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Short-term Investments | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Short-term Investments | Short-Term Investments Investments Components The components of investments were as follows:
|  | September 30, 2024
(Millions of dollars) |  | Fair Value Level |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Short-term Investments
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | Level 2 |  | $ | 813 |  |  | $ | — |  |  | $ | — |  |  | $ | 813 |  |  | $ | 64 |  |  | $ | 749 |
Certificates of deposit and time deposits |  | Level 2 |  | 1,284 |  |  | — |  |  | — |  |  | 1,284 |  |  | 1,000 |  |  | 284 |
U.S. government securities |  | Level 1 |  | 89 |  |  | — |  |  | — |  |  | 89 |  |  | — |  |  | 89 |
Corporate notes and bonds |  | Level 2 |  | 19 |  |  | — |  |  | — |  |  | 19 |  |  | — |  |  | 19 |
Total available-for-sale debt securities |  |  |  | $ | 2,205 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,205 |  |  | $ | 1,064 |  |  | $ | 1,141 |
Cash |  |  |  |  |  |  |  |  |  | 2,938 |  |  | 2,938 |  |  | — |
Total |  |  |  |  |  |  |  |  |  | $ | 5,143 |  |  | $ | 4,002 |  |  | $ | 1,141 |
|  | December 31, 2023
(Millions of dollars) |  | Fair Value Level |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Short-term Investments
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | Level 2 |  | $ | 3,154 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 3,156 |  |  | $ | 281 |  |  | $ | 2,875 |
Certificates of deposit and time deposits |  | Level 2 |  | 1,836 |  |  | 1 |  |  | — |  |  | 1,837 |  |  | 800 |  |  | 1,037 |
U.S. government securities |  | Level 1 |  | 785 |  |  | — |  |  | (1) |  |  | 784 |  |  | — |  |  | 784 |
Corporate notes and bonds |  | Level 2 |  | 85 |  |  | — |  |  | — |  |  | 85 |  |  | — |  |  | 85 |
Total available-for-sale debt securities |  |  |  | $ | 5,860 |  |  | $ | 3 |  |  | $ | (1) |  |  | $ | 5,862 |  |  | $ | 1,081 |  |  | $ | 4,781 |
Cash |  |  |  |  |  |  |  |  |  | 4,362 |  |  | 4,362 |  |  | — |
Total |  |  |  |  |  |  |  |  |  | $ | 10,224 |  |  | $ | 5,443 |  |  | $ | 4,781 |
Our investment policy includes concentration limits and credit rating requirements, which limit our investments to high quality, short term and highly liquid securities. Realized gains/losses were not material. All of our available-for-sale debt securities held as of September 30, 2024 mature within one year or less or are readily available for use.

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