| Schedule of Discontinued Operations Presented in Financial Statements |
The following table summarizes the major line items included in the income (loss) from discontinued operations for the divestitures of the Licensing Business and Contemporary Brands coalition:
|
|
|
|
|
|
|
|
|
|
Three Months Ended March |
In thousands |
2017 |
|
2016 |
Revenues |
$ |
121,330 |
|
|
$ |
204,883 |
|
Cost of goods sold |
88,221 |
|
|
121,306 |
|
Selling, general and administrative expenses |
25,637 |
|
|
59,122 |
|
Interest expense, net |
(18 |
) |
|
(135 |
) |
Other income (expense), net |
— |
|
|
(2 |
) |
Income from discontinued operations before income taxes |
7,454 |
|
|
24,318 |
|
Estimated loss on the disposal of discontinued operations before income taxes |
(3,531 |
) |
|
— |
|
Total income from discontinued operations before income taxes |
3,923 |
|
|
24,318 |
|
Income tax expense(a)
|
(9,439 |
) |
|
(5,984 |
) |
Income (loss) from discontinued operations, net of tax |
$ |
(5,516 |
) |
|
$ |
18,334 |
|
|
|
(a) |
Income tax expense for the three months ended March 2017 includes $7.5 million of deferred tax expense related to GAAP and tax basis differences for LSG.
|
The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations for each of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands |
March 2017 |
|
December 2016 |
|
March 2016 |
Accounts receivable, net |
$ |
44,281 |
|
|
$ |
36,285 |
|
|
$ |
71,113 |
|
Inventories |
94,718 |
|
|
98,025 |
|
|
148,812 |
|
Other current assets, including cash and equivalents |
14,650 |
|
|
1,535 |
|
|
7,849 |
|
Property, plant and equipment |
11,696 |
|
|
13,640 |
|
|
56,017 |
|
Intangible assets |
40,164 |
|
|
42,427 |
|
|
212,852 |
|
Goodwill |
28,636 |
|
|
28,636 |
|
|
28,636 |
|
Other assets |
921 |
|
|
692 |
|
|
4,297 |
|
Total assets of discontinued operations(a)
|
$ |
235,066 |
|
|
$ |
221,240 |
|
|
$ |
529,576 |
|
Accounts payable |
$ |
21,789 |
|
|
$ |
21,674 |
|
|
$ |
21,538 |
|
Accrued liabilities |
2,849 |
|
|
13,531 |
|
|
8,767 |
|
Other liabilities |
763 |
|
|
791 |
|
|
11,504 |
|
Deferred income tax liabilities(b)
|
(4,080 |
) |
|
(4,081 |
) |
|
(4,140 |
) |
Total liabilities of discontinued operations(a)
|
$ |
21,321 |
|
|
$ |
31,915 |
|
|
$ |
37,669 |
|
|
|
(a) |
Amounts at December 2016 and March 2016 have been classified as current and long-term in the Consolidated Balance Sheets.
|
|
|
(b) |
Deferred income tax balances reflect VF’s consolidated netting by jurisdiction. |
|