Investments

9 Months Ended

Sep. 30, 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	September 30,		December 31,		September 30,		December 31,
(in millions)	Maturity Dates	2024		2023		2024		2023
Municipal bonds	2067	$	754	$	636	$	931	$	757
Government and agency securities	2074		1,098		1,072		1,262		1,186
Corporate bonds	2072		402		361		466		401
Short-term investments and receivables/payables1	One-year		98		164		(2)		171
Total debt securities and other		$	2,352	$	2,233		2,657		2,515
Equity securities							1,767		1,658
Total2						$	4,424	$	4,173

1 As of September 30, 2024 and December 31, 2023, short-term investments included $37 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 October 1, 2024 and January 2, 2024, respectively.

2 Represents amounts before reduction for deferred tax liabilities on net unrealized gains of $426 million and $380 million as of September 30, 2024 and December 31, 2023, 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 $1.9 billion and $1.8 billion at September 30, 2024 and December 31, 2023, respectively.

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

	Three months ended September 30,				Nine months ended September 30,
(in millions)	2024		2023		2024		2023
Gross realized gains	$	84	$	48	$	186	$	243
Gross realized losses		(8)		(38)		(22)		(69)
Net unrealized gains/(losses) for equity securities		31		(81)		116		(17)

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 innovative clean energy related technologies and services, included as "Other investments" on Edison International's consolidated balance sheets. As of September 30, 2024 and December 31, 2023, these investments include $14 million and $12 million of equity investments without readily determinable fair values, 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 September 30, 2024 and December 31, 2023.