Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 30, 2017 | Feb. 16, 2018 | Jun. 30, 2017 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WWW | ||
Entity Registrant Name | WOLVERINE WORLD WIDE INC /DE/ | ||
Entity Central Index Key | 110,471 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 96,009,236 | ||
Entity Public Float | $ 2,604,753,929 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Income Statement [Abstract] | |||
Revenue | $ 2,350 | $ 2,494.6 | $ 2,691.6 |
Cost of goods sold | 1,426.6 | 1,526.4 | 1,636.9 |
Restructuring costs | 9 | 8.3 | 3 |
Gross profit | 914.4 | 959.9 | 1,051.7 |
Selling, general and administrative expenses | 713.7 | 758 | 816 |
Restructuring and other related costs | 72.9 | 34.9 | 29.5 |
Impairment of intangible assets | 68.6 | 7.1 | 5.1 |
Environmental and other related costs | 35.3 | 0 | 0 |
Operating profit | 23.9 | 159.9 | 201.1 |
Other expenses: | |||
Interest expense, net | 32.1 | 34.8 | 38.2 |
Debt extinguishment and other costs | 0 | 18.1 | 1.6 |
Other expense (income), net | 2.4 | (3.5) | (3.3) |
Total other expenses | 34.5 | 49.4 | 36.5 |
Earnings (loss) before income taxes | (10.6) | 110.5 | 164.6 |
Income tax expense (benefit) | (9.9) | 23 | 41.4 |
Net earnings (loss) | (0.7) | 87.5 | 123.2 |
Less: net earnings (loss) attributable to noncontrolling interests | (1) | (0.2) | 0.4 |
Net earnings attributable to Wolverine World Wide, Inc. | $ 0.3 | $ 87.7 | $ 122.8 |
Net earnings per share : | |||
Earnings per share - Basic | $ 0 | $ 0.90 | $ 1.22 |
Earnings per share - Diluted | $ 0 | $ 0.89 | $ 1.20 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |||
Statement of Comprehensive Income [Abstract] | |||||
Net earnings (loss) | $ (0.7) | $ 87.5 | $ 123.2 | ||
Other comprehensive income (loss), net of tax: | |||||
Foreign currency translation adjustments | 21.1 | (6.6) | (31.8) | ||
Unrealized gain (loss) arising during the period, net of taxes of $(7.0), $1.9 and $2.7 | (16) | 3.5 | 6.6 | ||
Reclassification adjustments included in net earnings (loss), net of taxes of $(0.3), $(1.7) and $(5.3) | (0.7) | (4.7) | (11.6) | ||
Net actuarial gain (loss) arising during the period, net of taxes of $(3.3), $(11.2) and $8.2 | (6) | (20.8) | 15.2 | ||
Amortization of prior actuarial losses, net of taxes of $3.5, $1.7 and $7.3 | 6.3 | 3.2 | 13.5 | ||
Curtailment gain arising during the period, net of taxes of $0.8 | 1.5 | 0 | 0 | ||
Amortization of prior service cost | 0 | 0.1 | 0.1 | ||
Settlement gain included in net earnings (loss) | 0 | (0.1) | 0 | ||
Other comprehensive income (loss) | 6.2 | (25.4) | (8) | ||
Less: other comprehensive income (loss) attributable to noncontrolling interests | 0.3 | (0.4) | (1.4) | ||
Other comprehensive income (loss) attributable to Wolverine World Wide, Inc. | 5.9 | [1] | (25) | [1] | (6.6) |
Comprehensive income | 5.5 | 62.1 | 115.2 | ||
Less: comprehensive loss attributable to noncontrolling interest | (0.7) | (0.6) | (1) | ||
Comprehensive income attributable to Wolverine World Wide, Inc. | $ 6.2 | $ 62.7 | $ 116.2 | ||
[1] | Other comprehensive income (loss) is reported net of taxes and noncontrolling interest. |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Condensed Statement of Income Captions [Line Items] | |||
Unrealized loss on derivatives, tax amount | $ (7) | $ 1.9 | $ 2.7 |
Reclassification adjustments into expense, tax amount | (0.3) | (1.7) | (5.3) |
Actuarial loss arising during the period, tax amount | (3.3) | (11.2) | 8.2 |
Amortization of prior actuarial losses, tax amount | 3.5 | 1.7 | 7.3 |
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Pension and Other Postretirement Benefit Plans Curtailment Gain Loss Tax | 0.8 | 0 | 0 |
Settlement gain included in net income, tax amount | $ 0 | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 481 | $ 369.8 |
Accounts receivable, less allowances (2017 - $31.5; 2016 - $39.4) | 271.3 | 263.3 |
Inventories: | ||
Finished products, net | 265.2 | 333.7 |
Raw materials and work-in-process, net | 11.5 | 15 |
Total inventories | 276.7 | 348.7 |
Prepaid expenses and other current assets | 45.3 | 49.6 |
Total current assets | 1,074.3 | 1,031.4 |
Property, plant and equipment: | ||
Gross cost | 391.1 | 434 |
Accumulated depreciation | (254.4) | (287.9) |
Property, plant and equipment, net | 136.7 | 146.1 |
Other assets: | ||
Goodwill | 429.8 | 424.3 |
Indefinite-lived intangibles | 604.5 | 678.5 |
Amortizable intangibles, net | 77 | 83.8 |
Deferred income taxes | 4.3 | 2.3 |
Other | 72.4 | 65.3 |
Total other assets | 1,188 | 1,254.2 |
Total assets | 2,399 | 2,431.7 |
Current liabilities: | ||
Accounts payable | 162.3 | 150.8 |
Accrued salaries and wages | 40 | 30.8 |
Other accrued liabilities | 122 | 111.7 |
Current maturities of long-term debt | 37.5 | 37.5 |
Borrowings under revolving credit agreements and other short-term notes | 0.5 | 2.9 |
Total current liabilities | 362.3 | 333.7 |
Long-term debt, less current maturities | 744.6 | 780.3 |
Accrued pension liabilities | 142.2 | 143.1 |
Deferred income taxes | 84.2 | 161 |
Other liabilities | 110.5 | 39.5 |
Wolverine World Wide, Inc. stockholders’ equity: | ||
Common stock, $1 par value: authorized 320,000,000 shares; shares issued, including treasury shares: 2017 - 106,405,449; 2016 - 105,647,040 | 106.4 | 105.6 |
Additional paid-in capital | 149.2 | 103.2 |
Retained earnings | 992.2 | 1,015.1 |
Accumulated other comprehensive loss | (75.2) | (81.1) |
Cost of shares in treasury: 2017 - 10,345,141; 2016 - 8,522,425 | (223) | (176.3) |
Total Wolverine World Wide, Inc. stockholders’ equity | 949.6 | 966.5 |
Noncontrolling interest | 5.6 | 7.6 |
Total stockholders’ equity | 955.2 | 974.1 |
Total liabilities and stockholders’ equity | $ 2,399 | $ 2,431.7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowances, accounts receivable | $ 31.5 | $ 39.4 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 320,000,000 | 320,000,000 |
Common stock, shares issued, including treasury shares | 106,405,449 | 105,647,040 |
Treasury stock, shares | 10,345,141 | 8,522,425 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
OPERATING ACTIVITIES | |||
Net earnings (loss) | $ (0.7) | $ 87.5 | $ 123.2 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 37.2 | 43.5 | 48.7 |
Deferred income taxes | (75.8) | (5.8) | (26.7) |
Stock-based compensation expense | 25.4 | 22.8 | 18.7 |
Excess tax benefits from stock-based compensation | 0 | (0.6) | (4.9) |
Pension contribution | (11.3) | (1.5) | 0 |
Pension and SERP expense | 14.9 | 10.4 | 27.9 |
Debt extinguishment costs | 0 | 17.4 | 1.6 |
Restructuring and other related costs | 81.9 | 43.2 | 32.5 |
Cash payments related to restructuring costs | (64.8) | (19.4) | (10.3) |
Impairment of intangible assets | 68.6 | 7.1 | 5.1 |
Environmental and other related costs, net of cash payments | 32.3 | 0 | 0 |
Net gain on sale of a business and other assets | (7) | 0 | 0 |
Other | (11.3) | (6.3) | (2) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (2.7) | 32.3 | 5.8 |
Inventories | 45.4 | 110 | (68.8) |
Other operating assets | 0.3 | 2.3 | 14.6 |
Accounts payable | 11.2 | (50.4) | 52.9 |
Income taxes | 46.1 | 1 | (1.2) |
Other operating liabilities | 13 | 2.8 | (1.6) |
Net cash provided by operating activities | 202.7 | 296.3 | 215.5 |
INVESTING ACTIVITIES | |||
Additions to property, plant and equipment | (32.4) | (55.3) | (46.4) |
Proceeds from sale of a business and other assets | 38.6 | 7.8 | 0 |
Investment in joint venture | (2.1) | (0.5) | 0 |
Other | (5.1) | 9.6 | (3.6) |
Net cash used in investing activities | (1) | (38.4) | (50) |
FINANCING ACTIVITIES | |||
Net borrowings (payments) under revolving credit agreements and other short-term notes | (2.6) | 3.1 | 0 |
Borrowings of long-term debt | 0 | 400 | 450 |
Payments on long-term debt | (37.5) | (393.8) | (530.9) |
Payments of debt issuance and debt extinguishment costs | (0.1) | (17.9) | (2.4) |
Cash dividends paid | (23) | (23.5) | (24.4) |
Purchase of common stock for treasury | (51.5) | (52.7) | (92.6) |
Purchases of shares under employee stock plans | (5.5) | (4.9) | (7.7) |
Proceeds from the exercise of stock options | 21.4 | 7.4 | 13.3 |
Excess tax benefits from stock-based compensation | 0 | 0.6 | 4.9 |
Contributions from noncontrolling interests | 0.8 | 2.2 | 2.5 |
Net cash used in financing activities | (98) | (79.5) | (187.3) |
Effect of foreign exchange rate changes | 7.5 | (2.7) | (7.9) |
Increase (decrease) in cash and cash equivalents | 111.2 | 175.7 | (29.7) |
Cash and cash equivalents at beginning of the year | 369.8 | 194.1 | 223.8 |
Cash and cash equivalents at end of the year | 481 | 369.8 | 194.1 |
OTHER CASH FLOW INFORMATION | |||
Interest paid | 31.5 | 33.7 | 34.9 |
Net income taxes paid | 23.6 | 35.4 | 49.8 |
Noncash Investing and Financing Items [Abstract] | |||
Additions to property, plant and equipment not yet paid | 0.8 | 1.7 | 0 |
Purchase of common stock for treasury not yet paid | $ 0 | $ 9.2 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | |
Beginning Balance at Jan. 03, 2015 | $ 938 | $ 102.3 | $ 40.1 | $ 852.2 | $ (49.5) | $ (11.6) | $ 4.5 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings attributable to Wolverine World Wide, Inc. | 122.8 | |||||||
Net earnings attributable to noncontrolling interests | 0.4 | |||||||
Net earnings | 123.2 | |||||||
Other comprehensive income (loss) | (6.6) | |||||||
Other comprehensive income (loss) attributable to noncontrolling interest | (1.4) | |||||||
Other comprehensive income (loss) | (8) | |||||||
Shares issued under stock incentive plans net of forfeitures | 0 | 0.7 | (0.7) | |||||
Stock issued for stock options exercised, net | 13.3 | 0.9 | 12.4 | |||||
Stock-based compensation expense | 18.7 | 18.7 | ||||||
Income tax benefits from stock incentive plans | 5.4 | 5.4 | ||||||
Cash dividends declared | (24.2) | (24.2) | ||||||
Issuance of treasury shares | 1.1 | 0 | 1.1 | |||||
Purchase of common stock for treasury | (92.6) | (92.6) | ||||||
Purchases of shares under employee stock plans | (7.7) | (7.7) | ||||||
Capital contribution from noncontrolling interest | 2.5 | 2.5 | ||||||
Ending Balance at Jan. 02, 2016 | 969.7 | 103.9 | 75.9 | 950.8 | (56.1) | (110.8) | 6 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings attributable to Wolverine World Wide, Inc. | 87.7 | |||||||
Net earnings attributable to noncontrolling interests | (0.2) | |||||||
Net earnings | 87.5 | |||||||
Other comprehensive income (loss) | [1] | (25) | ||||||
Other comprehensive income (loss) attributable to noncontrolling interest | (0.4) | |||||||
Other comprehensive income (loss) | (25.4) | |||||||
Shares issued under stock incentive plans net of forfeitures | (0.1) | 1.2 | (1.3) | |||||
Stock issued for stock options exercised, net | 7.4 | 0.5 | 6.9 | |||||
Stock-based compensation expense | 22.8 | 22.8 | ||||||
Income tax deficiencies from stock incentive plans | (1) | (1) | ||||||
Cash dividends declared | (23.4) | (23.4) | ||||||
Issuance of treasury shares | 1.1 | (0.1) | 1.2 | |||||
Purchase of common stock for treasury | (61.9) | (61.9) | ||||||
Purchases of shares under employee stock plans | (4.8) | (4.8) | ||||||
Capital contribution from noncontrolling interest | 2.2 | 2.2 | ||||||
Ending Balance at Dec. 31, 2016 | 974.1 | 105.6 | 103.2 | 1,015.1 | (81.1) | (176.3) | 7.6 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings attributable to Wolverine World Wide, Inc. | 0.3 | |||||||
Net earnings attributable to noncontrolling interests | (1) | |||||||
Net earnings | (0.7) | |||||||
Other comprehensive income (loss) | [1] | 5.9 | ||||||
Other comprehensive income (loss) attributable to noncontrolling interest | 0.3 | |||||||
Other comprehensive income (loss) | 6.2 | |||||||
Shares issued under stock incentive plans net of forfeitures | (0.2) | (0.5) | 0.3 | |||||
Stock issued for stock options exercised, net | 21.4 | 1.3 | 20.1 | |||||
Stock-based compensation expense | 25.4 | 25.4 | ||||||
Cash dividends declared | (23.2) | (23.2) | ||||||
Issuance of treasury shares | 1.1 | 0.2 | 0.9 | |||||
Purchase of common stock for treasury | (42.3) | (42.3) | ||||||
Purchases of shares under employee stock plans | (5.3) | (5.3) | ||||||
Capital contribution from noncontrolling interest | 0.8 | 0.8 | ||||||
Ending Balance at Dec. 30, 2017 | 955.2 | $ 106.4 | $ 149.2 | $ 992.2 | $ (75.2) | $ (223) | 5.6 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Payments to Acquire Additional Interest in Subsidiaries | $ (2.1) | $ (2.1) | ||||||
[1] | Other comprehensive income (loss) is reported net of taxes and noncontrolling interest. |
Consolidated Statements of Sto9
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Shares issued under stock incentive plans, net of forfeitures | (488,655) | 1,200,527 | 721,621 |
Shares issued for stock options exercised, net | 1,247,064 | 530,585 | 941,157 |
Cash dividends declared per share | $ 0.24 | $ 0.24 | $ 0.24 |
Issuance of treasury shares | 44,480 | 57,798 | 40,016 |
Purchase of common stock for treasury | (1,639,732) | (2,838,919) | (4,804,665) |
Purchases of shares under employee stock plans | (227,464) | (283,578) | (276,275) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Wolverine World Wide, Inc. is a leading designer, 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 ® , 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™ . Principles of Consolidation The consolidated financial statements include the accounts of Wolverine World Wide, Inc. and its majority-owned subsidiaries (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. 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, 2016 and 2015 all had 52 weeks. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Revenue Recognition Revenue is recognized on the sale of products manufactured or sourced by the Company when the related goods have been shipped, legal title has passed to the customer and collectability is reasonably assured. Revenue generated through licensees and distributors involving products bearing the Company’s trademarks is recognized as earned according to stated contractual terms upon either the purchase or shipment of branded products by licensees and distributors. Retail store revenue is recognized at time of sale. The Company records provisions for estimated sales returns and allowances at the time of sale based on historical rates of returns and allowances and specific identification of outstanding returns not yet received from customers. However, estimates of actual returns and allowances in any future period are inherently uncertain and actual returns and allowances may differ from these estimates. If actual or expected future returns and allowances were significantly greater or less than established reserves, a reduction or increase to net revenues would be recorded in the period this determination was made. Cost of Goods Sold Cost of goods sold includes the actual product costs, including inbound freight charges and certain outbound freight charges, purchasing, sourcing, inspection and receiving costs. Warehousing costs are included in selling, general and administrative expenses. Shipping and Handling Costs Shipping and handling costs that are charged to and reimbursed by a customer are recognized as revenue, while the related expenses incurred by the Company are recorded as cost of goods sold. Advertising Costs Advertising costs are expensed as incurred, except for certain materials that are expensed the first time that the advertising takes place. Advertising expenses were $ 107.1 million , $ 121.5 million and $ 137.2 million for fiscal years 2017 , 2016 and 2015 , respectively. Prepaid advertising totaled $ 2.8 million and $ 4.0 million as of December 30, 2017 and December 31, 2016 , respectively. Cash Equivalents Cash equivalents include highly liquid investments with an original maturity of three months or less. Cash equivalents are stated at cost, which approximates market. Allowance for Uncollectible Accounts The Company maintains an allowance for uncollectible accounts receivable for estimated losses resulting from its customers’ failure to make required payments. Company management evaluates the allowance for uncollectible accounts receivable based on a review of current customer status and historical collection experience. Inventories The Company values its inventory at the lower of cost or market. Cost is determined by the LIFO method for certain domestic finished goods inventories. Cost is determined using the FIFO method for all raw materials, work-in-process and finished goods inventories in foreign countries; certain domestic finished goods inventories; and for all finished goods inventories of the Company’s consumer-direct business, due to the unique nature of those operations. The Company has applied these inventory cost valuation methods consistently from year to year. Property, Plant and Equipment Property, plant and equipment are stated on the basis of cost and include expenditures for computer hardware and software, store furniture and fixtures, office furniture and machinery and equipment. Normal repairs and maintenance are expensed as incurred. Depreciation of property, plant and equipment is computed using the straight-line method. The depreciable lives range from 14 to 20 years for buildings and improvements, from 5 to 10 years for leasehold improvements and from 3 to 10 years for machinery, equipment and software. Operating Leases The Company leases its retail stores and certain distribution and office facilities under operating leases. In addition to the minimum lease payments, leases may include rent escalation clauses, contingent rental expense and lease incentives, including rent holidays and tenant improvement allowances. Rent expense is recognized on a straight-line basis over the term of the lease from the time at which the Company takes possession of the property. Landlord-provided tenant improvement allowances are recorded in other liabilities and amortized as a credit to rent expense over the term of the lease. Leasehold improvements are depreciated at the lesser of the estimated useful life or lease term, including reasonably-assured lease renewals as determined at lease inception. Deferred Financing Costs Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining commitments for financing that result in a closing of such financings for the Company. These costs are amortized into earnings through interest expense over the terms of the respective agreements. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. Goodwill and Other Intangibles Goodwill represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets of acquired businesses. Indefinite-lived intangibles include trademarks and trade names. Goodwill and intangible assets deemed to have indefinite lives are not amortized, but are subject to impairment tests at least annually. The Company reviews the carrying amounts of goodwill and indefinite-lived intangible assets by reporting unit at least annually, or when indicators of impairment are present, to determine if such assets may be impaired. If the carrying amounts of these assets are not recoverable based upon discounted cash flow and market approach analyses, the carrying amounts of such assets are reduced by the estimated difference between the carrying values and estimated fair values. The Company includes assumptions about expected future operating performance as part of a discounted cash flow analysis to estimate fair value. If the carrying value of these assets is not recoverable, based on the discounted cash flow analysis, management performs the next step, which compares the fair value of the reporting unit to the carrying value of the tangible and intangible net assets of the reporting units. Goodwill is considered impaired if the recorded value of the tangible and intangible net assets exceeds the fair value of the reporting unit. The Company may first assess qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value. The Company would not be required to quantitatively determine the fair value of the indefinite-lived intangible unless the Company determines, based on the qualitative assessment, that it is more likely than not that its fair value is less than the carrying value. The Company may skip the qualitative assessment and quantitatively test indefinite-lived intangibles by comparison of the individual carrying values to the fair value. Future cash flows of the individual indefinite-lived intangible assets are used to measure their fair value after consideration by management of certain assumptions, such as forecasted growth rates and cost of capital, which are derived from internal projections and operating plans. The Company performs its annual testing for goodwill and indefinite-lived intangible asset impairment at the beginning of the fourth quarter of the fiscal year for all reporting units. See Note 4 to the consolidated financial statements for information related to the results of the Company's annual test. Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or an asset group may not be recoverable. Each impairment test is based on a comparison of the carrying amount of the asset or asset group to the future undiscounted net cash flows expected to be generated by the asset or asset group. If such assets are considered to be impaired, the impairment amount to be recognized is the amount by which the carrying value of the assets exceeds their fair value. See Note 17 to the consolidated financial statements for information related to long-lived assets that were determined to be impaired. Environmental Environmental costs relating to existing conditions caused by past operations that do not contribute to current or future revenues are expensed as incurred. Liabilities related to estimated remediation costs are recorded on an undiscounted basis when they are probable and reasonably estimable, generally no later than the completion of feasibility studies, the Company’s commitment to a plan of action, or approval by regulatory agencies. Retirement Benefits The determination of the obligation and expense for retirement benefits is dependent on the selection of certain actuarial assumptions used in calculating such amounts. These assumptions include, among others, the discount rate, expected long-term rate of return on plan assets, mortality rates and rates of increase in compensation. These assumptions are reviewed with the Company’s actuaries and updated annually based on relevant external and internal factors and information, including, but not limited to, long-term expected asset returns, rates of termination, regulatory requirements and plan changes. See Note 11 to the consolidated financial statements for additional information. The Company has elected to measure its defined benefit plan assets and obligations as of December 31 of each year, regardless of the Company's actual fiscal year end date, which is the Saturday nearest to December 31. Income Taxes The provision for income taxes is based on the geographic dispersion of the earnings reported in the consolidated financial statements. A deferred income tax asset or liability is determined by applying currently-enacted tax laws and rates to the cumulative temporary differences between the carrying values of assets and liabilities for financial statement and income tax purposes. The Company records an increase in liabilities for income tax accruals associated with tax benefits claimed on tax returns but not recognized for financial statement purposes (unrecognized tax benefits). The Company recognizes interest and penalties related to unrecognized tax benefits through interest expense and income tax expense, respectively. Foreign Currency For most of the Company’s international subsidiaries, the local currency is the functional currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars at the year-end exchange rate. Operating statement amounts are translated at average exchange rates for each period. The cumulative translation adjustments resulting from changes in exchange rates are included in the consolidated balance sheets as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Transaction gains and losses are included in the consolidated statements of operations and were not material for fiscal years 2017, 2016 and 2015. |
