PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Oct. 29, 2023

PENSION AND OTHER POSTRETIREMENT BENEFITS

Schedule of Funded Status of the Significant Plans

The funded status as of October 31, 2023 of the significant plans follows:

	Funded		Enrollment
	Status		Status
Pensions
U.S. salaried qualified	$	1,511	Closed
U.S. hourly qualified		1,042	Open
Other		(477)	Varies
Total	$	2,076
OPEB
U.S. salaried	$	(1,086)	Closed
U.S. hourly		178	Closed
Other		(93)	Varies
Total	$	(1,001)

Schedule of Components of Net Periodic Pension and OPEB (Benefit) Cost

The components of net periodic pension (benefit) cost and the related assumptions consisted of the following:

	2023		2022		2021
Pensions
Service cost	$	246	$	349	$	332
Interest cost		533		330		276
Expected return on plan assets		(878)		(726)		(799)
Amortization of actuarial (gain) loss		(13)		132		259
Amortization of prior service cost		38		34		12
Settlements/curtailment		37		45		21
Net (benefit) cost	$	(37)	$	164	$	101
Weighted-average assumptions
Discount rates - service cost		5.2%		3.0%		2.5%
Discount rates - interest cost		5.1%		2.6%		2.1%
Rate of compensation increase		3.8%		3.7%		3.7%
Expected long-term rates of return		6.3%		5.1%		6.0%
Interest crediting rate - U.S. cash balance plans		4.3%		2.1%		1.7%

The components of net periodic OPEB cost and the assumptions related to the cost consisted of the following:

	2023		2022		2021
OPEB
Service cost	$	27	$	45	$	48
Interest cost		176		99		102
Expected return on plan assets		(117)		(110)		(77)
Amortization of actuarial (gain) loss		(59)		(18)		27
Amortization of prior service credit		(3)		(4)		(4)
Net cost	$	24	$	12	$	96
Weighted-average assumptions
Discount rates - service cost		6.1%		3.6%		3.4%
Discount rates - interest cost		5.4%		2.3%		2.1%
Expected long-term rates of return		5.7%		4.4%		5.4%

Schedule of Benefit Plan Obligations, Funded Status, and the Assumptions Related to the Obligations

The benefit plan obligations, funded status, and the assumptions related to the obligations at October 29, 2023 and October 30, 2022 follow:

	Pensions				OPEB
	2023		2022		2023		2022
Change in benefit obligations
Beginning of year balance	$	(10,529)	$	(14,525)	$	(3,341)	$	(4,930)
Service cost		(246)		(349)		(27)		(45)
Interest cost		(533)		(330)		(176)		(99)
Actuarial gain		504		4,122		285		1,492
Prior service cost				(505)				(12)
Benefits paid		838		757		260		282
Health care subsidies						(27)		(33)
Settlement		112
Foreign exchange and other		(74)		301		(3)		4
End of year balance		(9,928)		(10,529)		(3,029)		(3,341)
Change in plan assets (fair value)
Beginning of year balance		13,219		17,190		2,136		1,755
Actual loss on plan assets		(387)		(3,070)		(8)		(495)
Employer contribution		70		85		158		1,155
Benefits paid		(838)		(757)		(260)		(282)
Settlement		(112)
Foreign exchange and other		52		(229)		2		3
End of year balance		12,004		13,219		2,028		2,136
Funded status	$	2,076	$	2,690	$	(1,001)	$	(1,205)
Weighted-average assumptions
Discount rates		5.9%		5.4%		6.0%		5.6%
Rate of compensation increase		3.8%		3.8%
Interest crediting rate - U.S. cash balance plans		4.9%		4.4%

Schedule of Weighted-Average Health Care Cost Trend Rates

The weighted-average annual rates of increase in the per capita cost of covered health care benefits (the health care cost trend rates) for medical and prescription drug claims for pre- and post-65 age groups used to determine the October 29, 2023 and October 30, 2022 accumulated postretirement benefit obligations were as follows:

	2023	2022
Initial year	18.7% (2023 to 2024)	0.0% (2022 to 2023)
Second year	8.8% (2024 to 2025)	12.6% (2023 to 2024)
Ultimate	4.7% (2032 to 2033)	4.7% (2032 to 2033)

An increase in Medicare Advantage premiums and prescription drug trends impacted the weighted-average annual rates of increase for the initial year in 2023. A decrease in Medicare Advantage premiums impacted the weighted-average annual rates of increase for the initial year in 2022.

Schedule of Information Related to Pension Plans Benefit Obligations

Information related to pension plans benefit obligations at October 29, 2023 and October 30, 2022 follows:

	2023		2022
Total accumulated benefit obligations for all plans	$	9,453	$	10,068
Plans with accumulated benefit obligation exceeding fair value of plan assets:
Accumulated benefit obligations		1,147		1,116
Fair value of plan assets		704		672
Plans with projected benefit obligation exceeding fair value of plan assets:
Projected benefit obligations		1,261		1,225
Fair value of plan assets		729		692

Schedule of Amounts Recognized in the Balance Sheet

The pension and OPEB amounts recognized in the balance sheet at October 29, 2023 and October 30, 2022 consisted of the following:

