Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

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)	March 31, 2016						December 31, 2015
	Carrying Amount			Fair Value			Carrying Amount			Fair Value			Fair Value Levels	Reference
Cash and cash equivalents	$	1,023		$	1,023		$	1,016		$	1,016		1
Foreign currency contracts:
In a receivable position	$	22		$	22		$	3		$	3		2	Note 5
In a payable position	$	(10	)	$	(10	)	$	(6	)	$	(6	)	2	Note 5
Cross currency contracts
In a receivable position	$	32		$	32		$	37		$	37		2	Note 5
Finance receivables, net (excluding finance leases(1))	$	21,384		$	21,422		$	20,935		$	20,925		3	Note 4
Restricted cash and cash equivalents(2)	$	13		$	13		$	18		$	18		1
Short-term borrowings	$	(7,804	)	$	(7,804	)	$	(6,958	)	$	(6,958	)	1
Long-term debt	$	(21,064	)	$	(21,596	)	$	(21,569	)	$	(21,904	)	2
Interest rate swaps:
In a net receivable position	$	55		$	55		$	51		$	51		2	Note 5
In a net payable position	$	(3	)	$	(3	)	$	(4	)	$	(4	)	2	Note 5
Guarantees	$	—		$	—		$	—		$	—		3	Note 7

⁽¹⁾As of March 31, 2016 and December 31, 2015, represents finance leases with a net carrying value of $6.41 billion and $6.45 billion, respectively.

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