Famous Footwear 2013 Annual Report Download - page 81

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2013 BROWN SHOE COMPANY, INC. FORM 10-K 79
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF FEBRUARY 2, 2013
($ thousands) Parent Guarantors Non-Guarantors Eliminations Total
Assets
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . $ – $ 32,060 $ 36,163 $ – $ 68,223
Receivables, net . . . . . . . . . . . . . . . . . . . . . . . . . 67,571 6,593 37,228 – 111,392
Inventories, net. . . . . . . . . . . . . . . . . . . . . . . . . . 92,683 394,468 16,537 – 503,688
Prepaid expenses and other current assets . . . . . . . . . . 17,237 26,524 969 – 44,730
Current assets - discontinued operations . . . . . . . . . . . 5,447 41,553 109 – 47,109
Intercompany receivable - current . . . . . . . . . . . . . . . 543 3,531 24,815 (28,889) –
Total current assets. . . . . . . . . . . . . . . . . . . . . . . . . . 183,481 504,729 115,821 (28,889) 775,142
Property and equipment, net . . . . . . . . . . . . . . . . . . 27,931 108,224 8,701 – 144,856
Goodwill and intangible assets, net . . . . . . . . . . . . . . 37,270 19,901 22,532 – 79,703
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,527 19,320 848 – 119,695
Investment in subsidiaries . . . . . . . . . . . . . . . . . . . 765,729 91,136 113,033 (969,898) –
Noncurrent assets - discontinued operations . . . . . . . . . 1,145 3,980 52,925 (3,473) 54,577
Intercompany receivable - noncurrent. . . . . . . . . . . . . 340,678 524,332 158,557 (1,023,567) –
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,455,761 $ 1,271,622 $ 472,417 $ (2,025,827) $ 1,173,973
Liabilities and Equity
Current liabilities:
Borrowings under revolving credit agreement . . . . . . . . $ 105,000 $ – $ – $ – $ 105,000
Trade accounts payable . . . . . . . . . . . . . . . . . . . . . 53,350 118,096 42,214 – 213,660
Other accrued expenses . . . . . . . . . . . . . . . . . . . . 54,465 78,293 7,146 – 139,904
Current liabilities - discontinued operations. . . . . . . . . . 3,754 9,396 109 – 13,259
Intercompany payable - current . . . . . . . . . . . . . . . . 7,102 2,369 19,418 (28,889) –
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . 223,671 208,154 68,887 (28,889) 471,823
Other liabilities:
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . 198,823 – – – 198,823
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 17,042 48,986 4,402 – 70,430
Noncurrent liabilities - discontinued operations . . . . . . . – – 10,469 (3,473) 6,996
Intercompany payable - noncurrent . . . . . . . . . . . . . . 591,096 135,720 296,751 (1,023,567) –
Total other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . 806,961 184,706 311,622 (1,027,040) 276,249
Equity:
Brown Shoe Company, Inc. shareholders’ equity . . . . . . . 425,129 878,762 91,136 (969,898) 425,129
Noncontrolling interests. . . . . . . . . . . . . . . . . . . . . – – 772 – 772
Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425,129 878,762 91,908 (969,898) 425,901
Total liabilities and equity . . . . . . . . . . . . . . . . . . . . . . $ 1,455,761 $ 1,271,622 $ 472,417 $ (2,025,827) $ 1,173,973
CONDENSED CONSOLIDATING STATEMENT OF EARNINGS
FOR THE FISCAL YEAR ENDED FEBRUARY 2, 2013
($ thousands) Parent Guarantors Non-Guarantors Eliminations Total
Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 689,630 $ 1,805,260 $ 191,994 $ (209,088) $ 2,477,796
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . 528,925 1,014,703 154,681 (209,088) 1,489,221
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,705 790,557 37,313 – 988,575
Selling and administrative expenses . . . . . . . . . . . . . . . . 189,857 692,124 9,685 – 891,666
Restructuring and other special charges, net . . . . . . . . . . . 12,261 10,170 – – 22,431
Operating (loss) earnings . . . . . . . . . . . . . . . . . . . . . . (41,413) 88,263 27,628 – 74,478
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,584) (389) – – (22,973)
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 258 54 – 322
Intercompany interest income (expense) . . . . . . . . . . . . . 13,073 (13,525) 452 – –
(Loss) earnings before income taxes from continuing operations (50,914) 74,607 28,134 – 51,827
Income tax benefit (provision) . . . . . . . . . . . . . . . . . . . 15,973 (28,362) (4,267) – (16,656)
Equity in earnings from continuing operations of subsidiaries,
net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,399 24,154 – (94,553) –
Net earnings from continuing operations . . . . . . . . . . . . . 35,458 70,399 23,867 (94,553) 35,171
Discontinued operations:
Earnings (loss) from discontinued operations, net of tax. . . . . 802 (4,164) (1,075) – (4,437)
Disposition/impairment of discontinued operations, net of tax . (3,530) – – – (3,530)
Equity in loss from discontinued operations of subsidiaries,
net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,239) (1,075) – 6,314 –
Net loss from discontinued operations . . . . . . . . . . . . . . . (7,967) (5,239) (1,075) 6,314 (7,967)
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,491 65,160 22,792 (88,239) 27,204
Net loss attributable to noncontrolling interests . . . . . . . . . – – (287) – (287)
Net earnings attributable to Brown Shoe Company, Inc. . . . . . $ 27,491 $ 65,160 $ 23,079 $ (88,239) $ 27,491