XML 38 R19.htm IDEA: XBRL DOCUMENT
v3.25.3

Retirement Plans | 12 Months Ended
--- | ---
Nov. 01, 2025
Retirement Benefits [Abstract] |
Retirement Plans | Retirement Plans The Company and its subsidiaries have various savings and retirement plans covering substantially all employees. Defined Contribution Plans The Company maintains a defined contribution plan for the benefit of its eligible U.S. employees. This plan provides for Company contributions of up to 5% of each participant’s total eligible compensation. In addition, the Company contributes an amount equal to each participant’s pre-tax contribution, if any, up to a maximum of 3% of each participant’s total eligible compensation. The total expense related to the defined contribution plans for all eligible U.S. employees was $74.9 million in fiscal 2025, $74.3 million in fiscal 2024 and $76.0 million in fiscal 2023. Non-Qualified Deferred Compensation Plan The Deferred Compensation Plan (DCP) allows certain members of management and other highly-compensated employees and non-employee directors to defer receipt of all or any portion of their compensation. The DCP was established to provide participants with the opportunity to defer receiving all or a portion of their compensation, which includes salary, bonus, commissions and director fees. Under the DCP, the Company provides all participants (other than non-employee directors) with Company contributions equal to 8% of eligible deferred contributions. The DCP is a non-qualified plan that is maintained in a rabbi trust. The fair value of the investments held in the rabbi trust are included within other investments, with the current portion of the investment included in prepaid expenses and other current assets in the Consolidated Balance Sheets. See Note 2j, Fair Value, of the Notes to Consolidated Financial Statements for further information on these investments. The deferred compensation obligation represents DCP participant accumulated deferrals and earnings thereon since the inception of the DCP net of withdrawals. The deferred compensation obligation is included within other non-current liabilities, with the current portion of the obligation in accrued liabilities in the Consolidated Balance Sheets. The Company’s liability under the DCP is an unsecured general obligation of the Company. Defined Benefit Pension and Post Retirement Benefit Plans The Company also has various defined benefit pension and other retirement plans for certain non-U.S. employees that are consistent with local statutory requirements and practices. The total expense related to these plans was $71.2 million in fiscal 2025, $66.4 million in fiscal 2024 and $64.0 million in fiscal 2023. The Company’s funding policy for its foreign defined benefit pension plans is consistent with the local requirements of each country. The plans’ assets consist primarily of U.S. and non-U.S. equity securities, bonds, property and cash. The Company has elected to measure defined benefit plan assets and obligations as of October 31, which is the month-end that is closest to its fiscal year-ends, which were November 1, 2025 for fiscal 2025 and November 2, 2024 for fiscal 2024. In addition, the Company has a postretirement plan that provides postretirement medical expenses to certain former Maxim executives in the U.S. Components of Net Periodic Benefit Cost Net annual periodic benefit cost of the Company’s pension and postretirement benefit plans for fiscal 2025, fiscal 2024 and fiscal 2023 is presented in the following table:
| 2025 |  | 2024 |  | 2023
Service cost | $ | 12,243 |  |  | $ | 8,643 |  |  | $ | 7,728 |
Interest cost | 10,172 |  |  | 9,564 |  |  | 8,773 |
Expected return on plan assets | (5,329) |  |  | (5,061) |  |  | (5,236) |
Recognized actuarial loss | 2,107 |  |  | 1,345 |  |  | 1,168 |
Subtotal | $ | 19,193 |  |  | $ | 14,491 |  |  | $ | 12,433 |
Settlement impact | — |  |  | 820 |  |  | 173 |
Net periodic benefit cost | $ | 19,193 |  |  | $ | 15,311 |  |  | $ | 12,606 |
