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DISCONTINUED OPERATIONS (Tables) | 9 Months Ended
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Dec. 26, 2020
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 and the Jeans business that are included in the income from discontinued operations, net of tax line item in the Consolidated Statements of Operations:
|  | Three Months Ended December |  |  | Nine Months Ended December
(In thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019
Net revenues |  | $ | 176,464 |  |  |  | $ | 229,023 |  |  |  | $ | 464,107 |  |  |  | $ | 998,561 |
Cost of goods sold |  | 115,801 |  |  |  | 148,810 |  |  |  | 330,418 |  |  |  | 632,754 |
Selling, general and administrative expenses |  | 35,576 |  |  |  | 41,450 |  |  |  | 103,743 |  |  |  | 279,933 |
Interest income, net |  | 68 |  |  |  | 523 |  |  |  | 541 |  |  |  | 1,115 |
Other income (expense), net |  | 22 |  |  |  | (8) |  |  |  | 101 |  |  |  | (672) |
Income from discontinued operations before income taxes |  | 25,177 |  |  |  | 39,278 |  |  |  | 30,588 |  |  |  | 86,317 |
Income tax expense (benefit) (a) |  | 5,596 |  |  |  | (4,143) |  |  |  | 5,402 |  |  |  | 35,324 |
Income from discontinued operations, net of tax |  | $ | 19,581 |  |  |  | $ | 43,421 |  |  |  | $ | 25,186 |  |  |  | $ | 50,993 |
(a)Income tax benefit for the three months ended December 2019 reflects a return to accrual adjustment to the previously recorded tax expense related to the Jeans business. Income tax expense for the nine months ended December 2019 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 for each of the periods presented:
(In thousands) |  | December 2020 |  |  | March 2020 |  | December 2019
Cash and equivalents |  | $ | 18,771 |  |  |  | $ | 39,752 |  |  | $ | 43,922 |
Accounts receivable, net |  | 91,554 |  |  |  | 83,650 |  |  | 101,835 |
Inventories |  | 242,204 |  |  |  | 294,000 |  |  | 310,510 |
Other current assets |  | 12,802 |  |  |  | 6,701 |  |  | 8,137 |
Property, plant and equipment, net |  | 48,605 |  |  |  | 44,863 |  |  | 41,566 |
Intangible assets, net |  | 54,472 |  |  |  | 54,471 |  |  | 60,443 |
Goodwill |  | 43,530 |  |  |  | 43,530 |  |  | 49,630 |
Operating lease right-of-use assets |  | 42,930 |  |  |  | 38,941 |  |  | 39,565 |
Other assets |  | 5,780 |  |  |  | 5,231 |  |  | 5,098 |
Total assets of discontinued operations |  | $ | 560,648 |  |  |  | $ | 611,139 |  |  | $ | 660,706 |
Accounts payable |  | $ | 50,434 |  |  |  | $ | 63,380 |  |  | $ | 67,244 |
Accrued liabilities |  | 34,470 |  |  |  | 29,699 |  |  | 33,812 |
Operating lease liabilities |  | 33,073 |  |  |  | 35,867 |  |  | 38,310 |
Other liabilities |  | 6,303 |  |  |  | 2,270 |  |  | 2,651 |
Deferred income tax liabilities (a) |  | (4,095) |  |  |  | (4,435) |  |  | (10,247) |
Total liabilities of discontinued operations |  | $ | 120,185 |  |  |  | $ | 126,781 |  |  | $ | 131,770 |
(a)Deferred income tax balances reflect VF's consolidated netting by jurisdiction

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