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v3.25.1

Investments in Debt and Equity Securities (Tables) | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of 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, 2025 |  | December 31, 2024
(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 | $ | 9 |  |  | $ | — |  |  | $ | 9 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 10 |
Other U.S. and non-U.S. government bonds | 70 |  |  | (2) |  |  | 68 |  |  | 71 |  |  | (3) |  |  | 68 |
Corporate debt securities |  |  |  |  |  |  |  |  |  |  |
Corporate bonds and other debt securities | 2,437 |  |  | (14) |  |  | 2,423 |  |  | 3,199 |  |  | (29) |  |  | 3,170 |
Asset-backed securities | 223 |  |  | (1) |  |  | 222 |  |  | 220 |  |  | (1) |  |  | 219 |
Mortgage-backed debt securities |  |  |  |  |  |  |  |  |  |  |
U.S. governmental agency | 488 |  |  | (23) |  |  | 465 |  |  | 476 |  |  | (33) |  |  | 443 |
Residential | 2 |  |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | 2 |
Commercial | 131 |  |  | (4) |  |  | 127 |  |  | 136 |  |  | (6) |  |  | 130 |
Total available-for-sale debt securities | $ | 3,360 |  |  | $ | (44) |  |  | $ | 3,316 |  |  | $ | 4,114 |  |  | $ | (72) |  |  | $ | 4,042 |
Summary of 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, 2025
| 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 | $ | — |  |  | $ | — |  |  | $ | 35 |  |  | $ | 2 |  |  | $ | 35 |  |  | $ | 2 |
Corporate debt securities |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | 242 |  |  | 1 |  |  | 655 |  |  | 22 |  |  | 897 |  |  | 23 |
Asset-backed securities | 63 |  |  | — |  |  | 47 |  |  | 1 |  |  | 110 |  |  | 1 |
Mortgage-backed debt securities |  |  |  |  |  |  |  |  |  |  |
U.S. governmental agency | 67 |  |  | 1 |  |  | 265 |  |  | 24 |  |  | 332 |  |  | 25 |
Commercial | 5 |  |  | — |  |  | 102 |  |  | 4 |  |  | 107 |  |  | 4 |
Total | $ | 377 |  |  | $ | 2 |  |  | $ | 1,104 |  |  | $ | 53 |  |  | $ | 1,481 |  |  | $ | 55 |
| 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 bonds | 729 |  |  | 3 |  |  | 812 |  |  | 33 |  |  | 1,541 |  |  | 36 |
Asset-backed securities | 7 |  |  | — |  |  | 37 |  |  | 2 |  |  | 44 |  |  | 2 |
Mortgage-backed debt securities |  |  |  |  |  |  |  |  |  |  |
U.S. governmental agency | 126 |  |  | 3 |  |  | 273 |  |  | 30 |  |  | 399 |  |  | 33 |
Commercial | 13 |  |  | — |  |  | 113 |  |  | 6 |  |  | 126 |  |  | 6 |
Total | $ | 875 |  |  | $ | 6 |  |  | $ | 1,290 |  |  | $ | 75 |  |  | $ | 2,165 |  |  | $ | 81 |
1 Indicates the length of time that individual securities have been in a continuous unrealized loss position.
Summary of 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.
| March 31, 2025
(Millions of dollars) | Cost Basis |  | Fair Value
Due in one year or less | $ | 1,027 |  |  | $ | 1,024 |
Due after one year through five years | 1,321 |  |  | 1,309 |
Due after five years through ten years | 285 |  |  | 284 |
Due after ten years | 106 |  |  | 105 |
U.S. governmental agency mortgage-backed securities | 488 |  |  | 465 |
Residential mortgage-backed securities | 2 |  |  | 2 |
Commercial mortgage-backed securities | 131 |  |  | 127 |
Total debt securities – available-for-sale | $ | 3,360 |  |  | $ | 3,316 |

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