Investments (Tables)

9 Months Ended

Sep. 30, 2024

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	2024		2023		2024		2023
Municipal bonds	2067	$	754	$	636	$	931	$	757
Government and agency securities	2074		1,098		1,072		1,262		1,186
Corporate bonds	2072		402		361		466		401
Short-term investments and receivables/payables1	One-year		98		164		(2)		171
Total debt securities and other		$	2,352	$	2,233		2,657		2,515
Equity securities							1,767		1,658
Total2						$	4,424	$	4,173

1 As of September 30, 2024 and December 31, 2023, short-term investments included $37 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 October 1, 2024 and January 2, 2024, respectively.

2 Represents amounts before reduction for deferred tax liabilities on net unrealized gains of $426 million and $380 million as of September 30, 2024 and December 31, 2023, respectively.

Summary of gains and losses

	Three months ended September 30,				Nine months ended September 30,
(in millions)	2024		2023		2024		2023
Gross realized gains	$	84	$	48	$	186	$	243
Gross realized losses		(8)		(38)		(22)		(69)
Net unrealized gains/(losses) for equity securities		31		(81)		116		(17)