Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 29, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'SOUTHERN CALIFORNIA EDISON CO | ' |
Entity Central Index Key | '0000092103 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 434,888,104 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Operating revenue | $3,016 | $3,046 | $5,943 | $5,678 |
Fuel | 71 | 81 | 143 | 154 |
Purchased power | 1,168 | 1,076 | 2,239 | 1,855 |
Operation and maintenance | 788 | 967 | 1,600 | 1,840 |
Depreciation, decommissioning and amortization | 414 | 418 | 824 | 832 |
Impairment and other charges | 0 | 575 | 231 | 575 |
Total operating expenses | 2,441 | 3,117 | 5,037 | 5,256 |
Operating income (loss) | 575 | -71 | 906 | 422 |
Interest and other income | 46 | 34 | 69 | 63 |
Interest expense | -139 | -133 | -281 | -265 |
Other expenses | -16 | -14 | -23 | -21 |
Income (loss) from continuing operations before income taxes | 466 | -184 | 671 | 199 |
Income tax expense (benefit) | 84 | -102 | 65 | -4 |
Income (loss) from continuing operations | 382 | -82 | 606 | 203 |
Income from discontinued operations, net of tax | 184 | 12 | 162 | 24 |
Net income (loss) | 566 | -70 | 768 | 227 |
Preferred and preference stock dividend requirements of utility | 30 | 24 | 56 | 51 |
Net income (loss) attributable to Edison International common shareholders | 536 | -94 | 712 | 176 |
Amounts attributable to common shareholders: | ' | ' | ' | ' |
Income (loss) from continuing operations, net of tax | 352 | -106 | 550 | 152 |
Income from discontinued operations, net of tax | 184 | 12 | 162 | 24 |
Net income (loss) attributable to Edison International common shareholders | 536 | -94 | 712 | 176 |
Basic earnings (loss) per common share attributable to Edison International common shareholders: | ' | ' | ' | ' |
Weighted-average shares of common stock outstanding (in shares) | 326 | 326 | 326 | 326 |
Continuing operations (in dollars per share) | $1.08 | ($0.33) | $1.69 | $0.47 |
Discontinued operations (in dollars per share) | $0.56 | $0.04 | $0.49 | $0.07 |
Total (in dollars per share) | $1.64 | ($0.29) | $2.18 | $0.54 |
Diluted earnings (loss) per common share attributable to Edison International common shareholders: | ' | ' | ' | ' |
Weighted-average shares of common stock outstanding, including effect of dilutive securities (in shares) | 329 | 326 | 329 | 329 |
Continuing operations (in dollars per share) | $1.07 | ($0.33) | $1.68 | $0.47 |
Discontinued operations (in dollars per share) | $0.56 | $0.04 | $0.49 | $0.07 |
Total (in dollars per share) | $1.63 | ($0.29) | $2.17 | $0.54 |
Dividends declared per common share (in dollars per share) | $0.36 | $0.34 | $0.71 | $0.68 |
Southern California Edison | ' | ' | ' | ' |
Operating revenue | 3,014 | 3,045 | 5,938 | 5,674 |
Fuel | 71 | 81 | 143 | 154 |
Purchased power | 1,168 | 1,076 | 2,239 | 1,855 |
Operation and maintenance | 697 | 879 | 1,410 | 1,665 |
Depreciation, decommissioning and amortization | 414 | 417 | 824 | 832 |
Impairment and other charges | 0 | 575 | 231 | 575 |
Property and other taxes | 71 | 72 | 156 | 151 |
Total operating expenses | 2,421 | 3,100 | 5,003 | 5,232 |
Operating income (loss) | 593 | -55 | 935 | 442 |
Interest and other income | 46 | 30 | 69 | 61 |
Interest expense | -134 | -127 | -269 | -253 |
Other expenses | -15 | -14 | -23 | -21 |
Income (loss) from continuing operations before income taxes | 490 | -166 | 712 | 229 |
Income tax expense (benefit) | 98 | -99 | 86 | 13 |
Income (loss) from continuing operations | ' | ' | 626 | 216 |
Net income (loss) | 392 | -67 | 626 | 216 |
Preferred and preference stock dividend requirements of utility | 30 | 24 | 56 | 51 |
Net income (loss) attributable to Edison International common shareholders | 362 | -91 | 570 | 165 |
Amounts attributable to common shareholders: | ' | ' | ' | ' |
Net income (loss) attributable to Edison International common shareholders | $362 | ($91) | $570 | $165 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income (loss) | $566 | ($70) | $768 | $227 |
Pension and postretirement benefits other than pensions: | ' | ' | ' | ' |
Net loss arising during the period plus amortization included in net income | -4 | 5 | -2 | 5 |
Other | 2 | 0 | 2 | 0 |
Other comprehensive income (loss), net of tax | -2 | 5 | 0 | 5 |
Comprehensive income (loss) | 564 | -65 | 768 | 232 |
Less: Comprehensive income attributable to noncontrolling interests | 30 | 24 | 56 | 51 |
Comprehensive income (loss) attributable to Edison International | 534 | -89 | 712 | 181 |
Southern California Edison | ' | ' | ' | ' |
Net income (loss) | 392 | -67 | 626 | 216 |
Pension and postretirement benefits other than pensions: | ' | ' | ' | ' |
Net loss arising during the period plus amortization included in net income | 0 | 2 | 1 | -1 |
Other | 2 | 0 | 2 | 0 |
Other comprehensive income (loss), net of tax | 2 | 2 | 3 | -1 |
Comprehensive income (loss) | $394 | ($65) | $629 | $215 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets [Abstract] | ' | ' |
Cash and cash equivalents | $190 | $146 |
Receivables, less allowances of $67 and $66 for uncollectible accounts at respective dates | 1,034 | 838 |
Accrued unbilled revenue | 870 | 596 |
Inventory | 277 | 256 |
Derivative assets | 93 | 122 |
Regulatory assets | 1,265 | 538 |
Deferred income taxes | 389 | 421 |
Other current assets | 433 | 395 |
Total current assets | 4,551 | 3,312 |
Nuclear decommissioning trusts | 4,740 | 4,494 |
Other investments | 202 | 207 |
Total investments | 4,942 | 4,701 |
Utility property, plant and equipment, less accumulated depreciation of $7,774 and $7,493 at respective dates | 31,287 | 30,379 |
Nonutility property, plant and equipment, less accumulated depreciation of $77 and $74 at respective dates (Edison International) and $72 and $70 (Southern California Edison) | 77 | 76 |
Total property, plant and equipment | 31,364 | 30,455 |
Derivative assets | 217 | 251 |
Regulatory assets | 7,345 | 7,241 |
Other long-term assets | 445 | 686 |
Total long-term assets | 8,007 | 8,178 |
Total assets | 48,864 | 46,646 |
LIABILITIES AND EQUITY | ' | ' |
Short-term debt | 1,253 | 209 |
Current portion of long-term debt | 900 | 601 |
Accounts payable | 1,306 | 1,407 |
Accrued taxes | 127 | 358 |
Customer deposits | 209 | 201 |
Derivative liabilities | 144 | 152 |
Regulatory liabilities | 826 | 767 |
Other current liabilities | 1,008 | 1,186 |
Total current liabilities | 5,773 | 4,881 |
Long-term debt | 9,926 | 9,825 |
Deferred income taxes and credits | 6,709 | 7,346 |
Derivative liabilities | 1,051 | 1,042 |
Pensions and benefits | 1,327 | 1,378 |
Asset retirement obligations | 2,919 | 3,418 |
Regulatory liabilities | 6,234 | 4,995 |
Other deferred credits and other long-term liabilities | 2,522 | 2,070 |
Total deferred credits and other liabilities | 20,762 | 20,249 |
Total liabilities | 36,461 | 34,955 |
Commitments and contingencies | 'Â Â | 'Â Â |
Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date) and (560,000,000 shares authorized; 434,888,104 shares issued and outstanding at each date for SCE) | 2,434 | 2,403 |
Accumulated other comprehensive loss | -13 | -13 |
Retained earnings | 7,960 | 7,548 |
Total Edison International's common shareholders' equity | 10,381 | 9,938 |
Preferred and preference stock of utility | 2,022 | 1,753 |
Total noncontrolling interests | 2,022 | 1,753 |
Total equity | 12,403 | 11,691 |
Total liabilities and equity | 48,864 | 46,646 |
Southern California Edison | ' | ' |
Assets [Abstract] | ' | ' |
Cash and cash equivalents | 71 | 54 |
Receivables, less allowances of $67 and $66 for uncollectible accounts at respective dates | 1,004 | 813 |
Accrued unbilled revenue | 870 | 596 |
Inventory | 259 | 256 |
Derivative assets | 93 | 122 |
Regulatory assets | 1,265 | 538 |
Deferred income taxes | 84 | 303 |
Other current assets | 452 | 393 |
Total current assets | 4,098 | 3,075 |
Nuclear decommissioning trusts | 4,740 | 4,494 |
Other investments | 150 | 140 |
Total investments | 4,890 | 4,634 |
Utility property, plant and equipment, less accumulated depreciation of $7,774 and $7,493 at respective dates | 31,287 | 30,379 |
Nonutility property, plant and equipment, less accumulated depreciation of $77 and $74 at respective dates (Edison International) and $72 and $70 (Southern California Edison) | 70 | 72 |
Total property, plant and equipment | 31,357 | 30,451 |
Derivative assets | 217 | 251 |
Regulatory assets | 7,345 | 7,241 |
Other long-term assets | 398 | 398 |
Total long-term assets | 7,960 | 7,890 |
Total assets | 48,305 | 46,050 |
LIABILITIES AND EQUITY | ' | ' |
Short-term debt | 587 | 175 |
Current portion of long-term debt | 900 | 600 |
Accounts payable | 1,286 | 1,373 |
Customer deposits | 209 | 201 |
Derivative liabilities | 144 | 152 |
Regulatory liabilities | 826 | 767 |
Deferred income taxes | 68 | 39 |
Other current liabilities | 1,033 | 1,091 |
Total current liabilities | 5,053 | 4,398 |
Long-term debt | 9,523 | 9,422 |
Deferred income taxes and credits | 8,026 | 7,841 |
Derivative liabilities | 1,051 | 1,042 |
Pensions and benefits | 897 | 951 |
Asset retirement obligations | 2,919 | 3,418 |
Regulatory liabilities | 6,234 | 4,995 |
Other deferred credits and other long-term liabilities | 1,902 | 1,845 |
Total deferred credits and other liabilities | 21,029 | 20,092 |
Total liabilities | 35,605 | 33,912 |
Commitments and contingencies | 'Â Â | 'Â Â |
Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date) and (560,000,000 shares authorized; 434,888,104 shares issued and outstanding at each date for SCE) | 2,168 | 2,168 |
Additional paid-in capital | 603 | 592 |
Accumulated other comprehensive loss | -8 | -11 |
Retained earnings | 7,867 | 7,594 |
Total Edison International's common shareholders' equity | 10,630 | 10,343 |
Preferred and preference stock of utility | 2,070 | 1,795 |
Total equity | 12,700 | 12,138 |
Total liabilities and equity | $48,305 | $46,050 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Receivables, allowances for uncollectible accounts (in dollars) | $67 | $66 |
Utility property, plant and equipment, accumulated depreciation (in dollars) | 7,774 | 7,493 |
Nonutility property, plant and equipment, accumulated depreciation (in dollars) | 77 | 74 |
Common stock, no par value (in dollars per share) | $0 | $0 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares issued | 325,811,206 | 325,811,206 |
Common stock, shares outstanding | 325,811,206 | 325,811,206 |
Southern California Edison | ' | ' |
Receivables, allowances for uncollectible accounts (in dollars) | 67 | 66 |
Utility property, plant and equipment, accumulated depreciation (in dollars) | 7,774 | 7,493 |
Nonutility property, plant and equipment, accumulated depreciation (in dollars) | $72 | $70 |
Common stock, no par value (in dollars per share) | $0 | $0 |
Common stock, shares authorized | 560,000,000 | 560,000,000 |
Common stock, shares issued | 434,888,104 | 434,888,104 |
Common stock, shares outstanding | 434,888,104 | 434,888,104 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $768 | $227 |
Less: Income from discontinued operations | 162 | 24 |
Income (loss) from continuing operations | 606 | 203 |
Adjustments to reconcile to net cash provided by operating activities: | ' | ' |
Depreciation, decommissioning and amortization | 824 | 832 |
Regulatory impacts of net nuclear decommissioning trust earnings | 78 | 161 |
Impairment and other charges | 231 | 575 |
Deferred income taxes and investment tax credits | 110 | 85 |
Other | 46 | 45 |
Cash Portion of Settlement Payment | -225 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Receivables | -185 | -47 |
Inventory | -21 | 73 |
Accounts payable | 116 | 88 |
Other current assets and liabilities | -392 | -393 |
Derivative assets and liabilities, net | 64 | 152 |
Regulatory assets and liabilities, net | -317 | -11 |
Other noncurrent assets and liabilities | -332 | -502 |
Net cash provided by operating activities | 603 | 1,261 |
Cash flows from financing activities: | ' | ' |
Long-term debt issued, net of premium, discount, and issuance costs of $4 and $6 at respective dates (Edison International) and $2 and $6 at respective dates (Southern California Edison) | 396 | 394 |
Long-term debt matured or repurchased | -4 | -199 |
Bonds remarketed, net | 0 | 195 |
Preference stock issued, net | 269 | 387 |
Preference stock redeemed | 0 | -400 |
Short-term debt financing, net | 1,043 | 678 |
Settlements of stock-based compensation, net | -51 | -37 |
Dividends to noncontrolling interests | -54 | -52 |
Dividends paid | -231 | -220 |
Net cash provided by financing activities | 1,368 | 746 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -1,856 | -1,834 |
Proceeds from sale of nuclear decommissioning trust investments | 3,750 | 1,956 |
Purchases of nuclear decommissioning trust investments and other | -3,833 | -2,128 |
Other | 12 | -23 |
Net cash used by investing activities | -1,927 | -2,029 |
Net increase (decrease) in cash and cash equivalents | 44 | -22 |
Cash and cash equivalents at beginning of period | 146 | 170 |
Cash and cash equivalents at end of period | 190 | 148 |
Southern California Edison | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income (loss) | 626 | 216 |
Income (loss) from continuing operations | 626 | 216 |
Adjustments to reconcile to net cash provided by operating activities: | ' | ' |
Depreciation, decommissioning and amortization | 824 | 832 |
Regulatory impacts of net nuclear decommissioning trust earnings | 78 | 161 |
Impairment and other charges | 231 | 575 |
Deferred income taxes and investment tax credits | 144 | 50 |
Other | 39 | 42 |
Changes in operating assets and liabilities: | ' | ' |
Receivables | -191 | -12 |
Inventory | -3 | 73 |
Accounts payable | 128 | 96 |
Other current assets and liabilities | -510 | -371 |
Derivative assets and liabilities, net | 64 | 152 |
Regulatory assets and liabilities, net | -317 | -11 |
Other noncurrent assets and liabilities | -35 | -478 |
Net cash provided by operating activities | 1,078 | 1,325 |
Cash flows from financing activities: | ' | ' |
Long-term debt issued, net of premium, discount, and issuance costs of $4 and $6 at respective dates (Edison International) and $2 and $6 at respective dates (Southern California Edison) | 398 | 394 |
Long-term debt matured or repurchased | -3 | -199 |
Bonds remarketed, net | 0 | 195 |
Preference stock issued, net | 269 | 387 |
Preference stock redeemed | 0 | -400 |
Short-term debt financing, net | 410 | 653 |
Settlements of stock-based compensation, net | -30 | -34 |
Dividends paid | -180 | -292 |
Net cash provided by financing activities | 864 | 704 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -1,853 | -1,834 |
Proceeds from sale of nuclear decommissioning trust investments | 3,750 | 1,956 |
Purchases of nuclear decommissioning trust investments and other | -3,833 | -2,128 |
Other | 11 | -19 |
Net cash used by investing activities | -1,925 | -2,025 |
Net increase (decrease) in cash and cash equivalents | 17 | 4 |
Cash and cash equivalents at beginning of period | 54 | 45 |
Cash and cash equivalents at end of period | $71 | $49 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Premiums Discounts and Issuance Costs of Long Term Debt | $4 | $6 |
Southern California Edison | ' | ' |
Premiums Discounts and Issuance Costs of Long Term Debt | $2 | $6 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
Summary of Significant Accounting Policies | |||||||||||||||||
Organization and Basis of Presentation | |||||||||||||||||
Edison International is the parent holding company of Southern California Edison Company ("SCE"). SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. Edison International is also the parent company of subsidiaries that are engaged in competitive businesses related to the delivery or use of electricity. Such competitive business activities are currently not material to report as a separate business segment. These combined notes to the consolidated financial statements apply to both Edison International and SCE unless otherwise described. Edison International's consolidated financial statements include the accounts of Edison International, SCE and other wholly owned and controlled subsidiaries. References to Edison International refer to the consolidated group of Edison International and its subsidiaries. References to Edison International Parent and Other refer to Edison International Parent and its nonutility subsidiaries. SCE's consolidated financial statements include the accounts of SCE and its wholly owned and controlled subsidiaries. All intercompany transactions have been eliminated from the consolidated financial statements. | |||||||||||||||||
Edison International's and SCE's significant accounting policies were described in Note 1 of "Notes to Consolidated Financial Statements" included in the 2013 Form 10-K. The same accounting policies are followed for interim reporting purposes, with the exception of accounting principles adopted as of January 1, 2014, discussed below in "—New Accounting Guidance." This quarterly report should be read in conjunction with the financial statements and notes included in the 2013 Form 10-K. | |||||||||||||||||
In the opinion of management, all adjustments, consisting of recurring accruals, have been made that are necessary to fairly state the consolidated financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States of America for the periods covered by this quarterly report on Form 10-Q. The results of operations for the three- and six-month periods ended June 30, 2014 are not necessarily indicative of the operating results for the full year. | |||||||||||||||||
The December 31, 2013 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. | |||||||||||||||||
Cash Equivalents | |||||||||||||||||
Cash equivalents included investments in money market funds. Generally, the carrying value of cash equivalents equals the fair value, as these investments have original maturities of three months or less. The cash equivalents were as follows: | |||||||||||||||||
Edison International | SCE | ||||||||||||||||
(in millions) | June 30, | December 31, 2013 | June 30, | December 31, 2013 | |||||||||||||
2014 | 2014 | ||||||||||||||||
Money market funds | $ | 63 | $ | 68 | $ | 5 | $ | 8 | |||||||||
Cash is temporarily invested until required for check clearing from the primary disbursement accounts. Checks issued, but not yet paid by the financial institution, are reclassified from cash to accounts payable at the end of each reporting period as follows: | |||||||||||||||||
Edison International | SCE | ||||||||||||||||
(in millions) | June 30, | December 31, 2013 | June 30, | December 31, 2013 | |||||||||||||
2014 | 2014 | ||||||||||||||||
Book balances reclassified to accounts payable | $ | 148 | $ | 168 | $ | 143 | $ | 163 | |||||||||
Inventory | |||||||||||||||||
Inventory is primarily composed of materials, supplies and spare parts, and stated at the lower of cost or market, cost being determined by the average cost method. | |||||||||||||||||
Earnings Per Share | |||||||||||||||||
Edison International computes earnings per common share ("EPS") using the two-class method, which is an earnings allocation formula that determines EPS for each class of common stock and participating security. Edison International's participating securities are stock-based compensation awards payable in common shares, including performance shares and restricted stock units, which earn dividend equivalents on an equal basis with common shares once the awards are vested. EPS attributable to Edison International common shareholders was computed as follows: | |||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic earnings per share – continuing operations: | |||||||||||||||||
Income (loss) from continuing operations available to common shareholders | $ | 352 | $ | (106 | ) | $ | 550 | $ | 152 | ||||||||
Weighted average common shares outstanding | 326 | 326 | 326 | 326 | |||||||||||||
Basic earnings per share – continuing operations | $ | 1.08 | $ | (0.33 | ) | $ | 1.69 | $ | 0.47 | ||||||||
Diluted earnings per share – continuing operations: | |||||||||||||||||
Income (loss) from continuing operations available to common shareholders | $ | 352 | $ | (106 | ) | $ | 550 | $ | 152 | ||||||||
Income impact of assumed conversions | 1 | — | 1 | — | |||||||||||||
Income (loss) from continuing operations available to common shareholders and assumed conversions | $ | 353 | $ | (106 | ) | $ | 551 | $ | 152 | ||||||||
Weighted average common shares outstanding | 326 | 326 | 326 | 326 | |||||||||||||
Incremental shares from assumed conversions | 3 | — | 1 | 3 | 3 | ||||||||||||
Adjusted weighted average shares – diluted | 329 | 326 | 329 | 329 | |||||||||||||
Diluted earnings per share – continuing operations | $ | 1.07 | $ | (0.33 | ) | $ | 1.68 | $ | 0.47 | ||||||||
1Â | Due to a loss for the three months ended June 30, 2013, there were no incremental shares in the computation because such shares would be considered antidilutive. | ||||||||||||||||
In addition to the participating securities discussed above, Edison International also may award stock options which are payable in common shares and are included in the diluted earnings per share calculation. Stock option awards to purchase 45,951 shares of common stock for the three months ended June 30, 2014, and 96,341 and 1,587,370 shares for the six months ended June 30, 2014 and 2013, respectively, were outstanding, but were not included in the computation of diluted earnings per share because the exercise price of the awards was greater than the average market price of the common shares during the respective periods and, therefore, the effect would have been antidilutive. | |||||||||||||||||
Asset Retirement Obligation | |||||||||||||||||
The following table summarizes the changes in SCE's ARO liability for the six month period ended June 30, 2014 and the twelve month period ended December 31, 2013, including San Onofre and Palo Verde: | |||||||||||||||||
(in millions) | June 30, | December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Beginning balance | $ | 3,418 | $ | 2,782 | |||||||||||||
Accretion1 | 106 | 182 | |||||||||||||||
Revisions | (604 | ) | 455 | ||||||||||||||
Liabilities settled | (1 | ) | (1 | ) | |||||||||||||
Ending balance | $ | 2,919 | $ | 3,418 | |||||||||||||
1Â | An ARO represents the present value of a future obligation. Accretion is an increase in the liability to account for the time value of money resulting from discounting. | ||||||||||||||||
During the second quarter of 2014, SCE updated its decommissioning cost estimate based on a site specific assessment. The decommissioning cost estimate in 2014 dollars is $4.4 billion (SCE share – $3.3 billion) and includes costs from June 7, 2013 through to the respective completion dates to decommission San Onofre Units 2 and 3. The decommissioning cost estimate is subject to a number of estimates including the cost of burial of nuclear waste, cost of removal of property, site remediation costs as well as a number of other assumptions and estimates, including when the federal government may remove spent fuel canisters from the San Onofre site, as to which there can be no assurance. The cost estimate is subject to change and such changes may be material. SCE's share of the present value of decommissioning costs after escalation and using current discounts rates was $2.9 billion at June 30, 2014. | |||||||||||||||||
The total ARO liability related to San Onofre Units 2 and 3 at June 30, 2014 was $2.2 billion compared to $2.7 billion at December 31, 2013. The ARO liability is lower than the present value of the decommissioning costs set forth above due to different discount rates and expected time period of expenditures. The ARO liability at June 30, 2014 was based on a discount rate of 6.30% established when the ARO liability was originally recorded in 2003. The ARO liability for San Onofre Units 2 and 3 is based on expenditures beginning in 2015 through the respective completion dates. Expenditures from June 7, 2013 through June 30, 2014 are currently recorded as operation and maintenance costs and are treated as recoverable through GRC revenues. SCE has filed a request with the CPUC to authorize early release of Nuclear Decommissioning Trust funds to recover SCE's share of costs from June 7, 2013 through the end of 2014. As discussed in Note 9, to the extent that costs are recovered from SCE's Nuclear Decommissioning Trust as decommissioning costs, SCE intends to refund such amounts to customers as provided in the San Onofre OII Settlement Agreement (as defined in Note 9). | |||||||||||||||||
The change in estimate of the ARO liability related to San Onofre Units 2 and 3 decreased by $604 million in the second quarter of 2014 based on the updated decommissioning cost estimate for the retirement of those Units. The work plan developed for the revised estimate accelerated decommissioning activities beginning in 2013 from the prior assumption of 2022. In addition, certain activities that were previously forecasted to be completed at the end of the decommissioning period were accelerated over the next ten years. Although the changes in the decommissioning cost estimate for these activities in current dollars did not change significantly, the changes in timing, as well as revised escalation rates, reduced the present value of future decommissioning costs (using the 6.30% discount rate). | |||||||||||||||||
New Accounting Guidance | |||||||||||||||||
Accounting Guidance Adopted in 2014 | |||||||||||||||||
In July 2013, the FASB issued an accounting standards update that requires that an unrecognized tax benefit be presented on the balance sheet as a reduction of a deferred tax asset for a net operating loss ("NOL") or tax credit carryforward under certain circumstances. Edison International and SCE adopted this guidance effective January 1, 2014 and it did not have a material impact on the consolidated financial statements. | |||||||||||||||||
Accounting Guidance Not Yet Adopted | |||||||||||||||||
On May 28, 2014, the FASB issued an accounting standards update on revenue recognition including enhanced disclosures. Under the new standard, revenue is recognized when (or as) a good or service is transferred to the customer and the customer obtains control of the good or service. Edison International and SCE are currently evaluating this new guidance which is effective January 1, 2017 and cannot determine the impact of this standard at this time. |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Statement of Stockholders' Equity [Abstract] | ' | |||||||||||||||||||||||
