Subsidiary Guarantors of the Public Bonds | 12 Months Ended |
Jan. 03, 2015 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Subsidiary Guarantors of the Public Bonds | SUBSIDIARY GUARANTORS OF THE PUBLIC BONDS |
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 Public Bonds, which include substantially all of the domestic, 100% 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 |
For the fiscal year ended January 3, 2015 |
|
| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
Revenue | $ | 607.8 | | | $ | 3,276.10 | | | $ | 848.8 | | | $ | (1,971.6 | ) | | $ | 2,761.10 | |
|
Cost of goods sold | 442.9 | | | 2,594.90 | | | 483.5 | | | (1,847.5 | ) | | 1,673.80 | |
|
Restructuring costs | 0.1 | | | — | | | 0.9 | | | — | | | 1 | |
|
Gross profit | 164.8 | | | 681.2 | | | 364.4 | | | (124.1 | ) | | 1,086.30 | |
|
Selling, general and administrative expenses | 126.1 | | | 555.1 | | | 258.1 | | | (124.1 | ) | | 815.2 | |
|
Acquisition-related integration costs | 6.5 | | | 1.1 | | | 7.6 | | | — | | | 15.2 | |
|
Restructuring costs | 3 | | | 10.4 | | | 12.6 | | | — | | | 26 | |
|
Operating profit | 29.2 | | | 114.6 | | | 86.1 | | | — | | | 229.9 | |
|
Other expenses: | | | | | | | | | |
Interest expense, net | 45.4 | | | 0.1 | | | (0.1 | ) | | — | | | 45.4 | |
|
Debt extinguishment costs | 1.3 | | | — | | | — | | | — | | | 1.3 | |
|
Other expense (income), net | — | | | (1.3 | ) | | 3 | | | — | | | 1.7 | |
|
Total other expense (income) | 46.7 | | | (1.2 | ) | | 2.9 | | | — | | | 48.4 | |
|
Earnings (loss) before income taxes | (17.5 | ) | | 115.8 | | | 83.2 | | | — | | | 181.5 | |
|
Income tax expense | 0.7 | | | 37.7 | | | 9.2 | | | — | | | 47.6 | |
|
Earnings (loss) before equity in earnings of consolidated subsidiaries | (18.2 | ) | | 78.1 | | | 74 | | | — | | | 133.9 | |
|
Equity in earnings of consolidated subsidiaries | 151.3 | | | 9.4 | | | 74.7 | | | (235.4 | ) | | — | |
|
Net earnings | 133.1 | | | 87.5 | | | 148.7 | | | (235.4 | ) | | 133.9 | |
|
Less: net earnings attributable to noncontrolling interest | — | | | — | | | 0.8 | | | — | | | 0.8 | |
|
Net earnings attributable to Wolverine World Wide, Inc. | $ | 133.1 | | | $ | 87.5 | | | $ | 147.9 | | | $ | (235.4 | ) | | $ | 133.1 | |
|
|
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Statements of Comprehensive Income |
For the fiscal year ended January 3, 2015 |
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| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
Net earnings | $ | 133.1 | | | $ | 87.5 | | | $ | 148.7 | | | $ | (235.4 | ) | | $ | 133.9 | |
|
Other comprehensive income (loss), net of tax: | | | | | | | | | |
Foreign currency translation adjustments | (17.4 | ) | | — | | | (18.5 | ) | | 17.4 | | | (18.5 | ) |
|
Change in fair value of foreign exchange contracts | 9.4 | | | — | | | 9.4 | | | (9.4 | ) | | 9.4 | |
|
Change in fair value of interest rate swap | (0.2 | ) | | — | | | — | | | — | | | (0.2 | ) |
|
Pension adjustments | (32.1 | ) | | (10.3 | ) | | — | | | 10.3 | | | (32.1 | ) |
|
Other comprehensive income (loss) | (40.3 | ) | | (10.3 | ) | | (9.1 | ) | | 18.3 | | | (41.4 | ) |
|
Comprehensive income | 92.8 | | | 77.2 | | | 139.6 | | | (217.1 | ) | | 92.5 | |
|
Less: comprehensive (loss) income attributable to noncontrolling interest | — | | | — | | | (0.3 | ) | | — | | | (0.3 | ) |
|
Comprehensive income attributable to Wolverine World Wide, Inc. | $ | 92.8 | | | $ | 77.2 | | | $ | 139.9 | | | $ | (217.1 | ) | | $ | 92.8 | |
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Statements of Operations |
For the fiscal year ended December 28, 2013 |
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| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
