Subsidiary Guarantors of the Public Bonds (Tables)

6 Months Ended

Jun. 18, 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 June 18, 2016

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	—		$	658.1		$	127.3		$	(201.7	)	$	583.7
Cost of goods sold	1.8			472.3			66.1			(183.1		)	357.1
Gross profit (loss)	(1.8		)	185.8			61.2			(18.6		)	226.6
Selling, general and administrative expenses	21.9			129.3			50.4			(18.6		)	183.0
Restructuring and impairment costs	0.1			1.6			0.1			—			1.8
Operating profit (loss)	(23.8		)	54.9			10.7			—			41.8
Other expenses:
Interest expense (income), net	8.0			(0.1		)	(0.1		)	—			7.8
Other expense, net	0.4			0.3			0.4			—			1.1
Total other expenses (income)	8.4			0.2			0.3			—			8.9
Earnings (loss) before income taxes	(32.2		)	54.7			10.4			—			32.9
Income tax expense (benefit)	(12.8		)	21.5			0.1			—			8.8
Earnings (loss) before equity in earnings of consolidated subsidiaries	(19.4		)	33.2			10.3			—			24.1
Equity in earnings of consolidated subsidiaries	43.4			8.5			1.5			(53.4		)	—
Net earnings	24.0			41.7			11.8			(53.4		)	24.1
Less: net earnings attributable to noncontrolling interest	—			—			0.1			—			0.1
Net earnings attributable to Wolverine World Wide, Inc.	$	24.0		$	41.7		$	11.7		$	(53.4	)	$	24.0
Comprehensive income	$	24.1		$	41.7		$	13.6		$	(55.2	)	$	24.2
Less: comprehensive income (loss) attributable to noncontrolling interest	(0.1		)	—			—			0.1			—
Comprehensive income attributable to Wolverine World Wide, Inc.	$	24.2		$	41.7		$	13.6		$	(55.3	)	$	24.2

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations and Comprehensive Income

For the 12 Weeks Ended June 20, 2015

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	133.5		$	985.3	$	182.3		$	(671.0	)	$	630.1
Cost of goods sold	102.8			830.7		101.7			(651.5		)	383.7
Gross profit	30.7			154.6		80.6			(19.5		)	246.4
Selling, general and administrative expenses	43.6			109.2		61.7			(19.4		)	195.1
Restructuring and impairment costs	1.1			0.6		2.0			—			3.7
Operating profit (loss)	(14.0		)	44.8		16.9			(0.1		)	47.6
Other expenses:
Interest expense, net	8.9			0.1		—			—			9.0
Other expense (income), net	2.2			0.3		(0.7		)	—			1.8
Total other expenses (income)	11.1			0.4		(0.7		)	—			10.8
Earnings (loss) before income taxes	(25.1		)	44.4		17.6			(0.1		)	36.8
Income tax expense (benefit)	(10.1		)	16.8		4.9			—			11.6
Earnings (loss) before equity in earnings of consolidated subsidiaries	(15.0		)	27.6		12.7			(0.1		)	25.2
Equity in earnings of consolidated subsidiaries	40.3			32.0		7.1			(79.4		)	—
Net earnings	25.3			59.6		19.8			(79.5		)	25.2
Less: net loss attributable to noncontrolling interest	—			—		(0.1		)	—			(0.1		)
Net earnings attributable to Wolverine World Wide, Inc.	$	25.3		$	59.6	$	19.9		$	(79.5	)	$	25.3
Comprehensive income	$	28.6		$	59.6	$	19.9		$	(79.7	)	$	28.4
Less: comprehensive loss attributable to noncontrolling interest	—			—		(0.2		)	—			(0.2		)
Comprehensive income attributable to Wolverine World Wide, Inc.	$	28.6		$	59.6	$	20.1		$	(79.7	)	$	28.6

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations and Comprehensive Income

