New Accounting Pronouncements (Tables)

9 Months Ended

Sep. 30, 2020

Accounting Standards Update and Change in Accounting Principle [Abstract]

Schedule of cumulative effect of initially applying the new credit loss guidance

The cumulative effect of initially applying the new credit loss guidance to our consolidated financial statements on January 1, 2020 was as follows:

Consolidated Statement of Financial Position (Millions of dollars)	Balance as of December 31, 2019		Cumulative Impact from Adopting New Credit Loss Standard		Balance as of January 1, 2020
Assets:
Finance receivables, net	$	27,832	$	42	$	27,874
Other assets	$	1,292	$	(53)	$	1,239
Liabilities:
Other liabilities	$	893	$	2	$	895
Shareholder's equity
Retained earnings	$	3,162	$	(13)	$	3,149