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Investments
 9 Months Ended
Sep. 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)
 
September 30,
2015
 
December 31,
2014
 
September 30,
2015
 
December 31, 2014
Stocks
—
 
$
386

 
$
524

 
$
1,559

 
$
2,031

Municipal bonds
2054
 
726

 
681

 
860

 
822

U.S. government and agency securities
2045
 
1,069

 
777

 
1,141

 
836

Corporate bonds
2057
 
668

 
346

 
721

 
395

Short-term investments and receivables/payables1
One-year
 
104

 
692

 
107

 
715

Total
 
 
$
2,953

 
$
3,020

 
$
4,388

 
$
4,799


1
Short-term investments include $112 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by October 7, 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 $5.7 billion and $2.1 billion for the three months ended September 30, 2015 and 2014, respectively, and $12.9 billion and $5.8 billion for the nine months ended September 30, 2015 and 2014, respectively. Unrealized holding gains, net of losses, were $1.4 billion and $1.8 billion at September 30, 2015 and December 31, 2014, respectively.
The following table sets forth a summary of changes in the fair value of the trust:
 
 
Three months ended September 30,
 
Nine months ended September 30,
(in millions)
 
2015
 
2014
 
2015
 
2014
Balance at beginning of period
 
$
4,836

 
$
4,740

 
$
4,799

 
$
4,494

Gross realized gains
 
183

 
149

 
215

 
187

Gross realized losses
 
(10
)
 
—

 
(15
)
 
—

Unrealized (losses) gains, net
 
(316
)
 
(131
)
 
(343
)
 
38

Other-than-temporary impairments
 
(10
)
 
(4
)
 
(22
)
 
(10
)
Interest and dividends
 
28

 
28

 
88

 
90

Contributions
 
—

 
—

 
7

 
6

Income taxes
 
—

 
(40
)
 
(14
)
 
(59
)
Decommissioning disbursements
 
(319
)
 
—

 
(319
)
 
(1
)
Administrative expenses and other
 
(4
)
 
(1
)
 
(8
)
 
(4
)
Balance at end of period
 
$
4,388

 
$
4,741

 
$
4,388

 
$
4,741


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 September 30, 2015 were $344 million. Accordingly, the fair value of Trust assets available to pay future decommissioning costs, net of deferred income taxes, totaled $4.0 billion at September 30, 2015. Due to regulatory mechanisms, changes in assets of the trusts from income or loss items have no impact on operating revenue or earnings.
In August 2015, the trust reimbursed SCE for $319 million of 2013 and 2014 Unit 2 and 3 decommissioning costs. Under the San Onofre OII Settlement Agreement recoveries from the nuclear decommissioning trusts of 2013 and 2014 decommissioning costs are refunded to customers primarily through ERRA.