Subsequent Event

12 Months Ended

Oct. 30, 2015

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On December 16, 2015, our Board of Directors declared a cash dividend of $0.01 per outstanding share of common stock. The dividend will be paid on January 15, 2016 to all shareholders of record at the close of business on December 30, 2015.

On December 14, 2015, we entered into amendments to our Credit Agreement and Term Loan. The amendment to the Credit Agreement increased the consolidated leverage ratio from its current limit of 3.0x beginning in the second quarter of fiscal 2016 and continuing through the first quarter of fiscal 2018, with a maximum ratio of 4.5x for the fourth quarter of fiscal 2016 through the second quarter of fiscal 2017. The amendment also reduced the amount of aggregate revolving commitments of the lenders from $1.0 billion to $850.0 million and added a letter of credit sublimit of $500.0 million. In addition, we also agreed to limit priority debt (secured indebtedness and the unsecured indebtedness of our foreign subsidiaries) to 10% of consolidated net worth and limit cash dividends to $25.0 million per year in the aggregate. We may continue to request an increase of up to $250.0 million of additional aggregate revolving commitments, subject to the terms and conditions contained in the Credit Agreement. The amendment to the Term Loan made corresponding changes to the maximum leverage ratio and restrictions on priority debt and cumulative annual dividends and other restricted payments. For additional information about the amendments to the Credit Agreement and Term Loan, refer to Note 10, Borrowings and Credit Facilities.