0000110471-24-000176 | 10-Q | XBRL Viewer | Wolverine World Wide INC DE

Leases (Notes)

9 Months Ended

Sep. 28, 2024

LEASES

The following is a summary of the Company’s lease cost.


	Quarter Ended				Year-To-Date Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Operating lease cost	$	7.6	$	10.0	$	24.5	$	30.5
Variable lease cost	2.9		3.9		8.8		10.9
Short-term lease cost	0.4		0.7		1.5		2.6
Sublease income	(1.8)		(1.3)		(4.6)		(4.5)
Total lease cost	$	9.1	$	13.3	$	30.2	$	39.5

The following is a summary of the Company’s supplemental cash flow information related to leases.


	Quarter Ended				Year-To-Date Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Cash paid for operating lease liabilities	$	9.2	$	10.0	$	35.5	$	32.6
Operating lease assets obtained in exchange for lease liabilities	8.3		4.2		13.2		9.6

The Company did not enter into any real estate leases with commencement dates subsequent to September 28, 2024.

Investments, Equity Method and Joint Ventures

9 Months Ended

Sep. 28, 2024

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure

VARIABLE INTEREST ENTITIES AND RELATED PARTY TRANSACTIONS

Assets and Liabilities of Consolidated VIEs

The Company had equity interests in Merrell® and Saucony® joint ventures that sourced Merrell® and Saucony® footwear and apparel products in China. Based upon the criteria set forth in FASB ASC 810, Consolidation, the Company had determined that two of the joint ventures were variable interest entities (VIEs) of which the Company was the primary beneficiary and, as a result, the Company consolidated these VIEs. The Merrell® and Saucony® joint ventures were divested effective January 1, 2024.

The following is a summary of these VIEs’ assets and liabilities included in the Company’s consolidated condensed balance sheets.


(In millions)	December 30, 2023		September 30, 2023
Cash	$	—	$	4.1
Accounts receivable	—		8.4
Inventory	—		36.1
Other current assets	—		4.0
Noncurrent assets	—		0.9
Assets held for sale	51.6		—
Total assets	$	51.6	$	53.5

Current liabilities	$	—	$	11.8
Noncurrent liabilities	—		0.1
Liabilities held for sale	15.4		—
Total liabilities	$	15.4	$	11.9

Nonconsolidated VIEs

The Company also had equity interests in two Merrell® and Saucony® joint ventures that marketed the Company’s Merrell® and Saucony® footwear and apparel products in China that were VIEs that are not consolidated as the Company did not have the power to direct the most significant activities that impact the VIEs' economic performance. The following is a summary of carrying amounts of assets included in the Company’s consolidated condensed balance sheets as of December 30, 2023 and September 30, 2023, respectively, related to VIEs for which the Company was not the primary beneficiary.

The following is a summary of the carrying amounts of assets included in the Company’s consolidated condensed balance sheets.


(In millions)	December 30, 2023		September 30, 2023
Equity method investments (1)	$	—	$	7.9

(1) Equity method investments are included in “Other Assets” on the consolidated condensed balance sheets.

Related Party Transactions

In the normal course of business, the Company entered into transactions with related party equity affiliates. Related party transactions consist of the sale of goods, made at arm’s length, and other arrangements. For the quarter and year-to-date ended September 30, 2023, the Company recognized net sales to equity affiliates totaling $16.8 million and $41.1 million, respectively. The Company did not recognize any sales to equity affiliates for the quarter and year-to-date ended September 28, 2024.

The following table summarizes related party transactions included in the consolidated condensed balance sheets.


(In millions)	December 30, 2023		September 30, 2023
Accounts receivable due from related parties	$	15.4	$	8.4
Long term liabilities due to related parties	1.4		—

Leases Operating Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Leases [Abstract]
Operating Lease, Cost	$ 7.6	$ 10.0	$ 24.5	$ 30.5
Variable Lease, Cost	2.9	3.9	8.8	10.9
Short-term Lease, Cost	0.4	0.7	1.5	2.6
Sublease Income	(1.8)	(1.3)	(4.6)	(4.5)
Lease, Cost	$ 9.1	$ 13.3	$ 30.2	$ 39.5

Stock-Based Compensation Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 5.2	$ 4.0	$ 15.0	$ 11.8
Related income tax benefits on share based compensation	$ 1.0	$ 0.8	$ 2.9	$ 2.3

Consolidated Statement of Shareholders' Equity Statement - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock, Common	Noncontrolling Interest [Member]
Beginning Balance at Dec. 31, 2022	$ 339.0	$ 112.2	$ 325.4	$ 907.2	$ (132.9)	$ (891.3)	$ 18.4
Net earnings attributable to Wolverine World Wide, Inc.	51.6			51.6
Less: net earnings (loss) attributable to noncontrolling interests	(0.2)						(0.2)
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax	51.4
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	11.6				(11.6)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest							0.0
Other Comprehensive Income (Loss), Net of Tax	(11.6)
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	(5.8)	0.7	(6.5)
Stock Issued During Period, Value, Stock Options Exercised	0.1	0.0	0.1
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	11.8		11.8
Dividends, Common Stock, Cash	(24.3)			(24.3)
Stock Issued During Period, Value, Treasury Stock Reissued	0.0		(0.1)			0.1
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	2.1						2.1
Ending Balance at Sep. 30, 2023	362.7	112.9	330.7	934.5	(144.5)	(891.2)	20.3
Beginning Balance at Jul. 01, 2023	366.9	112.9	326.8	933.8	(135.5)	(891.2)	20.1
Net earnings attributable to Wolverine World Wide, Inc.	8.6			8.6
Less: net earnings (loss) attributable to noncontrolling interests	0.4						0.4
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax	9.0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	9.0				(9.0)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest							(0.2)
Other Comprehensive Income (Loss), Net of Tax	(9.2)
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	4.0		4.0
Dividends, Common Stock, Cash	(7.9)			(7.9)
Stock Issued During Period, Value, Treasury Stock Reissued	(0.1)		(0.1)			0.0
Ending Balance at Sep. 30, 2023	362.7	112.9	330.7	934.5	(144.5)	(891.2)	20.3
Beginning Balance at Dec. 30, 2023	300.0	113.0	364.0	834.8	(142.2)	(891.0)	21.4
Net earnings attributable to Wolverine World Wide, Inc.	23.3			23.3
Less: net earnings (loss) attributable to noncontrolling interests	2.9						2.9
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax	26.2
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	1.9				(1.9)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest							(1.0)
Other Comprehensive Income (Loss), Net of Tax	(2.9)
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	(1.9)	0.5	(2.4)
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	15.0		15.0
Dividends, Common Stock, Cash	(25.1)			(25.1)
Stock Issued During Period, Value, Treasury Stock Reissued	0.1		(0.1)			0.2
Stockholders' Equity, Other	(14.7)						(14.7)
Ending Balance at Sep. 28, 2024	296.7	113.5	376.5	833.0	(144.1)	(890.8)	8.6
Beginning Balance at Jun. 29, 2024	270.4	113.4	371.6	817.9	(149.9)	(890.9)	8.3
Net earnings attributable to Wolverine World Wide, Inc.	23.6			23.6
Less: net earnings (loss) attributable to noncontrolling interests	0.7						0.7
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax	24.3
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(5.8)				5.8
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest							(0.4)
Other Comprehensive Income (Loss), Net of Tax	5.4
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	(0.2)	0.1	(0.3)
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	5.2		5.2
Dividends, Common Stock, Cash	(8.5)			(8.5)
Stock Issued During Period, Value, Treasury Stock Reissued	0.1		0.0			0.1
Ending Balance at Sep. 28, 2024	$ 296.7	$ 113.5	$ 376.5	$ 833.0	$ (144.1)	$ (890.8)	$ 8.6

Fair Value Measurements (Notes)

9 Months Ended

Sep. 28, 2024

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

FAIR VALUE MEASUREMENTS

The Company measures certain financial assets and liabilities at fair value on a recurring basis. For additional information regarding the Company’s fair value policies, refer to Note 1 in the Company’s 2023 Form 10-K.

Recurring Fair Value Measurements

The following table sets forth financial assets and liabilities measured at fair value in the consolidated condensed balance sheets and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy.


	Fair Value Measurements
	Quoted Prices With Other Observable Inputs (Level 2)
(In millions)	September 28, 2024		December 30, 2023		September 30, 2023
Financial assets:
Derivatives	$	0.7	$	1.8	$	7.3
Financial liabilities:
Derivatives	$	(6.1)	$	(5.1)	$	(0.3)

The fair value of foreign currency forward exchange contracts represents the estimated receipts or payments necessary to terminate the contracts. The interest rate swap was valued based on the current forward rates of the future cash flows.

Fair Value Disclosures

The Company’s financial instruments that are not recorded at fair value consist of cash and cash equivalents, accounts and notes receivable, accounts payable, borrowings under revolving credit agreements and other short-term and long-term debt. The

carrying amount of these financial instruments is historical cost, which approximates fair value, except for the debt. The carrying value and the fair value of the Company’s debt are as follows:


(In millions)	September 28, 2024		December 30, 2023		September 30, 2023
Carrying value	$	702.8	$	920.8	$	1,096.3
Fair value	641.4		813.3		971.9

The fair value of the fixed rate debt was based on third-party quotes (Level 2). The fair value of the variable rate debt was calculated by discounting the future cash flows to its present value using a discount rate based on the risk-free rate of the same maturity (Level 3).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Leases, Supplemental Cash Flow (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Leases [Abstract]
Operating Lease, Payments	$ 9.2	$ 10.0	$ 35.5	$ 32.6
Lease assets obtained in exchange for lease liabilities	$ 8.3	$ 4.2	$ 13.2	$ 9.6

Leases (Tables)

9 Months Ended

Sep. 28, 2024

Leases [Abstract]

Lease, Cost [Table Text Block]

The following is a summary of the Company’s lease cost.


	Quarter Ended				Year-To-Date Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Operating lease cost	$	7.6	$	10.0	$	24.5	$	30.5
Variable lease cost	2.9		3.9		8.8		10.9
Short-term lease cost	0.4		0.7		1.5		2.6
Sublease income	(1.8)		(1.3)		(4.6)		(4.5)
Total lease cost	$	9.1	$	13.3	$	30.2	$	39.5

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

The following is a summary of the Company’s supplemental cash flow information related to leases.


	Quarter Ended				Year-To-Date Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Cash paid for operating lease liabilities	$	9.2	$	10.0	$	35.5	$	32.6
Operating lease assets obtained in exchange for lease liabilities	8.3		4.2		13.2		9.6

Litigation and Contingencies (Additional Information) (Details) - Licensing agreements [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Long-term Purchase Commitment [Line Items]
Royalty expense, licensing agreements	$ 0.5	$ 0.5	$ 1.1	$ 1.2
Advertising expense, licensing agreements	$ 1.5	$ 1.3	$ 3.7	$ 5.0

Fair Value Measurements Recurring Fair Value Measurements (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 0.7	$ 1.8	$ 7.3
Derivative Liability	$ (6.1)	$ (5.1)	$ (0.3)

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

Retirement Plans (Notes)

9 Months Ended

Sep. 28, 2024

Retirement Benefits [Abstract]

Retirement Plans

RETIREMENT PLANS

The following is a summary of net pension and Supplemental Executive Retirement Plan (“SERP”) expense recognized by the Company.


	Quarter Ended				Year-To-Date Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Service cost pertaining to benefits earned during the period	$	0.7	$	0.7	$	2.1	$	2.3
Interest cost on projected benefit obligations	4.5		4.4		13.4		13.3
Expected return on pension assets	(4.9)		(4.6)		(14.7)		(13.9)
Net amortization loss	(0.5)		(0.1)		(1.3)		(0.5)
Net pension expense (income)	$	(0.2)	$	0.4	$	(0.5)	$	1.2

The non-service cost components of net pension expense is recorded in the Other expense (income), net line item on the consolidated condensed statements of operations and comprehensive income.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Business Segments (Tables)

9 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

Revenue and Operating Profit by Segment


	Quarter Ended				Year-to-Date Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Revenue:
Active Group	$	318.7	$	328.6	$	914.4	$	1,097.8
Work Group	109.1		123.0		304.2		355.3
Other	12.4		76.1		41.7		263.1
Total	$	440.2	$	527.7	$	1,260.3	$	1,716.2
Segment operating profit (loss):
Active Group	$	53.3	$	32.7	$	131.6	$	124.6
Work Group	16.3		15.4		43.6		45.7
Other	8.3		8.2		20.7		27.9
Corporate	(42.7)		(29.0)		(134.7)		(79.5)
Operating profit	35.2		27.3		61.2		118.7
Interest expense, net	9.6		15.5		33.5		47.4

Other expense (income), net	(3.8)		2.4		(5.4)		3.2
Earnings before income taxes	$	29.4	$	9.4	$	33.1	$	68.1

Assets and Goodwill by Segment


(In millions)	September 28, 2024		December 30, 2023		September 30, 2023
Total assets:
Active Group	$	1,106.7	$	1,183.9	$	1,270.0
Work Group	290.5		288.4		322.4
Other	85.4		250.8		401.0
Corporate	276.1		339.7		237.9
Total	$	1,758.7	$	2,062.8	$	2,231.3
Goodwill:
Active Group	$	320.4	$	317.7	$	314.9
Work Group	61.0		60.3		59.8
Other	49.1		49.1		90.7
Total	$	430.5	$	427.1	$	465.4

Fair Value Measurements Fair Value Disclosures (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Debt, Carrying Value	$ 702.8	$ 920.8	$ 1,096.3
Debt, Fair Value	$ 641.4	$ 813.3	$ 971.9

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt (Notes)

9 Months Ended

Sep. 28, 2024

Debt Disclosure [Abstract]

Debt

DEBT

Total debt consists of the following obligations:


(In millions)	September 28, 2024		December 30, 2023		September 30, 2023
Term Facility, due October 21, 2026	$	32.5	$	71.7	$	182.5




Senior Notes, 4.000% interest, due August 15, 2029	550.0		550.0		550.0
Borrowings under revolving credit agreements	125.0		305.0		370.0
Unamortized deferred financing costs	(4.7)		(5.9)		(6.2)
Total debt	$	702.8	$	920.8	$	1,096.3

The Company’s Credit Agreement provides for a term loan A facility (the “Term Facility”) and for a revolving credit facility (the “Revolving Facility” and, together with the Term Facility, the “Senior Credit Facilities”). The maturity date of the loans under the Senior Credit Facilities is October 21, 2026. The Credit Agreement provides for a debt capacity of up to an aggregate debt amount (including outstanding term loan principal and revolver commitment amounts in addition to permitted incremental debt) not to exceed $2.0 billion unless certain specified conditions set forth in the Credit Agreement are met.

