v3.26.1
Investments and Restricted Cash and Cash Equivalents and Investments
 3 Months Ended
Mar. 31, 2026
Restricted Cash and Cash Equivalent Item [Line Items]  
Investments and Restricted Cash and Cash Equivalents and Investments Investments and Restricted Cash and Cash Equivalents and Investments
Investments and restricted cash and cash equivalents and investments consists of the following (in millions):
As of
 March 31,December 31,
20262025
Investments: 
U.S. Treasury Bills$43 $42 
Company-owned life insurance
553  572 
Other342  386 
Total investments938  1,000 
Equity method investments:
BHE Renewables tax equity investments3,751 3,945 
Electric Transmission Texas, LLC856 835 
Iroquois Gas Transmission System, L.P.604 584 
Other321 336 
Total equity method investments5,532 5,700 
Restricted cash and cash equivalents and investments:   
Quad Cities Station nuclear decommissioning trust funds959 979 
Other restricted cash and cash equivalents166  183 
Total restricted cash and cash equivalents and investments1,125  1,162 
   
Total investments and restricted cash and cash equivalents and investments$7,595 $7,862 
Reflected as:
Other current assets$231 $254 
Noncurrent assets7,364 7,608 
Total investments and restricted cash and cash equivalents and investments$7,595  $7,862 

Investments

(Losses) gains on marketable securities, net recognized during the period consists of the following (in millions):
Three-Month Periods
Ended March 31,
20262025
Unrealized losses recognized on marketable securities held at the reporting date
$(8)$(8)
Net gains recognized on marketable securities sold during the period
3 111 
(Losses) gains on marketable securities, net$(5)$103 
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist substantially of funds restricted for debt service obligations for certain of the Company's nonregulated renewable energy projects. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):
As of
March 31,December 31,
20262025
Cash and cash equivalents$4,203 $1,695 
Investments and restricted cash and cash equivalents149 168 
Investments and restricted cash and cash equivalents and investments17 15 
Total cash and cash equivalents and restricted cash and cash equivalents$4,369 $1,878 
EEGH  
Restricted Cash and Cash Equivalent Item [Line Items]  
Investments and Restricted Cash and Cash Equivalents and Investments Investments and Restricted Cash and Cash Equivalents
Investments and restricted cash and cash equivalents consists of the following (in millions):
As of
March 31,December 31,
20262025
Investments:
Investment funds$5 $8 
Equity method investments:
Iroquois267 247 
Restricted cash and cash equivalents:
Customer deposits32 33 
Total investments and restricted cash and cash equivalents$304 $288 
Reflected as:
Other current assets$32 $33 
Noncurrent assets272 255 
Total investments and restricted cash and cash equivalents$304 $288 
Equity Method Investments

Eastern Energy Gas, through subsidiaries, holds 50% of Iroquois, which owns and operates an interstate natural gas transmission system located in the states of New York and Connecticut.

As of March 31, 2026, and December 31, 2025, the carrying amount of Eastern Energy Gas' investments exceeded its share of underlying equity in net assets by $130 million. The difference reflects equity method goodwill and is not being amortized. Eastern Energy Gas received distributions from its investments of $9 million and $15 million for the three-month periods ended March 31, 2026 and 2025, respectively.

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist of customer deposits as allowed under the FERC gas tariffs. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):
As of
March 31,December 31,
20262025
Cash and cash equivalents$86 $80 
Restricted cash and cash equivalents included in other current assets
32 33 
Total cash and cash equivalents and restricted cash and cash equivalents$118 $113 
EGTS  
Restricted Cash and Cash Equivalent Item [Line Items]  
Investments and Restricted Cash and Cash Equivalents and Investments Investments and Restricted Cash and Cash Equivalents
Investments and restricted cash and cash equivalents consists of the following (in millions):
As of
March 31,December 31,
20262025
Investments:
Investment funds$5 $8 
Restricted cash and cash equivalents:
Customer deposits28 29 
Total investments and restricted cash and cash equivalents$33 $37 
Reflected as:
Current assets$28 $29 
Other assets5 8 
Total investments and restricted cash and cash equivalents$33 $37 
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist of customer deposits as allowed under the FERC gas tariff. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):
As of
March 31,December 31,
20262025
Cash and cash equivalents$27 $10 
Restricted cash and cash equivalents28 29 
Total cash and cash equivalents and restricted cash and cash equivalents$55 $39