Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair values of financial instruments

Fair values of our financial instruments were as follows:

(Millions of dollars)	September 30, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Levels	Reference
Cash and cash equivalents	$	678	$	678	$	690	$	690	1
Restricted cash and cash equivalents(1)	$	4	$	4	$	5	$	5	1
Finance receivables, net (excluding finance leases(2))	$	18,359	$	18,662	$	20,022	$	20,133	3	Note 3
Interest rate contracts:
In a receivable position	$	63	$	63	$	5	$	5	2	Note 4
In a payable position	$	(12)	$	(12)	$	(25)	$	(25)	2	Note 4
Cross currency contracts:
In a receivable position	$	28	$	28	$	72	$	72	2	Note 4
In a payable position	$	(39)	$	(39)	$	(4)	$	(4)	2	Note 4
Foreign exchange contracts:
In a receivable position	$	57	$	57	$	7	$	7	2	Note 4
In a payable position	$	(18)	$	(18)	$	(21)	$	(21)	2	Note 4
Short-term borrowings	$	(2,660)	$	(2,660)	$	(5,161)	$	(5,161)	1
Long-term debt	$	(24,327)	$	(24,982)	$	(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 $7.66 billion and $7.81 billion as of September 30, 2020 and December 31, 2019, respectively.