XML 48 R35.htm IDEA: XBRL DOCUMENT v3.22.2.2
Retirement Plans (Tables)
12 Months Ended
Oct. 29, 2022
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 2022, fiscal 2021 and fiscal 2020 is presented in the following table:
202220212020
Service cost$10,914 $9,207 $8,587 
Interest cost6,148 4,071 3,917 
Expected return on plan assets(4,540)(3,759)(5,296)
Recognized actuarial loss2,299 2,973 2,583 
Subtotal$14,821 $12,492 $9,791 
Curtailment impact— — (203)
Settlement impact$(35)$(6)$— 
Net periodic benefit cost$14,786 $12,486 $9,588 
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 29, 2022 and October 30, 2021 is presented in the following table:
20222021
Change in Benefit Obligation  
Benefit obligation at beginning of year$242,593 $186,735 
Service cost10,914 9,207 
Interest cost6,148 4,071 
Acquisition of Maxim benefit obligation— 49,807 
Settlement(1,052)(885)
Actuarial gain(68,806)(4,005)
Benefits paid(3,596)(3,983)
Exchange rate adjustment(28,471)1,646 
Benefit obligation at end of year$157,730 $242,593 
Change in Plan Assets  
Fair value of plan assets at beginning of year$128,283 $107,505 
Actual return on plan assets(34,231)10,637 
Employer contributions11,344 11,035 
Settlements(1,052)(885)
Benefits paid(3,596)(3,983)
Acquisitions— 1,728 
Exchange rate adjustment(16,719)2,246 
Fair value of plan assets at end of year$84,029 $128,283 
Reconciliation of Funded Status  
Funded status$(73,701)$(114,310)
Amounts Recognized in the Balance Sheet  
Non-current assets$1,185 $1,709 
Current liabilities$(2,638)$(2,730)
Non-current liabilities(72,248)(113,289)
Net amount recognized$(73,701)$(114,310)
20222021
Reconciliation of Amounts Recognized in the Statement of Financial Position  
Prior service credit(29)(38)
Net loss(5,302)(43,662)
Accumulated other comprehensive loss(5,331)(43,700)
Accumulated contributions less than net periodic benefit cost(68,370)(70,610)
Net amount recognized$(73,701)$(114,310)
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 $(31,223)$(10,884)
Effect of exchange rates on amounts included in AOCI(4,882)1,565 
Amounts recognized as a component of net periodic benefit cost  
Amortization or settlement recognition of net loss(2,264)(2,967)
Total recognized in other comprehensive gain/loss$(38,369)$(12,286)
Total recognized in net periodic cost and other comprehensive loss$(23,583)$200 
Estimated amounts that will be amortized from AOCI over the next fiscal year  
Net loss$(1,067)$(2,413)
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 29, 2022 and October 30, 2021 is presented in the following table:
20222021
Plans with projected benefit obligations in excess of plan assets:  
Projected benefit obligation$120,763 $161,803 
Fair value of plan assets$45,879 $45,784 
Plans with accumulated benefit obligations in excess of plan assets:  
Projected benefit obligation$62,980 $94,038 
Accumulated benefit obligation$49,429 $77,337 
Fair value of plan assets$2,573 $3,544 
Schedule of weighted average assumptions used
The projected benefit obligation was determined using the following weighted-average assumptions:
20222021
Discount rate5.44 %2.77 %
Rate of increase in compensation levels4.08 %3.70 %
Net annual periodic benefit cost was determined using the following weighted average assumptions:
20222021
Discount rate2.77 %2.15 %
Expected long-term return on plan assets3.73 %3.32 %
Rate of increase in compensation levels3.70 %3.19 %
Schedule of plan assets measured at fair value on a recurring basis by investment categories
The following table presents plan assets measured at fair value on a recurring basis by investment categories as of October 29, 2022 and October 30, 2021 using the same three-level hierarchy described in Note 2j, Fair Value, of the Notes to Consolidated Financial Statements:
October 29, 2022October 30, 2021
Fair Value Measurement at Reporting Date Using:Fair Value Measurement at Reporting Date Using:
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
TotalQuoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Total
Unit trust funds(1)$— $3,625 $3,625 $— $5,874 $5,874 
Equities(1)6,700 7,767 14,467 8,010 24,613 32,623 
Fixed income securities(2)— 28,214 28,214 — 29,957 29,957 
Property (3)— 4,773 4,773 — 5,431 5,431 
Investment Funds (4)— 29,760 29,760 — 52,380 52,380 
Cash and cash equivalents3,190 — 3,190 2,018 — 2,018 
Total assets measured at fair value$9,890 $74,139 $84,029 $10,028 $118,255 $128,283 
_______________________________________
(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 2023 Company contributions and estimated future benefit payments are as follows:
Expected Company Contributions 
2023$10,579 
Expected Benefit Payments 
2024$6,575 
2025$5,506 
2026$5,789 
2027$6,524 
2028$7,060 
2029 through 2033$48,355