Investments (Tables)

12 Months Ended

Dec. 31, 2024

Regulated Entity, Other Assets, Noncurrent [Abstract]

Summary of Amortized Cost and Fair Value of the Trust Investments

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
(in millions)	Longest Maturity Dates	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Municipal bonds	2067	$	729	$	636	$	860	$	757
Government and agency securities	2074	1,201		1,072		1,341		1,186
Corporate bonds	2072	346		361		392		401
Short-term investments and receivables/payables1	One-year	152		164		62		171
Total debt securities and other		2,428		2,233		2,655		2,515
Equity securities						1,631		1,658
Total2						$	4,286	$	4,173

1Short-term investments include $18 million and $38 million of repurchase agreements payable by financial institutions which earn interest, were both fully secured by U.S. Treasury securities and mature by January 2, 2025 and January 2, 2024 as of December 31, 2024 and 2023, respectively.

2Represents amounts before reduction for deferred tax liabilities on net unrealized gains of $373 million and $380 million as of December 31, 2024 and 2023, respectively.

Summary of Gains and Losses

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

	Years ended December 31,
(in millions)	2024		2023		2022
Gross realized gains	$	326	$	323	$	150
Gross realized losses	(24)		(73)		(127)
Net unrealized (losses) gains for equity securities	(19)		103		(369)