For the 24 Weeks Ended June 18, 2016

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	—		$	1,308.7		$	259.5		$	(406.9	)	$	1,161.3
Cost of goods sold	3.3			941.3			130.7			(373.3		)	702.0
Restructuring costs	0.3			3.6			—			—			3.9
Gross profit (loss)	(3.6		)	363.8			128.8			(33.6		)	455.4
Selling, general and administrative expenses	45.4			259.5			95.8			(33.6		)	367.1
Restructuring and impairment costs	1.6			7.2			3.7			—			12.5
Operating (loss) profit	(50.6		)	97.1			29.3			—			75.8
Other expenses:
Interest expense (income), net	16.7			(0.2		)	(0.2		)	—			16.3
Other expense, net	0.4			0.6			—			—			1.0
Total other expenses (income)	17.1			0.4			(0.2		)	—			17.3
Earnings (loss) before income taxes	(67.7		)	96.7			29.5			—			58.5
Income taxes (benefit)	(26.1		)	37.3			5.6			—			16.8
Earnings (loss) before equity in earnings of consolidated subsidiaries	(41.6		)	59.4			23.9			—			41.7
Equity in earnings of consolidated subsidiaries	83.0			35.0			9.7			(127.7		)	—
Net earnings	41.4			94.4			33.6			(127.7		)	41.7
Less: net earnings attributable to noncontrolling interests	—			—			0.3			—			0.3
Net earnings attributable to Wolverine World Wide, Inc.	$	41.4		$	94.4		$	33.3		$	(127.7	)	$	41.4
Comprehensive income	$	39.8		$	94.4		$	36.9		$	(131.0	)	$	40.1
Less: comprehensive loss attributable to noncontrolling interest	(0.4		)	—			(0.1		)	0.4			(0.1		)
Comprehensive income attributable to Wolverine World Wide, Inc.	$	40.2		$	94.4		$	37.0		$	(131.4	)	$	40.2

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations and Comprehensive Income

For the 24 Weeks Ended June 20, 2015

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	269.3		$	1,933.0		$	373.5		$	(1,314.3	)	$	1,261.5
Cost of goods sold	201.3			1,627.1			205.6			(1,280.3		)	753.7
Gross profit	68.0			305.9			167.9			(34.0		)	507.8
Selling, general and administrative expenses	90.2			215.2			122.4			(33.9		)	393.9
Restructuring and impairment costs	1.5			1.2			—			—			2.7
Operating profit (loss)	(23.7		)	89.5			45.5			(0.1		)	111.2
Other expenses:
Interest expense (income), net	18.4			0.2			(0.1		)	—			18.5
Other expense (income), net	2.2			(0.9		)	(0.5		)	—			0.8
Total other expenses (income)	20.6			(0.7		)	(0.6		)	—			19.3
Earnings (loss) before income taxes	(44.3		)	90.2			46.1			(0.1		)	91.9
Income taxes (benefit)	(17.0		)	34.6			9.0			—			26.6
Earnings (loss) before equity in earnings of consolidated subsidiaries	(27.3		)	55.6			37.1			(0.1		)	65.3
Equity in earnings of consolidated subsidiaries	92.7			39.1			62.1			(193.9		)	—
Net earnings	65.4			94.7			99.2			(194.0		)	65.3
Less: net loss attributable to noncontrolling interests	—			—			(0.1		)	—			(0.1		)
Net earnings attributable to Wolverine World Wide, Inc.	$	65.4		$	94.7		$	99.3		$	(194.0	)	$	65.4
Comprehensive income	$	59.0		$	94.7		$	87.0		$	(182.1	)	$	58.6
Less: comprehensive loss attributable to noncontrolling interest	—			—			(0.4		)	—			(0.4		)
Comprehensive income attributable to Wolverine World Wide, Inc.	$	59.0		$	94.7		$	87.4		$	(182.1	)	$	59.0

