Fair Value Measurements (Tables)

6 Months Ended

Apr. 30, 2017

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 April 30, 2017								As of October 31, 2016
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Marketable securities:
U.S. Treasury bills	$	64	$	—	$	—	$	64	$	6	$	—	$	—	$	6
Other	114		—		—		114		40		—		—		40
Derivative financial instruments:
Commodity forward contracts(A)	—		1		—		1		—		2		—		2
Foreign currency contracts(A)	—		4		—		4		—		—		—		—
Interest rate caps(B)	—		1		—		1		—		1		—		1
Total assets	$	178	$	6	$	—	$	184	$	46	$	3	$	—	$	49
Liabilities
Derivative financial instruments:
Commodity forward contracts(C)	$	—	$	1	$	—	$	1	$	—	$	—	$	—	$	—
Foreign currency contracts(C)	—		9		—		9		—		—		—		—
Guarantees	—		—		19		19		—		—		23		23
Total liabilities	$	—	$	10	$	19	$	29	$	—	$	—	$	23	$	23

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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:

	Three Months Ended April 30,						Six Months Ended April 30,
(in millions)	2017			2016			2017			2016
Guarantees, at beginning of period	$	(23	)	$	(10	)	$	(23	)	$	(10	)
Transfers out of Level 3	—			—			—			—
Net terminations (issuances)	2			(10		)	1			(11		)
Settlements	2			1			3			2
Guarantees, at end of period	$	(19	)	$	(19	)	$	(19	)	$	(19	)

Financial instruments measured at fair value, nonrecurring basis

	Three Months Ended April 30,						Six Months Ended April 30,
(in millions)	2017			2016			2017			2016
Guarantees, at beginning of period	$	(23	)	$	(10	)	$	(23	)	$	(10	)
Transfers out of Level 3	—			—			—			—
Net terminations (issuances)	2			(10		)	1			(11		)
Settlements	2			1			3			2
Guarantees, at end of period	$	(19	)	$	(19	)	$	(19	)	$	(19	)

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 April 30, 2017
	Estimated Fair Value								Carrying Value
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Retail notes	$	—	$	—	$	151	$	151	$	155
Notes receivable	—		—		—		—		—
Liabilities
Debt:
Manufacturing operations
Senior Secured Term Loan Credit Facility, as Amended, due 2020	—		—		1,041		1,041		1,002
8.25% Senior Notes, due 2022	1,470		—		—		1,470		1,421
4.50% Senior Subordinated Convertible Notes, due 2018(A)	—		—		197		197		192
4.75% Senior Subordinated Convertible Notes, due 2019(A)	—		—		401		401		388
Financing arrangements	—		—		16		16		34
Loan Agreement related to 6.50% Tax Exempt Bonds, due 2040	—		229		—		229		220
Financed lease obligations	—		—		102		102		102
Other	—		—		20		20		20
Financial Services operations
Asset-backed debt issued by consolidated SPEs, at various rates, due serially through 2022	—		—		737		737		735
Bank credit facilities, at fixed and variable rates, due dates from 2017 through 2021	—		—		752		752		766
Commercial paper, at variable rates, program matures in 2022	93		—		—		93		93
Borrowings secured by operating and finance leases, at various rates, due serially through 2021	—		—		89		89		88

	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 2017	—		—		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 2022	96		—		—		96		96
Borrowings secured by operating and finance leases, at various rates, due serially through 2021	—		—		98		98		98

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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.