Investments (Tables)

6 Months Ended

Jun. 30, 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)		June 30, 2020		December 31, 2019		June 30, 2020		December 31, 2019
Stocks	—	N/A		N/A		$	1,710	$	1,765
Municipal bonds	2057	$	1,013	$	822	1,194		970
U.S. government and agency securities	2067	703		996		852		1,115
Corporate bonds	2070	542		597		636		679
Short-term investments and receivables/payables1	One-year	168		32		174		33
Total		$	2,426	$	2,447	$	4,566	$	4,562

1 Short-term investments include $90 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 July 1, 2020 and January 2, 2020 as of June 30, 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 June 30,				Six months ended June 30,
(in millions)	2020		2019		2020		2019
Gross realized gains	$	75	$	22	$	114	$	45
Gross realized loss	1		—		3		—
Net unrealized gains (losses) for equity securities	271		38		(105)		206