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Pension and Other Post-retirement Benefits (Tables) | 12 Months Ended
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Oct. 27, 2024
Retirement Benefits [Abstract] |
Schedule of net periodic cost of defined benefit plans | Net periodic cost of defined benefit plans included the following for fiscal years ending:
|  | Pension Benefits |  | Post-retirement Benefits
In thousands |  | October 27, 2024 |  | October 29, 2023 |  | October 30, 2022 |  | October 27, 2024 |  | October 29, 2023 |  | October 30, 2022
Service Cost |  | $ | 36,118 |  |  | $ | 35,607 |  |  | $ | 40,076 |  |  | $ | 163 |  |  | $ | 248 |  |  | $ | 469 |
Interest Cost |  | 73,344 |  |  | 68,630 |  |  | 50,558 |  |  | 11,571 |  |  | 12,064 |  |  | 7,684 |
Expected Return on Plan Assets |  | (77,510) |  |  | (78,285) |  |  | (108,248) |  |  | — |  |  | — |  |  | — |
Amortization of Prior Service Cost (Credit) |  | (886) |  |  | (1,843) |  |  | (1,496) |  |  | 8 |  |  | 8 |  |  | 8 |
Recognized Actuarial Loss (Gain) |  | 13,268 |  |  | 13,303 |  |  | 12,530 |  |  | (1,265) |  |  | (29) |  |  | 2,439 |
Net Periodic Cost |  | $ | 44,334 |  |  | $ | 37,413 |  |  | $ | (6,581) |  |  | $ | 10,476 |  |  | $ | 12,290 |  |  | $ | 10,600 |
Schedule of amounts that have not been recognized in net periodic pension cost and are included in accumulated other comprehensive loss | The following amounts have not been recognized in net periodic pension cost and are included in Accumulated Other Comprehensive Loss:
|  | Pension Benefits |  | Post-retirement Benefits
In thousands |  | October 27, 2024 |  | October 29, 2023 |  | October 27, 2024 |  | October 29, 2023
Unrecognized Prior Service (Cost) Credit |  | $ | (8,435) |  |  | $ | (7,549) |  |  | $ | 525 |  |  | $ | (138) |
Unrecognized Actuarial (Loss) Gain |  | (260,538) |  |  | (270,468) |  |  | 21,318 |  |  | 35,483 |
Schedule of reconciliation of the beginning and ending balances of the benefit obligation, the fair value of plan assets, and the funded status of the plans | The following is a reconciliation of the beginning and ending balances of the benefit obligation, fair value of plan assets, and funded status of the plans as of the measurement dates:
|  | Pension Benefits |  | Post-retirement Benefits
In thousands |  | October 27, 2024 |  | October 29, 2023 |  | October 27, 2024 |  | October 29, 2023
Change in Benefit Obligation: |  |  |  |  |  |  |  |
Benefit Obligation at Beginning of Year |  | $ | 1,174,380 |  |  | $ | 1,200,013 |  |  | $ | 186,199 |  |  | $ | 211,986 |
Service Cost |  | 36,118 |  |  | 35,607 |  |  | 163 |  |  | 248 |
Interest Cost |  | 73,344 |  |  | 68,630 |  |  | 11,571 |  |  | 12,064 |
Actuarial (Gain) Loss(1) |  | 143,280 |  |  | (51,106) |  |  | 12,826 |  |  | (17,421) |
Plan Amendments |  | — |  |  | 3,307 |  |  | (654) |  |  | — |
Participant Contributions |  | — |  |  | — |  |  | 2,001 |  |  | 2,137 |
Medicare Part D Subsidy |  | — |  |  | — |  |  | 110 |  |  | 449 |
Benefits Paid |  | (87,396) |  |  | (82,071) |  |  | (20,637) |  |  | (23,263) |
Benefit Obligation at End of Year |  | $ | 1,339,726 |  |  | $ | 1,174,380 |  |  | $ | 191,578 |  |  | $ | 186,199 |
(1) Actuarial losses in fiscal 2024 were primarily due to the change in the discount rate assumptions utilized in measuring plan obligations.
