| Schedule of Discontinued Operations Presented in Financial Statements |
The following table presents information regarding certain components of cash flows from discontinued operations:
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Three Months Ended June |
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|
|
|
|
|
(In thousands) |
|
2019 |
|
|
2018 |
Cash provided by operating activities |
|
$ |
13,212 |
|
|
|
$ |
177,807 |
|
Cash used by investing activities |
|
(2,327 |
) |
|
|
(17,483 |
) |
|
|
|
|
|
|
Non-cash items: |
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|
|
|
|
Depreciation and amortization |
|
$ |
4,829 |
|
|
|
$ |
18,234 |
|
Capital expenditures |
|
2,651 |
|
|
|
6,435 |
|
The following table summarizes the major line items for the Jeans business and Nautica® brand 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 June |
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(In thousands) |
|
2019 |
|
|
2018 |
Net revenues |
|
$ |
335,203 |
|
|
|
$ |
672,924 |
|
Cost of goods sold |
|
203,124 |
|
|
|
394,394 |
|
Selling, general and administrative expenses |
|
152,798 |
|
|
|
165,931 |
|
Interest, net |
|
(552 |
) |
|
|
969 |
|
Other income (expense), net |
|
(667 |
) |
|
|
(969 |
) |
Income (loss) from discontinued operations before income taxes |
|
(21,938 |
) |
|
|
112,599 |
|
Gain on the sale of discontinued operations before income taxes |
|
— |
|
|
|
4,206 |
|
Total income (loss) from discontinued operations before income taxes |
|
(21,938 |
) |
|
|
116,805 |
|
Income tax expense (a)
|
|
(26,090 |
) |
|
|
(17,811 |
) |
Income (loss) from discontinued operations, net of tax |
|
$ |
(48,028 |
) |
|
|
$ |
98,994 |
|
|
|
(a) |
Income tax expense for the three months ended June 2019 includes additional tax expense on nondeductible transaction costs and uncertain tax positions. |
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 2019 |
|
|
March 2019 |
|
June 2018 |
Cash and equivalents |
|
$ |
— |
|
|
|
$ |
97,892 |
|
|
$ |
75,742 |
|
Accounts receivable, net |
|
— |
|
|
|
242,941 |
|
|
205,596 |
|
Inventories |
|
— |
|
|
|
510,370 |
|
|
472,166 |
|
Other current assets |
|
— |
|
|
|
44,827 |
|
|
38,356 |
|
Property, plant and equipment, net |
|
— |
|
|
|
142,091 |
|
|
142,826 |
|
Intangible assets |
|
— |
|
|
|
51,913 |
|
|
55,263 |
|
Goodwill |
|
— |
|
|
|
213,570 |
|
|
221,176 |
|
Other assets |
|
— |
|
|
|
74,144 |
|
|
68,392 |
|
Total assets of discontinued operations |
|
$ |
— |
|
|
|
$ |
1,377,748 |
|
|
$ |
1,279,517 |
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
$ |
— |
|
|
|
$ |
5,995 |
|
|
$ |
5,062 |
|
Accounts payable |
|
— |
|
|
|
113,866 |
|
|
109,638 |
|
Accrued liabilities |
|
— |
|
|
|
141,621 |
|
|
132,380 |
|
Other liabilities |
|
— |
|
|
|
48,581 |
|
|
47,774 |
|
Total liabilities of discontinued operations |
|
$ |
— |
|
|
|
$ |
310,063 |
|
|
$ |
294,854 |
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|