Subsidiary Guarantors of the Notes (Tables)

6 Months Ended

Jun. 15, 2013

Organization Consolidation And Presentation Of Financial Statements [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 15, 2013

(Unaudited)


(In millions)	Parent			Subsidiary Guarantors		Non- Guarantor Subsidiaries			Eliminations			Consolidated

Revenue	$	107.3		$	407.7	$	140.7		$	(67.9	)	$	587.8
Cost of goods sold		75.6			255.2		68.1			(52.2	)		346.7


Gross profit		31.7			152.5		72.6			(15.7	)		241.1

Selling, general and administrative expenses		48.0			97.0		66.8			(15.6	)		196.2
Acquisition-related transaction and integration costs		3.3			1.7		2.9			—			7.9


Operating profit		(19.6	)		53.8		2.9			(0.1	)		37.0

Other expenses:
Interest expense – net		0.4			12.0		0.1			—			12.5
Other expense – net		(0.1	)		0.1		0.6			—			0.6

		0.3			12.1		0.7			—			13.1

Earnings before income taxes		(19.9	)		41.7		2.2			(0.1	)		23.9

Income taxes		5.1			—		0.7			—			5.8


Earnings before equity in earnings (losses) of consolidated subsidiaries		(25.0	)		41.7		1.5			(0.1	)		18.1
Equity in earnings (losses) of consolidated subsidiaries		42.9			74.4		10.5			(127.8	)		—

Net earnings		17.9			116.1		12.0			(127.9	)		18.1

Net earnings (loss) attributable to non-controlling interests		—			—		0.2			—			0.2


Net earnings (loss) attributable to Wolverine World Wide, Inc.	$	17.9		$	116.1	$	11.8		$	(127.9	)	$	17.9


Comprehensive income	$	26.9		$	116.1	$	15.9		$	(131.8	)	$	27.1
Comprehensive (income) loss attributable to non-controlling interest		—			—		(0.2	)		—			(0.2	)

Comprehensive income attributable to Wolverine World Wide, Inc.	$	26.9		$	116.1	$	15.7		$	(131.8	)	$	26.9

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations and Comprehensive Income

For the 12 weeks ended June 16, 2012

(Unaudited)


(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Consolidated

Revenue	$	109.5		$	131.2	$	97.0		$	(25.0	)	$	312.7
Cost of goods sold		81.2			82.4		48.1			(17.1	)		194.6


Gross profit		28.3			48.8		48.9			(7.9	)		118.1

Selling, general and administrative expenses		34.3			25.0		39.4			(8.3	)		90.4
Acquisition-related transaction and integration costs		4.9			—		—			—			4.9


Operating profit		(10.9	)		23.8		9.5			0.4			22.8

Other expenses:
Interest expense – net		(0.3	)		—		0.6			—			0.3
Other expense – net		—			—		0.7			—			0.7

		(0.3	)		—		1.3			—			1.0

Earnings before income taxes		(10.6	)		23.8		8.2			0.4			21.8

Income taxes		1.4			—		0.1			—			1.5


Earnings before equity in earnings (losses) of consolidated subsidiaries		(12.0	)		23.8		8.1			0.4			20.3
Equity in earnings (losses) of consolidated subsidiaries		32.5			8.2		8.4			(49.1	)		—

Net earnings		20.5			32.0		16.5			(48.7	)		20.3

Net earnings (loss) attributable to non-controlling interests		—			—		(0.2	)		—			(0.2	)


Net earnings (loss) attributable to Wolverine World Wide, Inc.	$	20.5		$	32.0	$	16.7		$	(48.7	)	$	20.5


Comprehensive income	$	17.9		$	31.9	$	13.9		$	(46.0	)	$	17.7
Comprehensive (income) loss attributable to non-controlling interest		—			—		0.2			—			0.2

Comprehensive income attributable to Wolverine World Wide, Inc.	$	17.9		$	31.9	$	14.1		$	(46.0	)	$	17.9

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations and Comprehensive Income

For the 24 weeks ended June 15, 2013

(Unaudited)


(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Consolidated

Revenue	$	221.6		$	1,340.8	$	322.0		$	(650.7	)	$	1,233.7
Cost of goods sold		158.7			1,027.2		163.8			(619.1	)		730.6


Gross profit		62.9			313.6		158.2			(31.6	)		503.1

Selling, general and administrative expenses		88.2			210.7		123.7			(30.6	)		392.0
Acquisition-related transaction and integration costs		8.4			11.6		3.1			—			23.1


Operating profit		(33.7	)		91.3		31.4			(1.0	)		88.0

Other expenses:
Interest expense – net		13.4			12.1		(0.1	)		—			25.4
Other expense – net		—			—		0.8			0.2			1.0

		13.4			12.1		0.7			0.2			26.4

Earnings before income taxes		(47.1	)		79.2		30.7			(1.2	)		61.6

Income taxes		10.6			—		3.1			—			13.7


Earnings before equity in earnings (losses) of consolidated subsidiaries		(57.7	)		79.2		27.6			(1.2	)		47.9
Equity in earnings (losses) of consolidated subsidiaries		105.4			160.4		52.0			(317.8	)		—

Net earnings		47.7			239.6		79.6			(319.0	)		47.9

Net earnings (loss) attributable to non-controlling interests		—			—		0.2			—			0.2


Net earnings (loss) attributable to Wolverine World Wide, Inc.	$	47.7		$	239.6	$	79.4		$	(319.0	)	$	47.7


Comprehensive income	$	52.8		$	239.6	$	75.1		$	(314.5	)	$	53.0
Comprehensive (income) loss attributable to non-controlling interest		—			—		(0.2	)		—			(0.2	)

Comprehensive income attributable to Wolverine World Wide, Inc.	$	52.8		$	239.6	$	74.9		$	(314.5	)	$	52.8

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations and Comprehensive Income

For the 24 weeks ended June 16, 2012

(Unaudited)


(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Consolidated

Revenue	$	220.1		$	247.2	$	217.0		$	(48.8	)	$	635.5
Cost of goods sold		162.9			150.6		105.7			(34.0	)		385.2


Gross profit		57.2			96.6		111.3			(14.8	)		250.3

Selling, general and administrative expenses		64.4			52.4		84.5			(15.7	)		185.6
Acquisition-related transaction and integration costs		4.9			—		—			—			4.9


Operating profit		(12.1	)		44.2		26.8			0.9			59.8

Other expenses:
Interest expense – net		—			—		0.8			—			0.8
Other expense – net		—			—		1.6			—			1.6

		—			—		2.4			—			2.4

Earnings before income taxes		(12.1	)		44.2		24.4			0.9			57.4

Income taxes		6.3			—		(0.4	)		—			5.9


Earnings before equity in earnings (losses) of consolidated subsidiaries		(18.4	)		44.2		24.8			0.9			51.5
Equity in earnings (losses) of consolidated subsidiaries		70.1			20.4		35.1			(125.6	)		—

Net earnings		51.7			64.6		59.9			(124.7	)		51.5

Net earnings (loss) attributable to non-controlling interests		—			—		(0.2	)		—			(0.2	)


Net earnings attributable to Wolverine World Wide, Inc.	$	51.7		$	64.6	$	60.1		$	(124.7	)	$	51.7


Comprehensive income	$	48.9		$	64.6	$	57.1		$	(121.9	)	$	48.7
Comprehensive (income) loss attributable to non-controlling interest		—			—		0.2			—			0.2

Comprehensive income attributable to Wolverine World Wide, Inc.	$	48.9		$	64.6	$	57.3		$	(121.9	)	$	48.9

Consolidated Condensed Balance Sheets

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

As of June 15, 2013

(Unaudited)


(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	22.7		$	15.9		$	132.4		$	—		$	171.0
Accounts receivable, net		89.2			195.0			113.7			—			397.9
Inventories:
Finished products		58.4			311.1			86.7			(1.9	)		454.3
Raw materials and work-in-process		0.9			1.0			28.5			—			30.4

		59.3			312.1			115.2			(1.9	)		484.7

Deferred income taxes		9.4			17.0			1.2			—			27.6
Prepaid expenses and other current assets		22.4			6.3			12.3			0.5			41.5

