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):

1	Short-term investments include $41 million and $37 million of repurchase agreements payable by financial institutions which earn interest, were 97% and fully secured by U.S. Treasury securities and mature by January 3, 2023 and January 3, 2022 as of December 31, 2022 and 2021, 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 $1.6 billion and $2.1 billion at December 31, 2022 and 2021, respectively.

Trust assets are used to pay income taxes arising from trust investing activity. Deferred tax liabilities related to net unrealized gains were $321 million and $517 million at December 31, 2022 and 2021, respectively. Accordingly, the fair value of trust assets available to pay future decommissioning costs, net of deferred income taxes, totaled $3.6 billion and $4.4 billion at December 31, 2022 and 2021, respectively.

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


	Years ended December 31,
(in millions)	2022		2021		2020
Gross realized gains	$	150	$	339	$	255
Gross realized losses		(127)		(24)		(6)
Net unrealized (losses)/gains for equity securities		(369)		103		176

Due to regulatory mechanisms, changes in 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 hold strategic investments in companies focused on developing electric technologies and services. As of December 31, 2022 and December 31, 2021, these investments consist of $5 million and $12 million of marketable securities, respectively, and $12 million and $3 million of equity investments without readily determinable fair values (included as "Other investments" on Edison International's consolidated balance sheets), respectively. For further information of fair value of marketable securities, see Note 4. The equity investments without readily determinable fair values balances included cumulative upward adjustments of $9 million and $1 million as of

December 31, 2022 and December 31, 2021, respectively. The cumulative upward adjustments resulted primarily from values determined by additional capital infusions.

The following table summarizes unrealized gains/(losses) for equity investments held at the reporting date, recorded as "Other income" on Edison International's consolidated statements of income.


	Years ended December 31,
(in millions)	2022		2021		2020
Marketable securities	$	(6)	$	3	$	—
Equity investments without readily determinable fair values - upward adjustments		8		1		—
Total unrealized gains	$	2	$	4	$	—