Consolidated Statements of Changes in Equity | ' | |||||||||||||||||||||||
Consolidated Statements of Changes in Equity | ||||||||||||||||||||||||
The following table provides Edison International's changes in equity for the six months ended June 30, 2014: | ||||||||||||||||||||||||
Equity Attributable to Edison International | Noncontrolling Interests | |||||||||||||||||||||||
(in millions) | Common | Accumulated | Retained | Subtotal | Preferred | Total | ||||||||||||||||||
Stock | Other | Earnings | and | Equity | ||||||||||||||||||||
Comprehensive | Preference | |||||||||||||||||||||||
Loss | Stock | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 2,403 | $ | (13 | ) | $ | 7,548 | $ | 9,938 | $ | 1,753 | $ | 11,691 | |||||||||||
Net income | — | — | 712 | 712 | 56 | 768 | ||||||||||||||||||
Common stock dividends declared ($0.71 per share) | — | — | (231 | ) | (231 | ) | — | (231 | ) | |||||||||||||||
Dividends, distributions to noncontrolling interests | — | — | — | — | (57 | ) | (57 | ) | ||||||||||||||||
Stock-based compensation and other | 17 | — | (68 | ) | (51 | ) | — | (51 | ) | |||||||||||||||
Non-cash stock-based compensation and other | 14 | — | (1 | ) | 13 | 1 | 14 | |||||||||||||||||
Issuance of preference stock | — | — | — | — | 269 | 269 | ||||||||||||||||||
Balance at June 30, 2014 | $ | 2,434 | $ | (13 | ) | $ | 7,960 | $ | 10,381 | $ | 2,022 | $ | 12,403 | |||||||||||
The following table provides Edison International's changes in equity for the six months ended June 30, 2013: | ||||||||||||||||||||||||
Equity Attributable to Edison International | Noncontrolling Interests | |||||||||||||||||||||||
(in millions) | Common | Accumulated | Retained | Subtotal | Preferred | Total | ||||||||||||||||||
Stock | Other | Earnings | and | Equity | ||||||||||||||||||||
Comprehensive | Preference | |||||||||||||||||||||||
Loss | Stock | |||||||||||||||||||||||
Balance at December 31, 2012 | $ | 2,373 | $ | (87 | ) | $ | 7,146 | $ | 9,432 | $ | 1,759 | $ | 11,191 | |||||||||||
Net income | — | — | 176 | 176 | 51 | 227 | ||||||||||||||||||
Other comprehensive income | — | 5 | — | 5 | — | 5 | ||||||||||||||||||
Common stock dividends declared ($0.675 per share) | — | — | (220 | ) | (220 | ) | — | (220 | ) | |||||||||||||||
Dividends, distributions to noncontrolling interests | — | — | — | — | (51 | ) | (51 | ) | ||||||||||||||||
Stock-based compensation and other | 3 | — | (40 | ) | (37 | ) | — | (37 | ) | |||||||||||||||
Non-cash stock-based compensation and other | 12 | — | (5 | ) | 7 | (1 | ) | 6 | ||||||||||||||||
Issuance of preference stock | — | — | — | — | 387 | 387 | ||||||||||||||||||
Redemption of preference stock | — | — | (8 | ) | (8 | ) | (392 | ) | (400 | ) | ||||||||||||||
Balance at June 30, 2013 | $ | 2,388 | $ | (82 | ) | $ | 7,049 | $ | 9,355 | $ | 1,753 | $ | 11,108 | |||||||||||
The following table provides SCE's changes in equity for the six months ended June 30, 2014: | ||||||||||||||||||||||||
Equity Attributable to SCE | ||||||||||||||||||||||||
(in millions) | Common | Additional | Accumulated | Retained | Preferred | Total | ||||||||||||||||||
Stock | Paid-in | Other | Earnings | and | Equity | |||||||||||||||||||
Capital | Comprehensive | Preference | ||||||||||||||||||||||
Loss | Stock | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 2,168 | $ | 592 | $ | (11 | ) | $ | 7,594 | $ | 1,795 | $ | 12,138 | |||||||||||
Net income | — | — | — | 626 | — | 626 | ||||||||||||||||||
Other comprehensive income | — | — | 3 | — | — | 3 | ||||||||||||||||||
Dividends declared on common stock | — | — | — | (252 | ) | — | (252 | ) | ||||||||||||||||
Dividends on preferred and preference stock | — | — | — | (57 | ) | — | (57 | ) | ||||||||||||||||
Stock-based compensation and other | — | 12 | — | (42 | ) | — | (30 | ) | ||||||||||||||||
Non-cash stock-based compensation and other | — | 5 | — | (2 | ) | — | 3 | |||||||||||||||||
Issuance of preference stock | — | (6 | ) | — | — | 275 | 269 | |||||||||||||||||
Balance at June 30, 2014 | $ | 2,168 | $ | 603 | $ | (8 | ) | $ | 7,867 | $ | 2,070 | $ | 12,700 | |||||||||||
The following table provides SCE's changes in equity for the six months ended June 30, 2013: | ||||||||||||||||||||||||
Equity Attributable to SCE | ||||||||||||||||||||||||
(in millions) | Common | Additional | Accumulated | Retained | Preferred | Total | ||||||||||||||||||
Stock | Paid-in | Other | Earnings | and | Equity | |||||||||||||||||||
Capital | Comprehensive | Preference | ||||||||||||||||||||||
Loss | Stock | |||||||||||||||||||||||
Balance at December 31, 2012 | $ | 2,168 | $ | 581 | $ | (29 | ) | $ | 7,228 | $ | 1,795 | $ | 11,743 | |||||||||||
Net income | — | — | — | 216 | — | 216 | ||||||||||||||||||
Other comprehensive loss | — | — | (1 | ) | — | — | (1 | ) | ||||||||||||||||
Dividends declared on common stock | — | — | — | (240 | ) | — | (240 | ) | ||||||||||||||||
Dividends on preferred and preference stock | — | — | — | (51 | ) | — | (51 | ) | ||||||||||||||||
Stock-based compensation and other | — | 1 | — | (35 | ) | — | (34 | ) | ||||||||||||||||
Non-cash stock-based compensation and other | — | 7 | — | 5 | — | 12 | ||||||||||||||||||
Issuance of preference stock | — | (13 | ) | — | — | 400 | 387 | |||||||||||||||||
Redemption of preference stock | — | 8 | — | (8 | ) | (400 | ) | (400 | ) | |||||||||||||||
Balance at June 30, 2013 | $ | 2,168 | $ | 584 | $ | (30 | ) | $ | 7,115 | $ | 1,795 | $ | 11,632 | |||||||||||
Variable_Interest_Entities
Variable Interest Entities | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Variable Interest Entities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Variable Interest Entities | ' | ||||||||||||||||||||||||
Variable Interest Entities | |||||||||||||||||||||||||
A VIE is defined as a legal entity that meets one of two conditions: (1) the equity owners do not have sufficient equity at risk, or (2) the holders of the equity investment at risk, as a group, lack any of the following three characteristics: decision-making rights, the obligation to absorb losses, or the right to receive the expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The primary beneficiary is required to consolidate the VIE. Commercial and operating activities are generally the factors that most significantly impact the economic performance of such VIEs. Commercial and operating activities include construction, operation and maintenance, fuel procurement, dispatch and compliance with regulatory and contractual requirements. | |||||||||||||||||||||||||
Variable Interest in VIEs that are not Consolidated | |||||||||||||||||||||||||
Power Purchase Contracts | |||||||||||||||||||||||||
SCE has power purchase agreements ("PPAs") that are classified as variable interests in VIEs, including tolling agreements through which SCE provides the natural gas to fuel the plants and contracts with qualifying facilities ("QFs") that contain variable pricing provisions based on the price of natural gas. SCE has concluded that it is not the primary beneficiary of these VIEs since it does not control the commercial and operating activities of these entities. Since payments for capacity are the primary source of income, the most significant economic activity for these VIEs is the operation and maintenance of the power plants. | |||||||||||||||||||||||||
As of the balance sheet date, the carrying amount of assets and liabilities in SCE's consolidated balance sheet that relate to its involvement with VIEs result from amounts due under the PPAs or the fair value of those derivative contracts. Under these contracts, SCE recovers the costs incurred through demonstration of compliance with its CPUC-approved long-term power procurement plans. SCE has no residual interest in the entities and has not provided or guaranteed any debt or equity support, liquidity arrangements, performance guarantees or other commitments associated with these contracts other than the purchase commitments described in Note 12 of the 2013 Form 10-K. As a result, there is no significant potential exposure to loss to SCE from its variable interest in these VIEs. The aggregate contracted capacity dedicated to SCE for these VIE projects was 5,341 MW and 4,057 MW at June 30, 2014 and 2013, respectively, and the amounts that SCE paid to these projects were $93 million and $99 million for the three months ended June 30, 2014 and 2013, respectively, and $207 million and $197 million for the six months ended June 30, 2014 and 2013, respectively. These amounts are recoverable in customer rates, subject to reasonableness review. As of June 30, 2014, SCE has additional VIE contracts with future aggregate contracted capacity of 299 MW to commence deliveries in 2016 and 2018. | |||||||||||||||||||||||||
Unconsolidated Trusts of SCE | |||||||||||||||||||||||||
SCE Trust I, Trust II and Trust III were formed in 2012, 2013 and 2014, respectively, for the exclusive purpose of issuing the 5.625%, 5.10% and 5.75% trust preference securities, respectively ("trust securities"). The trusts are VIEs. SCE has concluded that it is not the primary beneficiary of these VIEs as it does not have the obligation to absorb the expected losses or the right to receive the expected residual returns of the trusts. SCE Trust I, Trust II and Trust III issued $475 million, $400Â million and $275 million, respectively, (cumulative, liquidation amount of $25 per share) to the public and $10,000 of common stock each to SCE. The trusts invested the proceeds of these trust securities in Series F, Series G and Series H Preference Stock issued by SCE in the principal amounts of $475 million, $400 million and $275 million (cumulative, $2,500 per share liquidation value), respectively, which have substantially the same payment terms as the trust securities. | |||||||||||||||||||||||||
The Series F, Series G and Series H Preference Stock and the corresponding trust securities do not have a maturity date. Upon any redemption of any shares of the Series F, Series G or Series H Preference Stock, a corresponding dollar amount of trust securities will be redeemed by the applicable trust (for further information see Note 13). The applicable trust will make distributions at the same rate and on the same dates on the applicable series of trust securities when and if the SCE board of directors declares and makes dividend payments on the Series F, Series G or Series H Preference Stock. The applicable trust will use any dividends it receives on the Series F, Series G or Series H Preference Stock to make its corresponding distributions on the applicable series of trust securities. If SCE does not make a dividend payment to any of these trusts, SCE would be prohibited from paying dividends on its common stock. SCE has fully and unconditionally guaranteed the payment of the trust securities and trust distributions, if and when SCE pays dividends on the Series F, Series G and Series H Preference Stock. | |||||||||||||||||||||||||
The Trust I and Trust II balance sheets as of June 30, 2014 and December 31, 2013, consisted of investments of $475 million and $400 million in the Series F and Series G Preference Stock, respectively, $475 million and $400 million of trust securities, respectively, and $10,000 each of common stock. The Trust III balance sheet as of June 30, 2014 consisted of investments of $275 million in the Series H Preference Stock, $275 million of trust securities, and $10,000 of common stock. | |||||||||||||||||||||||||
The following table provides a summary of the trusts' income statements: | |||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||
(in millions) | Trust I | Trust II | Trust III | Trust I | Trust II | Trust III | |||||||||||||||||||
2014 | |||||||||||||||||||||||||
Dividend income | $ | 6 | $ | 5 | $ | 4 | $ | 13 | $ | 10 | $ | 5 | |||||||||||||
Dividend distributions | 6 | 5 | 4 | 13 | 10 | 5 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Dividend income | $ | 6 | $ | 5 | * | $ | 13 | $ | 9 | * | |||||||||||||||
Dividend distributions | 6 | 5 | * | 13 | 9 | * | |||||||||||||||||||
*Â | Not applicable |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (referred to as an "exit price"). Fair value of an asset or liability considers assumptions that market participants would use in pricing the asset or liability, including assumptions about nonperformance risk. As of June 30, 2014 and December 31, 2013, nonperformance risk was not material for Edison International and SCE. | ||||||||||||||||||||
Assets and liabilities are categorized into a three-level fair value hierarchy based on valuation inputs used to determine fair value. | ||||||||||||||||||||
Level 1 – The fair value of Edison International and SCE's Level 1 assets and liabilities is determined using unadjusted quoted prices in active markets that are available at the measurement date for identical assets and liabilities. This level includes exchange-traded equity securities and derivatives, U.S. treasury securities, mutual funds and money market funds. | ||||||||||||||||||||
Level 2 – Edison International and SCE's Level 2 assets and liabilities include long-term debt and fixed income securities primarily consisting of U.S. government and agency bonds, municipal bonds and corporate bonds and over-the-counter derivatives. The fair value of fixed income securities is determined using a market approach by obtaining quoted prices for similar assets and liabilities in active markets and inputs that are observable, either directly or indirectly, for substantially the full term of the instrument. | ||||||||||||||||||||
The fair value of SCE's over-the-counter derivative contracts is determined using an income approach. SCE uses standard pricing models to determine the net present value of estimated future cash flows. Inputs to the pricing models include forward published or posted clearing prices from exchanges (New York Mercantile Exchange and Intercontinental Exchange) for similar instruments and discount rates. A primary price source that best represents trade activity for each market is used to develop observable forward market prices in determining the fair value of these positions. Broker quotes, prices from exchanges or comparison to executed trades are used to validate and corroborate the primary price source. These price quotations reflect mid-market prices (average of bid and ask) and are obtained from sources believed to provide the most liquid market for the commodity. | ||||||||||||||||||||
Level 3 – The fair value of SCE's Level 3 assets and liabilities is determined using the income approach through various models and techniques that require significant unobservable inputs. This level includes over-the-counter options, tolling arrangements and derivative contracts that trade infrequently such as congestion revenue rights ("CRRs") and long-term power agreements. Edison International Parent and Other does not have any Level 3 assets and liabilities. | ||||||||||||||||||||
Assumptions are made in order to value derivative contracts in which observable inputs are not available. Changes in fair value are based on changes to forward market prices, including extrapolation of short-term observable inputs into forecasted prices for illiquid forward periods. In circumstances where fair value cannot be verified with observable market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. Modeling methodologies, inputs and techniques are reviewed and assessed as markets continue to develop and more pricing information becomes available and the fair value is adjusted when it is concluded that a change in inputs or techniques would result in a new valuation that better reflects the fair value of those derivative contracts. | ||||||||||||||||||||
SCE | ||||||||||||||||||||
The following table sets forth assets and liabilities of SCE that were accounted for at fair value by level within the fair value hierarchy: | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||
and | ||||||||||||||||||||
Collateral1 | ||||||||||||||||||||
Assets at fair value | ||||||||||||||||||||
Derivative contracts | $ | — | $ | — | $ | 310 | $ | — | $ | 310 | ||||||||||
Other | 32 | — | — | — | 32 | |||||||||||||||
Nuclear decommissioning trusts: | ||||||||||||||||||||
Stocks2 | 2,332 | — | — | — | 2,332 | |||||||||||||||
Fixed Income3 | 710 | 1,373 | — | — | 2,083 | |||||||||||||||
Short-term investments, primarily cash equivalents | 320 | 25 | — | — | 345 | |||||||||||||||
Subtotal of nuclear decommissioning trusts4 | 3,362 | 1,398 | — | — | 4,760 | |||||||||||||||
Total assets | 3,394 | 1,398 | 310 | — | 5,102 | |||||||||||||||
Liabilities at fair value | ||||||||||||||||||||
Derivative contracts | — | 14 | 1,188 | (7 | ) | 1,195 | ||||||||||||||
Total liabilities | — | 14 | 1,188 | (7 | ) | 1,195 | ||||||||||||||
Net assets (liabilities) | $ | 3,394 | $ | 1,384 | $ | (878 | ) | $ | 7 | $ | 3,907 | |||||||||
December 31, 2013 | ||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||
and | ||||||||||||||||||||
Collateral1 | ||||||||||||||||||||
Assets at fair value | ||||||||||||||||||||
Derivative contracts | $ | — | $ | 11 | $ | 372 | $ | (10 | ) | $ | 373 | |||||||||
Other | 39 | — | — | — | 39 | |||||||||||||||
Nuclear decommissioning trusts: | ||||||||||||||||||||
Stocks2 | 2,208 | — | — | — | 2,208 | |||||||||||||||
Fixed Income3 | 841 | 1,102 | — | — | 1,943 | |||||||||||||||
Short-term investments, primarily cash equivalents | 331 | — | — | — | 331 | |||||||||||||||
Subtotal of nuclear decommissioning trusts4 | 3,380 | 1,102 | — | — | 4,482 | |||||||||||||||
Total assets | 3,419 | 1,113 | 372 | (10 | ) | 4,894 | ||||||||||||||
Liabilities at fair value | ||||||||||||||||||||
Derivative contracts | — | 37 | 1,177 | (20 | ) | 1,194 | ||||||||||||||
Total liabilities | — | 37 | 1,177 | (20 | ) | 1,194 | ||||||||||||||
Net assets (liabilities) | $ | 3,419 | $ | 1,076 | $ | (805 | ) | $ | 10 | $ | 3,700 | |||||||||
1Â | Represents the netting of assets and liabilities under master netting agreements and cash collateral across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level. | |||||||||||||||||||
2 | Approximately 70% of SCE's equity investments were located in the United States at both June 30, 2014 and December 31, 2013. | |||||||||||||||||||
3 | At June 30, 2014 and December 31, 2013, SCE's corporate bonds were diversified and included collateralized mortgage obligations and other asset backed securities of $61 million and $47 million, respectively. | |||||||||||||||||||
4 | Excludes net payables of $20 million and net receivables of $12 million at June 30, 2014 and December 31, 2013, respectively, of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases. | |||||||||||||||||||
Edison International | ||||||||||||||||||||
Assets measured at fair value consisted of money market funds of $63 million and $68 million at June 30, 2014 and December 31, 2013, respectively, classified as Level 1. | ||||||||||||||||||||
SCE Fair Value of Level 3 | ||||||||||||||||||||
The following table sets forth a summary of changes in SCE's fair value of Level 3 net derivative assets and liabilities: | ||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Fair value of net liabilities at beginning of period | $ | (773 | ) | $ | (882 | ) | $ | (805 | ) | $ | (791 | ) | ||||||||
Total realized/unrealized gains (losses): | ||||||||||||||||||||
Included in regulatory assets and liabilities1 | (108 | ) | (76 | ) | (77 | ) | (158 | ) | ||||||||||||
Purchases | 8 | 20 | 15 | 38 | ||||||||||||||||
Settlements | (5 | ) | (29 | ) | (11 | ) | (56 | ) | ||||||||||||
Fair value of net liabilities at end of period | $ | (878 | ) | $ | (967 | ) | $ | (878 | ) | $ | (967 | ) | ||||||||
Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period | $ | (116 | ) | $ | (43 | ) | $ | (84 | ) | $ | (125 | ) | ||||||||
1Â | Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities. | |||||||||||||||||||
Edison International and SCE recognize the fair value for transfers in and transfers out of each level at the end of each reporting period. There were no transfers between any levels during 2014 and 2013. | ||||||||||||||||||||
Valuation Techniques Used to Determine Fair Value | ||||||||||||||||||||
The process of determining fair value is the responsibility of SCE's risk management department, which reports to SCE's chief financial officer. This department obtains observable and unobservable inputs through broker quotes, exchanges and internal valuation techniques that use both standard and proprietary models to determine fair value. Each reporting period, the risk and finance departments collaborate to determine the appropriate fair value methodologies and classifications for each derivative. Inputs are validated for reasonableness by comparison against prior prices, other broker quotes and volatility fluctuation thresholds. Inputs used and valuations are reviewed period-over-period and compared with market conditions to determine reasonableness. | ||||||||||||||||||||
The following table sets forth SCE's valuation techniques and significant unobservable inputs used to determine fair value for significant Level 3 assets and liabilities: | ||||||||||||||||||||
Fair Value (in millions) | Significant | Range | ||||||||||||||||||
Assets | Liabilities | Valuation Technique(s) | Unobservable Input | (Weighted Average) | ||||||||||||||||
Congestion revenue rights | ||||||||||||||||||||
June 30, 2014 | $ | 310 | $ | — | Market simulation model | Load forecast | 7,603 MW - 24,896 MW | |||||||||||||
Power prices | $(9.86) - $108.56 | |||||||||||||||||||
Gas prices | $3.50 - $7.10 | |||||||||||||||||||
31-Dec-13 | 366 | — | Market simulation model | Load forecast | 7,603 MW - 24,896 MW | |||||||||||||||
Power prices | $(9.86) - $108.56 | |||||||||||||||||||
Gas prices | $3.50 - $7.10 | |||||||||||||||||||
Tolling | ||||||||||||||||||||
June 30, 2014 | 2 | 1,185 | Option model | Volatility of gas prices | 13% - 31% (17%) | |||||||||||||||
Volatility of power prices | 26% - 57% (32%) | |||||||||||||||||||
Power prices | $37.20 - $70.20 ($49.50) | |||||||||||||||||||
31-Dec-13 | 5 | 1,175 | Option model | Volatility of gas prices | 16% - 35% (21%) | |||||||||||||||
Volatility of power prices | 25% - 45% (30%) | |||||||||||||||||||
Power prices | $38.00 - $63.90 ($47.40) | |||||||||||||||||||
Level 3 Fair Value Sensitivity | ||||||||||||||||||||
Congestion Revenue Rights | ||||||||||||||||||||
For CRRs, where SCE is the buyer, generally increases (decreases) in forecasted load in isolation would result in increases (decreases) to the fair value. In general, an increase (decrease) in electricity and gas prices at illiquid locations tends to result in increases (decreases) to fair value; however, changes in electricity and gas prices in opposite directions may have varying results on fair value. | ||||||||||||||||||||
Tolling Arrangements | ||||||||||||||||||||
The fair values of SCE's tolling arrangements contain intrinsic value and time value. Intrinsic value is the difference between the market price and strike price of the underlying commodity. Time value is made up of several components, including volatility, time to expiration, and interest rates. The option model for tolling arrangements reflects plant specific information such as operating and start-up costs. | ||||||||||||||||||||
For tolling arrangements where SCE is the buyer, increases in volatility of the underlying commodity prices would result in increases to fair value as it represents greater price movement risk. As power and gas prices increase, the fair value of tolling arrangements tends to increase. The valuation of tolling arrangements is also impacted by the correlation between gas and power prices. As the correlation increases, the fair value of tolling arrangements tends to decline. | ||||||||||||||||||||
Nuclear Decommissioning Trusts | ||||||||||||||||||||
SCE's nuclear decommissioning trust investments include equity securities, U.S. treasury securities and other fixed income securities. Equity and treasury securities are classified as Level 1 as fair value is determined by observable market prices in active or highly liquid and transparent markets. The remaining fixed income securities are classified as Level 2. The fair value of these financial instruments is based on evaluated prices that reflect significant observable market information such as reported trades, actual trade information of similar securities, benchmark yields, broker/dealer quotes, issuer spreads, bids, offers and relevant credit information. | ||||||||||||||||||||
Fair Value of Debt Recorded at Carrying Value | ||||||||||||||||||||
The carrying value and fair value of Edison International and SCE's long-term debt (including current portion of long-term debt) are as follows: | ||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||
(in millions) | Carrying | Fair | Carrying | Fair | ||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||
SCE | $ | 10,423 | $ | 11,675 | $ | 10,022 | $ | 10,656 | ||||||||||||
Edison International | 10,826 | 12,106 | 10,426 | 11,084 | ||||||||||||||||
The fair value of Edison International and SCE's long-term debt (including current portion of long-term debt) is classified as Level 2 and is based on evaluated prices that reflect significant observable market information such as reported trades, actual trade information of similar securities, benchmark yields, broker/dealer quotes of new issue prices and relevant credit information. | ||||||||||||||||||||
The carrying value of Edison International and SCE's trade receivables and payables, other investments, and short-term debt approximates fair value. |
Debt_and_Credit_Agreements
Debt and Credit Agreements | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt and Credit Agreements | ' |
Debt and Credit Agreements | |
Credit Agreements and Short-Term Debt | |
During the first quarter of 2014, SCE issued $300 million of floating rate first and refunding mortgage bonds due in January 2015. The proceeds from these bonds were used for working capital to fund the ERRA balancing account undercollections. | |
