XML 45 R33.htm IDEA: XBRL DOCUMENT
v3.21.2

DISCONTINUED OPERATIONS (Tables) | 3 Months Ended
--- | ---
Jul. 03, 2021
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 that are included in the income (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Operations:
|  | Three Months Ended June |  |  |
(In thousands) |  | 2021 |  |  | 2020 |  |  |  |  |  |
Net revenues |  | $ | 181,424 |  |  |  | $ | 125,333 |  |  |  |  |  |  |
Cost of goods sold |  | 117,193 |  |  |  | 101,470 |  |  |  |  |  |  |
Selling, general and administrative expenses |  | 38,735 |  |  |  | 33,256 |  |  |  |  |  |  |
Interest income, net |  | 194 |  |  |  | 293 |  |  |  |  |  |  |
Other income (expense), net |  | 6 |  |  |  | — |  |  |  |  |  |  |
Income (loss) from discontinued operations before income taxes |  | 25,696 |  |  |  | (9,100) |  |  |  |  |  |  |
Gain on the sale of discontinued operations before income taxes |  | 133,571 |  |  |  | — |  |  |  |  |  |  |
Total income (loss) from discontinued operations before income taxes |  | 159,267 |  |  |  | (9,100) |  |  |  |  |  |  |
Income tax benefit (a) |  | (11,006) |  |  |  | (1,229) |  |  |  |  |  |  |
Income (loss) from discontinued operations, net of tax |  | $ | 170,273 |  |  |  | $ | (7,871) |  |  |  |  |  |  |
(a)Income tax benefit for the three months ended June 2021 includes $12.0 million of deferred tax benefit related to capital and other losses realized upon the sale of the Occupational Workwear business. The following table summarizes the carry ing amounts of major classes of assets and liabilities of discontinued operations for each of the periods presented:
(In thousands) |  | June 2021 |  |  | March 2021 |  | June 2020
Cash and equivalents |  | $ | — |  |  |  | $ | 34,132 |  |  | $ | 42,986 |
Accounts receivable, net |  | — |  |  |  | 103,835 |  |  | 64,065 |
Inventories |  | — |  |  |  | 245,227 |  |  | 258,632 |
Other current assets |  | — |  |  |  | 8,208 |  |  | 10,027 |
Property, plant and equipment, net |  | — |  |  |  | 49,394 |  |  | 46,697 |
Intangible assets, net |  | — |  |  |  | 54,471 |  |  | 54,471 |
Goodwill |  | — |  |  |  | 43,530 |  |  | 43,530 |
Operating lease right-of-use assets |  | — |  |  |  | 43,220 |  |  | 39,452 |
Other assets |  | — |  |  |  | 5,561 |  |  | 5,275 |
Total assets of discontinued operations |  | $ | — |  |  |  | $ | 587,578 |  |  | $ | 565,135 |
Accounts payable |  | $ | — |  |  |  | $ | 59,965 |  |  | $ | 27,810 |
Accrued liabilities |  | — |  |  |  | 38,956 |  |  | 31,134 |
Operating lease liabilities |  | — |  |  |  | 31,301 |  |  | 34,462 |
Other liabilities |  | — |  |  |  | 3,863 |  |  | 2,284 |
Deferred income tax liabilities (a) |  | — |  |  |  | (8,828) |  |  | (4,407) |
Total liabilities of discontinued operations |  | $ | — |  |  |  | $ | 125,257 |  |  | $ | 91,283 |
(a)Deferred income tax balances reflect VF's consolidated netting by jurisdiction

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration