Annual report pursuant to Section 13 and 15(d)

OTHER LIABILITIES

v3.23.1
OTHER LIABILITIES
 12 Months Ended
Apr. 01, 2023
Other Liabilities Disclosure [Abstract]  
OTHER LIABILITIES OTHER LIABILITIES
(In thousands) March 2023 March 2022
Income taxes $ 273,955  $ 394,472 
Deferred income taxes (Note 19) 107,546  150,401 
Deferred compensation (Note 16) 77,428  114,380 
Pension liabilities (Note 16) 72,825  111,173 
Product warranty claims 41,111  41,745 
Derivative financial instruments (Note 24) 12,658  3,456 
Other 65,531  72,809 
Other liabilities $ 651,054  $ 888,436 
 
VF accrues warranty costs, as cost of goods sold, 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) 2023 2022 2021
Balance, beginning of year $ 53,487  $ 62,087  $ 60,124 
Accrual for products sold during the year 11,086  8,815  13,844 
Repair or replacement costs incurred and other (12,024) (17,025) (12,386)
Currency translation (130) (390) 505 
Balance, end of year 52,419  53,487  62,087 
Less current portion (Note 13) 11,308  11,742  13,396 
Long-term portion $ 41,111  $ 41,745  $ 48,691