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 | ||||||