Famous Footwear 2014 Annual Report Download - page 79

Download and view the complete annual report

Please find page 79 of the 2014 Famous Footwear annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 94

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94

78 2014 BROWN SHOE COMPANY, INC. FORM 10-K
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF FEBRUARY 1, 2014
($ thousands) Parent Guarantors Non-Guarantors Eliminations Total
Assets
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . $ – $ 30,002 $ 52,544 $ – $ 82,546
Receivables, net . . . . . . . . . . . . . . . . . . . . . . . . . 84,428 2,349 42,440 – 129,217
Inventories, net . . . . . . . . . . . . . . . . . . . . . . . . . 119,131 421,101 7,299 – 547,531
Prepaid expenses and other current assets . . . . . . . . . . 38,069 16,024 3,984 (24,941) 33,136
Current assets - discontinued operations . . . . . . . . . . . 119 – – – 119
Intercompany receivable - current . . . . . . . . . . . . . . . 602 191 8,860 (9,653) –
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . 242,349 469,667 115,127 (34,594) 792,549
Property and equipment, net . . . . . . . . . . . . . . . . . 27,201 114,359 2,000 – 143,560
Goodwill and intangible assets, net . . . . . . . . . . . . . . 55,225 18,448 – – 73,673
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,066 15,864 691 – 139,621
Investment in subsidiaries . . . . . . . . . . . . . . . . . . . 865,700 165,970 – (1,031,670) –
Intercompany receivable - noncurrent . . . . . . . . . . . . 457,507 482,180 230,572 (1,170,259) –
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,771,048 $ 1,266,488 $ 348,390 $ (2,236,523) $ 1,149,403
Liabilities and Equity
Current liabilities:
Borrowings under revolving credit agreement . . . . . . . . $ 7,000 $ – $ – $ – $ 7,000
Trade accounts payable . . . . . . . . . . . . . . . . . . . . 72,349 116,604 37,649 – 226,602
Other accrued expenses . . . . . . . . . . . . . . . . . . . . 81,902 87,045 8,539 (24,941) 152,545
Current liabilities - discontinued operations . . . . . . . . . 708 – – – 708
Intercompany payable - current . . . . . . . . . . . . . . . . 4,689 766 4,198 (9,653) –
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . 166,648 204,415 50,386 (34,594) 386,855
Other liabilities:
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . 199,010 – – – 199,010
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . 38,657 46,055 1,464 – 86,176
Intercompany payable - noncurrent . . . . . . . . . . . . . . 890,034 150,318 129,907 (1,170,259) –
Total other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . 1,127,701 196,373 131,371 (1,170,259) 285,186
Equity:
Brown Shoe Company, Inc. shareholders’ equity . . . . . . . 476,699 865,700 165,970 (1,031,670) 476,699
Noncontrolling interests . . . . . . . . . . . . . . . . . . . . – – 663 – 663
Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 476,699 865,700 166,633 (1,031,670) 477,362
Total liabilities and equity . . . . . . . . . . . . . . . . . . . . . . $ 1,771,048 $ 1,266,488 $ 348,390 $ (2,236,523) $ 1,149,403
CONDENSED CONSOLIDATING STATEMENT OF EARNINGS
FOR THE FISCAL YEAR ENDED FEBRUARY 1, 2014
($ thousands) Parent Guarantors Non-Guarantors Eliminations Total
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 733,996 $ 1,768,049 $ 225,745 $ (214,677) $ 2,513,113
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . 549,281 975,389 160,766 (186,611) 1,498,825
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184,715 792,660 64,979 (28,066) 1,014,288
Selling and administrative expenses . . . . . . . . . . . . . . . . 217,902 688,526 31,387 (28,066) 909,749
Restructuring and other special charges, net . . . . . . . . . . . 686 576 – – 1,262
Impairment of assets held for sale . . . . . . . . . . . . . . . . . – – 4,660 – 4,660
Operating (loss) earnings . . . . . . . . . . . . . . . . . . . . . . (33,873) 103,558 28,932 – 98,617
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,163) (91) — – (21,254)
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 278 76 – 377
Intercompany interest income (expense) . . . . . . . . . . . . . 13,414 (15,399) 1,985 – –
Intercompany dividend . . . . . . . . . . . . . . . . . . . . . . . – 7,778 (7,778) – –
(Loss) earnings before income taxes from continuing operations (41,599) 96,124 23,215 – 77,740
Income tax benefit (provision) . . . . . . . . . . . . . . . . . . . 7,496 (29,390) (1,864) – (23,758)
Equity in earnings from continuing operations of subsidiaries,
net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,262 21,528 – (109,790) –
Net earnings from continuing operations . . . . . . . . . . . . . 54,159 88,262 21,351 (109,790) 53,982
Discontinued operations:
(Loss) earnings from discontinued operations, net of tax . . . . (5,296) 1,073 (351) – (4,574)
Disposition/impairment of discontinued operations, net of tax . . – 1,042 (12,554) – (11,512)
Equity in loss from discontinued operations of subsidiaries,
net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,790) (12,905) – 23,695 –
Net loss from discontinued operations . . . . . . . . . . . . . . (16,086) (10,790) (12,905) 23,695 (16,086)
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,073 77,472 8,446 (86,095) 37,896
Plus: Net loss attributable to noncontrolling interests . . . . . . – – (177) – (177)
Net earnings attributable to Brown Shoe Company, Inc. . . . . . $ 38,073 $ 77,472 $ 8,623 $ (86,095) $ 38,073