Fair Value Measurements (Tables)

9 Months Ended

Jul. 31, 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 July 31, 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	$	3	$	—	$	—	$	3	$	6	$	—	$	—	$	6
Other	59		—		—		59		40		—		—		40
Derivative financial instruments:
Commodity forward contracts(A)	—		2		—		2		—		2		—		2
Foreign currency contracts(A)	—		1		—		1		—		—		—		—
Interest rate caps(B)	—		1		—		1		—		1		—		1
Total assets	$	62	$	4	$	—	$	66	$	46	$	3	$	—	$	49
Liabilities
Derivative financial instruments:
Foreign currency contracts(C)	$	—	$	9	$	—	$	9	$	—	$	—	$	—	$	—
Guarantees	—		—		19		19		—		—		23		23
Total liabilities	$	—	$	9	$	19	$	28	$	—	$	—	$	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 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 July 31,						Nine Months Ended July 31,
(in millions)	2017			2016			2017			2016
Guarantees, at beginning of period	$	(19	)	$	(19	)	$	(23	)	$	(10	)
Transfers out of Level 3	—			—			—			—
Net terminations (issuances)	—			(5		)	1			(16		)
Settlements	—			1			3			3
Guarantees, at end of period	$	(19	)	$	(23	)	$	(19	)	$	(23	)

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 July 31, 2017
	Estimated Fair Value								Carrying Value
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Retail notes	$	—	$	—	$	152	$	152	$	158
Notes receivable	—		—		—		—		—
Liabilities
Debt:
Manufacturing operations
Senior Secured Term Loan Credit Facility, as Amended, due 2020	—		—		1,031		1,031		1,001
8.25% Senior Notes, due 2022	1,447		—		—		1,447		1,422
4.50% Senior Subordinated Convertible Notes, due 2018(A)	—		—		201		201		193
4.75% Senior Subordinated Convertible Notes, due 2019(A)	—		—		413		413		391
Financing arrangements	—		—		16		16		32
Loan Agreement related to 6.50% Tax Exempt Bonds, due 2040	—		234		—		234		220
Financed lease obligations	—		—		127		127		127
Other	—		—		34		34		34
Financial Services operations
Asset-backed debt issued by consolidated SPEs, at various rates, due serially through 2022	—		—		828		828		822
Bank credit facilities, at fixed and variable rates, due dates from 2017 through 2023	—		—		751		751		774
Commercial paper, at variable rates, program matures in 2022	100		—		—		100		100
Borrowings secured by operating and finance leases, at various rates, due serially through 2022	—		—		101		101		100

	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 2023	—		—		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 2022	—		—		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.