Subsidiary Guarantors of the Notes | 9 Months Ended |
Sep. 07, 2013 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Subsidiary Guarantors of the Notes | SUBSIDIARY GUARANTORS OF THE NOTES |
The following tables present consolidated condensed financial information for (a) the Company (for purposes of this discussion and table, “Parent”); (b) the guarantors of the Notes, which include substantially all of the domestic, wholly-owned subsidiaries of the Parent (“Subsidiary Guarantors”); and (c) the wholly- and partially-owned foreign subsidiaries of the Parent, which do not guarantee the Notes (“Non-Guarantor Subsidiaries”). Separate financial statements of the Subsidiary Guarantors are not presented because they are fully and unconditionally, jointly and severally liable under the guarantees, except for normal and customary release provisions. |
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Statements of Operations and Comprehensive Income |
For the 12 weeks ended September 7, 2013 |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
Revenue | $ | 135.5 | | | $ | 1,527.40 | | | $ | 226 | | | $ | (1,172.3 | ) | | $ | 716.6 | |
|
Cost of goods sold | 95 | | | 1,358.10 | | | 130.1 | | | (1,152.6 | ) | | 430.6 | |
|
Gross profit | 40.5 | | | 169.3 | | | 95.9 | | | (19.7 | ) | | 286 | |
|
Selling, general and administrative expenses | 24.5 | | | 115.2 | | | 72.6 | | | (20.0 | ) | | 192.3 | |
|
Acquisition-related transaction and integration costs | 4.1 | | | 1.2 | | | 2.1 | | | — | | | 7.4 | |
|
Operating profit | 11.9 | | | 52.9 | | | 21.2 | | | 0.3 | | | 86.3 | |
|
Other expenses: | | | | | | | | | |
Interest expense – net | 11.9 | | | — | | | — | | | — | | | 11.9 | |
|
Acquisition-related interest expense | — | | | — | | | — | | | — | | | — | |
|
Other expense – net | (0.9 | ) | | 0.1 | | | 2 | | | (0.2 | ) | | 1 | |
|
| 11 | | | 0.1 | | | 2 | | | (0.2 | ) | | 12.9 | |
|
Earnings before income taxes | 0.9 | | | 52.8 | | | 19.2 | | | 0.5 | | | 73.4 | |
|
Income taxes | 17.1 | | | — | | | 1.9 | | | — | | | 19 | |
|
Earnings before equity in earnings (loss) of consolidated subsidiaries | (16.2 | ) | | 52.8 | | | 17.3 | | | 0.5 | | | 54.4 | |
|
Equity in earnings (loss) of consolidated subsidiaries | 70.6 | | | 133 | | | (6.1 | ) | | (197.5 | ) | | — | |
|
Net earnings | 54.4 | | | 185.8 | | | 11.2 | | | (197.0 | ) | | 54.4 | |
|
Net (earnings) loss attributable to non-controlling interests | — | | | — | | | — | | | — | | | — | |
|
Net earnings (loss) attributable to Wolverine World Wide, Inc. | $ | 54.4 | | | $ | 185.8 | | | $ | 11.2 | | | $ | (197.0 | ) | | $ | 54.4 | |
|
| | | | | | | | | |
Comprehensive income | $ | 58.4 | | | $ | 185.8 | | | $ | 7.3 | | | $ | (193.1 | ) | | $ | 58.4 | |
|
Comprehensive (income) loss attributable to non-controlling interest | — | | | — | | | — | | | — | | | — | |
|
Comprehensive income attributable to Wolverine World Wide, Inc. | $ | 58.4 | | | $ | 185.8 | | | $ | 7.3 | | | $ | (193.1 | ) | | $ | 58.4 | |
|
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Statements of Operations and Comprehensive Income |
For the 12 weeks ended September 8, 2012 |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
Revenue | $ | 129.5 | | | $ | 128.5 | | | $ | 128 | | | $ | (32.9 | ) | | $ | 353.1 | |
|
Cost of goods sold | 93.6 | | | 80.3 | | | 65 | | | (24.4 | ) | | 214.5 | |