The Term Facility requires quarterly principal payments with a balloon payment due on October 21, 2026. The scheduled principal payments due under the Term Facility over the next 12 months total $10.0 million as of September 28, 2024 and are recorded as current maturities of long-term debt on the consolidated condensed balance sheets. In addition, the Company made payments towards the Term Facility in accordance with disposition proceeds language contained in the Credit Agreement.

The Revolving Facility allowed the Company to borrow up to an aggregate amount of $1.0 billion. The Revolving Facility also includes a $100.0 million swingline subfacility and a $50.0 million letter of credit subfacility. The Company had outstanding letters of credit under the Revolving Facility of $7.1 million, $6.6 million and $6.6 million as of September 28, 2024, December 30, 2023 and September 30, 2023, respectively. These outstanding letters of credit reduce the borrowing capacity under the Revolving Facility.

The interest rates applicable to amounts outstanding under Term Facility and to U.S. dollar denominated amounts outstanding under the Revolving Facility are, at the Company’s option, either (1) the Alternate Base Rate plus an Applicable Margin as determined by the Company’s Consolidated Leverage Ratio, within a range of 0.125% to 1.000%, or (2) the Eurocurrency Rate plus an Applicable Margin as determined by the Company’s Consolidated Leverage Ratio, within a range of 1.125% to 2.000% (all capitalized terms used in this sentence are as defined in the Credit Agreement). At September 28, 2024, the Term Facility and the Revolving Facility had a weighted-average interest rate of 6.00%.

The obligations of the Company pursuant to the Credit Agreement are guaranteed by substantially all of the Company’s material domestic subsidiaries and secured by substantially all of the personal and real property of the Company and its material domestic subsidiaries, subject to certain exceptions.

The Senior Credit Facilities also contain certain affirmative and negative covenants, including covenants that limit the ability of the Company and its Restricted Subsidiaries to, among other things: incur or guarantee indebtedness; incur liens; pay dividends or repurchase stock; enter into transactions with affiliates; consummate asset sales, acquisitions or mergers; prepay certain other indebtedness; or make investments, as well as covenants restricting the activities of certain foreign subsidiaries of the Company that hold intellectual property related assets. Further, the Senior Credit Facilities require compliance with the following financial covenants: a maximum Consolidated Leverage Ratio and a minimum Consolidated Interest Coverage Ratio (all capitalized terms used in this paragraph are as defined in the Senior Credit Facilities). As of September 28, 2024, the Company was in compliance with all covenants and performance ratios under the Senior Credit Facilities.

On December 21, 2023, the Company entered into the fifth amendment (the "Fifth Amendment") to its Credit Agreement, dated as of July 31, 2012. The Fifth Amendment provides the Company with additional allowable disposition capacity in fiscal 2023 and fiscal 2024 to support the Company's transformation.

The Company’s $550.0 million 4.000% senior notes issued on August 26, 2021 are due on August 15, 2029. Related interest payments are due semi-annually. The senior notes are guaranteed by substantially all of the Company’s domestic subsidiaries.

The Company has a foreign revolving credit facility with aggregate available borrowings of $1.0 million that are uncommitted and, therefore, each borrowing against the facility is subject to approval by the lender. There were no borrowings against this facility as of September 28, 2024, December 30, 2023 and September 30, 2023.

The Company included in interest expense the amortization of deferred financing costs of $0.9 million and $2.0 million for the quarter and year-to-date ended September 28, 2024, respectively. The Company included in interest expense the amortization of deferred financing costs of $0.6 million and $1.6 million for the quarter and year-to-date ended September 30, 2023, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Debt Instrument [Line Items]
Current maturities of long-term debt	$ 10.0	$ 10.0	$ 10.0	$ 10.0	$ 10.0
Amortization of deferred financing costs	0.9	0.6	2.0	1.6
Maximum [Member]
Debt Instrument [Line Items]
Aggregate principal amount debt instrument	2,000.0		$ 2,000.0
Alternative Base Rate [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Alternative Base Rate [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			0.125%
Euro Currency Rate [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
Euro Currency Rate [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.125%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate principal amount debt instrument	1,000.0		$ 1,000.0
Outstanding letters of credit	7.1	6.6	7.1	6.6	6.6
Swingline Subfacility [Member]
Debt Instrument [Line Items]
Revolving credit facility amount	100.0		100.0
Letter of Credit Subfacility [Member]
Debt Instrument [Line Items]
Revolving credit facility amount	50.0		50.0
Foreign Line of Credit [Member]
Debt Instrument [Line Items]
Revolving credit facility amount	1.0		1.0
August Fifteenth Two Thousand Twenty Nine [Domain] \| Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 550.0	550.0	$ 550.0	550.0	550.0
Interest rate	4.00%		4.00%
October Twenty One Two Thousand Twenty Six \| Term Loan A [Member]
Debt Instrument [Line Items]
Weighted average interest rate	6.00%		6.00%
Debt, Long-term and Short-term, Combined Amount	$ 32.5	$ 182.5	$ 32.5	$ 182.5	$ 71.7

Earnings Per Share (Tables)

9 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share.


	Quarter Ended				Year-To-Date Ended
(In millions, except per share data)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Numerator:
Net earnings attributable to Wolverine World Wide, Inc.	$	23.6	$	8.6	$	23.3	$	51.6
Adjustment for earnings allocated to non-vested restricted common stock	(0.8)		(0.2)		(0.9)		(1.2)


Net earnings used in calculating basic and diluted earnings per share	$	22.8	$	8.4	$	22.4	$	50.4
Denominator:


Weighted average shares outstanding	80.0		79.5		79.9		79.4
Effect of dilutive stock options	—		—		—		—
Shares used in calculating diluted earnings per share	80.0		79.5		79.9		79.4
Net earnings per share
Basic	$	0.28	$	0.11	$	0.28	$	0.64
Diluted	$	0.28	$	0.11	$	0.28	$	0.64

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

New Accounting Standards (Notes)

9 Months Ended

Sep. 28, 2024

Accounting Standards Update and Change in Accounting Principle [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]

NEW ACCOUNTING STANDARDS

The Financial Accounting Standards Board (“FASB”) has issued the following Accounting Standards Updates (“ASU”) that the Company has not yet adopted. The following is a summary of the new standards and anticipated impact of adopting these new standards.

Standard

Description

Effect on the Financial Statements

ASU 2023-07, Improvements to Reportable Segment Disclosures

Requires entities disclose on an annual and interim basis significant segment expense, including an amount and composition description for other segment items, and how reported measures of profit or loss are used by the chief operating decision maker in assessing segment performance and deciding how to allocate resources. The ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

The Company is evaluating the impact of the new standard on its Consolidated Financial Statements.

ASU 2023-09, Improvements to Income Tax Disclosures

Requires annual disclosures of prescribed standard categories for the components of the effective tax rate reconciliation, disclosure of income taxes paid disaggregated by jurisdiction, and other income-tax related disclosures. The ASU is effective on a prospective basis, with retrospective application permitted, for fiscal years beginning after December 15, 2024.

The Company is evaluating the impact of the new standard on its Consolidated Financial Statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 65
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended					9 Months Ended
Accounting Policies (Details) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 30, 2023	Jul. 01, 2023	Sep. 28, 2024	Sep. 30, 2023
Accounting Policies [Line Items]
Impairment, Long-Lived Asset, Held-for-Use	$ 0.0			$ 40.2		$ 9.3	$ 55.8
Sperry [Member]
Accounting Policies [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)	0.0			38.3		0.0	38.3
Operating Lease Right of Use Asset [Member]
Accounting Policies [Line Items]
Impairment, Long-Lived Asset, Held-for-Use	0.0			0.0		5.9	12.1
Property Plant and Equipment [Member]
Accounting Policies [Line Items]
Impairment, Long-Lived Asset, Held-for-Use	$ 0.0			1.9		$ 3.4	$ 5.4
CorporateOffices
Accounting Policies [Line Items]
Impairment, Long-Lived Asset, Held-for-Use		$ 3.2			$ 15.6
Louisville DC [Member]
Accounting Policies [Line Items]
Impairment, Long-Lived Asset, Held-for-Use			$ 6.1
SperryRetailStores
Accounting Policies [Line Items]
Impairment, Long-Lived Asset, Held-for-Use				$ 1.9

Retirement Plans (Summary of Net Pension and Supplemental Executive Retirement Plan Expense Recognized) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Service cost pertaining to benefits earned during the period	$ 0.7	$ 0.7	$ 2.1	$ 2.3
Interest cost on projected benefit obligations	4.5	4.4	13.4	13.3
Expected return on pension assets	(4.9)	(4.6)	(14.7)	(13.9)
Net amortization loss	(0.5)	(0.1)	(1.3)	(0.5)
Net pension expense (income)	$ (0.2)	$ 0.4	$ (0.5)	$ 1.2

Financial Instruments and Risk Management (Tables)

9 Months Ended

Sep. 28, 2024

Investments, All Other Investments [Abstract]

Schedule of Derivative Instruments [Table Text Block]

The notional amounts of the Company’s derivative instruments are as follows:


(Dollars in millions)	September 28, 2024		December 30, 2023		September 30, 2023
Foreign exchange hedge contracts	$	258.6	$	269.0	$	267.8

Interest rate swap	38.0		75.3		109.6

Schedule of Derivative Assets at Fair Value [Table Text Block]

The recorded fair values of the Company’s derivative instruments are as follows:




(In millions)	September 28, 2024		December 30, 2023		September 30, 2023
Financial assets:
Foreign exchange hedge contracts	$	0.2	$	—	$	4.3

Interest rate swap	0.5		1.8		3.0

Financial liabilities:
Foreign exchange hedge contracts	$	(6.1)	$	(5.1)	$	(0.3)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Investments, Equity Method and Joint Ventures (Tables)

9 Months Ended

Sep. 28, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Variable Interest Entities

The following is a summary of these VIEs’ assets and liabilities included in the Company’s consolidated condensed balance sheets.


(In millions)	December 30, 2023		September 30, 2023
Cash	$	—	$	4.1
Accounts receivable	—		8.4
Inventory	—		36.1
Other current assets	—		4.0
Noncurrent assets	—		0.9
Assets held for sale	51.6		—
Total assets	$	51.6	$	53.5

Current liabilities	$	—	$	11.8
Noncurrent liabilities	—		0.1
Liabilities held for sale	15.4		—
Total liabilities	$	15.4	$	11.9

Equity Method Investments

The following is a summary of the carrying amounts of assets included in the Company’s consolidated condensed balance sheets.


(In millions)	December 30, 2023		September 30, 2023
Equity method investments (1)	$	—	$	7.9

Schedule of Related Party Transactions

The following table summarizes related party transactions included in the consolidated condensed balance sheets.


(In millions)	December 30, 2023		September 30, 2023
Accounts receivable due from related parties	$	15.4	$	8.4
Long term liabilities due to related parties	1.4		—

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 28, 2024
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations Wolverine World Wide, Inc. (the “Company”) is a leading designer, marketer and licensor of a broad range of quality casual footwear and apparel; performance outdoor and athletic footwear and apparel; kids’ footwear; industrial work shoes, boots and apparel; and uniform shoes and boots. The Company’s portfolio of owned and licensed brands includes: Bates®, Cat®, Chaco®, Harley-Davidson®, Hush Puppies®, HYTEST®, Merrell®, Saucony®, Stride Rite®, Sweaty Betty® and Wolverine®. The Company’s products are marketed worldwide through owned operations, through licensing and distribution arrangements with third parties, and through joint ventures. The Company also operates retail stores and eCommerce sites to market both its own brands and branded footwear and apparel from other manufacturers. Effective February 4, 2023, the Company completed the sale of the Keds® business. See Note 18 for further discussion. In the third quarter of fiscal 2023, the Company entered into a multi-year licensing agreement of the Hush Puppies® brand in the United States and Canada and completed the sale of the Hush Puppies® trademarks, patents, copyrights, and domains in China, Hong Kong, and Macau. The Company will continue to own the Hush Puppies® brand throughout the rest of the world. See Note 18 for further discussion. Effective August 23, 2023, the Company completed the sale of the U.S. Leathers business and effective December 28, 2023, the Company completed the sale of the Asia-based Leathers business. See Note 18 for further discussion. Effective January 1, 2024, the Company completed the sale of the Company’s equity interest joint venture entities that sourced and marketed Merrell® and Saucony® footwear and apparel products in China. See Note 18 for further discussion. Effective January 10, 2024, the Company completed the sale of the Sperry® business. See Note 18 for further discussion. Effective May 4, 2024, the Company entered into global multi-year licensing agreements of the Merrell® and Saucony® kids footwear and Merrell® apparel and accessories.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for a complete presentation of the financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included in the accompanying financial statements. For further information, refer to the consolidated financial statements and notes included in the Company’s 2023 Form 10-K.
Fiscal Year	Fiscal Year The Company’s fiscal year is the 52 or 53-week period that ends on the Saturday nearest to December 31. Fiscal years 2024 and 2023 each have 52 weeks. The Company reports its quarterly results of operations on the basis of 13-week quarters for each of the first three fiscal quarters and a 13 or 14-week period for the fourth fiscal quarter. References to particular years or quarters refer to the Company’s fiscal years ended on the Saturday nearest to December 31 or the fiscal quarters within those years.
Seasonality	Seasonality The Company experiences moderate fluctuations in sales volume during the year, as reflected in quarterly revenue. The Company expects current seasonal sales patterns to continue in future years. The Company also experiences some fluctuation in its levels of working capital, typically reflecting an increase in net working capital requirements near the end of the first and third fiscal quarters as inventory builds to support peak shipping periods. Historically, cash provided by operating activities is higher in the second half of the fiscal year due to collection of wholesale channel receivables and direct-to-consumer sales being higher during the holiday season. The Company meets its working capital requirements through internal operating cash flows and, as needed, borrowings under its revolving credit facility, as discussed in more detail under the caption "Liquidity and Capital Resources" in Item 2: "Management's Discussion and Analysis of Financial Condition and Results of Operations". The Company's working capital could also be impacted by other events, including health crises.
Impairment or Disposal of Long-Lived Assets, Policy	Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or an asset group may not be recoverable. Each impairment test is based on a comparison of the carrying amount of the asset or asset group to the future undiscounted net cash flows expected to be generated by the asset or asset group. Assets are considered impaired if the carrying amount exceeds fair value. The impairment amount recognized is the amount by which the carrying amount of the assets exceeds their fair value.

