DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Apr. 02, 2022

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 and the Jeans 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)	2022		2021		2020
Net revenues	$	181,424	$	671,574	$	1,199,524
Cost of goods sold	117,193		471,652		773,418
Selling, general and administrative expenses	38,735		143,259		320,462
Impairment of goodwill and intangible assets	—		—		11,100
Interest income, net	194		312		1,601
Other income (expense), net	6		365		(687)
Income from discontinued operations before income taxes	25,696		57,340		95,458
Gain on the sale of discontinued operations before income taxes	133,970		—		—
Total income from discontinued operations before income taxes	159,666		57,340		95,458
Income tax expense (benefit) (a)	(11,006)		4,377		45,155
Income from discontinued operations, net of tax	$	170,672	$	52,963	$	50,303

(a)Income tax benefit for the year ended March 2022 includes $12.0 million of deferred tax benefit related to capital and other losses realized upon the sale of the Occupational Workwear business. 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 as of March 2021.

(In thousands)	March 2021
Cash and equivalents	$	34,132
Accounts receivable, net	103,835
Inventories	245,227
Other current assets	8,208
Property, plant and equipment, net	49,394
Intangible assets, net	54,471
Goodwill	43,530
Operating lease right-of-use assets	43,220
Other assets	5,561
Total assets of discontinued operations	$	587,578
Accounts payable	$	59,965
Accrued liabilities	38,956
Operating lease liabilities	31,301
Other liabilities	3,863
Deferred income tax liabilities (a)	(8,828)
Total liabilities of discontinued operations	$	125,257

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