| OTHER LIABILITIES |
OTHER LIABILITIES
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| (In thousands) |
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March 2021 |
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March 2020 |
| Deferred income taxes (Note 19) |
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$ |
342,712Ìý |
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$ |
161,371Ìý |
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| Deferred compensation (Note 16) |
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139,750Ìý |
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104,510Ìý |
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| Income taxes |
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553,684Ìý |
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|
578,298Ìý |
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| Contingent consideration (Note 3) |
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207,000Ìý |
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—Ìý |
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| Pension liabilities (Note 16) |
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166,750Ìý |
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170,507Ìý |
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| Product warranty claims |
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48,691Ìý |
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47,534Ìý |
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| Derivative financial instruments (Note 24) |
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7,904Ìý |
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3,153Ìý |
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| Other |
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75,287Ìý |
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57,740Ìý |
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| Other liabilities |
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$ |
1,541,778Ìý
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$ |
1,123,113Ìý
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Ìý
±«ÓãÖ±²¥ 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:
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Year Ended March |
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| (In thousands) |
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2021 |
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2020 |
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2019 |
| Balance, beginning of year |
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$ |
60,124Ìý |
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$ |
61,919Ìý |
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$ |
62,551Ìý |
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| Accrual for products sold during the year |
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13,844Ìý |
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11,283Ìý |
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|
13,082Ìý |
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| Repair or replacement costs incurred |
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(12,386) |
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(11,079) |
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(12,778) |
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| Currency translation |
|
505Ìý |
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(1,999) |
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(936) |
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| Balance, end of year |
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62,087Ìý |
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60,124Ìý |
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61,919Ìý |
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| Less current portion (Note 13) |
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13,396Ìý |
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12,590Ìý |
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12,618Ìý |
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| Long-term portion |
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$ |
48,691Ìý
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$ |
47,534Ìý
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$ |
49,301Ìý
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