Employee Benefit Plans (Tables)

12 Months Ended

Oct. 29, 2023

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:

 

	2023		2022		2021
	(In millions, except percentages)
Change in projected benefit obligation
Beginning projected benefit obligation	$	414	$	685	$	674
Service cost	10		14		15
Interest cost	16		9		8
Plan participants’ contributions	1		1		1
Actuarial (gain) loss	(38)		(201)		(1)
Foreign currency exchange rate changes	15		(84)		3
Benefits paid	(10)		(10)		(15)
Plan amendments and other adjustments	—		—		—
Ending projected benefit obligation	$	408	$	414	$	685
Ending accumulated benefit obligation	$	351	$	371	$	626
Range of assumptions to determine benefit obligations
Discount rate	1.3% - 7.1%		1.5% - 7.3%		0.6% - 6.6%
Rate of compensation increase	3.3% - 10.3%		2.7% - 10.0%		2.4% - 10.0%
Change in plan assets
Beginning fair value of plan assets	$	351	$	491	$	431
Return on plan assets	5		(78)		49
Employer contributions	9		11		22
Plan participants’ contributions	1		1		1
Foreign currency exchange rate changes	18		(64)		3
Benefits paid	(10)		(10)		(15)
Ending fair value of plan assets	$	374	$	351	$	491
Funded status	$	(34)	$	(63)	$	(194)
Amounts recognized in the consolidated balance sheets
Noncurrent asset	$	95	$	45	$	1
Current liability	(3)		(1)		(2)
Noncurrent liability	(126)		(107)		(193)
Total	$	(34)	$	(63)	$	(194)
Estimated amortization from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal period
Actuarial loss	$	3	$	4	$	11
Prior service credit	—		—		—
Total	$	3	$	4	$	11
Amounts recognized in accumulated other comprehensive loss
Net actuarial loss	$	70	$	98	$	200
Prior service credit	1		1		1
Total	$	71	$	99	$	201
Plans with projected benefit obligations in excess of plan assets
Projected benefit obligation	$	146	$	126	$	472
Fair value of plan assets	$	18	$	17	$	277
Plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation	$	97	$	88	$	413
Fair value of plan assets	$	18	$	17	$	277

 

	2023		2022
Plan assets — allocation
Equity securities	29	%	26	%
Debt securities	31	%	37	%
Insurance contracts	19	%	21	%
Other investments	20	%	15	%
Cash	1	%	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 29, 2023								October 30, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In millions)
Equity securities	$	102	$	—	$	—	$	102	$	84	$	—	$	—	$	84
Debt securities	60		—		—		60		56		—		—		56
Insurance contracts	—		—		72		72		—		—		72		72
Other investments	—		57		—		57		—		52		—		52
Cash	5		—		—		5		3		—		—		3
Total assets at fair value	$	167	$	57	$	72	296		$	143	$	52	$	72	267
Assets measured at net asset value							78								84
Total							$	374							$	351

Activity in Level 3 instruments

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

	2023		2022
	(In millions)
Balance, beginning of year	$	72	$	110
Actual return on plan assets:
Relating to assets still held at reporting date	(4)		(24)
Purchases, sales, settlements, net	—		—
Currency impact	4		(14)
Balance, end of year	$	72	$	72

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:

 

	2023			2022			2021
	(In millions, except percentages)
Components of net periodic benefit cost
Service cost	$	10		$	14		$	15
Interest cost	16			9			8
Expected return on plan assets	(20)			(21)			(21)
Amortization of actuarial loss and prior service credit	4			10			14
Net periodic benefit cost	$	10		$	12		$	16
Weighted average assumptions
Discount rate	3.48		%	1.41		%	1.18		%
Expected long-term return on assets	5.15		%	4.56		%	4.80		%
Rate of compensation increase	3.39		%	2.89		%	2.74		%

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)
2024	$	11
2025	14
2026	15
2027	16
2028	16
2029-2033	108
Total	$	180