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Subsidiary Guarantors of the Public Bonds | 8 Months Ended
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Sep. 10, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Subsidiary Guarantors of the Public Bonds | SUBSIDIARY GUARANTORS OF THE PUBLIC BONDS The following tables present consolidated condensed financial information for (a) the Company (for purposes of this discussion and table, “Parent”); (b) the guarantors of the Public Bonds, which include substantially all of the domestic, 100% owned subsidiaries of the Parent (“Subsidiary Guarantors”); and (c) the wholly- and partially-owned foreign subsidiaries of the Parent, which do not guarantee the Public Bonds (“Non-Guarantor Subsidiaries”). Separate financial statements of the Subsidiary Guarantors are not presented because they are fully and unconditionally, jointly and severally liable under the guarantees, except for normal and customary release provisions. 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 |
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 |
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 |

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