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Fair Value Disclosures (Tables)
 3 Months Ended
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 1Level 2Level 3Measured at NAVTotal
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 securities9 3,307 — — 3,316 
Equity securities    
Large capitalization value267 — — — 267 
Smaller company growth39 — — — 39 
REIT— — — 168 168 
Total equity securities306 — — 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 1Level 2Level 3Measured at NAVTotal
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 securities10 4,032 — — 4,042 
Equity securities    
Large capitalization value261 — — — 261 
Smaller company growth41 — — — 41 
REIT— — — 167 167 
Total equity securities302 — — 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, 2025December 31, 2024 
(Millions of dollars)
Carrying
 Amount
Fair
 Value
Carrying
 Amount
Fair
 Value
Fair Value LevelsReference
Assets     
Finance receivables – net (excluding finance leases 1 )
$16,420 $16,075 $16,180 $15,788 3Note 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 & Transportation8,647 8,101 8,610 7,980 2 
Financial Products26,487 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.