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Retirement Plans (Tables)
12 Months Ended
Oct. 30, 2021
Retirement Benefits [Abstract]  
Schedule of net periodic pension cost of non-U.S. plans Net annual periodic benefit cost of the Company’s pension and postretirement benefit plans for fiscal 2021, fiscal 2020 and fiscal 2019 is presented in the following table:
202120202019
Service cost$9,207 $8,587 $5,578 
Interest cost4,071 3,917 4,079 
Expected return on plan assets(3,759)(5,296)(5,279)
Amortization of prior service cost— — 
Recognized actuarial loss2,973 2,583 1,000 
Subtotal$12,492 $9,791 $5,381 
Curtailment impact— (203)— 
Settlement impact$(6)$— $— 
Net periodic benefit cost$12,486 $9,588 $5,381 
Schedule of obligation and asset data of the company's non-US plans Obligation and asset data of the Company’s pension and postretirement benefit plans at October 30, 2021 and October 31, 2020 is presented in the following table:
20212020
Change in Benefit Obligation  
Benefit obligation at beginning of year$186,735 $169,648 
Service cost9,207 8,587 
Interest cost4,071 3,917 
Curtailment— (705)
Settlement(885)— 
Acquisition of Maxim benefit obligation49,807 — 
Actuarial (gain) loss(4,005)2,916 
Benefits paid(3,983)(2,661)
Exchange rate adjustment1,646 5,033 
Benefit obligation at end of year$242,593 $186,735 
Change in Plan Assets  
Fair value of plan assets at beginning of year$107,505 $99,939 
Actual return on plan assets10,637 1,366 
Employer contributions11,035 6,943 
Settlements(885)— 
Benefits paid(3,983)(2,661)
Acquisitions1,728 — 
Exchange rate adjustment2,246 1,918 
Fair value of plan assets at end of year$128,283 $107,505 
Reconciliation of Funded Status  
Funded status$(114,310)$(79,230)
Amounts Recognized in the Balance Sheet  
Non-current assets$1,709 $— 
Current liabilities$(2,730)$(973)
Non-current liabilities(113,289)(78,257)
Net amount recognized$(114,310)$(79,230)
20212020
Reconciliation of Amounts Recognized in the Statement of Financial Position  
Prior service credit(38)(44)
Net loss(43,662)(55,942)
Accumulated other comprehensive loss(43,700)(55,986)
Accumulated contributions less than net periodic benefit cost(70,610)(23,244)
Net amount recognized$(114,310)$(79,230)
Changes Recognized in Other Comprehensive Income (Loss)  
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss)  
Net gain/loss arising during the year $(10,884)$6,342 
Effect of exchange rates on amounts included in AOCI1,565 1,305 
Amounts recognized as a component of net periodic benefit cost  
Amortization or settlement recognition of net loss(2,967)(2,583)
Total recognized in other comprehensive gain/loss$(12,286)$5,064 
Total recognized in net periodic cost and other comprehensive loss$200 $14,652 
Estimated amounts that will be amortized from AOCI over the next fiscal year  
Net loss$(2,413)$(2,845)
Schedule of accumulated and projected benefit obligation in excess of plan assets Information relating to the Company’s pension and postretirement benefit plans with projected benefit obligations in excess of plan assets and accumulated benefit obligations in excess of plan assets at October 30, 2021 and October 31, 2020 is presented in the following table:
20212020
Plans with projected benefit obligations in excess of plan assets:  
Projected benefit obligation$161,803 $186,735 
Fair value of plan assets$45,784 $107,505 
Plans with accumulated benefit obligations in excess of plan assets:  
Projected benefit obligation$94,038 $141,982 
Accumulated benefit obligation$77,337 $132,517 
Fair value of plan assets$3,544 $69,250 
Schedule of weighted average assumptions used
The projected benefit obligation was determined using the following weighted-average assumptions:
20212020
Discount rate2.77 %2.15 %
Rate of increase in compensation levels3.70 %3.19 %
Net annual periodic benefit cost was determined using the following weighted average assumptions:
20212020
Discount rate2.15 %2.45 %
Expected long-term return on plan assets3.32 %5.22 %
Rate of increase in compensation levels3.19 %3.38 %
Schedule of plan assets measured at fair value on a recurring basis by investment categories
The following table presents plan assets measured at fair value on a recurring basis by investment categories as of October 30, 2021 and October 31, 2020 using the same three-level hierarchy described in Note 2j, Fair Value, of the Notes to Consolidated Financial Statements:
October 30, 2021October 31, 2020
Fair Value Measurement at Reporting Date Using:Fair Value Measurement at Reporting Date Using:
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
TotalQuoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Total
Unit trust funds(1)$— $5,874 $5,874 $— $5,510 $5,510 
Equities(1)8,010 24,613 32,623 7,134 12,733 19,867 
Fixed income securities(2)— 29,957 29,957 — 24,636 24,636 
Property (3)— 5,431 5,431 — 8,034 8,034 
Investment Funds (4)— 52,380 52,380 — 21,960 21,960 
Cash and cash equivalents2,018 — 2,018 27,498 — 27,498 
Total assets measured at fair value$10,028 $118,255 $128,283 $34,632 $72,873 $107,505 
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(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)Consists of 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)Consists of funds that primarily invest in global real estate and infrastructure funds. 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.
(4)Consists of liability driven investment funds that may hold a range of low-risk hedging instruments including but not limited to government bonds, interest rate and inflation swaps, physical inflation-linked and nominal gilts, synthetic gilts, cash and money market instruments. The investment funds are valued at the closing price reported if traded on an active market or at yields currently available on comparable securities of issuers with similar credit ratings.
Schedule of expected company contributions and estimated future benefit payments Expected fiscal 2022 Company contributions and estimated future benefit payments are as follows:
Expected Company Contributions 
2022$12,108 
Expected Benefit Payments 
2023$5,655 
2024$5,783 
2025$5,897 
2026$6,369 
2027$7,190 
2028 through 2032$48,160