DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Oct. 02, 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 from discontinued operations, net of tax line item in the Consolidated Statements of Operations:

	Three Months Ended September				Six Months Ended September
(In thousands)	2021		2020		2021		2020
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 2021		September 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.