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DISCONTINUED OPERATIONS | 12 Months Ended
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Mar. 30, 2024
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 was 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 included 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. On June 28, 2021, VF completed the sale of the Occupational Workwear business. The Company received proceeds of $616.9 million, n et of cash sold, resulting in a final after-tax gain on sale of $146.0 million, which was included in the income from discontinued operations, n et of tax line item in the Consolidated Statement of Operations for the year ended March 2022. 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 from discontinued operations, net of tax line item in the Consolidated Statement of Operations was income of $170.7 million (including a final after-tax gain on sale of $146.0 million) for the year ended March 2022. Summarized Discontinued Operations Financial Information The following table summarizes the major line items for the Occupational Workwear business that are included in the income from discontinued operations, net of tax line item in the Consolidated Statements of Operations:
|  | Year Ended March
(In thousands) |  | 2024 (a) |  |  | 2023 (a) |  | 2022
Net revenues |  | $ | — |  |  |  | $ | — |  |  | $ | 181,424 |
Cost of goods sold |  | — |  |  |  | — |  |  | 117,193 |
Selling, general and administrative expenses |  | — |  |  |  | — |  |  | 38,735 |
Interest income, net |  | — |  |  |  | — |  |  | 194 |
Other income (expense), net |  | — |  |  |  | — |  |  | 6 |
Income from discontinued operations before income taxes |  | — |  |  |  | — |  |  | 25,696 |
Gain on the sale of discontinued operations before income taxes |  | — |  |  |  | — |  |  | 133,970 |
Total income from discontinued operations before income taxes |  | — |  |  |  | — |  |  | 159,666 |
Income tax benefit (b) |  | — |  |  |  | — |  |  | (11,006) |
Income from discontinued operations, net of tax |  | $ | — |  |  |  | $ | — |  |  | $ | 170,672 |
(a)There was no activity during the years ended March 2024 and 2023. (b)Income tax benefit for the year ended March 2022 included $12.0 million of deferred tax benefit related to capital and other losses realized upon the sale of the Occupational Workwear business.

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- Definition The entire disclosure 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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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