| 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:
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Three Months Ended December |
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Nine Months Ended December |
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(In thousands) |
|
2018 |
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2017 |
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2018 |
|
|
2017 |
Net revenues |
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$ |
— |
|
|
|
$ |
139,878 |
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|
|
$ |
21,913 |
|
|
|
$ |
385,716 |
|
Cost of goods sold |
|
— |
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|
|
77,888 |
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|
|
14,706 |
|
|
|
218,081 |
|
Selling, general and administrative expenses |
|
— |
|
|
|
44,356 |
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|
|
12,391 |
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|
|
129,825 |
|
Impairment of goodwill |
|
— |
|
|
|
— |
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|
|
— |
|
|
|
104,651 |
|
Interest expense, net |
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(9 |
) |
Other income (expense), net |
|
— |
|
|
|
(3 |
) |
|
|
272 |
|
|
|
5 |
|
Income (loss) from discontinued operations before income taxes |
|
— |
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|
|
17,630 |
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|
|
(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 |
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$ |
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:
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(In thousands) |
|
December 2018 |
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March 2018 |
|
December 2017 |
Cash |
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$ |
— |
|
|
|
$ |
2,330 |
|
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$ |
2,592 |
|
Accounts receivable, net |
|
— |
|
|
|
26,298 |
|
|
27,941 |
|
Inventories |
|
— |
|
|
|
55,610 |
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|
43,297 |
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Other current assets |
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— |
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1,247 |
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|
2,497 |
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Property, plant and equipment, net |
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— |
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|
15,021 |
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|
14,914 |
|
Intangible assets |
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— |
|
|
|
262,202 |
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|
262,352 |
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Goodwill |
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— |
|
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|
49,005 |
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|
49,005 |
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Other assets |
|
— |
|
|
|
3,961 |
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|
3,631 |
|
Allowance to reduce assets to estimated fair value, less costs to sell |
|
— |
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(42,094 |
) |
|
(25,529 |
) |
Total assets of discontinued operations |
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$ |
— |
|
|
|
$ |
373,580 |
|
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$ |
380,700 |
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Accounts payable |
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$ |
— |
|
|
|
$ |
11,619 |
|
|
$ |
16,993 |
|
Accrued liabilities |
|
— |
|
|
|
10,658 |
|
|
18,203 |
|
Other liabilities |
|
— |
|
|
|
11,912 |
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|
12,011 |
|
Deferred income tax liabilities (a)
|
|
— |
|
|
|
51,838 |
|
|
53,812 |
|
Total liabilities of discontinued operations |
|
$ |
— |
|
|
|
$ |
86,027 |
|
|
$ |
101,019 |
|
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(a) |
Deferred income tax balances reflect VF’s consolidated netting by jurisdiction. |
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