Total current assets		203.0			546.3			374.8			(1.4	)		1,122.7

Property, plant and equipment:
Gross cost		217.4			125.4			54.6			—			397.4
Accumulated depreciation		(168.2	)		(44.4	)		(36.1	)		—			(248.7	)

		49.2			81.0			18.5			—			148.7

Other assets:
Goodwill and indefinite-lived intangibles		11.6			1,029.5			96.5			—			1,137.6
Amortizable intangibles, net		0.4			142.8			0.2			—			143.4
Deferred income taxes		0.2			—			—			—			0.2
Deferred financing costs, net		35.8			—			—			—			35.8
Other		43.9			9.8			1.0			1.6			56.3
Intercompany accounts receivable		—			1,182.0			105.3			(1,287.3	)		—
Investment in affiliates		2,677.4			378.6			398.4			(3,454.4	)		—

		2,769.3			2,742.7			601.4			(4,740.1	)		1,373.3

Total assets	$	3,021.5		$	3,370.0		$	994.7		$	(4,741.5	)	$	2,644.7

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	25.8		$	130.0		$	36.3		$	—		$	192.1
Accrued salaries and wages		16.6			19.7			7.3			—			43.6
Other accrued liabilities		44.9			15.2			32.5			0.2			92.8
Current maturities of long-term debt		37.1			—			—			—			37.1

Total current liabilities		124.4			164.9			76.1			0.2			365.6

Long-term debt, less current maturities		1,147.6			—			—			—			1,147.6
Accrued pension liabilities		130.6			36.3			—			—			166.9
Deferred income taxes		(52.1	)		290.7			1.5			—			240.1
Intercompany accounts payable		959.7			6.3			321.3			(1,287.3	)		—
Other liabilities		8.2			8.8			2.9			—			19.9

Stockholders’ equity
Wolverine World Wide, Inc. stockholders’ equity		703.1			2,863.0			591.4			(3,454.4	)		703.1
Non-controlling interest		—			—			1.5			—			1.5

Total stockholders’ equity		703.1			2,863.0			592.9			(3,454.4	)		704.6

Total liabilities and stockholders’ equity	$	3,021.5		$	3,370.0		$	994.7		$	(4,741.5	)	$	2,644.7

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

As of June 16, 2012

(Unaudited)


(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	2.6		$	0.4		$	153.6		$	—		$	156.6
Accounts receivable, net		82.8			76.6			75.8			—			235.2
Inventories:
Finished products		70.5			73.3			73.0			—			216.8
Raw materials and work-in-process		1.4			0.3			25.4			—			27.1

		71.9			73.6			98.4			—			243.9

Deferred income taxes		11.4			—			(1.0	)		—			10.4
Prepaid expenses and other current assets		15.9			4.2			8.0			1.1			29.2

Total current assets		184.6			154.8			334.8			1.1			675.3

Property, plant and equipment:
Gross cost		207.4			45.3			44.5			—			297.2
Accumulated depreciation		(160.7	)		(30.0	)		(30.7	)		—			(221.4	)

		46.7			15.3			13.8			—			75.8
Other assets:
Goodwill and indefinite-lived intangibles		11.1			14.1			31.4			—			56.6
Amortizable intangibles, net		0.3			0.4			0.3			—			1.0
Deferred income taxes		44.2			—			(2.2	)		—			42.0
Deferred financing costs, net		0.5			—			—			—			0.5
Other		41.5			—			1.1			(1.5	)		41.1
Intercompany accounts receivable		220.6			413.6			110.8			(745.0	)		—
Investment in affiliates		709.4			187.0			359.2			(1,255.6	)		—

		1,027.6			615.1			500.6			(2,002.1	)		141.2

Total assets	$	1,258.9		$	785.2		$	849.2		$	(2,001.0	)	$	892.3


(In millions)	Parent		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	23.9	$	18.5	$	18.4	$	—		$	60.8
Accrued salaries and wages		9.4		1.5		4.4		—			15.3
Other accrued liabilities		24.8		10.5		21.5		(0.4	)		56.4
Borrowings under revolving credit agreement		28.0		—		—		—			28.0

