CATERPILLAR INC | 2013 | FY | 3

Short-term borrowings
 
 
 
December 31,
(Millions of dollars)
 
2013
 
2012
 
2011
Machinery and Power Systems:
 
 

 
 

 
 

Notes payable to banks
 
$
16

 
$
484

 
$
93

Notes payable to certain former shareholders of Siwei
 
—

 
152

 
—

Commercial paper
 
—

 
—

 
—

 
 
16

 
636

 
93

Financial Products:
 
 

 
 

 
 

Notes payable to banks
 
545

 
418

 
527

Commercial paper
 
2,502

 
3,654

 
2,818

Demand notes
 
616

 
579

 
550

 
 
3,663

 
4,651

 
3,895

Total short-term borrowings
 
$
3,679

 
$
5,287

 
$
3,988

 
 
 
 
 
 
 

 
The weighted-average interest rates on short-term borrowings outstanding were:
 
 
 
December 31,
 
 
2013
 
2012
 
2011
Notes payable to banks
 
6.3
%
 
5.8
%
 
7.2
%
Commercial paper
 
0.5
%
 
0.6
%
 
1.0
%
Demand notes
 
0.8
%
 
0.8
%
 
0.9
%
 
 
 
 
 
 
 

 
The notes payable to certain former shareholders of Siwei did not bear interest and were settled during the second quarter of 2013. Please refer to Note 26 for more information. Please refer to Note 18 and Table III for fair value information on short-term borrowings.

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