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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 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)
 
2018
 
2017
 
 
 
 
Carrying 
Amount
 
Fair 
Value
 
Carrying 
Amount
 
Fair
 Value
Fair
Value
Levels
Reference
Cash and cash equivalents
 
$
766

 
$
766

 
$
708

 
$
708

1
 
Restricted cash and cash equivalents(2)
 
$
7

 
$
7

 
$
24

 
$
24

1
 
Finance receivables, net (excluding finance leases(1))
 
$
20,451

 
$
20,510

 
$
20,063

 
$
20,019

3
Note 2
Interest rate contracts:
 
 

 
 

 
 

 
 

 
 
In a receivable position
 
$
4

 
$
4

 
$
3

 
$
3

2
Note 9
In a payable position
 
$
(40
)
 
$
(40
)
 
$
(2
)
 
$
(2
)
2
Note 9
Cross currency contracts
 
 
 
 
 
 
 
 
 
 
In a receivable position
 
$
93

 
$
93

 
$
7

 
$
7

2
Note 9
In a payable position
 
$
(11
)
 
$
(11
)
 
$
(57
)
 
$
(57
)
2
Note 9
Foreign exchange contracts:
 
 

 
 

 
 

 
 

 
 
In a receivable position
 
$
15

 
$
15

 
$
12

 
$
12

2
Note 9
In a payable position
 
$
(12
)
 
$
(12
)
 
$
(9
)
 
$
(9
)
2
Note 9
Short-term borrowings
 
$
(5,723
)
 
$
(5,723
)
 
$
(4,836
)
 
$
(4,836
)
1
Note 7
Long-term debt
 
$
(22,815
)
 
$
(22,684
)
 
$
(22,106
)
 
$
(22,230
)
2
Note 8
Guarantees
 
$
—

 
$
—

 
$
—

 
$
—

3
Note 11
 
 
 
 
 
 
 
 
 
 
 
(1) As of December 31, 2018 and 2017, represents finance leases with a net carrying value of $7.47 billion and $7.06 billion, respectively.
(2) Included in Other assets in the Consolidated Statements of Financial Position.