Investments in Debt and Equity Securities (Tables)

6 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

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

The cost basis and fair value of debt securities with unrealized gains and losses included in equity (Accumulated other comprehensive income (loss) in the Consolidated Statement of Financial Position) were as follows:

	June 30, 2020						December 31, 2019
(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	$	9	$	—	$	9	$	9	$	—	$	9
Other U.S. and non-U.S. government bonds	50		1		51		54		—		54
Corporate bonds
Corporate bonds	917		38		955		836		20		856
Asset-backed securities	142		1		143		62		—		62
Mortgage-backed debt securities
U.S. governmental agency	369		12		381		327		4		331
Residential	6		—		6		6		—		6
Commercial	62		3		65		46		1		47
Total debt securities	$	1,555	$	55	$	1,610	$	1,340	$	25	$	1,365

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

Available-for-sale investments in an unrealized loss position:
	June 30, 2020
	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	$	95	$	4	$	43	$	1	$	138	$	5
Asset-backed securities	53		1		2		—		55		1
Total	$	148	$	5	$	45	$	1	$	193	$	6

	December 31, 2019
	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	$	58	$	1	$	50	$	—	$	108	$	1
Total	$	58	$	1	$	50	$	—	$	108	$	1
1 Indicates the 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 June 30, 2020, 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.        

	June 30, 2020
(Millions of dollars)	Cost Basis		Fair Value
Due in one year or less	$	126	$	127
Due after one year through five years	689		718
Due after five years through ten years	213		222
Due after ten years	90		91
U.S. governmental agency mortgage-backed securities	369		381
Residential mortgage-backed securities	6		6
Commercial mortgage-backed securities	62		65
Total debt securities – available-for-sale	$	1,555	$	1,610

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

Sales of available-for-sale securities:
	Three Months Ended June 30				Six Months Ended June 30
(Millions of dollars)	2020		2019		2020		2019
Proceeds from the sale of available-for-sale securities	$	66	$	97	$	124	$	144
Gross gains from the sale of available-for-sale securities	1		1		1		1
Gross losses from the sale of available-for-sale securities	1		—		1		1