|
Gross profit | 35.9 | | | 48.2 | | | 63 | | | (8.5 | ) | | 138.6 | |
|
Selling, general and administrative expenses | 22.1 | | | 32.1 | | | 43.6 | | | (8.5 | ) | | 89.3 | |
|
Acquisition-related transaction and integration costs | 3 | | | — | | | — | | | — | | | 3 | |
|
Operating profit | 10.8 | | | 16.1 | | | 19.4 | | | — | | | 46.3 | |
|
Other expenses: | | | | | | | | | |
Interest expense – net | 0.8 | | | (0.1 | ) | | (0.4 | ) | | — | | | 0.3 | |
|
Acquisition-related interest expense | 1.4 | | | — | | | — | | | — | | | 1.4 | |
|
Other expense – net | — | | | 0.1 | | | (0.4 | ) | | — | | | (0.3 | ) |
|
| 2.2 | | | — | | | (0.8 | ) | | — | | | 1.4 | |
|
Earnings before income taxes | 8.6 | | | 16.1 | | | 20.2 | | | — | | | 44.9 | |
|
Income taxes | 10.6 | | | — | | | 1.5 | | | — | | | 12.1 | |
|
Earnings before equity in earnings (loss) of consolidated subsidiaries | (2.0 | ) | | 16.1 | | | 18.7 | | | — | | | 32.8 | |
|
Equity in earnings (loss) of consolidated subsidiaries | 34.7 | | | 19.3 | | | 24.8 | | | (78.8 | ) | | — | |
|
Net earnings | 32.7 | | | 35.4 | | | 43.5 | | | (78.8 | ) | | 32.8 | |
|
Net (earnings) loss attributable to non-controlling interests | — | | | — | | | (0.1 | ) | | — | | | (0.1 | ) |
|
Net earnings (loss) attributable to Wolverine World Wide, Inc. | $ | 32.7 | | | $ | 35.4 | | | $ | 43.4 | | | $ | (78.8 | ) | | $ | 32.7 | |
|
| | | | | | | | | |
Comprehensive income | $ | 37.1 | | | $ | 35.4 | | | $ | 47.9 | | | $ | (83.2 | ) | | $ | 37.2 | |
|
Comprehensive (income) loss attributable to non-controlling interest | — | | | — | | | (0.1 | ) | | — | | | (0.1 | ) |
|
Comprehensive income attributable to Wolverine World Wide, Inc. | $ | 37.1 | | | $ | 35.4 | | | $ | 47.8 | | | $ | (83.2 | ) | | $ | 37.1 | |
|
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Statements of Operations and Comprehensive Income |
For the 36 weeks ended September 7, 2013 |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
Revenue | $ | 357.1 | | | $ | 2,868.20 | | | $ | 548 | | | $ | (1,823.0 | ) | | $ | 1,950.30 | |
|
Cost of goods sold | 253.7 | | | 2,385.30 | | | 293.9 | | | (1,771.7 | ) | | 1,161.20 | |
|
Gross profit | 103.4 | | | 482.9 | | | 254.1 | | | (51.3 | ) | | 789.1 | |
|
Selling, general and administrative expenses | 112.7 | | | 325.9 | | | 196.3 | | | (50.6 | ) | | 584.3 | |
|
Acquisition-related transaction and integration costs | 12.5 | | | 12.8 | | | 5.2 | | | — | | | 30.5 | |
|
Operating profit | (21.8 | ) | | 144.2 | | | 52.6 | | | (0.7 | ) | | 174.3 | |
|
Other expenses: | | | | | | | | | |
Interest expense – net | 37.3 | | | — | | | — | | | — | | | 37.3 | |
|
Acquisition-related interest expense | — | | | — | | | — | | | — | | | — | |
|
Other expense – net | (0.9 | ) | | 0.1 | | | 2.8 | | | — | | | 2 | |
|
| 36.4 | | | 0.1 | | | 2.8 | | | — | | | 39.3 | |
|
Earnings before income taxes | (58.2 | ) | | 144.1 | | | 49.8 | | | (0.7 | ) | | 135 | |
|
Income taxes | 27.7 | | | — | | | 5 | | | — | | | 32.7 | |
|
Earnings before equity in earnings (loss) of consolidated subsidiaries | (85.9 | ) | | 144.1 | | | 44.8 | | | (0.7 | ) | | 102.3 | |
|
Equity in earnings (loss) of consolidated subsidiaries | 188 | | | 293.4 | | | 45.9 | | | (527.3 | ) | | — | |
|
Net earnings | 102.1 | | | 437.5 | | | 90.7 | | | (528.0 | ) | | 102.3 | |
|
