| 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 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September |
|
|
Six Months Ended September |
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
Net revenues |
|
$ |
— |
|
|
|
$ |
687,996 |
|
|
|
$ |
335,203 |
|
|
|
$ |
1,360,920 |
|
Cost of goods sold |
|
— |
|
|
|
405,210 |
|
|
|
203,124 |
|
|
|
799,604 |
|
Selling, general and administrative expenses |
|
— |
|
|
|
169,103 |
|
|
|
152,798 |
|
|
|
335,034 |
|
Interest, net |
|
— |
|
|
|
1,308 |
|
|
|
(552 |
) |
|
|
2,277 |
|
Other income (expense), net |
|
— |
|
|
|
(2,085 |
) |
|
|
(667 |
) |
|
|
(3,054 |
) |
Income (loss) from discontinued operations before income taxes |
|
— |
|
|
|
112,906 |
|
|
|
(21,938 |
) |
|
|
225,505 |
|
Gain on the sale of discontinued operations before income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,206 |
|
Total income (loss) from discontinued operations before income taxes |
|
— |
|
|
|
112,906 |
|
|
|
(21,938 |
) |
|
|
229,711 |
|
Income tax expense (a)
|
|
— |
|
|
|
(21,909 |
) |
|
|
(26,090 |
) |
|
|
(39,720 |
) |
Income (loss) from discontinued operations, net of tax |
|
$ |
— |
|
|
|
$ |
90,997 |
|
|
|
$ |
(48,028 |
) |
|
|
$ |
189,991 |
|
|
|
(a) |
Income tax expense for the six months ended September 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
September 2019 |
|
|
March 2019 |
|
September 2018 |
Cash and equivalents |
|
$ |
— |
|
|
|
$ |
97,892 |
|
|
$ |
85,993 |
|
Accounts receivable, net |
|
— |
|
|
|
242,941 |
|
|
234,790 |
|
Inventories |
|
— |
|
|
|
510,370 |
|
|
524,851 |
|
Other current assets |
|
— |
|
|
|
44,827 |
|
|
39,062 |
|
Property, plant and equipment, net |
|
— |
|
|
|
142,091 |
|
|
141,860 |
|
Intangible assets |
|
— |
|
|
|
51,913 |
|
|
54,186 |
|
Goodwill |
|
— |
|
|
|
213,570 |
|
|
219,683 |
|
Other assets |
|
— |
|
|
|
74,144 |
|
|
66,125 |
|
Total assets of discontinued operations |
|
$ |
— |
|
|
|
$ |
1,377,748 |
|
|
$ |
1,366,550 |
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
$ |
— |
|
|
|
$ |
5,995 |
|
|
$ |
5,617 |
|
Accounts payable |
|
— |
|
|
|
113,866 |
|
|
128,878 |
|
Accrued liabilities |
|
— |
|
|
|
141,621 |
|
|
123,929 |
|
Other liabilities |
|
— |
|
|
|
48,581 |
|
|
44,616 |
|
Total liabilities of discontinued operations |
|
$ |
— |
|
|
|
$ |
310,063 |
|
|
$ |
303,040 |
|
|