Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 27, 2017 | |
Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | WOLVERINE WORLD WIDE INC /DE/ | |
Entity Central Index Key | 110,471 | |
Current Fiscal Year End Date | --12-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 95,680,718 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations and Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 10, 2016 | Sep. 10, 2016 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Revenue | $ 581.3 | $ 603.7 | $ 1,765 | $ 1,771.4 |
Cost of goods sold | 349.4 | 366.1 | 1,068.1 | 1,070.8 |
Restructuring costs | 1.2 | 0.3 | 4.2 | 8.3 |
Gross profit | 230.7 | 237.3 | 692.7 | 692.3 |
Selling, general and administrative expenses | 172.4 | 167.4 | 534.5 | 529.6 |
Restructuring and impairment costs | 23 | 0.9 | 13.4 | 65.6 |
Operating profit | 35.3 | 69 | 144.8 | 97.1 |
Other expenses: | ||||
Interest expense, net | 8.6 | 8.6 | 24.9 | 23.4 |
Debt extinguishment and other costs | 0 | 0.5 | 0.5 | 0 |
Other expense (income), net | (0.4) | 0 | 1 | 3.4 |
Total other expenses | 8.2 | 9.1 | 26.4 | 26.8 |
Earnings before income taxes | 27.1 | 59.9 | 118.4 | 70.3 |
Income tax expense | 4.3 | 11.7 | 28.5 | 10.2 |
Net earnings | 22.8 | 48.2 | 89.9 | 60.1 |
Less: net earnings (loss) attributable to noncontrolling interests | (0.4) | 0 | 0.3 | (0.5) |
Net earnings attributable to Wolverine World Wide, Inc. | $ 23.2 | $ 48.2 | $ 89.6 | $ 60.6 |
Net earnings per share (see Note 3): | ||||
Basic | $ 0.24 | $ 0.49 | $ 0.92 | $ 0.63 |
Diluted | $ 0.24 | $ 0.49 | $ 0.91 | $ 0.62 |
Comprehensive income | $ 27.6 | $ 46.5 | $ 86.6 | $ 68 |
Less: comprehensive income (loss) attributable to noncontrolling interests | (0.4) | 0.4 | 0.3 | 0 |
Comprehensive income attributable to Wolverine World Wide, Inc. | $ 28 | $ 46.1 | $ 86.3 | $ 68 |
Cash dividends declared per share | $ 0.06 | $ 0.06 | $ 0.18 | $ 0.18 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 10, 2016 |
Current assets: | |||
Cash and cash equivalents | $ 342.7 | $ 369.8 | $ 530.9 |
Accounts receivable, less allowances: September 30, 2017: $37.0; December 31, 2016: $39.4; September 10, 2016: $42.6 | 294.5 | 263.3 | 309.5 |
Inventories: | |||
Finished products, net | 331.5 | 333.7 | 445.6 |
Raw materials and work-in-process, net | 7.3 | 15 | 12 |
Total inventories | 338.8 | 348.7 | 457.6 |
Prepaid expenses and other current assets | 44 | 49.6 | 42.6 |
Total current assets | 1,020 | 1,031.4 | 1,340.6 |
Property, plant and equipment: | |||
Gross cost | 410 | 434 | 454.3 |
Accumulated depreciation | (267.8) | (287.9) | (305.5) |
Property plant and equipment net | 142.2 | 146.1 | 148.8 |
Other assets: | |||
Goodwill | 429.9 | 424.3 | 429.6 |
Indefinite-lived intangibles | 673.1 | 678.5 | 685.6 |
Amortizable intangibles, net | 78.5 | 83.8 | 87.1 |
Deferred income taxes | 4.4 | 2.3 | 3.3 |
Other | 70.6 | 65.3 | 64 |
Total other assets | 1,256.5 | 1,254.2 | 1,269.6 |
Total assets | 2,418.7 | 2,431.7 | 2,759 |
Current liabilities: | |||
Accounts payable | 141.7 | 150.8 | 168 |
Accrued salaries and wages | 36.2 | 30.8 | 26.6 |
Other accrued liabilities | 100.1 | 111.7 | 135.5 |
Current maturities of long-term debt | 48.8 | 37.5 | 393.5 |
Borrowings under revolving credit agreements and other short-term notes | 3.7 | 2.9 | 1.2 |
Total current liabilities | 330.5 | 333.7 | 724.8 |
Long-term debt, less current maturities | 744.2 | 780.3 | 657.7 |
Accrued pension liabilities | 133.8 | 143.1 | 111.4 |
Deferred income taxes | 150.5 | 161 | 176.1 |
Other liabilities | 49.6 | 39.5 | 48.3 |
Wolverine World Wide, Inc. stockholders’ equity: | |||
Common Stock - par value $1, authorized 320,000,000 shares; shares issued (including shares in treasury): September 30, 2017: 105,956,497 shares; December 31, 2016: 105,647,040 shares; September 10, 2016: 105,599,231 shares | 105.9 | 105.6 | 105.6 |
Additional paid-in capital | 134.1 | 103.2 | 93.6 |
Retained earnings | 1,058.4 | 1,015.1 | 1,022.8 |
Accumulated other comprehensive loss | (73.7) | (81.1) | (59.4) |
Cost of shares in treasury: September 30, 2017: 10,347,476 shares; December 31, 2016: 8,522,425 shares; September 10, 2016: 6,441,591 shares | (223) | (176.3) | (130.4) |
Total Wolverine World Wide, Inc. stockholders’ equity | 1,001.7 | 966.5 | 1,032.2 |
Noncontrolling interest | 8.4 | 7.6 | 8.5 |
Total stockholders’ equity | 1,010.1 | 974.1 | 1,040.7 |
Total liabilities and stockholders’ equity | $ 2,418.7 | $ 2,431.7 | $ 2,759 |
Consolidated Condensed Balance4
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 10, 2016 |
Statement of Financial Position [Abstract] | |||
Accounts receivable allowance | $ 37 | $ 39.4 | $ 42.6 |
Common stock, par value | $ 1 | $ 1 | $ 1 |
Common stock, shares authorized | 320,000,000 | 320,000,000 | 320,000,000 |
Common stock, shares issued (including shares in treasury) | 105,956,497 | 105,647,040 | 105,599,231 |
Treasury shares | 10,347,476 | 8,522,425 | 6,441,591 |
Consolidated Condensed Stateme5
Consolidated Condensed Statements of Cash Flow - USD ($) $ in Millions | 8 Months Ended | 9 Months Ended |
Sep. 10, 2016 | Sep. 30, 2017 | |
OPERATING ACTIVITIES | ||
Net earnings | $ 89.9 | $ 60.1 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 30 | 28 |
Deferred income taxes | (0.6) | (13.2) |
Stock-based compensation expense | 15.3 | 19.1 |
Excess tax benefits from stock-based compensation | (0.4) | 0 |
Pension contribution | (0.4) | (11.1) |
Pension and SERP expense | 7.3 | 11.2 |
Restructuring and impairment costs | 17.6 | 73.9 |
Cash payments related to restructuring costs | (11.2) | (58.9) |
(Gain)/loss on sale of a business and other assets | 0 | (7) |
Other | (4.8) | (12.1) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (12.7) | (24.3) |
Inventories | 8.3 | (15.1) |
Other operating assets | 10.1 | 1.9 |
Accounts payable | (34.7) | (10) |
Other operating liabilities | 29.5 | 7 |
Net cash provided by operating activities | 143.2 | 49.5 |
INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | (34.4) | (28.7) |
Proceeds from sale of a business and other assets | 0 | 38 |
Investment in joint venture | (0.5) | 0 |
Other | 10.4 | (4.1) |
Net cash provided by (used in) investing activities | (24.5) | 5.2 |
FINANCING ACTIVITIES | ||
Net borrowings under revolving credit agreements and other short-term notes | 1.2 | 0.3 |
Borrowings of long-term debt | 250 | 0 |
Payments on long-term debt | (5.7) | (26.2) |
Payments of debt issuance costs | (3.4) | (0.1) |
Cash dividends paid | (17.7) | (17.4) |
Purchases of common stock for treasury | (11.4) | (51.5) |
Purchases of shares under employee stock plans | (4.7) | (5.2) |
Proceeds from the exercise of stock options | 5.6 | 11.9 |
Excess tax benefits from stock-based compensation | 0.4 | 0 |
Contributions from noncontrolling interests | 2.2 | 0.8 |
Net cash provided by (used in) financing activities | 216.5 | (87.4) |
Effect of foreign exchange rate changes | 1.6 | 5.6 |
Increase (decrease) in cash and cash equivalents | 336.8 | (27.1) |
Cash and cash equivalents at beginning of the year | 194.1 | 369.8 |
Cash and cash equivalents at end of the period | $ 530.9 | $ 342.7 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
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, marketer and licensor 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 ® , Harley-Davidson ® , Hush Puppies ® , HyTest ® , Keds ® , Merrell ® , Saucony ® , Sebago ® , Sperry ® , 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 to market 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 fiscal 2016 Form 10-K. Fiscal Year The Company’s fiscal year is the 52 or 53-week period that ends on the Saturday nearest to December 31. Fiscal years 2017 and 2016 both have 52 weeks. Prior to fiscal 2017, the Company reported its quarterly results of operations on the basis of 12-week periods for each of the first three fiscal quarters and a 16 or 17-week period for the fiscal fourth quarter. Beginning in fiscal 2017, the Company's fiscal year will be comprised of 13-week quarters for each of the first three fiscal quarters and a 13 or 14-week period for the fiscal fourth quarter. There is no change to the Company’s annual fiscal year reporting. References to the “quarter ended” or “ third quarter” refer to the 13-week period ended September 30, 2017 or the 12-week period ended September 10, 2016 . References to the “first three quarters” refer to the 39-week period ended September 30, 2017 or the 36-week period ended September 10, 2016 . 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 revenue 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 that 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. Prior to fiscal 2017, the Company’s fiscal year had 12 weeks in each of the first three fiscal quarters and, 16 weeks in the fourth fiscal quarter, which also impacted the comparability from quarter to quarter. |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Standards | NEW ACCOUNTING STANDARDS The Financial Accounting Standards Board (“FASB”) issued the following Accounting Standards Updates (“ASU”) that have been adopted by the Company during fiscal 2017 . The following is a summary of the effect of adoption of these new standards. Standard Description Effect on the Financial Statements or Other Significant Matters ASU 2015-11, Simplifying the Measurement of Inventory Requires that an entity measure inventory at the lower of cost and net realizable value. This ASU does not apply to inventory measured using last-in, first-out. The adoption of the new standard in fiscal 2017 did not have, nor does the Company believe it will have, a material impact on the accounting for its inventory. ASU 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships Clarifies that the novation of a derivative contract (i.e., a change in the counterparty) in a hedge accounting relationship does not, in and of itself, require dedesignation of that hedge accounting relationship, provided that all other hedge accounting criteria continue to be met. The adoption of the new standard in fiscal 2017 did not have, nor does the Company believe it will have, a material impact on the accounting for its derivatives. ASU 2016-09, Improvements to Employee Share-Based Payment Accounting Seeks to provide simplification to issues of share-based payment awards in relation to income tax consequences, forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. The adoption of the new standard in fiscal 2017 did not have a significant impact on the Company’s results of operations and cash flows. ASU 2017-01, Clarifying the Definition of a Business Clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The adoption of the new standard in fiscal 2017 did not have a significant impact on the Company’s results of operations and cash flows. The FASB has issued the following ASUs that have not yet been adopted by the Company. The following is a summary of the planned adoption period and anticipated impact of adopting these new standards. Standard Description Planned Period of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2014-09, Revenue from Contracts with Customers (as amended by ASUs 2015-04, 2016-08, 2016-10, 2016-12 and 2017-10) 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. The guidance also amends the required disclosures of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Q1 2018 The Company does not expect the adoption of the new standard to have a significant impact on its consolidated financial position, results of operations or cash flows. The effect on results is not expected to be material because the Company’s analysis of contracts under the new revenue recognition standard supports the recognition of revenue at a point in time for the majority of contracts, which is consistent with the current revenue recognition model. Revenue on the majority of contracts will continue to be recognized at a point in time because of the distinct transfer of control to the customer. The Company will adopt the standard using the modified retrospective method. Standard Description Planned Period of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities Enhances the reporting model for financial instruments to provide users of financial statements with more decision-useful information. This ASU addresses certain aspects of recognition, measurement, presentation and disclosure of financial statements. Q1 2018 The Company is evaluating the impacts of the new standard on its consolidated financial statements. ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Sponsors of benefit plans would be required to present service cost in the same line item or items as other current employee compensation costs, and present the remaining components of net benefit cost in one or more separate line items outside of income from operations, while also limiting the components of net benefit cost eligible to be capitalized to service cost. Q1 2018 The Company does not expect the adoption of the new standard to have a significant impact on its consolidated financial position, results of operations or cash flows. The new standard will require the Company to present the non-service pension costs as a component of expense below operating profit. ASU 2016-02, Leases The core principle is that a lessee shall recognize a lease asset and lease liability in its statement of financial position. A lessee should recognize a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. Q1 2019 The Company is evaluating the impacts of the new standard on its existing leases. ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities Seeks to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities and to reduce the complexity of and simplify the application of hedge accounting. This ASU eliminates the requirement to separately measure and report hedge ineffectiveness. Q1 2019 The Company is evaluating the impacts of the new standard on its existing derivative contracts. ASU 2016-13, Measurement of Credit Losses on Financial Instruments Seeks to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date by replacing the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. Q1 2020 The Company is evaluating the impacts of the new standard on its existing financial instruments, including trade receivables. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
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. The following table sets forth the computation of basic and diluted earnings per share. (In millions, except per share data) 13 Weeks Ended 12 Weeks Ended 39 Weeks Ended 36 Weeks Ended Numerator: Net earnings attributable to Wolverine World Wide, Inc. $ 23.2 $ 48.2 $ 60.6 $ 89.6 Adjustment for earnings allocated to non-vested restricted common stock (0.5 ) (1.0 ) (1.3 ) (1.9 ) Net earnings used in calculating basic and diluted earnings per share $ 22.7 $ 47.2 $ 59.3 $ 87.7 Denominator: Weighted average shares outstanding 96.1 99.4 96.6 99.4 Adjustment for non-vested restricted common stock (2.1 ) (3.8 ) (2.2) (3.8) Shares used in calculating basic earnings per share 94.0 95.6 94.4 95.6 Effect of dilutive stock options 1.8 1.3 1.6 0.7 Shares used in calculating diluted earnings per share 95.8 96.9 96.0 96.3 Net earnings per share: Basic $ 0.24 $ 0.49 $ 0.63 $ 0.92 Diluted $ 0.24 $ 0.49 $ 0.62 $ 0.91 For the 13 and 39 weeks ended September 30, 2017 , options relating to 1,006,123 and 1,804,594 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. For the 12 and 36 weeks ended September 10, 2016 , options relating to 1,968,599 and 4,636,609 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 Indefinite-Lived I
Goodwill and Indefinite-Lived Intangibles | 9 Months Ended |
Sep. 30, 2017 | |
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 intangibles Total Balance at January 2, 2016 $ 429.1 $ 685.4 $ 1,114.5 Purchase of intangibles — 0.2 0.2 Foreign currency translation effects 0.5 — 0.5 Balance at September 10, 2016 $ 429.6 $ 685.6 $ 1,115.2 Balance at December 31, 2016 $ 424.3 $ 678.5 $ 1,102.8 Sale of intangibles — (5.4 ) (5.4 ) Foreign currency translation effects 5.6 — 5.6 Balance at September 30, 2017 $ 429.9 $ 673.1 $ 1,103.0 In the fourth quarter of fiscal 2016, the results of our indefinite-lived intangible impairment test based on the Company's outlook for future operating results continued to support the book value of the Sperry ® trade name. If the operating results for Sperry ® were to decline in future periods, the Company may record a non-cash indefinite-lived intangible asset impairment charge. The carrying value of the Company’s Sperry ® trade name indefinite-lived intangible assets was $ 586.8 million , as of September 30, 2017 . In the third quarter of fiscal 2017, the Company sold certain intangible assets related to its Sebago ® brand. See Note 16 for additional information. |
Accounts Receivable (Notes)
Accounts Receivable (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Accounts Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ACCOUNTS RECEIVABLE The Company has an agreement with a financial institution to sell selected trade accounts receivable on a recurring, nonrecourse basis. The agreement, which expires in the fourth quarter of fiscal 2017, will renew for a one year term if not otherwise terminated or amended. 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 condensed balance sheet, 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 for all periods presented. 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. The following is a summary of the stated amount of accounts receivable that was sold as well as fees charged by the financial institution. (In millions) 13 Weeks Ended 12 Weeks Ended 39 Weeks Ended 36 Weeks Ended Accounts receivable sold $ 134.5 $ 138.2 $ 432.5 $ 437.1 Fees charged 0.5 0.3 1.5 1.1 The fees are recorded in other expense. Net proceeds of this program are classified in operating activities in the consolidated condensed statements of cash flows. This program reduced the Company's accounts receivable by $ 72.8 million , $ 81.1 million and $ 78.5 million as of September 30, 2017 , December 31, 2016 and September 10, 2016 , respectively. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Total debt consists of the following obligations: (In millions) September 30, December 31, September 10, Term Loan A, due July 13, 2020 $ 549.4 $ 575.6 $ 438.7 Senior Notes, 5.000% interest, due September 1, 2026 250.0 250.0 250.0 Public Bonds, 6.125% interest — — 375.0 Borrowings under revolving credit agreements and other short-term notes 3.7 2.9 1.2 Capital lease obligation 0.5 0.5 0.6 Unamortized debt issuance costs (6.9 ) (8.3 ) (13.1 ) Total debt $ 796.7 $ 820.7 $ 1,052.4 On September 15, 2016, the Company amended its credit agreement (as amended, the "Credit Agreement"). The Credit Agreement provided a $ 588.8 million term loan facility (“Term Loan A”) and a $ 600.0 million revolving credit facility (the “Revolving Credit Facility”), both with maturity dates of July 13, 2020. The Credit Agreement’s debt capacity is limited to an aggregate debt amount (including outstanding term loan principal and revolver commitment amounts in addition to permitted incremental debt) not to exceed $ 1,750.0 million , unless certain specified conditions set forth in the Credit Agreement are met. Term Loan A requires quarterly principal payments with a balloon payment due on July 13, 2020. The scheduled principal payments due over the next 12 months total $ 48.8 million as of September 30, 2017 and are recorded as current maturities of long-term debt on the consolidated condensed balance sheet. The Revolving Credit Facility allows the Company to borrow up to an aggregate amount of $600.0 million , which includes a $ 200.0 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 $ 2.5 million , $ 2.6 million and $ 2.6 million as of September 30, 2017 , December 31, 2016 and September 10, 2016 , respectively. These outstanding letters of credit reduce the borrowing capacity under the Revolving Credit Facility. The interest rates applicable to amounts outstanding under Term Loan A 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 0.25% to 1.00% , or (2) the Eurocurrency Rate plus an Applicable Margin as determined by the Company’s Consolidated Leverage Ratio, within a range of 1.25% to 2.00% (all capitalized terms used in this sentence are as defined in the Credit Agreement). The Company has two interest rate swap arrangements that reduce the Company’s exposure to fluctuations in interest rates on its variable rate debt. At September 30, 2017 , Term Loan A had a weighted-average interest rate of 2.97 %. 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 (all capitalized terms used in this paragraph are as defined in the Credit Agreement). As of September 30, 2017 , the Company was in compliance with all covenants and performance ratios under the Credit Agreement. The Company has $ 250.0 million of senior notes outstanding that are due on September 1, 2026 (the “Senior Notes”). The Senior Notes bear interest at 5.00% with the related interest payments due semi-annually. The Senior Notes are guaranteed by substantially all of the Company’s domestic subsidiaries. The Company has a foreign revolving credit facility with aggregate available borrowings of $ 4.0 million that are uncommitted and, therefore, each borrowing against the facility is subject to approval by the lender. Borrowings against this facility were $ 3.6 million , $ 1.8 million and $ 1.2 million as of September 30, 2017 , December 31, 2016 and September 10, 2016 , respectively. 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 $ 0.7 million and $2.1 million for the 13 and 39 weeks ended September 30, 2017 , respectively. The Company included in interest expense the amortization of deferred financing costs of $0.8 million and $2.2 million for the 12 and 36 weeks ended September 10, 2016 , respectively. |
Financial Instruments and Risk
Financial Instruments and Risk Management | 9 Months Ended |
