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Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables)

v3.21.1
DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables)
 12 Months Ended
Apr. 03, 2021
Discontinued Operations and Disposal Groups [Abstract] Ìý
Schedule of Discontinued Operations Presented in Financial Statements
The following table summarizes the major line items included for the Occupational Workwear business, the Jeans business and the Nautica® brand 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) 2021 2020 2019
Net revenues $ 671,574Ìý $ 1,199,524Ìý $ 3,603,686Ìý
Cost of goods sold 471,652Ìý 773,418Ìý 2,185,861Ìý
Selling, general and administrative expenses 143,259Ìý 320,462Ìý 937,351Ìý
Impairment of goodwill and intangible assets —Ìý 11,100Ìý —Ìý
Interest income, net 312Ìý 1,601Ìý 7,305Ìý
Other income (expense), net 365Ìý (687) (3,600)
Income from discontinued operations before income taxes 57,340Ìý 95,458Ìý 484,179Ìý
Gain on the sale of discontinued operations before income taxes —Ìý —Ìý 4,589Ìý
Total income from discontinued operations before income taxes 57,340Ìý 95,458Ìý 488,768Ìý
Income tax expense (a)
4,377Ìý 45,155Ìý 99,402Ìý
Income from discontinued operations, net of tax $ 52,963Ìý $ 50,303Ìý $ 389,366Ìý
(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.
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 2021 March 2020
Cash and equivalents $ 34,132Ìý $ 39,752Ìý
Accounts receivable, net 103,835Ìý 83,650Ìý
Inventories 245,227Ìý 294,000Ìý
Other current assets 8,208Ìý 6,701Ìý
Property, plant and equipment, net 49,394Ìý 44,863Ìý
Intangible assets, net 54,471Ìý 54,471Ìý
Goodwill 43,530Ìý 43,530Ìý
Operating lease right-of-use assets 43,220Ìý 38,941Ìý
Other assets 5,561Ìý 5,231Ìý
Total assets of discontinued operations $ 587,578Ìý $ 611,139Ìý
Accounts payable $ 59,965Ìý $ 63,380Ìý
Accrued liabilities 38,956Ìý 29,699Ìý
Operating lease liabilities 31,301Ìý 35,867Ìý
Other liabilities 3,863Ìý 2,270Ìý
Deferred income tax liabilities (a)
(8,828) (4,435)
Total liabilities of discontinued operations $ 125,257Ìý $ 126,781Ìý
(a)Deferred income tax balances reflect ±«ÓãÖ±²¥'s consolidated netting by jurisdiction.