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.