Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 28, 2015 | Apr. 27, 2015 | |
Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 28-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | WOLVERINE WORLD WIDE INC /DE/ | |
Entity Central Index Key | 110471 | |
Current Fiscal Year End Date | -1 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 103,218,049 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Operations and Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 22, 2014 |
Income Statement [Abstract] | ||
Revenue | $631.40 | $627.60 |
Cost of goods sold | 370 | 371.4 |
Restructuring costs | 0 | 0.4 |
Gross profit | 261.4 | 255.8 |
Selling, general and administrative expenses | 198.8 | 190.5 |
Acquisition-related integration costs | 0 | 1.6 |
Net gain on restructuring | -1 | 0 |
Operating profit | 63.6 | 63.7 |
Other expenses: | ||
Interest expense, net | 9.5 | 10.9 |
Other (income) expense, net | -1 | 0.8 |
Total other expenses | 8.5 | 11.7 |
Earnings before income taxes | 55.1 | 52 |
Income taxes | 15 | 14.8 |
Net earnings | 40.1 | 37.2 |
Less: net earnings attributable to noncontrolling interest | 0 | 0.1 |
Net earnings attributable to Wolverine World Wide, Inc. | 40.1 | 37.1 |
Net earnings per share (see Note 3): | ||
Basic | $0.40 | $0.37 |
Diluted | $0.39 | $0.36 |
Comprehensive income | 30.2 | 34.3 |
Less: comprehensive loss attributable to noncontrolling interest | -0.2 | -0.1 |
Comprehensive income attributable to Wolverine World Wide, Inc. | $30.40 | $34.40 |
Cash dividends declared per share | $0.06 | $0.06 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Mar. 28, 2015 | Jan. 03, 2015 | Mar. 22, 2014 |
In Millions, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $121.30 | $223.80 | $166.80 |
Accounts receivable, less allowances: March 28, 2015 – $40.8; January 3, 2015 – $41.0; March 22, 2014 – $34.6 | 357.2 | 312.7 | 484.1 |
Inventories: | |||
Finished products, net | 404.3 | 398.1 | 443.5 |
Raw materials and work-in-process, net | 15.5 | 15.9 | 22.1 |
Total inventories | 419.8 | 414 | 465.6 |
Deferred income taxes | 27.9 | 28.1 | 28.3 |
Prepaid expenses and other current assets | 61.9 | 63.6 | 40.3 |
Total current assets | 988.1 | 1,042.20 | 1,185.10 |
Property, plant and equipment: | |||
Gross cost | 420.3 | 415.3 | 414.9 |
Accumulated depreciation | -285 | -278.5 | -267.3 |
Property plant and equipment net | 135.3 | 136.8 | 147.6 |
Other assets: | |||
Goodwill | 434.1 | 438.8 | 442.3 |
Indefinite-lived intangibles | 690.5 | 690.5 | 690.2 |
Amortizable intangibles, net | 108.7 | 112.1 | 123.7 |
Deferred income taxes | 2.7 | 2.8 | 3.4 |
Deferred financing costs, net | 15.5 | 16.5 | 21 |
Other | 65.6 | 64.8 | 66.1 |
Total other assets | 1,317.10 | 1,325.50 | 1,346.70 |
Total assets | 2,440.50 | 2,504.50 | 2,679.40 |
Current liabilities: | |||
Accounts payable | 96.4 | 149.4 | 137.4 |
Accrued salaries and wages | 18.1 | 36.1 | 27.3 |
Other accrued liabilities | 121.3 | 108.5 | 110.2 |
Current maturities of long-term debt | 42 | 46.7 | 43.6 |
Borrowings under revolving credit agreement | 14.5 | 0 | 34 |
Total current liabilities | 292.3 | 340.7 | 352.5 |
Long-term debt, less current maturities | 800.8 | 854.1 | 1,096.70 |
Accrued pension liabilities | 129.1 | 128.1 | 74.5 |
Deferred income taxes | 220 | 217 | 256.7 |
Other liabilities | 26.9 | 26.6 | 27.4 |
Wolverine World Wide, Inc. stockholders’ equity: | |||
Common Stock - par value $1, authorized 320,000,000 shares; shares issued (including shares in treasury): March 28, 2015 - 103,856,676 shares; January 3, 2015 - 102,253,150 shares; March 22, 2014 - 101,784,796 shares | 103.9 | 102.3 | 101.8 |
Additional paid-in capital | 54.8 | 40.1 | 14.9 |
Retained earnings | 886.3 | 852.2 | 774.3 |
Accumulated other comprehensive loss | -59.2 | -49.5 | -12.1 |
Cost of shares in treasury: March 28, 2015 - 668,988; January 3, 2015 - 416,812 shares; March 22, 2014 - 396,690 | -18.7 | -11.6 | -11.1 |
Total Wolverine World Wide, Inc. stockholders’ equity | 967.1 | 933.5 | 867.8 |
Noncontrolling interest | 4.3 | 4.5 | 3.8 |
Total stockholders’ equity | 971.4 | 938 | 871.6 |
Total liabilities and stockholders’ equity | $2,440.50 | $2,504.50 | $2,679.40 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Parenthetical) (USD $) | Mar. 28, 2015 | Jan. 03, 2015 | Mar. 22, 2014 |
In Millions, except Share data, unless otherwise specified | |||
Statement of Financial Position [Abstract] | |||
Accounts receivable allowance | $40.80 | $41 | $34.60 |
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 treasury shares) | 103,856,676 | 102,253,150 | 101,784,796 |
Treasury shares | 668,988 | 416,812 | 396,690 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Cash Flow (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 22, 2014 |
OPERATING ACTIVITIES | ||
Net earnings | $40.10 | $37.20 |
Adjustments to reconcile net earnings to net cash used in operating activities: | ||
Depreciation and amortization | 10.9 | 12.6 |
Deferred income taxes | 2.3 | 2.2 |
Stock-based compensation expense | 6.7 | 4.6 |
Excess tax benefits from stock-based compensation | -3.4 | -3.5 |
Pension contribution | 0 | -0.6 |
Pension expense | 6.4 | 3 |
Restructuring costs (gain) | -1 | 0.4 |
Cash payments related to restructuring costs | -3.5 | -0.4 |
Other | 5.3 | 2.6 |
Changes in operating assets and liabilities: | ||
Accounts receivable | -49.7 | -88 |
Inventories | -11.3 | -39.6 |
Other operating assets | 4.6 | 8.9 |
Accounts payable | -51.8 | 2.6 |
Other operating liabilities | 1.4 | 1.9 |
Net cash used in operating activities | -43 | -56.1 |
INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | -6.4 | -5.6 |
Investment in joint venture | 0 | -0.7 |
Other | -0.7 | -0.4 |
Net cash used in investing activities | -7.1 | -6.7 |
FINANCING ACTIVITIES | ||
Net borrowings under revolving credit agreement | 14.5 | 34 |
Payments on long-term debt | -58 | -9.7 |
Cash dividends paid | -6.1 | -6.3 |
Purchases of shares under employee stock plans | -7.4 | -9.3 |
Proceeds from the exercise of stock options | 5.8 | 2.8 |
Excess tax benefits from stock-based compensation | 3.4 | 3.5 |
Net cash provided by (used in) financing activities | -47.8 | 15 |
Effect of foreign exchange rate changes | -4.6 | 0.4 |
Decrease in cash and cash equivalents | -102.5 | -47.4 |
Cash and cash equivalents at beginning of the year | 223.8 | 214.2 |
Cash and cash equivalents at end of the period | $121.30 | $166.80 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 28, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Nature of Operations | |
Wolverine World Wide, Inc. (the “Company”) is a leading designer, manufacturer and marketer of a broad range of quality casual footwear and apparel; performance outdoor and athletic footwear and apparel; children’s 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®, Cushe®, Harley-Davidson®, Hush Puppies®, HyTest®, Keds®, Merrell®, Saucony®, Sebago®, Soft Style®, Sperry Top-Sider®, Stride Rite® and Wolverine®. Licensing and distribution arrangements with third parties extend the global reach of the Company’s brand portfolio. The Company also operates a consumer-direct division that markets both its own brands and branded footwear and apparel from other manufacturers, as well as a leathers division that markets Wolverine Performance Leathers™. | |
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 footnotes 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 footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 3, 2015. | |
Revenue Recognition | |
Revenue is recognized on the sale of products manufactured or sourced by the Company when the related goods have been shipped, legal title has passed to the customer and collectability is reasonably assured. Revenue generated through licensees and distributors involving products bearing the Company’s trademarks is recognized as earned according to stated contractual terms upon either the purchase or shipment of branded products by licensees and distributors. Retail store revenue is recognized at time of sale. | |
The Company records provisions for estimated sales returns and allowances at the time of sale based on historical rates of returns and allowances and specific identification of outstanding returns not yet received from customers. However, estimates of actual returns and allowances in any future period are inherently uncertain and actual returns and allowances may differ from these estimates. If actual or expected future returns and allowances were significantly greater or less than established reserves, a reduction or increase to net revenues would be recorded in the period this determination was made. | |
Cost of Goods Sold | |
Cost of goods sold includes the actual product costs, including inbound freight charges and certain outbound freight charges, purchasing, sourcing, inspection and receiving costs. Warehousing costs are included in selling, general and administrative expenses. | |
Seasonality | |
The Company’s business is subject to seasonal influences and the Company’s fiscal year has 12 weeks in each of the first three fiscal quarters and, depending on the fiscal calendar, 16 or 17 weeks in the fourth fiscal quarter. Both of these factors can cause significant differences in revenue, earnings and cash flows from quarter to quarter; however, the differences have followed a consistent pattern in recent years. |
New_Accounting_Standards
New Accounting Standards | 3 Months Ended |
Mar. 28, 2015 | |
Accounting Policies [Abstract] | |
New Accounting Standards | NEW ACCOUNTING STANDARDS |
In May 2014, Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) that updates the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also amends the required disclosures of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is evaluating the potential impacts of the new standard on its existing revenue recognition policies and procedures. | |
In June 2014, FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. ASU 2014-12 is effective for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The Company is evaluating the potential impacts of the new standard on its existing stock-based compensation plans. | |
In August 2014, FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 requires that an entity’s management evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and for interim periods thereafter. The Company does not expect the new standard to have a significant impact on its quarterly reporting process. | |
In April 2015, FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 will require that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the debt. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. ASU 2015-03 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, with early adoption permitted. ASU 2015-03 will require the Company to reclassify its deferred financing costs from other assets to long-term debt on a retrospective basis. The new standard will not affect the Company’s results of operations or cash flows. | |
In April 2015, FASB issued ASU 2015-04, Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets (“ASU 2015-04”). ASU 2015-04 allows employers with a fiscal year end that does not coincide with a calendar month end to make an accounting policy election to measure defined benefit plan assets and obligations as of the end of the month closest to their fiscal year end. ASU 2015-24 is effective for interim and fiscal periods beginning after December 15, 2015. Prospective application is required, and early adoption is permitted. The Company plans to adopt the new standard during its fourth quarter of fiscal 2015. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share | EARNINGS PER SHARE | |||||||
The Company calculates earnings per share in accordance with FASB Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share (“ASC 260”). ASC 260 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share under the two-class method. Under the guidance in ASC 260, the Company’s unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and must be included in the computation of earnings per share pursuant to the two-class method. | ||||||||
On April 24, 2014, the Company amended its Restated Certificate of Incorporation to increase the number of shares of the Company’s authorized common stock from 160,000,000 shares to 320,000,000 shares. All share data in this Quarterly Report on Form 10-Q has been presented to reflect the increase in authorized shares. | ||||||||
The following table sets forth the computation of basic and diluted earnings per share. | ||||||||
12 Weeks Ended | ||||||||
(In millions, except share and per share data) | March 28, | March 22, | ||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net earnings attributable to Wolverine World Wide, Inc. | $ | 40.1 | $ | 37.1 | ||||
Adjustment for earnings allocated to non-vested restricted common stock | (0.8 | ) | (0.7 | ) | ||||
Net earnings used in calculating basic earnings per share | 39.3 | 36.4 | ||||||
Adjustment for earnings reallocated from non-vested restricted common stock | 0.1 | — | ||||||
Net earnings used in calculating diluted earnings per share | $ | 39.4 | $ | 36.4 | ||||
Denominator: | ||||||||
Weighted average shares outstanding | 102,514,698 | 100,961,065 | ||||||
Adjustment for non-vested restricted common stock | (3,550,261 | ) | (3,141,330 | ) | ||||
Shares used in calculating basic earnings per share | 98,964,437 | 97,819,735 | ||||||
Effect of dilutive stock options | 1,871,886 | 2,056,789 | ||||||
Shares used in calculating diluted earnings per share | 100,836,323 | 99,876,524 | ||||||
Net earnings per share: | ||||||||
Basic | $ | 0.4 | $ | 0.37 | ||||
Diluted | $ | 0.39 | $ | 0.36 | ||||
For the 12 weeks ended March 28, 2015 and March 22, 2014, options relating to 1,121,413 and 589,579 shares of common stock outstanding, respectively, have not been included in the denominator for the computation of diluted earnings per share because they were anti-dilutive. |
Goodwill_and_IndefiniteLived_I
Goodwill and Indefinite-Lived Intangibles | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Goodwill and Indefinite-Lived Intangibles | GOODWILL AND INDEFINITE-LIVED INTANGIBLES | |||||||||||
The changes in the carrying amount of goodwill and indefinite-lived intangibles are as follows: | ||||||||||||
(In millions) | Goodwill | Indefinite-lived | Total | |||||||||
intangibles | ||||||||||||
Balance at December 28, 2013 | $ | 445.3 | $ | 690.5 | $ | 1,135.80 | ||||||
Foreign currency translation effects | (3.0 | ) | (0.3 | ) | (3.3 | ) | ||||||
Balance at March 22, 2014 | $ | 442.3 | $ | 690.2 | $ | 1,132.50 | ||||||
Balance at January 3, 2015 | $ | 438.8 | $ | 690.5 | $ | 1,129.30 | ||||||
Foreign currency translation effects | (4.7 | ) | — | (4.7 | ) | |||||||
Balance at March 28, 2015 | $ | 434.1 | $ | 690.5 | $ | 1,124.60 | ||||||
Accounts_Receivable_Notes
Accounts Receivable (Notes) | 3 Months Ended |
Mar. 28, 2015 | |
Accounts Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ACCOUNTS RECEIVABLE |
During the fourth quarter of fiscal 2014, the Company executed a three-year agreement with a financial institution to sell selected trade accounts receivable on a recurring, nonrecourse basis. Under the agreement, up to $200.0 million of accounts receivable may be sold to the financial institution and remain outstanding at any point in time. After the sale, the Company does not retain any interests in the accounts receivable and removes them from its consolidated balance sheets, but continues to service and collect the outstanding accounts receivable on behalf of the financial institution. The Company recognizes a servicing asset or servicing liability, initially measured at fair value, each time it undertakes an obligation to service the accounts receivable under the agreement. The fair value of this obligation resulted in a nominal servicing liability at March 28, 2015 and January 3, 2015. For receivables sold under the agreement, 90% of the stated amount is paid for in cash to the Company at the time of sale, with the remainder paid to the Company at the completion of the collection process. As of March 28, 2015 and January 3, 2015, this program had reduced the Company's accounts receivable by $91.3 million and $60.9 million. During the 12 weeks ended March 28, 2015, the Company sold a total of $157.3 million of accounts receivable at their stated amounts, less a $0.3 million fee charged by the financial institution. The fee is recorded in other expense. Net proceeds of this program are classified in operating activities in the consolidated statements of cash flows. |
