v3.25.4
Long-term debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-term debt
 December 31,
(Millions of dollars)
Effective Yield to Maturity 1
20252024
Machinery, Power & Energy:  
Notes—$759 million of 5.200% due 2041 2
5.27%$753 $753 
Debentures—$193 million of 6.625% due 2028 2
6.68%193 193 
Debentures—$500 million of 2.600% due 2029 2
2.67%499 498 
Debentures—$800 million of 2.600% due 2030 2
2.72%796 796 
Debentures—$500 million of 1.900% due 2031 2
2.04%497 496 
Debentures—$242 million of 7.300% due 2031 2
7.38%241 241 
Debentures—$1,700 million of 5.200% due 2035 2
5.30%1,688 — 
Debentures—$307 million of 5.300% due 2035 2
8.64%241 237 
Debentures—$460 million of 6.050% due 2036 2
6.12%457 457 
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%1,395 1,375 
Debentures—$500 million of 4.300% due 2044
4.39%494 494 
Debentures—$1,000 million of 3.250% due 2049 2
3.34%985 984 
Debentures—$1,200 million of 3.250% due 2050 2
3.32%1,187 1,186 
Debentures—$300 million of 5.500% due 2055 2
5.74%289 — 
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
6 (103)
Total Machinery, Power & Energy10,678 8,564 
Financial Products:  
Medium-term notes19,675 18,568 
Other343 219 
Total Financial Products20,018 18,787 
Total long-term debt due after one year$30,696 $27,351 

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 $(88) million and $(170) million of mark-to-market adjustments related to fair value interest rate swap contracts as of December 31, 2025 and 2024, respectively.
Aggregate amounts of maturities of long-term debt
The aggregate amounts of maturities of long-term debt during each of the years 2026 through 2030, including amounts due within one year and classified as current, are:

 December 31,
(Millions of dollars)20262027202820292030
Machinery, Power & Energy$35 $30 $219 $522 $805 
Financial Products7,085 8,890 7,528 2,590 456 
 $7,120 $8,920 $7,747 $3,112 $1,261