Consolidated Condensed Balance Sheets

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

As of June 18, 2016

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	57.9		$	1.9		$	161.9		$	—		$	221.7
Accounts receivable, net	7.8			213.5			91.3			—			312.6
Inventories:
Finished products, net	—			338.8			83.0			—			421.8
Raw materials and work-in-process, net	—			4.7			12.8			—			17.5
Total inventories	—			343.5			95.8			—			439.3
Prepaid expenses and other current assets	12.0			22.2			12.7			—			46.9
Total current assets	77.7			581.1			361.7			—			1,020.5
Property, plant and equipment:
Gross cost	185.5			237.0			32.1			—			454.6
Accumulated depreciation	(142.0		)	(147.6		)	(15.7		)	—			(305.3		)
Property, plant and equipment, net	43.5			89.4			16.4			—			149.3
Other assets:
Goodwill	2.7			353.7			75.5			—			431.9
Indefinite-lived intangibles	3.7			675.4			6.3			—			685.4
Amortizable intangibles, net	0.6			89.9			—			—			90.5
Deferred income taxes	—			—			4.1			—			4.1
Other	46.0			22.1			3.7			—			71.8
Intercompany accounts receivable	22.1			3,286.8			618.3			(3,927.2		)	—
Investment in affiliates	3,558.8			902.2			1,031.0			(5,492.0		)	—
Total other assets	3,633.9			5,330.1			1,738.9			(9,419.2		)	1,283.7
Total assets	$	3,755.1		$	6,000.6		$	2,117.0		$	(9,419.2	)	$	2,453.5

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets - continued

As of June 18, 2016

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	22.4		$	125.3	$	25.2	$	—		$	172.9
Accrued salaries and wages	12.2			8.0		6.3		—			26.5
Other accrued liabilities	28.1			49.5		34.3		—			111.9
Current maturities of long-term debt	19.7			—		—		—			19.7
Total current liabilities	82.4			182.8		65.8		—			331.0
Long-term debt, less current maturities	787.7			0.6		—		—			788.3
Accrued pension liabilities	93.0			17.9		—		—			110.9
Deferred income taxes	(76.4		)	249.8		1.6		—			175.0
Other liabilities	26.9			17.5		1.9		—			46.3
Intercompany accounts payable	1,846.7			1,568.8		511.7		(3,927.2		)	—
Stockholders’ equity:
Wolverine World Wide, Inc. stockholders’ equity	994.8			3,963.2		1,528.8		(5,492.0		)	994.8
Noncontrolling interest	—			—		7.2		—			7.2
Total stockholders’ equity	994.8			3,963.2		1,536.0		(5,492.0		)	1,002.0
Total liabilities and stockholders’ equity	$	3,755.1		$	6,000.6	$	2,117.0	$	(9,419.2	)	$	2,453.5

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 June 20, 2015

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	60.3		$	2.3		$	158.1		$	—		$	220.7
Accounts receivable, net	6.8			222.2			126.3			—			355.3
Inventories:
Finished products, net	79.5			277.3			82.4			—			439.2
Raw materials and work-in-process, net	(0.4		)	1.4			12.0			—			13.0
Total inventories	79.1			278.7			94.4			—			452.2
Deferred income taxes	12.8			14.0			1.4			—			28.2
Prepaid expenses and other current assets	62.3			(15.2		)	4.5			—			51.6
Total current assets	221.3			502.0			384.7			—			1,108.0
Property, plant and equipment:
Gross cost	237.2			156.8			35.3			—			429.3
Accumulated depreciation	(187.2		)	(81.0		)	(23.8		)	—			(292.0		)
Property, plant and equipment, net	50.0			75.8			11.5			—			137.3
Other assets:
Goodwill	7.8			353.0			75.7			—			436.5
Indefinite-lived intangibles	3.8			674.9			9.2			—			687.9
Amortizable intangibles, net	0.5			104.7			0.1			—			105.3
Deferred income taxes	—			—			2.9			—			2.9
Other	51.0			10.1			4.0			—			65.1
Intercompany accounts receivable	22.2			2,560.2			611.5			(3,193.9		)	—
Investment in affiliates	3,233.9			1,039.3			967.0			(5,240.2		)	—
Total other assets	3,319.2			4,742.2			1,670.4			(8,434.1		)	1,297.7
Total assets	$	3,590.5		$	5,320.0		$	2,066.6		$	(8,434.1	)	$	2,543.0