Debt
Debt | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Debt | DEBT | |||||||||||
Total debt consists of the following obligations: | ||||||||||||
(In millions) | March 28, | January 3, | March 22, | |||||||||
2015 | 2015 | 2014 | ||||||||||
Term Loan A, due October 10, 2018 | $ | 467.2 | $ | 525.2 | $ | 765.3 | ||||||
Public Bonds, 6.125% interest, due October 15, 2020 | 375 | 375 | 375 | |||||||||
Borrowings under revolving credit agreement | 14.5 | — | 34 | |||||||||
Capital lease obligation | 0.6 | 0.6 | — | |||||||||
Total debt | $ | 857.3 | $ | 900.8 | $ | 1,174.30 | ||||||
The Company’s amended credit agreement (the “Credit Agreement”) established a term loan facility (the “Term Loan A Facility”)with a principal balance of $775.0 million. The Credit Agreement provides for a maximum debt capacity (including outstanding term loan principal and Revolving Credit Facility commitment amounts in addition to permitted incremental debt) not to exceed $1,350.0 million. | ||||||||||||
The interest rates applicable to amounts outstanding under the Term Loan A Facility and to U.S. dollar denominated amounts outstanding under the Revolving Credit Facility will be, 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 0.375% to 1.25%, or (2) the Eurocurrency Rate plus an Applicable Margin as determined by the Company’s Consolidated Leverage Ratio, within a range of 1.375% to 2.25% (all capitalized terms used in this sentence are as defined in the Credit Agreement). As required by the Credit Agreement, the Company has an interest rate swap arrangement that reduces the Company’s exposure to fluctuations in interest rates on its variable rate debt. | ||||||||||||
The Revolving Credit Facility allows the Company to borrow up to an aggregate amount of $200.0 million and includes a $100.0 million foreign currency subfacility under which borrowings may be made, subject to certain conditions, in Canadian dollars, British pounds, euros, Hong Kong dollars, Swedish kronor, Swiss francs and such additional currencies as are determined in accordance with the Credit Agreement. The Revolving Credit Facility also includes a $50.0 million swingline subfacility and a $50.0 million letter of credit subfacility. | ||||||||||||
The Company had outstanding letters of credit under the Revolving Credit Facility of $3.6 million, $3.6 million and $3.3 million as of March 28, 2015, January 3, 2015 and March 22, 2014, respectively. These outstanding letters of credit reduce the borrowing capacity under the Revolving Credit Facility. | ||||||||||||
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 Credit Agreement also contains 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 Credit Agreement requires compliance with the following financial covenants: a maximum Consolidated Leverage Ratio; a maximum Consolidated Secured Leverage Ratio; and a minimum Consolidated Interest Coverage Ratio. As of March 28, 2015, the Company was in compliance with all covenants and performance ratios under the Credit Agreement. All capitalized terms used in this paragraph are as defined in the Credit Agreement. | ||||||||||||
The Company has $375.0 million of senior notes outstanding that may be traded in the public market (the “Public Bonds”) that are due on October 15, 2020. The Public Bonds bear interest at 6.125% with the related interest payments due semi-annually. The Public Bonds are guaranteed by substantially all of the Company’s domestic subsidiaries. | ||||||||||||
The Company has a $5.0 million (or the equivalent amount in Chinese Renminbi) revolving line of credit facility that is uncommitted and, therefore, each borrowing against the facility is subject to approval by the lender. There were no borrowings against this facility for all periods presented. | ||||||||||||
The Company has a capital lease obligation with payments scheduled to continue through February 2022. | ||||||||||||
The Company included in interest expense the amortization of deferred financing costs of $1.0 million in both 12 week periods ended March 28, 2015 and March 22, 2014. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | |||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||
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 12 weeks ended March 28, 2015 and March 22, 2014 is as follows: | ||||||||||||||||||||
(In millions) | Foreign | Foreign | Interest | Pension | Total | |||||||||||||||
currency | exchange | rate | adjustments | |||||||||||||||||
translation | contracts | swap | ||||||||||||||||||
adjustments | ||||||||||||||||||||
Balance of accumulated other comprehensive income (loss) as of December 28, 2013 | $ | 0.5 | $ | (0.8 | ) | $ | 0.6 | $ | (9.5 | ) | $ | (9.2 | ) | |||||||
Other comprehensive income (loss) before reclassifications (1) | (5.8 | ) | 1.3 | 0.1 | — | (4.4 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 0.6 | (2) | — | 1.7 | (3) | 2.3 | |||||||||||||
Income tax expense (benefit) | — | (0.2 | ) | — | (0.6 | ) | (0.8 | ) | ||||||||||||
Net reclassifications | — | 0.4 | — | 1.1 | 1.5 | |||||||||||||||
Net current-period other comprehensive income (loss) (1) | (5.8 | ) | 1.7 | 0.1 | 1.1 | (2.9 | ) | |||||||||||||
Balance of accumulated other comprehensive income (loss) as of March 22, 2014 | $ | (5.3 | ) | $ | 0.9 | $ | 0.7 | $ | (8.4 | ) | $ | (12.1 | ) | |||||||
Balance of accumulated other comprehensive income (loss) as of January 3, 2015 | $ | (16.9 | ) | $ | 8.6 | $ | 0.4 | $ | (41.6 | ) | $ | (49.5 | ) | |||||||
Other comprehensive income (loss) before reclassifications (1) | (17.4 | ) | 7.1 | (0.7 | ) | — | (11.0 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (2.5 | ) | (2) | — | 4.8 | (3) | 2.3 | ||||||||||||
Income tax expense (benefit) | — | 0.7 | — | (1.7 | ) | (1.0 | ) | |||||||||||||
Net reclassifications | — | (1.8 | ) | — | 3.1 | 1.3 | ||||||||||||||
Net current-period other comprehensive income (loss) (1) | (17.4 | ) | 5.3 | (0.7 | ) | 3.1 | (9.7 | ) | ||||||||||||
Balance of accumulated other comprehensive income (loss) as of March 28, 2015 | $ | (34.3 | ) | $ | 13.9 | $ | (0.3 | ) | $ | (38.5 | ) | $ | (59.2 | ) | ||||||
(1) | Other comprehensive income is reported net of taxes and noncontrolling interest. | |||||||||||||||||||
(2) | Amounts reclassified are included in cost of goods sold. | |||||||||||||||||||
(3) | Amounts reclassified are included in the computation of net pension expense. |
Financial_Instruments_and_Risk
Financial Instruments and Risk Management | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Investments, All Other Investments [Abstract] | ||||||||||||
Financial Instruments and Risk Management | FINANCIAL INSTRUMENTS AND RISK MANAGEMENT | |||||||||||
The Company follows FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), which provides a consistent definition of fair value, focuses on exit price, prioritizes the use of market-based inputs over entity-specific inputs for measuring fair value and establishes a three-tier hierarchy for fair value measurements. ASC 820 requires fair value measurements to be classified and disclosed in one of the following three categories: | ||||||||||||
Level 1: | Fair value is measured using quoted prices (unadjusted) in active markets for identical assets and liabilities. | |||||||||||
Level 2: | Fair value is measured using either direct or indirect inputs, other than quoted prices included within Level 1, which are observable for similar assets or liabilities. | |||||||||||
Level 3: | Fair value is measured using valuation techniques in which one or more significant inputs are unobservable. | |||||||||||
The Company’s financial instruments consist of cash and cash equivalents, accounts and notes receivable, accounts payable, foreign currency forward exchange contracts, an interest rate swap arrangement, borrowings under the Revolving Credit Facility and long-term debt. The carrying amount of the Company’s financial instruments is historical cost, which approximates fair value, except for the interest rate swap and foreign currency forward exchange contracts, which are carried at fair value. The carrying value and the fair value of the Company’s long-term debt, excluding capital leases, are as follows: | ||||||||||||
(In millions) | March 28, 2015 | January 3, 2015 | March 22, 2014 | |||||||||
Carrying value | $ | 842.2 | $ | 900.2 | $ | 1,140.30 | ||||||
Fair value | 877.8 | 928.4 | 1,175.50 | |||||||||
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). | ||||||||||||
The Company follows FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”), which is intended to improve transparency in financial reporting and requires that all derivative instruments be recorded on the consolidated condensed balance sheets at fair value by establishing criteria for designation and effectiveness of hedging relationships. The Company utilizes foreign currency forward exchange contracts to manage the volatility associated with U.S. dollar inventory purchases made by non-U.S. wholesale operations in the normal course of business. | ||||||||||||
The Company has one interest rate swap arrangement which exchanges floating rate for fixed rate interest payments over the life of the agreement without the exchange of the underlying notional amounts. This derivative instrument, which, unless otherwise terminated, will mature on October 6, 2017, has been designated as a cash flow hedge of the debt. The notional amounts of the interest rate swap arrangement are used to measure interest to be paid or received and do not represent the amount of exposure to credit loss. The Company does not hold or issue financial instruments for trading purposes. | ||||||||||||
The notional amounts of the Company’s derivative instruments are as follows: | ||||||||||||
March 28, 2015 | January 3, 2015 | March 22, 2014 | ||||||||||
Foreign exchange contracts: | ||||||||||||
Notional amount (in millions) | $ | 136.8 | $ | 141.6 | $ | 97 | ||||||
Maturities (in days) | 370 | 336 | 308 | |||||||||
Interest rate swap: | ||||||||||||
Notional amount (in millions) | $ | 386.6 | $ | 405.4 | $ | 443.6 | ||||||
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) | March 28, 2015 | January 3, 2015 | March 22, 2014 | |||||||||
Financial assets: | ||||||||||||
Foreign exchange contracts asset | $ | 10.4 | $ | 8.6 | $ | 2.2 | ||||||
Interest rate swap asset | — | 0.6 | 1 | |||||||||
Financial liabilities: | ||||||||||||
Foreign exchange contracts liability | — | — | 1 | |||||||||
Interest rate swap liability | 0.4 | — | — | |||||||||
The fair value of the foreign currency forward exchange contracts represents the estimated receipts or payments necessary to terminate the contracts. Hedge effectiveness is evaluated by the hypothetical derivative method. Any hedge ineffectiveness is reported within the cost of goods sold line item in the consolidated condensed statements of operations and comprehensive income. Hedge ineffectiveness was not material to the Company’s consolidated financial statements for the 12 weeks ended March 28, 2015 or March 22, 2014. If, in the future, the foreign exchange contracts are determined to be ineffective hedges or terminated before their contractual termination dates, the Company would be required to reclassify into earnings all or a portion of the unrealized amounts related to the cash flow hedges that are currently included in accumulated other comprehensive loss within stockholders’ equity. | ||||||||||||
The differential paid or received on the interest rate swap arrangement is recognized as interest expense. In accordance with ASC 815, the Company has formally documented the relationship between the interest rate swap and the variable rate borrowings, as well as its risk management objective and strategy for undertaking the hedge transaction. This process included linking the derivative to the specific liability or asset on the balance sheet. The Company also assessed at the hedge’s inception, 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 effective portion of unrealized gains (losses) is deferred as a component of accumulated other comprehensive loss and will be recognized in earnings at the time the hedged item affects earnings. Any ineffective portion of the change in fair value will be immediately recognized in earnings. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||
Mar. 28, 2015 | ||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION | |||||
The Company accounts for stock-based compensation in accordance with the fair value recognition provisions of FASB ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). The Company recognized compensation expense of $6.7 million and related income tax benefits of $2.2 million for grants under its stock-based compensation plans for the 12 weeks ended March 28, 2015. The Company recognized compensation expense of $4.6 million and related income tax benefits of $1.5 million for grants under its stock-based compensation plans for the 12 weeks ended March 22, 2014. | ||||||
Stock-based compensation expense recognized in the consolidated condensed statements of operations and comprehensive income is based on awards ultimately expected to vest and, as such, has been reduced for estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based on historical experience. | ||||||
The Company estimated the fair value of employee stock options on the date of grant using the Black-Scholes model. The estimated weighted average fair value for each option granted during the 12 weeks ended March 28, 2015 and March 22, 2014 was $6.30 and $6.19, respectively, with the following weighted average assumptions: | ||||||
12 Weeks Ended | ||||||
March 28, | March 22, | |||||
2015 | 2014 | |||||
Expected market price volatility (1) | 28.8 | % | 29.6 | % | ||
Risk-free interest rate (2) | 1.3 | % | 1.1 | % | ||
Dividend yield (3) | 0.9 | % | 0.9 | % | ||
Expected term (4) | 4 years | 4 years | ||||
(1) | Based on historical volatility of the Company’s common stock. The expected volatility is based on the daily percentage change in the price of the stock over the four years prior to the grant. | |||||
(2) | Represents the U.S. Treasury yield curve in effect for the expected term of the option at the time of grant. | |||||
(3) | Represents the Company’s estimated cash dividend yield for the expected term. | |||||
(4) | Represents the period of time that options granted are expected to be outstanding. As part of the determination of the expected term, the Company concluded that all employee groups exhibit similar exercise and post-vesting termination behavior. | |||||
The Company issued 1,746,536 and 1,227,651 shares of common stock in connection with new restricted stock grants made and the exercise of stock options during the 12 weeks ended March 28, 2015 and March 22, 2014, respectively. During the 12 weeks ended March 28, 2015 and March 22, 2014, the Company canceled 143,010 and 252,213 shares, respectively, of common stock issued under restricted stock awards as a result of forfeitures. |
Retirement_Plans
Retirement Plans | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||
Retirement Plans | RETIREMENT PLANS | |||||||
A summary of net pension and Supplemental Executive Retirement Plan expense recognized by the Company is as follows: | ||||||||
12 Weeks Ended | ||||||||
(In millions) | March 28, | March 22, | ||||||
2015 | 2014 | |||||||
Service cost pertaining to benefits earned during the period | $ | 2.1 | $ | 1.7 | ||||
Interest cost on projected benefit obligations | 4.2 | 4.7 | ||||||
Expected return on pension assets | (4.7 | ) | (5.1 | ) | ||||
Net amortization loss | 4.8 | 1.7 | ||||||
Net pension expense | $ | 6.4 | $ | 3 | ||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 28, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES |
The Company maintains certain strategic management and operational activities in overseas subsidiaries, and its foreign earnings are taxed at rates that are generally lower than the U.S. federal statutory income tax rate. A significant amount of the Company’s earnings are generated by its Canadian, European and Asia Pacific subsidiaries and, to a lesser extent, in other foreign jurisdictions that are not subject to income tax. The Company has not provided for U.S. taxes for earnings generated in foreign jurisdictions because it plans to reinvest these earnings indefinitely outside the U.S. However, if certain foreign earnings previously treated as permanently reinvested are repatriated, the additional U.S. tax liability could have a material adverse effect on the Company’s after-tax results of operations, financial position and cash flows. | |
The Company’s effective tax rate for the 12 weeks ended March 28, 2015 and March 22, 2014 was 27.3% and 28.5%, respectively. The lower effective tax rate in the current year period reflects a shift in income between tax jurisdictions with differing tax rates. | |
The Company is subject to periodic audits by domestic and foreign tax authorities. Currently, the Company is undergoing routine periodic audits in both domestic and foreign 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 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 2010 in the majority of tax jurisdictions. |
Litigation_and_Contingencies
Litigation and Contingencies | 3 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||
Litigation and Contingencies | LITIGATION AND CONTINGENCIES | |||||||||||||||||||||||
The Company is involved in various environmental claims and other legal actions arising in the normal course of business. The environmental claims include sites where the U.S. Environmental Protection Agency has notified the Company that it is a potentially responsible party with respect to environmental remediation. These remediation claims are subject to ongoing environmental impact studies, assessment of remediation alternatives, allocation of costs between responsible parties and concurrence by regulatory authorities and have not yet advanced to a stage where the Company’s liability is fixed. However, after taking into consideration legal counsel’s evaluation of all actions and claims against the Company, it is management’s opinion that the outcome of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. | ||||||||||||||||||||||||
The Company is also involved in routine non-environmental litigation incidental to its business and is a party to legal actions and claims, including, but not limited to, those related to employment and intellectual property. 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 and liabilities that have been recorded along with applicable insurance, it is management’s opinion that the outcome of these items will not have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. | ||||||||||||||||||||||||
Minimum future royalty and advertising obligations for the fiscal periods subsequent to March 28, 2015 under the terms of certain licenses held by the Company are as follows: | ||||||||||||||||||||||||
(In millions) | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||||||
Minimum royalties | $ | 1.3 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Minimum advertising | 6.9 | 3.1 | 3.2 | 3.3 | 3.4 | 7.1 | ||||||||||||||||||
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 $0.5 million and $0.6 million for the 12 weeks ended March 28, 2015 and March 22, 2014, 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 $0.8 million and $1.0 million for the 12 weeks ended March 28, 2015 and March 22, 2014, respectively. |
Business_Segments
Business Segments | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Business Segments | BUSINESS SEGMENTS | |||||||||||
The Company’s portfolio of brands is organized into the following three operating segments, which the Company has determined are reportable operating segments. | ||||||||||||
• | Performance Group, consisting of Merrell® footwear and apparel, Saucony® footwear and apparel, Chaco® footwear, and Cushe® footwear and includes Patagonia® footwear during fiscal 2014; | |||||||||||
• | Lifestyle Group, consisting of Sperry ® footwear and apparel, Stride Rite® footwear and apparel, Hush Puppies® footwear and apparel, Keds® footwear and apparel and Soft Style® footwear; and | |||||||||||
• | Heritage Group, consisting of Wolverine® footwear and apparel, Cat® footwear, Bates® uniform footwear, Sebago® footwear and apparel, Harley-Davidson® footwear and HyTest® safety footwear. | |||||||||||
The reportable segments are engaged in designing, manufacturing, sourcing, marketing, licensing and distributing branded footwear, apparel and accessories. Reported revenue for the reportable operating segments includes revenue from the sale of branded footwear, apparel and accessories to third-party customers; revenue from third-party licensees and distributors; and revenue from the Company’s mono-branded consumer-direct business. | ||||||||||||
The Company also reports “Other” and “Corporate” categories. The Other category consists of the Company’s multi-brand consumer-direct business, leather marketing operations and sourcing operations that include third-party commission revenues. The Corporate category consists of unallocated corporate expenses, including acquisition-related integration and restructuring costs. The Company’s operating 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 operating segments. The following is a summary of certain key financial measures for the respective fiscal periods indicated. | ||||||||||||
12 Weeks Ended | ||||||||||||
(In millions) | March 28, | March 22, | ||||||||||
2015 | 2014 | |||||||||||
Revenue: | ||||||||||||
Performance Group | $ | 243.4 | $ | 248.8 | ||||||||
Lifestyle Group | 243 | 238 | ||||||||||
Heritage Group | 126.1 | 120.7 | ||||||||||
Other | 18.9 | 20.1 | ||||||||||
Total | $ | 631.4 | $ | 627.6 | ||||||||
Operating profit (loss): | ||||||||||||
Performance Group | $ | 55.7 | $ | 58 | ||||||||
Lifestyle Group | 29.5 | 25 | ||||||||||
Heritage Group | 18.1 | 17.7 | ||||||||||
Other | (0.3 | ) | (1.4 | ) | ||||||||
Corporate | (39.4 | ) | (35.6 | ) | ||||||||
Total | $ | 63.6 | $ | 63.7 | ||||||||
(In millions) | March 28, | January 3, | March 22, | |||||||||
2015 | 2015 | 2014 | ||||||||||
Total assets: | ||||||||||||
Performance Group | $ | 533.1 | $ | 485.8 | $ | 554.9 | ||||||
Lifestyle Group | 1,406.60 | 1,378.80 | 1,482.60 | |||||||||
Heritage Group | 230.7 | 246.4 | 219.9 | |||||||||
Other | 57.1 | 52.1 | 60.4 | |||||||||
Corporate | 213 | 341.4 | 361.6 | |||||||||
Total | $ | 2,440.50 | $ | 2,504.50 | $ | 2,679.40 | ||||||
Goodwill: | ||||||||||||
Performance Group | $ | 92.4 | $ | 92.5 | $ | 92.8 | ||||||
Lifestyle Group | 320 | 323.8 | 326.1 | |||||||||
Heritage Group | 21.7 | 22.5 | 23.4 | |||||||||
Total | $ | 434.1 | $ | 438.8 | $ | 442.3 | ||||||
Restructuring_Activities
Restructuring Activities | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Restructuring Activities [Abstract] | ||||||||||||
Restructuring Activities | RESTRUCTURING ACTIVITIES | |||||||||||
2014 Restructuring Activities | ||||||||||||
On July 9, 2014, the Board of Directors of the Company approved a realignment of the Company’s consumer-direct operations (the “2014 Plan”). As a part of the 2014 Plan, the Company intends to close up to 140 retail stores by the end of 2015, consolidate certain consumer-direct support functions and implement certain other organizational changes. The Company currently estimates pretax charges related to the 2014 Plan will range from $39.0 million to $43.0 million compared to the original estimate of $26.6 million to $32.0 million. The increase in estimated costs is driven by the Company's expansion of the Plan to further consolidate its international operations and higher retail store exit costs. The Company estimates it will record the remaining charges through the first quarter of fiscal 2016 as it executes specific components of the 2014 Plan. Approximately $11.0 million to $14.0 million of this estimate represents non-cash charges. Once fully implemented, the Company expects annual pretax benefits of approximately $12.5 million as a result of the 2014 Plan. | ||||||||||||
The Company closed 58 retail stores in connection with the 2014 Plan during fiscal 2014 and four stores during the first quarter of fiscal 2015. The balance of the estimated 140 total store closures is expected to occur in fiscal 2015, with the majority of closures occurring during the fourth quarter of fiscal 2015. | ||||||||||||
The following is a summary of the activity with respect to a reserve established by the Company in connection with the 2014 Plan, by category of costs. | ||||||||||||
(In millions) | Severance and employee related | Costs associated with exit or disposal activities | Total | |||||||||
Balance at January 3, 2015 | $ | 1 | $ | 6.5 | $ | 7.5 | ||||||
Net gain on restructuring | 0.7 | (1.7 | ) | (1.0 | ) | |||||||
Amounts paid | (1.1 | ) | (2.4 | ) | (3.5 | ) | ||||||
Balance at March 28, 2015 | $ | 0.6 | $ | 2.4 | $ | 3 | ||||||
The Company recorded the costs related to the 2014 restructuring activities within its Corporate category in the net gain on restructuring line item as a component of operating expenses in the consolidated condensed statements of operations and comprehensive income. | ||||||||||||
2013 Restructuring Activities | ||||||||||||
On October 4, 2013, the Board of Directors of the Company approved a plan to restructure the Company’s Dominican Republic manufacturing operations in a manner intended to lower the Company’s cost of goods sold, as described below (the “2013 Plan”). During the fourth quarter of fiscal 2013, the Company sold a manufacturing facility in the Dominican Republic and closed a second manufacturing facility. The Company no longer maintains any Company-owned manufacturing operations in the Dominican Republic. The Company recognized $7.6 million of restructuring costs in fiscal 2013 and restructuring costs of $0.4 million during fiscal 2014. The Company does not expect to recognize any further significant costs for the 2013 Plan. The Company considers the 2013 Plan complete and all costs incurred have been recognized in the Company’s Corporate category and are included in the Restructuring costs line item as a component of cost of goods sold in the consolidated condensed statements of operations and comprehensive income. | ||||||||||||
The following is a summary of the activity with respect to a reserve established by the Company in connection with the 2013 Plan, by category of costs. | ||||||||||||
(In millions) | Severance and employee related | Costs associated with exit or disposal activities | Total | |||||||||
Balance at December 28, 2013 | $ | — | $ | 0.5 | $ | 0.5 | ||||||
Restructuring costs | 0.1 | 0.3 | 0.4 | |||||||||
Amounts paid | (0.1 | ) | (0.3 | ) | (0.4 | ) | ||||||
Charges against assets | — | (0.2 | ) | (0.2 | ) | |||||||
Balance at March 22, 2014 | $ | — | $ | 0.3 | $ | 0.3 | ||||||
Subsidiary_Guarantors_of_the_P
Subsidiary Guarantors of the Public Bonds | 3 Months Ended | |||||||||||||||||||
Mar. 28, 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 Public Bonds (“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 March 28, 2015 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Revenue | $ | 135.8 | $ | 947.7 | $ | 191.2 | $ | (643.3 | ) | $ | 631.4 | |||||||||
Cost of goods sold | 98.5 | 811 | 89.3 | (628.8 | ) | 370 | ||||||||||||||
Gross profit | 37.3 | 136.7 | 101.9 | (14.5 | ) | 261.4 | ||||||||||||||
Selling, general and administrative expenses | 47.7 | 106.8 | 58.8 | (14.5 | ) | 198.8 | ||||||||||||||
Restructuring costs (gain) | 0.4 | 0.6 | (2.0 | ) | — | (1.0 | ) | |||||||||||||
Operating profit (loss) | (10.8 | ) | 29.3 | 45.1 | — | 63.6 | ||||||||||||||
Other expenses: | ||||||||||||||||||||
Interest expense (income), net | 9.5 | 0.1 | (0.1 | ) | — | 9.5 | ||||||||||||||
Other expense (income), net | — | (1.2 | ) | 0.2 | — | (1.0 | ) | |||||||||||||
Total other expenses (income) | 9.5 | (1.1 | ) | 0.1 | — | 8.5 | ||||||||||||||
Earnings (loss) before income taxes | (20.3 | ) | 30.4 | 45 | — | 55.1 | ||||||||||||||
Income tax expense (benefit) | (7.9 | ) | 11.8 | 11.1 | — | 15 | ||||||||||||||
Earnings (loss) before equity in earnings (loss) of consolidated subsidiaries | (12.4 | ) | 18.6 | 33.9 | — | 40.1 | ||||||||||||||
Equity in earnings (loss) of consolidated subsidiaries | 52.5 | (39.4 | ) | 61.7 | (74.8 | ) | — | |||||||||||||
Net earnings (loss) | 40.1 | (20.8 | ) | 95.6 | (74.8 | ) | 40.1 | |||||||||||||
Less: net earnings attributable to noncontrolling interest | — | — | — | — | — | |||||||||||||||
Net earnings (loss) attributable to Wolverine World Wide, Inc. | $ | 40.1 | $ | (20.8 | ) | $ | 95.6 | $ | (74.8 | ) | $ | 40.1 | ||||||||
Comprehensive income (loss) | $ | 30.4 | $ | (20.8 | ) | $ | 83.3 | $ | (62.7 | ) | $ | 30.2 | ||||||||
Less: comprehensive loss attributable to noncontrolling interest | — | — | (0.2 | ) | — | (0.2 | ) | |||||||||||||
Comprehensive income (loss) attributable to Wolverine World Wide, Inc. | $ | 30.4 | $ | (20.8 | ) | $ | 83.5 | $ | (62.7 | ) | $ | 30.4 | ||||||||
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Consolidated Condensed Statements of Operations and Comprehensive Income | ||||||||||||||||||||
For the 12 Weeks Ended March 22, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Revenue | $ | 114.5 | $ | 939.7 | $ | 199.8 | $ | (626.4 | ) | $ | 627.6 | |||||||||
Cost of goods sold | 77 | 798.2 | 109.3 | (613.1 | ) | 371.4 | ||||||||||||||
Restructuring costs | — | — | 0.4 | — | 0.4 | |||||||||||||||
Gross profit | 37.5 | 141.5 | 90.1 | (13.3 | ) | 255.8 | ||||||||||||||
Selling, general and administrative expenses | 38.4 | 104.9 | 60.6 | (13.4 | ) | 190.5 | ||||||||||||||
Acquisition-related integration costs | 1 | 0.6 | — | — | 1.6 | |||||||||||||||
Operating profit (loss) | (1.9 | ) | 36 | 29.5 | 0.1 | 63.7 | ||||||||||||||
Other expenses: | ||||||||||||||||||||
Interest expense, net | 10.8 | 0.1 | — | — | 10.9 | |||||||||||||||
Other expense (income), net | (0.4 | ) | — | 1.2 | — | 0.8 | ||||||||||||||
Total other expenses | 10.4 | 0.1 | 1.2 | — | 11.7 | |||||||||||||||
Earnings (loss) before income taxes | (12.3 | ) | 35.9 | 28.3 | 0.1 | 52 | ||||||||||||||
Income tax expense (benefit) | (4.6 | ) | 13.5 | 5.9 | — | 14.8 | ||||||||||||||
Earnings (loss) before equity in earnings of consolidated subsidiaries | (7.7 | ) | 22.4 | 22.4 | 0.1 | 37.2 | ||||||||||||||
Equity in earnings of consolidated subsidiaries | 44.8 | 59.6 | 33.6 | (138.0 | ) | — | ||||||||||||||
Net earnings | 37.1 | 82 | 56 | (137.9 | ) | 37.2 | ||||||||||||||
Less: net earnings attributable to noncontrolling interest | — | — | 0.1 | — | 0.1 | |||||||||||||||
Net earnings attributable to Wolverine World Wide, Inc. | $ | 37.1 | $ | 82 | $ | 55.9 | $ | (137.9 | ) | $ | 37.1 | |||||||||
Comprehensive income | $ | 34.2 | $ | 81.8 | $ | 51.9 | $ | (133.6 | ) | $ | 34.3 | |||||||||
Less: comprehensive income (loss) attributable to noncontrolling interest | (0.2 | ) | — | 0.1 | — | (0.1 | ) | |||||||||||||
Comprehensive income attributable to Wolverine World Wide, Inc. | $ | 34.4 | $ | 81.8 | $ | 51.8 | $ | (133.6 | ) | $ | 34.4 | |||||||||
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Consolidated Condensed Balance Sheets | ||||||||||||||||||||
As of March 28, 2015 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 109.9 | $ | (87.8 | ) | $ | 99.2 | $ | — | $ | 121.3 | |||||||||
Accounts receivable, net | 15.6 | 204 | 137.6 | — | 357.2 | |||||||||||||||
Inventories: | ||||||||||||||||||||
Finished products, net | 65.5 | 256.5 | 82.3 | — | 404.3 | |||||||||||||||
Raw materials and work-in-process, net | 0.7 | 1.2 | 13.6 | — | 15.5 | |||||||||||||||
Total inventories | 66.2 | 257.7 | 95.9 | — | 419.8 | |||||||||||||||
Deferred income taxes | 12.8 | 14 | 1.1 | — | 27.9 | |||||||||||||||
