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Assets and Liabilities Held for Sale
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Assets and Liabilities Held for Sale Assets and Liabilities Held for Sale
We classify assets and related liabilities as held for sale when the following conditions are met: (i) management has committed to a plan to sell the net assets, (ii) the net assets are available for immediate sale, (iii) there is an active program to locate a buyer, (iv) the sale and transfer of the net assets is probable within one year, (v) the net assets are being actively marketed for sale at a price that is reasonable in relation to the current fair value, and (vi) it is unlikely that significant changes will be made to the plan to sell the net assets. Upon designation as held for sale, we record the assets and related liabilities at the lower of their carrying value or their estimated fair value, reduced for the costs to dispose of the assets and related liabilities, which we determined using the estimated proceeds from the sale. This designation resulted in a $7.0 million impairment which is associated with our corporate function and is included within selling, general and administrative expense in our condensed consolidated statement of operations.
During the first quarter of 2025, we determined that our Jack Wolfskin business, which is within our Active Lifestyle operating segment, met the criteria to be classified as held for sale, and therefore we have reclassified the related assets and liabilities as held for sale on the condensed consolidated balance sheet. We expect the transaction to close towards the end of the second quarter or early third quarter of 2025, subject to the satisfaction of certain specified closing conditions, including the receipt of certain regulatory approvals. The following is a summary of the major categories of assets and liabilities that have been classified as assets and liabilities held for sale on the condensed consolidated balance sheet as of the period presented below (in millions):
March 31, 2025
Current assets held for sale
Total restricted cash$5.5 
Accounts receivables, less allowance of 3.3 million
17.0 
Inventories75.3 
Other current assets16.5 
Property, plant and equipment, net11.4 
Operating lease right-of-use assets, net64.4 
Trade names and trademarks202.3 
Other intangible assets, net13.8 
Goodwill1.7 
Other assets1.4 
Total current assets held for sale$409.3 
Current liabilities held for sale
Accounts payable and accrued expenses$45.6 
Accrued employee compensation and benefits6.2 
Operating lease liabilities, short-term15.6 
Deferred revenue1.3 
Operating lease liabilities, long-term50.1 
Deferred taxes, net23.6 
Other liabilities7.4 
Total current liabilities held for sale$149.8 
We determined that the proposed sale of the Jack Wolfskin business would not represent a strategic shift that had or will have a major effect on the condensed consolidated statement of operations, and therefore results were not classified as discontinued operations.