Sep. 30, 2017 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments and Risk Management | DERIVATIVE FINANCIAL INSTRUMENTS 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 does not hold or issue financial instruments for trading purposes. The Company utilizes foreign currency forward exchange contracts to manage the volatility associated primarily with U.S. dollar inventory purchases made by non-U.S. wholesale operations in the normal course of business. These foreign currency forward exchange hedge contracts extend out to a maximum of 363 days, 356 days and 335 days, as of September 30, 2017 , December 31, 2016 and September 10, 2016 , respectively. The Company also utilizes foreign currency forward exchange contracts that are not designated as hedging instruments to manage foreign currency translation exposure. Foreign currency derivatives not designated as hedging instruments are offset by foreign exchange gains or losses resulting from the underlying exposures of foreign currency denominated assets and liabilities. The Company has two interest rate swap arrangements, one of which matured on October 6, 2017 , and the other, unless otherwise terminated, will mature on July 13, 2020 . These agreements, which exchange floating rate for fixed rate interest payments over the life of the agreements without the exchange of the underlying notional amounts, have been designated as cash flow hedges of the debt. The notional amounts of the interest rate swap arrangements are used to measure interest to be paid or received and do not represent the amount of exposure to credit loss. The Company has a cross currency swap to minimize the impact of exchange rate fluctuations. The hedging instrument, which, unless otherwise terminated, will mature on September 1, 2021 , has been designated as a hedge of a net investment in a foreign operation. The Company will pay 2.75 % on the euro-denominated notional amount and receive 5.00 % on the USD notional amount, with an exchange of principal at maturity. Changes in fair value related to movements in the foreign currency exchange spot rate are recorded in accumulated other comprehensive income (loss), offsetting the currency translation adjustment related to the underlying net investment that is also recorded in accumulated other comprehensive income (loss). All other changes in fair value are recorded in interest expense. The notional amounts of the Company’s derivative instruments are as follows: (Dollars in millions) September 30, 2017 December 31, 2016 September 10, 2016 Foreign exchange contracts: Hedge contracts $ 159.8 $ 169.2 $ 161.4 Non-hedge contracts — 2.1 10.8 Interest rate swaps 464.0 496.0 537.9 Cross currency swap 106.4 — — The recorded fair values of the Company’s derivative instruments are as follows: (In millions) September 30, 2017 December 31, 2016 September 10, 2016 Financial assets: Foreign exchange contracts - hedge $ 0.2 $ 6.6 $ 2.5 Interest rate swaps — 0.1 — Financial liabilities: Foreign exchange contracts - hedge $ (5.6 ) $ (0.3 ) $ (1.6 ) Foreign exchange contracts - non-hedge — — (0.5 ) Interest rate swaps (3.0 ) (5.3 ) (12.1 ) Cross currency swap (11.8 ) — — Hedge effectiveness on the foreign exchange contracts 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. Hedge ineffectiveness was not material to the Company’s consolidated condensed financial statements for the quarters ended September 30, 2017 and September 10, 2016 . 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 income (loss) (“AOCI”) within stockholders’ equity. The differential paid or received on the interest rate swap arrangements is recognized as interest expense. In accordance with ASC 815, the Company has formally documented the relationship between the interest rate swaps 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 hedges’ inception, and continues to assess on an ongoing basis, whether the derivatives used in the hedging transaction are 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 AOCI 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 as a component of interest expense. Hedge effectiveness on the cross currency swap is assessed using the spot method. In accordance with ASC 815, the Company has formally documented the relationship between the cross currency swap and the Company’s investment in its euro-denominated subsidiary, as well as its risk management objective and strategy for undertaking the hedge transaction. This process included linking the derivative to its net investment on the balance sheet. The Company also assessed at the hedges’ inception, and continues to assess on an ongoing basis, whether the derivative used in the hedging transaction is highly effective in offsetting changes in expected cash flows of the hedged item. The effective portion of unrealized gains (losses) is deferred as a component of AOCI 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 as a component of interest expense. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
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 $ 6.1 million and $ 19.1 million , and related income tax benefits of $ 2.0 million and $ 6.4 million , for grants under its stock-based compensation plans for the 13 and 39 weeks ended September 30, 2017 , respectively. The Company recognized compensation expense of $ 3.8 million and $ 15.3 million , and related income tax benefits of $ 1.4 million and $ 5.3 million , for grants under its stock-based compensation plans for the 12 and 36 weeks ended September 10, 2016 . The Company grants restricted stock or units (“restricted awards”), performance-based restricted stock or units (“performance awards”) and stock options under its stock-based compensation plans. During the 39 weeks ended September 30, 2017 , the Company granted 93,274 stock options with an estimated weighted average grant date fair value of $ 5.50 per option. During the 36 weeks ended September 10, 2016 , the Company granted 2,424,506 stock options with an estimated weighted average grant date fair value of $ 3.34 per option. The Company estimated the fair value of the options on the date of grant using the Black-Scholes-Merton model with the following weighted average assumptions: 39 Weeks Ended 36 Weeks Ended Expected market price volatility (1) 29.3 % 27.2 % Risk-free interest rate (2) 1.7 % 1.0 % Dividend yield (3) 1.0 % 1.4 % 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. During the 39 weeks ended September 30, 2017 , the Company issued 759,264 restricted awards at a weighted average grant date fair value of $23.04 per award. During the 36 weeks ended September 10, 2016 , the Company issued 1,035,308 restricted awards at a weighted average grant date fair value of $ 16.80 per award. During the 39 weeks ended September 30, 2017 , the Company issued 503,482 performance awards at a weighted average grant date fair value of $25.17 per award. During the 36 weeks ended September 10, 2016 , the Company issued 1,002,136 performance awards at a weighted average grant date fair value of $ 16.67 per award. |
Retirement Plans
Retirement Plans | 9 Months Ended |
Sep. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | RETIREMENT PLANS The following is a summary of net pension and Supplemental Executive Retirement Plan (“SERP”) expense recognized by the Company. (In millions) 13 Weeks Ended 12 Weeks Ended 39 Weeks Ended 36 Weeks Ended Service cost pertaining to benefits earned during the period $ 1.8 $ 1.5 $ 5.4 $ 4.5 Interest cost on projected benefit obligations 4.5 4.5 13.3 13.3 Expected return on pension assets (5.0 ) (4.6 ) (14.8 ) (13.9 ) Net amortization loss 2.4 1.1 7.3 3.4 Net pension expense $ 3.7 $ 2.5 $ 11.2 $ 7.3 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company maintains management and operational activities in overseas subsidiaries, and its foreign earnings are taxed at rates that are 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 Asian subsidiaries and, to a lesser extent, in 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 intends 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 results of operations and financial position. The Company’s effective tax rates for the 13 and 39 weeks ended September 30, 2017 were 15.9 % and 14.6 %, respectively. The Company’s effective tax rates for the 12 and 36 weeks ended September 10, 2016 were 19.5 % and 24.1 %, respectively. The lower effective tax rate in the current year periods reflects a reduction in U.S. income due to higher restructuring and impairment costs and organizational transformation costs. 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 condensed financial statements. The Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2012 in the majority of tax jurisdictions. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) AOCI 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 AOCI during the third quarter of fiscal 2017 and fiscal 2016 is as follows: (In millions) Foreign currency translation adjustments Derivatives Pension adjustments Total Balance of AOCI as of June 18, 2016 $ (37.0 ) $ (9.0 ) $ (11.3 ) $ (57.3 ) Other comprehensive income (loss) before reclassifications (1) (5.9 ) 3.9 — (2.0 ) Amounts reclassified from AOCI — (1.3 ) (2) 1.1 (3) (0.2 ) Income tax expense (benefit) — 0.4 (0.3 ) 0.1 Net reclassifications — (0.9 ) 0.8 (0.1 ) Net current-period other comprehensive income (loss) (1) (5.9 ) 3.0 0.8 (2.1 ) Balance of AOCI as of September 10, 2016 $ (42.9 ) $ (6.0 ) $ (10.5 ) $ (59.4 ) Balance of AOCI as of July 1, 2017 $ (41.6 ) $ (9.7 ) $ (27.2 ) $ (78.5 ) Other comprehensive income (loss) before reclassifications (1) 8.8 (5.4 ) — 3.4 Amounts reclassified from AOCI — (0.1 ) (2) 2.4 (3) 2.3 Income tax expense (benefit) — (0.1 ) (0.8 ) (0.9 ) Net reclassifications — (0.2 ) 1.6 1.4 Net current-period other comprehensive income (loss) (1) 8.8 (5.6 ) 1.6 4.8 Balance of AOCI as of September 30, 2017 $ (32.8 ) $ (15.3 ) $ (25.6 ) $ (73.7 ) (1) Other comprehensive income (loss) is reported net of taxes and noncontrolling interest. (2) Amounts related to foreign currency derivatives are included in cost of goods sold. Amounts related to interest rate swaps and the cross currency swap are included in interest expense. (3) Amounts reclassified are included in the computation of net pension expense. The change in accumulated other comprehensive income (loss) during the first three quarters of fiscal 2017 and fiscal 2016 is as follows: (In millions) Foreign currency translation adjustments Derivatives Pension adjustments Total Balance of AOCI as of January 2, 2016 $ (47.3 ) $ 4.0 $ (12.8 ) $ (56.1 ) Other comprehensive income (loss) before reclassifications (1) 4.4 (6.1 ) — (1.7 ) Amounts reclassified from accumulated other comprehensive income (loss) — (5.5 ) (2) 3.4 (3) (2.1 ) Income tax expense (benefit) — 1.6 (1.1 ) 0.5 Net reclassifications — (3.9 ) 2.3 (1.6 ) Net current-period other comprehensive income (loss) (1) 4.4 (10.0 ) 2.3 (3.3 ) Balance of AOCI as of September 10, 2016 $ (42.9 ) $ (6.0 ) $ (10.5 ) $ (59.4 ) Balance of AOCI as of December 31, 2016 $ (53.5 ) $ 2.8 $ (30.4 ) $ (81.1 ) Other comprehensive income (loss) before reclassifications (1) 20.7 (15.6 ) — 5.1 Amounts reclassified from accumulated other comprehensive income (loss) — (2.7 ) (2) 7.3 (3) 4.6 Income tax expense (benefit) — 0.2 (2.5 ) (2.3 ) Net reclassifications — (2.5 ) 4.8 2.3 Net current-period other comprehensive income (loss) (1) 20.7 (18.1 ) 4.8 7.4 Balance of AOCI as of September 30, 2017 $ (32.8 ) $ (15.3 ) $ (25.6 ) $ (73.7 ) (1) Other comprehensive income (loss) is reported net of taxes and noncontrolling interest. (2) Amounts related to foreign currency derivatives are included in cost of goods sold. Amounts related to interest rate swaps and the cross currency swap are included in interest expense. (3) Amounts reclassified are included in the computation of net pension expense. |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS 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. Recurring Fair Value Measurements The following table sets forth financial assets and liabilities measured at fair value in the consolidated condensed balance sheets and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy. Fair Value Measurements Quoted Prices With Other Observable Inputs (Level 2) (In millions) September 30, 2017 December 31, 2016 September 10, 2016 Financial assets: Derivatives $ 0.2 $ 6.7 $ 2.5 Financial liabilities: Derivatives $ (20.4 ) $ (5.6 ) $ (14.2 ) The fair value of foreign currency forward exchange contracts represents the estimated receipts or payments necessary to terminate the contracts. The interest rate swaps are valued based on the current forward rates of the future cash flows. The fair value of the cross currency swap is determined using the current forward rates and changes in the spot rate. Nonrecurring Fair Value Measurements The following is a summary of assets and impairments that were measured at fair value on a nonrecurring basis. 