Divestitures (Notes)

12 Months Ended

Dec. 28, 2019

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

DIVESTITURES

In the third quarter of fiscal 2017, the Company entered into a global, multi-year licensing agreement of the Stride Rite^® brand. As part of this agreement, the Company agreed to sell inventory and certain other assets and liabilities related to the Stride Rite^® brand and provide certain transition services to the licensee. The Company received cash of $16.9 million for the sale of these assets and liabilities and recognized a gain of $0.2 million, which is included in the selling, general and administrative expenses line item on the consolidated statement of operations . The assets and liabilities sold, which were reported in the Wolverine Boston Group, are as follows:



(In millions)	Book Value
Inventory	$	17.1
Prepaid expenses and other current assets	1.4
Other accrued liabilities	(1.8		)
Total assets and liabilities sold	$	16.7

In the third quarter of fiscal 2017, the Company sold certain intangible and other assets related to the Sebago^® brand. As part of this agreement, the buyer acquired the intellectual property rights to design, manufacture and market all products under the Sebago^® brand. The Company received cash of $14.3 million and recognized a gain on sale of $8.4 million, net of transaction costs, which is included in the selling, general and administrative expenses line item on the consolidated statement of operations. The assets sold, which were reported in the Wolverine Michigan Group, are as follows:



(In millions)	Book Value
Indefinite-lived intangibles	5.4
Amortizable intangibles	0.2
Total assets sold	$	5.6

In the third quarter of fiscal 2017, the Company sold its Department of Defense contract business, which comprised an owned manufacturing facility, the transfer of employees and certain associated assets. The goodwill allocated to the sale of the business was nominal. The Company received cash of $7.8 million and recognized a loss on sale of $1.6 million, net of transaction costs, which is included in the selling, general and administrative expenses line item on the consolidated statement of operations. The assets sold, which were reported in the Wolverine Michigan Group and Other segments, are as follows:



(In millions)	Book Value
Inventory	$	5.6
Prepaid expenses and other current assets	0.5
Property, plant and equipment	3.0
Total assets sold	$	9.1