Prepaid expenses and other current assets | 45.2 | (0.5 | ) | 17.2 | — | 61.9 | ||||||||||||||
Total current assets | 249.7 | 387.4 | 351 | — | 988.1 | |||||||||||||||
Property, plant and equipment: | ||||||||||||||||||||
Gross cost | 234.6 | 152.8 | 32.9 | — | 420.3 | |||||||||||||||
Accumulated depreciation | (185.8 | ) | (76.7 | ) | (22.5 | ) | — | (285.0 | ) | |||||||||||
Property, plant and equipment, net | 48.8 | 76.1 | 10.4 | — | 135.3 | |||||||||||||||
Other assets: | ||||||||||||||||||||
Goodwill | 7.8 | 353 | 73.3 | — | 434.1 | |||||||||||||||
Indefinite-lived intangibles | 4.3 | 674.9 | 11.3 | — | 690.5 | |||||||||||||||
Amortizable intangibles, net | 0.5 | 108.1 | 0.1 | — | 108.7 | |||||||||||||||
Deferred income taxes | — | — | 2.7 | — | 2.7 | |||||||||||||||
Deferred financing costs, net | 15.5 | — | — | — | 15.5 | |||||||||||||||
Other | 50.2 | 12 | 3.4 | — | 65.6 | |||||||||||||||
Intercompany accounts receivable | 22.1 | 2,433.40 | 501.4 | (2,956.9 | ) | — | ||||||||||||||
Investment in affiliates | 3,193.10 | 961.3 | 1,045.50 | (5,199.9 | ) | — | ||||||||||||||
Total other assets | 3,293.50 | 4,542.70 | 1,637.70 | (8,156.8 | ) | 1,317.10 | ||||||||||||||
Total assets | $ | 3,592.00 | $ | 5,006.20 | $ | 1,999.10 | $ | (8,156.8 | ) | $ | 2,440.50 | |||||||||
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Consolidated Condensed Balance Sheets - continued | ||||||||||||||||||||
As of March 28, 2015 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 24.4 | $ | 35.7 | $ | 36.3 | $ | — | $ | 96.4 | ||||||||||
Accrued salaries and wages | 9.3 | 4.9 | 3.9 | — | 18.1 | |||||||||||||||
Other accrued liabilities | 36.4 | 44.7 | 40.2 | — | 121.3 | |||||||||||||||
Current maturities of long-term debt | 42 | — | — | — | 42 | |||||||||||||||
Borrowings under revolving credit agreement | 14.5 | — | — | — | 14.5 | |||||||||||||||
Total current liabilities | 126.6 | 85.3 | 80.4 | — | 292.3 | |||||||||||||||
Long-term debt, less current maturities | 800.2 | 0.6 | — | — | 800.8 | |||||||||||||||
Accrued pension liabilities | 107.9 | 21.2 | — | — | 129.1 | |||||||||||||||
Deferred income taxes | (57.5 | ) | 274.7 | 2.8 | — | 220 | ||||||||||||||
Other liabilities | 13.9 | 10.4 | 2.6 | — | 26.9 | |||||||||||||||
Intercompany accounts payable | 1,633.80 | 856.5 | 466.6 | (2,956.9 | ) | — | ||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Wolverine World Wide, Inc. stockholders’ equity | 967.1 | 3,757.50 | 1,442.40 | (5,199.9 | ) | 967.1 | ||||||||||||||
Noncontrolling interest | — | — | 4.3 | — | 4.3 | |||||||||||||||
Total stockholders’ equity | 967.1 | 3,757.50 | 1,446.70 | (5,199.9 | ) | 971.4 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,592.00 | $ | 5,006.20 | $ | 1,999.10 | $ | (8,156.8 | ) | $ | 2,440.50 | |||||||||
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Consolidated Condensed Balance Sheets | ||||||||||||||||||||
As of January 3, 2015 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(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 | |||||||||
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Consolidated Condensed Balance Sheets - continued | ||||||||||||||||||||
As of January 3, 2015 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(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 | |||||||||
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Consolidated Condensed Balance Sheets | ||||||||||||||||||||
As of March 22, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | (0.8 | ) | $ | 3.8 | $ | 163.8 | $ | — | $ | 166.8 | |||||||||
Accounts receivable, net | 38.8 | 288.2 | 157.1 | — | 484.1 | |||||||||||||||
Inventories: | ||||||||||||||||||||
Finished products, net | 58.9 | 304.7 | 79.9 | — | 443.5 | |||||||||||||||
Raw materials and work-in-process, net | 0.6 | 1 | 20.5 | — | 22.1 | |||||||||||||||
Total inventories | 59.5 | 305.7 | 100.4 | — | 465.6 | |||||||||||||||
Deferred income taxes | 15.3 | 12.6 | 0.4 | — | 28.3 | |||||||||||||||
Prepaid expenses and other current assets | 20.4 | 5.9 | 14 | — | 40.3 | |||||||||||||||
Total current assets | 133.2 | 616.2 | 435.7 | — | 1,185.10 | |||||||||||||||
Property, plant and equipment: | ||||||||||||||||||||
Gross cost | 225 | 145.2 | 44.7 | — | 414.9 | |||||||||||||||
Accumulated depreciation | (175.1 | ) | (62.4 | ) | (29.8 | ) | — | (267.3 | ) | |||||||||||
Property, plant and equipment, net | 49.9 | 82.8 | 14.9 | — | 147.6 | |||||||||||||||
Other assets: | ||||||||||||||||||||
Goodwill | 7.8 | 354.3 | 80.2 | — | 442.3 | |||||||||||||||
Indefinite-lived intangibles | 4.3 | 674.6 | 11.3 | — | 690.2 | |||||||||||||||
Amortizable intangibles, net | 0.4 | 123.1 | 0.2 | — | 123.7 | |||||||||||||||
Deferred income taxes | — | — | 3.4 | — | 3.4 | |||||||||||||||
Deferred financing costs, net | 21 | — | — | — | 21 | |||||||||||||||
Other | 48.2 | 12.4 | 5.5 | — | 66.1 | |||||||||||||||
Intercompany accounts receivable | — | 1,553.10 | 420.8 | (1,973.9 | ) | — | ||||||||||||||
Investment in affiliates | 3,095.70 | 593.3 | 425.9 | (4,114.9 | ) | — | ||||||||||||||
Total other assets | 3,177.40 | 3,310.80 | 947.3 | (6,088.8 | ) | 1,346.70 | ||||||||||||||
Total assets | $ | 3,360.50 | $ | 4,009.80 | $ | 1,397.90 | $ | (6,088.8 | ) | $ | 2,679.40 | |||||||||
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Consolidated Condensed Balance Sheets - continued | ||||||||||||||||||||
As of March 22, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 28.9 | $ | 68.5 | $ | 40 | $ | — | $ | 137.4 | ||||||||||
Accrued salaries and wages | 11 | 8.4 | 7.9 | — | 27.3 | |||||||||||||||
Other accrued liabilities | 43 | 27.3 | 39.9 | — | 110.2 | |||||||||||||||
Current maturities of long-term debt | 43.6 | — | — | — | 43.6 | |||||||||||||||
Borrowings under revolving credit agreement | 34 | — | — | — | 34 | |||||||||||||||
Total current liabilities | 160.5 | 104.2 | 87.8 | — | 352.5 | |||||||||||||||
Long-term debt, less current maturities | 1,096.70 | — | — | — | 1,096.70 | |||||||||||||||
Accrued pension liabilities | 62.1 | 12.4 | — | — | 74.5 | |||||||||||||||
Deferred income taxes | (35.3 | ) | 287.6 | 4.4 | — | 256.7 | ||||||||||||||
Other liabilities | 12.7 | 12.1 | 2.6 | — | 27.4 | |||||||||||||||
Intercompany accounts payable | 1,196.00 | 292.1 | 485.8 | (1,973.9 | ) | — | ||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Wolverine World Wide, Inc. stockholders’ equity | 867.8 | 3,301.40 | 813.5 | (4,114.9 | ) | 867.8 | ||||||||||||||
Noncontrolling interest | — | — | 3.8 | — | 3.8 | |||||||||||||||
Total stockholders’ equity | 867.8 | 3,301.40 | 817.3 | (4,114.9 | ) | 871.6 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,360.50 | $ | 4,009.80 | $ | 1,397.90 | $ | (6,088.8 | ) | $ | 2,679.40 | |||||||||
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Consolidated Condensed Statements of Cash Flow | ||||||||||||||||||||
For the 12 Weeks Ended March 28, 2015 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 150.8 | $ | (88.8 | ) | $ | (105.0 | ) | $ | — | $ | (43.0 | ) | |||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Additions to property, plant and equipment | (3.9 | ) | (2.2 | ) | (0.3 | ) | — | (6.4 | ) | |||||||||||
Other | (0.6 | ) | (0.1 | ) | — | — | (0.7 | ) | ||||||||||||
Net cash used in investing activities | (4.5 | ) | (2.3 | ) | (0.3 | ) | — | (7.1 | ) | |||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Net borrowings under revolving credit agreement | 14.5 | — | — | — | 14.5 | |||||||||||||||
Payments on long-term debt | (58.0 | ) | — | — | — | (58.0 | ) | |||||||||||||
Cash dividends paid | (6.1 | ) | — | — | — | (6.1 | ) | |||||||||||||
Purchases of shares under employee stock plans | (7.4 | ) | — | — | — | (7.4 | ) | |||||||||||||
Proceeds from the exercise of stock options | 5.8 | — | — | — | 5.8 | |||||||||||||||
Excess tax benefits from stock-based compensation | 3.4 | — | — | — | 3.4 | |||||||||||||||
Net cash used in financing activities | (47.8 | ) | — | — | — | (47.8 | ) | |||||||||||||
Effect of foreign exchange rate changes | — | — | (4.6 | ) | — | (4.6 | ) | |||||||||||||
Increase (decrease) in cash and cash equivalents | 98.5 | (91.1 | ) | (109.9 | ) | — | (102.5 | ) | ||||||||||||
Cash and cash equivalents at beginning of the year | 11.4 | 3.3 | 209.1 | — | 223.8 | |||||||||||||||
Cash and cash equivalents at end of the period | $ | 109.9 | $ | (87.8 | ) | $ | 99.2 | $ | — | $ | 121.3 | |||||||||
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Consolidated Condensed Statements of Cash Flow | ||||||||||||||||||||
For the 12 Weeks Ended March 22, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net cash used in operating activities | $ | (32.0 | ) | $ | (8.2 | ) | $ | (15.9 | ) | $ | — | $ | (56.1 | ) | ||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Additions to property, plant and equipment | (2.2 | ) | (3.0 | ) | (0.4 | ) | — | (5.6 | ) | |||||||||||
Investment in joint venture | — | — | (0.7 | ) | — | (0.7 | ) | |||||||||||||
Other | (0.4 | ) | — | — | — | (0.4 | ) | |||||||||||||
Net cash used in investing activities | (2.6 | ) | (3.0 | ) | (1.1 | ) | — | (6.7 | ) | |||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Net borrowings under revolving credit agreement | 34 | — | — | — | 34 | |||||||||||||||
Payments on long-term debt | (9.7 | ) | — | — | — | (9.7 | ) | |||||||||||||
Cash dividends paid | (6.3 | ) | — | — | — | (6.3 | ) | |||||||||||||
Purchases of shares under employee stock plans | (9.3 | ) | — | — | — | (9.3 | ) | |||||||||||||
Proceeds from the exercise of stock options | 2.8 | — | — | — | 2.8 | |||||||||||||||
Excess tax benefits from stock-based compensation | 3.5 | — | — | — | 3.5 | |||||||||||||||
Net cash provided by financing activities | 15 | — | — | — | 15 | |||||||||||||||
Effect of foreign exchange rate changes | — | — | 0.4 | — | 0.4 | |||||||||||||||
Decrease in cash and cash equivalents | (19.6 | ) | (11.2 | ) | (16.6 | ) | — | (47.4 | ) | |||||||||||
Cash and cash equivalents at beginning of the year | 18.8 | 15 | 180.4 | — | 214.2 | |||||||||||||||
Cash and cash equivalents at end of the period | $ | (0.8 | ) | $ | 3.8 | $ | 163.8 | $ | — | $ | 166.8 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 28, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations |
Wolverine World Wide, Inc. (the “Company”) is a leading designer, manufacturer and marketer of a broad range of quality casual footwear and apparel; performance outdoor and athletic footwear and apparel; children’s 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®, Cushe®, Harley-Davidson®, Hush Puppies®, HyTest®, Keds®, Merrell®, Saucony®, Sebago®, Soft Style®, Sperry Top-Sider®, Stride Rite® and Wolverine®. Licensing and distribution arrangements with third parties extend the global reach of the Company’s brand portfolio. The Company also operates a consumer-direct division that markets both its own brands and branded footwear and apparel from other manufacturers, as well as a leathers division that markets Wolverine Performance Leathers™. | |
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 footnotes 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 footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 3, 2015. | |
Revenue Recognition | Revenue Recognition |
Revenue is recognized on the sale of products manufactured or sourced by the Company when the related goods have been shipped, legal title has passed to the customer and collectability is reasonably assured. Revenue generated through licensees and distributors involving products bearing the Company’s trademarks is recognized as earned according to stated contractual terms upon either the purchase or shipment of branded products by licensees and distributors. Retail store revenue is recognized at time of sale. | |
The Company records provisions for estimated sales returns and allowances at the time of sale based on historical rates of returns and allowances and specific identification of outstanding returns not yet received from customers. However, estimates of actual returns and allowances in any future period are inherently uncertain and actual returns and allowances may differ from these estimates. If actual or expected future returns and allowances were significantly greater or less than established reserves, a reduction or increase to net revenues would be recorded in the period this determination was made. | |
Cost of Goods Sold | Cost of Goods Sold |
Cost of goods sold includes the actual product costs, including inbound freight charges and certain outbound freight charges, purchasing, sourcing, inspection and receiving costs. Warehousing costs are included in selling, general and administrative expenses. | |
Seasonality | Seasonality |
The Company’s business is subject to seasonal influences and the Company’s fiscal year has 12 weeks in each of the first three fiscal quarters and, depending on the fiscal calendar, 16 or 17 weeks in the fourth fiscal quarter. Both of these factors can cause significant differences in revenue, earnings and cash flows from quarter to quarter; however, the differences have followed a consistent pattern in recent years. |
Earnings_Per_Share_Policies
Earnings Per Share (Policies) | 3 Months Ended |
Mar. 28, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The Company calculates earnings per share in accordance with FASB Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share (“ASC 260”). ASC 260 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share under the two-class method. Under the guidance in ASC 260, the Company’s unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and must be included in the computation of earnings per share pursuant to the two-class method. |
Financial_Instruments_and_Risk1
Financial Instruments and Risk Management (Policies) | 3 Months Ended | ||
Mar. 28, 2015 | |||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Fair Value Measurements and Disclosures | The Company follows FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), which provides a consistent definition of fair value, focuses on exit price, prioritizes the use of market-based inputs over entity-specific inputs for measuring fair value and establishes a three-tier hierarchy for fair value measurements. ASC 820 requires fair value measurements to be classified and disclosed in one of the following three categories: | ||
Level 1: | Fair value is measured using quoted prices (unadjusted) in active markets for identical assets and liabilities. | ||
Level 2: | Fair value is measured using either direct or indirect inputs, other than quoted prices included within Level 1, which are observable for similar assets or liabilities. | ||
Level 3: | Fair value is measured using valuation techniques in which one or more significant inputs are unobservable. | ||
Derivatives and Hedging | The Company follows FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”), which is intended to improve transparency in financial reporting and requires that all derivative instruments be recorded on the consolidated condensed balance sheets at fair value by establishing criteria for designation and effectiveness of hedging relationships. The Company utilizes foreign currency forward exchange contracts to manage the volatility associated with U.S. dollar inventory purchases made by non-U.S. wholesale operations in the normal course of business. |
StockBased_Compensation_Polici
Stock-Based Compensation (Policies) | 3 Months Ended |
Mar. 28, 2015 | |
Share-based Compensation [Abstract] | |
Stock Based Compensation Policy | The Company accounts for stock-based compensation in accordance with the fair value recognition provisions of FASB ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). The Company recognized compensation expense of $6.7 million and related income tax benefits of $2.2 million for grants under its stock-based compensation plans for the 12 weeks ended March 28, 2015. The Company recognized compensation expense of $4.6 million and related income tax benefits of $1.5 million for grants under its stock-based compensation plans for the 12 weeks ended March 22, 2014. |
Stock-based compensation expense recognized in the consolidated condensed statements of operations and comprehensive income is based on awards ultimately expected to vest and, as such, has been reduced for estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based on historical experience. | |
The Company estimated the fair value of employee stock options on the date of grant using the Black-Scholes model. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
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. | |||||||
12 Weeks Ended | ||||||||
(In millions, except share and per share data) | March 28, | March 22, | ||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net earnings attributable to Wolverine World Wide, Inc. | $ | 40.1 | $ | 37.1 | ||||
Adjustment for earnings allocated to non-vested restricted common stock | (0.8 | ) | (0.7 | ) | ||||
Net earnings used in calculating basic earnings per share | 39.3 | 36.4 | ||||||
Adjustment for earnings reallocated from non-vested restricted common stock | 0.1 | — | ||||||
Net earnings used in calculating diluted earnings per share | $ | 39.4 | $ | 36.4 | ||||
Denominator: | ||||||||
Weighted average shares outstanding | 102,514,698 | 100,961,065 | ||||||
Adjustment for non-vested restricted common stock | (3,550,261 | ) | (3,141,330 | ) | ||||
Shares used in calculating basic earnings per share | 98,964,437 | 97,819,735 | ||||||
Effect of dilutive stock options | 1,871,886 | 2,056,789 | ||||||
Shares used in calculating diluted earnings per share | 100,836,323 | 99,876,524 | ||||||
Net earnings per share: | ||||||||
Basic | $ | 0.4 | $ | 0.37 | ||||
Diluted | $ | 0.39 | $ | 0.36 | ||||
Goodwill_and_IndefiniteLived_I1
Goodwill and Indefinite-Lived Intangibles (Tables) | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Changes in the Carrying Amount of Goodwill and Indefinite-Lived Intangibles | The changes in the carrying amount of goodwill and indefinite-lived intangibles are as follows: | |||||||||||
(In millions) | Goodwill | Indefinite-lived | Total | |||||||||
intangibles | ||||||||||||
Balance at December 28, 2013 | $ | 445.3 | $ | 690.5 | $ | 1,135.80 | ||||||
Foreign currency translation effects | (3.0 | ) | (0.3 | ) | (3.3 | ) | ||||||
Balance at March 22, 2014 | $ | 442.3 | $ | 690.2 | $ | 1,132.50 | ||||||
Balance at January 3, 2015 | $ | 438.8 | $ | 690.5 | $ | 1,129.30 | ||||||
Foreign currency translation effects | (4.7 | ) | — | (4.7 | ) | |||||||
Balance at March 28, 2015 | $ | 434.1 | $ | 690.5 | $ | 1,124.60 | ||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Schedule of Borrowings | Total debt consists of the following obligations: | |||||||||||
(In millions) | March 28, | January 3, | March 22, | |||||||||
2015 | 2015 | 2014 | ||||||||||
Term Loan A, due October 10, 2018 | $ | 467.2 | $ | 525.2 | $ | 765.3 | ||||||
Public Bonds, 6.125% interest, due October 15, 2020 | 375 | 375 | 375 | |||||||||
Borrowings under revolving credit agreement | 14.5 | — | 34 | |||||||||
Capital lease obligation | 0.6 | 0.6 | — | |||||||||
Total debt | $ | 857.3 | $ | 900.8 | $ | 1,174.30 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | The change in accumulated other comprehensive income (loss) during the 12 weeks ended March 28, 2015 and March 22, 2014 is as follows: | |||||||||||||||||||
(In millions) | Foreign | Foreign | Interest | Pension | Total | |||||||||||||||
currency | exchange | rate | adjustments | |||||||||||||||||
translation | contracts | swap | ||||||||||||||||||
adjustments | ||||||||||||||||||||
Balance of accumulated other comprehensive income (loss) as of December 28, 2013 | $ | 0.5 | $ | (0.8 | ) | $ | 0.6 | $ | (9.5 | ) | $ | (9.2 | ) | |||||||
Other comprehensive income (loss) before reclassifications (1) | (5.8 | ) | 1.3 | 0.1 | — | (4.4 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 0.6 | (2) | — | 1.7 | (3) | 2.3 | |||||||||||||
Income tax expense (benefit) | — | (0.2 | ) | — | (0.6 | ) | (0.8 | ) | ||||||||||||
Net reclassifications | — | 0.4 | — | 1.1 | 1.5 | |||||||||||||||
Net current-period other comprehensive income (loss) (1) | (5.8 | ) | 1.7 | 0.1 | 1.1 | (2.9 | ) | |||||||||||||
Balance of accumulated other comprehensive income (loss) as of March 22, 2014 | $ | (5.3 | ) | $ | 0.9 | $ | 0.7 | $ | (8.4 | ) | $ | (12.1 | ) | |||||||
Balance of accumulated other comprehensive income (loss) as of January 3, 2015 | $ | (16.9 | ) | $ | 8.6 | $ | 0.4 | $ | (41.6 | ) | $ | (49.5 | ) | |||||||
Other comprehensive income (loss) before reclassifications (1) | (17.4 | ) | 7.1 | (0.7 | ) | — | (11.0 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (2.5 | ) | (2) | — | 4.8 | (3) | 2.3 | ||||||||||||
Income tax expense (benefit) | — | 0.7 | — | (1.7 | ) | (1.0 | ) | |||||||||||||
Net reclassifications | — | (1.8 | ) | — | 3.1 | 1.3 | ||||||||||||||
Net current-period other comprehensive income (loss) (1) | (17.4 | ) | 5.3 | (0.7 | ) | 3.1 | (9.7 | ) | ||||||||||||
Balance of accumulated other comprehensive income (loss) as of March 28, 2015 | $ | (34.3 | ) | $ | 13.9 | $ | (0.3 | ) | $ | (38.5 | ) | $ | (59.2 | ) | ||||||
(1) | Other comprehensive income is reported net of taxes and noncontrolling interest. | |||||||||||||||||||
(2) | Amounts reclassified are included in cost of goods sold. | |||||||||||||||||||
(3) | Amounts reclassified are included in the computation of net pension expense. |
Financial_Instruments_and_Risk2
Financial Instruments and Risk Management (Tables) | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Investments, All Other Investments [Abstract] | ||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ||||||||||||
(In millions) | March 28, 2015 | January 3, 2015 | March 22, 2014 | |||||||||
Carrying value | $ | 842.2 | $ | 900.2 | $ | 1,140.30 | ||||||
Fair value | 877.8 | 928.4 | 1,175.50 | |||||||||
Schedule of Derivative Instruments [Table Text Block] | The notional amounts of the Company’s derivative instruments are as follows: | |||||||||||
March 28, 2015 | January 3, 2015 | March 22, 2014 | ||||||||||
Foreign exchange contracts: | ||||||||||||
Notional amount (in millions) | $ | 136.8 | $ | 141.6 | $ | 97 | ||||||
Maturities (in days) | 370 | 336 | 308 | |||||||||
Interest rate swap: | ||||||||||||
Notional amount (in millions) | $ | 386.6 | $ | 405.4 | $ | 443.6 | ||||||
Financial Assets and Liabilities Measured at Fair Value in Consolidated Condensed Balance Sheets | 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) | March 28, 2015 | January 3, 2015 | March 22, 2014 | |||||||||
Financial assets: | ||||||||||||
Foreign exchange contracts asset | $ | 10.4 | $ | 8.6 | $ | 2.2 | ||||||
Interest rate swap asset | — | 0.6 | 1 | |||||||||
Financial liabilities: | ||||||||||||
Foreign exchange contracts liability | — | — | 1 | |||||||||
Interest rate swap liability | 0.4 | — | — | |||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||
Mar. 28, 2015 | ||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||
Weighted-Average Assumptions to Estimated Fair Value of Stock Options Granted | The estimated weighted average fair value for each option granted during the 12 weeks ended March 28, 2015 and March 22, 2014 was $6.30 and $6.19, respectively, with the following weighted average assumptions: | |||||
12 Weeks Ended | ||||||
March 28, | March 22, | |||||
2015 | 2014 | |||||
Expected market price volatility (1) | 28.8 | % | 29.6 | % | ||
Risk-free interest rate (2) | 1.3 | % | 1.1 | % | ||
Dividend yield (3) | 0.9 | % | 0.9 | % | ||
Expected term (4) | 4 years | 4 years | ||||
(1) | Based on historical volatility of the Company’s common stock. The expected volatility is based on the daily percentage change in the price of the stock over the four years prior to the grant. | |||||
(2) | Represents the U.S. Treasury yield curve in effect for the expected term of the option at the time of grant. | |||||
(3) | Represents the Company’s estimated cash dividend yield for the expected term. | |||||
(4) | Represents the period of time that options granted are expected to be outstanding. As part of the determination of the expected term, the Company concluded that all employee groups exhibit similar exercise and post-vesting termination behavior. |
Retirement_Plans_Tables
Retirement Plans (Tables) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||
Summary of Net Pension and SERP Expense Recognized | A summary of net pension and Supplemental Executive Retirement Plan expense recognized by the Company is as follows: | |||||||
12 Weeks Ended | ||||||||
(In millions) | March 28, | March 22, | ||||||
2015 | 2014 | |||||||
Service cost pertaining to benefits earned during the period | $ | 2.1 | $ | 1.7 | ||||
Interest cost on projected benefit obligations | 4.2 | 4.7 | ||||||
Expected return on pension assets | (4.7 | ) | (5.1 | ) | ||||
Net amortization loss | 4.8 | 1.7 | ||||||
Net pension expense | $ | 6.4 | $ | 3 | ||||
Litigation_and_Contingencies_T
Litigation and Contingencies (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||
Minimum Royalty and Advertising Obligations Due Under Terms of Certain Licenses Held by Company | Minimum future royalty and advertising obligations for the fiscal periods subsequent to March 28, 2015 under the terms of certain licenses held by the Company are as follows: | |||||||||||||||||||||||
(In millions) | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||||||
Minimum royalties | $ | 1.3 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Minimum advertising | 6.9 | 3.1 | 3.2 | 3.3 | 3.4 | 7.1 | ||||||||||||||||||
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Revenue and Operating Profit by Segment | ||||||||||||
12 Weeks Ended | ||||||||||||
(In millions) | March 28, | March 22, | ||||||||||
2015 | 2014 | |||||||||||
Revenue: | ||||||||||||
Performance Group | $ | 243.4 | $ | 248.8 | ||||||||
Lifestyle Group | 243 | 238 | ||||||||||
Heritage Group | 126.1 | 120.7 | ||||||||||
Other | 18.9 | 20.1 | ||||||||||
Total | $ | 631.4 | $ | 627.6 | ||||||||
Operating profit (loss): | ||||||||||||
Performance Group | $ | 55.7 | $ | 58 | ||||||||
Lifestyle Group | 29.5 | 25 | ||||||||||
Heritage Group | 18.1 | 17.7 | ||||||||||
Other | (0.3 | ) | (1.4 | ) | ||||||||
Corporate | (39.4 | ) | (35.6 | ) | ||||||||
Total | $ | 63.6 | $ | 63.7 | ||||||||
Assets and Goodwill by Segment | ||||||||||||
(In millions) | March 28, | January 3, | March 22, | |||||||||
2015 | 2015 | 2014 | ||||||||||
Total assets: | ||||||||||||
Performance Group | $ | 533.1 | $ | 485.8 | $ | 554.9 | ||||||
Lifestyle Group | 1,406.60 | 1,378.80 | 1,482.60 | |||||||||
Heritage Group | 230.7 | 246.4 | 219.9 | |||||||||
Other | 57.1 | 52.1 | 60.4 | |||||||||
Corporate | 213 | 341.4 | 361.6 | |||||||||
Total | $ | 2,440.50 | $ | 2,504.50 | $ | 2,679.40 | ||||||
Goodwill: | ||||||||||||
Performance Group | $ | 92.4 | $ | 92.5 | $ | 92.8 | ||||||
Lifestyle Group | 320 | 323.8 | 326.1 | |||||||||
Heritage Group | 21.7 | 22.5 | 23.4 | |||||||||
Total | $ | 434.1 | $ | 438.8 | $ | 442.3 | ||||||
Restructuring_Activities_Table
Restructuring Activities (Tables) | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Consumer Direct Operations [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Schedule of Restructuring Costs | The following is a summary of the activity with respect to a reserve established by the Company in connection with the 2014 Plan, by category of costs. | |||||||||||
(In millions) | Severance and employee related | Costs associated with exit or disposal activities | Total | |||||||||
Balance at January 3, 2015 | $ | 1 | $ | 6.5 | $ | 7.5 | ||||||
Net gain on restructuring | 0.7 | (1.7 | ) | (1.0 | ) | |||||||
Amounts paid | (1.1 | ) | (2.4 | ) | (3.5 | ) | ||||||
Balance at March 28, 2015 | $ | 0.6 | $ | 2.4 | $ | 3 | ||||||
Manufacturing Operations [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Schedule of Restructuring Costs | The following is a summary of the activity with respect to a reserve established by the Company in connection with the 2013 Plan, by category of costs. | |||||||||||
(In millions) | Severance and employee related | Costs associated with exit or disposal activities | Total | |||||||||
Balance at December 28, 2013 | $ | — | $ | 0.5 | $ | 0.5 | ||||||
Restructuring costs | 0.1 | 0.3 | 0.4 | |||||||||
Amounts paid | (0.1 | ) | (0.3 | ) | (0.4 | ) | ||||||
Charges against assets | — | (0.2 | ) | (0.2 | ) | |||||||
Balance at March 22, 2014 | $ | — | $ | 0.3 | $ | 0.3 | ||||||
Subsidiary_Guarantors_of_the_P1
Subsidiary Guarantors of the Public Bonds (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Consolidated Condensed Statements of Operations and Comprehensive Income | WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES | |||||||||||||||||||
Consolidated Condensed Statements of Operations and Comprehensive Income | ||||||||||||||||||||
For the 12 Weeks Ended March 28, 2015 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Revenue | $ | 135.8 | $ | 947.7 | $ | 191.2 | $ | (643.3 | ) | $ | 631.4 | |||||||||
Cost of goods sold | 98.5 | 811 | 89.3 | (628.8 | ) | 370 | ||||||||||||||
Gross profit | 37.3 | 136.7 | 101.9 | (14.5 | ) | 261.4 | ||||||||||||||
Selling, general and administrative expenses | 47.7 | 106.8 | 58.8 | (14.5 | ) | 198.8 | ||||||||||||||
Restructuring costs (gain) | 0.4 | 0.6 | (2.0 | ) | — | (1.0 | ) | |||||||||||||
Operating profit (loss) | (10.8 | ) | 29.3 | 45.1 | — | 63.6 | ||||||||||||||
Other expenses: | ||||||||||||||||||||
Interest expense (income), net | 9.5 | 0.1 | (0.1 | ) | — | 9.5 | ||||||||||||||
Other expense (income), net | — | (1.2 | ) | 0.2 | — | (1.0 | ) | |||||||||||||
Total other expenses (income) | 9.5 | (1.1 | ) | 0.1 | — | 8.5 | ||||||||||||||
Earnings (loss) before income taxes | (20.3 | ) | 30.4 | 45 | — | 55.1 | ||||||||||||||
Income tax expense (benefit) | (7.9 | ) | 11.8 | 11.1 | — | 15 | ||||||||||||||
Earnings (loss) before equity in earnings (loss) of consolidated subsidiaries | (12.4 | ) | 18.6 | 33.9 | — | 40.1 | ||||||||||||||
Equity in earnings (loss) of consolidated subsidiaries | 52.5 | (39.4 | ) | 61.7 | (74.8 | ) | — | |||||||||||||
Net earnings (loss) | 40.1 | (20.8 | ) | 95.6 | (74.8 | ) | 40.1 | |||||||||||||
Less: net earnings attributable to noncontrolling interest | — | — | — | — | — | |||||||||||||||
Net earnings (loss) attributable to Wolverine World Wide, Inc. | $ | 40.1 | $ | (20.8 | ) | $ | 95.6 | $ | (74.8 | ) | $ | 40.1 | ||||||||
Comprehensive income (loss) | $ | 30.4 | $ | (20.8 | ) | $ | 83.3 | $ | (62.7 | ) | $ | 30.2 | ||||||||
Less: comprehensive loss attributable to noncontrolling interest | — | — | (0.2 | ) | — | (0.2 | ) | |||||||||||||
Comprehensive income (loss) attributable to Wolverine World Wide, Inc. | $ | 30.4 | $ | (20.8 | ) | $ | 83.5 | $ | (62.7 | ) | $ | 30.4 | ||||||||
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Consolidated Condensed Statements of Operations and Comprehensive Income | ||||||||||||||||||||
For the 12 Weeks Ended March 22, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Revenue | $ | 114.5 | $ | 939.7 | $ | 199.8 | $ | (626.4 | ) | $ | 627.6 | |||||||||
Cost of goods sold | 77 | 798.2 | 109.3 | (613.1 | ) | 371.4 | ||||||||||||||
Restructuring costs | — | — | 0.4 | — | 0.4 | |||||||||||||||
Gross profit | 37.5 | 141.5 | 90.1 | (13.3 | ) | 255.8 | ||||||||||||||
Selling, general and administrative expenses | 38.4 | 104.9 | 60.6 | (13.4 | ) | 190.5 | ||||||||||||||
Acquisition-related integration costs | 1 | 0.6 | — | — | 1.6 | |||||||||||||||
Operating profit (loss) | (1.9 | ) | 36 | 29.5 | 0.1 | 63.7 | ||||||||||||||
Other expenses: | ||||||||||||||||||||
Interest expense, net | 10.8 | 0.1 | — | — | 10.9 | |||||||||||||||
Other expense (income), net | (0.4 | ) | — | 1.2 | — | 0.8 | ||||||||||||||
Total other expenses | 10.4 | 0.1 | 1.2 | — | 11.7 | |||||||||||||||
Earnings (loss) before income taxes | (12.3 | ) | 35.9 | 28.3 | 0.1 | 52 | ||||||||||||||
Income tax expense (benefit) | (4.6 | ) | 13.5 | 5.9 | — | 14.8 | ||||||||||||||
Earnings (loss) before equity in earnings of consolidated subsidiaries | (7.7 | ) | 22.4 | 22.4 | 0.1 | 37.2 | ||||||||||||||
Equity in earnings of consolidated subsidiaries | 44.8 | 59.6 | 33.6 | (138.0 | ) | — | ||||||||||||||
Net earnings | 37.1 | 82 | 56 | (137.9 | ) | 37.2 | ||||||||||||||
