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Fair Values of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2016
Fair Value Of Financial Instruments [Abstract]  
Estimated Fair Values
Estimated fair values, carrying values and various methods and assumptions used in valuing our financial instruments are set forth below (in millions):
 
 
 
March 31, 2016
 
December 31, 2015
 
Level
 
Carrying
Value
 
Estimated
Fair Value
 
Carrying
Value
 
Estimated
Fair Value
Financial assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents(a)
1
 
$
2,898

 
$
2,898

 
$
3,061

 
$
3,061

Retail finance receivables, net
3
 
$
29,476

 
$
29,784

 
$
28,390

 
$
28,545

Commercial finance receivables, net(b)
2
 
$
9,182

 
$
9,182

 
$
8,392

 
$
8,392

Restricted cash(a)
1
 
$
2,130

 
$
2,130

 
$
1,941

 
$
1,941

Financial liabilities
 
 
 
 
 
 
 
 
 
Secured debt
 
 
 
 
 
 
 
 
 
North America(c)
2
 
$
25,231

 
$
25,285

 
$
23,151

 
$
23,182

International(d)
2
 
$
2,852

 
$
2,852

 
$
3,122

 
$
3,125

International(e)
3
 
$
4,650

 
$
4,636

 
$
4,416

 
$
4,364

Unsecured debt
 
 
 
 
 
 
 
 
 
North America(f)
2
 
$
20,523

 
$
20,867

 
$
17,731

 
$
17,792

International(g)
2
 
$
5,733

 
$
5,751

 
$
4,605

 
$
4,617

International(e)
3
 
$
1,382

 
$
1,381

 
$
1,321

 
$
1,317

_________________
(a)
Cash and cash equivalents bear interest at market rates; therefore, carrying value is considered to be a reasonable estimate of fair value.
(b)
The fair value commercial finance receivables is assumed to be carrying value, as the receivables generally have variable interest rates and maturities of one year or less.
(c)
Secured debt in the North America Segment is comprised of revolving credit facilities, publicly-issued secured debt, and privately-issued secured debt, and is valued using level 2 inputs. For the revolving credit facilities with variable rates of interest and terms of one year or less, carrying value is considered to be a reasonable estimate of fair value. The fair value of the publicly-issued secured debt is based on quoted market prices of identical instruments in thinly-traded markets, when available. If quoted market prices are not available, and for determining the fair value of privately-issued secured debt, the market value is estimated using quoted market prices of similar securities.
(d)
The fair value is assumed to be par value, as the debt has terms of one year or less, or has been priced within the last six months.
(e)
The fair value is estimated by discounting future net cash flows expected to be settled, which is an unobservable input, using current risk-adjusted rates.
(f)
The fair value is based on quoted market prices of identical instruments in thinly-traded markets.
(g)
The fair value of senior notes is based on quoted market prices of identical instruments in thinly-traded markets. The fair value of the remaining level 2 unsecured debt is assumed to be par value, as the debt has terms of one year or less.