# NOTE 10 — OTHER ASSETS

(In thousands)	March 2019	March 2018	December 2017
Computer software, net of accumulated amortization of: March 2019 -
$215,491; March 2018 - $183,200; December 2017 - $171,147	$ 224,601	$ 239,935	$ 232,237
Investments held for deferred comlpensation Npans (ote 15)	206,633	201,870	203,780
Deferred income taxes (Note 18)	109,551	105,493	103,601
Pension assets (Note 15)	117,405	76,671	82,296
Deposits	53,602	45,321	45,225
Partnership stores and shop-in-shop costs, net of accumulated
amortization of: March 2019 - $100,125; March 2018 - $123,812;
December 2017 - $118,643	31,655	33,161	34,149
Derivative financial instruments (Note 23)	9,189	4,659	2,199
Other investments	13,071	12,433	12,697
Deferred line of credit issuance costs	2,121	961	1,078
Other	79,071	82,537	66,413
Other assets	$ 846,899	$ 803,041	$ 783,675

# NOTE 11 — SHORT-TERM BORROWINGS

(In thousands)	March 2019	March 2018	December 2017
Commercial paper borrowings	$ 650,000	$ 1,500,000	$ 705,000
International borrowing arrangements	15,055	25,106	24,384
Short-term borrowings	$ 665,055	$ 1,525,106	$ 729,384

In December 2018, VF entered into a \$2.25 billion senior unsecured revolving line of credit (the “Global Credit Facility”) that expires December 2023. The Global Credit Facility replaced VF's \$2.25 billion revolving facility which was scheduled to expire in April 2020. VF may request an unlimited number of one year extensions so long as each extension does not cause the remaining life of the Global Credit Facility to exceed five years, subject to stated terms and conditions. The Global Credit Facility may be used to borrow funds in both U.S. dollar and certain non-U.S. dollar currencies, and has a \$50.0 million letter of credit sublimit. In addition, the Global Credit Facility supports VF’s U.S. commercial paper program for short-term, seasonal working capital requirements and general corporate purposes, including share repurchases and acquisitions. Borrowings under the Global Credit Facility are priced at a credit spread of 81.0 basis points over the appropriate LIBOR benchmark for each currency. VF is also required to pay a facility fee to the lenders, currently equal to 6.5 basis points of the committed amount of the facility. The credit spread and facility fee are subject to adjustment based on VF’s credit ratings. The prior revolving credit facility was priced at a credit spread of 80.5 basis points over the appropriate LIBOR benchmark for each currency and VF was required to pay a facility fee to the lenders equal to 7.0 basis points of the committed amount of the facility.

The Global Credit Facility contains certain restrictive covenants, which include maintenance of a consolidated indebtedness to consolidated capitalization ratio, as defined therein, equal to or below 60%. If VF fails in the performance of any covenants, the lenders may terminate their obligation to make advances and declare any outstanding obligations to be immediately due and payable. As of March 2019, VF was in compliance with all covenants.

VF’s commercial paper program allows for borrowings of up to \$2.25 billionto the extent it has borrowing capacity under the Global Credit Facility. Outstanding commercial paper borrowings totaled \$650.0 million, \$1.50 billion and \$705.0 million at March 2019, March 2018 and December 2017, respectively. The Global Credit Facility also had \$15.3 million of outstanding standby letters of credit issued on behalf of VF as of March 2019, March 2018 and December 2017, leaving \$1.58 billion, \$734.7 million and \$1.53 billion as of March 2019, March 2018 and December 2017, respectively, available for borrowing against this facility.

VF has \$179.5 million of international lines of credit with various banks, which are uncommitted and may be terminated at any time by either VF or the banks. Total outstanding balances under these arrangements were \$15.1 million, \$25.1 million and \$24.4 million at March 2019, March 2018 and December 2017, respectively. Borrowings under these arrangements had a weighted average interest rate of 24.6%, 12.0% and 9.9% at March 2019, March 2018 and December 2017, respectively, excluding accepted letters of credit which are non-interest bearing to VF. The interest-bearing borrowings include short-term borrowings in Argentina.