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Investments
 12 Months Ended
Dec. 31, 2019
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 Date
 
Amortized Cost
 
Fair Value
 
 
December 31,
(in millions)
 
2019
 
2018
 
2019
 
2018
Stocks
—
 
N/A

 
N/A

 
$
1,765

 
$
1,381

Municipal bonds
2057
 
822

 
665

 
970

 
767

U.S. government and agency securities
2067
 
996

 
1,193

 
1,115

 
1,288

Corporate bonds
2068
 
597

 
573

 
679

 
611

Short-term investments and receivables/payables1
One-year
 
32

 
70

 
33

 
73

Total
 
 
$
2,447

 
$
2,501

 
$
4,562

 
$
4,120


1
Short-term investments include $41 million and $71 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by January 2, 2020 and January 2, 2019 as of December 31, 2019 and 2018, respectively.
Trust fund earnings (based on specific identification) increase the trust fund balance and the ARO regulatory liability. Unrealized holding gains, net of losses, were $1.8 billion and $1.4 billion at December 31, 2019 and 2018, respectively, and other-than-temporary impairments were $160 million and $170 million at the respective periods.
Trust assets are used to pay income taxes. Deferred tax liabilities related to net unrealized gains at December 31, 2019 were $449 million. Accordingly, the fair value of trust assets available to pay future decommissioning costs, net of deferred income taxes, totaled $4.1 billion at December 31, 2019.
The following table summarizes the gains and losses for the trust investments:
 
December 31,
(in millions)
2019
2018
2017
Gross realized gains
$
87

$
134

$
244

Gross realized losses
(2
)
(27
)
(23
)
Net unrealized gains (losses) for equity securities
343

(233
)
142


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