DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Sep. 28, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations Presented in Financial Statements

The following table summarizes the major line items for Supreme that are included in the income (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Operations:

	Three Months Ended September				Six Months Ended September
(In thousands)	2024		2023		2024		2023
Net revenues	$	101,253	$	114,116	$	239,494	$	232,389
Cost of goods sold	41,688		48,834		93,949		94,469
Selling, general and administrative expenses	50,700		52,894		108,553		104,675
Impairment of goodwill and intangible assets	—		—		145,000		—
Interest expense, net (a)	(16,037)		(14,533)		(30,767)		(28,676)
Other income (expense), net	447		(1,327)		(17)		(1,251)
Income (loss) from discontinued operations before income taxes	(6,725)		(3,472)		(138,792)		3,318
Estimated loss on the sale of discontinued operations before income taxes	(132,538)		—		(132,538)		—
Total income (loss) from discontinued operations before income taxes	(139,263)		(3,472)		(271,330)		3,318
Income tax expense (benefit)	11,068		(4,417)		(14,140)		(3,177)
Income (loss) from discontinued operations, net of tax	$	(150,331)	$	945	$	(257,190)	$	6,495

(a)As noted above, interest expense and the related interest rate swap impact for the DDTL were reallocated to discontinued operations.

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)	September 2024		March 2024		September 2023
Cash and equivalents	$	20,188	$	18,229	$	14,087
Accounts receivable, net	13,066		10,636		8,273
Inventories	89,779		68,543		75,760
Other current assets	18,910		18,817		15,671
Property, plant and equipment, net	36,166		34,894		30,689
Intangible assets, net	801,000		852,000		852,000
Goodwill	724,800		815,058		815,351
Operating lease right-of-use assets	86,465		75,287		59,119
Other assets	19,157		19,882		28,348
Deferred income tax assets (a)	(86,009)		(87,479)		(89,515)
Allowance to reduce assets to estimated fair value, less costs to sell	(132,538)		—		—
Total assets of discontinued operations	$	1,590,984	$	1,825,867	$	1,809,783
Accounts payable	$	27,665	$	28,651	$	31,244
Accrued liabilities	38,872		51,210		40,923
Operating lease liabilities	78,723		69,554		54,725
Other liabilities	2,531		2,387		10,682
Total liabilities of discontinued operations	$	147,791	$	151,802	$	137,574

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