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Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS (Tables)

v3.22.1
DISCONTINUED OPERATIONS (Tables)
 12 Months Ended
Apr. 02, 2022
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 and the Jeans 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) 2022 2021 2020
Net revenues $ 181,424Ìý $ 671,574Ìý $ 1,199,524Ìý
Cost of goods sold 117,193Ìý 471,652Ìý 773,418Ìý
Selling, general and administrative expenses 38,735Ìý 143,259Ìý 320,462Ìý
Impairment of goodwill and intangible assets —Ìý —Ìý 11,100Ìý
Interest income, net 194Ìý 312Ìý 1,601Ìý
Other income (expense), net 6Ìý 365Ìý (687)
Income from discontinued operations before income taxes 25,696Ìý 57,340Ìý 95,458Ìý
Gain on the sale of discontinued operations before income taxes 133,970Ìý —Ìý —Ìý
Total income from discontinued operations before income taxes 159,666Ìý 57,340Ìý 95,458Ìý
Income tax expense (benefit) (a)
(11,006) 4,377Ìý 45,155Ìý
Income from discontinued operations, net of tax $ 170,672Ìý $ 52,963Ìý $ 50,303Ìý
(a)Income tax benefit for the year ended March 2022 includes $12.0Ìýmillion of deferred tax benefit related to capital and other losses realized upon the sale of the Occupational Workwear business. 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 as of March 2021.
(In thousands) March 2021
Cash and equivalents $ 34,132Ìý
Accounts receivable, net 103,835Ìý
Inventories 245,227Ìý
Other current assets 8,208Ìý
Property, plant and equipment, net 49,394Ìý
Intangible assets, net 54,471Ìý
Goodwill 43,530Ìý
Operating lease right-of-use assets 43,220Ìý
Other assets 5,561Ìý
Total assets of discontinued operations $ 587,578Ìý
Accounts payable $ 59,965Ìý
Accrued liabilities 38,956Ìý
Operating lease liabilities 31,301Ìý
Other liabilities 3,863Ìý
Deferred income tax liabilities (a)
(8,828)
Total liabilities of discontinued operations $ 125,257Ìý
(a)Deferred income tax balances reflect ±«ÓãÖ±²¥'s consolidated netting by jurisdiction.