The benefit plan obligations, funded status, and the assumptions related to the obligations at November 2, 2025, and October 27, 2024, follow:


	Pensions				OPEB
	2025		2024		2025		2024
Change in benefit obligations:
Beginning of year balance	$	(11,077)	$	(9,928)	$	(3,362)	$	(3,029)
Service cost		(252)		(230)		(17)		(17)
Interest cost		(517)		(545)		(158)		(174)
Actuarial gain (loss)		197		(1,097)		(25)		(385)
Benefits paid		752		746		280		263
Health care subsidies						(24)		(22)
Foreign exchange and other		(99)		(23)		(2)		2
End of year balance		(10,996)		(11,077)		(3,308)		(3,362)

Change in plan assets (fair value):
Beginning of year balance		13,080		12,004		2,171		2,028
Plan assets actual gain (loss)		849		1,703		203		259
Employer contribution		107		96		671		145
Benefits paid		(752)		(746)		(280)		(263)
Foreign exchange and other		74		23		2		2
End of year balance		13,358		13,080		2,767		2,171
Funded status	$	2,362	$	2,003	$	(541)	$	(1,191)

Weighted-average assumptions:
Discount rates		5.2%		5.1%		5.1%		5.2%
Rate of compensation increase		3.9%		4.3%
Interest crediting rate – U.S. cash balance plans		4.2%		4.1%

Information related to pension plans benefit obligations at November 2, 2025, and October 27, 2024, follows:


	2025		2024
Total accumulated benefit obligations for all plans	$	10,424	$	10,441
Plans with accumulated benefit obligation exceeding fair value of plan assets:
Accumulated benefit obligations		1,405		1,405
Fair value of plan assets		983		920
Plans with projected benefit obligation exceeding fair value of plan assets:
Projected benefit obligations		1,542		1,541
Fair value of plan assets		1,021		951

The amounts recognized in accumulated other comprehensive income ‒ pretax at November 2, 2025, and October 27, 2024, consisted of the following:

The fair values of the pension plan assets at November 2, 2025, follow:


	Total		Level 1		Level 2
Cash and short-term investments	$	275	$	272	$	3
Equity:
U.S. equity securities		479		468		11
International equity securities and funds		249		241		8
Fixed Income:
Government and agency securities		1,279		860		419
Corporate debt securities		5,543				5,543
Mortgage-backed securities		254				254
Other investments		55		31		24
Derivative contracts – assets		95		57		38
Derivative interest rate contracts – liabilities		(75)		(3)		(72)
Receivables and payables		(264)		(264)
Securities lending collateral		507				507
Securities lending liability		(507)				(507)
Securities sold short		(107)		(105)		(2)
Total of Level 1 and Level 2 assets		7,783	$	1,557	$	6,226
Investments at net asset value:
Short-term investments		503
U.S. equity funds		211
International equity funds		259
Fixed income funds		1,593
Real estate funds		316
Hedge funds		481
Private equity		1,037
Venture capital		1,121
Other investments		54
Total net assets	$	13,358

The fair values of the OPEB health care assets at November 2, 2025, follow:


	Total		Level 1		Level 2
Cash and short-term investments	$	104	$	104
Equity securities		73		67	$	6
Fixed Income:
Government and agency securities		673		621		52
Corporate debt securities		658				658
Mortgage-backed securities		110				110
Other		(28)		(30)		2
Securities lending collateral		105				105
Securities lending liability		(105)				(105)
Total of Level 1 and Level 2 assets		1,590	$	762	$	828
Investments at net asset value:
U.S. equity funds		115
International equity funds		75
Fixed income funds		436
Real estate funds		106
Hedge funds		104
Private equity		153
Venture capital		165
Other investments		23
Total net assets	$	2,767

The fair values of the pension plan assets at October 27, 2024, follow:


	Total		Level 1		Level 2
Cash and short-term investments	$	411	$	399	$	12
Equity:
U.S. equity securities		451		440		11
International equity securities and funds		238		232		6
Fixed Income:
Government and agency securities		1,250		932		318
Corporate debt securities		4,956				4,956
Mortgage-backed securities		177				177
Other investments		57		36		21
Derivative contracts – assets		130		7		123
Derivative interest rate contracts – liabilities		(161)		(119)		(42)
Receivables, prepaids, and payables		(171)		(171)
Securities lending collateral		662				662
Securities lending liability		(662)				(662)
Securities sold short		(94)		(92)		(2)
Total of Level 1 and Level 2 assets		7,244	$	1,664	$	5,580
Investments at net asset value:
Short-term investments		492
U.S. equity funds		174
International equity funds		194
Fixed income funds		1,649
Real estate funds		385
Hedge funds		457
Private equity		1,219
Venture capital		1,219
Other investments		47
Total net assets	$	13,080

The fair values of the OPEB health care assets at October 27, 2024, follow:


	Total		Level 1		Level 2
Cash and short-term investments	$	77	$	77
Fixed Income:
Government and agency securities		606		561	$	45
Corporate debt securities		551				551
Mortgage-backed securities		92				92
Other		11		7		4
Securities lending collateral		167				167
Securities lending liability		(167)				(167)
Total of Level 1 and Level 2 assets		1,337	$	645	$	692
Investments at net asset value:
U.S. equity funds		163
International equity funds		84
Fixed income funds		348
Real estate funds		77
Hedge funds		71
Private equity		41
Venture capital		41
Other investments		9
Total net assets	$	2,171

The target asset allocations as of November 2, 2025, are as follows: