Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value

Assets and liabilities measured on a recurring basis at fair value included in our Consolidated Statements of Financial Position are summarized below: 

(Millions of dollars)
	December 31, 2013
	Level 1		Level 2		Level 3		Total Assets/Liabilities, at Fair Value
Assets
Derivative financial instruments, net	$	—	$	128	$	—	$	128
Total Assets	$	—	$	128	$	—	$	128
Liabilities
Guarantees	$	—	$	—	$	1	$	1
Total Liabilities	$	—	$	—	$	1	$	1
	December 31, 2012
	Level 1		Level 2		Level 3		Total Assets/Liabilities, at Fair Value
Assets
Derivative financial instruments, net	$	—	$	223	$	—	$	223
Total Assets	$	—	$	223	$	—	$	223
Liabilities
Guarantees	$	—	$	—	$	2	$	2
Total Liabilities	$	—	$	—	$	2	$	2
	December 31, 2011
	Level 1		Level 2		Level 3		Total Assets/Liabilities, at Fair Value
Assets
Derivative financial instruments, net	$	—	$	232	$	—	$	232
Total Assets	$	—	$	232	$	—	$	232
Liabilities
Guarantees	$	—	$	—	$	2	$	2
Total Liabilities	$	—	$	—	$	2	$	2

Roll-forwards of assets and liabilities measured at fair value using Level 3 inputs

Below are roll-forwards of assets and liabilities measured at fair value using Level 3 inputs for the years ended December 31, 2013, 2012 and 2011.  These instruments were valued using pricing models that, in management’s judgment, reflect the assumptions of a marketplace participant.

(Millions of dollars)	Guarantees
Balance as of December 31, 2010	$	3
Issuance of guarantees	4
Expiration of guarantees	(5		)
Balance as of December 31, 2011	$	2
Issuance of guarantees	2
Expiration of guarantees	(2		)
Balance as of December 31, 2012	$	2
Issuance of guarantees	2
Expiration of guarantees	(3		)
Balance as of December 31, 2013	$	1

Fair values of financial instruments

Please refer to the table below for the fair values of our financial instruments.

(Millions of dollars)	2013						2012						2011
	Carrying  Amount			Fair  Value			Carrying  Amount			Fair  Value			Carrying  Amount			Fair  Value			Fair Value Levels	Reference
Cash and cash equivalents	$	1,320		$	1,320		$	2,080		$	2,080		$	1,176		$	1,176		1
Foreign currency contracts:
In a receivable position	$	7		$	7		$	10		$	10		$	7		$	7		2	Note 9
In a payable position	$	(4	)	$	(4	)	$	(5	)	$	(5	)	$	(16	)	$	(16	)	2	Note 9
Cross currency contracts
In a receivable position	$	9		$	9		$	—		$	—		$	—		$	—		2	Note 9
In a payable position	$	—		$	—		$	(1	)	$	(1	)	$	—		$	—		2	Note 9
Finance receivables, net (excluding finance leases(1))	$	20,667		$	20,469		$	20,189		$	20,079		$	17,431		$	17,172		2	Note 3
Restricted cash and cash equivalents(2)	$	17		$	17		$	19		$	19		$	64		$	64		1
Short-term borrowings	$	(3,663	)	$	(3,663	)	$	(4,651	)	$	(4,651	)	$	(3,895	)	$	(3,895	)	1	Note 7
Long-term debt	$	(25,312	)	$	(25,849	)	$	(25,077	)	$	(26,063	)	$	(21,631	)	$	(22,674	)	2	Note 8
Interest rate swaps:
In a net receivable position	$	122		$	122		$	228		$	228		$	248		$	248		2	Note 9
In a net payable position	$	(6	)	$	(6	)	$	(9	)	$	(9	)	$	(7	)	$	(7	)	2	Note 9
Guarantees	$	(1	)	$	(1	)	$	(2	)	$	(2	)	$	(2	)	$	(2	)	3	Note 10

⁽¹⁾ As of December 31, 2013, 2012 and 2011, represents finance leases with a net carrying value of $8.06 billion, $7.97 billion and $7.33 billion, respectively.

^{(2 )} Included in Other assets in the Consolidated Statements of Financial Position.