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Long-term debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long-term debt Long-term debt
 December 31,
(Millions of dollars)
Effective Yield to Maturity 1
20242023
Machinery, Energy & Transportation:  
Notes—$759 million of 5.200% due 2041 2
5.27%$753 $752 
Debentures—$193 million of 6.625% due 2028 2
6.68%193 193 
Debentures—$500 million of 2.600% due 2029 2
2.67%498 498 
Debentures—$800 million of 2.600% due 2030 2
2.72%796 795 
Debentures—$500 million of 1.900% due 2031 2
2.04%496 496 
Debentures—$242 million of 7.300% due 2031 2
7.38%241 241 
Debentures—$307 million of 5.300% due 2035 2
8.64%237 233 
Debentures—$460 million of 6.050% due 2036 2
6.12%457 456 
Debentures—$65 million of 8.250% due 2038 2
8.38%64 64 
Debentures—$160 million of 6.950% due 2042 2
7.02%158 158 
Debentures—$1,722 million of 3.803% due 2042 2
6.39%1,375 1,355 
Debentures—$500 million of 4.300% due 2044
4.39%494 494 
Debentures—$1,000 million of 3.250% due 2049 2
3.34%984 984 
Debentures—$1,200 million of 3.250% due 2050 2
3.32%1,186 1,186 
Debentures—$500 million of 4.750% due 2064
4.81%494 494 
Debentures—$246 million of 7.375% due 2097 2
7.51%241 241 
Finance lease obligations & other 3
(103)(61)
Total Machinery, Energy & Transportation8,564 8,579 
Financial Products:  
Medium-term notes18,568 15,581 
Other219 312 
Total Financial Products18,787 15,893 
Total long-term debt due after one year$27,351 $24,472 

1    Effective yield to maturity includes the impact of discounts, premiums and debt issuance costs.
2    Redeemable at our option in whole or in part at any time at a redemption price equal to the greater of (i) 100% of the principal amount or (ii) the discounted present value of the notes or debentures, calculated in accordance with the terms of such notes or debentures.
3    Includes $(170) million and $(133) million of mark-to-market adjustments related to fair value interest rate swap contracts as of December 31, 2024 and 2023, respectively.


All outstanding notes and debentures are unsecured and rank equally with one another.

Cat Financial’s medium-term notes are offered by prospectus and are issued through agents at fixed and floating rates. Medium-term notes due after one year have a weighted average interest rate of 4.0% with remaining maturities up to 5 years at December 31, 2024.
 
The aggregate amounts of maturities of long-term debt during each of the years 2025 through 2029, including amounts due within one year and classified as current, are:

 December 31,
(Millions of dollars)20252026202720282029
Machinery, Energy & Transportation$46 $21 $17 $203 $503 
Financial Products6,619 8,508 7,741 11 2,093 
 $6,665 $8,529 $7,758 $214 $2,596 

Medium-term notes of $1.25 billion maturing in the first quarter of 2025 were excluded from the current maturities of long-term debt in Statement 3 as of December 31, 2024 due to a $1.25 billion issuance of medium-term notes on January 8, 2025 of which $800 million and $450 million mature in 2027 and 2030, respectively. The preceding maturity table reflects the reclassification of $1.25 billion from maturities in 2025 to $800 million in 2027 and $450 million in 2030.

Interest paid on short-term and long-term borrowings for 2024, 2023 and 2022 was $1,738 million, $1,435 million and $959 million, respectively.
 
Please refer to Note 18 for fair value information on long-term debt.