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Retirement Plans Benefits | 12 Months Ended
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Oct. 29, 2023
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 frozen 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 |  |
|  | 2023 |  | 2022 |  | 2021 |  |  |  |  |  |
|  | (In millions)
Service cost |  | $ | 8 |  |  | $ | 8 |  |  | $ | 11 |  |  |  |  |  |  |
Interest cost |  | 60 |  |  | 39 |  |  | 39 |  |  |  |  |  |  |
Expected return on plan assets |  | (59) |  |  | (39) |  |  | (40) |  |  |  |  |  |  |
Other |  | — |  |  | 1 |  |  | 1 |  |  |  |  |  |  |
Net periodic benefit cost |  | $ | 9 |  |  | $ | 9 |  |  | $ | 11 |  |  |  |  |  |  |
Net actuarial (gain) loss |  | $ | 20 |  |  | $ | (17) |  |  | $ | 8 |  |  |  |  |  |  |
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 29, 2023 |  | October 30, 2022 |  |  |  |
|  | (In millions)
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets — beginning of period |  | $ | 1,160 |  |  | $ | 1,521 |  |  |  |  |
Actual return on plan assets |  | 19 |  |  | (279) |  |  |  |  |
Employer contributions |  | 15 |  |  | 10 |  |  |  |  |
Plan participants’ contributions |  | 1 |  |  | 1 |  |  |  |  |
Benefit payments |  | (94) |  |  | (95) |  |  |  |  |
Foreign currency impact |  | 4 |  |  | 2 |  |  |  |  |
Fair value of plan assets — end of period |  | 1,105 |  |  | 1,160 |  |  |  |  |
Change in benefit obligations: |  |  |  |  |  |  |  |
Benefit obligations — beginning of period |  | 1,143 |  |  | 1,526 |  |  |  |  |
Service cost |  | 8 |  |  | 8 |  |  |  |  |
Interest cost |  | 60 |  |  | 39 |  |  |  |  |
Actuarial gain (a) |  | (22) |  |  | (336) |  |  |  |  |
Plan participants’ contributions |  | 1 |  |  | 1 |  |  |  |  |
Benefit payments |  | (94) |  |  | (95) |  |  |  |  |
Foreign currency impact |  | 5 |  |  | — |  |  |  |  |
Benefit obligations — end of period |  | 1,101 |  |  | 1,143 |  |  |  |  |
Overfunded (underfunded) status of benefit obligations (b) |  | $ | 4 |  |  | $ | 17 |  |  |  |  |
Actuarial losses and prior service costs recognized in accumulated other comprehensive loss, net of taxes |  | $ | (108) |  |  | $ | (82) |  |  |  |  |
_______________________________ (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 29, 2023 |  | October 30, 2022 |  |  |  |  |  |  |  |
|  | (In millions)
Projected benefit obligations |  | $ | 79 |  |  | $ | 71 |  |  |  |  |  |  |  |  |
Accumulated benefit obligations |  | $ | 64 |  |  | $ | 55 |  |  |  |  |  |  |  |  |
Fair value of plan assets |  | $ | 26 |  |  | $ | 12 |  |  |  |  |  |  |  |  |
Plans with benefit obligations less than plan assets:
|  | October 29, 2023 |  | October 30, 2022 |  |  |  |
|  | (In millions)
Projected benefit obligations |  | $ | 1,022 |  |  | $ | 1,072 |  |  |  |  |
Accumulated benefit obligations |  | $ | 1,022 |  |  | $ | 1,070 |  |  |  |  |
Fair value of plan assets |  | $ | 1,079 |  |  | $ | 1,148 |  |  |  |  |
The fair value of pension plan assets as of October 29, 2023 and October 30, 2022 included $204 million and $184 million, respectively, of assets for our non-U.S. pension plans. The projected benefit obligations as of October 29, 2023 and October 30, 2022 included $202 million and $185 million, respectively, of obligations related to our non-U.S. pension plans. The accumulated benefit obligations as of October 29, 2023 and October 30, 2022 included $188 million and $168 million, respectively, of obligations related to our non-U.S. pension plans. Expected Future Benefit Payments
Fiscal Years: |  | Expected Benefit Payments |  |
|  | (In millions)
2024 |  | $ | 96 |  |  |
2025 |  | $ | 95 |  |  |
2026 |  | $ | 95 |  |  |
2027 |  | $ | 93 |  |  |
2028 |  | $ | 91 |  |  |
2029-2033 |  | $ | 429 |  |  |
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 2023 and 2022, 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 29, 2023 |
|  | Fair Value Measurements at Reporting Date Using |  |  |
|  | Level 1 |  |  | Level 2 |  |  |  |  | Total |
|  | (In millions) |
Cash equivalents |  | $ | 16 |  | (a) |  | $ | — |  |  |  |  |  | $ | 16 |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |
Non-U.S. equity securities |  | 62 |  | (b) |  | — |  |  |  |  |  | 62 |  |
Fixed-income securities: |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | — |  |  |  | 144 |  | (c) |  |  |  | 144 |  |
Corporate bonds |  | — |  |  |  | 837 |  | (c) |  |  |  | 837 |  |
Municipal bonds |  | — |  |  |  | 23 |  | (c) |  |  |  | 23 |  |
Government bonds |  | — |  |  |  | 21 |  | (c) |  |  |  | 21 |  |
Asset-backed securities |  | — |  |  |  | 2 |  | (c) |  |  |  | 2 |  |
Total plan assets |  | $ | 78 |  |  |  | $ | 1,027 |  |  |  |  |  | $ | 1,105 |  |
|  | 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 |
______________________________ (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 29, 2023 |  | October 30, 2022 |  | 2023 |  | 2022 |  | 2021
Discount rate |  | 1.75%-7.00% |  | 1.25%-7.25% |  | 1.25%-7.25% |  | 0.75%-6.50% |  | 0.61%-6.54%
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 |  | 2.50%-7.00% |  | 1.50%-7.25% |  | 1.00%-8.00%
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 2023, 2022 and 2021, we made contributions of $100 million, $96 million and $94 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.

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