Accounts Receivable (Notes)	9 Months Ended
Accounts Receivable (Notes)	Sep. 28, 2024
Accounts Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	ACCOUNTS RECEIVABLE The Company and certain of its subsidiaries sell, on a continuous basis without recourse, their trade receivables to Rockford ARS, LLC (“Rockford ARS”), a wholly-owned bankruptcy-remote subsidiary of the Company. On December 7, 2022, Rockford ARS entered into a receivables purchase agreement (“RPA”), which was subsequently amended on April 15, 2024, to sell up to $125.0 million of receivables to certain purchasers (the “Purchasers”) on a recurring basis in exchange for cash (referred to as “capital” in the RPA) equal to the gross receivables transferred. The parties intend that the transfers of receivables to the Purchasers constitute purchases and sales of receivables. Rockford ARS has guaranteed to each Purchaser the prompt payment of sold receivables, and has granted a security interest in its assets for the benefit of the Purchasers. Under the RPA, which matures on December 5, 2025, each Purchaser’s share of capital accrues yield at a floating rate plus an applicable margin. The Company is the master servicer under the RPA, and is responsible for administering and collecting receivables. The proceeds of the RPA are classified as operating activities in the Company's consolidated condensed statements of cash flows. Cash received from collections of sold receivables may be used to fund additional purchases of receivables on a revolving basis or to return all or any portion of outstanding capital of the Purchasers. Subsequent collections of the pledged receivables, which have not been sold, are classified as operating cash flows at the time of collection. Total receivables sold under the RPA were $108.1 million and $313.1 million for the quarter and year-to-date ended September 28, 2024, respectively. Total receivables sold under the RPA were $144.7 million and $510.3 million for the quarter and year-to-date ended September 30, 2023, respectively. Total cash collections under the RPA were $105.9 million and $311.7 million in the quarter and year-to-date ended September 28, 2024, respectively. Total cash collections under the RPA were $148.7 million and $521.5 million in the quarter and year-to-date ended September 30, 2023, respectively. The fair value of the sold receivables approximated book value due to their credit quality and short-term nature, and as a result, no gain or loss on sale of receivables was recorded. As of the fiscal quarters ended September 28, 2024 and September 30, 2023, the amount sold to the Purchasers under the RPA was $95.4 million and $131.5 million, respectively, which was derecognized from the consolidated condensed balance sheets. As collateral against sold receivables, Rockford ARS maintains a certain level of unsold receivables, which were $56.8 million and $61.5 million as of the fiscal quarters ended September 28, 2024 and September 30, 2023, respectively.

Goodwill and Indefinite-Lived Intangibles (Tables)

9 Months Ended

Sep. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill are as follows:


	Year-To-Date Ended
(In millions)	September 28, 2024		September 30, 2023
Goodwill balance at beginning of the year	$	427.1	$	485.0
Sale of business (see Note 18)	—		(20.4)

Foreign currency translation effects	3.4		0.8
Goodwill balance at end of the quarter	$	430.5	$	465.4

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Accounts Receivable (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Accounts Receivable (Details) - USD ($) $ in Millions	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Sale of accounts receivable, maximum amount under agreement	$ 125.0		$ 125.0
Receivables Purchase Agreement Maturity Date	Dec. 05, 2025
Accounts receivable sold	$ 108.1	$ 144.7	313.1	$ 510.3
Receivables Purchase Agreement Cash Collections	105.9	148.7	311.7	521.5
Receivables Purchase Agreement Uncollected	95.4	131.5	95.4	131.5
Receivables Purchase Agreement Collateral	$ 56.8	$ 61.5	$ 56.8	$ 61.5

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - $ / shares	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Restricted Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Issued	1,945,347	1,412,030
Awards Issued, Weighted Average Grant Date Fair Value	$ 8.70	$ 14.90
Performance Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Issued	1,241,836	680,737
Awards Issued, Weighted Average Grant Date Fair Value	$ 8.60	$ 15.16

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Litigation and Contingencies (Notes)

9 Months Ended

Sep. 28, 2024

Commitments and Contingencies Disclosure [Abstract]

Litigation and Contingencies

LITIGATION AND CONTINGENCIES

Litigation

The Company operated a leather tannery in Rockford, Michigan from the early 1900s through 2009 (the “Tannery”). The Company also owns a parcel on House Street in Plainfield Township that the Company used for the disposal of Tannery byproducts until about 1970 (the "House Street" site). Beginning in the late 1950s, the Company used 3M Company’s Scotchgard™ in its processing of certain leathers at the Tannery. Until 2002 when 3M Company changed its Scotchgard™ formula, Tannery byproducts disposed of by the Company at the House Street site and other locations may have contained PFOA and/or PFOS, two chemicals in the family of compounds known as per- and polyfluoroalkyl substances (together, “PFAS”). PFOA and PFOS help provide non-stick, stain-resistant, and water-resistant qualities, and were used for many decades in commercial products like firefighting foams and metal plating, and in common consumer items like food wrappers, microwave popcorn bags, pizza boxes, Teflon™, carpets and Scotchgard™.

In May 2016, the Environmental Protection Agency (“EPA”) announced a lifetime health advisory level of 70 parts per trillion (“ppt”) combined for PFOA and PFOS, which the EPA reduced in June 2022 to 0.004 ppt and 0.02 ppt for PFOA and PFOS, respectively. In January 2018, the Michigan Department of Environmental Quality (“MDEQ”, now known as the Michigan Department of Environment, Great Lakes, and Energy (“EGLE”)) enacted a drinking water criterion of 70 ppt combined for PFOA and PFOS, which set an official state standard for acceptable concentrations of these contaminants in groundwater used for drinking water purposes. On August 3, 2020, Michigan changed the standards for PFOA and PFOS in drinking water to 8 and 16 ppt, respectively, and set standards for four other PFAS substances.

Civil and Regulatory Actions of EGLE and EPA

On January 10, 2018, EGLE filed a civil action against the Company in the U.S. District Court for the Western District of Michigan under the federal Resource Conservation and Recovery Act of 1976 (“RCRA”) and Parts 201 and 31 of the Michigan Natural Resources and Environmental Protection Act (“NREPA”) alleging that the Company’s past and present handling, storage, treatment, transportation and/or disposal of solid waste at the Company’s properties has resulted in releases of PFAS at levels exceeding applicable Michigan cleanup criteria for PFOA and PFOS (the "EGLE Action"). Plainfield and Algoma Townships intervened in the EGLE Action alleging claims under RCRA, NREPA, the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) and common law nuisance.

On February 3, 2020, the parties entered into a consent decree resolving the EGLE Action, which was approved by U.S. District Judge Janet T. Neff on February 19, 2020 (the “Consent Decree”). Under the Consent Decree, the Company agreed to pay for an extension of Plainfield Township’s municipal water system to more than 1,000 properties in Plainfield and Algoma Townships, subject to an aggregate cap of $69.5 million. The Company also agreed to continue maintaining water filters for certain homeowners, resample certain residential wells for PFAS, continue remediation at the Company’s Tannery property and House Street site, and conduct further investigations and monitoring to assess the presence of PFAS in area groundwater. The Company’s activities under the Consent Decree are not materially impacted by either the drinking water standards that became effective on August 3, 2020, or the EPA’s revised advisory levels issued in June 2022.

On December 19, 2018, the Company filed a third-party complaint against 3M Company seeking, among other things, recovery of the Company’s remediation and other costs incurred in defense of the EGLE Action ("the 3M Action"). On June 20, 2019, the 3M Company filed a counterclaim against the Company in response to the 3M Action, seeking, among other things, contractual and common law indemnity and contribution under CERCLA and Part 201 of NREPA. On February 20, 2020, the Company and 3M Company entered into a settlement agreement resolving the 3M Action, under which 3M Company paid the Company a lump sum amount of $55.0 million during the first quarter of 2020.

On January 10, 2018, the EPA entered a Unilateral Administrative Order (the “Order”) under Section 106(a) of CERCLA, 42 U.S.C. § 9606(a) with an effective date of February 1, 2018. The Order pertained to specified removal actions at the Company's

Tannery and House Street sites, including certain time critical removal actions subsequently identified in an April 29, 2019 letter from the EPA, to abate the actual or threatened release of hazardous substances at or from the sites. On October 28, 2019, the EPA and the Company entered into an Administrative Settlement and Order on Consent (“AOC”) that supersedes the Order and addresses the agreed-upon removal actions outlined in the Order. The Company has completed the activities required by the AOC.

The Company discusses its reserve for remediation costs in the environmental liabilities section below.

Individual and Class Action Litigation

Beginning in late 2017, individual lawsuits and three putative class action lawsuits were filed against the Company that raise a variety of claims, including claims related to property, remediation, and human health effects. The three putative class action lawsuits were subsequently refiled in the U.S. District Court for the Western District of Michigan as a single consolidated putative class action lawsuit. 3M Company has been named as a co-defendant in the individual lawsuits and consolidated putative class action lawsuit. In addition, the current owner of a former landfill and gravel mining operation sued the Company seeking damages and cost recovery for property damage allegedly caused by the Company’s disposal of tannery waste containing PFAS. The owner of another former landfill filed notice threatening suit and sent a demand letter to the Company seeking recovery for damages allegedly caused by the Company’s disposal of tannery waste containing PFAS (this notice, the former landfill and gravel mining suit collectively with the individual lawsuits and putative class action, the “Litigation Matters”).

On January 11, 2022, the Company and 3M Company entered into a master settlement agreement with the law firm representing certain of the plaintiffs in the individual lawsuits included in the Litigation Matters, and each of these plaintiffs subsequently agreed to participate in the settlement. These plaintiffs’ lawsuits were dismissed with prejudice on or around April 25, 2022.

On December 9, 2021, the Company and 3M Company reached a settlement in principle to resolve certain of the remaining individual lawsuits included in the Litigation Matters, and the parties entered into definitive settlement agreements in March 2022. These plaintiffs’ lawsuits were dismissed with prejudice on June 14, 2022. The last remaining individual action was dismissed without prejudice on June 24, 2022.

In addition, in September 2022, the parties to the putative class action filed a motion for preliminary approval of a proposed class action settlement seeking to resolve the putative class action plaintiffs’ claims. On March 29, 2023, the court presiding over the putative class action granted final approval of the proposed settlement and dismissed the lawsuit with prejudice.

The last remaining Litigation Matter, the lawsuit filed by the current owner of a former landfill and gravel mining operations, was pending in Michigan state court but has been administratively stayed by the Court.

For certain of the Litigation Matters described above, and as a result of developments during the first three quarters of 2024, the Company increased its accrual by $6.0 million. The Company made no payments in connection with the Litigation Matters described above during the first three quarters of 2024. As of September 28, 2024, the Company had recorded liabilities of $11.1 million for certain of the Litigation Matters described above which are recorded as other accrued liabilities and other liabilities in the consolidated condensed balance sheets.

In December 2018, the Company filed a lawsuit against certain of its historic liability insurers, seeking to compel them to provide a defense against the Litigation Matters on the Company's behalf and coverage for remediation efforts undertaken by, and indemnity provided by, the Company. The Company recognized certain recoveries from legacy insurance policies in 2024 and 2023 and continues pursuing additional recoveries through the lawsuit.

Other Litigation

The Company is also involved in litigation incidental to its business and is a party to legal actions and claims, including, but not limited to, those related to employment, intellectual property, and consumer related matters. Some of the legal proceedings include claims for compensatory as well as punitive damages. While the final outcome of these matters cannot be predicted with certainty, considering, among other things, the meritorious legal defenses available to the Company and reserves for liabilities that the Company has recorded, along with applicable insurance, it is management’s opinion that the outcome of these items are not expected to have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

Environmental Liabilities

The following is a summary of the activity with respect to the environmental remediation reserve established by the Company:


	Year-To-Date Ended
(In millions)	September 28, 2024		September 30, 2023
Remediation liability at beginning of the year	$	57.9	$	74.1
Changes in estimate	5.2		(21.0)
Amounts paid	(22.5)		(9.5)
Remediation liability at the end of the quarter	$	40.6	$	43.6

The reserve balance as of September 28, 2024 includes $18.8 million that is expected to be paid within the next twelve months and is recorded as a current obligation in other accrued liabilities, with the remaining $21.8 million expected to be paid over the course of up to 25 years, recorded in other liabilities.

