v3.26.3
Investments in Debt and Equity Securities (Tables)
 9 Months Ended
Sep. 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
September 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$9 $— $9 $10 $— $10 
Other U.S. and non-U.S. government bonds59 — 59 72 2 74 
Corporate debt securities
Corporate bonds and other debt securities2,921 (51)2,870 2,457 23 2,480 
Asset-backed securities320 (1)319 273 — 273 
Mortgage-backed debt securities
U.S. governmental agency632 (49)583 580 (8)572 
Residential4 — 4 2 (1)1 
Commercial157 (7)150 141 (2)139 
Total available-for-sale debt securities$4,102 $(108)$3,994 $3,535 $14 $3,549 
Summary of investments in an unrealized loss position that are not other-than-temporarily impaired
Available-for-sale debt securities in an unrealized loss position:
September 30, 2026
Less than 12 months 1
12 months or more 1
Total
(Millions of dollars)
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Government debt securities
Other U.S. and non-U.S. government bonds$— $— $29 $1 $29 $1 
Corporate debt securities
Corporate bonds2,232 38 385 15 2,617 53 
Asset-backed securities89 — 70 1 159 1 
Mortgage-backed debt securities
U.S. governmental agency332 20 251 29 583 49 
Residential— — 4 1 4 1 
Commercial62 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 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 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 BasisFair Value
Due in one year or less$918 $916 
Due after one year through five years1,717 1,690 
Due after five years through ten years475 454 
Due after ten years199 197 
U.S. governmental agency mortgage-backed securities632 583 
Residential mortgage-backed securities4 4 
Commercial mortgage-backed securities157 150 
Total debt securities – available-for-sale$4,102 $3,994