Short-term borrowings

12 Months Ended

Dec. 31, 2015

Short-term Borrowings Disclosure [Abstract]

Short-term borrowings

Short-term borrowings

	December 31,
(Millions of dollars)	2015		2014
Machinery, Energy & Transportation:
Notes payable to banks	$	9	$	9
Commercial paper	—		—
	9		9
Financial Products:
Notes payable to banks	440		411
Commercial paper	5,811		3,688
Demand notes	707		600
	6,958		4,699
Total short-term borrowings	$	6,967	$	4,708

The weighted-average interest rates on short-term borrowings outstanding were:

	December 31,
	2015		2014
Notes payable to banks	9.2	%	6.8	%
Commercial paper	0.5	%	0.3	%
Demand notes	0.8	%	0.8	%

Please refer to Note 18 and Table III for fair value information on short-term borrowings.