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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Fair values of financial instruments
Fair values of our financial instruments were as follows:
(Millions of dollars)
March 31, 2020
 
December 31, 2019
 
 
 
 
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
 
Fair Value
Levels
 
Reference
Cash and cash equivalents
$
670

 
$
670

 
$
690

 
$
690

 
1
 
 
Restricted cash and cash equivalents(1)
$
4

 
$
4

 
$
5

 
$
5

 
1
 
 
Finance receivables, net (excluding finance leases(2))
$
19,231

 
$
19,271

 
$
20,022

 
$
20,133

 
3
 
Note 3
Interest rate contracts:
 
 
 
 
 
 
 
 
 
 
 
In a receivable position
$
61

 
$
61

 
$
5

 
$
5

 
2
 
Note 4
In a payable position
$
(31
)
 
$
(31
)
 
$
(25
)
 
$
(25
)
 
2
 
Note 4
Cross currency contracts:
 
 
 
 
 
 
 
 
 
 
 
In a receivable position
$
165

 
$
165

 
$
72

 
$
72

 
2
 
Note 4
In a payable position
$
(1
)
 
$
(1
)
 
$
(4
)
 
$
(4
)
 
2
 
Note 4
Foreign exchange contracts:
 
 
 
 
 
 
 
 
 
 
 
In a receivable position
$
75

 
$
75

 
$
7

 
$
7

 
2
 
Note 4
In a payable position
$
(28
)
 
$
(28
)
 
$
(21
)
 
$
(21
)
 
2
 
Note 4
Short-term borrowings
$
(4,789
)
 
$
(4,789
)
 
$
(5,161
)
 
$
(5,161
)
 
1
 
 
Long-term debt
$
(23,163
)
 
$
(23,226
)
 
$
(23,334
)
 
$
(23,655
)
 
2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Included in Other assets in the Consolidated Statements of Financial Position.
(2) Represents finance leases and failed sale leasebacks of $7.34 billion and $7.81 billion as of March 31, 2020 and December 31, 2019, respectively.