We have investments in certain debt and equity securities, which we record at fair value and primarily include in Other assets in the Consolidated Statement of Financial Position. Short-term and long-term investments are held with high quality institutions and, by policy, the amount of credit exposure to any one institution is limited.

We classify debt securities primarily as available-for-sale. We include the unrealized gains and losses arising from the revaluation of available-for-sale debt securities, net of applicable deferred income taxes, in equity (AOCI in the Consolidated Statement of Financial Position). We include the unrealized gains and losses arising from the revaluation of the equity securities in Other income (expense) in the Consolidated Statement of Results of Operations. We generally determine realized gains and losses on sales of investments using the specific identification method for available-for-sale debt and equity securities and include them in Other income (expense) in the Consolidated Statement of Results of Operations.

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	September 30, 2026						December 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	$	9	$	—	$	9	$	10	$	—	$	10
Other U.S. and non-U.S. government bonds	59		—		59		72		2		74

Corporate debt securities
Corporate bonds and other debt securities	2,921		(51)		2,870		2,457		23		2,480
Asset-backed securities	320		(1)		319		273		—		273

Mortgage-backed debt securities
U.S. governmental agency	632		(49)		583		580		(8)		572
Residential	4		—		4		2		(1)		1
Commercial	157		(7)		150		141		(2)		139
Total available-for-sale debt securities	$	4,102	$	(108)	$	3,994	$	3,535	$	14	$	3,549


Available-for-sale debt securities in an unrealized loss position:

	September 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	$	—	$	—	$	29	$	1	$	29	$	1


Corporate debt securities
Corporate bonds	2,232		38		385		15		2,617		53
Asset-backed securities	89		—		70		1		159		1

Mortgage-backed debt securities
U.S. governmental agency	332		20		251		29		583		49
Residential	—		—		4		1		4		1
Commercial	62		2		86		5		148		7
Total	$	2,715	$	60	$	825	$	52	$	3,540	$	112


	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 bonds	130		—		306		6		436		6
Asset-backed securities	38		—		43		1		81		1

Mortgage-backed debt securities
U.S. governmental agency	3		—		307		15		310		15
Residential	—		—		1		1		1		1
Commercial	6		—		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.

The unrealized losses on our investments in government debt securities, corporate debt securities, and mortgage-backed debt securities relate to changes in underlying interest rates and credit spreads since time of purchase. We do not intend to sell the investments, and it is not likely that we will be required to sell the investments before recovery of their respective amortized cost basis. In addition, we did not expect credit-related losses on these investments as of September 30, 2026.

The cost basis and fair value of available-for-sale debt securities at September 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.



	September 30, 2026
(Millions of dollars)	Cost Basis		Fair Value
Due in one year or less	$	918	$	916
Due after one year through five years	1,717		1,690
Due after five years through ten years	475		454
Due after ten years	199		197
U.S. governmental agency mortgage-backed securities	632		583
Residential mortgage-backed securities	4		4
Commercial mortgage-backed securities	157		150
Total debt securities – available-for-sale	$	4,102	$	3,994

For the three months ended September 30, 2026 and 2025, proceeds from available-for-sale debt securities were $351 million and $323 million, respectively. For the nine months ended September 30, 2026 and 2025, proceeds from available-for-sale debt securities were $1,019 million and $1,636 million, respectively.

For the three months ended September 30, 2026 and 2025, the net unrealized gains (losses) for equity securities held at September 30, 2026 and 2025 were $(25) million and $9 million, respectively. For the nine months ended September 30, 2026 and 2025, the net unrealized gains (losses) for equity securities held at September 30, 2026 and 2025 were $5 million and $36 million, respectively.