Net (earnings) loss attributable to non-controlling interests | — | | | — | | | (0.2 | ) | | — | | | (0.2 | ) |
|
Net earnings (loss) attributable to Wolverine World Wide, Inc. | $ | 102.1 | | | $ | 437.5 | | | $ | 90.5 | | | $ | (528.0 | ) | | $ | 102.1 | |
|
| | | | | | | | | |
Comprehensive income | $ | 111.2 | | | $ | 437.5 | | | $ | 82.3 | | | $ | (519.6 | ) | | $ | 111.4 | |
|
Comprehensive (income) loss attributable to non-controlling interest | — | | | — | | | (0.2 | ) | | — | | | (0.2 | ) |
|
Comprehensive income attributable to Wolverine World Wide, Inc. | $ | 111.2 | | | $ | 437.5 | | | $ | 82.1 | | | $ | (519.6 | ) | | $ | 111.2 | |
|
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Statements of Operations and Comprehensive Income |
For the 36 weeks ended September 8, 2012 |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
Revenue | $ | 349.6 | | | $ | 375.7 | | | $ | 345 | | | $ | (81.7 | ) | | $ | 988.6 | |
|
Cost of goods sold | 256.6 | | | 230.9 | | | 170.7 | | | (58.4 | ) | | 599.8 | |
|
Gross profit | 93 | | | 144.8 | | | 174.3 | | | (23.3 | ) | | 388.8 | |
|
Selling, general and administrative expenses | 86.4 | | | 84.5 | | | 128.1 | | | (24.2 | ) | | 274.8 | |
|
Acquisition-related transaction and integration costs | 7.9 | | | — | | | — | | | — | | | 7.9 | |
|
Operating profit | (1.3 | ) | | 60.3 | | | 46.2 | | | 0.9 | | | 106.1 | |
|
Other expenses: | | | | | | | | | |
Interest expense – net | 0.7 | | | (0.1 | ) | | 0.4 | | | — | | | 1 | |
|
Acquisition-related interest expense | 1.4 | | | — | | | — | | | — | | | 1.4 | |
|
Other expense – net | — | | | 0.1 | | | 1.2 | | | — | | | 1.3 | |
|
| 2.1 | | | — | | | 1.6 | | | — | | | 3.7 | |
|
Earnings before income taxes | (3.4 | ) | | 60.3 | | | 44.6 | | | 0.9 | | | 102.4 | |
|
Income taxes | 17 | | | — | | | 1.1 | | | — | | | 18.1 | |
|
Earnings before equity in earnings (loss) of consolidated subsidiaries | (20.4 | ) | | 60.3 | | | 43.5 | | | 0.9 | | | 84.3 | |
|
Equity in earnings (loss) of consolidated subsidiaries | 104.8 | | | 39.7 | | | 59.9 | | | (204.4 | ) | | — | |
|
Net earnings | 84.4 | | | 100 | | | 103.4 | | | (203.5 | ) | | 84.3 | |
|
Net (earnings) loss attributable to non-controlling interests | — | | | — | | | 0.1 | | | — | | | 0.1 | |
|
Net earnings attributable to Wolverine World Wide, Inc. | $ | 84.4 | | | $ | 100 | | | $ | 103.5 | | | $ | (203.5 | ) | | $ | 84.4 | |
|
| | | | | | | | | |
Comprehensive income | $ | 86 | | | $ | 100 | | | $ | 105 | | | $ | (205.1 | ) | | $ | 85.9 | |
|
Comprehensive (income) loss attributable to non-controlling interest | — | | | — | | | 0.1 | | | — | | | 0.1 | |
|
Comprehensive income attributable to Wolverine World Wide, Inc. | $ | 86 | | | $ | 100 | | | $ | 105.1 | | | $ | (205.1 | ) | | $ | 86 | |
|
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Balance Sheets |
As of September 7, 2013 |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
ASSETS | | | | | | | | | |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | (3.4 | ) | | $ | 13.1 | | | $ | 138.1 | | | $ | — | | | $ | 147.8 | |
|
Accounts receivable, net | 101.8 | | | 226.6 | | | 147 | | | 3.5 | | | 478.9 | |
|
Inventories: | | | | | | | | | |
Finished products | 64.7 | | | 279.3 | | | 90.3 | | | (1.4 | ) | | 432.9 | |
|
Raw materials and work-in-process | 0.8 | | | 0.6 | | | 28.3 | | | — | | | 29.7 | |
