Company Quick10K Filing
Wolverine World Wide
Price27.67 EPS2
Shares88 P/E14
MCap2,435 P/FCF152
Net Debt828 EBIT197
TEV3,263 TEV/EBIT17
TTM 2019-09-28, in MM, except price, ratios
10-Q 2020-09-26 Filed 2020-11-05
10-Q 2020-06-27 Filed 2020-08-06
10-Q 2020-03-28 Filed 2020-04-29
10-K 2019-12-28 Filed 2020-02-26
10-Q 2019-09-28 Filed 2019-11-07
10-Q 2019-06-29 Filed 2019-08-07
10-Q 2019-03-30 Filed 2019-05-09
10-K 2018-12-29 Filed 2019-02-26
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10-K 2017-12-30 Filed 2018-02-27
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10-Q 2015-09-12 Filed 2015-10-21
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10-K 2015-01-03 Filed 2015-03-03
10-Q 2014-09-06 Filed 2014-10-15
10-Q 2014-06-14 Filed 2014-07-22
10-Q 2014-03-22 Filed 2014-04-30
10-K 2013-12-28 Filed 2014-02-25
10-Q 2013-09-07 Filed 2013-10-17
10-Q 2013-06-15 Filed 2013-07-22
10-Q 2013-03-23 Filed 2013-05-02
10-K 2012-12-29 Filed 2013-02-27
10-Q 2012-09-08 Filed 2012-10-18
10-Q 2012-06-16 Filed 2012-07-26
10-Q 2012-03-24 Filed 2012-05-03
10-Q 2011-09-10 Filed 2011-10-20
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10-K 2011-01-01 Filed 2011-03-02
10-Q 2010-09-11 Filed 2010-10-21
10-Q 2010-06-19 Filed 2010-07-29
10-Q 2010-03-27 Filed 2010-05-06
10-K 2010-01-02 Filed 2010-03-03
8-K 2020-11-05
8-K 2020-08-11
8-K 2020-08-07
8-K 2020-08-05
8-K 2020-06-03
8-K 2020-05-11
8-K 2020-05-06
8-K 2020-05-05
8-K 2020-04-30
8-K 2020-04-22
8-K 2020-04-21
8-K 2020-04-10
8-K 2020-03-26
8-K 2020-03-19
8-K 2020-02-25
8-K 2020-02-19
8-K 2020-02-03
8-K 2019-12-10
8-K 2019-11-07
8-K 2019-08-07
8-K 2019-05-09
8-K 2019-05-08
8-K 2019-03-13
8-K 2019-02-20
8-K 2019-02-12
8-K 2018-12-06
8-K 2018-11-07
8-K 2018-08-08
8-K 2018-05-09
8-K 2018-05-03
8-K 2018-02-21
8-K 2018-02-08
8-K 2018-02-07

WWW 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 a2020-q3ex101hoffmanem.htm
EX-31.1 a2020-q3exhibit311.htm
EX-31.2 a2020-q3exhibit312.htm
EX-32 a2020-q3exhibit32.htm

Wolverine World Wide Earnings 2020-09-26

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
1.61.30.90.60.2-0.12012201420172020
Rev, G Profit, Net Income
1.20.70.2-0.3-0.8-1.32012201420172020
Ops, Inv, Fin

www-20200926
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________
FORM 10-Q
________________________________________________
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 26, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 001-06024
 __________________________________________________________ 
WOLVERINE WORLD WIDE, INC.
(Exact Name of Registrant as Specified in its Charter)
 __________________________________________________________ 
Delaware38-1185150
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
9341 Courtland Drive N.E.,Rockford,Michigan49351
(Address of principal executive offices)(Zip Code)
(616) 866-5500
(Registrant’s telephone number, including area code)
________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading symbolName of each exchange on which registered
Common Stock, $1 Par ValueWWWNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No 
There were 82,071,781 shares of common stock, $1 par value, outstanding as of October 26, 2020.

