

	June 30, 2025								December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents	$	14	$	—	$	—	$	14	$	3	$	—	$	—	$	3
Equity securities	513		680		(47)		1,146		509		651		(55)		1,105
Debt securities	615		7		(5)		617		615		3		(7)		611
Receivables (payables), net	13		—		—		13		5		—		—		5
NDT Funds	$	1,155	$	687	$	(52)	$	1,790	$	1,132	$	654	$	(62)	$	1,724

See Note 11 for additional information on the NDT fair value. There were no available-for-sale debt securities with credit losses as of June 30, 2025 and December 31, 2024.

As of June 30, 2025, there was no intent to sell available-for-sale debt securities with unrealized losses, and it is not more likely than not that each of these investments will be required to be sold before the recovery of its amortized cost. The aggregate fair value of available-for-sale debt securities with unrealized losses as of June 30, 2025 was:


	Fair Value		Unrealized Losses
Corporate debt securities	$	32	$	(1)
Municipal debt securities	71		(2)
U.S. Government debt securities	48		(1)
Debt securities in unrealized loss position	$	151	$	(5)

As of June 30, 2025, the aggregate fair value of debt securities in a loss position for a duration of one year or longer were $94 million and the unrealized losses were non-material.

The contractual maturities for available-for-sale debt securities presented on the Consolidated Balance Sheets were:



	June 30, 2025		December 31, 2024
Maturities within one year	$	66	$	82
Maturities within two to five years	196		220
Maturities thereafter	356		309
Debt securities, fair value	$	617	$	611

The sales proceeds, gains, and losses for available-for-sale debt securities for the periods were:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Sales proceeds of NDT funds investments (a)	$	592	$	535	$	1,168	$	1,034
Gross realized gains	4		2		7		5
Gross realized losses	(3)		(3)		(5)		(6)

(a)Sales proceeds are used to pay income taxes and trust management fees. Remaining proceeds are reinvested in the NDT.