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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2018
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, 2018
 
December 31, 2017
 
 
 
 
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
 
Fair Value
Levels
 
Reference
Cash and cash equivalents
$
735

 
$
735

 
$
708

 
$
708

 
1
 
 
Finance receivables, net (excluding finance leases(1))
$
20,253

 
$
20,209

 
$
20,063

 
$
20,019

 
3
 
Note 3
Interest rate contracts:
 
 
 
 
 
 
 
 
 
 
 
In a receivable position
$
2

 
$
2

 
$
3

 
$
3

 
2
 
Note 4
In a payable position
$
(3
)
 
$
(3
)
 
$
(2
)
 
$
(2
)
 
2
 
Note 4
Cross currency contracts:
 
 
 
 
 
 
 
 
 
 
 
In a receivable position
$
1

 
$
1

 
$
7

 
$
7

 
2
 
Note 4
In a payable position
$
(94
)
 
$
(94
)
 
$
(57
)
 
$
(57
)
 
2
 
Note 4
Foreign currency exchange contracts:
 
 
 
 
 
 
 
 
 
 
 
In a receivable position
$
14

 
$
14

 
$
12

 
$
12

 
2
 
Note 4
In a payable position
$
(19
)
 
$
(19
)
 
$
(9
)
 
$
(9
)
 
2
 
Note 4
Restricted cash and cash equivalents(2)
$
3

 
$
3

 
$
24

 
$
24

 
1
 
 
Short-term borrowings
$
(5,726
)
 
$
(5,726
)
 
$
(4,836
)
 
$
(4,836
)
 
1
 
 
Long-term debt
$
(21,594
)
 
$
(21,504
)
 
$
(22,106
)
 
$
(22,230
)
 
2
 
 
Guarantees
$
(1
)
 
$
(1
)
 
$
—

 
$
—

 
3
 
Note 7
 
 
 
 
 
 
 
 
 
 
 
 
(1) As of March 31, 2018 and December 31, 2017, represents finance leases with a net carrying value of $7.18 billion and $7.06 billion, respectively.
(2) Included in Other assets in the Consolidated Statements of Financial Position.