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SUBSEQUENT EVENTS | 12 Months Ended
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Nov. 03, 2019
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 31. SUBSEQUENT EVENTS A quarterly dividend of $.76 per share was declared at the Board of Directors meeting on December 4, 2019, payable on February 10, 2020 to stockholders of record on December 31, 2019. In December 2019, the Board of Directors also authorized the repurchase of up to $8,000 million of additional common stock. This repurchase program will supplement the existing $8,000 million share repurchase program, which had $1,075 million remaining at November 3, 2019. Repurchases of the company’s common stock will be made at the company’s discretion in the open market. In November 2019, the company’s financial services operations entered into a retail note securitization using its bank conduit facility that resulted in securitization borrowings of approximately $760 million. During the first quarter of 2020, the company announced a broad voluntary employee-separation program that continues the efforts to create a more efficient organization structure and reduce operating costs. The program will provide for cash payments based on years of service. The expenses will generally be recorded in the period the employees irrevocably accept the separation offer, which is expected to be primarily in the first quarter of 2020. The program’s total pretax expenses are estimated to be about $120 million with annual savings of about $90 million.

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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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