Revenue | $ | 538.2 | | | $ | 3,849.10 | | | $ | 774.4 | | | $ | (2,470.6 | ) | | $ | 2,691.10 | |
|
Cost of goods sold | 383.8 | | | 3,207.90 | | | 415.4 | | | (2,388.1 | ) | | 1,619.00 | |
|
Restructuring costs | 0.1 | | | — | | | 7.5 | | | — | | | 7.6 | |
|
Gross profit | 154.3 | | | 641.2 | | | 351.5 | | | (82.5 | ) | | 1,064.50 | |
|
Selling, general and administrative expenses | 139 | | | 506.7 | | | 266.8 | | | (82.5 | ) | | 830 | |
|
Acquisition-related integration costs | 16.9 | | | 14.9 | | | 9.7 | | | — | | | 41.5 | |
|
Restructuring costs | — | | | — | | | 0.7 | | | — | | | 0.7 | |
|
Operating profit (loss) | (1.6 | ) | | 119.6 | | | 74.3 | | | — | | | 192.3 | |
|
Other expenses: | | | | | | | | | |
Interest expense, net | 52.1 | | | (0.2 | ) | | 0.1 | | | — | | | 52 | |
|
Debt extinguishment costs | 13.1 | | | — | | | — | | | — | | | 13.1 | |
|
Other expense (income), net | (3.7 | ) | | 0.1 | | | 3.1 | | | — | | | (0.5 | ) |
|
Total other expense (income) | 61.5 | | | (0.1 | ) | | 3.2 | | | — | | | 64.6 | |
|
Earnings (loss) before income taxes | (63.1 | ) | | 119.7 | | | 71.1 | | | — | | | 127.7 | |
|
Income tax expense | 1.5 | | | 19.3 | | | 5.9 | | | — | | | 26.7 | |
|
Earnings (loss) before equity in earnings of consolidated subsidiaries | (64.6 | ) | | 100.4 | | | 65.2 | | | — | | | 101 | |
|
Equity in earnings of consolidated subsidiaries | 165 | | | 114.5 | | | 21.7 | | | (301.2 | ) | | — | |
|
Net earnings | 100.4 | | | 214.9 | | | 86.9 | | | (301.2 | ) | | 101 | |
|
Less: net earnings attributable to noncontrolling interest | — | | | — | | | 0.6 | | | — | | | 0.6 | |
|
Net earnings attributable to Wolverine World Wide, Inc. | $ | 100.4 | | | $ | 214.9 | | | $ | 86.3 | | | $ | (301.2 | ) | | $ | 100.4 | |
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|
|
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Statements of Comprehensive Income |
For the fiscal year ended December 28, 2013 |
|
| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
Net earnings | $ | 100.4 | | | $ | 214.9 | | | $ | 86.9 | | | $ | (301.2 | ) | | $ | 101 | |
|
Other comprehensive income (loss), net of tax: | | | | | | | | | |
Foreign currency translation adjustments | (5.4 | ) | | — | | | (5.4 | ) | | 5.4 | | | (5.4 | ) |
|
Change in fair value of foreign exchange contracts | 0.9 | | | — | | | 0.9 | | | (0.9 | ) | | 0.9 | |
|
Change in fair value of interest rate swap | 1.6 | | | — | | | — | | | — | | | 1.6 | |
|
Pension adjustments | 81.2 | | | 13.1 | | | — | | | (13.1 | ) | | 81.2 | |
|
Other comprehensive income (loss) | 78.3 | | | 13.1 | | | (4.5 | ) | | (8.6 | ) | | 78.3 | |
|
Comprehensive (loss) income | 178.7 | | | 228 | | | 82.4 | | | (309.8 | ) | | 179.3 | |
|
Less: comprehensive (loss) income attributable to noncontrolling interest | (0.1 | ) | | — | | | 0.6 | | | — | | | 0.5 | |
|
Comprehensive income attributable to Wolverine World Wide, Inc. | $ | 178.8 | | | $ | 228 | | | $ | 81.8 | | | $ | (309.8 | ) | | $ | 178.8 | |
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Statements of Operations |
For the fiscal year ended December 29, 2012 |
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| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
Revenue | $ | 527.1 | | | $ | 1,065.70 | | | $ | 539.2 | | | $ | (491.2 | ) | | $ | 1,640.80 | |
|
Cost of goods sold | 390.6 | | | 780.6 | | | 277.1 | | | (440.2 | ) | | 1,008.10 | |
|
Acquisition-related transaction and integration costs | 0.8 | | | 3.7 | | | — | | | — | | | 4.5 | |
|
Gross profit | 135.7 | | | 281.4 | | | 262.1 | | | (51.0 | ) | | 628.2 | |
|
Selling, general and administrative expenses | 123 | | | 206 | | | 204.7 | | | (51.7 | ) | | 482 | |
|
Acquisition-related transaction and integration costs | 31.3 | | | 1.2 | | | — | | | — | | | 32.5 | |
