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Discontinued Operations (Tables) | 6 Months Ended
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Jul. 01, 2017
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Discontinued Operations Presented in Financial Statements | The following table summarizes the major line items included in the loss from discontinued operations for the divestitures of the Licensing Business and Contemporary Brands coalition:
| Three Months Ended June |  | Six Months Ended June
In thousands | 2017 |  | 2016 |  | 2017 |  | 2016
Revenues | $ | 32,495 |  |  | $ | 195,072 |  |  | $ | 153,825 |  |  | $ | 399,955 |
Cost of goods sold | 26,371 |  |  | 113,033 |  |  | 114,592 |  |  | 234,339 |
Selling, general and administrative expenses | 9,081 |  |  | 62,738 |  |  | 34,718 |  |  | 121,860 |
Interest expense, net | (7 | ) |  | (27 | ) |  | (25 | ) |  | (162 | )
Other income (expense), net | — |  |  | (2 | ) |  | — |  |  | (4 | )
Income (loss) from discontinued operations before income taxes | (2,964 | ) |  | 19,272 |  |  | 4,490 |  |  | 43,590 |
Estimated loss on the sale of discontinued operations before income taxes | (6,386 | ) |  | (149,836 | ) |  | (9,917 | ) |  | (149,836 | )
Total loss from discontinued operations before income taxes | (9,350 | ) |  | (130,564 | ) |  | (5,427 | ) |  | (106,246 | )
Income tax (expense) benefit(a) | 4,374 |  |  | 45,086 |  |  | (5,065 | ) |  | 39,102 |
Loss from discontinued operations, net of tax | $ | (4,976 | ) |  | $ | (85,478 | ) |  | $ | (10,492 | ) |  | $ | (67,144 | )
(a) | Income tax (expense) benefit for the three and six months ended June 2017 includes $1.1 million and $8.6 million, respectively, of deferred tax expense related to GAAP and tax basis differences for LSG.
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 | June 2017 |  | December 2016 |  | June 2016
Accounts receivable, net | $ | — |  |  | $ | 36,285 |  |  | $ | 68,803 |
Inventories | — |  |  | 98,025 |  |  | 166,448 |
Other current assets, including cash and equivalents | — |  |  | 1,535 |  |  | 6,290 |
Property, plant and equipment | 315 |  |  | 13,640 |  |  | 53,702 |
Intangible assets | — |  |  | 42,427 |  |  | 210,814 |
Goodwill | — |  |  | 28,636 |  |  | 28,636 |
Other assets | — |  |  | 692 |  |  | 3,923 |
Allowance to reduce assets to estimated fair value, less costs to sell | — |  |  | — |  |  | (149,836 | )
Total assets of discontinued operations(a) | $ | 315 |  |  | $ | 221,240 |  |  | $ | 388,780 |
Accounts payable | $ | — |  |  | $ | 21,674 |  |  | $ | 30,339 |
Accrued liabilities | — |  |  | 13,531 |  |  | 10,512 |
Other liabilities | — |  |  | 791 |  |  | 11,365 |
Deferred income tax liabilities(b) | — |  |  | (4,081 | ) |  | (4,140 | )
Total liabilities of discontinued operations(a) | $ | — |  |  | $ | 31,915 |  |  | $ | 48,076 |
(a) | Amounts at December 2016 and June 2016 have been classified as current and long-term in the Consolidated Balance Sheets for the licensing business.
(b) | Deferred income tax balances reflect VF’s consolidated netting by jurisdiction.

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- Definition Tabular disclosure of information 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 3 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760 Reference 4: 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 5: 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 Reference 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 + Details
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