Table of Contents
Table of Contents
PART I
Item 1.
Item 2.
Item 3.
Item 4.
PART II
Item 1A.
Item 2.
Item 6.
2

Table of Contents
FORWARD-LOOKING STATEMENTS
This document contains “forward-looking statements,” which are statements relating to future, not past, events. Such forward-looking statements include, for example, statements about the future impact of the COVID-19 pandemic on the Company. In this context, forward-looking statements often address management’s current beliefs, assumptions, expectations, estimates and projections about future business and financial performance, national, regional or global political, economic and market conditions, and the Company itself. Such statements often contain words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “is likely,” “plans,” “predicts,” “projects,” “should,” “will,” variations of such words, and similar expressions. Forward-looking statements, by their nature, address matters that are, to varying degrees, uncertain. Uncertainties that could cause the Company’s performance to differ materially from what is expressed in forward-looking statements include, but are not limited to, the following:
the effects of the COVID-19 pandemic on the Company’s business, operations, financial results and liquidity, including the duration and magnitude of such effects, which will depend on numerous evolving factors that the Company cannot currently fully predict or assess, including: the duration and scope of the pandemic; the negative impact on global and regional markets, economies and economic activity, including the duration and magnitude of its impact on unemployment rates, consumer discretionary spending and levels of consumer confidence; actions that governments, businesses and individuals may take in response to the pandemic; and the effects of the pandemic, including all of the foregoing, on the Company's manufacturers, distributors, suppliers, joint venture partners, wholesale customers, and other counterparties. The timing and scope of recovery after the pandemic is also uncertain;
changes in general economic conditions, employment rates, business conditions, interest rates, tax policies and other factors affecting consumer spending in the markets and regions in which the Company’s products are sold;
the inability for any reason to effectively compete in global footwear, apparel and consumer-direct markets;
the inability to maintain positive brand images and anticipate, understand and respond to changing footwear and apparel trends and consumer preferences;
the inability to effectively manage inventory levels;
increases or changes in duties, tariffs, quotas or applicable assessments in countries of import and export;
foreign currency exchange rate fluctuations;
currency restrictions;
capacity constraints, production disruptions, quality issues, price increases or other risks associated with foreign sourcing;
the cost and availability of raw materials, inventories, services and labor for contract manufacturers;
labor disruptions;
changes in relationships with, including the loss of, significant wholesale customers;
risks related to the significant investment in, and performance of, the Company’s consumer-direct operations;
risks related to expansion into new markets and complementary product categories as well as consumer-direct operations;
the impact of seasonality and unpredictable weather conditions;
the impact of changes in general economic conditions and/or the credit markets on the Company’s manufacturers, distributors, suppliers, joint venture partners, and wholesale customers;
changes in the Company’s effective tax rates;
failure of licensees or distributors to meet planned annual sales goals or to make timely payments to the Company;
the risks of doing business in developing countries and politically or economically volatile areas;
the ability to secure and protect owned intellectual property or use licensed intellectual property;
the impact of regulation, regulatory and legal proceedings and legal compliance risks, including compliance with federal, state and local laws and regulations relating to the protection of the environment, environmental remediation and other related costs, and litigation or other legal proceedings relating to the protection of the environment or environmental effects on human health;
risks of breach of the Company’s databases or other systems, or those of its vendors, which contain certain personal information, payment card data or proprietary information, due to cyberattack or other similar event;
problems affecting the Company’s distribution system, including service interruptions at shipping and receiving ports;
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strategic actions, including new initiatives and ventures, acquisitions and dispositions, and the Company’s success in integrating acquired businesses, and implementing new initiatives and ventures;
the risk of impairment to goodwill and other intangibles;
the success of the Company’s restructuring and realignment initiatives undertaken from time to time; and
changes in future pension funding requirements and pension expenses.
These or other uncertainties could cause a material difference between an actual outcome and a forward-looking statement. The uncertainties included here are not exhaustive and are described in more detail in Part I, Item 1A: “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2019 (the “2019 Form 10-K”) and in Part II, Item 1A: “Risk Factors” in the Company’s Quarterly Reports on Form 10-Q filed since the 2019 Form 10-K, including this Quarterly Report on Form 10-Q. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company does not undertake an obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
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PART I.     FINANCIAL INFORMATION
ITEM 1.    Financial Statements

