Subsidiary Guarantors of the Public Bonds (Tables)

8 Months Ended

Sep. 12, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidated Condensed Statements of Operations and Comprehensive Income

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations and Comprehensive Income

For the 12 Weeks Ended September 12, 2015

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	149.6		$	1,016.0	$	213.9		$	(700.6	)	$	678.9
Cost of goods sold	108.3			860.7		121.2			(683.0		)	407.2
Gross profit	41.3			155.3		92.7			(17.6		)	271.7
Selling, general and administrative expenses	37.4			107.9		63.4			(17.7		)	191.0
Restructuring and impairment costs	1.4			1.7		1.7			—			4.8
Operating profit	2.5			45.7		27.6			0.1			75.9
Other expenses:
Interest expense, net	9.0			—		—			—			9.0
Debt extinguishment costs	1.6			—		—			—			1.6
Other expense, net	—			0.3		0.2			—			0.5
Total other expenses	10.6			0.3		0.2			—			11.1
Earnings (loss) before income taxes	(8.1		)	45.4		27.4			0.1			64.8
Income tax expense (benefit)	(3.4		)	18.4		3.8			—			18.8
Earnings (loss) before equity in earnings of consolidated subsidiaries	(4.7		)	27.0		23.6			0.1			46.0
Equity in earnings of consolidated subsidiaries	50.5			14.8		31.7			(97.0		)	—
Net earnings	45.8			41.8		55.3			(96.9		)	46.0
Less: net earnings attributable to noncontrolling interest	—			—		0.2			—			0.2
Net earnings attributable to Wolverine World Wide, Inc.	$	45.8		$	41.8	$	55.1		$	(96.9	)	$	45.8
Comprehensive income	$	32.3		$	41.8	$	41.9		$	(83.2	)	$	32.8
Less: comprehensive loss attributable to noncontrolling interest	(1.3		)	—		(0.8		)	1.3			(0.8		)
Comprehensive income attributable to Wolverine World Wide, Inc.	$	33.6		$	41.8	$	42.7		$	(84.5	)	$	33.6

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations and Comprehensive Income

For the 12 Weeks Ended September 6, 2014

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	139.3		$	1,085.3		$	217.8		$	(731.3	)	$	711.1
Cost of goods sold	98.3			926.1			118.0			(716.1		)	426.3
Restructuring costs	—			—			0.1			—			0.1
Gross profit	41.0			159.2			99.7			(15.2		)	284.7
Selling, general and administrative expenses	40.9			98.9			62.6			(15.6		)	186.8
Acquisition-related integration costs	1.2			0.6			0.5			—			2.3
Restructuring costs	0.9			5.3			1.8			—			8.0
Operating profit (loss)	(2.0		)	54.4			34.8			0.4			87.6
Other expenses:
Interest expense (income), net	10.3			(0.2		)	(0.1		)	—			10.0
Other expense (income), net	—			(0.4		)	0.1			—			(0.3		)
Total other expenses (income)	10.3			(0.6		)	—			—			9.7
Earnings (loss) before income taxes	(12.3		)	55.0			34.8			0.4			77.9
Income tax expense (benefit)	(4.6		)	20.6			4.0			—			20.0
Earnings (loss) before equity in earnings of consolidated subsidiaries	(7.7		)	34.4			30.8			0.4			57.9
Equity in earnings of consolidated subsidiaries	65.5			55.0			28.3			(148.8		)	—
Net earnings	57.8			89.4			59.1			(148.4		)	57.9
Less: net earnings attributable to noncontrolling interest	—			—			0.1			—			0.1
Net earnings attributable to Wolverine World Wide, Inc.	$	57.8		$	89.4		$	59.0		$	(148.4	)	$	57.8
Comprehensive income	$	57.8		$	89.2		$	58.0		$	(147.1	)	$	57.9
Less: comprehensive income attributable to noncontrolling interest	—			—			0.1			—			0.1
Comprehensive income attributable to Wolverine World Wide, Inc.	$	57.8		$	89.2		$	57.9		$	(147.1	)	$	57.8