In July 2014, SCE and Edison International Parent extended the maturity dates of their credit facilities by one year to July 2019 for $2.75 billion and $1.25Â billion, respectively. The credit facility for SCE is generally used to support commercial paper and letters of credit issued for procurement-related collateral requirements, balancing account undercollections and for general corporate purposes, including working capital requirements to support operations and capital expenditures. Borrowings under Edison International Parent's credit facility are used for general corporate purposes. | |
At June 30, 2014, SCE's outstanding commercial paper was $287 million at a weighted-average interest rate of 0.20%. This commercial paper was supported by a $2.75 billion multi-year revolving credit facility. At June 30, 2014, letters of credit issued under SCE's credit facility aggregated $151 million and are scheduled to expire in twelve months or less. At December 31, 2013, the outstanding commercial paper was $175 million at a weighted-average interest rate of 0.24%. | |
At June 30, 2014, Edison International Parent's outstanding commercial paper was $666 million at a weighted-average interest rate of 0.38%. This commercial paper was supported by a $1.25 billion multi-year revolving credit facility. At December 31, 2013, the outstanding commercial paper was $34 million at a weighted-average interest rate of 0.55%. | |
Long-Term Debt | |
In May 2014, SCE issued $400 million of 1.125% first and refunding mortgage bonds due in May 2017. The proceeds from these bonds were used to repay commercial paper borrowings and to fund SCE's capital program. |
Derivative_Instruments
Derivative Instruments | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||||||||||||
Derivative Instruments | |||||||||||||||||||||||||||||
Derivative financial instruments are used to manage exposure to commodity price risk. These risks are managed in part by entering into forward commodity transactions, including options, swaps and futures. To mitigate credit risk from counterparties in the event of nonperformance, master netting agreements are used whenever possible and counterparties may be required to pledge collateral depending on the creditworthiness of each counterparty and the risk associated with the transaction. | |||||||||||||||||||||||||||||
Commodity Price Risk | |||||||||||||||||||||||||||||
Commodity price risk represents the potential impact that can be caused by a change in the market value of a particular commodity. SCE's electricity price exposure arises from energy purchased from and sold to wholesale markets as a result of differences between SCE's load requirements and the amount of energy delivered from its generating facilities and power purchase agreements. SCE's natural gas price exposure arises from natural gas purchased for the Mountainview power plant and peaker plants, QF contracts where pricing is based on a monthly natural gas index and power purchase agreements in which SCE has agreed to provide the natural gas needed for generation, referred to as tolling arrangements. | |||||||||||||||||||||||||||||
Credit and Default Risk | |||||||||||||||||||||||||||||
Credit and default risk represents the potential impact that can be caused if a counterparty were to default on its contractual obligations and SCE would be exposed to spot markets for buying replacement power or selling excess power. In addition, SCE would be exposed to the risk of non-payment of accounts receivable, primarily related to the sales of excess power and realized gains on derivative instruments. | |||||||||||||||||||||||||||||
Certain power contracts contain master netting agreements or similar agreements, which generally allows counterparties subject to the agreement to setoff amounts when certain criteria are met, such as in the event of default. The objective of netting is to reduce credit exposure. Additionally, to reduce SCE's risk exposures counterparties may be required to pledge collateral depending on the credit worthiness of each counterparty and the risk associated with the transaction. | |||||||||||||||||||||||||||||
Certain power contracts contain a provision that requires SCE to maintain an investment grade rating from each of the major credit rating agencies, referred to as a credit-risk-related contingent feature. If SCE's credit rating were to fall below investment grade, SCE may be required to pay the derivative liability or post additional collateral. The net fair value of all derivative liabilities with these credit-risk-related contingent features was $47 million and $49 million as of June 30, 2014 and December 31, 2013, respectively, for which SCE has posted no collateral to its counterparties for the respective periods. If the credit-risk-related contingent features underlying these agreements were triggered on June 30, 2014, SCE would be required to post collateral in the amount of $6 million, excluding the impact of unpaid closed positions as their settlement is not impacted by the credit-risk-related contingent features. | |||||||||||||||||||||||||||||
Fair Value of Derivative Instruments | |||||||||||||||||||||||||||||
SCE presents its derivative assets and liabilities on a net basis on its consolidated balance sheets when subject to master netting agreements or similar agreements. Derivative positions are offset against margin and cash collateral deposits. In addition, SCE has provided collateral in the form of letters of credit. Collateral requirements can vary depending upon the level of unsecured credit extended by counterparties, changes in market prices relative to contractual commitments and other factors. The following table summarizes the gross and net fair values of SCE's commodity derivative instruments: | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||
(in millions) | Short-Term | Long-Term | Subtotal | Short-Term | Long-Term | Subtotal | Net | ||||||||||||||||||||||
Liability | |||||||||||||||||||||||||||||
Commodity derivative contracts | |||||||||||||||||||||||||||||
Gross amounts recognized | $ | 97 | $ | 217 | $ | 314 | $ | 153 | $ | 1,053 | $ | 1,206 | $ | 892 | |||||||||||||||
Gross amounts offset in the consolidated balance sheets | (4 | ) | — | (4 | ) | (4 | ) | — | (4 | ) | — | ||||||||||||||||||
Cash collateral posted1 | — | — | — | (5 | ) | (2 | ) | (7 | ) | (7 | ) | ||||||||||||||||||
Net amounts presented in the consolidated balance sheets | $ | 93 | $ | 217 | $ | 310 | $ | 144 | $ | 1,051 | $ | 1,195 | $ | 885 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||
(in millions) | Short-Term | Long-Term | Subtotal | Short-Term | Long-Term | Subtotal | Net | ||||||||||||||||||||||
Liability | |||||||||||||||||||||||||||||
Commodity derivative contracts | |||||||||||||||||||||||||||||
Gross amounts recognized | $ | 141 | $ | 251 | $ | 392 | $ | 178 | $ | 1,045 | $ | 1,223 | $ | 831 | |||||||||||||||
Gross amounts offset in the consolidated balance sheets | (19 | ) | — | (19 | ) | (19 | ) | — | (19 | ) | — | ||||||||||||||||||
Cash collateral posted1 | — | — | — | (7 | ) | (3 | ) | (10 | ) | (10 | ) | ||||||||||||||||||
Net amounts presented in the consolidated balance sheets | $ | 122 | $ | 251 | $ | 373 | $ | 152 | $ | 1,042 | $ | 1,194 | $ | 821 | |||||||||||||||
1 | In addition, at June 30, 2014 and December 31, 2013, SCE had posted $7 million and $19 million, respectively, of collateral that is not offset against derivative liabilities and is reflected in "Other current assets" on the consolidated balance sheets. | ||||||||||||||||||||||||||||
Income Statement Impact of Derivative Instruments | |||||||||||||||||||||||||||||
SCE recognizes realized gains and losses on derivative instruments as purchased power expense and expects that such gains or losses will be part of the purchase power costs recovered from customers. As a result, realized gains and losses do not affect earnings, but may temporarily affect cash flows. Due to expected future recovery from customers, unrealized gains and losses are recorded as regulatory assets and liabilities and therefore also do not affect earnings. The results of derivative activities and related regulatory offsets are recorded in cash flows from operating activities in the consolidated statements of cash flows. | |||||||||||||||||||||||||||||
The following table summarizes the components of SCE's economic hedging activity: | |||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Realized losses | $ | (4 | ) | $ | (7 | ) | $ | (41 | ) | $ | (23 | ) | |||||||||||||||||
Unrealized losses | (110 | ) | (64 | ) | (58 | ) | (118 | ) | |||||||||||||||||||||
Notional Volumes of Derivative Instruments | |||||||||||||||||||||||||||||
The following table summarizes the notional volumes of derivatives used for SCE hedging activities: | |||||||||||||||||||||||||||||
Economic Hedges | |||||||||||||||||||||||||||||
Commodity | Unit of Measure | June 30, | December 31, 2013 | ||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Electricity options, swaps and forwards | GWh | 4,315 | 6,274 | ||||||||||||||||||||||||||
Natural gas options, swaps and forwards | Bcf | 13 | 12 | ||||||||||||||||||||||||||
Congestion revenue rights | GWh | 120,386 | 149,234 | ||||||||||||||||||||||||||
Tolling arrangements | GWh | 84,484 | 87,991 | ||||||||||||||||||||||||||
Income_Taxes
Income Taxes | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
Effective Tax Rate | ||||||||||||||||
The table below provides a reconciliation of income tax expense computed at the federal statutory income tax rate to the income tax provision: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Edison International: | ||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 466 | $ | (184 | ) | $ | 671 | $ | 199 | |||||||
Provision for income tax at federal statutory rate of 35% | 164 | (64 | ) | 235 | 70 | |||||||||||
Increase (decrease) in income tax from: | ||||||||||||||||
State tax, net of federal benefit | 6 | (20 | ) | 7 | (17 | ) | ||||||||||
Property-related | (55 | ) | (22 | ) | (106 | ) | (64 | ) | ||||||||
Change related to uncertain tax positions | (21 | ) | 11 | (14 | ) | 18 | ||||||||||
San Onofre OII settlement | — | — | (40 | ) | — | |||||||||||
Other | (10 | ) | (7 | ) | (17 | ) | (11 | ) | ||||||||
Total income tax expense (benefit) from continuing operations | $ | 84 | $ | (102 | ) | $ | 65 | $ | (4 | ) | ||||||
Effective tax rate | 18 | % | * | 9.7 | % | * | ||||||||||
SCE: | ||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 490 | $ | (166 | ) | $ | 712 | $ | 229 | |||||||
Provision for income tax at federal statutory rate of 35% | 171 | (58 | ) | 249 | 80 | |||||||||||
Increase (decrease) in income tax from: | ||||||||||||||||
State tax, net of federal benefit | 9 | (23 | ) | 10 | (9 | ) | ||||||||||
Property-related | (55 | ) | (22 | ) | (106 | ) | (64 | ) | ||||||||
Change related to uncertain tax positions | (17 | ) | 11 | (10 | ) | 17 | ||||||||||
San Onofre OII settlement | — | — | (40 | ) | — | |||||||||||
Other | (10 | ) | (7 | ) | (17 | ) | (11 | ) | ||||||||
Total income tax expense (benefit) from continuing operations | $ | 98 | $ | (99 | ) | $ | 86 | $ | 13 | |||||||
Effective tax rate | 20 | % | * | 12.1 | % | 5.7 | % | |||||||||
*Â | Not meaningful | |||||||||||||||
The CPUC requires flow-through ratemaking treatment for the current tax benefit arising from certain property-related and other temporary differences which reverse over time. The accounting treatment for these temporary differences results in recording regulatory assets and liabilities for amounts that would otherwise be recorded to deferred income tax expense. | ||||||||||||||||
Property-related items include recognition of income tax benefits from repair deductions for income tax purposes. During the first quarter of 2014, SCE recorded flow through tax benefits related to repair deductions and other tax items under the San Onofre OII settlement. The tax benefits were offset by estimated refunds to customers included as part of the pre-tax charge of $231 million. See Note 9 for further details. | ||||||||||||||||
During the second quarter of 2014, SCE revised its liability for uncertain tax positions for prior periods based on an updated assessment of the ultimate outcome of such positions. | ||||||||||||||||
Tax Disputes | ||||||||||||||||
The IRS examination phase of tax years 2003 through 2006 was completed in the fourth quarter of 2010, which included proposed adjustments for the following two items: | ||||||||||||||||
• | A proposed adjustment increasing the taxable gain on the 2004 sale of EME's international assets, which if sustained, would result in a federal tax payment of approximately $210 million, including interest and penalties through June 30, 2014. | |||||||||||||||
• | A proposed adjustment to disallow a component of SCE's repair allowance deduction, which if sustained, would result in a federal tax payment of approximately $102 million, including interest through June 30, 2014. | |||||||||||||||
Edison International disagrees with the proposed adjustments and filed a protest with the IRS in the first quarter of 2011. Edison International anticipates that the IRS will issue a deficiency notice for the tax, interest and possibly penalties at the conclusion of the IRS appeals process. After the receipt of such deficiency notice, Edison International will have 90 days to file a petition in United States Tax Court. If a petition is not timely filed, Edison International anticipates after the expiration of the 90-day period, the IRS will assess the underpayment of tax, interest and penalties, if any, and demand payment. Although Edison International disagrees with the proposed adjustments, it has made a $189 million deposit during the second quarter of 2014 to stop the accrual of interest. | ||||||||||||||||
It is reasonably possible that Edison International will complete the 2003 – 2006 federal income tax audit cycle during the next twelve months which would effectively settle open tax positions. Edison International estimates tax benefits of approximately $50 million, including interest, may be recognized in income depending on the final outcome of the IRS audit. | ||||||||||||||||
Tax Years 2007 – 2009 | ||||||||||||||||
The IRS examination phase of tax years 2007 through 2009 was completed during the first quarter of 2013. Edison International received a Revenue Agent Report from the IRS on February 28, 2013 which included a proposed adjustment to disallow a component of SCE's repair allowance deduction (similar to the 2003 – 2006 tax years). The proposed adjustment to disallow a component of SCE's repair allowance deduction, if sustained, would result in a federal tax payment of approximately $75 million, including interest through June 30, 2014. Edison International disagrees with the proposed adjustment and filed a protest with the IRS in April 2013. |
Compensation_and_Benefit_Plans
Compensation and Benefit Plans | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Compensation and Benefit Plans | ' | |||||||||||||||
Compensation and Benefit Plans | ||||||||||||||||
Pension Plans | ||||||||||||||||
Edison International made contributions of $76 million during the six months ended June 30, 2014, which includes contributions of $63 million by SCE. Edison International expects to make contributions of $136 million during the remainder of 2014, which includes $123 million from SCE. Annual contributions made to most of SCE's pension plans are anticipated to be recovered through CPUC-approved regulatory mechanisms. Annual contributions to these plans are expected to be, at a minimum, equal to the related annual expense. | ||||||||||||||||
Pension expense components for continuing operations are: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Edison International: | ||||||||||||||||
Service cost | $ | 29 | $ | 38 | $ | 59 | $ | 76 | ||||||||
Interest cost | 48 | 42 | 93 | 84 | ||||||||||||
Expected return on plan assets | (60 | ) | (57 | ) | (117 | ) | (114 | ) | ||||||||
Settlement costs1 | — | 49 | — | 49 | ||||||||||||
Amortization of prior service cost | 2 | 1 | 3 | 2 | ||||||||||||
Amortization of net loss2 | 1 | 15 | 2 | 30 | ||||||||||||
Expense under accounting standards | $ | 20 | $ | 88 | $ | 40 | $ | 127 | ||||||||
Regulatory adjustment (deferred) | 30 | (31 | ) | 61 | (14 | ) | ||||||||||
Total expense recognized | $ | 50 | $ | 57 | $ | 101 | $ | 113 | ||||||||
SCE: | ||||||||||||||||
Service cost | $ | 29 | $ | 37 | $ | 58 | $ | 74 | ||||||||
Interest cost | 44 | 41 | 88 | 82 | ||||||||||||
Expected return on plan assets | (56 | ) | (57 | ) | (112 | ) | (114 | ) | ||||||||
Settlement costs1 | — | 48 | — | 48 | ||||||||||||
Amortization of prior service cost | 1 | 1 | 2 | 2 | ||||||||||||
Amortization of net loss2 | 1 | 14 | 1 | 28 | ||||||||||||
Expense under accounting standards | $ | 19 | $ | 84 | $ | 37 | $ | 120 | ||||||||
Regulatory adjustment (deferred) | 30 | (31 | ) | 61 | (14 | ) | ||||||||||
Total expense recognized | $ | 49 | $ | 53 | $ | 98 | $ | 106 | ||||||||
1Â | Relates to lump-sum payments made to employees who retired in 2013 from the SCE Retirement Plan (primarily due to workforce reductions described below). | |||||||||||||||
2 | Includes the amount of net loss reclassified from other comprehensive loss. The amount reclassified for Edison International and SCE was $1 million and $1 million, respectively, for the three months ended June 30, 2014, and $3 million and $2 million, respectively, for the six months ended June 30, 2014. The amount reclassified for Edison International and SCE was $4 million and $3 million, respectively, for the three months ended June 30, 2013, and $7 million and $5 million, respectively, for the six months ended June 30, 2013. | |||||||||||||||
Postretirement Benefits Other Than Pensions | ||||||||||||||||
Edison International made contributions of $7 million during the six months ended June 30, 2014 and expects to make contributions of $8Â million during the remainder of 2014, substantially all of which are expected to be made by SCE. Annual contributions made to SCE plans are anticipated to be recovered through CPUC-approved regulatory mechanisms and are expected to be, at a minimum, equal to the total annual expense for these plans. Benefits under these plans, with some exceptions, are generally unvested and subject to change. Under the terms of the Edison International Health and Welfare Plan ("PBOP Plan") each participating employer (Edison International or its participating subsidiaries) is responsible for the costs and expenses of all PBOP benefits with respect to its employees and former employees. A participating employer may terminate the PBOP benefits with respect to its employees and former employees, as may SCE (as Plan sponsor), and, accordingly, the participants' PBOP benefits are not vested benefits. | ||||||||||||||||
PBOP expense components for continuing operations are: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Edison International: | ||||||||||||||||
Service cost | $ | 11 | $ | 14 | $ | 22 | $ | 28 | ||||||||
Interest cost | 27 | 26 | 54 | 52 | ||||||||||||
Expected return on plan assets | (28 | ) | (30 | ) | (56 | ) | (60 | ) | ||||||||
Special termination benefits1 | — | 10 | — | 10 | ||||||||||||
Amortization of prior service credit | (9 | ) | (9 | ) | (18 | ) | (18 | ) | ||||||||
Amortization of net loss | — | 7 | — | 14 | ||||||||||||
Total expense | $ | 1 | $ | 18 | $ | 2 | $ | 26 | ||||||||
SCE: | ||||||||||||||||
Service cost | $ | 11 | $ | 14 | $ | 22 | $ | 27 | ||||||||
Interest cost | 27 | 26 | 54 | 52 | ||||||||||||
Expected return on plan assets | (28 | ) | (30 | ) | (56 | ) | (60 | ) | ||||||||
Special termination benefits1 | — | 10 | — | 10 | ||||||||||||
Amortization of prior service credit | (9 | ) | (9 | ) | (18 | ) | (18 | ) | ||||||||
Amortization of net loss | — | 7 | — | 14 | ||||||||||||
Total expense | $ | 1 | $ | 18 | $ | 2 | $ | 25 | ||||||||
1Â | Due to the reduction in workforce, SCE has incurred costs for extended retiree health care coverage. | |||||||||||||||
Workforce Reductions | ||||||||||||||||
In 2012, SCE commenced multiple efforts to reduce its workforce in order to reflect SCE's strategic direction to optimize its cost structure, moderate customer rate increases and align its cost structure with its peers. In addition, in June 2013, SCE announced plans to permanently retire San Onofre, which resulted in additional workforce reductions. See Note 9 for further information. During the second quarter of 2014, SCE increased the estimated impact for workforce reductions related to transferring certain information technology activities to third parties. Through June 30, 2014, SCE's share of estimated cash severance for these efforts totaled $222 million. The following table provides a summary of changes in the accrued severance liability associated with these reductions: | ||||||||||||||||
(in millions) | ||||||||||||||||
Balance at January 1, 2014 | $ | 54 | ||||||||||||||
Additions | 9 | |||||||||||||||
Payments | (13 | ) | ||||||||||||||
Balance at June 30, 2014 | $ | 50 | ||||||||||||||
The liability presented in the table above is reflected in "Other current liabilities" on the consolidated balance sheets. The severance costs are included in "Operation and maintenance" on the consolidated income statements. |
San_Onofre_Issues
San Onofre Issues | 6 Months Ended | |
Jun. 30, 2014 | ||
Retirement Of Plant [Abstract] | ' | |
San Onofre Issues | ' | |
San Onofre Issues | ||
Replacement steam generators were installed at San Onofre in 2010 and 2011. On January 31, 2012, a water leak suddenly occurred in one of the heat transfer tubes in San Onofre's Unit 3 steam generators. The Unit was safely taken off-line and subsequent inspections revealed excessive tube to tube wear. At the time, Unit 2 was off-line for a planned outage when areas of unexpected tube to support structure wear were found. Later, evidence of tube to tube wear in Unit 2 was also discovered. On June 6, 2013, SCE decided to permanently retire Units 2 and 3. | ||
CPUC Proceedings and Proposed Settlement | ||
In October 2012, the CPUC issued an Order Instituting Investigation ("OII") that consolidated all San Onofre issues in related CPUC regulatory proceedings to consider appropriate cost recovery for all San Onofre costs, including among other costs, the cost of the steam generator replacement project, substitute market power costs, capital expenditures, and operation and maintenance costs. | ||
On March 27, 2014, SCE entered into a settlement agreement (the "San Onofre OII Settlement Agreement") with The Utility Reform Network ("TURN"), the CPUC's Office of Ratepayer Advocates ("ORA") and SDG&E, which was later joined by the Coalition of California Utility Employees ("CUE") and Friends of the Earth ("FOE") (together, the "Settling Parties"). If implemented, the San Onofre OII Settlement Agreement will constitute a complete and final resolution of the CPUC's OII and related proceedings regarding the Steam Generator Replacement Project ("SGRP") at San Onofre and the related outage and subsequent shutdown of San Onofre. The San Onofre OII Settlement Agreement does not affect proceedings before the NRC or proceedings related to recoveries from third parties described below, but does describe how shareholders and customers will share any potential recoveries. Implementation of the San Onofre OII Settlement Agreement is subject to the approval of the CPUC. The parties to the San Onofre OII Settlement Agreement have agreed to exercise their best efforts to obtain CPUC approval. The San Onofre OII Settlement Agreement is subject to termination by any of the Settling Parties if the CPUC has not approved it within six months of submission, but there can be no certainty of when or what the CPUC will actually decide. | ||
Disallowances, Refunds and Rate Recoveries | ||
If the San Onofre OII Settlement Agreement is approved, SCE will not be allowed to recover in rates its capitalized costs for the SGRP as of February 1, 2012 or a return on such investment after such date. As of February 1, 2012, SCE's net book value in the SGRP was approximately $597 million. Additionally, SCE will not be allowed to recover in rates approximately $99 million of incremental inspection and repair costs incurred for the replacement steam generators ("RSGs") in 2012 that were in excess of CPUC-authorized operations and maintenance expense. These costs, net of invoices paid, were previously expensed in SCE's 2012 financial results, although they remain subject to recovery from the supplier of the RSGs. Neither will SCE be allowed to recover in rates provisionally authorized operations and maintenance expense in 2013 that exceeds amounts included in recorded operations and maintenance expense (including severance and incremental repair and inspection costs); such excess had not been recognized in 2013 earnings. Subject to the foregoing, SCE will be authorized to recover in rates its remaining investment in San Onofre, including base plant, materials and supplies, nuclear fuel inventory and contracts and construction work in progress ("CWIP"), generally over a ten-year period commencing February 1, 2012. Additionally, SCE will be authorized to recover in rates its provisionally authorized operations and maintenance expenses for 2012, recorded costs for the 2012 refueling outage of Unit 2, recorded operations and maintenance expenses for 2013, and recorded operations and maintenance expenses for 2014 subject to customary prudency review. Finally, SCE will also be authorized to recover in rates through its fuel and purchased power balancing account ("ERRA") all costs incurred to purchase electric power in the market related to the outage and shutdown of San Onofre, and to recover by December 31, 2015 any San Onofre-related ERRA undercollections. Estimated market power costs through June 6, 2013 (the date of San Onofre's retirement) were approximately $680 million using the methodology followed in the OII. To the extent that amounts otherwise recoverable in rates under the San Onofre OII Settlement Agreement are recovered from SCE's Decommissioning Trust as a decommissioning cost, the amounts otherwise recoverable in rates will be reduced with no impact on earnings. | ||
