Subsequent Events

6 Months Ended

Apr. 29, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On May 10, 2017, the Company repaid $100.0 million of principal on its 3-year unsecured term loan facility and repaid $100.0 million of principal on its 5-year unsecured term loan facility, as such this amount was classified as current in the condensed consolidated balance sheet as of April 29, 2017.

On May 19, 2017, the Company repaid all of the $4.1 billion of outstanding loans under the Bridge Credit Agreement.

The Company had filed a petition with the U.S. Tax Court for one open matter for fiscal 2006 and fiscal 2007 that pertains to Section 965 of the Internal Revenue Code related to the beneficial tax treatment of dividends paid from foreign owned companies under The American Jobs Creation Act. A favorable ruling was rendered by the U.S. Tax Court on November 22, 2016. On February 27, 2017, the Tax Court’s Decision Order was entered. The 90-day period for the IRS to file a Notice of Appeal lapsed on May 30, 2017. As a result, on May 30, 2017, the Company has released the $45.3 million reserve, which was comprised of the $36.5 million reserve originally recorded for this potential liability plus $8.8 million of interest.

On May 30, 2017, the Board of Directors of the Company declared a cash dividend of $0.45 per outstanding share of common stock. The dividend will be paid on June 20, 2017 to all shareholders of record at the close of business on June 9, 2017.