Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS (Tables)

v3.20.2
DISCONTINUED OPERATIONS (Tables)
 6 Months Ended
Sep. 26, 2020
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 and the Jeans business that are included in the income from discontinued operations, net of tax line item in the Consolidated Statements of Operations:
  Three Months Ended September Six Months Ended September
(In thousands) 2020 2019 2020 2019
Net revenues
 $ 162,310  $ 213,510  $ 287,643  $ 769,538 
Cost of goods sold
 113,147  140,990  214,617  483,944 
Selling, general and administrative expenses
 34,911  42,017  68,167  238,483 
Interest income, net
 180  559  473  592 
Other income (expense), net
 79  (41) 79  (664)
Income from discontinued operations before income taxes
 14,511  31,021  5,411  47,039 
Income tax expense (benefit) (a)
1,035  7,397  (194) 39,467 
Income from discontinued operations, net of tax
 $ 13,476  $ 23,624  $ 5,605  $ 7,572 
(a)Income tax expense for the six months ended September 2019 includes additional tax expense on nondeductible transaction costs and uncertain tax positions related to the Jeans 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) September 2020 March 2020 September 2019
Cash and equivalents
 $ 26,846  $ 39,752  $ 37,693 
Accounts receivable, net
 82,520  83,650  94,780 
Inventories
 241,519  294,000  300,689 
Other current assets
 7,773  6,701  9,054 
Property, plant and equipment, net
 47,964  44,863  39,364 
Intangible assets, net
 54,471  54,471  61,902 
Goodwill
 43,530  43,530  49,630 
Operating lease right-of-use assets
 42,445  38,941  32,265 
Other assets
 5,609  5,231  4,496 
Total assets of discontinued operations
 $ 552,677  $ 611,139  $ 629,873 
Accounts payable
 $ 46,493  $ 63,380  $ 67,493 
Accrued liabilities
 32,322  29,699  32,836 
Operating lease liabilities
 34,688  35,867  30,907 
Other liabilities
 5,177  2,270  2,572 
Deferred income tax liabilities (a)
(4,324) (4,435) (10,250)
Total liabilities of discontinued operations
 $ 114,356  $ 126,781  $ 123,558 
(a)Deferred income tax balances reflect VF's consolidated netting by jurisdiction