Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS (Tables)

v3.22.1
DISCONTINUED OPERATIONS (Tables)
 12 Months Ended
Apr. 02, 2022
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 and the Jeans 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) 2022 2021 2020
Net revenues $ 181,424  $ 671,574  $ 1,199,524 
Cost of goods sold 117,193  471,652  773,418 
Selling, general and administrative expenses 38,735  143,259  320,462 
Impairment of goodwill and intangible assets —  —  11,100 
Interest income, net 194  312  1,601 
Other income (expense), net 6  365  (687)
Income from discontinued operations before income taxes 25,696  57,340  95,458 
Gain on the sale of discontinued operations before income taxes 133,970  —  — 
Total income from discontinued operations before income taxes 159,666  57,340  95,458 
Income tax expense (benefit) (a)
(11,006) 4,377  45,155 
Income from discontinued operations, net of tax $ 170,672  $ 52,963  $ 50,303 
(a)Income tax benefit for the year ended March 2022 includes $12.0 million of deferred tax benefit related to capital and other losses realized upon the sale of the Occupational Workwear business. 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 as of March 2021.
(In thousands) March 2021
Cash and equivalents $ 34,132 
Accounts receivable, net 103,835 
Inventories 245,227 
Other current assets 8,208 
Property, plant and equipment, net 49,394 
Intangible assets, net 54,471 
Goodwill 43,530 
Operating lease right-of-use assets 43,220 
Other assets 5,561 
Total assets of discontinued operations $ 587,578 
Accounts payable $ 59,965 
Accrued liabilities 38,956 
Operating lease liabilities 31,301 
Other liabilities 3,863 
Deferred income tax liabilities (a)
(8,828)
Total liabilities of discontinued operations $ 125,257 
(a)Deferred income tax balances reflect VF's consolidated netting by jurisdiction.