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