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations and Comprehensive Income

For the 36 Weeks Ended September 12, 2015

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	418.9		$	2,949.0		$	587.4		$	(2,014.9	)	$	1,940.4
Cost of goods sold	309.6			2,487.8			326.8			(1,963.3		)	1,160.9
Gross profit	109.3			461.2			260.6			(51.6		)	779.5
Selling, general and administrative expenses	127.6			323.1			185.8			(51.6		)	584.9
Restructuring and impairment costs	2.9			2.9			1.7			—			7.5
Operating (loss) profit	(21.2		)	135.2			73.1			—			187.1
Other expenses:
Interest expense (income), net	27.4			0.2			(0.1		)	—			27.5
Debt extinguishment costs	1.6			—			—			—			1.6
Other expense (income), net	2.2			(0.6		)	(0.3		)	—			1.3
Total other expenses (income)	31.2			(0.4		)	(0.4		)	—			30.4
Earnings (loss) before income taxes	(52.4		)	135.6			73.5			—			156.7
Income taxes (benefit)	(20.4		)	53.0			12.8			—			45.4
Earnings (loss) before equity in earnings of consolidated subsidiaries	(32.0		)	82.6			60.7			—			111.3
Equity in earnings of consolidated subsidiaries	143.2			53.9			93.8			(290.9		)	—
Net earnings	111.2			136.5			154.5			(290.9		)	111.3
Less: net earnings attributable to noncontrolling interests	—			—			0.1			—			0.1
Net earnings attributable to Wolverine World Wide, Inc.	$	111.2		$	136.5		$	154.4		$	(290.9	)	$	111.2
Comprehensive income	$	91.3		$	136.5		$	128.9		$	(265.3	)	$	91.4
Less: comprehensive loss attributable to noncontrolling interest	(1.3		)	—			(1.2		)	1.3			(1.2		)
Comprehensive income attributable to Wolverine World Wide, Inc.	$	92.6		$	136.5		$	130.1		$	(266.6	)	$	92.6

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations and Comprehensive Income

For the 36 Weeks Ended September 6, 2014

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	364.0		$	3,060.2		$	587.9		$	(2,059.9	)	$	1,952.2
Cost of goods sold	252.6			2,608.8			317.2			(2,013.2		)	1,165.4
Restructuring costs	—			—			0.6			—			0.6
Gross profit	111.4			451.4			270.1			(46.7		)	786.2
Selling, general and administrative expenses	122.5			309.1			184.0			(47.5		)	568.1
Acquisition-related integration costs	4.1			1.8			0.5			—			6.4
Restructuring costs	2.4			5.3			3.7			—			11.4
Operating profit (loss)	(17.6		)	135.2			81.9			0.8			200.3
Other expenses:
Interest expense (income), net	31.6			—			(0.2		)	—			31.4
Other expense (income), net	(0.3		)	(1.3		)	2.1			—			0.5
Total other expenses (income)	31.3			(1.3		)	1.9			—			31.9
Earnings (loss) before income taxes	(48.9		)	136.5			80.0			0.8			168.4
Income taxes (benefit)	(18.3		)	51.2			12.8			—			45.7
Earnings (loss) before equity in earnings of consolidated subsidiaries	(30.6		)	85.3			67.2			0.8			122.7
Equity in earnings of consolidated subsidiaries	153.0			103.8			64.1			(320.9		)	—
Net earnings	122.4			189.1			131.3			(320.1		)	122.7
Less: net earnings attributable to noncontrolling interests	—			—			0.3			—			0.3
Net earnings attributable to Wolverine World Wide, Inc.	$	122.4		$	189.1		$	131.0		$	(320.1	)	$	122.4
Comprehensive income	$	125.3		$	188.6		$	131.2		$	(319.5	)	$	125.6
Less: comprehensive income attributable to noncontrolling interest	—			—			0.3			—			0.3
Comprehensive income attributable to Wolverine World Wide, Inc.	$	125.3		$	188.6		$	130.9		$	(319.5	)	$	125.3

