Investments in Debt and Equity Securities (Tables)

3 Months Ended

Mar. 31, 2022

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	March 31, 2022						December 31, 2021
(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	$	10	$	—	$	10
Other U.S. and non-U.S. government bonds	61		(1)		60		61		—		61
Corporate bonds
Corporate bonds	2,026		(38)		1,988		1,027		19		1,046
Asset-backed securities	184		(1)		183		175		1		176
Mortgage-backed debt securities
U.S. governmental agency	328		(9)		319		319		6		325
Residential	3		—		3		4		—		4
Commercial	103		(3)		100		98		1		99
Total available-for-sale debt securities	$	2,714	$	(52)	$	2,662	$	1,694	$	27	$	1,721

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

Available-for-sale debt securities in an unrealized loss position:
	March 31, 2022
	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
Government debt
Other U.S. and non-U.S. government bonds	$	24	$	1	$	—	$	—	$	24	$	1
Corporate bonds
Corporate bonds	1,433		37		61		6		1,494		43
Asset-backed securities	109		3		—		—		109		3
Mortgage-backed debt securities
U.S. governmental agency	231		8		25		2		256		10
Commercial	98		3		1		—		99		3
Total	$	1,895	$	52	$	87	$	8	$	1,982	$	60

	December 31, 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	$	270	$	4	$	33	$	1	$	303	$	5
Mortgage-backed debt securities
U.S. governmental agency	89		1		22		—		111		1
Total	$	359	$	5	$	55	$	1	$	414	$	6
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 March 31, 2022, 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.        

	March 31, 2022
(Millions of dollars)	Cost Basis		Fair Value
Due in one year or less	$	508	$	507
Due after one year through five years	1,369		1,341
Due after five years through ten years	327		317
Due after ten years	76		75
U.S. governmental agency mortgage-backed securities	328		319
Residential mortgage-backed securities	3		3
Commercial mortgage-backed securities	103		100
Total debt securities – available-for-sale	$	2,714	$	2,662

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 March 31
(Millions of dollars)	2022		2021
Proceeds from the sale of available-for-sale securities	$	96	$	100
Gross gains from the sale of available-for-sale securities	—		—
Gross losses from the sale of available-for-sale securities	—		—