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v3.22.2.2

Retirement Plans Benefits (Tables) | 12 Months Ended
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Oct. 30, 2022
Retirement Benefits [Abstract] |
Schedule of Net Benefit Costs |
|  | Fiscal Year |  |
|  | 2022 |  | 2021 |  | 2020 |  |  |  |  |  |
|  | (In millions)
Service cost |  | $ | 8 |  |  | $ | 11 |  |  | $ | 12 |  |  |  |  |  |  |
Interest cost |  | 39 |  |  | 39 |  |  | 45 |  |  |  |  |  |  |
Expected return on plan assets |  | (39) |  |  | (40) |  |  | (46) |  |  |  |  |  |  |
Other |  | 1 |  |  | 1 |  |  | (3) |  |  |  |  |  |  |
Net periodic benefit cost |  | $ | 9 |  |  | $ | 11 |  |  | $ | 8 |  |  |  |  |  |  |
Net actuarial (gain) loss |  | $ | (17) |  |  | $ | 8 |  |  | $ | (28) |  |  |  |  |  |  |
Schedule of Net Funded Status |
|  | October 30, 2022 |  | October 31, 2021 |  |  |  |
|  | (In millions)
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets — beginning of period |  | $ | 1,521 |  |  | $ | 1,593 |  |  |  |  |
Actual return on plan assets |  | (279) |  |  | 20 |  |  |  |  |
Employer contributions |  | 10 |  |  | 9 |  |  |  |  |
Plan participants’ contributions |  | 1 |  |  | — |  |  |  |  |
Payments from plan assets |  | (95) |  |  | (102) |  |  |  |  |
Foreign currency impact |  | 2 |  |  | 1 |  |  |  |  |
Fair value of plan assets — end of period |  | 1,160 |  |  | 1,521 |  |  |  |  |
Change in benefit obligations: |  |  |  |  |  |  |  |
Benefit obligations — beginning of period |  | 1,526 |  |  | 1,588 |  |  |  |  |
Service cost |  | 8 |  |  | 11 |  |  |  |  |
Interest cost |  | 39 |  |  | 39 |  |  |  |  |
Actuarial gain (a) |  | (336) |  |  | (11) |  |  |  |  |
Plan participants' contributions |  | 1 |  |  | — |  |  |  |  |
Benefit payments |  | (95) |  |  | (102) |  |  |  |  |
Curtailments |  | — |  |  | (1) |  |  |  |  |
Foreign currency impact |  | — |  |  | 2 |  |  |  |  |
Benefit obligations — end of period |  | 1,143 |  |  | 1,526 |  |  |  |  |
Overfunded (underfunded) status of benefit obligations (b) |  | $ | 17 |  |  | $ | (5) |  |  |  |  |
Actuarial losses and prior service costs recognized in accumulated other comprehensive loss, net of taxes |  | $ | (82) |  |  | $ | (100) |  |  |  |  |
_______________________________ (a)The actuarial gain in fiscal year 2022 was primarily due to an increase in discount rates experienced by the majority of our plans. (b)Substantially all amounts recognized on the consolidated balance sheets were recorded in other long-term assets and other long-term liabilities for all periods presented.
