Annual report pursuant to Section 13 and 15(d)

OTHER LIABILITIES

v3.20.1
OTHER LIABILITIES
12 Months Ended
Mar. 28, 2020
Other Liabilities Disclosure [Abstract]  
OTHER LIABILITIES OTHER LIABILITIES
(In thousands)
 
March 2020
 
 
March 2019
Deferred income taxes (Note 19)
 
$
161,371

 
 
$
107,997

Deferred compensation (Note 16)
 
104,510

 
 
143,069

Income taxes
 
578,298

 
 
613,332

Pension liabilities (Note 16)
 
170,507

 
 
163,963

Deferred rent credits
 

 
 
90,672

Product warranty claims
 
47,534

 
 
49,301

Derivative financial instruments (Note 24)
 
3,153

 
 
3,747

Other
 
57,740

 
 
62,800

Other liabilities
 
$
1,123,113

 
 
$
1,234,881


 
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)
 
2020
 
 
2019
 
2018
 
2017
Balance, beginning of year
 
$
61,919

 
 
$
62,551

 
$
62,566

 
$
62,872

Accrual for products sold during the year
 
11,283

 
 
13,082

 
3,828

 
10,584

Repair or replacement costs incurred
 
(11,079
)
 
 
(12,778
)
 
(4,126
)
 
(12,654
)
Currency translation
 
(1,999
)
 
 
(936
)
 
283

 
1,764

Balance, end of year
 
60,124

 
 
61,919

 
62,551

 
62,566

Less current portion (Note 13)
 
12,590

 
 
12,618

 
12,862

 
12,833

Long-term portion
 
$
47,534

 
 
$
49,301

 
$
49,689

 
$
49,733