Short-term Investments

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Short-Term Investments

Investments Components

The components of investments were as follows:


	March 31, 2023
(Millions of dollars)	Fair Value Level	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments
Available-for-sale debt securities
Commercial paper	Level 2	$	2,765	$	—	$	(2)	$	2,763	$	538	$	2,225
Certificates of deposit and time deposits	Level 2	3,190		—		—		3,190		2,600		590
U.S. government securities	Level 1	1,487		1		—		1,488		850		638
Corporate notes and bonds	Level 2	39		—		—		39		—		39
Total available-for-sale debt securities		$	7,481	$	1	$	(2)	$	7,480	$	3,988	$	3,492
Cash								3,972		3,972		—
Total								$	11,452	$	7,960	$	3,492


	December 31, 2022
(Millions of dollars)	Fair Value Level	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments
Available-for-sale debt securities
Commercial paper	Level 2	$	3,074	$	—	$	(1)	$	3,073	$	1,106	$	1,967
Certificates of deposit and time deposits	Level 2	2,093		—		—		2,093		1,500		593
U.S. government securities	Level 1	1,071		—		—		1,071		498		573
Corporate notes and bonds	Level 2	66		—		—		66		54		12
Total available-for-sale debt securities		$	6,304	$	—	$	(1)	$	6,303	$	3,158	$	3,145
Cash								5,467		5,467		—
Total								$	11,770	$	8,625	$	3,145

Our investment policy includes concentration limits and credit rating requirements which limits our investments to high quality, short term and highly liquid securities.

Realized gains/losses were not material. All of our available-for-sale debt securities held as of March 31, 2023 mature within one year or less or are readily available for use.