Subsidiary Guarantors of the Public Bonds (Tables)

3 Months Ended

Mar. 26, 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 and Comprehensive Income

For the 12 Weeks Ended March 26, 2016

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	—		$	650.6		$	132.2		$	(205.2	)	$	577.6
Cost of goods sold	1.5			469.0			64.6			(190.2		)	344.9
Restructuring costs	0.3			3.6			—			—			3.9
Gross profit (loss)	(1.8		)	178.0			67.6			(15.0		)	228.8
Selling, general and administrative expenses	23.5			130.2			45.4			(15.0		)	184.1
Restructuring and impairment costs	1.5			5.6			3.6			—			10.7
Operating profit (loss)	(26.8		)	42.2			18.6			—			34.0
Other expenses:
Interest expense (income), net	8.7			(0.1		)	(0.1		)	—			8.5
Other expense (income), net	—			0.3			(0.4		)	—			(0.1		)
Total other expenses (income)	8.7			0.2			(0.5		)	—			8.4
Earnings (loss) before income taxes	(35.5		)	42.0			19.1			—			25.6
Income tax expense (benefit)	(13.3		)	15.8			5.5			—			8.0
Earnings (loss) before equity in earnings of consolidated subsidiaries	(22.2		)	26.2			13.6			—			17.6
Equity in earnings of consolidated subsidiaries	39.6			26.5			8.2			(74.3		)	—
Net earnings	17.4			52.7			21.8			(74.3		)	17.6
Less: net earnings attributable to noncontrolling interest	—			—			0.2			—			0.2
Net earnings attributable to Wolverine World Wide, Inc.	$	17.4		$	52.7		$	21.6		$	(74.3	)	$	17.4
Comprehensive income	$	15.7		$	52.7		$	23.3		$	(75.8	)	$	15.9
Less: comprehensive loss attributable to noncontrolling interest	(0.3		)	—			(0.1		)	0.3			(0.1		)
Comprehensive income attributable to Wolverine World Wide, Inc.	$	16.0		$	52.7		$	23.4		$	(76.1	)	$	16.0

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations and Comprehensive Income

For the 12 Weeks Ended March 28, 2015

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	135.8		$	947.7		$	191.2		$	(643.3	)	$	631.4
Cost of goods sold	98.5			811.0			89.3			(628.8		)	370.0
Gross profit	37.3			136.7			101.9			(14.5		)	261.4
Selling, general and administrative expenses	47.7			106.8			58.8			(14.5		)	198.8
Restructuring costs (gain)	0.4			0.6			(2.0		)	—			(1.0		)
Operating profit (loss)	(10.8		)	29.3			45.1			—			63.6
Other expenses:
Interest expense (income), net	9.5			0.1			(0.1		)	—			9.5
Other expense (income), net	—			(1.2		)	0.2			—			(1.0		)
Total other expenses (income)	9.5			(1.1		)	0.1			—			8.5
Earnings (loss) before income taxes	(20.3		)	30.4			45.0			—			55.1
Income tax expense (benefit)	(7.9		)	11.8			11.1			—			15.0
Earnings (loss) before equity in earnings (loss) of consolidated subsidiaries	(12.4		)	18.6			33.9			—			40.1
Equity in earnings (loss) of consolidated subsidiaries	52.5			(39.4		)	61.7			(74.8		)	—
Net earnings (loss)	40.1			(20.8		)	95.6			(74.8		)	40.1
Less: net earnings attributable to noncontrolling interest	—			—			—			—			—
Net earnings attributable to Wolverine World Wide, Inc.	$	40.1		$	(20.8	)	$	95.6		$	(74.8	)	$	40.1
Comprehensive income (loss)	$	30.4		$	(20.8	)	$	83.3		$	(62.7	)	$	30.2
Less: comprehensive income attributable to noncontrolling interest	—			—			(0.2		)	—			(0.2		)
Comprehensive income attributable to Wolverine World Wide, Inc.	$	30.4		$	(20.8	)	$	83.5		$	(62.7	)	$	30.4

