XML 121 R38.htm IDEA: XBRL DOCUMENT v2.4.0.8
Retirement Plans (Tables)
12 Months Ended
Nov. 01, 2014
Compensation and Retirement Disclosure [Abstract]  
Schedule of net periodic pension cost of non-U.S. plans
Net annual periodic pension cost of non-U.S. plans is presented in the following table:
 
2014
 
2013
 
2012
Service cost
$
13,532

 
$
11,323

 
$
7,909

Interest cost
14,051

 
12,528

 
10,901

Expected return on plan assets
(13,615
)
 
(11,771
)
 
(10,469
)
Amortization of prior service cost
(240
)
 
(235
)
 

Amortization of transition obligation
19

 
20

 
19

Recognized actuarial loss
4,544

 
2,999

 
361

Net periodic pension cost
$
18,291

 
$
14,864

 
$
8,721

Schedule of obligation and asset data of the Company's non-US plans
Obligation and asset data of the Company’s non-U.S. plans at each fiscal year end is presented in the following table:

 
2014
 
2013
Change in Benefit Obligation
 

 
 

Benefit obligation at beginning of year
$
347,665

 
$
272,256

Service cost
13,532

 
11,323

Interest cost
14,051

 
12,528

Participant contributions
2,466

 
2,412

Plan Amendments
(1,106
)
 

Premiums paid
(381
)
 
(244
)
Actuarial loss
112,984

 
41,808

Benefits paid
(3,195
)
 
(2,693
)
Exchange rate adjustment
(30,811
)
 
10,275

Benefit obligation at end of year
$
455,205

 
$
347,665

Change in Plan Assets
 

 
 

Fair value of plan assets at beginning of year
$
249,329

 
$
200,161

Actual return on plan assets
21,596

 
26,480

Employer contributions
16,045

 
16,181

Participant contributions
2,466

 
2,412

Premiums paid
(381
)
 
(244
)
Benefits paid
(3,195
)
 
(2,693
)
Exchange rate adjustment
(16,489
)
 
7,032

Fair value of plan assets at end of year
$
269,371

 
$
249,329

Reconciliation of Funded Status
 

 
 

Funded status
$
(185,834
)
 
$
(98,336
)
Amounts Recognized in the Balance Sheet
 

 
 

Current liabilities
(605
)
 
(642
)
Non-current liabilities
(185,229
)
 
(97,694
)
Net amount recognized
$
(185,834
)
 
$
(98,336
)

 
2014
 
2013
Reconciliation of Amounts Recognized in the Statement of Financial Position
 

 
 

Initial net obligation
$
(63
)
 
$
(85
)
Prior service credit
5,121

 
4,657

Net loss
(197,073
)
 
(110,885
)
Accumulated other comprehensive loss
(192,015
)
 
(106,313
)
Accumulated contributions in excess of net periodic benefit cost
6,181

 
7,977

Net amount recognized
$
(185,834
)
 
$
(98,336
)
Changes Recognized in Other Comprehensive Income
 

 
 

Changes in plan assets and benefit obligations recognized in other comprehensive income
 

 
 

Prior service cost
$
(1,106
)
 
$

Net loss arising during the year (includes curtailment gains not recognized as a component of net periodic cost)
$
105,003

 
$
27,099

Effect of exchange rates on amounts included in accumulated other comprehensive income (loss)
(13,872
)
 
3,912

Amounts recognized as a component of net periodic benefit cost
 

 
 

Amortization, settlement or curtailment recognition of net transition obligation
(19
)
 
(20
)
Amortization or curtailment recognition of prior service credit (cost)
240

 
235

Amortization or settlement recognition of net loss
(4,544
)
 
(2,999
)
Total recognized in other comprehensive loss
$
85,702

 
$
28,227

Total recognized in net periodic cost and other comprehensive loss
$
103,993

 
$
43,091

Estimated amounts that will be amortized from accumulated other comprehensive (loss) income over the next fiscal year
 

 
 

Initial net obligation
$
(19
)
 
$
(20
)
Prior service credit
275


240

Net loss
(8,564
)
 
(4,523
)
Total
$
(8,308
)
 
$
(4,303
)
Schedule of accumulated and projected benefit obligation in excess of plan assets
Information relating to the Company’s non-U.S. plans with projected benefit obligations in excess of plan assets and accumulated benefit obligations in excess of plan assets at each fiscal year end is presented in the following table:
 
