Famous Footwear 2013 Annual Report Download - page 79

2013 BROWN SHOE COMPANY, INC. FORM 10-K 77
18. FINANCIAL INFORMATION FOR THE COMPANY AND ITS SUBSIDIARIES
Brown Shoe Company, Inc. issued senior notes, which are fully and unconditionally and jointly and severally guaranteed by
all of its existing and future subsidiaries that are guarantors under its existing agreement. The following table presents the
consolidating financial information for each of Brown Shoe Company, Inc. (“Parent”), the Guarantors and subsidiaries of the
Parent that are not Guarantors (the “Non-Guarantors”), together with consolidating eliminations, as of and for the periods
indicated. The Guarantors are 100% owned by the Parent.
The consolidating financial statements have been prepared using the equity method of accounting in accordance with
the requirements for presentation of such information. Management believes that the information, presented in lieu of
complete financial statements for each of the Guarantors, provides meaningful information to allow investors to determine
the nature of the assets held by, and operations and cash flows of, each of the consolidated groups.
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