Short-Term Borrowings

12 Months Ended

Dec. 31, 2011

Short-Term Borrowings

Short-Term Borrowings

NOTE 6 – SHORT-TERM BORROWINGS

Short-term borrowings outstanding as of December 31, were comprised of the following:

(Millions of dollars)	2011				2010				2009
	Balance		Avg. Rate		Balance		Avg. Rate		Balance			Avg. Rate
Commercial paper, net	$	2,818		1.0%	$	2,710		1.5%	$	2,233			1.3%
Bank Borrowings		527		7.3%		479		4.9%		793	(1)		5.7%
Variable denomination floating rate demand notes		550		0.9%		663		1.1%		695			2.0%
Total	$	3,895			$	3,852			$	3,721

(1)Includes an $11 million short-term note, net.