v3.26.1
Investments in Debt and Equity Securities (Tables)
 6 Months Ended
Jun. 30, 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
June 30, 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 bonds67 — 67 72 2 74 
Corporate debt securities
Corporate bonds and other debt securities2,855 6 2,861 2,457 23 2,480 
Asset-backed securities291 — 291 273 — 273 
Mortgage-backed debt securities
U.S. governmental agency586 (17)569 580 (8)572 
Residential5 (1)4 2 (1)1 
Commercial157 (3)154 141 (2)139 
Total available-for-sale debt securities$3,971 $(15)$3,956 $3,535 $14 $3,549 
Summary of investments in an unrealized loss position that are not other-than-temporarily impaired
Available-for-sale debt securities in an unrealized loss position:
June 30, 2026
Less than 12 months 1
12 months or more 1
Total
(Millions of dollars)
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Government debt securities
Other U.S. and non-U.S. government bonds$— $— $26 $1 $26 $1 
Corporate debt securities
Corporate bonds1,427 1 352 7 1,779 8 
Asset-backed securities47 — 52 1 99 1 
Mortgage-backed debt securities
U.S. governmental agency173 3 214 17 387 20 
Residential— — 4 1 4 1 
Commercial45 1 90 3 135 4 
Total$1,692 $5 $738 $30 $2,430 $35 
December 31, 2025
Less than 12 months 1
12 months or more 1
Total
(Millions of dollars)
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Government debt securities
Other U.S. and non-U.S. government bonds$— $— $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 June 30, 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.
        
June 30, 2026
(Millions of dollars)Cost BasisFair Value
Due in one year or less$882 $892 
Due after one year through five years1,687 1,685 
Due after five years through ten years441 439 
Due after ten years213 213 
U.S. governmental agency mortgage-backed securities586 569 
Residential mortgage-backed securities5 4 
Commercial mortgage-backed securities157 154 
Total debt securities – available-for-sale$3,971 $3,956