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Business Combinations (Tables) | 6 Months Ended
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Jul. 02, 2022
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the purchase price allocation to the assets acquired and liabilities assumed at the acquisition date:
(In millions) | Fair Value |  |  |
Accounts receivable | $ | 3.6 |  |  |  |
Inventories | 48.4 |  |  |  |
Prepaid expenses and other current assets | 5.3 |  |  |  |
Property, plant and equipment | 10.0 |  |  |  |
Lease right-of-use assets | 7.0 |  |  |  |
Goodwill | 118.9 |  |  |  |
Intangibles | 355.0 |  |  |  |
Other assets | 0.6 |  |  |  |
Total assets acquired | 548.8 |  |  |  |
Accounts payable | 13.1 |  |  |  |
Accrued salaries and wages | 6.0 |  |  |  |
Other accrued liabilities | 14.3 |  |  |  |
Lease liabilities | 7.0 |  |  |  |
Deferred income taxes | 91.0 |  |  |  |
Total liabilities assumed | 131.4 |  |  |  |
Net assets acquired | $ | 417.4 |  |  |  |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | Intangible assets acquired in the acquisition were valued as follows:
(In millions) | Intangible Asset |  | Useful life
Trade name and trademark | $ | 346.4 |  |  | Indefinite
Customer relationship | 7.2 |  |  | 18 years
Backlog | 1.0 |  |  | 5 months
Customer list | 0.4 |  |  | 3 years
Total intangible assets acquired | $ | 355.0 |  |  |
Business Acquisition, Pro Forma Information [Table Text Block] |
|  |  | Quarter Ended |  | Year-to Date Ended |  |
(In millions) |  |  | July 3, 2021 |  | July 3, 2021 |  |  |  |
Net revenue |  |  | $ | 687.2 |  |  | $ | 1,257.0 |  |  |  |  |
Net earnings attributable to Wolverine World Wide, Inc. |  |  | $ | 45.1 |  |  | $ | 86.2 |  |  |  |  |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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