# NOTE 12 — ACCRUED LIABILITIES

(In thousands)	March 2019	March 2018	December 2017
Compensation	$ 341,988	$ 135,247	$ 249,929
Customer discounts and allowances	225,484	28,604	46,169
Other taxes	153,355	160,173	155,969
Income taxes	68,054	67,417	134,837
Restructuring	86,602	42,757	32,438
Advertising	40,938	40,322	48,554
Freihgt, duties and postage	40,703	46,281	43,584
Deferred compensation (Note 15)	18,226	33,590	38,885
Interest	23,250	25,483	16,317
Derivative financial instruments (Note 23)	18,590	96,087	87,205
Insurance	15,634	18,867	17,814
Product warranty claims (Note 14)	12,618	12,862	12,833
Pension liabilities (Note 15)	10,260	32,814	27,277
Other	240,851	197,923	234,724
Accrued liabilities	$ 1,296,553	$ 938,427	$ 1,146,535

# NOTE 13 — LONG-TERM DEBT

(In thousands)	March 2019	March 2018	December 2017
3.50% notes, due 2021	$ 498,450	$ 497,852	$ 497,705
0.625% notes, due 2023	949,049	1,041,577	1,015,500
6.00% notes, due 2033	292,982	292,648	292,568
6.45% notes, due 2037	346,534	346,346	346,300
Caillpta eases	34,132	40,397	41,881
Total long-term debt	2,121,147	2,218,820	2,193,954
Less current portion	5,263	6,265	6,165
Long-term debt, due beyond one year	$ 2,115,884	$ 2,212,555	$ 2,187,789

Interest payments are due annually on the 2023 notes and semiannually on all other notes.

All notes, along with any amounts outstanding under the Global Credit Facility (Note 11), rank equally as senior unsecured obligations of VF. All notes contain customary covenants and events of default, including limitations on liens and sale-leaseback transactions and a cross-acceleration event of default. The cross-acceleration provision of the 2033 notes is triggered if more than \$50.0 million of other debt is in default and has been accelerated by the lenders. For the other notes, the cross-acceleration trigger is \$100.0 million. If VF fails in the performance of any covenant under the indentures that govern the respective notes, the trustee or lenders may declare the principal due and payable immediately. As of March 2019, VF was in compliance with all covenants. None of the long-term debt agreements contain acceleration of maturity clauses based solely on changes in credit ratings. However, if there were a change in control of VF and, as a result of the change in control, the 2021, 2023 and 2037 notes were rated below investment grade by recognized rating agencies, then VF would be obligated to repurchase those notes at 101% of the aggregate principal amount plus any accrued interest.

VF may redeem its notes, in whole or in part, at a price equal to the greater of (i) 100% of the principal amount, plus accrued interest to the redemption date, or (ii) the sum of the present value of the remaining scheduled payments of principal and interest discounted to the redemption date at an adjusted treasury rate, as defined, plus 20 basis points for the 2021 notes, 15 basis points for the 2023 and 2033 notes, and 25 basis points for the 2037 notes, plus accrued interest to the redemption date. In addition, the 2021 and 2023 notes can be redeemed at 100% of the principal amount plus accrued interest to the redemption date within the three months prior to maturity.

The 2021 notes have a principal balance of \$500.0 million and are recorded net of unamortized original issue discount and debt issuance costs. Interest expense on these notes is recorded at an effective annual interest rate of 4.69%, including amortization of a deferred loss on an interest rate hedging contract (Note 23), original issue discount and debt issuance costs.

The 2023 notes have a principal balance of €850.0 million and are recorded net of unamortized original issue discount and debt issuance costs. Interest expense on these notes is recorded at an