Investments in Debt and Equity Securities (Tables)

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Cost basis and fair value of available-for-sale securities

The cost basis and fair value of debt and equity securities were as follows:



	March 31, 2016						December 31, 2015
(Millions of dollars)	Cost Basis		Unrealized Pretax Net Gains (Losses)		Fair Value		Cost Basis		Unrealized Pretax Net Gains (Losses)		Fair Value
Government debt
U.S. treasury bonds	$	12	$	—	$	12	$	9	$	—	$	9
Other U.S. and non-U.S. government bonds	72		—		72		71		1		72

Corporate bonds
Corporate bonds	707		13		720		701		7		708
Asset-backed securities	126		1		127		129		—		129

Mortgage-backed debt securities
U.S. governmental agency	283		5		288		291		1		292
Residential	11		—		11		12		—		12
Commercial	58		2		60		59		2		61

Equity securities
Large capitalization value	242		35		277		243		30		273
Real estate investment trust (REIT)	50		1		51		25		—		25
Smaller company growth	37		15		52		37		17		54
Total	$	1,598	$	72	$	1,670	$	1,577	$	58	$	1,635

Investments in an unrealized loss position that are not other-than-temporarily impaired:



Available-for-sale investments in an unrealized loss position that are not other-than-temporarily impaired:

	March 31, 2016
	Less than 12 months¹				12 months or more ¹				Total
(Millions of dollars)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate bonds
Corporate bonds	$	64	$	1	$	27	$	—	$	91	$	1
Asset-backed securities	15		—		9		1		24		1
Equity securities
Large capitalization value	76		9		5		1		81		10
Small company growth	10		2		1		—		11		2
Total	$	165	$	12	$	42	$	2	$	207	$	14



	December 31, 2015
	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
Corporate bonds
Corporate bonds	$	242	$	3	$	27	$	1	$	269	$	4
Asset-backed securities	84		1		10		1		94		2
Mortgage-backed debt securities
U.S. governmental agency	135		1		57		1		192		2
Equity securities
Large capitalization value	97		8		2		—		99		8
Smaller company growth	14		1		—		—		14		1
Total	$	572	$	14	$	96	$	3	$	668	$	17

¹ Indicates length of time that individual securities have been in a continuous unrealized loss position.

Cost basis and fair value of the available-for-sale debt securities by contractual maturity

The cost basis and fair value of the available-for-sale debt securities at March 31, 2016, by contractual maturity, is 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.



	March 31, 2016
(Millions of dollars)	Cost Basis		Fair Value
Due in one year or less	$	168	$	169
Due after one year through five years	667		679
Due after five years through ten years	54		55
Due after ten years	28		28
U.S. governmental agency mortgage-backed securities	283		288
Residential mortgage-backed securities	11		11
Commercial mortgage-backed securities	58		60
Total debt securities – available-for-sale	$	1,269	$	1,290

Schedule of proceeds and gross gain and losses from the sale of available-for-sale securities



Sales of Securities:
	Three Months Ended March 31
(Millions of dollars)	2016		2015
Proceeds from the sale of available-for-sale securities	$	49	$	83
Gross gains from the sale of available-for-sale securities	$	1	$	5
Gross losses from the sale of available-for-sale securities	$	1	$	1