Total current liabilities		86.1		30.5		44.3		(0.4	)		160.5

Long-term debt, less current maturities
Accrued pension liabilities		89.3		—		—		—			89.3
Intercompany accounts payable		447.8		5.7		291.5		(745.0	)		—
Other liabilities		8.1		1.2		4.6		—			13.9

Stockholders’ equity
Wolverine World Wide, Inc. stockholders’ equity		627.6		747.8		507.8		(1,255.6	)		627.6
Non-controlling interest		—		—		1.0		—			1.0

Total stockholders’ equity		627.6		747.8		508.8		(1,255.6	)		628.6

Total liabilities and stockholders’ equity	$	1,258.9	$	785.2	$	849.2	$	(2001.0	)	$	892.3

Consolidated Condensed Statements of Cash Flow

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flow

For the 24 weeks ended June 15, 2013

(Unaudited)


(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	80.3		$	(25.1	)	$	32.3		$	—	$	87.5

Investing activities
Additions to property, plant and equipment		(7.4	)		(7.3	)		—			—		(14.7	)
Proceeds from sale of property, plant and equipment											—
Proceeds from sale of property, plant and equipment		—			—			2.8			—		2.8
Investment in joint venture		—			—			(1.6	)		—		(1.6	)
Other		(0.1	)		(0.2	)		(0.9	)		—		(1.2	)

Net cash provided by (used in) investing activities		(7.5	)		(7.5	)		0.3			—		(14.7	)

Financing activities
Payments of long-term debt		(65.3	)		—			—			—		(65.3	)
Cash dividends paid		(11.8	)		—			—			—		(11.8	)
Surrender of common stock for treasury		(0.3	)		—			—			—		(0.3	)
Proceeds from shares issued under stock incentive plans		4.8			—			—			—		4.8
Excess tax benefits from stock-based compensation		1.2			—			—			—		1.2

Net cash provided by (used in) financing activities		(71.4	)		—			—			—		(71.4	)

Effect of foreign exchange rate changes		—			—			(1.8	)		—		(1.8	)

Increase (decrease) in cash and cash equivalents		1.4			(32.6	)		30.8			—		(0.4	)
Cash and cash equivalents at beginning of the period		21.3			48.5			101.6			—		171.4

Cash and cash equivalents at end of the period	$	22.7		$	15.9		$	132.4		$	—	$	171.0

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flow

For the 24 weeks ended June 16, 2012

(Unaudited)


(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	(2.9	)	$	(1.5	)	$	19.9		$	—	$	15.5

Investing activities
Additions to property, plant and equipment		(3.8	)		(0.9	)		—			—		(4.7	)
Investment in joint venture		—			—			(1.6	)		—		(1.6	)
Other		(0.6	)		(0.2	)		(0.5	)		—		(1.3	)

Net cash provided by (used in) investing activities		(4.4	)		(1.1	)		(2.1	)		—		(7.6	)

Financing activities
Net borrowings under revolver		17.0			—			—			—		17.0
Payments of long-term debt		—			—			(0.5	)		—		(0.5	)
Cash dividends paid		(11.8	)		—			—			—		(11.8	)
Purchase of common stock for treasury		(2.4	)		—			—			—		(2.4	)
Surrender of common stock for treasury		(5.6	)		—			—			—		(5.6	)
Proceeds from shares issued under stock incentive plans		7.5			—			—			—		7.5
Excess tax benefits from stock-based compensation		3.7			—			—			—		3.7
Contributions from non-controlling interests		—			—			1.2			—		1.2

Net cash provided by (used in) financing activities		8.4			—			0.7			—		9.1

Effect of foreign exchange rate changes		—			—			(0.4	)		—		(0.4	)

Increase (decrease) in cash and cash equivalents		1.1			(2.6	)		18.1			—		16.6
Cash and cash equivalents at beginning of the period		1.5			3.0			135.5			—		140.0

Cash and cash equivalents at end of the period	$	2.6		$	0.4		$	153.6		$	—	$	156.6