|
| 65.5 | | | 279.9 | | | 118.6 | | | (1.4 | ) | | 462.6 | |
|
Deferred income taxes | 9.4 | | | 16.9 | | | 0.4 | | | — | | | 26.7 | |
|
Prepaid expenses and other current assets | 17.6 | | | 3.8 | | | 12.1 | | | 0.6 | | | 34.1 | |
|
Total current assets | 190.9 | | | 540.3 | | | 416.2 | | | 2.7 | | | 1,150.10 | |
|
Property, plant and equipment: | | | | | | | | | |
Gross cost | 220.5 | | | 136.5 | | | 54.2 | | | — | | | 411.2 | |
|
Accumulated depreciation | (170.2 | ) | | (49.0 | ) | | (36.7 | ) | | — | | | (255.9 | ) |
|
| 50.3 | | | 87.5 | | | 17.5 | | | — | | | 155.3 | |
|
Other assets: | | | | | | | | | |
Goodwill and indefinite-lived intangibles | 11.7 | | | 1,032.00 | | | 94.8 | | | — | | | 1,138.50 | |
|
Amortizable intangibles, net | 0.4 | | | 129.9 | | | 0.2 | | | — | | | 130.5 | |
|
Deferred income taxes | 0.2 | | | — | | | 0.2 | | | — | | | 0.4 | |
|
Deferred financing costs, net | 34.3 | | | — | | | — | | | — | | | 34.3 | |
|
Other | 45.4 | | | 9.4 | | | 4 | | | 2.3 | | | 61.1 | |
|
Intercompany accounts receivable | — | | | 1,209.20 | | | 132.8 | | | (1,342.0 | ) | | — | |
|
Investment in affiliates | 2,752.30 | | | 510.2 | | | 384.7 | | | (3,647.2 | ) | | — | |
|
| 2,844.30 | | | 2,890.70 | | | 616.7 | | | (4,986.9 | ) | | 1,364.80 | |
|
Total assets | $ | 3,085.50 | | | $ | 3,518.50 | | | $ | 1,050.40 | | | $ | (4,984.2 | ) | | $ | 2,670.20 | |
|
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Balance Sheets - continued |
As of September 7, 2013 |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | |
Current liabilities: | | | | | | | | | |
Accounts payable | $ | 44.5 | | | $ | 86.7 | | | $ | 48.1 | | | $ | 3.5 | | | $ | 182.8 | |
|
Accrued salaries and wages | 22 | | | 11.2 | | | 7.6 | | | — | | | 40.8 | |
|
Other accrued liabilities | 59.9 | | | 8.5 | | | 41.4 | | | 1.5 | | | 111.3 | |
|
Current maturities of long-term debt | 40.2 | | | — | | | — | | | — | | | 40.2 | |
|
Total current liabilities | 166.6 | | | 106.4 | | | 97.1 | | | 5 | | | 375.1 | |
|
Long-term debt, less current maturities | 1,101.90 | | | — | | | — | | | — | | | 1,101.90 | |
|
Accrued pension liabilities | 131.8 | | | 35.6 | | | — | | | — | | | 167.4 | |
|
Deferred income taxes | (49.7 | ) | | 284.1 | | | 1.7 | | | — | | | 236.1 | |
|
Intercompany accounts payable | 958.9 | | | 24.8 | | | 358.3 | | | (1,342.0 | ) | | — | |
|
Other liabilities | 9.5 | | | 9.2 | | | 3 | | | — | | | 21.7 | |
|
Stockholders’ equity | | | | | | | |
Wolverine World Wide, Inc. stockholders’ equity | 766.5 | | | 3,058.40 | | | 588.8 | | | (3,647.2 | ) | | 766.5 | |
|
Non-controlling interest | — | | | — | | | 1.5 | | | — | | | 1.5 | |
|
Total stockholders’ equity | 766.5 | | | 3,058.40 | | | 590.3 | | | (3,647.2 | ) | | 768 | |
|
Total liabilities and stockholders’ equity | $ | 3,085.50 | | | $ | 3,518.50 | | | $ | 1,050.40 | | | $ | (4,984.2 | ) | | $ | 2,670.20 | |
|
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Balance Sheets |
As of September 8, 2012 |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
ASSETS | | | | | | | | | |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | 5.6 | | | $ | (5.5 | ) | | $ | 144.2 | | | $ | — | | | $ | 144.3 | |
|
Accounts receivable, net | 102.8 | | | 77.8 | | | 99.9 | | | — | | | 280.5 | |
|
Inventories: | | | | | | | | | |
