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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Fair values of financial instruments
Please refer to the table below for the fair values of our financial instruments.
(Millions of dollars)
 
2015
 
2014
 
 
 
 
Carrying 
Amount
 
Fair 
Value
 
Carrying 
Amount
 
Fair
 Value
Fair
Value
Levels
Reference
Cash and cash equivalents
 
$
1,016

 
$
1,016

 
$
857

 
$
857

1
 
Foreign currency contracts:
 
 

 
 

 
 

 
 

 
 
In a receivable position
 
$
3

 
$
3

 
$
5

 
$
5

2
Note 10
In a payable position
 
$
(6
)
 
$
(6
)
 
$
(15
)
 
$
(15
)
2
Note 10
Cross currency contracts
 
 
 
 
 
 
 
 
 
 
In a receivable position
 
$
37

 
$
37

 
$
17

 
$
17

2
Note 10
Finance receivables, net (excluding finance leases(1))
 
$
20,935

 
$
20,925

 
$
21,434

 
$
21,093

3
Note 3
Restricted cash and cash equivalents(2)
 
$
18

 
$
18

 
$
11

 
$
11

1
 
Short-term borrowings
 
$
(6,958
)
 
$
(6,958
)
 
$
(4,699
)
 
$
(4,699
)
1
Note 8
Long-term debt
 
$
(21,605
)
 
$
(21,904
)
 
$
(24,574
)
 
$
(25,103
)
2
Note 9
Interest rate swaps:
 
 

 
 

 
 

 
 

 
 
In a net receivable position
 
$
51

 
$
51

 
$
79

 
$
79

2
Note 10
In a net payable position
 
$
(4
)
 
$
(4
)
 
$
(8
)
 
$
(8
)
2
Note 10
Guarantees
 
$
—

 
$
—

 
$
(1
)
 
$
(1
)
3
Note 11
 
 
 
 
 
 
 
 
 
 
 
(1) As of December 31, 2015 and 2014, represents finance leases with a net carrying value of $6.45 billion and $7.64 billion, respectively.
(2) Included in Other assets in the Consolidated Statements of Financial Position.