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Subsidiary Guarantors of the Public Bonds (Tables) | 8 Months Ended
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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 |

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