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Investments (Tables) | 12 Months Ended
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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

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