Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments

Summary of amortized cost and fair value of the trust investments

		Amortized Costs				Fair Values
	Longest	September 30,		December 31,		September 30,		December 31,
(in millions)	Maturity Dates	2023		2022		2023		2022
Municipal bonds	2061	$	632	$	672	$	682	$	754
Government and agency securities	2073		1,146		1,025		1,210		1,091
Corporate bonds	2070		350		351		376		377
Short-term investments and receivables/payables1	One-year		115		110		125		116
Total debt securities and other		$	2,243	$	2,158		2,393		2,338
Equity securities							1,550		1,610
Total						$	3,943	$	3,948

1 As of December 31, 2022, short-term investments included $41 million of repurchase agreement payable by financial institutions which earned interest, was 97% secured by U.S. Treasury securities and matured on January 3, 2023.

Summary of gains and losses

	Three months ended September 30,				Nine months ended September 30,
(in millions)	2023		2022		2023		2022
Gross realized gains	$	48	$	22	$	243	$	111
Gross realized losses		(38)		(35)		(69)		(96)
Net unrealized (losses)/gains for equity securities		(81)		(83)		(17)		(515)