XML 63 R47.htm IDEA: XBRL DOCUMENT v3.20.4

RETIREMENT PLANS AND POST RETIREMENT PENSION PLANS (Tables)

12 Months Ended

Oct. 31, 2020

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

For the years ended October 31, 2020, 2019 and 2018, components of net periodic benefit cost (benefit) and other amounts recognized in other comprehensive income were comprised of:

	Defined Benefit Plans																								U.S. Post-Retirement Benefit Plan
	U.S. Plans												Non-U.S. Plans
	2020				2019				2018				2020				2019				2018				2020				2019				2018
	(in millions)
Net periodic benefit cost (benefit)
Service cost — benefits earned during the period	$	23			$	20			$	24			$	15			$	14			$	14			$	1			$	1			$	1
Interest cost on benefit obligation	24				28				25				16				23				23				6				8				7
Expected return on plan assets	(44		)		(41		)		(37		)		(84		)		(77		)		(85		)		(13		)		(13		)		(13		)
Amortization:
Net actuarial loss	18				10				12				34				27				25				10				9				16
Prior service credit	—				(4		)		(7		)		—				(1		)		(1		)		(11		)		(14		)		(14		)
Net periodic benefit cost (benefit)	21				13				17				(19		)		(14		)		(24		)		(7		)		(9		)		(3		)
Curtailments and settlements	—				—				—				4				2				1				—				—				—
Total periodic benefit cost (benefit)	$	21			$	13			$	17			$	(15	)		$	(12	)		$	(23	)		$	(7	)		$	(9	)		$	(3	)
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss
Net actuarial loss (gain)	$	64			$	77			$	(11	)		$	81			$	78			$	41			$	9			$	11			$	(1	)
Amortization:
Net actuarial loss	(18		)		(10		)		(12		)		(34		)		(27		)		(25		)		(10		)		(9		)		(16		)
Prior service credit	—				4				7				—				1				1				11				14				14
Curtailments and settlements	—				—				—				(4		)		(2		)		(1		)		—				—				—
Foreign currency	—				—				—				1				(1		)		(5		)		—				—				—
Total recognized in other comprehensive (income) loss	$	46			$	71			$	(16	)		$	44			$	49			$	11			$	10			$	16			$	(3	)
Total recognized in the periodic benefit cost (benefit) and other comprehensive (income) loss	$	67			$	84			$	1			$	29			$	37			$	(12	)		$	3			$	7			$	(6	)

Schedule of Changes in Fair Value of Plan Assets

As of October 31, 2020 and 2019, the funded status of the defined benefit and post-retirement benefit plans was as follows:

	U.S. Defined Benefit Plans								Non-U.S. Defined Benefit Plans								U.S. Post-Retirement Benefit Plan
	2020				2019				2020				2019				2020				2019
	(in millions)
Change in fair value of plan assets:
Fair value — beginning of year	$	615			$	575			$	1,538			$	1,392			$	176			$	172
Actual return on plan assets	41				64				21				167				12				18
Employer contributions	100				—				10				26				—				—
Settlements	—				—				(14		)		(25		)		—				—
Benefits paid	(34		)		(24		)		(36		)		(43		)		(13		)		(14		)
Other	—				—				—				(4		)		—				—
Currency impact	—				—				26				25				—				—
Fair value — end of year	$	722			$	615			$	1,545			$	1,538			$	175			$	176
Change in benefit obligation:
Benefit obligation — beginning of year	$	774			$	650			$	1,393			$	1,249			$	202			$	190
Service cost	23				20				15				14				1				1
Interest cost	24				28				16				23				6				8
Settlements	—				—				(14		)		(25		)		—				—
Curtailments	—				—				(1		)		—				—				—
Actuarial loss (gain)	62				101				18				169				7				17
Benefits paid	(35		)		(25		)		(36		)		(43		)		(13		)		(14		)
Other	—				—				—				(8		)		—				—
Currency impact	—				—				30				14				—				—
Benefit obligation — end of year	$	848			$	774			$	1,421			$	1,393			$	203			$	202
Overfunded (Underfunded) status of PBO	$	(126	)		$	(159	)		$	124			$	145			$	(28	)		$	(26	)
Amounts recognized in the consolidated balance sheet consist of:
Other assets	$	—			$	—			$	311			$	297			$	—			$	—
Employee compensation and benefits	(1		)		(1		)		—				—				—				—
Retirement and post-retirement benefits	(125		)		(158		)		(187		)		(152		)		(28		)		(26		)
Net asset (liability)(a)	$	(126	)		$	(159	)		$	124			$	145			$	(28	)		$	(26	)
Amounts recognized in accumulated other comprehensive income (loss):
Actuarial losses	$	225			$	179			$	487			$	444			$	28			$	29
Prior service credits	—				—				1				—				(2		)		(13		)
Total	$	225			$	179			$	488			$	444			$	26			$	16

