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Investments (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments |
Summary of amortized cost and fair value of the trust investments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Amortized Costs | ​ | Fair Values
​ | ​ | Longest | ​ | June 30, | ​ | December 31, | ​ | June 30, | ​ | December 31,
(in millions) |  | Maturity Dates |  | 2024 |  | 2023 |  | 2024 |  | 2023
Municipal bonds |  | 2067 |  | $ | 704 |  | $ | 636 | ​ | $ | 815 | ​ | $ | 757
Government and agency securities |  | 2074 |  | ​ | 1,104 |  | ​ | 1,072 | ​ |  | 1,195 | ​ |  | 1,186
Corporate bonds |  | 2072 |  | ​ | 464 |  | ​ | 361 | ​ |  | 507 | ​ |  | 401
Short-term investments and receivables/payables1 |  | One-year |  | ​ | 33 |  | ​ | 164 | ​ |  | 34 | ​ |  | 171
Total debt securities and other | ​ | ​ | ​ | $ | 2,305 | ​ | $ | 2,233 | ​ | ​ | 2,551 | ​ | ​ | 2,515
Equity securities |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,741 | ​ | ​ | 1,658
Total2 |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 4,292 | ​ | $ | 4,173
1 | As of June 30, 2024 and December 31, 2023, short-term investments included $6 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 July 1, 2024 and January 2, 2024, respectively.
2 | Represents amounts before reduction for deferred tax liabilities on net unrealized gains of $397 million and $380 million as of June 30, 2024 and December 31, 2023, respectively.
Summary of gains and losses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30, | ​ | Six months ended June 30,
(in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Gross realized gains | ​ | $ | 47 | ​ | $ | 124 | ​ | $ | 102 | ​ | $ | 195
Gross realized losses | ​ |  | (5) | ​ |  | (8) | ​ |  | (14) | ​ |  | (31)
Net unrealized (losses)/gains for equity securities | ​ |  | (10) | ​ |  | (11) | ​ |  | 85 | ​ |  | 64

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