39 Weeks Ended September 30, 2017 (In millions) Fair Value Impairment Property and equipment $ — $ 9.6 The property and equipment was valued using an income approach based on the discounted cash flows expected to be generated by the underlying assets (Level 3). Fair Value Disclosures The Company’s financial instruments that are not recorded at fair value consist of cash and cash equivalents, accounts and notes receivable, accounts payable, borrowings under revolving credit agreements and other short-term and long-term debt. The carrying amount of these financial instruments is historical cost, which approximates fair value, except for the debt. The carrying value and the fair value of the Company’s debt, excluding capital leases, are as follows: (In millions) September 30, 2017 December 31, 2016 September 10, 2016 Carrying value $ 796.2 $ 820.2 $ 1,051.8 Fair value 815.2 827.6 1,092.1 The fair value of the fixed rate debt was based on third-party quotes (Level 2). The fair value of the variable rate debt was calculated by discounting the future cash flows to its present value using a discount rate based on the risk-free rate of the same maturity (Level 3). |
Litigation and Contingencies
Litigation and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Contingencies | LITIGATION AND CONTINGENCIES The Company is involved in various environmental claims and other legal actions. The environmental claims include sites where the U.S. Environmental Protection Agency, state or local regulators have notified the Company that it is a potentially responsible party with respect to environmental remediation activities. These claims are subject to ongoing environmental impact studies, assessment, remediation, allocation of costs between responsible parties, where applicable, 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 are not expected to 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 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 are not expected to have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. The Company used Scotchgard™, a product that included compounds commonly referred to as PFAS, in the Company’s former tannery operations. PFAS have recently been detected in ground water samples taken at the former tannery site and near sites where the Company disposed of tannery byproducts. This may result in claims against the Company or other liabilities. The Company is working with state and local regulators to investigate and monitor the situation. Minimum future royalty and advertising obligations for the fiscal periods subsequent to September 30, 2017 under the terms of certain licenses held by the Company are as follows: (In millions) 2017 2018 2019 2020 2021 Thereafter Minimum royalties $ 0.5 $ 1.4 $ 1.5 $ 1.5 $ — $ — Minimum advertising 0.7 2.9 3.0 3.1 3.2 10.2 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 $ 0.7 million and $ 1.8 million for the 13 and 39 weeks ended September 30, 2017 , respectively. For the 12 and 36 weeks ended September 10, 2016 , the Company incurred royalty expense, in accordance with these agreements, of $ 0.5 million and $ 1.4 million , respectively. The terms of certain license agreements also require the Company to make advertising expenditures based on the level of sales of the licensed products. In accordance with these agreements, the Company incurred advertising expense of $ 0.9 million and $ 2.5 million for the 13 and 39 weeks ended September 30, 2017 , respectively. For the 12 and 36 weeks ended September 10, 2016 , the Company incurred advertising expense, in accordance with these agreements, of $ 0.7 million and $ 2.3 million , respectively. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS The Company’s portfolio of brands is organized into the following four operating segments, which the Company has determined to be reportable operating segments. During the second quarter of fiscal 2017, the components within the Wolverine Multi-Brand Group were realigned as the Company transitioned Stride Rite ® to a global license arrangement, which was effective on July 2, 2017. • Wolverine Outdoor & Lifestyle Group , consisting of Merrell ® footwear and apparel, Cat ® footwear, Hush Puppies ® footwear and apparel, Chaco ® footwear, Sebago ® footwear and apparel and Cushe ® footwear; • Wolverine Boston Group , consisting of Sperry ® footwear and apparel, Saucony ® footwear and apparel and Keds ® footwear and apparel; • Wolverine Heritage Group , consisting of Wolverine ® footwear and apparel, Bates ® uniform footwear, Harley-Davidson ® footwear and HyTest ® safety footwear; and • Wolverine Multi-Brand Group , consisting of the Company’s Children’s footwear business and the Company's multi-brand consumer-direct businesses. The Children’s footwear business includes Stride Rite ® , as well as children’s footwear offerings from Saucony ® , Sperry ® , Keds ® and Merrell ® . The reportable segments are engaged in designing, manufacturing, sourcing, marketing, licensing and distributing branded footwear, apparel and accessories. 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 consumer-direct businesses. The Company also reports “Other” and “Corporate” categories. The Other category consists of the Company’s leather marketing operations and sourcing operations that include third-party commission revenues. The Corporate category consists of unallocated corporate expenses, including restructuring and impairment costs and organizational transformation costs. The Company’s operating segments are determined based on how the Company internally reports and evaluates financial information used to make operating decisions. The operating segment managers all report directly to the chief operating decision maker. 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. (In millions) 13 Weeks Ended 12 Weeks Ended 39 Weeks Ended 36 Weeks Ended Revenue: Wolverine Outdoor & Lifestyle Group $ 247.7 $ 219.1 $ 712.2 $ 639.8 Wolverine Boston Group 196.6 202.4 622.2 629.7 Wolverine Heritage Group 89.2 86.0 239.0 232.0 Wolverine Multi-Brand Group 28.8 80.5 144.9 218.6 Other 19.0 15.7 53.1 44.9 Total $ 581.3 $ 603.7 $ 1,771.4 $ 1,765.0 Operating profit (loss): Wolverine Outdoor & Lifestyle Group $ 54.1 $ 43.2 $ 150.4 $ 126.7 Wolverine Boston Group 33.5 30.7 104.3 89.3 Wolverine Heritage Group 16.4 13.3 37.2 30.1 Wolverine Multi-Brand Group 4.3 5.9 8.6 7.1 Other 1.6 1.4 4.8 3.5 Corporate (74.6 ) (25.5 ) (208.2 ) (111.9 ) Total $ 35.3 $ 69.0 $ 97.1 $ 144.8 (In millions) September 30, December 31, September 10, Total assets: Wolverine Outdoor & Lifestyle Group $ 472.0 $ 391.8 $ 481.4 Wolverine Boston Group 1,264.4 1,273.5 1,309.6 Wolverine Heritage Group 148.1 157.8 162.0 Wolverine Multi-Brand Group 92.5 140.8 179.9 Other 26.9 33.7 31.4 Corporate 414.8 434.1 594.7 Total $ 2,418.7 $ 2,431.7 $ 2,759.0 Goodwill: Wolverine Outdoor & Lifestyle Group $ 128.6 $ 126.6 $ 128.2 Wolverine Boston Group 261.1 257.5 258.9 Wolverine Heritage Group 16.5 16.5 16.5 Wolverine Multi-Brand Group 23.7 23.7 26.0 Total $ 429.9 $ 424.3 $ 429.6 |
Restructuring Activities
Restructuring Activities | 9 Months Ended |
Sep. 30, 2017 | |
Restructuring Activities [Abstract] | |
Restructuring Activities | RESTRUCTURING ACTIVITIES 2017 Plan Beginning in the second quarter of fiscal 2017, the Company implemented certain organizational changes and initiated the sale of certain assets and a change to the distribution model for certain brands (the “2017 Plan”). See Note 16 for additional information on the divestitures and distribution model changes. The Company currently estimates pretax charges related to the 2017 Plan will range from $ 8.5 million to $ 12.0 million . The Company estimates it will record the remaining charges through the end of fiscal 2017. Once fully implemented, the Company expects annual pretax benefits of approximately $ 11.0 million as a result of the 2017 Plan. Costs incurred related to the 2017 Plan have been recorded within the Corporate category. The cumulative costs incurred is $ 6.5 million , with $ 1.0 million recorded in the restructuring costs line item as a component of cost of goods sold, and $ 5.5 million recorded in the restructuring and impairment costs line item as a component of operating expenses. The following is a summary of the activity during the first three quarters of fiscal 2017, with respect to a reserve established by the Company in connection with the 2017 Plan, by category of costs. (In millions) Severance and employee related Impairment of property and equipment Costs associated with exit or disposal activities Total Balance at December 31, 2016 $ — $ — $ — $ — Restructuring costs 3.8 1.6 1.1 6.5 Amounts paid (1.7 ) — — (1.7 ) Charges against assets — (1.6 ) (1.0 ) (2.6 ) Balance at September 30, 2017 $ 2.1 $ — $ 0.1 $ 2.2 2016 Plan On October 6, 2016, the Board of Directors of the Company approved a realignment of the Company’s consumer-direct operations (the “2016 Plan”), which will result in the closure of certain retail stores. The Company has closed 239 retail stores in connection with the 2016 Plan through the end of the third quarter of fiscal 2017 and plans to close approximately 27 additional stores through the end of fiscal 2017. The Company currently estimates pretax charges related to the 2016 Plan will range from $ 73.0 million to $ 76.0 million . The Company estimates it will record the remaining charges through the end of fiscal 2017. Once fully implemented, the Company expects annual pretax benefits of approximately $ 20.0 million as a result of the 2016 Plan. Costs incurred related to the 2016 Plan have been recorded within the Corporate category. The cumulative costs incurred is $ 72.6 million , with $ 10.0 million recorded in the restructuring costs line item as a component of cost of goods sold, and $ 62.6 million recorded in the restructuring and impairment costs line item as a component of operating expenses. The following is a summary of the activity during the first three quarters of fiscal 2017, with respect to a reserve established by the Company in connection with the 2016 Plan, by category of costs. (In millions) Severance and employee related Impairment of property and equipment Costs associated with exit or disposal activities Total Balance at December 31, 2016 $ 0.8 $ — $ 1.2 $ 2.0 Restructuring costs 3.2 8.0 55.6 66.8 Amounts paid (3.8 ) — (50.7 ) (54.5 ) Charges against assets — (8.0 ) (3.8 ) (11.8 ) Balance at September 30, 2017 $ 0.2 $ — $ 2.3 $ 2.5 2014 Plan 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 closed 136 retail stores, consolidated certain consumer-direct support functions and implemented certain other organizational changes. The Company completed the 2014 Plan during the first quarter of fiscal 2016. Costs incurred related to the 2014 Plan have been recorded within the Corporate category. The cumulative costs incurred is $ 48.8 million , with $ 6.5 million recorded in the restructuring costs line item as a component of cost of goods sold, and $ 42.3 million recorded in the restructuring and impairment costs line item as a component of operating expenses. Subsequent to the end of the third quarter of fiscal 2017, the Company paid the remaining restructuring reserve that was related to a lease liability. The following is a summary of the activity during the first three quarters of fiscal 2017 and fiscal 2016, 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 Impairment of property and equipment Costs associated with exit or disposal activities Total Balance at January 2, 2016 $ 2.1 $ — $ 6.5 $ 8.6 Restructuring and impairment costs 1.2 0.2 9.6 11.0 Amounts paid (3.3 ) — (5.7 ) (9.0 ) Charges against assets — (0.2 ) (6.9 ) (7.1 ) Balance at September 10, 2016 $ — $ — $ 3.5 $ 3.5 Balance at December 31, 2016 $ — $ — $ 1.7 $ 1.7 Restructuring and impairment costs (gain) — — (0.7 ) (0.7 ) Amounts paid — — (0.3 ) (0.3 ) Balance at September 30, 2017 $ — $ — $ 0.7 $ 0.7 Other Restructuring Activities During the first three quarters of fiscal 2017 and fiscal 2016, the Company recorded restructuring costs of $ 1.3 million and $ 6.3 million , respectively, in connection with certain organizational changes. The costs associated with these restructuring activities were recorded within the Company’s Corporate category in the restructuring and impairment costs line item as a component of operating expenses. During the 36 weeks ended September 10, 2016 , the Company recorded restructuring costs of $ 0.3 million related to its decision to wind-down operations of its Cushe ® brand. The Company recorded these costs within its Corporate category in the restructuring and impairment costs line item as a component of operating expenses. |
Assets and Liabilities Held For
Assets and Liabilities Held For Sale (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Assets and Liabilities Held For Sale [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DIVESTITURES In the third quarter of fiscal 2017, the Company entered into a global, multi-year licensing agreement of the Stride Rite ® brand. As part of this agreement, the Company agreed to sell inventory and certain other assets and liabilities related to the Stride Rite ® brand and provide certain transition services to the licensee. The Company received cash and other consideration of $ 16.9 million for the sale of these assets and liabilities and recognized a gain of $ 0.2 million , which is included in the selling, general and administrative expenses line item on the consolidated condensed statement of operations and comprehensive income. The assets and liabilities sold, which were included in the Wolverine Multi-Brand Group, are as follows: (In millions) Book Value Inventory $ 17.1 Prepaid expenses and other current assets 1.4 Other accrued liabilities (1.8 ) Total assets and liabilities sold $ 16.7 In the third quarter of fiscal 2017, the Company sold certain intangible and other assets related to the Sebago ® brand. As part of this agreement, the buyer acquired the intellectual property rights to design, manufacture and market all products under the Sebago ® brand. The Company received $ 14.3 million in the third quarter of fiscal 2017 and recognized a gain on sale of $ 8.4 million , net of transaction costs, which is included in the selling, general and administrative expenses line item on the consolidated condensed statement of operations and comprehensive income. The assets sold, which were included in the Wolverine Outdoor & Lifestyle Group, are as follows: (In millions) Book Value Indefinite-lived intangibles 5.4 Amortizable intangibles 0.2 Total assets sold $ 5.6 In the third quarter of fiscal 2017, the Company sold its Department of Defense contract business, which was comprised of an owned manufacturing facility, the transfer of employees and certain associated assets. The Company received cash and other consideration of $ 7.8 million and recognized a loss on sale of $ 1.6 million , net of transaction costs, which is included in the selling, general and administrative expenses line item on the consolidated condensed statement of operations and comprehensive income. The assets sold, which were included in the Wolverine Heritage Group and Other segment, are as follows: (In millions) Book Value Inventory $ 5.6 Prepaid expenses and other current assets 0.5 Property, plant and equipment 3.0 Total assets sold $ 9.1 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Wolverine World Wide, Inc. (the “Company”) is a leading designer, manufacturer, marketer and licensor 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 ® , Harley-Davidson ® , Hush Puppies ® , HyTest ® , Keds ® , Merrell ® , Saucony ® , Sebago ® , Sperry ® , 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 to market 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 fiscal 2016 Form 10-K. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year The Company’s fiscal year is the 52 or 53-week period that ends on the Saturday nearest to December 31. Fiscal years 2017 and 2016 both have 52 weeks. Prior to fiscal 2017, the Company reported its quarterly results of operations on the basis of 12-week periods for each of the first three fiscal quarters and a 16 or 17-week period for the fiscal fourth quarter. Beginning in fiscal 2017, the Company's fiscal year will be comprised of 13-week quarters for each of the first three fiscal quarters and a 13 or 14-week period for the fiscal fourth quarter. There is no change to the Company’s annual fiscal year reporting. References to the “quarter ended” or “ third quarter” refer to the 13-week period ended September 30, 2017 or the 12-week period ended September 10, 2016 . References to the “first three quarters” refer to the 39-week period ended September 30, 2017 or the 36-week period ended September 10, 2016 . |
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 revenue 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 that 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. Prior to fiscal 2017, the Company’s fiscal year had 12 weeks in each of the first three fiscal quarters and, 16 weeks in the fourth fiscal quarter, which also impacted the comparability from quarter to quarter. |
Earnings Per Share (Policies)
Earnings Per Share (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
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 Ris24
Financial Instruments and Risk Management (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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. |
Stock-Based Compensation (Polic
Stock-Based Compensation (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
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”). |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [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. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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. (In millions, except per share data) 13 Weeks Ended 12 Weeks Ended 39 Weeks Ended 36 Weeks Ended Numerator: Net earnings attributable to Wolverine World Wide, Inc. $ 23.2 $ 48.2 $ 60.6 $ 89.6 Adjustment for earnings allocated to non-vested restricted common stock (0.5 ) (1.0 ) (1.3 ) (1.9 ) Net earnings used in calculating basic and diluted earnings per share $ 22.7 $ 47.2 $ 59.3 $ 87.7 Denominator: Weighted average shares outstanding 96.1 99.4 96.6 99.4 Adjustment for non-vested restricted common stock (2.1 ) (3.8 ) (2.2) (3.8) Shares used in calculating basic earnings per share 94.0 95.6 94.4 95.6 Effect of dilutive stock options 1.8 1.3 1.6 0.7 Shares used in calculating diluted earnings per share 95.8 96.9 96.0 96.3 Net earnings per share: Basic $ 0.24 $ 0.49 $ 0.63 $ 0.92 Diluted $ 0.24 $ 0.49 $ 0.62 $ 0.91 |
Goodwill and Indefinite-Lived28
Goodwill and Indefinite-Lived Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 intangibles Total Balance at January 2, 2016 $ 429.1 $ 685.4 $ 1,114.5 Purchase of intangibles — 0.2 0.2 Foreign currency translation effects 0.5 — 0.5 Balance at September 10, 2016 $ 429.6 $ 685.6 $ 1,115.2 Balance at December 31, 2016 $ 424.3 $ 678.5 $ 1,102.8 Sale of intangibles — (5.4 ) (5.4 ) Foreign currency translation effects 5.6 — 5.6 Balance at September 30, 2017 $ 429.9 $ 673.1 $ 1,103.0 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 8 Months Ended |
Sep. 10, 2016 | |
Accounts Receivable [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following is a summary of the stated amount of accounts receivable that was sold as well as fees charged by the financial institution. (In millions) 13 Weeks Ended 12 Weeks Ended 39 Weeks Ended 36 Weeks Ended Accounts receivable sold $ 134.5 $ 138.2 $ 432.5 $ 437.1 Fees charged 0.5 0.3 1.5 1.1 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | Total debt consists of the following obligations: (In millions) September 30, December 31, September 10, Term Loan A, due July 13, 2020 $ 549.4 $ 575.6 $ 438.7 Senior Notes, 5.000% interest, due September 1, 2026 250.0 250.0 250.0 Public Bonds, 6.125% interest — — 375.0 Borrowings under revolving credit agreements and other short-term notes 3.7 2.9 1.2 Capital lease obligation 0.5 0.5 0.6 Unamortized debt issuance costs (6.9 ) (8.3 ) (13.1 ) Total debt $ 796.7 $ 820.7 $ 1,052.4 |
Financial Instruments and Ris31
Financial Instruments and Risk Management (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments, All Other Investments [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | The notional amounts of the Company’s derivative instruments are as follows: (Dollars in millions) September 30, 2017 December 31, 2016 September 10, 2016 Foreign exchange contracts: Hedge contracts $ 159.8 $ 169.2 $ 161.4 Non-hedge contracts — 2.1 10.8 Interest rate swaps 464.0 496.0 537.9 Cross currency swap 106.4 — — |
Schedule of Derivative Assets at Fair Value [Table Text Block] | (In millions) September 30, 2017 December 31, 2016 September 10, 2016 Financial assets: Foreign exchange contracts - hedge $ 0.2 $ 6.6 $ 2.5 Interest rate swaps — 0.1 — Financial liabilities: Foreign exchange contracts - hedge $ (5.6 ) $ (0.3 ) $ (1.6 ) Foreign exchange contracts - non-hedge — — (0.5 ) Interest rate swaps (3.0 ) (5.3 ) (12.1 ) Cross currency swap (11.8 ) — — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Weighted-Average Assumptions to Estimated Fair Value of Stock Options Granted | The Company estimated the fair value of the options on the date of grant using the Black-Scholes-Merton model with the following weighted average assumptions: 39 Weeks Ended 36 Weeks Ended Expected market price volatility (1) 29.3 % 27.2 % Risk-free interest rate (2) 1.7 % 1.0 % Dividend yield (3) 1.0 % 1.4 % 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) | 9 Months Ended |