The Company's remediation activity at the Tannery property, House Street site and other relevant operations or disposal sites is ongoing. Although the Consent Decree has made near-term costs more clear, it is difficult to estimate the long-term cost of environmental compliance and remediation given the uncertainties regarding the interpretation and enforcement of applicable environmental laws and regulations, the extent of environmental contamination and the existence of alternative cleanup methods. Future developments may occur that could materially change the Company’s current cost estimates, including, but not limited to: (i) changes in the information available regarding the environmental impact of the Company’s operations and products; (ii) changes in environmental regulations, changes in permissible levels of specific compounds in drinking water sources, or changes in enforcement theories and policies, including efforts to recover natural resource damages; (iii) new and evolving analytical and remediation techniques; (iv) changes to the form of remediation; (v) success in allocating liability to other potentially responsible parties; and (vi) the financial viability of other potentially responsible parties and third-party indemnitors. For locations at which remediation activity is largely ongoing, the Company cannot estimate a possible loss or range of loss in excess of the associated established reserves for the reasons described above. The Company adjusts recorded liabilities as further information develops or circumstances change.

Minimum Royalties and Advertising Commitments

The Company has future minimum royalty and advertising obligations due under the terms of certain licenses held by the Company. These minimum future obligations for the fiscal periods subsequent to September 28, 2024 are as follows:


(In millions)	2024		2025		2026		2027		2028		Thereafter
Minimum royalties	$	0.2	$	—	$	—	$	—	$	—	$	—
Minimum advertising	—		3.0		3.1		3.2		3.3		—

Minimum royalties are based on both fixed obligations and assumptions regarding the Consumer Price Index. Royalty obligations in excess of minimum requirements are based upon future sales levels. In accordance with these agreements, the Company incurred royalty expense of $0.5 million and $1.1 million for the quarter and year-to-date ended September 28, 2024, respectively. For the quarter and year-to-date ended September 30, 2023, the Company incurred royalty expense in accordance with these agreements of $0.5 million and $1.2 million, respectively.

The terms of certain license agreements also require the Company to make advertising expenditures based on the level of sales of the licensed products. In accordance with these agreements, the Company incurred advertising expense of $1.5 million and $3.7 million for the quarter and year-to-date ended September 28, 2024, respectively. For the quarter and year-to-date ended September 30, 2023, the Company incurred advertising expense in accordance with these agreements of $1.3 million and $5.0 million, respectively.

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Current assets:
Cash and cash equivalents	$ 140.2	$ 179.0	$ 160.4
Accounts receivable, less allowances: September 28, 2024: $9.3; December 30, 2023: $18.3; September 30, 2023: $13.3	244.4	230.8	272.0
Inventories:
Finished products, net	283.9	371.6	561.7
Raw materials and work-in-process, net	1.6	2.0	2.1
Total inventories	285.5	373.6	563.8
Prepaid expenses and other current assets	92.2	81.1	84.9
Current assets held for sale	0.0	160.6	16.1
Total current assets	762.3	1,025.1	1,097.2
Noncurrent assets:
Property plant and equipment net of accumulated depreciation: September 28, 2024: $231.1; December 30, 2023: $255.2; September 30, 2023: $254.6	88.7	96.3	126.5
Lease right-of-use assets, net	108.0	118.2	148.7
Goodwill	430.5	427.1	465.4
Indefinite-lived intangibles	179.3	174.1	237.0
Amortizable intangibles, net	33.2	34.9	57.4
Deferred Income Tax Assets, Net	93.1	116.4	26.3
Other assets	63.6	70.7	72.8
Total assets	1,758.7	2,062.8	2,231.3
Current liabilities:
Accounts payable	230.4	206.0	197.2
Accrued salaries and wages	29.7	37.1	21.8
Other accrued liabilities	190.2	252.4	210.9
Lease liabilities	33.3	34.7	38.7
Current maturities of long-term debt	10.0	10.0	10.0
Borrowings under revolving credit agreements	125.0	305.0	370.0
Disposal Group, Including Discontinued Operation, Liabilities, Current	0.0	24.2	3.1
Total current liabilities	618.6	869.4	851.7
Noncurrent liabilities:
Long-term debt, less current maturities	567.8	605.8	716.3
Accrued pension liabilities	76.3	78.4	71.7
Deferred Income Tax Liabilities, Net	27.8	26.9	34.0
Operating Lease, Liability, Noncurrent	122.7	132.4	141.3
Other liabilities	48.8	49.9	53.6
Stockholders’ equity:
Common Stock - par value $1, authorized 320,000,000 shares; shares issued (including shares in treasury): September 28, 2024: 113,461,555 shares; December 30, 2023: 112,953,782 shares; September 30, 2023: 112,939,664 shares	113.5	113.0	112.9
Additional paid-in capital	376.5	364.0	330.7
Retained earnings	833.0	834.8	934.5
Accumulated other comprehensive loss	(144.1)	(142.2)	(144.5)
Cost of shares in treasury: September 28, 2024: 33,394,607 shares; December 30, 2023: 33,403,280 shares; September 30, 2023: 33,407,203 shares	(890.8)	(891.0)	(891.2)
Total Wolverine World Wide, Inc. stockholders’ equity	288.1	278.6	342.4
Noncontrolling interest	8.6	21.4	20.3
Total stockholders’ equity	296.7	300.0	362.7
Total liabilities and stockholders’ equity	$ 1,758.7	$ 2,062.8	$ 2,231.3

Revenue From Contracts With Customers Contract Balances (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Revenue from Contracts with Customer [Abstract]
Product Returns Reserve	$ 8.8	$ 13.1	$ 10.8
Customer Markdowns Reserve	0.5	5.1	4.6
Sales Incentives Reserve	2.9	4.2	3.4
Customer Rebates Liability	11.4	14.7	14.0
Customer Advances, Current	$ 7.5	$ 6.8	$ 4.9

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Statement of Financial Position [Abstract]
Accounts receivable allowance	$ 9.3	$ 18.3	$ 13.3
Accumulated depreciation	$ (231.1)	$ (255.2)	$ (254.6)
Common stock, par value	$ 1	$ 1	$ 1
Common stock, shares authorized	320,000,000	320,000,000	320,000,000
Common stock, shares issued (including shares in treasury)	113,461,555	112,953,782	112,939,664
Treasury Stock, Common, Shares	33,394,607	33,403,280	33,407,203

Goodwill and Indefinite-Lived Intangibles Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023	Dec. 31, 2022
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangibles	$ 179.3	$ 237.0	$ 179.3	$ 237.0	$ 174.1
Goodwill	430.5	465.4	430.5	465.4	$ 427.1	$ 485.0
Sperry [Member]
Indefinite-lived Intangible Assets [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)	0.0	$ 38.3	0.0	$ 38.3
Sweaty Betty [Member]
Indefinite-lived Intangible Assets [Line Items]
Goodwill, Impaired, Accumulated Impairment Loss	48.4		48.4
Indefinite-lived intangibles	104.7		104.7
Fair Value Exceeding Carrying Value of Goodwill, Percent					5.00%
Goodwill	$ 55.8		$ 55.8

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

Revenue From Contracts With Customers (Tables)

9 Months Ended

Sep. 28, 2024

Revenue From Contracts With Customers [Abstract]

Disaggregation of Revenue [Table Text Block]


	Quarter Ended September 28, 2024						Quarter Ended September 30, 2023
(In millions)	Wholesale		Direct-to-Consumer		Total		Wholesale		Direct-to-Consumer		Total
Active Group	$	217.1	$	101.6	$	318.7	$	225.2	$	103.4	$	328.6
Work Group	99.8		9.3		109.1		111.4		11.6		123.0

Other	10.9		1.5		12.4		54.5		21.6		76.1
Total Revenue	$	327.8	$	112.4	$	440.2	$	391.1	$	136.6	$	527.7


	Year-To-Date Ended September 28, 2024						Year-To-Date Ended September 30, 2023
(In millions)	Wholesale		Direct-to-Consumer		Total		Wholesale		Direct-to-Consumer		Total
Active Group	$	616.4	$	298.0	$	914.4	$	800.4	$	297.4	$	1,097.8
Work Group	276.9		27.3		304.2		322.4		32.9		355.3
Other	34.8		6.9		41.7		197.9		65.2		263.1
Total Revenue	$	928.1	$	332.2	$	1,260.3	$	1,320.7	$	395.5	$	1,716.2

Contract with Customer, Asset and Liability [Table Text Block]

The Company’s contract balances are as follows:


(In millions)	September 28, 2024		December 30, 2023		September 30, 2023
Product returns reserve	$	8.8	$	13.1	$	10.8
Customer markdowns reserve	0.5		5.1		4.6
Other sales incentives reserve	2.9		4.2		3.4
Customer rebates liability	11.4		14.7		14.0
Customer advances liability	7.5		6.8		4.9

Accumulated Other Comprehensive Income (Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance AOCI	$ (149.9)	$ (135.5)	$ (142.2)	$ (132.9)
Accumulated other comprehensive loss	(144.1)	(144.5)	(144.1)	(144.5)
Other comprehensive income (loss) before reclassifications	6.6	(4.2)	1.6	(3.2)
Amounts reclassified from AOCI	(1.2)	(6.2)	(4.7)	(12.5)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax	0.4	1.4	1.2	4.1
Net reclassifications	(0.8)	(4.8)	(3.5)	(8.4)
Other Comprehensive Income (Loss), Net of Tax	5.4	(9.2)	(2.9)	(11.6)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(5.8)	9.0	1.9	11.6
Ending balance AOCI	(144.1)	(144.5)	(144.1)	(144.5)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance AOCI	(127.0)	(125.0)	(116.3)	(133.1)
Accumulated other comprehensive loss	(114.2)	(138.1)	(114.2)	(138.1)
Other comprehensive income (loss) before reclassifications	12.8	(13.1)	1.9	(9.2)
Amounts reclassified from AOCI	0.0	0.0	0.2	4.2
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax	0.0	0.0	0.0	0.0
Net reclassifications	0.0	0.0	0.2	4.2
Other Comprehensive Income (Loss), Net of Tax	(12.8)	13.1	(2.1)	5.0
Ending balance AOCI	(114.2)	(138.1)	(114.2)	(138.1)
Derivatives [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance AOCI	(13.4)	(8.5)	(17.1)	1.9
Accumulated other comprehensive loss	(20.1)	(4.3)	(20.1)	(4.3)
Other comprehensive income (loss) before reclassifications	(6.2)	8.9	(0.3)	6.0
Amounts reclassified from AOCI	(0.7)	(6.1)	(3.6)	(16.2)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax	0.2	1.4	0.9	4.0
Net reclassifications	(0.5)	(4.7)	(2.7)	(12.2)
Other Comprehensive Income (Loss), Net of Tax	6.7	(4.2)	3.0	6.2
Ending balance AOCI	(20.1)	(4.3)	(20.1)	(4.3)
Pension adjustments [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance AOCI	(9.5)	(2.0)	(8.8)	(1.7)
Accumulated other comprehensive loss	(9.8)	(2.1)	(9.8)	(2.1)
Other comprehensive income (loss) before reclassifications	0.0	0.0	0.0	0.0
Amounts reclassified from AOCI	(0.5)	(0.1)	(1.3)	(0.5)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax	0.2	0.0	0.3	0.1
Net reclassifications	(0.3)	(0.1)	(1.0)	(0.4)
Other Comprehensive Income (Loss), Net of Tax	0.3	0.1	1.0	0.4
Ending balance AOCI	$ (9.8)	$ (2.1)	$ (9.8)	$ (2.1)

Retirement Plans (Tables)

9 Months Ended

Sep. 28, 2024

Retirement Benefits [Abstract]

Summary of Net Pension and SERP Expense Recognized

The following is a summary of net pension and Supplemental Executive Retirement Plan (“SERP”) expense recognized by the Company.