	Pensions				OPEB
	2023		2022		2023		2022
Noncurrent asset	$	2,608	$	3,223	$	399	$	507
Less: Current liability		59		42		40		39
Less: Noncurrent liability		473		491		1,360		1,673
Total	$	2,076	$	2,690	$	(1,001)	$	(1,205)

The retirement benefits and other liabilities recognized in the balance sheet at October 29, 2023 and October 30, 2022 consisted of the following:

	2023		2022
Deferred compensation - current	$	25	$	30
Deferred compensation and other - noncurrent		183		182
Pensions and OPEB - current		99		81
Pensions and OPEB - noncurrent		1,833		2,164
Total	$	2,140	$	2,457

Schedule of Amounts Recognized in Accumulated Other Comprehensive Income - Pretax

The amounts recognized in accumulated other comprehensive income ‒ pretax at October 29, 2023 and October 30, 2022 consisted of the following:

	Pensions				OPEB
	2023		2022		2023		2022
Net actuarial (gain) loss	$	1,660	$	926	$	(921)	$	(820)
Prior service (credit) cost		406		446		(1)		(4)
Total	$	2,066	$	1,372	$	(922)	$	(824)

Schedule of Future Benefits Expected to be Paid from the Benefit Plans

The expected future benefit payments at October 29, 2023 were as follows:

	Pensions		OPEB*
2024	$	746	$	249
2025		726		252
2026		727		257
2027		720		257
2028		708		257
2029 to 2033		3,564		1,251

*       Net of prescription drug group benefit subsidy under Medicare Part D.

Schedule of Fair Values of Pension Plan and Health Care Assets and Target Asset Allocations

The fair values of the pension plan assets at October 29, 2023 follow:

	Total		Level 1		Level 2		Level 3
Cash and short-term investments	$	513	$	470	$	43
Equity:
U.S. equity securities		342		330		12
International equity securities and funds		199		197		2
Fixed Income:
Government and agency securities		1,017		759		258
Corporate debt securities		4,389				4,389
Mortgage-backed securities		285				285
Private equity		18					$	18
Other investments		50		30		20
Derivative contracts - assets		53		17		36
Derivative interest rate contracts - liabilities		(309)		(215)		(94)
Receivables, prepaids, and payables		(137)		(137)
Securities lending collateral		615				615
Securities lending liability		(615)				(615)
Securities sold short		(73)		(69)		(4)
Total of Level 1, Level 2, and Level 3 assets		6,347	$	1,382	$	4,947	$	18
Investments at net asset value:
Short-term investments		362
U.S. equity funds		92
International equity funds		151
Fixed income funds		1,418
Real estate funds		462
Hedge funds		491
Private equity		1,306
Venture capital		1,341
Other investments		34
Total net assets	$	12,004

The fair values of the OPEB health care assets at October 29, 2023 follow:

	Total		Level 1		Level 2
Cash and short-term investments	$	76	$	76
Fixed Income:
Government and agency securities		637		596	$	41
Corporate debt securities		515				515
Mortgage-backed securities		89				89
Other		8		5		3
Securities lending collateral		122				122
Securities lending liability		(122)				(122)
Total of Level 1 and Level 2 assets		1,325	$	677	$	648
Investments at net asset value:
Fixed income funds		392
Real estate funds		104
Hedge funds		104
Private equity		43
Venture capital		43
Other investments		17
Total net assets	$	2,028

The fair values of the pension plan assets at October 30, 2022 follow:

	Total		Level 1		Level 2
Cash and short-term investments	$	338	$	283	$	55
Equity:
U.S. equity securities		311		290		21
International equity securities and funds		196		195		1
Fixed Income:
Government and agency securities		1,296		1,053		243
Corporate debt securities		4,587				4,587
Mortgage-backed securities		213				213
Other investments		49		31		18
Derivative contracts - assets		92		54		38
Derivative contracts - liabilities		(209)		(106)		(103)
Receivables, prepaids, and payables		(207)		(207)
Securities lending collateral		684				684
Securities lending liability		(684)				(684)
Securities sold short		(64)		(58)		(6)
Total of Level 1 and Level 2 assets		6,602	$	1,535	$	5,067
Investments at net asset value:
Short-term investments		633
U.S. equity funds		54
International equity funds		125
Fixed income funds		1,736
Real estate funds		592
Hedge funds		569
Private equity		1,322
Venture capital		1,553
Other investments		33
Total net assets	$	13,219

The fair values of the OPEB health care assets at October 30, 2022 follow:

	Total		Level 1		Level 2
Cash and short-term investments	$	79	$	79
Fixed Income:
Government and agency securities		629		597	$	32
Corporate debt securities		516				516
Mortgage-backed securities		83				83
Other		(4)		(7)		3
Securities lending collateral		98				98
Securities lending liability		(98)				(98)
Total of Level 1 and Level 2 assets		1,303	$	669	$	634
Investments at net asset value:
U.S. equity funds		40
International equity funds		22
Fixed income funds		347
Real estate funds		140
Hedge funds		188
Private equity		41
Venture capital		48
Other investments		7
Total net assets	$	2,136

The target asset allocations as of October 29, 2023 are as follows:

	Pension	Health Care
	Assets	Assets
Equity	5%	9%
Debt	68%	83%
Real estate	4%	2%
Other investments	23%	6%