The portion of SCE's San Onofre investment in base plant, CWIP and materials and supplies, which SCE is entitled to recover from February 1, 2012, will earn a return equal to the weighted average of SCE's authorized return on debt and 50% of its authorized return on preferred equity, pro-rated to the percentage of the investment that equals SCE's percentage of debt and preferred equity in its authorized capital structure. SCE will not earn a return on common equity on its amortizable San Onofre investment. Accordingly, SCE will be allowed to earn a rate of return of 2.95% in 2012, 2.62% for the period 2013 –2014 and a rate that will float during the amortization period thereafter with changes in SCE's authorized return on debt and preferred equity. SCE's investment in nuclear fuel will earn a return equal to commercial paper rates that SCE pays from time to time. | ||
A 5% incentive is provided for SCE to realize savings for ratepayers by selling materials and supplies and nuclear fuel, as well as reducing its nuclear fuel investment by contract cancellations. This incentive allows SCE to retain 5% of sales proceeds and to recover 5% of the excess of cancelled contract obligations over cancellation costs. The balance of sale proceeds and cancellation benefits is credited to ratepayers. | ||
Accounting and Financial Impact | ||
Due to the decision to early retire San Onofre Units 2 and 3, GAAP required reclassification of the amounts recorded in property, plant and equipment and related tangible operating assets to a regulatory asset to the extent that management concluded it was probable of recovery through future rates. Regulatory assets may also be recorded to the extent management concludes it is probable that direct and indirect costs incurred to retire Units 2 and 3 as of each reporting date are recoverable through future rates. In accordance with these requirements and as a result of its decision to retire San Onofre Units 2 and 3, SCE reclassified $1,521 million of its total investment in San Onofre at May 31, 2013 to a regulatory asset ("San Onofre Regulatory Asset") and recorded an impairment charge of $575 million ($365 million after-tax) in the second quarter of 2013. As of December 31, 2013, SCE had recorded a net regulatory asset of approximately $1.3 billion, comprised of $1.56 billion of property, plant and equipment, less $266 million for estimated refunds of authorized revenue recorded in excess of SCE's costs of service. | ||
As a result of the execution of the San Onofre OII Settlement Agreement by the Settling Parties, SCE has concluded that the outcome of the OII that is more likely than any other outcome is approval and implementation of the San Onofre OII Settlement Agreement, although approval by the CPUC remains uncertain. As a result, in the first quarter of 2014, SCE recorded an additional pre-tax charge of approximately $231 million (approximately $96 million after-tax). Including the amounts recorded during the first quarter of 2014 and the amounts previously recorded in 2013, the total impact of the San Onofre OII settlement is estimated at $806Â million (approximately $461 million after-tax). The total pre-tax charge is due to: | ||
• | the disallowance of the SGRP investment ($542 million as of May 31, 2013); | |
• | refund of revenue related to the SGRP previously recognized of $159 million; and | |
• | implementation of the other terms of the San Onofre OII Settlement Agreement, including a refund of flow through tax benefits of $71 million and a refund of the authorized return in excess of the return allowed for non-SGRP investments. The refund was offset by recognition of tax benefits in an equal amount. | |
At June 30, 2014, the San Onofre Regulatory Asset was $1.37 billion and the San Onofre regulatory liability for refunds of revenue was approximately $483 million. Such amounts do not reflect any recoveries from third parties by SCE. | ||
Under the San Onofre OII Settlement Agreement, the unamortized portion of SCE's investment other than nuclear fuel may, at SCE's option, be excluded from SCE's capital structure for purposes of determining regulatory capital requirements. Had such exclusion applied as of June 30, 2014, SCE estimates that its common equity requirement would be reduced by more than $300 million. | ||
San Onofre OII Settlement Agreement Procedure | ||
On April 3, 2014, the Settling Parties filed a motion in the OII requesting the CPUC to approve the San Onofre OII Settlement Agreement without change, find the Settlement Agreement reasonable and expedite consideration of the San Onofre OII Settlement Agreement in order to provide the benefits of it as soon as possible. The Settling Parties also urged the CPUC to stay further proceedings in the OII pending a determination on the San Onofre OII Settlement Agreement and to withdraw the November 19, 2013 Proposed Decision on Phase 1 and Phase 1A issues in the OII. During the pendency of proceedings regarding the San Onofre OII Settlement Agreement, the Settling Parties are further bound to support and mutually defend the San Onofre OII Settlement Agreement in its entirety, oppose any modifications proposed by any non-settling party to the OII unless all Settling Parties agree, and cooperate reasonably on all submissions. The Settling Parties further agree to review any CPUC orders regarding the San Onofre OII Settlement Agreement to determine if the CPUC has changed or modified it, deleted a term or imposed a new term. If any Settling Party is unwilling to accept any such change, modification, deletion or addition of a new term, then the Settling Parties will negotiate in good faith to seek a resolution acceptable to all Settling Parties. If they are unable to resolve the matter to the satisfaction of all Settling Parties or to obtain prompt CPUC approval of an agreed upon resolution, then any Settling Party can terminate the Settlement Agreement upon prompt notice. | ||
Under CPUC rules, parties in the OII have had an opportunity to comment on the San Onofre OII Settlement Agreement, and the CPUC held an evidentiary hearing on May 14, 2014 and a public participation meeting on June 16, 2014, at which various intervenors who were not Settling Parties opposed the proposed settlement and others supported it. Following conclusion of the public participation meeting, approval of the San Onofre OII Settlement Agreement was submitted to an Administrative Law Judge to render a proposed decision for further consideration by the CPUC. CPUC rules do not provide for any fixed time period for the CPUC to act on the San Onofre OII Settlement Agreement. Pursuant to the CPUC's rules, no | ||
settlement becomes binding on the parties to it unless the CPUC approves the settlement based on a finding that it is reasonable in light of the whole record, consistent with law, and in the public interest. The CPUC has discretion to approve or disapprove a settlement, or to condition its approval on changes to the settlement, which the parties may accept or reject. | ||
Accordingly, there can be no assurance regarding the timing of any CPUC decision or that the CPUC will approve the San Onofre OII Settlement Agreement or refrain from making changes to it that are not acceptable to all the Settling Parties. Thus, there can be no assurance that the OII proceeding will provide for recoveries as currently estimated by SCE in accordance with the San Onofre OII Settlement Agreement, including the recovery of costs recorded as a regulatory asset, or that the CPUC does not order refunds to customers above those contemplated by the San Onofre OII Settlement Agreement. Therefore, the amount recorded for the San Onofre Regulatory Asset is subject to further change based upon future developments and the application of SCE's judgment to those events. | ||
Third-Party Recoveries | ||
San Onofre carries accidental property damage and carried accidental outage insurance issued by Nuclear Electric Insurance Limited ("NEIL") and has placed NEIL on notice of claims under both policies. The NEIL policies have a number of exclusions and limitations that NEIL may assert reduce or eliminate coverage, and SCE may choose to challenge NEIL's application of any such exclusions and limitations. The estimated total claims under the accidental outage insurance through February 22, 2014 are approximately $414 million (SCE's share of which is approximately $325 million). Accidental outage policy benefits are reduced by 90% for the periods following announcement of the permanent retirement of the Units. The accidental outage insurance at San Onofre has been canceled prospectively as a result of the permanent retirement. No amounts have been recognized in SCE's financial statements, pending NEIL's response. Under the San Onofre OII Settlement Agreement, costs recoveries will be allocated between SCE and its ratepayers as set forth in the agreement. | ||
SCE is also pursuing claims against Mitsubishi Heavy Industries, Ltd. and related companies ("MHI"), which designed and supplied the RSGs. MHI warranted the RSGs for an initial period of 20 years from acceptance and is contractually obligated to repair or replace defective items with dispatch and to pay specified damages for certain repairs. MHI's liability under the purchase agreement is limited to $138 million and excludes consequential damages, defined to include "the cost of replacement power;" however, limitations in the contract are subject to applicable exceptions both in the contract and under law. SCE has advised MHI that it believes one or more of such exceptions apply and that MHI's liability is not limited to $138 million, and MHI has advised SCE that it disagrees. In October 2013, after a prescribed 90-day waiting period from the service of an earlier notice of dispute, SCE sent MHI a formal request for binding arbitration under the auspices of the International Chamber of Commerce in accordance with the purchase contract seeking damages for all losses. In the request for arbitration, SCE alleges contract and tort claims and seeks at least $4 billion in damages on behalf of itself and its ratepayers and in its capacity as Operating Agent for San Onofre. MHI has denied any liability and has asserted counterclaims for $41 million, for which SCE has denied any liability. Each of the other co-owners filed lawsuits against MHI, alleging claims arising from MHI's supplying the faulty steam generators, which have been stayed pending the arbitration. The other co-owners (SDG&E and Riverside) have been added as additional claimants in the arbitration, with party status. Under the San Onofre OII Settlement Agreement, recoveries from MHI will be allocated between SCE and its ratepayers as set forth in the agreement. | ||
Continuing NRC Proceedings | ||
As part of the NRC's review of the San Onofre outage and proceedings related to the possible restart of Unit 2, the NRC appointed an Augmented Inspection Team to review SCE's performance. In December 2013, the NRC finalized an Inspection Report in connection with the Augmented Inspection Team's review and SCE's response to an earlier NRC Confirmatory Action Letter. The NRC's report identified a "white" finding (low to moderate safety significance) for failing to ensure that MHI's modeling and analysis were adequate. SCE stated some disagreements with the NRC's Report but chose not to challenge the "white" finding. The NRC also issued an Inspection Report to MHI containing a Notice of Nonconformance for its flawed computer modeling in the design of San Onofre's steam generators. In addition, the NRC's Office of Investigations has been conducting an investigation into the accuracy and completeness of information SCE provided to the Augmented Inspection Team. SCE has also been made aware of an investigation related to San Onofre by the NRC's Office of Inspector General, which generally reviews internal NRC affairs. Certain anti-nuclear groups and individual members of Congress have alleged that SCE knew of deficiencies in the steam generators when they were installed or otherwise did not correctly follow NRC requirements in connection with the design and installation of the replacement steam generators, something which SCE has vigorously denied, and have called for investigations, including by the Department of Justice. SCE cannot predict when or whether ongoing inquiries or investigations by the NRC will be completed or whether inquiries by other government agencies will be initiated. Should the NRC find a deficiency in SCE's provision of information, SCE could be subject to additional NRC actions, including the imposition of penalties, and the findings could be taken into consideration in the CPUC regulatory proceedings described above. |
Other_Investments
Other Investments | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Regulated Entity, Other Assets, Noncurrent [Abstract] | ' | |||||||||||||||||
Other Investments | ' | |||||||||||||||||
Other Investments | ||||||||||||||||||
Nuclear Decommissioning Trusts | ||||||||||||||||||
Future decommissioning costs related to SCE's nuclear assets are expected to be funded from independent decommissioning trusts, which received $6 million in 2014 through SCE customer rates. Contributions to the decommissioning trusts are reviewed every three years by the CPUC. | ||||||||||||||||||
The following table sets forth amortized cost and fair value of the trust investments: | ||||||||||||||||||
Longest | Amortized Cost | Fair Value | ||||||||||||||||
Maturity | ||||||||||||||||||
(in millions) | Dates | June 30, | December 31, | June 30, | December 31, 2013 | |||||||||||||
2014 | 2013 | 2014 | ||||||||||||||||
Stocks | — | $ | 683 | $ | 656 | $ | 2,332 | $ | 2,208 | |||||||||
Municipal bonds | 2051 | 688 | 675 | 812 | 756 | |||||||||||||
U.S. government and agency securities | 2044 | 824 | 902 | 881 | 947 | |||||||||||||
Corporate bonds | 2054 | 339 | 208 | 390 | 241 | |||||||||||||
Short-term investments and receivables/payables | One-year | 312 | 329 | 325 | 342 | |||||||||||||
Total | $ | 2,846 | $ | 2,770 | $ | 4,740 | $ | 4,494 | ||||||||||
Trust fund earnings (based on specific identification) increase the trust fund balance and the ARO regulatory liability. Proceeds from sales of securities (which are reinvested) were $2.2 billion and $1.5 billion for the three months ended June 30, 2014 and 2013, and $3.8 billion and $2.0 billion for the six months ended June 30, 2014 and 2013, respectively. Unrealized holding gains, net of losses, were $1.9 billion and $1.7 billion at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||
The following table sets forth a summary of changes in the fair value of the trust: | ||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance at beginning of period | $ | 4,587 | $ | 4,246 | $ | 4,494 | $ | 4,048 | ||||||||||
Gross realized gains | 28 | 137 | 38 | 142 | ||||||||||||||
Gross realized losses | — | (1 | ) | — | (2 | ) | ||||||||||||
Unrealized gains (losses), net | 107 | (185 | ) | 169 | (9 | ) | ||||||||||||
Other-than-temporary impairments | (3 | ) | (21 | ) | (6 | ) | (29 | ) | ||||||||||
Interest, dividends, contributions and other | 21 | 5 | 45 | 31 | ||||||||||||||
Balance at end of period | $ | 4,740 | $ | 4,181 | $ | 4,740 | $ | 4,181 | ||||||||||
Due to regulatory mechanisms, changes in assets of the trusts from income items have no impact on operating revenue or earnings. |
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | |||||||
Regulatory Assets and Liabilities | ' | |||||||
Regulatory Assets and Liabilities | ||||||||
Regulatory Assets | ||||||||
SCE's regulatory assets included on the consolidated balance sheets are: | ||||||||
(in millions) | June 30, | December 31, | ||||||
2014 | 2013 | |||||||
Current: | ||||||||
Regulatory balancing accounts | $ | 1,190 | $ | 484 | ||||
Energy derivatives | 69 | 54 | ||||||
Other | 6 | — | ||||||
Total current | 1,265 | 538 | ||||||
Long-term: | ||||||||
Deferred income taxes, net | 3,245 | 2,957 | ||||||
Pensions and other postretirement benefits | 385 | 369 | ||||||
Energy derivatives | 856 | 816 | ||||||
Unamortized investments, net | 294 | 332 | ||||||
San Onofre | 1,371 | 1,325 | ||||||
Unamortized loss on reacquired debt | 211 | 222 | ||||||
Regulatory balancing accounts | 643 | 818 | ||||||
Other | 340 | 402 | ||||||
Total long-term | 7,345 | 7,241 | ||||||
Total regulatory assets | $ | 8,610 | $ | 7,779 | ||||
Regulatory Liabilities | ||||||||
SCE's regulatory liabilities included on the consolidated balance sheets are: | ||||||||
(in millions) | June 30, | December 31, | ||||||
2014 | 2013 | |||||||
Current: | ||||||||
Regulatory balancing accounts | $ | 787 | $ | 724 | ||||
Other | 39 | 43 | ||||||
Total current | 826 | 767 | ||||||
Long-term: | ||||||||
Costs of removal | 2,822 | 2,780 | ||||||
Asset retirement obligations | 1,815 | 1,071 | ||||||
Regulatory balancing accounts | 1,094 | 1,132 | ||||||
San Onofre | 483 | — | ||||||
Other | 20 | 12 | ||||||
Total long-term | 6,234 | 4,995 | ||||||
Total regulatory liabilities | $ | 7,060 | $ | 5,762 | ||||
Net Regulatory Balancing Accounts | ||||||||
The following table summarizes the significant components of regulatory balancing accounts included in the above tables of regulatory assets and liabilities: | ||||||||
(in millions) | June 30, | December 31, | ||||||
2014 | 2013 | |||||||
Asset (liability) | ||||||||
Energy resource recovery account | $ | 1,617 | $ | 1,005 | ||||
Four Corners memorandum account | 4 | 145 | ||||||
New system generation balancing account | 50 | 132 | ||||||
Public purpose programs and energy efficiency programs | (850 | ) | (1,037 | ) | ||||
Base rate recovery balancing account | (103 | ) | (247 | ) | ||||
Greenhouse gas auction revenue | (310 | ) | (385 | ) | ||||
FERC formula rates and FERC balancing accounts | (63 | ) | (59 | ) | ||||
FERC energy settlements | (179 | ) | — | |||||
Other | (214 | ) | (108 | ) | ||||
Net liability | $ | (48 | ) | $ | (554 | ) |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Indemnities | |
Edison International and SCE have various financial and performance guarantees and indemnity agreements which are issued in the normal course of business. | |
Edison International and SCE have provided indemnifications through contracts entered into in the normal course of business. These are primarily indemnifications against adverse litigation outcomes in connection with underwriting agreements, and indemnities for specified environmental liabilities and income taxes with respect to assets sold. Edison International's and SCE's obligations under these agreements may or may not be limited in terms of time and/or amount, and in some instances Edison International and SCE may have recourse against third parties. Edison International and SCE have not recorded a liability related to these indemnities. The overall maximum amount of the obligations under these indemnifications cannot be reasonably estimated. | |
SCE has indemnified the City of Redlands, California in connection with Mountainview's California Energy Commission permit for cleanup or associated actions related to groundwater contaminated by perchlorate due to the disposal of filter cake at the City's solid waste landfill. The obligations under this agreement are not limited to a specific time period or subject to a maximum liability. SCE has not recorded a liability related to this indemnity. | |
Contingencies | |
In addition to the matters disclosed in these Notes, Edison International and SCE are involved in other legal, tax and regulatory proceedings before various courts and governmental agencies regarding matters arising in the ordinary course of business. Edison International and SCE believe the outcome of these other proceedings will not, individually or in the aggregate, materially affect its results of operations or liquidity. | |
San Onofre | |
SCE believes that the actions taken and costs incurred in connection with the San Onofre replacement steam generators and outages have been prudent. Accordingly, SCE has argued in related CPUC regulatory proceedings that its operating, capital, and market power costs should be recoverable through base rates and the ERRA balancing account (as reduced by the charges recorded in 2013 and 2014). SCE, however, cannot provide assurance that the CPUC will not disallow costs incurred or order refunds to customers of amounts collected in rates, or that SCE will be successful in recovering amounts from third parties. | |
Disallowances of costs and/or refund of amounts received from customers could be material and adversely affect SCE's financial condition, results of operations and cash flows. In March 2014, SCE, in recognition of these risks, entered into the San Onofre OII Settlement Agreement with San Diego Gas & Electric Company, ORA, TURN, FOE and CUE that, if approved by the CPUC, would resolve the disallowance and regulatory recovery issues in accordance with the terms of the agreement. SCE will pursue recoveries from the manufacturer of the replacement steam generators and under San Onofre's insurance, but there is no assurance that SCE will recover all of its applicable costs pursuant to these arrangements. See Note 9 for further details. | |
San Gabriel Valley Windstorm Investigation | |
In November 2011, a windstorm resulted in significant damage to SCE's electric system and service outages for SCE customers primarily in the San Gabriel Valley. The CPUC directed its Safety and Enforcement Division ("SED") to conduct an investigation focused on the cause of the outages, SCE's service restoration effort, and SCE's customer communications during the outages. The SED issued its final report on January 11, 2013. The report asserts that SCE and others with whom SCE shares utility poles violated certain CPUC safety rules applicable to overhead line construction, maintenance and operation, which may have caused the failures of affected poles and supporting cables. The report also concludes that SCE's restoration time was not adequate and makes other assertions. Additionally, the report contends that SCE violated CPUC rules by failing to preserve evidence relevant to the investigation when it did not retain damaged poles that were replaced following the windstorm. In February 2014, SCE entered into agreements with the SED to settle this matter and another, unrelated matter involving SCE's system that occurred in San Bernardino for $24.5 million. In March 2014, the CPUC opened an OII on the 2011 windstorm and the San Bernardino matter and SCE and the SED jointly filed a motion seeking approval of the settlement agreements in this OII. On July 15, 2014, the assigned ALJ in the OII issued a proposed decision which, if approved by the CPUC, would approve both settlements without modification. If the settlement agreements are not approved by the CPUC and SCE is found to have violated any CPUC rules, it could be subject to penalties. Absent approval of the two settlement agreements by the CPUC, SCE is unable to estimate a possible loss or range of loss that may be imposed by the CPUC on SCE. | |
Four Corners Environmental Matters | |
In October 2011, four private environmental organizations filed a CAA citizen lawsuit against the co-owners of Four Corners. The complaint alleges that certain work performed at the Four Corners generating units 4 and 5, over the approximate periods of 1985 – 1986 and 2007 – 2010, constituted plant "major modifications" and the plant's failure to obtain permits and install best available control technology ("BACT") violated the Prevention of Significant Deterioration requirements and the New Source Performance Standards of the CAA. The complaint also alleges subsequent and continuing violations of BACT air emissions limits. The lawsuit seeks injunctive and declaratory relief, civil penalties, including a mitigation project and litigation costs. In November 2012, the parties requested a stay of the litigation to allow for settlement discussion, and the matter is currently stayed. In December 2013, SCE sold its ownership interest in generating units 4 and 5 to APS. Under the sale agreement SCE remains responsible for its pro-rata share of certain environmental liabilities, including penalties in the event they arise from environmental violations prior to the sale. In addition, under the terms of the sale agreement, SCE retains the liability for its proportionate share of expenses occurring as a result of new environmental regulations applicable to the coal ash and combustion residuals deposited at the landfill at Four Corners during the period that SCE held its ownership interest in Four Corners if such new regulations are adopted. SCE is unable to estimate a possible loss or range of loss associated with these matters. | |
Environmental Remediation | |
SCE records its environmental remediation liabilities when site assessments and/or remedial actions are probable and a range of reasonably likely cleanup costs can be estimated. SCE reviews its sites and measures the liability quarterly, by assessing a range of reasonably likely costs for each identified site using currently available information, including existing technology, presently enacted laws and regulations, experience gained at similar sites, and the probable level of involvement and financial condition of other potentially responsible parties. These estimates include costs for site investigations, remediation, operation and maintenance, monitoring and site closure. Unless there is a single probable amount, SCE records the lower end of this reasonably likely range of costs (reflected in "Other long-term liabilities") at undiscounted amounts as timing of cash flows is uncertain. | |
At June 30, 2014, SCE's recorded estimated minimum liability to remediate its 19 identified material sites (sites in which the upper end of the range of the costs is at least $1 million) was $111 million, including $72 million related to San Onofre. In addition to these sites, SCE also has 39 immaterial sites for which the total minimum recorded liability was $4 million. Of the $115 million total environmental remediation liability for SCE, $110 million has been recorded as a regulatory asset. SCE expects to recover $37 million through an incentive mechanism that allows SCE to recover 90% of its environmental remediation costs at certain sites (SCE may request to include additional sites) and $73 million through a mechanism that allows SCE to recover 100% of the costs incurred at certain sites through customer rates. SCE's identified sites include several sites for which there is a lack of currently available information, including the nature and magnitude of contamination, and the extent, if any, that SCE may be held responsible for contributing to any costs incurred for remediating these sites. Thus, no reasonable estimate of cleanup costs can be made for these sites. | |
