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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 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)
 
2016
 
2015
 
 
 
 
Carrying 
Amount
 
Fair 
Value
 
Carrying 
Amount
 
Fair
 Value
Fair
Value
Levels
Reference
Cash and cash equivalents
 
$
1,795

 
$
1,795

 
$
1,016

 
$
1,016

1
 
Finance receivables, net (excluding finance leases(1))
 
$
20,101

 
$
19,949

 
$
20,935

 
$
20,925

3
Note 3
Interest rate contracts:
 
 

 
 

 
 

 
 

 
 
In a net receivable position
 
$
4

 
$
4

 
$
51

 
$
51

2
Note 10
In a net payable position
 
$
(1
)
 
$
(1
)
 
$
(4
)
 
$
(4
)
2
Note 10
Cross currency contracts
 
 
 
 
 
 
 
 
 
 
In a receivable position
 
$
56

 
$
56

 
$
37

 
$
37

2
Note 10
In a payable position
 
$
(3
)
 
$
(3
)
 
$
—

 
$
—

2
Note 10
Foreign currency contracts:
 
 

 
 

 
 

 
 

 
 
In a receivable position
 
$
12

 
$
12

 
$
3

 
$
3

2
Note 10
In a payable position
 
$
(4
)
 
$
(4
)
 
$
(6
)
 
$
(6
)
2
Note 10
Restricted cash and cash equivalents(2)
 
$
29

 
$
29

 
$
18

 
$
18

1
 
Short-term borrowings
 
$
(7,094
)
 
$
(7,094
)
 
$
(6,958
)
 
$
(6,958
)
1
Note 8
Long-term debt
 
$
(20,537
)
 
$
(20,724
)
 
$
(21,569
)
 
$
(21,904
)
2
Note 9
Guarantees
 
$
(1
)
 
$
(1
)
 
$
—

 
$
—

3
Note 11
 
 
 
 
 
 
 
 
 
 
 
(1) As of December 31, 2016 and 2015, represents finance leases with a net carrying value of $6.11 billion and $6.45 billion, respectively.
(2) Included in Other assets in the Consolidated Statements of Financial Position.