13. Short-term borrowings December 31, (Millions of dollars) 2020 2019 Machinery, Energy & Transportation: Notes payable to banks $ 10 $ 5  10 5  Financial Products: Notes payable to banks 307 605  Commercial paper 1,321 4,168  Demand notes 377 388  2,005 5,161  Total short-term borrowings $ 2,015 $ 5,166  The weighted-average interest rates on short-term borrowings outstanding were: December 31, 2020 2019 Notes payable to banks 3.7 % 5.0 % Commercial paper 0.1 % 1.3 % Demand notes 0.3 % 1.7 % Please refer to Note 18 and Table III for fair value information on short-term borrowings. 120