The ultimate costs to clean up SCE's identified sites may vary from its recorded liability due to numerous uncertainties inherent in the estimation process, such as: the extent and nature of contamination; the scarcity of reliable data for identified sites; the varying costs of alternative cleanup methods; developments resulting from investigatory studies; the possibility of identifying additional sites; and the time periods over which site remediation is expected to occur. SCE believes that, due to these uncertainties, it is reasonably possible that cleanup costs at the identified material sites and immaterial sites could exceed its recorded liability by up to $156 million and $7 million, respectively, all of which is related to SCE. The upper limit of this range of costs was estimated using assumptions least favorable to SCE among a range of reasonably possible outcomes. | |
SCE expects to clean up and mitigate its identified sites over a period of up to 30Â years. Remediation costs for each of the next four years are expected to range from $5 million to $30 million. Costs incurred for the six months ended June 30, 2014 and 2013 were $1 million and $3 million, respectively. | |
Based upon the CPUC's regulatory treatment of environmental remediation costs incurred at SCE, SCE believes that costs ultimately recorded will not materially affect its results of operations, financial position or cash flows. There can be no assurance, however, that future developments, including additional information about existing sites or the identification of new sites, will not require material revisions to estimates. | |
Nuclear Insurance | |
Federal law limits public offsite liability claims for bodily injury and property damage from a nuclear incident to the amount of available financial protection, which is currently approximately $13.6 billion. SCE and other owners of San Onofre and Palo Verde have purchased the maximum private primary insurance available ($375 million) through a Facility Form issued by American Nuclear Insurers ("ANI"). The balance is covered by a loss sharing program among nuclear reactor licensees. If a nuclear incident at any licensed reactor in the United States results in claims and/or costs which exceed the primary insurance at that plant site, all nuclear reactor licensees could be required to contribute their share of the liability in the form of a deferred premium. | |
The ANI Facility Form coverage includes broad liability protection for bodily injury or offsite property damage caused by nuclear material at San Onofre, or while in transit to or from San Onofre. The Facility Form, however, includes several exclusions. First, it excludes onsite property damage to the nuclear facility itself and onsite cleanup costs, but as discussed below SCE maintains separate NEIL property damage coverage for such events. Second, tort claims of onsite workers are excluded, but SCE also maintains separate $375 million ANI Facility Workers Form coverage for non-licensee workers. Third, offsite environmental costs arising out of government orders or directives, including those issued under the Comprehensive Environmental Response, Compensation and Liability Act, also known as CERCLA, are excluded, with minor exceptions from clearly identifiable accidents. | |
Based on its ownership interests, SCE could be required to pay a maximum of approximately $255 million per nuclear incident. However, it would have to pay no more than approximately $38 million per incident in any one year. If the public liability limit above is insufficient, federal law contemplates that additional funds may be appropriated by Congress. This could include an additional assessment on all licensed reactor operators as a measure for raising further federal revenue. | |
NEIL, a mutual insurance company owned by entities with nuclear facilities, issues nuclear property damage and accidental outage insurance policies. The amount of nuclear property insurance purchased for San Onofre and Palo Verde exceeds the minimum federal requirement of approximately $1.06 billion. These policies include coverage for decontamination liability. Property damage insurance also covers damages caused by acts of terrorism up to specified limits. Additional outage insurance covers part of replacement power expenses during an accident-related nuclear unit outage. The accidental outage insurance at San Onofre has been canceled as a result of the permanent retirement, but that insurance continues to be in effect at Palo Verde. | |
If losses at any nuclear facility covered by the arrangement were to exceed the accumulated funds for these insurance programs, SCE could be assessed retrospective premium adjustments of up to approximately $52 million per year. Insurance premiums are charged to operating expense. | |
Wildfire Insurance | |
Severe wildfires in California have given rise to large damage claims against California utilities for fire-related losses alleged to be the result of the failure of electric and other utility equipment. Invoking a California Court of Appeal decision, plaintiffs pursuing these claims have relied on the doctrine of inverse condemnation, which can impose strict liability (including liability for a claimant's attorneys' fees) for property damage. Prolonged drought conditions in California have also increased the risk of severe wildfire events. On June 1, 2014, Edison International renewed its liability insurance coverage, which included coverage for SCE's wildfire liabilities up to a $547.5 million limit (with a self-insured retention of $10 million per wildfire occurrence). Various coverage limitations within the policies that make up this insurance coverage could result in additional self-insured costs in the event of multiple wildfire occurrences during the policy period (June 1, 2014 to May 31, 2015). SCE also has additional coverage for certain wildfire liabilities of $450 million, which applies when total covered wildfire claims exceed $550 million, through June 14, 2015. SCE may experience coverage reductions and/or increased insurance costs in future years. No assurance can be given that future losses will not exceed the limits of SCE's insurance coverage. | |
Spent Nuclear Fuel | |
Under federal law, the Department of Energy ("DOE") is responsible for the selection and construction of a facility for the permanent disposal of spent nuclear fuel and high-level radioactive waste. The DOE did not meet its contractual obligation to begin acceptance of spent nuclear fuel by January 31, 1998. Extended delays by the DOE have led to the construction of costly alternatives and associated siting and environmental issues. Currently, both San Onofre and Palo Verde have interim storage for spent nuclear fuel on site sufficient for the current license period. | |
In June 2010, the United States Court of Federal Claims issued a decision granting SCE and the San Onofre co-owners damages of approximately $142 million (SCE share $112 million) to recover costs incurred through December 31, 2005 for the DOE's failure to meet its obligation to begin accepting spent nuclear fuel from San Onofre. SCE received payment from the federal government in the amount of the damage award in November 2011. SCE has returned to the San Onofre co-owners their respective shares of the damage award paid. In December 2013, the CPUC approved SCE's proposal to return the SCE share of the award to customers based on the amount that customers actually contributed for fuel storage costs, resulting in approximately $94 million of the SCE share being returned to customers and the remaining $18 million being returned to shareholders. SCE, as operating agent, filed a lawsuit on behalf of the San Onofre owners against the DOE in the Court of Federal Claims in December 2011 seeking damages of approximately $98 million for the DOE's failure to meet its obligation to begin accepting spent nuclear fuel for the period from January 1, 2006 to December 31, 2010. Additional legal action would be necessary to recover damages incurred after December 31, 2010. All damages recovered by SCE are subject to CPUC review as to how these amounts would be distributed among customers, shareholders, or to offset fuel decommissioning or storage costs. |
Preferred_and_Preference_Stock
Preferred and Preference Stock of Utility | 6 Months Ended |
Jun. 30, 2014 | |
Preferred And Preference Stock Of Utility Disclosure [Abstract] | ' |
Preferred and Preference Stock of Utility | ' |
Preferred and Preference Stock of Utility | |
During the first quarter of 2014, SCE issued 110,004 shares of 5.75% Series H preference stock (cumulative, $2,500 liquidation value) to SCE Trust III, a special purpose entity formed to issue trust securities as discussed in Note 3. The Series H preference stock may be redeemed at par, in whole, but not in part, at any time prior to March 15, 2024 if certain changes in tax or investment company laws occur. After March 15, 2024, SCE may redeem the Series H shares at par, in whole or in part. After March 15, 2024, distributions will accrue and be payable at a floating rate. The shares are not subject to mandatory redemption. The proceeds from the sale of these shares are to be used to repay commercial paper borrowings and for general corporate purposes. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||
Edison International's accumulated other comprehensive loss, net of tax consist of: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Beginning balance | $ | (11 | ) | $ | (87 | ) | $ | (13 | ) | $ | (87 | ) | ||||
Pension and PBOP – net loss: | ||||||||||||||||
Other comprehensive loss before reclassifications | (5 | ) | — | (5 | ) | (2 | ) | |||||||||
Reclassified from accumulated other comprehensive loss1 | 1 | 5 | 3 | 7 | ||||||||||||
Other | 2 | — | 2 | — | ||||||||||||
Change | (2 | ) | 5 | — | 5 | |||||||||||
Ending Balance | $ | (13 | ) | $ | (82 | ) | $ | (13 | ) | $ | (82 | ) | ||||
1Â | These items are included in the computation of net periodic pension and PBOP expense. See Note 8 for additional information. | |||||||||||||||
SCE's accumulated other comprehensive loss, net of tax consist of: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Beginning balance | $ | (10 | ) | $ | (32 | ) | $ | (11 | ) | $ | (29 | ) | ||||
Pension and PBOP – net loss: | ||||||||||||||||
Other comprehensive loss before reclassifications | — | — | — | (4 | ) | |||||||||||
Reclassified from accumulated other comprehensive loss1 | — | 2 | 1 | 3 | ||||||||||||
Other | 2 | — | 2 | — | ||||||||||||
Change | 2 | 2 | 3 | (1 | ) | |||||||||||
Ending Balance | $ | (8 | ) | $ | (30 | ) | $ | (8 | ) | $ | (30 | ) | ||||
1Â | These items are included in the computation of net periodic pension and PBOP expense. See Note 8 for additional information. |
Interest_and_Other_Income_and_
Interest and Other Income and Expenses | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||||||
Interest and Other Income and Expenses | ' | ||||||||||||||||
Interest and Other Income and Other Expenses | |||||||||||||||||
Interest and other income and other expenses are as follows: | |||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
SCE interest and other income: | |||||||||||||||||
FERC energy settlements | $ | 14 | $ | — | $ | 14 | $ | — | |||||||||
Equity allowance for funds used during construction | 16 | 18 | 31 | 39 | |||||||||||||
Increase in cash surrender value of life insurance policies and life insurance benefits | 12 | 7 | 18 | 14 | |||||||||||||
Interest income | 3 | 4 | 5 | 6 | |||||||||||||
Other | 1 | 1 | 1 | 2 | |||||||||||||
Total SCE interest and other income | 46 | 30 | 69 | 61 | |||||||||||||
Edison International Parent and Other other income | — | 4 | — | 2 | |||||||||||||
Total Edison International interest and other income | $ | 46 | $ | 34 | $ | 69 | $ | 63 | |||||||||
SCE other expenses: | |||||||||||||||||
Civic, political and related activities and donations | $ | 9 | $ | 9 | $ | 13 | $ | 15 | |||||||||
Other | 6 | 5 | 10 | 6 | |||||||||||||
Total SCE other expenses | 15 | 14 | 23 | 21 | |||||||||||||
Edison International Parent and Other other expenses | 1 | — | — | — | |||||||||||||
Total Edison International other expenses | $ | 16 | $ | 14 | $ | 23 | $ | 21 | |||||||||
SCE has participated in proceedings seeking recovery of refunds from sellers of electricity and natural gas who manipulated the electric and natural gas markets during the energy crisis in California in 2000 – 2001. SCE is authorized to refund to customers any refunds actually realized by SCE, net of litigation costs and amounts retained by SCE as a shareholder incentive pursuant to an established sharing arrangement. During the second quarter of 2014, four FERC-approved settlement agreements were finalized providing SCE with total refunds of $208 million of which $14 million is subject to the shareholder incentive. |
Discontinued_Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Discontinued Operations | ' |
Discontinued Operations | |
EME Chapter 11 Bankruptcy | |
In December 2012, EME and certain of its wholly-owned subsidiaries filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court. | |
In February 2014, Edison International, EME and the Consenting Noteholders entered into a settlement agreement (the "EME Settlement Agreement") pursuant to which EME amended its Plan of Reorganization to incorporate the terms of the EME Settlement Agreement, including extinguishing all existing claims between EME and Edison International. The Amended Plan of Reorganization, including the EME Settlement Agreement, was completed on April 1, 2014 with the sale of substantially all of EME's assets to NRG Energy, Inc. and the transactions called for in the EME Settlement Agreement. | |
Under the Amended Plan of Reorganization, EME emerged from bankruptcy free of liabilities but remained an indirect wholly-owned subsidiary of Edison International, which will continue to be consolidated with Edison International for income tax purposes. On April 1, 2014, all of the assets and liabilities of EME that were not otherwise discharged in the bankruptcy or transferred to NRG Energy were transferred to a newly formed trust under the control of EME's existing creditors (the "Reorganization Trust"), except for (a) EME's income tax attributes, which are retained by the Edison International consolidated income tax group; (b) certain tax and pension related liabilities in the approximate amount of $342Â million, which have been assumed by Edison International and for substantially all of which Edison International had joint and several responsibility; and (c) EME's indirect interest in Capistrano Wind Partners and a small hydroelectric project. | |
Edison International has agreed to pay to the Reorganization Trust an amount equal to 50% of EME's federal and California income tax benefits, which were not previously paid to EME under a tax allocation agreement between Edison International and EME that expired on December 31, 2013 ("EME Tax Attributes") and which were initially estimated to be approximately $1.191Â billion, subject to an estimate updating procedure set forth in the EME Settlement Agreement. As called for in the EME Settlement Agreement, Edison International made an initial cash payment to the Reorganization Trust of $225Â million in April 2014, which represented the first installment due on its 50% share of the EME Tax Attributes. The balance will be paid in two installment payments to be made on September 30, 2015 and 2016, respectively. The amount of the two installment payments with interest of 5% per annum from April 1, 2014 will be fixed once the estimate of the EME Tax Attributes is completed. Based on the initial estimate of the EME Tax Attributes, the two installment payments would be approximately $199 million and $210 million, respectively, including applicable interest. The parties are continuing to follow the procedures set for in the EME Settlement Agreement. Based on completion of the review of information provided on behalf of the Reorganization Trust, Edison International does not expect that the EME Tax Attributes will vary from the initial estimate by more than 10%. The final estimate of the EME Tax Attributes and the two installment payments is expected to be finalized by the fourth quarter of 2014. | |
Assuming continuation of existing tax law and tax rates, Edison International also anticipates realization of the tax benefits over a period similar to the period for which it pays for them. Extension of bonus depreciation could defer realization of the benefits, and reduction of federal income tax rates could permanently reduce them. Pending the realization of the tax benefits, Edison International will finance the settlement from existing credit lines. | |
EME and the Reorganization Trust released Edison International and its subsidiaries, officers, directors, and representatives from all claims, except for those deriving from commercial arrangements between SCE and certain EME subsidiaries and for obligations arising under the EME Settlement Agreement. Edison International and its subsidiaries that directly and indirectly own EME provided a similar release to EME and the Reorganization Trust. Under the Amended Plan of Reorganization, Edison International and its subsidiaries are also the beneficiaries of orders of the Bankruptcy Court releasing them from claims of third parties in EME's bankruptcy proceeding. As required in the EME Settlement Agreement, the Reorganization Trust set aside $50 million in escrow to secure its obligations to Edison International, including its obligation to protect against liabilities, if any, not discharged in the bankruptcy for which the Reorganization Trust remains responsible. Such escrowed amount will decline over time to zero on September 30, 2016. | |
During the second quarter of 2014, Edison International recorded, as part of discontinued operations, $184 million in income related to the estimated impact of the EME Settlement Agreement. |
Supplemental_Cash_Flows_Inform
Supplemental Cash Flows Information | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||||||
Supplemental Cash Flows Information | ' | |||||||||||||||
Supplemental Cash Flows Information | ||||||||||||||||
Supplemental cash flows information for continuing operations is: | ||||||||||||||||
Edison International | SCE | |||||||||||||||
Six months ended June 30, | ||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Cash payments for interest and taxes: | ||||||||||||||||
Interest, net of amounts capitalized | $ | 226 | $ | 213 | $ | 225 | $ | 205 | ||||||||
Tax payments, net | 189 | 26 | 14 | 17 | ||||||||||||
Non-cash financing and investing activities: | ||||||||||||||||
Dividends declared but not paid: | ||||||||||||||||
Common stock | $ | 116 | $ | 110 | $ | 126 | $ | — | ||||||||
Preferred and preference stock | 18 | 29 | 18 | 29 | ||||||||||||
SCE's accrued capital expenditures at June 30, 2014 and 2013 were $451 million and $515 million, respectively. Accrued capital expenditures will be included as an investing activity in the consolidated statements of cash flow in the period paid. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization and Basis of Presentation | ' |
Organization and Basis of Presentation | |
Edison International is the parent holding company of Southern California Edison Company ("SCE"). SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. Edison International is also the parent company of subsidiaries that are engaged in competitive businesses related to the delivery or use of electricity. Such competitive business activities are currently not material to report as a separate business segment. These combined notes to the consolidated financial statements apply to both Edison International and SCE unless otherwise described. Edison International's consolidated financial statements include the accounts of Edison International, SCE and other wholly owned and controlled subsidiaries. References to Edison International refer to the consolidated group of Edison International and its subsidiaries. References to Edison International Parent and Other refer to Edison International Parent and its nonutility subsidiaries. SCE's consolidated financial statements include the accounts of SCE and its wholly owned and controlled subsidiaries. All intercompany transactions have been eliminated from the consolidated financial statements. | |
Edison International's and SCE's significant accounting policies were described in Note 1 of "Notes to Consolidated Financial Statements" included in the 2013 Form 10-K. The same accounting policies are followed for interim reporting purposes, with the exception of accounting principles adopted as of January 1, 2014, discussed below in "—New Accounting Guidance." This quarterly report should be read in conjunction with the financial statements and notes included in the 2013 Form 10-K. | |
In the opinion of management, all adjustments, consisting of recurring accruals, have been made that are necessary to fairly state the consolidated financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States of America for the periods covered by this quarterly report on Form 10-Q. The results of operations for the three- and six-month periods ended June 30, 2014 are not necessarily indicative of the operating results for the full year. | |
The December 31, 2013 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. | |
Cash Equivalents | ' |
Cash Equivalents | |
Cash equivalents included investments in money market funds. Generally, the carrying value of cash equivalents equals the fair value, as these investments have original maturities of three months or less. | |
Cash is temporarily invested until required for check clearing from the primary disbursement accounts. | |
Inventory | ' |
Inventory is primarily composed of materials, supplies and spare parts, and stated at the lower of cost or market, cost being determined by the average cost method. | |
Earnings Per Share | ' |
Earnings Per Share | |
Edison International computes earnings per common share ("EPS") using the two-class method, which is an earnings allocation formula that determines EPS for each class of common stock and participating security. Edison International's participating securities are stock-based compensation awards payable in common shares, including performance shares and restricted stock units, which earn dividend equivalents on an equal basis with common shares once the awards are vested. | |
New Accounting Guidance | ' |
New Accounting Guidance | |
Accounting Guidance Adopted in 2014 | |
In July 2013, the FASB issued an accounting standards update that requires that an unrecognized tax benefit be presented on the balance sheet as a reduction of a deferred tax asset for a net operating loss ("NOL") or tax credit carryforward under certain circumstances. Edison International and SCE adopted this guidance effective January 1, 2014 and it did not have a material impact on the consolidated financial statements. | |
Accounting Guidance Not Yet Adopted | |
On May 28, 2014, the FASB issued an accounting standards update on revenue recognition including enhanced disclosures. Under the new standard, revenue is recognized when (or as) a good or service is transferred to the customer and the customer obtains control of the good or service. Edison International and SCE are currently evaluating this new guidance which is effective January 1, 2017 and cannot determine the impact of this standard at this time. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Significant Accounting Policies [Line Items] | ' | ||||||||||||||||
Cash Equivalents | ' | ||||||||||||||||
Checks issued, but not yet paid by the financial institution, are reclassified from cash to accounts payable at the end of each reporting period as follows: | |||||||||||||||||
Edison International | SCE | ||||||||||||||||
(in millions) | June 30, | December 31, 2013 | June 30, | December 31, 2013 | |||||||||||||
2014 | 2014 | ||||||||||||||||
Book balances reclassified to accounts payable | $ | 148 | $ | 168 | $ | 143 | $ | 163 | |||||||||
The cash equivalents were as follows: | |||||||||||||||||
Edison International | SCE | ||||||||||||||||
(in millions) | June 30, | December 31, 2013 | June 30, | December 31, 2013 | |||||||||||||
2014 | 2014 | ||||||||||||||||
Money market funds | $ | 63 | $ | 68 | $ | 5 | $ | 8 | |||||||||
EPS Attributable to Edison International Common Shareholders | ' | ||||||||||||||||
EPS attributable to Edison International common shareholders was computed as follows: | |||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic earnings per share – continuing operations: | |||||||||||||||||
Income (loss) from continuing operations available to common shareholders | $ | 352 | $ | (106 | ) | $ | 550 | $ | 152 | ||||||||
Weighted average common shares outstanding | 326 | 326 | 326 | 326 | |||||||||||||
Basic earnings per share – continuing operations | $ | 1.08 | $ | (0.33 | ) | $ | 1.69 | $ | 0.47 | ||||||||
Diluted earnings per share – continuing operations: | |||||||||||||||||
Income (loss) from continuing operations available to common shareholders | $ | 352 | $ | (106 | ) | $ | 550 | $ | 152 | ||||||||
Income impact of assumed conversions | 1 | — | 1 | — | |||||||||||||
Income (loss) from continuing operations available to common shareholders and assumed conversions | $ | 353 | $ | (106 | ) | $ | 551 | $ | 152 | ||||||||
Weighted average common shares outstanding | 326 | 326 | 326 | 326 | |||||||||||||
Incremental shares from assumed conversions | 3 | — | 1 | 3 | 3 | ||||||||||||
Adjusted weighted average shares – diluted | 329 | 326 | 329 | 329 | |||||||||||||
Diluted earnings per share – continuing operations | $ | 1.07 | $ | (0.33 | ) | $ | 1.68 | $ | 0.47 | ||||||||