|  | Pension Benefits |  | Post-retirement Benefits
In thousands |  | October 27, 2024 |  | October 29, 2023 |  | October 27, 2024 |  | October 29, 2023
Change in Plan Assets: |  |  |  |  |  |  |  |
Fair Value of Plan Assets at Beginning of Year |  | $ | 1,185,672 |  |  | $ | 1,240,200 |  |  | $ | — |  |  | $ | — |
Actual Return on Plan Assets |  | 217,453 |  |  | 15,810 |  |  | — |  |  | — |
Participant Contributions |  | — |  |  | — |  |  | 2,001 |  |  | 2,137 |
Employer Contributions |  | 12,031 |  |  | 11,733 |  |  | 18,636 |  |  | 21,126 |
Benefits Paid |  | (87,396) |  |  | (82,071) |  |  | (20,637) |  |  | (23,263) |
Fair Value of Plan Assets at End of Year |  | $ | 1,327,760 |  |  | $ | 1,185,672 |  |  | $ | — |  |  | $ | — |
Funded Status at End of Year |  | $ | (11,966) |  |  | $ | 11,292 |  |  | $ | (191,578) |  |  | $ | (186,199) |
Schedule of amounts recognized in the Consolidated Statements of Financial Position | Amounts recognized on the Consolidated Statements of Financial Position are as follows:
|  | Pension Benefits |  | Post-retirement Benefits
In thousands |  | October 27, 2024 |  | October 29, 2023 |  | October 27, 2024 |  | October 29, 2023
Pension Assets |  | $ | 205,964 |  |  | $ | 204,697 |  |  | $ | — |  |  | $ | — |
Employee-related Expenses |  | (12,501) |  |  | (12,023) |  |  | (17,115) |  |  | (18,313) |
Pension and Post-retirement Benefits |  | (205,429) |  |  | (181,382) |  |  | (174,463) |  |  | (167,886) |
Net Amount Recognized |  | $ | (11,966) |  |  | $ | 11,292 |  |  | $ | (191,578) |  |  | $ | (186,199) |
Schedule of information for pension plans with accumulated benefit obligations in excess of plan assets | The following table provides information for pension plans with projected and accumulated benefit obligations in excess of plan assets:
In thousands |  | October 27, 2024 |  | October 29, 2023
Projected Benefit Obligation |  | $ | 217,929 |  |  | $ | 193,404 |
Accumulated Benefit Obligation |  | 215,448 |  |  | 191,888 |
Fair Value of Plan Assets |  | — |  |  | — |
Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit costs | Weighted-average assumptions used to determine benefit obligations are as follows:
|  | October 27, 2024 |  | October 29, 2023
Discount Rate |  | 5.44 | % |  | 6.49 | %
Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level) |  | 4.09 | % |  | 4.06 | %
Interest Crediting Rate (For Cash Balance Plan) |  | 4.50 | % |  | 4.98 | %
Weighted-average assumptions used to determine net periodic benefit costs are as follows:
|  | October 27, 2024 |  | October 29, 2023 |  | October 30, 2022
Discount Rate |  | 6.49 | % |  | 5.92 | % |  | 3.00 | %
Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level) |  | 4.06 | % |  | 3.95 | % |  | 4.14 | %
Expected Long-term Return on Plan Assets |  | 6.75 | % |  | 6.50 | % |  | 6.50 | %
Interest Crediting Rate (For Cash Balance Plan)(1) |  | 4.98 | % |  | 4.42 | % |  | — | %
(1) Cash balance plan enacted in the fourth quarter of fiscal 2022.
Schedule of benefits expected to be paid over the next ten fiscal years | Benefits expected to be paid over the next ten fiscal years are as follows:
In thousands |  | Pension Benefits |  | Post-retirement Benefits
2025 |  | $ | 89,209 |  |  | $ | 17,572 |
2026 |  | 92,954 |  |  | 17,186 |
2027 |  | 96,868 |  |  | 16,638 |
2028 |  | 99,026 |  |  | 16,089 |
2029 |  | 102,538 |  |  | 15,487 |
2030-2034 |  | 539,612 |  |  | 69,105 |
Schedule of actual and target weighted-average asset allocations for pension plan assets | The actual and target weighted-average asset allocations for the Company’s pension plan assets as of the plan measurement date are as follows:
|  | October 27, 2024 | October 29, 2023
Asset Category |  | Actual % |  | Target Range % | Actual % |  | Target Range %
Fixed Income |  | 49.5 |  |  | 40 |  | – | 60 |  | 47.6 |  |  | 40 |  | – | 60 |
Global Stocks |  | 33.1 |  |  | 20 |  | – | 55 |  | 31.2 |  |  | 20 |  | – | 55 |
Real Estate |  | 5.6 |  |  | 0 |  | – | 10 |  | 8.0 |  |  | 0 |  | – | 10 |
Private Equity |  | 6.1 |  |  | 0 |  | – | 15 |  | 6.7 |  |  | 0 |  | – | 15 |
Gold |  | 2.4 |  |  | 0 |  | – | 5 |  | 2.4 |  |  | 0 |  | – | 5 |
Hedge Funds |  | 1.8 |  |  | 0 |  | – | 10 |  | 2.1 |  |  | 0 |  | – | 10 |
Cash and Cash Equivalents |  | 1.5 |  |  | 0 |  | – | 5 |  | 2.0 |  |  | 0 |  | – | 5 |
Schedule of categories of defined benefit pension plan assets and the level under which fair values were determined in the fair value hierarchy | The following tables show the categories of defined benefit pension plan assets and the level under which fair values were determined pursuant to the provisions of ASC 820. Assets measured at fair value using the net asset value (NAV) per share practical expedient are not required to be classified in the fair value hierarchy. These amounts are provided to permit reconciliation to the total fair value of plan assets.
