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Short-term borrowings (Tables)
 12 Months Ended
Dec. 31, 2018
Short-term Borrowings Disclosure [Abstract]  
Short-term borrowings
 
 
December 31,
(Millions of dollars)
 
2018
 
2017
 
Machinery, Energy & Transportation:
 
 

 
 

 
Notes payable to banks
 
$
—

 
$
1

 
 
 
—

 
1

 
Financial Products:
 
 

 
 

 
Notes payable to banks
 
526

 
675

 
Commercial paper
 
4,759

 
3,680

 
Demand notes
 
438

 
481

 
 
 
5,723

 
4,836

 
Total short-term borrowings
 
$
5,723

 
$
4,837

 
 
 
 
 
 
 

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

 
 
December 31,
 
 
2018
 
2017
 
Notes payable to banks
 
5.3
%
 
5.2
%
 
Commercial paper
 
2.0
%
 
1.1
%
 
Demand notes
 
2.2
%
 
1.1
%