Investments (Tables)

3 Months Ended

Mar. 31, 2025

Regulated Entity, Other Assets, Noncurrent [Abstract]

Summary of Amortized Cost and Fair Value of the Trust Investments

		Amortized Costs				Fair Values
(in millions)	Longest Maturity Dates	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
Municipal bonds	2067	$	759	$	729	$	897	$	860
Government and agency securities	2074	1,212		1,201		1,384		1,341
Corporate bonds	2072	332		346		383		392
Short-term investments and receivables/(payables)1	One-year	117		152		(8)		62
Total debt securities and other		$	2,420	$	2,428	2,656		2,655
Equity securities						1,575		1,631
Total2						$	4,231	$	4,286

1As of March 31, 2025 and December 31, 2024, short-term investments included $9 million and $18 million of repurchase agreement payable by financial institutions which earned interest, were fully secured by U.S. Treasury securities, and mature by April 1, 2025 and January 2, 2025, respectively.

2Represents amounts before reduction for deferred tax liabilities on net unrealized gains of $361 million and $373 million as of March 31, 2025 and December 31, 2024, respectively.

Summary of Gains and Losses

	Three months ended March 31,
(in millions)	2025		2024
Gross realized gains	$	24	$	55
Gross realized losses	(1)		(9)
Net unrealized (losses)/gains for equity securities	(60)		95