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Investments in Debt and Equity Securities (Tables)
 3 Months Ended
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, 2025December 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 bonds70 (2)68 71 (3)68 
Corporate debt securities     
Corporate bonds and other debt securities2,437 (14)2,423 3,199 (29)3,170 
Asset-backed securities223 (1)222 220 (1)219 
Mortgage-backed debt securities  
U.S. governmental agency488 (23)465 476 (33)443 
Residential2 — 2 2 — 2 
Commercial131 (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 bonds242 1 655 22 897 23 
Asset-backed securities63 — 47 1 110 1 
Mortgage-backed debt securities
U.S. governmental agency67 1 265 24 332 25 
Commercial5 — 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 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 
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 BasisFair Value
Due in one year or less$1,027 $1,024 
Due after one year through five years1,321 1,309 
Due after five years through ten years285 284 
Due after ten years106 105 
U.S. governmental agency mortgage-backed securities488 465 
Residential mortgage-backed securities2 2 
Commercial mortgage-backed securities131 127 
Total debt securities – available-for-sale$3,360 $3,316