v3.26.1
Investments in Debt and Equity Securities (Tables)
 3 Months Ended
Mar. 31, 2026
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
March 31, 2026December 31, 2025
(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 bonds69 1 70 72 2 74 
Corporate debt securities     
Corporate bonds and other debt securities2,539 1 2,540 2,457 23 2,480 
Asset-backed securities273 (1)272 273 — 273 
Mortgage-backed debt securities  
U.S. governmental agency584 (14)570 580 (8)572 
Residential5 (1)4 2 (1)1 
Commercial158 (3)155 141 (2)139 
Total available-for-sale debt securities$3,638 $(17)$3,621 $3,535 $14 $3,549 
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:
 March 31, 2026
 
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$— $— $30 $1 $30 $1 
Corporate debt securities
Corporate bonds1,023 7 318 7 1,341 14 
Asset-backed securities120 — 51 1 171 1 
Mortgage-backed debt securities
U.S. governmental agency167 2 207 16 374 18 
Residential— — 4 1 4 1 
Commercial48 1 86 2 134 3 
Total$1,358 $10 $696 $28 $2,054 $38 
 December 31, 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$— $— $17 $— $17 $— 
Corporate debt securities
Corporate bonds130 — 306 6 436 6 
Asset-backed securities38 — 43 1 81 1 
Mortgage-backed debt securities      
U.S. governmental agency3 — 307 15 310 15 
Residential— — 1 1 1 1 
Commercial6 — 89 3 95 3 
Total$177 $— $763 $26 $940 $26 
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 March 31, 2026, 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.
        
March 31, 2026
(Millions of dollars)Cost BasisFair Value
Due in one year or less$770 $771 
Due after one year through five years1,534 1,536 
Due after five years through ten years400 399 
Due after ten years187 186 
U.S. governmental agency mortgage-backed securities584 570 
Residential mortgage-backed securities5 4 
Commercial mortgage-backed securities158 155 
Total debt securities – available-for-sale$3,638 $3,621