December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||||||||||||||||||||||||||
(Millions of dollars) | Cost Basis | Unrealized Pretax Net Gains (Losses) | Fair Value | 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 | $ | 10 | $ | — | $ | 10 | ||||||||||||||||||
Other U.S. and non-U.S. government bonds | 119 | 1 | 120 | 144 | 2 | 146 | 90 | 2 | 92 | |||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||||||||||||
Corporate bonds | 612 | 21 | 633 | 626 | 38 | 664 | 542 | 30 | 572 | |||||||||||||||||||||||||||
Asset-backed securities | 72 | — | 72 | 96 | — | 96 | 112 | (1 | ) | 111 | ||||||||||||||||||||||||||
Mortgage-backed debt securities | ||||||||||||||||||||||||||||||||||||
U.S. governmental agency | 322 | (1 | ) | 321 | 291 | 8 | 299 | 297 | 13 | 310 | ||||||||||||||||||||||||||
Residential | 18 | — | 18 | 26 | (1 | ) | 25 | 33 | (3 | ) | 30 | |||||||||||||||||||||||||
Commercial | 87 | 6 | 93 | 117 | 10 | 127 | 142 | 3 | 145 | |||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||
Large capitalization value | 173 | 81 | 254 | 147 | 38 | 185 | 127 | 21 | 148 | |||||||||||||||||||||||||||
Smaller company growth | 25 | 24 | 49 | 22 | 12 | 34 | 22 | 7 | 29 | |||||||||||||||||||||||||||
Total | $ | 1,438 | $ | 132 | $ | 1,570 | $ | 1,479 | $ | 107 | $ | 1,586 | $ | 1,375 | $ | 72 | $ | 1,447 | ||||||||||||||||||
Investments in an unrealized loss position that are not other-than-temporarily impaired: | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
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 | $ | 159 | $ | 2 | $ | 1 | $ | — | $ | 160 | $ | 2 | ||||||||||||
Asset-backed securities | 6 | — | 20 | 1 | 26 | 1 | ||||||||||||||||||
Mortgage-backed debt securities | ||||||||||||||||||||||||
U.S. governmental agency | 140 | 4 | 65 | 2 | 205 | 6 | ||||||||||||||||||
Total | $ | 305 | $ | 6 | $ | 86 | $ | 3 | $ | 391 | $ | 9 |
1 | Indicates length of time that individual securities have been in a continuous unrealized loss position. |
Investments in an unrealized loss position that are not other-than-temporarily impaired: | ||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Asset-backed securities | $ | — | $ | — | $ | 20 | $ | 3 | $ | 20 | $ | 3 | ||||||||||||
Mortgage-backed debt securities | ||||||||||||||||||||||||
U.S. governmental agency | 84 | 1 | 15 | — | 99 | 1 | ||||||||||||||||||
Residential | — | — | 14 | 1 | 14 | 1 | ||||||||||||||||||
Equity securities | ||||||||||||||||||||||||
Large capitalization value | 25 | 2 | 10 | 1 | 35 | 3 | ||||||||||||||||||
Total | $ | 109 | $ | 3 | $ | 59 | $ | 5 | $ | 168 | $ | 8 |
1 | Indicates length of time that individual securities have been in a continuous unrealized loss position. |
Investments in an unrealized loss position that are not other-than-temporarily impaired: | ||||||||||||||||||||||||
December 31, 2011 | ||||||||||||||||||||||||
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 | $ | 54 | $ | 1 | $ | 1 | $ | — | $ | 55 | $ | 1 | ||||||||||||
Asset-backed securities | 1 | — | 20 | 5 | 21 | 5 | ||||||||||||||||||
Mortgage-backed debt securities | ||||||||||||||||||||||||
U.S. governmental agency | 51 | 1 | — | — | 51 | 1 | ||||||||||||||||||
Residential | 3 | — | 18 | 3 | 21 | 3 | ||||||||||||||||||
Commercial | 15 | — | 8 | 1 | 23 | 1 | ||||||||||||||||||
Equity securities | ||||||||||||||||||||||||
Large capitalization value | 36 | 5 | 6 | 1 | 42 | 6 | ||||||||||||||||||
Smaller company growth | 4 | 1 | — | — | 4 | 1 | ||||||||||||||||||
Total | $ | 164 | $ | 8 | $ | 53 | $ | 10 | $ | 217 | $ | 18 |
1 | Indicates length of time that individual securities have been in a continuous unrealized loss position. |
December 31, 2013 | ||||||||
(Millions of dollars) | Cost Basis | Fair Value | ||||||
Due in one year or less | $ | 187 | $ | 188 | ||||
Due after one year through five years | 572 | 592 | ||||||
Due after five years through ten years | 24 | 25 | ||||||
Due after ten years | 30 | 30 | ||||||
U.S. governmental agency mortgage-backed securities | 322 | 321 | ||||||
Residential mortgage-backed securities | 18 | 18 | ||||||
Commercial mortgage-backed securities | 87 | 93 | ||||||
Total debt securities – available-for-sale | $ | 1,240 | $ | 1,267 | ||||
Sales of Securities: | ||||||||||||
Years Ended December 31, | ||||||||||||
(Millions of dollars) | 2013 | 2012 | 2011 | |||||||||
Proceeds from the sale of available-for-sale securities | $ | 449 | $ | 306 | $ | 247 | ||||||
Gross gains from the sale of available-for-sale securities | $ | 22 | $ | 6 | $ | 4 | ||||||
Gross losses from the sale of available-for-sale securities | $ | 2 | $ | — | $ | 1 | ||||||