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Other Investments
 12 Months Ended
Dec. 31, 2015
Regulated Entity, Other Assets, Noncurrent [Abstract]  
Other Investments
Investments
Nuclear Decommissioning Trusts
Future decommissioning costs of removal of 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 Date
 
Amortized Cost
 
Fair Value
 
 
December 31,
(in millions)
 
2015
 
2014
 
2015
 
2014
Stocks
—
 
$
304

 
$
524

 
$
1,460

 
$
2,031

Municipal bonds
2054
 
691

 
681

 
840

 
822

U.S. government and agency securities
2046
 
1,070

 
777

 
1,128

 
836

Corporate bonds
2057
 
708

 
346

 
755

 
395

Short-term investments and receivables/payables1
One-year
 
144

 
692

 
148

 
715

Total
 
 
$
2,917

 
$
3,020

 
$
4,331

 
$
4,799


1
Short-term investments include $81 million and $164 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by January 5, 2016 and January 7, 2015 as of December 31, 2015 and 2014, 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 $1.4 billion and $1.8 billion at December 31, 2015 and 2014, respectively.

The following table sets forth a summary of changes in the fair value of the trusts:
 
Years ended December 31,
(in millions)
2015
 
2014
 
2013
Balance at beginning of period
$
4,799

 
$
4,494

 
$
4,048

Gross realized gains
326

 
197

 
300

Gross realized losses
(26
)
 
(5
)
 
(32
)
Unrealized (losses) gains
(364
)
 
75

 
160

Other-than-temporary impairments
(29
)
 
(14
)
 
(47
)
Interest, dividends and other
115

 
118

 
113

Contributions
54

 
5

 
22

Income taxes
(64
)
 
(62
)
 
(66
)
Decommissioning disbursements
(471
)
 
(4
)
 
—

Administrative expenses and other
(9
)
 
(5
)
 
(4
)
Balance at end of period
$
4,331

 
$
4,799

 
$
4,494


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 December 31, 2015 were $360 million. Accordingly, the fair value of Trust assets available to pay future decommissioning costs, net of deferred income taxes, totaled $4.0 billion at December 31, 2015. Due to regulatory mechanisms, changes in assets of the trusts from income items have no impact on operating revenue or earnings.

For the year ended December 31, 2015, the trust reimbursed SCE for $471 million of 2013, 2014 and 2015 Units 2 and 3 decommissioning costs. Under the San Onofre OII Settlement Agreement, recoveries from the nuclear decommissioning trusts of 2013 and 2014 decommissioning costs were refunded to customers primarily through ERRA.
Acquisitions
On December 31, 2015, Edison Energy acquired three businesses for an aggregate purchase price of approximately
$100 million. Under the terms of the acquisition agreements, the sellers are entitled to additional consideration in the event that certain financial thresholds are achieved. The maximum amount that could be earned under these agreements is approximately $50 million over a four year period. The majority of the purchase price was allocated to goodwill and identifiable intangibles ($90 million). Purchase price allocations are preliminary and subject to change.