Investments

3 Months Ended

Mar. 31, 2024

Investments

Investments

Note 10. 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 on fair value of the trust investments):

		Amortized Costs				Fair Values
	Longest	March 31,		December 31,		March 31,		December 31,
(in millions)	Maturity Dates	2024		2023		2024		2023
Municipal bonds	2067	$	647	$	636	$	760	$	757
Government and agency securities	2073		1,044		1,072		1,137		1,186
Corporate bonds	2072		422		361		463		401
Short-term investments and receivables/payables1	One-year		169		164		178		171
Total debt securities and other		$	2,282	$	2,233		2,538		2,515
Equity securities							1,750		1,658
Total2						$	4,288	$	4,173

1 As of March 31, 2024 and December 31, 2023, short-term investments included $86 million and $38 million of repurchase agreement payable by financial institutions which earned interest, were fully secured by U.S. Treasury securities, and mature by April 1, 2024 and January 2, 2024, respectively.

2 Represents amounts before reduction for deferred tax liabilities on net unrealized gains of $402 million and $380 million as of
March 31, 2024 and December 31, 2023, 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 $1.8 billion at both March 31, 2024 and December 31, 2023.

The following table summarizes the gains and losses for the trust investments:

	Three months ended March 31,
(in millions)	2024		2023
Gross realized gains	$	55	$	71
Gross realized losses		(9)		(23)
Net unrealized gains for equity securities		95		75

Due to regulatory mechanisms, changes in the assets of the trusts from income or loss items do not materially affect earnings.

Edison International Parent and Other's Investments

Edison International Parent and Other holds strategic investments in companies focused on developing electric technologies and services, included as "Other investments" on Edison International's consolidated balance sheets. As of March 31, 2024 and December 31, 2023, these investments include $13 million and $12 million of equity investments without readily determinable fair values, respectively. For information on fair value and unrealized gains/(losses) of marketable securities, see Note 4 and Note 15, respectively. The equity investments without readily determinable fair values balances included cumulative upward adjustments of $9 million, resulting primarily from values determined by additional capital infusions, at both March 31, 2024 and December 31, 2023.