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets - continued

As of June 20, 2015

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	51.9		$	89.2	$	61.0	$	—		$	202.1
Accrued salaries and wages	14.7			5.0		7.1		—			26.8
Other accrued liabilities	36.2			45.4		35.3		—			116.9
Current maturities of long-term debt	45.2			—		—		—			45.2
Total current liabilities	148.0			139.6		103.4		—			391.0
Long-term debt, less current maturities	775.7			0.6		—		—			776.3
Accrued pension liabilities	109.4			20.9		—		—			130.3
Deferred income taxes	(58.2		)	274.6		2.9		—			219.3
Other liabilities	14.7			10.4		2.2		—			27.3
Intercompany accounts payable	1,606.2			1,000.5		587.2		(3,193.9		)	—
Stockholders’ equity:
Wolverine World Wide, Inc. stockholders’ equity	994.7			3,873.4		1,366.8		(5,240.2		)	994.7
Noncontrolling interest	—			—		4.1		—			4.1
Total stockholders’ equity	994.7			3,873.4		1,370.9		(5,240.2		)	998.8
Total liabilities and stockholders’ equity	$	3,590.5		$	5,320.0	$	2,066.6	$	(8,434.1	)	$	2,543.0

Consolidated Condensed Statements of Cash Flow

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flow

For the 24 Weeks Ended June 18, 2016

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	57.5		$	18.0		$	(2.7	)	$	—	$	72.8
INVESTING ACTIVITIES
Additions to property, plant and equipment	(6.2		)	(19.4		)	(2.6		)			(28.2		)
Investment in joint venture	—			—			(0.5		)			(0.5		)
Other	2.0			0.7			—			—		2.7
Net cash used in investing activities	(4.2		)	(18.7		)	(3.1		)	—		(26.0		)
FINANCING ACTIVITIES
Payments on long-term debt	(2.8		)	—			—			—		(2.8		)
Cash dividends paid	(11.8		)	—			—			—		(11.8		)
Purchase of common stock for treasury	(6.0		)	—			—			—		(6.0		)
Purchases of shares under employee stock plans	(4.3		)	—			—			—		(4.3		)
Proceeds from the exercise of stock options	2.2			—			—			—		2.2
Excess tax benefits from stock-based compensation	0.1			—			—			—		0.1
Contributions from noncontrolling interests	—			—			1.3			—		1.3
Net cash provided by (used in) financing activities	(22.6		)	—			1.3			—		(21.3		)
Effect of foreign exchange rate changes	—			—			2.1			—		2.1
Increase (decrease) in cash and cash equivalents	30.7			(0.7		)	(2.4		)	—		27.6
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	$	57.9		$	1.9		$	161.9		$	—	$	221.7

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flow

For the 24 Weeks Ended June 20, 2015

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	136.1		$	3.6		$	(44.8	)	$	—	$	94.9
INVESTING ACTIVITIES
Additions to property, plant and equipment	(7.6		)	(6.3		)	(1.9		)	—		(15.8		)
Other	1.5			1.7			—			—		3.2
Net cash used in investing activities	(6.1		)	(4.6		)	(1.9		)	—		(12.6		)
FINANCING ACTIVITIES
Payments on long-term debt	(67.7		)	—			—			—		(67.7		)
Cash dividends paid	(12.3		)	—			—			—		(12.3		)
Purchase of common stock for treasury	(5.9		)	—			—			—		(5.9		)
Purchases of shares under employee stock plans	(7.5		)	—			—			—		(7.5		)
Proceeds from the exercise of stock options	8.5			—			—			—		8.5
Excess tax benefits from stock-based compensation	3.8			—			—			—		3.8
Net cash used in financing activities	(81.1		)	—			—			—		(81.1		)
Effect of foreign exchange rate changes	—			—			(4.3		)	—		(4.3		)
Increase (decrease) in cash and cash equivalents	48.9			(1.0		)	(51.0		)	—		(3.1		)
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	$	60.3		$	2.3		$	158.1		$	—	$	220.7