Available-For-Sale Securities (Tables)

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Cost basis and fair value of available-for-sale securities

The cost basis and fair value of available-for-sale securities were as follows:



	September 30, 2015						December 31, 2014
(Millions of dollars)	Cost Basis		Unrealized Pretax Net Gains (Losses)		Fair Value		Cost Basis		Unrealized Pretax Net Gains (Losses)		Fair Value
Government debt
U.S. treasury bonds	$	13	$	—	$	13	$	10	$	—	$	10
Other U.S. and non-U.S. government bonds	82		1		83		94		—		94

Corporate bonds
Corporate bonds	700		13		713		677		16		693
Asset-backed securities	96		1		97		103		2		105

Mortgage-backed debt securities
U.S. governmental agency	270		4		274		292		2		294
Residential	13		—		13		15		—		15
Commercial	59		3		62		63		4		67

Equity securities
Large capitalization value	212		38		250		150		83		233
Real estate investment trust (REIT)	8		—		8		—		—		—
Smaller company growth	31		19		50		17		26		43
Total	$	1,484	$	79	$	1,563	$	1,421	$	133	$	1,554

Investments in an unrealized loss position that are not other-than-temporarily impaired:



Investments in an unrealized loss position that are not other-than-temporarily impaired:

	September 30, 2015
	Less than 12 months¹				12 months or more ¹				Total
(Millions of dollars)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate bonds
Corporate bonds	$	155	$	2	$	23	$	—	$	178	$	2
Mortgage-backed debt securities
U.S. governmental agency	15		—		60		1		75		1
Equity securities
Large capitalization value	84		8		1		—		85		8
Small company growth	13		2		—		—		13		2
Total	$	267	$	12	$	84	$	1	$	351	$	13



	December 31, 2014
	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
Corporate bonds
Corporate bonds	$	195	$	1	$	32	$	—	$	227	$	1
Mortgage-backed debt securities
U.S. governmental agency	34		—		140		3		174		3
Equity securities
Large capitalization value	15		2		1		—		16		2
Total	$	244	$	3	$	173	$	3	$	417	$	6

¹ Indicates length of time that individual securities have been in a continuous unrealized loss position.

Cost basis and fair value of the available-for-sale debt securities by contractual maturity

The cost basis and fair value of the available-for-sale debt securities at September 30, 2015, by contractual maturity, is 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, 2015
(Millions of dollars)	Cost Basis		Fair Value
Due in one year or less	$	102	$	102
Due after one year through five years	739		752
Due after five years through ten years	21		22
Due after ten years	29		30
U.S. governmental agency mortgage-backed securities	270		274
Residential mortgage-backed securities	13		13
Commercial mortgage-backed securities	59		62
Total debt securities – available-for-sale	$	1,233	$	1,255

Schedule of proceeds and gross gain and losses from the sale of available-for-sale securities



Sales of Securities:
	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions of dollars)	2015		2014		2015		2014
Proceeds from the sale of available-for-sale securities	$	110	$	125	$	238	$	347
Gross gains from the sale of available-for-sale securities	$	32	$	22	$	38	$	36
Gross losses from the sale of available-for-sale securities	$	1	$	1	$	2	$	1