Subsequent Events

6 Months Ended

Apr. 28, 2019

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On June 4, 2019, the Company entered into an amendment with DZ Bank to temporarily exclude the receivables due from a specific customer from the securitization pool under our DZ Financing Program for three subsequent reporting periods as of May 2019 through July 2019. This customer has experienced internal processing issues related to specific Volt purchase orders resulting in significant payment delays, which have negatively impacted the 90-Day Delinquency Rate, as defined in the DZ Financing Program. Although this change will improve the delinquency rate, it will also temporarily decrease the Company's borrowing availability under the DZ Financing Program by approximately $2.0 - $3.0 million. These payment delays are not credit related and the Company anticipates a resolution and collection of these past due amounts no later than July 26, 2019, at which time the receivables from this customer will be added back to the securitization pool under the original terms of the agreement.