Consolidated Condensed Balance Sheets

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

As of September 12, 2015

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	49.5		$	3.0		$	143.9		$	—		$	196.4
Accounts receivable, net	104.1			136.2			134.3			—			374.6
Inventories:
Finished products, net	93.3			294.9			93.0			—			481.2
Raw materials and work-in-process, net	0.5			1.4			12.4			—			14.3
Total inventories	93.8			296.3			105.4			—			495.5
Deferred income taxes	12.8			14.0			1.2			—			28.0
Prepaid expenses and other current assets	10.3			18.5			10.9			—			39.7
Total current assets	270.5			468.0			395.7			—			1,134.2
Property, plant and equipment:
Gross cost	242.7			164.3			32.0			—			439.0
Accumulated depreciation	(189.6		)	(84.8		)	(20.3		)	—			(294.7		)
Property, plant and equipment, net	53.1			79.5			11.7			—			144.3
Other assets:
Goodwill	7.8			353.0			71.3			—			432.1
Indefinite-lived intangibles	3.8			674.9			9.2			—			687.9
Amortizable intangibles, net	0.5			101.2			0.1			—			101.8
Deferred income taxes	—			—			2.8			—			2.8
Deferred financing costs, net	14.8			—			—			—			14.8
Other	49.1			17.4			3.8			—			70.3
Intercompany accounts receivable	22.1			2,742.4			640.3			(3,404.8		)	—
Investment in affiliates	3,271.5			1,054.0			1,019.9			(5,345.4		)	—
Total other assets	3,369.6			4,942.9			1,747.4			(8,750.2		)	1,309.7
Total assets	$	3,693.2		$	5,490.4		$	2,154.8		$	(8,750.2	)	$	2,588.2

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets - continued

As of September 12, 2015

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	54.8		$	69.5	$	58.8	$	—		$	183.1
Accrued salaries and wages	18.2			5.0		7.5		—			30.7
Other accrued liabilities	15.7			81.7		40.9		—			138.3
Current maturities of long-term debt	11.2			—		—		—			11.2
Total current liabilities	99.9			156.2		107.2		—			363.3
Long-term debt, less current maturities	813.8			0.6		—		—			814.4
Accrued pension liabilities	110.6			20.7		—		—			131.3
Deferred income taxes	(57.9		)	274.7		2.8		—			219.6
Other liabilities	20.1			10.9		2.0		—			33.0
Intercompany accounts payable	1,683.4			1,112.2		609.2		(3,404.8		)	—
Stockholders’ equity:
Wolverine World Wide, Inc. stockholders’ equity	1,023.3			3,915.1		1,430.3		(5,345.4		)	1,023.3
Noncontrolling interest	—			—		3.3		—			3.3
Total stockholders’ equity	1,023.3			3,915.1		1,433.6		(5,345.4		)	1,026.6
Total liabilities and stockholders’ equity	$	3,693.2		$	5,490.4	$	2,154.8	$	(8,750.2	)	$	2,588.2

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

As of January 3, 2015

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	11.4		$	3.3		$	209.1		$	—		$	223.8
Accounts receivable, net	18.8			181.4			112.5			—			312.7
Inventories:
Finished products, net	59.5			260.0			78.6			—			398.1
Raw materials and work-in-process, net	2.1			1.3			12.5			—			15.9
Total inventories	61.6			261.3			91.1			—			414.0
Deferred income taxes	12.8			14.0			1.3			—			28.1
Prepaid expenses and other current assets	24.8			21.4			17.4			—			63.6
Total current assets	129.4			481.4			431.4			—			1,042.2
Property, plant and equipment:
Gross cost	230.7			150.7			33.9			—			415.3
Accumulated depreciation	(183.3		)	(72.6		)	(22.6		)	—			(278.5		)
Property, plant and equipment, net	47.4			78.1			11.3			—			136.8
Other assets:
Goodwill	7.9			353.0			77.9			—			438.8
Indefinite-lived intangibles	4.3			674.9			11.3			—			690.5
Amortizable intangibles, net	0.6			111.5			—			—			112.1
Deferred income taxes	—			—			2.8			—			2.8
Deferred financing costs, net	16.5			—			—			—			16.5
Other	49.8			11.9			3.1			—			64.8
Intercompany accounts receivable	22.1			2,225.4			621.1			(2,868.6		)	—
Investment in affiliates	3,158.2			608.8			1,221.3			(4,988.3		)	—
Total other assets	3,259.4			3,985.5			1,937.5			(7,856.9		)	1,325.5
Total assets	$	3,436.2		$	4,545.0		$	2,380.2		$	(7,856.9	)	$	2,504.5

