Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Apr. 02, 2022
Apr. 03, 2021
Mar. 28, 2020
OPERATING ACTIVITIES      
Net income $ 1,386,941,000 $ 407,869,000 $ 679,449,000
Income from discontinued operations, net of tax 170,672,000 52,963,000 50,303,000
Income from continuing operations 1,216,269,000 354,906,000 629,146,000
Adjustments to reconcile net income to cash provided by operating activities:      
Impairment of goodwill and intangible assets 0 20,361,000 323,223,000
Depreciation and amortization 266,935,000 269,081,000 267,619,000
Operating lease right-of-use assets and liabilities 410,132,000 427,594,000 392,707,000
Stock-based compensation 91,358,000 70,823,000 68,205,000
Provision for doubtful accounts (716,000) 20,673,000 32,927,000
Pension expense less than contributions (41,309,000) (23,424,000) (2,787,000)
Deferred income taxes (157,489,000) (39,812,000) (74,499,000)
Loss on extinguishment of debt 3,645,000 0 59,772,000
Other, net (12,007,000) 12,412,000 89,603,000
Changes in operating assets and liabilities:      
Accounts receivable (202,526,000) 70,471,000 (5,947,000)
Inventories (380,851,000) 314,315,000 (140,744,000)
Accounts payable 105,357,000 20,106,000 (73,674,000)
Income taxes 201,391,000 (35,586,000) (61,737,000)
Accrued liabilities 88,213,000 101,142,000 (327,512,000)
Operating lease right-of-use assets and liabilities (444,125,000) (375,278,000) (388,244,000)
Other assets and liabilities (286,079,000) 25,470,000 12,388,000
Cash provided by operating activities - continuing operations 858,198,000 1,233,254,000 800,446,000
Cash provided by operating activities - discontinued operations 6,090,000 79,971,000 74,081,000
Cash provided by operating activities 864,288,000 1,313,225,000 874,527,000
INVESTING ACTIVITIES      
Business acquisitions, net of cash received 3,760,000 (2,009,151,000) 0
Proceeds from sale of businesses, net of cash sold 616,928,000 0 0
Purchases of short-term investments 0 (800,000,000) 0
Proceeds from sale and maturities of short-term investments 598,806,000 200,000,000 0
Capital expenditures (245,449,000) (198,658,000) (288,189,000)
Software purchases (82,871,000) (75,542,000) (45,647,000)
Other, net 13,086,000 (8,634,000) 48,529,000
Cash provided (used) by investing activities - continuing operations 904,260,000 (2,891,985,000) (285,307,000)
Cash used by investing activities - discontinued operations (525,000) (3,633,000) (16,740,000)
Cash provided (used) by investing activities 903,735,000 (2,895,618,000) (302,047,000)
FINANCING ACTIVITIES      
Net increase (decrease) in short-term borrowings 324,404,000 (1,217,764,000) 576,560,000
Payments on long-term debt (504,200,000) (1,664,000) (649,054,000)
Payment of debt issuance costs (2,496,000) (21,438,000) (7,274,000)
Proceeds from long-term debt 0 2,996,090,000 1,076,632,000
Share repurchases (350,004,000) 0 (1,000,007,000)
Cash dividends paid (773,205,000) (756,784,000) (748,663,000)
Cash received from Kontoor Brands, net of cash transferred of $126.8 million 0 0 906,148,000
Proceeds from issuance of Common Stock, net of payments for tax withholdings 36,654,000 54,438,000 155,390,000
Cash provided (used) by financing activities (1,268,847,000) 1,052,878,000 309,732,000
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash (73,299,000) (30,603,000) (27,476,000)
Net change in cash, cash equivalents and restricted cash 425,877,000 (560,118,000) 854,736,000
Cash, cash equivalents and restricted cash — beginning of period 851,205,000 1,411,323,000 556,587,000
Cash, cash equivalents and restricted cash — end of period $ 1,277,082,000 $ 851,205,000 $ 1,411,323,000