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Investments in debt and equity securities (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule 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 Statement 3) were as follows:

Available-for-sale debt securitiesDecember 31, 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$10 $— $10 $9 $— $9 
Other U.S. and non-U.S. government bonds
62 (2)60 60 (5)55 
Corporate debt securities      
Corporate bonds and other debt securities3,031 (36)2,995 2,561 (95)2,466 
Asset-backed securities195 (3)192 187 (5)182 
Mortgage-backed debt securities
    
U.S. governmental agency
433 (23)410 364 (31)333 
Residential
3 (1)2 3 (1)2 
Commercial
137 (9)128 127 (10)117 
Total available-for-sale debt securities$3,871 $(74)$3,797 $3,311 $(147)$3,164 
Available-for-sale debt securities in an unrealized loss position
Available-for-sale debt securities in an unrealized loss position:
 December 31, 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$— $— $25 $3 $25 $3 
Corporate debt securities
Corporate bonds765 — 1,011 45 1,776 45 
Asset-backed securities9 — 97 3 106 3 
Mortgage-backed debt securities
U.S. governmental agency33 — 287 25 320 25 
Residential— — — — — — 
Commercial2 — 121 9 123 9 
Total$809 $— $1,541 $85 $2,350 $85 
 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.
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.
December 31, 2023
(Millions of dollars)Cost BasisFair Value
Due in one year or less$970 $963 
Due after one year through five years1,996 1,966 
Due after five years through ten years253 249 
Due after ten years79 79 
U.S. governmental agency mortgage-backed securities433 410 
Residential mortgage-backed securities3 2 
Commercial mortgage-backed securities137 128 
Total debt securities – available-for-sale$3,871 $3,797 
Schedule of proceeds and gross gain and losses from the sale of available-for-sale securities
Sales of available-for-sale debt securities:
 Years Ended December 31,
(Millions of dollars)202320222021
Proceeds from the sale of available-for-sale securities$940 $767 $454 
Gross gains from the sale of available-for-sale securities$— $— $4 
Gross losses from the sale of available-for-sale securities$1 $5 $—