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Investments (Tables)
 9 Months Ended
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 CostsFair Values
(in millions)Longest
Maturity Dates		September 30,
2025		December 31,
2024		September 30,
2025		December 31,
2024
Municipal bonds2067$738 $729 $911 $860 
Government and agency securities20741,193 1,201 1,401 1,341 
Corporate bonds2072320 346 381 392 
Short-term investments and receivables/(payables)1
One-year143 152 (52)62 
Total debt securities and other$2,394 $2,428 2,641 2,655 
Equity securities1,834 1,631 
Total2
$4,475 $4,286 
1As 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.
2Represents 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)2025202420252024
Gross realized gains$36 $84 $82 $186 
Gross realized losses(8)(8)(14)(22)
Net unrealized gains for equity securities104 31 190 116