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets - continued

As of January 3, 2015

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	37.5		$	66.4	$	45.5	$	—		$	149.4
Accrued salaries and wages	23.2			6.0		6.9		—			36.1
Other accrued liabilities	31.6			40.9		36.0		—			108.5
Current maturities of long-term debt	46.7			—		—		—			46.7
Total current liabilities	139.0			113.3		88.4		—			340.7
Long-term debt, less current maturities	853.5			0.6		—		—			854.1
Accrued pension liabilities	106.6			21.5		—		—			128.1
Deferred income taxes	(60.7		)	274.7		3.0		—			217.0
Other liabilities	13.3			10.6		2.7		—			26.6
Intercompany accounts payable	1,451.0			734.5		683.1		(2,868.6		)	—
Stockholders’ equity:
Wolverine World Wide, Inc. stockholders’ equity	933.5			3,389.8		1,598.5		(4,988.3		)	933.5
Noncontrolling interest	—			—		4.5		—			4.5
Total stockholders’ equity	933.5			3,389.8		1,603.0		(4,988.3		)	938.0
Total liabilities and stockholders’ equity	$	3,436.2		$	4,545.0	$	2,380.2	$	(7,856.9	)	$	2,504.5

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

As of September 6, 2014

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	28.5		$	3.9		$	199.1		$	—		$	231.5
Accounts receivable, net	43.6			285.8			154.5			—			483.9
Inventories:
Finished products, net	70.1			287.1			89.5			—			446.7
Raw materials and work-in-process, net	2.5			1.1			16.0			—			19.6
Total inventories	72.6			288.2			105.5			—			466.3
Deferred income taxes	15.2			12.6			(0.6		)	—			27.2
Prepaid expenses and other current assets	60.3			(34.3		)	14.1			—			40.1
Total current assets	220.2			556.2			472.6			—			1,249.0
Property, plant and equipment:
Gross cost	228.4			156.9			40.5			—			425.8
Accumulated depreciation	(179.6		)	(77.5		)	(27.2		)	—			(284.3		)
Property, plant and equipment, net	48.8			79.4			13.3			—			141.5
Other assets:
Goodwill	7.8			353.1			83.0			—			443.9
Indefinite-lived intangibles	4.2			674.9			11.4			—			690.5
Amortizable intangibles, net	0.4			116.3			0.1			—			116.8
Deferred income taxes	—			—			3.3			—			3.3
Deferred financing costs, net	19.1			—			—			—			19.1
Other	49.9			11.5			2.2			—			63.6
Intercompany accounts receivable	—			1,947.9			651.0			(2,598.9		)	—
Investment in affiliates	3,209.9			680.8			1,249.4			(5,140.1		)	—
Total other assets	3,291.3			3,784.5			2,000.4			(7,739.0		)	1,337.2
Total assets	$	3,560.3		$	4,420.1		$	2,486.3		$	(7,739.0	)	$	2,727.7