	Quarter Ended				Year-To-Date Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Service cost pertaining to benefits earned during the period	$	0.7	$	0.7	$	2.1	$	2.3
Interest cost on projected benefit obligations	4.5		4.4		13.4		13.3
Expected return on pension assets	(4.9)		(4.6)		(14.7)		(13.9)
Net amortization loss	(0.5)		(0.1)		(1.3)		(0.5)
Net pension expense (income)	$	(0.2)	$	0.4	$	(0.5)	$	1.2

Business Segments (Assets and Goodwill by Segment) (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 1,758.7	$ 2,062.8	$ 2,231.3
Goodwill	430.5	427.1	465.4	$ 485.0
Active Group
Segment Reporting Information [Line Items]
Total assets	1,106.7	1,183.9	1,270.0
Goodwill	320.4	317.7	314.9
Work Group
Segment Reporting Information [Line Items]
Total assets	290.5	288.4	322.4
Goodwill	61.0	60.3	59.8
Other [Member]
Segment Reporting Information [Line Items]
Total assets	85.4	250.8	401.0
Goodwill	49.1	49.1	90.7
Corporate [Member]
Segment Reporting Information [Line Items]
Total assets	$ 276.1	$ 339.7	$ 237.9

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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Investments, Equity Method and Joint Ventures (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Revenue	$ 440.2	$ 527.7	$ 1,260.3	$ 1,716.2
Related Party [Member]
Related Party Transaction [Line Items]
Revenue		$ 16.8		$ 41.1

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue From Contracts With Customers Disaggrated Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Revenue	$ 440.2	$ 527.7	$ 1,260.3	$ 1,716.2
Active Group
Revenue	318.7	328.6	914.4	1,097.8
Work Group
Revenue	109.1	123.0	304.2	355.3
Other [Member]
Revenue	12.4	76.1	41.7	263.1
Wholesale Channel [Member]
Revenue	327.8	391.1	928.1	1,320.7
Wholesale Channel [Member] \| Active Group
Revenue	217.1	225.2	616.4	800.4
Wholesale Channel [Member] \| Work Group
Revenue	99.8	111.4	276.9	322.4
Wholesale Channel [Member] \| Other [Member]
Revenue	10.9	54.5	34.8	197.9
Consumer-Direct Channel [Member]
Revenue	112.4	136.6	332.2	395.5
Consumer-Direct Channel [Member] \| Active Group
Revenue	101.6	103.4	298.0	297.4
Consumer-Direct Channel [Member] \| Work Group
Revenue	9.3	11.6	27.3	32.9
Consumer-Direct Channel [Member] \| Other [Member]
Revenue	$ 1.5	$ 21.6	$ 6.9	$ 65.2

- Definition

+ References

+ Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 28, 2024	Oct. 21, 2024
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 28, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	WOLVERINE WORLD WIDE INC /DE/
Entity Central Index Key	0000110471
Current Fiscal Year End Date	--12-28
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		80,066,948
Entity Emerging Growth Company	false
Entity Small Business	false
Document Transition Report	false
Document Quarterly Report	true
Entity File Number	001-06024
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	38-1185150
Entity Address, Address Line One	9341 Courtland Drive N.E.
Entity Address, City or Town	Rockford
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	49351
City Area Code	(616)
Local Phone Number	866-5500
Title of 12(b) Security	Common Stock, $1 Par Value
Trading Symbol	WWW
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false

Accumulated Other Comprehensive Income (Loss) (Notes)

9 Months Ended

Sep. 28, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income (loss) represents net earnings and any revenue, expenses, gains and losses that, under U.S. GAAP, are excluded from net earnings and recognized directly as a component of stockholders’ equity.

The change in accumulated other comprehensive income (loss) during the quarters ended September 28, 2024 and September 30, 2023 is as follows:


(In millions)	Foreign currency translation		Derivatives			Pension			Total
Balance at July 1, 2023	$	(125.0)	$	(8.5)		$	(2.0)		$	(135.5)
Other comprehensive income (loss) before reclassifications (1)	(13.1)		8.9			—			(4.2)
Amounts reclassified from accumulated other comprehensive loss	—		(6.1)		(2)	(0.1)		(3)	(6.2)
Income tax expense	—		1.4			—			1.4
Net reclassifications	—		(4.7)			(0.1)			(4.8)
Net current-period other comprehensive income (loss) (1)	(13.1)		4.2			(0.1)			(9.0)
Balance at September 30, 2023	$	(138.1)	$	(4.3)		$	(2.1)		$	(144.5)

Balance at June 29, 2024	$	(127.0)	$	(13.4)		$	(9.5)		$	(149.9)
Other comprehensive income (loss) before reclassifications (1)	12.8		(6.2)			—			6.6
Amounts reclassified from accumulated other comprehensive loss	—		(0.7)		(2)	(0.5)		(3)	(1.2)
Income tax expense	—		0.2			0.2			0.4
Net reclassifications	—		(0.5)			(0.3)			(0.8)
Net current-period other comprehensive income (loss) (1)	12.8		(6.7)			(0.3)			5.8
Balance at September 28, 2024	$	(114.2)	$	(20.1)		$	(9.8)		$	(144.1)

(1)Other comprehensive income (loss) is reported net of taxes and noncontrolling interest.

(2)Amounts related to foreign currency derivatives deemed to be highly effective are included in cost of goods sold. Amounts related to foreign currency derivatives that are no longer deemed to be highly effective are included in other income. Amounts related to the interest rate swap are included in interest expense.

(3)Amounts reclassified are included in the computation of net pension expense.

The change in accumulated other comprehensive income (loss) during the year-to-date periods ended September 28, 2024 and September 30, 2023 is as follows:


(In millions)	Foreign currency translation		Derivatives			Pension			Total
Balance at December 31, 2022	$	(133.1)	$	1.9		$	(1.7)		$	(132.9)
Other comprehensive income (loss) before reclassifications (1)	(9.2)		6.0			—			(3.2)
Amounts reclassified from accumulated other comprehensive income (loss)	4.2		(16.2)		(2)	(0.5)		(3)	(12.5)
Income tax expense	—		4.0			0.1			4.1
Net reclassifications	4.2		(12.2)			(0.4)			(8.4)
Net current-period other comprehensive income (loss) (1)	(5.0)		(6.2)			(0.4)			(11.6)
Balance at September 30, 2023	$	(138.1)	$	(4.3)		$	(2.1)		$	(144.5)

Balance at December 30, 2023	$	(116.3)	$	(17.1)		$	(8.8)		$	(142.2)
Other comprehensive income (loss) before reclassifications (1)	1.9		(0.3)			—			1.6
Amounts reclassified from accumulated other comprehensive income (loss)	0.2		(3.6)		(2)	(1.3)		(3)	(4.7)
Income tax expense	—		0.9			0.3			1.2
Net reclassifications	0.2		(2.7)			(1.0)			(3.5)
Net current-period other comprehensive income (loss) (1)	2.1		(3.0)			(1.0)			(1.9)
Balance at September 28, 2024	$	(114.2)	$	(20.1)		$	(9.8)		$	(144.1)

(1)Other comprehensive income (loss) is reported net of taxes and noncontrolling interest.

(3)Amounts reclassified are included in the computation of net pension expense.

JV Consolidated Balances (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 140.2	$ 179.0	$ 160.4
Accounts receivable, less allowances	244.4	230.8	272.0
Inventory, Net	285.5	373.6	563.8
Current assets held for sale	0.0	160.6	16.1
Total assets	1,758.7	2,062.8	2,231.3
Total current liabilities	618.6	869.4	851.7
Disposal Group, Including Discontinued Operation, Liabilities, Current	$ 0.0	24.2	3.1
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash and cash equivalents		0.0	4.1
Accounts receivable, less allowances		0.0	8.4
Inventory, Net		0.0	36.1
Other Assets, Current		0.0	4.0
Assets, Noncurrent		0.0	0.9
Current assets held for sale		51.6	0.0
Total assets		51.6	53.5
Total current liabilities		0.0	11.8
Liabilities, Noncurrent		0.0	0.1
Disposal Group, Including Discontinued Operation, Liabilities, Current		15.4	0.0
Liabilities		$ 15.4	$ 11.9

Financial Instruments and Risk Management (Notes)

9 Months Ended

Sep. 28, 2024

Investments, All Other Investments [Abstract]

Financial Instruments and Risk Management

DERIVATIVE FINANCIAL INSTRUMENTS

The Company utilizes foreign currency forward exchange contracts designated as cash flow hedges to manage the volatility associated primarily with U.S. dollar inventory purchases made by non-U.S. wholesale operations in the normal course of business. These foreign currency forward exchange hedge contracts extended out to a maximum of 538 days, 531 days, and 531 days as of September 28, 2024, December 30, 2023 and September 30, 2023, respectively. If, in the future, the foreign exchange contracts are determined not to be highly effective or are terminated before their contractual termination dates, the Company would remove the hedge designation from those contracts and reclassify into earnings the unrealized gains or losses that would otherwise be included in accumulated other comprehensive income (loss) within stockholders’ equity.

The Company also utilizes foreign currency forward exchange contracts that are not designated as hedging instruments to manage foreign currency transaction exposure. Foreign currency derivatives not designated as hedging instruments are offset by foreign exchange gains or losses resulting from the underlying exposures of foreign currency denominated assets and liabilities.

The Company has an interest rate swap arrangement, which unless otherwise terminated, will mature on May 30, 2025. This agreement, which exchanges floating rate interest payments for fixed rate interest payments over the life of the agreement without the exchange of the underlying notional amounts, has been designated as a cash flow hedge of the underlying debt. The notional amount of the interest rate swap arrangement is used to measure interest to be paid or received and does not represent the amount of exposure to credit loss. The differential paid or received on the interest rate swap arrangement is recognized as interest expense, net. In accordance with FASB Accounting Standards Codification (“ASC”) Topic 815, Derivatives and Hedging, the Company has formally documented the relationship between the interest rate swap and the variable rate borrowing, as well as its risk management objective and strategy for undertaking the hedge transactions. This process included linking the derivative to the specific liability or asset on the balance sheet. The Company also assessed at the inception of the hedge, and continues to assess on an ongoing basis, whether the derivative used in the hedging transaction is highly effective in offsetting changes in the cash flows of the hedged item.

The notional amounts of the Company’s derivative instruments are as follows:


(Dollars in millions)	September 28, 2024		December 30, 2023		September 30, 2023
Foreign exchange hedge contracts	$	258.6	$	269.0	$	267.8

Interest rate swap	38.0		75.3		109.6

The recorded fair values of the Company’s derivative instruments are as follows:




(In millions)	September 28, 2024		December 30, 2023		September 30, 2023
Financial assets:
Foreign exchange hedge contracts	$	0.2	$	—	$	4.3

Interest rate swap	0.5		1.8		3.0

Financial liabilities:
Foreign exchange hedge contracts	$	(6.1)	$	(5.1)	$	(0.3)

Foreign exchange hedge contract financial assets are recorded to prepaid expenses and other current assets and financial liabilities are recorded to other accrued liabilities on the consolidated condensed balance sheets. Interest rate swap financial assets are recorded to other assets and financial liabilities are recorded to other liabilities on the consolidated condensed balance sheets.

Business Segments (Notes)

9 Months Ended

Sep. 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.

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. The Other category 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.


	Quarter Ended				Year-to-Date Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Revenue:
Active Group	$	318.7	$	328.6	$	914.4	$	1,097.8
Work Group	109.1		123.0		304.2		355.3
Other	12.4		76.1		41.7		263.1
Total	$	440.2	$	527.7	$	1,260.3	$	1,716.2
Segment operating profit (loss):
Active Group	$	53.3	$	32.7	$	131.6	$	124.6
Work Group	16.3		15.4		43.6		45.7
Other	8.3		8.2		20.7		27.9
Corporate	(42.7)		(29.0)		(134.7)		(79.5)
Operating profit	35.2		27.3		61.2		118.7
Interest expense, net	9.6		15.5		33.5		47.4

Other expense (income), net	(3.8)		2.4		(5.4)		3.2
Earnings before income taxes	$	29.4	$	9.4	$	33.1	$	68.1


(In millions)	September 28, 2024		December 30, 2023		September 30, 2023
Total assets:
Active Group	$	1,106.7	$	1,183.9	$	1,270.0
Work Group	290.5		288.4		322.4
Other	85.4		250.8		401.0
Corporate	276.1		339.7		237.9
Total	$	1,758.7	$	2,062.8	$	2,231.3
Goodwill:
Active Group	$	320.4	$	317.7	$	314.9
Work Group	61.0		60.3		59.8
Other	49.1		49.1		90.7
Total	$	430.5	$	427.1	$	465.4

- 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.

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+ Details

Financial Instruments and Risk Management (Derivative Notional Amounts) (Details) - Hedge [Member] - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Foreign exchange contracts [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset, Notional Amount	$ 258.6	$ 269.0	$ 267.8
Interest rate swaps [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset, Notional Amount	$ 38.0	$ 75.3	$ 109.6

- Definition

Nominal or face amount used to calculate payments on the derivative asset.

