Annual report pursuant to Section 13 and 15(d)

OTHER LIABILITIES

v3.21.1
OTHER LIABILITIES
 12 Months Ended
Apr. 03, 2021
Other Liabilities Disclosure [Abstract]  
OTHER LIABILITIES OTHER LIABILITIES
(In thousands) March 2021 March 2020
Deferred income taxes (Note 19) $ 342,712  $ 161,371 
Deferred compensation (Note 16) 139,750  104,510 
Income taxes 553,684  578,298 
Contingent consideration (Note 3) 207,000  — 
Pension liabilities (Note 16) 166,750  170,507 
Product warranty claims 48,691  47,534 
Derivative financial instruments (Note 24) 7,904  3,153 
Other 75,287  57,740 
Other liabilities $ 1,541,778  $ 1,123,113 
 
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:
Year Ended March
(In thousands) 2021 2020 2019
Balance, beginning of year $ 60,124  $ 61,919  $ 62,551 
Accrual for products sold during the year 13,844  11,283  13,082 
Repair or replacement costs incurred (12,386) (11,079) (12,778)
Currency translation 505  (1,999) (936)
Balance, end of year 62,087  60,124  61,919 
Less current portion (Note 13) 13,396  12,590  12,618 
Long-term portion $ 48,691  $ 47,534  $ 49,301