Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS (Tables)

v3.21.2
DISCONTINUED OPERATIONS (Tables)
 3 Months Ended
Jul. 03, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations Presented in Financial Statements
The following table summarizes the major line items for the Occupational Workwear business that are included in the income (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Operations:
  Three Months Ended June
(In thousands) 2021 2020
Net revenues
 $ 181,424  $ 125,333 
Cost of goods sold
 117,193  101,470 
Selling, general and administrative expenses
 38,735  33,256 
Interest income, net
 194  293 
Other income (expense), net
 6  — 
Income (loss) from discontinued operations before income taxes
 25,696  (9,100)
Gain on the sale of discontinued operations before income taxes
 133,571  — 
Total income (loss) from discontinued operations before income taxes
 159,267  (9,100)
Income tax benefit (a)
(11,006) (1,229)
Income (loss) from discontinued operations, net of tax
 $ 170,273  $ (7,871)
(a)Income tax benefit for the three months ended June 2021 includes $12.0 million of deferred tax benefit related to capital and other losses realized upon the sale of the Occupational Workwear business.
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 2021 March 2021 June 2020
Cash and equivalents
 $ —  $ 34,132  $ 42,986 
Accounts receivable, net
 —  103,835  64,065 
Inventories
 —  245,227  258,632 
Other current assets
 —  8,208  10,027 
Property, plant and equipment, net
 —  49,394  46,697 
Intangible assets, net
 —  54,471  54,471 
Goodwill
 —  43,530  43,530 
Operating lease right-of-use assets
 —  43,220  39,452 
Other assets
 —  5,561  5,275 
Total assets of discontinued operations
 $ —  $ 587,578  $ 565,135 
Accounts payable
 $ —  $ 59,965  $ 27,810 
Accrued liabilities
 —  38,956  31,134 
Operating lease liabilities
 —  31,301  34,462 
Other liabilities
 —  3,863  2,284 
Deferred income tax liabilities (a)
—  (8,828) (4,407)
Total liabilities of discontinued operations
 $ —  $ 125,257  $ 91,283 
(a)Deferred income tax balances reflect VF's consolidated netting by jurisdiction