New Accounting Standards (Notes
New Accounting Standards (Notes) | 12 Months Ended |
Dec. 30, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Standards [Text Block] | 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. Standard Description Effect on the Financial Statements or Other Significant Matters 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 material 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 material 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 2015-14, 2016-08, 2016-10, 2016-11, 2016-12, 2017-13, and 2017-14) 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 has finalized its assessment of the update, which outlines a single, comprehensive model for accounting for revenue from contracts with customers. The Company's review indicated no cumulative-effect adjustment was required, indicating no impact on the Company's consolidated financial statements, except for enhanced disclosures upon adoption beginning in the first quarter of fiscal 2018. 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 adoption of the new standard will not have a material impact on the Company's 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 adoption of the new standard will require the Company to present the non-service pension costs as a component of expense below operating profit. The adoption, which will be applied retrospectively, will not have any impact on consolidated net income, financial position or cash flows. Standard Description Planned Period of Adoption Effect on the Financial Statements or Other Significant Matters 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 inform 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 (Notes)
Earnings Per Share (Notes) | 12 Months Ended |
Dec. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE The Company calculates earnings per share in accordance with FASB 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: Fiscal Year (In millions, except per share data) 2017 2016 2015 Numerator: Net earnings attributable to Wolverine World Wide, Inc. $ 0.3 $ 87.7 $ 122.8 Adjustment for earnings allocated to nonvested restricted common stock — (2.1 ) (2.8 ) Net earnings used to calculate basic earnings per share 0.3 85.6 120.0 Adjustment for earnings (loss) reallocated to nonvested restricted common stock (0.2 ) 0.1 0.1 Net earnings used to calculate diluted earnings per share $ 0.1 $ 85.7 $ 120.1 Denominator: Weighted average shares outstanding 96.4 99.0 102.0 Adjustment for nonvested restricted common stock (2.7 ) (3.7 ) (3.4 ) Shares used to calculate basic earnings per share 93.7 95.3 98.6 Effect of dilutive stock options 1.7 0.9 1.4 Shares used to calculate diluted earnings per share 95.4 96.2 100.0 Net earnings per share: Basic $ — $ 0.90 $ 1.22 Diluted $ — $ 0.89 $ 1.20 Options granted to purchase 1,753,869 , 3,100,328 and 2,264,711 shares in fiscal years 2017 , 2016 and 2015 , respectively, have not been included in the denominator for the computation of diluted earnings per share because they were anti-dilutive. The Company has 2,000,000 authorized shares of $ 1 par value preferred stock, none of which was issued or outstanding as of December 30, 2017 or December 31, 2016 . The Company has designated 150,000 shares of preferred stock as Series A junior participating preferred stock and 500,000 shares of preferred stock as Series B junior participating preferred stock for possible future issuance. On August 8, 2016, the Company's Board of Directors approved a common stock repurchase program that authorizes the repurchase of up to $ 300.0 million in common stock over a four-year period, although the annual amount of any stock repurchases are restricted under the terms of the Company's Credit Agreement. The Company repurchased $ 42.3 million , $ 61.9 million and $ 92.6 million of Company common stock in fiscal years 2017 , 2016 and 2015 , respectively, under stock repurchase plans. In addition to the stock repurchase program activity, the Company acquired $ 5.5 million , $ 4.9 million and $ 7.7 million of shares in fiscal years 2017 , 2016 and 2015 , respectively, in connection with employee transactions related to stock incentive plans. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Notes) | 12 Months Ended |
Dec. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS The changes during fiscal years 2017 and 2016 in the carrying amount of goodwill and indefinite-lived intangibles, which comprises trademarks and trade names, is 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 Impairment — (7.1 ) (7.1 ) Sale of a business (2.3 ) — (2.3 ) Foreign currency translation effects (2.5 ) — (2.5 ) Balance at December 31, 2016 $ 424.3 $ 678.5 $ 1,102.8 Impairment — (68.6 ) (68.6 ) Sale of a business — (5.4 ) (5.4 ) Foreign currency translation effects 5.5 — 5.5 Balance at December 30, 2017 $ 429.8 $ 604.5 $ 1,034.3 In the fourth quarter of fiscal 2017, as a result of its annual impairment testing, the Company recognized a $ 68.6 million impairment charge for the Sperry ® trade name. In the fourth quarter of fiscal 2016, as a result of its annual impairment testing, the Company recorded a $ 7.1 million impairment charge for the Stride Rite ® trade name. The Company signed a multi-year license agreement in 2017 to license the Stride Rite ® brand, which is estimated to improve the future profitability of the business and reduce the risk of future non-cash impairments. If the operating results for Sperry ® were to decline in future periods, the Company may need to record an additional non-cash impairment charge. The carrying value of the Company’s Stride Rite ® and Sperry ® trade name indefinite-lived intangible assets was $ 7.9 million and $ 518.2 million , respectively, as of December 30, 2017 . In the second quarter of fiscal 2015, the Company recorded a $ 2.6 million impairment charge for the Cushe ® trade name, due to the decision to wind-down operations of the Cushe ® brand. In the third quarter of fiscal 2017, the Company sold the intangible assets related to its Sebago ® brand from the Outdoor & Lifestyle Group operating segment. See Note 18 for additional information. During fiscal 2016, the Company sold a non-core business within the Multi-Brand Group operating segment, which included an allocation of goodwill for the brand. The Company did not recognize any impairment charges during fiscal years 2017, 2016 or 2015 for goodwill, as the annual impairment testing indicated that all reporting unit goodwill fair values exceeded their respective carrying values. Amortizable intangible assets are amortized using the straight-line method over their estimated useful lives. They consist primarily of customer relationships, licensing arrangements and developed product technology. The combined gross carrying value and accumulated amortization for these amortizable intangibles is as follows: December 30, 2017 (In millions) Average remaining life (years) Gross carrying value Accumulated amortization Net Customer relationships 15 $ 100.5 $ 26.6 $ 73.9 Other 3 13.5 10.4 3.1 Total $ 114.0 $ 37.0 $ 77.0 December 31, 2016 (In millions) Average remaining life (years) Gross carrying value Accumulated amortization Net Customer relationships 16 $ 100.5 $ 21.6 $ 78.9 Licensing arrangements 1 28.8 27.6 1.2 Developed product technology 1 14.9 12.7 2.2 Other 3 11.4 9.9 1.5 Total $ 155.6 $ 71.8 $ 83.8 Amortization expense for these amortizable intangible assets was $ 9.4 million , $ 14.0 million and $ 15.6 million for fiscal years 2017 , 2016 and 2015 , respectively. Estimated aggregate amortization expense for such intangibles for the fiscal years subsequent to December 30, 2017 is as follows: (In millions) 2018 2019 2020 2021 2022 Amortization expense $ 6.1 $ 5.9 $ 5.6 $ 5.4 $ 5.1 |
Accounts Receivable (Notes)
Accounts Receivable (Notes) | 12 Months Ended |
Dec. 30, 2017 | |
Accounts Receivable [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 that expires in the fourth quarter of fiscal 2018. Under the agreement, up to $ 150.0 million of accounts receivable may be sold to the financial institution and remain outstanding at any point in time. After the sale, the Company does not retain any interests in the accounts receivable and removes them from its consolidated balance 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. Fiscal Year (In millions) 2017 2016 2015 Accounts receivable sold $ 558.3 $ 614.9 $ 657.4 Fees charged 2.1 1.7 1.4 The fees are recorded in other expense. Net proceeds of this program are classified in operating activities in the consolidated statements of cash flows. This program reduced the Company's accounts receivable by $ 70.1 million and $ 81.1 million as of December 30, 2017 and December 31, 2016 , respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES The Company used the LIFO method to value inventories of $ 53.2 million at December 30, 2017 and $ 66.2 million at December 31, 2016 . During fiscal 2017, a reduction in inventory quantities resulted in a liquidation of applicable LIFO inventory quantities carried at lower costs in prior years. This LIFO liquidation decreased cost of goods sold by $ 6.0 million . If the FIFO method had been used, inventories would have been $ 16.4 million and $ 22.4 million higher than reported at December 30, 2017 and December 31, 2016 , respectively. |
Debt
Debt | 12 Months Ended |
Dec. 30, 2017 | |
Debt Disclosure [Abstract] | |
Indebtedness | DEBT Total debt consists of the following obligations: (In millions) December 30, December 31, Term Loan A, due July 13, 2020 $ 538.1 $ 575.6 Senior Notes, 5.000% interest, due September 1, 2026 250.0 250.0 Borrowings under revolving credit agreements and other short-term notes 0.5 2.9 Capital lease obligation 0.5 0.5 Unamortized debt issuance costs (6.5 ) (8.3 ) Total debt $ 782.6 $ 820.7 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 $ 37.5 million as of December 30, 2017 and are recorded as current maturities of long-term debt on the consolidated 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 and $ 2.6 million as of December 30, 2017 and December 31, 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 an interest rate swap arrangement that reduces the Company’s exposure to fluctuations in interest rates on its variable rate debt. At December 30, 2017 , Term Loan A had a weighted-average interest rate of 3.39 %. 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 December 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 $ 0.5 million and $ 1.8 million as of December 30, 2017 and December 31, 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 $ 2.8 million , $ 3.1 million and $ 3.7 million in fiscal years 2017 , 2016 and 2015 , respectively. Annual maturities of debt, including capital leases, for the fiscal years subsequent to December 30, 2017 are as follows: (In millions) 2018 2019 2020 2021 2022 Thereafter Annual maturities of debt $ 38.0 $ 60.2 $ 440.7 $ 0.2 $ — $ 250.0 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES Property, plant and equipment consisted of the following: (In millions) December 30, December 31, Land $ 4.0 $ 4.1 Buildings and improvements 103.5 125.1 Machinery and equipment 171.0 189.6 Software 112.6 115.2 Gross cost 391.1 434.0 Less: accumulated depreciation 254.4 287.9 Property, plant and equipment, net $ 136.7 $ 146.1 Depreciation expense was $ 27.8 million , $ 29.5 million and $ 33.1 million for fiscal years 2017 , 2016 and 2015 , respectively. The Company leases machinery, equipment and certain warehouse, office and retail store space under operating lease agreements that expire at various dates through 2035. Certain leases contain renewal provisions and generally require the Company to pay utilities, insurance, taxes and other operating expenses. Rental expense under all operating leases, consisting primarily of minimum rentals, totaled $ 39.9 million , $ 55.5 million and $ 54.8 million in fiscal years 2017 , 2016 and 2015 , respectively. The Company recognized sublease income of $ 1.9 million and $ 0.9 million in fiscal years 2017 and 2016 , respectively. As of December 30, 2017 , the Company is due $ 19.1 million in future rentals under noncancelable subleases. Minimum rental payments due and minimum sublease rentals to be received under all noncancelable operating leases for the fiscal years subsequent to December 30, 2017 are as follows: (In millions) 2018 2019 2020 2021 2022 Thereafter Minimum rental payments $ 31.2 $ 30.2 $ 26.8 $ 25.1 $ 23.3 $ 120.8 |
Financial Instruments and Risk
Financial Instruments and Risk Management | 12 Months Ended |
Dec. 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 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 356 days, as of December 30, 2017 and December 31, 2016 . 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 an interest rate swap arrangement, which unless otherwise terminated, will mature on July 13, 2020 . This agreement, which exchanges floating rate for fixed rate interest payments over the life of the agreement without the exchange of the underlying notional amounts, has been designated as cash flow hedge of the debt. The notional amount of the interest rate swap arrangement is 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 U.S. dollar 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) ("AOCI"), offsetting the currency translation adjustment related to the underlying net investment that is also recorded in AOCI. 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) December 30, 2017 December 31, 2016 Foreign exchange contracts: Hedge contracts $ 162.7 $ 169.2 Non-hedge contracts — 2.1 Interest rate swap 446.9 496.0 Cross currency swap 106.4 — The recorded fair values of the Company’s derivative instruments are as follows: (In millions) December 30, 2017 December 31, 2016 Financial assets: Foreign exchange contracts - hedge $ 0.3 $ 6.6 Interest rate swap — 0.1 Financial liabilities: Foreign exchange contracts - hedge $ (5.0 ) $ (0.3 ) Interest rate swap (0.3 ) (5.3 ) Cross currency swap (13.8 ) — 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 statements of operations. Hedge ineffectiveness was not material to the Company’s consolidated financial statements for the fiscal years ending December 30, 2017 , December 31, 2016 and January 2, 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 AOCI within stockholders’ equity. The differential paid or received on the interest rate swap arrangement is recognized as interest expense. In accordance with ASC 815, the Company has formally documented the relationship between the interest rate swap and the variable rate borrowings, as well as its risk management objective and strategy for undertaking the hedge transaction. This process included linking the derivative to the specific liability or asset on the balance sheet. The Company also assessed at the 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. The Company's interest rate swaps have remained effective since inception throughout fiscal years ending December 30, 2017 , December 31, 2016 and January 2, 2016 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. The Company's cross currency swap has remained effective since inception throughout fiscal year ending December 30, 2017 . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 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 ASC Topic 718, Compensation – Stock Compensation . The Company recognized compensation expense of $ 25.4 million , $ 22.8 million and $ 18.7 million and related income tax benefits of $ 8.6 million , $ 7.9 million and $ 6.1 million for grants under its stock-based compensation plans in the statements of operations for fiscal years 2017 , 2016 and 2015 , respectively. The Company generally grants restricted stock or units (“Restricted Awards”), performance-based restricted stock or units (“Performance Awards”) and stock options under its stock-based compensation plans. As of December 30, 2017 , the Company had 2,673,893 stock incentive units (stock options, stock appreciation rights, restricted stock, restricted stock units and common stock) available for issuance under the Stock Incentive Plan of 2016 ("Stock Plan"). Each stock option or stock appreciation right granted counts as 1.0 stock incentive unit. Stock options granted under the Stock Plan have an exercise price equal to the fair market value of the underlying stock on the grant date, expire no later than ten years from the grant date and generally vest over three years . All other awards granted, including Restricted Awards and Performance Awards, count as 2.6 stock incentive units. Restricted Awards issued under the Stock Plan are subject to certain restrictions, including a prohibition against any sale, transfer or other disposition by the officer or employee during the vesting period (except for certain transfers for estate planning purposes for certain officers), and a requirement to forfeit all or a certain portion of the award upon certain terminations of employment or upon failure to achieve performance criteria in certain instances. These restrictions typically lapse over a three- to four-year period from the date of the award. The Company has elected to recognize expense for these stock-based incentive plans ratably over the vesting term on a straight-line basis. Certain option and restricted awards provide for accelerated vesting under various scenarios, including retirement and upon a change in control of the Company. With regard to acceleration of vesting upon retirement, employees of eligible retirement age are vested in accordance with plan provisions and applicable stock option and restricted stock agreements. The Company issues shares to plan participants upon exercise or vesting of stock-based incentive awards from either authorized, but unissued, shares or treasury shares. The Board of Directors awards an annual grant of Performance Awards to certain plan participants. The number of Performance Awards that will be earned (and eligible to vest) during the performance period will depend on the Company’s level of success in achieving two specifically identified performance targets. Any portion of the Performance Awards that are not earned by the end of the three-year measurement period will be forfeited. The final determination of the number of Performance Awards to be issued in respect to an award is determined by the Compensation Committee of the Company’s Board of Directors. Stock Options The Company estimated the fair value of employee stock options on the date of grant using the Black-Scholes-Merton formula. The estimated weighted-average fair value for each option granted was $5.50 , $3.36 and $6.35 per share for fiscal years 2017 , 2016 and 2015 , respectively, with the following weighted-average assumptions. Fiscal Year 2017 2016 2015 Expected market price volatility (1) 29.3 % 27.2 % 28.8 % Risk-free interest rate (2) 1.7 % 1.0 % 1.3 % Dividend yield (3) 1.0 % 1.4 % 0.9 % Expected term (4) 4 years 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. A summary of the stock option transactions is as follows: Shares Under Option Weighted-Average Exercise Price Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In millions) Outstanding at January 3, 2015 6,397,993 $ 18.36 6.2 $ 68.3 Granted 1,366,137 28.22 Exercised (1,003,896 ) 14.63 Cancelled (387,840 ) 26.93 Outstanding at January 2, 2016 6,372,394 $ 20.54 6.1 $ 8.6 Granted 2,445,573 16.88 Exercised (562,610 ) 14.41 Cancelled (761,695 ) 23.03 Outstanding at December 31, 2016 7,493,662 $ 19.55 6.4 $ 28.7 Granted 93,274 23.85 Exercised (1,267,269 ) 17.15 Cancelled (230,003 ) 21.37 Outstanding at December 30, 2017 6,089,664 $ 20.05 5.8 $ 72.1 Nonvested at December 30, 2017 (1,439,221 ) Exercisable at December 30, 2017 4,650,443 $ 20.47 5.1 $ 53.1 The total pretax intrinsic value of stock options exercised during fiscal years 2017 , 2016 and 2015 was $12.5 million , $4.0 million and $14.5 million , respectively. As of December 30, 2017 , there was $ 1.8 million of unrecognized compensation expense related to stock option grants expected to be recognized over a weighted-average period of 1.0 years. As of December 31, 2016 and January 2, 2016 , there was $4.8 million and $4.6 million , respectively, of unrecognized compensation expense related to stock option awards expected to be recognized over a weighted-average period of 1.4 years and 1.2 years, respectively. The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on the Company’s closing stock price as of each fiscal year end, which would have been received by the option holders had all option holders exercised options, where the market price of the Company's stock was above the strike price ("in-the-money"), as of that date. The total number of in-the-money options exercisable as of December 30, 2017 , based on the Company’s closing stock price of $ 31.88 per share, was 4,563,527 and the weighted-average exercise price was $20.26 per share. As of December 31, 2016 , 3,546,676 outstanding options were exercisable and in-the-money and the weighted-average exercise price was $16.81 per share. Restricted Awards and Performance Awards A summary of the nonvested Restricted Awards and Performance Awards is as follows: Restricted Awards Weighted- Average Grant Date Fair Value Performance Awards Weighted- Average Grant Date Fair Value Nonvested at January 3, 2015 1,727,182 $ 22.44 1,490,770 $ 23.30 Granted 677,113 27.26 732,124 28.62 Vested (398,582 ) 18.99 (311,343 ) 20.47 Forfeited (279,074 ) 25.90 (405,432 ) 24.76 Nonvested at January 2, 2016 1,726,639 $ 24.57 1,506,119 $ 26.08 Granted 1,050,758 16.89 1,008,228 16.71 Vested (443,380 ) 22.10 (316,454 ) 23.54 Forfeited (386,639 ) 23.27 (467,007 ) 23.22 Nonvested at December 31, 2016 1,947,378 $ 21.24 1,730,886 $ 21.86 Granted 762,078 23.06 511,722 25.14 Vested (445,939 ) 22.03 (173,894 ) 27.01 Forfeited (238,445 ) 21.66 (378,046 ) 25.04 Nonvested at December 30, 2017 2,025,072 $ 21.70 1,690,668 $ 21.54 As of December 30, 2017 , there was $ 18.3 million of unrecognized compensation expense related to nonvested Restricted Awards which is expected to be recognized over a weighted-average period of 1.8 years. The total fair value of Restricted Awards vested during the year ended December 30, 2017 was $ 10.6 million . As of December 31, 2016 , there was $16.6 million of unrecognized compensation expense related to nonvested Restricted Awards which was expected to be recognized over a weighted-average period of 2.1 years. The total fair value of Restricted Awards vested during the year ended December 31, 2016 was $7.7 million . As of January 2, 2016 , there was $17.2 million of unrecognized compensation expense related to nonvested Restricted Awards which was expected to be recognized over a weighted-average period of 1.9 years. The total fair value of Restricted Awards vested during the year ended January 2, 2016 was $11.1 million . As of December 30, 2017 , there was $ 16.9 million of unrecognized compensation expense related to nonvested Performance Awards which is expected to be recognized over a weighted-average period of 1.9 years. The total fair value of Performance Awards vested during the year ended December 30, 2017 was $ 4.0 million . As of December 31, 2016 , there was $8.2 million of unrecognized compensation expense related to nonvested Performance Awards which was expected to be recognized over a weighted-average period of 1.8 years. The total fair value of Performance Awards vested during the year ended December 31, 2016 was $5.2 million . As of January 2, 2016 , there was $4.5 million of unrecognized compensation expense related to nonvested Performance Awards which was expected to be recognized over a weighted-average period of 2.0 years. The total fair value of Performance Awards vested during the year ended January 2, 2016 was $ 8.7 million . |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | RETIREMENT PLANS The Company has three non-contributory, defined benefit pension plans that provide retirement benefits to less than half of its domestic employees. The Company’s principal defined benefit pension plan, which is closed to new participants, provides benefits based on the employee’s years of service and final average earnings. The Company’s second plan provides benefits at a fixed rate per year of service for certain employees under a collective bargaining arrangement. The Company’s third non-contributory defined benefit pension plan is closed to new participants and no longer accrues future benefits. The Company has a Supplemental Executive Retirement Plan (the “SERP”) for certain current and former employees that entitles a participating employee to receive payments from the Company following retirement based on the employee’s years of service and final average earnings (as defined in the SERP). Under the SERP, the employees can elect early retirement with a corresponding reduction in benefits. The Company also has individual deferred compensation agreements with certain former employees that entitle those employees to receive payments from the Company for a period of time that generally extends 15 to 18 years following retirement. The Company maintains life insurance policies with a cash surrender value of $ 60.7 million at December 30, 2017 and $ 56.6 million at December 31, 2016 that are intended to partially fund deferred compensation benefits under the SERP and deferred compensation agreements. The Company has two defined contribution 401(k) plans covering substantially all domestic employees that provide for Company contributions based on earnings. The Company recognized expense for its contributions to the defined contribution plans of $ 4.2 million , $ 4.0 million and $ 4.6 million in fiscal years 2017 , 2016 and 2015 , respectively. The Company also has certain defined contribution plans at foreign subsidiaries. Contributions to these plans were $ 1.0 million , $ 1.1 million and $ 1.5 million in fiscal years 2017 , 2016 and 2015 , respectively. The Company also has a benefit plan at a foreign location that provides for retirement benefits based on years of service. The obligation recorded under this plan was $ 1.1 million at December 30, 2017 and $ 1.1 million at December 31, 2016 and was recognized as a deferred compensation liability on the consolidated balance sheets. The following summarizes the status of and changes in the Company’s assets and related obligations for its pension plans (which include the Company’s defined benefit pension plans and the SERP) for the fiscal years 2017 and 2016 : Fiscal Year (In millions) 2017 2016 Change in projected benefit obligations: Projected benefit obligations at beginning of the year $ 417.5 $ 392.8 Service cost pertaining to benefits earned during the year 7.2 6.5 Interest cost on projected benefit obligations 17.7 19.1 Actuarial losses 30.5 31.0 Benefits paid to plan participants (27.2 ) (24.7 ) Curtailment (2.3 ) — Settlement — (7.2 ) Projected benefit obligations at end of the year $ 443.4 $ 417.5 Change in fair value of pension assets: Fair value of pension assets at beginning of the year $ 271.9 $ 280.8 Actual return on plan assets 41.0 19.1 Company contributions - pension 11.3 1.5 Company contributions - SERP 2.6 2.4 Benefits paid to plan participants (27.2 ) (24.7 ) Settlement — (7.2 ) Fair value of pension assets at end of the year $ 299.6 $ 271.9 Funded status $ (143.8 ) $ (145.6 ) Amounts recognized in the consolidated balance sheets: Non-current assets $ 2.1 $ 1.2 Current liabilities (3.7 ) (3.7 ) Non-current liabilities (142.2 ) (143.1 ) Net amount recognized $ (143.8 ) $ (145.6 ) Funded status of pension plans and SERP (supplemental): Nonqualified trust assets (cash surrender value of life insurance) recorded in other assets and intended to satisfy the projected benefit obligation of unfunded SERP obligations 54.0 50.1 Net funded status of pension plans and SERP (supplemental) $ (89.8 ) $ (95.5 ) Unrecognized net actuarial loss recognized in AOCI was $ 42.6 million and $ 45.3 million , and amounts net of tax were $ 28.6 million and $ 30.4 million , as of December 30, 2017 and December 31, 2016, respectively. The accumulated benefit obligations for all defined benefit pension plans and the SERP were $ 422.0 million at December 30, 2017 and $ 396.3 million at December 31, 2016 . The following is a summary of net pension and SERP expense recognized by the Company: Fiscal Year (In millions) 2017 2016 2015 Service cost pertaining to benefits earned during the year $ 7.2 $ 6.5 $ 9.0 Interest cost on projected benefit obligations 17.7 19.1 18.5 Expected return on pension assets (19.8 ) (20.1 ) (20.5 ) Net amortization loss 9.8 5.0 20.9 Settlement gain — (0.1 ) — Net pension expense $ 14.9 $ 10.4 $ 27.9 Less: SERP expense 5.5 5.8 7.8 Qualified defined benefit pension plans expense $ 9.4 $ 4.6 $ 20.1 The actuarial loss included in accumulated other comprehensive loss and expected to be recognized in net periodic pension expense during 2018 is $ 3.3 million . The weighted-average actuarial assumptions used to determine the benefit obligation amounts and the net periodic benefit cost for the Company’s pension and post-retirement plans are as follows: Fiscal Year 2017 2016 Weighted-average assumptions used to determine benefit obligations at fiscal year-end: Discount rate 3.80% 4.35% Rate of compensation increase - pension 3.92% 4.85% Rate of compensation increase - SERP 7.00% 7.00% Weighted average assumptions used to determine net periodic benefit cost for the years ended: Discount rate 4.35% 5.00% Expected long-term rate of return on plan assets 7.25% 7.25% Rate of compensation increase - pension 3.97% 4.85% Rate of compensation increase - SERP 7.00% 7.00% Unrecognized net actuarial losses exceeding certain corridors are amortized over one of two amortization periods, based on each plan's election. The amortization period is either a five -year period, unless the minimum amortization method based on average remaining service periods produces a higher amortization; or, over the average remaining service period of participants expected to receive benefits. The Company utilizes a bond matching calculation to determine the discount rate. A hypothetical bond portfolio is created based on a presumed purchase of high-quality corporate bonds with maturities that match the plan’s expected future cash outflows. The discount rate is the resulting yield of the hypothetical bond portfolio. The discount rate is used in the calculation of the year-end pension liability and service cost for the subsequent year. The long-term rate of return is based on overall market expectations for a balanced portfolio with an asset mix similar to the Company’s, utilizing historic returns for broad market and fixed income indices. The Company’s investment policy for plan assets uses a blended approach of U.S. and foreign equities combined with U.S. fixed income investments. The target investment allocations as of December 30, 2017 were 58 % in equity securities, 37 % in fixed income securities and 5 % in real estate investments. Within the equity and fixed income classifications, the investments are diversified. The Company’s asset allocations by asset category and fair value measurement are as follows: December 30, 2017 (In millions) Level 1 Level 2 Level 3 Other 1 Total Equity securities $ — $ — $ — $ 173.4 $ 173.4 57.9 % Fixed income securities — — — 109.1 109.1 36.4 % Real estate investments — — — 15.8 15.8 5.3 % Other — — 1.3 — 1.3 0.4 % Fair value of plan assets $ — $ — $ 1.3 $ 298.3 $ 299.6 100.0 % December 31, 2016 (In millions) Level 1 Level 2 Level 3 Other 1 Total Equity securities $ — $ — $ — $ 161.0 $ 161.0 59.2 % Fixed income securities — — 0.3 95.4 95.7 35.2 % Real estate investments — — — 14.5 14.5 5.3 % Other — — 0.7 — 0.7 0.3 % Fair value of plan assets $ — $ — $ 1.0 $ 270.9 $ 271.9 100.0 % 1 In accordance with ASC 820, Fair Value Measurement , certain investments are measured at fair value using the net asset value per share as a practical expedient. These assets have not been classified in the fair value hierarchy. The Company expects to contribute approximately $ 1.7 million to its qualified defined benefit pension plans and $ 3.7 million to the SERP in fiscal 2018 . Expected benefit payments for the fiscal years subsequent to December 30, 2017 are as follows: (In millions) 2018 2019 2020 2021 2022 2023-2027 Expected benefit payments $ 20.6 $ 21.0 $ 21.4 $ 21.9 $ 22.2 $ 118.6 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The geographic components of earnings (loss) before income taxes are as follows: Fiscal Year (In millions) 2017 2016 2015 United States $ (78.2 ) $ 54.7 $ 102.1 Foreign 67.6 55.8 62.5 Earnings (loss) before income taxes $ (10.6 ) $ 110.5 $ 164.6 The provisions for income tax expense (benefit) consist of the following: Fiscal Year (In millions) 2017 2016 2015 Current expense: Federal $ 48.1 $ 16.0 $ 48.9 State 1.9 1.4 5.2 Foreign 14.0 11.3 11.6 Deferred expense (credit): Federal (72.0 ) (6.9 ) (22.0 ) State (0.2 ) (0.3 ) (1.9 ) Foreign (1.7 ) 1.5 (0.4 ) Income tax provision $ (9.9 ) $ 23.0 $ 41.4 A reconciliation of the Company’s total income tax expense and the amount computed by applying the statutory federal income tax rate of 35 % to earnings before income taxes is as follows: Fiscal Year (In millions) 2017 2016 2015 Income taxes at U.S. statutory rate (35%) $ (3.7 ) $ 38.7 $ 57.6 State income taxes, net of federal income tax (4.2 ) (6.1 ) 1.8 (Nontaxable earnings) non-deductible losses of foreign affiliates: Cayman Islands (3.5 ) (0.4 ) (0.4 ) Other (0.3 ) 0.2 (1.9 ) Foreign earnings taxed at rates different from the U.S. statutory rate: Hong Kong (17.3 ) (17.3 ) (18.1 ) Other 3.5 3.3 0.2 Adjustments for uncertain tax positions 0.4 0.2 0.1 Change in valuation allowance 3.0 2.0 (1.3 ) Change in state tax rates 0.1 (0.1 ) (0.7 ) Transition tax due to TCJA 58.1 — — Remeasurement of U.S. deferred taxes due to TCJA (52.5 ) — — Deferred tax on future cash dividends 3.0 — — Non-deductible expenses (0.6 ) 1.9 3.5 Other 4.1 0.6 0.6 Income tax provision $ (9.9 ) $ 23.0 $ 41.4 Significant components of the Company’s deferred income tax assets and liabilities are as follows: (In millions) December 30, December 31, Deferred income tax assets: Accounts receivable and inventory valuation allowances $ 5.9 $ 17.2 Deferred compensation accruals 8.9 9.0 Accrued pension expense 33.9 53.7 Stock-based compensation 16.7 22.6 Net operating loss and foreign tax credit carryforwards 15.1 9.7 Book over tax depreciation and amortization — 2.0 Tenant lease expenses 3.2 5.0 Environmental reserve 7.9 — Other 10.4 9.3 Total gross deferred income tax assets 102.0 128.5 Less valuation allowance (14.5 ) (11.5 ) Net deferred income tax assets 87.5 117.0 Deferred income tax liabilities: Intangible assets (155.3 ) (270.5 ) Tax over book depreciation and amortization (6.3 ) — Other (5.8 ) (5.2 ) Total deferred income tax liabilities (167.4 ) (275.7 ) Net deferred income tax liabilities $ (79.9 ) $ (158.7 ) The valuation allowance for deferred income tax assets as of December 30, 2017 and December 31, 2016 was $ 14.5 million and $ 11.5 million , respectively. The net increase in the total valuation allowance for fiscal years 2017 and 2016 was $ 3.0 million and $ 2.0 million , respectively. The valuation allowance for both years is primarily related to U.S. state and local net operating loss carryforwards as well as a valuation allowance against state deferred tax assets for certain U.S. legal entities, foreign net operating loss carryforwards and tax credit carryforwards in foreign jurisdictions. The ultimate realization of the deferred tax assets depends on the generation of future taxable income in foreign jurisdictions as well as state and local tax jurisdictions. The current year change in the valuation allowance was comprised of an increase against the state deferred tax assets of $ 1.1 million and an increase related to state net operating loss carryforward of $ 2.9 million , a decrease related to an audit adjustment of a foreign net operating loss of $ 1.3 million and a net increase relating to the foreign net operating losses and foreign tax credits of $ 0.3 million . At December 30, 2017 , the Company had foreign net operating loss carryforwards of $ 33.9 million , which have expirations ranging from 2019 to an unlimited term during which they are available to offset future foreign taxable income. The Company had U.S. state net operating loss carryforwards of $ 99.8 million , which have expirations ranging from 2018 to 2037 during which they are available to offset future state taxable income. The Company also had tax credit carryforwards in foreign jurisdictions of $ 2.6 million , which are available for an unlimited carryforward period to offset future foreign taxes. The following table summarizes the activity related to the Company’s unrecognized tax benefits: Fiscal Year (In millions) 2017 2016 Beginning balance $ 8.9 $ 8.7 Increases related to current year tax positions 1.8 1.4 Decreases related to prior year positions (1.1 ) (1.0 ) Decrease due to lapse of statute (0.3 ) (0.2 ) Ending balance $ 9.3 $ 8.9 The portion of the unrecognized tax benefits that, if recognized currently, would reduce the annual effective tax rate was $ 8.5 million as of December 30, 2017 and $7.8 million as of December 31, 2016 . The Company recognizes interest and penalties related to unrecognized tax benefits through interest expense and income tax expense, respectively. Interest accrued related to unrecognized tax benefits was $ 2.7 million as of December 30, 2017 and $ 2.9 million as of December 31, 2016 . 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 material to the consolidated financial statements. For the majority of tax jurisdictions, 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 2013 . On December 22, 2017, the TCJA was enacted which significantly changes U.S. corporate income tax laws by, among other things, reducing the U.S. corporate income tax rate to 21% starting in 2018 and creating a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of U.S. subsidiaries. As a result, the Company recorded income tax expense of $ 5.6 million during the fourth quarter of 2017. This amount, which is included in the income tax expense (benefit) line item in the consolidated statements of operations, consists of two components: (i) a $ 58.1 million expense relating to the estimated one-time mandatory transition tax on previously deferred earnings of certain non-U.S. subsidiaries that are owned either wholly or partially by a U.S. subsidiary of the Company to be paid over eight years, and (ii) a $ 52.5 million benefit resulting from the remeasurement of the Company’s deferred tax assets and liabilities in the U.S. based on the new lower corporate income tax rate. As a result of the TCJA, the Company now intends to repatriate cash held in foreign jurisdictions and as such has recorded a deferred tax liability related to additional state taxes and foreign withholding taxes on the future dividends received in the U.S. from the foreign subsidiaries of $ 3.0 million . The amounts recorded due to the enactment of the TCJA are the Company's best estimate based on the current information and guidance available at this time, and represent provisional estimates of the transition tax, remeasurement of deferred tax accounts and deferred tax liability on future dividends associated with the TCJA, and as allowed under SAB 118, will be finalized in 2018. The Company intends to permanently reinvest all non-cash undistributed earnings outside of the U.S. and has, therefore, not established a deferred tax liability on the amount of foreign unremitted earnings of $ 259.0 million at December 30, 2017. However, if these non-cash undistributed earnings were repatriated, the Company would be required to accrue and pay applicable U.S. taxes and withholding taxes payable to various countries. It is not practicable to estimate the amount of the deferred tax liability associated with these non-cash unremitted earnings due to the complexity of the hypothetical calculation. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 30, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMLATED OTHER COMPREHENSIVE INCOME (LOSS) Comprehensive income (loss) represents net earnings and any revenue, expenses, gains and losses that, under U.S. GAAP, are excluded from net earnings and recognized directly as a component of stockholders’ equity. The change in accumulated other comprehensive income (loss) during fiscal years 2017 and 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) (6.2 ) 3.5 (20.8 ) (23.5 ) Amounts reclassified from accumulated other comprehensive income (loss) — (6.4 ) (2) 4.9 (3) (1.5 ) Income tax (expense) benefit — 1.7 (1.7 ) — Net reclassifications — (4.7 ) 3.2 (1.5 ) Net current-period other comprehensive income (loss) (1) (6.2 ) (1.2 ) (17.6 ) (25.0 ) Balance of AOCI as of December 31, 2016 $ (53.5 ) $ 2.8 $ (30.4 ) $ (81.1 ) Other comprehensive income (loss) before reclassifications (1) 20.8 (16.0 ) (4.5 ) 0.3 Amounts reclassified from accumulated other comprehensive income (loss) — (0.4 ) (2) 9.8 (3) 9.4 Income tax (expense) benefit — (0.3 ) (3.5 ) (3.8 ) Net reclassifications — (0.7 ) 6.3 5.6 Net current-period other comprehensive income (loss) (1) 20.8 (16.7 ) 1.8 5.9 Balance of AOCI as of December 30, 2017 $ (32.7 ) $ (13.9 ) $ (28.6 ) $ (75.2 ) (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) | 12 Months Ended |
