Fair Value Measurements (Tables)

3 Months Ended

Jan. 31, 2018

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 January 31, 2018								As of October 31, 2017
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Marketable securities:
U.S. government and federal agency securities	$	276	$	—	$	—	$	276	$	370	$	—	$	—	$	370
Derivative financial instruments:
Commodity forward contracts(A)	—		6		—		6		—		3		—		3
Foreign currency contracts(A)	—		2		—		2		—		3		—		3
Interest rate caps(B)	—		1		—		1		—		1		—		1
Total assets	$	276	$	9	$	—	$	285	$	370	$	7	$	—	$	377
Liabilities
Derivative financial instruments:
Commodity forward contracts(C)	$	—	$	—	$	—	$	—	$	—	$	1	$	—	$	1
Foreign currency contracts(C)	—		3		—		3		—		1		—		1
Guarantees	—		—		25		25		—		—		21		21
Total liabilities	$	—	$	3	$	25	$	28	$	—	$	2	$	21	$	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 January 31,
(in millions)	2018			2017
Guarantees, at beginning of period	$	(21	)	$	(23	)
Transfers out of Level 3	—			—
Issuances	(5		)	(1		)
Settlements	1			1
Guarantees, at end of period	$	(25	)	$	(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 January 31, 2018
	Estimated Fair Value								Carrying Value
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Retail notes	$	—	$	—	$	176	$	176	$	182
Liabilities
Debt:
Manufacturing operations
Senior Secured Term Loan Credit Agreement, due 2025	—		—		1,622		1,622		1,580
6.625% Senior Notes, due 2026	—		1,154		—		1,154		1,082
4.50% Senior Subordinated Convertible Notes, due 2018(A)	207		—		—		207		196
4.75% Senior Subordinated Convertible Notes, due 2019(A)	446		—		—		446		396
Loan Agreement related to 6.75% Tax Exempt Bonds, due 2040	—		240		—		240		220
Financed lease obligations	—		—		135		135		135
Other	—		—		23		23		40
Financial Services operations
Asset-backed debt issued by consolidated SPEs, at various rates, due serially through 2023	—		—		695		695		691
Bank credit facilities, at fixed and variable rates, due dates from 2018 through 2023	—		—		564		564		583
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 2023	—		—		105		105		105

	As of October 31, 2017
	Estimated Fair Value								Carrying Value
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Retail notes	$	—	$	—	$	153	$	153	$	161
Liabilities
Debt:
Manufacturing operations
Senior Secured Term Loan Credit Facility, as Amended, due 2020	—		—		1,019		1,019		1,003
8.25% Senior Notes, due 2022	1,450		—		—		1,450		1,423
4.50% Senior Subordinated Convertible Notes, due 2018(A)	208		—		—		208		194
4.75% Senior Subordinated Convertible Notes, due 2019(A)	446		—		—		446		394
Loan Agreement related to 6.50% Tax Exempt Bonds, due 2040	—		243		—		243		220
Financed lease obligations	—		—		130		130		130
Other	—		—		23		23		39
Financial Services operations
Asset-backed debt issued by consolidated SPEs, at various rates, due serially through 2023	—		—		851		851		849
Bank credit facilities, at fixed and variable rates, due dates from 2018 through 2023	—		—		592		592		616
Commercial paper, at variable rates, program matures in 2022	92		—		—		92		92
Borrowings secured by operating and finance leases, at various rates, due serially through 2023	—		—		94		94		94

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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 estimated fair value is derived from quoted prices in active markets which include the equity feature.