Finished products | 77.7 | | | 78.9 | | | 84.9 | | | — | | | 241.5 | |
|
Raw materials and work-in-process | 1.8 | | | 0.3 | | | 26.1 | | | — | | | 28.2 | |
|
| 79.5 | | | 79.2 | | | 111 | | | — | | | 269.7 | |
|
Deferred income taxes | 14.4 | | | — | | | (0.1 | ) | | — | | | 14.3 | |
|
Prepaid expenses and other current assets | 8.2 | | | 2.6 | | | 7.8 | | | — | | | 18.6 | |
|
Total current assets | 210.5 | | | 154.1 | | | 362.8 | | | — | | | 727.4 | |
|
Property, plant and equipment: | | | | | | | | | |
Gross cost | 209.4 | | | 46.1 | | | 45.4 | | | — | | | 300.9 | |
|
Accumulated depreciation | (162.5 | ) | | (30.8 | ) | | (31.7 | ) | | — | | | (225.0 | ) |
|
| 46.9 | | | 15.3 | | | 13.7 | | | — | | | 75.9 | |
|
Other assets: | | | | | | | | | |
Goodwill and indefinite-lived intangibles | 11.3 | | | 14.2 | | | 32 | | | — | | | 57.5 | |
|
Amortizable intangibles, net | 0.3 | | | 0.3 | | | 0.2 | | | — | | | 0.8 | |
|
Deferred income taxes | 45.2 | | | — | | | (2.1 | ) | | — | | | 43.1 | |
|
Deferred financing costs, net | 0.4 | | | — | | | — | | | — | | | 0.4 | |
|
Other | 39.4 | | | — | | | 3.5 | | | — | | | 42.9 | |
|
Intercompany accounts receivable | 229.6 | | | 432.1 | | | 125.6 | | | (787.3 | ) | | — | |
|
Investment in affiliates | 749.2 | | | 203.5 | | | 382.4 | | | (1,335.1 | ) | | — | |
|
| 1,075.40 | | | 650.1 | | | 541.6 | | | (2,122.4 | ) | | 144.7 | |
|
Total assets | $ | 1,332.80 | | | $ | 819.5 | | | $ | 918.1 | | | $ | (2,122.4 | ) | | $ | 948 | |
|
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Balance Sheets - continued |
As of September 8, 2012 |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | |
Current liabilities: | | | | | | | | | |
Accounts payable | $ | 22.9 | | | $ | 10.7 | | | $ | 25.9 | | | $ | — | | | $ | 59.5 | |
|
Accrued salaries and wages | 10.8 | | | 1.6 | | | 4.7 | | | — | | | 17.1 | |
|
Other accrued liabilities | 28.8 | | | 12.2 | | | 26.4 | | | — | | | 67.4 | |
|
Borrowings under revolving credit agreement | 27 | | | — | | | — | | | — | | | 27 | |
|
Total current liabilities | 89.5 | | | 24.5 | | | 57 | | | — | | | 171 | |
|
Long-term debt, less current maturities | — | | | — | | | — | | | — | | | — | |
|
Accrued pension liabilities | 95.3 | | | — | | | — | | | — | | | 95.3 | |
|
Intercompany accounts payable | 473 | | | 5.9 | | | 308.4 | | | (787.3 | ) | | — | |
|
Other liabilities | 8.4 | | | 1.2 | | | 4.4 | | | — | | | 14 | |
|
Stockholders’ equity | | | | | | | | | |
Wolverine World Wide, Inc. stockholders’ equity | 666.6 | | | 787.9 | | | 547.2 | | | (1,335.1 | ) | | 666.6 | |
|
Non-controlling interest | — | | | — | | | 1.1 | | | — | | | 1.1 | |
|
Total stockholders’ equity | 666.6 | | | 787.9 | | | 548.3 | | | (1,335.1 | ) | | 667.7 | |
|
Total liabilities and stockholders’ equity | $ | 1,332.80 | | | $ | 819.5 | | | $ | 918.1 | | | $ | (2,122.4 | ) | | $ | 948 | |
|
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Statements of Cash Flow |
For the 36 weeks ended September 7, 2013 |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
Net cash provided by (used in) operating activities | $ | 103.2 | | | $ | (17.2 | ) | | $ | 39.4 | | | $ | — | | | $ | 125.4 | |
|
Investing activities | | | | | | | | | |
Additions to property, plant and equipment | (9.1 | ) | | (18.2 | ) | | (1.9 | ) | | — | | | (29.2 | ) |
|
