XML 72 R46.htm IDEA: XBRL DOCUMENT v3.3.1.900
Subsidiary Guarantors of the Public Bonds (Tables)
 12 Months Ended
Jan. 02, 2016
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
For the fiscal year ended January 2, 2016
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Revenue
$
613.3

 
$
2,628.6

 
$
723.8

 
$
(1,274.1
)
 
$
2,691.6

Cost of goods sold
458.4

 
1,948.8

 
375.2

 
(1,145.5
)
 
1,636.9

Restructuring costs
(0.1
)
 
2.8

 
0.3

 
—

 
3.0

Gross profit
155.0

 
677.0

 
348.3

 
(128.6
)
 
1,051.7

Selling, general and administrative expenses
127.9

 
559.2

 
257.5

 
(128.6
)
 
816.0

Restructuring and impairment costs
3.5

 
24.0

 
7.1

 
—

 
34.6

Operating profit
23.6

 
93.8

 
83.7

 
—

 
201.1

Other expenses:
 
 
 
 
 
 
 
 
 
Interest expense (income), net
38.6

 
0.1

 
(0.5
)
 
—

 
38.2

Debt extinguishment costs
1.6

 
—

 
—

 
—

 
1.6

Other income
(1.2
)
 
(1.1
)
 
(1.0
)
 
—

 
(3.3
)
Total other expense (income)
39.0

 
(1.0
)
 
(1.5
)
 
—

 
36.5

Earnings (loss) before income taxes
(15.4
)
 
94.8

 
85.2

 
—

 
164.6

Income tax expense (benefit)
(6.3
)
 
38.6

 
9.1

 
—

 
41.4

Earnings (loss) before equity in earnings of consolidated subsidiaries
(9.1
)
 
56.2

 
76.1

 
—

 
123.2

Equity in earnings of consolidated subsidiaries
131.9

 
13.6

 
88.0

 
(233.5
)
 
—

Net earnings
122.8

 
69.8

 
164.1

 
(233.5
)
 
123.2

Less: net earnings attributable to noncontrolling interest
—

 
—

 
0.4

 
—

 
0.4

Net earnings attributable to Wolverine World Wide, Inc.
$
122.8

 
$
69.8

 
$
163.7

 
$
(233.5
)
 
$
122.8



WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
For the fiscal year ended January 2, 2016
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net earnings
$
122.8

 
$
69.8

 
$
164.1

 
$
(233.5
)
 
$
123.2

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
(31.8
)
 
—

 
(31.8
)
 
31.8

 
(31.8
)
Change in fair value of foreign exchange contracts
(2.2
)
 
—

 
(2.2
)
 
2.2

 
(2.2
)
Change in fair value of interest rate swap
(2.8
)
 
—

 
—

 
—

 
(2.8
)
Pension adjustments
28.8

 
1.2

 
—

 
(1.2
)
 
28.8

Other comprehensive income (loss)
(8.0
)
 
1.2

 
(34.0
)
 
32.8

 
(8.0
)
Comprehensive income
114.8

 
71.0

 
130.1

 
(200.7
)
 
115.2

Less: comprehensive loss attributable to noncontrolling interest
(1.4
)
 
—

 
(1.0
)
 
1.4

 
(1.0
)
Comprehensive income attributable to Wolverine World Wide, Inc.
$
116.2

 
$
71.0

 
$
131.1

 
$
(202.1
)
 
$
116.2

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Operations
For the fiscal year ended January 3, 2015
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Revenue
$
607.8

 
$
3,276.1

 
$
848.8

 
$
(1,971.6
)
 
$
2,761.1

Cost of goods sold
442.9

 
2,594.9

 
483.5

 
(1,847.5
)
 
1,673.8

Restructuring costs
0.1

 
—

 
0.9

 
—

 
1.0

Gross profit
164.8

 
681.2

 
364.4

 
(124.1
)
 
1,086.3

Selling, general and administrative expenses
126.1

 
555.1

 
258.1


(124.1
)
 
