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Retirement Plans
 12 Months Ended
Nov. 02, 2025
Retirement Benefits [Abstract]  
Retirement Plans and Post-Retirement Benefits Retirement Plans
Defined Benefit Pension Plans
The U.S. defined benefit pension plans primarily consist of a qualified pension plan. Benefits of the qualified pension plan are provided under an adjusted career-average-pay program, a cash-balance program or a dollar-per-month program. Benefit accruals under this plan were frozen in 2009. Participants in the adjusted career-average-pay program no longer earn service accruals. Participants in the cash-balance program no longer earn service accruals, but continue to earn 4% interest per year on their cash-balance accounts. There are no active participants under the dollar-per-month program.
For certain non-U.S. countries, we also have defined benefit pension plans for eligible employees. Eligibility is generally determined based on the terms of our plans and local statutory requirements.
Net Periodic Benefit Cost
Fiscal Year
202520242023
(In millions)
Service cost$13 $17 $8 
Interest cost56 63 60 
Expected return on plan assets(53)(60)(59)
Other
(3)(2)— 
Net periodic benefit cost $13 $18 $9 
Net actuarial (gain) loss$(1)$(3)$20 
The components of net periodic benefit cost other than the service cost are included in other income, net and service cost is recognized in operating expenses in the consolidated statements of operations.
Benefit Obligations and Plan Assets
 Pension Benefits
November 2,
2025		November 3,
2024
(In millions)
Change in plan assets:  
Fair value of plan assets — beginning of period$1,158 $1,105 
Actual return on plan assets120 123 
Employer contributions28 21 
Plan participants’ contributions
1 1 
Benefit payments
(107)(108)
Plan assets acquired in VMware acquisition
— 18 
Foreign currency impact(3)(2)
Fair value of plan assets — end of period1,197 1,158 
Change in benefit obligations:  
Benefit obligations — beginning of period1,194 1,101 
Service cost13 17 
Interest cost56 63 
Actuarial loss
86 65 
Plan participants’ contributions
1 1 
Benefit payments(107)(108)
Curtailments(4)(13)
Benefit obligations assumed in VMware acquisition
— 72 
Foreign currency impact(3)(4)
Benefit obligations — end of period1,236 1,194 
Underfunded status of benefit obligations (a)
$(39)$(36)
Actuarial losses and prior service costs recognized in accumulated other comprehensive income, net of taxes
$(111)$(106)
_______________________________
(a)Substantially all amounts recognized on the consolidated balance sheets were recorded in other long-term assets and other long-term liabilities for all periods presented.
Plans with benefit obligations less than plan assets:
November 2,
2025		November 3,
2024
(In millions)
Projected benefit obligations$136 $1,064 
Accumulated benefit obligations$135 $1,063 
Fair value of plan assets$193 $1,118 
Plans with benefit obligations in excess of plan assets:
November 2,
2025		November 3,
2024
(In millions)
Projected benefit obligations$1,100 $130 
Accumulated benefit obligations$1,066 $99 
Fair value of plan assets$1,004 $40 
The fair value of pension plan assets as of November 2, 2025 and November 3, 2024 included $299 million and $229 million, respectively, of assets for our non-U.S. pension plans.
The projected benefit obligations as of November 2, 2025 and November 3, 2024 included $329 million and $260 million, respectively, of obligations related to our non-U.S. pension plans. The accumulated benefit obligations as of November 2, 2025 and November 3, 2024 included $294 million and $229 million, respectively, of obligations related to our non-U.S. pension plans.
Expected Future Benefit Payments
Fiscal Years:Expected Benefit Payments
(In millions)
2026$102 
2027$96 
2028$95 
2029$94 
2030$92 
2031-2035$423 
Investment Policy
Plan assets of the U.S. qualified pension plan, which represent substantially all of the plan assets, are generally invested in funds held by third-party fund managers. Our benefit plan investment committee has set the investment strategy to fully match the liability. We direct the overall portfolio allocation and use a third-party investment consultant that has the discretion to structure portfolios and select the investment managers within those allocation parameters. Multiple investment managers are utilized, including both active and passive management approaches. The plan assets are invested using the liability-driven investment strategy intended to minimize market and interest rate risks, and those assets are periodically rebalanced toward asset allocation targets.
The target asset allocation for the U.S. qualified pension plan reflects a risk/return profile that we believe is appropriate relative to the liability structure and return goals for the plan. We periodically review the allocation of plan assets relative to alternative allocation models to evaluate the need for adjustments based on forecasted liabilities and plan liquidity needs. For both fiscal years 2025 and 2024, 100% of the U.S. qualified pension plan assets were allocated to fixed income, in line with the target allocation. The fixed income allocation is primarily directed toward long-term core bond investments, with smaller allocations to Treasury Inflation-Protected Securities and high-yield bonds.
Fair Value Measurement of Plan Assets
November 2, 2025
Fair Value Measurements at Reporting Date Using
Level 1Level 2Total
(In millions)
Cash equivalents$17 
(a)
$— $17 
Equity securities:
Non-U.S. equity securities40 
(b)
— 40 
Fixed-income securities:
U.S. treasuries— 116 
(c)
116 
Corporate bonds— 820 
(c)
820 
Municipal bonds— 18 
(c)
18 
Government bonds— 47 
(c)
47 
Plan assets measured by fair value hierarchy
$57 $1,001 1,058 
Plan assets measured at net asset value
139 
(d)
Total plan assets
$1,197 
November 3, 2024
Fair Value Measurements at Reporting Date Using
Level 1Level 2Total
(In millions)
Cash equivalents$17 
(a)
$— $17 
Equity securities:
Non-U.S. equity securities83 
(b)
— 83 
Fixed-income securities:
U.S. treasuries— 184 
(c)
184 
Corporate bonds— 715 
(c)
715 
Municipal bonds— 22 
(c)
22 
Government bonds— 14 
(c)
14 
Asset-backed securities— 1 
(c)
1 
Plan assets measured by fair value hierarchy
$100 $936 1,036 
Plan assets measured at net asset value
122 
(d)
Total plan assets
$1,158 
______________________________
(a)Cash equivalents primarily included short-term investment funds which consisted of short-term money market instruments that were valued based on quoted prices in active markets.
(b)These equity securities were valued based on quoted prices in active markets.
(c)These amounts consisted of investments that were traded less frequently than Level 1 securities and were valued using inputs that included quoted prices for similar assets in active markets and inputs other than quoted prices that were observable for the assets, such as interest rates, yield curves, prepayment speeds, collateral performance, broker/dealer quotes and indices that were observable at commonly quoted intervals.
(d)Plan assets measured at fair value using net asset value as a practical expedient were excluded from the fair value hierarchy.
Assumptions
The assumptions used to determine the benefit obligations and net periodic benefit cost for our defined benefit pension plans are presented in the table below. The expected long-term return on assets shown in the table below represents an estimate of long-term returns on investment portfolios primarily consisting of combinations of debt, equity and other investments, depending on the plan. The long-term rates of return are then weighted based on the asset classes in which the pension funds are invested. Discount rates reflect the current rate at which defined benefit pension obligations could be settled based on the measurement dates of the plans, which is October 31, the month end closest to our fiscal year end. The range of assumptions reflects the different economic environments within various countries.
Assumptions for Benefit Obligations
as of		Assumptions for Net Periodic Benefit Cost
Fiscal Year
November 2,
2025		November 3,
2024		202520242023
Discount rate
1.00%-6.75%
1.75%-6.75%
1.75%-6.75%
1.75%-7.10%
1.25%-7.25%
Average increase in compensation levels
1.50%-8.85%
2.00%-8.80%
2.00%-8.85%
2.00%-8.80%
2.00%-10.00%
Expected long-term return on assetsN/AN/A
2.50%-6.75%
2.50%-7.25%
2.50%-7.00%
Defined Contribution Plans
Our eligible U.S. employees participate in a company-sponsored 401(k) plan. Under the plan, we match employee contributions dollar for dollar up to 6% of their eligible earnings. All matching contributions vest immediately. During fiscal years 2025, 2024 and 2023, we made contributions of $174 million, $210 million and $100 million, respectively, to the 401(k) plan. The increase in fiscal year 2024 was due to the VMware Merger.
In addition, other eligible employees outside of the U.S. receive retirement benefits under various defined contribution retirement plans.