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Investments in Debt and Equity Securities (Tables) | 9 Months Ended
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Sep. 30, 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 | September 30, 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 | $ | 10 |  |  | $ | — |  |  | $ | 10 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 10 |
Other U.S. and non-U.S. government bonds | 72 |  |  | 2 |  |  | 74 |  |  | 71 |  |  | (3) |  |  | 68 |
Corporate debt securities |  |  |  |  |  |  |  |  |  |  |
Corporate bonds and other debt securities | 2,475 |  |  | 17 |  |  | 2,492 |  |  | 3,199 |  |  | (29) |  |  | 3,170 |
Asset-backed securities | 265 |  |  | — |  |  | 265 |  |  | 220 |  |  | (1) |  |  | 219 |
Mortgage-backed debt securities |  |  |  |  |  |  |  |  |  |  |
U.S. governmental agency | 515 |  |  | (15) |  |  | 500 |  |  | 476 |  |  | (33) |  |  | 443 |
Residential | 5 |  |  | — |  |  | 5 |  |  | 2 |  |  | — |  |  | 2 |
Commercial | 127 |  |  | (3) |  |  | 124 |  |  | 136 |  |  | (6) |  |  | 130 |
Total available-for-sale debt securities | $ | 3,469 |  |  | $ | 1 |  |  | $ | 3,470 |  |  | $ | 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:
| September 30, 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 | $ | — |  |  | $ | — |  |  | $ | 26 |  |  | $ | 1 |  |  | $ | 26 |  |  | $ | 1 |
Corporate debt securities |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | 107 |  |  | — |  |  | 474 |  |  | 11 |  |  | 581 |  |  | 11 |
Asset-backed securities | 6 |  |  | — |  |  | 38 |  |  | 1 |  |  | 44 |  |  | 1 |
Mortgage-backed debt securities |  |  |  |  |  |  |  |  |  |  |
U.S. governmental agency | — |  |  | — |  |  | 290 |  |  | 20 |  |  | 290 |  |  | 20 |
Commercial | 3 |  |  | — |  |  | 89 |  |  | 3 |  |  | 92 |  |  | 3 |
Total | $ | 116 |  |  | $ | — |  |  | $ | 917 |  |  | $ | 36 |  |  | $ | 1,033 |  |  | $ | 36 |
| 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 | The cost basis and fair value of available-for-sale debt securities at September 30, 2025, 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, 2025
(Millions of dollars) | Cost Basis |  | Fair Value
Due in one year or less | $ | 826 |  |  | $ | 829 |
Due after one year through five years | 1,530 |  |  | 1,542 |
Due after five years through ten years | 287 |  |  | 292 |
Due after ten years | 179 |  |  | 178 |
U.S. governmental agency mortgage-backed securities | 515 |  |  | 500 |
Residential mortgage-backed securities | 5 |  |  | 5 |
Commercial mortgage-backed securities | 127 |  |  | 124 |
Total debt securities – available-for-sale | $ | 3,469 |  |  | $ | 3,470 |

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