Employee Benefit Plans (Tables)

12 Months Ended

Oct. 30, 2022

Retirement Benefits [Abstract]

Changes in benefit obligations and plan assets including post-retirement benefits

A summary of the changes in benefit obligations and plan assets, which includes post-retirement benefits, for each fiscal year is presented below:

 

	2022		2021		2020
	(In millions, except percentages)
Change in projected benefit obligation
Beginning projected benefit obligation	$	685	$	674	$	617
Service cost	14		15		13
Interest cost	9		8		8
Plan participants’ contributions	1		1		1
Actuarial (gain) loss	(201)		(1)		6
Foreign currency exchange rate changes	(84)		3		33
Benefits paid	(10)		(15)		(10)
Plan amendments and other adjustments	—		—		6
Ending projected benefit obligation	$	414	$	685	$	674
Ending accumulated benefit obligation	$	371	$	626	$	627
Range of assumptions to determine benefit obligations
Discount rate	1.5% - 7.3%		0.6% - 6.6%		0.4% - 6.5%
Rate of compensation increase	2.7% - 10.0%		2.4% - 10.0%		2.3% - 10.0%
Change in plan assets
Beginning fair value of plan assets	$	491	$	431	$	409
Return on plan assets	(78)		49		—
Employer contributions	11		22		12
Plan participants’ contributions	1		1		1
Foreign currency exchange rate changes	(64)		3		19
Benefits paid	(10)		(15)		(10)
Ending fair value of plan assets	$	351	$	491	$	431
Funded status	$	(63)	$	(194)	$	(243)
Amounts recognized in the consolidated balance sheets
Noncurrent asset	$	45	$	1	$	—
Current liability	(1)		(2)		(2)
Noncurrent liability	(107)		(193)		(241)
Total	$	(63)	$	(194)	$	(243)
Estimated amortization from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal period
Actuarial loss	$	4	$	11	$	14
Prior service credit	—		—		—
Total	$	4	$	11	$	14
Amounts recognized in accumulated other comprehensive loss
Net actuarial loss	$	98	$	200	$	242
Prior service credit	1		1		—
Total	$	99	$	201	$	242
Plans with projected benefit obligations in excess of plan assets
Projected benefit obligation	$	126	$	472	$	674
Fair value of plan assets	$	17	$	277	$	431
Plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation	$	88	$	413	$	627
Fair value of plan assets	$	17	$	277	$	431

 

	2022		2021
Plan assets — allocation
Equity securities	26	%	35	%
Debt securities	37	%	33	%
Insurance contracts	21	%	23	%
Other investments	15	%	9	%
Cash	1	%	—	%

Summary of ending fair value of the plan assets

The following table presents a summary of the ending fair value of the plan assets:

	October 30, 2022								October 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In millions)
Equity securities	$	84	$	—	$	—	$	84	$	137	$	—	$	—	$	137
Debt securities	56		—		—		56		79		—		—		79
Insurance contracts	—		—		72		72		—		—		110		110
Other investments	—		52		—		52		—		17		—		17
Cash	3		—		—		3		2		—		—		2
Total assets at fair value	$	143	$	52	$	72	267		$	218	$	17	$	110	345
Assets measured at net asset value							84								146
Total							$	351							$	491

Activity in Level 3 instruments

The following table presents the activity in Level 3 instruments for each fiscal year:

	2022		2021
	(In millions)
Balance, beginning of year	$	110	$	39
Actual return on plan assets:
Relating to assets still held at reporting date	(24)		—
Purchases, sales, settlements, net	—		72
Currency impact	(14)		(1)
Balance, end of year	$	72	$	110

Schedule of net benefit costs and weighted average assumptions used

A summary of the components of net periodic benefit costs and the weighted average assumptions used for net periodic benefit cost calculations for each fiscal year is presented below:

 

	2022			2021			2020
	(In millions, except percentages)
Components of net periodic benefit cost
Service cost	$	14		$	15		$	13
Interest cost	9			8			8
Expected return on plan assets	(21)			(21)			(22)
Amortization of actuarial loss and prior service credit	10			14			12
Net periodic benefit cost	$	12		$	16		$	11
Weighted average assumptions
Discount rate	1.41		%	1.18		%	1.23		%
Expected long-term return on assets	4.56		%	4.80		%	5.10		%
Rate of compensation increase	2.89		%	2.74		%	2.69		%

Schedule of expected benefit payments

Future expected benefit payments for the pension plans and the postretirement plan over the next ten fiscal years are as follows:

	Benefit Payments
	(In millions)
2023	$	8
2024	13
2025	13
2026	13
2027	14
2028-2032	94
Total	$	155