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Investments
 3 Months Ended
Mar. 31, 2017
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)
 
March 31,
2017
 
December 31,
2016
 
March 31,
2017
 
December 31, 2016
Stocks
—
 
$
291

 
$
319

 
$
1,537

 
$
1,547

Municipal bonds
2054
 
645

 
659

 
753

 
766

U.S. government and agency securities
2055
 
1,308

 
1,131

 
1,380

 
1,191

Corporate bonds
2057
 
552

 
600

 
608

 
659

Short-term investments and receivables/payables1
One-year
 
71

 
75

 
74

 
79

Total
 
 
$
2,867

 
$
2,784

 
$
4,352

 
$
4,242


1
Short-term investments include $36 million and $114 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by April 3, 2017 and January 4, 2017 as of March 31, 2017 and December 31, 2016, respectively.
Trust fund earnings (based on specific identification) increase the trust fund balance and the asset retirement obligation ("ARO") regulatory liability. Unrealized holding gains, net of losses, were $1.5 billion at both March 31, 2017 and December 31, 2016.
The following table sets forth a summary of changes in the fair value of the trust:
 
 
Three months ended March 31,
(in millions)
 
2017
 
2016
Balance at beginning of period
 
$
4,242

 
$
4,331

Gross realized gains
 
99

 
17

Gross realized losses
 
(16
)
 
(3
)
Unrealized gains, net of losses
 
27

 
59

Other-than-temporary impairments
 
(1
)
 
(7
)
Interest and dividends
 
28

 
29

Income taxes
 
—

 
(18
)
Decommissioning disbursements
 
(26
)
 
(116
)
Administrative expenses and other
 
(1
)
 
(2
)
Balance at end of period
 
$
4,352

 
$
4,290


Trust assets are used to pay income taxes. Deferred tax liabilities related to net unrealized gains at March 31, 2017 were $373 million. Accordingly, the fair value of trust assets available to pay future decommissioning costs, net of deferred income taxes, totaled $4.0 billion at March 31, 2017. Due to regulatory mechanisms, changes in assets of the trusts from income or loss items have no impact on operating revenue or earnings.
Decommissioning disbursements are funded from sales of investments of the nuclear decommissioning trusts.