|  | Fair Value Measurements as of October 27, 2024
In thousands |  | Total Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Plan Assets in Fair Value Hierarchy |  |  |  |  |  |  |  |
Cash Equivalents |  | $ | 19,397 |  |  | $ | — |  |  | $ | 19,397 |  |  | $ | — |
Private Equity |  |  |  |  |  |  |  |
Domestic |  | 35,958 |  |  | — |  |  | — |  |  | 35,958 |
International |  | 45,080 |  |  | — |  |  | — |  |  | 45,080 |
Real Estate Funds |  |  |  |  |  |  |  |
Domestic |  | 6,249 |  |  | — |  |  | — |  |  | 6,249 |
Fixed Income |  |  |  |  |  |  |  |
U.S. Government Issues |  | 175,715 |  |  | 152,721 |  |  | 22,994 |  |  | — |
Municipal Issues |  | 9,938 |  |  | — |  |  | 9,938 |  |  | — |
Corporate Issues – Domestic |  | 261,344 |  |  | — |  |  | 261,344 |  |  | — |
Corporate Issues – Foreign |  | 41,088 |  |  | — |  |  | 41,088 |  |  | — |
Global Stocks – Mutual Funds |  |  |  |  |  |  |  |
Domestic |  | 8,451 |  |  | 8,451 |  |  | — |  |  | — |
Plan Assets in Fair Value Hierarchy |  | $ | 603,219 |  |  | $ | 161,172 |  |  | $ | 354,760 |  |  | $ | 87,287 |
Plan Assets at Net Asset Value |  |  |  |  |  |  |  |
Real Estate – Domestic |  | $ | 67,765 |  |  |  |  |  |  |
Global Stocks – Collective Investment Funds |  | 431,494 |  |  |  |  |  |  |
Global Stocks – Gold |  | 32,022 |  |  |  |  |  |  |
Hedge Funds |  | 24,192 |  |  |  |  |  |  |
Fixed Income – Hedge Funds |  | 35,017 |  |  |  |  |  |  |
Fixed Income – Collective Investment Funds |  | 134,051 |  |  |  |  |  |  |
Plan Assets at Net Asset Value |  | $ | 724,541 |  |  |  |  |  |  |
Total Plan Assets at Fair Value |  | $ | 1,327,760 |  |  |  |  |  |  |
|  | Fair Value Measurements as of October 29, 2023
In thousands |  | Total Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Plan Assets in Fair Value Hierarchy |  |  |  |  |  |  |  |
Cash Equivalents |  | $ | 23,643 |  |  | $ | 461 |  |  | $ | 23,182 |  |  | $ | — |
Private Equity |  |  |  |  |  |  |  |
Domestic |  | 31,383 |  |  | — |  |  | — |  |  | 31,383 |
International |  | 48,065 |  |  | — |  |  | — |  |  | 48,065 |
Fixed Income |  |  |  |  |  |  |  |
U.S. Government Issues |  | 171,949 |  |  | 123,683 |  |  | 48,266 |  |  | — |
Municipal Issues |  | 9,884 |  |  | — |  |  | 9,884 |  |  | — |
Corporate Issues – Domestic |  | 226,202 |  |  | — |  |  | 226,202 |  |  | — |
Corporate Issues – Foreign |  | 36,133 |  |  | — |  |  | 36,133 |  |  | — |
Plan Assets in Fair Value Hierarchy |  | $ | 547,258 |  |  | $ | 124,144 |  |  | $ | 343,667 |  |  | $ | 79,448 |
Plan Assets at Net Asset Value |  |  |  |  |  |  |  |
Real Estate – Domestic |  | $ | 95,315 |  |  |  |  |  |  |
Global Stocks – Collective Investment Funds |  | 369,513 |  |  |  |  |  |  |
Global Stocks – Gold |  | 28,163 |  |  |  |  |  |  |
Hedge Funds |  | 24,965 |  |  |  |  |  |  |
Fixed Income – Hedge Funds |  | 64,613 |  |  |  |  |  |  |
Fixed Income – Collective Investment Funds |  | 55,845 |  |  |  |  |  |  |
Plan Assets at Net Asset Value |  | $ | 638,414 |  |  |  |  |  |  |
Total Plan Assets at Fair Value |  | $ | 1,185,672 |  |  |  |  |  |  |
Schedule of reconciliation of the beginning and ending balance of the investments measured at fair value using significant unobservable inputs (Level 3) | A reconciliation of the beginning and ending balance of the investments measured at fair value using significant unobservable inputs (Level 3) is as follows:
In thousands |  | October 27, 2024 |  | October 29, 2023
Fair Value at Beginning of Year |  | $ | 79,448 |  |  | $ | 88,154 |
Purchases, Issuances, and Settlements (Net) |  | 1,029 |  |  | (8,926) |
Unrealized Gains (Losses) |  | (2,144) |  |  | (8,525) |
Realized Gains (Losses) |  | 569 |  |  | 6,455 |
Interest and Dividend Income |  | 8,385 |  |  | 2,290 |
Fair Value at End of Year |  | $ | 87,287 |  |  | $ | 79,448 |
Schedule of unfunded private equity commitment balance for each investment category | The unfunded commitment balance for each investment category is as follows:
In thousands |  | October 27, 2024 |  | October 29, 2023
Domestic Equity |  | $ | 34,111 |  |  | $ | 16,835 |
International Equity |  | 10,058 |  |  | 11,396 |
Unfunded Commitment Balance |  | $ | 44,169 |  |  | $ | 28,231 |

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