Sep. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Summary of Net Pension and SERP Expense Recognized | The following is a summary of net pension and Supplemental Executive Retirement Plan (“SERP”) expense recognized by the Company. (In millions) 13 Weeks Ended 12 Weeks Ended 39 Weeks Ended 36 Weeks Ended Service cost pertaining to benefits earned during the period $ 1.8 $ 1.5 $ 5.4 $ 4.5 Interest cost on projected benefit obligations 4.5 4.5 13.3 13.3 Expected return on pension assets (5.0 ) (4.6 ) (14.8 ) (13.9 ) Net amortization loss 2.4 1.1 7.3 3.4 Net pension expense $ 3.7 $ 2.5 $ 11.2 $ 7.3 |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | The change in AOCI during the third quarter of fiscal 2017 and fiscal 2016 is as follows: (In millions) Foreign currency translation adjustments Derivatives Pension adjustments Total Balance of AOCI as of June 18, 2016 $ (37.0 ) $ (9.0 ) $ (11.3 ) $ (57.3 ) Other comprehensive income (loss) before reclassifications (1) (5.9 ) 3.9 — (2.0 ) Amounts reclassified from AOCI — (1.3 ) (2) 1.1 (3) (0.2 ) Income tax expense (benefit) — 0.4 (0.3 ) 0.1 Net reclassifications — (0.9 ) 0.8 (0.1 ) Net current-period other comprehensive income (loss) (1) (5.9 ) 3.0 0.8 (2.1 ) Balance of AOCI as of September 10, 2016 $ (42.9 ) $ (6.0 ) $ (10.5 ) $ (59.4 ) Balance of AOCI as of July 1, 2017 $ (41.6 ) $ (9.7 ) $ (27.2 ) $ (78.5 ) Other comprehensive income (loss) before reclassifications (1) 8.8 (5.4 ) — 3.4 Amounts reclassified from AOCI — (0.1 ) (2) 2.4 (3) 2.3 Income tax expense (benefit) — (0.1 ) (0.8 ) (0.9 ) Net reclassifications — (0.2 ) 1.6 1.4 Net current-period other comprehensive income (loss) (1) 8.8 (5.6 ) 1.6 4.8 Balance of AOCI as of September 30, 2017 $ (32.8 ) $ (15.3 ) $ (25.6 ) $ (73.7 ) (1) Other comprehensive income (loss) is reported net of taxes and noncontrolling interest. (2) Amounts related to foreign currency derivatives are included in cost of goods sold. Amounts related to interest rate swaps and the cross currency swap are included in interest expense. (3) Amounts reclassified are included in the computation of net pension expense. The change in accumulated other comprehensive income (loss) during the first three quarters of fiscal 2017 and fiscal 2016 is as follows: (In millions) Foreign currency translation adjustments Derivatives Pension adjustments Total Balance of AOCI as of January 2, 2016 $ (47.3 ) $ 4.0 $ (12.8 ) $ (56.1 ) Other comprehensive income (loss) before reclassifications (1) 4.4 (6.1 ) — (1.7 ) Amounts reclassified from accumulated other comprehensive income (loss) — (5.5 ) (2) 3.4 (3) (2.1 ) Income tax expense (benefit) — 1.6 (1.1 ) 0.5 Net reclassifications — (3.9 ) 2.3 (1.6 ) Net current-period other comprehensive income (loss) (1) 4.4 (10.0 ) 2.3 (3.3 ) Balance of AOCI as of September 10, 2016 $ (42.9 ) $ (6.0 ) $ (10.5 ) $ (59.4 ) Balance of AOCI as of December 31, 2016 $ (53.5 ) $ 2.8 $ (30.4 ) $ (81.1 ) Other comprehensive income (loss) before reclassifications (1) 20.7 (15.6 ) — 5.1 Amounts reclassified from accumulated other comprehensive income (loss) — (2.7 ) (2) 7.3 (3) 4.6 Income tax expense (benefit) — 0.2 (2.5 ) (2.3 ) Net reclassifications — (2.5 ) 4.8 2.3 Net current-period other comprehensive income (loss) (1) 20.7 (18.1 ) 4.8 7.4 Balance of AOCI as of September 30, 2017 $ (32.8 ) $ (15.3 ) $ (25.6 ) $ (73.7 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table sets forth financial assets and liabilities measured at fair value in the consolidated condensed balance sheets and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy. Fair Value Measurements Quoted Prices With Other Observable Inputs (Level 2) (In millions) September 30, 2017 December 31, 2016 September 10, 2016 Financial assets: Derivatives $ 0.2 $ 6.7 $ 2.5 Financial liabilities: Derivatives $ (20.4 ) $ (5.6 ) $ (14.2 ) |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following is a summary of assets and impairments that were measured at fair value on a nonrecurring basis. 39 Weeks Ended September 30, 2017 (In millions) Fair Value Impairment Property and equipment $ — $ 9.6 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying amount of these financial instruments is historical cost, which approximates fair value, except for the debt. The carrying value and the fair value of the Company’s debt, excluding capital leases, are as follows: (In millions) September 30, 2017 December 31, 2016 September 10, 2016 Carrying value $ 796.2 $ 820.2 $ 1,051.8 Fair value 815.2 827.6 1,092.1 |
Litigation and Contingencies (T
Litigation and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 under the terms of certain licenses held by the Company are as follows: (In millions) 2017 2018 2019 2020 2021 Thereafter Minimum royalties $ 0.5 $ 1.4 $ 1.5 $ 1.5 $ — $ — Minimum advertising 0.7 2.9 3.0 3.1 3.2 10.2 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Revenue and Operating Profit by Segment | The following is a summary of certain key financial measures for the respective fiscal periods indicated. (In millions) 13 Weeks Ended 12 Weeks Ended 39 Weeks Ended 36 Weeks Ended Revenue: Wolverine Outdoor & Lifestyle Group $ 247.7 $ 219.1 $ 712.2 $ 639.8 Wolverine Boston Group 196.6 202.4 622.2 629.7 Wolverine Heritage Group 89.2 86.0 239.0 232.0 Wolverine Multi-Brand Group 28.8 80.5 144.9 218.6 Other 19.0 15.7 53.1 44.9 Total $ 581.3 $ 603.7 $ 1,771.4 $ 1,765.0 Operating profit (loss): Wolverine Outdoor & Lifestyle Group $ 54.1 $ 43.2 $ 150.4 $ 126.7 Wolverine Boston Group 33.5 30.7 104.3 89.3 Wolverine Heritage Group 16.4 13.3 37.2 30.1 Wolverine Multi-Brand Group 4.3 5.9 8.6 7.1 Other 1.6 1.4 4.8 3.5 Corporate (74.6 ) (25.5 ) (208.2 ) (111.9 ) Total $ 35.3 $ 69.0 $ 97.1 $ 144.8 |
Assets and Goodwill by Segment | (In millions) September 30, December 31, September 10, Total assets: Wolverine Outdoor & Lifestyle Group $ 472.0 $ 391.8 $ 481.4 Wolverine Boston Group 1,264.4 1,273.5 1,309.6 Wolverine Heritage Group 148.1 157.8 162.0 Wolverine Multi-Brand Group 92.5 140.8 179.9 Other 26.9 33.7 31.4 Corporate 414.8 434.1 594.7 Total $ 2,418.7 $ 2,431.7 $ 2,759.0 Goodwill: Wolverine Outdoor & Lifestyle Group $ 128.6 $ 126.6 $ 128.2 Wolverine Boston Group 261.1 257.5 258.9 Wolverine Heritage Group 16.5 16.5 16.5 Wolverine Multi-Brand Group 23.7 23.7 26.0 Total $ 429.9 $ 424.3 $ 429.6 |
Restructuring Activities (Table
Restructuring Activities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
2017 Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Costs | The following is a summary of the activity during the first three quarters of fiscal 2017, with respect to a reserve established by the Company in connection with the 2017 Plan, by category of costs. (In millions) Severance and employee related Impairment of property and equipment Costs associated with exit or disposal activities Total Balance at December 31, 2016 $ — $ — $ — $ — Restructuring costs 3.8 1.6 1.1 6.5 Amounts paid (1.7 ) — — (1.7 ) Charges against assets — (1.6 ) (1.0 ) (2.6 ) Balance at September 30, 2017 $ 2.1 $ — $ 0.1 $ 2.2 |
2016 Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Costs | The following is a summary of the activity during the first three quarters of fiscal 2017, with respect to a reserve established by the Company in connection with the 2016 Plan, by category of costs. (In millions) Severance and employee related Impairment of property and equipment Costs associated with exit or disposal activities Total Balance at December 31, 2016 $ 0.8 $ — $ 1.2 $ 2.0 Restructuring costs 3.2 8.0 55.6 66.8 Amounts paid (3.8 ) — (50.7 ) (54.5 ) Charges against assets — (8.0 ) (3.8 ) (11.8 ) Balance at September 30, 2017 $ 0.2 $ — $ 2.3 $ 2.5 |
Consumer Direct Operations [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Costs | (In millions) Severance and employee related Impairment of property and equipment Costs associated with exit or disposal activities Total Balance at January 2, 2016 $ 2.1 $ — $ 6.5 $ 8.6 Restructuring and impairment costs 1.2 0.2 9.6 11.0 Amounts paid (3.3 ) — (5.7 ) (9.0 ) Charges against assets — (0.2 ) (6.9 ) (7.1 ) Balance at September 10, 2016 $ — $ — $ 3.5 $ 3.5 Balance at December 31, 2016 $ — $ — $ 1.7 $ 1.7 Restructuring and impairment costs (gain) — — (0.7 ) (0.7 ) Amounts paid — — (0.3 ) (0.3 ) Balance at September 30, 2017 $ — $ — $ 0.7 $ 0.7 |
Assets and Liabilities Held F39
Assets and Liabilities Held For Sale (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Stride Rite [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The assets and liabilities sold, which were included in the Wolverine Multi-Brand Group, are as follows: (In millions) Book Value Inventory $ 17.1 Prepaid expenses and other current assets 1.4 Other accrued liabilities (1.8 ) Total assets and liabilities sold $ 16.7 |
Sebago [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The assets sold, which were included in the Wolverine Outdoor & Lifestyle Group, are as follows: (In millions) Book Value Indefinite-lived intangibles 5.4 Amortizable intangibles 0.2 Total assets sold $ 5.6 |
Department of Defense Contract Business [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The assets sold, which were included in the Wolverine Heritage Group and Other segment, are as follows: (In millions) Book Value Inventory $ 5.6 Prepaid expenses and other current assets 0.5 Property, plant and equipment 3.0 Total assets sold $ 9.1 |
Earnings Per Share (Computation
Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 10, 2016 | Sep. 10, 2016 | Sep. 30, 2017 | |
Numerator: | ||||
Net earnings attributable to Wolverine World Wide, Inc. | $ 23.2 | $ 48.2 | $ 89.6 | $ 60.6 |
Adjustment for earnings allocated to non-vested restricted common stock | (0.5) | (1) | (1.9) | (1.3) |
Net earnings used in calculating basic and diluted earnings per share | $ 22.7 | $ 47.2 | $ 87.7 | $ 59.3 |
Denominator: | ||||
Weighted average shares outstanding | 96.1 | 99.4 | 99.4 | 96.6 |
Adjustment for non-vested restricted common stock | (2.1) | (3.8) | (3.8) | (2.2) |
Shares used in calculating basic earnings per share | 94 | 95.6 | 95.6 | 94.4 |
Effect of dilutive stock options | 1.8 | 1.3 | 0.7 | 1.6 |
Shares used in calculating diluted earnings per share | 95.8 | 96.9 | 96.3 | 96 |
Net earnings per share: | ||||
Basic | $ 0.24 | $ 0.49 | $ 0.92 | $ 0.63 |
Diluted | $ 0.24 | $ 0.49 | $ 0.91 | $ 0.62 |
Earnings Per Share (Additional
Earnings Per Share (Additional Information) (Details) - shares | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 10, 2016 | Sep. 10, 2016 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive stock options | 1,006,123 | 1,968,599 | 4,636,609 | 1,804,594 |
Goodwill and Indefinite-Lived42
Goodwill and Indefinite-Lived Intangibles (Changes in the Carrying Amount of Goodwill and Indefinite-Lived Intangibles) (Details) - USD ($) $ in Millions | 8 Months Ended | 9 Months Ended |
Sep. 10, 2016 | Sep. 30, 2017 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning balance | $ 429.1 | $ 424.3 |
Foreign currency translation effects | 0.5 | 5.6 |
Goodwill, Ending balance | 429.6 | 429.9 |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Indefinite-lived Intangibles, Beginning balance | 685.4 | 678.5 |
Indefinite-lived Intangible purchase of intangibles | 0.2 | |
Indefinite-lived Intangible assets, sale of intangibles | (5.4) | |
Indefinite-lived Intangibles, Ending balance | 685.6 | 673.1 |
Goodwill and Indefinite-lived Intangible Assets [Roll Forward] | ||
Goodwill and Indefinite-lived Intangibles, Beginning balance | 1,114.5 | 1,102.8 |
Goodwill and other intangibles Purchase of Intangibles | 0.2 | |
Goodwill and intangible assets, sale of intangibles | (5.4) | |
Goodwill and Indefinite-lived Intangibles, Foreign currency translation effects | 0.5 | 5.6 |
Goodwill and Indefinite-lived Intangibles, Ending balance | $ 1,115.2 | $ 1,103 |
Goodwill and Indefinite-Lived43
Goodwill and Indefinite-Lived Intangibles Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 10, 2016 | Jan. 02, 2016 |