Consolidated Condensed Balance Sheets

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

As of March 26, 2016

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	16.2		$	2.4		$	139.6		$	—		$	158.2
Accounts receivable, net	3.3			221.5			101.2			—			326.0
Inventories:
Finished products, net	—			363.3			99.3			—			462.6
Raw materials and work-in-process, net	—			4.5			13.7			—			18.2
Total inventories	—			367.8			113.0			—			480.8
Prepaid expenses and other current assets	5.6			23.9			10.8			—			40.3
Total current assets	25.1			615.6			364.6			—			1,005.3
Property, plant and equipment:
Gross cost	191.2			218.1			31.2			—			440.5
Accumulated depreciation	(148.3		)	(141.7		)	(15.2		)	—			(305.2		)
Property, plant and equipment, net	42.9			76.4			16.0			—			135.3
Other assets:
Goodwill	2.7			353.7			73.8			—			430.2
Indefinite-lived intangibles	3.8			675.3			6.3			—			685.4
Amortizable intangibles, net	0.5			93.3			—			—			93.8
Deferred income taxes	—			—			3.0			—			3.0
Other	40.4			27.8			3.4			—			71.6
Intercompany accounts receivable	22.1			3,070.8			603.3			(3,696.2		)	—
Investment in affiliates	3,509.1			882.8			996.6			(5,388.5		)	—
Total other assets	3,578.6			5,103.7			1,686.4			(9,084.7		)	1,284.0
Total assets	$	3,646.6		$	5,795.7		$	2,067.0		$	(9,084.7	)	$	2,424.6

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets - continued

As of March 26, 2016

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	12.0		$	68.4	$	25.5	$	—		$	105.9
Accrued salaries and wages	7.1			6.7		4.3		—			18.1
Other accrued liabilities	42.1			44.1		36.9		—			123.1
Current maturities of long-term debt	16.9			—		—		—			16.9
Borrowings under revolving credit agreement	60.0			—		—		—			60.0
Total current liabilities	138.1			119.2		66.7		—			324.0
Long-term debt, less current maturities	792.8			0.6		—		—			793.4
Accrued pension liabilities	92.0			18.2		—		—			110.2
Deferred income taxes	(74.6		)	249.8		2.2		—			177.4
Other liabilities	23.0			13.5		2.0		—			38.5
Intercompany accounts payable	1,700.9			1,486.0		509.3		(3,696.2		)	—
Stockholders’ equity:
Wolverine World Wide, Inc. stockholders’ equity	974.4			3,908.4		1,480.1		(5,388.5		)	974.4
Noncontrolling interest	—			—		6.7		—			6.7
Total stockholders’ equity	974.4			3,908.4		1,486.8		(5,388.5		)	981.1
Total liabilities and stockholders’ equity	$	3,646.6		$	5,795.7	$	2,067.0	$	(9,084.7	)	$	2,424.6

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

As of January 2, 2016

(Unaudited)

(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, net	(0.8		)	371.7			77.1			—			448.0
Raw materials and work-in-process, net	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
Other	54.1			15.6			3.8			—			73.5
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	3,469.4			4,996.9			1,620.2			(8,797.5		)	1,289.0
Total assets	$	3,642.4		$	5,570.6		$	2,018.9		$	(8,797.5	)	$	2,434.4

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets - continued

As of January 2, 2016

(Unaudited)

(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	792.3			0.6		—		—			792.9
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	$	3,642.4		$	5,570.6	$	2,018.9	$	(8,797.5	)	$	2,434.4

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

As of March 28, 2015

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	109.9		$	(87.8	)	$	99.2		$	—		$	121.3
Accounts receivable, net	15.6			204.0			137.6			—			357.2
Inventories:
Finished products, net	65.5			256.5			82.3			—			404.3
Raw materials and work-in-process, net	0.7			1.2			13.6			—			15.5
Total inventories	66.2			257.7			95.9			—			419.8
Deferred income taxes	12.8			14.0			1.1			—			27.9
Prepaid expenses and other current assets	45.2			(0.5		)	17.2			—			61.9
Total current assets	249.7			387.4			351.0			—			988.1
Property, plant and equipment:
Gross cost	234.6			152.8			32.9			—			420.3
Accumulated depreciation	(185.8		)	(76.7		)	(22.5		)	—			(285.0		)
Property, plant and equipment, net	48.8			76.1			10.4			—			135.3
Other assets:
Goodwill	7.8			353.0			73.3			—			434.1
Indefinite-lived intangibles	4.3			674.9			11.3			—			690.5
Amortizable intangibles, net	0.5			108.1			0.1			—			108.7
Deferred income taxes	—			—			2.7			—			2.7
Other	53.3			12.0			3.4			—			68.7
Intercompany accounts receivable	22.1			2,433.4			501.4			(2,956.9		)	—
Investment in affiliates	3,193.1			961.3			1,045.5			(5,199.9		)	—
Total other assets	3,281.1			4,542.7			1,637.7			(8,156.8		)	1,304.7
Total assets	$	3,579.6		$	5,006.2		$	1,999.1		$	(8,156.8	)	$	2,428.1