+ References + Details

Litigation and Contingencies Environmental Remediation (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Environmental Exit Cost [Line Items]
Site Contingency, Recovery from Third Party of Environmental Remediation Cost		$ 55.0
Loss Contingency Accrual, Period Increase (Decrease)	$ 6.0
Loss Contingency Accrual	11.1
Accrual for Environmental Loss Contingencies [Roll Forward]
Remediation liability at beginning of the year	57.9	74.1
Changes in estimate	5.2	(21.0)
Amounts paid	(22.5)	(9.5)
Remediation liability at the end of the quarter	40.6	$ 43.6
Environmental remediation accrual, noncurrent	21.8
Environmental remediation accrual, current	$ 18.8
Site Contingency, Disbursement Period, Estimate, Accrued	25 years

Statement of Shareholders' Equity (Statement) - Parenthetical - $ / shares	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture	46,944	21,618	500,067	731,544
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0	0	0	6,042
Cash dividends declared per share	$ 0.10	$ 0.10	$ 0.30	$ 0.30
Stock Issued During Period, Shares, Treasury Stock Reissued	2,180	2,374	8,673	6,001

Discontinued Operations and Disposal Groups Leathers (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents		$ 5.6	$ 4.3	$ 4.0
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net		15.4	3.0
Disposed, Inventory		83.3	8.8
Disposed, prepaid expenses and other current assets		2.9	0.0
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment		3.8	0.0
Disposal Group, Including Discontinued Operation, Operating Lease, Right of Use Asset		7.6	0.0
Disposal Group, Including Discontinued Operation, Goodwill		43.0	0.0
Disposal Group, Including Discontinued Operation, Intangible Assets		67.0	0.0
Disposal Group, Including Discontinued Operation, Amortizable Intangible Assets Net		21.0	0.0
Disposal Group, Including Discontinued Operation, Other Assets		7.8	0.0
Disposal Group, Including Discontinued Operation, Impairment		(96.8)	0.0
Current assets held for sale	$ 0.0	160.6	16.1
Disposal Group, Including Discontinued Operation, Accounts Payable		4.8	2.8
Disposal Group, Including Discontinued Operation, Operating Lease, Liability		9.0	0.0
Disposed, other accrued liabilities		9.0	0.3
Disposal Group, Including Discontinued Operation, Other Liabilities		1.4	0.0
Disposal Group, Including Discontinued Operation, Liabilities, Current	$ 0.0	$ 24.2	$ 3.1

Revenue From Contracts With Customers Additional Information (Details) $ in Millions	Sep. 28, 2024 USD ($)
Revenue Recognition [Abstract]
Remaining Fixed Transaction Price	$ 41.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year	2028

Financial Instruments and Risk Management Derivative Recorded Values (Details) - Hedge [Member] - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Foreign exchange contracts, asset	$ 0.2	$ 0.0	$ 4.3
Foreign exchange contracts liabilities	(6.1)	(5.1)	(0.3)
Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Interest rate swap, assets	$ 0.5	$ 1.8	$ 3.0

Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,563,018	1,964,421	1,636,131	2,042,094
Numerator:
Net earnings attributable to Wolverine World Wide, Inc.	$ 23.6	$ 8.6	$ 23.3	$ 51.6
Adjustment for earnings allocated to non-vested restricted common stock	(0.8)	(0.2)	(0.9)	(1.2)
Net earnings used in calculating basic and diluted earnings per share	$ 22.8	$ 8.4	$ 22.4	$ 50.4
Denominator:
Weighted average shares outstanding	80,000,000.0	79,500,000	79,900,000	79,400,000
Effect of dilutive stock options	0	0	0	0
Shares used in calculating diluted earnings per share	80,000,000.0	79,500,000	79,900,000	79,400,000
Net Earnings Per Share: [Abstract]
Basic	$ 0.28	$ 0.11	$ 0.28	$ 0.64
Diluted	$ 0.28	$ 0.11	$ 0.28	$ 0.64

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 28, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The Company granted restricted awards and performance awards as follows:


	Year-To-Date Ended September 28, 2024			Year-To-Date Ended September 30, 2023
(In millions)	Company Shares Issued	Weighted-Average Grant Date Fair Value		Company Shares Issued	Weighted-Average Grant Date Fair Value
Restricted Awards	1,945,347	$	8.70	1,412,030	$	14.90
Performance Awards	1,241,836	$	8.60	680,737	$	15.16

Debt (Tables)

9 Months Ended

Sep. 28, 2024

Debt Disclosure [Abstract]

Schedule of Borrowings

Total debt consists of the following obligations:


(In millions)	September 28, 2024		December 30, 2023		September 30, 2023
Term Facility, due October 21, 2026	$	32.5	$	71.7	$	182.5




Senior Notes, 4.000% interest, due August 15, 2029	550.0		550.0		550.0
Borrowings under revolving credit agreements	125.0		305.0		370.0
Unamortized deferred financing costs	(4.7)		(5.9)		(6.2)
Total debt	$	702.8	$	920.8	$	1,096.3

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Consolidated Condensed Statements of Operations and Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 440.2	$ 527.7	$ 1,260.3	$ 1,716.2
Cost of goods sold	241.0	312.3	696.5	1,036.7
Gross profit	199.2	215.4	563.8	679.5
Selling, general and administrative expenses	171.2	203.3	514.6	610.8
Gain on sale of businesses, trademarks, and long-lived assets	(8.5)	(57.7)	(8.5)	(77.8)
Impairment, Long-Lived Asset, Held-for-Use	0.0	40.2	9.3	55.8
Environmental and other related costs (income), net of recoveries	1.3	2.3	(12.8)	(28.0)
Operating profit	35.2	27.3	61.2	118.7
Other expenses:
Interest expense, net	9.6	15.5	33.5	47.4
Other expense (income), net	(3.8)	2.4	(5.4)	3.2
Total other expenses	5.8	17.9	28.1	50.6
Earnings before income taxes	29.4	9.4	33.1	68.1
Income tax expense	5.1	0.4	6.9	16.7
Net earnings	24.3	9.0	26.2	51.4
Less: net earnings (loss) attributable to noncontrolling interests	0.7	0.4	2.9	(0.2)
Net earnings attributable to Wolverine World Wide, Inc.	$ 23.6	$ 8.6	$ 23.3	$ 51.6
Net Earnings Per Share:
Basic	$ 0.28	$ 0.11	$ 0.28	$ 0.64
Diluted	$ 0.28	$ 0.11	$ 0.28	$ 0.64
Comprehensive income (loss)	$ 29.7	$ (0.2)	$ 23.3	$ 39.8
Less: comprehensive income (loss) attributable to noncontrolling interests	0.3	0.2	1.9	(0.2)
Comprehensive income (loss) attributable to Wolverine World Wide, Inc.	$ 29.4	$ (0.4)	$ 21.4	$ 40.0
Cash dividends declared per share	$ 0.10	$ 0.10	$ 0.30	$ 0.30

Divestitures (Tables)

9 Months Ended

Sep. 28, 2024

Divestitures [Abstract]

Schedule of gain loss on sale of business

The following table summarizes the net gain recognized in the first quarter of 2023 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

Disposal Groups, Including Discontinued Operations [Table Text Block]

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:


(In millions)	December 30, 2023		September 30, 2023
Cash and cash equivalents	$	5.6	$	4.3
Accounts receivables, net	15.4		3.0
Inventories	83.3		8.8
Other current assets	2.9		—
Property, plant and equipment, net	3.8		—
Lease right-of-use assets	7.6		—
Goodwill	43.0		—
Indefinite-lived intangibles	67.0		—
Amortizable intangibles, net	21.0		—

Other assets	7.8		—
Impairment of carrying value	(96.8)		—
Total assets held for sale	$	160.6	$	16.1

Accounts payable	$	4.8	$	2.8
Lease liabilities	9.0		—
Accrued liabilities	9.0		0.3

Other liabilities	1.4		—
Total liabilities held for sale	$	24.2	$	3.1

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 28, 2024

Equity [Abstract]

Changes in Accumulated Other Comprehensive Income (Loss)

The change in accumulated other comprehensive income (loss) during the quarters ended September 28, 2024 and September 30, 2023 is as follows:


(In millions)	Foreign currency translation		Derivatives			Pension			Total
Balance at July 1, 2023	$	(125.0)	$	(8.5)		$	(2.0)		$	(135.5)
Other comprehensive income (loss) before reclassifications (1)	(13.1)		8.9			—			(4.2)
Amounts reclassified from accumulated other comprehensive loss	—		(6.1)		(2)	(0.1)		(3)	(6.2)
Income tax expense	—		1.4			—			1.4
Net reclassifications	—		(4.7)			(0.1)			(4.8)
Net current-period other comprehensive income (loss) (1)	(13.1)		4.2			(0.1)			(9.0)
Balance at September 30, 2023	$	(138.1)	$	(4.3)		$	(2.1)		$	(144.5)

Balance at June 29, 2024	$	(127.0)	$	(13.4)		$	(9.5)		$	(149.9)
Other comprehensive income (loss) before reclassifications (1)	12.8		(6.2)			—			6.6
Amounts reclassified from accumulated other comprehensive loss	—		(0.7)		(2)	(0.5)		(3)	(1.2)
Income tax expense	—		0.2			0.2			0.4
Net reclassifications	—		(0.5)			(0.3)			(0.8)
Net current-period other comprehensive income (loss) (1)	12.8		(6.7)			(0.3)			5.8
Balance at September 28, 2024	$	(114.2)	$	(20.1)		$	(9.8)		$	(144.1)

(1)Other comprehensive income (loss) is reported net of taxes and noncontrolling interest.

(3)Amounts reclassified are included in the computation of net pension expense.

The change in accumulated other comprehensive income (loss) during the year-to-date periods ended September 28, 2024 and September 30, 2023 is as follows:


(In millions)	Foreign currency translation		Derivatives			Pension			Total
Balance at December 31, 2022	$	(133.1)	$	1.9		$	(1.7)		$	(132.9)
Other comprehensive income (loss) before reclassifications (1)	(9.2)		6.0			—			(3.2)
Amounts reclassified from accumulated other comprehensive income (loss)	4.2		(16.2)		(2)	(0.5)		(3)	(12.5)
Income tax expense	—		4.0			0.1			4.1
Net reclassifications	4.2		(12.2)			(0.4)			(8.4)
Net current-period other comprehensive income (loss) (1)	(5.0)		(6.2)			(0.4)			(11.6)
Balance at September 30, 2023	$	(138.1)	$	(4.3)		$	(2.1)		$	(144.5)

Balance at December 30, 2023	$	(116.3)	$	(17.1)		$	(8.8)		$	(142.2)
Other comprehensive income (loss) before reclassifications (1)	1.9		(0.3)			—			1.6
Amounts reclassified from accumulated other comprehensive income (loss)	0.2		(3.6)		(2)	(1.3)		(3)	(4.7)
Income tax expense	—		0.9			0.3			1.2
Net reclassifications	0.2		(2.7)			(1.0)			(3.5)
Net current-period other comprehensive income (loss) (1)	2.1		(3.0)			(1.0)			(1.9)
Balance at September 28, 2024	$	(114.2)	$	(20.1)		$	(9.8)		$	(144.1)

(1)Other comprehensive income (loss) is reported net of taxes and noncontrolling interest.

(3)Amounts reclassified are included in the computation of net pension expense.

Litigation and Contingencies Minimum Royalty and Advertising Obligations Due Under Terms of Certain Licenses Held by Company (Details) $ in Millions	Sep. 28, 2024 USD ($)
Royalties [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
2024	$ 0.2
2025	0.0
2026	0.0
2027	0.0
2028	0.0
Thereafter	0.0
Advertising [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
2024	0.0
2025	3.0
2026	3.1
2027	3.2
2028	3.3
Thereafter	$ 0.0

Goodwill and Indefinite-Lived Intangibles (Changes in the Carrying Amount of Goodwill and Indefinite-Lived Intangibles) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Goodwill [Roll Forward]
Goodwill, Beginning balance	$ 427.1	$ 485.0
Goodwill, Written off Related to Sale of Business Unit	0.0	(20.4)
Foreign currency translation effects	3.4	0.8
Goodwill, Ending balance	$ 430.5	$ 465.4

- Definition

+ References

+ Details

Revenue From Contracts With Customers (Notes)

9 Months Ended

Sep. 28, 2024

Revenue From Contracts With Customers [Abstract]

Revenue from Contract with Customer [Text Block]

REVENUE FROM CONTRACTS WITH CUSTOMERS

Revenue Recognition and Performance Obligations

The Company reports disaggregated revenue by sales channel, including the wholesale and direct-to-consumer sales channels, reconciled to the Company’s reportable segments. The wholesale channel includes royalty revenues due to the similarity in the Company’s oversight and management, customer base, the performance obligation (footwear and apparel goods) and point in time completion of the performance obligation. The direct-to-consumer sales channel includes sales from the Company’s owned retail stores and from the Company’s owned eCommerce sites.


	Quarter Ended September 28, 2024						Quarter Ended September 30, 2023
(In millions)	Wholesale		Direct-to-Consumer		Total		Wholesale		Direct-to-Consumer		Total
Active Group	$	217.1	$	101.6	$	318.7	$	225.2	$	103.4	$	328.6
Work Group	99.8		9.3		109.1		111.4		11.6		123.0

Other	10.9		1.5		12.4		54.5		21.6		76.1
Total Revenue	$	327.8	$	112.4	$	440.2	$	391.1	$	136.6	$	527.7


	Year-To-Date Ended September 28, 2024						Year-To-Date Ended September 30, 2023
(In millions)	Wholesale		Direct-to-Consumer		Total		Wholesale		Direct-to-Consumer		Total
Active Group	$	616.4	$	298.0	$	914.4	$	800.4	$	297.4	$	1,097.8
Work Group	276.9		27.3		304.2		322.4		32.9		355.3
Other	34.8		6.9		41.7		197.9		65.2		263.1
Total Revenue	$	928.1	$	332.2	$	1,260.3	$	1,320.7	$	395.5	$	1,716.2

The Company has agreements to license symbolic intellectual property with minimum guarantees or fixed consideration. The Company was due $41.5 million of remaining fixed transaction price under its license agreements as of September 28, 2024, which it expects to recognize per the terms of its contracts over the course of time through December 2028. The Company has elected to omit the remaining variable consideration under its license agreements given the Company recognizes revenue equal

to what it has the right to invoice and that amount corresponds directly with the value to the customer of the Company’s performance to date.

Reserves for Variable Consideration

Revenue is recorded at the net sales price (“transaction price”), which includes estimates of variable consideration for which reserves are established. Components of variable consideration include trade discounts and allowances, product returns, customer markdowns, customer rebates and other sales incentives relating to the sale of the Company’s products. These reserves, as detailed below, are based on the amounts earned, or to be claimed on the related sales. These estimates take into consideration a range of possible outcomes, which are probability-weighted in accordance with the expected value method for relevant factors such as current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the respective underlying contracts. Revenue recognized during the fiscal periods presented related to the Company’s contract liabilities was nominal.

