Short-term borrowings

12 Months Ended

Dec. 31, 2024

Short-Term Debt [Abstract]

Short-term borrowings

Short-term borrowings

	December 31,
(Millions of dollars)	2024		2023
Machinery, Energy & Transportation:
Notes payable to banks	$	—	$	—
	—		—
Financial Products:
Commercial paper	3,946		4,069
Notes payable to banks	165		330
Demand notes	282		244
	4,393		4,643
Total short-term borrowings	$	4,393	$	4,643

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

	December 31,
	2024		2023
Commercial paper	4.5	%	5.2	%
Notes payable to banks	10.8	%	10.0	%
Demand notes	4.2	%	5.2	%

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