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets | Plans with benefit obligations in excess of plan assets:
|  | October 30, 2022 |  | October 31, 2021 |  |  |  |  |  |  |  |
|  | (In millions)
Projected benefit obligations |  | $ | 71 |  |  | $ | 83 |  |  |  |  |  |  |  |  |
Accumulated benefit obligations |  | $ | 55 |  |  | $ | 65 |  |  |  |  |  |  |  |  |
Fair value of plan assets |  | $ | 12 |  |  | $ | 13 |  |  |  |  |  |  |  |  |
Schedule of Accumulated Benefit Obligation less than Fair value of plan assets | Plans with benefit obligations less than plan assets:
|  | October 30, 2022 |  | October 31, 2021 |  |  |  |
|  | (In millions)
Projected benefit obligations |  | $ | 1,072 |  |  | $ | 1,443 |  |  |  |  |
Accumulated benefit obligations |  | $ | 1,070 |  |  | $ | 1,442 |  |  |  |  |
Fair value of plan assets |  | $ | 1,148 |  |  | $ | 1,508 |  |  |  |  |
Schedule of Expected Benefit Payments |
Fiscal Years: |  | Expected Benefit Payments |  |
|  | (In millions)
2023 |  | $ | 95 |  |  |
2024 |  | $ | 95 |  |  |
2025 |  | $ | 94 |  |  |
2026 |  | $ | 94 |  |  |
2027 |  | $ | 93 |  |  |
2028-2032 |  | $ | 444 |  |  |
Defined Benefit Plan, Assumptions |
|  | Assumptions for Benefit Obligations as of |  | Assumptions for Net Periodic Benefit Cost Fiscal Year
|  | October 30, 2022 |  | October 31, 2021 |  | 2022 |  | 2021 |  | 2020
Discount rate |  | 1.25%-7.25% |  | 0.75%-6.50% |  | 0.75%-6.50% |  | 0.61%-6.54% |  | 0.47%-7.00%
Average increase in compensation levels |  | 2.00%-10.00% |  | 2.00%-10.00% |  | 2.00%-10.00% |  | 2.00%-10.00% |  | 2.00%-10.00%
Expected long-term return on assets |  | N/A |  | N/A |  | 1.50%-7.25% |  | 1.00%-8.00% |  | 1.50%-7.80%
Pension Plan |
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Allocation of Plan Assets |
|  | October 30, 2022 |
|  | Fair Value Measurements at Reporting Date Using |  |  |
|  | Level 1 |  |  | Level 2 |  |  |  |  | Total |
|  | (In millions) |
Cash equivalents |  | $ | 19 |  | (a) |  | $ | — |  |  |  |  |  | $ | 19 |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |
Non-U.S. equity securities |  | 46 |  | (b) |  | — |  |  |  |  |  | 46 |  |
Fixed-income securities: |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | — |  |  |  | 147 |  | (c) |  |  |  | 147 |  |
Corporate bonds |  | — |  |  |  | 901 |  | (c) |  |  |  | 901 |  |
Municipal bonds |  | — |  |  |  | 20 |  | (c) |  |  |  | 20 |  |
Government bonds |  | — |  |  |  | 25 |  | (c) |  |  |  | 25 |  |
Asset-backed securities |  | — |  |  |  | 2 |  | (c) |  |  |  | 2 |  |
Total plan assets |  | $ | 65 |  |  |  | $ | 1,095 |  |  |  |  |  | $ | 1,160 |  |
|  | October 31, 2021
|  | Fair Value Measurements at Reporting Date Using |  |
|  | Level 1 |  |  | Level 2 |  |  |  |  | Total
|  | (In millions)
Cash equivalents |  | $ | 24 |  | (a) |  | $ | — |  |  |  |  |  | $ | 24 |
Equity securities: |  |  |  |  |  |  |  |  |  |
Non-U.S. equity securities |  | 28 |  | (b) |  | — |  |  |  |  |  | 28 |
Fixed-income securities: |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | — |  |  |  | 186 |  | (c) |  |  |  | 186 |
Corporate bonds |  | — |  |  |  | 1,222 |  | (c) |  |  |  | 1,222 |
Municipal bonds |  | — |  |  |  | 24 |  | (c) |  |  |  | 24 |
Government bonds |  | — |  |  |  | 34 |  | (c) |  |  |  | 34 |
Asset-backed securities |  | — |  |  |  | 3 |  | (c) |  |  |  | 3 |
Total plan assets |  | $ | 52 |  |  |  | $ | 1,469 |  |  |  |  |  | $ | 1,521 |
______________________________ (a)Cash equivalents primarily included short-term investment funds which consisted of short-term money market instruments that were valued based on quoted prices in active markets. (b)These equity securities were valued based on quoted prices in active markets. (c)These amounts consisted of investments that were traded less frequently than Level 1 securities and were valued using inputs that included quoted prices for similar assets in active markets and inputs other than quoted prices that were observable for the assets, such as interest rates, yield curves, prepayment speeds, collateral performance, broker/dealer quotes and indices that were observable at commonly quoted intervals.

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