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

The amounts in accumulated other comprehensive income expected to be amortized into net periodic benefit cost (benefit) during 2021 are as follows:

	U.S. Defined Benefit Plans				Non-U.S. Defined Benefit Plans				U.S. Post-Retirement Benefit Plan
	(in millions)
Amortization of net prior service credit	$	—			$	—			$	(1	)
Amortization of actuarial net loss	$	24			$	40			$	11

Schedule of Allocation of Plan Assets

The following tables present the fair value of U.S. Defined Benefit Plans assets classified under the appropriate level of the fair value hierarchy as of October 31, 2020 and 2019:

					Fair Value Measurement as of October 31, 2020 Using
	October 31, 2020				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Assets Measured at NAV(a)
	(in millions)
Cash and cash equivalents	$	110			$	—			$	110			$	—			$	—
Equity	443				124				1				—				318
Fixed income	169				9				100				—				60
Total assets measured at fair value	$	722			$	133			$	211			$	—			$	378

^(a) Certain instruments that are measured at fair value using the NAV per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of plan assets.

					Fair Value Measurement as of October 31, 2019 Using
	October 31, 2019				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Assets Measured at NAV(a)
	(in millions)
Cash and cash equivalents	$	14			$	—			$	14			$	—			$	—
Equity	428				130				1				—				297
Fixed income	173				14				101				—				58
Total assets measured at fair value	$	615			$	144			$	116			$	—			$	355

^(a) Certain instruments that are measured at fair value using the NAV per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of plan assets.

For U.S. Defined Benefit Plans, there was no activity relating to assets measured at fair value using significant unobservable inputs (Level 3) during 2020 and 2019.

The following tables present the fair value of U.S. Post-Retirement Benefit Plan assets classified under the appropriate level of the fair value hierarchy as of October 31, 2020 and 2019:

					Fair Value Measurement as of October 31, 2020 Using
	October 31, 2020				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Assets Measured at NAV(a)
	(in millions)
Cash and cash equivalents	$	4			$	—			$	4			$	—			$	—
Equity	123				34				—				—				89
Fixed income	48				3				28				—				17
Total assets measured at fair value	$	175			$	37			$	32			$	—			$	106

^(a) Certain instruments that are measured at fair value using the NAV per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of plan assets.

					Fair Value Measurement as of October 31, 2019 Using
	October 31, 2019				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Assets Measured at NAV(a)
	(in millions)
Cash and cash equivalents	$	5			$	—			$	5			$	—			$	—
Equity	121				37				—				—				84
Fixed income	50				4				29				—				17
Total assets measured at fair value	$	176			$	41			$	34			$	—			$	101

^(a) Certain instruments that are measured at fair value using the NAV per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of plan assets.

For the U.S. Post-Retirement Benefit Plan, there was no activity relating to assets measured at fair value using significant unobservable inputs (Level 3) during 2020 and 2019.

The following tables present the fair value of Non-U.S. Defined Benefit Plans assets classified under the appropriate level of the fair value hierarchy as of October 31, 2020 and 2019:

					Fair Value Measurement as of October 31, 2020 Using
	October 31, 2020				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Assets Measured at NAV(a)
	(in millions)
Cash and cash equivalents	$	—			$	—			$	—			$	—			$	—
Equity	452				150				—				—				302
Fixed income	1,093				—				221				—				872
Total assets measured at fair value	$	1,545			$	150			$	221			$	—			$	1,174

^(a) Certain instruments that are measured at fair value using the NAV per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of plan assets.