The service cost component of net periodic benefit cost above is recorded in Cost of sales, Research and development, Selling, marketing, general and administrative expenses within the Consolidated Statements of Income, while the remaining components are recorded to Other, net. Benefit Obligations and Plan Assets Obligation and asset data of the Company’s pension and postretirement benefit plans at November 1, 2025 and November 2, 2024 is presented in the following table:
| 2025 |  | 2024
Change in Benefit Obligation |  |  |
Benefit obligation at beginning of year | $ | 202,779 |  |  | $ | 167,868 |
Service cost | 12,243 |  |  | 8,643 |
Interest cost | 10,172 |  |  | 9,564 |
Plan combinations | — |  |  | 23,349 |
Settlement | — |  |  | (13,240) |
Actuarial (gain)/loss | (19,248) |  |  | 5,438 |
Benefits paid | (7,213) |  |  | (3,152) |
Exchange rate adjustment | 1,349 |  |  | 4,309 |
Benefit obligation at end of year | $ | 200,082 |  |  | $ | 202,779 |
Change in Plan Assets |  |  |
Fair value of plan assets at beginning of year | $ | 98,648 |  |  | $ | 87,606 |
Actual return on plan assets | (1,987) |  |  | 9,479 |
Employer contributions | 10,382 |  |  | 10,273 |
Plan combinations | — |  |  | 4,602 |
Settlements | — |  |  | (13,240) |
Benefits paid | (7,213) |  |  | (3,152) |
Exchange rate adjustment | (372) |  |  | 3,080 |
Fair value of plan assets at end of year | $ | 99,458 |  |  | $ | 98,648 |
Reconciliation of Funded Status |  |  |
Funded status | $ | (100,624) |  |  | $ | (104,131) |
Amounts Recognized in the Balance Sheet |  |  |
Non-current assets | $ | 12,990 |  |  | $ | 6,111 |
Current liabilities | (3,275) |  |  | (3,254) |
Non-current liabilities | (110,339) |  |  | (106,988) |
Net amount recognized | $ | (100,624) |  |  | $ | (104,131) |
| 2025 |  | 2024
Reconciliation of Amounts Recognized in the Statement of Financial Position |  |  |
Net loss | (12,351) |  |  | (25,961) |
Accumulated other comprehensive loss | (12,351) |  |  | (25,961) |
Accumulated contributions less than net periodic benefit cost | (88,273) |  |  | (78,170) |
Net amount recognized | $ | (100,624) |  |  | $ | (104,131) |
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 | $ | (11,932) |  |  | $ | 1,019 |
Plan combinations | — |  |  | 13,413 |
Effect of exchange rates on amounts included in AOCI | 429 |  |  | 1,363 |
Amounts recognized as a component of net periodic benefit cost |  |  |
Amortization or settlement recognition of net loss | (2,107) |  |  | (2,165) |
Total recognized in other comprehensive gain/loss | $ | (13,610) |  |  | $ | 13,630 |
Total recognized in net periodic cost and other comprehensive loss | $ | 5,583 |  |  | $ | 28,941 |
Estimated amounts that will be amortized from AOCI over the next fiscal year |  |  |
Net loss | $ | (1,068) |  |  | $ | (2,148) |
The accumulated benefit obligation for the Company’s pension and postretirement benefit plans was $127.2 million and $132.7 million at November 1, 2025 and November 2, 2024, respectively. 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 1, 2025 and November 2, 2024 is presented in the following table:
| 2025 |  | 2024
Plans with projected benefit obligations in excess of plan assets: |  |  |
Projected benefit obligation | $ | 160,395 |  |  | $ | 155,777 |
Fair value of plan assets | $ | 46,782 |  |  | $ | 43,944 |
Plans with accumulated benefit obligations in excess of plan assets: |  |  |
Projected benefit obligation | $ | 82,486 |  |  | $ | 76,867 |
Accumulated benefit obligation | $ | 56,462 |  |  | $ | 54,675 |
Fair value of plan assets | $ | 7,751 |  |  | $ | 5,777 |
Assumptions The range of assumptions used for the Company’s pension and postretirement benefit plans reflects the different economic environments within the various countries as well as the differences in the attributes of the participants. The projected benefit obligation was determined using the following weighted-average assumptions:
| 2025 |  | 2024
Discount rate | 5.73 | % |  | 5.20 | %
