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Discontinued Operations and Disposal Groups (Notes) | 12 Months Ended
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Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Mergers, Acquisitions and Dispositions Disclosures | ASSETS AND LIABILITIES HELD FOR SALEDuring the fourth quarter of 2022, the Company announced that it had initiated a formal process to divest the Keds® business and Wolverine Leathers business, both of which are low-profit contributors. The Company has determined that both the Keds® business and the Wolverine Leathers business meet the criteria to be classified as held for sale, and therefore have reclassified the related assets and liabilities as held for sale on the Consolidated Balance Sheets. The following is a summary of the major categories of assets and liabilities that have been classified as held for sale on the Consolidated Balance Sheets at December 31, 2022:
(In millions) | 2022
Cash and cash equivalents | $ | 4.0 |
Accounts receivables, net | 3.5 |
Inventories | 43.1 |
Indefinite-lived intangibles | 11.4 |
Other assets | 5.9 |
Total assets held for sale | 67.9 |
Accounts payable | 8.1 |
Accrued liabilities | 0.7 |
Total liabilities held for sale | 8.8 |
The Company determined that the divestiture of the Keds® business and Wolverine Leathers business do not represent a strategic shift that had or will have a major effect on the Consolidated Results of Operations, and therefore results were not classified as discontinued operations.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 + Details
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