Investments in debt and equity securities (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule 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 Statement 3) were as follows:

	December 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	54		—		54		42		—			42
Corporate bonds
Corporate bonds	836		20		856		735		(15		)	720
Asset-backed securities	62		—		62		63		—			63
Mortgage-backed debt securities
U.S. governmental agency	327		4		331		301		(4		)	297
Residential	6		—		6		7		—			7
Commercial	46		1		47		14		(1		)	13
Total debt securities	$	1,340	$	25	$	1,365	$	1,171	$	(20	)	$	1,151

 

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 December 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.

	December 31, 2019
(Millions of dollars)	Cost Basis		Fair Value
Due in one year or less	$	80	$	80
Due after one year through five years	701		715
Due after five years through ten years	148		153
Due after ten years	32		33
U.S. governmental agency mortgage-backed securities	327		331
Residential mortgage-backed securities	6		6
Commercial mortgage-backed securities	46		47
Total debt securities – available-for-sale	$	1,340	$	1,365

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

Sales of Securities:
	Years Ended December 31,
(Millions of dollars)	2019		1	2018		1	2017
Proceeds from the sale of available-for-sale securities	$	260		$	247		$	930
Gross gains from the sale of available-for-sale securities	$	1		$	—		$	109
Gross losses from the sale of available-for-sale securities	$	1		$	—		$	5
1 Beginning January 1, 2018, equity securities are no longer classified as available-for-sale securities.