| Schedule of Discontinued Operations Presented in Financial Statements |
The following table summarizes the major line items for the Nautica® brand business and the Licensing Business that are included in the income from discontinued operations, net of tax line item in the Consolidated Statements of Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June |
(In thousands) |
|
2018 |
|
|
2017 |
Revenues |
|
$ |
21,913 |
|
|
|
$ |
123,456 |
|
Cost of goods sold |
|
14,706 |
|
|
|
70,906 |
|
Selling, general and administrative expenses |
|
12,391 |
|
|
|
45,602 |
|
Interest expense, net |
|
— |
|
|
|
(7 |
) |
Other income, net |
|
272 |
|
|
|
5 |
|
Income (loss) from discontinued operations before income taxes |
|
(4,912 |
) |
|
|
6,946 |
|
Gain (loss) on the sale of discontinued operations before income taxes |
|
4,206 |
|
|
|
(6,386 |
) |
Total income (loss) from discontinued operations before income taxes |
|
(706 |
) |
|
|
560 |
|
Income tax benefit |
|
1,111 |
|
|
|
2,237 |
|
Income from discontinued operations, net of tax |
|
$ |
405 |
|
|
|
$ |
2,797 |
|
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) |
|
June 2018 |
|
|
March 2018 |
|
June 2017 |
Cash |
|
$ |
— |
|
|
|
$ |
2,330 |
|
|
$ |
497 |
|
Accounts receivable, net |
|
— |
|
|
|
26,298 |
|
|
12,101 |
|
Inventories |
|
— |
|
|
|
55,610 |
|
|
49,920 |
|
Other current assets |
|
— |
|
|
|
1,247 |
|
|
864 |
|
Property, plant and equipment, net |
|
— |
|
|
|
15,021 |
|
|
16,266 |
|
Intangible assets |
|
— |
|
|
|
262,202 |
|
|
264,348 |
|
Goodwill |
|
— |
|
|
|
49,005 |
|
|
153,656 |
|
Other assets |
|
— |
|
|
|
3,961 |
|
|
2,831 |
|
Allowance to reduce assets to estimated fair value, less costs to sell |
|
— |
|
|
|
(42,094 |
) |
|
— |
|
Total assets of discontinued operations (a)
|
|
$ |
— |
|
|
|
$ |
373,580 |
|
|
$ |
500,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
— |
|
|
|
$ |
11,619 |
|
|
$ |
10,428 |
|
Accrued liabilities |
|
— |
|
|
|
10,658 |
|
|
15,293 |
|
Other liabilities |
|
— |
|
|
|
11,912 |
|
|
12,311 |
|
Deferred income tax liabilities (b)
|
|
— |
|
|
|
51,838 |
|
|
77,731 |
|
Total liabilities of discontinued operations (a)
|
|
$ |
— |
|
|
|
$ |
86,027 |
|
|
$ |
115,763 |
|
|
|
(a) |
Amounts at June 2017 related to the Nautica® brand business 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. |
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