Annual report pursuant to Section 13 and 15(d)

OTHER LIABILITIES

v3.22.1
OTHER LIABILITIES
 12 Months Ended
Apr. 02, 2022
Other Liabilities Disclosure [Abstract]  
OTHER LIABILITIES OTHER LIABILITIES
(In thousands) March 2022 March 2021
Deferred income taxes (Note 19) $ 150,401  $ 342,712 
Deferred compensation (Note 16) 114,380  139,750 
Income taxes 394,472  553,684 
Contingent consideration (Note 23) —  207,000 
Pension liabilities (Note 16) 111,173  166,750 
Product warranty claims 41,745  48,691 
Derivative financial instruments (Note 24) 3,456  7,904 
Other 72,809  75,287 
Other liabilities $ 888,436  $ 1,541,778 
 
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) 2022 2021 2020
Balance, beginning of year $ 62,087  $ 60,124  $ 61,919 
Accrual for products sold during the year 8,815  13,844  11,283 
Repair or replacement costs incurred and other (17,025) (12,386) (11,079)
Currency translation (390) 505  (1,999)
Balance, end of year 53,487  62,087  60,124 
Less current portion (Note 13) 11,742  13,396  12,590 
Long-term portion $ 41,745  $ 48,691  $ 47,534