Debt (Tables)

9 Months Ended

12 Months Ended

Jul. 31, 2011

Oct. 31, 2011



	2011		2010
(in millions)
Manufacturing operations
8.25% Senior Notes, due 2021, net of unamortized discount of $33 and $35 at the respective dates	$	967	$	965
3.0% Senior Subordinated Convertible Notes, due 2014, net of unamortized discount of $73 and $94 at the respective dates	497		476
Debt of majority-owned dealerships	94		66
Financing arrangements and capital lease obligations	118		221
Loan Agreement related to 6.5% Tax Exempt Bonds, due 2040	225		225
Promissory Note	40		—
Other	39		33
Total manufacturing operations debt	1,980		1,986
Less: Current portion	99		145
Net long-term manufacturing operations debt	$	1,881	$	1,841
Financial services operations
Asset-backed debt issued by consolidated SPEs, at variable rates, due serially through 2018	$	1,664	$	1,731
Bank revolvers, at fixed and variable rates, due dates from 2012 through 2018	1,072		974
Commercial paper, at variable rates, due serially through 2012	70		67
Borrowings secured by operating and finance leases, at various rates, due serially through 2017	70		112
Total financial services operations debt	2,876		2,884
Less: Current portion	1,280		487
Net long-term financial services operations debt	$	1,596	$	2,397

The aggregate contractual annual maturities for debt as of October 31, 2011, are as follows:



	Manufacturing Operations^(A)			Financial Services Operations^(B)		Total
(in millions)
2012	$	99		$	1,280	$	1,379
2013	109			219		328
2014	615			454		1,069
2015	21			62		83
2016	8			91		99
Thereafter	1,234			770		2,004
Total debt	2,086			2,876		4,962
Less: Unamortized discount	(106		)	—		(106		)
Net debt	$	1,980		$	2,876	$	4,856

______________________


(A)	Amounts include the borrowing of $100 million under the Asset-Based Credit Facility in November 2011, reflected as being due in 2017.


(B)	Amounts reflect the NFC refinancing of its bank credit facility in December 2011 with a five-year revolving line of credit and term loan, totaling $840 million, which shifted certain debt maturities to be largely due in 2017.