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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2019
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, 2019
 
December 31, 2018
 
 
 
 
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
 
Fair Value
Levels
 
Reference
Cash and cash equivalents
$
658

 
$
658

 
$
766

 
$
766

 
1
 
 
Restricted cash and cash equivalents(2)
$
4

 
$
4

 
$
7

 
$
7

 
1
 
 
Finance receivables, net (excluding finance leases(1))
$
20,281

 
$
20,392

 
$
20,451

 
$
20,510

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

 
$
3

 
$
4

 
$
4

 
2
 
Note 5
In a payable position
$
(58
)
 
$
(58
)
 
$
(40
)
 
$
(40
)
 
2
 
Note 5
Cross currency contracts:
 
 
 
 
 
 
 
 
 
 
 
In a receivable position
$
94

 
$
94

 
$
93

 
$
93

 
2
 
Note 5
In a payable position
$
(6
)
 
$
(6
)
 
$
(11
)
 
$
(11
)
 
2
 
Note 5
Foreign exchange contracts:
 
 
 
 
 
 
 
 
 
 
 
In a receivable position
$
9

 
$
9

 
$
15

 
$
15

 
2
 
Note 5
In a payable position
$
(12
)
 
$
(12
)
 
$
(12
)
 
$
(12
)
 
2
 
Note 5
Short-term borrowings
$
(5,586
)
 
$
(5,586
)
 
$
(5,723
)
 
$
(5,723
)
 
1
 
 
Long-term debt
$
(22,529
)
 
$
(22,633
)
 
$
(22,815
)
 
$
(22,684
)
 
2
 
 
Guarantees
$
(3
)
 
$
(3
)
 
$
—

 
$
—

 
3
 
Note 8
 
 
 
 
 
 
 
 
 
 
 
 
(1) Represents finance leases and failed sale leasebacks of $7.50 billion as of March 31, 2019 and finance leases of $7.47 billion as of December 31, 2018.
(2) Included in Other assets in the Consolidated Statements of Financial Position.