815.2

Acquisition-related integration costs
6.5

 
1.1

 
7.6

 
—

 
15.2

Restructuring costs
3.0

 
10.4

 
12.6

 
—

 
26.0

Operating profit (loss)
29.2

 
114.6

 
86.1

 
—

 
229.9

Other expenses:
 
 
 
 
 
 
 
 
 
Interest expense (income), net
45.4

 
0.1

 
(0.1
)
 
—

 
45.4

Debt extinguishment costs
1.3

 
—

 
—

 
—

 
1.3

Other expense (income), net
—

 
(1.3
)
 
3.0

 
—

 
1.7

Total other expense (income)
46.7

 
(1.2
)
 
2.9

 
—

 
48.4

Earnings (loss) before income taxes
(17.5
)
 
115.8

 
83.2

 
—

 
181.5

Income tax expense
0.7

 
37.7

 
9.2

 
—

 
47.6

Earnings (loss) before equity in earnings of consolidated subsidiaries
(18.2
)
 
78.1

 
74.0

 
—

 
133.9

Equity in earnings of consolidated subsidiaries
151.3

 
9.4

 
74.7

 
(235.4
)
 
—

Net earnings
133.1

 
87.5

 
148.7

 
(235.4
)
 
133.9

Less: net earnings attributable to noncontrolling interest
—

 
—

 
0.8

 
—

 
0.8

Net earnings attributable to Wolverine World Wide, Inc.
$
133.1

 
$
87.5

 
$
147.9

 
$
(235.4
)
 
$
133.1




WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
For the fiscal year ended January 3, 2015
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net earnings
$
133.1

 
$
87.5

 
$
148.7

 
$
(235.4
)
 
$
133.9

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
(17.4
)
 
—

 
(18.5
)
 
17.4

 
(18.5
)
Change in fair value of foreign exchange contracts
9.4

 
—

 
9.4

 
(9.4
)
 
9.4

Change in fair value of interest rate swap
(0.2
)
 
—

 
—

 
—

 
(0.2
)
Pension adjustments
(32.1
)
 
(10.3
)
 
—

 
10.3

 
(32.1
)
Other comprehensive loss
(40.3
)
 
(10.3
)
 
(9.1
)
 
18.3

 
(41.4
)
Comprehensive income
92.8

 
77.2

 
139.6

 
(217.1
)
 
92.5

Less: comprehensive loss attributable to noncontrolling interest
—

 
—

 
(0.3
)
 
—

 
(0.3
)
Comprehensive income attributable to Wolverine World Wide, Inc.
$
92.8

 
$
77.2

 
$
139.9

 
$
(217.1
)
 
$
92.8

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Operations
For the fiscal year ended December 28, 2013
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Revenue
$
538.2

 
$
3,849.1

 
$
774.4

 
$
(2,470.6
)
 
$
2,691.1

Cost of goods sold
383.8

 
3,207.9

 
415.4

 
(2,388.1
)
 
1,619.0

Restructuring costs
0.1

 
—

 
7.5

 
—

 
7.6

Gross profit
154.3

 
641.2

 
351.5

 
(82.5
)
 
1,064.5

Selling, general and administrative expenses
139.0

 
506.7

 
266.8

 
(82.5
)
 
830.0

Acquisition-related transaction and integration costs
16.9

 
14.9

 
9.7

 
—

 
41.5

Restructuring and impairment costs
—

 
—

 
0.7

 
—

 
0.7

Operating profit (loss)
(1.6
)
 
119.6

 
74.3

 
—

 
192.3

Other expenses:
 
 
 
 
 
 
 
 
 
Interest expense (income), net
52.1

 
(0.2
)
 
0.1

 
—

 
52.0

Debt extinguishment costs
13.1

 
—

 
—

 
—

 
13.1

Other expense (income), net
(3.7
)
 
0.1

 
3.1

 
—

 
(0.5
)
Total other expense (income)
61.5

 
(0.1
)
 
