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Long-term debt
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Long-term debt Long-term debt
 December 31,
(Millions of dollars)
Effective Yield to Maturity 1
20212020
Machinery, Energy & Transportation:  
Notes—$759 million of 5.200% due 2041 2
5.27%$752 $752 
Debentures—$500 million of 2.600% due 2022 2
2.70%— 499 
Debentures—$82 million of 8.000% due 2023
8.06%82 82 
Debentures—$1,000 million of 3.400% due 2024
3.46%999 998 
Debentures—$193 million of 6.625% due 2028 2
6.68%192 192 
Debentures—$500 million of 2.600% due 2029 2
2.67%498 497 
Debentures—$800 million of 2.600% due 2030 2
2.72%793 793 
Debentures—$500 million of 1.900% due 2031 2
2.04%495 — 
Debentures—$242 million of 7.300% due 2031 2
7.38%240 240 
Debentures—$307 million of 5.300% due 2035 2
8.64%226 223 
Debentures—$460 million of 6.050% due 2036 2
6.12%456 456 
Debentures—$65 million of 8.250% due 2038 2
8.38%64 64 
Debentures—$160 million of 6.950% due 2042 2
7.02%158 158 
Debentures—$1,722 million of 3.803% due 2042 2
6.39%1,316 1,296 
Debentures—$500 million of 4.300% due 2044
4.39%493 493 
Debentures—$1,000 million of 3.250% due 2049 2
3.34%983 983 
Debentures—$1,200 million of 3.250% due 2050 2
3.32%1,185 1,185 
Debentures—$500 million of 4.750% due 2064
4.81%494 494 
Debentures—$246 million of 7.375% due 2097 2
7.51%241 241 
Finance lease obligations & other79 103 
Total Machinery, Energy & Transportation9,746 9,749 
Financial Products:  
Medium-term notes16,127 16,012 
Other160 238 
Total Financial Products16,287 16,250 
Total long-term debt due after one year$26,033 $25,999 

1    Effective yield to maturity includes the impact of discounts, premiums and debt issuance costs.
2    Redeemable at our option in whole or in part at any time at a redemption price equal to the greater of (i) 100% of the principal amount or (ii) the discounted present value of the notes or debentures, calculated in accordance with the terms of such notes or debentures.

All outstanding notes and debentures are unsecured and rank equally with one another.

On April 9, 2020, we issued $1.2 billion of 3.250% Senior Notes due 2050 and $800 million of 2.600% Senior Notes due 2030. On March 12, 2021 we issued $500 million of 1.900% Senior Notes due 2031.

Cat Financial’s medium-term notes are offered by prospectus and are issued through agents at fixed and floating rates. Medium-term notes due after one year have a weighted average interest rate of 1.5% with remaining maturities up to 6 years at December 31, 2021.
 
The aggregate amounts of maturities of long-term debt during each of the years 2022 through 2026, including amounts due within one year and classified as current, are:

 December 31,
(Millions of dollars)20222023202420252026
Machinery, Energy & Transportation$45 $103 $1,013 $10 $6 
Financial Products6,307 5,221 7,129 1,629 1,555 
 $6,352 $5,324 $8,142 $1,639 $1,561 

The above table includes $5 million of medium-term notes that can be called at par.

Medium-term notes of $1.35 billion maturing in the first quarter of 2022 were excluded from the current maturities of long-term debt in Statement 3 as of December 31, 2021 due to a $2.0 billion issuance of medium-term notes on January 10, 2022 of which $1.5 billion mature in 2024 and $500 million mature in 2027. The preceding maturity table reflects the reclassification of $1.35 billion from maturities in 2022 to 2024.

Interest paid on short-term and long-term borrowings for 2021, 2020 and 2019 was $920 million, $1,089 million and $1,057 million, respectively.
 
Please refer to Note 18 for fair value information on long-term debt.