Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments

Summary of amortized cost and fair value of the trust investments

		Amortized Costs				Fair Values
	Longest	March 31,		December 31,		March 31,		December 31,
(in millions)	Maturity Dates	2024		2023		2024		2023
Municipal bonds	2067	$	647	$	636	$	760	$	757
Government and agency securities	2073		1,044		1,072		1,137		1,186
Corporate bonds	2072		422		361		463		401
Short-term investments and receivables/payables1	One-year		169		164		178		171
Total debt securities and other		$	2,282	$	2,233		2,538		2,515
Equity securities							1,750		1,658
Total2						$	4,288	$	4,173

1 As of March 31, 2024 and December 31, 2023, short-term investments included $86 million and $38 million of repurchase agreement payable by financial institutions which earned interest, were fully secured by U.S. Treasury securities, and mature by April 1, 2024 and January 2, 2024, respectively.

2 Represents amounts before reduction for deferred tax liabilities on net unrealized gains of $402 million and $380 million as of
March 31, 2024 and December 31, 2023, respectively.

Summary of gains and losses

	Three months ended March 31,
(in millions)	2024		2023
Gross realized gains	$	55	$	71
Gross realized losses		(9)		(23)
Net unrealized gains for equity securities		95		75