v3.25.4
Investments in debt and equity securities (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025December 31, 2024
(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 $10 $— $10 
Other U.S. and non-U.S. government bonds
72 2 74 71 (3)68 
Corporate debt securities      
Corporate bonds and other debt securities2,457 23 2,480 3,199 (29)3,170 
Asset-backed securities273 — 273 220 (1)219 
Mortgage-backed debt securities
    
U.S. governmental agency
580 (8)572 476 (33)443 
Residential
2 (1)1 2 — 2 
Commercial
141 (2)139 136 (6)130 
Total available-for-sale debt securities$3,535 $14 $3,549 $4,114 $(72)$4,042 
Available-for-sale debt securities in an unrealized loss position
Available-for-sale debt securities in an unrealized loss position:
 December 31, 2025
 
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$— $— $17 $— $17 $— 
Corporate debt securities
Corporate bonds130 — 306 6 436 6 
Asset-backed securities38 — 43 1 81 1 
Mortgage-backed debt securities
U.S. governmental agency3 — 307 15 310 15 
Residential— — 1 1 1 1 
Commercial6 — 89 3 95 3 
Total$177 $— $763 $26 $940 $26 

 December 31, 2024
 
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$— $— $55 $4 $55 $4 
Corporate debt securities
Corporate bonds729 3 812 33 1,541 36 
Asset-backed securities7 — 37 2 44 2 
Mortgage-backed debt securities      
U.S. governmental agency126 3 273 30 399 33 
Commercial13 — 113 6 126 6 
Total$875 $6 $1,290 $75 $2,165 $81 
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, 2025
(Millions of dollars)Cost BasisFair Value
Due in one year or less$744 $748 
Due after one year through five years1,488 1,504 
Due after five years through ten years378 383 
Due after ten years202 202 
U.S. governmental agency mortgage-backed securities580 572 
Residential mortgage-backed securities2 1 
Commercial mortgage-backed securities141 139 
Total debt securities – available-for-sale$3,535 $3,549 
Schedule of proceeds and gross gain and losses from the sale of available-for-sale securities