Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables)

v3.20.1
DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables)
 12 Months Ended
Mar. 28, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations Presented in Financial Statements
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)
 
March 2020
 
 
March 2019
Cash and equivalents
 
$
39,752

 
 
$
140,785

Accounts receivable, net
 
83,650

 
 
336,171

Inventories
 
294,000

 
 
769,928

Other current assets
 
6,701

 
 
53,008

Property, plant and equipment, net
 
44,863

 
 
181,175

Intangible assets
 
54,471

 
 
116,820

Goodwill
 
43,530

 
 
263,200

Operating lease right-of-use assets
 
38,941

 
 
—

Other assets
 
5,231

 
 
78,417

Total assets of discontinued operations
 
$
611,139

 
 
$
1,939,504

 
 
 
 
 
 
Short-term borrowings
 
$
—

 
 
$
5,995

Accounts payable
 
63,380

 
 
205,133

Accrued liabilities
 
29,699

 
 
171,311

Operating lease liabilities
 
35,867

 
 
—

Other liabilities
 
2,270

 
 
85,033

Deferred income tax liabilities (a)
 
(4,435
)
 
 
(39,133
)
Total liabilities of discontinued operations
 
$
126,781

 
 
$
428,339

(a) 
Deferred income tax balances reflect VF's consolidated netting by jurisdiction.
Other Divestitures

The following table summarizes the major line items included for the Occupational Workwear business, the Jeans business, the Nautica® brand business and the Licensing Business that are included in the income from discontinued operations, net of tax line item in the Consolidated Statements of Income:
 
 
Year Ended March
 
Three Months
Ended March
(Transition Period)
 
Year Ended December
 
 
 
 
 
 
 
 
 
 
(In thousands)
 
2020
 
 
2019
 
2018
 
2017
Net revenues
 
$
1,199,524

 
 
$
3,603,686

 
$
958,262

 
$
4,004,876

Cost of goods sold
 
773,418

 
 
2,185,861

 
546,640

 
2,345,075

Selling, general and administrative expenses
 
320,462

 
 
937,351

 
238,342

 
983,043

Impairment of goodwill and intangible assets
 
11,100

 
 
—

 
—

 
104,651

Interest, net
 
1,601

 
 
7,305

 
1,417

 
3,065

Other income (expense), net
 
(687
)
 
 
(3,600
)
 
(1,113
)
 
(4,125
)
Income from discontinued operations before income taxes
 
95,458

 
 
484,179

 
173,584

 
571,047

Gain (loss) on the sale of discontinued operations before income taxes
 
—

 
 
4,589

 
(18,065
)
 
(34,019
)
Total income from discontinued operations before income taxes
 
95,458

 
 
488,768

 
155,519

 
537,028

Income tax expense (a)
 
(45,155
)
 
 
(99,402
)
 
(31,701
)
 
(190,175
)
Income from discontinued operations, net of tax
 
$
50,303

 
 
$
389,366

 
$
123,818

 
$
346,853


(a) 
Income tax expense for the year ended March 2020 includes additional tax expense on nondeductible transaction costs and uncertain tax positions related to the Jeans business. Income tax expense for the year ended December 2017 was impacted by $8.6 million of tax expense related to GAAP and tax basis differences for the LSG business. Additionally, the goodwill impairment charge and estimated loss on sale related to the Nautica® brand business for the year ended December 2017 were nondeductible for income tax purposes.