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Divestitures (Notes) | 3 Months Ended
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Jul. 01, 2023
Divestitures [Abstract] |
Mergers, Acquisitions and Dispositions Disclosures | DIVESTITURE AND ASSETS AND LIABILITIES HELD FOR SALE Divestiture of Keds Business On February 7, 2023 the Company entered into an Asset Purchase Agreement with Designer Brands, Inc. (the "Buyer") pursuant to which the Buyer agreed to purchase the global Keds® business. The sale was effective February 4, 2023, in accordance with the terms and conditions of the Asset Purchase Agreement. The following table summarizes the net gain recognized in connection with the divestiture:
(In millions) |
Net proceeds | $ | 83.4 |
Net assets disposed | (65.9) |
Direct costs to sell | (1.6) |
AOCI reclassification adjustment, foreign currency translation | 4.2 |
Gain on sale of business | $ | 20.1 |
The Company determined that the divestiture of the Keds® business did 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. The proceeds from the sales were used to reduce outstanding revolver borrowings. Assets and Liabilities Held for Sale During the fourth quarter of 2022, the Company announced that it had initiated a formal process to divest the Wolverine Leathers business. The Company has determined that the Wolverine Leathers business meets 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 condensed 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 condensed balance sheets at July 1, 2023:
(In millions) | July 1, 2023
Cash and cash equivalents | $ | 3.6 |
Accounts receivables, net | 4.7 |
Inventories | 10.8 |
Total assets held for sale | $ | 19.1 |
Accounts payable | $ | 3.4 |
Accrued liabilities | 0.7 |
Total liabilities held for sale | $ | 4.1 |
The Company determined that the planned divestiture of the Wolverine Leathers business does not represent a strategic shift that had or will have a major effect on the consolidated condensed results of operations, and therefore results of this business 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 -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent + Details
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- Definition Divestitures [Abstract] + References No definition available. + Details
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