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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Fair values of financial instruments
Fair values of our financial instruments were as follows:
(Millions of dollars)
 
2019
 
2018
 
 
 
 
Carrying 
Amount
 
Fair 
Value
 
Carrying 
Amount
 
Fair
 Value
Fair
Value
Levels
Reference
Cash and cash equivalents
 
$
690

 
$
690

 
$
766

 
$
766

1
 
Restricted cash and cash equivalents(2)
 
$
5

 
$
5

 
$
7

 
$
7

1
 
Finance receivables, net (excluding finance leases(1))
 
$
20,022

 
$
20,133

 
$
20,451

 
$
20,510

3
Note 2
Interest rate contracts:
 
 

 
 

 
 

 
 

 
 
In a receivable position
 
$
5

 
$
5

 
$
4

 
$
4

2
Note 9
In a payable position
 
$
(25
)
 
$
(25
)
 
$
(40
)
 
$
(40
)
2
Note 9
Cross currency contracts
 
 
 
 
 
 
 
 
 
 
In a receivable position
 
$
72

 
$
72

 
$
93

 
$
93

2
Note 9
In a payable position
 
$
(4
)
 
$
(4
)
 
$
(11
)
 
$
(11
)
2
Note 9
Foreign exchange contracts:
 
 

 
 

 
 

 
 

 
 
In a receivable position
 
$
7

 
$
7

 
$
15

 
$
15

2
Note 9
In a payable position
 
$
(21
)
 
$
(21
)
 
$
(12
)
 
$
(12
)
2
Note 9
Short-term borrowings
 
$
(5,161
)
 
$
(5,161
)
 
$
(5,723
)
 
$
(5,723
)
1
Note 7
Long-term debt
 
$
(23,334
)
 
$
(23,655
)
 
$
(22,815
)
 
$
(22,684
)
2
Note 8
Guarantees
 
$
—

 
$
—

 
$
—

 
$
—

3
Note 11
 
 
 
 
 
 
 
 
 
 
 
(1) Represents finance leases and failed sale leasebacks of $7.81 billion as of December 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.