| 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:
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Three Months Ended September |
|
Nine Months Ended September |
In thousands |
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenues |
$ |
6,498 |
|
|
$ |
203,696 |
|
|
$ |
160,323 |
|
|
$ |
603,651 |
|
Cost of goods sold |
6,580 |
|
|
127,876 |
|
|
121,172 |
|
|
362,215 |
|
Selling, general and administrative expenses |
1,341 |
|
|
51,714 |
|
|
36,059 |
|
|
173,574 |
|
Interest expense, net |
(1 |
) |
|
(21 |
) |
|
(26 |
) |
|
(183 |
) |
Other income (expense), net |
— |
|
|
7 |
|
|
— |
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|
3 |
|
Income (loss) from discontinued operations before income taxes |
(1,424 |
) |
|
24,092 |
|
|
3,066 |
|
|
67,682 |
|
Gain (loss) on the sale of discontinued operations before income taxes |
411 |
|
|
(4,439 |
) |
|
(9,506 |
) |
|
(154,275 |
) |
Total income (loss) from discontinued operations before income taxes |
(1,013 |
) |
|
19,653 |
|
|
(6,440 |
) |
|
(86,593 |
) |
Income tax (expense) benefit(a)
|
389 |
|
|
(6,388 |
) |
|
(4,676 |
) |
|
32,714 |
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Income (loss) from discontinued operations, net of tax |
$ |
(624 |
) |
|
$ |
13,265 |
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|
$ |
(11,116 |
) |
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$ |
(53,879 |
) |
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(a) |
Income tax (expense) benefit for the nine months ended September 2017 includes $8.6 million of deferred tax expense related to GAAP and tax basis differences for LSG.
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The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations for each of the periods presented.
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In thousands |
September 2017 |
|
December 2016 |
|
September 2016 |
Accounts receivable, net |
$ |
— |
|
|
$ |
36,285 |
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$ |
48,768 |
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Inventories |
— |
|
|
98,025 |
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|
102,450 |
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Other current assets |
— |
|
|
1,535 |
|
|
2,009 |
|
Property, plant and equipment, net |
315 |
|
|
13,640 |
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|
14,297 |
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Intangible assets |
— |
|
|
42,427 |
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|
44,833 |
|
Goodwill |
— |
|
|
28,636 |
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|
28,636 |
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Other assets |
— |
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|
692 |
|
|
770 |
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Total assets of discontinued operations(a)
|
$ |
315 |
|
|
$ |
221,240 |
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$ |
241,763 |
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Accounts payable |
$ |
— |
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|
$ |
21,674 |
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$ |
15,318 |
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Accrued liabilities |
— |
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|
13,531 |
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|
9,765 |
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Other liabilities |
— |
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|
791 |
|
|
801 |
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Deferred income tax liabilities(b)
|
— |
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|
(4,081 |
) |
|
(4,140 |
) |
Total liabilities of discontinued operations(a)
|
$ |
— |
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$ |
31,915 |
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$ |
21,744 |
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(a) |
Amounts at December 2016 and September 2016 have been classified as current and long-term in the Consolidated Balance Sheets.
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(b) |
Deferred income tax balances reflect VF’s consolidated netting by jurisdiction. |
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