XML 99 R46.htm IDEA: XBRL DOCUMENT v3.25.3
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%