Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Fair Value of Financial Instruments

Fair values of our financial instruments not carried at fair value were as follows:

(Millions of dollars)	March 31, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Levels	Reference
Assets
Finance receivables, net (excluding finance leases(1))	$	22,376	$	21,984	$	22,026	$	21,593	3	Note 3
Liabilities
Long-term debt	$	26,487	$	26,448	$	25,406	$	25,304	2

(1)    Represents finance leases and failed sale leasebacks of $7.02 billion and $6.94 billion as of March 31, 2025 and December 31, 2024, respectively.