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Discontinued Operations | 12 Months Ended
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Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations On August 26, 2016, VF completed the sale of its Contemporary Brands coalition to Delta Galil Industries, Ltd. for $116.9 million. The Contemporary Brands coalition included the businesses of the 7 For All Mankind®, Splendid® and Ella Moss® brands (the “Businesses”) and was previously disclosed as a separate reportable segment of VF. The transaction resulted in an after-tax loss on sale of $104.4 million which is included in the loss from discontinued operations, net of tax line item in the 2016 Consolidated Statement of Income. Beginning in the second quarter of 2016, VF has reported the results of the Businesses in the loss from discontinued operations, net of tax line item in the Consolidated Statements of Income and excluded them from continuing operations and segment results. The assets and liabilities of the Businesses at December 2015 have been reported as assets and liabilities of discontinued operations in the Consolidated Balance Sheet. Certain corporate overhead costs and interest expense previously allocated to the Contemporary Brands coalition for segment reporting purposes did not qualify for classification within discontinued operations and have been reallocated to continuing operations. In addition, goodwill and intangible asset impairment charges related to the Contemporary Brands coalition, previously excluded from the calculation of coalition profit, were reallocated to discontinued operations. These changes were applied to all periods presented. VF is providing certain support services under transition services agreements for a limited period of time. These support services did not have a material impact on VF’s 2016 Consolidated Statement of Income. The following table summarizes the major line items included in the loss from discontinued operations for each of the periods presented.
| 2016 |  | 2015 |  | 2014
| In thousands
Revenues | $ | 187,821 |  |  | $ | 344,089 |  |  | $ | 400,431 |
Cost of goods sold | 85,303 |  |  | 158,101 |  |  | 175,310 |
Selling, general and administrative expenses | 99,295 |  |  | 169,357 |  |  | 189,349 |
Impairment of goodwill and intangible assets | — |  |  | 143,562 |  |  | 396,362 |
Interest income (expense), net | (109 | ) |  | (642 | ) |  | (621 | )
Other income (expense), net | 3 |  |  | 627 |  |  | 1 |
Pre-tax income (loss) from discontinued operations | 3,117 |  |  | (126,946 | ) |  | (361,210 | )
Pre-tax loss on the disposal of discontinued operations | (154,275 | ) |  | — |  |  | — |
Total pre-tax loss from discontinued operations | (151,158 | ) |  | (126,946 | ) |  | (361,210 | )
Income tax benefit | 52,737 |  |  | 43,408 |  |  | 80,966 |
Loss from discontinued operations, net of tax | $ | (98,421 | ) |  | $ | (83,538 | ) |  | $ | (280,244 | )
The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations for each of the periods presented.
| 2016 |  | 2015
| In thousands
Accounts receivable, net | $ | — |  |  | $ | 29,596 |
Inventories | — |  |  | 56,634 |
Other current assets, including cash and equivalents | — |  |  | 2,946 |
Property, plant and equipment | — |  |  | 42,668 |
Intangible assets | — |  |  | 164,008 |
Other assets | — |  |  | 3,355 |
Total assets of discontinued operations(a) | $ | — |  |  | $ | 299,207 |
Current portion of long-term debt | $ | — |  |  | $ | 9,928 |
Accounts payable | — |  |  | 8,988 |
Accrued liabilities | — |  |  | 7,102 |
Other liabilities | — |  |  | 10,915 |
Total liabilities of discontinued operations(a) | $ | — |  |  | $ | 36,933 |
(a) | Amounts at December 2015 have been classified as current and long-term in the Consolidated Balance Sheet.
The cash flows related to discontinued operations have not been segregated, and are included in the Consolidated Statements of Cash Flows. The following table summarizes depreciation and amortization, capital expenditures and the significant operating noncash items from discontinued operations for each of the periods presented:
| 2016 |  | 2015 |  | 2014
| In thousands
Depreciation and amortization | $ | 4,581 |  |  | $ | 17,673 |  |  | $ | 24,006 |
Capital expenditures | 719 |  |  | 5,663 |  |  | 10,308 |
Impairment of goodwill and intangible assets | — |  |  | 143,562 |  |  | 396,362 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64862545&loc=SL51724579-110230 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760 + Details
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