Short-term borrowings

12 Months Ended

Dec. 31, 2017

Short-term Borrowings Disclosure [Abstract]

Short-term borrowings

Short-term borrowings

	December 31,
(Millions of dollars)	2017		2016
Machinery, Energy & Transportation:
Notes payable to banks	$	1	$	59
Commercial paper	—		150
	1		209
Financial Products:
Notes payable to banks	675		553
Commercial paper	3,680		5,985
Demand notes	481		556
	4,836		7,094
Total short-term borrowings	$	4,837	$	7,303

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

	December 31,
	2017		2016
Notes payable to banks	5.2	%	7.0	%
Commercial paper	1.1	%	0.9	%
Demand notes	1.1	%	0.9	%

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