The Company’s contract balances are as follows:


(In millions)	September 28, 2024		December 30, 2023		September 30, 2023
Product returns reserve	$	8.8	$	13.1	$	10.8
Customer markdowns reserve	0.5		5.1		4.6
Other sales incentives reserve	2.9		4.2		3.4
Customer rebates liability	11.4		14.7		14.0
Customer advances liability	7.5		6.8		4.9

The amount of variable consideration included in the transaction price may be constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. Actual amounts of consideration ultimately received may differ from initial estimates. If actual results in the future vary from initial estimates, the Company subsequently adjusts these estimates, which affects net revenue and earnings in the period such variances become known.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Debt (Schedule of Borrowings) (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Debt Instrument [Line Items]
Borrowings under revolving credit agreements	$ 125.0	$ 305.0	$ 370.0
Debt Issuance Costs, Noncurrent, Net	(4.7)	(5.9)	(6.2)
Total debt	702.8	920.8	1,096.3
Term Loan A [Member] \| October Twenty One Two Thousand Twenty Six
Debt Instrument [Line Items]
Long-term debt	32.5	71.7	182.5
Senior Notes [Member] \| August Fifteenth Two Thousand Twenty Nine [Domain]
Debt Instrument [Line Items]
Long-term debt	$ 550.0	$ 550.0	$ 550.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Financial Instruments and Risk Management (Additional Information) (Details)	9 Months Ended		12 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Foreign exchange contracts [Member]
Financial Instruments And Derivatives [Line Items]
Maximum remaining maturity of foreign currency derivatives	538 days	531 days	531 days
Interest rate swaps [Member]
Financial Instruments And Derivatives [Line Items]
Financial instrument expiration date	May 30, 2025

- Definition

Date derivative contract ends, in YYYY-MM-DD format.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net earnings attributable to Wolverine World Wide, Inc.	$ 23.6	$ 8.6	$ 23.3	$ 51.6

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 28, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]


	Fair Value Measurements
	Quoted Prices With Other Observable Inputs (Level 2)
(In millions)	September 28, 2024		December 30, 2023		September 30, 2023
Financial assets:
Derivatives	$	0.7	$	1.8	$	7.3
Financial liabilities:
Derivatives	$	(6.1)	$	(5.1)	$	(0.3)

Fair Value, by Balance Sheet Grouping [Table Text Block]

The carrying value and the fair value of the Company’s debt are as follows:


(In millions)	September 28, 2024		December 30, 2023		September 30, 2023
Carrying value	$	702.8	$	920.8	$	1,096.3
Fair value	641.4		813.3		971.9

Litigation and Contingencies (Tables)

9 Months Ended

Sep. 28, 2024

Commitments and Contingencies Disclosure [Abstract]

Environmental Exit Costs by Cost [Table Text Block]

The following is a summary of the activity with respect to the environmental remediation reserve established by the Company:


	Year-To-Date Ended
(In millions)	September 28, 2024		September 30, 2023
Remediation liability at beginning of the year	$	57.9	$	74.1
Changes in estimate	5.2		(21.0)
Amounts paid	(22.5)		(9.5)
Remediation liability at the end of the quarter	$	40.6	$	43.6

Minimum Royalty and Advertising Obligations Due Under Terms of Certain Licenses Held by Company

These minimum future obligations for the fiscal periods subsequent to September 28, 2024 are as follows:


(In millions)	2024		2025		2026		2027		2028		Thereafter
Minimum royalties	$	0.2	$	—	$	—	$	—	$	—	$	—
Minimum advertising	—		3.0		3.1		3.2		3.3		—

Summary of Significant Accounting Policies (Notes)

9 Months Ended

Sep. 28, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

BASIS OF PRESENTATION

Nature of Operations

Wolverine World Wide, Inc. (the “Company”) is a leading designer, marketer and licensor of a broad range of quality casual footwear and apparel; performance outdoor and athletic footwear and apparel; kids’ footwear; industrial work shoes, boots and apparel; and uniform shoes and boots. The Company’s portfolio of owned and licensed brands includes: Bates®, Cat®, Chaco®, Harley-Davidson®, Hush Puppies®, HYTEST®, Merrell®, Saucony®, Stride Rite®, Sweaty Betty® and Wolverine®. The Company’s products are marketed worldwide through owned operations, through licensing and distribution arrangements with third parties, and through joint ventures. The Company also operates retail stores and eCommerce sites to market both its own brands and branded footwear and apparel from other manufacturers.

Effective February 4, 2023, the Company completed the sale of the Keds® business. See Note 18 for further discussion.

In the third quarter of fiscal 2023, the Company entered into a multi-year licensing agreement of the Hush Puppies® brand in the United States and Canada and completed the sale of the Hush Puppies® trademarks, patents, copyrights, and domains in China, Hong Kong, and Macau. The Company will continue to own the Hush Puppies® brand throughout the rest of the world. See Note 18 for further discussion.

Effective August 23, 2023, the Company completed the sale of the U.S. Leathers business and effective December 28, 2023, the Company completed the sale of the Asia-based Leathers business. See Note 18 for further discussion.

Effective January 1, 2024, the Company completed the sale of the Company’s equity interest joint venture entities that sourced and marketed Merrell® and Saucony® footwear and apparel products in China. See Note 18 for further discussion.

Effective January 10, 2024, the Company completed the sale of the Sperry® business. See Note 18 for further discussion.

Effective May 4, 2024, the Company entered into global multi-year licensing agreements of the Merrell® and Saucony® kids footwear and Merrell® apparel and accessories.

Basis of Presentation

The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for a complete presentation of the financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included in the accompanying financial statements. For further information, refer to the consolidated financial statements and notes included in the Company’s 2023 Form 10-K.

Fiscal Year

The Company’s fiscal year is the 52 or 53-week period that ends on the Saturday nearest to December 31. Fiscal years 2024 and 2023 each have 52 weeks. The Company reports its quarterly results of operations on the basis of 13-week quarters for each of the first three fiscal quarters and a 13 or 14-week period for the fourth fiscal quarter. References to particular years or quarters refer to the Company’s fiscal years ended on the Saturday nearest to December 31 or the fiscal quarters within those years.

Seasonality

The Company experiences moderate fluctuations in sales volume during the year, as reflected in quarterly revenue. The Company expects current seasonal sales patterns to continue in future years. The Company also experiences some fluctuation in its levels of working capital, typically reflecting an increase in net working capital requirements near the end of the first and third fiscal quarters as inventory builds to support peak shipping periods. Historically, cash provided by operating activities is higher in the second half of the fiscal year due to collection of wholesale channel receivables and direct-to-consumer sales being higher during the holiday season. The Company meets its working capital requirements through internal operating cash flows and, as needed, borrowings under its revolving credit facility, as discussed in more detail under the caption "Liquidity and Capital Resources" in Item 2: "Management's Discussion and Analysis of Financial Condition and Results of Operations". The Company's working capital could also be impacted by other events, including health crises.

Impairment of Long-Lived Assets

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or an asset group may not be recoverable. Each impairment test is based on a comparison of the carrying amount of the asset or asset group to the future undiscounted net cash flows expected to be generated by the asset or asset group. Assets are considered impaired if the carrying amount exceeds fair value. The impairment amount recognized is the amount by which the carrying amount of the assets exceeds their fair value.

In the first quarter of 2024, the Company incurred $6.1 million in non-cash impairment charges on the long-lived property, plant and equipment and lease right-of-use assets at the Company’s distribution center in Louisville, Kentucky to adjust the carrying amount of the assets to their estimated fair value. The Louisville distribution center impairment were related to the Company’s transformation activities and actions to consolidate distribution operations. The long-lived assets are not expected to have a fair value after the Company stops using the distribution center.

The Company incurred $3.2 million and $15.6 million, in the second quarters of 2024 and 2023, respectively, in non-cash impairment charges on certain Corporate U.S. and Canada office long-lived property, plant and equipment and right-of-use assets, to adjust the carrying amount of the assets to estimated fair value. The impairment charges were primarily resulting from divestiture activities and consolidation of corporate office space. Fair value was estimated based on the discounted cash flows of estimated rental income from subleases net of estimated expenses.

In the third quarter of 2023, the Company incurred $1.9 million in non-cash impairment charges on certain Sperry® retail store assets where the estimated future cash flows did not support the net book value of the assets.

The following table provides details related to asset impairment charges recorded:


	Quarter Ended				Year-To-Date Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Lease right-of-use assets impairment	$	—	$	—	$	5.9	$	12.1
Property, plant and equipment impairment	—		1.9		3.4		5.4
Indefinite-lived trade name impairment (1)	—		38.3		—		38.3
Total impairment	$	—	$	40.2	$	9.3	$	55.8

(1) See Note 4 for information related to the Indefinite-lived trade name impairment charge recorded in the third quarter of fiscal 2023.

JV Equity Method Balances (Details) - USD ($) $ in Millions	Dec. 30, 2023	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 0.0	$ 7.9

Income Taxes (Additional Information) (Details)	3 Months Ended		9 Months Ended
Income Taxes (Additional Information) (Details)	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective Income Tax Rate, Percent	17.70%	4.60%	21.10%	24.50%

Discontinued Operations and Disposal Groups Keds (Details) - USD ($) $ in Millions			9 Months Ended		12 Months Ended
	Jan. 10, 2024	Jan. 01, 2024	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023	Sep. 17, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses, intangible assets and other assets, net of cash disposed of			$ 102.4	$ 136.0
Disposal Group, Including Discontinued Operation, Impairment				0.0	$ (96.8)
Gain on sale of businesses, trademarks and long-lived assets			8.5	$ 77.8
Courtland Drive Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration						$ 10.5
Gain on sale of businesses, trademarks and long-lived assets			$ 8.5
Sperry [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses, intangible assets and other assets, net of cash disposed of	$ 97.4
Disposal Group, Including Discontinued Operation, Impairment					95.0
Disposal Group Including Discontinued Operation Transaction Costs					6.0
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses)					1.0
China Joint Venture [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses, intangible assets and other assets, net of cash disposed of		$ 22.0
Disposal Group, Including Discontinued Operation, Impairment					1.8
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses)					(0.8)
Asia Leathers [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration					8.2
Disposal Group, Including Discontinued Operations, Net Assets					8.2
Louisville DC [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration					23.5
Gain on sale of businesses, trademarks and long-lived assets					12.6
Hush Puppies Asia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group Including Discontinued Operation Transaction Costs					3.0
Disposal Group, Including Discontinued Operation, Consideration					58.8
Gain on sale of businesses, trademarks and long-lived assets					55.8
U.S. Leathers
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration					4.0
Disposal Group, Including Discontinued Operations, Net Assets					2.1
Gain on sale of businesses, trademarks and long-lived assets					1.9
Keds [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group Including Discontinued Operation Transaction Costs					(1.6)
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses)					4.2
Disposal Group, Including Discontinued Operation, Consideration					83.4
Disposal Group, Including Discontinued Operations, Net Assets					(65.9)
Gain on sale of businesses, trademarks and long-lived assets					$ 20.1

Business Segments (Revenue and Operating Profit by Segment) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 440.2	$ 527.7	$ 1,260.3	$ 1,716.2
Operating profit (loss)	35.2	27.3	61.2	118.7
Interest expense, net	9.6	15.5	33.5	47.4
Other Nonoperating Income (Expense)	(3.8)	2.4	(5.4)	3.2
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	29.4	9.4	33.1	68.1
Active Group
Segment Reporting Information [Line Items]
Revenue	318.7	328.6	914.4	1,097.8
Operating profit (loss)	53.3	32.7	131.6	124.6
Work Group
Segment Reporting Information [Line Items]
Revenue	109.1	123.0	304.2	355.3
Operating profit (loss)	16.3	15.4	43.6	45.7
Other [Member]
Segment Reporting Information [Line Items]
Revenue	12.4	76.1	41.7	263.1
Operating profit (loss)	8.3	8.2	20.7	27.9
Corporate [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)	$ (42.7)	$ (29.0)	$ (134.7)	$ (79.5)

Divestitures (Notes)

9 Months Ended

Sep. 28, 2024

Divestitures [Abstract]

Mergers, Acquisitions and Dispositions Disclosures

DIVESTITURES AND ASSETS AND LIABILITIES HELD FOR SALE

Sale-Leaseback of Courtland Drive Facility

On September 17, 2024, the Company completed a sale and leaseback transaction with an independent third party for the land, building and related fixed assets of the Company’s Courtland Drive facility located in Rockford, Michigan for a sale price of $10.5 million. The independent third party leased back the facility to the Company under a seven-year lease agreement, which includes a five-year renewal option. The transaction qualifies for sales recognition under the sale leaseback accounting requirements, and the Company recorded a gain of $8.5 million in the third quarter of 2024.

Divestiture of Sperry® Business

On January 10, 2024, the Company entered into a Purchase Agreement with ABG Intermediate Holdings 2 LLC, an affiliate of Authentic Brands Group LLC. (the "ABG Buyer"), pursuant to which the ABG Buyer agreed to purchase all of the outstanding equity of certain subsidiaries of the Company that own or hold for use intellectual property used by the Company exclusively in the footwear, apparel, and accessories business conducted by the Company under the Sperry® brand. In addition, on January 10, 2024 the Company entered into an Inventory Purchase Agreement with Aldo U.S. Inc., an affiliate of the Aldo Group (the "Aldo Buyer"), pursuant to which the Aldo Buyer agreed to purchase certain inventory and other assets of the Sperry® business, and to assume certain contracts of the Sperry® business, including Sperry® retail store leases. The sale was effective January 10, 2024, in accordance with the terms and conditions of the Purchase Agreement.

The aggregate purchase price under these two purchase agreements was $97.4 million in cash. As of December 30, 2023, the Company recognized an impairment charge of $95.0 million which included $6.0 million for disposal costs. In determining the amount of the impairment loss for the assets of this transaction during the fourth quarter of 2023, the Company included $1.0 million of accumulated foreign currency translation gains, which were classified within accumulated other comprehensive income (“AOCI”).

The Company determined that the divestiture of the Sperry® business did 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.