Dec. 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 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) December 30, 2017 December 31, 2016 Financial assets: Derivatives $ 0.3 $ 6.7 Financial liabilities: Derivatives $ (19.1 ) $ (5.6 ) 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. Fiscal 2017 Fiscal 2016 (In millions) Fair Value Impairment Fair Value Impairment Property and equipment $ 0.2 $ 11.0 $ 0.7 $ 12.4 Indefinite-lived intangibles 518.2 68.6 7.9 7.1 The property and equipment and indefinite-lived intangibles were 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) December 30, 2017 December 31, 2016 Carrying value $ 782.1 $ 820.2 Fair value 802.5 827.6 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 | 12 Months Ended |
Dec. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Contingencies | LITIGATION AND CONTINGENCIES Litigation The Company operated a leather tannery in Rockford, Michigan from the early 1900’s through 2009 (the “Tannery”). The Company also owns a parcel on House Street in Plainfield township that the Company used for the disposal of Tannery byproducts until about 1970 (the "House Street Site"). Beginning in the late 1950s, the Company used 3M Company’s Scotchgard™ in its processing of certain leathers at the Tannery. Until 2002 when 3M changed its Scotchgard™ formula, Tannery byproducts disposed of by the Company at the House Street Site and other locations may have contained PFOA and/or PFOS, two chemicals in the family of compounds known as per- and polyfluoroalkyl substances (together, “PFAS”). PFOA and PFOS help provide non-stick, stain-resistant, and water-resistant qualities, and were used for many decades in commercial products like firefighting foams and metal plating, and in common consumer items like food wrappers, microwave popcorn bags, pizza boxes, Teflon™, carpets, and Scotchgard™. The United States Centers for Disease Control and Prevention has concluded that studies of the health effects of PFOA and PFOS are “inconsistent and inconclusive,” but in May 2016 the Environmental Protection Agency (“EPA”) announced a lifetime health advisory level of 70 parts per trillion ("ppt") combined for PFOA and PFOS. Lifetime health advisories, while not enforceable, serve as guidance and are benchmarks for determining if concentrations of chemicals in tap water from public utilities are safe for public consumption. On January 9, 2018, the Michigan Department of Environmental Quality (“MDEQ”) announced it developed a drinking water criterion of 70 ppt combined for PFOA and PFOS, which sets an official state standard for acceptable concentrations of these contaminants in groundwater used for drinking water purposes. This combined criterion took effect January 10, 2018. The Company has been served with two regulatory actions including a civil action filed by the MDEQ under the federal Resource Conservation and Recovery Act of 1976 (“RCRA”), and a Unilateral Administrative Order issued by the EPA under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) Section 106. The Company has also been served with lawsuits from individuals and a putative class. Regulatory Actions of EPA and MDEQ On January 10, 2018, the MDEQ filed a civil action against the Company under the federal RCRA alleging that the Company’s past and present handling, storage, treatment, transportation and/or disposal of solid waste at the Company’s properties, has contributed to the disposal of solid wastes that was done in a way that resulted in releases of PFAS at levels that resulted in detections exceeding applicable Michigan cleanup criteria for PFOA and PFOS. The MDEQ Action seeks to require the Company to investigate the location and extent of PFAS in the environment, develop and implement plans for the continued sampling and analysis of impacts to drinking water wells from PFAS released or disposed of by the Company, and provide alternative drinking water supplies to homes impacted by PFAS for which the Company is allegedly responsible. The MDEQ Action further seeks to require the Company to connect users of drinking water wells to municipal drinking water supplies to address allegedly unacceptable risks posed by a release or threat of release of PFAS attributable to the Company. The Company is working with the MDEQ to analyze the House Street Site and test nearby residential drinking water wells and coordinate communications to impacted homeowners. The Company’s current remediation efforts have included amongst other items, providing alternate drinking water to impacted homes, including bottled water and water filtration systems. On January 10, 2018, the EPA entered a Unilateral Administrative Order (the “EPA Order” or “Order”) under Section 106(a) of CERCLA, 42 U.S.C. § 9606(a). The effective date of the Order was February 1, 2018. The Order pertains to the Company's Tannery site and House Street Site and directs the Company to conduct specified removal actions to abate actual or threatened release of hazardous substances at or from the sites. The Order requires the Company to submit to the EPA, within 60 days after the effective date, a draft removal work plan for performing the removal actions. The Company expects to submit its draft removal work plan in early April of 2018. The Order requires other submittals as well, including a Sampling and Analysis Plan, Health and Safety Plan, Quality Assurance Project Plan, monthly progress reports and other technical reports. On February 1, 2018, the Company filed its Notice of Intent to Comply with the EPA Order, which outlined the Company’s position on the aspects of the proposed Order. In its response, the Company has agreed to comply with the terms of the Order, but has identified inaccuracies and shortcomings in the Order that challenge the legal basis for the Order. The Company discusses its reserve for remediation costs in the environmental liabilities section below. Individual Litigation Actions Individual lawsuits as well as a putative class action lawsuit have been filed against the Company that raise a variety of claims, including related to property, remediation, and human health effects. Assessing potential liability with respect to the putative class action and individual lawsuits at this time, however, is difficult. The putative class action and individual lawsuits were only recently filed and there is minimal direct and relevant precedent for these types of claims related to PFAS. In addition, the science regarding the human health effects of PFAS exposure in the environment remains inconclusive and inconsistent, thereby creating additional uncertainties. Due to these factors, combined with the complexities and uncertainties of litigation, the Company is unable to conclude that adverse verdicts resulting from the class action and individual actions are probable, and therefore no amounts are currently reserved for these claims. The Company intends to continue to vigorously defend itself against these claims. Other Litigation The Company is also involved in litigation incidental to its business and is a party to legal actions and claims, including, but not limited to, those related to employment 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. Environmental Liabilities As of December 30, 2017, the Company has reserved $ 31.1 million for estimated environmental remediation costs based upon an evaluation of currently available facts with respect to each individual site. Of this reserve, $ 12.5 million of the reserve is expected to be paid in fiscal 2018 and is recorded in other accrued liabilities with the remaining $ 18.6 million recorded in other liabilities expected to be paid over the course of thirty years. The Company records liabilities for remediation costs on an undiscounted basis when they are probable and reasonably estimable, generally no later than the completion of feasibility studies or the Company’s commitment to a plan of action. Liabilities for estimated costs of environmental remediation are based primarily upon third-party environmental studies, other internal analysis and the extent of the contamination and the nature of required remedial actions at each site. The Company expects that it will pay the amounts accrued over the periods of remediation for the applicable sites, currently ranging up to 30 years. The Company's remediation activity at its former tannery site and other sites where the Company disposed of tannery byproducts is largely ongoing and in the early stages. It is difficult to estimate the cost of environmental compliance and remediation given the uncertainties regarding the interpretation and enforcement of applicable environmental laws and regulations, the extent of environmental contamination and the existence of alternative cleanup methods. Developments may occur that could materially change the Company’s current cost estimates, including, but not limited to: (i) changes in the information available regarding the environmental impact of the Company’s operations and products; (ii) changes in environmental regulations, changes in permissible levels of specific compounds in drinking water sources, or changes in enforcement theories and policies, including efforts to recover natural resource damages; (iii) new and evolving analytical and remediation techniques; (iv) success in allocating liability to other potentially responsible parties; and (v) the financial viability of other potentially responsible parties and third-party indemnitors. For locations at which remediation activity is largely ongoing, the Company cannot estimate a possible loss or range of loss in excess of the associated established reserves for the reasons described above. The Company adjusts recorded liabilities as further information develops or circumstances change. Minimum Royalties and Advertising Commitments The Company has future minimum royalty and advertising obligations due under the terms of certain licenses held by the Company. These minimum future obligations for the fiscal years subsequent to December 30, 2017 are as follows: (In millions) 2018 2019 2020 2021 2022 Thereafter Minimum royalties $ 1.4 $ 1.5 $ 1.5 $ — $ — $ — Minimum advertising 2.9 3.0 3.1 3.2 3.3 6.9 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 $ 2.3 million , $ 2.0 million and $ 2.0 million for fiscal years 2017 , 2016 and 2015 , respectively. The terms of certain license agreements also require the Company to make advertising expenditures based on the level of sales. In accordance with these agreements, the Company incurred advertising expense of $ 3.2 million , $ 3.2 million and $ 3.3 million for fiscal years 2017 , 2016 and 2015 , respectively. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 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 ® , Merrell ® and Hush Puppies ® . 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 other related costs, impairment of intangible assets, organizational transformation costs and environmental and other related 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. The accounting policies of each operating segment are the same as those described in the summary of significant accounting policies set forth in Note 1 to the consolidated financial statements. 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. All prior period amounts have been restated to reflect the new reportable operating segments. Fiscal Year (In millions) 2017 2016 2015 Revenue: Wolverine Outdoor & Lifestyle Group $ 947.1 $ 890.6 $ 957.5 Wolverine Boston Group 833.8 889.4 942.8 Wolverine Heritage Group 327.9 347.0 370.5 Wolverine Multi-Brand Group 166.9 304.3 351.2 Other 74.3 63.3 69.6 Total $ 2,350.0 $ 2,494.6 $ 2,691.6 Operating profit (loss): Wolverine Outdoor & Lifestyle Group $ 193.2 $ 166.8 $ 197.7 Wolverine Boston Group 139.1 121.7 132.9 Wolverine Heritage Group 53.3 50.8 54.6 Wolverine Multi-Brand Group 10.5 4.8 5.2 Other 6.4 5.5 5.6 Corporate (378.6 ) (189.7 ) (194.9 ) Total $ 23.9 $ 159.9 $ 201.1 Depreciation and amortization expense: Wolverine Outdoor & Lifestyle Group $ 2.4 $ 3.0 $ 3.4 Wolverine Boston Group 3.2 4.1 4.2 Wolverine Heritage Group 0.5 0.5 0.5 Wolverine Multi-Brand Group 3.1 4.5 6.3 Other 0.9 1.5 1.5 Corporate 27.1 29.9 32.8 Total $ 37.2 $ 43.5 $ 48.7 Capital expenditures: Wolverine Outdoor & Lifestyle Group $ 0.5 $ 3.3 $ 4.7 Wolverine Boston Group 1.6 4.7 8.3 Wolverine Heritage Group — 0.5 0.4 Wolverine Multi-Brand Group 0.7 2.5 7.2 Other 1.1 1.5 0.9 Corporate 28.5 42.8 24.9 Total $ 32.4 $ 55.3 $ 46.4 (In millions) December 30, December 31, Total assets: Wolverine Outdoor & Lifestyle Group $ 420.4 $ 391.8 Wolverine Boston Group 1,176.9 1,273.5 Wolverine Heritage Group 136.7 157.8 Wolverine Multi-Brand Group 81.5 140.8 Other 28.7 33.7 Corporate 554.8 434.1 Total $ 2,399.0 $ 2,431.7 Goodwill: Wolverine Outdoor & Lifestyle Group $ 128.8 $ 126.6 Wolverine Boston Group 260.8 257.5 Wolverine Heritage Group 16.5 16.5 Wolverine Multi-Brand Group 23.7 23.7 Total $ 429.8 $ 424.3 Geographic dispersion of revenue from external customers, based on shipping destination is as follows: Fiscal Year (In millions) 2017 2016 2015 United States $ 1,608.7 $ 1,791.5 $ 1,948.9 Foreign: Europe, Middle East and Africa 322.4 323.9 345.3 Canada 121.2 120.5 141.2 Other 297.7 258.7 256.2 Total from foreign territories 741.3 703.1 742.7 Total revenue $ 2,350.0 $ 2,494.6 $ 2,691.6 The location of the Company’s tangible long-lived assets, which is comprised of property, plant and equipment, is as follows: (In millions) December 30, December 31, January 3, United States $ 122.4 $ 131.4 $ 117.7 Foreign countries 14.3 14.7 13.9 Total $ 136.7 $ 146.1 $ 131.6 The Company does not believe that it is dependent upon any single customer because no customer accounts for more than 10% of consolidated revenue in any year. During fiscal 2017 , the Company sourced approximately 99% of its footwear products from third-party suppliers located primarily in the Asia Pacific region. For fiscal 2017 , the remainder was produced at a Company-owned manufacturing facility in the U.S., which was sold during the fourth quarter of fiscal 2017. All apparel and accessories are sourced from third-party suppliers. While changes in suppliers could cause delays in manufacturing and a possible loss of sales, management believes that other suppliers could provide similar products on comparable terms. |
Restructuring Activities
Restructuring Activities | 12 Months Ended |
Dec. 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 18 for additional information on the divestitures and distribution model changes. The Company completed the 2017 Plan during the fourth quarter of fiscal 2017. 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 $ 11.3 million , with $ 1.5 million recorded in the restructuring costs line item as a component of cost of goods sold, and $ 9.8 million recorded in the restructuring and other related costs line item as a component of operating expenses. The following is a summary of the activity during 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 7.6 1.6 2.1 11.3 Amounts paid (4.3 ) — (0.3 ) (4.6 ) Charges against assets — (1.6 ) (1.8 ) (3.4 ) Balance at December 30, 2017 $ 3.3 $ — $ — $ 3.3 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 resulted in the closure of certain retail stores. The Company closed 266 retail stores in connection with the 2016 Plan, which was completed during the fourth quarter of fiscal 2017. 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 $ 75.1 million , with $ 10.2 million recorded in the restructuring costs line item as a component of cost of goods sold, and $ 64.9 million recorded in the restructuring and other related costs line item as a component of operating expenses. The following is a summary of the activity during fiscal 2017 and 2016, 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 January 2, 2016 $ — $ — $ — $ — Restructuring costs 0.8 — 5.0 5.8 Amounts paid — — (1.1 ) (1.1 ) Charges against assets — — (2.7 ) (2.7 ) Balance at December 31, 2016 $ 0.8 $ — $ 1.2 $ 2.0 Restructuring costs 3.5 9.4 56.4 69.3 Amounts paid (4.0 ) — (52.3 ) (56.3 ) Charges against assets — (9.4 ) (3.9 ) (13.3 ) Balance at December 30, 2017 $ 0.3 $ — $ 1.4 $ 1.7 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 other related costs line item as a component of operating expenses. The following is a summary of the activity during fiscal 2017, 2016 and 2015, 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 3, 2015 $ 1.0 $ — $ 6.5 $ 7.5 Restructuring costs 2.9 5.4 9.0 17.3 Amounts paid (1.8 ) — (7.2 ) (9.0 ) Charges against assets — (5.4 ) (1.8 ) (7.2 ) Balance at January 2, 2016 $ 2.1 $ — $ 6.5 $ 8.6 Restructuring costs 1.2 0.2 9.6 11.0 Amounts paid (3.3 ) — (7.5 ) (10.8 ) Charges against assets — (0.2 ) (6.9 ) (7.1 ) Balance at December 31, 2016 $ — $ — $ 1.7 $ 1.7 Restructuring cost adjustment — — (0.7 ) (0.7 ) Amounts paid — — (1.0 ) (1.0 ) Balance at December 30, 2017 $ — $ — $ — $ — Other Restructuring Activities During fiscal 2017 and fiscal 2016, the Company recorded restructuring costs of $ 2.0 million and $ 13.9 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 other related costs line item as a component of operating expenses. During the fourth quarter of fiscal 2017, the Company recorded impairment costs of $ 68.6 million , related to indefinite-lived intangibles of its Sperry ® brand. The Company recorded these costs within its Corporate category in the impairment of intangible assets line item as a component of operating expenses in the consolidated statements of operations. During the fourth quarters of fiscal 2016 and 2015, the Company recorded impairment costs of $ 7.1 million and $ 2.5 million , respectively, related to indefinite-lived intangibles of its Stride Rite ® brand. The Company recorded these costs within its Corporate category in the impairment of intangible assets line item as a component of operating expenses in the consolidated statements of operations. The Company recorded impairment charges of $ 12.2 million and $ 11.6 million during fiscal 2016 and 2015, respectively, related to certain retail store assets where the estimated future cash flows did not support the net book value of the store assets. These costs were recorded within its corporate category in the restructuring and other related costs line item as a component of operating expenses in the consolidated statements of operations. During fiscal 2015, the Company recorded of $ 4.2 million of costs related to its decision to wind-down operations of its Cushe ® brand. These costs included $ 2.6 million related to indefinite-lived intangibles and $ 1.6 million in other restructuring costs. The Company recorded these costs within its Corporate category in the impairment of intangible assets and restructuring and other related costs, respectively, line items as a component of operating expenses in the consolidated statements of operations and comprehensive income. During fiscal 2016, the Company recorded additional restructuring costs of $ 0.3 million related to the Cushe ® brand. During fiscal 2015, the Company recorded restructuring costs of $ 2.0 million related to its international operations within its corporate category included in the restructuring and other related costs line item as a component of operating expenses in the consolidated statements of operations. |
Divestitures (Notes)
Divestitures (Notes) | 12 Months Ended |
Dec. 30, 2017 | |
Divestitures [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 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 cash of $ 14.3 million 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 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 goodwill allocated to the sale of the business was nominal. The Company received cash 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 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 |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) 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 is 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. The aggregate quarterly earnings per share amounts disclosed in the table below may not equal the annual per share amounts due to rounding and the fact that results for each quarter are calculated independently of the full fiscal year. The Company’s unaudited quarterly results of operations are as follows: Fiscal 2017 (In millions, except per share data) 13 Weeks Ended 13 Weeks Ended 13 Weeks Ended 13 Weeks Ended Revenue $ 591.3 $ 598.8 $ 581.3 $ 578.6 Gross profit 234.7 226.9 230.7 222.1 Net earnings (loss) attributable to Wolverine World Wide, Inc. 16.7 20.7 23.2 (60.3 ) Net earnings (loss) per share: Basic $ 0.17 $ 0.21 $ 0.24 $ (0.65 ) Diluted 0.17 0.21 0.24 (0.65 ) Fiscal 2016 (In millions, except per share data) 12 Weeks Ended 12 Weeks Ended 12 Weeks Ended 16 Weeks Ended Revenue $ 577.6 $ 583.7 $ 603.7 $ 729.6 Gross profit 228.8 226.6 237.3 267.2 Net earnings (loss) attributable to Wolverine World Wide, Inc. 17.4 24.0 48.2 (1.9 ) Net earnings (loss) per share: Basic $ 0.18 $ 0.25 $ 0.49 $ (0.02 ) Diluted 0.18 0.24 0.49 (0.02 ) |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 30, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II - Valuation and Qualifying Accounts Wolverine World Wide, Inc. and Subsidiaries Column A Column B Column C Column D Column E Additions (In millions) Balance at Beginning of Period (1) Charged to Costs and Expenses (2) Charged to Other Accounts (Describe) Deductions (Describe) Balance at End of Period Fiscal year ended December 30, 2017 Deducted from asset accounts: Allowance for doubtful accounts $ 17.2 $ 18.1 — $ 21.1 (A) $ 14.2 Allowance for sales returns 16.3 52.6 — 56.3 (B) 12.6 Allowance for cash discounts 5.9 17.9 — 19.1 (C) 4.7 Inventory valuation allowances 18.0 10.6 — 17.1 (D) 11.5 Total $ 57.4 $ 99.2 — $ 113.6 $ 43.0 Fiscal year ended December 31, 2016 Deducted from asset accounts: Allowance for doubtful accounts $ 21.8 $ 23.6 — $ 28.2 (A) $ 17.2 Allowance for sales returns 16.3 64.4 — 64.4 (B) 16.3 Allowance for cash discounts 6.3 21.0 — 21.4 (C) 5.9 Inventory valuation allowances 17.3 15.9 — 15.2 (D) 18.0 Total $ 61.7 $ 124.9 — $ 129.2 $ 57.4 Fiscal year ended January 2, 2016 Deducted from asset accounts: Allowance for doubtful accounts $ 20.6 $ 20.4 — $ 19.2 (A) $ 21.8 Allowance for sales returns 15.9 62.6 — 62.2 (B) 16.3 Allowance for cash discounts 4.5 21.1 — 19.3 (C) 6.3 Inventory valuation allowances 11.4 16.9 — 11.0 (D) 17.3 Total $ 52.4 $ 121.0 — $ 111.7 $ 61.7 (A) Accounts charged off, net of recoveries. (B) Actual customer returns. (C) Discounts given to customers. (D) Adjustment upon disposal of related inventories. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 30, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Wolverine World Wide, Inc. is a leading designer, 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 ® , 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™ . |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Wolverine World Wide, Inc. and its majority-owned subsidiaries (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. |
