DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Jul. 03, 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 (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Operations:

	Three Months Ended June
(In thousands)	2021		2020
Net revenues	$	181,424	$	125,333
Cost of goods sold	117,193		101,470
Selling, general and administrative expenses	38,735		33,256
Interest income, net	194		293
Other income (expense), net	6		—
Income (loss) from discontinued operations before income taxes	25,696		(9,100)
Gain on the sale of discontinued operations before income taxes	133,571		—
Total income (loss) from discontinued operations before income taxes	159,267		(9,100)
Income tax benefit (a)	(11,006)		(1,229)
Income (loss) from discontinued operations, net of tax	$	170,273	$	(7,871)

(a)Income tax benefit for the three months ended June 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 for each of the periods presented:

(In thousands)	June 2021		March 2021		June 2020
Cash and equivalents	$	—	$	34,132	$	42,986
Accounts receivable, net	—		103,835		64,065
Inventories	—		245,227		258,632
Other current assets	—		8,208		10,027
Property, plant and equipment, net	—		49,394		46,697
Intangible assets, net	—		54,471		54,471
Goodwill	—		43,530		43,530
Operating lease right-of-use assets	—		43,220		39,452
Other assets	—		5,561		5,275
Total assets of discontinued operations	$	—	$	587,578	$	565,135
Accounts payable	$	—	$	59,965	$	27,810
Accrued liabilities	—		38,956		31,134
Operating lease liabilities	—		31,301		34,462
Other liabilities	—		3,863		2,284
Deferred income tax liabilities (a)	—		(8,828)		(4,407)
Total liabilities of discontinued operations	$	—	$	125,257	$	91,283

(a)Deferred income tax balances reflect VF's consolidated netting by jurisdiction