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Retirement Plans (Tables)
12 Months Ended
Oct. 28, 2023
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 2023, fiscal 2022 and fiscal 2021 is presented in the following table:
202320222021
Service cost$7,728 $10,914 $9,207 
Interest cost8,773 6,148 4,071 
Expected return on plan assets(5,236)(4,540)(3,759)
Recognized actuarial loss1,168 2,299 2,973 
Subtotal$12,433 $14,821 $12,492 
Settlement impact173 (35)(6)
Net periodic benefit cost$12,606 $14,786 $12,486 
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 28, 2023 and October 29, 2022 is presented in the following table:
20232022
Change in Benefit Obligation  
Benefit obligation at beginning of year$157,730 $242,593 
Service cost7,728 10,914 
Interest cost8,773 6,148 
Acquisition of Maxim benefit obligation(3,880)— 
Settlement(1,887)(1,052)
Actuarial gain574 (68,806)
Benefits paid(6,352)(3,596)
Exchange rate adjustment5,182 (28,471)
Benefit obligation at end of year$167,868 $157,730 
Change in Plan Assets  
Fair value of plan assets at beginning of year$84,029 $128,283 
Actual return on plan assets(2,831)(34,231)
Employer contributions10,811 11,344 
Settlements(1,887)(1,052)
Benefits paid(6,352)(3,596)
Exchange rate adjustment3,836 (16,719)
Fair value of plan assets at end of year$87,606 $84,029 
Reconciliation of Funded Status  
Funded status$(80,262)$(73,701)
Amounts Recognized in the Balance Sheet  
Non-current assets$— $1,185 
Current liabilities$(4,222)$(2,638)
Non-current liabilities(76,040)(72,248)
Net amount recognized$(80,262)$(73,701)
20232022
Reconciliation of Amounts Recognized in the Statement of Financial Position  
Prior service credit(27)(29)
Net loss(12,304)(5,302)
Accumulated other comprehensive loss(12,331)(5,331)
Accumulated contributions less than net periodic benefit cost(67,931)(68,370)
Net amount recognized$(80,262)$(73,701)
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 $8,876 $(31,223)
Effect of exchange rates on amounts included in AOCI(536)(4,882)
Amounts recognized as a component of net periodic benefit cost  
Amortization or settlement recognition of net loss(1,340)(2,264)
Total recognized in other comprehensive gain/loss$7,000 $(38,369)
Total recognized in net periodic cost and other comprehensive loss$19,606 $(23,583)
Estimated amounts that will be amortized from AOCI over the next fiscal year  
Net loss$(1,281)$(1,067)
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 28, 2023 and October 29, 2022 is presented in the following table:
20232022
Plans with projected benefit obligations in excess of plan assets:  
Projected benefit obligation$169,356 $120,763 
Fair value of plan assets$87,606 $45,879 
Plans with accumulated benefit obligations in excess of plan assets:  
Projected benefit obligation$112,200 $62,980 
Accumulated benefit obligation$98,477 $49,429 
Fair value of plan assets$45,555 $2,573 
Schedule of weighted average assumptions used
The projected benefit obligation was determined using the following weighted-average assumptions:
20232022
Discount rate5.73 %5.44 %
Rate of increase in compensation levels4.34 %4.08 %
Net annual periodic benefit cost was determined using the following weighted average assumptions:
20232022
Discount rate5.44 %2.77 %
Expected long-term return on plan assets5.84 %3.73 %
Rate of increase in compensation levels4.08 %3.70 %
Schedule of plan assets measured at fair value on a recurring basis by investment categories
The following table presents plan assets measured at fair value on a recurring basis by investment categories as of October 28, 2023 and October 29, 2022 using the same three-level hierarchy described in Note 2j, Fair Value, of the Notes to Consolidated Financial Statements:
October 28, 2023October 29, 2022
Fair Value Measurement at Reporting Date Using:Fair Value Measurement at Reporting Date Using:
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
TotalQuoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Total
Unit trust funds(1)$— $4,803 $4,803 $— $3,625 $3,625 
Equities(1)7,851 8,375 16,226 6,700 7,767 14,467 
Fixed income securities(2)— 29,020 29,020 — 28,214 28,214 
Property (3)— 4,624 4,624 — 4,773 4,773 
Investment Funds (4)— 22,933 22,933 — 29,760 29,760 
Cash and cash equivalents10,000 — 10,000 3,190 — 3,190 
Total assets measured at fair value$17,851 $69,755 $87,606 $9,890 $74,139 $84,029 
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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 2024 Company contributions and estimated future benefit payments are as follows:
Expected Company Contributions 
2024$8,779 
Expected Benefit Payments 
2024$7,470 
2025$6,481 
2026$6,719 
2027$7,481 
2028$8,618 
2029 through 2033$60,534