Less: net earnings attributable to noncontrolling interest | — | — | 0.1 | — | 0.1 | |||||||||||||||
Net earnings attributable to Wolverine World Wide, Inc. | $ | 37.1 | $ | 82 | $ | 55.9 | $ | (137.9 | ) | $ | 37.1 | |||||||||
Comprehensive income | $ | 34.2 | $ | 81.8 | $ | 51.9 | $ | (133.6 | ) | $ | 34.3 | |||||||||
Less: comprehensive income (loss) attributable to noncontrolling interest | (0.2 | ) | — | 0.1 | — | (0.1 | ) | |||||||||||||
Comprehensive income attributable to Wolverine World Wide, Inc. | $ | 34.4 | $ | 81.8 | $ | 51.8 | $ | (133.6 | ) | $ | 34.4 | |||||||||
Consolidated Condensed Balance Sheets | WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES | |||||||||||||||||||
Consolidated Condensed Balance Sheets | ||||||||||||||||||||
As of March 28, 2015 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 109.9 | $ | (87.8 | ) | $ | 99.2 | $ | — | $ | 121.3 | |||||||||
Accounts receivable, net | 15.6 | 204 | 137.6 | — | 357.2 | |||||||||||||||
Inventories: | ||||||||||||||||||||
Finished products, net | 65.5 | 256.5 | 82.3 | — | 404.3 | |||||||||||||||
Raw materials and work-in-process, net | 0.7 | 1.2 | 13.6 | — | 15.5 | |||||||||||||||
Total inventories | 66.2 | 257.7 | 95.9 | — | 419.8 | |||||||||||||||
Deferred income taxes | 12.8 | 14 | 1.1 | — | 27.9 | |||||||||||||||
Prepaid expenses and other current assets | 45.2 | (0.5 | ) | 17.2 | — | 61.9 | ||||||||||||||
Total current assets | 249.7 | 387.4 | 351 | — | 988.1 | |||||||||||||||
Property, plant and equipment: | ||||||||||||||||||||
Gross cost | 234.6 | 152.8 | 32.9 | — | 420.3 | |||||||||||||||
Accumulated depreciation | (185.8 | ) | (76.7 | ) | (22.5 | ) | — | (285.0 | ) | |||||||||||
Property, plant and equipment, net | 48.8 | 76.1 | 10.4 | — | 135.3 | |||||||||||||||
Other assets: | ||||||||||||||||||||
Goodwill | 7.8 | 353 | 73.3 | — | 434.1 | |||||||||||||||
Indefinite-lived intangibles | 4.3 | 674.9 | 11.3 | — | 690.5 | |||||||||||||||
Amortizable intangibles, net | 0.5 | 108.1 | 0.1 | — | 108.7 | |||||||||||||||
Deferred income taxes | — | — | 2.7 | — | 2.7 | |||||||||||||||
Deferred financing costs, net | 15.5 | — | — | — | 15.5 | |||||||||||||||
Other | 50.2 | 12 | 3.4 | — | 65.6 | |||||||||||||||
Intercompany accounts receivable | 22.1 | 2,433.40 | 501.4 | (2,956.9 | ) | — | ||||||||||||||
Investment in affiliates | 3,193.10 | 961.3 | 1,045.50 | (5,199.9 | ) | — | ||||||||||||||
Total other assets | 3,293.50 | 4,542.70 | 1,637.70 | (8,156.8 | ) | 1,317.10 | ||||||||||||||
Total assets | $ | 3,592.00 | $ | 5,006.20 | $ | 1,999.10 | $ | (8,156.8 | ) | $ | 2,440.50 | |||||||||
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Consolidated Condensed Balance Sheets - continued | ||||||||||||||||||||
As of March 28, 2015 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 24.4 | $ | 35.7 | $ | 36.3 | $ | — | $ | 96.4 | ||||||||||
Accrued salaries and wages | 9.3 | 4.9 | 3.9 | — | 18.1 | |||||||||||||||
Other accrued liabilities | 36.4 | 44.7 | 40.2 | — | 121.3 | |||||||||||||||
Current maturities of long-term debt | 42 | — | — | — | 42 | |||||||||||||||
Borrowings under revolving credit agreement | 14.5 | — | — | — | 14.5 | |||||||||||||||
Total current liabilities | 126.6 | 85.3 | 80.4 | — | 292.3 | |||||||||||||||
Long-term debt, less current maturities | 800.2 | 0.6 | — | — | 800.8 | |||||||||||||||
Accrued pension liabilities | 107.9 | 21.2 | — | — | 129.1 | |||||||||||||||
Deferred income taxes | (57.5 | ) | 274.7 | 2.8 | — | 220 | ||||||||||||||
Other liabilities | 13.9 | 10.4 | 2.6 | — | 26.9 | |||||||||||||||
Intercompany accounts payable | 1,633.80 | 856.5 | 466.6 | (2,956.9 | ) | — | ||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Wolverine World Wide, Inc. stockholders’ equity | 967.1 | 3,757.50 | 1,442.40 | (5,199.9 | ) | 967.1 | ||||||||||||||
Noncontrolling interest | — | — | 4.3 | — | 4.3 | |||||||||||||||
Total stockholders’ equity | 967.1 | 3,757.50 | 1,446.70 | (5,199.9 | ) | 971.4 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,592.00 | $ | 5,006.20 | $ | 1,999.10 | $ | (8,156.8 | ) | $ | 2,440.50 | |||||||||
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Consolidated Condensed Balance Sheets | ||||||||||||||||||||
As of January 3, 2015 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(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 | |||||||||
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Consolidated Condensed Balance Sheets - continued | ||||||||||||||||||||
As of January 3, 2015 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(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 | |||||||||
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Consolidated Condensed Balance Sheets | ||||||||||||||||||||
As of March 22, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | (0.8 | ) | $ | 3.8 | $ | 163.8 | $ | — | $ | 166.8 | |||||||||
Accounts receivable, net | 38.8 | 288.2 | 157.1 | — | 484.1 | |||||||||||||||
Inventories: | ||||||||||||||||||||
Finished products, net | 58.9 | 304.7 | 79.9 | — | 443.5 | |||||||||||||||
Raw materials and work-in-process, net | 0.6 | 1 | 20.5 | — | 22.1 | |||||||||||||||
Total inventories | 59.5 | 305.7 | 100.4 | — | 465.6 | |||||||||||||||
Deferred income taxes | 15.3 | 12.6 | 0.4 | — | 28.3 | |||||||||||||||
Prepaid expenses and other current assets | 20.4 | 5.9 | 14 | — | 40.3 | |||||||||||||||
Total current assets | 133.2 | 616.2 | 435.7 | — | 1,185.10 | |||||||||||||||
Property, plant and equipment: | ||||||||||||||||||||
Gross cost | 225 | 145.2 | 44.7 | — | 414.9 | |||||||||||||||
Accumulated depreciation | (175.1 | ) | (62.4 | ) | (29.8 | ) | — | (267.3 | ) | |||||||||||
Property, plant and equipment, net | 49.9 | 82.8 | 14.9 | — | 147.6 | |||||||||||||||
Other assets: | ||||||||||||||||||||
Goodwill | 7.8 | 354.3 | 80.2 | — | 442.3 | |||||||||||||||
Indefinite-lived intangibles | 4.3 | 674.6 | 11.3 | — | 690.2 | |||||||||||||||
Amortizable intangibles, net | 0.4 | 123.1 | 0.2 | — | 123.7 | |||||||||||||||
Deferred income taxes | — | — | 3.4 | — | 3.4 | |||||||||||||||
Deferred financing costs, net | 21 | — | — | — | 21 | |||||||||||||||
Other | 48.2 | 12.4 | 5.5 | — | 66.1 | |||||||||||||||
Intercompany accounts receivable | — | 1,553.10 | 420.8 | (1,973.9 | ) | — | ||||||||||||||
Investment in affiliates | 3,095.70 | 593.3 | 425.9 | (4,114.9 | ) | — | ||||||||||||||
Total other assets | 3,177.40 | 3,310.80 | 947.3 | (6,088.8 | ) | 1,346.70 | ||||||||||||||
Total assets | $ | 3,360.50 | $ | 4,009.80 | $ | 1,397.90 | $ | (6,088.8 | ) | $ | 2,679.40 | |||||||||
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Consolidated Condensed Balance Sheets - continued | ||||||||||||||||||||
As of March 22, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 28.9 | $ | 68.5 | $ | 40 | $ | — | $ | 137.4 | ||||||||||
Accrued salaries and wages | 11 | 8.4 | 7.9 | — | 27.3 | |||||||||||||||
Other accrued liabilities | 43 | 27.3 | 39.9 | — | 110.2 | |||||||||||||||
Current maturities of long-term debt | 43.6 | — | — | — | 43.6 | |||||||||||||||
Borrowings under revolving credit agreement | 34 | — | — | — | 34 | |||||||||||||||
Total current liabilities | 160.5 | 104.2 | 87.8 | — | 352.5 | |||||||||||||||
Long-term debt, less current maturities | 1,096.70 | — | — | — | 1,096.70 | |||||||||||||||
Accrued pension liabilities | 62.1 | 12.4 | — | — | 74.5 | |||||||||||||||
Deferred income taxes | (35.3 | ) | 287.6 | 4.4 | — | 256.7 | ||||||||||||||
Other liabilities | 12.7 | 12.1 | 2.6 | — | 27.4 | |||||||||||||||
Intercompany accounts payable | 1,196.00 | 292.1 | 485.8 | (1,973.9 | ) | — | ||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Wolverine World Wide, Inc. stockholders’ equity | 867.8 | 3,301.40 | 813.5 | (4,114.9 | ) | 867.8 | ||||||||||||||
Noncontrolling interest | — | — | 3.8 | — | 3.8 | |||||||||||||||
Total stockholders’ equity | 867.8 | 3,301.40 | 817.3 | (4,114.9 | ) | 871.6 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,360.50 | $ | 4,009.80 | $ | 1,397.90 | $ | (6,088.8 | ) | $ | 2,679.40 | |||||||||
Consolidated Condensed Statements of Cash Flow | WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES | |||||||||||||||||||
Consolidated Condensed Statements of Cash Flow | ||||||||||||||||||||
For the 12 Weeks Ended March 28, 2015 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 150.8 | $ | (88.8 | ) | $ | (105.0 | ) | $ | — | $ | (43.0 | ) | |||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Additions to property, plant and equipment | (3.9 | ) | (2.2 | ) | (0.3 | ) | — | (6.4 | ) | |||||||||||
Other | (0.6 | ) | (0.1 | ) | — | — | (0.7 | ) | ||||||||||||
Net cash used in investing activities | (4.5 | ) | (2.3 | ) | (0.3 | ) | — | (7.1 | ) | |||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Net borrowings under revolving credit agreement | 14.5 | — | — | — | 14.5 | |||||||||||||||
Payments on long-term debt | (58.0 | ) | — | — | — | (58.0 | ) | |||||||||||||
Cash dividends paid | (6.1 | ) | — | — | — | (6.1 | ) | |||||||||||||
Purchases of shares under employee stock plans | (7.4 | ) | — | — | — | (7.4 | ) | |||||||||||||
Proceeds from the exercise of stock options | 5.8 | — | — | — | 5.8 | |||||||||||||||
Excess tax benefits from stock-based compensation | 3.4 | — | — | — | 3.4 | |||||||||||||||
Net cash used in financing activities | (47.8 | ) | — | — | — | (47.8 | ) | |||||||||||||
Effect of foreign exchange rate changes | — | — | (4.6 | ) | — | (4.6 | ) | |||||||||||||
Increase (decrease) in cash and cash equivalents | 98.5 | (91.1 | ) | (109.9 | ) | — | (102.5 | ) | ||||||||||||
Cash and cash equivalents at beginning of the year | 11.4 | 3.3 | 209.1 | — | 223.8 | |||||||||||||||
Cash and cash equivalents at end of the period | $ | 109.9 | $ | (87.8 | ) | $ | 99.2 | $ | — | $ | 121.3 | |||||||||
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Consolidated Condensed Statements of Cash Flow | ||||||||||||||||||||
For the 12 Weeks Ended March 22, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net cash used in operating activities | $ | (32.0 | ) | $ | (8.2 | ) | $ | (15.9 | ) | $ | — | $ | (56.1 | ) | ||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Additions to property, plant and equipment | (2.2 | ) | (3.0 | ) | (0.4 | ) | — | (5.6 | ) | |||||||||||
Investment in joint venture | — | — | (0.7 | ) | — | (0.7 | ) | |||||||||||||
Other | (0.4 | ) | — | — | — | (0.4 | ) | |||||||||||||
Net cash used in investing activities | (2.6 | ) | (3.0 | ) | (1.1 | ) | — | (6.7 | ) | |||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Net borrowings under revolving credit agreement | 34 | — | — | — | 34 | |||||||||||||||
Payments on long-term debt | (9.7 | ) | — | — | — | (9.7 | ) | |||||||||||||
Cash dividends paid | (6.3 | ) | — | — | — | (6.3 | ) | |||||||||||||
Purchases of shares under employee stock plans | (9.3 | ) | — | — | — | (9.3 | ) | |||||||||||||
Proceeds from the exercise of stock options | 2.8 | — | — | — | 2.8 | |||||||||||||||
Excess tax benefits from stock-based compensation | 3.5 | — | — | — | 3.5 | |||||||||||||||
Net cash provided by financing activities | 15 | — | — | — | 15 | |||||||||||||||
Effect of foreign exchange rate changes | — | — | 0.4 | — | 0.4 | |||||||||||||||
Decrease in cash and cash equivalents | (19.6 | ) | (11.2 | ) | (16.6 | ) | — | (47.4 | ) | |||||||||||
Cash and cash equivalents at beginning of the year | 18.8 | 15 | 180.4 | — | 214.2 | |||||||||||||||
Cash and cash equivalents at end of the period | $ | (0.8 | ) | $ | 3.8 | $ | 163.8 | $ | — | $ | 166.8 | |||||||||
Earnings_Per_Share_Computation
Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 22, 2014 |
Numerator: | ||
Net earnings attributable to Wolverine World Wide, Inc. | $40.10 | $37.10 |
Adjustment for earnings allocated to non-vested restricted common stock | -0.8 | -0.7 |
Net earnings used in calculating basic earnings per share | 39.3 | 36.4 |
Adjustment for earnings reallocated from non-vested restricted common stock | 0.1 | 0 |
Net earnings used in calculating diluted earnings per share | $39.40 | $36.40 |
Denominator: | ||
Weighted average shares outstanding | 102,514,698 | 100,961,065 |
Adjustment for non-vested restricted common stock | -3,550,261 | -3,141,330 |
Shares used in calculating basic earnings per share | 98,964,437 | 97,819,735 |
Effect of dilutive stock options | 1,871,886 | 2,056,789 |
Shares used in calculating diluted earnings per share | 100,836,323 | 99,876,524 |
Net earnings per share: | ||
Basic | $0.40 | $0.37 |
Diluted | $0.39 | $0.36 |
Earnings_Per_Share_Additional_
Earnings Per Share (Additional Information) (Details) | 3 Months Ended | |||
Mar. 28, 2015 | Mar. 22, 2014 | Jan. 03, 2015 | Apr. 24, 2014 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive stock options | 1,121,413 | 589,579 | ||
Common stock, shares authorized | 320,000,000 | 320,000,000 | 320,000,000 | 160,000,000 |
Goodwill_and_IndefiniteLived_I2
Goodwill and Indefinite-Lived Intangibles (Changes in the Carrying Amount of Goodwill and Indefinite-Lived Intangibles) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 22, 2014 |
Goodwill [Roll Forward] | ||
Goodwill, Beginning balance | $438.80 | $445.30 |
Goodwill, Translation Adjustments | -4.7 | -3 |
Goodwill, Ending balance | 434.1 | 442.3 |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Indefinite-lived Intangibles, Beginning balance | 690.5 | 690.5 |
Indefinite-lived Intangible Assets, Translation Adjustments | 0 | -0.3 |
Indefinite-lived Intangibles, Ending balance | 690.5 | 690.2 |
Goodwill and Indefinite-lived Intangible Assets [Roll Forward] | ||
Goodwill and Indefinite-lived Intangibles, Beginning balance | 1,129.30 | 1,135.80 |
Goodwill and Indefinite-lived Intangibles, Foreign currency translation effects | -4.7 | -3.3 |
Goodwill and Indefinite-lived Intangibles, Ending balance | $1,124.60 | $1,132.50 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Jan. 03, 2015 |
Accounts Receivables [Abstract] | ||
Sale of accounts receivable, maximum amount under agreement | $200 | |
Sale of accounts receivable percent paid at sale | 90.00% | |
Accounts receivable, reduction due to sale | 91.3 | 60.9 |
Accounts receivable sold | 157.3 | |
Fee charged on sale of accounts receivable | $0.30 |
Debt_Schedule_of_Borrowings_De
Debt (Schedule of Borrowings) (Details) (USD $) | Mar. 28, 2015 | Jan. 03, 2015 | Mar. 22, 2014 |
Debt Instrument [Line Items] | |||
Long-term debt | $842,200,000 | $900,200,000 | $1,140,300,000 |
Capital lease obligations | 600,000 | 600,000 | 0 |
Borrowings under revolving credit agreement | 14,500,000 | 0 | 34,000,000 |
Total debt | 857,300,000 | 900,800,000 | 1,174,300,000 |
Term Loan A [Member] | October Tenth Two Thousand Eighteen [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 467,200,000 | 525,200,000 | 765,300,000 |
Public Bonds [Member] | October Fifteen Two Thousand Twenty [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $375,000,000 | $375,000,000 | $375,000,000 |
Debt_Additional_Information_De
Debt (Additional Information) (Details) (USD $) | 3 Months Ended | |||
Mar. 28, 2015 | Mar. 22, 2014 | Jan. 03, 2015 | Oct. 10, 2013 | |
Debt Instrument [Line Items] | ||||
Amortization of deferred financing costs | $1,000,000 | $1,000,000 | ||
Borrowings under revolving credit agreement | 14,500,000 | 34,000,000 | 0 | |
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount debt instrument | 1,350,000,000 | |||
Alternative Base Rate [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.25% | |||
Alternative Base Rate [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.38% | |||
Euro Currency Rate [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.25% | |||
Euro Currency Rate [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.38% | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount debt instrument | 200,000,000 | |||
Outstanding letters of credit | 3,600,000 | 3,300,000 | 3,600,000 | |
Foreign Currency Subfacility [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility amount | 100,000,000 | |||
Swingline Subfacility [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility amount | 50,000,000 | |||
Letter of Credit Subfacility [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility amount | 50,000,000 | |||