|
Operating profit (loss) | (18.6 | ) | | 74.2 | | | 57.4 | | | 0.7 | | | 113.7 | |
|
Other expenses: | | | | | | | | | |
Interest expense, net | 13.9 | | | (0.2 | ) | | 0.3 | | | — | | | 14 | |
|
Acquisition-related interest expense | 5.2 | | | — | | | — | | | — | | | 5.2 | |
|
Other expense (income), net | 0.4 | | | (0.2 | ) | | 0.1 | | | — | | | 0.3 | |
|
Total other expense (income) | 19.5 | | | (0.4 | ) | | 0.4 | | | — | | | 19.5 | |
|
Earnings (loss) before income taxes | (38.1 | ) | | 74.6 | | | 57 | | | 0.7 | | | 94.2 | |
|
Income tax expense (benefit) | 12.3 | | | (0.1 | ) | | 1.2 | | | — | | | 13.4 | |
|
Earnings (loss) before equity in earnings of consolidated subsidiaries | (50.4 | ) | | 74.7 | | | 55.8 | | | 0.7 | | | 80.8 | |
|
Equity in earnings of consolidated subsidiaries | 131.1 | | | 54.4 | | | 61.2 | | | (246.7 | ) | | — | |
|
Net earnings | 80.7 | | | 129.1 | | | 117 | | | (246.0 | ) | | 80.8 | |
|
Less: net earnings attributable to noncontrolling interest | — | | | — | | | 0.1 | | | — | | | 0.1 | |
|
Net earnings attributable to Wolverine World Wide, Inc. | $ | 80.7 | | | $ | 129.1 | | | $ | 116.9 | | | $ | (246.0 | ) | | $ | 80.7 | |
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|
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Statements of Comprehensive Income |
For the fiscal year ended December 29, 2012 |
|
| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
Net earnings | $ | 80.7 | | | $ | 129.1 | | | $ | 117 | | | $ | (246.0 | ) | | $ | 80.8 | |
|
Other comprehensive income (loss), net of tax: | | | | | | | | | |
Foreign currency translation adjustments | 5.7 | | | — | | | 5.7 | | | (5.7 | ) | | 5.7 | |
|
Change in fair value of foreign exchange contracts | (5.0 | ) | | — | | | (5.0 | ) | | 5 | | | (5.0 | ) |
|
Change in fair value of interest rate swap | (1.0 | ) | | — | | | — | | | — | | | (1.0 | ) |
|
Pension adjustments | (16.2 | ) | | — | | | — | | | — | | | (16.2 | ) |
|
Other comprehensive (loss) income | (16.5 | ) | | — | | | 0.7 | | | (0.7 | ) | | (16.5 | ) |
|
Comprehensive income | 64.2 | | | 129.1 | | | 117.7 | | | (246.7 | ) | | 64.3 | |
|
Less comprehensive income (loss) attributable to noncontrolling interest | (0.1 | ) | | — | | | 0.1 | | | — | | | — | |
|
Comprehensive income attributable to Wolverine World Wide, Inc. | $ | 64.3 | | | $ | 129.1 | | | $ | 117.6 | | | $ | (246.7 | ) | | $ | 64.3 | |
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Balance Sheets |
As of January 3, 2015 |
|
| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
ASSETS | | | | | | | | | |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | 11.4 | | | $ | 3.3 | | | $ | 209.1 | | | $ | — | | | $ | 223.8 | |
|
Accounts receivable, net | 18.8 | | | 181.4 | | | 112.5 | | | — | | | 312.7 | |
|
Inventories: | | | | | | | | | |
Finished products, net | 59.5 | | | 260 | | | 78.6 | | | — | | | 398.1 | |
|
Raw materials and work-in-process, net | 2.1 | | | 1.3 | | | 12.5 | | | — | | | 15.9 | |
|
Total inventories | 61.6 | | | 261.3 | | | 91.1 | | | — | | | 414 | |
|
Deferred income taxes | 12.8 | | | 14 | | | 1.3 | | | — | | | 28.1 | |
|
Prepaid expenses and other current assets | 24.8 | | | 21.4 | | | 17.4 | | | — | | | 63.6 | |
|
Total current assets | 129.4 | | | 481.4 | | | 431.4 | | | — | | | 1,042.20 | |
|
Property, plant and equipment: | | | | | | | | | |
Gross cost | 230.7 | | | 150.7 | | | 33.9 | | | — | | | 415.3 | |
|
Accumulated depreciation | (183.3 | ) | | (72.6 | ) | | (22.6 | ) | | — | | | (278.5 | ) |
|
Property, plant and equipment, net | 47.4 | | | 78.1 | | | 11.3 | | | — | | | 136.8 | |
|
Other assets: | | | | | | | | | |
Goodwill | 7.9 | | | 353 | | | 77.9 | | | — | | | 438.8 | |
|
Indefinite-lived intangibles | 4.3 | | | 674.9 | | | 11.3 | | | — | | | 690.5 | |
