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Short-term borrowings (Tables)
 12 Months Ended
Dec. 31, 2016
Short-term Borrowings Disclosure [Abstract]  
Short-term borrowings
 
 
December 31,
(Millions of dollars)
 
2016
 
2015
 
Machinery, Energy & Transportation:
 
 

 
 

 
Notes payable to banks
 
$
59

 
$
9

 
Commercial paper
 
150

 
—

 
 
 
209

 
9

 
Financial Products:
 
 

 
 

 
Notes payable to banks
 
553

 
440

 
Commercial paper
 
5,985

 
5,811

 
Demand notes
 
556

 
707

 
 
 
7,094

 
6,958

 
Total short-term borrowings
 
$
7,303

 
$
6,967

 
 
 
 
 
 
 

 
The weighted-average interest rates on short-term borrowings outstanding were:
 
 
December 31,
 
 
2016
 
2015
 
Notes payable to banks
 
7.0
%
 
9.2
%
 
Commercial paper
 
0.9
%
 
0.5
%
 
Demand notes
 
0.9
%
 
0.8
%