Chinese Renminbi [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowings under revolving credit agreement | 0 | 0 | ||
Public Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount debt instrument | 375,000,000 | |||
Interest rate | 6.13% | |||
October Tenth Two Thousand Eighteen [Member] | Term Loan A [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount debt instrument | $775,000,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Changes in Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 22, 2014 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss), Beginning balance | ($49.50) | ($9.20) | ||
Other comprehensive income (loss) before reclassifications | -11 | [1] | -4.4 | [1] |
Amounts reclassified from accumulated other comprehensive income (loss) | 2.3 | 2.3 | ||
Income tax expense (benefit) | -1 | -0.8 | ||
Net reclassifications | 1.3 | 1.5 | ||
Other comprehensive income (loss) | -9.7 | [1] | -2.9 | [1] |
Accumulated other comprehensive income (loss), Ending Balance | -59.2 | -12.1 | ||
Foreign exchange contracts [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss), Beginning balance | 8.6 | -0.8 | ||
Other comprehensive income (loss) before reclassifications | 7.1 | [1] | 1.3 | [1] |
Amounts reclassified from accumulated other comprehensive income (loss) | -2.5 | [2] | 0.6 | [2] |
Income tax expense (benefit) | 0.7 | -0.2 | ||
Net reclassifications | -1.8 | 0.4 | ||
Other comprehensive income (loss) | 5.3 | [1] | 1.7 | [1] |
Accumulated other comprehensive income (loss), Ending Balance | 13.9 | 0.9 | ||
Interest Rate Swap [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss), Beginning balance | 0.4 | 0.6 | ||
Other comprehensive income (loss) before reclassifications | -0.7 | [1] | 0.1 | [1] |
Other comprehensive income (loss) | -0.7 | [1] | 0.1 | [1] |
Accumulated other comprehensive income (loss), Ending Balance | -0.3 | 0.7 | ||
Foreign currency translation adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss), Beginning balance | -16.9 | 0.5 | ||
Other comprehensive income (loss) before reclassifications | -17.4 | [1] | -5.8 | [1] |
Other comprehensive income (loss) | -17.4 | [1] | -5.8 | [1] |
Accumulated other comprehensive income (loss), Ending Balance | -34.3 | -5.3 | ||
Pension adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss), Beginning balance | -41.6 | -9.5 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 4.8 | [3] | 1.7 | [3] |
Income tax expense (benefit) | -1.7 | -0.6 | ||
Net reclassifications | 3.1 | 1.1 | ||
Other comprehensive income (loss) | 3.1 | [1] | 1.1 | [1] |
Accumulated other comprehensive income (loss), Ending Balance | ($38.50) | ($8.40) | ||
[1] | Other comprehensive income is reported net of taxes and noncontrolling interest. | |||
[2] | Amounts reclassified are included in cost of goods sold. | |||
[3] | Amounts reclassified are included in the computation of net pension expense. |
Financial_Instruments_and_Risk3
Financial Instruments and Risk Management (Fair Value of Debt) (Details) (USD $) | Mar. 28, 2015 | Jan. 03, 2015 | Mar. 22, 2014 |
In Millions, unless otherwise specified | |||
Fair Value Disclosures [Abstract] | |||
Long-term debt, including current maturities, excluding capital leases | $842.20 | $900.20 | $1,140.30 |
Fair value, long-term debt, including current maturities | $877.80 | $928.40 | $1,175.50 |
Financial_Instruments_and_Risk4
Financial Instruments and Risk Management (Additional Information) (Details) (Interest Rate Swap [Member]) | 3 Months Ended |
Mar. 28, 2015 | |
Interest Rate Swap [Member] | |
Financial Instruments And Derivatives [Line Items] | |
Number of interest rate swap agreements | 1 |
Financial instrument expiration date | 6-Oct-17 |
Financial_Instruments_and_Risk5
Financial Instruments and Risk Management (Derivative Notional Amounts) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 22, 2014 | Jan. 03, 2015 |
Foreign exchange contracts [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount | $136.80 | $97 | $141.60 |
Maximum remaining maturity of foreign currency derivatives | 370 days | 308 days | 336 days |
Interest Rate Swap [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount | $386.60 | $443.60 | $405.40 |
Financial_Instruments_and_Risk6
Financial Instruments and Risk Management (Financial Assets and Liabilities Measured at Fair Value) (Details) (Quoted Prices with Other Observable Inputs (Level 2) [Member], USD $) | Mar. 28, 2015 | Jan. 03, 2015 | Mar. 22, 2014 |
In Millions, unless otherwise specified | |||
Quoted Prices with Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange contracts asset | $10.40 | $8.60 | $2.20 |
Interest rate swap asset | 0 | 0.6 | 1 |
Foreign exchange contracts liability | 0 | 0 | 1 |
Interest rate swap liability | $0.40 | $0 | $0 |
StockBased_Compensation_Additi
Stock-Based Compensation (Additional Information) (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 22, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Stock-based compensation expense | $6.70 | $4.60 |
Related income tax benefits on share based compensation | $2.20 | $1.50 |
Common stock issued in connection with new restricted stock grants and exercise of stock options | 1,746,536 | 1,227,651 |
Common stock cancelled as result of forfeitures | 143,010 | 252,213 |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Option Assumptions) (Details) (USD $) | 3 Months Ended | |||
Mar. 28, 2015 | Mar. 22, 2014 | |||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Weighted-average fair values of options granted | $6.30 | $6.19 | ||
Expected market price volatility | 28.80% | [1] | 29.60% | [1] |
Risk-free interest rate | 1.30% | [2] | 1.10% | [2] |
Dividend yield | 0.90% | [3] | 0.90% | [3] |
Expected term | 4 years | [4] | 4 years | [4] |
Expected term, Historical volatility term | 4 years | 4 years | ||
[1] | Based on historical volatility of the Company’s common stock. The expected volatility is based on the daily percentage change in the price of the stock over the four years prior to the grant. | |||
[2] | Represents the U.S. Treasury yield curve in effect for the expected term of the option at the time of grant. | |||
[3] | Represents the Company’s estimated cash dividend yield for the expected term. | |||
[4] | Represents the period of time that options granted are expected to be outstanding. As part of the determination of the expected term, the Company concluded that all employee groups exhibit similar exercise and post-vesting termination behavior. |
Retirement_Plans_Summary_of_Ne
Retirement Plans (Summary of Net Pension and Supplemental Executive Retirement Plan Expense Recognized) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 22, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||
Service cost pertaining to benefits earned during the period | $2.10 | $1.70 |
Interest cost on projected benefit obligations | 4.2 | 4.7 |
Expected return on pension assets | -4.7 | -5.1 |
Net amortization loss | 4.8 | 1.7 |
Net pension expense | $6.40 | $3 |
Income_Taxes_Additional_Inform
Income Taxes (Additional Information) (Details) | 3 Months Ended | |
Mar. 28, 2015 | Mar. 22, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 27.30% | 28.50% |
Litigation_and_Contingencies_M
Litigation and Contingencies (Minimum Royalty and Advertising Obligations Due Under Terms of Certain Licenses Held by Company) (Details) (USD $) | Mar. 28, 2015 |
In Millions, unless otherwise specified | |
Royalties [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2015 | $1.30 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
2019 | 0 |
Thereafter | 0 |
Advertising [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2015 | 6.9 |
2016 | 3.1 |
2017 | 3.2 |
2018 | 3.3 |
2019 | 3.4 |
Thereafter | $7.10 |
Litigation_and_Contingencies_A
Litigation and Contingencies (Additional Information) (Details) (Licensing agreements [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 22, 2014 |
Licensing agreements [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Royalty expense, licensing agreements | $0.50 | $0.60 |
Advertising expense, licensing agreements | $0.80 | $1 |
Business_Segments_Additional_I
Business Segments (Additional Information) (Details) | 3 Months Ended |
Mar. 28, 2015 | |
Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Business_Segments_Revenue_and_
Business Segments (Revenue and Operating Profit by Segment) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 22, 2014 |
Segment Reporting Information [Line Items] | ||
Revenue | $631.40 | $627.60 |
Operating profit (loss) | 63.6 | 63.7 |
Performance Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 243.4 | 248.8 |
Operating profit (loss) | 55.7 | 58 |
Lifestyle Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 243 | 238 |
Operating profit (loss) | 29.5 | 25 |
Heritage Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 126.1 | 120.7 |
Operating profit (loss) | 18.1 | 17.7 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 18.9 | 20.1 |
Operating profit (loss) | -0.3 | -1.4 |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating profit (loss) | ($39.40) | ($35.60) |
Business_Segments_Assets_and_G
Business Segments (Assets and Goodwill by Segment) (Details) (USD $) | Mar. 28, 2015 | Jan. 03, 2015 | Mar. 22, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | $2,440.50 | $2,504.50 | $2,679.40 | |
Goodwill | 434.1 | 438.8 | 442.3 | 445.3 |
Performance Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 533.1 | 485.8 | 554.9 | |
Goodwill | 92.4 | 92.5 | 92.8 | |
Lifestyle Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 1,406.60 | 1,378.80 | 1,482.60 | |
Goodwill | 320 | 323.8 | 326.1 | |
Heritage Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 230.7 | 246.4 | 219.9 | |
Goodwill | 21.7 | 22.5 | 23.4 | |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 57.1 | 52.1 | 60.4 | |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | $213 | $341.40 | $361.60 |
Restructuring_Activities_Restr
Restructuring Activities (Restructuring Rollforward) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 22, 2014 | Dec. 28, 2013 |
Restructuring Reserve [Roll Forward] | |||
Restructuring costs - COGS | $0 | $0.40 | |
Restructuring costs - SG&A | -1 | 0 | |
Amounts paid | -3.5 | -0.4 | |
Consumer Direct Operations [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, Beginning balance | 7.5 | ||
Restructuring costs - SG&A | -1 | ||
Amounts paid | -3.5 | ||
Restructuring reserve, Ending balance | 3 | ||
Consumer Direct Operations [Member] | Severance and employee related [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, Beginning balance | 1 | ||
Restructuring costs - SG&A | 0.7 | ||
Amounts paid | -1.1 | ||
Restructuring reserve, Ending balance | 0.6 | ||
Consumer Direct Operations [Member] | Exit or disposal activities [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, Beginning balance | 6.5 | ||
Restructuring costs - SG&A | -1.7 | ||
Amounts paid | -2.4 | ||
Restructuring reserve, Ending balance | 2.4 | ||
Manufacturing Operations [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, Beginning balance | 0.5 | ||
Restructuring costs - COGS | 0.4 | 7.6 | |
Amounts paid | -0.4 | ||
Charges against assets | -0.2 | ||
Restructuring reserve, Ending balance | 0.3 | 0.5 | |
Manufacturing Operations [Member] | Severance and employee related [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, Beginning balance | 0 | ||
Restructuring costs - COGS | 0.1 | ||
Amounts paid | -0.1 | ||
Restructuring reserve, Ending balance | 0 | ||
Manufacturing Operations [Member] | Exit or disposal activities [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, Beginning balance | 0.5 | ||
Restructuring costs - COGS | 0.3 | ||
Amounts paid | -0.3 | ||
Charges against assets | -0.2 | ||
Restructuring reserve, Ending balance | $0.30 |
Restructuring_Activities_Addit
Restructuring Activities (Additional Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 22, 2014 | Jan. 03, 2015 |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs - COGS | $0 | $0.40 | |
Restructuring costs - SG&A | -1 | 0 | |
Consumer Direct Operations [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs - SG&A | -1 | ||
Number Of Retail Stores Closed | 4 | 58 | |
Maximum [Member] | Consumer Direct Operations [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of retail stores expected to close | 140 | ||
Estimated pretax restructuring charges | 43 | 32 | |
Estimated non-cash charges | 14 | ||
Estimated annualized pretax benefit | 12.5 | ||
Minimum [Member] | Consumer Direct Operations [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Estimated pretax restructuring charges | 39 | 26.6 | |
Estimated non-cash charges | $11 |
Subsidiary_Guarantors_of_the_P2
Subsidiary Guarantors of the Public Bonds (Additional Information) (Details) | Mar. 28, 2015 |
Condensed Financial Information of Parent Company [Abstract] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Subsidiary_Guarantors_of_the_P3
Subsidiary Guarantors of the Public Bonds (Consolidated Condensed Statements of Operations and Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 22, 2014 |
Condensed Income Statements, Captions [Line Items] | ||
Revenue | $631.40 | $627.60 |
Cost of goods sold | 370 | 371.4 |
Restructuring costs | 0 | 0.4 |
Gross profit | 261.4 | 255.8 |
Selling, general and administrative expenses | 198.8 | 190.5 |
Acquisition-related integration costs | 0 | 1.6 |
Net gain on restructuring | -1 | 0 |
Operating profit (loss) | 63.6 | 63.7 |
Other expenses: | ||
Interest expense (income), net | 9.5 | 10.9 |
Other expense (income), net | -1 | 0.8 |
Total other expenses (income) | 8.5 | 11.7 |
Earnings (loss) before income taxes | 55.1 | 52 |
Income tax expense (benefit) | 15 | 14.8 |
Earnings (loss) before equity in earnings of consolidated subsidiaries | 40.1 | 37.2 |
Net earnings | 40.1 | 37.2 |
Less: net earnings (loss) attributable to non-controlling interests | 0 | 0.1 |
Net earnings attributable to Wolverine World Wide, Inc. | 40.1 | 37.1 |
Comprehensive income | 30.2 | 34.3 |
Less: comprehensive income (loss) attributable to non-controlling interest | -0.2 | -0.1 |
Comprehensive income attributable to Wolverine World Wide, Inc. | 30.4 | 34.4 |
Parent [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Revenue | 135.8 | 114.5 |
Cost of goods sold | 98.5 | 77 |
Gross profit | 37.3 | 37.5 |
Selling, general and administrative expenses | 47.7 | 38.4 |
Acquisition-related integration costs | 1 | |
Net gain on restructuring | 0.4 | |
Operating profit (loss) | -10.8 | -1.9 |
Other expenses: | ||
Interest expense (income), net | 9.5 | 10.8 |
Other expense (income), net | 0.4 | |
Total other expenses (income) | 9.5 | 10.4 |
Earnings (loss) before income taxes | -20.3 | -12.3 |
Income tax expense (benefit) | -7.9 | -4.6 |
Earnings (loss) before equity in earnings of consolidated subsidiaries | -12.4 | -7.7 |
Equity in earnings (loss) of consolidated subsidiaries | 52.5 | 44.8 |
Net earnings | 40.1 | 37.1 |
Net earnings attributable to Wolverine World Wide, Inc. | 40.1 | 37.1 |
Comprehensive income | 30.4 | 34.2 |
Less: comprehensive income (loss) attributable to non-controlling interest | -0.2 | |
Comprehensive income attributable to Wolverine World Wide, Inc. | 30.4 | 34.4 |
Subsidiary Guarantors [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Revenue | 947.7 | 939.7 |
Cost of goods sold | 811 | 798.2 |
Gross profit | 136.7 | 141.5 |
Selling, general and administrative expenses | 106.8 | 104.9 |
Acquisition-related integration costs | 0.6 | |
Net gain on restructuring | 0.6 | |
Operating profit (loss) | 29.3 | 36 |
Other expenses: | ||
Interest expense (income), net | 0.1 | 0.1 |
Other expense (income), net | -1.2 | |
Total other expenses (income) | -1.1 | 0.1 |
Earnings (loss) before income taxes | 30.4 | 35.9 |
Income tax expense (benefit) | 11.8 | 13.5 |
Earnings (loss) before equity in earnings of consolidated subsidiaries | 18.6 | 22.4 |
Equity in earnings (loss) of consolidated subsidiaries | -39.4 | 59.6 |
Net earnings | -20.8 | 82 |
Net earnings attributable to Wolverine World Wide, Inc. | -20.8 | 82 |
Comprehensive income | -20.8 | 81.8 |
