
Inventory, Net		0.0	31.8
Other Assets, Current		0.0	2.9
Assets, Noncurrent		0.0	0.9
Current assets held for sale		51.6	0.0
Total assets		51.6	50.2
Total current liabilities		0.0	10.1
Liabilities, Noncurrent		0.0	0.1
Disposal Group, Including Discontinued Operation, Liabilities, Current		15.4	0.0
Liabilities		$ 15.4	$ 10.2

XML

JV Equity Method Balances (Details) - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 0.0	$ 7.5

XML

JV Related Party Transactions (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Related Party Transaction [Line Items]
Accounts receivable, less allowances	$ 272.2	$ 230.8	$ 241.5
Other liabilities	56.0	49.9	55.0
Other assets	$ 63.0	70.7	70.6
Related Party [Member]
Related Party Transaction [Line Items]
Accounts receivable, less allowances		15.4	7.2
Other liabilities		$ 1.4	$ 0.0

XML

Investments, Equity Method and Joint Ventures (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Related Party Transaction [Line Items]
Revenue	$ 425.2	$ 589.1	$ 820.1	$ 1,188.5
Related Party [Member]
Related Party Transaction [Line Items]
Revenue		$ 13.6		$ 24.2

XML

Discontinued Operations and Disposal Groups Keds (Details) - USD ($) $ in Millions			6 Months Ended		12 Months Ended
	Jan. 10, 2024	Jan. 01, 2024	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses, intangible assets and other assets, net of cash disposed of			$ 92.5	$ 81.9
Disposal Group, Including Discontinued Operation, Impairment				0.0	$ (96.8)
Gain on sale of businesses, trademarks and intangible assets			$ 0.0	$ 20.1
Sperry [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses, intangible assets and other assets, net of cash disposed of	$ 97.4
Disposal Group, Including Discontinued Operation, Impairment					95.0
Disposal Group Including Discontinued Operation Transaction Costs					6.0
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses)					1.0
China Joint Venture [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses, intangible assets and other assets, net of cash disposed of		$ 22.0
Disposal Group, Including Discontinued Operation, Impairment					1.8
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses)					(0.8)
Asia Leathers [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration					8.2
Disposal Group, Including Discontinued Operations, Net Assets					8.2
Louisville DC [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration					23.5
Gain on sale of businesses, trademarks and intangible assets					12.6
Hush Puppies Asia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group Including Discontinued Operation Transaction Costs					3.0
Disposal Group, Including Discontinued Operation, Consideration					58.8
Gain on sale of businesses, trademarks and intangible assets					55.8
U.S. Leathers
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration					4.0
Disposal Group, Including Discontinued Operations, Net Assets					2.1
Gain on sale of businesses, trademarks and intangible assets					1.9
Keds [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group Including Discontinued Operation Transaction Costs					(1.6)
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses)					4.2
Disposal Group, Including Discontinued Operation, Consideration					83.4
Disposal Group, Including Discontinued Operations, Net Assets					(65.9)
Gain on sale of businesses, trademarks and intangible assets					$ 20.1

XML

Discontinued Operations and Disposal Groups Leathers (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents		$ 5.6	$ 3.6	$ 4.0
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net		15.4	4.7
Disposed, Inventory		83.3	10.8
Disposed, prepaid expenses and other current assets		2.9	0.0
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment		3.8	0.0
Disposal Group, Including Discontinued Operation, Operating Lease, Right of Use Asset		7.6	0.0
Disposal Group, Including Discontinued Operation, Goodwill		43.0	0.0
Disposal Group, Including Discontinued Operation, Intangible Assets		67.0	0.0
Disposal Group, Including Discontinued Operation, Amortizable Intangible Assets Net		21.0	0.0
Disposal Group, Including Discontinued Operation, Other Assets		7.8	0.0
Disposal Group, Including Discontinued Operation, Impairment		(96.8)	0.0
Current assets held for sale	$ 0.0	160.6	19.1
Disposal Group, Including Discontinued Operation, Accounts Payable		4.8	3.4
Disposal Group, Including Discontinued Operation, Operating Lease, Liability		9.0	0.0
Disposed, other accrued liabilities		9.0	0.7
Disposal Group, Including Discontinued Operation, Other Liabilities		1.4	0.0
Disposal Group, Including Discontinued Operation, Liabilities, Current	$ 0.0	$ 24.2	$ 4.1