Short-term borrowings

12 Months Ended

Dec. 31, 2021

Short-term Debt [Abstract]

Short-term borrowings

Short-term borrowings

	December 31,
(Millions of dollars)	2021		2020
Machinery, Energy & Transportation:
Notes payable to banks	$	9	$	10
	9		10
Financial Products:
Notes payable to banks	213		307
Commercial paper	4,896		1,321
Demand notes	286		377
	5,395		2,005
Total short-term borrowings	$	5,404	$	2,015

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

	December 31,
	2021		2020
Notes payable to banks	4.4	%	3.7	%
Commercial paper	0.1	%	0.1	%
Demand notes	0.2	%	0.3	%

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