Long-term debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-term debt

		December 31,
(Millions of dollars)	Effective Yield to Maturity 1	2023		2022
Machinery, Energy & Transportation:
Notes—$759 million of 5.200% due 2041 2	5.27%	$	752	$	752
Debentures—$1,000 million of 3.400% due 2024	3.46%	—		999
Debentures—$193 million of 6.625% due 2028 2	6.68%	193		192
Debentures—$500 million of 2.600% due 2029 2	2.67%	498		498
Debentures—$800 million of 2.600% due 2030 2	2.72%	795		794
Debentures—$500 million of 1.900% due 2031 2	2.04%	496		495
Debentures—$242 million of 7.300% due 2031 2	7.38%	241		240
Debentures—$307 million of 5.300% due 2035 2	8.64%	233		229
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%	1,355		1,336
Debentures—$500 million of 4.300% due 2044	4.39%	494		493
Debentures—$1,000 million of 3.250% due 2049 2	3.34%	984		983
Debentures—$1,200 million of 3.250% due 2050 2	3.32%	1,186		1,186
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 & other 3		(61)		(112)
Total Machinery, Energy & Transportation		8,579		9,498
Financial Products:
Medium-term notes		15,581		15,940
Other		312		276
Total Financial Products		15,893		16,216
Total long-term debt due after one year		$	24,472	$	25,714

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.

3    Includes $(133) million and $(168) million of mark-to-market adjustments related to fair value interest rate swap contracts as of December 31, 2023 and 2022, respectively.

Aggregate amounts of maturities of long-term debt

The aggregate amounts of maturities of long-term debt during each of the years 2024 through 2028, including amounts due within one year and classified as current, are:

	December 31,
(Millions of dollars)	2024		2025		2026		2027		2028
Machinery, Energy & Transportation	$	1,044	$	19	$	15	$	13	$	199
Financial Products	7,719		7,811		5,634		2,479		14
	$	8,763	$	7,830	$	5,649	$	2,492	$	213