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Retirement Plans (Tables) | 12 Months Ended
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Nov. 02, 2024
Retirement Benefits [Abstract] |
Schedule of net periodic pension cost of non-U.S. plans | Net annual periodic benefit cost of the Company’s pension and postretirement benefit plans for fiscal 2024, fiscal 2023 and fiscal 2022 is presented in the following table:
| 2024 |  | 2023 |  | 2022
Service cost | $ | 8,643 |  |  | $ | 7,728 |  |  | $ | 10,914 |
Interest cost | 9,564 |  |  | 8,773 |  |  | 6,148 |
Expected return on plan assets | (5,061) |  |  | (5,236) |  |  | (4,540) |
Recognized actuarial loss | 1,345 |  |  | 1,168 |  |  | 2,299 |
Subtotal | $ | 14,491 |  |  | $ | 12,433 |  |  | $ | 14,821 |
Settlement impact | 820 |  |  | 173 |  |  | (35) |
Net periodic benefit cost | $ | 15,311 |  |  | $ | 12,606 |  |  | $ | 14,786 |
Schedule of obligation and asset data of the company's non-US plans | Obligation and asset data of the Company’s pension and postretirement benefit plans at November 2, 2024 and October 28, 2023 is presented in the following table:
| 2024 |  | 2023
Change in Benefit Obligation |  |  |
Benefit obligation at beginning of year | $ | 167,868 |  |  | $ | 157,730 |
Service cost | 8,643 |  |  | 7,728 |
Interest cost | 9,564 |  |  | 8,773 |
Plan combinations | 23,349 |  |  | (3,880) |
Settlement | (13,240) |  |  | (1,887) |
Actuarial gain | 5,438 |  |  | 574 |
Benefits paid | (3,152) |  |  | (6,352) |
Exchange rate adjustment | 4,309 |  |  | 5,182 |
Benefit obligation at end of year | $ | 202,779 |  |  | $ | 167,868 |
Change in Plan Assets |  |  |
Fair value of plan assets at beginning of year | $ | 87,606 |  |  | $ | 84,029 |
Actual return on plan assets | 9,479 |  |  | (2,831) |
Employer contributions | 10,273 |  |  | 10,811 |
Plan combinations | 4,602 |  |  | — |
Settlements | (13,240) |  |  | (1,887) |
Benefits paid | (3,152) |  |  | (6,352) |
Exchange rate adjustment | 3,080 |  |  | 3,836 |
Fair value of plan assets at end of year | $ | 98,648 |  |  | $ | 87,606 |
Reconciliation of Funded Status |  |  |
Funded status | $ | (104,131) |  |  | $ | (80,262) |
Amounts Recognized in the Balance Sheet |  |  |
Non-current assets | $ | 6,111 |  |  | $ | — |
Current liabilities | (3,254) |  |  | (4,222) |
Non-current liabilities | (106,988) |  |  | (76,040) |
Net amount recognized | $ | (104,131) |  |  | $ | (80,262) |
| 2024 |  | 2023
Reconciliation of Amounts Recognized in the Statement of Financial Position |  |  |
Net loss | (25,961) |  |  | (12,331) |
Accumulated other comprehensive loss | (25,961) |  |  | (12,331) |
Accumulated contributions less than net periodic benefit cost | (78,170) |  |  | (67,931) |
Net amount recognized | $ | (104,131) |  |  | $ | (80,262) |
Changes Recognized in Other Comprehensive Income (Loss) |  |  |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) |  |  |
Net gain/loss arising during the year | $ | 1,019 |  |  | $ | 8,876 |
Plan combinations | 13,413 |  |  | — |
Effect of exchange rates on amounts included in AOCI | 1,363 |  |  | (536) |
Amounts recognized as a component of net periodic benefit cost |  |  |
Amortization or settlement recognition of net loss | (2,165) |  |  | (1,340) |
Total recognized in other comprehensive gain/loss | $ | 13,630 |  |  | $ | 7,000 |
Total recognized in net periodic cost and other comprehensive loss | $ | 28,941 |  |  | $ | 19,606 |
Estimated amounts that will be amortized from AOCI over the next fiscal year |  |  |
Net loss | $ | (2,148) |  |  | $ | (1,281) |
Schedule of accumulated and projected benefit obligation in excess of plan assets | Information relating to the Company’s pension and postretirement benefit plans with projected benefit obligations in excess of plan assets and accumulated benefit obligations in excess of plan assets at November 2, 2024 and October 28, 2023 is presented in the following table:
| 2024 |  | 2023
Plans with projected benefit obligations in excess of plan assets: |  |  |
Projected benefit obligation | $ | 155,777 |  |  | $ | 169,356 |
Fair value of plan assets | $ | 43,944 |  |  | $ | 87,606 |
Plans with accumulated benefit obligations in excess of plan assets: |  |  |
Projected benefit obligation | $ | 76,867 |  |  | $ | 112,200 |
Accumulated benefit obligation | $ | 54,675 |  |  | $ | 98,477 |
Fair value of plan assets | $ | 5,777 |  |  | $ | 45,555 |
Schedule of weighted average assumptions used | The projected benefit obligation was determined using the following weighted-average assumptions:
