Investments in Debt and Equity Securities (Tables)

3 Months Ended

Mar. 31, 2019

Investments, Debt and Equity Securities [Abstract]

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

The cost basis and fair value of debt securities with unrealized gains and losses included in equity (Accumulated other comprehensive income (loss) in the Consolidated Statement of Financial Position) were as follows:



	March 31, 2019							December 31, 2018
(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	$	9	$	—		$	9	$	9	$	—		$	9
Other U.S. and non-U.S. government bonds	50		—			50		42		—			42

Corporate bonds
Corporate bonds	775		2			777		735		(15		)	720
Asset-backed securities	61		—			61		63		—			63

Mortgage-backed debt securities
U.S. governmental agency	305		(1		)	304		301		(4		)	297
Residential	7		—			7		7		—			7
Commercial	17		—			17		14		(1		)	13
Total debt securities	$	1,224	$	1		$	1,225	$	1,171	$	(20	)	$	1,151

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



Available-for-sale investments in an unrealized loss position that are not other-than-temporarily impaired:

	March 31, 2019
	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	$	20	$	—	$	342	$	3	$	362	$	3
Mortgage-backed debt securities
U.S. governmental agency	22		—		156		2		178		2
Total	$	42	$	—	$	498	$	5	$	540	$	5



	December 31, 2018
	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	$	280	$	3	$	391	$	11	$	671	$	14
Asset-backed securities	6		—		38		1		44		1
Mortgage-backed debt securities
U.S. governmental agency	52		—		223		5		275		5
Commercial	—		—		14		1		14		1
Total	$	338	$	3	$	666	$	18	$	1,004	$	21

¹ Indicates the 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 March 31, 2019, 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.



	March 31, 2019
(Millions of dollars)	Cost Basis		Fair Value
Due in one year or less	$	132	$	132
Due after one year through five years	617		618
Due after five years through ten years	129		129
Due after ten years	17		18
U.S. governmental agency mortgage-backed securities	305		304
Residential mortgage-backed securities	7		7
Commercial mortgage-backed securities	17		17
Total debt securities – available-for-sale	$	1,224	$	1,225

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



Sales of available-for-sale securities:
	Three Months Ended March 31
(Millions of dollars)	2019		2018
Proceeds from the sale of available-for-sale securities	$	47	$	73
Gross gains from the sale of available-for-sale securities	$	—	$	—
Gross losses from the sale of available-for-sale securities	$	1	$	—