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets - continued

As of March 28, 2015

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	24.4		$	35.7	$	36.3	$	—		$	96.4
Accrued salaries and wages	9.3			4.9		3.9		—			18.1
Other accrued liabilities	36.4			44.7		40.2		—			121.3
Current maturities of long-term debt	42.0			—		—		—			42.0
Borrowings under revolving credit agreement	14.5			—		—		—			14.5
Total current liabilities	126.6			85.3		80.4		—			292.3
Long-term debt, less current maturities	787.8			0.6		—		—			788.4
Accrued pension liabilities	107.9			21.2		—		—			129.1
Deferred income taxes	(57.5		)	274.7		2.8		—			220.0
Other liabilities	13.9			10.4		2.6		—			26.9
Intercompany accounts payable	1,633.8			856.5		466.6		(2,956.9		)	—
Stockholders’ equity:
Wolverine World Wide, Inc. stockholders’ equity	967.1			3,757.5		1,442.4		(5,199.9		)	967.1
Noncontrolling interest	—			—		4.3		—			4.3
Total stockholders’ equity	967.1			3,757.5		1,446.7		(5,199.9		)	971.4
Total liabilities and stockholders’ equity	$	3,579.6		$	5,006.2	$	1,999.1	$	(8,156.8	)	$	2,428.1

Consolidated Condensed Statements of Cash Flow

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flow

For the 12 Weeks Ended March 26, 2016

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	(59.0	)	$	4.6		$	(24.5	)	$	—	$	(78.9	)
INVESTING ACTIVITIES
Additions to property, plant and equipment	(3.1		)	(4.8		)	(2.0		)			(9.9		)
Other	(0.6		)	—			—			—		(0.6		)
Net cash used in investing activities	(3.7		)	(4.8		)	(2.0		)	—		(10.5		)
FINANCING ACTIVITIES
Net borrowings under revolving credit agreement	60.0			—			—			—		60.0
Cash dividends paid	(6.0		)	—			—			—		(6.0		)
Purchase of common stock for treasury	(0.1		)	—			—			—		(0.1		)
Purchases of shares under employee stock plans	(4.2		)	—			—			—		(4.2		)
Proceeds from the exercise of stock options	1.9			—			—			—		1.9
Excess tax benefits from stock-based compensation	0.1			—			—			—		0.1
Contributions from noncontrolling interests	—			—			0.8			—		0.8
Net cash provided by financing activities	51.7			—			0.8			—		52.5
Effect of foreign exchange rate changes	—			—			1.0			—		1.0
Decrease in cash and cash equivalents	(11.0		)	(0.2		)	(24.7		)	—		(35.9		)
Cash and cash equivalents at beginning of the year	27.2			2.6			164.3			—		194.1
Cash and cash equivalents at end of the period	$	16.2		$	2.4		$	139.6		$	—	$	158.2

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flow

For the 12 Weeks Ended March 28, 2015

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	150.8		$	(88.8	)	$	(105.0	)	$	—	$	(43.0	)
INVESTING ACTIVITIES
Additions to property, plant and equipment	(3.9		)	(2.2		)	(0.3		)	—		(6.4		)
Other	(0.6		)	(0.1		)	—			—		(0.7		)
Net cash used in investing activities	(4.5		)	(2.3		)	(0.3		)	—		(7.1		)
FINANCING ACTIVITIES
Net borrowings under revolving credit agreement	14.5			—			—			—		14.5
Payments on long-term debt	(58.0		)	—			—			—		(58.0		)
Cash dividends paid	(6.1		)	—			—			—		(6.1		)
Purchases of shares under employee stock plans	(7.4		)	—			—			—		(7.4		)
Proceeds from the exercise of stock options	5.8			—			—			—		5.8
Excess tax benefits from stock-based compensation	3.4			—			—			—		3.4
Net cash used in financing activities	(47.8		)	—			—			—		(47.8		)
Effect of foreign exchange rate changes	—			—			(4.6		)	—		(4.6		)
Increase (decrease) in cash and cash equivalents	98.5			(91.1		)	(109.9		)	—		(102.5		)
Cash and cash equivalents at beginning of the year	11.4			3.3			209.1			—		223.8
Cash and cash equivalents at end of the period	$	109.9		$	(87.8	)	$	99.2		$	—	$	121.3