|
Amortizable intangibles, net | 0.6 | | | 111.5 | | | — | | | — | | | 112.1 | |
|
Deferred income taxes | — | | | — | | | 2.8 | | | — | | | 2.8 | |
|
Deferred financing costs, net | 16.5 | | | — | | | — | | | — | | | 16.5 | |
|
Other | 49.8 | | | 11.9 | | | 3.1 | | | — | | | 64.8 | |
|
Intercompany accounts receivable | 22.1 | | | 2,225.40 | | | 621.1 | | | (2,868.6 | ) | | — | |
|
Investment in affiliates | 3,158.20 | | | 608.8 | | | 1,221.30 | | | (4,988.3 | ) | | — | |
|
Total other assets | 3,259.40 | | | 3,985.50 | | | 1,937.50 | | | (7,856.9 | ) | | 1,325.50 | |
|
Total assets | $ | 3,436.20 | | | $ | 4,545.00 | | | $ | 2,380.20 | | | $ | (7,856.9 | ) | | $ | 2,504.50 | |
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Balance Sheets - continued |
As of January 3, 2015 |
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| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | |
Current liabilities: | | | | | | | | | |
Accounts payable | $ | 37.5 | | | $ | 66.4 | | | $ | 45.5 | | | $ | — | | | $ | 149.4 | |
|
Accrued salaries and wages | 23.2 | | | 6 | | | 6.9 | | | — | | | 36.1 | |
|
Other accrued liabilities | 31.6 | | | 40.9 | | | 36 | | | — | | | 108.5 | |
|
Current maturities of long-term debt | 46.7 | | | — | | | — | | | — | | | 46.7 | |
|
Total current liabilities | 139 | | | 113.3 | | | 88.4 | | | — | | | 340.7 | |
|
Long-term debt, less current maturities | 853.5 | | | 0.6 | | | — | | | — | | | 854.1 | |
|
Accrued pension liabilities | 106.6 | | | 21.5 | | | — | | | — | | | 128.1 | |
|
Deferred income taxes | (60.7 | ) | | 274.7 | | | 3 | | | — | | | 217 | |
|
Other liabilities | 13.3 | | | 10.6 | | | 2.7 | | | — | | | 26.6 | |
|
Intercompany accounts payable | 1,451.00 | | | 734.5 | | | 683.1 | | | (2,868.6 | ) | | — | |
|
Stockholders’ equity | | | | | | | | | |
Wolverine World Wide, Inc. stockholders’ equity | 933.5 | | | 3,389.80 | | | 1,598.50 | | | (4,988.3 | ) | | 933.5 | |
|
Noncontrolling interest | — | | | — | | | 4.5 | | | — | | | 4.5 | |
|
Total stockholders’ equity | 933.5 | | | 3,389.80 | | | 1,603.00 | | | (4,988.3 | ) | | 938 | |
|
Total liabilities and stockholders’ equity | $ | 3,436.20 | | | $ | 4,545.00 | | | $ | 2,380.20 | | | $ | (7,856.9 | ) | | $ | 2,504.50 | |
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Balance Sheets |
As of December 28, 2013 |
|
| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
ASSETS | | | | | | | | | |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | 18.8 | | | $ | 15 | | | $ | 180.4 | | | $ | — | | | $ | 214.2 | |
|
Accounts receivable, net | 63.9 | | | 213.2 | | | 121 | | | — | | | 398.1 | |
|
Inventories: | | | | | | | | | |
Finished products, net | 55 | | | 270.8 | | | 81 | | | (0.8 | ) | | 406 | |
|
Raw materials and work-in-process, net | (0.1 | ) | | 0.9 | | | 21.4 | | | — | | | 22.2 | |
|
Total inventories | 54.9 | | | 271.7 | | | 102.4 | | | (0.8 | ) | | 428.2 | |
|
Deferred income taxes | 15.3 | | | 12.6 | | | 1.2 | | | — | | | 29.1 | |
|
Prepaid expenses and other current assets | 26.9 | | | 11.1 | | | 10.4 | | | — | | | 48.4 | |
|
Total current assets | 179.8 | | | 523.6 | | | 415.4 | | | (0.8 | ) | | 1,118.00 | |
|
Property, plant and equipment: | | | | | | | | | |
Gross cost | 223.7 | | | 143.2 | | | 49.2 | | | — | | | 416.1 | |
|
Accumulated depreciation | (174.4 | ) | | (57.4 | ) | | (32.4 | ) | | — | | | (264.2 | ) |
|
Property, plant and equipment, net | 49.3 | | | 85.8 | | | 16.8 | | | — | | | 151.9 | |
|
Other assets: | | | | | | | | | |
Goodwill | 7.7 | | | 354.3 | | | 83.3 | | | — | | | 445.3 | |
|
Indefinite-lived intangibles | 4.4 | | | 674.7 | | | 11.4 | | | — | | | 690.5 | |
|
Amortizable intangibles, net | 0.2 | | | 126.4 | | | 0.1 | | | — | | | 126.7 | |
