Subsidiary Guarantors of the Public Bonds (Tables)

8 Months Ended

Sep. 10, 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 September 10, 2016

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	—		$	671.7		$	146.7		$	(214.7	)	$	603.7
Cost of goods sold	0.8			487.3			74.4			(196.4		)	366.1
Restructuring costs	—			0.1			0.2			—			0.3
Gross profit (loss)	(0.8		)	184.3			72.1			(18.3		)	237.3
Selling, general and administrative expenses	8.3			126.6			50.8			(18.3		)	167.4
Restructuring and impairment costs	—			0.7			0.2			—			0.9
Operating profit (loss)	(9.1		)	57.0			21.1			—			69.0
Other expenses:
Interest expense (income), net	8.7			—			(0.1		)	—			8.6
Debt extinguishment and other costs	0.5			—			—			—			0.5
Other expense (income), net	6.0			(6.0		)	—			—			—
Total other expenses (income)	15.2			(6.0		)	(0.1		)	—			9.1
Earnings (loss) before income taxes	(24.3		)	63.0			21.2			—			59.9
Income tax expense (benefit)	(12.4		)	29.5			(5.4		)	—			11.7
Earnings (loss) before equity in earnings (loss) of consolidated subsidiaries	(11.9		)	33.5			26.6			—			48.2
Equity in earnings (loss) of consolidated subsidiaries	60.1			(4.8		)	43.2			(98.5		)	—
Net earnings	48.2			28.7			69.8			(98.5		)	48.2
Less: net earnings attributable to noncontrolling interest	—			—			—			—			—
Net earnings attributable to Wolverine World Wide, Inc.	$	48.2		$	28.7		$	69.8		$	(98.5	)	$	48.2
Comprehensive income	$	46.5		$	28.7		$	66.3		$	(95.0	)	$	46.5
Less: comprehensive income attributable to noncontrolling interest	0.4			—			0.4			(0.4		)	0.4
Comprehensive income attributable to Wolverine World Wide, Inc.	$	46.1		$	28.7		$	65.9		$	(94.6	)	$	46.1

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 and other 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 income 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 36 Weeks Ended September 10, 2016

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	—		$	1,980.4		$	406.2		$	(621.6	)	$	1,765.0
Cost of goods sold	4.1			1,428.6			205.1			(569.7		)	1,068.1
Restructuring costs	0.3			3.7			0.2			—			4.2
Gross profit (loss)	(4.4		)	548.1			200.9			(51.9		)	692.7
Selling, general and administrative expenses	53.7			386.1			146.6			(51.9		)	534.5
Restructuring and impairment costs	1.6			7.9			3.9			—			13.4
Operating (loss) profit	(59.7		)	154.1			50.4			—			144.8
Other expenses:
Interest expense (income), net	25.4			(0.2		)	(0.3		)	—			24.9
Debt extinguishment and other costs	0.5			—			—			—			0.5
Other expense (income), net	6.4			(5.4		)	—			—			1.0
Total other expenses (income)	32.3			(5.6		)	(0.3		)	—			26.4
Earnings (loss) before income taxes	(92.0		)	159.7			50.7			—			118.4
Income taxes (benefit)	(38.5		)	66.8			0.2			—			28.5
Earnings (loss) before equity in earnings of consolidated subsidiaries	(53.5		)	92.9			50.5			—			89.9
Equity in earnings of consolidated subsidiaries	143.1			30.2			52.9			(226.2		)	—
Net earnings	89.6			123.1			103.4			(226.2		)	89.9
Less: net earnings attributable to noncontrolling interests	—			—			0.3			—			0.3
Net earnings attributable to Wolverine World Wide, Inc.	$	89.6		$	123.1		$	103.1		$	(226.2	)	$	89.6
Comprehensive income	$	86.3		$	123.1		$	103.2		$	(226.0	)	$	86.6
Less: comprehensive income attributable to noncontrolling interest				—			0.3						0.3
Comprehensive income attributable to Wolverine World Wide, Inc.	$	86.3		$	123.1		$	102.9		$	(226.0	)	$	86.3

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 profit (loss)	(21.2		)	135.2			73.1			—			187.1
Other expenses:
Interest expense (income), net	27.4			0.2			(0.1		)	—			27.5
Debt extinguishment and other 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 income 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