Fiscal Year | Fiscal Year The Company’s fiscal year is the 52- or 53-week period that ends on the Saturday nearest to December 31. Fiscal years 2017, 2016 and 2015 all had 52 weeks. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition Revenue is recognized on the sale of products manufactured or sourced by the Company when the related goods have been shipped, legal title has passed to the customer and collectability is reasonably assured. Revenue generated through licensees and distributors involving products bearing the Company’s trademarks is recognized as earned according to stated contractual terms upon either the purchase or shipment of branded products by licensees and distributors. Retail store revenue is recognized at time of sale. The Company records provisions for estimated sales returns and allowances at the time of sale based on historical rates of returns and allowances and specific identification of outstanding returns not yet received from customers. However, estimates of actual returns and allowances in any future period are inherently uncertain and actual returns and allowances may differ from these estimates. If actual or expected future returns and allowances were significantly greater or less than established reserves, a reduction or increase to net revenues would be recorded in the period this determination was made. |
Cost of Goods Sold | Cost of Goods Sold Cost of goods sold includes the actual product costs, including inbound freight charges and certain outbound freight charges, purchasing, sourcing, inspection and receiving costs. Warehousing costs are included in selling, general and administrative expenses. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs that are charged to and reimbursed by a customer are recognized as revenue, while the related expenses incurred by the Company are recorded as cost of goods sold. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred, except for certain materials that are expensed the first time that the advertising takes place. Advertising expenses were $ 107.1 million , $ 121.5 million and $ 137.2 million for fiscal years 2017 , 2016 and 2015 , respectively. Prepaid advertising totaled $ 2.8 million and $ 4.0 million as of December 30, 2017 and December 31, 2016 , respectively. |
Cash Equivalents | Cash Equivalents Cash equivalents include highly liquid investments with an original maturity of three months or less. Cash equivalents are stated at cost, which approximates market. |
Allowance for Uncollectible Accounts | Allowance for Uncollectible Accounts The Company maintains an allowance for uncollectible accounts receivable for estimated losses resulting from its customers’ failure to make required payments. Company management evaluates the allowance for uncollectible accounts receivable based on a review of current customer status and historical collection experience. |
Inventories | Inventories The Company values its inventory at the lower of cost or market. Cost is determined by the LIFO method for certain domestic finished goods inventories. Cost is determined using the FIFO method for all raw materials, work-in-process and finished goods inventories in foreign countries; certain domestic finished goods inventories; and for all finished goods inventories of the Company’s consumer-direct business, due to the unique nature of those operations. The Company has applied these inventory cost valuation methods consistently from year to year. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated on the basis of cost and include expenditures for computer hardware and software, store furniture and fixtures, office furniture and machinery and equipment. Normal repairs and maintenance are expensed as incurred. Depreciation of property, plant and equipment is computed using the straight-line method. The depreciable lives range from 14 to 20 years for buildings and improvements, from 5 to 10 years for leasehold improvements and from 3 to 10 years for machinery, equipment and software. |
Operating Leases | Operating Leases The Company leases its retail stores and certain distribution and office facilities under operating leases. In addition to the minimum lease payments, leases may include rent escalation clauses, contingent rental expense and lease incentives, including rent holidays and tenant improvement allowances. Rent expense is recognized on a straight-line basis over the term of the lease from the time at which the Company takes possession of the property. Landlord-provided tenant improvement allowances are recorded in other liabilities and amortized as a credit to rent expense over the term of the lease. Leasehold improvements are depreciated at the lesser of the estimated useful life or lease term, including reasonably-assured lease renewals as determined at lease inception. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining commitments for financing that result in a closing of such financings for the Company. These costs are amortized into earnings through interest expense over the terms of the respective agreements. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets of acquired businesses. Indefinite-lived intangibles include trademarks and trade names. Goodwill and intangible assets deemed to have indefinite lives are not amortized, but are subject to impairment tests at least annually. The Company reviews the carrying amounts of goodwill and indefinite-lived intangible assets by reporting unit at least annually, or when indicators of impairment are present, to determine if such assets may be impaired. If the carrying amounts of these assets are not recoverable based upon discounted cash flow and market approach analyses, the carrying amounts of such assets are reduced by the estimated difference between the carrying values and estimated fair values. The Company includes assumptions about expected future operating performance as part of a discounted cash flow analysis to estimate fair value. If the carrying value of these assets is not recoverable, based on the discounted cash flow analysis, management performs the next step, which compares the fair value of the reporting unit to the carrying value of the tangible and intangible net assets of the reporting units. Goodwill is considered impaired if the recorded value of the tangible and intangible net assets exceeds the fair value of the reporting unit. The Company may first assess qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value. The Company would not be required to quantitatively determine the fair value of the indefinite-lived intangible unless the Company determines, based on the qualitative assessment, that it is more likely than not that its fair value is less than the carrying value. The Company may skip the qualitative assessment and quantitatively test indefinite-lived intangibles by comparison of the individual carrying values to the fair value. Future cash flows of the individual indefinite-lived intangible assets are used to measure their fair value after consideration by management of certain assumptions, such as forecasted growth rates and cost of capital, which are derived from internal projections and operating plans. The Company performs its annual testing for goodwill and indefinite-lived intangible asset impairment at the beginning of the fourth quarter of the fiscal year for all reporting units. See Note 4 to the consolidated financial statements for information related to the results of the Company's annual test. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or an asset group may not be recoverable. Each impairment test is based on a comparison of the carrying amount of the asset or asset group to the future undiscounted net cash flows expected to be generated by the asset or asset group. If such assets are considered to be impaired, the impairment amount to be recognized is the amount by which the carrying value of the assets exceeds their fair value. See Note 17 to the consolidated financial statements for information related to long-lived assets that were determined to be impaired. |
Environmental Cost, Expense Policy [Policy Text Block] | Environmental Environmental costs relating to existing conditions caused by past operations that do not contribute to current or future revenues are expensed as incurred. Liabilities related to estimated remediation costs are recorded on an undiscounted basis when they are probable and reasonably estimable, generally no later than the completion of feasibility studies, the Company’s commitment to a plan of action, or approval by regulatory agencies. |
Retirement Benefits | Retirement Benefits The determination of the obligation and expense for retirement benefits is dependent on the selection of certain actuarial assumptions used in calculating such amounts. These assumptions include, among others, the discount rate, expected long-term rate of return on plan assets, mortality rates and rates of increase in compensation. These assumptions are reviewed with the Company’s actuaries and updated annually based on relevant external and internal factors and information, including, but not limited to, long-term expected asset returns, rates of termination, regulatory requirements and plan changes. See Note 11 to the consolidated financial statements for additional information. The Company has elected to measure its defined benefit plan assets and obligations as of December 31 of each year, regardless of the Company's actual fiscal year end date, which is the Saturday nearest to December 31. |
Income Taxes | Income Taxes The provision for income taxes is based on the geographic dispersion of the earnings reported in the consolidated financial statements. A deferred income tax asset or liability is determined by applying currently-enacted tax laws and rates to the cumulative temporary differences between the carrying values of assets and liabilities for financial statement and income tax purposes. The Company records an increase in liabilities for income tax accruals associated with tax benefits claimed on tax returns but not recognized for financial statement purposes (unrecognized tax benefits). The Company recognizes interest and penalties related to unrecognized tax benefits through interest expense and income tax expense, respectively. |
Foreign Currency | Foreign Currency For most of the Company’s international subsidiaries, the local currency is the functional currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars at the year-end exchange rate. Operating statement amounts are translated at average exchange rates for each period. The cumulative translation adjustments resulting from changes in exchange rates are included in the consolidated balance sheets as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Transaction gains and losses are included in the consolidated statements of operations and were not material for fiscal years 2017, 2016 and 2015. |
Earnings Per Share (Policies)
Earnings Per Share (Policies) | 12 Months Ended |
Dec. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The Company calculates earnings per share in accordance with FASB 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 Ris32
Financial Instruments and Risk Management (Policies) | 12 Months Ended |
Dec. 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 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. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 12 Months Ended |
Dec. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement, Policy [Policy Text Block] | 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) | 12 Months Ended |
Dec. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share: Fiscal Year (In millions, except per share data) 2017 2016 2015 Numerator: Net earnings attributable to Wolverine World Wide, Inc. $ 0.3 $ 87.7 $ 122.8 Adjustment for earnings allocated to nonvested restricted common stock — (2.1 ) (2.8 ) Net earnings used to calculate basic earnings per share 0.3 85.6 120.0 Adjustment for earnings (loss) reallocated to nonvested restricted common stock (0.2 ) 0.1 0.1 Net earnings used to calculate diluted earnings per share $ 0.1 $ 85.7 $ 120.1 Denominator: Weighted average shares outstanding 96.4 99.0 102.0 Adjustment for nonvested restricted common stock (2.7 ) (3.7 ) (3.4 ) Shares used to calculate basic earnings per share 93.7 95.3 98.6 Effect of dilutive stock options 1.7 0.9 1.4 Shares used to calculate diluted earnings per share 95.4 96.2 100.0 Net earnings per share: Basic $ — $ 0.90 $ 1.22 Diluted $ — $ 0.89 $ 1.20 |
Goodwill and Other Intangible35
Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill and Other Non-Amortizable Intangibles | The changes during fiscal years 2017 and 2016 in the carrying amount of goodwill and indefinite-lived intangibles, which comprises trademarks and trade names, is 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 Impairment — (7.1 ) (7.1 ) Sale of a business (2.3 ) — (2.3 ) Foreign currency translation effects (2.5 ) — (2.5 ) Balance at December 31, 2016 $ 424.3 $ 678.5 $ 1,102.8 Impairment — (68.6 ) (68.6 ) Sale of a business — (5.4 ) (5.4 ) Foreign currency translation effects 5.5 — 5.5 Balance at December 30, 2017 $ 429.8 $ 604.5 $ 1,034.3 |
Schedule of amortizable intangible assets [Table Text Block] | The combined gross carrying value and accumulated amortization for these amortizable intangibles is as follows: December 30, 2017 (In millions) Average remaining life (years) Gross carrying value Accumulated amortization Net Customer relationships 15 $ 100.5 $ 26.6 $ 73.9 Other 3 13.5 10.4 3.1 Total $ 114.0 $ 37.0 $ 77.0 December 31, 2016 (In millions) Average remaining life (years) Gross carrying value Accumulated amortization Net Customer relationships 16 $ 100.5 $ 21.6 $ 78.9 Licensing arrangements 1 28.8 27.6 1.2 Developed product technology 1 14.9 12.7 2.2 Other 3 11.4 9.9 1.5 Total $ 155.6 $ 71.8 $ 83.8 |
Estimated Aggregate Future Amortization Expense for Intangibles Assets | Estimated aggregate amortization expense for such intangibles for the fiscal years subsequent to December 30, 2017 is as follows: (In millions) 2018 2019 2020 2021 2022 Amortization expense $ 6.1 $ 5.9 $ 5.6 $ 5.4 $ 5.1 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
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. Fiscal Year (In millions) 2017 2016 2015 Accounts receivable sold $ 558.3 $ 614.9 $ 657.4 Fees charged 2.1 1.7 1.4 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | Total debt consists of the following obligations: (In millions) December 30, December 31, Term Loan A, due July 13, 2020 $ 538.1 $ 575.6 Senior Notes, 5.000% interest, due September 1, 2026 250.0 250.0 Borrowings under revolving credit agreements and other short-term notes 0.5 2.9 Capital lease obligation 0.5 0.5 Unamortized debt issuance costs (6.5 ) (8.3 ) Total debt $ 782.6 $ 820.7 |
Schedule of Annual Maturities of Long-Term Debt | Annual maturities of debt, including capital leases, for the fiscal years subsequent to December 30, 2017 are as follows: (In millions) 2018 2019 2020 2021 2022 Thereafter Annual maturities of debt $ 38.0 $ 60.2 $ 440.7 $ 0.2 $ — $ 250.0 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consisted of the following: (In millions) December 30, December 31, Land $ 4.0 $ 4.1 Buildings and improvements 103.5 125.1 Machinery and equipment 171.0 189.6 Software 112.6 115.2 Gross cost 391.1 434.0 Less: accumulated depreciation 254.4 287.9 Property, plant and equipment, net $ 136.7 $ 146.1 |
Future Minimum Rental Payments for Operating Leases | Minimum rental payments due and minimum sublease rentals to be received under all noncancelable operating leases for the fiscal years subsequent to December 30, 2017 are as follows: (In millions) 2018 2019 2020 2021 2022 Thereafter Minimum rental payments $ 31.2 $ 30.2 $ 26.8 $ 25.1 $ 23.3 $ 120.8 |
Financial Instruments and Ris39
Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Dec. 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) December 30, 2017 December 31, 2016 Foreign exchange contracts: Hedge contracts $ 162.7 $ 169.2 Non-hedge contracts — 2.1 Interest rate swap 446.9 496.0 Cross currency swap 106.4 — |
Schedule of Derivative Assets at Fair Value [Table Text Block] | The recorded fair values of the Company’s derivative instruments are as follows: (In millions) December 30, 2017 December 31, 2016 Financial assets: Foreign exchange contracts - hedge $ 0.3 $ 6.6 Interest rate swap — 0.1 Financial liabilities: Foreign exchange contracts - hedge $ (5.0 ) $ (0.3 ) Interest rate swap (0.3 ) (5.3 ) Cross currency swap (13.8 ) — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The estimated weighted-average fair value for each option granted was $5.50 , $3.36 and $6.35 per share for fiscal years 2017 , 2016 and 2015 , respectively, with the following weighted-average assumptions. Fiscal Year 2017 2016 2015 Expected market price volatility (1) 29.3 % 27.2 % 28.8 % Risk-free interest rate (2) 1.7 % 1.0 % 1.3 % Dividend yield (3) 1.0 % 1.4 % 0.9 % Expected term (4) 4 years 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. |
Summary of Transactions Under Stock Option Plans | A summary of the stock option transactions is as follows: Shares Under Option Weighted-Average Exercise Price Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In millions) Outstanding at January 3, 2015 6,397,993 $ 18.36 6.2 $ 68.3 Granted 1,366,137 28.22 Exercised (1,003,896 ) 14.63 Cancelled (387,840 ) 26.93 Outstanding at January 2, 2016 6,372,394 $ 20.54 6.1 $ 8.6 Granted 2,445,573 16.88 Exercised (562,610 ) 14.41 Cancelled (761,695 ) 23.03 Outstanding at December 31, 2016 7,493,662 $ 19.55 6.4 $ 28.7 Granted 93,274 23.85 Exercised (1,267,269 ) 17.15 Cancelled (230,003 ) 21.37 Outstanding at December 30, 2017 6,089,664 $ 20.05 5.8 $ 72.1 Nonvested at December 30, 2017 (1,439,221 ) Exercisable at December 30, 2017 4,650,443 $ 20.47 5.1 $ 53.1 |
Summary of Nonvested Restricted Shares Issued Under Stock Award Plans | A summary of the nonvested Restricted Awards and Performance Awards is as follows: Restricted Awards Weighted- Average Grant Date Fair Value Performance Awards Weighted- Average Grant Date Fair Value Nonvested at January 3, 2015 1,727,182 $ 22.44 1,490,770 $ 23.30 Granted 677,113 27.26 732,124 28.62 Vested (398,582 ) 18.99 (311,343 ) 20.47 Forfeited (279,074 ) 25.90 (405,432 ) 24.76 Nonvested at January 2, 2016 1,726,639 $ 24.57 1,506,119 $ 26.08 Granted 1,050,758 16.89 1,008,228 16.71 Vested (443,380 ) 22.10 (316,454 ) 23.54 Forfeited (386,639 ) 23.27 (467,007 ) 23.22 Nonvested at December 31, 2016 1,947,378 $ 21.24 1,730,886 $ 21.86 Granted 762,078 23.06 511,722 25.14 Vested (445,939 ) 22.03 (173,894 ) 27.01 Forfeited (238,445 ) 21.66 (378,046 ) 25.04 Nonvested at December 30, 2017 2,025,072 $ 21.70 1,690,668 $ 21.54 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Changes in Company's Assets and Related Obligations for its Pension Plans | The following summarizes the status of and changes in the Company’s assets and related obligations for its pension plans (which include the Company’s defined benefit pension plans and the SERP) for the fiscal years 2017 and 2016 : Fiscal Year (In millions) 2017 2016 Change in projected benefit obligations: Projected benefit obligations at beginning of the year $ 417.5 $ 392.8 Service cost pertaining to benefits earned during the year 7.2 6.5 Interest cost on projected benefit obligations 17.7 19.1 Actuarial losses 30.5 31.0 Benefits paid to plan participants (27.2 ) (24.7 ) Curtailment (2.3 ) — Settlement — (7.2 ) Projected benefit obligations at end of the year $ 443.4 $ 417.5 Change in fair value of pension assets: Fair value of pension assets at beginning of the year $ 271.9 $ 280.8 Actual return on plan assets 41.0 19.1 Company contributions - pension 11.3 1.5 Company contributions - SERP 2.6 2.4 Benefits paid to plan participants (27.2 ) (24.7 ) Settlement — (7.2 ) Fair value of pension assets at end of the year $ 299.6 $ 271.9 Funded status $ (143.8 ) $ (145.6 ) Amounts recognized in the consolidated balance sheets: Non-current assets $ 2.1 $ 1.2 Current liabilities (3.7 ) (3.7 ) Non-current liabilities (142.2 ) (143.1 ) Net amount recognized $ (143.8 ) $ (145.6 ) Funded status of pension plans and SERP (supplemental): Nonqualified trust assets (cash surrender value of life insurance) recorded in other assets and intended to satisfy the projected benefit obligation of unfunded SERP obligations 54.0 50.1 Net funded status of pension plans and SERP (supplemental) $ (89.8 ) $ (95.5 ) |
Summary of Net Pension and Serp Expense Recognized | The following is a summary of net pension and SERP expense recognized by the Company: Fiscal Year (In millions) 2017 2016 2015 Service cost pertaining to benefits earned during the year $ 7.2 $ 6.5 $ 9.0 Interest cost on projected benefit obligations 17.7 19.1 18.5 Expected return on pension assets (19.8 ) (20.1 ) (20.5 ) Net amortization loss 9.8 5.0 20.9 Settlement gain — (0.1 ) — Net pension expense $ 14.9 $ 10.4 $ 27.9 Less: SERP expense 5.5 5.8 7.8 Qualified defined benefit pension plans expense $ 9.4 $ 4.6 $ 20.1 |
