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Investments | 12 Months Ended
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Dec. 31, 2024
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 (see Note 4 for a discussion on fair value of the trust investments):
|  |  | Amortized Costs |  | Fair Values
(in millions) | Longest Maturity Dates |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2024 |  | December 31, 2023
Municipal bonds | 2067 |  | $ | 729 |  |  | $ | 636 |  |  | $ | 860 |  |  | $ | 757 |
Government and agency securities | 2074 |  | 1,201 |  |  | 1,072 |  |  | 1,341 |  |  | 1,186 |
Corporate bonds | 2072 |  | 346 |  |  | 361 |  |  | 392 |  |  | 401 |
Short-term investments and receivables/payables 1 | One-year |  | 152 |  |  | 164 |  |  | 62 |  |  | 171 |
Total debt securities and other |  |  | 2,428 |  |  | 2,233 |  |  | 2,655 |  |  | 2,515 |
Equity securities |  |  |  |  |  |  | 1,631 |  |  | 1,658 |
Total 2 |  |  |  |  |  |  | $ | 4,286 |  |  | $ | 4,173 |
1 Short-term investments include $18 million and $38 million of repurchase agreements payable by financial institutions which earn interest, were both fully secured by U.S. Treasury securities and mature by January 2, 2025 and January 2, 2024 as of December 31, 2024 and 2023, respectively. 2 Represents amounts before reduction for deferred tax liabilities on net unrealized gains of $373 million and $380 million as of December 31, 2024 and 2023, respectively. Trust fund earnings (based on specific identification) increase the trust fund balance and the ARO regulatory liability. Unrealized holding gains, net of losses, were $1.7 billion and $1.8 billion at December 31, 2024 and 2023, respectively. The following table summarizes the gains and losses for the trust investments:
| Years ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Gross realized gains | $ | 326 |  |  | $ | 323 |  |  | $ | 150 |
Gross realized losses | (24) |  |  | (73) |  |  | (127) |
Net unrealized (losses) gains for equity securities | (19) |  |  | 103 |  |  | (369) |
Due to regulatory mechanisms, changes in the assets of the trusts from income or loss items do not materially affect earnings.

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