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Retirement Plans (Tables)

12 Months Ended

Nov. 02, 2019

Schedule of net periodic pension cost of non-U.S. plans

Net annual periodic pension cost of non-U.S. plans for fiscal 2019, fiscal 2018 and fiscal 2017 is presented in the following table:


	2019		2018		2017
Service cost	$	5,578	$	6,891	$	6,688
Interest cost	4,079		3,984		3,581
Expected return on plan assets	(5,279)		(4,559)		(4,086)
Amortization of prior service cost	3		1		(9)
Amortization of transition obligation	—		10		14
Recognized actuarial loss	1,000		1,621		1,865



Net periodic pension cost	$	5,381	$	7,948	$	8,053

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 November 2, 2019 and November 3, 2018 is presented in the following table:


	2019		2018
Change in Benefit Obligation
Benefit obligation at beginning of year	$	123,538	$	139,516
Service cost	5,578		6,891
Interest cost	4,079		3,984





Actuarial loss (gain)	38,210		(20,406)
Benefits paid	(3,053)		(4,301)
Exchange rate adjustment	1,296		(2,146)
Benefit obligation at end of year	$	169,648	$	123,538
Change in Plan Assets
Fair value of plan assets at beginning of year	$	84,655	$	79,616
Actual return on plan assets	12,389		(2,626)
Employer contributions	4,177		13,793



Benefits paid	(3,053)		(4,301)
Exchange rate adjustment	1,771		(1,827)
Fair value of plan assets at end of year	$	99,939	$	84,655
Reconciliation of Funded Status
Funded status	$	(69,709)	$	(38,883)
Amounts Recognized in the Balance Sheet
Non-current assets	$	—	$	6,569
Current liabilities	(846)		(767)
Non-current liabilities	(68,863)		(44,685)
Net amount recognized	$	(69,709)	$	(38,883)


	2019		2018
Reconciliation of Amounts Recognized in the Statement of Financial Position

Prior service credit	(44)		(44)
Net loss	(50,878)		(20,800)
Accumulated other comprehensive loss	(50,922)		(20,844)
Accumulated contributions less than net periodic benefit cost	(18,787)		(18,039)
Net amount recognized	$	(69,709)	$	(38,883)
Changes Recognized in Other Comprehensive Income (Loss)
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss)

Net loss (gain) arising during the year	$	31,100	$	(13,220)
Effect of exchange rates on amounts included in AOCI	(18)		(138)
Amounts recognized as a component of net periodic benefit cost
Amortization, settlement or curtailment recognition of net transition obligation	—		(10)
Amortization or curtailment recognition of prior service credit (cost)	—		(1)
Amortization or settlement recognition of net loss	(1,004)		(1,621)
Total recognized in other comprehensive loss	$	30,078	$	(14,990)
Total recognized in net periodic cost and other comprehensive loss	$	35,459	$	(7,042)
Estimated amounts that will be amortized from AOCI over the next fiscal year

Prior service credit	(2)		(2)
Net loss	(2,581)		(1,015)
Total	$	(2,583)	$	(1,017)

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 November 2, 2019 and November 3, 2018 is presented in the following table:


	2019		2018
Plans with projected benefit obligations in excess of plan assets:
Projected benefit obligation	$	169,648	$	46,626
Fair value of plan assets	$	99,939	$	1,174
Plans with accumulated benefit obligations in excess of plan assets:
Projected benefit obligation	$	61,019	$	46,626
Accumulated benefit obligation	$	54,318	$	41,701
Fair value of plan assets	$	1,305	$	1,174

Schedule of weighted average assumptions used

The projected benefit obligation was determined using the following weighted-average assumptions:


	2019		2018
Discount rate	2.45	%	3.53	%
Rate of increase in compensation levels	3.38	%	3.26	%

Net annual periodic pension cost was determined using the following weighted average assumptions:


	2019		2018
Discount rate	3.53	%	3.02	%
Expected long-term return on plan assets	6.16	%	5.54	%
Rate of increase in compensation levels	3.26	%	3.18	%

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 2, 2019 and November 3, 2018 using the same three-level hierarchy described in Note 2j, Fair Value, of these Notes to Consolidated Financial Statements:


	November 2, 2019								November 3, 2018
	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)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Unit trust funds(1)	$	—	$	4,736	$	4,736	$	—	$	2,549	$	2,549
Equities(1)	6,114		39,189		45,303		3,437		35,221		38,658
Fixed income securities(2)	—		48,274		48,274		—		42,312		42,312

Cash and cash equivalents	1,626		—		1,626		1,136		—		1,136
Total assets measured at fair value	$	7,740	$	92,199	$	99,939	$	4,573	$	80,082	$	84,655

_______________________________________

(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.

(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.

Schedule of expected company contributions and estimated future benefit payments

Expected fiscal 2020 Company contributions and estimated future benefit payments are as follows:


Expected Company Contributions
2020	$	7,565
Expected Benefit Payments

2021	$	3,027
2022	$	2,316
2023	$	2,899
2024	$	3,363
2024	$	3,363
2025 through 2028	$	25,159