Fair Value Measurements (Tables)

12 Months Ended

Oct. 31, 2016

Fair Value Disclosures [Abstract]

Financial instruments measured at fair value, recurring basis

The following table presents the financial instruments measured at fair value on a recurring basis:

	As of October 31, 2016								As of October 31, 2015
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Marketable securities:
U.S. Treasury bills	$	6	$	—	$	—	$	6	$	53	$	—	$	—	$	53
Other	40		—		—		40		106		—		—		106
Derivative financial instruments:
Commodity forward contracts(A)	—		2		—		2		—		—		—		—
Foreign currency contracts(A)	—		—		—		—		—		1		—		1
Interest rate caps(B)	—		1		—		1		—		—		—		—
Total assets	$	46	$	3	$	—	$	49	$	159	$	1	$	—	$	160
Liabilities
Derivative financial instruments:
Commodity forward contracts(C)	$	—	$	—	$	—	$	—	$	—	$	2	$	—	$	2
Foreign currency contracts(C)	—		—		—		—		—		2		—		2
Guarantees	—		—		23		23		—		—		10		10
Total liabilities	$	—	$	—	$	23	$	23	$	—	$	4	$	10	$	14

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(A) The asset value of commodity forward contracts and foreign currency contracts is included in Other current assets in the accompanying Consolidated Balance Sheets.

(B) The asset value of interest rate caps is included in Other noncurrent assets in the accompanying Consolidated Balance Sheets.

(C) The liability value of commodity forward contracts and foreign currency contracts is included in Other current liabilities in the accompanying Consolidated Balance Sheets.

Financial instruments classified within Level 3

The following table presents the changes for those financial instruments classified within Level 3 of the valuation hierarchy:

(in millions)	October 31, 2016			October 31, 2015
Guarantees, at beginning of period	$	(10	)	$	(8	)
Transfers out of Level 3	—			—
Issuances	(17		)	(5		)
Settlements	4			3
Guarantees, at end of period	$	(23	)	$	(10	)
Change in unrealized gains on assets (liabilities) still held	$	—		$	—

Financial instruments measured at fair value, nonrecurring basis

The following table presents the financial instruments measured at fair value on a nonrecurring basis:

(in millions)	October 31, 2016			October 31, 2015
Level 2 financial instruments
Carrying value of impaired finance receivables (A)	$	15		$	21
Specific loss reserve	(8		)	(9		)
Fair value	$	7		$	12

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(A) Certain impaired finance receivables are measured at fair value on a nonrecurring basis. An impairment charge is recorded for the amount by which the carrying value of the receivables exceeds the fair value of the underlying collateral, net of remarketing costs. Fair values of the underlying collateral are determined by reference to dealer vehicle value publications adjusted for certain market factors.

Carrying values and estimated fair values of financial instruments

The following tables present the carrying values and estimated fair values of financial instruments:

	As of October 31, 2016
	Estimated Fair Value								Carrying Value
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Retail notes	$	—	$	—	$	153	$	153	$	151
Notes receivable	—		—		1		1		1
Liabilities
Debt:
Manufacturing operations
Senior Secured Term Loan Credit Facility, as Amended, due 2020	—		—		1,037		1,037		1,009
8.25% Senior Notes, due 2022	1,180		—		—		1,180		1,173
4.50% Senior Subordinated Convertible Notes, due 2018(A)	—		—		189		189		189
4.75% Senior Subordinated Convertible Notes, due 2019(A)	—		—		382		382		383
Financing arrangements	—		—		17		17		37
Loan Agreement related to 6.50% Tax Exempt Bonds, due 2040	—		233		—		233		220
Financed lease obligations	—		—		52		52		52
Other	—		—		26		26		28
Financial Services operations
Asset-backed debt issued by consolidated SPEs, at various rates, due serially through 2022	—		—		754		754		753
Bank credit facilities, at fixed and variable rates, due dates from 2017 through 2021	—		—		851		851		861
Commercial paper, at variable rates, program matures in 2017	96		—		—		96		96
Borrowings secured by operating and finance leases, at various rates, due serially through 2021	—		—		98		98		98

	As of October 31, 2015
	Estimated Fair Value								Carrying Value
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Retail notes	$	—	$	—	$	170	$	170	$	166
Notes receivable	—		—		3		3		3
Liabilities
Debt:
Manufacturing operations
Senior Secured Term Loan Credit Facility, as Amended, due 2020	—		—		1,014		1,014		1,014
8.25% Senior Notes, due 2022	998		—		—		998		1,168
4.50% Senior Subordinated Convertible Notes, due 2018(A)	—		—		148		148		184
4.75% Senior Subordinated Convertible Notes, due 2019(A)	—		—		289		289		373
Financing arrangements	—		—		17		17		43
Loan Agreement related to 6.50% Tax Exempt Bonds, due 2040	—		233		—		233		220
Financed lease obligations	—		—		111		111		111
Other	—		—		45		45		43
Financial Services operations
Asset-backed debt issued by consolidated SPEs, at various rates, due serially through 2018	—		—		865		865		864
Bank credit facilities, at fixed and variable rates, due dates from 2016 through 2020	—		—		1,048		1,048		1,062
Commercial paper, at variable rates, program matures in 2017	86		—		—		86		86
Borrowings secured by operating and finance leases, at various rates, due serially through 2020	—		—		80		80		81

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(A) The carrying value represents the consolidated financial statement amount of the debt which excludes the allocation of the conversion feature to equity, while the fair value is based on internally developed valuation techniques such as discounted cash flow modeling for Level 3 convertible notes which include the equity feature.