					Fair Value Measurement as of October 31, 2019 Using
	October 31, 2019				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Assets Measured at NAV(a)
	(in millions)
Cash and cash equivalents	$	—			$	—			$	—			$	—			$	—
Equity	659				153				—				—				506
Fixed income	879				—				202				—				677
Total assets measured at fair value	$	1,538			$	153			$	202			$	—			$	1,183

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

Non-U.S. Defined Benefit Plans assets measured at fair value using significant unobservable inputs (Level 3), the following table summarizes the change in balances during 2020 and 2019:

	Year Ended
	October 31,
	2020				2019
	(in millions)
Balance, beginning of year	$	—			$	3
Realized gains	—				—
Unrealized gains/(losses)	—				—
Purchases, sales, issuances, and settlements	—				(3		)
Transfers in (out)	—				—
Balance, end of year	$	—			$	—

The

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

table below presents the combined projected benefit obligation ("PBO"), accumulated benefit obligation ("ABO") and fair value of plan assets, grouping plans using comparisons of the PBO and ABO relative to the plan assets as of October 31, 2020 and 2019:

	2020								2019
	Benefit Obligation				Fair Value of Plan Assets				Benefit Obligation				Fair Value of Plan Assets
								PBO										PBO
	(in millions)								(in millions)
U.S. defined benefit plans where PBO exceeds the fair value of plan assets	$	848			$	722			$	774			$	615
U.S. defined benefit plans where fair value of plan assets exceeds PBO	—				—				—				—
Total	$	848			$	722			$	774			$	615
Non-U.S. defined benefit plans where PBO exceeds the fair value of plan assets	$	433			$	246			$	396			$	244
Non-U.S. defined benefit plans where fair value of plan assets exceeds PBO	988				1,299				997				1,294
Total	$	1,421			$	1,545			$	1,393			$	1,538
	ABO								ABO
U.S. defined benefit plans where ABO exceeds the fair value of plan assets	$	784			$	722			$	720			$	615
U.S. defined benefit plans where the fair value of plan assets exceeds ABO	—				—				—				—
Total	$	784			$	722			$	720			$	615
Non-U.S. defined benefit plans where ABO exceeds the fair value of plan assets	$	421			$	246			$	383			$	244
Non-U.S. defined benefit plans where fair value of plan assets exceeds ABO	984				1,299				991				1,294
Total	$	1,405			$	1,545			$	1,374			$	1,538

Cont

Schedule of Expected Benefit Payments

following table presents expected future benefit payments for the next 10 years.

	U.S. Defined Benefit Plans				Non-U.S. Defined Benefit Plans				U.S. Post-Retirement Benefit Plan
	(in millions)
2021	$	48			$	38			$	16
2022	$	53			$	41			$	17
2023	$	56			$	43			$	16
2024	$	56			$	45			$	16
2025	$	64			$	46			$	15
2026 - 2030	$	302			$	251			$	71

Assu

Schedule of Assumptions Used

mptions used to calculate the net periodic benefit cost (benefit) were as follows:

	Year ended October 31,
	2020		2019
U.S. Defined Benefit Plans:
Discount rate	3.25%		4.50%
Average increase in compensation levels	3.00%		3.00%
Expected long-term return on assets	7.50%		7.50%
Non-U.S. Defined Benefit Plans:
Discount rate	0.79-1.89%		0.54-2.83%
Average increase in compensation levels	2.50-3.00%		2.50-3.00%
Expected long-term return on assets	3.50-6.50%		4.00-6.50%
U.S. Post-Retirement Benefits Plan:
Discount rate	3.00%		4.25%
Expected long-term return on assets	7.50%		7.50%
Current medical cost trend rate	6.25%		6.00%
Ultimate medical cost trend rate	4.50%		4.00%
Medical cost trend rate decreases to ultimate rate in year	2027		2029

Assumptions used to calculate the benefit obligation as of October 31, 2020 and 2019 were as follows:

	Year ended October 31,
	2020		2019
U.S. Defined Benefit Plans:
Discount rate	2.75%		3.25	%
Average increase in compensation levels	3.00%		3.00	%
Non-U.S. Defined Benefit Plans:
Discount rate	0.81-1.66%		0.79-1.89%
Average increase in compensation levels	2.50-2.75%		2.50-3.00%
U.S. Post-Retirement Benefits Plan:
Discount rate	2.25%		3.00	%
Current medical cost trend rate	6.25%		6.25	%
Ultimate medical cost trend rate	4.50%		4.50	%
Medical cost trend rate decreases to ultimate rate in year	2028		2027

Heal

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(5)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year, including the net gain (loss), net prior service cost or credit, and net transition asset or obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (s)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAmountsInAccumulatedOtherComprehensiveIncomeLossToBeRecognizedOverNextFiscalYearTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

+ Details

Name:	us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2439-114920

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2410-114920

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920

+ Details

Name:	us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(02)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration