v3.25.4
Short-term borrowings
12 Months Ended
Dec. 31, 2025
Short-Term Debt [Abstract]  
Short-term borrowings Short-term borrowings
 
 December 31,
(Millions of dollars)20252024
Machinery, Power & Energy:  
Notes payable to banks$ $— 
  — 
Financial Products:  
Commercial paper5,408 3,946 
Notes payable to banks106 165 
Demand notes 282 
 5,514 4,393 
Total short-term borrowings$5,514 $4,393 
 
The weighted-average interest rates on short-term borrowings outstanding were:

 December 31,
 20252024
Commercial paper3.8 %4.5 %
Notes payable to banks10.1 %10.8 %
Demand notes %4.2 %
 
Please refer to Note 18 for fair value information on short-term borrowings.