2014
 
2013
Plans with projected benefit obligations in excess of plan assets:
 

 
 

Projected benefit obligation
$
455,205

 
$
347,665

Fair value of plan assets
$
269,371

 
$
249,329

Plans with accumulated benefit obligations in excess of plan assets:
 

 
 

Projected benefit obligation
$
384,225

 
$
280,958

Accumulated benefit obligation
$
298,620

 
$
221,715

Fair value of plan assets
$
201,119

 
$
185,863

Schedule of weighted average assumptions used
The range of assumptions used for the non-U.S. defined benefit plans reflects the different economic environments within the various countries. The projected benefit obligation was determined using the following weighted-average assumptions:
 
2014
 
2013
Discount rate
2.95
%
 
4.05
%
Rate of increase in compensation levels
2.77
%
 
2.84
%
Net annual periodic pension cost was determined using the following weighted average assumptions:
 
2014
 
2013
Discount rate
4.05
%
 
4.55
%
Expected long-term return on plan assets
5.46
%
 
5.59
%
Rate of increase in compensation levels
2.84
%
 
2.85
%
Plan assets measured at fair value on a recurring basis by investment categories
The following table presents plan assets measured at fair value on a recurring basis by investment categories as of November 1, 2014 and November 2, 2013 using the same three-level hierarchy described in Note 2j:
 
November 1, 2014
 
 
 
November 2, 2013
 
 
 
Fair Value Measurement at Reporting Date Using:
 
 
 
Fair Value Measurement at Reporting Date Using:
 
 
 
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Unobservable
Inputs
(Level 3)
 
Total
 
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Unobservable
Inputs
(Level 3)
 
Total
Unit trust funds(1)
$

 
$
201,554

 
$

 
$
201,554

 
$

 
$
183,062

 
$

 
$
183,062

Equities(1)

 
30,113

 
121

 
30,234

 
3,676

 
29,194

 
125

 
32,995

Fixed income securities(2)

 
33,746

 

 
33,746

 

 
29,356

 

 
29,356

Property(3)

 

 
3,029

 
3,029

 

 

 
3,146

 
3,146

Cash and cash equivalents
808

 

 

 
808

 
770

 

 

 
770

Total assets measured at fair value
$
808

 
$
265,413

 
$
3,150

 
$
269,371

 
$
4,446

 
$
241,612

 
$
3,271

 
$
249,329

_______________________________________
(1)
The majority of the assets in these categories are invested in a mix of equities, including those from North America, Europe and Asia. The funds are valued using the net asset value method in which an average of the market prices for underlying investments is used to value the fund. Due to the nature of the underlying assets of these funds, changes in market conditions and the economic environment may significantly impact the net asset value of these investments and, consequently, the fair value of the investments. These investments are redeemable at net asset value to the extent provided in the documentation governing the investments. However, these redemption rights may be restricted in accordance with governing documents. Publicly traded securities are valued at the last trade or closing price reported in the active market in which the individual securities are traded. Level 3 securities are valued at book value per share based upon the financial statements of the investment.
(2)
The majority of the assets in this category are invested in funds primarily concentrated in non-U.S. debt instruments. The funds are valued using the net asset value method in which an average of the market prices for underlying investments is used to value the fund.
(3)
The majority of the assets in this category are invested in properties in Ireland, the United Kingdom, Europe and other established international markets. Investments in properties are stated at estimated fair values based upon valuations by external independent property appraisers.
Reconciliation of the plan assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3)
The table below presents a reconciliation of the plan assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for fiscal years 2014 and 2013 .
 
Properties
 
Equities
Balance as of November 3, 2012
$
2,881

 
$
684

Purchases, sales, and settlements, net

 
(522
)
Realized and unrealized return on plan assets
116

 

Exchange rate adjustment
149

 
(37
)
Balance as of November 2, 2013
$
3,146

 
$
125

Purchases, sales, and settlements, net
3

 
(1
)
Realized and unrealized return on plan assets
120

 

Exchange rate adjustment
(240
)
 
(3
)
Balance as of November 1, 2014
$
3,029

 
$
121

Schedule of expected company contributions and estimated future benefit payments
Expected fiscal 2015 Company contributions and estimated future benefit payments are as follows:
Expected Company Contributions
 

2015
$
15,763

Expected Benefit Payments
 

2015
$
3,468

2016
$
4,002

2017
$
4,047

2018
$
4,359

2019
$
4,922

2020 through 2024
$
37,340