|
Deferred income taxes | — | | | — | | | 3.4 | | | — | | | 3.4 | |
|
Deferred financing costs, net | 22 | | | — | | | — | | | — | | | 22 | |
|
Other | 46 | | | 12.3 | | | 5.3 | | | 0.8 | | | 64.4 | |
|
Intercompany accounts receivable | — | | | 1,445.40 | | | 347.5 | | | (1,792.9 | ) | | — | |
|
Investment in affiliates | 3,033.20 | | | 555.6 | | | 393.5 | | | (3,982.3 | ) | | — | |
|
Total other assets | 3,113.50 | | | 3,168.70 | | | 844.5 | | | (5,774.4 | ) | | 1,352.30 | |
|
Total assets | $ | 3,342.60 | | | $ | 3,778.10 | | | $ | 1,276.70 | | | $ | (5,775.2 | ) | | $ | 2,622.20 | |
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Balance Sheets - continued |
As of December 28, 2013 |
|
| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | |
Current liabilities: | | | | | | | | | |
Accounts payable | $ | 31.6 | | | $ | 61.7 | | | $ | 41.9 | | | $ | — | | | $ | 135.2 | |
|
Accrued salaries and wages | 27 | | | 8.6 | | | 5.9 | | | — | | | 41.5 | |
|
Other accrued liabilities | 40.8 | | | 22.1 | | | 36.4 | | | — | | | 99.3 | |
|
Current maturities of long-term debt | 53.3 | | | — | | | — | | | — | | | 53.3 | |
|
Total current liabilities | 152.7 | | | 92.4 | | | 84.2 | | | — | | | 329.3 | |
|
Long-term debt, less current maturities | 1,096.70 | | | — | | | — | | | — | | | 1,096.70 | |
|
Accrued pension liabilities | 60.9 | | | 13.3 | | | — | | | — | | | 74.2 | |
|
Deferred income taxes | (38.2 | ) | | 287.7 | | | 4.4 | | | — | | | 253.9 | |
|
Other liabilities | 12.4 | | | 11.5 | | | 2.8 | | | — | | | 26.7 | |
|
Intercompany accounts payable | 1,220.50 | | | 153.7 | | | 418.7 | | | (1,792.9 | ) | | — | |
|
Stockholders’ equity: | | | | | | | | | |
Wolverine World Wide, Inc. stockholders’ equity | 837.6 | | | 3,219.50 | | | 762.8 | | | (3,982.3 | ) | | 837.6 | |
|
Noncontrolling interest | — | | | — | | | 3.8 | | | — | | | 3.8 | |
|
Total stockholders’ equity | 837.6 | | | 3,219.50 | | | 766.6 | | | (3,982.3 | ) | | 841.4 | |
|
Total liabilities and stockholders’ equity | $ | 3,342.60 | | | $ | 3,778.10 | | | $ | 1,276.70 | | | $ | (5,775.2 | ) | | $ | 2,622.20 | |
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Statements of Cash Flow |
For the fiscal year ended January 3, 2015 |
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(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
Net cash provided by operating activities | $ | 274.1 | | | $ | 9.1 | | | $ | 31.4 | | | $ | — | | | $ | 314.6 | |
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Investing activities | | | | | | | | | |
Additions to property, plant and equipment | (7.7 | ) | | (19.6 | ) | | (2.7 | ) | | — | | | (30.0 | ) |
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Investment in joint ventures | — | | | — | | | (1.1 | ) | | — | | | (1.1 | ) |
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Other | (2.4 | ) | | (1.2 | ) | | (0.1 | ) | | — | | | (3.7 | ) |
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Net cash used in investing activities | (10.1 | ) | | (20.8 | ) | | (3.9 | ) | | — | | | (34.8 | ) |
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Financing activities | | | | | | | | | |
Payments of long-term debt | (249.8 | ) | | — | | | — | | | — | | | (249.8 | ) |
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Cash dividends paid | (24.0 | ) | | — | | | — | | | — | | | (24.0 | ) |
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Purchases of shares under employee stock plans | (10.5 | ) | | — | | | — | | | — | | | (10.5 | ) |
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Proceeds from the exercise of stock options | 7.3 | | | — | | | — | | | — | | | 7.3 | |
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Excess tax benefits from stock-based compensation | 5.6 | | | — | | | — | | | — | | | 5.6 | |