Weighted-Average Assumptions used to Determine Benefit Obligations and Net Periodic Benefit Cost | The weighted-average actuarial assumptions used to determine the benefit obligation amounts and the net periodic benefit cost for the Company’s pension and post-retirement plans are as follows: Fiscal Year 2017 2016 Weighted-average assumptions used to determine benefit obligations at fiscal year-end: Discount rate 3.80% 4.35% Rate of compensation increase - pension 3.92% 4.85% Rate of compensation increase - SERP 7.00% 7.00% Weighted average assumptions used to determine net periodic benefit cost for the years ended: Discount rate 4.35% 5.00% Expected long-term rate of return on plan assets 7.25% 7.25% Rate of compensation increase - pension 3.97% 4.85% Rate of compensation increase - SERP 7.00% 7.00% |
Pension Plan Assets | The Company’s asset allocations by asset category and fair value measurement are as follows: December 30, 2017 (In millions) Level 1 Level 2 Level 3 Other 1 Total Equity securities $ — $ — $ — $ 173.4 $ 173.4 57.9 % Fixed income securities — — — 109.1 109.1 36.4 % Real estate investments — — — 15.8 15.8 5.3 % Other — — 1.3 — 1.3 0.4 % Fair value of plan assets $ — $ — $ 1.3 $ 298.3 $ 299.6 100.0 % December 31, 2016 (In millions) Level 1 Level 2 Level 3 Other 1 Total Equity securities $ — $ — $ — $ 161.0 $ 161.0 59.2 % Fixed income securities — — 0.3 95.4 95.7 35.2 % Real estate investments — — — 14.5 14.5 5.3 % Other — — 0.7 — 0.7 0.3 % Fair value of plan assets $ — $ — $ 1.0 $ 270.9 $ 271.9 100.0 % 1 In accordance with ASC 820, Fair Value Measurement , certain investments are measured at fair value using the net asset value per share as a practical expedient. These assets have not been classified in the fair value hierarchy. |
Expected Benefit Payments | Expected benefit payments for the fiscal years subsequent to December 30, 2017 are as follows: (In millions) 2018 2019 2020 2021 2022 2023-2027 Expected benefit payments $ 20.6 $ 21.0 $ 21.4 $ 21.9 $ 22.2 $ 118.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Geographic Components of Earnings Before Income Taxes | The geographic components of earnings (loss) before income taxes are as follows: Fiscal Year (In millions) 2017 2016 2015 United States $ (78.2 ) $ 54.7 $ 102.1 Foreign 67.6 55.8 62.5 Earnings (loss) before income taxes $ (10.6 ) $ 110.5 $ 164.6 |
Provisions for Income Taxes | The provisions for income tax expense (benefit) consist of the following: Fiscal Year (In millions) 2017 2016 2015 Current expense: Federal $ 48.1 $ 16.0 $ 48.9 State 1.9 1.4 5.2 Foreign 14.0 11.3 11.6 Deferred expense (credit): Federal (72.0 ) (6.9 ) (22.0 ) State (0.2 ) (0.3 ) (1.9 ) Foreign (1.7 ) 1.5 (0.4 ) Income tax provision $ (9.9 ) $ 23.0 $ 41.4 |
Reconciliation of Income Tax Expense, Net of Federal Income Tax Rate | A reconciliation of the Company’s total income tax expense and the amount computed by applying the statutory federal income tax rate of 35 % to earnings before income taxes is as follows: Fiscal Year (In millions) 2017 2016 2015 Income taxes at U.S. statutory rate (35%) $ (3.7 ) $ 38.7 $ 57.6 State income taxes, net of federal income tax (4.2 ) (6.1 ) 1.8 (Nontaxable earnings) non-deductible losses of foreign affiliates: Cayman Islands (3.5 ) (0.4 ) (0.4 ) Other (0.3 ) 0.2 (1.9 ) Foreign earnings taxed at rates different from the U.S. statutory rate: Hong Kong (17.3 ) (17.3 ) (18.1 ) Other 3.5 3.3 0.2 Adjustments for uncertain tax positions 0.4 0.2 0.1 Change in valuation allowance 3.0 2.0 (1.3 ) Change in state tax rates 0.1 (0.1 ) (0.7 ) Transition tax due to TCJA 58.1 — — Remeasurement of U.S. deferred taxes due to TCJA (52.5 ) — — Deferred tax on future cash dividends 3.0 — — Non-deductible expenses (0.6 ) 1.9 3.5 Other 4.1 0.6 0.6 Income tax provision $ (9.9 ) $ 23.0 $ 41.4 |
Significant Components of Deferred Income Tax Assets and Liabilities | Significant components of the Company’s deferred income tax assets and liabilities are as follows: (In millions) December 30, December 31, Deferred income tax assets: Accounts receivable and inventory valuation allowances $ 5.9 $ 17.2 Deferred compensation accruals 8.9 9.0 Accrued pension expense 33.9 53.7 Stock-based compensation 16.7 22.6 Net operating loss and foreign tax credit carryforwards 15.1 9.7 Book over tax depreciation and amortization — 2.0 Tenant lease expenses 3.2 5.0 Environmental reserve 7.9 — Other 10.4 9.3 Total gross deferred income tax assets 102.0 128.5 Less valuation allowance (14.5 ) (11.5 ) Net deferred income tax assets 87.5 117.0 Deferred income tax liabilities: Intangible assets (155.3 ) (270.5 ) Tax over book depreciation and amortization (6.3 ) — Other (5.8 ) (5.2 ) Total deferred income tax liabilities (167.4 ) (275.7 ) Net deferred income tax liabilities $ (79.9 ) $ (158.7 ) |
Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits: Fiscal Year (In millions) 2017 2016 Beginning balance $ 8.9 $ 8.7 Increases related to current year tax positions 1.8 1.4 Decreases related to prior year positions (1.1 ) (1.0 ) Decrease due to lapse of statute (0.3 ) (0.2 ) Ending balance $ 9.3 $ 8.9 |
Accumulated Other Comprehensi43
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Equity [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The change in accumulated other comprehensive income (loss) during fiscal years 2017 and 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) (6.2 ) 3.5 (20.8 ) (23.5 ) Amounts reclassified from accumulated other comprehensive income (loss) — (6.4 ) (2) 4.9 (3) (1.5 ) Income tax (expense) benefit — 1.7 (1.7 ) — Net reclassifications — (4.7 ) 3.2 (1.5 ) Net current-period other comprehensive income (loss) (1) (6.2 ) (1.2 ) (17.6 ) (25.0 ) Balance of AOCI as of December 31, 2016 $ (53.5 ) $ 2.8 $ (30.4 ) $ (81.1 ) Other comprehensive income (loss) before reclassifications (1) 20.8 (16.0 ) (4.5 ) 0.3 Amounts reclassified from accumulated other comprehensive income (loss) — (0.4 ) (2) 9.8 (3) 9.4 Income tax (expense) benefit — (0.3 ) (3.5 ) (3.8 ) Net reclassifications — (0.7 ) 6.3 5.6 Net current-period other comprehensive income (loss) (1) 20.8 (16.7 ) 1.8 5.9 Balance of AOCI as of December 30, 2017 $ (32.7 ) $ (13.9 ) $ (28.6 ) $ (75.2 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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 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) December 30, 2017 December 31, 2016 Financial assets: Derivatives $ 0.3 $ 6.7 Financial liabilities: Derivatives $ (19.1 ) $ (5.6 ) |
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. Fiscal 2017 Fiscal 2016 (In millions) Fair Value Impairment Fair Value Impairment Property and equipment $ 0.2 $ 11.0 $ 0.7 $ 12.4 Indefinite-lived intangibles 518.2 68.6 7.9 7.1 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying value and the fair value of the Company’s debt, excluding capital leases, are as follows: (In millions) December 30, 2017 December 31, 2016 Carrying value $ 782.1 $ 820.2 Fair value 802.5 827.6 |
Litigation and Contingencies (T
Litigation and Contingencies (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum Royalty and Advertising Obligations Due Under Terms of Certain Licenses Held by Company | These minimum future obligations for the fiscal years subsequent to December 30, 2017 are as follows: (In millions) 2018 2019 2020 2021 2022 Thereafter Minimum royalties $ 1.4 $ 1.5 $ 1.5 $ — $ — $ — Minimum advertising 2.9 3.0 3.1 3.2 3.3 6.9 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Information | Fiscal Year (In millions) 2017 2016 2015 Revenue: Wolverine Outdoor & Lifestyle Group $ 947.1 $ 890.6 $ 957.5 Wolverine Boston Group 833.8 889.4 942.8 Wolverine Heritage Group 327.9 347.0 370.5 Wolverine Multi-Brand Group 166.9 304.3 351.2 Other 74.3 63.3 69.6 Total $ 2,350.0 $ 2,494.6 $ 2,691.6 Operating profit (loss): Wolverine Outdoor & Lifestyle Group $ 193.2 $ 166.8 $ 197.7 Wolverine Boston Group 139.1 121.7 132.9 Wolverine Heritage Group 53.3 50.8 54.6 Wolverine Multi-Brand Group 10.5 4.8 5.2 Other 6.4 5.5 5.6 Corporate (378.6 ) (189.7 ) (194.9 ) Total $ 23.9 $ 159.9 $ 201.1 Depreciation and amortization expense: Wolverine Outdoor & Lifestyle Group $ 2.4 $ 3.0 $ 3.4 Wolverine Boston Group 3.2 4.1 4.2 Wolverine Heritage Group 0.5 0.5 0.5 Wolverine Multi-Brand Group 3.1 4.5 6.3 Other 0.9 1.5 1.5 Corporate 27.1 29.9 32.8 Total $ 37.2 $ 43.5 $ 48.7 Capital expenditures: Wolverine Outdoor & Lifestyle Group $ 0.5 $ 3.3 $ 4.7 Wolverine Boston Group 1.6 4.7 8.3 Wolverine Heritage Group — 0.5 0.4 Wolverine Multi-Brand Group 0.7 2.5 7.2 Other 1.1 1.5 0.9 Corporate 28.5 42.8 24.9 Total $ 32.4 $ 55.3 $ 46.4 (In millions) December 30, December 31, Total assets: Wolverine Outdoor & Lifestyle Group $ 420.4 $ 391.8 Wolverine Boston Group 1,176.9 1,273.5 Wolverine Heritage Group 136.7 157.8 Wolverine Multi-Brand Group 81.5 140.8 Other 28.7 33.7 Corporate 554.8 434.1 Total $ 2,399.0 $ 2,431.7 Goodwill: Wolverine Outdoor & Lifestyle Group $ 128.8 $ 126.6 Wolverine Boston Group 260.8 257.5 Wolverine Heritage Group 16.5 16.5 Wolverine Multi-Brand Group 23.7 23.7 Total $ 429.8 $ 424.3 |
Revenue by Geographic Region | Geographic dispersion of revenue from external customers, based on shipping destination is as follows: Fiscal Year (In millions) 2017 2016 2015 United States $ 1,608.7 $ 1,791.5 $ 1,948.9 Foreign: Europe, Middle East and Africa 322.4 323.9 345.3 Canada 121.2 120.5 141.2 Other 297.7 258.7 256.2 Total from foreign territories 741.3 703.1 742.7 Total revenue $ 2,350.0 $ 2,494.6 $ 2,691.6 |
Geographic Location of Long-Lived Assets | The location of the Company’s tangible long-lived assets, which is comprised of property, plant and equipment, is as follows: (In millions) December 30, December 31, January 3, United States $ 122.4 $ 131.4 $ 117.7 Foreign countries 14.3 14.7 13.9 Total $ 136.7 $ 146.1 $ 131.6 |
Restructuring Activities (Table
Restructuring Activities (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
2017 Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Costs | The following is a summary of the activity during 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 7.6 1.6 2.1 11.3 Amounts paid (4.3 ) — (0.3 ) (4.6 ) Charges against assets — (1.6 ) (1.8 ) (3.4 ) Balance at December 30, 2017 $ 3.3 $ — $ — $ 3.3 |
2016 Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Costs | The following is a summary of the activity during fiscal 2017 and 2016, 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 January 2, 2016 $ — $ — $ — $ — Restructuring costs 0.8 — 5.0 5.8 Amounts paid — — (1.1 ) (1.1 ) Charges against assets — — (2.7 ) (2.7 ) Balance at December 31, 2016 $ 0.8 $ — $ 1.2 $ 2.0 Restructuring costs 3.5 9.4 56.4 69.3 Amounts paid (4.0 ) — (52.3 ) (56.3 ) Charges against assets — (9.4 ) (3.9 ) (13.3 ) Balance at December 30, 2017 $ 0.3 $ — $ 1.4 $ 1.7 |
Consumer Direct Operations [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Costs | The following is a summary of the activity during fiscal 2017, 2016 and 2015, 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 3, 2015 $ 1.0 $ — $ 6.5 $ 7.5 Restructuring costs 2.9 5.4 9.0 17.3 Amounts paid (1.8 ) — (7.2 ) (9.0 ) Charges against assets — (5.4 ) (1.8 ) (7.2 ) Balance at January 2, 2016 $ 2.1 $ — $ 6.5 $ 8.6 Restructuring costs 1.2 0.2 9.6 11.0 Amounts paid (3.3 ) — (7.5 ) (10.8 ) Charges against assets — (0.2 ) (6.9 ) (7.1 ) Balance at December 31, 2016 $ — $ — $ 1.7 $ 1.7 Restructuring cost adjustment — — (0.7 ) (0.7 ) Amounts paid — — (1.0 ) (1.0 ) Balance at December 30, 2017 $ — $ — $ — $ — |
Divestitures (Tables)
Divestitures (Tables) | 12 Months Ended |
Dec. 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 |
Quarterly Results of Operatio49
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | The Company’s unaudited quarterly results of operations are as follows: Fiscal 2017 (In millions, except per share data) 13 Weeks Ended 13 Weeks Ended 13 Weeks Ended 13 Weeks Ended Revenue $ 591.3 $ 598.8 $ 581.3 $ 578.6 Gross profit 234.7 226.9 230.7 222.1 Net earnings (loss) attributable to Wolverine World Wide, Inc. 16.7 20.7 23.2 (60.3 ) Net earnings (loss) per share: Basic $ 0.17 $ 0.21 $ 0.24 $ (0.65 ) Diluted 0.17 0.21 0.24 (0.65 ) Fiscal 2016 (In millions, except per share data) 12 Weeks Ended 12 Weeks Ended 12 Weeks Ended 16 Weeks Ended Revenue $ 577.6 $ 583.7 $ 603.7 $ 729.6 Gross profit 228.8 226.6 237.3 267.2 Net earnings (loss) attributable to Wolverine World Wide, Inc. 17.4 24.0 48.2 (1.9 ) Net earnings (loss) per share: Basic $ 0.18 $ 0.25 $ 0.49 $ (0.02 ) Diluted 0.18 0.24 0.49 (0.02 ) |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 02, 2016USD ($) | |
Accounting Policies [Line Items] | |||
Weeks in fiscal year | 52 | 52 | 52 |
Advertising expense | $ 107.1 | $ 121.5 | $ 137.2 |
Prepaid advertising | $ 2.8 | $ 4 | |
Minimum [Member] | Building and improvements [Member] | |||
Accounting Policies [Line Items] | |||
Depreciable life | 14 years | ||
Minimum [Member] | Leasehold Improvements [Member] | |||
Accounting Policies [Line Items] | |||
Depreciable life | 5 years | ||
Minimum [Member] | Machinery, equipment and software [Member] | |||
Accounting Policies [Line Items] | |||
Depreciable life | 3 years | ||
Maximum [Member] | Building and improvements [Member] | |||
Accounting Policies [Line Items] | |||
Depreciable life | 20 years | ||
Maximum [Member] | Leasehold Improvements [Member] | |||
Accounting Policies [Line Items] | |||
Depreciable life | 10 years | ||
Maximum [Member] | Machinery, equipment and software [Member] | |||
Accounting Policies [Line Items] | |||
Depreciable life | 10 years |
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 | 4 Months Ended | 12 Months Ended | ||||||||
Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Sep. 10, 2016 | Jun. 18, 2016 | Mar. 26, 2016 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net earnings attributable to Wolverine World Wide, Inc. | $ (60.3) | $ 23.2 | $ 20.7 | $ 16.7 | $ 48.2 | $ 24 | $ 17.4 | $ (1.9) | $ 0.3 | $ 87.7 | $ 122.8 |
Adjustment for earnings allocated to nonvested restricted common stock | 0 | (2.1) | (2.8) | ||||||||
Net earnings used to calculate basic earnings per share | 0.3 | 85.6 | 120 | ||||||||
Adjustment for earnings (loss) reallocated to nonvested restricted common stock | (0.2) | 0.1 | 0.1 | ||||||||
Net earnings used to calculate diluted earnings per share | $ 0.1 | $ 85.7 | $ 120.1 | ||||||||
Weighted average shares outstanding | 96.4 | 99 | 102 | ||||||||
Adjustment for nonvested restricted common stock | (2.7) | (3.7) | (3.4) | ||||||||
Shares used to calculate basic earnings per share | 93.7 | 95.3 | 98.6 | ||||||||
Effect of dilutive stock options | 1.7 | 0.9 | 1.4 | ||||||||
Shares used to calculate diluted earnings per share | 95.4 | 96.2 | 100 | ||||||||
Earnings per share - Basic | $ (0.65) | $ 0.24 | $ 0.21 | $ 0.17 | $ 0.49 | $ 0.25 | $ 0.18 | $ (0.02) | $ 0 | $ 0.90 | $ 1.22 |
Earnings per share - Diluted | $ (0.65) | $ 0.24 | $ 0.21 | $ 0.17 | $ 0.49 | $ 0.24 | $ 0.18 | $ (0.02) | $ 0 | $ 0.89 | $ 1.20 |
Earnings Per Share Additional I
Earnings Per Share Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | Aug. 08, 2016 | |
Earnings Per Share [Line Items] | ||||
Anti-dilutive stock options | 1,753,869 | 3,100,328 | 2,264,711 | |
Common stock, shares authorized | 320,000,000 | 320,000,000 | ||
Preferred stock, shares authorized | 2,000,000 | |||
Preferred stock, par or stated value Per Share | $ 1 | |||
Purchases of shares under employee stock plans | $ (5.5) | $ (4.9) | $ (7.7) | |
Common stock repurchase program, authorized amount | $ 300 | |||
Purchase of common stock for treasury | $ (42.3) | (61.9) | (92.6) | |
Series A junior participating preferred stock [Member] | ||||
Earnings Per Share [Line Items] | ||||
Preferred stock, shares authorized | 150,000 | |||
Series B junior participating preferred stock [Member] | ||||
Earnings Per Share [Line Items] | ||||
Preferred stock, shares authorized | 500,000 | |||
Treasury Stock [Member] | ||||
Earnings Per Share [Line Items] | ||||
Purchase of common stock for treasury | $ (42.3) | $ (61.9) | $ (92.6) |
Goodwill and Other Intangible53
Goodwill and Other Intangibles Goodwill and Indefinite Lived Intangibles (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Goodwill [Roll Forward] | |||
Goodwill | $ 424.3 | $ 429.1 | |
Indefinite-lived intangibles | 678.5 | 685.4 | |
Goodwill And indefinite-lived intangibles | 1,102.8 | 1,114.5 | |
Goodwill, Foreign currency translation effects | 5.5 | (2.5) | |
Goodwill and indefinite-lived intangibles, foreign currency translation effects | 5.5 | (2.5) | |
Goodwill and other intangibles assets acquired | 0.2 | ||
Indefinite-lived Intangible Assets Acquired | 0.2 | ||
Goodwill, Written off Related to Sale of Business Unit | (2.3) | ||
Indefinite-lived Intangible Assets, Written off Related to Sale of Business Unit | (5.4) | 0 | |
Goodwill and Intangible Assets, Written off Related to Sale of Business Unit | (5.4) | (2.3) | |
Impairment of indefinite-lived intangible assets | (68.6) | (7.1) | $ (5.1) |
Goodwill | 429.8 | 424.3 | 429.1 |
Indefinite-lived intangibles | 604.5 | 678.5 | 685.4 |
Goodwill And indefinite-lived intangibles | $ 1,034.3 | $ 1,102.8 | $ 1,114.5 |
Goodwill and Other Intangible54
Goodwill and Other Intangibles Amortizable Intangibles (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 114 | $ 155.6 |
Accumulated amortization | 37 | 71.8 |
Amortizable intangibles, net | 77 | 83.8 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 100.5 | 100.5 |
Accumulated amortization | 26.6 | 21.6 |
Amortizable intangibles, net | $ 73.9 | $ 78.9 |
Average remaining life (years) | 15 years | 16 years |
Licensing arrangements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 28.8 | |
Accumulated amortization | 27.6 | |
Amortizable intangibles, net | $ 1.2 | |
Average remaining life (years) | 1 year | |
Developed product technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 14.9 | |
Accumulated amortization | 12.7 | |
Amortizable intangibles, net | $ 2.2 | |
Average remaining life (years) | 1 year | |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 13.5 | $ 11.4 |
Accumulated amortization | 10.4 | 9.9 |
Amortizable intangibles, net | $ 3.1 | $ 1.5 |
Average remaining life (years) | 3 years | 3 years |
Goodwill and Other Intangible55
Goodwill and Other Intangibles Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Impairment of intangible assets | $ 68.6 | $ 7.1 | $ 5.1 | |||
Indefinite-lived intangibles | $ 604.5 | $ 678.5 | $ 685.4 | 604.5 | 678.5 | 685.4 |
Amortization expense | 9.4 | $ 14 | 15.6 | |||
Cushe [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Impairment of intangible assets | $ 2.6 | |||||
Stride Rite [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Indefinite-lived intangibles | 7.9 | 7.9 | ||||
Sperry [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Impairment of intangible assets | 68.6 | |||||
Indefinite-lived intangibles | 518.2 | $ 518.2 | ||||
Indefinite-lived Intangible Assets [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Impairment of intangible assets | $ 68.6 | |||||
Indefinite-lived Intangible Assets [Member] | Stride Rite [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Impairment of intangible assets | $ 7.1 | $ 2.5 |
Goodwill and Other Intangible56
Goodwill and Other Intangibles Estimated Future Amortization Expense (Details) $ in Millions | Dec. 30, 2017USD ($) |
Finite-Lived Intangible Assets Disclosure [Abstract] | |
2,018 | $ 6.1 |
2,019 | 5.9 |
2,020 | 5.6 |
2,021 | 5.4 |
2,022 | $ 5.1 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Sale Of Accounts Receivable, Maximum Amount Under Agreement | $ 150 | ||
Sale Of Accounts Receivable Percent Paid At Sale | 90.00% | ||
Accounts Receivable, Reduction Due To Sale | $ 70.1 | $ 81.1 | |
Accounts Receivable Sold | 558.3 | 614.9 | $ 657.4 |
Discount fee charged by financial institution | $ 2.1 | $ 1.7 | $ 1.4 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | ||
LIFO inventory amount | $ 53.2 | $ 66.2 |
Effect of LIFO Inventory Liquidation on Income | 6 | |
Excess of FIFO over LIFO value | $ 16.4 | $ 22.4 |
Debt (Schedule of Borrowings) (
Debt (Schedule of Borrowings) (Details) - USD ($) $ in Millions | Dec. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Borrowings under revolving credit agreements and other short-term notes | $ 0.5 | $ 2.9 |
Capital lease obligations | 0.5 | 0.5 |
Unamortized debt issuance costs | (6.5) | (8.3) |
Debt and Capital Lease Obligations | 782.6 | 820.7 |
Term Loan A [Member] | July Thirteenth Two Thousand Twenty [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 538.1 | 575.6 |
Senior Notes [Member] | September First Two Thousand Twenty Six [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 250 | $ 250 |
Debt (Additional Information) (
Debt (Additional Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Debt Instrument [Line Items] | |||
Current maturities of long-term debt | $ 37.5 | $ 37.5 | |
Borrowings under revolving credit agreements and other short-term notes | 0.5 | 2.9 | |
Amortized deferred financing costs | 2.8 | 3.1 | $ 3.7 |
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount of Term Loan Facility | $ 1,750 | ||
Alternative Base Rate [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent) | 1.00% | ||
Alternative Base Rate [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent) | 0.25% | ||
Euro Currency Rate [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent) | 2.00% | ||
Euro Currency Rate [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent) | 1.25% | ||
Foreign Currency Subfacility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility amount | $ 200 | ||
Swingline Subfacility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility amount | 50 | ||
Letter of Credit Subfacility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility amount | 50 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount of Term Loan Facility | 600 | ||