3.2

 
—

 
64.6

Earnings (loss) before income taxes
(63.1
)
 
119.7

 
71.1

 
—

 
127.7

Income tax expense
1.5

 
19.3

 
5.9

 
—

 
26.7

Earnings (loss) before equity in earnings of consolidated subsidiaries
(64.6
)
 
100.4

 
65.2

 
—

 
101.0

Equity in earnings of consolidated subsidiaries
165.0

 
114.5

 
21.7

 
(301.2
)
 
—

Net earnings
100.4

 
214.9

 
86.9

 
(301.2
)
 
101.0

Less: net earnings attributable to noncontrolling interest
—

 
—

 
0.6

 
—

 
0.6

Net earnings attributable to Wolverine World Wide, Inc.
$
100.4

 
$
214.9

 
$
86.3

 
$
(301.2
)
 
$
100.4




WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
For the fiscal year ended December 28, 2013
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net earnings
$
100.4

 
$
214.9

 
$
86.9

 
$
(301.2
)
 
$
101.0

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
(5.4
)
 
—

 
(5.4
)
 
5.4

 
(5.4
)
Change in fair value of foreign exchange contracts
0.9

 
—

 
0.9

 
(0.9
)
 
0.9

Change in fair value of interest rate swap
1.6

 
—

 
—

 
—

 
1.6

Pension adjustments
81.2

 
13.1

 
—

 
(13.1
)
 
81.2

Other comprehensive (loss) income
78.3

 
13.1

 
(4.5
)
 
(8.6
)
 
78.3

Comprehensive income
178.7

 
228.0

 
82.4

 
(309.8
)
 
179.3

Less comprehensive income (loss) attributable to noncontrolling interest
(0.1
)
 
—

 
0.6

 
—

 
0.5

Comprehensive income attributable to Wolverine World Wide, Inc.
$
178.8

 
$
228.0

 
$
81.8

 
$
(309.8
)
 
$
178.8
Consolidated Condensed Balance Sheets
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
As of January 2, 2016
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
27.2

 
$
2.6

 
$
164.3

 
$
—

 
$
194.1

Accounts receivable, net
84.8

 
105.8

 
108.3

 
—

 
298.9

Inventories:
 
 
 
 
 
 
 
 
 
Finished products
(0.8
)
 
371.7

 
77.1

 
—

 
448.0

Raw materials and work-in-process
0.8

 
1.8

 
16.0

 
—

 
18.6

Total inventories
—

 
373.5

 
93.1

 
—

 
466.6

Prepaid expenses and other current assets
10.7

 
24.9

 
18.6

 
—

 
54.2

Total current assets
122.7

 
506.8

 
384.3

 
—

 
1,013.8

Property, plant and equipment:
 
 
 
 
 
 
 
 
 
Gross cost
228.4

 
170.5

 
32.6

 
—

 
431.5

Accumulated depreciation
(178.1
)
 
(103.6
)
 
(18.2
)
 
—

 
(299.9
)
Property, plant and equipment, net
50.3

 
66.9

 
14.4

 
—

 
131.6

Other assets:
 
 
 
 
 
 
 
 
 
Goodwill
2.7

 
353.3

 
73.1

 
—

 
429.1

Indefinite-lived intangibles
3.8

 
675.3

 
6.3

 
—

 
685.4

Amortizable intangibles, net
0.6

 
96.7

 
—

 
—

 
97.3

Deferred income taxes
—

 
—

 
3.7

 
—

 
3.7

Deferred financing costs, net
13.8

 
—

 
—

 
—

 
13.8

Other
50.5

 
15.6

 
3.8

 
—

 
69.9

Intercompany accounts receivable
19.8

 
3,002.0

 
583.9

 
(3,605.7
)
 
—

Investment in affiliates
3,388.4

 
854.0

 
949.4

 
(5,191.8
)
 