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Contributions from noncontrolling interest | — | | | — | | | 1 | | | — | | | 1 | |
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Net cash (used in) provided by financing activities | (271.4 | ) | | — | | | 1 | | | — | | | (270.4 | ) |
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Effect of foreign exchange rate changes | — | | | — | | | 0.2 | | | — | | | 0.2 | |
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Increase (decrease) in cash and cash equivalents | (7.4 | ) | | (11.7 | ) | | 28.7 | | | — | | | 9.6 | |
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Cash and cash equivalents at beginning of the year | 18.8 | | | 15 | | | 180.4 | | | — | | | 214.2 | |
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Cash and cash equivalents at end of the year | $ | 11.4 | | | $ | 3.3 | | | $ | 209.1 | | | $ | — | | | $ | 223.8 | |
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Statements of Cash Flow |
For the fiscal year ended December 28, 2013 |
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| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
Net cash provided by (used in) operating activities | $ | 127.1 | | | $ | (10.0 | ) | | $ | 85.2 | | | $ | — | | | $ | 202.3 | |
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Investing activities | | | | | | | | | |
Additions to property, plant and equipment | (11.9 | ) | | (25.0 | ) | | (4.8 | ) | | — | | | (41.7 | ) |
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Proceeds from sale of property, plant and equipment | — | | | 2.8 | | | — | | | | | 2.8 | |
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Investment in joint ventures | — | | | — | | | (2.5 | ) | | — | | | (2.5 | ) |
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Other | (2.9 | ) | | (1.3 | ) | | 0.9 | | | — | | | (3.3 | ) |
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Net cash (used in) investing activities | (14.8 | ) | | (23.5 | ) | | (6.4 | ) | | — | | | (44.7 | ) |
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Financing activities | | | | | | | | | |
Borrowings of long-term debt | 775 | | | — | | | — | | | — | | | 775 | |
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Payments of long-term debt | (875.0 | ) | | — | | | — | | | — | | | (875.0 | ) |
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Payments of debt issuance costs | (2.3 | ) | | — | | | — | | | — | | | (2.3 | ) |
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Cash dividends paid | (23.7 | ) | | — | | | — | | | — | | | (23.7 | ) |
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Purchases of shares under employee stock plans | (0.8 | ) | | — | | | — | | | — | | | (0.8 | ) |
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Proceeds from the exercise of stock options | 8.6 | | | — | | | — | | | — | | | 8.6 | |
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Excess tax benefits from stock-based compensation | 3.4 | | | — | | | — | | | — | | | 3.4 | |
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Contributions from noncontrolling interest | — | | | — | | | 2 | | | — | | | 2 | |
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Net cash provided by (used in) financing activities | (114.8 | ) | | — | | | 2 | | | — | | | (112.8 | ) |
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Effect of foreign exchange rate changes | — | | | — | | | (2.0 | ) | | — | | | (2.0 | ) |
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Increase (decrease) in cash and cash equivalents | (2.5 | ) | | (33.5 | ) | | 78.8 | | | — | | | 42.8 | |
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Cash and cash equivalents at beginning of the year | 21.3 | | | 48.5 | | | 101.6 | | | — | | | 171.4 | |
