Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS (Tables)

v3.21.4
DISCONTINUED OPERATIONS (Tables)
 9 Months Ended
Jan. 01, 2022
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 from discontinued operations, net of tax line item in the Consolidated Statements of Operations:
  Three Months Ended December Nine Months Ended December
(In thousands) 2021 2020 2021 2020
Net revenues
 $ —  $ 176,464  $ 181,424  $ 464,107 
Cost of goods sold
 —  115,801  117,193  330,418 
Selling, general and administrative expenses
 —  35,576  38,735  103,743 
Interest income, net
 —  68  194  541 
Other income (expense), net
 —  22  6  101 
Income from discontinued operations before income taxes
 —  25,177  25,696  30,588 
Gain on the sale of discontinued operations before income taxes
 —  —  133,571  — 
Total income from discontinued operations before income taxes
 —  25,177  159,267  30,588 
Income tax expense (benefit) (a)
—  5,596  (11,006) 5,402 
Income from discontinued operations, net of tax
 $ —  $ 19,581  $ 170,273  $ 25,186 
(a)Income tax benefit for the nine months ended December 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 as of March 2021 and December 2020.
(In thousands) March 2021 December 2020
Cash and equivalents
 $ 34,132  $ 18,771 
Accounts receivable, net
 103,835  91,554 
Inventories
 245,227  242,204 
Other current assets
 8,208  12,802 
Property, plant and equipment, net
 49,394  48,605 
Intangible assets, net
 54,471  54,472 
Goodwill
 43,530  43,530 
Operating lease right-of-use assets
 43,220  42,930 
Other assets
 5,561  5,780 
Total assets of discontinued operations
 $ 587,578  $ 560,648 
Accounts payable
 $ 59,965  $ 50,434 
Accrued liabilities
 38,956  34,470 
Operating lease liabilities
 31,301  33,073 
Other liabilities
 3,863  6,303 
Deferred income tax liabilities (a)
(8,828) (4,095)
Total liabilities of discontinued operations
 $ 125,257  $ 120,185 
(a)Deferred income tax balances reflect VF's consolidated netting by jurisdiction.