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Operations and Comprehensive Income
(Unaudited)
 Quarter EndedYear-To-Date Ended
(In millions, except per share data)September 26,
2020
September 28,
2019
September 26,
2020
September 28,
2019
Revenue
$493.1 $574.3 $1,281.5 $1,666.3 
Cost of goods sold
291.1 331.0 750.5 972.4 
Gross profit
202.0 243.3 531.0 693.9 
Selling, general and administrative expenses
157.5 165.9 457.2 498.6 
Environmental and other related costs, net of recoveries1.9 9.1 6.8 19.1 
Operating profit
42.6 68.3 67.0 176.2 
Other expenses:
Interest expense, net
12.8 8.2 31.1 21.8 
Debt extinguishment and other costs  0.2  
Other income, net(0.6)(0.9)(2.9)(3.2)
Total other expenses
12.2 7.3 28.4 18.6 
Earnings before income taxes30.4 61.0 38.6 157.6 
Income tax expense8.7 12.4 6.0 28.2 
Net earnings$21.7 $48.6 $32.6 $129.4 
Less: net earnings (loss) attributable to noncontrolling interests(0.7)(0.1)(1.2) 
Net earnings attributable to Wolverine World Wide, Inc.$22.4 $48.7 $33.8 $129.4 
Net earnings per share (see Note 3):
Basic
$0.27 $0.57 $0.41 $1.46 
Diluted
$0.27 $0.57 $0.41 $1.44 
Comprehensive income$25.2 $45.6 $25.6 $128.8 
Less: comprehensive loss attributable to noncontrolling interests(0.5)(0.5)(2.1)(0.3)
Comprehensive income attributable to Wolverine World Wide, Inc.$25.7 $46.1 $27.7 $129.1 
Cash dividends declared per share
$0.10 $0.10 $0.30 $0.30 
See accompanying notes to consolidated condensed financial statements.
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(Unaudited)
(In millions, except share data)September 26,
2020
December 28,
2019
September 28,
2019
ASSETS
Current assets:
Cash and cash equivalents
$342.0 $180.6 $125.2 
Accounts receivable, less allowances of $33.4, $26.7 and $24.0332.1 331.2 357.3 
Inventories:
Finished products, net
318.1 342.0 410.0 
Raw materials and work-in-process, net
7.6 6.2 7.7 
Total inventories
325.7 348.2 417.7 
Prepaid expenses and other current assets
42.2 107.1 48.4 
Total current assets
1,042.0 967.1 948.6 
Property, plant and equipment:
Gross cost
326.6 325.0 399.1 
Accumulated depreciation
(200.3)(184.0)(256.1)
Property, plant and equipment, net
126.3 141.0 143.0 
Lease right-of-use assets, net148.3 160.8 163.9 
Other assets:
Goodwill
437.8 438.9 437.0 
Indefinite-lived intangibles
604.5 604.5 604.5 
Amortizable intangibles, net
74.0 77.8 79.6 
Deferred income taxes
1.8 2.9 3.2 
Other
66.4 87.0 88.7 
Total other assets
1,184.5 1,211.1 1,213.0 
Total assets
$2,501.1 $2,480.0 $2,468.5 
See accompanying notes to consolidated condensed financial statements.
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets – continued
(Unaudited)
(In millions, except share data)September 26,
2020
December 28,
2019
September 28,
2019
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$191.8 $202.1 $155.6 
Accrued salaries and wages
22.4 20.8 25.5 
Other accrued liabilities
148.7 157.9 116.0 
Lease liabilities34.6 34.1 33.5 
Current maturities of long-term debt
162.5 12.5 10.0 
Borrowings under revolving credit agreements 360.0 493.3 
Total current liabilities
560.0 787.4 833.9 
Long-term debt, less current maturities
714.1 425.9 430.7 
Accrued pension liabilities
109.2 109.7 92.3 
Deferred income taxes
85.0 99.0 112.0 
Lease liabilities, noncurrent135.0 147.2 151.0 
Other liabilities
132.3 132.4 54.7 
Stockholders’ equity:
Wolverine World Wide, Inc. stockholders’ equity:
Common stock – par value $1, authorized 320,000,000 shares; 110,117,417, 108,329,250 and 108,058,005 shares issued110.1 108.3 108.1 
Additional paid-in capital239.8 233.4 221.3 
Retained earnings1,272.4 1,263.3 1,273.2 
Accumulated other comprehensive loss(108.2)(102.1)(88.6)
Cost of shares in treasury; 28,148,131, 27,181,512 and 26,992,711 shares(760.0)(736.2)(731.1)
Total Wolverine World Wide, Inc. stockholders’ equity754.1 766.7 782.9 
Noncontrolling interest11.4 11.7 11.0 
Total stockholders’ equity
765.5 778.4 793.9 
Total liabilities and stockholders’ equity
$2,501.1 $2,480.0 $2,468.5 
See accompanying notes to consolidated condensed financial statements.