Indefinite-lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangibles | $ 673.1 | $ 678.5 | $ 685.6 | $ 685.4 |
Sperry [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangibles | $ 586.8 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 10, 2016 | Sep. 10, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | |
Accounts Receivables [Abstract] | |||||
Sale of accounts receivable, maximum amount under agreement | $ 200 | $ 200 | |||
Sale of accounts receivable percent paid at sale | 90.00% | 90.00% | |||
Accounts receivable sold | $ 134.5 | $ 138.2 | $ 437.1 | $ 432.5 | |
Fee charged on sale of accounts receivable | 0.5 | 0.3 | 1.1 | 1.5 | |
Accounts receivable, reduction due to sale | $ 72.8 | $ 78.5 | $ 78.5 | $ 72.8 | $ 81.1 |
Debt (Schedule of Borrowings) (
Debt (Schedule of Borrowings) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 10, 2016 |
Debt Instrument [Line Items] | |||
Borrowings under revolving credit agreements and other short-term notes | $ 3.7 | $ 2.9 | $ 1.2 |
Capital lease obligations | 0.5 | 0.5 | 0.6 |
Unamortized debt issuance costs | (6.9) | (8.3) | (13.1) |
Total debt | 796.7 | 820.7 | 1,052.4 |
Term Loan A [Member] | July Thirteenth Two Thousand Twenty [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 549.4 | 575.6 | 438.7 |
Senior Notes [Member] | September First Two Thousand Twenty Six [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 250 | 250 | 250 |
Public Bonds [Member] | October Fifteen Two Thousand Twenty [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 0 | $ 0 | $ 375 |
Debt (Additional Information) (
Debt (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 10, 2016 | Sep. 10, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||||
Current maturities of long-term debt | $ 48.8 | $ 393.5 | $ 393.5 | $ 48.8 | $ 37.5 |
Borrowings under revolving credit agreements and other short-term notes | 3.7 | 1.2 | 1.2 | 3.7 | 2.9 |
Amortization of deferred financing costs | 0.7 | 0.8 | 2.2 | 2.1 | |
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount debt instrument | 1,750 | $ 1,750 | |||
Alternative Base Rate [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.00% | ||||
Alternative Base Rate [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.25% | ||||
Euro Currency Rate [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.00% | ||||
Euro Currency Rate [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.25% | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount debt instrument | 600 | $ 600 | |||
Outstanding letters of credit | 2.5 | 2.6 | 2.6 | 2.5 | 2.6 |
Foreign Currency Subfacility [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility amount | 200 | 200 | |||
Swingline Subfacility [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility amount | 50 | 50 | |||
Letter of Credit Subfacility [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility amount | 50 | 50 | |||
Foreign Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility amount | 4 | 4 | |||
Borrowings under revolving credit agreements and other short-term notes | 3.6 | $ 1.2 | $ 1.2 | 3.6 | $ 1.8 |
July Thirteenth Two Thousand Twenty [Member] | Term Loan A [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount debt instrument | $ 588.8 | $ 588.8 | |||
Weighted average interest rate | 2.97% | 2.97% | |||
September First Two Thousand Twenty Six [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount debt instrument | $ 250 | $ 250 | |||
Interest rate | 5.00% | 5.00% |
Financial Instruments and Ris47
Financial Instruments and Risk Management (Derivative Notional Amounts) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 10, 2016 |
Foreign exchange contracts [Member] | Hedge [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount | $ 159.8 | $ 169.2 | $ 161.4 |
Foreign exchange contracts [Member] | Non-hedge [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount | 0 | 2.1 | 10.8 |
Interest rate swaps [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount | 464 | 496 | 537.9 |
Cross currency swap [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount | $ 106.4 | $ 0 | $ 0 |
Financial Instruments and Ris48
Financial Instruments and Risk Management Derivative Recorded Values (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 10, 2016 |
Derivatives, Fair Value [Line Items] | |||
Interest rate swap, assets | $ 0 | $ 0.1 | $ 0 |
Interest rate swap, liabilities | (3) | (5.3) | (12.1) |
Cross currency swap, liabilities | (11.8) | 0 | 0 |
Hedge [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Foreign exchange contracts, asset | 0.2 | 6.6 | 2.5 |
Foreign exchange contracts liabilities | (5.6) | (0.3) | (1.6) |
Non-hedge [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Foreign exchange contracts liabilities | $ 0 | $ 0 | $ (0.5) |
Financial Instruments and Ris49
Financial Instruments and Risk Management (Additional Information) (Details) | 8 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 10, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | |
Foreign exchange contracts [Member] | |||
Financial Instruments And Derivatives [Line Items] | |||
Maximum remaining maturity of foreign currency derivatives | 335 days | 363 days | 356 days |
Interest rate swaps [Member] | |||
Financial Instruments And Derivatives [Line Items] | |||
Number of interest rate swap agreements | 2 | ||
Cross currency swap [Member] | |||
Financial Instruments And Derivatives [Line Items] | |||
Derivative, Fixed Interest Rate | 2.75% | ||
Derivative, Forward Interest Rate | 5.00% | ||
October Sixth Two Thousand Seventeen [Member] | Interest rate swaps [Member] | |||
Financial Instruments And Derivatives [Line Items] | |||
Financial instrument expiration date | Oct. 6, 2017 | ||
July Thirteenth Two Thousand Twenty [Member] | Interest rate swaps [Member] | |||
Financial Instruments And Derivatives [Line Items] | |||
Financial instrument expiration date | Jul. 13, 2020 | ||
September First Two Thousand Twenty One [Member] | Cross currency swap [Member] | |||
Financial Instruments And Derivatives [Line Items] | |||
Financial instrument expiration date | Sep. 1, 2021 |
Stock-Based Compensation (Addit
Stock-Based Compensation (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 10, 2016 | Sep. 10, 2016 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 6.1 | $ 3.8 | $ 15.3 | $ 19.1 |
Related income tax benefits on share based compensation | $ 2 | $ 1.4 | $ 5.3 | $ 6.4 |
Restricted Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards Issued | 1,035,308 | 759,264 | ||
Awards Issued, Weighted Average Grant Date Fair Value | $ 16.80 | $ 23.04 | ||
Performance Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards Issued | 1,002,136 | 503,482 | ||
Awards Issued, Weighted Average Grant Date Fair Value | $ 16.67 | $ 25.17 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Options) (Details) - $ / shares | 8 Months Ended | 9 Months Ended | |
Sep. 10, 2016 | Sep. 30, 2017 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Options Granted | 2,424,506 | 93,274 | |
Weighted-average fair values of options granted | $ 3.34 | $ 5.50 | |
Expected market price volatility | [1] | 27.20% | 29.30% |
Risk-free interest rate | [2] | 1.00% | 1.70% |
Dividend yield | [3] | 1.40% | 1.00% |
Expected term | [4] | 4 years | 4 years |
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 ($) $ in Millions | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 10, 2016 | Sep. 10, 2016 | Sep. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | ||||
Service cost pertaining to benefits earned during the period | $ 1.8 | $ 1.5 | $ 4.5 | $ 5.4 |
Interest cost on projected benefit obligations | 4.5 | 4.5 | 13.3 | 13.3 |
Expected return on pension assets | (5) | (4.6) | (13.9) | (14.8) |
Net amortization loss | 2.4 | 1.1 | 3.4 | 7.3 |
Net pension expense | $ 3.7 | $ 2.5 | $ 7.3 | $ 11.2 |
Income Taxes (Additional Inform
Income Taxes (Additional Information) (Details) | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 10, 2016 | Sep. 10, 2016 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 15.90% | 19.50% | 24.10% | 14.60% |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Income (Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 10, 2016 | Sep. 10, 2016 | Sep. 30, 2017 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance AOCI | $ (78.5) | $ (57.3) | $ (56.1) | $ (81.1) | |
Other comprehensive income (loss) before reclassifications | [1] | 3.4 | (2) | (1.7) | 5.1 |
Amounts reclassified from AOCI | 2.3 | (0.2) | (2.1) | 4.6 | |
Income tax expense (benefit) | (0.9) | 0.1 | 0.5 | (2.3) | |
Net reclassifications | 1.4 | (0.1) | (1.6) | 2.3 | |
Other comprehensive income (loss) | [1] | 4.8 | (2.1) | (3.3) | 7.4 |
Ending balance AOCI | (73.7) | (59.4) | (59.4) | (73.7) | |
Foreign currency translation adjustments [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance AOCI | (41.6) | (37) | (47.3) | (53.5) | |
Other comprehensive income (loss) before reclassifications | [1] | 8.8 | (5.9) | 4.4 | 20.7 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |
Net reclassifications | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss) | [1] | 8.8 | (5.9) | 4.4 | 20.7 |
Ending balance AOCI | (32.8) | (42.9) | (42.9) | (32.8) | |
Derivatives [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance AOCI | (9.7) | (9) | 4 | 2.8 | |
Other comprehensive income (loss) before reclassifications | [1] | (5.4) | 3.9 | (6.1) | (15.6) |
Amounts reclassified from AOCI | [2] | (0.1) | (1.3) | (5.5) | (2.7) |
Income tax expense (benefit) | (0.1) | 0.4 | 1.6 | 0.2 | |
Net reclassifications | (0.2) | (0.9) | (3.9) | (2.5) | |
Other comprehensive income (loss) | [1] | (5.6) | 3 | (10) | (18.1) |
Ending balance AOCI | (15.3) | (6) | (6) | (15.3) | |
Pension adjustments [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance AOCI | (27.2) | (11.3) | (12.8) | (30.4) | |
Other comprehensive income (loss) before reclassifications | [1] | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | [3] | 2.4 | 1.1 | 3.4 | 7.3 |
Income tax expense (benefit) | (0.8) | (0.3) | (1.1) | (2.5) | |
Net reclassifications | 1.6 | 0.8 | 2.3 | 4.8 | |
Other comprehensive income (loss) | [1] | 1.6 | 0.8 | 2.3 | 4.8 |
Ending balance AOCI | $ (25.6) | $ (10.5) | $ (10.5) | $ (25.6) | |
[1] | Other comprehensive income (loss) is reported net of taxes and noncontrolling interest. | ||||
[2] | Amounts related to foreign currency derivatives are included in cost of goods sold. Amounts related to interest rate swaps and the cross currency swap are included in interest expense. | ||||
[3] | Amounts reclassified are included in the computation of net pension expense. |
Fair Value Measurements Recurri
Fair Value Measurements Recurring Fair Value Measurements (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 10, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | $ 0.2 | $ 6.7 | $ 2.5 |
Derivative Liability | $ (20.4) | $ (5.6) | $ (14.2) |
Fair Value Measurements Nonrecu
Fair Value Measurements Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 10, 2016 | Sep. 10, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, Plant and Equipment, Net | $ 142.2 | $ 148.8 | $ 148.8 | $ 142.2 | $ 146.1 |
Restructuring and impairment costs | 23 | $ 0.9 | 13.4 | 65.6 | |
Impairment of Property and Equipment [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restructuring and impairment costs | 9.6 | ||||
Impairment of Property and Equipment [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, Plant and Equipment, Net | $ 0 | 0 | |||
