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Investments and Restricted Cash and Cash Equivalents and Investments
 6 Months Ended
Jun. 30, 2024
Restricted Cash and Cash Equivalents Items [Line Items]  
Investments and Restricted Cash and Cash Equivalents and Investments Investments and Restricted Cash and Cash Equivalents and Investments
Investments and restricted cash and cash equivalents and investments consists of the following (in millions):
 As of
 June 30,December 31,
20242023
Investments:
BYD Company Limited common stock$1,739 $2,218 
U.S. Treasury Bills1,588 996 
Rabbi trusts521 487 
Other332 338 
Total investments4,180 4,039 
   
Equity method investments:
BHE Renewables tax equity investments3,761 4,058 
Electric Transmission Texas, LLC718 673 
Iroquois Gas Transmission System, L.P.592 599 
Other391 381 
Total equity method investments5,462 5,711 
Restricted cash and cash equivalents and investments:  
Quad Cities Station nuclear decommissioning trust funds829 767 
Other restricted cash and cash equivalents287 246 
Total restricted cash and cash equivalents and investments1,116 1,013 
   
Total investments and restricted cash and cash equivalents and investments$10,758 $10,763 
Reflected as:
Other current assets$1,911 $1,253 
Noncurrent assets8,847 9,510 
Total investments and restricted cash and cash equivalents and investments$10,758 $10,763 

Investments

Gains on marketable securities, net recognized during the period consists of the following (in millions):
Three-Month PeriodsSix-Month Periods
Ended June 30,Ended June 30,
2024202320242023
Unrealized gains recognized on marketable securities held at the reporting date
$236 $268 $150 $725 
Net gains recognized on marketable securities sold during the period
93 35 56 277 
Gains on marketable securities, net
$329 $303 $206 $1,002 
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist substantially of funds restricted for debt service obligations for certain of the Company's nonregulated renewable energy projects. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):
As of
June 30,December 31,
20242023
Cash and cash equivalents$3,265 $1,565 
Investments and restricted cash and cash equivalents270 224 
Investments and restricted cash and cash equivalents and investments17 22 
Total cash and cash equivalents and restricted cash and cash equivalents$3,552 $1,811 
EEGH  
Restricted Cash and Cash Equivalents Items [Line Items]  
Investments and Restricted Cash and Cash Equivalents and Investments Investments and Restricted Cash and Cash Equivalents
Investments and restricted cash and cash equivalents consists of the following (in millions):
As of
June 30,December 31,
20242023
Investments:
Investment funds$17 $19 
Equity method investments:
Iroquois255 262 
Total investments272 281 
Restricted cash and cash equivalents:
Customer deposits25 31 
Total restricted cash and cash equivalents25 31 
Total investments and restricted cash and cash equivalents$297 $312 
Reflected as:
Other current assets$25 $31 
Noncurrent assets272 281 
Total investments and restricted cash and cash equivalents$297 $312 
Equity Method Investments

Eastern Energy Gas, through subsidiaries, owns 50% of Iroquois, which owns and operates an interstate natural gas transmission system located in the states of New York and Connecticut.

As of June 30, 2024 and December 31, 2023, the carrying amount of Eastern Energy Gas' investments exceeded its share of underlying equity in net assets by $130 million. The difference reflects equity method goodwill and is not being amortized. Eastern Energy Gas received distributions from its investments of $57 million and $40 million for the six-month periods ended June 30, 2024 and 2023, respectively.

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist of customer deposits as allowed under the FERC gas tariffs. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):
As of
June 30,December 31,
20242023
Cash and cash equivalents$107 $62 
Restricted cash and cash equivalents included in other current assets25 31 
Total cash and cash equivalents and restricted cash and cash equivalents$132 $93 
EGTS  
Restricted Cash and Cash Equivalents Items [Line Items]  
Investments and Restricted Cash and Cash Equivalents and Investments Investments and Restricted Cash and Cash Equivalents
Investments and restricted cash and cash equivalents consists of the following (in millions):
As of
June 30,December 31,
20242023
Investments:
Investment funds$17 $19 
Restricted cash and cash equivalents:
Customer deposits22 29 
Total restricted cash and cash equivalents22 29 
Total investments and restricted cash and cash equivalents$39 $48 
Reflected as:
Current assets$22 $29 
Other assets17 19 
Total investments and restricted cash and cash equivalents$39 $48 
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist of customer deposits as allowed under the FERC gas tariff. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):
As of
June 30,December 31,
20242023
Cash and cash equivalents$34 $5 
Restricted cash and cash equivalents22 29 
Total cash and cash equivalents and restricted cash and cash equivalents$56 $34