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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows
(Unaudited)
Year-To-Date Ended
(In millions)September 26,
2020
September 28,
2019
OPERATING ACTIVITIES
Net earnings$32.6 $129.4 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
23.8 23.3 
Deferred income taxes
(12.8)0.3 
Stock-based compensation expense
21.5 17.3 
Pension and SERP expense
6.4 4.2 
Debt extinguishment costs
0.2  
Environmental and other related costs, net of cash payments and recoveries received
25.2 (3.7)
Other
(0.6)(9.5)
Changes in operating assets and liabilities:
Accounts receivable
(1.7)0.3 
Inventories
21.6 (94.8)
Other operating assets
9.9 (1.2)
Accounts payable
(9.2)(46.9)
Income taxes payable
15.1 9.3 
Other operating liabilities
3.5 (12.0)
Net cash provided by operating activities135.5 16.0 
INVESTING ACTIVITIES
Business acquisition, net of cash acquired
(5.5)(15.1)
Additions to property, plant and equipment
(6.0)(28.7)
Proceeds from sale of assets
0.1 0.1 
Investment in joint ventures
(3.5)(8.5)
Proceeds from company-owned life insurance policy liquidations25.6  
Other
(1.1)(1.2)
Net cash provided by (used in) investing activities9.6 (53.4)
FINANCING ACTIVITIES
Payments under revolving credit agreements(898.0)(249.0)
Borrowings under revolving credit agreements538.0 617.3 
Borrowings of long-term debt
471.0  
Payments on long-term debt
(28.5)(5.0)
Payments of debt issuance costs
(6.4)(0.3)
Cash dividends paid
(25.4)(25.4)
Purchases of common stock for treasury
(21.0)(314.2)
Employee taxes paid under stock-based compensation plans(20.1)(16.7)
Proceeds from the exercise of stock options
4.0 7.0 
Contributions from noncontrolling interests
1.8 5.7 
Net cash provided by financing activities15.4 19.4 
Effect of foreign exchange rate changes
0.9 0.1 
Increase (decrease) in cash and cash equivalents161.4 (17.9)
Cash and cash equivalents at beginning of the year
180.6 143.1 
Cash and cash equivalents at end of the quarter
$342.0 $125.2 
See accompanying notes to consolidated condensed financial statements.
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Stockholders' Equity
(Unaudited)
Wolverine World Wide, Inc. Stockholders' Equity
(In millions, except share and per share data)Common StockAdditional Paid-In CapitalRetained EarningsAccumulated
Other
Comprehensive
Loss
Treasury StockNon-controlling InterestTotal
Balance at June 29, 2019$108.0 $213.2 $1,232.8 $(86.0)$(624.3)$11.5 $855.2 
Net earnings (loss)48.7 (0.1)48.6 
Other comprehensive loss(2.6)(0.4)(3.0)
Shares forfeited, net of shares issued under stock incentive plans (1,917 shares)0.1 (0.2)(0.1)
Shares issued for stock options exercised, net (62,114 shares) 1.2 1.2 
Stock-based compensation expense
7.1 7.1 
Cash dividends declared ($0.10 per share)(8.3)(8.3)
Issuance of treasury shares (1,831 shares) 0.1 0.1 
Purchase of common stock for treasury (4,250,070 shares)(106.8)(106.8)
Purchases of shares under stock-based compensation plans (3,440 shares)(0.1)(0.1)
Balance at September 28, 2019$108.1 $221.3 $1,273.2 $(88.6)$(731.1)$11.0 $793.9 
Balance at June 27, 2020$110.0 $227.1 $1,258.3 $(111.5)$(759.9)$11.9 $735.9 
Net earnings (loss)22.4 (0.7)21.7 
Other comprehensive income3.3 0.2 3.5 
Shares issued, net of shares forfeited under stock incentive plans (11,519 shares) (0.2)(0.2)
Shares issued for stock options exercised, net (99,381 shares)0.1 1.6 1.7 
Stock-based compensation expense11.3 11.3 
Cash dividends declared ($0.10 per share)(8.3)(8.3)
Issuance of treasury shares (1,462 shares)   
Purchases of shares under stock-based compensation plans (3,056 shares)(0.1)(0.1)
Balance at September 26, 2020$110.1 $239.8 $1,272.4 $(108.2)$(760.0)$11.4 $765.5 
See accompanying notes to consolidated condensed financial statements.