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets - continued

As of September 6, 2014

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	39.7		$	74.5	$	48.1	$	—		$	162.3
Accrued salaries and wages	19.2			8.0		9.1		—			36.3
Other accrued liabilities	37.8			33.1		41.1		—			112.0
Current maturities of long-term debt	51.6			—		—		—			51.6
Total current liabilities	148.3			115.6		98.3		—			362.2
Long-term debt, less current maturities	1,044.3			0.7		—		—			1,045.0
Accrued pension liabilities	64.0			10.0		—		—			74.0
Deferred income taxes	(37.9		)	287.5		4.2		—			253.8
Other liabilities	13.0			10.5		3.0		—			26.5
Intercompany accounts payable	1,366.5			555.3		677.1		(2,598.9		)	—
Stockholders’ equity:
Wolverine World Wide, Inc. stockholders’ equity	962.1			3,440.5		1,699.6		(5,140.1		)	962.1
Noncontrolling interest	—			—		4.1		—			4.1
Total stockholders’ equity	962.1			3,440.5		1,703.7		(5,140.1		)	966.2
Total liabilities and stockholders’ equity	$	3,560.3		$	4,420.1	$	2,486.3	$	(7,739.0	)	$	2,727.7

Consolidated Condensed Statements of Cash Flow

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flow

For the 36 Weeks Ended September 12, 2015

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	146.4		$	19.2		$	(55.8	)	$	—	$	109.8
INVESTING ACTIVITIES
Additions to property, plant and equipment	(10.5		)	(14.2		)	(3.9		)			(28.6		)
Other	1.0			(5.3		)	—			—		(4.3		)
Net cash used in investing activities	(9.5		)	(19.5		)	(3.9		)	—		(32.9		)
FINANCING ACTIVITIES
Borrowings of long-term debt	450.0			—			—			—		450.0
Payments on long-term debt	(525.2		)	—			—			—		(525.2		)
Payments of debt issuance costs	(2.4		)	—			—			—		(2.4		)
Cash dividends paid	(18.3		)	—			—			—		(18.3		)
Purchase of common stock for treasury	(12.6		)	—			—			—		(12.6		)
Purchases of shares under employee stock plans	(7.6		)	—			—			—		(7.6		)
Proceeds from the exercise of stock options	12.8			—			—			—		12.8
Excess tax benefits from stock-based compensation	4.5			—			—			—		4.5
Net cash used in financing activities	(98.8		)	—			—			—		(98.8		)
Effect of foreign exchange rate changes	—			—			(5.5		)	—		(5.5		)
Increase (decrease) in cash and cash equivalents	38.1			(0.3		)	(65.2		)	—		(27.4		)
Cash and cash equivalents at beginning of the year	11.4			3.3			209.1			—		223.8
Cash and cash equivalents at end of the period	$	49.5		$	3.0		$	143.9		$	—	$	196.4

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flow

For the 36 Weeks Ended September 6, 2014

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by operating activities	$	89.9		$	3.8		$	21.0		$	—	$	114.7
INVESTING ACTIVITIES
Additions to property, plant and equipment	(5.5		)	(14.1		)	(1.8		)	—		(21.4		)
Investment in joint venture	—			—			(0.7		)	—		(0.7		)
Other	(1.4		)	(0.8		)	—			—		(2.2		)
Net cash used in investing activities	(6.9		)	(14.9		)	(2.5		)	—		(24.3		)
FINANCING ACTIVITIES
Payments on long-term debt	(54.1		)	—			—			—		(54.1		)
Cash dividends paid	(18.0		)	—			—			—		(18.0		)
Purchases of shares under employee stock plans	(10.1		)	—			—			—		(10.1		)
Proceeds from the exercise of stock options	4.9			—			—			—		4.9
Excess tax benefits from stock-based compensation	4.0			—			—			—		4.0
Net cash used in financing activities	(73.3		)	—			—			—		(73.3		)
Effect of foreign exchange rate changes	—			—			0.2			—		0.2
Increase (decrease) in cash and cash equivalents	9.7			(11.1		)	18.7			—		17.3
Cash and cash equivalents at beginning of the year	18.8			15.0			180.4			—		214.2
Cash and cash equivalents at end of the period	$	28.5		$	3.9		$	199.1		$	—	$	231.5