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Short-term borrowings (Tables)
 12 Months Ended
Dec. 31, 2019
Short-term Borrowings Disclosure [Abstract]  
Short-term borrowings
 
 
December 31,
(Millions of dollars)
 
2019
 
2018
 
Machinery, Energy & Transportation:
 
 

 
 

 
Notes payable to banks
 
$
5

 
$
—

 
 
 
5

 
—

 
Financial Products:
 
 

 
 

 
Notes payable to banks
 
605

 
526

 
Commercial paper
 
4,168

 
4,759

 
Demand notes
 
388

 
438

 
 
 
5,161

 
5,723

 
Total short-term borrowings
 
$
5,166

 
$
5,723

 
 
 
 
 
 
 

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

 
 
December 31,
 
 
2019
 
2018
 
Notes payable to banks
 
5.0
%
 
5.3
%
 
Commercial paper
 
1.3
%
 
2.0
%
 
Demand notes
 
1.7
%
 
2.2
%