PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Nov. 02, 2025

PENSION AND OTHER POSTRETIREMENT BENEFITS

Schedule of Components of Net Periodic Pension and OPEB (Benefit) Cost

The components of net periodic pension benefit and the related assumptions consisted of the following:

	2025		2024		2023
Pensions:
Service cost	$	252	$	230	$	246
Interest cost		517		545		533
Expected return on plan assets		(1,005)		(967)		(878)
Amortization of actuarial (gain) loss		5		3		(13)
Amortization of prior service cost		39		40		38
Settlements/curtailments		25		38		37
Net benefit	$	(167)	$	(111)	$	(37)
Weighted-average assumptions:
Discount rates – service cost		4.9%		5.8%		5.2%
Discount rates – interest cost		4.9%		5.7%		5.1%
Rate of compensation increase		4.3%		3.8%		3.8%
Expected long-term rates of return		7.2%		7.0%		6.3%
Interest crediting rate – U.S. cash balance plans		4.2%		4.8%		4.3%

The components of net periodic OPEB cost and the assumptions related to the cost consisted of the following:

	2025		2024		2023
OPEB:
Service cost	$	17	$	17	$	27
Interest cost		158		174		176
Expected return on plan assets		(113)		(108)		(117)
Amortization of actuarial gain		(44)		(54)		(59)
Amortization of prior service credit		(4)		(4)		(3)
Net cost	$	14	$	25	$	24
Weighted-average assumptions:
Discount rates – service cost		5.7%		6.7%		6.1%
Discount rates – interest cost		5.0%		5.9%		5.4%
Expected long-term rates of return		5.3%		5.6%		5.7%

Schedule of Benefit Plan Obligations, Funded Status, and the Assumptions Related to the Obligations

The benefit plan obligations, funded status, and the assumptions related to the obligations at November 2, 2025, and October 27, 2024, follow:

	Pensions				OPEB
	2025		2024		2025		2024
Change in benefit obligations:
Beginning of year balance	$	(11,077)	$	(9,928)	$	(3,362)	$	(3,029)
Service cost		(252)		(230)		(17)		(17)
Interest cost		(517)		(545)		(158)		(174)
Actuarial gain (loss)		197		(1,097)		(25)		(385)
Benefits paid		752		746		280		263
Health care subsidies						(24)		(22)
Foreign exchange and other		(99)		(23)		(2)		2
End of year balance		(10,996)		(11,077)		(3,308)		(3,362)
Change in plan assets (fair value):
Beginning of year balance		13,080		12,004		2,171		2,028
Plan assets actual gain (loss)		849		1,703		203		259
Employer contribution		107		96		671		145
Benefits paid		(752)		(746)		(280)		(263)
Foreign exchange and other		74		23		2		2
End of year balance		13,358		13,080		2,767		2,171
Funded status	$	2,362	$	2,003	$	(541)	$	(1,191)
Weighted-average assumptions:
Discount rates		5.2%		5.1%		5.1%		5.2%
Rate of compensation increase		3.9%		4.3%
Interest crediting rate – U.S. cash balance plans		4.2%		4.1%

Schedule of Weighted-Average Health Care Cost Trend Rates

The weighted-average annual rates of increase in the per capita cost of covered health care benefits (the health care cost trend rates) for medical and prescription drug claims for pre- and post-65 age groups used to determine the November 2, 2025, and

October 27, 2024, accumulated postretirement benefit obligations were as follows:

	2025	2024
Initial year	18.1% (2025 to 2026)	16.9% (2024 to 2025)
Second year	9.9% (2026 to 2027)	11.5% (2025 to 2026)
Ultimate	4.7% (2034 to 2035)	4.7% (2033 to 2034)

An increase in Medicare Advantage premiums impacted the weighted-average annual rates of increase for the initial year in 2025 and 2024.

Schedule of Information Related to Pension Plans Benefit Obligations

Information related to pension plans benefit obligations at November 2, 2025, and October 27, 2024, follows:

	2025		2024
Total accumulated benefit obligations for all plans	$	10,424	$	10,441
Plans with accumulated benefit obligation exceeding fair value of plan assets:
Accumulated benefit obligations		1,405		1,405
Fair value of plan assets		983		920
Plans with projected benefit obligation exceeding fair value of plan assets:
Projected benefit obligations		1,542		1,541
Fair value of plan assets		1,021		951

Schedule of Amounts Recognized in the Balance Sheet

The pension and OPEB amounts recognized in the balance sheet at November 2, 2025, and October 27, 2024, consisted of the following:

	Pensions				OPEB
	2025		2024		2025		2024
Noncurrent asset	$	2,883	$	2,593	$	390	$	328
Less: Current liability		56		66		41		39
Less: Noncurrent liability		465		524		890		1,480
Total	$	2,362	$	2,003	$	(541)	$	(1,191)

The retirement benefits and other liabilities recognized in the balance sheet at November 2, 2025, and October 27, 2024, consisted of the following:

