Investments (Tables)

12 Months Ended

Dec. 31, 2020

Regulated Entity, Other Assets, Noncurrent [Abstract]

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 of fair value of the trust investments):

	Longest Maturity Date	Amortized Cost				Fair Value
		December 31,
(in millions)		2020		2019		2020		2019
Stocks	—	N/A		N/A		$	1,908	$	1,765
Municipal bonds	2057	1,013		822		1,218		970
U.S. government and agency securities	2067	740		996		864		1,115
Corporate bonds	2070	460		597		550		679
Short-term investments and receivables/payables1	One-year	281		32		293		33
Total		$	2,494	$	2,447	$	4,833	$	4,562

1     Short-term investments include $138 million and $41 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by January 4, 2021 and January 2, 2020 as of December 31, 2020 and 2019, respectively.

Gains and (Losses) for Equity Securities

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

	December 31,
(in millions)	2020		2019		2018
Gross realized gains	$	255	$	87	$	134
Gross realized losses	(6)		(2)		(27)
Net unrealized gains (losses) for equity securities	176		343		(233)

Net Unrealized Gains and Losses for Equity Securities

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

	December 31,
(in millions)	2020		2019		2018
Gross realized gains	$	255	$	87	$	134
Gross realized losses	(6)		(2)		(27)
Net unrealized gains (losses) for equity securities	176		343		(233)