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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2017
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)
 
2017
 
2016
 
 
 
 
Carrying 
Amount
 
Fair 
Value
 
Carrying 
Amount
 
Fair
 Value
Fair
Value
Levels
Reference
Cash and cash equivalents
 
$
708

 
$
708

 
$
1,795

 
$
1,795

1
 
Finance receivables, net (excluding finance leases(1))
 
$
20,063

 
$
20,019

 
$
20,101

 
$
19,949

3
Note 2
Interest rate contracts:
 
 

 
 

 
 

 
 

 
 
In a net receivable position
 
$
3

 
$
3

 
$
4

 
$
4

2
Note 9
In a net payable position
 
$
(2
)
 
$
(2
)
 
$
(1
)
 
$
(1
)
2
Note 9
Cross currency contracts
 
 
 
 
 
 
 
 
 
 
In a receivable position
 
$
7

 
$
7

 
$
56

 
$
56

2
Note 9
In a payable position
 
$
(57
)
 
$
(57
)
 
$
(3
)
 
$
(3
)
2
Note 9
Foreign currency contracts:
 
 

 
 

 
 

 
 

 
 
In a receivable position
 
$
12

 
$
12

 
$
12

 
$
12

2
Note 9
In a payable position
 
$
(9
)
 
$
(9
)
 
$
(4
)
 
$
(4
)
2
Note 9
Restricted cash and cash equivalents(2)
 
$
24

 
$
24

 
$
29

 
$
29

1
 
Short-term borrowings
 
$
(4,836
)
 
$
(4,836
)
 
$
(7,094
)
 
$
(7,094
)
1
Note 7
Long-term debt
 
$
(22,106
)
 
$
(22,230
)
 
$
(20,537
)
 
$
(20,724
)
2
Note 8
Guarantees
 
$
—

 
$
—

 
$
(1
)
 
$
(1
)
3
Note 11
 
 
 
 
 
 
 
 
 
 
 
(1) As of December 31, 2017 and 2016, represents finance leases with a net carrying value of $7.06 billion and $6.11 billion, respectively.
(2) Included in Other assets in the Consolidated Statements of Financial Position.