Investments (Tables)

3 Months Ended

Mar. 31, 2020

Regulated Entity, Other Assets, Noncurrent [Abstract]

Amortized Cost and Fair Value of the Trust Investments

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.

Gains and (Losses) for Equity Securities

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