Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Apr. 03, 2021
Mar. 28, 2020
Mar. 30, 2019
OPERATING ACTIVITIES      
Net income $ 407,869,000 $ 679,449,000 $ 1,259,792,000
Income from discontinued operations, net of tax 52,963,000 50,303,000 389,366,000
Income from continuing operations 354,906,000 629,146,000 870,426,000
Adjustments to reconcile net income to cash provided by operating activities:      
Impairment of goodwill and intangible assets 20,361,000 323,223,000 0
Depreciation and amortization 269,081,000 267,619,000 255,729,000
Reduction in the carrying amount of right-of-use assets 427,594,000 392,707,000 0
Stock-based compensation 70,823,000 68,205,000 84,285,000
Provision for doubtful accounts 20,673,000 32,927,000 16,280,000
Pension expense less than contributions (23,424,000) (2,787,000) (1,850,000)
Deferred income taxes (39,812,000) (74,499,000) (47,983,000)
Loss on extinguishment of debt 0 59,772,000 0
Loss on sale of businesses, net of tax 0 0 33,648,000
Other, net 12,412,000 89,603,000 (39,322,000)
Changes in operating assets and liabilities:      
Accounts receivable 70,471,000 (5,947,000) (310,898,000)
Inventories 314,315,000 (140,744,000) (58,700,000)
Accounts payable 20,106,000 (73,674,000) 68,082,000
Income taxes (35,586,000) (61,737,000) (28,371,000)
Accrued liabilities 101,142,000 (327,512,000) 406,599,000
Operating lease right-of-use assets and liabilities (375,278,000) (388,244,000) 0
Other assets and liabilities 25,470,000 12,388,000 (7,880,000)
Cash provided by operating activities - continuing operations 1,233,254,000 800,446,000 1,240,045,000
Cash provided by operating activities - discontinued operations 79,971,000 74,081,000 424,178,000
Cash provided by operating activities 1,313,225,000 874,527,000 1,664,223,000
INVESTING ACTIVITIES      
Business acquisitions, net of cash received (2,009,151,000) 0 (320,405,000)
Proceeds from sale of businesses, net of cash sold 0 0 430,286,000
Purchases of short-term investments (800,000,000) 0 0
Proceeds from maturities of short-term investments 200,000,000 0 0
Capital expenditures (198,658,000) (288,189,000) (215,776,000)
Software purchases (75,542,000) (45,647,000) (53,226,000)
Other, net (8,634,000) 48,529,000 (18,245,000)
Cash used by investing activities - continuing operations (2,891,985,000) (285,307,000) (177,366,000)
Cash used by investing activities - discontinued operations (3,633,000) (16,740,000) (43,266,000)
Cash used by investing activities (2,895,618,000) (302,047,000) (220,632,000)
FINANCING ACTIVITIES      
Net increase (decrease) in short-term borrowings (1,217,764,000) 576,560,000 (864,177,000)
Payments on long-term debt (1,664,000) (649,054,000) (6,264,000)
Payment of debt issuance costs (21,438,000) (7,274,000) (2,123,000)
Proceeds from long-term debt 2,996,090,000 1,076,632,000 0
Share repurchases 0 (1,000,007,000) (150,676,000)
Cash dividends paid (756,784,000) (748,663,000) (767,061,000)
Cash received from Kontoor Brands, net of cash transferred of $126.8 million 0 906,148,000 0
Proceeds from issuance of Common Stock, net of payments for tax withholdings 54,438,000 155,390,000 199,296,000
Cash provided (used) by financing activities 1,052,878,000 309,732,000 (1,591,005,000)
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash (30,603,000) (27,476,000) 14,811,000
Net change in cash, cash equivalents and restricted cash (560,118,000) 854,736,000 (132,603,000)
Cash, cash equivalents and restricted cash — beginning of period 1,411,323,000 556,587,000 689,190,000
Cash, cash equivalents and restricted cash — end of period $ 851,205,000 $ 1,411,323,000 $ 556,587,000