Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables)

v3.10.0.1
DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables)
9 Months Ended
Dec. 29, 2018
Discontinued Operations and Disposal Groups [Abstract]  
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 (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Income:
 
 
Three Months Ended December
 
 
Nine Months Ended December
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
 
2018
 
 
2017
 
 
2018
 
 
2017
Net revenues
 
$

 
 
$
139,878

 
 
$
21,913

 
 
$
385,716

Cost of goods sold
 

 
 
77,888

 
 
14,706

 
 
218,081

Selling, general and administrative expenses
 

 
 
44,356

 
 
12,391

 
 
129,825

Impairment of goodwill
 

 
 

 
 

 
 
104,651

Interest expense, net
 

 
 
(1
)
 
 

 
 
(9
)
Other income (expense), net
 

 
 
(3
)
 
 
272

 
 
5

Income (loss) from discontinued operations before income taxes
 

 
 
17,630

 
 
(4,912
)
 
 
(66,845
)
Gain (loss) on the sale of discontinued operations before income taxes
 
383

 
 
(24,513
)
 
 
4,589

 
 
(30,488
)
Total income (loss) from discontinued operations before income taxes
 
383

 
 
(6,883
)
 
 
(323
)
 
 
(97,333
)
Income tax (expense) benefit
 

 
 
(10,407
)
 
 
1,111

 
 
(4,840
)
Income (loss) from discontinued operations, net of tax
 
$
383

 
 
$
(17,290
)
 
 
$
788

 
 
$
(102,173
)
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)
 
December 2018
 
 
March 2018
 
December 2017
Cash
 
$

 
 
$
2,330

 
$
2,592

Accounts receivable, net
 

 
 
26,298

 
27,941

Inventories
 

 
 
55,610

 
43,297

Other current assets
 

 
 
1,247

 
2,497

Property, plant and equipment, net
 

 
 
15,021

 
14,914

Intangible assets
 

 
 
262,202

 
262,352

Goodwill
 

 
 
49,005

 
49,005

Other assets
 

 
 
3,961

 
3,631

Allowance to reduce assets to estimated fair value, less costs to sell
 

 

(42,094
)
 
(25,529
)
Total assets of discontinued operations
 
$

 
 
$
373,580

 
$
380,700

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$

 
 
$
11,619

 
$
16,993

Accrued liabilities
 

 
 
10,658

 
18,203

Other liabilities
 

 
 
11,912

 
12,011

Deferred income tax liabilities (a)
 

 
 
51,838

 
53,812

Total liabilities of discontinued operations
 
$

 
 
$
86,027

 
$
101,019

(a) 
Deferred income tax balances reflect VF’s consolidated netting by jurisdiction.