Rate of increase in compensation levels | 5.85 | % |  | 5.23 | %
Net annual periodic benefit cost was determined using the following weighted average assumptions:
| 2025 |  | 2024
Discount rate | 5.20 | % |  | 5.73 | %
Expected long-term return on plan assets | 5.34 | % |  | 5.69 | %
Rate of increase in compensation levels | 5.23 | % |  | 4.34 | %
The expected long-term rate of return on assets is a weighted-average of the long-term rates of return selected for the various countries where the Company has funded pension plans. The expected long-term rate of return on assets assumption is selected based on the facts and circumstances that exist as of the measurement date and the specific portfolio mix of plan assets. Management, in conjunction with its actuaries, reviewed anticipated future long-term performance of individual asset categories and considered the asset allocation strategy adopted by the Company and/or the trustees of the plans. While the review considered recent fund performance and historical returns, the assumption is primarily a long-term prospective rate. The Company’s investment strategy is based on an expectation that equity securities will outperform debt securities over the long term. Investments within each asset class are diversified to reduce the impact of losses in single investments. The use of derivative instruments is permitted where appropriate and necessary to achieve overall investment policy objectives and asset class targets. The Company establishes strategic asset allocation percentage targets and appropriate benchmarks for each significant asset class to obtain a prudent balance between return and risk. The interaction between plan assets and benefit obligations is periodically studied by the Company and its actuaries to assist in the establishment of strategic asset allocation targets. Fair value of plan assets The following table presents plan assets measured at fair value on a recurring basis by investment categories as of November 1, 2025 and November 2, 2024 using the same three-level hierarchy described in Note 2j, Fair Value, of the Notes to Consolidated Financial Statements:
| November 1, 2025 |  | November 2, 2024
| 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) | $ | — |  |  | $ | 529 |  |  |  |  |  |  | $ | 529 |  |  | $ | — |  |  | $ | 7,264 |  |  |  |  | $ | 7,264 |
Equities(1) | 7,407 |  |  | 2,368 |  |  |  |  |  |  | 9,775 |  |  | 6,675 |  |  | — |  |  |  |  | 6,675 |
Fixed income securities(2) | — |  |  | 27,822 |  |  |  |  |  |  | 27,822 |  |  | — |  |  | 24,013 |  |  |  |  | 24,013 |
Property (3) | — |  |  | 4,402 |  |  |  |  |  |  | 4,402 |  |  | — |  |  | 4,446 |  |  |  |  | 4,446 |
Investment Funds (4) | — |  |  | 46,921 |  |  |  |  |  |  | 46,921 |  |  | — |  |  | 47,282 |  |  |  |  | 47,282 |
Pooled Funds (5) | — |  |  | 6,178 |  |  |  |  |  |  | 6,178 |  |  | — |  |  | 4,582 |  |  |  |  | 4,582 |
Cash and cash equivalents | 3,831 |  |  | — |  |  |  |  |  |  | 3,831 |  |  | 4,386 |  |  | — |  |  |  |  | 4,386 |
Total assets measured at fair value | $ | 11,238 |  |  | $ | 88,220 |  |  |  |  |  |  | $ | 99,458 |  |  | $ | 11,061 |  |  | $ | 87,587 |  |  |  |  | $ | 98,648 |
_______________________________________ (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. Estimated future cash flows Expected fiscal 2026 Company contributions and estimated future benefit payments are as follows:
Expected Company Contributions |
2026 | $ | 9,353 |
Expected Benefit Payments |
2025 | $ | 6,758 |
2026 | $ | 7,201 |
2027 | $ | 8,253 |
2028 | $ | 9,344 |
2029 | $ | 8,928 |
2030 through 2034 | $ | 77,411 |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (o) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (p) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480266/715-60-50-3 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 70 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480794/715-70-50-1 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration