Short-term borrowings (Tables)

12 Months Ended

Dec. 31, 2014

Short-term Borrowings Disclosure [Abstract]

Short-term borrowings

	December 31,
(Millions of dollars)	2014		2013		2012
Machinery, Energy & Transportation:
Notes payable to banks	$	9	$	16	$	484
Notes payable to certain former shareholders of Siwei	—		—		152
Commercial paper	—		—		—
	9		16		636
Financial Products:
Notes payable to banks	411		545		418
Commercial paper	3,688		2,502		3,654
Demand notes	600		616		579
	4,699		3,663		4,651
Total short-term borrowings	$	4,708	$	3,679	$	5,287

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

	December 31,
	2014		2013		2012
Notes payable to banks	6.8	%	6.3	%	5.8	%
Commercial paper	0.3	%	0.5	%	0.6	%
Demand notes	0.8	%	0.8	%	0.8	%