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Cash and cash equivalents at end of the year | $ | 18.8 | | | $ | 15 | | | $ | 180.4 | | | $ | — | | | $ | 214.2 | |
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES |
Consolidated Condensed Statements of Cash Flow |
For the fiscal year ended December 29, 2012 |
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| | | | | | | | | | | | | | | | | | | |
(In millions) | Parent | | Subsidiary | | Non-Guarantor | | Eliminations | | Consolidated |
Guarantors | Subsidiaries |
Net cash provided by operating activities | $ | 11 | | | $ | 26 | | | $ | 54.6 | | | $ | — | | | $ | 91.6 | |
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Investing activities | | | | | | | | | |
Business acquisition, net of cash acquired | (1,160.7 | ) | | 23.6 | | | (88.8 | ) | | — | | | (1,225.9 | ) |
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Additions to property, plant and equipment | (10.8 | ) | | (4.1 | ) | | — | | | — | | | (14.9 | ) |
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Investment in joint venture | — | | | — | | | (2.9 | ) | | — | | | (2.9 | ) |
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Other | (2.4 | ) | | — | | | — | | | — | | | (2.4 | ) |
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Net cash (used in) provided by investing activities | (1,173.9 | ) | | 19.5 | | | (91.7 | ) | | — | | | (1,246.1 | ) |
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Financing activities | | | | | | | | | |
Net repayments under revolving credit agreement | (11.0 | ) | | — | | | — | | | — | | | (11.0 | ) |
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Borrowings of long-term debt | 1,275.00 | | | — | | | — | | | — | | | 1,275.00 | |
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Payments of long-term debt | (25.0 | ) | | — | | | (0.5 | ) | | — | | | (25.5 | ) |
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Payments of debt issuance costs | (40.1 | ) | | — | | | — | | | — | | | (40.1 | ) |
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Cash dividends paid | (23.6 | ) | | — | | | — | | | — | | | (23.6 | ) |
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Purchase of common stock for treasury | (2.4 | ) | | — | | | — | | | — | | | (2.4 | ) |
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Purchases of shares under employee stock plans | (11.7 | ) | | — | | | — | | | — | | | (11.7 | ) |
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Proceeds from the exercise of stock options | 11.6 | | | — | | | — | | | — | | | 11.6 | |
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Excess tax benefits from stock-based compensation | 9.9 | | | — | | | — | | | — | | | 9.9 | |
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Contributions from noncontrolling interest | — | | | — | | | 1.2 | | | — | | | 1.2 | |
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Net cash provided by financing activities | 1,182.70 | | | — | | | 0.7 | | | — | | | 1,183.40 | |
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Effect of foreign exchange rate changes | — | | | — | | | 2.5 | | | — | | | 2.5 | |
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Increase (decrease) in cash and cash equivalents | 19.8 | | | 45.5 | | | (33.9 | ) | | — | | | 31.4 | |
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Cash and cash equivalents at beginning of the year | 1.5 | | | 3 | | | 135.5 | | | — | | | 140 | |
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Cash and cash equivalents at end of the year | $ | 21.3 | | | $ | 48.5 | | | $ | 101.6 | | | $ | — | | | $ | 171.4 | |
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