1Â | Due to a loss for the three months ended June 30, 2013, there were no incremental shares in the computation because such shares would be considered antidilutive. | ||||||||||||||||
Southern California Edison | ' | ||||||||||||||||
Significant Accounting Policies [Line Items] | ' | ||||||||||||||||
Changes in ARO Liability | ' | ||||||||||||||||
The following table summarizes the changes in SCE's ARO liability for the six month period ended June 30, 2014 and the twelve month period ended December 31, 2013, including San Onofre and Palo Verde: | |||||||||||||||||
(in millions) | June 30, | December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Beginning balance | $ | 3,418 | $ | 2,782 | |||||||||||||
Accretion1 | 106 | 182 | |||||||||||||||
Revisions | (604 | ) | 455 | ||||||||||||||
Liabilities settled | (1 | ) | (1 | ) | |||||||||||||
Ending balance | $ | 2,919 | $ | 3,418 | |||||||||||||
1Â | An ARO represents the present value of a future obligation. Accretion is an increase in the liability to account for the time value of money resulting from discounting. |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | ' | |||||||||||||||||||||||
Schedule of changes in equity | ' | |||||||||||||||||||||||
The following table provides Edison International's changes in equity for the six months ended June 30, 2014: | ||||||||||||||||||||||||
Equity Attributable to Edison International | Noncontrolling Interests | |||||||||||||||||||||||
(in millions) | Common | Accumulated | Retained | Subtotal | Preferred | Total | ||||||||||||||||||
Stock | Other | Earnings | and | Equity | ||||||||||||||||||||
Comprehensive | Preference | |||||||||||||||||||||||
Loss | Stock | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 2,403 | $ | (13 | ) | $ | 7,548 | $ | 9,938 | $ | 1,753 | $ | 11,691 | |||||||||||
Net income | — | — | 712 | 712 | 56 | 768 | ||||||||||||||||||
Common stock dividends declared ($0.71 per share) | — | — | (231 | ) | (231 | ) | — | (231 | ) | |||||||||||||||
Dividends, distributions to noncontrolling interests | — | — | — | — | (57 | ) | (57 | ) | ||||||||||||||||
Stock-based compensation and other | 17 | — | (68 | ) | (51 | ) | — | (51 | ) | |||||||||||||||
Non-cash stock-based compensation and other | 14 | — | (1 | ) | 13 | 1 | 14 | |||||||||||||||||
Issuance of preference stock | — | — | — | — | 269 | 269 | ||||||||||||||||||
Balance at June 30, 2014 | $ | 2,434 | $ | (13 | ) | $ | 7,960 | $ | 10,381 | $ | 2,022 | $ | 12,403 | |||||||||||
The following table provides Edison International's changes in equity for the six months ended June 30, 2013: | ||||||||||||||||||||||||
Equity Attributable to Edison International | Noncontrolling Interests | |||||||||||||||||||||||
(in millions) | Common | Accumulated | Retained | Subtotal | Preferred | Total | ||||||||||||||||||
Stock | Other | Earnings | and | Equity | ||||||||||||||||||||
Comprehensive | Preference | |||||||||||||||||||||||
Loss | Stock | |||||||||||||||||||||||
Balance at December 31, 2012 | $ | 2,373 | $ | (87 | ) | $ | 7,146 | $ | 9,432 | $ | 1,759 | $ | 11,191 | |||||||||||
Net income | — | — | 176 | 176 | 51 | 227 | ||||||||||||||||||
Other comprehensive income | — | 5 | — | 5 | — | 5 | ||||||||||||||||||
Common stock dividends declared ($0.675 per share) | — | — | (220 | ) | (220 | ) | — | (220 | ) | |||||||||||||||
Dividends, distributions to noncontrolling interests | — | — | — | — | (51 | ) | (51 | ) | ||||||||||||||||
Stock-based compensation and other | 3 | — | (40 | ) | (37 | ) | — | (37 | ) | |||||||||||||||
Non-cash stock-based compensation and other | 12 | — | (5 | ) | 7 | (1 | ) | 6 | ||||||||||||||||
Issuance of preference stock | — | — | — | — | 387 | 387 | ||||||||||||||||||
Redemption of preference stock | — | — | (8 | ) | (8 | ) | (392 | ) | (400 | ) | ||||||||||||||
Balance at June 30, 2013 | $ | 2,388 | $ | (82 | ) | $ | 7,049 | $ | 9,355 | $ | 1,753 | $ | 11,108 | |||||||||||
Southern California Edison | ' | |||||||||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | ' | |||||||||||||||||||||||
Schedule of changes in equity | ' | |||||||||||||||||||||||
The following table provides SCE's changes in equity for the six months ended June 30, 2014: | ||||||||||||||||||||||||
Equity Attributable to SCE | ||||||||||||||||||||||||
(in millions) | Common | Additional | Accumulated | Retained | Preferred | Total | ||||||||||||||||||
Stock | Paid-in | Other | Earnings | and | Equity | |||||||||||||||||||
Capital | Comprehensive | Preference | ||||||||||||||||||||||
Loss | Stock | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 2,168 | $ | 592 | $ | (11 | ) | $ | 7,594 | $ | 1,795 | $ | 12,138 | |||||||||||
Net income | — | — | — | 626 | — | 626 | ||||||||||||||||||
Other comprehensive income | — | — | 3 | — | — | 3 | ||||||||||||||||||
Dividends declared on common stock | — | — | — | (252 | ) | — | (252 | ) | ||||||||||||||||
Dividends on preferred and preference stock | — | — | — | (57 | ) | — | (57 | ) | ||||||||||||||||
Stock-based compensation and other | — | 12 | — | (42 | ) | — | (30 | ) | ||||||||||||||||
Non-cash stock-based compensation and other | — | 5 | — | (2 | ) | — | 3 | |||||||||||||||||
Issuance of preference stock | — | (6 | ) | — | — | 275 | 269 | |||||||||||||||||
Balance at June 30, 2014 | $ | 2,168 | $ | 603 | $ | (8 | ) | $ | 7,867 | $ | 2,070 | $ | 12,700 | |||||||||||
The following table provides SCE's changes in equity for the six months ended June 30, 2013: | ||||||||||||||||||||||||
Equity Attributable to SCE | ||||||||||||||||||||||||
(in millions) | Common | Additional | Accumulated | Retained | Preferred | Total | ||||||||||||||||||
Stock | Paid-in | Other | Earnings | and | Equity | |||||||||||||||||||
Capital | Comprehensive | Preference | ||||||||||||||||||||||
Loss | Stock | |||||||||||||||||||||||
Balance at December 31, 2012 | $ | 2,168 | $ | 581 | $ | (29 | ) | $ | 7,228 | $ | 1,795 | $ | 11,743 | |||||||||||
Net income | — | — | — | 216 | — | 216 | ||||||||||||||||||
Other comprehensive loss | — | — | (1 | ) | — | — | (1 | ) | ||||||||||||||||
Dividends declared on common stock | — | — | — | (240 | ) | — | (240 | ) | ||||||||||||||||
Dividends on preferred and preference stock | — | — | — | (51 | ) | — | (51 | ) | ||||||||||||||||
Stock-based compensation and other | — | 1 | — | (35 | ) | — | (34 | ) | ||||||||||||||||
Non-cash stock-based compensation and other | — | 7 | — | 5 | — | 12 | ||||||||||||||||||
Issuance of preference stock | — | (13 | ) | — | — | 400 | 387 | |||||||||||||||||
Redemption of preference stock | — | 8 | — | (8 | ) | (400 | ) | (400 | ) | |||||||||||||||
Balance at June 30, 2013 | $ | 2,168 | $ | 584 | $ | (30 | ) | $ | 7,115 | $ | 1,795 | $ | 11,632 | |||||||||||
Variable_Interest_Entities_Tru
Variable Interest Entities Trust income (Tables) (Southern California Edison) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Southern California Edison | ' | ||||||||||||||||||||||||
Variable Interest Entity | ' | ||||||||||||||||||||||||
Summary of Trusts' Income Statements | ' | ||||||||||||||||||||||||
The following table provides a summary of the trusts' income statements: | |||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||
(in millions) | Trust I | Trust II | Trust III | Trust I | Trust II | Trust III | |||||||||||||||||||
2014 | |||||||||||||||||||||||||
Dividend income | $ | 6 | $ | 5 | $ | 4 | $ | 13 | $ | 10 | $ | 5 | |||||||||||||
Dividend distributions | 6 | 5 | 4 | 13 | 10 | 5 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Dividend income | $ | 6 | $ | 5 | * | $ | 13 | $ | 9 | * | |||||||||||||||
Dividend distributions | 6 | 5 | * | 13 | 9 | * | |||||||||||||||||||
*Â | Not applicable |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||||||||||
Carrying Amounts and Fair Values of Long-term Debt, Including Current Portion | ' | |||||||||||||||||||
The carrying value and fair value of Edison International and SCE's long-term debt (including current portion of long-term debt) are as follows: | ||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||
(in millions) | Carrying | Fair | Carrying | Fair | ||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||
SCE | $ | 10,423 | $ | 11,675 | $ | 10,022 | $ | 10,656 | ||||||||||||
Edison International | 10,826 | 12,106 | 10,426 | 11,084 | ||||||||||||||||
Southern California Edison | ' | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||||||||||
Fair Value by Level | ' | |||||||||||||||||||
The following table sets forth assets and liabilities of SCE that were accounted for at fair value by level within the fair value hierarchy: | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||
and | ||||||||||||||||||||
Collateral1 | ||||||||||||||||||||
Assets at fair value | ||||||||||||||||||||
Derivative contracts | $ | — | $ | — | $ | 310 | $ | — | $ | 310 | ||||||||||
Other | 32 | — | — | — | 32 | |||||||||||||||
Nuclear decommissioning trusts: | ||||||||||||||||||||
Stocks2 | 2,332 | — | — | — | 2,332 | |||||||||||||||
Fixed Income3 | 710 | 1,373 | — | — | 2,083 | |||||||||||||||
Short-term investments, primarily cash equivalents | 320 | 25 | — | — | 345 | |||||||||||||||
Subtotal of nuclear decommissioning trusts4 | 3,362 | 1,398 | — | — | 4,760 | |||||||||||||||
Total assets | 3,394 | 1,398 | 310 | — | 5,102 | |||||||||||||||
Liabilities at fair value | ||||||||||||||||||||
Derivative contracts | — | 14 | 1,188 | (7 | ) | 1,195 | ||||||||||||||
Total liabilities | — | 14 | 1,188 | (7 | ) | 1,195 | ||||||||||||||
Net assets (liabilities) | $ | 3,394 | $ | 1,384 | $ | (878 | ) | $ | 7 | $ | 3,907 | |||||||||
December 31, 2013 | ||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||
and | ||||||||||||||||||||
Collateral1 | ||||||||||||||||||||
Assets at fair value | ||||||||||||||||||||
Derivative contracts | $ | — | $ | 11 | $ | 372 | $ | (10 | ) | $ | 373 | |||||||||
Other | 39 | — | — | — | 39 | |||||||||||||||
Nuclear decommissioning trusts: | ||||||||||||||||||||
Stocks2 | 2,208 | — | — | — | 2,208 | |||||||||||||||
Fixed Income3 | 841 | 1,102 | — | — | 1,943 | |||||||||||||||
Short-term investments, primarily cash equivalents | 331 | — | — | — | 331 | |||||||||||||||
Subtotal of nuclear decommissioning trusts4 | 3,380 | 1,102 | — | — | 4,482 | |||||||||||||||
Total assets | 3,419 | 1,113 | 372 | (10 | ) | 4,894 | ||||||||||||||
Liabilities at fair value | ||||||||||||||||||||
Derivative contracts | — | 37 | 1,177 | (20 | ) | 1,194 | ||||||||||||||
Total liabilities | — | 37 | 1,177 | (20 | ) | 1,194 | ||||||||||||||
Net assets (liabilities) | $ | 3,419 | $ | 1,076 | $ | (805 | ) | $ | 10 | $ | 3,700 | |||||||||
1Â | Represents the netting of assets and liabilities under master netting agreements and cash collateral across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level. | |||||||||||||||||||
2 | Approximately 70% of SCE's equity investments were located in the United States at both June 30, 2014 and December 31, 2013. | |||||||||||||||||||
3 | At June 30, 2014 and December 31, 2013, SCE's corporate bonds were diversified and included collateralized mortgage obligations and other asset backed securities of $61 million and $47 million, respectively. | |||||||||||||||||||
4 | Excludes net payables of $20 million and net receivables of $12 million at June 30, 2014 and December 31, 2013, respectively, of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases. | |||||||||||||||||||
Summary of Changes in Fair Value of Level 3 Net Derivative Assets and Liabilities | ' | |||||||||||||||||||
The following table sets forth a summary of changes in SCE's fair value of Level 3 net derivative assets and liabilities: | ||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Fair value of net liabilities at beginning of period | $ | (773 | ) | $ | (882 | ) | $ | (805 | ) | $ | (791 | ) | ||||||||
Total realized/unrealized gains (losses): | ||||||||||||||||||||
Included in regulatory assets and liabilities1 | (108 | ) | (76 | ) | (77 | ) | (158 | ) | ||||||||||||
Purchases | 8 | 20 | 15 | 38 | ||||||||||||||||
Settlements | (5 | ) | (29 | ) | (11 | ) | (56 | ) | ||||||||||||
Fair value of net liabilities at end of period | $ | (878 | ) | $ | (967 | ) | $ | (878 | ) | $ | (967 | ) | ||||||||
Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period | $ | (116 | ) | $ | (43 | ) | $ | (84 | ) | $ | (125 | ) | ||||||||
1Â | Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities. | |||||||||||||||||||
Valuation Techniques and Significant Unobservable Inputs Used to Determine Fair Value for Level 3 Assets and Liabilities | ' | |||||||||||||||||||
The following table sets forth SCE's valuation techniques and significant unobservable inputs used to determine fair value for significant Level 3 assets and liabilities: | ||||||||||||||||||||
Fair Value (in millions) | Significant | Range | ||||||||||||||||||
Assets | Liabilities | Valuation Technique(s) | Unobservable Input | (Weighted Average) | ||||||||||||||||
Congestion revenue rights | ||||||||||||||||||||
June 30, 2014 | $ | 310 | $ | — | Market simulation model | Load forecast | 7,603 MW - 24,896 MW | |||||||||||||
Power prices | $(9.86) - $108.56 | |||||||||||||||||||
Gas prices | $3.50 - $7.10 | |||||||||||||||||||
31-Dec-13 | 366 | — | Market simulation model | Load forecast | 7,603 MW - 24,896 MW | |||||||||||||||
Power prices | $(9.86) - $108.56 | |||||||||||||||||||
Gas prices | $3.50 - $7.10 | |||||||||||||||||||
Tolling | ||||||||||||||||||||
June 30, 2014 | 2 | 1,185 | Option model | Volatility of gas prices | 13% - 31% (17%) | |||||||||||||||
Volatility of power prices | 26% - 57% (32%) | |||||||||||||||||||
Power prices | $37.20 - $70.20 ($49.50) | |||||||||||||||||||
31-Dec-13 | 5 | 1,175 | Option model | Volatility of gas prices | 16% - 35% (21%) | |||||||||||||||
Volatility of power prices | 25% - 45% (30%) | |||||||||||||||||||
Power prices | $38.00 - $63.90 ($47.40) |
Derivative_Instruments_Tables
Derivative Instruments (Tables) (Southern California Edison) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Southern California Edison | ' | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ||||||||||||||||||||||||||||
Fair Value of Derivative Instruments | ' | ||||||||||||||||||||||||||||
The following table summarizes the gross and net fair values of SCE's commodity derivative instruments: | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||
(in millions) | Short-Term | Long-Term | Subtotal | Short-Term | Long-Term | Subtotal | Net | ||||||||||||||||||||||
Liability | |||||||||||||||||||||||||||||
Commodity derivative contracts | |||||||||||||||||||||||||||||
Gross amounts recognized | $ | 97 | $ | 217 | $ | 314 | $ | 153 | $ | 1,053 | $ | 1,206 | $ | 892 | |||||||||||||||
Gross amounts offset in the consolidated balance sheets | (4 | ) | — | (4 | ) | (4 | ) | — | (4 | ) | — | ||||||||||||||||||
Cash collateral posted1 | — | — | — | (5 | ) | (2 | ) | (7 | ) | (7 | ) | ||||||||||||||||||
Net amounts presented in the consolidated balance sheets | $ | 93 | $ | 217 | $ | 310 | $ | 144 | $ | 1,051 | $ | 1,195 | $ | 885 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||
(in millions) | Short-Term | Long-Term | Subtotal | Short-Term | Long-Term | Subtotal | Net | ||||||||||||||||||||||
Liability | |||||||||||||||||||||||||||||
Commodity derivative contracts | |||||||||||||||||||||||||||||
Gross amounts recognized | $ | 141 | $ | 251 | $ | 392 | $ | 178 | $ | 1,045 | $ | 1,223 | $ | 831 | |||||||||||||||
Gross amounts offset in the consolidated balance sheets | (19 | ) | — | (19 | ) | (19 | ) | — | (19 | ) | — | ||||||||||||||||||
Cash collateral posted1 | — | — | — | (7 | ) | (3 | ) | (10 | ) | (10 | ) | ||||||||||||||||||
Net amounts presented in the consolidated balance sheets | $ | 122 | $ | 251 | $ | 373 | $ | 152 | $ | 1,042 | $ | 1,194 | $ | 821 | |||||||||||||||
1 | In addition, at June 30, 2014 and December 31, 2013, SCE had posted $7 million and $19 million, respectively, of collateral that is not offset against derivative liabilities and is reflected in "Other current assets" on the consolidated balance sheets. | ||||||||||||||||||||||||||||
Summarization of Economic Hedging Activities | ' | ||||||||||||||||||||||||||||
The following table summarizes the components of SCE's economic hedging activity: | |||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Realized losses | $ | (4 | ) | $ | (7 | ) | $ | (41 | ) | $ | (23 | ) | |||||||||||||||||
Unrealized losses | (110 | ) | (64 | ) | (58 | ) | (118 | ) | |||||||||||||||||||||
Notional Volumes of Derivative Instruments | ' | ||||||||||||||||||||||||||||
The following table summarizes the notional volumes of derivatives used for SCE hedging activities: | |||||||||||||||||||||||||||||
Economic Hedges | |||||||||||||||||||||||||||||
Commodity | Unit of Measure | June 30, | December 31, 2013 | ||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Electricity options, swaps and forwards | GWh | 4,315 | 6,274 | ||||||||||||||||||||||||||
Natural gas options, swaps and forwards | Bcf | 13 | 12 | ||||||||||||||||||||||||||
Congestion revenue rights | GWh | 120,386 | 149,234 | ||||||||||||||||||||||||||
Tolling arrangements | GWh | 84,484 | 87,991 | ||||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Reconciliation of income tax expense | ' | |||||||||||||||
The table below provides a reconciliation of income tax expense computed at the federal statutory income tax rate to the income tax provision: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Edison International: | ||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 466 | $ | (184 | ) | $ | 671 | $ | 199 | |||||||
Provision for income tax at federal statutory rate of 35% | 164 | (64 | ) | 235 | 70 | |||||||||||
Increase (decrease) in income tax from: | ||||||||||||||||
State tax, net of federal benefit | 6 | (20 | ) | 7 | (17 | ) | ||||||||||
Property-related | (55 | ) | (22 | ) | (106 | ) | (64 | ) | ||||||||
Change related to uncertain tax positions | (21 | ) | 11 | (14 | ) | 18 | ||||||||||
San Onofre OII settlement | — | — | (40 | ) | — | |||||||||||
Other | (10 | ) | (7 | ) | (17 | ) | (11 | ) | ||||||||
Total income tax expense (benefit) from continuing operations | $ | 84 | $ | (102 | ) | $ | 65 | $ | (4 | ) | ||||||
Effective tax rate | 18 | % | * | 9.7 | % | * | ||||||||||
SCE: | ||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 490 | $ | (166 | ) | $ | 712 | $ | 229 | |||||||
Provision for income tax at federal statutory rate of 35% | 171 | (58 | ) | 249 | 80 | |||||||||||
Increase (decrease) in income tax from: | ||||||||||||||||
State tax, net of federal benefit | 9 | (23 | ) | 10 | (9 | ) | ||||||||||
Property-related | (55 | ) | (22 | ) | (106 | ) | (64 | ) | ||||||||
Change related to uncertain tax positions | (17 | ) | 11 | (10 | ) | 17 | ||||||||||
San Onofre OII settlement | — | — | (40 | ) | — | |||||||||||
Other | (10 | ) | (7 | ) | (17 | ) | (11 | ) | ||||||||
Total income tax expense (benefit) from continuing operations | $ | 98 | $ | (99 | ) | $ | 86 | $ | 13 | |||||||
Effective tax rate | 20 | % | * | 12.1 | % | 5.7 | % | |||||||||
*Â | Not meaningful |
Compensation_and_Benefit_Plans1
Compensation and Benefit Plans (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Pension Plans | ' | |||||||||||||||
Pension and Other Postretirement Benefits | ' | |||||||||||||||
Expense Components for Plans | ' | |||||||||||||||
Pension expense components for continuing operations are: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Edison International: | ||||||||||||||||
Service cost | $ | 29 | $ | 38 | $ | 59 | $ | 76 | ||||||||
Interest cost | 48 | 42 | 93 | 84 | ||||||||||||
Expected return on plan assets | (60 | ) | (57 | ) | (117 | ) | (114 | ) | ||||||||
Settlement costs1 | — | 49 | — | 49 | ||||||||||||
Amortization of prior service cost | 2 | 1 | 3 | 2 | ||||||||||||
Amortization of net loss2 | 1 | 15 | 2 | 30 | ||||||||||||
Expense under accounting standards | $ | 20 | $ | 88 | $ | 40 | $ | 127 | ||||||||
Regulatory adjustment (deferred) | 30 | (31 | ) | 61 | (14 | ) | ||||||||||
Total expense recognized | $ | 50 | $ | 57 | $ | 101 | $ | 113 | ||||||||
SCE: | ||||||||||||||||
Service cost | $ | 29 | $ | 37 | $ | 58 | $ | 74 | ||||||||
Interest cost | 44 | 41 | 88 | 82 | ||||||||||||
Expected return on plan assets | (56 | ) | (57 | ) | (112 | ) | (114 | ) | ||||||||
Settlement costs1 | — | 48 | — | 48 | ||||||||||||
Amortization of prior service cost | 1 | 1 | 2 | 2 | ||||||||||||
Amortization of net loss2 | 1 | 14 | 1 | 28 | ||||||||||||
Expense under accounting standards | $ | 19 | $ | 84 | $ | 37 | $ | 120 | ||||||||
Regulatory adjustment (deferred) | 30 | (31 | ) | 61 | (14 | ) | ||||||||||
Total expense recognized | $ | 49 | $ | 53 | $ | 98 | $ | 106 | ||||||||
1Â | Relates to lump-sum payments made to employees who retired in 2013 from the SCE Retirement Plan (primarily due to workforce reductions described below). | |||||||||||||||
2 | Includes the amount of net loss reclassified from other comprehensive loss. The amount reclassified for Edison International and SCE was $1 million and $1 million, respectively, for the three months ended June 30, 2014, and $3 million and $2 million, respectively, for the six months ended June 30, 2014. The amount reclassified for Edison International and SCE was $4 million and $3 million, respectively, for the three months ended June 30, 2013, and $7 million and $5 million, respectively, for the six months ended June 30, 2013. | |||||||||||||||
Postretirement Benefits Other Than Pensions | ' | |||||||||||||||
Pension and Other Postretirement Benefits | ' | |||||||||||||||
Expense Components for Plans | ' | |||||||||||||||
PBOP expense components for continuing operations are: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Edison International: | ||||||||||||||||
Service cost | $ | 11 | $ | 14 | $ | 22 | $ | 28 | ||||||||
Interest cost | 27 | 26 | 54 | 52 | ||||||||||||
Expected return on plan assets | (28 | ) | (30 | ) | (56 | ) | (60 | ) | ||||||||
Special termination benefits1 | — | 10 | — | 10 | ||||||||||||
Amortization of prior service credit | (9 | ) | (9 | ) | (18 | ) | (18 | ) | ||||||||
Amortization of net loss | — | 7 | — | 14 | ||||||||||||
Total expense | $ | 1 | $ | 18 | $ | 2 | $ | 26 | ||||||||
SCE: | ||||||||||||||||
Service cost | $ | 11 | $ | 14 | $ | 22 | $ | 27 | ||||||||
Interest cost | 27 | 26 | 54 | 52 | ||||||||||||
Expected return on plan assets | (28 | ) | (30 | ) | (56 | ) | (60 | ) | ||||||||
Special termination benefits1 | — | 10 | — | 10 | ||||||||||||
Amortization of prior service credit | (9 | ) | (9 | ) | (18 | ) | (18 | ) | ||||||||
Amortization of net loss | — | 7 | — | 14 | ||||||||||||
Total expense | $ | 1 | $ | 18 | $ | 2 | $ | 25 | ||||||||
1Â | Due to the reduction in workforce, SCE has incurred costs for extended retiree health care coverage. | |||||||||||||||
Southern California Edison | ' | |||||||||||||||
Workforce Reductions [Abstract] | ' | |||||||||||||||
Workforce reductions | ' | |||||||||||||||
The following table provides a summary of changes in the accrued severance liability associated with these reductions: | ||||||||||||||||
(in millions) | ||||||||||||||||
Balance at January 1, 2014 | $ | 54 | ||||||||||||||
Additions | 9 | |||||||||||||||
Payments | (13 | ) | ||||||||||||||
Balance at June 30, 2014 | $ | 50 | ||||||||||||||
Other_Investments_Tables
Other Investments (Tables) (Southern California Edison) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Southern California Edison | ' | |||||||||||||||||
Investment [Line Items] | ' | |||||||||||||||||
Amortized Cost and Fair Value of the Trust Investments | ' | |||||||||||||||||
The following table sets forth amortized cost and fair value of the trust investments: | ||||||||||||||||||
Longest | Amortized Cost | Fair Value | ||||||||||||||||
Maturity | ||||||||||||||||||
(in millions) | Dates | June 30, | December 31, | June 30, | December 31, 2013 | |||||||||||||
2014 | 2013 | 2014 | ||||||||||||||||
Stocks | — | $ | 683 | $ | 656 | $ | 2,332 | $ | 2,208 | |||||||||
Municipal bonds | 2051 | 688 | 675 | 812 | 756 | |||||||||||||
U.S. government and agency securities | 2044 | 824 | 902 | 881 | 947 | |||||||||||||
Corporate bonds | 2054 | 339 | 208 | 390 | 241 | |||||||||||||
Short-term investments and receivables/payables | One-year | 312 | 329 | 325 | 342 | |||||||||||||
Total | $ | 2,846 | $ | 2,770 | $ | 4,740 | $ | 4,494 | ||||||||||
Summary of Changes in the Fair Value of Trust | ' | |||||||||||||||||
The following table sets forth a summary of changes in the fair value of the trust: | ||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance at beginning of period | $ | 4,587 | $ | 4,246 | $ | 4,494 | $ | 4,048 | ||||||||||
Gross realized gains | 28 | 137 | 38 | 142 | ||||||||||||||
Gross realized losses | — | (1 | ) | — | (2 | ) | ||||||||||||
Unrealized gains (losses), net | 107 | (185 | ) | 169 | (9 | ) | ||||||||||||
Other-than-temporary impairments | (3 | ) | (21 | ) | (6 | ) | (29 | ) | ||||||||||
Interest, dividends, contributions and other | 21 | 5 | 45 | 31 | ||||||||||||||
Balance at end of period | $ | 4,740 | $ | 4,181 | $ | 4,740 | $ | 4,181 | ||||||||||
Regulatory_Assets_and_Liabilit1
Regulatory Assets and Liabilities (Tables) (Southern California Edison) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Southern California Edison | ' | |||||||
Regulatory Assets [Line Items] | ' | |||||||
Regulatory Assets Included on the Consolidated Balance Sheets | ' | |||||||
SCE's regulatory assets included on the consolidated balance sheets are: | ||||||||
(in millions) | June 30, | December 31, | ||||||
2014 | 2013 | |||||||
Current: | ||||||||
Regulatory balancing accounts | $ | 1,190 | $ | 484 | ||||
Energy derivatives | 69 | 54 | ||||||
Other | 6 | — | ||||||
Total current | 1,265 | 538 | ||||||
Long-term: | ||||||||
Deferred income taxes, net | 3,245 | 2,957 | ||||||
Pensions and other postretirement benefits | 385 | 369 | ||||||
Energy derivatives | 856 | 816 | ||||||
Unamortized investments, net | 294 | 332 | ||||||
San Onofre | 1,371 | 1,325 | ||||||
Unamortized loss on reacquired debt | 211 | 222 | ||||||
Regulatory balancing accounts | 643 | 818 | ||||||
Other | 340 | 402 | ||||||
Total long-term | 7,345 | 7,241 | ||||||
Total regulatory assets | $ | 8,610 | $ | 7,779 | ||||
Regulatory Liabilities Included on the Consolidated Balance Sheets | ' | |||||||
SCE's regulatory liabilities included on the consolidated balance sheets are: | ||||||||
