v3.25.2
Investments in Debt and Equity Securities (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of cost basis and fair value of available-for-sale securities
The cost basis and fair value of available-for-sale debt securities with unrealized gains and losses included in equity (AOCI in the Consolidated Statement of Financial Position) were as follows:
Available-for-sale debt securities
June 30, 2025December 31, 2024
(Millions of dollars)
Cost
Basis
Unrealized Pretax Net Gains
(Losses)
Fair
Value
Cost
Basis
Unrealized Pretax Net Gains
(Losses)
Fair
Value
Government debt securities      
U.S. treasury bonds$10 $— $10 $10 $— $10 
Other U.S. and non-U.S. government bonds64 2 66 71 (3)68 
Corporate debt securities     
Corporate bonds and other debt securities2,426 11 2,437 3,199 (29)3,170 
Asset-backed securities256 (1)255 220 (1)219 
Mortgage-backed debt securities  
U.S. governmental agency508 (23)485 476 (33)443 
Residential1 — 1 2 — 2 
Commercial135 (3)132 136 (6)130 
Total available-for-sale debt securities$3,400 $(14)$3,386 $4,114 $(72)$4,042 
Summary of investments in an unrealized loss position that are not other-than-temporarily impaired
Available-for-sale debt securities in an unrealized loss position:
 June 30, 2025
 
Less than 12 months 1
12 months or more 1
Total
(Millions of dollars)
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Government debt securities      
Other U.S. and non-U.S. government bonds$— $— $16 $1 $16 $1 
Corporate debt securities
Corporate bonds82 — 483 14 565 14 
Asset-backed securities24 — 38 1 62 1 
Mortgage-backed debt securities
U.S. governmental agency71 1 257 23 328 24 
Commercial— — 98 4 98 4 
Total$177 $1 $892 $43 $1,069 $44 
 December 31, 2024
 
Less than 12 months 1
12 months or more 1
Total
(Millions of dollars)
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Government debt securities      
Other U.S. and non-U.S. government bonds$— $— $55 $4 $55 $4 
Corporate debt securities
Corporate bonds729 3 812 33 1,541 36 
Asset-backed securities7 — 37 2 44 2 
Mortgage-backed debt securities      
U.S. governmental agency126 3 273 30 399 33 
Commercial13 — 113 6 126 6 
Total$875 $6 $1,290 $75 $2,165 $81 
1 Indicates the length of time that individual securities have been in a continuous unrealized loss position.
Summary of cost basis and fair value of the available-for-sale debt securities by contractual maturity
The cost basis and fair value of available-for-sale debt securities at June 30, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay and creditors may have the right to call obligations.
        
June 30, 2025
(Millions of dollars)Cost BasisFair Value
Due in one year or less$873 $875 
Due after one year through five years1,445 1,453 
Due after five years through ten years294 297 
Due after ten years144 143 
U.S. governmental agency mortgage-backed securities508 485 
Residential mortgage-backed securities1 1 
Commercial mortgage-backed securities135 132 
Total debt securities – available-for-sale$3,400 $3,386