Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables)

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DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables)
 12 Months Ended
Apr. 03, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations Presented in Financial Statements
The following table summarizes the major line items included for the Occupational Workwear business, the Jeans business and the Nautica® brand business that are included in the income from discontinued operations, net of tax line item in the Consolidated Statements of Operations:
Year Ended March
(In thousands) 2021 2020 2019
Net revenues $ 671,574  $ 1,199,524  $ 3,603,686 
Cost of goods sold 471,652  773,418  2,185,861 
Selling, general and administrative expenses 143,259  320,462  937,351 
Impairment of goodwill and intangible assets —  11,100  — 
Interest income, net 312  1,601  7,305 
Other income (expense), net 365  (687) (3,600)
Income from discontinued operations before income taxes 57,340  95,458  484,179 
Gain on the sale of discontinued operations before income taxes —  —  4,589 
Total income from discontinued operations before income taxes 57,340  95,458  488,768 
Income tax expense (a)
4,377  45,155  99,402 
Income from discontinued operations, net of tax $ 52,963  $ 50,303  $ 389,366 
(a)Income tax expense for the year ended March 2020 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) March 2021 March 2020
Cash and equivalents $ 34,132  $ 39,752 
Accounts receivable, net 103,835  83,650 
Inventories 245,227  294,000 
Other current assets 8,208  6,701 
Property, plant and equipment, net 49,394  44,863 
Intangible assets, net 54,471  54,471 
Goodwill 43,530  43,530 
Operating lease right-of-use assets 43,220  38,941 
Other assets 5,561  5,231 
Total assets of discontinued operations $ 587,578  $ 611,139 
Accounts payable $ 59,965  $ 63,380 
Accrued liabilities 38,956  29,699 
Operating lease liabilities 31,301  35,867 
Other liabilities 3,863  2,270 
Deferred income tax liabilities (a)
(8,828) (4,435)
Total liabilities of discontinued operations $ 125,257  $ 126,781 
(a)Deferred income tax balances reflect VF's consolidated netting by jurisdiction.