Consolidated Condensed Balance Sheets

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

As of September 10, 2016

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	346.9		$	1.8		$	182.2		$	—		$	530.9
Accounts receivable, net	7.7			200.3			101.5			—			309.5
Inventories:
Finished products, net	—			350.6			95.0			—			445.6
Raw materials and work-in-process, net	—			3.1			8.9			—			12.0
Total inventories	—			353.7			103.9			—			457.6
Prepaid expenses and other current assets	9.3			20.8			12.5			—			42.6
Total current assets	363.9			576.6			400.1			—			1,340.6
Property, plant and equipment:
Gross cost	184.0			239.2			31.1			—			454.3
Accumulated depreciation	(143.4		)	(146.9		)	(15.2		)	—			(305.5		)
Property, plant and equipment, net	40.6			92.3			15.9			—			148.8
Other assets:
Goodwill	2.7			353.7			73.2			—			429.6
Indefinite-lived intangibles	—			679.3			6.3			—			685.6
Amortizable intangibles, net	0.1			87.0			—			—			87.1
Deferred income taxes	—			—			3.3			—			3.3
Other	51.3			9.0			3.7			—			64.0
Intercompany accounts receivable	22.2			3,465.8			614.2			(4,102.2		)	—
Investment in affiliates	3,621.6			893.9			1,104.7			(5,620.2		)	—
Total other assets	3,697.9			5,488.7			1,805.4			(9,722.4		)	1,269.6
Total assets	$	4,102.4		$	6,157.6		$	2,221.4		$	(9,722.4	)	$	2,759.0

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets - continued

As of September 10, 2016

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	32.3		$	104.0	$	31.7	$	—		$	168.0
Accrued salaries and wages	12.6			7.7		6.3		—			26.6
Other accrued liabilities	43.4			58.3		33.8		—			135.5
Current maturities of long-term debt	393.5			—		—		—			393.5
Borrowings under revolving credit agreements	—			—		1.2		—			1.2
Total current liabilities	481.8			170.0		73.0		—			724.8
Long-term debt, less current maturities	657.1			0.6		—		—			657.7
Accrued pension liabilities	93.8			17.6		—		—			111.4
Deferred income taxes	(75.5		)	249.8		1.8		—			176.1
Other liabilities	25.6			19.3		3.4		—			48.3
Intercompany accounts payable	1,887.4			1,720.2		494.6		(4,102.2		)	—
Stockholders’ equity:
Wolverine World Wide, Inc. stockholders’ equity	1,032.2			3,980.1		1,640.1		(5,620.2		)	1,032.2
Noncontrolling interest	—			—		8.5		—			8.5
Total stockholders’ equity	1,032.2			3,980.1		1,648.6		(5,620.2		)	1,040.7
Total liabilities and stockholders’ equity	$	4,102.4		$	6,157.6	$	2,221.4	$	(9,722.4	)	$	2,759.0

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 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
Other	52.9			17.4			3.8			—			74.1
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	3,358.6			4,942.9			1,747.4			(8,750.2		)	1,298.7
Total assets	$	3,682.2		$	5,490.4		$	2,154.8		$	(8,750.2	)	$	2,577.2

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	802.8			0.6		—		—			803.4
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	$	3,682.2		$	5,490.4	$	2,154.8	$	(8,750.2	)	$	2,577.2

Consolidated Condensed Statements of Cash Flow

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flow

For the 36 Weeks Ended September 10, 2016

(Unaudited)

(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by operating activities	$	110.9		$	15.7		$	16.6		$	—	$	143.2
INVESTING ACTIVITIES
Additions to property, plant and equipment	(5.9		)	(25.3		)	(3.2		)	—		(34.4		)
Investment in joint venture	—			—			(0.5		)	—		(0.5		)
Other	1.6			8.8			—			—		10.4
Net cash used in investing activities	(4.3		)	(16.5		)	(3.7		)	—		(24.5		)
FINANCING ACTIVITIES
Net borrowings under revolving credit agreements	—			—			1.2			—		1.2
Borrowings of long-term debt	250.0			—			—			—		250.0
Payments on long-term debt	(5.7		)	—			—			—		(5.7		)
Payments of debt issuance costs	(3.4		)	—			—			—		(3.4		)
Cash dividends paid	(17.7		)	—			—			—		(17.7		)
Purchase of common stock for treasury	(11.4		)	—			—			—		(11.4		)
Purchases of shares under employee stock plans	(4.7		)	—			—			—		(4.7		)
Proceeds from the exercise of stock options	5.6			—			—			—		5.6
Excess tax benefits from stock-based compensation	0.4			—			—			—		0.4
Contributions from noncontrolling interests	—			—			2.2			—		2.2
Net cash provided by financing activities	213.1			—			3.4			—		216.5
Effect of foreign exchange rate changes	—			—			1.6			—		1.6
Increase (decrease) in cash and cash equivalents	319.7			(0.8		)	17.9			—		336.8
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	$	346.9		$	1.8		$	182.2		$	—	$	530.9

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