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Investments in Debt and Equity Securities (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of 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
September 30, 2023December 31, 2022
(Millions of dollars)
Cost
Basis
Unrealized Pretax Net Gains
(Losses)
Fair
Value
Cost
Basis
Unrealized Pretax Net Gains
(Losses)
Fair
Value
Government debt securities      
U.S. treasury bonds$9 $— $9 $9 $— $9 
Other U.S. and non-U.S. government bonds57 (4)53 60 (5)55 
Corporate debt securities     
Corporate bonds and other debt securities2,823 (93)2,730 2,561 (95)2,466 
Asset-backed securities193 (4)189 187 (5)182 
Mortgage-backed debt securities  
U.S. governmental agency429 (45)384 364 (31)333 
Residential3 (1)2 3 (1)2 
Commercial137 (11)126 127 (10)117 
Total available-for-sale debt securities$3,651 $(158)$3,493 $3,311 $(147)$3,164 
Summary of investments in an unrealized loss position that are not other-than-temporarily impaired
Available-for-sale debt securities in an unrealized loss position:
 September 30, 2023
 
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 securities      
Other U.S. and non-U.S. government bonds$19 $— $25 $4 $44 $4 
Corporate debt securities
Corporate bonds1,660 29 972 64 2,632 93 
Asset-backed securities35 — 88 4 123 4 
Mortgage-backed debt securities
U.S. governmental agency102 4 281 41 383 45 
Residential— — 2 1 2 1 
Commercial18 1 108 10 126 11 
Total$1,834 $34 $1,476 $124 $3,310 $158 
 December 31, 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 securities      
Other U.S. and non-U.S. government bonds$19 $1 $20 $4 $39 $5 
Corporate debt securities
Corporate bonds1,815 46 357 50 2,172 96 
Asset-backed securities75 2 55 3 130 5 
Mortgage-backed debt securities      
U.S. governmental agency229 16 98 15 327 31 
Residential2 — 1 1 3 1 
Commercial63 5 54 5 117 10 
Total$2,203 $70 $585 $78 $2,788 $148 
1 Indicates the length of time that individual securities have been in a continuous unrealized loss position.
Summary of cost basis and fair value of the available-for-sale debt securities by contractual maturity Expected maturities will differ from contractual maturities because borrowers may have the right to prepay and creditors may have the right to call obligations.        
September 30, 2023
(Millions of dollars)Cost BasisFair Value
Due in one year or less$940 $929 
Due after one year through five years1,812 1,737 
Due after five years through ten years262 248 
Due after ten years68 67 
U.S. governmental agency mortgage-backed securities429 384 
Residential mortgage-backed securities3 2 
Commercial mortgage-backed securities137 126 
Total debt securities – available-for-sale$3,651 $3,493 
  
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 September 30,Nine Months Ended September 30,
(Millions of dollars)2023202220232022
Proceeds from the sale of available-for-sale securities$271 $204 $710 $474 
Gross gains from the sale of available-for-sale securities— — — 1 
Gross losses from the sale of available-for-sale securities1 — 1 1