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DISCONTINUED OPERATIONS
 3 Months Ended
Jul. 03, 2021
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
The Company continuously assesses the composition of its portfolio to ensure it is aligned with its strategic objectives and positioned to maximize growth and return to shareholders.
Occupational Workwear Business
On January 21, 2020, VF announced its decision to explore the divestiture of its Occupational Workwear business. The Occupational Workwear business is comprised primarily of the following brands and businesses: Red Kap®, VF Solutions®, Bulwark®, Workrite®, Walls®, Terra®, Kodiak®, Work Authority® and Horace Small®. The business also includes the license of certain Dickies® occupational workwear products that have historically been sold through the business-to-business channel. As of March 28, 2020, the Occupational Workwear business met the held-for-sale and discontinued operations accounting criteria. Accordingly, the Company has reported the results of the Occupational Workwear business and the related cash flows as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively, through the date of sale. The related held-for-sale assets and liabilities have been reported as assets and liabilities of discontinued operations in the Consolidated Balance Sheets, through the date of sale.
On June 28, 2021, VF completed the sale of the Occupational Workwear business. The Company received proceeds of $616.5 million, net of cash sold, resulting in an estimated after-tax gain on sale of $145.6 million, which is included in the income (loss) from discontinued operations, net of tax line item in the Consolidated Statement of Operations for the three months ended June 2021, and is subject to working capital and other adjustments.
The results of the Occupational Workwear business were previously reported in the Work segment. The results of the Occupational Workwear business recorded in the income (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Operations were income of $170.3 million (including an estimated after-tax gain on sale of $145.6 million) and a loss of $7.9 million for the three months ended June 2021 and June 2020, respectively.
Under the terms of a transition services agreement, the Company will provide certain support services for periods generally up to 12 months from the closing date of the transaction.
Summarized Discontinued Operations Financial Information
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)20212020
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 carrying amounts of major classes of assets and liabilities of discontinued operations for each of the periods presented:
(In thousands)June 2021March 2021June 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