	2025		2024
Deferred compensation – current	$	23	$	28
Deferred compensation and other – noncurrent		235		217
Pensions and OPEB – current		97		105
Pensions and OPEB – noncurrent		1,355		2,004
Total	$	1,710	$	2,354

Schedule of Amounts Recognized in Accumulated Other Comprehensive Income - Pretax

The amounts recognized in accumulated other comprehensive income ‒ pretax at November 2, 2025, and October 27, 2024, consisted of the following:

	Pensions				OPEB
	2025		2024		2025		2024
Net actuarial (gain) loss	$	1,953	$	2,011	$	(653)	$	(632)
Prior service cost		272		329		8		2
Total	$	2,225	$	2,340	$	(645)	$	(630)

Schedule of Future Benefits Expected to be Paid from the Benefit Plans

The expected future benefit payments at November 2, 2025, were as follows:

	​ ​Pensions		​ ​ ​ ​ ​OPEB*
2026	$	750	$	256
2027		727		262
2028		725		267
2029		724		269
2030		718		275
2031 to 2035		3,585		1,321

*    Net of prescription drug group benefit subsidy under Medicare Part D.

Schedule of Fair Values of Pension Plan and OPEB Health Care Assets and Target Asset Allocations

The fair values of the pension plan assets at November 2, 2025, follow:

	Total		Level 1		Level 2
Cash and short-term investments	$	275	$	272	$	3
Equity:
U.S. equity securities		479		468		11
International equity securities and funds		249		241		8
Fixed Income:
Government and agency securities		1,279		860		419
Corporate debt securities		5,543				5,543
Mortgage-backed securities		254				254
Other investments		55		31		24
Derivative contracts – assets		95		57		38
Derivative interest rate contracts – liabilities		(75)		(3)		(72)
Receivables and payables		(264)		(264)
Securities lending collateral		507				507
Securities lending liability		(507)				(507)
Securities sold short		(107)		(105)		(2)
Total of Level 1 and Level 2 assets		7,783	$	1,557	$	6,226
Investments at net asset value:
Short-term investments		503
U.S. equity funds		211
International equity funds		259
Fixed income funds		1,593
Real estate funds		316
Hedge funds		481
Private equity		1,037
Venture capital		1,121
Other investments		54
Total net assets	$	13,358

The fair values of the OPEB health care assets at November 2, 2025, follow:

	Total		Level 1		Level 2
Cash and short-term investments	$	104	$	104
Equity securities		73		67	$	6
Fixed Income:
Government and agency securities		673		621		52
Corporate debt securities		658				658
Mortgage-backed securities		110				110
Other		(28)		(30)		2
Securities lending collateral		105				105
Securities lending liability		(105)				(105)
Total of Level 1 and Level 2 assets		1,590	$	762	$	828
Investments at net asset value:
U.S. equity funds		115
International equity funds		75
Fixed income funds		436
Real estate funds		106
Hedge funds		104
Private equity		153
Venture capital		165
Other investments		23
Total net assets	$	2,767

The fair values of the pension plan assets at October 27, 2024, follow:

	Total		Level 1		Level 2
Cash and short-term investments	$	411	$	399	$	12
Equity:
U.S. equity securities		451		440		11
International equity securities and funds		238		232		6
Fixed Income:
Government and agency securities		1,250		932		318
Corporate debt securities		4,956				4,956
Mortgage-backed securities		177				177
Other investments		57		36		21
Derivative contracts – assets		130		7		123
Derivative interest rate contracts – liabilities		(161)		(119)		(42)
Receivables, prepaids, and payables		(171)		(171)
Securities lending collateral		662				662
Securities lending liability		(662)				(662)
Securities sold short		(94)		(92)		(2)
Total of Level 1 and Level 2 assets		7,244	$	1,664	$	5,580
Investments at net asset value:
Short-term investments		492
U.S. equity funds		174
International equity funds		194
Fixed income funds		1,649
Real estate funds		385
Hedge funds		457
Private equity		1,219
Venture capital		1,219
Other investments		47
Total net assets	$	13,080

The fair values of the OPEB health care assets at October 27, 2024, follow:

	Total		Level 1		Level 2
Cash and short-term investments	$	77	$	77
Fixed Income:
Government and agency securities		606		561	$	45
Corporate debt securities		551				551
Mortgage-backed securities		92				92
Other		11		7		4
Securities lending collateral		167				167
Securities lending liability		(167)				(167)
Total of Level 1 and Level 2 assets		1,337	$	645	$	692
Investments at net asset value:
U.S. equity funds		163
International equity funds		84
Fixed income funds		348
Real estate funds		77
Hedge funds		71
Private equity		41
Venture capital		41
Other investments		9
Total net assets	$	2,171

The target asset allocations as of November 2, 2025, are as follows:

	Pension	Health Care
	Assets	Assets
Equity	8%	10%
Debt	66%	70%
Real estate	3%	3%
Other investments	23%	17%