| Schedule of Discontinued Operations Presented in Financial Statements |
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) |
|
2017 |
|
|
2016 |
Accounts receivable, net |
|
$ |
35,826 |
|
|
|
$ |
48,881 |
|
Inventories |
|
44,735 |
|
|
|
144,754 |
|
Other current assets |
|
2,771 |
|
|
|
4,345 |
|
Property, plant and equipment |
|
26,852 |
|
|
|
43,690 |
|
Intangible assets |
|
262,352 |
|
|
|
305,770 |
|
Goodwill |
|
49,005 |
|
|
|
182,292 |
|
Other assets |
|
6,053 |
|
|
|
7,570 |
|
Allowance to adjust assets to estimated fair value, less costs of disposal |
|
(25,529 |
) |
|
|
— |
|
Total assets of discontinued operations(a)
|
|
$ |
402,065 |
|
|
|
$ |
737,302 |
|
Accounts payable |
|
$ |
22,421 |
|
|
|
$ |
44,450 |
|
Accrued liabilities |
|
21,408 |
|
|
|
29,006 |
|
Other liabilities |
|
13,449 |
|
|
|
14,624 |
|
Deferred income tax liabilities(b)
|
|
53,474 |
|
|
|
73,337 |
|
Total liabilities of discontinued operations(a)
|
|
$ |
110,752 |
|
|
|
$ |
161,417 |
|
|
|
(a) |
Amounts at December 2016 have been classified as current and long-term in the Consolidated Balance Sheet. |
|
|
(b) |
Deferred income tax balances reflect VF's consolidated netting by jurisdiction. |
The following table summarizes the major line items included in the income (loss) from discontinued operations for the Nautica® brand business, the Licensing Business and the Contemporary Brands coalition:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
2017 |
|
|
2016 |
|
2015 |
Revenues |
|
$ |
588,383 |
|
|
|
$ |
1,180,677 |
|
|
$ |
1,380,351 |
|
Cost of goods sold |
|
349,382 |
|
|
|
691,715 |
|
|
790,034 |
|
Selling, general and administrative expenses |
|
191,898 |
|
|
|
354,773 |
|
|
430,587 |
|
Impairment of goodwill and intangible assets |
|
104,651 |
|
|
|
— |
|
|
143,562 |
|
Interest income (expense), net |
|
(27 |
) |
|
|
(199 |
) |
|
(663 |
) |
Other income (expense), net |
|
6 |
|
|
|
2 |
|
|
627 |
|
Income (loss) from discontinued operations before income taxes |
|
(57,569 |
) |
|
|
133,992 |
|
|
16,132 |
|
Loss on the sale of discontinued operations, before income taxes |
|
(34,019 |
) |
|
|
(154,275 |
) |
|
— |
|
Total income (loss) from discontinued operations before income taxes |
|
(91,588 |
) |
|
|
(20,283 |
) |
|
16,132 |
|
Income tax (expense) benefit(a)
|
|
(14,698 |
) |
|
|
15,535 |
|
|
(1,595 |
) |
Income (loss) from discontinued operations, net of tax |
|
$ |
(106,286 |
) |
|
|
$ |
(4,748 |
) |
|
$ |
14,537 |
|
|
|
(a) |
The full year 2017 income tax expense is impacted by $8.6 million of tax expense related to GAAP and tax basis differences for LSG. Additionally, the 2017 goodwill impairment charge and estimated loss on sale related to the Nautica® brand business were nondeductible for income tax purposes.
|
The following table summarizes depreciation and amortization, capital expenditures and the significant operating noncash items from discontinued operations for each of the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
2017 |
|
|
2016 |
|
2015 |
Depreciation and amortization |
|
$ |
14,023 |
|
|
|
$ |
27,360 |
|
|
$ |
39,189 |
|
Capital expenditures |
|
2,592 |
|
|
|
4,795 |
|
|
13,536 |
|
Impairment of goodwill and intangible assets |
|
104,651 |
|
|
|
— |
|
|
143,562 |
|
|