(in millions) | June 30, | December 31, | ||||||
2014 | 2013 | |||||||
Current: | ||||||||
Regulatory balancing accounts | $ | 787 | $ | 724 | ||||
Other | 39 | 43 | ||||||
Total current | 826 | 767 | ||||||
Long-term: | ||||||||
Costs of removal | 2,822 | 2,780 | ||||||
Asset retirement obligations | 1,815 | 1,071 | ||||||
Regulatory balancing accounts | 1,094 | 1,132 | ||||||
San Onofre | 483 | — | ||||||
Other | 20 | 12 | ||||||
Total long-term | 6,234 | 4,995 | ||||||
Total regulatory liabilities | $ | 7,060 | $ | 5,762 | ||||
Schedule of Regulatory Balancing Accounts | ' | |||||||
The following table summarizes the significant components of regulatory balancing accounts included in the above tables of regulatory assets and liabilities: | ||||||||
(in millions) | June 30, | December 31, | ||||||
2014 | 2013 | |||||||
Asset (liability) | ||||||||
Energy resource recovery account | $ | 1,617 | $ | 1,005 | ||||
Four Corners memorandum account | 4 | 145 | ||||||
New system generation balancing account | 50 | 132 | ||||||
Public purpose programs and energy efficiency programs | (850 | ) | (1,037 | ) | ||||
Base rate recovery balancing account | (103 | ) | (247 | ) | ||||
Greenhouse gas auction revenue | (310 | ) | (385 | ) | ||||
FERC formula rates and FERC balancing accounts | (63 | ) | (59 | ) | ||||
FERC energy settlements | (179 | ) | — | |||||
Other | (214 | ) | (108 | ) | ||||
Net liability | $ | (48 | ) | $ | (554 | ) |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | |||||||||||||||
Components of Accumulated Other Comprehensive Loss | ' | |||||||||||||||
Edison International's accumulated other comprehensive loss, net of tax consist of: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Beginning balance | $ | (11 | ) | $ | (87 | ) | $ | (13 | ) | $ | (87 | ) | ||||
Pension and PBOP – net loss: | ||||||||||||||||
Other comprehensive loss before reclassifications | (5 | ) | — | (5 | ) | (2 | ) | |||||||||
Reclassified from accumulated other comprehensive loss1 | 1 | 5 | 3 | 7 | ||||||||||||
Other | 2 | — | 2 | — | ||||||||||||
Change | (2 | ) | 5 | — | 5 | |||||||||||
Ending Balance | $ | (13 | ) | $ | (82 | ) | $ | (13 | ) | $ | (82 | ) | ||||
1Â | These items are included in the computation of net periodic pension and PBOP expense. See Note 8 for additional information. | |||||||||||||||
Southern California Edison | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | |||||||||||||||
Components of Accumulated Other Comprehensive Loss | ' | |||||||||||||||
SCE's accumulated other comprehensive loss, net of tax consist of: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Beginning balance | $ | (10 | ) | $ | (32 | ) | $ | (11 | ) | $ | (29 | ) | ||||
Pension and PBOP – net loss: | ||||||||||||||||
Other comprehensive loss before reclassifications | — | — | — | (4 | ) | |||||||||||
Reclassified from accumulated other comprehensive loss1 | — | 2 | 1 | 3 | ||||||||||||
Other | 2 | — | 2 | — | ||||||||||||
Change | 2 | 2 | 3 | (1 | ) | |||||||||||
Ending Balance | $ | (8 | ) | $ | (30 | ) | $ | (8 | ) | $ | (30 | ) | ||||
1Â | These items are included in the computation of net periodic pension and PBOP expense. See Note 8 for additional information. |
Interest_and_Other_Income_and_1
Interest and Other Income and Expenses (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||||||
Interest and Other Income and Expenses | ' | ||||||||||||||||
Interest and other income and other expenses are as follows: | |||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
SCE interest and other income: | |||||||||||||||||
FERC energy settlements | $ | 14 | $ | — | $ | 14 | $ | — | |||||||||
Equity allowance for funds used during construction | 16 | 18 | 31 | 39 | |||||||||||||
Increase in cash surrender value of life insurance policies and life insurance benefits | 12 | 7 | 18 | 14 | |||||||||||||
Interest income | 3 | 4 | 5 | 6 | |||||||||||||
Other | 1 | 1 | 1 | 2 | |||||||||||||
Total SCE interest and other income | 46 | 30 | 69 | 61 | |||||||||||||
Edison International Parent and Other other income | — | 4 | — | 2 | |||||||||||||
Total Edison International interest and other income | $ | 46 | $ | 34 | $ | 69 | $ | 63 | |||||||||
SCE other expenses: | |||||||||||||||||
Civic, political and related activities and donations | $ | 9 | $ | 9 | $ | 13 | $ | 15 | |||||||||
Other | 6 | 5 | 10 | 6 | |||||||||||||
Total SCE other expenses | 15 | 14 | 23 | 21 | |||||||||||||
Edison International Parent and Other other expenses | 1 | — | — | — | |||||||||||||
Total Edison International other expenses | $ | 16 | $ | 14 | $ | 23 | $ | 21 | |||||||||
Supplemental_Cash_Flows_Inform1
Supplemental Cash Flows Information (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||||||
Supplemental Cash Flows Information | ' | |||||||||||||||
Supplemental cash flows information for continuing operations is: | ||||||||||||||||
Edison International | SCE | |||||||||||||||
Six months ended June 30, | ||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Cash payments for interest and taxes: | ||||||||||||||||
Interest, net of amounts capitalized | $ | 226 | $ | 213 | $ | 225 | $ | 205 | ||||||||
Tax payments, net | 189 | 26 | 14 | 17 | ||||||||||||
Non-cash financing and investing activities: | ||||||||||||||||
Dividends declared but not paid: | ||||||||||||||||
Common stock | $ | 116 | $ | 110 | $ | 126 | $ | — | ||||||||
Preferred and preference stock | 18 | 29 | 18 | 29 | ||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (Southern California Edison, Electric Utility) | 6 Months Ended |
Jun. 30, 2014 | |
sqmi | |
Southern California Edison | Electric Utility | ' |
Summary of Significant Accounting Policies [Line Items] | ' |
Supply of electricity, area covered (square mile) | 50,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Cash) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Cash and Cash Equivalents Items [Line Items] | ' | ' |
Maximum maturity period of cash equivalent investments (in months) | '3 months | ' |
Money market funds | $63 | $68 |
Cash reclassified to accounts payable | 148 | 168 |
Southern California Edison | ' | ' |
Cash and Cash Equivalents Items [Line Items] | ' | ' |
Money market funds | 5 | 8 |
Cash reclassified to accounts payable | $143 | $163 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Earnings Per Share) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Basic earnings per share - continuing operations: | ' | ' | ' | ' | |
Income (loss) from continuing operations, net of tax | $352 | ($106) | $550 | $152 | |
Weighted average common shares outstanding (in shares) | 326,000,000 | 326,000,000 | 326,000,000 | 326,000,000 | |
Basic earnings per share b continuing operations (in dollars per share) | $1.08 | ($0.33) | $1.69 | $0.47 | |
Diluted earnings per share - continuing operations: | ' | ' | ' | ' | |
Income (loss) from continuing operations, net of tax | 352 | -106 | 550 | 152 | |
Income impact of assumed conversions | 1 | 0 | 1 | 0 | |
Income from continuing operations available to common shareholders and assumed conversions | $353 | ($106) | $551 | $152 | |
Weighted average common shares outstanding (in shares) | 326,000,000 | 326,000,000 | 326,000,000 | 326,000,000 | |
Incremental shares from assumed conversions (in shares) | 3,000,000 | 0 | [1] | 3,000,000 | 3,000,000 |
Adjusted weighted average shares - diluted (in shares) | 329,000,000 | 326,000,000 | 329,000,000 | 329,000,000 | |
Diluted earnings per share b continuing operations (in dollars per share) | $1.07 | ($0.33) | $1.68 | $0.47 | |
Stock-Based Compensation Awards | ' | ' | ' | ' | |
Diluted earnings per share - continuing operations: | ' | ' | ' | ' | |
Stock-based compensation awards excluded from the computation of diluted earnings per share (in shares) | 45,951 | ' | 96,341 | 1,587,370 | |
[1] | Due to a loss for the three months ended June 30, 2013, there were no incremental shares in the computation because such shares would be considered antidilutive. |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies Asset Retirement Obligation (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | ||
Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | ||||
San Onofre | San Onofre | ||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ||
Decommissioning Costs, Future Value | $4,400,000,000 | $3,300,000,000 | ' | ' | ' | ||
Asset Retirement Obligation, Discount Rate | 6.30% | ' | ' | 6.30% | ' | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ' | ' | ' | ||
Beginning balance | ' | 3,418,000,000 | 2,782,000,000 | ' | 2,700,000,000 | ||
Accretion1 | ' | 106,000,000 | [1] | 182,000,000 | [1] | ' | ' |
Revisions | ' | -604,000,000 | 455,000,000 | 604,000,000 | ' | ||
Liabilities settled | ' | -1,000,000 | -1,000,000 | ' | ' | ||
Ending balance | ' | $2,919,000,000 | $3,418,000,000 | $2,200,000,000 | $2,700,000,000 | ||
[1] | An ARO represents the present value of a future obligation. Accretion is an increase in the liability to account for the time value of money resulting from discounting. |
Consolidated_Statements_of_Cha2
Consolidated Statements of Changes in Equity (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Balance, at the beginning of the period | ' | ' | $11,691 | $11,191 |
Net income (loss) | 566 | -70 | 768 | 227 |
Other comprehensive income (loss) | -2 | 5 | 0 | 5 |
Common stock dividends declared | ' | ' | -231 | -220 |
Dividends, distributions to noncontrolling interests and other | ' | ' | -57 | -51 |
Stock-based compensation and other | ' | ' | -51 | -37 |
Noncash stock-based compensation and other | ' | ' | 14 | 6 |
Issuance of preference stock | ' | ' | 269 | 387 |
Redemption of preference stock | ' | ' | ' | -400 |
Balance, at the end of the period | 12,403 | 11,108 | 12,403 | 11,108 |
Dividends declared per common share (in dollars per share) | $0.36 | $0.34 | $0.71 | $0.68 |
Common Stock Including Additional Paid in Capital | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Balance, at the beginning of the period | ' | ' | 2,403 | 2,373 |
Net income (loss) | ' | ' | 0 | 0 |
Other comprehensive income (loss) | ' | ' | ' | 0 |
Common stock dividends declared | ' | ' | 0 | 0 |
Dividends, distributions to noncontrolling interests and other | ' | ' | 0 | 0 |
Stock-based compensation and other | ' | ' | 17 | 3 |
Noncash stock-based compensation and other | ' | ' | 14 | 12 |
Issuance of preference stock | ' | ' | 0 | 0 |
Redemption of preference stock | ' | ' | ' | 0 |
Balance, at the end of the period | 2,434 | 2,388 | 2,434 | 2,388 |
Accumulated Other Comprehensive Loss | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Balance, at the beginning of the period | ' | ' | -13 | -87 |
Net income (loss) | ' | ' | 0 | 0 |
Other comprehensive income (loss) | ' | ' | ' | 5 |
Common stock dividends declared | ' | ' | 0 | 0 |
Dividends, distributions to noncontrolling interests and other | ' | ' | 0 | 0 |
Stock-based compensation and other | ' | ' | 0 | 0 |
Noncash stock-based compensation and other | ' | ' | 0 | 0 |
Issuance of preference stock | ' | ' | 0 | 0 |
Redemption of preference stock | ' | ' | ' | 0 |
Balance, at the end of the period | -13 | -82 | -13 | -82 |
Retained Earnings | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Balance, at the beginning of the period | ' | ' | 7,548 | 7,146 |
Net income (loss) | ' | ' | 712 | 176 |
Other comprehensive income (loss) | ' | ' | ' | 0 |
Common stock dividends declared | ' | ' | -231 | -220 |
Dividends, distributions to noncontrolling interests and other | ' | ' | 0 | 0 |
Stock-based compensation and other | ' | ' | -68 | -40 |
Noncash stock-based compensation and other | ' | ' | -1 | -5 |
Issuance of preference stock | ' | ' | 0 | 0 |
Redemption of preference stock | ' | ' | ' | -8 |
Balance, at the end of the period | 7,960 | 7,049 | 7,960 | 7,049 |
Subtotal | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Balance, at the beginning of the period | ' | ' | 9,938 | 9,432 |
Net income (loss) | ' | ' | 712 | 176 |
Other comprehensive income (loss) | ' | ' | ' | 5 |
Common stock dividends declared | ' | ' | -231 | -220 |
Dividends, distributions to noncontrolling interests and other | ' | ' | 0 | 0 |
Stock-based compensation and other | ' | ' | -51 | -37 |
Noncash stock-based compensation and other | ' | ' | 13 | 7 |
Issuance of preference stock | ' | ' | 0 | 0 |
Redemption of preference stock | ' | ' | ' | -8 |
Balance, at the end of the period | 10,381 | 9,355 | 10,381 | 9,355 |
Preferred Stock and Preference Stock | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Balance, at the beginning of the period | ' | ' | 1,753 | 1,759 |
Net income (loss) | ' | ' | 56 | 51 |
Other comprehensive income (loss) | ' | ' | ' | 0 |
Common stock dividends declared | ' | ' | 0 | 0 |
Dividends, distributions to noncontrolling interests and other | ' | ' | -57 | -51 |
Stock-based compensation and other | ' | ' | 0 | 0 |
Noncash stock-based compensation and other | ' | ' | 1 | -1 |
Issuance of preference stock | ' | ' | 269 | 387 |
Redemption of preference stock | ' | ' | ' | -392 |
Balance, at the end of the period | 2,022 | 1,753 | 2,022 | 1,753 |
Southern California Edison | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Balance, at the beginning of the period | ' | ' | 12,138 | 11,743 |
Net income (loss) | 392 | -67 | 626 | 216 |
Other comprehensive income (loss) | 2 | 2 | 3 | -1 |
Common stock dividends declared | ' | ' | -252 | -240 |
Dividends on preferred and preference stock | ' | ' | -57 | -51 |
Stock-based compensation and other | ' | ' | -30 | -34 |
Noncash stock-based compensation and other | ' | ' | 3 | 12 |
Issuance of preference stock | ' | ' | 269 | 387 |
Redemption of preference stock | ' | ' | ' | -400 |
Balance, at the end of the period | 12,700 | 11,632 | 12,700 | 11,632 |
Southern California Edison | Common Stock | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Balance, at the beginning of the period | ' | ' | 2,168 | 2,168 |
Net income (loss) | ' | ' | 0 | 0 |
Other comprehensive income (loss) | ' | ' | 0 | 0 |
Common stock dividends declared | ' | ' | 0 | 0 |
Dividends on preferred and preference stock | ' | ' | 0 | 0 |
Stock-based compensation and other | ' | ' | 0 | 0 |
Noncash stock-based compensation and other | ' | ' | 0 | 0 |
Issuance of preference stock | ' | ' | 0 | 0 |
Redemption of preference stock | ' | ' | ' | 0 |
Balance, at the end of the period | 2,168 | 2,168 | 2,168 | 2,168 |
Southern California Edison | Additional Paid-in Capital | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Balance, at the beginning of the period | ' | ' | 592 | 581 |
Net income (loss) | ' | ' | 0 | 0 |
Other comprehensive income (loss) | ' | ' | 0 | 0 |
Common stock dividends declared | ' | ' | 0 | 0 |
Dividends on preferred and preference stock | ' | ' | 0 | 0 |
Stock-based compensation and other | ' | ' | 12 | 1 |
Noncash stock-based compensation and other | ' | ' | 5 | 7 |
Issuance of preference stock | ' | ' | -6 | -13 |
Redemption of preference stock | ' | ' | ' | 8 |
Balance, at the end of the period | 603 | 584 | 603 | 584 |
Southern California Edison | Accumulated Other Comprehensive Loss | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Balance, at the beginning of the period | ' | ' | -11 | -29 |
Net income (loss) | ' | ' | 0 | 0 |
Other comprehensive income (loss) | ' | ' | 3 | -1 |
Common stock dividends declared | ' | ' | 0 | 0 |
Dividends on preferred and preference stock | ' | ' | 0 | 0 |
Stock-based compensation and other | ' | ' | 0 | 0 |
Noncash stock-based compensation and other | ' | ' | 0 | 0 |
Issuance of preference stock | ' | ' | 0 | 0 |
Redemption of preference stock | ' | ' | ' | 0 |
Balance, at the end of the period | -8 | -30 | -8 | -30 |
Southern California Edison | Retained Earnings | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Balance, at the beginning of the period | ' | ' | 7,594 | 7,228 |
Net income (loss) | ' | ' | 626 | 216 |
Other comprehensive income (loss) | ' | ' | 0 | 0 |
Common stock dividends declared | ' | ' | -252 | -240 |
Dividends on preferred and preference stock | ' | ' | -57 | -51 |
Stock-based compensation and other | ' | ' | -42 | -35 |
Noncash stock-based compensation and other | ' | ' | -2 | 5 |
Issuance of preference stock | ' | ' | 0 | 0 |
Redemption of preference stock | ' | ' | ' | -8 |
Balance, at the end of the period | 7,867 | 7,115 | 7,867 | 7,115 |
Southern California Edison | Preferred Stock and Preference Stock | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Balance, at the beginning of the period | ' | ' | 1,795 | 1,795 |
Net income (loss) | ' | ' | 0 | 0 |
Other comprehensive income (loss) | ' | ' | 0 | 0 |
Common stock dividends declared | ' | ' | 0 | 0 |
Dividends on preferred and preference stock | ' | ' | 0 | 0 |
Stock-based compensation and other | ' | ' | 0 | 0 |
Noncash stock-based compensation and other | ' | ' | 0 | 0 |
Issuance of preference stock | ' | ' | 275 | 400 |
Redemption of preference stock | ' | ' | ' | -400 |
Balance, at the end of the period | $2,070 | $1,795 | $2,070 | $1,795 |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (Southern California Edison, USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | 31-May-12 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | 31-May-12 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jan. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jan. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
SCE Trust I | SCE Trust I | SCE Trust I | SCE Trust I | SCE Trust I | SCE Trust I | SCE Trust I | SCE Trust I | SCE Trust I | SCE Trust I | SCE Trust II | SCE Trust II | SCE Trust II | SCE Trust II | SCE Trust II | SCE Trust II | SCE Trust II | SCE Trust II | SCE Trust II | SCE Trust II | SCE Trust III | SCE Trust III | SCE Trust III | SCE Trust III | SCE Trust III | Variable Interest Entity, Not Primary Beneficiary | Variable Interest Entity, Not Primary Beneficiary | Variable Interest Entity, Not Primary Beneficiary | Variable Interest Entity, Not Primary Beneficiary | |
Trust Securities | Trust Securities | Trust Securities | Series F Preferred Stock | Series F Preferred Stock | Series F Preferred Stock | Trust Securities | Trust Securities | Trust Securities | Series G Preferred Stock | Series G Preferred Stock | Series G Preferred Stock | Trust Securities | Series H Preferred Stock | Series H Preferred Stock | SCE Power Purchase Contracts | SCE Power Purchase Contracts | SCE Power Purchase Contracts | SCE Power Purchase Contracts | |||||||||||
MW | MW | MW | MW | ||||||||||||||||||||||||||
Variable Interest Entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entities, Dividend Income | $6,000,000 | $6,000,000 | $13,000,000 | $13,000,000 | ' | ' | ' | ' | ' | ' | $5,000,000 | $5,000,000 | $10,000,000 | $9,000,000 | ' | ' | ' | ' | ' | ' | $4,000,000 | $5,000,000 | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entities, Dividend Distributions | 6,000,000 | 6,000,000 | 13,000,000 | 13,000,000 | ' | ' | ' | ' | ' | ' | 5,000,000 | 5,000,000 | 10,000,000 | 9,000,000 | ' | ' | ' | ' | ' | ' | 4,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' |
Details of projects or entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Power generating capacity (in megawatts) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,341 | 4,057 | 5,341 | 4,057 |
Payments to unconsolidated VIEs for power purchase contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,000,000 | 99,000,000 | 207,000,000 | 197,000,000 |
Future Power Generating Capacity of Projects Owned Controlled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 299 | ' | 299 | ' |
Unconsolidated Trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Security dividend rate, (as a percent) | ' | ' | ' | ' | 5.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.10% | ' | ' | ' | ' | ' | ' | ' | 5.75% | 5.75% | ' | ' | ' | ' | ' |
Liquidation preference | ' | ' | ' | ' | 475,000,000 | 475,000,000 | 475,000,000 | 475,000,000 | 475,000,000 | ' | ' | ' | ' | ' | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | ' | ' | ' | 275,000,000 | ' | 275,000,000 | ' | ' | ' | ' |
Liquidation value (in dollars per share) | ' | ' | ' | ' | $25 | ' | ' | ' | ' | $2,500 | ' | ' | ' | ' | ' | ' | $25 | ' | ' | $2,500 | ' | ' | $25 | $2,500 | $2,500 | ' | ' | ' | ' |
Common stock | ' | ' | ' | ' | $10,000 | $10,000 | $10,000 | ' | ' | ' | ' | ' | ' | ' | $10,000 | $10,000 | $10,000 | ' | ' | ' | ' | ' | $10,000 | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value by Level) (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||||||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | $4,740 | ' | $4,494 | ' | ' | ' | ||
Liabilities at Fair Value | ' | ' | ' | ' | ' | ' | ||
Money market funds | 63 | ' | 68 | ' | ' | ' | ||
Southern California Edison | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 4,740 | 4,587 | 4,494 | 4,181 | 4,246 | 4,048 | ||
Liabilities at Fair Value | ' | ' | ' | ' | ' | ' | ||
Percentage of equity investments located in the United States (as a percent) | 70.00% | ' | 70.00% | ' | ' | ' | ||
Collateralized mortgage obligations and other asset backed securities | 61 | ' | 47 | ' | ' | ' | ||
Receivables (payables) net related to investments | -20 | ' | 12 | ' | ' | ' | ||
Money market funds | 5 | ' | 8 | ' | ' | ' | ||
Southern California Edison | Fair Value, Measurements, Recurring | Level 1 | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Derivative contracts | 0 | ' | 0 | ' | ' | ' | ||
Other | 32 | ' | 39 | ' | ' | ' | ||
Nuclear decommissioning trusts | 3,362 | [1] | ' | 3,380 | [1] | ' | ' | ' |
Total assets | 3,394 | ' | 3,419 | ' | ' | ' | ||
Liabilities at Fair Value | ' | ' | ' | ' | ' | ' | ||
Derivative contracts | 0 | ' | 0 | ' | ' | ' | ||
Total liabilities | 0 | ' | 0 | ' | ' | ' | ||
Net assets (liabilities) | 3,394 | ' | 3,419 | ' | ' | ' | ||
Southern California Edison | Fair Value, Measurements, Recurring | Level 1 | Stocks | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 2,332 | [2] | ' | 2,208 | [2] | ' | ' | ' |
Southern California Edison | Fair Value, Measurements, Recurring | Level 1 | Fixed income | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 710 | [3] | ' | 841 | [3] | ' | ' | ' |
Southern California Edison | Fair Value, Measurements, Recurring | Level 1 | Short-term investments, primarily cash equivalents | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 320 | ' | 331 | ' | ' | ' | ||
Southern California Edison | Fair Value, Measurements, Recurring | Level 2 | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Derivative contracts | 0 | ' | 11 | ' | ' | ' | ||
Other | 0 | ' | 0 | ' | ' | ' | ||
Nuclear decommissioning trusts | 1,398 | [1] | ' | 1,102 | [1] | ' | ' | ' |
Total assets | 1,398 | ' | 1,113 | ' | ' | ' | ||
Liabilities at Fair Value | ' | ' | ' | ' | ' | ' | ||
Derivative contracts | 14 | ' | 37 | ' | ' | ' | ||
Total liabilities | 14 | ' | 37 | ' | ' | ' | ||
Net assets (liabilities) | 1,384 | ' | 1,076 | ' | ' | ' | ||
Southern California Edison | Fair Value, Measurements, Recurring | Level 2 | Stocks | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 0 | [2] | ' | 0 | [2] | ' | ' | ' |
Southern California Edison | Fair Value, Measurements, Recurring | Level 2 | Fixed income | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 1,373 | [3] | ' | 1,102 | [3] | ' | ' | ' |
Southern California Edison | Fair Value, Measurements, Recurring | Level 2 | Short-term investments, primarily cash equivalents | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 25 | ' | 0 | ' | ' | ' | ||
Southern California Edison | Fair Value, Measurements, Recurring | Level 3 | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Derivative contracts | 310 | ' | 372 | ' | ' | ' | ||
Other | 0 | ' | 0 | ' | ' | ' | ||
Nuclear decommissioning trusts | 0 | [1] | ' | 0 | [1] | ' | ' | ' |
Total assets | 310 | ' | 372 | ' | ' | ' | ||
Liabilities at Fair Value | ' | ' | ' | ' | ' | ' | ||
Derivative contracts | 1,188 | ' | 1,177 | ' | ' | ' | ||
Total liabilities | 1,188 | ' | 1,177 | ' | ' | ' | ||
Net assets (liabilities) | -878 | ' | -805 | ' | ' | ' | ||
Southern California Edison | Fair Value, Measurements, Recurring | Level 3 | Stocks | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 0 | [2] | ' | 0 | [2] | ' | ' | ' |
Southern California Edison | Fair Value, Measurements, Recurring | Level 3 | Fixed income | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 0 | [3] | ' | 0 | [3] | ' | ' | ' |
Southern California Edison | Fair Value, Measurements, Recurring | Level 3 | Short-term investments, primarily cash equivalents | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 0 | ' | 0 | ' | ' | ' | ||
Southern California Edison | Fair Value, Measurements, Recurring | Netting and Collateral | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Derivative contracts | 0 | [4] | ' | -10 | [4] | ' | ' | ' |
Other | 0 | [4] | ' | 0 | [4] | ' | ' | ' |
Nuclear decommissioning trusts | 0 | [1],[4] | ' | 0 | [1],[4] | ' | ' | ' |
Total assets | 0 | [4] | ' | -10 | [4] | ' | ' | ' |
Liabilities at Fair Value | ' | ' | ' | ' | ' | ' | ||
Derivative contracts | -7 | [4] | ' | -20 | [4] | ' | ' | ' |
Total liabilities | -7 | [4] | ' | -20 | [4] | ' | ' | ' |
Net assets (liabilities) | 7 | [4] | ' | 10 | [4] | ' | ' | ' |
Southern California Edison | Fair Value, Measurements, Recurring | Netting and Collateral | Stocks | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 0 | [2],[4] | ' | 0 | [2],[4] | ' | ' | ' |
Southern California Edison | Fair Value, Measurements, Recurring | Netting and Collateral | Fixed income | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 0 | [3],[4] | ' | 0 | [3],[4] | ' | ' | ' |
Southern California Edison | Fair Value, Measurements, Recurring | Netting and Collateral | Short-term investments, primarily cash equivalents | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 0 | [4] | ' | 0 | [4] | ' | ' | ' |
Southern California Edison | Fair Value, Measurements, Recurring | Total | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Derivative contracts | 310 | ' | 373 | ' | ' | ' | ||
Other | 32 | ' | 39 | ' | ' | ' | ||
Nuclear decommissioning trusts | 4,760 | [1] | ' | 4,482 | [1] | ' | ' | ' |
Total assets | 5,102 | ' | 4,894 | ' | ' | ' | ||
Liabilities at Fair Value | ' | ' | ' | ' | ' | ' | ||
Derivative contracts | 1,195 | ' | 1,194 | ' | ' | ' | ||
Total liabilities | 1,195 | ' | 1,194 | ' | ' | ' | ||