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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Stockholders' Equity
(Unaudited)
Wolverine World Wide, Inc. Stockholders' Equity
(In millions, except share and per share data)Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockNon-controlling InterestTotal
Balance at December 29, 2018$107.6 $201.4 $1,169.7 $(88.3)$(404.4)$5.6 $991.6 
Net earnings129.4  129.4 
Other comprehensive loss(0.3)(0.3)(0.6)
Shares issues, net of shares forfeited under stock incentive plans (36,588 shares)0.1 (4.1)(4.0)
Shares issued for stock options exercised, net (412,211 shares)0.4 6.6 7.0 
Stock-based compensation expense17.3 17.3 
Cash dividends declared ($0.30 per share)(25.9)(25.9)
Issuance of treasury shares (5,831 shares)0.1 0.2 0.3 
Purchase of common stock for treasury (10,730,962 shares)(314.2)(314.2)
Purchases of shares under stock-based compensation plans (361,899 shares)(12.7)(12.7)
Capital contribution from noncontrolling interest5.7 5.7 
Balance at September 28, 2019$108.1 $221.3 $1,273.2 $(88.6)$(731.1)$11.0 $793.9 
Balance at December 28, 2019$108.3 $233.4 $1,263.3 $(102.1)$(736.2)$11.7 $778.4 
Net earnings (loss)33.8 (1.2)32.6 
Other comprehensive loss(6.1)(0.9)(7.0)
Shares issued, net of shares forfeited under stock incentive plans (1,497,072 shares)1.5 (18.7)(17.2)
Shares issued for stock options exercised, net (291,095 shares)0.3 3.6 3.9 
Stock-based compensation expense21.5 21.5 
Cash dividends declared ($0.30 per share)(24.7)(24.7)
Issuance of treasury shares (4,230 shares)0.1 0.1 
Purchase of common stock for treasury (877,624 shares)(21.0)(21.0)
Purchases of shares under stock-based compensation plans (93,225 shares)(2.9)(2.9)
Capital contribution from noncontrolling interest1.8 1.8 
Balance at September 26, 2020$110.1 $239.8 $1,272.4 $(108.2)$(760.0)$11.4 $765.5 
See accompanying notes to consolidated condensed financial statements.
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements
Quarters Ended September 26, 2020 and September 28, 2019
(Unaudited)
 
1. 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®, Keds®, Merrell®, Saucony®, Sperry®, Stride Rite® and Wolverine®. The Company’s products are marketed worldwide through owned operations, through licensing and distribution arrangements with third parties, and 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, as well as a leathers division that markets Wolverine Performance Leathers™.
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 footnotes 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 footnotes included in the Company’s 2019 Form 10-K.
The COVID-19 pandemic, the duration and severity of which is subject to uncertainty, has had and continues to have, a significant impact on the Company's business. Management's estimates and assumptions used in the preparation of the Company’s consolidated financial statements in accordance with U.S. GAAP contemplated both current and expected potential future impacts of COVID-19 on the Company’s business based on available information. Actual results may differ materially from management’s estimates.
Fiscal Year
The Company’s fiscal year is the 52 or 53-week period that ends on the Saturday nearest to December 31. Fiscal year 2020 has 53 weeks and fiscal year 2019 contained 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 fiscal fourth 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
Prior to the COVID-19 pandemic, the Company’s business was subject to seasonal influences that could cause significant differences in revenue, earnings and cash flows from quarter to quarter. The COVID-19 pandemic has resulted in changes in consumer behavior and preferences in fiscal 2020 that have negatively impacted our fiscal 2020 results. The Company expects the seasonal cadence that the Company has experienced historically may continue to be affected as a result of these changes in consumer behavior and preferences.



