Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments

Summary of amortized cost and fair value of the trust investments

		Amortized Costs				Fair Values
	Longest	December 31,		December 31,		December 31,		December 31,
(in millions)	Maturity Dates	2023		2022		2023		2022
Municipal bonds	2067	$	636	$	672	$	757	$	754
Government and agency securities	2073		1,072		1,025		1,186		1,091
Corporate bonds	2072		361		351		401		377
Short-term investments and receivables/payables1	One-year		164		110		171		116
Total debt securities and other		$	2,233	$	2,158		2,515		2,338
Equity securities							1,658		1,610
Total2						$	4,173	$	3,948

1 Short-term investments include $38 million and $41 million of repurchase agreements payable by financial institutions which earn interest, were fully and 97% secured by U.S. Treasury securities and mature by January 2, 2024 and January 3, 2023 as of December 31, 2023 and 2022, respectively.

2 Represents amounts before reduction for deferred tax liabilities on net unrealized gains of $380 million and $321 million as of December 31, 2023 and 2022, respectively.

Summary of gains and losses

	Years ended December 31,
(in millions)	2023		2022		2021
Gross realized gains	$	323	$	150	$	339
Gross realized losses		(73)		(127)		(24)
Net unrealized gains/(losses) for equity securities		103		(369)		103