Annual report pursuant to Section 13 and 15(d)

OTHER LIABILITIES

v3.8.0.1
OTHER LIABILITIES
 12 Months Ended
Dec. 30, 2017
Other Liabilities Disclosure [Abstract]  
OTHER LIABILITIES
OTHER LIABILITIES
(In thousands)
 
2017
 
 
2016
Deferred income taxes (Note Q)
 
$
58,374

 
 
$
147,281

Deferred compensation (Note N)
 
201,116

 
 
196,942

Income taxes
 
628,713

 
 
181,629

Pension liabilities (Note N)
 
189,191

 
 
165,642

Deferred rent credits
 
85,844

 
 
77,732

Product warranty claims
 
49,733

 
 
49,879

Derivative financial instruments (Note V)
 
12,833

 
 
7,000

Other
 
79,809

 
 
59,720

Other liabilities
 
$
1,305,613

 
 
$
885,825


 
VF accrues warranty costs at the time revenue is recognized. Product warranty costs are estimated based on historical experience and specific identification of the product requirements, which may fluctuate based on product mix. Activity relating to accrued product warranty claims is summarized as follows:
(In thousands)
 
2017
 
 
2016
 
2015
Balance, beginning of year
 
$
62,872

 
 
$
63,114

 
$
62,288

Accrual for products sold during the year
 
10,584

 
 
12,022

 
16,673

Repair or replacement costs incurred
 
(12,654
)
 
 
(11,956
)
 
(14,136
)
Currency translation
 
1,764

 
 
(308
)
 
(1,711
)
Balance, end of year
 
62,566

 
 
62,872

 
63,114

Less current portion (Note K)
 
12,833

 
 
12,993

 
13,550

Long-term portion
 
$
49,733

 
 
$
49,879

 
$
49,564