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Investments and Restricted Cash and Cash Equivalents and Investments
 3 Months Ended
Mar. 31, 2023
Restricted Cash and Cash Equivalents Items [Line Items]  
Investments and Restricted Cash and Cash Equivalents and Investments Investments and Restricted Cash and Cash Equivalents and Investments
Investments and restricted cash and cash equivalents and investments consists of the following (in millions):
 As of
 March 31,December 31,
20232022
Investments:
BYD Company Limited common stock$3,321 $3,763 
U.S. Treasury Bills2,854 1,931 
Rabbi trusts449 433 
Other318 335 
Total investments6,942 6,462 
   
Equity method investments:
BHE Renewables tax equity investments4,430 4,535 
Electric Transmission Texas, LLC641 623 
Iroquois Gas Transmission System, L.P.604 600 
Other352 304 
Total equity method investments6,027 6,062 
Restricted cash and cash equivalents and investments:  
Quad Cities Station nuclear decommissioning trust funds696 664 
Other restricted cash and cash equivalents192 226 
Total restricted cash and cash equivalents and investments888 890 
   
Total investments and restricted cash and cash equivalents and investments$13,857 $13,414 
Reflected as:
Other current assets$3,032 $2,141 
Noncurrent assets10,825 11,273 
Total investments and restricted cash and cash equivalents and investments$13,857 $13,414 

Investments

Gains (losses) on marketable securities, net recognized during the period consists of the following (in millions):
Three-Month Periods
Ended March 31,
20232022
Unrealized gains (losses) recognized on marketable securities held at the reporting date$529 $(1,257)
Net gains recognized on marketable securities sold during the period170 — 
Gains (losses) on marketable securities, net$699 $(1,257)
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist substantially of funds restricted for debt service obligations for certain of the Company's nonregulated renewable energy projects. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):
As of
March 31,December 31,
20232022
Cash and cash equivalents$963 $1,591 
Investments and restricted cash and cash equivalents133 173 
Investments and restricted cash and cash equivalents and investments59 53 
Total cash and cash equivalents and restricted cash and cash equivalents$1,155 $1,817 
EEGH  
Restricted Cash and Cash Equivalents Items [Line Items]  
Investments and Restricted Cash and Cash Equivalents and Investments Investments and Restricted Cash and Cash Equivalents
Investments and restricted cash and cash equivalents consists of the following (in millions):
As of
March 31,December 31,
20232022
Investments:
Investment funds$17 $14 
Equity method investments:
Iroquois268 264 
Total investments285 278 
Restricted cash and cash equivalents:
Customer deposits31 30 
Total restricted cash and cash equivalents31 30 
Total investments and restricted cash and cash equivalents$316 $308 
Reflected as:
Current assets$31 $30 
Noncurrent assets285 278 
Total investments and restricted cash and cash equivalents$316 $308 
Equity Method Investments

Eastern Energy Gas, through subsidiaries, owns 50% of Iroquois, which owns and operates an interstate natural gas transmission system located in the states of New York and Connecticut.

As of March 31, 2023 and December 31, 2022, the carrying amount of Eastern Energy Gas' investments exceeded its share of underlying equity in net assets by $130 million. The difference reflects equity method goodwill and is not being amortized. Eastern Energy Gas received distributions from its investments of $26 million and $11 million for the three-month periods ended March 31, 2023 and 2022, respectively.

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist of customer deposits as allowed under the FERC gas tariffs. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):
As of
March 31,December 31,
20232022
Cash and cash equivalents$103 $65 
Restricted cash and cash equivalents included in other current assets31 30 
Total cash and cash equivalents and restricted cash and cash equivalents$134 $95 
EGTS  
Restricted Cash and Cash Equivalents Items [Line Items]  
Investments and Restricted Cash and Cash Equivalents and Investments Investments and Restricted Cash and Cash Equivalents
Investments and restricted cash and cash equivalents consists of the following (in millions):
As of
March 31,December 31,
20232022
Investments:
Investment funds$17 $14 
Restricted cash and cash equivalents:
Customer deposits29 29 
Total restricted cash and cash equivalents29 29 
Total investments and restricted cash and cash equivalents$46 $43 
Reflected as:
Current assets$29 $29 
Noncurrent assets17 14 
Total investments and restricted cash and cash equivalents$46 $43 
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist of customer deposits as allowed under the FERC gas tariff. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):
As of
March 31,December 31,
20232022
Cash and cash equivalents$46 $16 
Restricted cash and cash equivalents29 29 
Total cash and cash equivalents and restricted cash and cash equivalents$75 $45