XML 47 R34.htm IDEA: XBRL DOCUMENT v3.22.2.2
Retirement Plans Benefits (Tables)
 12 Months Ended
Oct. 30, 2022
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs
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)
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 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.
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		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%
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 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.