Letters of credit, amount outstanding | 2.5 | 2.6 | |
Foreign Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility amount | 4 | ||
Borrowings under revolving credit agreements and other short-term notes | 0.5 | $ 1.8 | |
July Thirteenth Two Thousand Twenty [Member] | Term Loan A [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount of Term Loan Facility | $ 588.8 | ||
Debt, Weighted Average Interest Rate | 3.39% | ||
September First Two Thousand Twenty Six [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount of Term Loan Facility | $ 250 | ||
Interest rate (percent) | 5.00% |
Schedule of Annual Maturities o
Schedule of Annual Maturities of Long-Term Debt (Detail) $ in Millions | Dec. 30, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 38 |
2,019 | 60.2 |
2,020 | 440.7 |
2,021 | 0.2 |
2,022 | 0 |
Thereafter | $ 250 |
Property, Plant and Equipment P
Property, Plant and Equipment Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 4 | $ 4.1 |
Buildings and improvements | 103.5 | 125.1 |
Machinery and equipment | 171 | 189.6 |
Software | 112.6 | 115.2 |
Gross cost | 391.1 | 434 |
Less: accumulated depreciation | 254.4 | 287.9 |
Property, plant and equipment, net | $ 136.7 | $ 146.1 |
Property, Plant and Equipment -
Property, Plant and Equipment - Future Minimum Rental Payments for Operating Leases (Detail) $ in Millions | Dec. 30, 2017USD ($) |
Property, Plant and Equipment [Abstract] | |
2,018 | $ 31.2 |
2,019 | 30.2 |
2,020 | 26.8 |
2,021 | 25.1 |
2,022 | 23.3 |
Thereafter | 120.8 |
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | $ 19.1 |
Property, Plant and Equipment64
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 27.8 | $ 29.5 | $ 33.1 |
Rental expense under all operating leases | 39.9 | 55.5 | $ 54.8 |
Sublease rental income | 1.9 | $ 0.9 | |
Future minimum sublease rentals | $ 19.1 |
Financial Instruments and Ris65
Financial Instruments and Risk Management (Fair Value of Debt) (Details) - USD ($) $ in Millions | Dec. 30, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Long-term debt, including current maturities, excluding capital leases | $ 782.1 | $ 820.2 |
Fair value, long-term debt, including current maturities | $ 802.5 | $ 827.6 |
Financial Instruments and Ris66
Financial Instruments and Risk Management (Additional Information) (Details) | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Foreign exchange contracts [Member] | ||
Financial Instruments And Derivatives [Line Items] | ||
Maximum remaining maturity of foreign currency derivatives | 356 days | 356 days |
Cross Currency Interest Rate Contract [Member] | ||
Financial Instruments And Derivatives [Line Items] | ||
Derivative, Fixed Interest Rate | 2.75% | |
Derivative, Forward Interest Rate | 5.00% | |
July Thirteenth Two Thousand Twenty [Member] | Interest rate swap [Member] | ||
Financial Instruments And Derivatives [Line Items] | ||
Expiration date | Jul. 13, 2020 | |
September First Two Thousand Twenty One [Member] | Cross Currency Interest Rate Contract [Member] | ||
Financial Instruments And Derivatives [Line Items] | ||
Expiration date | Sep. 1, 2021 |
Financial Instruments and Ris67
Financial Instruments and Risk Management (Derivative Notional Amounts) (Details) - USD ($) $ in Millions | Dec. 30, 2017 | Dec. 31, 2016 |
Foreign exchange contracts [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | $ 162.7 | $ 169.2 |
Foreign exchange contracts [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 0 | 2.1 |
Interest rate swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 446.9 | 496 |
Cross Currency Interest Rate Contract [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | $ 106.4 | $ 0 |
Financial Instruments and Ris68
Financial Instruments and Risk Management (Financial Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Millions | Dec. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap asset | $ 0 | $ 0.1 |
Interest rate swap liability | (0.3) | (5.3) |
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | 13.8 | 0 |
Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange contracts asset | 0.3 | 6.6 |
Foreign exchange contracts liability | $ (5) | $ (0.3) |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Option Assumptions (Details) - $ / shares | 12 Months Ended | |||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Weighted-average fair values for options granted | $ 5.50 | $ 3.36 | $ 6.35 | |
Expected market price volatility | 29.30% | 27.20% | 28.80% | [1] |
Risk-free interest rate | 1.70% | 1.00% | 1.30% | [2] |
Dividend yield | 1.00% | 1.40% | 0.90% | [3] |
Expected term | 4 years | 4 years | 4 years | [4] |
[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. |
Stock-Based Compensation Additi
Stock-Based Compensation Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 25.4 | $ 22.8 | $ 18.7 |
Income tax benefits for grants | $ 8.6 | 7.9 | 6.1 |
Maximum expiry period of options granted from the grant date | 10 years | ||
Vesting period of options granted | 3 years | ||
Lapsing period of restrictions related to restricted stock issued | three- to four-year | ||
Total pretax intrinsic value of options exercised | $ 12.5 | $ 4 | 14.5 |
Closing stock price | $ 31.88 | ||
Stock options exercisable and in-the-money, number | 4,563,527 | 3,546,676 | |
Stock options exercisable and in-the-money, weighted average exercise price | $ 20.26 | $ 16.81 | |
Available For Issuance [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock incentive units | 2,673,893 | ||
Option Or Stock Appreciation Right [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock incentive units | 1 | ||
Non-Stock Option Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock incentive units | 2.6 | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to nonvested shares and stock option grants | $ 1.8 | $ 4.8 | $ 4.6 |
Weighted-average period of recognition | 1 year | 1 year 4 months 24 days | 1 year 2 months 12 days |
Restricted Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to nonvested shares and stock option grants | $ 18.3 | $ 16.6 | $ 17.2 |
Weighted-average period of recognition | 1 year 9 months 18 days | 2 years 1 month 6 days | 1 year 10 months 24 days |
Total fair value of shares vested | $ 10.6 | $ 7.7 | $ 11.1 |
Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to nonvested shares and stock option grants | $ 16.9 | $ 8.2 | $ 4.5 |
Weighted-average period of recognition | 1 year 10 months 24 days | 1 year 9 months 18 days | 2 years |
Total fair value of shares vested | $ 4 | $ 5.2 | $ 8.7 |
Stock-Based Compensation Summar
Stock-Based Compensation Summary of Transactions Under Stock Option Plans (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | Dec. 29, 2012 | Jan. 03, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||
Shares Under Option, Beginning Balance | 7,493,662 | 6,372,394 | 6,397,993 | ||
Granted, Shares Under Option | 93,274 | 2,445,573 | 1,366,137 | ||
Exercised, Shares Under Option | (1,267,269) | (562,610) | (1,003,896) | ||
Cancelled, Shares Under Option | (230,003) | (761,695) | (387,840) | ||
Shares Under Option, Ending Balance | 6,089,664 | 7,493,662 | 6,372,394 | ||
Nonvested at December 30, 2017 | (1,439,221) | ||||
Exercisable at December 30, 2017 | 4,650,443 | ||||
Weighted-Average Exercise Price, Beginning Balance | $ 19.55 | $ 20.54 | $ 18.36 | ||
Granted, Weighted-Average Exercise Price | 23.85 | 16.88 | 28.22 | ||
Exercised, Weighted-Average Exercise Price | 17.15 | 14.41 | 14.63 | ||
Cancelled, Weighted-Average Exercise Price | 21.37 | 23.03 | 26.93 | ||
Weighted-Average Exercise Price, Ending Balance | 20.05 | $ 19.55 | $ 20.54 | ||
Weighted-average exercise price of options, exercisable | $ 20.47 | ||||
Average Remaining Contractual Term (Years) | 5 years 9 months 18 days | 6 years 4 months 24 days | 6 years 1 month 6 days | 6 years 2 months 12 days | |
Average remaining contractual term, exercisable | 5 years 1 month 6 days | ||||
Aggregate Intrinsic Value | $ 72.1 | $ 28.7 | $ 8.6 | $ 68.3 | |
Exercisable, aggregate intrinsic value | $ 53.1 |
Stock-Based Compensation Summ72
Stock-Based Compensation Summary of Nonvested Restricted Shares Issued Under Stock Award Plans (Detail) - $ / shares | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Restricted Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested shares, Beginning balance | 1,947,378 | 1,726,639 | 1,727,182 |
Shares, granted | 762,078 | 1,050,758 | 677,113 |
Shares, vested | (445,939) | (443,380) | (398,582) |
Shares, forfeited | (238,445) | (386,639) | (279,074) |
Nonvested shares, Ending balance | 2,025,072 | 1,947,378 | 1,726,639 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 21.24 | $ 24.57 | $ 22.44 |
Weighted Average Grant Date Fair Value, granted | 23.06 | 16.89 | 27.26 |
Weighted-Average Grant Date Fair Value, vested | 22.03 | 22.10 | 18.99 |
Weighted-Average Grant Date Fair Value, forfeited | 21.66 | 23.27 | 25.90 |
Weighted-Average Grant Date Fair Value, Ending balance | $ 21.70 | $ 21.24 | $ 24.57 |
Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested shares, Beginning balance | 1,730,886 | 1,506,119 | 1,490,770 |
Shares, granted | 511,722 | 1,008,228 | 732,124 |
Shares, vested | (173,894) | (316,454) | (311,343) |
Shares, forfeited | (378,046) | (467,007) | (405,432) |
Nonvested shares, Ending balance | 1,690,668 | 1,730,886 | 1,506,119 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 21.86 | $ 26.08 | $ 23.30 |
Weighted Average Grant Date Fair Value, granted | 25.14 | 16.71 | 28.62 |
Weighted-Average Grant Date Fair Value, vested | 27.01 | 23.54 | 20.47 |
Weighted-Average Grant Date Fair Value, forfeited | 25.04 | 23.22 | 24.76 |
Weighted-Average Grant Date Fair Value, Ending balance | $ 21.54 | $ 21.86 | $ 26.08 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 02, 2016USD ($) | |
Schedule Of Other Postretirement Benefits [Line Items] | |||
Deferred compensation agreement, minimum | 15 years | ||
Deferred compensation agreement, maximum | 18 years | ||
Cash surrender value of life insurance | $ 60.7 | $ 56.6 | |
Defined contribution plan cost recognized | 4.2 | 4 | $ 4.6 |
Defined contribution plan at foreign subsidiary | 1 | 1.1 | $ 1.5 |
Deferred recognized compensation liability | 1.1 | 1.1 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 42.6 | 45.3 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Gains (Losses), after Tax | (28.6) | (30.4) | |
Accumulated benefit obligations for all defined benefit pension plans and the SERP | 422 | 396.3 | |
Actuarial loss included in accumulated other comprehensive income (loss) | $ 3.3 | ||
Amortization of Unrecognized net actuarial losses exceeding certain corridors period | 5 years | ||
Equity securities [Member] | |||
Schedule Of Other Postretirement Benefits [Line Items] | |||
Target investment allocation | 58.00% | ||
Fixed income securities [Member] | |||
Schedule Of Other Postretirement Benefits [Line Items] | |||
Target investment allocation | 37.00% | ||
Real Estate Investment [Member] | |||
Schedule Of Other Postretirement Benefits [Line Items] | |||
Target investment allocation | 5.00% | ||
Pension [Member] | |||
Schedule Of Other Postretirement Benefits [Line Items] | |||
Number Of Retirement Plans | 3 | ||
Expected contributions to defined benefit plans | $ 1.7 | ||
SERP [Member] | |||
Schedule Of Other Postretirement Benefits [Line Items] | |||
Cash surrender value of life insurance | 54 | $ 50.1 | |
Expected contributions to defined benefit plans | $ 3.7 | ||
Defined Contribution Plan [Member] | |||
Schedule Of Other Postretirement Benefits [Line Items] | |||
Number Of Retirement Plans | 2 |
Retirement Plans - Changes in C
Retirement Plans - Changes in Company's Assets and Related Obligations for its Pension Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Change in projected benefit obligations: | |||
Projected benefit obligations at beginning of the year | $ 417.5 | $ 392.8 | |
Service cost pertaining to benefits earned during the year | 7.2 | 6.5 | $ 9 |
Interest cost on projected benefit obligations | 17.7 | 19.1 | 18.5 |
Actuarial losses | 30.5 | 31 | |
Benefits paid to plan participants | (27.2) | (24.7) | |
Curtailment | (2.3) | 0 | |
Settlement | 0 | (7.2) | |
Projected benefit obligations at end of the year | 443.4 | 417.5 | 392.8 |
Change in fair value of pension assets: | |||
Fair value of pension assets at beginning of the year | 271.9 | 280.8 | |
Actual return on plan assets | 41 | 19.1 | |
Benefits paid to plan participants | (27.2) | (24.7) | |
Settlement | 0 | (7.2) | |
Fair value of pension assets at end of the year | 299.6 | 271.9 | $ 280.8 |
Funded status | (143.8) | (145.6) | |
Amounts recognized in the consolidated balance sheets: | |||
Non-current assets | 2.1 | 1.2 | |
Current liabilities | (3.7) | (3.7) | |
Non-current liabilities | (142.2) | (143.1) | |
Net amount recognized | (143.8) | (145.6) | |
Funded status of pension plans and SERP (supplemental): | |||
Funded status of qualified defined benefit plans and SERP | (143.8) | (145.6) | |
Nonqualified trust assets | 60.7 | 56.6 | |
Net funded status of pension plans and SERP (supplemental) | (89.8) | (95.5) | |
Pension [Member] | |||
Change in fair value of pension assets: | |||
Company contributions | 11.3 | 1.5 | |
SERP [Member] | |||
Change in fair value of pension assets: | |||
Company contributions | 2.6 | 2.4 | |
Funded status of pension plans and SERP (supplemental): | |||
Nonqualified trust assets | $ 54 | $ 50.1 |
Retirement Plans - Summary of N
Retirement Plans - Summary of Net Pension and SERP Expense Recognized (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost pertaining to benefits earned during the year | $ 7.2 | $ 6.5 | $ 9 |
Interest cost on projected benefit obligations | 17.7 | 19.1 | 18.5 |
Expected return on pension assets | (19.8) | (20.1) | (20.5) |
Net amortization loss | 9.8 | 5 | 20.9 |
Settlement gain | 0 | (0.1) | 0 |
Net pension expense | 14.9 | 10.4 | 27.9 |
Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net pension expense | 9.4 | 4.6 | 20.1 |
SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net pension expense | $ 5.5 | $ 5.8 | $ 7.8 |
Retirement Plans - Weighted Ave
Retirement Plans - Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost (Detail) | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Weighted-average assumptions used to determine benefit obligations at fiscal year-end: | ||
Discount rate | 3.80% | 4.35% |
Weighted average assumptions used to determine net periodic benefit cost for the years ended: | ||
Discount rate | 4.35% | 5.00% |
Expected long-term rate of return on plan assets | 7.25% | 7.25% |
Pension [Member] | ||
Weighted-average assumptions used to determine benefit obligations at fiscal year-end: | ||
Rate of compensation increase | 3.92% | 4.85% |
Weighted average assumptions used to determine net periodic benefit cost for the years ended: | ||
Rate of compensation increase | 3.97% | 4.85% |
SERP [Member] | ||
Weighted-average assumptions used to determine benefit obligations at fiscal year-end: | ||
Rate of compensation increase | 7.00% | 7.00% |
Weighted average assumptions used to determine net periodic benefit cost for the years ended: | ||
Rate of compensation increase | 7.00% | 7.00% |
Retirement Plans - Asset Alloca
Retirement Plans - Asset Allocations (Detail) - USD ($) $ in Millions | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Schedule Of Other Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | $ 299.6 | $ 271.9 | $ 280.8 | |
Equity securities, Percentage | 100.00% | 100.00% | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Schedule Of Other Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | $ 1.3 | $ 1 | ||
Real Estate Investment [Member] | ||||
Schedule Of Other Postretirement Benefits [Line Items] | ||||
Equity securities, Percentage | 5.30% | 5.30% | ||
Real Estate Investments Valued at Net Asset Value [Member] | ||||
Schedule Of Other Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | [1] | $ 15.8 | $ 14.5 | |
Equity securities [Member] | ||||
Schedule Of Other Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | $ 173.4 | $ 161 | ||
Equity securities, Percentage | 57.90% | 59.20% | ||
Equity Securities Valued at Net Asset Value [Member] | ||||
Schedule Of Other Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | [1] | $ 173.4 | $ 161 | |
Fixed income securities [Member] | ||||
Schedule Of Other Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | $ 109.1 | $ 95.7 | ||
Equity securities, Percentage | 36.40% | 35.20% | ||
Fixed income securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Schedule Of Other Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | $ 0.3 | |||
Fixed Income Securities Valued at Net Asset Value [Member] | ||||
Schedule Of Other Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | [1] | $ 109.1 | 95.4 | |
Other Investments [Member] | ||||
Schedule Of Other Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | $ 1.3 | $ 0.7 | ||
Equity securities, Percentage | 0.40% | 0.30% | ||
Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Schedule Of Other Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | $ 1.3 | $ 0.7 | ||
Assets Valued at Net Asset Value [Member] | ||||
Schedule Of Other Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | [1] | $ 298.3 | $ 270.9 | |
[1] | In accordance with ASC 820, Fair Value Measurement, certain investments are measured at fair value using the net asset value per share as a practical expedient. These assets have not been classified in the fair value hierarchy. |
Retirement Plans - Expected Ben
Retirement Plans - Expected Benefit Payments (Detail) $ in Millions | Dec. 30, 2017USD ($) |
Compensation and Retirement Disclosure [Abstract] | |
2,018 | $ 20.6 |
2,019 | 21 |
2,020 | 21.4 |
2,021 | 21.9 |
2,022 | 22.2 |
2023-2027 | $ 118.6 |
Income Taxes - Geographic Compo
Income Taxes - Geographic Components of Earnings Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (78.2) | $ 54.7 | $ 102.1 |
Foreign | 67.6 | 55.8 | 62.5 |
Earnings (loss) before income taxes | $ (10.6) | $ 110.5 | $ 164.6 |
Income Taxes - Provisions for I
Income Taxes - Provisions for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Current expense: | |||
Federal | $ 48.1 | $ 16 | $ 48.9 |
State | 1.9 | 1.4 | 5.2 |
Foreign | 14 | 11.3 | 11.6 |
Deferred expense (credit): | |||
Federal | (72) | (6.9) | (22) |
State | (0.2) | (0.3) | (1.9) |
Foreign | (1.7) | 1.5 | (0.4) |
Total provision for income taxes | $ (9.9) | $ 23 | $ 41.4 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense, Net of Federal Income Tax Rate (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Income Taxes [Line Items] | |||
Income taxes at U.S. statutory rate (35%) | $ (3.7) | $ 38.7 | $ 57.6 |
State income taxes, net of federal income tax | (4.2) | (6.1) | 1.8 |
Adjustments for uncertain tax positions | 0.4 | 0.2 | 0.1 |
Change in valuation allowance | 3 | 2 | (1.3) |
Change in state tax rates | 0.1 | (0.1) | (0.7) |
Effective Income Tax Rate Reconciliation Transition Tax Due To TCJA | 58.1 | 0 | 0 |
Effective Income Tax Rate Reconciliation Remeasurement of Deferred Taxes Due To TCJA | (52.5) | 0 | 0 |
Effective Income Tax Rate Reconciliation Deferred Tax On Future Dividends Due To TCJA | 3 | 0 | 0 |
Non-deductible expenses | (0.6) | 1.9 | 3.5 |
Other | 4.1 | 0.6 | 0.6 |
Total provision for income taxes | (9.9) | 23 | 41.4 |
CAYMAN ISLANDS | |||
Income Taxes [Line Items] | |||
(Nontaxable earnings) non-deductible losses of foreign affiliates: | (3.5) | (0.4) | (0.4) |
HONG KONG | |||
Income Taxes [Line Items] | |||
Foreign earnings taxed at rates different from the U.S. statutory rate: | (17.3) | (17.3) | (18.1) |
OTHER JURISDICTIONS | |||
Income Taxes [Line Items] | |||
(Nontaxable earnings) non-deductible losses of foreign affiliates: | (0.3) | 0.2 | (1.9) |
Foreign earnings taxed at rates different from the U.S. statutory rate: | $ 3.5 | $ 3.3 | $ 0.2 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 30, 2017 | Dec. 31, 2016 |
Deferred income tax assets: | ||
Accounts receivable and inventory valuation allowances | $ 5.9 | $ 17.2 |
Deferred compensation accruals | 8.9 | 9 |
Accrued pension expense | 33.9 | 53.7 |
Stock-based compensation | 16.7 | 22.6 |
Net operating loss and foreign tax credit carryforwards | 15.1 | 9.7 |
Book over tax depreciation and amortization | 0 | 2 |
Tenant lease expenses | 3.2 | 5 |
Environmental reserve | 7.9 | 0 |
Other | 10.4 | 9.3 |
Total gross deferred income tax assets | 102 | 128.5 |
Less valuation allowance | (14.5) | (11.5) |
Net deferred income tax assets | 87.5 | 117 |
Deferred income tax liabilities: | ||
Tax over book depreciation and amortization | (6.3) | 0 |
Intangible assets | (155.3) | (270.5) |
Other | (5.8) | (5.2) |
Total deferred income tax liabilities | 167.4 | 275.7 |
Total deferred income tax liabilities | $ (79.9) | $ (158.7) |
Income Taxes - Summarizes Unrec
Income Taxes - Summarizes Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Beginning balance | $ 8.9 | $ 8.7 |
Increases related to current year tax positions | 1.8 | 1.4 |
Decreases related to prior year positions | (1.1) | (1) |
Decrease due to lapse of statute | (0.3) | (0.2) |
Ending balance | $ 9.3 | $ 8.9 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 30, 2017 | Dec. 30, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | |||
Statutory federal income tax rate | 35.00% | ||
Deferred tax assets, Valuation Allowance | $ 14.5 | $ 14.5 | $ 11.5 |
Change in the total valuation allowance | (3) | (2) | |
Portion of the unrecognized tax benefits if recognized, reduction of annual effective tax rate | 8.5 | 8.5 | 7.8 |
Interest accrued related to unrecognized tax benefits | 2.7 | 2.7 | $ 2.9 |
Undistributed earnings of foreign subsidiaries | 259 | 259 | |
Tax Cuts And Jobs Act of 2017 Income Tax Expense Benefit | 5.6 | ||
Tax Cuts And Jobs Act of 2017 Income Tax Expense Benefit, Transition Tax | 58.1 | ||
Tax Cuts And Jobs Act of 2017 Income Tax Expense Benefit, Deferred Taxes Remeasurement | (52.5) | ||
