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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 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)
September 30, 2016
 
December 31, 2015
 
 
 
 
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
 
Fair Value
Levels
 
Reference
Cash and cash equivalents
$
1,051

 
$
1,051

 
$
1,016

 
$
1,016

 
1
 
 
Finance receivables, net (excluding finance leases(1))
$
20,435

 
$
20,397

 
$
20,935

 
$
20,925

 
3
 
Note 4
Interest rate contracts:
 
 
 
 
 
 
 
 
 
 
 
In a net receivable position
$
5

 
$
5

 
$
51

 
$
51

 
2
 
Note 5
In a net payable position
$
(2
)
 
$
(2
)
 
$
(4
)
 
$
(4
)
 
2
 
Note 5
Cross currency contracts:
 
 
 
 
 
 
 
 
 
 
 
In a receivable position
$
32

 
$
32

 
$
37

 
$
37

 
2
 
Note 5
In a payable position
$
(15
)
 
$
(15
)
 
$
—

 
$
—

 
2
 
Note 5
Foreign currency contracts:
 
 
 
 
 
 
 
 
 
 
 
In a receivable position
$
2

 
$
2

 
$
3

 
$
3

 
2
 
Note 5
In a payable position
$
(5
)
 
$
(5
)
 
$
(6
)
 
$
(6
)
 
2
 
Note 5
Restricted cash and cash equivalents(2)
$
11

 
$
11

 
$
18

 
$
18

 
1
 
 
Investment in equity securities
$
2

 
$
2

 
$
—

 
$
—

 
1
 
 
Short-term borrowings
$
(6,702
)
 
$
(6,702
)
 
$
(6,958
)
 
$
(6,958
)
 
1
 
 
Long-term debt
$
(21,160
)
 
$
(21,669
)
 
$
(21,569
)
 
$
(21,904
)
 
2
 
 
Guarantees
$
—

 
$
—

 
$
—

 
$
—

 
3
 
Note 7
 
 
 
 
 
 
 
 
 
 
 
 
(1)As of September 30, 2016 and December 31, 2015, represents finance leases with a net carrying value of $6.22 billion and $6.45 billion, respectively.
(2) Included in Other assets in the Consolidated Statements of Financial Position.