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Investments | 6 Months Ended
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Jun. 30, 2015
Regulated Entity, Other Assets, Noncurrent [Abstract] |
Investments | Investments Nuclear Decommissioning Trusts Future decommissioning costs related to SCE's nuclear assets are expected to be funded from independent decommissioning trusts. The following table sets forth amortized cost and fair value of the trust investments:
| Longest Maturity Dates |  | Amortized Cost |  | Fair Value
(in millions) |  | June 30, 2015 |  | December 31, 2014 |  | June 30, 2015 |  | December 31, 2014
Stocks | — |  | $ | 560 |  |  | $ | 524 |  |  | $ | 2,084 |  |  | $ | 2,031 |
Municipal bonds | 2054 |  | 705 |  |  | 681 |  |  | 826 |  |  | 822 |
U.S. government and agency securities | 2045 |  | 1,116 |  |  | 777 |  |  | 1,173 |  |  | 836 |
Corporate bonds | 2057 |  | 591 |  |  | 346 |  |  | 637 |  |  | 395 |
Short-term investments and receivables/payables 1 | One-year |  | 113 |  |  | 692 |  |  | 116 |  |  | 715 |
Total |  |  | $ | 3,085 |  |  | $ | 3,020 |  |  | $ | 4,836 |  |  | $ | 4,799 |
1 | Short-term investments include $140 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by July 8, 2015.
Trust fund earnings (based on specific identification) increase the trust fund balance and the ARO regulatory liability. Proceeds from sales of securities (which are reinvested) were $4.4 billion and $2.2 billion for the three months ended June 30, 2015 and 2014, respectively, and $7.3 billion and $3.8 billion for the six months ended June 30, 2015 and 2014, respectively. Unrealized holding gains, net of losses, were $1.8 billion at both June 30, 2015 and December 31, 2014. The following table sets forth a summary of changes in the fair value of the trust:
|  | Three months ended June 30, |  | Six months ended June 30,
(in millions) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Balance at beginning of period |  | $ | 4,896 |  |  | $ | 4,587 |  |  | $ | 4,799 |  |  | $ | 4,494 |
Gross realized gains |  | 5 |  |  | 28 |  |  | 32 |  |  | 38 |
Gross realized losses |  | (3 | ) |  | — |  |  | (5 | ) |  | — |
Unrealized (losses) gains, net |  | (71 | ) |  | 107 |  |  | (27 | ) |  | 169 |
Other-than-temporary impairments |  | (8 | ) |  | (3 | ) |  | (12 | ) |  | (6 | )
Interest and dividends |  | 32 |  |  | 33 |  |  | 60 |  |  | 62 |
Contributions |  | — |  |  | — |  |  | 7 |  |  | 5 |
Income taxes |  | (14 | ) |  | (11 | ) |  | (14 | ) |  | (19 | )
Administrative expenses and other |  | (1 | ) |  | (1 | ) |  | (4 | ) |  | (3 | )
Balance at end of period |  | $ | 4,836 |  |  | $ | 4,740 |  |  | $ | 4,836 |  |  | $ | 4,740 |
Trust assets are used to pay income taxes as the Trust files separate income taxes returns from SCE. Deferred income taxes related to unrealized gains at June 30, 2015 were $427 million. Accordingly, the fair value of Trust assets available to pay future decommissioning costs, net of deferred income taxes, totaled $4.4 billion at June 30, 2015. Due to regulatory mechanisms, changes in assets of the trusts from income items have no impact on operating revenue or earnings.

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