Annual report pursuant to Section 13 and 15(d)

OTHER LIABILITIES

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OTHER LIABILITIES
 12 Months Ended
Mar. 30, 2024
Other Liabilities Disclosure [Abstract]  
OTHER LIABILITIES OTHER LIABILITIES
(In thousands) March 2024 March 2023
Income taxes $ 356,099  $ 273,955 
Deferred compensation (Note 17) 81,103  77,428 
Pension liabilities (Note 17) 78,628  72,825 
Product warranty claims 48,373  41,111 
Deferred income taxes (Note 20) 10,080  107,546 
Derivative financial instruments (Note 25) 4,656  12,658 
Other 59,538  65,531 
Other liabilities $ 638,477  $ 651,054 
 
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) 2024 2023 2022
Balance, beginning of year $ 52,419  $ 53,487  $ 62,087 
Accrual for products sold during the year 22,555  11,086  8,815 
Repair or replacement costs incurred and other (13,658) (12,024) (17,025)
Currency translation (50) (130) (390)
Balance, end of year 61,266  52,419  53,487 
Less current portion (Note 14) 12,893  11,308  11,742 
Long-term portion $ 48,373  $ 41,111  $ 41,745