Comprehensive income attributable to Wolverine World Wide, Inc. | -20.8 | 81.8 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Revenue | 191.2 | 199.8 |
Cost of goods sold | 89.3 | 109.3 |
Gross profit | 101.9 | 90.1 |
Selling, general and administrative expenses | 58.8 | 60.6 |
Acquisition-related integration costs | 0 | |
Net gain on restructuring | -2 | |
Operating profit (loss) | 45.1 | 29.5 |
Other expenses: | ||
Interest expense (income), net | -0.1 | |
Other expense (income), net | 0.2 | -1.2 |
Total other expenses (income) | 0.1 | 1.2 |
Earnings (loss) before income taxes | 45 | 28.3 |
Income tax expense (benefit) | 11.1 | 5.9 |
Earnings (loss) before equity in earnings of consolidated subsidiaries | 33.9 | 22.4 |
Equity in earnings (loss) of consolidated subsidiaries | 61.7 | 33.6 |
Net earnings | 95.6 | 56 |
Less: net earnings (loss) attributable to non-controlling interests | 0.1 | |
Net earnings attributable to Wolverine World Wide, Inc. | 95.6 | 55.9 |
Comprehensive income | 83.3 | 51.9 |
Less: comprehensive income (loss) attributable to non-controlling interest | -0.2 | 0.1 |
Comprehensive income attributable to Wolverine World Wide, Inc. | 83.5 | 51.8 |
Eliminations [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Revenue | -643.3 | -626.4 |
Cost of goods sold | -628.8 | -613.1 |
Gross profit | -14.5 | -13.3 |
Selling, general and administrative expenses | -14.5 | -13.4 |
Operating profit (loss) | 0.1 | |
Other expenses: | ||
Earnings (loss) before income taxes | 0.1 | |
Earnings (loss) before equity in earnings of consolidated subsidiaries | 0.1 | |
Equity in earnings (loss) of consolidated subsidiaries | -74.8 | -138 |
Net earnings | -74.8 | -137.9 |
Net earnings attributable to Wolverine World Wide, Inc. | -74.8 | -137.9 |
Comprehensive income | -62.7 | -133.6 |
Comprehensive income attributable to Wolverine World Wide, Inc. | ($62.70) | ($133.60) |
Subsidiary_Guarantors_of_the_P4
Subsidiary Guarantors of the Public Bonds (Consolidated Condensed Balance Sheets) (Details) (USD $) | Mar. 28, 2015 | Jan. 03, 2015 | Mar. 22, 2014 | Dec. 28, 2013 |
Current assets: | ||||
Cash and cash equivalents | $121,300,000 | $223,800,000 | $166,800,000 | $214,200,000 |
Accounts receivable, net | 357,200,000 | 312,700,000 | 484,100,000 | |
Inventories: | ||||
Finished products, net | 404,300,000 | 398,100,000 | 443,500,000 | |
Raw materials and work-in-process, net | 15,500,000 | 15,900,000 | 22,100,000 | |
Total inventories | 419,800,000 | 414,000,000 | 465,600,000 | |
Deferred income taxes | 27,900,000 | 28,100,000 | 28,300,000 | |
Prepaid expenses and other current assets | 61,900,000 | 63,600,000 | 40,300,000 | |
Total current assets | 988,100,000 | 1,042,200,000 | 1,185,100,000 | |
Property, plant and equipment: | ||||
Gross cost | 420,300,000 | 415,300,000 | 414,900,000 | |
Accumulated depreciation | -285,000,000 | -278,500,000 | -267,300,000 | |
Property plant and equipment net | 135,300,000 | 136,800,000 | 147,600,000 | |
Other assets: | ||||
Goodwill | 434,100,000 | 438,800,000 | 442,300,000 | 445,300,000 |
Indefinite-lived intangibles | 690,500,000 | 690,500,000 | 690,200,000 | 690,500,000 |
Amortizable intangibles, net | 108,700,000 | 112,100,000 | 123,700,000 | |
Deferred income taxes | 2,700,000 | 2,800,000 | 3,400,000 | |
Deferred financing costs, net | 15,500,000 | 16,500,000 | 21,000,000 | |
Other | 65,600,000 | 64,800,000 | 66,100,000 | |
Total other assets | 1,317,100,000 | 1,325,500,000 | 1,346,700,000 | |
Total assets | 2,440,500,000 | 2,504,500,000 | 2,679,400,000 | |
Current liabilities: | ||||
Accounts payable | 96,400,000 | 149,400,000 | 137,400,000 | |
Accrued salaries and wages | 18,100,000 | 36,100,000 | 27,300,000 | |
Other accrued liabilities | 121,300,000 | 108,500,000 | 110,200,000 | |
Current maturities of long-term debt | 42,000,000 | 46,700,000 | 43,600,000 | |
Borrowings under revolving credit agreement | 14,500,000 | 0 | 34,000,000 | |
Total current liabilities | 292,300,000 | 340,700,000 | 352,500,000 | |
Long-term debt, less current maturities | 800,800,000 | 854,100,000 | 1,096,700,000 | |
Accrued pension liabilities | 129,100,000 | 128,100,000 | 74,500,000 | |
Deferred income taxes | 220,000,000 | 217,000,000 | 256,700,000 | |
Other liabilities | 26,900,000 | 26,600,000 | 27,400,000 | |
Stockholders’ equity | ||||
Wolverine World Wide, Inc. stockholders’ equity | 967,100,000 | 933,500,000 | 867,800,000 | |
Noncontrolling interest | 4,300,000 | 4,500,000 | 3,800,000 | |
Total stockholders’ equity | 971,400,000 | 938,000,000 | 871,600,000 | |
Total liabilities and stockholders’ equity | 2,440,500,000 | 2,504,500,000 | 2,679,400,000 | |
Parent [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 109,900,000 | 11,400,000 | -800,000 | 18,800,000 |
Accounts receivable, net | 15,600,000 | 18,800,000 | 38,800,000 | |
Inventories: | ||||
Finished products, net | 65,500,000 | 59,500,000 | 58,900,000 | |
Raw materials and work-in-process, net | 700,000 | 2,100,000 | 600,000 | |
Total inventories | 66,200,000 | 61,600,000 | 59,500,000 | |
Deferred income taxes | 12,800,000 | 12,800,000 | 15,300,000 | |
Prepaid expenses and other current assets | 45,200,000 | 24,800,000 | 20,400,000 | |
Total current assets | 249,700,000 | 129,400,000 | 133,200,000 | |
Property, plant and equipment: | ||||
Gross cost | 234,600,000 | 230,700,000 | 225,000,000 | |
Accumulated depreciation | -185,800,000 | -183,300,000 | -175,100,000 | |
Property plant and equipment net | 48,800,000 | 47,400,000 | 49,900,000 | |
Other assets: | ||||
Goodwill | 7,800,000 | 7,900,000 | 7,800,000 | |
Indefinite-lived intangibles | 4,300,000 | 4,300,000 | 4,300,000 | |
Amortizable intangibles, net | 500,000 | 600,000 | 400,000 | |
Deferred income taxes | 0 | |||
Deferred financing costs, net | 15,500,000 | 16,500,000 | 21,000,000 | |
Other | 50,200,000 | 49,800,000 | 48,200,000 | |
Intercompany accounts receivable | 22,100,000 | 22,100,000 | 0 | |
Investment in affiliates | 3,193,100,000 | 3,158,200,000 | 3,095,700,000 | |
Total other assets | 3,293,500,000 | 3,259,400,000 | 3,177,400,000 | |
Total assets | 3,592,000,000 | 3,436,200,000 | 3,360,500,000 | |
Current liabilities: | ||||
Accounts payable | 24,400,000 | 37,500,000 | 28,900,000 | |
Accrued salaries and wages | 9,300,000 | 23,200,000 | 11,000,000 | |
Other accrued liabilities | 36,400,000 | 31,600,000 | 43,000,000 | |
Current maturities of long-term debt | 42,000,000 | 46,700,000 | 43,600,000 | |
Borrowings under revolving credit agreement | 14,500,000 | 34,000,000 | ||
Total current liabilities | 126,600,000 | 139,000,000 | 160,500,000 | |
Long-term debt, less current maturities | 800,200,000 | 853,500,000 | 1,096,700,000 | |
Accrued pension liabilities | 107,900,000 | 106,600,000 | 62,100,000 | |
Deferred income taxes | -57,500,000 | -60,700,000 | -35,300,000 | |
Other liabilities | 13,900,000 | 13,300,000 | 12,700,000 | |
Intercompany accounts payable | 1,633,800,000 | 1,451,000,000 | 1,196,000,000 | |
Stockholders’ equity | ||||
Wolverine World Wide, Inc. stockholders’ equity | 967,100,000 | 933,500,000 | 867,800,000 | |
Noncontrolling interest | 0 | |||
Total stockholders’ equity | 967,100,000 | 933,500,000 | 867,800,000 | |
Total liabilities and stockholders’ equity | 3,592,000,000 | 3,436,200,000 | 3,360,500,000 | |
Subsidiary Guarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | -87,800,000 | 3,300,000 | 3,800,000 | 15,000,000 |
Accounts receivable, net | 204,000,000 | 181,400,000 | 288,200,000 | |
Inventories: | ||||
Finished products, net | 256,500,000 | 260,000,000 | 304,700,000 | |
Raw materials and work-in-process, net | 1,200,000 | 1,300,000 | 1,000,000 | |
Total inventories | 257,700,000 | 261,300,000 | 305,700,000 | |
Deferred income taxes | 14,000,000 | 14,000,000 | 12,600,000 | |
Prepaid expenses and other current assets | -500,000 | 21,400,000 | 5,900,000 | |
Total current assets | 387,400,000 | 481,400,000 | 616,200,000 | |
Property, plant and equipment: | ||||
Gross cost | 152,800,000 | 150,700,000 | 145,200,000 | |
Accumulated depreciation | -76,700,000 | -72,600,000 | -62,400,000 | |
Property plant and equipment net | 76,100,000 | 78,100,000 | 82,800,000 | |
Other assets: | ||||
Goodwill | 353,000,000 | 353,000,000 | 354,300,000 | |
Indefinite-lived intangibles | 674,900,000 | 674,900,000 | 674,600,000 | |
Amortizable intangibles, net | 108,100,000 | 111,500,000 | 123,100,000 | |
Other | 12,000,000 | 11,900,000 | 12,400,000 | |
Intercompany accounts receivable | 2,433,400,000 | 2,225,400,000 | 1,553,100,000 | |
Investment in affiliates | 961,300,000 | 608,800,000 | 593,300,000 | |
Total other assets | 4,542,700,000 | 3,985,500,000 | 3,310,800,000 | |
Total assets | 5,006,200,000 | 4,545,000,000 | 4,009,800,000 | |
Current liabilities: | ||||
Accounts payable | 35,700,000 | 66,400,000 | 68,500,000 | |
Accrued salaries and wages | 4,900,000 | 6,000,000 | 8,400,000 | |
Other accrued liabilities | 44,700,000 | 40,900,000 | 27,300,000 | |
Borrowings under revolving credit agreement | 0 | 0 | ||
Total current liabilities | 85,300,000 | 113,300,000 | 104,200,000 | |
Long-term debt, less current maturities | 600,000 | 600,000 | ||
Accrued pension liabilities | 21,200,000 | 21,500,000 | 12,400,000 | |
Deferred income taxes | 274,700,000 | 274,700,000 | 287,600,000 | |
Other liabilities | 10,400,000 | 10,600,000 | 12,100,000 | |
Intercompany accounts payable | 856,500,000 | 734,500,000 | 292,100,000 | |
Stockholders’ equity | ||||
Wolverine World Wide, Inc. stockholders’ equity | 3,757,500,000 | 3,389,800,000 | 3,301,400,000 | |
Noncontrolling interest | 0 | |||
Total stockholders’ equity | 3,757,500,000 | 3,389,800,000 | 3,301,400,000 | |
Total liabilities and stockholders’ equity | 5,006,200,000 | 4,545,000,000 | 4,009,800,000 | |
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 99,200,000 | 209,100,000 | 163,800,000 | 180,400,000 |
Accounts receivable, net | 137,600,000 | 112,500,000 | 157,100,000 | |
Inventories: | ||||
Finished products, net | 82,300,000 | 78,600,000 | 79,900,000 | |
Raw materials and work-in-process, net | 13,600,000 | 12,500,000 | 20,500,000 | |
Total inventories | 95,900,000 | 91,100,000 | 100,400,000 | |
Deferred income taxes | 1,100,000 | 1,300,000 | 400,000 | |
Prepaid expenses and other current assets | 17,200,000 | 17,400,000 | 14,000,000 | |
Total current assets | 351,000,000 | 431,400,000 | 435,700,000 | |
Property, plant and equipment: | ||||
Gross cost | 32,900,000 | 33,900,000 | 44,700,000 | |
Accumulated depreciation | -22,500,000 | -22,600,000 | -29,800,000 | |
Property plant and equipment net | 10,400,000 | 11,300,000 | 14,900,000 | |
Other assets: | ||||
Goodwill | 73,300,000 | 77,900,000 | 80,200,000 | |
Indefinite-lived intangibles | 11,300,000 | 11,300,000 | 11,300,000 | |
Amortizable intangibles, net | 100,000 | 200,000 | ||
Deferred income taxes | 2,700,000 | 2,800,000 | 3,400,000 | |
Other | 3,400,000 | 3,100,000 | 5,500,000 | |
Intercompany accounts receivable | 501,400,000 | 621,100,000 | 420,800,000 | |
Investment in affiliates | 1,045,500,000 | 1,221,300,000 | 425,900,000 | |
Total other assets | 1,637,700,000 | 1,937,500,000 | 947,300,000 | |
Total assets | 1,999,100,000 | 2,380,200,000 | 1,397,900,000 | |
Current liabilities: | ||||
Accounts payable | 36,300,000 | 45,500,000 | 40,000,000 | |
Accrued salaries and wages | 3,900,000 | 6,900,000 | 7,900,000 | |
Other accrued liabilities | 40,200,000 | 36,000,000 | 39,900,000 | |
Borrowings under revolving credit agreement | 0 | 0 | ||
Total current liabilities | 80,400,000 | 88,400,000 | 87,800,000 | |
Deferred income taxes | 2,800,000 | 3,000,000 | 4,400,000 | |
Other liabilities | 2,600,000 | 2,700,000 | 2,600,000 | |
Intercompany accounts payable | 466,600,000 | 683,100,000 | 485,800,000 | |
Stockholders’ equity | ||||
Wolverine World Wide, Inc. stockholders’ equity | 1,442,400,000 | 1,598,500,000 | 813,500,000 | |
Noncontrolling interest | 4,300,000 | 4,500,000 | 3,800,000 | |
Total stockholders’ equity | 1,446,700,000 | 1,603,000,000 | 817,300,000 | |
Total liabilities and stockholders’ equity | 1,999,100,000 | 2,380,200,000 | 1,397,900,000 | |
Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Other assets: | ||||
Goodwill | ||||
Indefinite-lived intangibles | ||||
Intercompany accounts receivable | -2,956,900,000 | -2,868,600,000 | -1,973,900,000 | |
Investment in affiliates | -5,199,900,000 | -4,988,300,000 | -4,114,900,000 | |
Total other assets | -8,156,800,000 | -7,856,900,000 | -6,088,800,000 | |
Total assets | -8,156,800,000 | -7,856,900,000 | -6,088,800,000 | |
Current liabilities: | ||||
Borrowings under revolving credit agreement | 0 | 0 | ||
Intercompany accounts payable | -2,956,900,000 | -2,868,600,000 | -1,973,900,000 | |
Stockholders’ equity | ||||
Wolverine World Wide, Inc. stockholders’ equity | -5,199,900,000 | -4,988,300,000 | -4,114,900,000 | |
Total stockholders’ equity | -5,199,900,000 | -4,988,300,000 | -4,114,900,000 | |
Total liabilities and stockholders’ equity | ($8,156,800,000) | ($7,856,900,000) | ($6,088,800,000) |
Subsidiary_Guarantors_of_the_P5
Subsidiary Guarantors of the Public Bonds (Consolidated Condensed Statements of Cash Flow) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 22, 2014 |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | ($43) | ($56.10) |
INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | -6.4 | -5.6 |
Investment in joint venture | 0 | -0.7 |
Other | -0.7 | -0.4 |
Net cash used in investing activities | -7.1 | -6.7 |
FINANCING ACTIVITIES | ||
Net borrowings under revolving credit agreement | 14.5 | 34 |
Payments on long-term debt | -58 | -9.7 |
Cash dividends paid | -6.1 | -6.3 |
Purchases of shares under employee stock plans | -7.4 | -9.3 |
Proceeds from the exercise of stock options | 5.8 | 2.8 |
Excess tax benefits from stock-based compensation | 3.4 | 3.5 |
Net cash provided by (used in) financing activities | -47.8 | 15 |
Effect of foreign exchange rate changes | -4.6 | 0.4 |
Decrease in cash and cash equivalents | -102.5 | -47.4 |
Cash and cash equivalents at beginning of the year | 223.8 | 214.2 |
Cash and cash equivalents at end of the period | 121.3 | 166.8 |
Parent [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 150.8 | -32 |
INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | -3.9 | -2.2 |
Other | -0.6 | -0.4 |
Net cash used in investing activities | -4.5 | -2.6 |
FINANCING ACTIVITIES | ||
Net borrowings under revolving credit agreement | 14.5 | 34 |
Payments on long-term debt | -58 | -9.7 |
Cash dividends paid | -6.1 | -6.3 |
Purchases of shares under employee stock plans | -7.4 | -9.3 |
Proceeds from the exercise of stock options | 5.8 | 2.8 |
Excess tax benefits from stock-based compensation | 3.4 | 3.5 |
Net cash provided by (used in) financing activities | -47.8 | 15 |
Decrease in cash and cash equivalents | 98.5 | -19.6 |
Cash and cash equivalents at beginning of the year | 11.4 | 18.8 |
Cash and cash equivalents at end of the period | 109.9 | -0.8 |
Subsidiary Guarantors [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | -88.8 | -8.2 |
INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | -2.2 | -3 |
Other | -0.1 | |
Net cash used in investing activities | -2.3 | -3 |
FINANCING ACTIVITIES | ||
Net borrowings under revolving credit agreement | 0 | 0 |
Decrease in cash and cash equivalents | -91.1 | -11.2 |
Cash and cash equivalents at beginning of the year | 3.3 | 15 |
Cash and cash equivalents at end of the period | -87.8 | 3.8 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | -105 | -15.9 |
INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | -0.3 | -0.4 |
Investment in joint venture | -0.7 | |
Net cash used in investing activities | -0.3 | -1.1 |
FINANCING ACTIVITIES | ||
Net borrowings under revolving credit agreement | 0 | 0 |
Effect of foreign exchange rate changes | -4.6 | 0.4 |
Decrease in cash and cash equivalents | -109.9 | -16.6 |
Cash and cash equivalents at beginning of the year | 209.1 | 180.4 |
Cash and cash equivalents at end of the period | 99.2 | 163.8 |
Eliminations [Member] | ||
FINANCING ACTIVITIES | ||
Decrease in cash and cash equivalents | 0 | |
Cash and cash equivalents at beginning of the year | 0 | |
Cash and cash equivalents at end of the period | $0 | $0 |