Tax Cuts And Jobs Act of 2017 Income Tax Expense Benefit, Tax on Future Dividends | 3 | ||
Foreign country [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Foreign net operating loss carryforwards | 33.9 | 33.9 | |
Tax credit carryforwards | 2.6 | 2.6 | |
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Foreign net operating loss carryforwards | $ 99.8 | 99.8 | |
Deferred Tax Asset, State [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Change in the total valuation allowance | 1.1 | ||
Net Operating Loss Carryforwad, State and Local [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Change in the total valuation allowance | (2.9) | ||
Audit Adjustment, Net Operating Loss, Foreign [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Change in the total valuation allowance | 1.3 | ||
Net Operating Losses and Tax Credits, Foreign [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Change in the total valuation allowance | $ 0.3 |
Accumulated Other Comprehensi85
Accumulated Other Comprehensive Income (Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive income (loss), Beginning balance | $ (81.1) | $ (56.1) | ||||
Other comprehensive income (loss) before reclassifications | [1] | 0.3 | (23.5) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 9.4 | (1.5) | ||||
Income tax expense (benefit) | (3.8) | 0 | ||||
Net reclassifications | 5.6 | (1.5) | ||||
Other comprehensive income (loss) | 5.9 | [1] | (25) | [1] | $ (6.6) | |
Accumulated other comprehensive income (loss), Ending Balance | (75.2) | (81.1) | (56.1) | |||
Foreign currency translation adjustments [Member] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive income (loss), Beginning balance | (53.5) | (47.3) | ||||
Other comprehensive income (loss) before reclassifications | 20.8 | (6.2) | [1] | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||||
Income tax expense (benefit) | 0 | 0 | ||||
Net reclassifications | 0 | 0 | ||||
Other comprehensive income (loss) | [1] | 20.8 | (6.2) | |||
Accumulated other comprehensive income (loss), Ending Balance | (32.7) | (53.5) | (47.3) | |||
Derivative [Member] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive income (loss), Beginning balance | 2.8 | 4 | ||||
Other comprehensive income (loss) before reclassifications | (16) | 3.5 | [1] | |||
Amounts reclassified from accumulated other comprehensive income (loss) | [2] | (0.4) | (6.4) | |||
Income tax expense (benefit) | (0.3) | 1.7 | ||||
Net reclassifications | (0.7) | (4.7) | ||||
Other comprehensive income (loss) | [1] | (16.7) | (1.2) | |||
Accumulated other comprehensive income (loss), Ending Balance | (13.9) | 2.8 | 4 | |||
Pension adjustments [Member] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive income (loss), Beginning balance | (30.4) | (12.8) | ||||
Other comprehensive income (loss) before reclassifications | (4.5) | (20.8) | [1] | |||
Amounts reclassified from accumulated other comprehensive income (loss) | [3] | 9.8 | 4.9 | |||
Income tax expense (benefit) | (3.5) | (1.7) | ||||
Net reclassifications | 6.3 | 3.2 | ||||
Other comprehensive income (loss) | [1] | 1.8 | (17.6) | |||
Accumulated other comprehensive income (loss), Ending Balance | $ (28.6) | $ (30.4) | $ (12.8) | |||
[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 and Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, plant and equipment, net | $ 136.7 | $ 146.1 | |
Restructuring and other related costs | 72.9 | 34.9 | $ 29.5 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 68.6 | 7.1 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0.3 | 6.7 | |
Derivative Liability | (19.1) | (5.6) | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 518.2 | 7.9 | |
Impairment of Property and Equipment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restructuring and other related costs | 11 | 12.4 | |
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 | $ 0.2 | $ 0.7 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Disclosures (Details) - USD ($) $ in Millions | Dec. 30, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Long-term Debt | $ 782.1 | $ 820.2 |
Long-term Debt, Fair Value | $ 802.5 | $ 827.6 |
Litigation and Contingencies -
Litigation and Contingencies - Minimum Royalty and Advertising Obligations Due Under Terms of Certain Licenses Held by Company (Detail) $ in Millions | Dec. 30, 2017USD ($) |
Advertising [Member] | |
Schedule Of Commitments And Contingencies [Line Items] | |
2,018 | $ 2.9 |
2,019 | 3 |
2,020 | 3.1 |
2,021 | 3.2 |
2,022 | 3.3 |
Thereafter | 6.9 |
Royalties [Member] | |
Schedule Of Commitments And Contingencies [Line Items] | |
2,018 | 1.4 |
2,019 | 1.5 |
2,020 | 1.5 |
2,021 | 0 |
2,022 | 0 |
Thereafter | $ 0 |
Litigation and Contingencies 89
Litigation and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Long-term Purchase Commitment [Line Items] | |||
Advertising expense | $ 107.1 | $ 121.5 | $ 137.2 |
Licensing arrangements [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Royalty expense | 2.3 | 2 | 2 |
Advertising expense | $ 3.2 | $ 3.2 | $ 3.3 |
Litigation and Contingencies En
Litigation and Contingencies Environmental Remediation (Details) $ in Millions | Dec. 30, 2017USD ($) |
Environmental Remediation Obligations [Abstract] | |
Environmental remediation accrual | $ 31.1 |
Environmental remediation accrual, current | 12.5 |
Environmental remediation accrual, noncurrent | $ 18.6 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 30, 2017Segment | |
Segment Reporting [Abstract] | |
Number of operating groups | 4 |
Percentage of sources of footwear products from unrelated suppliers in foreign country region | 99.00% |
Business Segments - Business Se
Business Segments - Business Segment Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Sep. 10, 2016 | Jun. 18, 2016 | Mar. 26, 2016 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 578.6 | $ 581.3 | $ 598.8 | $ 591.3 | $ 603.7 | $ 583.7 | $ 577.6 | $ 729.6 | $ 2,350 | $ 2,494.6 | $ 2,691.6 |
Operating profit (loss) | 23.9 | 159.9 | 201.1 | ||||||||
Depreciation and amortization expense | 37.2 | 43.5 | 48.7 | ||||||||
Capital expenditures | 32.4 | 55.3 | 46.4 | ||||||||
Total assets | 2,399 | 2,431.7 | 2,399 | 2,431.7 | |||||||
Goodwill | 429.8 | 424.3 | 429.8 | 424.3 | 429.1 | ||||||
Wolverine Outdoor and Lifestyle Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 947.1 | 890.6 | 957.5 | ||||||||
Operating profit (loss) | 193.2 | 166.8 | 197.7 | ||||||||
Depreciation and amortization expense | 2.4 | 3 | 3.4 | ||||||||
Capital expenditures | 0.5 | 3.3 | 4.7 | ||||||||
Total assets | 420.4 | 391.8 | 420.4 | 391.8 | |||||||
Goodwill | 128.8 | 126.6 | 128.8 | 126.6 | |||||||
Wolverine Boston Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 833.8 | 889.4 | 942.8 | ||||||||
Operating profit (loss) | 139.1 | 121.7 | 132.9 | ||||||||
Depreciation and amortization expense | 3.2 | 4.1 | 4.2 | ||||||||
Capital expenditures | 1.6 | 4.7 | 8.3 | ||||||||
Total assets | 1,176.9 | 1,273.5 | 1,176.9 | 1,273.5 | |||||||
Goodwill | 260.8 | 257.5 | 260.8 | 257.5 | |||||||
Wolverine Heritage Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 327.9 | 347 | 370.5 | ||||||||
Operating profit (loss) | 53.3 | 50.8 | 54.6 | ||||||||
Depreciation and amortization expense | 0.5 | 0.5 | 0.5 | ||||||||
Capital expenditures | 0 | 0.5 | 0.4 | ||||||||
Total assets | 136.7 | 157.8 | 136.7 | 157.8 | |||||||
Goodwill | 16.5 | 16.5 | 16.5 | 16.5 | |||||||
Wolverine Multi-Brand Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 166.9 | 304.3 | 351.2 | ||||||||
Operating profit (loss) | 10.5 | 4.8 | 5.2 | ||||||||
Depreciation and amortization expense | 3.1 | 4.5 | 6.3 | ||||||||
Capital expenditures | 0.7 | 2.5 | 7.2 | ||||||||
Total assets | 81.5 | 140.8 | 81.5 | 140.8 | |||||||
Goodwill | 23.7 | 23.7 | 23.7 | 23.7 | |||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 74.3 | 63.3 | 69.6 | ||||||||
Operating profit (loss) | 6.4 | 5.5 | 5.6 | ||||||||
Depreciation and amortization expense | 0.9 | 1.5 | 1.5 | ||||||||
Capital expenditures | 1.1 | 1.5 | 0.9 | ||||||||
Total assets | 28.7 | 33.7 | 28.7 | 33.7 | |||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit (loss) | (378.6) | (189.7) | (194.9) | ||||||||
Depreciation and amortization expense | 27.1 | 29.9 | 32.8 | ||||||||
Capital expenditures | 28.5 | 42.8 | $ 24.9 | ||||||||
Total assets | $ 554.8 | $ 434.1 | $ 554.8 | $ 434.1 |
Business Segments - Geographic
Business Segments - Geographic Information, Based on Shipping Destination, Related to Revenue from External Customers (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Revenue from External Customer [Line Items] | |||
Revenues | $ 2,350 | $ 2,494.6 | $ 2,691.6 |
United States [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues | 1,608.7 | 1,791.5 | 1,948.9 |
Europe [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues | 322.4 | 323.9 | 345.3 |
CANADA | |||
Revenue from External Customer [Line Items] | |||
Revenues | 121.2 | 120.5 | 141.2 |
Other [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues | 297.7 | 258.7 | 256.2 |
Foreign [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues | $ 741.3 | $ 703.1 | $ 742.7 |
Business Segments - Company's L
Business Segments - Company's Long-Lived Assets (Primarily Property, Plant and Equipment) (Detail) - USD ($) $ in Millions | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 |
Segment Reporting Information [Line Items] | |||
Long-lived assets | $ 136.7 | $ 146.1 | $ 131.6 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 122.4 | 131.4 | 117.7 |
Foreign [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | $ 14.3 | $ 14.7 | $ 13.9 |
Restructuring Activities (Restr
Restructuring Activities (Restructuring Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring costs - COGS | $ 9 | $ 8.3 | $ 3 |
Restructuring costs - SG&A | 72.9 | 34.9 | 29.5 |
Cash payments related to restructuring costs | (64.8) | (19.4) | (10.3) |
2017 Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, Beginning balance | 0 | ||
Restructuring costs - SG&A | 11.3 | ||
Cash payments related to restructuring costs | (4.6) | ||
Charges against assets | (3.4) | ||
Restructuring reserve, Ending balance | 3.3 | 0 | |
2016 Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, Beginning balance | 2 | 0 | |
Restructuring costs - SG&A | 69.3 | 5.8 | |
Cash payments related to restructuring costs | (56.3) | (1.1) | |
Charges against assets | (13.3) | (2.7) | |
Restructuring reserve, Ending balance | 1.7 | 2 | 0 |
Consumer Direct Operations [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, Beginning balance | 1.7 | 8.6 | 7.5 |
Restructuring costs - SG&A | (0.7) | 11 | 17.3 |
Cash payments related to restructuring costs | (1) | (10.8) | (9) |
Charges against assets | (7.1) | (7.2) | |
Restructuring reserve, Ending balance | 0 | 1.7 | 8.6 |
Severance and employee related [Member] | 2017 Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, Beginning balance | 0 | ||
Restructuring costs - SG&A | 7.6 | ||
Cash payments related to restructuring costs | (4.3) | ||
Restructuring reserve, Ending balance | 3.3 | 0 | |
Severance and employee related [Member] | 2016 Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, Beginning balance | 0.8 | 0 | |
Restructuring costs - SG&A | 3.5 | 0.8 | |
Cash payments related to restructuring costs | (4) | 0 | |
Charges against assets | 0 | ||
Restructuring reserve, Ending balance | 0.3 | 0.8 | 0 |
Severance and employee related [Member] | Consumer Direct Operations [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, Beginning balance | 0 | 2.1 | 1 |
Restructuring costs - SG&A | 1.2 | 2.9 | |
Cash payments related to restructuring costs | (3.3) | (1.8) | |
Restructuring reserve, Ending balance | 0 | 0 | 2.1 |
Impairment of property, plant and equipment [Member] | 2017 Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, Beginning balance | 0 | ||
Restructuring costs - SG&A | 1.6 | ||
Charges against assets | (1.6) | ||
Restructuring reserve, Ending balance | 0 | 0 | |
Impairment of property, plant and equipment [Member] | 2016 Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, Beginning balance | 0 | 0 | |
Restructuring costs - SG&A | 9.4 | 0 | |
Cash payments related to restructuring costs | 0 | ||
Charges against assets | (9.4) | 0 | |
Restructuring reserve, Ending balance | 0 | 0 | 0 |
Impairment of property, plant and equipment [Member] | Consumer Direct Operations [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, Beginning balance | 0 | 0 | 0 |
Restructuring costs - SG&A | 0 | 0.2 | 5.4 |
Cash payments related to restructuring costs | 0 | 0 | 0 |
Charges against assets | (0.2) | (5.4) | |
Restructuring reserve, Ending balance | 0 | 0 | 0 |
Exit or disposal activities [Member] | 2017 Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, Beginning balance | 0 | ||
Restructuring costs - SG&A | 2.1 | ||
Cash payments related to restructuring costs | (0.3) | ||
Charges against assets | (1.8) | ||
Restructuring reserve, Ending balance | 0 | 0 | |
Exit or disposal activities [Member] | 2016 Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, Beginning balance | 1.2 | 0 | |
Restructuring costs - SG&A | 56.4 | 5 | |
Cash payments related to restructuring costs | (52.3) | (1.1) | |
Charges against assets | (3.9) | (2.7) | |
Restructuring reserve, Ending balance | 1.4 | 1.2 | 0 |
Exit or disposal activities [Member] | Consumer Direct Operations [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, Beginning balance | 1.7 | 6.5 | 6.5 |
Restructuring costs - SG&A | (0.7) | 9.6 | 9 |
Cash payments related to restructuring costs | (1) | (7.5) | (7.2) |
Charges against assets | (6.9) | (1.8) | |
Restructuring reserve, Ending balance | $ 0 | $ 1.7 | $ 6.5 |
Restructuring Activities (Addit
Restructuring Activities (Additional Information) (Details) $ in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||
Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 02, 2016USD ($) | Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 02, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs - COGS | $ 9 | $ 8.3 | $ 3 | |||
Restructuring costs - SG&A | 72.9 | 34.9 | 29.5 | |||
Impairment of intangible assets | 68.6 | 7.1 | 5.1 | |||
2017 Plan [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Estimated annualized pretax benefit | 11 | |||||
Restructuring costs - SG&A | 11.3 | |||||
Restructuring and Related Cost, Cost Incurred to Date | $ 11.3 | $ 11.3 | ||||
2016 Plan [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of retail stores closed | 266 | |||||
Estimated annualized pretax benefit | $ 20 | |||||
Restructuring costs - SG&A | 69.3 | 5.8 | ||||
Restructuring and Related Cost, Cost Incurred to Date | 75.1 | $ 75.1 | ||||
Consumer Direct Operations [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of retail stores closed | 136 | |||||
Restructuring costs - SG&A | $ (0.7) | 11 | 17.3 | |||
Restructuring and Related Cost, Cost Incurred to Date | 48.8 | 48.8 | ||||
Organizational Changes [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs - SG&A | 2 | 13.9 | 2 | |||
Brand Discontinuation [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs - SG&A | 0.3 | 4.2 | ||||
Indefinite-lived Intangible Assets [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Impairment of intangible assets | 68.6 | |||||
Other Restructuring [Member] | Brand Discontinuation [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs - SG&A | 1.6 | |||||
Property, Plant and Equipment [Member] | 2017 Plan [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs - SG&A | 1.6 | |||||
Property, Plant and Equipment [Member] | 2016 Plan [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs - SG&A | 9.4 | 0 | ||||
Property, Plant and Equipment [Member] | Consumer Direct Operations [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs - SG&A | 0 | 0.2 | 5.4 | |||
Property, Plant and Equipment [Member] | Consumer Direct Store Assets [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs - SG&A | $ 12.2 | 11.6 | ||||
Cushe [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Impairment of intangible assets | $ 2.6 | |||||
Stride Rite [Member] | Indefinite-lived Intangible Assets [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Impairment of intangible assets | $ 7.1 | $ 2.5 | ||||
Selling, General and Administrative Expenses [Member] | 2017 Plan [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 9.8 | 9.8 | ||||
Selling, General and Administrative Expenses [Member] | 2016 Plan [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 64.9 | 64.9 | ||||
Selling, General and Administrative Expenses [Member] | Consumer Direct Operations [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 42.3 | 42.3 | ||||
Cost of Sales [Member] | 2017 Plan [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 1.5 | 1.5 | ||||
Cost of Sales [Member] | 2016 Plan [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 10.2 | 10.2 | ||||
Cost of Sales [Member] | Consumer Direct Operations [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | $ 6.5 | $ 6.5 |
Restructuring Activities Restru
Restructuring Activities Restructuring Activities (Impairment Fair Value) (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Restructuring costs - SG&A | $ 72.9 | $ 34.9 | $ 29.5 | |||
Property, plant and equipment, net | $ 136.7 | $ 146.1 | 136.7 | 146.1 | ||
Indefinite-lived intangibles | 604.5 | 678.5 | $ 685.4 | 604.5 | 678.5 | 685.4 |
Impairment of intangible assets | 68.6 | 7.1 | 5.1 | |||
Consumer Direct Operations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Restructuring costs - SG&A | (0.7) | 11 | 17.3 | |||
Impairment of property, plant and equipment [Member] | Consumer Direct Operations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Restructuring costs - SG&A | 0 | $ 0.2 | $ 5.4 | |||
Indefinite-lived Intangible Assets [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment of intangible assets | 68.6 | |||||
Stride Rite [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Indefinite-lived intangibles | $ 7.9 | $ 7.9 | ||||
Stride Rite [Member] | Indefinite-lived Intangible Assets [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment of intangible assets | $ 7.1 | $ 2.5 |
Divestitures (Details)
Divestitures (Details) $ in Millions | 12 Months Ended |
Dec. 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, Consideration | $ 16.9 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0.2 |
Disposal Group, Including Discontinued Operation, Inventory | 17.1 |
Disposal Group, Including Discontinued Operation, Assets and Liabilities | 16.7 |
Disposal Group, Including Discontinued Operation, Other Assets, Current | 1.4 |
Disposal Group, Including Discontinued Operation, Accrued Liabilities | 1.8 |
Sebago [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Group, Not Discontinued Operation, Consideration | 14.3 |
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 |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 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, Consideration | 7.8 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | (1.6) |
Disposal Group, Including Discontinued Operation, Inventory | 5.6 |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 9.1 |
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0.5 |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | $ 3 |
Quarterly Results of Operatio99
Quarterly Results of Operations (Unaudited) - Company's Unaudited Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Sep. 10, 2016 | Jun. 18, 2016 | Mar. 26, 2016 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 578.6 | $ 581.3 | $ 598.8 | $ 591.3 | $ 603.7 | $ 583.7 | $ 577.6 | $ 729.6 | $ 2,350 | $ 2,494.6 | $ 2,691.6 |
Gross profit | 222.1 | 230.7 | 226.9 | 234.7 | 237.3 | 226.6 | 228.8 | 267.2 | 914.4 | 959.9 | 1,051.7 |
Net earnings (loss) attributable to Wolverine World Wide, Inc. | $ (60.3) | $ 23.2 | $ 20.7 | $ 16.7 | $ 48.2 | $ 24 | $ 17.4 | $ (1.9) | $ 0.3 | $ 87.7 | $ 122.8 |
Net earnings (loss) per share: | |||||||||||
Earnings per share - Basic | $ (0.65) | $ 0.24 | $ 0.21 | $ 0.17 | $ 0.49 | $ 0.25 | $ 0.18 | $ (0.02) | $ 0 | $ 0.90 | $ 1.22 |
Earnings per share - Diluted | $ (0.65) | $ 0.24 | $ 0.21 | $ 0.17 | $ 0.49 | $ 0.24 | $ 0.18 | $ (0.02) | $ 0 | $ 0.89 | $ 1.20 |
Schedule II - Valuation and 100
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | ||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | $ 57.4 | $ 61.7 | $ 52.4 | |
Charged to costs and expense | 99.2 | 124.9 | 121 | |
Charged to other accounts | 0 | 0 | 0 | |
Deductions | 113.6 | 129.2 | 111.7 | |
Balance at end of period | 43 | 57.4 | 61.7 | |
Allowance for doubtful accounts [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | 17.2 | 21.8 | 20.6 | |
Charged to costs and expense | 18.1 | 23.6 | 20.4 | |
Charged to other accounts | 0 | 0 | 0 | |
Deductions | [1] | 21.1 | 28.2 | 19.2 |
Balance at end of period | 14.2 | 17.2 | 21.8 | |
Allowance for sales returns [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | 16.3 | 16.3 | 15.9 | |
Charged to costs and expense | 52.6 | 64.4 | 62.6 | |
Charged to other accounts | 0 | 0 | 0 | |
Deductions | [2] | 56.3 | 64.4 | 62.2 |
Balance at end of period | 12.6 | 16.3 | 16.3 | |
Allowance for cash discounts [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | 5.9 | 6.3 | 4.5 | |
Charged to costs and expense | 17.9 | 21 | 21.1 | |
Charged to other accounts | 0 | 0 | 0 | |
Deductions | [3] | 19.1 | 21.4 | 19.3 |
Balance at end of period | 4.7 | 5.9 | 6.3 | |
Inventory valuation allowances [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | 18 | 17.3 | 11.4 | |
Charged to costs and expense | 10.6 | 15.9 | 16.9 | |
Charged to other accounts | 0 | 0 | 0 | |
Deductions | [4] | 17.1 | 15.2 | 11 |
Balance at end of period | $ 11.5 | $ 18 | $ 17.3 | |
[1] | Accounts charged off, net of recoveries. | |||
[2] | Actual customer returns. | |||
[3] | Discounts given to customers. | |||
[4] | Adjustment upon disposal of related inventories. |