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DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables) | 12 Months Ended
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Mar. 28, 2020
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Discontinued Operations Presented in Financial Statements | 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) |  | March 2020 |  |  | March 2019
Cash and equivalents |  | $ | 39,752 |  |  |  | $ | 140,785 |
Accounts receivable, net |  | 83,650 |  |  |  | 336,171 |
Inventories |  | 294,000 |  |  |  | 769,928 |
Other current assets |  | 6,701 |  |  |  | 53,008 |
Property, plant and equipment, net |  | 44,863 |  |  |  | 181,175 |
Intangible assets |  | 54,471 |  |  |  | 116,820 |
Goodwill |  | 43,530 |  |  |  | 263,200 |
Operating lease right-of-use assets |  | 38,941 |  |  |  | — |
Other assets |  | 5,231 |  |  |  | 78,417 |
Total assets of discontinued operations |  | $ | 611,139 |  |  |  | $ | 1,939,504 |
Short-term borrowings |  | $ | — |  |  |  | $ | 5,995 |
Accounts payable |  | 63,380 |  |  |  | 205,133 |
Accrued liabilities |  | 29,699 |  |  |  | 171,311 |
Operating lease liabilities |  | 35,867 |  |  |  | — |
Other liabilities |  | 2,270 |  |  |  | 85,033 |
Deferred income tax liabilities (a) |  | (4,435 | ) |  |  | (39,133 | )
Total liabilities of discontinued operations |  | $ | 126,781 |  |  |  | $ | 428,339 |
(a) Deferred income tax balances reflect VF's consolidated netting by jurisdiction.
Other Divestitures
The following table summarizes the major line items included for the Occupational Workwear business, the Jeans business, the Nautica® brand business and the Licensing Business that are included in the income from discontinued operations, net of tax line item in the Consolidated Statements of Income:
|  | Year Ended March |  | Three Months Ended March (Transition Period) |  | Year Ended December
(In thousands) |  | 2020 |  |  | 2019 |  | 2018 |  | 2017
Net revenues |  | $ | 1,199,524 |  |  |  | $ | 3,603,686 |  |  | $ | 958,262 |  |  | $ | 4,004,876 |
Cost of goods sold |  | 773,418 |  |  |  | 2,185,861 |  |  | 546,640 |  |  | 2,345,075 |
Selling, general and administrative expenses |  | 320,462 |  |  |  | 937,351 |  |  | 238,342 |  |  | 983,043 |
Impairment of goodwill and intangible assets |  | 11,100 |  |  |  | — |  |  | — |  |  | 104,651 |
Interest, net |  | 1,601 |  |  |  | 7,305 |  |  | 1,417 |  |  | 3,065 |
Other income (expense), net |  | (687 | ) |  |  | (3,600 | ) |  | (1,113 | ) |  | (4,125 | )
Income from discontinued operations before income taxes |  | 95,458 |  |  |  | 484,179 |  |  | 173,584 |  |  | 571,047 |
Gain (loss) on the sale of discontinued operations before income taxes |  | — |  |  |  | 4,589 |  |  | (18,065 | ) |  | (34,019 | )
Total income from discontinued operations before income taxes |  | 95,458 |  |  |  | 488,768 |  |  | 155,519 |  |  | 537,028 |
Income tax expense (a) |  | (45,155 | ) |  |  | (99,402 | ) |  | (31,701 | ) |  | (190,175 | )
Income from discontinued operations, net of tax |  | $ | 50,303 |  |  |  | $ | 389,366 |  |  | $ | 123,818 |  |  | $ | 346,853 |
(a) 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. Income tax expense for the year ended December 2017 was impacted by $8.6 million of tax expense related to GAAP and tax basis differences for the LSG business. Additionally, the goodwill impairment charge and estimated loss on sale related to the Nautica® brand business for the year ended December 2017 were nondeductible for income tax purposes.

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