| 2024 |  | 2023
Discount rate | 5.20 | % |  | 5.73 | %
Rate of increase in compensation levels | 5.23 | % |  | 4.34 | %
Net annual periodic benefit cost was determined using the following weighted average assumptions:
| 2024 |  | 2023
Discount rate | 5.73 | % |  | 5.44 | %
Expected long-term return on plan assets | 5.69 | % |  | 5.84 | %
Rate of increase in compensation levels | 4.34 | % |  | 4.08 | %
Schedule of plan assets measured at fair value on a recurring basis by investment categories | The following table presents plan assets measured at fair value on a recurring basis by investment categories as of November 2, 2024 and October 28, 2023 using the same three-level hierarchy described in Note 2j, Fair Value, of the Notes to Consolidated Financial Statements:
| November 2, 2024 |  |  |  | October 28, 2023 |  |  |  |
| Fair Value Measurement at Reporting Date Using: |  |  |  | Fair Value Measurement at Reporting Date Using: |  |  |  |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  |  |  |  |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  |  |  | Total
Unit trust funds(1) | $ | — |  |  | $ | 7,264 |  |  |  |  |  |  | $ | 7,264 |  |  | $ | — |  |  | $ | 4,803 |  |  |  |  | $ | 4,803 |
Equities(1) | 6,675 |  |  | — |  |  |  |  |  |  | 6,675 |  |  | 7,851 |  |  | 8,375 |  |  |  |  | 16,226 |
Fixed income securities(2) | — |  |  | 24,013 |  |  |  |  |  |  | 24,013 |  |  | — |  |  | 29,020 |  |  |  |  | 29,020 |
Property (3) | — |  |  | 4,446 |  |  |  |  |  |  | 4,446 |  |  | — |  |  | 4,624 |  |  |  |  | 4,624 |
Investment Funds (4) | — |  |  | 47,282 |  |  |  |  |  |  | 47,282 |  |  | — |  |  | 22,933 |  |  |  |  | 22,933 |
Pooled Funds (5) | — |  |  | 4,582 |  |  |  |  |  |  | 4,582 |  |  | — |  |  | — |  |  |  |  | — |
Cash and cash equivalents | 4,386 |  |  | — |  |  |  |  |  |  | 4,386 |  |  | 10,000 |  |  | — |  |  |  |  | 10,000 |
Total assets measured at fair value | $ | 11,061 |  |  | $ | 87,587 |  |  |  |  |  |  | $ | 98,648 |  |  | $ | 17,851 |  |  | $ | 69,755 |  |  |  |  | $ | 87,606 |
_______________________________________ (1)The majority of the assets in these categories are invested in a mix of equities, including those from North America, Europe and Asia. The funds are valued using the net asset value method in which an average of the market prices for underlying investments is used to value the fund. Due to the nature of the underlying assets of these funds, changes in market conditions and the economic environment may significantly impact the net asset value of these investments and, consequently, the fair value of the investments. These investments are redeemable at net asset value to the extent provided in the documentation governing the investments. However, these redemption rights may be restricted in accordance with governing documents. Publicly traded securities are valued at the last trade or closing price reported in the active market in which the individual securities are traded. (2)Consists of funds primarily concentrated in non-U.S. debt instruments. The funds are valued using the net asset value method in which an average of the market prices for underlying investments is used to value the fund. (3)Consists of funds that primarily invest in global real estate and infrastructure funds. The funds are valued using the net asset value method in which an average of the market prices for underlying investments is used to value the fund. (4)Consists of liability driven investment funds that may hold a range of low-risk hedging instruments including but not limited to government bonds, interest rate and inflation swaps, physical inflation-linked and nominal gilts, synthetic gilts, cash and money market instruments. The investment funds are valued at the closing price reported if traded on an active market or at yields currently available on comparable securities of issuers with similar credit ratings. (5)Consists of a fund-based variable insurance policy that declares a fixed return on a quarterly or annual basis. The fair value is the estimated surrender value of the policy.
Schedule of expected company contributions and estimated future benefit payments | Expected fiscal 2025 Company contributions and estimated future benefit payments are as follows:
Expected Company Contributions |
2025 | $ | 10,773 |
Expected Benefit Payments |
2025 | $ | 6,793 |
2026 | $ | 5,632 |
2027 | $ | 6,853 |
2028 | $ | 8,029 |
2029 | $ | 9,017 |
2030 through 2034 | $ | 64,282 |

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