XML 37 R23.htm IDEA: XBRL DOCUMENT
v3.23.2

Business Segments (Notes) | 6 Months Ended
--- | ---
Jul. 01, 2023
Segment Reporting [Abstract] |
Business Segments | BUSINESS SEGMENTS The Company’s portfolio of brands are organized into the following three reportable segments. During the fourth quarter of 2022, the Company announced changes to its reportable segments as a result of changes in how its Chief Operating Decision Maker, the Company's Chief Executive Officer, allocates resources to and assess performance of the Company's operating segments. All prior period disclosures have been retrospectively adjusted to reflect the new reportable segments. •Active Group, consisting of Merrell® footwear and apparel, Saucony® footwear and apparel, Sweaty Betty® activewear, and Chaco® footwear; •Work Group, consisting of Wolverine® footwear and apparel, Cat® footwear, Bates® uniform footwear, Harley-Davidson® footwear and HYTEST® safety footwear; and •Lifestyle Group, consisting of Sperry® footwear and Hush Puppies® footwear and apparel as well as Keds® footwear prior to the divestiture of the brand, effective February 4, 2023. The Company's operating segments are the Work Group, Lifestyle Group, Active Group, and Sweaty Betty®. Sweaty Betty® and the Active Group were evaluated and combined into one reportable segment because they meet the similar economic characteristics and qualitative aggregation criteria set forth in the relevant accounting guidance. Kids' footwear offerings from Saucony®, Sperry®, Merrell®, Hush Puppies® and Cat® as well as Keds® prior to divestiture of the brand effective February 4, 2023 are included with the applicable brand. The Company also reports “Other” and “Corporate” categories. The Other category consists of the Company’s leather marketing operations, sourcing operations that include third-party commission revenues, multi-branded direct-to-consumer retail stores and the Stride Rite® licensed business. The Corporate category consists of gains on the sale of businesses and trademarks, unallocated corporate expenses, such as corporate employee costs, corporate facility costs, reorganization activities, impairment of long-lived assets and environmental and other related costs. The reportable segments are engaged in designing, manufacturing, sourcing, marketing, licensing and distributing branded footwear, apparel and accessories. Revenue for the reportable segments includes revenue from the sale of branded footwear, apparel and accessories to third-party customers; revenue from third-party licensees and distributors; and revenue from the Company’s direct-to-consumer businesses. The Company’s reportable segments are determined based on how the Company internally reports and evaluates financial information used to make operating decisions. Company management uses various financial measures to evaluate the performance of the reportable segments. The following is a summary of certain key financial measures for the respective fiscal periods indicated.
| Quarter Ended |  | Year-to-Date Ended
(In millions) | July 1, 2023 |  | July 2, 2022 |  | July 1, 2023 |  | July 2, 2022
Revenue: |  |  |  |  |  |  |
Active Group | $ | 383.3 |  |  | $ | 428.3 |  |  | $ | 769.2 |  |  | $ | 774.4 |
Work Group | 117.8 |  |  | 139.5 |  |  | 232.3 |  |  | 278.0 |
Lifestyle Group | 74.9 |  |  | 121.1 |  |  | 160.2 |  |  | 229.2 |
Other | 13.1 |  |  | 24.7 |  |  | 26.8 |  |  | 46.8 |
Total | $ | 589.1 |  |  | $ | 713.6 |  |  | $ | 1,188.5 |  |  | $ | 1,328.4 |
Segment operating profit (loss): |  |  |  |  |  |  |
Active Group | $ | 39.8 |  |  | $ | 72.7 |  |  | $ | 91.9 |  |  | $ | 125.9 |
Work Group | 14.8 |  |  | 28.0 |  |  | 30.3 |  |  | 53.5 |
Lifestyle Group | 10.4 |  |  | 16.6 |  |  | 13.2 |  |  | 29.8 |
Other | 3.1 |  |  | 4.4 |  |  | 6.5 |  |  | 6.9 |
Corporate | (22.0) |  |  | 46.2 |  |  | (50.5) |  |  | (28.6) |
Operating profit | 46.1 |  |  | 167.9 |  |  | 91.4 |  |  | 187.5 |
Interest expense, net | 16.1 |  |  | 10.1 |  |  | 31.9 |  |  | 18.8 |
Other expense (income), net | (0.4) |  |  | 0.6 |  |  | 0.8 |  |  | (0.5) |
Earnings before income taxes | $ | 30.4 |  |  | $ | 157.2 |  |  | $ | 58.7 |  |  | $ | 169.2 |
(In millions) | July 1, 2023 |  | December 31, 2022 |  | July 2, 2022
Total assets: |  |  |  |  |
Active Group | $ | 1,315.3 |  |  | $ | 1,331.5 |  |  | $ | 1,596.1 |
Work Group | 319.4 |  |  | 375.7 |  |  | 368.3 |
Lifestyle Group | 406.9 |  |  | 514.8 |  |  | 713.1 |
Other | 64.3 |  |  | 58.6 |  |  | 69.5 |
Corporate | 251.4 |  |  | 212.1 |  |  | 202.0 |
Total | $ | 2,357.3 |  |  | $ | 2,492.7 |  |  | $ | 2,949.0 |
Goodwill: |  |  |  |  |
Active Group | $ | 317.4 |  |  | $ | 314.4 |  |  | $ | 366.3 |
Work Group | 60.3 |  |  | 59.6 |  |  | 59.7 |
Lifestyle Group | 78.3 |  |  | 97.4 |  |  | 99.5 |
Other | 13.7 |  |  | 13.6 |  |  | 13.6 |
Total | $ | 469.7 |  |  | $ | 485.0 |  |  | $ | 539.1 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration