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Investments in debt and equity securities (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule 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 Statement 3) were as follows:

Available-for-sale debt securitiesDecember 31, 2024December 31, 2023
(Millions of dollars)Cost
Basis		Unrealized
Pretax Net
Gains
(Losses)		Fair
Value		Cost
Basis		Unrealized
Pretax Net
Gains
(Losses)		Fair
Value
Government debt securities      
U.S. treasury bonds$10 $— $10 $10 $— $10 
Other U.S. and non-U.S. government bonds
71 (3)68 62 (2)60 
Corporate debt securities      
Corporate bonds and other debt securities3,199 (29)3,170 3,031 (36)2,995 
Asset-backed securities220 (1)219 195 (3)192 
Mortgage-backed debt securities
    
U.S. governmental agency
476 (33)443 433 (23)410 
Residential
2 — 2 3 (1)2 
Commercial
136 (6)130 137 (9)128 
Total available-for-sale debt securities$4,114 $(72)$4,042 $3,871 $(74)$3,797 
Available-for-sale debt securities in an unrealized loss position
Available-for-sale debt securities in an unrealized loss position:
 December 31, 2024
 
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 securities      
Other U.S. and non-U.S. government bonds$— $— $55 $4 $55 $4 
Corporate debt securities
Corporate bonds729 3 812 33 1,541 36 
Asset-backed securities7 — 37 2 44 2 
Mortgage-backed debt securities
U.S. governmental agency126 3 273 30 399 33 
Commercial13 — 113 6 126 6 
Total$875 $6 $1,290 $75 $2,165 $81 
 December 31, 2023
 
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 securities
Other U.S. and non-U.S. government bonds$— $— $25 $3 $25 $3 
Corporate debt securities
Corporate bonds765 — 1,011 45 1,776 45 
Asset-backed securities9 — 97 3 106 3 
Mortgage-backed debt securities      
U.S. governmental agency33 — 287 25 320 25 
Commercial2 — 121 9 123 9 
Total$809 $— $1,541 $85 $2,350 $85 
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 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, 2024
(Millions of dollars)Cost BasisFair Value
Due in one year or less$1,274 $1,270 
Due after one year through five years1,820 1,794 
Due after five years through ten years304 301 
Due after ten years102 102 
U.S. governmental agency mortgage-backed securities476 443 
Residential mortgage-backed securities2 2 
Commercial mortgage-backed securities136 130 
Total debt securities – available-for-sale$4,114 $4,042 
Schedule of proceeds and gross gain and losses from the sale of available-for-sale securities
Sales of available-for-sale debt securities:
 Years Ended December 31,
(Millions of dollars)202420232022
Proceeds from the sale of available-for-sale securities$1,223 $940 $767 
Gross gains from the sale of available-for-sale securities$1 $— $— 
Gross losses from the sale of available-for-sale securities$5 $1 $5