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Investments (Tables) | 9 Months Ended
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Sep. 30, 2025
Regulated Entity, Other Assets, Noncurrent [Abstract] |
Schedule of Amortized Cost and Fair Value of the Trust Investments | 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 |  | September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024
Municipal bonds | 2067 |  | $ | 738 |  |  | $ | 729 |  |  | $ | 911 |  |  | $ | 860 |
Government and agency securities | 2074 |  | 1,193 |  |  | 1,201 |  |  | 1,401 |  |  | 1,341 |
Corporate bonds | 2072 |  | 320 |  |  | 346 |  |  | 381 |  |  | 392 |
Short-term investments and receivables/(payables)1 | One-year |  | 143 |  |  | 152 |  |  | (52) |  |  | 62 |
Total debt securities and other |  |  | $ | 2,394 |  |  | $ | 2,428 |  |  | 2,641 |  |  | 2,655 |
Equity securities |  |  |  |  |  |  | 1,834 |  |  | 1,631 |
Total 2 |  |  |  |  |  |  | $ | 4,475 |  |  | $ | 4,286 |
1 As of September 30, 2025 and December 31, 2024, short-term investments included $11 million and $18 million of repurchase agreement payable by financial institutions which earned interest, were fully secured by U.S. Treasury securities, and mature by October 1, 2025 and January 2, 2025, respectively. 2 Represents amounts before reduction for deferred tax liabilities on net unrealized gains of $436 million and $373 million as of September 30, 2025 and December 31, 2024, respectively.
Schedule of Gains and Losses for the Trust Investments | The following table summarizes the gains and losses for the trust investments:
| Three months ended September 30, |  | Nine months ended September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Gross realized gains | $ | 36 |  |  | $ | 84 |  |  | $ | 82 |  |  | $ | 186 |
Gross realized losses | (8) |  |  | (8) |  |  | (14) |  |  | (22) |
Net unrealized gains for equity securities | 104 |  |  | 31 |  |  | 190 |  |  | 116 |

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- Definition Tabular disclosure of realized and unrealized gain (loss) on investment in security. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 + Details
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