| Schedule of Discontinued Operations Presented in Financial Statements |
The following table summarizes the major line items for Supreme that are included in the income (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Operations:
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Three Months Ended December |
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Nine Months Ended December |
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| (In thousands) |
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2024 |
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2023 |
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2024 |
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2023 |
| Net revenues |
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$ |
5,030 |
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$ |
180,089 |
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$ |
244,524 |
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$ |
412,478 |
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| Cost of goods sold |
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1,571 |
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66,683 |
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95,520 |
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161,152 |
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| Selling, general and administrative expenses |
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1,438 |
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54,396 |
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109,991 |
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159,071 |
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| Impairment of goodwill and intangible assets |
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— |
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— |
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145,000 |
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— |
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Interest expense, net (a)
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— |
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(14,242) |
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(30,767) |
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(42,918) |
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| Other income (expense), net |
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— |
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1,025 |
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(17) |
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(226) |
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| Income (loss) from discontinued operations before income taxes |
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2,021
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45,793
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(136,771) |
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49,111
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| Estimated loss on the sale of discontinued operations before income taxes |
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(2,656) |
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— |
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(135,194) |
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— |
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| Total income (loss) from discontinued operations before income taxes |
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(635) |
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45,793
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(271,965) |
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49,111
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| Income tax expense (benefit) |
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694 |
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(3,491) |
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(13,446) |
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(6,668) |
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| Income (loss) from discontinued operations, net of tax |
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$ |
(1,329) |
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$ |
49,284
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$ |
(258,519) |
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$ |
55,779
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(a)As noted above, interest expense and the related interest rate swap impact for the DDTL were reallocated to discontinued operations.
The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations as of March 2024 and December 2023.
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| (In thousands) |
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March 2024 |
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December 2023 |
| Cash and equivalents |
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$ |
18,229 |
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$ |
12,069 |
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| Accounts receivable, net |
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10,636 |
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8,176 |
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| Inventories |
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68,543 |
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53,997 |
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| Other current assets |
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18,817 |
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23,106 |
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| Property, plant and equipment, net |
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34,894 |
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31,983 |
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| Intangible assets, net |
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852,000 |
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852,000 |
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| Goodwill |
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815,058 |
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819,652 |
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| Operating lease right-of-use assets |
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75,287 |
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71,408 |
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| Other assets |
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19,882 |
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20,271 |
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Deferred income tax assets (a)
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(87,479) |
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(89,260) |
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| Total assets of discontinued operations |
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$ |
1,825,867
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$ |
1,803,402
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| Accounts payable |
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$ |
28,651 |
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$ |
24,375 |
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| Accrued liabilities |
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51,210 |
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55,276 |
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| Operating lease liabilities |
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69,554 |
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65,648 |
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| Other liabilities |
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2,387 |
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2,533 |
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| Total liabilities of discontinued operations |
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$ |
151,802
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$ |
147,832
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(a)Deferred income tax balances reflect VF’s consolidated netting by jurisdiction.
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