Proceeds from sale of property, plant and equipment | — | | | — | | | 2.8 | | | — | | | 2.8 | |
|
Investment in joint venture | — | | | — | | | (1.6 | ) | | — | | | (1.6 | ) |
|
Other | (1.8 | ) | | — | | | — | | | — | | | (1.8 | ) |
|
Net cash provided by (used in) investing activities | (10.9 | ) | | (18.2 | ) | | (0.7 | ) | | — | | | (29.8 | ) |
|
Financing activities | | | | | | | | | |
Payments of long-term debt | (107.9 | ) | | — | | | — | | | — | | | (107.9 | ) |
|
Cash dividends paid | (17.7 | ) | | — | | | — | | | — | | | (17.7 | ) |
|
Surrender of common stock for treasury | (0.6 | ) | | — | | | — | | | — | | | (0.6 | ) |
|
Proceeds from shares issued under stock incentive plans | 7.2 | | | — | | | — | | | — | | | 7.2 | |
|
Excess tax benefits from stock-based compensation | 2 | | | — | | | — | | | — | | | 2 | |
|
Net cash provided by (used in) financing activities | (117.0 | ) | | — | | | — | | | — | | | (117.0 | ) |
|
Effect of foreign exchange rate changes | — | | | — | | | (2.2 | ) | | — | | | (2.2 | ) |
|
Increase (decrease) in cash and cash equivalents | (24.7 | ) | | (35.4 | ) | | 36.5 | | | — | | | (23.6 | ) |
|
Cash and cash equivalents at beginning of the period | 21.3 | | | 48.5 | | | 101.6 | | | — | | | 171.4 | |
|
Cash and cash equivalents at end of the period | $ | (3.4 | ) | | $ | 13.1 | | | $ | 138.1 | | | $ | — | | | $ | 147.8 | |
|
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Statements of Cash Flow |
For the 36 weeks ended September 8, 2012 |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
Net cash provided by (used in) operating activities | $ | 3.1 | | | $ | (6.4 | ) | | $ | 11.9 | | | $ | — | | | $ | 8.6 | |
|
Investing activities | | | | | | | | | |
Additions to property, plant and equipment | (5.4 | ) | | (1.9 | ) | | (1.0 | ) | | — | | | (8.3 | ) |
|
Investment in joint venture | — | | | — | | | (2.5 | ) | | — | | | (2.5 | ) |
|
Other | 0.9 | | | (0.2 | ) | | (2.5 | ) | | — | | | (1.8 | ) |
|
Net cash provided by (used in) investing activities | (4.5 | ) | | (2.1 | ) | | (6.0 | ) | | — | | | (12.6 | ) |
|
Financing activities | | | | | | | | | |
Net borrowings under revolver | 16 | | | — | | | — | | | — | | | 16 | |
|
Payments of long-term debt | — | | | — | | | (0.5 | ) | | — | | | (0.5 | ) |
|
Cash dividends paid | (17.6 | ) | | — | | | — | | | — | | | (17.6 | ) |
|
Purchase of common stock for treasury | (2.4 | ) | | — | | | — | | | — | | | (2.4 | ) |
|
Surrender of common stock for treasury | (5.7 | ) | | — | | | — | | | — | | | (5.7 | ) |
|
Proceeds from shares issued under stock incentive plans | 9.1 | | | — | | | — | | | — | | | 9.1 | |
|
Excess tax benefits from stock-based compensation | 6.1 | | | — | | | — | | | — | | | 6.1 | |
|
Contributions from non-controlling interests | — | | | — | | | 1.2 | | | — | | | 1.2 | |
|
Net cash provided by (used in) financing activities | 5.5 | | | — | | | 0.7 | | | — | | | 6.2 | |
|
Effect of foreign exchange rate changes | — | | | — | | | 2.1 | | | — | | | 2.1 | |
|
Increase (decrease) in cash and cash equivalents | 4.1 | | | (8.5 | ) | | 8.7 | | | — | | | 4.3 | |
|
Cash and cash equivalents at beginning of the period | 1.5 | | | 3 | | | 135.5 | | | — | | | 140 | |
|
Cash and cash equivalents at end of the period | $ | 5.6 | | | $ | (5.5 | ) | | $ | 144.2 | | | $ | — | | | $ | 144.3 | |
|
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