DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Dec. 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 December				Nine Months Ended December
(In thousands)	2024		2023		2024		2023
Net revenues	$	5,030	$	180,089	$	244,524	$	412,478
Cost of goods sold	1,571		66,683		95,520		161,152
Selling, general and administrative expenses	1,438		54,396		109,991		159,071
Impairment of goodwill and intangible assets	—		—		145,000		—
Interest expense, net (a)	—		(14,242)		(30,767)		(42,918)
Other income (expense), net	—		1,025		(17)		(226)
Income (loss) from discontinued operations before income taxes	2,021		45,793		(136,771)		49,111
Estimated loss on the sale of discontinued operations before income taxes	(2,656)		—		(135,194)		—
Total income (loss) from discontinued operations before income taxes	(635)		45,793		(271,965)		49,111
Income tax expense (benefit)	694		(3,491)		(13,446)		(6,668)
Income (loss) from discontinued operations, net of tax	$	(1,329)	$	49,284	$	(258,519)	$	55,779

(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 as of March 2024 and December 2023.

(In thousands)	March 2024		December 2023
Cash and equivalents	$	18,229	$	12,069
Accounts receivable, net	10,636		8,176
Inventories	68,543		53,997
Other current assets	18,817		23,106
Property, plant and equipment, net	34,894		31,983
Intangible assets, net	852,000		852,000
Goodwill	815,058		819,652
Operating lease right-of-use assets	75,287		71,408
Other assets	19,882		20,271
Deferred income tax assets (a)	(87,479)		(89,260)
Total assets of discontinued operations	$	1,825,867	$	1,803,402
Accounts payable	$	28,651	$	24,375
Accrued liabilities	51,210		55,276
Operating lease liabilities	69,554		65,648
Other liabilities	2,387		2,533
Total liabilities of discontinued operations	$	151,802	$	147,832

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