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Investments
 6 Months Ended
Jun. 30, 2015
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:
 
Longest
Maturity
Dates
 
Amortized Cost
 
Fair Value
(in millions)
 
June 30,
2015
 
December 31,
2014
 
June 30,
2015
 
December 31, 2014
Stocks
—
 
$
560

 
$
524

 
$
2,084

 
$
2,031

Municipal bonds
2054
 
705

 
681

 
826

 
822

U.S. government and agency securities
2045
 
1,116

 
777

 
1,173

 
836

Corporate bonds
2057
 
591

 
346

 
637

 
395

Short-term investments and receivables/payables1
One-year
 
113

 
692

 
116

 
715

Total
 
 
$
3,085

 
$
3,020

 
$
4,836

 
$
4,799


1
Short-term investments include $140 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by July 8, 2015.
Trust fund earnings (based on specific identification) increase the trust fund balance and the ARO regulatory liability. Proceeds from sales of securities (which are reinvested) were $4.4 billion and $2.2 billion for the three months ended June 30, 2015 and 2014, respectively, and $7.3 billion and $3.8 billion for the six months ended June 30, 2015 and 2014, respectively. Unrealized holding gains, net of losses, were $1.8 billion at both June 30, 2015 and December 31, 2014.
The following table sets forth a summary of changes in the fair value of the trust:
 
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
 
2015
 
2014
 
2015
 
2014
Balance at beginning of period
 
$
4,896

 
$
4,587

 
$
4,799

 
$
4,494

Gross realized gains
 
5

 
28

 
32

 
38

Gross realized losses
 
(3
)
 
—

 
(5
)
 
—

Unrealized (losses) gains, net
 
(71
)
 
107

 
(27
)
 
169

Other-than-temporary impairments
 
(8
)
 
(3
)
 
(12
)
 
(6
)
Interest and dividends
 
32

 
33

 
60

 
62

Contributions
 
—

 
—

 
7

 
5

Income taxes
 
(14
)
 
(11
)
 
(14
)
 
(19
)
Administrative expenses and other
 
(1
)
 
(1
)
 
(4
)
 
(3
)
Balance at end of period
 
$
4,836

 
$
4,740

 
$
4,836

 
$
4,740


Trust assets are used to pay income taxes as the Trust files separate income taxes returns from SCE. Deferred income taxes related to unrealized gains at June 30, 2015 were $427 million. Accordingly, the fair value of Trust assets available to pay future decommissioning costs, net of deferred income taxes, totaled $4.4 billion at June 30, 2015. Due to regulatory mechanisms, changes in assets of the trusts from income items have no impact on operating revenue or earnings.