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Fair Value Disclosures (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Assets and liabilities measured on a recurring basis at fair value | Assets and liabilities measured on a recurring basis at fair value included in our Consolidated Statement of Financial Position as of March 31, 2025 and December 31, 2024 were as follows:
| March 31, 2025
(Millions of dollars) | Level 1 |  | Level 2 |  | Level 3 |  | Measured at NAV |  | Total Assets / Liabilities, at Fair Value
Assets |  |  |  |  |  |  |  |  |
Debt securities |  |  |  |  |  |  |  |  |
Government debt securities |  |  |  |  |  |  |  |  |
U.S. treasury bonds | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |
Other U.S. and non-U.S. government bonds | — |  |  | 68 |  |  | — |  |  | — |  |  | 68 |
Corporate debt securities |  |  |  |  |  |  |  |  |
Corporate bonds and other debt securities | — |  |  | 2,423 |  |  | — |  |  | — |  |  | 2,423 |
Asset-backed securities | — |  |  | 222 |  |  | — |  |  | — |  |  | 222 |
Mortgage-backed debt securities |  |  |  |  |  |  |  |  |
U.S. governmental agency | — |  |  | 465 |  |  | — |  |  | — |  |  | 465 |
Residential | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Commercial | — |  |  | 127 |  |  | — |  |  | — |  |  | 127 |
Total debt securities | 9 |  |  | 3,307 |  |  | — |  |  | — |  |  | 3,316 |
Equity securities |  |  |  |  |  |  |  |  |
Large capitalization value | 267 |  |  | — |  |  | — |  |  | — |  |  | 267 |
Smaller company growth | 39 |  |  | — |  |  | — |  |  | — |  |  | 39 |
REIT | — |  |  | — |  |  | — |  |  | 168 |  |  | 168 |
Total equity securities | 306 |  |  | — |  |  | — |  |  | 168 |  |  | 474 |
Derivative financial instruments - assets |  |  |  |  |  |  |  |  |
Foreign currency contracts - net | — |  |  | 109 |  |  | — |  |  | — |  |  | 109 |
Commodity contracts - net | — |  |  | 3 |  |  | — |  |  | — |  |  | 3 |
Total assets | $ | 315 |  |  | $ | 3,419 |  |  | $ | — |  |  | $ | 168 |  |  | $ | 3,902 |
Liabilities |  |  |  |  |  |  |  |  |
Derivative financial instruments - liabilities |  |  |  |  |  |  |  |  |
Interest rate contracts - net | $ | — |  |  | $ | 101 |  |  | $ | — |  |  | $ | — |  |  | $ | 101 |
Total return swap contracts - net | — |  |  | 26 |  |  | — |  |  | — |  |  | 26 |
Total liabilities | $ | — |  |  | $ | 127 |  |  | $ | — |  |  | $ | — |  |  | $ | 127 |
| December 31, 2024
(Millions of dollars) | Level 1 |  | Level 2 |  | Level 3 |  | Measured at NAV |  | Total Assets / Liabilities, at Fair Value
Assets |  |  |  |  |  |  |  |  |
Debt securities |  |  |  |  |  |  |  |  |
Government debt securities |  |  |  |  |  |  |  |  |
U.S. treasury bonds | $ | 10 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10 |
Other U.S. and non-U.S. government bonds | — |  |  | 68 |  |  | — |  |  | — |  |  | 68 |
Corporate debt securities |  |  |  |  |  |  |  |  |
Corporate bonds and other debt securities | — |  |  | 3,170 |  |  | — |  |  | — |  |  | 3,170 |
Asset-backed securities | — |  |  | 219 |  |  | — |  |  | — |  |  | 219 |
Mortgage-backed debt securities |  |  |  |  |  |  |  |  |
U.S. governmental agency | — |  |  | 443 |  |  | — |  |  | — |  |  | 443 |
Residential | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Commercial | — |  |  | 130 |  |  | — |  |  | — |  |  | 130 |
Total debt securities | 10 |  |  | 4,032 |  |  | — |  |  | — |  |  | 4,042 |
Equity securities |  |  |  |  |  |  |  |  |
Large capitalization value | 261 |  |  | — |  |  | — |  |  | — |  |  | 261 |
Smaller company growth | 41 |  |  | — |  |  | — |  |  | — |  |  | 41 |
REIT | — |  |  | — |  |  | — |  |  | 167 |  |  | 167 |
Total equity securities | 302 |  |  | — |  |  | — |  |  | 167 |  |  | 469 |
Derivative financial instruments - assets |  |  |  |  |  |  |  |  |
Foreign currency contracts - net | — |  |  | 117 |  |  | — |  |  | — |  |  | 117 |
Total Assets | $ | 312 |  |  | $ | 4,149 |  |  | $ | — |  |  | $ | 167 |  |  | $ | 4,628 |
Liabilities |  |  |  |  |  |  |  |  |
Derivative financial instruments - liabilities |  |  |  |  |  |  |  |  |
Interest rate contracts - net | $ | — |  |  | $ | 191 |  |  | $ | — |  |  | $ | — |  |  | $ | 191 |
Commodity contracts - net | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Total return swap contracts - net | — |  |  | 33 |  |  | — |  |  | — |  |  | 33 |
Total liabilities | $ | — |  |  | $ | 226 |  |  | $ | — |  |  | $ | — |  |  | $ | 226 |
Fair values of financial instruments | Our financial instruments not carried at fair value were as follows:
|  | March 31, 2025 |  | December 31, 2024 |  |  |  |
(Millions of dollars) |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |  | Fair Value Levels |  | Reference
Assets |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables – net (excluding finance leases 1 ) |  | $ | 16,420 |  |  | $ | 16,075 |  |  | $ | 16,180 |  |  | $ | 15,788 |  |  | 3 |  | Note 17
Wholesale inventory receivables – net (excluding finance leases 1) |  | 1,484 |  |  | 1,437 |  |  | 1,568 |  |  | 1,527 |  |  | 3 |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt (including amounts due within one year) |  |  |  |  |  |  |  |  |  |
Machinery, Energy & Transportation |  | 8,647 |  |  | 8,101 |  |  | 8,610 |  |  | 7,980 |  |  | 2 |  |
Financial Products |  | 26,487 |  |  | 26,448 |  |  | 25,406 |  |  | 25,304 |  |  | 2 |  |
1 Represents finance leases and failed sale leasebacks of $6,829 million and $6,769 million at March 31, 2025 and December 31, 2024, respectively.

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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