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Investments | 9 Months Ended
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Sep. 30, 2025
Regulated Entity, Other Assets, Noncurrent [Abstract] |
Investments | Investments 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 |  | 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. Trust fund earnings (based on specific identification) increase the trust fund balance and the ARO regulatory liability. Unrealized holding gains, net of losses, were $1.9 billion and $1.7 billion at September 30, 2025 and December 31, 2024, respectively. 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 |
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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