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Investments in Debt and Equity Securities (Tables)
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
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
June 30, 2022December 31, 2021
(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$10 $— $10 $10 $— $10 
Other U.S. and non-U.S. government bonds57 (2)55 61 — 61 
Corporate bonds     
Corporate bonds2,106 (77)2,029 1,027 19 1,046 
Asset-backed securities185 (4)181 175 1 176 
Mortgage-backed debt securities  
U.S. governmental agency384 (17)367 319 6 325 
Residential3 — 3 4 — 4 
Commercial138 (6)132 98 1 99 
Total available-for-sale debt securities$2,883 $(106)$2,777 $1,694 $27 $1,721 
Investments in an unrealized loss position that are not other-than-temporarily impaired:
Available-for-sale debt securities in an unrealized loss position:
 June 30, 2022
 
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      
Other U.S. and non-U.S. government bonds$29 $1 $6 $— $35 $1 
Corporate bonds
Corporate bonds1,812 69 73 9 1,885 78 
Asset-backed securities130 5 4 — 134 5 
Mortgage-backed debt securities
U.S. governmental agency292 15 23 3 315 18 
Commercial101 7 1 — 102 7 
$2,364 $97 $107 $12 $2,471 $109 
 December 31, 2021
 
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$270 $4 $33 $1 $303 $5 
Mortgage-backed debt securities      
U.S. governmental agency89 1 22 — 111 1 
Total$359 $5 $55 $1 $414 $6 
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 available-for-sale debt securities at June 30, 2022, 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, 2022
(Millions of dollars)Cost BasisFair Value
Due in one year or less$591 $587 
Due after one year through five years1,403 1,348 
Due after five years through ten years290 269 
Due after ten years74 71 
U.S. governmental agency mortgage-backed securities384 367 
Residential mortgage-backed securities3 3 
Commercial mortgage-backed securities138 132 
Total debt securities – available-for-sale$2,883 $2,777 
  
Schedule of proceeds and gross gain and losses from the sale of available-for-sale securities
Sales of available-for-sale debt securities:  
 Three Months Ended June 30Six Months Ended June 30
(Millions of dollars)2022202120222021
Proceeds from the sale of available-for-sale securities$174 $125 $270 $225 
Gross gains from the sale of available-for-sale securities— 2 1 2 
Gross losses from the sale of available-for-sale securities— — 1 —