Annual report pursuant to Section 13 and 15(d)

OTHER LIABILITIES

v3.19.1
OTHER LIABILITIES
12 Months Ended
Mar. 30, 2019
Other Liabilities Disclosure [Abstract]  
OTHER LIABILITIES
OTHER LIABILITIES
(In thousands)
 
March 2019
 
 
March 2018
 
December 2017
Deferred income taxes (Note 18)
 
$
68,864

 
 
$
40,887

 
$
58,036

Deferred compensation (Note 15)
 
181,110

 
 
198,780

 
201,116

Income taxes
 
629,176

 
 
632,321

 
628,713

Pension liabilities (Note 15)
 
174,982

 
 
176,582

 
189,191

Deferred rent credits
 
96,276

 
 
87,267

 
85,857

Product warranty claims
 
49,301

 
 
49,689

 
49,733

Derivative financial instruments (Note 23)
 
3,747

 
 
10,087

 
12,833

Other
 
77,325

 
 
76,217

 
81,234

Other liabilities
 
$
1,280,781

 
 
$
1,271,830

 
$
1,306,713


 
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
 
 
Three Months
Ended March
(Transition Period)
 
Year Ended December
(In thousands)
 
2019
 
 
2018
 
2017
 
2016
Balance, beginning of year
 
$
62,551

 
 
$
62,566

 
$
62,872

 
$
63,114

Accrual for products sold during the year
 
13,082

 
 
3,828

 
10,584

 
12,022

Repair or replacement costs incurred
 
(12,778
)
 
 
(4,126
)
 
(12,654
)
 
(11,956
)
Currency translation
 
(936
)
 
 
283

 
1,764

 
(308
)
Balance, end of year
 
61,919

 
 
62,551

 
62,566

 
62,872

Less current portion (Note 12)
 
12,618

 
 
12,862

 
12,833

 
12,993

Long-term portion
 
$
49,301

 
 
$
49,689

 
$
49,733

 
$
49,879