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Investments in Debt and Equity Securities (Tables)
 9 Months Ended
Sep. 30, 2021
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 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, 2021December 31, 2020
(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$10 $— $10 $10 $— $10 
Other U.S. and non-U.S. government bonds57 — 57 58 1 59 
Corporate bonds      
Corporate bonds1,004 31 1,035 962 50 1,012 
Asset-backed securities146 2 148 156 3 159 
Mortgage-backed debt securities  
U.S. governmental agency340 9 349 362 12 374 
Residential4 — 4 5 — 5 
Commercial97 3 100 60 4 64 
Total available-for-sale debt securities$1,658 $45 $1,703 $1,613 $70 $1,683 
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, 2021
 
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$215 $2 $6 $— $221 $2 
Total$215 $2 $6 $— $221 $2 
 December 31, 2020
 
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$13 $— $4 $— $17 $— 
Total$13 $— $4 $— $17 $— 
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 available-for-sale debt securities at September 30, 2021, 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, 2021
(Millions of dollars)Cost BasisFair Value
Due in one year or less$154 $156 
Due after one year through five years730 753 
Due after five years through ten years271 278 
Due after ten years62 63 
U.S. governmental agency mortgage-backed securities340 349 
Residential mortgage-backed securities4 4 
Commercial mortgage-backed securities97 100 
Total debt securities – available-for-sale$1,658 $1,703 
  
Schedule of proceeds and gross gain and losses from the sale of available-for-sale securities
Sales of available-for-sale debt securities:  
 Three Months Ended September 30Nine Months Ended September 30
(Millions of dollars)2021202020212020
Proceeds from the sale of available-for-sale securities$97 $74 $322 $197 
Gross gains from the sale of available-for-sale securities1 — 3 1 
Gross losses from the sale of available-for-sale securities— — — 1