Short-term Investments |
Short-Term Investments Investments Components The components of investments were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 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 | | $ | 2,774 | | | $ | — | | | $ | (1) | | | $ | 2,773 | | | $ | 210 | | | $ | 2,563 | | Certificates of deposit and time deposits | | Level 2 | | 1,256 | | | — | | | (1) | | | 1,255 | | | 224 | | | 1,031 | | U.S. government securities | | Level 1 | | 637 | | | — | | | (1) | | | 636 | | | — | | | 636 | | Corporate notes and bonds | | Level 2 | | 169 | | | — | | | — | | | 169 | | | — | | | 169 | | Total available-for-sale debt securities | | | | $ | 4,836 | | | $ | — | | | $ | (3) | | | $ | 4,833 | | | $ | 434 | | | $ | 4,399 | | Cash | | | | | | | | | | 2,741 | | | 2,741 | | | — | | Total | | | | | | | | | | $ | 7,574 | | | $ | 3,175 | | | $ | 4,399 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 March 31, 2024 mature within one year or less or are readily available for use.
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