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Investments
 3 Months Ended
Mar. 31, 2020
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,
2020
 
December 31,
2019
 
March 31,
2020
 
December 31, 2019
Stocks
—
 
N/A

 
N/A

 
$
1,393

 
$
1,765

Municipal bonds
2057
 
$
1,063

 
$
822

 
1,214

 
970

U.S. government and agency securities
2067
 
745

 
996

 
928

 
1,115

Corporate bonds
2068
 
575

 
597

 
636

 
679

Short-term investments and receivables/payables1
One-year
 
91

 
32

 
96

 
33

Total
 
 
$
2,474

 
$
2,447

 
$
4,267

 
$
4,562


1 
Short-term investments include $56 million and $41 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by April 1, 2020 and January 2, 2020 as of March 31, 2020 and December 31, 2019, 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 and $1.8 billion at March 31, 2020 and December 31, 2019, respectively.
Trust assets are used to pay income taxes arising from trust investing activity. Deferred tax liabilities related to net unrealized gains were $357 million and $449 million at March 31, 2020 and December 31, 2019, respectively. Accordingly, the fair value of trust assets available to pay future decommissioning costs, net of deferred income taxes, totaled $3.9 billion and $4.1 billion at March 31, 2020 and December 31, 2019, respectively.
The following table summarizes the gains and losses for the trust investments:
 
Three months ended March 31,
(in millions)
2020
 
2019
Gross realized gains
$
39

 
$
23

Gross realized loss
2

 
—

Net unrealized (losses) gains for equity securities
(376
)
 
168


Due to regulatory mechanisms, changes in assets of the trusts from income or loss items have no impact on operating revenue or earnings.