Wolverine World Wide Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Wolverine World Wide Inc. has filed its 2023 10-K report detailing its fiscal year performance and financial standing.</b>

AI Summary

WOLVERINE WORLD WIDE INC /DE/ (WWW) filed a Annual Report (10-K) with the SEC on February 22, 2024. Wolverine World Wide Inc. filed its 2023 Form 10-K on February 22, 2024, for the fiscal year ending December 30, 2023. The filing covers the period from January 1, 2023, to December 30, 2023. The company's principal executive offices are located at 9341 Courtland Dr, Rockford, MI 49351. Wolverine World Wide Inc. is classified under Standard Industrial Classification 3140: Footwear, (No Rubber). The filing was submitted under the Securities Exchange Act of 1934.

Why It Matters

For investors and stakeholders tracking WOLVERINE WORLD WIDE INC /DE/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Wolverine World Wide Inc.'s financial health, operational performance, and strategic direction for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial position, identify potential risks, and understand its market performance within the footwear industry.

Risk Assessment

Risk Level: medium — WOLVERINE WORLD WIDE INC /DE/ shows moderate risk based on this filing. The company operates in the footwear industry, which is subject to changing consumer preferences, economic conditions, and competitive pressures, as indicated by its SIC code and the nature of a 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Wolverine World Wide Inc.'s performance and outlook.

Key Numbers

• 2023-12-30 — Fiscal Year End (Fiscal year end date)
• 2024-02-22 — Filing Date (Date the 10-K was filed)
• 001-06024 — SEC File Number (SEC file number for the company)
• 320,000,000 — Filing Values (Value related to filing)

Key Players & Entities

• WOLVERINE WORLD WIDE INC /DE/ (company) — Filer
• 0000110471 (company) — Central Index Key
• 3140 (regulator) — Standard Industrial Classification
• MI (company) — State of Incorporation
• 381185150 (company) — IRS Number
• ROCKFORD (company) — City
• MI (company) — State
• 49351 (company) — ZIP Code

FAQ

Industry Context

Wolverine World Wide Inc. operates within the footwear manufacturing sector, a market influenced by consumer trends and economic conditions.

Regulatory Implications

The filing adheres to the requirements of the Securities Exchange Act of 1934, ensuring transparency and regulatory compliance for public companies.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Examine the risk factors section for potential challenges and uncertainties facing the company.
3. Review management's discussion and analysis for insights into the company's strategy and outlook.

Key Dates

• 2023-12-30: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-22: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 Form 10-K, providing the latest annual financial and operational data for Wolverine World Wide Inc.

Key Financial Figures

• $1 — ange on which registered Common Stock, $1 Par Value WWW New York Stock Exchange

Filing Documents

• www-20231230.htm (10-K) — 2237KB
• a2023-q4ex106separationagr.htm (EX-10.6) — 106KB
• a2023-q4exhibit107severance.htm (EX-10.7) — 5KB
• a2023-q4exhibit108severance.htm (EX-10.8) — 9KB
• a2023-q4exhibit1016serp.htm (EX-10.16) — 3KB
• a2023-q4ex1049fifthamendme.htm (EX-10.49) — 81KB
• a2023-q4ex1059sperrypurcha.htm (EX-10.59) — 662KB
• a2023-q4ex1060sperrypurcha.htm (EX-10.60) — 630KB
• a2023-q4ex21subsidiaries.htm (EX-21) — 44KB
• a2023-q4exhibit23consent.htm (EX-23) — 8KB
• a2023-q4exhibit311.htm (EX-31.1) — 10KB
• a2023-q4exhibit312.htm (EX-31.2) — 10KB
• a2023-q4exhibit32.htm (EX-32) — 6KB
• a2023-q4ex97clawbackpolicy.htm (EX-97) — 10KB
• www-20231230_g1.jpg (GRAPHIC) — 100KB
• 0000110471-24-000057.txt (&nbsp;) — 15521KB
• www-20231230.xsd (EX-101.SCH) — 98KB
• www-20231230_cal.xml (EX-101.CAL) — 125KB
• www-20231230_def.xml (EX-101.DEF) — 546KB
• www-20231230_lab.xml (EX-101.LAB) — 1331KB
• www-20231230_pre.xml (EX-101.PRE) — 916KB
• www-20231230_htm.xml (XML) — 2027KB

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 21

Cybersecurity

Item 1C. Cybersecurity 21

Properties

Item 2. Properties 23

Legal Proceedings

Item 3. Legal Proceedings 23

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 23 Supplemental Item. Executive Officers of the Registrant 23 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24

Reserved

Item 6. Reserved 25

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 35

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 37

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 80

Controls and Procedures

Item 9A. Controls and Procedures 80

Other Information

Item 9B. Other Information 80

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 80 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 80

Executive Compensation

Item 11. Executive Compensation 80

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 81

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 82

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 82 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 82

Form 10-K Summary

Item 16. Form 10-K Summary 87 SIGNATURES 88 Appendix A: Financial Statement Schedule A-1 3

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This document contains "forward-looking statements," which are statements relating to future, not past, events. 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: 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 direct-to-consumer 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; supply chain and capacity constraints, production disruptions, including reduction in operating hours, labor shortages, and facility closures resulting in production delays at the Company's manufacturers, quality issues, price increases or other risks associated with foreign sourcing; the cost, including the effect of inflationar

Business

Item 1. Business General 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 boots and apparel, and uniform shoes and boots. The Company's products are marketed worldwide in approximately 170 countries and territories through owned operations in the United States ("U.S."), Canada, the United Kingdom ("U.K.") and certain countries in continental Europe and Asia Pacific. In other regions (Latin America, portions of Europe and Asia Pacific, the Middle East and Africa), the Company relies on a network of third-party distributors, licensees and joint ventures. Today, the Company sources and markets a broad range of footwear and apparel styles, including shoes, boots and sandals under many recognizable brand names, including Bates , Cat , Chaco , Harley-Davidson , Hush Puppies , HYTEST , Merrell , Saucony , Sweaty Betty and Wolverine . The Company licenses its Stride Rite brand under a global license arrangement. The Company also markets Merrell and Wolverine brand apparel and accessories and licenses some of its brands for use on non-footwear products, including Hush Puppies apparel, eyewear, watches, socks, handbags and plush toys; Wolverine eyewear and gloves; and Saucony apparel. Cat is a registered trademark of Caterpillar Inc. and Harley-Davidson is a registered trademark of H-D U.S.A., LLC. The Company's products generally feature contemporary styling with proprietary technologies designed to provide maximum comfort and performance. The Company believes that its primary competitive advantages are its well-recognized brand names, patented proprietary designs, diverse product offerings and comfort technologies, wide range of distribution channels and diversified manufacturing and sourcing base. The Company combines quality materials and skilled workmanship to produce footwear according

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View this 10-K filing on SEC EDGAR