XML 45 R28.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Business Segments (Notes) | 12 Months Ended
--- | ---
Dec. 28, 2024
Segment Reporting [Abstract] |
Business Segments | BUSINESS SEGMENTS The Company’s portfolio of brands is organized into the following reportable segments. •Active Group, consisting of Merrell® footwear and apparel, Saucony® footwear and apparel, Sweaty Betty® activewear, and Chaco® footwear; and •Work Group, consisting of Wolverine® footwear and apparel, Cat® footwear, Bates® uniform footwear, Harley-Davidson® footwear and HYTEST® safety footwear; The Company's operating segments are the Active Group, Work 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. The Company's chief operating decision maker is the President and Chief Executive Officer. The chief operating decision maker uses segment operating profit to assess the performance of and to allocate resources to each segment. Kids' footwear offerings from Saucony®, Sperry®, Keds®, Merrell®, Hush Puppies® and Cat® are included with the applicable brand. The Company also reports “Other” and “Corporate” categories. Other consists of Sperry® footwear, Keds® footwear, Hush Puppies® footwear and apparel, 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. The significant expense categories and amounts align with the segment-level information that is regularly provided to the Company's chief operating decision maker.
| 2024
(In millions) | Active Group |  | Work Group |  | Other |  | Corporate |  | Total
Revenue | $ | 1,246.1 |  |  | $ | 455.3 |  |  | $ | 53.6 |  |  | $ | — |  |  | $ | 1,755.0 |
Cost of goods sold | 674.4 |  |  | 295.8 |  |  | 13.2 |  |  | (9.9) |  |  | 973.5 |
Selling, general and administrative expenses | 386.8 |  |  | 90.3 |  |  | 9.1 |  |  | 194.3 |  |  | 680.5 |
Operating income | $ | 184.9 |  |  | $ | 69.2 |  |  | $ | 31.3 |  |  | $ | (184.4) |  |  | $ | 101.0 |
Interest expense, net |  |  |  |  |  |  |  |  | 42.7 |
Other income, net |  |  |  |  |  |  |  |  | (3.3) |
Earnings before income taxes |  |  |  |  |  |  |  |  | $ | 61.6 |
Depreciation and amortization expense: | $ | 6.7 |  |  | $ | 0.4 |  |  | $ | 1.9 |  |  | $ | 17.2 |  |  | $ | 26.2 |
Capital expenditures: | $ | 5.6 |  |  | $ | — |  |  | $ | 1.8 |  |  | $ | 12.8 |  |  | $ | 20.2 |
Total Assets: | $ | 1,011.6 |  |  | $ | 266.2 |  |  | $ | 79.4 |  |  | $ | 311.6 |  |  | $ | 1,668.8 |
Goodwill: | $ | 315.4 |  |  | $ | 60.2 |  |  | $ | 49.0 |  |  | $ | — |  |  | $ | 424.6 |
| 2023
(In millions) | Active Group |  | Work Group |  | Other |  | Corporate |  | Total
Revenue | $ | 1,439.1 |  |  | $ | 480.6 |  |  | $ | 323.2 |  |  | $ | — |  |  | $ | 2,242.9 |
Cost of goods sold | 853.0 |  |  | 321.1 |  |  | 191.3 |  |  | 5.0 |  |  | 1,370.4 |
Selling, general and administrative expenses | 445.8 |  |  | 101.4 |  |  | 99.1 |  |  | 294.4 |  |  | 940.7 |
Operating income | $ | 140.3 |  |  | $ | 58.1 |  |  | $ | 32.8 |  |  | $ | (299.4) |  |  | $ | (68.2) |
Interest expense, net |  |  |  |  |  |  |  |  | 63.5 |
Other expense, net |  |  |  |  |  |  |  |  | 2.5 |
Loss before income taxes |  |  |  |  |  |  |  |  | $ | (134.2) |
Depreciation and amortization expense: | $ | 10.7 |  |  | $ | 0.4 |  |  | $ | 2.9 |  |  | $ | 21.1 |  |  | $ | 35.1 |
Capital expenditures: | $ | 9.7 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 4.7 |  |  | $ | 14.6 |
Total Assets: | $ | 1,183.9 |  |  | $ | 288.4 |  |  | $ | 250.8 |  |  | $ | 339.7 |  |  | $ | 2,062.8 |
Goodwill: | $ | 317.7 |  |  | $ | 60.3 |  |  | $ | 49.1 |  |  | $ | — |  |  | $ | 427.1 |
| 2022
(In millions) | Active Group |  | Work Group |  | Other |  | Corporate |  | Total
Revenue | $ | 1,570.2 |  |  | $ | 590.5 |  |  | $ | 524.1 |  |  | $ | — |  |  | $ | 2,684.8 |
Cost of goods sold | 899.1 |  |  | 383.9 |  |  | 314.2 |  |  | 17.2 |  |  | 1,614.4 |
Selling, general and administrative expenses | 472.7 |  |  | 104.1 |  |  | 150.0 |  |  | 552.0 |  |  | 1,278.8 |
Segment operating profit | $ | 198.4 |  |  | $ | 102.5 |  |  | $ | 59.9 |  |  | $ | (569.2) |  |  | $ | (208.4) |
Interest expense, net |  |  |  |  |  |  |  |  | 47.3 |
Other income, net |  |  |  |  |  |  |  |  | (2.8) |
Loss before income taxes |  |  |  |  |  |  |  |  | $ | (252.9) |
Depreciation and amortization expense: | $ | 8.1 |  |  | $ | 0.3 |  |  | $ | 3.4 |  |  | $ | 22.8 |  |  | $ | 34.6 |
Capital expenditures: | $ | 18.9 |  |  | $ | 0.4 |  |  | $ | 5.2 |  |  | $ | 12.0 |  |  | $ | 36.5 |
Geographic dispersion of revenue from external customers, based on shipping destination is as follows:
| Fiscal Year
(In millions) | 2024 |  | 2023 |  | 2022
United States | $ | 893.4 |  |  | $ | 1,217.9 |  |  | $ | 1,563.1 |
Foreign: |  |  |  |  |
Europe, Middle East and Africa | 529.6 |  |  | 540.8 |  |  | 602.5 |
Asia Pacific | 150.9 |  |  | 253.2 |  |  | 245.7 |
Canada | 82.6 |  |  | 107.1 |  |  | 126.8 |
Latin America | 98.5 |  |  | 123.9 |  |  | 146.7 |
Total from foreign territories | 861.6 |  |  | 1,025.0 |  |  | 1,121.7 |
Total revenue | $ | 1,755.0 |  |  | $ | 2,242.9 |  |  | $ | 2,684.8 |
The location of the Company’s tangible long-lived assets, which comprises property, plant and equipment and lease right-of-use assets, is as follows:
(In millions) | December 28, 2024 |  | December 30, 2023 |  | December 31, 2022
United States | $ | 117.6 |  |  | $ | 131.9 |  |  | $ | 222.3 |
Foreign countries | 74.2 |  |  | 82.6 |  |  | 88.6 |
Total | $ | 191.8 |  |  | $ | 214.5 |  |  | $ | 310.9 |
The Company does not believe that it is dependent upon any single customer because no customer accounts for more than 10% of consolidated revenue in any year. During fiscal 2024, the Company sourced 100% of its footwear products and apparel and accessories from third-party suppliers, located primarily in the Asia Pacific region. While changes in suppliers could cause delays in manufacturing and a possible loss of sales, management believes that other suppliers could provide similar products on comparable terms.

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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -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 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: 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 13: 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 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: 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 18: 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 19: 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 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: 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 22: 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 23: 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 24: 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 25: 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