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2.NEW ACCOUNTING STANDARDS
The Financial Accounting Standards Board (“FASB”) issued the following Accounting Standards Updates (“ASU”) that the Company adopted during fiscal year 2020. The following is a summary of the effect of adoption of this new standard.
StandardDescriptionEffect on the Financial Statements or Other Significant Matters
ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
Seeks to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date by replacing the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates.
The Company adopted ASU 2016-13 at the beginning of the first quarter on a prospective basis. The Company adjusted its business policies and processes relating to the measurement of allowances for credit losses to consider reasonable and supportable information to determine expected credit losses on accounts receivable. The adoption of the ASU did not have a material effect on the consolidated financial statements.
ASU 2017-04, Intangibles Goodwill and Other (Topic 350): Simplifying the Test for Goodwill ImpairmentEliminates step two of the goodwill impairment test under legacy US GAAP. Annual and interim goodwill impairment tests are performed by comparing the fair value of a reporting unit with its carrying amount and the amount by which the carrying amount exceeds the reporting unit’s fair value will be recognized as an impairment charge.
The Company adopted the ASU at the beginning of the first quarter on a prospective basis. The adoption of the ASU did not have a significant impact on the Company’s financial statements and all prospective impairment tests will be completed under this standard.
3.EARNINGS PER SHARE
The Company calculates earnings per share in accordance with FASB Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share (“ASC 260”). ASC 260 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting, and, therefore, need to be included in the earnings allocation in computing earnings per share under the two-class method. Under the guidance in ASC 260, the Company’s unvested share-based payment awards that
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contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and must be included in the computation of earnings per share pursuant to the two-class method.
The following table sets forth the computation of basic and diluted earnings per share.
Quarter EndedYear-To-Date Ended
(In millions, except per share data)September 26,
2020
September 28,
2019
September 26,
2020
September 28,
2019
Numerator:
Net earnings attributable to Wolverine World Wide, Inc.$22.4 $48.7 $33.8 $129.4 
Adjustment for earnings allocated to non-vested restricted common stock
(0.6)(1.0)(0.8)(2.6)
Net earnings used in calculating basic earnings per share21.8 47.7 33.0 126.8 
Adjustment for earnings reallocated from non-vested restricted common stock
   0.1 
Net earnings used in calculating basic and diluted earnings per share$21.8 $47.7 $33.0 $126.9 
Denominator:
Weighted average shares outstanding
81.983.581.787.3
Adjustment for non-vested restricted common stock
(0.9)(0.5)(0.7)(0.7)
Shares used in calculating basic earnings per share
81.083.081.086.6
Effect of dilutive stock options
0.50.90.51.4
Shares used in calculating diluted earnings per share
81.583.981.588.0
Net earnings per share:
Basic$0.27 $0.57 $0.41 $1.46 
Diluted$0.27 $0.57 $0.41 $1.44 
For the quarter and year-to-date ended September 26, 2020, 1,185,864 and 1,184,559 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 28, 2019, 1,228,157 and 131,004 outstanding stock options, respectively, have not been included in the denominator for the computation of diluted earnings per share because they were anti-dilutive.
4.GOODWILL AND INDEFINITE-LIVED INTANGIBLES
The changes in the carrying amount of goodwill are as follows:
Year-To-Date Ended
(In millions)September 26,
2020
September 28,
2019
Goodwill balance at beginning of the year
$438.9 $424.4 
Acquisition of a business (see Note 17) 12.3 
Foreign currency translation effects(1.1)0.3 
Goodwill balance at end of the quarter
$