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Fair Value Measurements (Tables)
 9 Months Ended
Jul. 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 July 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
$
95

 
$
—

 
$
—

 
$
95

 
$
370

 
$
—

 
$
—

 
$
370

Derivative financial instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity forward contracts(A)
—

 
5

 
—

 
5

 
—

 
3

 
—

 
3

Foreign currency contracts(A)
—

 
1

 
—

 
1

 
—

 
3

 
—

 
3

Interest rate caps(B)
—

 
1

 
—

 
1

 
—

 
1

 
—

 
1

Total assets
$
95

 
$
7

 
$
—

 
$
102

 
$
370

 
$
7

 
$
—

 
$
377

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative financial instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity forward contracts(C)
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
1

 
$
—

 
$
1

Foreign currency contracts(C)
—

 
1

 
—

 
1

 
—

 
1

 
—

 
1

Guarantees
—

 
—

 
20

 
20

 
—

 
—

 
21

 
21

Total liabilities
$
—

 
$
1

 
$
20

 
$
21

 
$
—

 
$
2

 
$
21

 
$
23

_________________________
(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 July 31,
 
Nine Months Ended July 31,
(in millions)
2018
 
2017
 
2018
 
2017
Guarantees, at beginning of period
$
(27
)
 
$
(19
)
 
$
(21
)
 
$
(23
)
Transfers out of (into) Level 3
—

 
—

 
—

 
—

Net terminations (issuances)
7

 
—

 
(1
)
 
1

Settlements
—

 
—

 
2

 
3

Guarantees, at end of period
$
(20
)
 
$
(19
)
 
$
(20
)
 
$
(19
)
Carrying values and estimated fair values of financial instruments
 
As of July 31, 2018
 
Estimated Fair Value
 
Carrying Value
(in millions)
Level 1
 
Level 2
 
Level 3
 
Total
 
Assets
 
 
 
 
 
 
 
 
 
Retail notes
$
—

 
$
—

 
$
190

 
$
190

 
$
194

Liabilities
 
 
 
 
 
 
 
 
 
Debt:
 
 
 
 
 
 
 
 
 
Manufacturing operations
 
 
 
 
 
 
 
 
 
Senior Secured Term Loan Credit Agreement, due 2025
—

 
—

 
1,596

 
1,596

 
1,573

6.625% Senior Notes, due 2026
—

 
1,149

 
—

 
1,149

 
1,083

4.50% Senior Subordinated Convertible Notes, due 2018(A)
201

 
—

 
—

 
201

 
199

4.75% Senior Subordinated Convertible Notes, due 2019(A)
428

 
—

 
—

 
428

 
402

Loan Agreement related to 6.75% Tax Exempt Bonds, due 2040
—

 
238

 
—

 
238

 
220

Financed lease obligations
—

 
—

 
121

 
121

 
121

Other
—

 
—

 
25

 
25

 
25

Financial Services operations
 
 
 
 
 
 
 
 
 
Asset-backed debt issued by consolidated SPEs, due serially through 2023
—

 
—

 
889

 
889

 
888

Senior secured NFC Term Loan, due 2025
—

 
—

 
398

 
398

 
394

Bank credit facilities, due dates from 2018 through 2024
—

 
—

 
477

 
477

 
500

Commercial paper, program matures in 2022
88

 
—

 
—

 
88

 
88

Borrowings secured by operating and finance leases, due serially through 2024
—

 
—

 
104

 
104

 
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 2024
—

 
—

 
94

 
94

 
94

_________________________
(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.