Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS (Tables)

v3.24.3
DISCONTINUED OPERATIONS (Tables)
6 Months Ended
Sep. 28, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations Presented in Financial Statements
The following table summarizes the major line items for Supreme that are included in the income (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Operations:
  Three Months Ended September Six Months Ended September
(In thousands) 2024 2023 2024 2023
Net revenues $ 101,253  $ 114,116  $ 239,494  $ 232,389 
Cost of goods sold 41,688  48,834  93,949  94,469 
Selling, general and administrative expenses 50,700  52,894  108,553  104,675 
Impairment of goodwill and intangible assets —  —  145,000  — 
Interest expense, net (a)
(16,037) (14,533) (30,767) (28,676)
Other income (expense), net 447  (1,327) (17) (1,251)
Income (loss) from discontinued operations before income taxes (6,725) (3,472) (138,792) 3,318 
Estimated loss on the sale of discontinued operations before income taxes (132,538) —  (132,538) — 
Total income (loss) from discontinued operations before income taxes (139,263) (3,472) (271,330) 3,318 
Income tax expense (benefit) 11,068  (4,417) (14,140) (3,177)
Income (loss) from discontinued operations, net of tax $ (150,331) $ 945  $ (257,190) $ 6,495 
(a)As noted above, interest expense and the related interest rate swap impact for the DDTL were reallocated to discontinued operations.
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) September 2024 March 2024 September 2023
Cash and equivalents $ 20,188  $ 18,229  $ 14,087 
Accounts receivable, net 13,066  10,636  8,273 
Inventories 89,779  68,543  75,760 
Other current assets 18,910  18,817  15,671 
Property, plant and equipment, net 36,166  34,894  30,689 
Intangible assets, net 801,000  852,000  852,000 
Goodwill 724,800  815,058  815,351 
Operating lease right-of-use assets 86,465  75,287  59,119 
Other assets 19,157  19,882  28,348 
Deferred income tax assets (a)
(86,009) (87,479) (89,515)
Allowance to reduce assets to estimated fair value, less costs to sell (132,538) —  — 
Total assets of discontinued operations $ 1,590,984  $ 1,825,867  $ 1,809,783 
Accounts payable $ 27,665  $ 28,651  $ 31,244 
Accrued liabilities 38,872  51,210  40,923 
Operating lease liabilities 78,723  69,554  54,725 
Other liabilities 2,531  2,387  10,682 
Total liabilities of discontinued operations $ 147,791  $ 151,802  $ 137,574 
(a)    Deferred income tax balances reflect VF’s consolidated netting by jurisdiction.