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Investments
 6 Months Ended
Jun. 30, 2016
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 (see Note 4 for a discussion of fair value of the trust investments):
 
Longest
Maturity
Dates
 
Amortized Cost
 
Fair Value
(in millions)
 
June 30,
2016
 
December 31,
2015
 
June 30,
2016
 
December 31, 2015
Stocks
—
 
$
329

 
$
304

 
$
1,488

 
$
1,460

Municipal bonds
2054
 
675

 
691

 
854

 
840

U.S. government and agency securities
2046
 
1,002

 
1,070

 
1,107

 
1,128

Corporate bonds
2057
 
683

 
708

 
771

 
755

Short-term investments and receivables/payables1
One-year
 
121

 
144

 
124

 
148

Total
 
 
$
2,810

 
$
2,917

 
$
4,344

 
$
4,331


1
Short-term investments include $85 million and $81 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and matured by July 5, 2016 and January 5, 2016 as of June 30, 2016 and December 31, 2015, 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 $1.5 billion and $1.4 billion at June 30, 2016 and December 31, 2015, respectively.
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)
 
2016
 
2015
 
2016
 
2015
Balance at beginning of period
 
$
4,290

 
$
4,896

 
$
4,331

 
$
4,799

Gross realized gains
 
22

 
5

 
75

 
32

Gross realized losses
 
(1
)
 
(3
)
 
(4
)
 
(5
)
Unrealized gains (losses), net
 
72

 
(71
)
 
113

 
(27
)
Other-than-temporary impairments
 
(8
)
 
(8
)
 
(33
)
 
(12
)
Interest and dividends
 
32

 
32

 
60

 
60

Contributions
 
—

 
—

 
—

 
7

Income taxes
 
(24
)
 
(14
)
 
(42
)
 
(14
)
Decommissioning disbursements
 
(38
)
 
—

 
(154
)
 
—

Administrative expenses and other
 
(1
)
 
(1
)
 
(2
)
 
(4
)
Balance at end of period
 
$
4,344

 
$
4,836

 
$
4,344

 
$
4,836


Trust assets are used to pay income taxes as the Trust files separate income taxes returns from SCE. Deferred tax liabilities related to net unrealized gains at June 30, 2016 were $375 million. Accordingly, the fair value of Trust assets available to pay future decommissioning costs, net of deferred income taxes, totaled $4.0 billion at June 30, 2016. Due to regulatory mechanisms, changes in assets of the trusts from income or loss items have no impact on operating revenue or earnings.