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SUBSEQUENT EVENTS | 12 Months Ended
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Mar. 28, 2020
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On May 12, 2020, VF’s Board of Directors declared a quarterly cash dividend of $0.48 per share, payable on June 22, 2020 to shareholders of record on June 10, 2020. The Board of Directors also granted approximately 1,600,000 stock options, 300,000 nonperformance-based RSUs and 50,000 shares of restricted VF Common Stock at market value. Revolving Credit Facility In response to the unknown duration and overall impact of the global COVID-19 outbreak, to enhance VF's financial flexibility and liquidity, on April 9, 2020, VF elected to draw down $1.0 billion available from its $2.25 billion Global Credit Facility that expires in December 2023. On April 20, 2020, VF entered into Amendment No. 1 to its Global Credit Facility that expires December 2023 (the “Amendment”). The Amendment provides for (i) an increase in VF’s consolidated indebtedness to consolidated capitalization ratio financial covenant to 0.70 to 1.00 (from 0.60 to 1.00) from the Amendment Effective Date through the last day of the fiscal quarter ending March 31, 2022, (ii) calculation of consolidated indebtedness (and, thereby consolidated capitalization) net of unrestricted cash of VF and its subsidiaries and (iii) testing of such financial covenant solely as of the last day of each fiscal quarter during such period. In addition, the Amendment requires VF and its subsidiaries to maintain minimum liquidity in the form of unrestricted cash and unused financing commitments of not less than $750.0 million at all times during such period. Senior Notes Issuance On April 23, 2020, VF issued senior unsecured notes, as outlined in the table below:
(Dollars in thousands) |  |  |  |  |  |
Scheduled Maturity |  | Aggregate Principal |  | Interest Rate |  | Interest Payments
Senior Notes due April 23, 2022 |  | $ | 1,000,000 |  |  | 2.050 | % |  | Semiannually
Senior Notes due April 23, 2025 |  | 750,000 |  |  | 2.400 | % |  | Semiannually
Senior Notes due April 23, 2027 |  | 500,000 |  |  | 2.800 | % |  | Semiannually
Senior Notes due April 23, 2030 |  | 750,000 |  |  | 2.950 | % |  | Semiannually
Total Issuance |  | $ | 3,000,000 |  |  |  |  |
The net proceeds received by VF, after deducting the underwriting discount and estimated offering expenses payable by VF, were approximately $2.98 billion. VF used a portion of the net proceeds from this offering to repay borrowings under its Global Credit Facility and intends to use the remaining net proceeds for general corporate purposes.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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