v3.26.1
Investments (Tables)
3 Months Ended
Mar. 31, 2026
Regulated Entity, Other Assets, Noncurrent [Abstract]  
Schedule 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 CostsFair Values
(in millions)Longest
Maturity Dates
March 31,
2026
December 31,
2025
March 31,
2026
December 31,
2025
Municipal bonds2067$720 $718 $841 $899 
Government and agency securities20741,121 1,149 1,246 1,367 
Corporate bonds2072347 315 388 380 
Short-term investments and receivables/(payables)1
One-year188 200 134 (20)
Total debt securities and other$2,376 $2,382 2,609 2,626 
Equity securities1,848 1,909 
Total2
$4,457 $4,535 
1As of March 31, 2026 and December 31, 2025, short-term investments included $22 million and $27 million of repurchase agreement payable by financial institutions which earned interest, were fully secured by U.S. Treasury securities, and mature by April 1, 2026 and January 2, 2026, respectively.
2Represents amounts before reduction for deferred tax liabilities on net unrealized gains of $433 million and $455 million as of March 31, 2026 and December 31, 2025, respectively.
Schedule of Gains and Losses for the Trust Investments
The following table summarizes the gains and losses for the trust investments:
Three months ended March 31,
(in millions)20262025
Gross realized gains$10 $24 
Gross realized losses(3)(1)
Net unrealized losses for equity securities(63)(60)