Divestiture of Merrell® and Saucony® China Joint Venture Entities

On December 17, 2023, the Company and Xtep entered into a Purchase Agreement pursuant to which Xtep agreed to purchase the Company’s equity interest in the Merrell and Saucony joint venture entities that sourced and marketed Merrell® and Saucony® footwear and apparel products in China (Saucony Brand Operations Ltd., Saucony Distribution Operations Ltd., Merrell Brand Operations Ltd. and Merrell Distribution Operations Ltd.), transitioning the business from a joint venture model to a license and distribution rights model under which Xtep will exclusively carry out the development, marketing and distribution of footwear, apparel and accessories for the Saucony and Merrell brands in China. The sale was effective January 1, 2024, in accordance with the terms and conditions of the Purchase Agreement and the purchase price was $22.0 million in cash. As of December 30, 2023, the Company recognized an impairment charge of $1.8 million. In determining the amount of the impairment loss for the assets of this transaction during the fourth quarter of 2023, the Company included $0.8 million of accumulated foreign currency translation losses, which were classified within AOCI.

Divestiture of Asia-based Leathers Business

On December 14, 2023, the Company completed the sale of its Asia-based performance leathers business to Interhides Public Company Limited, a current materials vendor of the Company. The Company received $8.2 million in cash for the sale. The assets sold, which were included in the Other segment category, consist of $8.2 million in inventory.

Sale-Leaseback of Louisville Distribution Facility

On December 28, 2023, the Company completed a sale and leaseback transaction with an independent third party for the land, building and related fixed assets of the Company’s distribution center located in Louisville, Kentucky for a sale price of $23.5 million. The distribution center was leased back to the Company under a two-year lease agreement, which includes a one year renewal option. The transaction qualifies for sales recognition under the sale leaseback accounting requirements and the Company recorded a gain of $12.6 million in the fourth quarter of 2023.

Divestiture of Hush Puppies® intellectual property in China, Hong Kong, and Macau

On September 1, 2023, the Company entered into an asset purchase agreement to sell the Hush Puppies® trademarks, patents, copyrights and domains in China, Hong Kong and Macau to its current sublicensee, Beijing Jiaman Dress Co., Ltd. for cash of

$58.8 million and recognized a gain on sale of $55.8 million in the third quarter of 2023. The gain on sale is net of transaction related fees of $3.0 million. The transaction closed on September 14, 2023. The Company will continue to own the Hush Puppies® brand throughout the rest of the world.

Divestiture of U.S. Wolverine Leathers Business

On August 23, 2023, the Company completed the sale of its U.S. Wolverine Leathers business to its long-time customer, New Balance. The Company received $4.0 million in cash for the sale and recognized a gain on sale of $1.9 million. The assets sold, which were included in the Other segment category, consist of $2.1 million in inventory.

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 the first quarter of 2023 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

The Sperry® business and the Merrell® and Saucony® China joint venture entities met the criteria to be classified as held for sale as of December 30, 2023, and therefore the Company reclassified the related assets and liabilities as held for sale on the consolidated condensed balance sheets as of December 30, 2023.

The performance leathers business met the criteria to be classified as held for sale as of September 30, 2023, and therefore the Company reclassified the related assets and liabilities as held for sale on the consolidated condensed balance sheets as of September 30, 2023.

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:


(In millions)	December 30, 2023		September 30, 2023
Cash and cash equivalents	$	5.6	$	4.3
Accounts receivables, net	15.4		3.0
Inventories	83.3		8.8
Other current assets	2.9		—
Property, plant and equipment, net	3.8		—
Lease right-of-use assets	7.6		—
Goodwill	43.0		—
Indefinite-lived intangibles	67.0		—
Amortizable intangibles, net	21.0		—

Other assets	7.8		—
Impairment of carrying value	(96.8)		—
Total assets held for sale	$	160.6	$	16.1

Accounts payable	$	4.8	$	2.8
Lease liabilities	9.0		—
Accrued liabilities	9.0		0.3

Other liabilities	1.4		—
Total liabilities held for sale	$	24.2	$	3.1

JV Related Party Transactions (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Related Party Transaction [Line Items]
Accounts receivable, less allowances	$ 244.4	$ 230.8	$ 272.0
Other liabilities	48.8	49.9	53.6
Other assets	$ 63.6	70.7	72.8
Related Party [Member]
Related Party Transaction [Line Items]
Accounts receivable, less allowances		15.4	8.4
Other liabilities		$ 1.4	$ 0.0

Income Taxes (Notes)	9 Months Ended
Income Taxes (Notes)	Sep. 28, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company maintains management and operational activities in overseas subsidiaries, and its foreign earnings are taxed at rates that are different than the U.S. federal statutory income tax rate. A significant amount of the Company’s earnings are generated by its Canadian, European and Asian subsidiaries and, to a lesser extent, in jurisdictions that are not subject to income tax. The Company intends to permanently reinvest all non-cash undistributed earnings outside of the U.S. and has therefore not established a deferred tax liability on that amount of foreign unremitted earnings. However, if these non-cash undistributed earnings were repatriated, the Company would be required to accrue and pay applicable U.S. taxes and withholding taxes payable to various countries. It is not practicable to estimate the amount of the deferred tax liability associated with these non-cash unremitted earnings due to the complexity of the hypothetical calculation. The Company’s effective tax rates for the quarter and year-to-date ended September 28, 2024 were 17.7% and 21.1%, respectively. The Company’s effective tax rates for the quarter and year-to-date ended September 30, 2023 were 4.6% and 24.5%, respectively. The increase in the effective tax rate between 2024 and 2023 for the quarter-to-date period is due to discrete tax expenses recognized in the current year compared to discrete tax benefits in the prior year period. The decrease in the effective tax rate between 2024 and 2023 for the year-to-date period is primarily driven by lower discrete tax expenses in the current year. The Company is subject to periodic audits by U.S. federal, state, local and non-U.S. tax authorities. Currently, the Company is undergoing routine periodic audits in both U.S. federal, state, local and non-U.S. tax jurisdictions. It is reasonably possible that the amounts of unrecognized tax benefits could change in the next 12 months as a result of the audits; however, any payment of tax is not expected to be significant to the consolidated condensed financial statements. The Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2020 in the majority of tax jurisdictions.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Accounting Policies (Tables)

9 Months Ended

Sep. 28, 2024

Accounting Policies [Abstract]

Details of Impairment of Long-Lived Assets Held and Used by Asset

The following table provides details related to asset impairment charges recorded:


	Quarter Ended				Year-To-Date Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Lease right-of-use assets impairment	$	—	$	—	$	5.9	$	12.1
Property, plant and equipment impairment	—		1.9		3.4		5.4
Indefinite-lived trade name impairment (1)	—		38.3		—		38.3
Total impairment	$	—	$	40.2	$	9.3	$	55.8

(1) See Note 4 for information related to the Indefinite-lived trade name impairment charge recorded in the third quarter of fiscal 2023.

Consolidated Condensed Statements of Cash Flow - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
OPERATING ACTIVITIES
Net earnings	$ 24.3	$ 9.0	$ 26.2	$ 51.4
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization			19.4	26.3
Deferred income taxes			23.5	(1.6)
Stock-based compensation expense	5.2	4.0	15.0	11.8
Pension and SERP expense			(0.5)	1.2
Impairment, Long-Lived Asset, Held-for-Use	0.0	40.2	9.3	55.8
Environmental and other related costs, net of cash payments			(10.1)	(68.8)
Gain on sale of businesses, trademarks and long-lived assets			8.5	77.8
Other			(8.4)	(1.1)
Changes in operating assets and liabilities:
Accounts receivable			(10.8)	(25.1)
Inventories			87.2	178.5
Other operating assets			(15.4)	(11.7)
Accounts payable			22.3	(74.7)
Income taxes payable			(4.8)	5.6
Other operating liabilities			(46.7)	(62.8)
Net cash provided by operating activities			97.7	7.0
INVESTING ACTIVITIES
Additions to property, plant and equipment			(12.2)	(18.5)
Proceeds from sale of businesses, intangible assets and other assets, net of cash disposed of			102.4	136.0
Proceeds from Life Insurance Policy			7.9	0.0
Other			(3.0)	(1.3)
Net cash provided by investing activities			95.1	116.2
FINANCING ACTIVITIES
Repayments of Lines of Credit			(443.0)	(620.0)
Proceeds from Lines of Credit			263.0	565.0
Cash Received From Borrowings Against Company Owned Life Insurance Policies			7.0	0.0
Payments on long-term debt			(39.2)	(7.5)
Payments of Debt Issuance Costs			0.0	(0.9)
Cash dividends paid			(24.4)	(24.5)
Payment, Tax Withholding, Share-based Payment Arrangement			(2.0)	(5.8)
Proceeds from the exercise of stock options			0.0	0.1
Contributions from noncontrolling interests			0.0	2.1
Net cash used in financing activities			(238.6)	(91.5)
Effect of foreign exchange rate changes			1.4	(2.5)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect			(44.4)	29.2
Cash and cash equivalents at beginning of the year			184.6	135.5	$ 135.5
Cash and cash equivalents at end of the quarter	$ 140.2	$ 164.7	$ 140.2	$ 164.7	$ 184.6

Earnings Per Share (Notes)

9 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share.


	Quarter Ended				Year-To-Date Ended
(In millions, except per share data)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Numerator:
Net earnings attributable to Wolverine World Wide, Inc.	$	23.6	$	8.6	$	23.3	$	51.6
Adjustment for earnings allocated to non-vested restricted common stock	(0.8)		(0.2)		(0.9)		(1.2)


Net earnings used in calculating basic and diluted earnings per share	$	22.8	$	8.4	$	22.4	$	50.4
Denominator:


Weighted average shares outstanding	80.0		79.5		79.9		79.4
Effect of dilutive stock options	—		—		—		—
Shares used in calculating diluted earnings per share	80.0		79.5		79.9		79.4
Net earnings per share
Basic	$	0.28	$	0.11	$	0.28	$	0.64
Diluted	$	0.28	$	0.11	$	0.28	$	0.64

For the quarter and year-to-date ended September 28, 2024, 1,563,018 and 1,636,131 outstanding stock options, respectively, have not been included in the denominator for the computation of diluted earnings per share because they were anti-dilutive.

For the quarter and year-to-date ended September 30, 2023, 1,964,421 and 2,042,094 outstanding stock options, respectively, have not been included in the denominator for the computation of diluted earnings per share because they were anti-dilutive.

Stock-Based Compensation (Notes)

9 Months Ended

Sep. 28, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

The Company recognized compensation expense of $5.2 million and $15.0 million, and related income tax benefits of $1.0 million and $2.9 million, for grants under its stock-based compensation plans for the quarter and year-to-date ended September 28, 2024, respectively. The Company recognized compensation expense of $4.0 million and $11.8 million, and related income tax benefits of $0.8 million and $2.3 million, for grants under its stock-based compensation plans for the quarter and year-to-date ended September 30, 2023, respectively.

The Company grants restricted stock or units (“restricted awards”), performance-based restricted stock or units (“performance awards”) and stock options under its stock-based compensation plans.

The Company granted restricted awards and performance awards as follows:


	Year-To-Date Ended September 28, 2024			Year-To-Date Ended September 30, 2023
(In millions)	Company Shares Issued	Weighted-Average Grant Date Fair Value		Company Shares Issued	Weighted-Average Grant Date Fair Value
Restricted Awards	1,945,347	$	8.70	1,412,030	$	14.90
Performance Awards	1,241,836	$	8.60	680,737	$	15.16

Goodwill and Indefinite-Lived Intangibles (Notes)

9 Months Ended

Sep. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Indefinite-Lived Intangibles

GOODWILL AND INDEFINITE-LIVED INTANGIBLES

The changes in the carrying amount of goodwill are as follows:


	Year-To-Date Ended
(In millions)	September 28, 2024		September 30, 2023
Goodwill balance at beginning of the year	$	427.1	$	485.0
Sale of business (see Note 18)	—		(20.4)

Foreign currency translation effects	3.4		0.8
Goodwill balance at end of the quarter	$	430.5	$	465.4

Goodwill balances are net of accumulated impairment charges. Accumulated impairment charges were $48.4 million as of September 28, 2024 and September 30, 2023, and are related to the Sweaty Betty® reporting unit, which is part of the Active segment.

The Company’s indefinite-lived intangible assets, which comprise trade names and trademarks, totaled $179.3 million, $174.1 million, and $237.0 million as of September 28, 2024, December 30, 2023, and September 30, 2023, respectively. The Company conducted an interim impairment assessment as of September 28, 2024 and determined that there were no triggering events indicating impairment of the Company’s goodwill and indefinite-lived intangible assets.

Following the fiscal 2023 annual impairment test, the Company concluded that the estimated fair value of the Sweaty Betty® reporting unit exceeded its carrying value by 5%. The key assumptions used in the valuation were revenue growth, EBITDA margin, and the discount rate. Although the Company believes the estimates and assumptions used in the valuation were appropriate, it is possible that assumptions could change in future periods. The risk of future impairment to the Sweaty Betty® trade name and Sweaty Betty® goodwill depend on key assumptions used in the determination of the trade name's and reporting unit's fair value, such as revenue growth, earnings before interest, taxes, depreciation and amortization margin, discount rate, and assumed tax rate, or if macroeconomic conditions deteriorate and adversely affect the values of the Company's Sweaty Betty® trade name and the Sweaty Betty® reporting unit. A future impairment charge of the Sweaty Betty® trade name and the Sweaty Betty® reporting unit goodwill could have an adverse material effect on the Company's consolidated financial results. The carrying values of the Company’s Sweaty Betty® trade name indefinite-lived intangible asset and the Sweaty Betty® reporting unit goodwill were $104.7 million and $55.8 million, respectively, as of September 28, 2024.