Famous Footwear 2014 Annual Report Download - page 77

76 2014 BROWN SHOE COMPANY, INC. FORM 10-K
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 JANUARY 31, 2015
($ thousands) Parent Guarantors Non-Guarantors Eliminations Total
Assets
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . $ 13,891 $ 8,770 $ 44,742 $ – $ 67,403
Receivables, net . . . . . . . . . . . . . . . . . . . . . . . . . 89,030 5,398 42,218 – 136,646
Inventories, net . . . . . . . . . . . . . . . . . . . . . . . . . 148,082 386,468 8,553 – 543,103
Prepaid expenses and other current assets . . . . . . . . . . 41,494 24,397 5,344 (27,491) 43,744
Intercompany receivable - current . . . . . . . . . . . . . . . 1,194 279 8,471 (9,944) –
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . 293,691 425,312 109,328 (37,435) 790,896
Property and equipment, net . . . . . . . . . . . . . . . . . 29,237 118,525 1,981 – 149,743
Goodwill and intangible assets, net . . . . . . . . . . . . . . 117,792 16,795 – – 134,587
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 127,879 13,104 603 – 141,586
Investment in subsidiaries . . . . . . . . . . . . . . . . . . . 982,640 200,946 – (1,183,586) –
Intercompany receivable - noncurrent . . . . . . . . . . . . 459,774 581,594 264,673 (1,306,041) –
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,011,013 $ 1,356,276 $ 376,585 $ (2,527,062) $ 1,216,812
Liabilities and Equity
Current liabilities:
Trade accounts payable . . . . . . . . . . . . . . . . . . . . . $ 60,377 $ 117,899 $ 37,645 $ – $ 215,921
Other accrued expenses . . . . . . . . . . . . . . . . . . . . 106,682 94,108 7,863 (27,491) 181,162
Intercompany payable - current . . . . . . . . . . . . . . . . 4,948 361 4,635 (9,944) –
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . 172,007 212,368 50,143 (37,435) 397,083
Other liabilities:
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . 199,197 – – – 199,197
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . 41,847 36,869 194 – 78,910
Intercompany payable - noncurrent . . . . . . . . . . . . . . 1,057,052 124,399 124,590 (1,306,041) –
Total other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . 1,298,096 161,268 124,784 (1,306,041) 278,107
Equity:
Brown Shoe Company, Inc. shareholders’ equity . . . . . . . 540,910 982,640 200,946 (1,183,586) 540,910
Noncontrolling interests . . . . . . . . . . . . . . . . . . . . – – 712 – 712
Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 540,910 982,640 201,658 (1,183,586) 541,622
Total liabilities and equity . . . . . . . . . . . . . . . . . . . . . . $ 2,011,013 $ 1,356,276 $ 376,585 $ (2,527,062) $ 1,216,812