Consumer Direct Operations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restructuring and impairment costs | $ 11 | $ (0.7) |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Disclosures (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 10, 2016 |
Fair Value Disclosures [Abstract] | |||
Debt, Carrying Value | $ 796.2 | $ 820.2 | $ 1,051.8 |
Debt, Fair Value | $ 815.2 | $ 827.6 | $ 1,092.1 |
Litigation and Contingencies (M
Litigation and Contingencies (Minimum Royalty and Advertising Obligations Due Under Terms of Certain Licenses Held by Company) (Details) $ in Millions | Sep. 30, 2017USD ($) |
Royalties [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2,017 | $ 0.5 |
2,018 | 1.4 |
2,019 | 1.5 |
2,020 | 1.5 |
2,021 | 0 |
Thereafter | 0 |
Advertising [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2,017 | 0.7 |
2,018 | 2.9 |
2,019 | 3 |
2,020 | 3.1 |
2,021 | 3.2 |
Thereafter | $ 10.2 |
Litigation and Contingencies (A
Litigation and Contingencies (Additional Information) (Details) - Licensing agreements [Member] - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 10, 2016 | Sep. 10, 2016 | Sep. 30, 2017 | |
Long-term Purchase Commitment [Line Items] | ||||
Royalty expense, licensing agreements | $ 0.7 | $ 0.5 | $ 1.4 | $ 1.8 |
Advertising expense, licensing agreements | $ 0.9 | $ 0.7 | $ 2.3 | $ 2.5 |
Business Segments (Additional I
Business Segments (Additional Information) (Details) | 9 Months Ended |
Sep. 30, 2017Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Business Segments (Revenue and
Business Segments (Revenue and Operating Profit by Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 10, 2016 | Sep. 10, 2016 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 581.3 | $ 603.7 | $ 1,765 | $ 1,771.4 |
Operating profit (loss) | 35.3 | 69 | 144.8 | 97.1 |
Wolverine Outdoor and Lifestyle Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 247.7 | 219.1 | 639.8 | 712.2 |
Operating profit (loss) | 54.1 | 43.2 | 126.7 | 150.4 |
Wolverine Boston Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 196.6 | 202.4 | 629.7 | 622.2 |
Operating profit (loss) | 33.5 | 30.7 | 89.3 | 104.3 |
Wolverine Heritage Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 89.2 | 86 | 232 | 239 |
Operating profit (loss) | 16.4 | 13.3 | 30.1 | 37.2 |
Wolverine Multi-Brand Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 28.8 | 80.5 | 218.6 | 144.9 |
Operating profit (loss) | 4.3 | 5.9 | 7.1 | 8.6 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 19 | 15.7 | 44.9 | 53.1 |
Operating profit (loss) | 1.6 | 1.4 | 3.5 | 4.8 |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating profit (loss) | $ (74.6) | $ (25.5) | $ (111.9) | $ (208.2) |
Business Segments (Assets and G
Business Segments (Assets and Goodwill by Segment) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 10, 2016 | Jan. 02, 2016 |
Segment Reporting Information [Line Items] | ||||
Total assets | $ 2,418.7 | $ 2,431.7 | $ 2,759 | |
Goodwill | 429.9 | 424.3 | 429.6 | $ 429.1 |
Wolverine Outdoor and Lifestyle Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 472 | 391.8 | 481.4 | |
Goodwill | 128.6 | 126.6 | 128.2 | |
Wolverine Boston Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 1,264.4 | 1,273.5 | 1,309.6 | |
Goodwill | 261.1 | 257.5 | 258.9 | |
Wolverine Heritage Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 148.1 | 157.8 | 162 | |
Goodwill | 16.5 | 16.5 | 16.5 | |
Wolverine Multi-Brand Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 92.5 | 140.8 | 179.9 | |
Goodwill | 23.7 | 23.7 | 26 | |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 26.9 | 33.7 | 31.4 | |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | $ 414.8 | $ 434.1 | $ 594.7 |
Restructuring Activities (Restr
Restructuring Activities (Restructuring Rollforward) (Details) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 10, 2016 | Sep. 10, 2016 | Sep. 30, 2017 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring costs | $ 1.2 | $ 0.3 | $ 4.2 | $ 8.3 |
Restructuring and impairment costs | 23 | 0.9 | 13.4 | 65.6 |
Amounts paid | (11.2) | (58.9) | ||
2016 Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 2 | |||
Restructuring and impairment costs | 66.8 | |||
Amounts paid | (54.5) | |||
Charges against assets | (11.8) | |||
Restructuring reserve, ending balance | 2.5 | 2.5 | ||
2016 Plan [Member] | Severance and employee related [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 0.8 | |||
Restructuring and impairment costs | 3.2 | |||
Amounts paid | (3.8) | |||
Restructuring reserve, ending balance | 0.2 | 0.2 | ||
2016 Plan [Member] | Impairment of property and equipment [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 0 | |||
Restructuring and impairment costs | 8 | |||
Charges against assets | (8) | |||
Restructuring reserve, ending balance | 0 | 0 | ||
2016 Plan [Member] | Exit or disposal activities [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 1.2 | |||
Restructuring and impairment costs | 55.6 | |||
Amounts paid | (50.7) | |||
Charges against assets | (3.8) | |||
Restructuring reserve, ending balance | 2.3 | 2.3 | ||
2017 Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 0 | |||
Restructuring and impairment costs | 6.5 | |||
Amounts paid | (1.7) | |||
Charges against assets | (2.6) | |||
Restructuring reserve, ending balance | 2.2 | 2.2 | ||
2017 Plan [Member] | Severance and employee related [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 0 | |||
Restructuring and impairment costs | 3.8 | |||
Amounts paid | (1.7) | |||
Restructuring reserve, ending balance | 2.1 | 2.1 | ||
2017 Plan [Member] | Impairment of property and equipment [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 0 | |||
Restructuring and impairment costs | 1.6 | |||
Charges against assets | (1.6) | |||
Restructuring reserve, ending balance | 0 | 0 | ||
2017 Plan [Member] | Exit or disposal activities [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 0 | |||
Restructuring and impairment costs | 1.1 | |||
Charges against assets | (1) | |||
Restructuring reserve, ending balance | 0.1 | 0.1 | ||
Consumer Direct Operations [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 8.6 | 1.7 | ||
Restructuring and impairment costs | 11 | (0.7) | ||
Amounts paid | (9) | (0.3) | ||
Charges against assets | (7.1) | |||
Restructuring reserve, ending balance | 0.7 | 3.5 | 3.5 | 0.7 |
Consumer Direct Operations [Member] | Severance and employee related [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 2.1 | 0 | ||
Restructuring and impairment costs | 1.2 | |||
Amounts paid | (3.3) | |||
Restructuring reserve, ending balance | 0 | 0 | 0 | 0 |
Consumer Direct Operations [Member] | Impairment of property and equipment [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 0 | 0 | ||
Restructuring and impairment costs | 0.2 | 0 | ||
Amounts paid | 0 | 0 | ||
Charges against assets | (0.2) | |||
Restructuring reserve, ending balance | 0 | 0 | 0 | 0 |
Consumer Direct Operations [Member] | Exit or disposal activities [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 6.5 | 1.7 | ||
Restructuring and impairment costs | 9.6 | (0.7) | ||
Amounts paid | (5.7) | (0.3) | ||
Charges against assets | (6.9) | |||
Restructuring reserve, ending balance | $ 0.7 | $ 3.5 | $ 3.5 | $ 0.7 |
Restructuring Activities (Addit
Restructuring Activities (Additional Information) (Details) $ in Millions | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Sep. 30, 2017USD ($) | Sep. 10, 2016USD ($) | Sep. 10, 2016USD ($) | Sep. 30, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and impairment costs | $ 23 | $ 0.9 | $ 13.4 | $ 65.6 |
2017 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cumulative restructuring costs incurred | 6.5 | 6.5 | ||
Estimated annualized pretax benefit | 11 | |||
Restructuring and impairment costs | 6.5 | |||
2017 Plan [Member] | Cost of goods sold [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cumulative restructuring costs incurred | 1 | 1 | ||
2017 Plan [Member] | Selling, general and administrative expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cumulative restructuring costs incurred | 5.5 | 5.5 | ||
2016 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cumulative restructuring costs incurred | $ 72.6 | $ 72.6 | ||
Number of retail stores closed | 239 | |||
Additional Planned Stores Closures | 27 | 27 | ||
Estimated annualized pretax benefit | $ 20 | |||
Restructuring and impairment costs | 66.8 | |||
2016 Plan [Member] | Cost of goods sold [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cumulative restructuring costs incurred | $ 10 | 10 | ||
2016 Plan [Member] | Selling, general and administrative expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cumulative restructuring costs incurred | 62.6 | 62.6 | ||
Consumer Direct Operations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cumulative restructuring costs incurred | 48.8 | $ 48.8 | ||
Number of retail stores closed | 136 | |||
Restructuring and impairment costs | 11 | $ (0.7) | ||
Consumer Direct Operations [Member] | Cost of goods sold [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cumulative restructuring costs incurred | 6.5 | 6.5 | ||
Consumer Direct Operations [Member] | Selling, general and administrative expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cumulative restructuring costs incurred | 42.3 | 42.3 | ||
Organizational Changes [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and impairment costs | 6.3 | 1.3 | ||
Brand Discontinuation [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and impairment costs | 0.3 | |||
Impairment of property and equipment [Member] | 2017 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and impairment costs | 1.6 | |||
Impairment of property and equipment [Member] | 2016 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and impairment costs | 8 | |||
Impairment of property and equipment [Member] | Consumer Direct Operations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and impairment costs | $ 0.2 | 0 | ||
Maximum [Member] | 2017 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 12 | 12 | ||
Maximum [Member] | 2016 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 76 | 76 | ||
Minimum [Member] | 2017 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 8.5 | 8.5 | ||
Minimum [Member] | 2016 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | $ 73 | $ 73 |
Assets and Liabilities Held F65
Assets and Liabilities Held For Sale (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Stride Rite [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 0.2 |
Cash and other consideration | 16.9 |
Disposed, Inventory | 17.1 |
Disposed, prepaid expenses and other current assets | 1.4 |
Disposed, other accrued liabilities | (1.8) |
Disposed, assets and liabilities sold | 16.7 |
Sebago [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 8.4 |
Disposal Group, Including Discontinued Operation, Intangible Assets, Noncurrent | 5.4 |
Disposal Group Including Discontinued Operation Amortizable Intangibles Noncurrent | 0.2 |
Cash and other consideration | 14.3 |
Disposed, total assets sold | 5.6 |
Department of Defense Contract Business [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | (1.6) |
Cash and other consideration | 7.8 |
Disposed, Inventory | 5.6 |
Disposed, prepaid expenses and other current assets | 0.5 |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | 3 |
Disposed, total assets sold | $ 9.1 |