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Retirement Plans Benefits
 12 Months Ended
Oct. 30, 2022
Retirement Benefits [Abstract]  
Retirement Plans and Post-Retirement Benefits Retirement Plans
Defined Benefit Pension Plans
The U.S. defined benefit pension plans primarily consist of a qualified pension plan. Benefits of the qualified pension plan are provided under an adjusted career-average-pay program, a cash-balance program or a dollar-per-month program. Benefit accruals under this plan were frozen in 2009. Participants in the adjusted career-average-pay program no longer earn service accruals. Participants in the cash-balance program no longer earn service accruals, but continue to earn 4% interest per year on their cash-balance accounts. There are no active participants under the dollar-per-month program. We also have a non-qualified supplemental pension plan in the United States that principally provides benefits based on compensation in excess of amounts that can be considered under the qualified pension plan.
We also have defined benefit pension plans for certain employees in Austria, France, Germany, India, Israel, Italy, Japan and Taiwan. Eligibility is generally determined based on the terms of our plans and local statutory requirements.
Net Periodic Benefit Cost
Fiscal Year
202220212020
(In millions)
Service cost$8 $11 $12 
Interest cost39 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)
The components of net periodic benefit cost other than the service cost are included in other income (expense), net. Service cost is recognized in operating expenses.
Benefit Obligations and Plan Assets
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 contributions10 9 
Plan participants’ contributions1 — 
Payments from plan assets(95)(102)
Foreign currency impact2 1 
Fair value of plan assets — end of period1,160 1,521 
Change in benefit obligations:  
Benefit obligations — beginning of period1,526 1,588 
Service cost8 11 
Interest cost39 39 
Actuarial gain (a)
(336)(11)
Plan participants' contributions1 — 
Benefit payments(95)(102)
Curtailments— (1)
Foreign currency impact— 2 
Benefit obligations — end of period1,143 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.
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 
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 
The fair value of pension plan assets as of October 30, 2022 and October 31, 2021 included $184 million and $174 million, respectively, of assets for our non-U.S. pension plans.
The projected benefit obligations as of October 30, 2022 and October 31, 2021 included $185 million and $217 million, respectively, of obligations related to our non-U.S. pension plans. The accumulated benefit obligations as of October 30, 2022 and October 31, 2021 included $168 million and $199 million, respectively, of obligations related to our non-U.S. pension plans.
Expected Future Benefit Payments
Fiscal Years:Expected Benefit Payments
(In millions)
2023$95 
2024$95 
2025$94 
2026$94 
2027$93 
2028-2032$444 
Investment Policy  
Plan assets of the U.S. qualified pension plan, which represent substantially all of the plan assets, are generally invested in funds held by third-party fund managers. Our benefit plan investment committee has set the investment strategy to fully match the liability. We direct the overall portfolio allocation and use a third-party investment consultant that has the discretion to structure portfolios and select the investment managers within those allocation parameters. Multiple investment managers are utilized, including both active and passive management approaches. The plan assets are invested using the liability-driven investment strategy intended to minimize market and interest rate risks, and those assets are periodically rebalanced toward asset allocation targets.
The target asset allocation for the U.S. qualified pension plan reflects a risk/return profile that we believe is appropriate relative to the liability structure and return goals for the plan. We periodically review the allocation of plan assets relative to alternative allocation models to evaluate the need for adjustments based on forecasted liabilities and plan liquidity needs. For both fiscal years 2022 and 2021, 100% of the U.S. qualified pension plan assets were allocated to fixed income, in line with the target allocation. The fixed income allocation is primarily directed toward long-term core bond investments, with smaller allocations to Treasury Inflation-Protected Securities and high-yield bonds.
Fair Value Measurement of Plan Assets
October 30, 2022
Fair Value Measurements at Reporting Date Using
Level 1Level 2Total
(In millions)
Cash equivalents$19 
(a)
$— $19 
Equity securities:
Non-U.S. equity securities46 
(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 1Level 2Total
(In millions)
Cash equivalents$24 
(a)
$— $24 
Equity securities:
Non-U.S. equity securities28 
(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.
Assumptions  
The assumptions used to determine the benefit obligations and net periodic benefit cost for our defined benefit pension plans are presented in the table below. The expected long-term return on assets shown in the table below represents an estimate of long-term returns on investment portfolios primarily consisting of combinations of debt, equity and other investments, depending on the plan. The long-term rates of return are then weighted based on the asset classes in which the pension funds are invested. Discount rates reflect the current rate at which defined benefit pension obligations could be settled based on the measurement dates of the plans, which is October 31, the month end closest to our fiscal year end. The range of assumptions reflects the different economic environments within various countries.
Assumptions for Benefit Obligations
as of		Assumptions for Net Periodic Benefit Cost
Fiscal Year
October 30,
2022		October 31,
2021		202220212020
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/AN/A
1.50%-7.25%
1.00%-8.00%
1.50%-7.80%
Defined Contribution Plans
Our eligible U.S. employees participate in a company-sponsored 401(k) plan. Under the plan, we match employee contributions dollar for dollar up to 6% of their eligible earnings. All matching contributions vest immediately. During fiscal years 2022, 2021 and 2020, we made contributions of $96 million, $94 million and $99 million, respectively, to the 401(k) plan.
In addition, other eligible employees outside of the U.S. receive retirement benefits under various defined contribution retirement plans.