—

Total other assets
3,479.6

 
4,996.9

 
1,620.2

 
(8,797.5
)
 
1,299.2

Total assets
$
3,652.6

 
$
5,570.6

 
$
2,018.9

 
$
(8,797.5
)
 
$
2,444.6

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets - continued
As of January 2, 2016
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
37.3

 
$
98.7

 
$
63.7

 
$
—

 
$
199.7

Accrued salaries and wages
17.2

 
4.3

 
7.0

 
—

 
28.5

Other accrued liabilities
42.6

 
35.6

 
30.0

 
—

 
108.2

Current maturities of long-term debt
16.9

 
—

 
—

 
—

 
16.9

Total current liabilities
114.0

 
138.6

 
100.7

 
—

 
353.3

Long-term debt, less current maturities
802.5

 
0.6

 
—

 
—

 
803.1

Accrued pension liabilities
91.2

 
18.4

 
—

 
—

 
109.6

Deferred income taxes
(75.2
)
 
249.8

 
4.0

 
—

 
178.6

Other liabilities
17.0

 
11.2

 
2.1

 
—

 
30.3

Intercompany accounts payable
1,739.4

 
1,360.0

 
506.3

 
(3,605.7
)
 
—

Stockholders’ equity
 
 
 
 
 
 
 
 
 
Wolverine World Wide, Inc. stockholders’ equity
963.7

 
3,792.0

 
1,399.8

 
(5,191.8
)
 
963.7

Noncontrolling interest
—

 
—

 
6.0

 
—

 
6.0

Total stockholders’ equity
963.7

 
3,792.0

 
1,405.8

 
(5,191.8
)
 
969.7

Total liabilities and stockholders’ equity
$
3,652.6

 
$
5,570.6

 
$
2,018.9

 
$
(8,797.5
)
 
$
2,444.6

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
As of January 3, 2015
(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
59.5

 
260.0

 
78.6

 
—

 
398.1

Raw materials and work-in-process
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
(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
Consolidated Condensed Statements of Cash Flow
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flow
For the fiscal year ended January 2, 2016
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
221.2

 
$
24.3

 
$
(30.0
)
 
$
—

 
$
215.5

Investing activities
 
 
 
 
 
 
 
 
 
Additions to property, plant and equipment
(15.9
)
 
(21.1
)
 
(9.4
)
 


 
(46.4
)
Other
0.3

 
(3.9
)
 
—

 
—

 
(3.6
)
Net cash used in investing activities
(15.6
)
 
(25.0
)
 
(9.4
)
 
—

 
(50.0
)
Financing activities
 
 
 
 
 
 
 
 
 
Borrowings of long-term debt
450.0

 
—

 
—

 
—

 
450.0

Payments of long-term debt
(530.9
)
 
—

 
—

 
—

 
(530.9
)
Payments of debt issuance costs
(2.4
)
 
—

 
—

 
—

 
(2.4
)
Cash dividends paid
(24.4
)
 
—

 
—

 
—

 
(24.4
)
Purchase of common stock for treasury
(92.6
)
 
—

 
—

 
—

 
(92.6
)
Purchases of shares under employee stock plans
(7.7
)
 
—

 
—

 
—

 
(7.7
)
Proceeds from the exercise of stock options
13.3

 
—

 
—

 
—

 
13.3

Excess tax benefits from stock-based compensation
4.9

 
—

 
—

 
—

 
4.9

Contributions from noncontrolling interests
—

 
—

 
2.5

 
—

 
2.5

Net cash (used in) provided by financing activities
(189.8
)
 
—

 
2.5

 
—

 
(187.3
)
Effect of foreign exchange rate changes
—

 
—

 
(7.9
)
 
—

 
(7.9
)
Increase (decrease) in cash and cash equivalents
15.8

 
(0.7
)
 
(44.8
)
 
—

 
(29.7
)
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 year
$
27.2

 
$
2.6

 
$
164.3

 
$
—

 
$
194.1

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flow
For the fiscal year ended January 3, 2015
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net cash provided by operating activities
$
274.1

 
$
9.1

 
$
31.4

 
$
—

 
$
314.6

Investing activities
 
 
 
 
 
 
 
 
 
Additions to property, plant and equipment
(7.7
)
 
(19.6
)
 
(2.7
)
 
—

 
(30.0
)
Investment in joint ventures
—

 
—

 
(1.1
)
 
—

 
(1.1
)
Other
(2.4
)
 
(1.2
)
 
(0.1
)
 
—

 
(3.7
)
Net cash used in investing activities
(10.1
)
 
(20.8
)
 
(3.9
)
 
—

 
(34.8
)
Financing activities
 
 
 
 
 
 
 
 
 
Payments of long-term debt
(249.8
)
 
—

 
—

 
—

 
(249.8
)
Cash dividends paid
(24.0
)
 
—

 
—

 
—

 
(24.0
)
Purchases of shares under employee stock plans
(10.5
)
 
—

 
—

 
—

 
(10.5
)
Proceeds from the exercise of stock options
7.3

 
—

 
—

 
—

 
7.3

Excess tax benefits from stock-based compensation
5.6

 
—

 
—

 
—

 
5.6

Contributions from noncontrolling interest
—

 
—

 
1.0

 
—

 
1.0

Net cash provided by (used in) financing activities
(271.4
)
 
—

 
1.0

 
—

 
(270.4
)
Effect of foreign exchange rate changes
—

 
—

 
0.2

 
—

 
0.2

Increase (decrease) in cash and cash equivalents
(7.4
)
 
(11.7
)
 
28.7

 
—

 
9.6

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 year
$
11.4

 
$
3.3

 
$
209.1

 
$
—

 
$
223.8



WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flow
For the fiscal year ended December 28, 2013
(In millions)
Parent
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
127.1

 
$
(10.0
)
 
$
85.2

 
$
—

 
$
202.3

Investing activities
 
 
 
 
 
 
 
 
 
Additions to property, plant and equipment
(11.9
)
 
(25.0
)
 
(4.8
)
 
—

 
(41.7
)
Proceeds from sale of property, plant and equipment
—

 
2.8

 
—

 
—

 
2.8

Investment in joint venture
—

 
—

 
(2.5
)
 
—

 
(2.5
)
Other
(2.9
)
 
(1.3
)
 
0.9

 
—

 
(3.3
)
Net cash used in investing activities
(14.8
)
 
(23.5
)
 
(6.4
)
 
—

 
(44.7
)
Financing activities
 
 
 
 
 
 
 
 
 
Borrowings of long-term debt
775.0

 
—

 
—

 
—

 
775.0

Payments of long-term debt
(875.0
)
 
—

 
—

 
—

 
(875.0
)
Payments of debt issuance costs
(2.3
)
 
—

 
—

 
—

 
(2.3
)
Cash dividends paid
(23.7
)
 
—

 
—

 
—

 
(23.7
)
Purchases of shares under employee stock plans
(0.8
)
 
—

 
—

 
—

 
(0.8
)
Proceeds from the exercise of stock options
8.6

 
—

 
—

 
—

 
8.6

Excess tax benefits from stock-based compensation
3.4

 
—

 
—

 
—

 
3.4

Contributions from noncontrolling interest
—

 
—

 
2.0

 
—

 
2.0

Net cash (used in) provided by financing activities
(114.8
)
 
—

 
2.0

 
—

 
(112.8
)
Effect of foreign exchange rate changes
—

 
—

 
(2.0
)
 
—

 
(2.0
)
Increase (decrease) in cash and cash equivalents
(2.5
)
 
(33.5
)
 
78.8

 
—

 
42.8

Cash and cash equivalents at beginning of the year
21.3

 
48.5

 
101.6

 
—

 
171.4

Cash and cash equivalents at end of the year
$
18.8

 
$
15.0

 
$
180.4

 
$
—

 
$
214.2