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DISCONTINUED OPERATIONS
 6 Months Ended
Oct. 02, 2021
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
The Company continuously assesses the composition of its portfolio to ensure it is aligned with its strategic objectives and positioned to maximize growth and return to shareholders.
Occupational Workwear Business
On January 21, 2020, VF announced its decision to explore the divestiture of its Occupational Workwear business. The Occupational Workwear business was comprised primarily of the following brands and businesses: Red Kap®, VF Solutions®, Bulwark®, Workrite®, Walls®, Terra®, Kodiak®, Work Authority® and Horace Small®. The business also included the license of certain Dickies® occupational workwear products that have historically been sold through the business-to-business channel. As of March 28, 2020, the Occupational Workwear business met the held-for-sale and discontinued operations accounting criteria. Accordingly, the Company has reported the results of the Occupational Workwear business and the related cash flows as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively, through the date of sale. The related held-for-sale assets and liabilities have been reported as assets and liabilities of discontinued operations in the Consolidated Balance Sheets, through the date of sale.
On June 28, 2021, VF completed the sale of the Occupational Workwear business. The Company received proceeds of $616.5 million, net of cash sold, resulting in an estimated after-tax gain on sale of $145.6 million, which is included in the income from discontinued operations, net of tax line item in the Consolidated Statement of Operations for the six months ended September 2021, and is subject to working capital and other adjustments.
The results of the Occupational Workwear business were previously reported in the Work segment. The results of the Occupational Workwear business recorded in the income from discontinued operations, net of tax line item in the Consolidated Statements of Operations were income of $170.3 million (including an estimated after-tax gain on sale of $145.6 million) for the six months ended September 2021, and income of $13.5 million and $5.6 million for the three and six months ended September 2020, respectively.
Under the terms of a transition services agreement, the Company will provide certain support services for periods generally up to 12 months from the closing date of the transaction.
Summarized Discontinued Operations Financial Information
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 SeptemberSix Months Ended September
(In thousands)2021202020212020
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 2021September 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.