Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS (Tables)

v3.20.4
DISCONTINUED OPERATIONS (Tables)
 9 Months Ended
Dec. 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 December Nine Months Ended December
(In thousands) 2020 2019 2020 2019
Net revenues
 $ 176,464  $ 229,023  $ 464,107  $ 998,561 
Cost of goods sold
 115,801  148,810  330,418  632,754 
Selling, general and administrative expenses
 35,576  41,450  103,743  279,933 
Interest income, net
 68  523  541  1,115 
Other income (expense), net
 22  (8) 101  (672)
Income from discontinued operations before income taxes
 25,177  39,278  30,588  86,317 
Income tax expense (benefit) (a)
5,596  (4,143) 5,402  35,324 
Income from discontinued operations, net of tax
 $ 19,581  $ 43,421  $ 25,186  $ 50,993 
(a)Income tax benefit for the three months ended December 2019 reflects a return to accrual adjustment to the previously recorded tax expense related to the Jeans business. Income tax expense for the nine months ended December 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) December 2020 March 2020 December 2019
Cash and equivalents
 $ 18,771  $ 39,752  $ 43,922 
Accounts receivable, net
 91,554  83,650  101,835 
Inventories
 242,204  294,000  310,510 
Other current assets
 12,802  6,701  8,137 
Property, plant and equipment, net
 48,605  44,863  41,566 
Intangible assets, net
 54,472  54,471  60,443 
Goodwill
 43,530  43,530  49,630 
Operating lease right-of-use assets
 42,930  38,941  39,565 
Other assets
 5,780  5,231  5,098 
Total assets of discontinued operations
 $ 560,648  $ 611,139  $ 660,706 
Accounts payable
 $ 50,434  $ 63,380  $ 67,244 
Accrued liabilities
 34,470  29,699  33,812 
Operating lease liabilities
 33,073  35,867  38,310 
Other liabilities
 6,303  2,270  2,651 
Deferred income tax liabilities (a)
(4,095) (4,435) (10,247)
Total liabilities of discontinued operations
 $ 120,185  $ 126,781  $ 131,770 
(a)Deferred income tax balances reflect VF's consolidated netting by jurisdiction