| Schedule of Discontinued Operations Presented in Financial Statements |
The following table presents the assets and liabilities of the Reef® brand and Van Moer businesses at September 2018:
|
|
|
|
|
|
|
(In thousands) |
|
September 2018 |
|
Cash |
|
$ |
2,059 |
|
|
Accounts receivable, net |
|
19,013 |
|
|
Inventories |
|
32,856 |
|
|
Other current assets |
|
1,649 |
|
|
Property, plant and equipment, net |
|
4,859 |
|
|
Intangible assets |
|
83,332 |
|
|
Goodwill |
|
48,381 |
|
|
Other assets |
|
24 |
|
|
Allowance to reduce assets to estimated fair value, less costs to sell |
|
(32,321 |
) |
|
Total assets held-for-sale |
|
$ |
159,852 |
|
|
|
|
|
|
Accounts payable |
|
$ |
4,030 |
|
|
Accrued liabilities |
|
5,857 |
|
|
Other liabilities |
|
1,471 |
|
|
Total liabilities held-for-sale |
|
$ |
11,358 |
|
|
The following table summarizes the major line items for the Nautica® brand business and the Licensing Business that are included in the income (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September |
|
|
Six Months Ended September |
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
Net revenues |
|
$ |
— |
|
|
|
$ |
122,382 |
|
|
|
$ |
21,913 |
|
|
|
$ |
245,838 |
|
Cost of goods sold |
|
— |
|
|
|
69,287 |
|
|
|
14,706 |
|
|
|
140,193 |
|
Selling, general and administrative expenses |
|
— |
|
|
|
39,867 |
|
|
|
12,391 |
|
|
|
85,469 |
|
Impairment of goodwill |
|
— |
|
|
|
104,651 |
|
|
|
— |
|
|
|
104,651 |
|
Interest expense, net |
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(8 |
) |
Other income, net |
|
— |
|
|
|
3 |
|
|
|
272 |
|
|
|
8 |
|
Loss from discontinued operations before income taxes |
|
— |
|
|
|
(91,421 |
) |
|
|
(4,912 |
) |
|
|
(84,475 |
) |
Gain (loss) on the sale of discontinued operations before income taxes |
|
— |
|
|
|
411 |
|
|
|
4,206 |
|
|
|
(5,975 |
) |
Total loss from discontinued operations before income taxes |
|
— |
|
|
|
(91,010 |
) |
|
|
(706 |
) |
|
|
(90,450 |
) |
Income tax benefit |
|
— |
|
|
|
3,330 |
|
|
|
1,111 |
|
|
|
5,567 |
|
Income (loss) from discontinued operations, net of tax |
|
$ |
— |
|
|
|
$ |
(87,680 |
) |
|
|
$ |
405 |
|
|
|
$ |
(84,883 |
) |
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) |
|
September 2018 |
|
|
March 2018 |
|
September 2017 |
Cash |
|
$ |
— |
|
|
|
$ |
2,330 |
|
|
$ |
593 |
|
Accounts receivable, net |
|
— |
|
|
|
26,298 |
|
|
36,232 |
|
Inventories |
|
— |
|
|
|
55,610 |
|
|
66,112 |
|
Other current assets |
|
— |
|
|
|
1,247 |
|
|
1,034 |
|
Property, plant and equipment, net |
|
— |
|
|
|
15,021 |
|
|
15,861 |
|
Intangible assets |
|
— |
|
|
|
262,202 |
|
|
263,349 |
|
Goodwill |
|
— |
|
|
|
49,005 |
|
|
49,005 |
|
Other assets |
|
— |
|
|
|
3,961 |
|
|
2,984 |
|
Allowance to reduce assets to estimated fair value, less costs to sell |
|
— |
|
|
|
(42,094 |
) |
|
— |
|
Total assets of discontinued operations (a)
|
|
$ |
— |
|
|
|
$ |
373,580 |
|
|
$ |
435,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
— |
|
|
|
$ |
11,619 |
|
|
$ |
21,726 |
|
Accrued liabilities |
|
— |
|
|
|
10,658 |
|
|
15,074 |
|
Other liabilities |
|
— |
|
|
|
11,912 |
|
|
12,192 |
|
Deferred income tax liabilities (b)
|
|
— |
|
|
|
51,838 |
|
|
77,731 |
|
Total liabilities of discontinued operations (a)
|
|
$ |
— |
|
|
|
$ |
86,027 |
|
|
$ |
126,723 |
|
|
|
(a) |
Amounts at September 2017 related to the Nautica® brand business have been classified as current and noncurrent in the Consolidated Balance Sheets.
|
|
|
(b) |
Deferred income tax balances reflect VF’s consolidated netting by jurisdiction. |
|