Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS (Tables)

v3.21.2
DISCONTINUED OPERATIONS (Tables)
 6 Months Ended
Oct. 02, 2021
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 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) 2021 2020 2021 2020
Net revenues
 $ —  $ 162,310  $ 181,424  $ 287,643 
Cost of goods sold
 —  113,147  117,193  214,617 
Selling, general and administrative expenses
 —  34,911  38,735  68,167 
Interest income, net
 —  180  194  473 
Other income (expense), net
 —  79  6  79 
Income from discontinued operations before income taxes
 —  14,511  25,696  5,411 
Gain on the sale of discontinued operations before income taxes
 —  —  133,571  — 
Total income from discontinued operations before income taxes
 —  14,511  159,267  5,411 
Income tax expense (benefit) (a)
—  1,035  (11,006) (194)
Income from discontinued operations, net of tax
 $ —  $ 13,476  $ 170,273  $ 5,605 
(a)Income tax benefit for the six months ended September 2021 includes $12.0 million of deferred tax benefit related to capital and other losses realized upon the sale of the Occupational Workwear business.
The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations as of March 2021 and September 2020.
(In thousands) March 2021 September 2020
Cash and equivalents
 $ 34,132  $ 26,846 
Accounts receivable, net
 103,835  82,520 
Inventories
 245,227  241,519 
Other current assets
 8,208  7,773 
Property, plant and equipment, net
 49,394  47,964 
Intangible assets, net
 54,471  54,471 
Goodwill
 43,530  43,530 
Operating lease right-of-use assets
 43,220  42,445 
Other assets
 5,561  5,609 
Total assets of discontinued operations
 $ 587,578  $ 552,677 
Accounts payable
 $ 59,965  $ 46,493 
Accrued liabilities
 38,956  32,322 
Operating lease liabilities
 31,301  34,688 
Other liabilities
 3,863  5,177 
Deferred income tax liabilities (a)
(8,828) (4,324)
Total liabilities of discontinued operations
 $ 125,257  $ 114,356 
(a)Deferred income tax balances reflect VF's consolidated netting by jurisdiction.