Business Segments (Notes)

9 Months Ended

Sep. 26, 2020

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

The Company’s portfolio of brands is organized into the following two operating segments, which the Company has determined to be reportable segments.

•Wolverine Michigan Group, consisting of Merrell® footwear and apparel, Cat® footwear, Wolverine® footwear and apparel, Chaco® footwear, Hush Puppies® footwear and apparel, Bates® uniform footwear, Harley-Davidson® footwear and Hytest® safety footwear; and

•Wolverine Boston Group, consisting of Sperry® footwear and apparel, Saucony® footwear and apparel, Keds® footwear and apparel, and the Kids’ footwear business, which includes the Stride Rite® licensed business, as well as Kids' footwear offerings from Saucony®, Sperry®, Keds®, Merrell®, Hush Puppies® and Cat®.

The reportable segments are engaged in designing, manufacturing, sourcing, marketing, licensing and distributing branded footwear, apparel and accessories. Revenue for the reportable segments includes revenue from the sale of branded footwear, apparel and accessories to third-party customers; revenue from third-party licensees and distributors; and revenue from the Company’s consumer-direct businesses.

The Company also reports “Other” and “Corporate” categories. The Other category consists of the Company’s leather marketing operations, sourcing operations that include third-party commission revenues and multi-branded consumer-direct retail stores. The Corporate category consists of unallocated corporate expenses, such as COVID-19 related costs, environmental and other related costs. The Company’s reportable segments are determined based on how the Company internally reports and evaluates financial information used to make operating decisions. The reportable segment managers all report directly to the chief operating decision maker.

Company management uses various financial measures to evaluate the performance of the reportable segments. The following is a summary of certain key financial measures for each reportable segment.

	Quarter Ended				Year-To-Date Ended
(In millions)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Revenue:
Wolverine Michigan Group	$	287.3	$	318.8	$	752.5	$	939.7
Wolverine Boston Group	193.8		241.3		498.4		676.8
Other	12.0		14.2		30.6		49.8
Total	$	493.1	$	574.3	$	1,281.5	$	1,666.3
Operating profit (loss):
Wolverine Michigan Group	$	52.3	$	66.0	$	133.8	$	183.8
Wolverine Boston Group	33.0		46.5		60.4		115.7
Other	0.7		0.7		1.0		3.0
Corporate	(43.4)		(44.9)		(128.2)		(126.3)
Total	$	42.6	$	68.3	$	67.0	$	176.2

(In millions)	September 26, 2020		December 28, 2019		September 28, 2019
Total assets:
Wolverine Michigan Group	$	691.8	$	773.8	$	814.8
Wolverine Boston Group	1,322.5		1,354.8		1,404.6
Other	33.6		38.4		43.8
Corporate	453.2		313.0		205.3
Total	$	2,501.1	$	2,480.0	$	2,468.5
Goodwill:
Wolverine Michigan Group	$	143.9	$	144.4	$	143.1
Wolverine Boston Group	293.9		294.5		293.9
Total	$	437.8	$	438.9	$	437.0