Net assets (liabilities) | 3,907 | ' | 3,700 | ' | ' | ' | ||
Southern California Edison | Fair Value, Measurements, Recurring | Total | Stocks | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 2,332 | [2] | ' | 2,208 | [2] | ' | ' | ' |
Southern California Edison | Fair Value, Measurements, Recurring | Total | Fixed income | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 2,083 | [3] | ' | 1,943 | [3] | ' | ' | ' |
Southern California Edison | Fair Value, Measurements, Recurring | Total | Short-term investments, primarily cash equivalents | ' | ' | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | $345 | ' | $331 | ' | ' | ' | ||
[1] | Excludes net payables of $20 million and net receivables of $12 million at JuneB 30, 2014 and DecemberB 31, 2013, respectively, of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases. | |||||||
[2] | Approximately 70% of SCE's equity investments were located in the United States at both JuneB 30, 2014 and DecemberB 31, 2013. | |||||||
[3] | At JuneB 30, 2014 and DecemberB 31, 2013, SCE's corporate bonds were diversified and included collateralized mortgage obligations and other asset backed securities of $61 million and $47 million, respectively. | |||||||
[4] | Represents the netting of assets and liabilities under master netting agreements and cash collateral across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level. |
Fair_Value_Measurements_Level_
Fair Value Measurements (Level 3 Rollforward) (Details) (Southern California Edison, Level 3, USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Southern California Edison | Level 3 | ' | ' | ' | ' | ||||
Fair Value Disclosures Level 3 [Roll Forward] | ' | ' | ' | ' | ||||
Fair value of net liabilities at beginning of period | ($773) | ($882) | ($805) | ($791) | ||||
Total realized/unrealized gains (losses): | ' | ' | ' | ' | ||||
Included in regulatory assets and liabilities | -108 | [1] | -76 | [1] | -77 | [1] | -158 | [1] |
Purchases | 8 | 20 | 15 | 38 | ||||
Settlements | -5 | -29 | -11 | -56 | ||||
Fair value of net liabilities at end of period | -878 | -967 | -878 | -967 | ||||
Change during the period in unrealized losses related to assets and liabilities held at the end of the period | ($116) | ($43) | ($84) | ($125) | ||||
[1] | Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities. |
Fair_Value_Measurements_Quanti
Fair Value Measurements (Quantitative Information About Level 3 Fair Value Measurements) (Details) (Southern California Edison, Level 3, USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
MW | MW | |
Congestion Revenue Rights | Market Simulation Model | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Fair Value, Assets | 310 | 366 |
Fair Value, Liabilities | 0 | 0 |
Congestion Revenue Rights | Market Simulation Model | Load Forecast | Minimum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Fair value inputs, power units (in megawatts) | 7,603 | 7,603 |
Congestion Revenue Rights | Market Simulation Model | Load Forecast | Maximum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Fair value inputs, power units (in megawatts) | 24,896 | 24,896 |
Congestion Revenue Rights | Market Simulation Model | Power Prices | Minimum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Fair Value Inputs, Price Level | -9.86 | -9.86 |
Congestion Revenue Rights | Market Simulation Model | Power Prices | Maximum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Fair Value Inputs, Price Level | 108.56 | 108.56 |
Congestion Revenue Rights | Market Simulation Model | Gas Prices | Minimum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Fair Value Inputs, Price Level | 3.5 | 3.5 |
Congestion Revenue Rights | Market Simulation Model | Gas Prices | Maximum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Fair Value Inputs, Price Level | 7.1 | 7.1 |
Tolling | Option Model | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Fair Value, Assets | 2 | 5 |
Fair Value, Liabilities | 1,185 | 1,175 |
Tolling | Option Model | Power Prices | Minimum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Fair Value Inputs, Price Level | 37.2 | 38 |
Expected volatility rate (as a percent) | 26.00% | 25.00% |
Tolling | Option Model | Power Prices | Maximum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Fair Value Inputs, Price Level | 70.2 | 63.9 |
Expected volatility rate (as a percent) | 57.00% | 45.00% |
Tolling | Option Model | Power Prices | Weighted Average | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Fair Value Inputs, Price Level | 49.5 | 47.4 |
Expected volatility rate (as a percent) | 32.00% | 30.00% |
Tolling | Option Model | Gas Prices | Minimum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Expected volatility rate (as a percent) | 13.00% | 16.00% |
Tolling | Option Model | Gas Prices | Maximum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Expected volatility rate (as a percent) | 31.00% | 35.00% |
Tolling | Option Model | Gas Prices | Weighted Average | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Expected volatility rate (as a percent) | 17.00% | 21.00% |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Value of Long-Term Debt Recorded at Carrying Value) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value of Long-Term Debt Recorded at Carrying Value | ' | ' |
Carrying Value | $10,826 | $10,426 |
Fair Value | 12,106 | 11,084 |
Southern California Edison | ' | ' |
Fair Value of Long-Term Debt Recorded at Carrying Value | ' | ' |
Carrying Value | 10,423 | 10,022 |
Fair Value | $11,675 | $10,656 |
Debt_and_Credit_Agreements_Det
Debt and Credit Agreements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | 31-May-14 | Jan. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Edison International Parent and Other | Edison International Parent and Other | Commercial paper | Commercial paper | Letters of credit | Letters of credit | |||
First and refunding mortgage bonds | First and refunding mortgage bonds | Revolving credit facility | Revolving credit facility | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | |||||
Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of debt | ' | ' | ' | ' | $400,000,000 | $300,000,000 | ' | ' | ' | ' | ' | ' |
Outstanding borrowings | ' | ' | ' | ' | ' | ' | ' | ' | -287,000,000 | -175,000,000 | ' | ' |
Weighted average interest rate (as a percent) | ' | ' | ' | ' | ' | ' | 0.38% | 0.55% | 0.20% | 0.24% | ' | ' |
Commitment | ' | ' | ' | ' | ' | ' | 1,250,000,000 | ' | 2,750,000,000 | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -151,000,000 |
Letters of credit expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' |
Short-term debt | ($1,253,000,000) | ($209,000,000) | ($587,000,000) | ($175,000,000) | ' | ' | ($666,000,000) | ($34,000,000) | ' | ' | ' | ' |
Stated interest rate on May 2014 mortgage bonds due in May 2017 | ' | ' | ' | ' | 1.13% | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Balance
Derivative Instruments (Balance Sheet Disclosures) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value of Derivative Instruments | ' | ' | ||
Short-Term, Derivative Assets | $93 | $122 | ||
Long-Term, Derivative Assets | 217 | 251 | ||
Short-Term, Derivative Liabilities | 144 | 152 | ||
Long-Term, Derivative Liabilities | 1,051 | 1,042 | ||
Southern California Edison | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ||
Short-Term, Derivative Assets | 93 | 122 | ||
Long-Term, Derivative Assets | 217 | 251 | ||
Short-Term, Derivative Liabilities | 144 | 152 | ||
Long-Term, Derivative Liabilities | 1,051 | 1,042 | ||
Southern California Edison | Electric Utility | Economic hedges | ' | ' | ||
Derivatives | ' | ' | ||
Collateral Already Posted, Aggregate Fair Value | 0 | 0 | ||
Southern California Edison | Commodity Contracts | Electric Utility | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ||
Short-Term, Derivative Assets | 93 | 122 | ||
Long-Term, Derivative Assets | 217 | 251 | ||
Derivative Assets, Total | 310 | 373 | ||
Short-Term, Derivative Liabilities | 144 | 152 | ||
Long-Term, Derivative Liabilities | 1,051 | 1,042 | ||
Derivative Liabilities, Total | 1,195 | 1,194 | ||
Net Liability | 885 | 821 | ||
Southern California Edison | Commodity Contracts | Electric Utility | Economic hedges | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ||
Short-Term, Derivative Assets | 97 | 141 | ||
Long-Term, Derivative Assets | 217 | 251 | ||
Derivative Assets, Total | 314 | 392 | ||
Short-Term, Derivative Liabilities | 153 | 178 | ||
Long-Term, Derivative Liabilities | 1,053 | 1,045 | ||
Derivative Liabilities, Total | 1,206 | 1,223 | ||
Net Liability | 892 | 831 | ||
Southern California Edison | Commodity Contracts | Electric Utility | Netting and Collateral | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ||
Short-Term, Derivative Assets | -4 | -19 | ||
Long-Term, Derivative Assets | 0 | 0 | ||
Derivative Assets, Total | -4 | -19 | ||
Short-Term, Derivative Liabilities | -4 | -19 | ||
Long-Term, Derivative Liabilities | 0 | 0 | ||
Derivative Liabilities, Total | -4 | -19 | ||
Net Liability | 0 | 0 | ||
Southern California Edison | Commodity Contracts | Electric Utility | Cash Collateral Posted | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ||
Short-Term, Derivative Assets | 0 | [1] | 0 | [1] |
Long-Term, Derivative Assets | 0 | [1] | 0 | [1] |
Derivative Assets, Total | 0 | [1] | 0 | [1] |
Short-Term, Derivative Liabilities | -5 | [1] | -7 | [1] |
Long-Term, Derivative Liabilities | -2 | [1] | -3 | [1] |
Derivative Liabilities, Total | -7 | [1] | -10 | [1] |
Net Liability | -7 | [1] | -10 | [1] |
Other Current Assets | Southern California Edison | Commodity Contracts | ' | ' | ||
Derivatives | ' | ' | ||
Collateral Already Posted, Aggregate Fair Value | $7 | $19 | ||
[1] | In addition, at JuneB 30, 2014 and DecemberB 31, 2013, SCE had posted $7 million and $19 million, respectively, of collateral that is not offset against derivative liabilities and is reflected in "Other current assets" on the consolidated balance sheets. |
Derivative_Instruments_Notiona
Derivative Instruments (Notional Values) (Details) (Southern California Edison, Electric Utility, Economic hedges) | Jun. 30, 2014 | Dec. 31, 2013 |
GWh | GWh | |
Electricity options, swaps and forwards (GWh) | ' | ' |
Derivatives | ' | ' |
Notional volumes of derivative instruments | 4,315 | 6,274 |
Natural gas options, swaps and forwards (Bcf) | ' | ' |
Derivatives | ' | ' |
Notional volumes of derivative instruments | 13 | 12 |
Congestion revenue rights (GWh) | ' | ' |
Derivatives | ' | ' |
Notional volumes of derivative instruments | 120,386 | 149,234 |
Tolling arrangements (GWh) | ' | ' |
Derivatives | ' | ' |
Notional volumes of derivative instruments | 84,484 | 87,991 |
Derivative_Instruments_Additio
Derivative Instruments (Additional Disclosures) (Details) (Southern California Edison, USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Electric Utility | Economic hedges | ' | ' | ' | ' | ' |
Derivatives | ' | ' | ' | ' | ' |
Realized losses | ($4) | ($7) | ($41) | ($23) | ' |
Unrealized losses | -110 | -64 | -58 | -118 | ' |
Aggregate fair value of all derivative liabilities with credit-risk-related contingent features | 47 | ' | 47 | ' | 49 |
Potential amount of collateral to be posted if contingencies triggered | 6 | ' | 6 | ' | ' |
Collateral already posted | 0 | ' | 0 | ' | 0 |
Other Current Assets | Commodity Contracts | ' | ' | ' | ' | ' |
Derivatives | ' | ' | ' | ' | ' |
Collateral already posted | $7 | ' | $7 | ' | $19 |
Income_Taxes_Tax_Rate_Reconcil
Income Taxes (Tax Rate Reconciliation) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Effective Tax Rate | ' | ' | ' | ' |
Income (loss) from continuing operations before income taxes | $466 | ($184) | $671 | $199 |
Provision for income tax at federal statutory rate of 35% | 164 | -64 | 235 | 70 |
State tax, net of federal benefit | 6 | -20 | 7 | -17 |
Property-related | -55 | -22 | -106 | -64 |
Change related to uncertain tax positions | -21 | 11 | -14 | 18 |
San Onofre OII settlement | 0 | 0 | -40 | 0 |
Other | -10 | -7 | -17 | -11 |
Total income tax expense (benefit) from continuing operations | 84 | -102 | 65 | -4 |
Effective Tax Rate Excluding Income Attributable to Noncontrolling Interests | 18.00% | ' | 9.70% | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% | 35.00% |
Southern California Edison | ' | ' | ' | ' |
Effective Tax Rate | ' | ' | ' | ' |
Income (loss) from continuing operations before income taxes | 490 | -166 | 712 | 229 |
Provision for income tax at federal statutory rate of 35% | 171 | -58 | 249 | 80 |
State tax, net of federal benefit | 9 | -23 | 10 | -9 |
Property-related | -55 | -22 | -106 | -64 |
Change related to uncertain tax positions | -17 | 11 | -10 | 17 |
San Onofre OII settlement | 0 | 0 | -40 | 0 |
Other | -10 | -7 | -17 | -11 |
Total income tax expense (benefit) from continuing operations | $98 | ($99) | $86 | $13 |
Effective Tax Rate Excluding Income Attributable to Noncontrolling Interests | 20.00% | ' | 12.10% | 5.70% |
Federal statutory rate | 35.00% | 35.00% | 35.00% | 35.00% |
Income_Taxes_Textual_Details
Income Taxes (Textual) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Tax Years 2003 to 2006 | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | ||
IRS Examination | Tax Years 2003 to 2006 | Tax Years 2003 to 2006 | Tax Years 2007 to 2009 | |||
Scenario, Forecast | IRS Examination | IRS Examination | IRS Examination | |||
Proposed Adjustment to Taxable Gain | Disallowance of Repair Allowance Deduction | Disallowance of Repair Allowance Deduction | ||||
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Reduction to revenue from repair deductions, before tax | ' | ' | $231 | ' | ' | ' |
Estimated potential future federal tax payment as of the balance sheet date, including interest and penalties, based on a proposed adjustment | ' | ' | ' | 210 | 102 | 75 |
Deposit against IRS tax dispute adjustment | 189 | ' | ' | ' | ' | ' |
Estimated tax benefits | ' | $50 | ' | ' | ' | ' |
Compensation_and_Benefit_Plans2
Compensation and Benefit Plans (Expense Components) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Postretirement Benefits Other Than Pensions | ' | ' | ' | ' | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' | ||||
Service cost | $11 | $14 | $22 | $28 | ||||
Interest cost | 27 | 26 | 54 | 52 | ||||
Expected return on plan assets | -28 | -30 | -56 | -60 | ||||
Special Termination Benefits | 0 | [1] | 10 | [1] | 0 | [1] | 10 | [1] |
Amortization of prior service cost | -9 | -9 | -18 | -18 | ||||
Amortization of net loss | 0 | 7 | 0 | 14 | ||||
Expense under accounting standards | 1 | 18 | 2 | 26 | ||||
Pension Plans | ' | ' | ' | ' | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' | ||||
Service cost | 29 | 38 | 59 | 76 | ||||
Interest cost | 48 | 42 | 93 | 84 | ||||
Expected return on plan assets | -60 | -57 | -117 | -114 | ||||
Settlement costs | 0 | [2] | 49 | [2] | 0 | [2] | 49 | [2] |
Amortization of prior service cost | 2 | 1 | 3 | 2 | ||||
Amortization of net loss | 1 | [3] | 15 | [3] | 2 | [3] | 30 | [3] |
Expense under accounting standards | 20 | 88 | 40 | 127 | ||||
Regulatory adjustment | 30 | -31 | 61 | -14 | ||||
Total expense recognized | 50 | 57 | 101 | 113 | ||||
Net loss reclassified | 1 | 4 | 3 | 7 | ||||
Southern California Edison | Postretirement Benefits Other Than Pensions | ' | ' | ' | ' | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' | ||||
Service cost | 11 | 14 | 22 | 27 | ||||
Interest cost | 27 | 26 | 54 | 52 | ||||
Expected return on plan assets | -28 | -30 | -56 | -60 | ||||
Special Termination Benefits | 0 | [1] | 10 | [1] | 0 | [1] | 10 | [1] |
Amortization of prior service cost | -9 | -9 | -18 | -18 | ||||
Amortization of net loss | 0 | 7 | 0 | 14 | ||||
Expense under accounting standards | 1 | 18 | 2 | 25 | ||||
Southern California Edison | Pension Plans | ' | ' | ' | ' | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' | ||||
Service cost | 29 | 37 | 58 | 74 | ||||
Interest cost | 44 | 41 | 88 | 82 | ||||
Expected return on plan assets | -56 | -57 | -112 | -114 | ||||
Settlement costs | 0 | [2] | 48 | [2] | 0 | [2] | 48 | [2] |
Amortization of prior service cost | 1 | 1 | 2 | 2 | ||||
Amortization of net loss | 1 | [3] | 14 | [3] | 1 | [3] | 28 | [3] |
Expense under accounting standards | 19 | 84 | 37 | 120 | ||||
Regulatory adjustment | 30 | -31 | 61 | -14 | ||||
Total expense recognized | 49 | 53 | 98 | 106 | ||||
Net loss reclassified | $1 | $3 | $2 | $5 | ||||
[1] | Due to the reduction in workforce, SCE has incurred costs for extended retiree health care coverage. | |||||||
[2] | Relates to lump-sum payments made to employees who retired in 2013 from the SCE Retirement Plan (primarily due to workforce reductions described below). | |||||||
[3] | Includes the amount of net loss reclassified from other comprehensive loss. The amount reclassified for Edison International and SCE was $1 million and $1 million, respectively, for the three months ended June 30, 2014, and $3 million and $2 million, respectively, for the six months ended June 30, 2014. The amount reclassified for Edison International and SCE was $4 million and $3B million, respectively, for the three months ended June 30, 2013, and $7 million and $5 million, respectively, for the six months ended JuneB 30, 2013. |
Compensation_and_Benefit_Plans3
Compensation and Benefit Plans (Workforce Reduction) (Details) (Southern California Edison, Employee severance, USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Southern California Edison | Employee severance | ' |
Restructuring Reserve [Roll Forward] | ' |
Beginning balance | $54 |
Additions | 9 |
Payments | -13 |
Ending balance | $50 |
Compensation_and_Benefit_Plans4
Compensation and Benefit Plans (Textual) (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Pension Plans | ' |
Pension and Other Postretirement Benefits | ' |
Employer contributions | $76 |
Estimated future contributions in remainder of 2014 | 136 |
Postretirement Benefits Other Than Pensions | ' |
Pension and Other Postretirement Benefits | ' |
Employer contributions | 7 |
Estimated future contributions in remainder of 2014 | 8 |
Southern California Edison | Pension Plans | ' |
Pension and Other Postretirement Benefits | ' |
Employer contributions | 63 |
Estimated future contributions in remainder of 2014 | 123 |
Employee severance | Southern California Edison | ' |
Pension and Other Postretirement Benefits | ' |
Estimated cash severance payments | $222 |
San_Onofre_Issues_Details
San Onofre Issues (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 16 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Feb. 22, 2014 | Dec. 31, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 27, 2014 | Feb. 01, 2012 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 06, 2013 | Dec. 31, 2013 | 31-May-13 | Jun. 30, 2014 | Dec. 31, 2012 | Feb. 01, 2012 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Feb. 22, 2014 | 31-May-13 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
San Onofre (nuclear) | San Onofre (nuclear) | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Mitsubishi Heavy Industries Ltd [Member] | |||||
Insurance Claims [Member] | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | |||||||||||
Replacement Steam Generators | Replacement Steam Generators | Replacement Steam Generators | Property, plant and equipment | Refunds of excess revenue | Refunds of excess revenue | 2012 Period | 2013-2014 Periods | Insurance Claims [Member] | Disallowance Of SGRP Investment [Member] | Refund of SGRP Revenue Previously Recognized [Member] | Refund Of Flow Through Tax Benefits [Member] | ||||||||||||||||||||||
Regulatory Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement Agreement Subject Termination Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decommissioning Nuclear Facilities Net Investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $597 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental Inspection and Repair Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period For Rate Recovery | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized expenditures by authoritative body, market costs incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 680 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized Return on Preferred Equity Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Approved Return on Equity, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.95% | 2.62% | ' | ' | ' | ' | ' |
Public Utilities, Approved Incentive, Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of assets reclassified to a regulatory asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,521 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment and other charges | 0 | 575 | 231 | 575 | ' | ' | ' | 0 | 575 | 231 | 575 | ' | ' | 231 | 575 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment and other charges net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96 | ' | ' | 365 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative Impact of Settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 806 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 542 | 159 | 71 | ' |
Cumulative Impact of Settlement, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 461 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net regulatory asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,370 | ' | ' | -1,300 | ' | ' | ' | ' | -1,560 | 483 | 266 | ' | ' | ' | ' | ' | ' | ' |
Regulatory assets | ' | ' | ' | ' | ' | ' | ' | 300 | ' | 300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance Claims, Estimated Amount | ' | ' | ' | ' | ' | 414 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325 | ' | ' | ' | ' |
Reduction in Policy Benefits Following Retirement of Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warranty Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Liability Per Purchase Agreement for Damages | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 138 |
Notice of intent to sue, notice time period | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | ' | ' | ' | ' | ' | ' | 98 | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency Counter Claim Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $41 |
Other_Investments_Amortized_Co
Other Investments (Amortized Cost and Fair Value of Nuclear Decommissioning Trusts) (Details) (Southern California Edison, USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Nuclear Decommissioning Trusts Disclosures | ' | ' |
Total Investments, Amortized Cost | $2,846 | $2,770 |
Total Investments, Fair Value | 4,740 | 4,494 |
Stocks | ' | ' |
Nuclear Decommissioning Trusts Disclosures | ' | ' |
Longest Maturity Dates (in years) | '0 | ' |
Total Investments, Amortized Cost | 683 | 656 |
Total Investments, Fair Value | 2,332 | 2,208 |
Municipal bonds | ' | ' |
Nuclear Decommissioning Trusts Disclosures | ' | ' |
Longest Maturity Dates (in years) | '2051 | ' |
Total Investments, Amortized Cost | 688 | 675 |
Total Investments, Fair Value | 812 | 756 |
U.S. government and agency securities | ' | ' |
Nuclear Decommissioning Trusts Disclosures | ' | ' |
Longest Maturity Dates (in years) | '2044 | ' |
Total Investments, Amortized Cost | 824 | 902 |
Total Investments, Fair Value | 881 | 947 |
Corporate bonds | ' | ' |
Nuclear Decommissioning Trusts Disclosures | ' | ' |
Longest Maturity Dates (in years) | '2054 | ' |
Total Investments, Amortized Cost | 339 | 208 |
Total Investments, Fair Value | 390 | 241 |
Short-term investments and receivables/payables | ' | ' |
Nuclear Decommissioning Trusts Disclosures | ' | ' |
Longest Maturity Dates (in years) | 'One-year | ' |
Total Investments, Amortized Cost | 312 | 329 |
Total Investments, Fair Value | $325 | $342 |
Other_Investments_Summary_of_C
Other Investments (Summary of Changes in Fair Value of the Nuclear Decommissioning Trusts) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | ||
Summary Of Changes In The Fair Value [Roll Forward] | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | $4,740 | $4,494 | $4,587 | $4,246 | $4,494 | $4,048 |
Gross realized gains | ' | ' | 28 | 137 | 38 | 142 |
Gross realized losses | ' | ' | 0 | -1 | 0 | -2 |
Unrealized gains (losses), net | ' | ' | 107 | -185 | 169 | -9 |
Other-than-temporary impairments | ' | ' | -3 | -21 | -6 | -29 |
Interest, dividends, contributions and other | ' | ' | 21 | 5 | 45 | 31 |
Balance at end of period | $4,740 | $4,494 | $4,740 | $4,181 | $4,740 | $4,181 |
Other_Investments_Textual_Deta
Other Investments (Textual) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Other Investments [Line Items] | ' | ' | ' | ' | ' |
Proceeds from sale of securities | ' | ' | $3,750,000,000 | $1,956,000,000 | ' |
Southern California Edison | ' | ' | ' | ' | ' |
Other Investments [Line Items] | ' | ' | ' | ' | ' |
Contributions received for decommissioning trusts | ' | ' | 6,000,000 | ' | ' |
Proceeds from sale of securities | 2,200,000,000 | 1,500,000,000 | 3,750,000,000 | 1,956,000,000 | ' |
Unrealized holding gains, net of losses | $1,900,000,000 | ' | $1,900,000,000 | ' | $1,700,000,000 |
Regulatory_Assets_and_Liabilit2
Regulatory Assets and Liabilities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Regulatory Assets | ' | ' |
Regulatory Assets, Current | $1,265 | $538 |
Regulatory Asset, Long-term | 7,345 | 7,241 |
Regulatory Liabilities | ' | ' |
Regulatory Liabilities, Current | 826 | 767 |
Regulatory Liabilities, Long-term | 6,234 | 4,995 |
Southern California Edison | ' | ' |
Regulatory Assets | ' | ' |
Regulatory Assets, Current | 1,265 | 538 |
Regulatory Asset, Long-term | 7,345 | 7,241 |
Total Regulatory Assets | 8,610 | 7,779 |
Regulatory Liabilities | ' | ' |
Regulatory Liabilities, Current | 826 | 767 |
Regulatory Liabilities, Long-term | 6,234 | 4,995 |
Total Regulatory Liabilities | 7,060 | 5,762 |
Southern California Edison | Regulatory balancing accounts | ' | ' |
Regulatory Assets | ' | ' |
Regulatory Assets, Current | 1,190 | 484 |
Regulatory Asset, Long-term | 643 | 818 |
Southern California Edison | Energy derivatives | ' | ' |
Regulatory Assets | ' | ' |
Regulatory Assets, Current | 69 | 54 |
Regulatory Asset, Long-term | 856 | 816 |
Southern California Edison | Deferred income taxes, net | ' | ' |
Regulatory Assets | ' | ' |
Regulatory Asset, Long-term | 3,245 | 2,957 |
Southern California Edison | Other | ' | ' |
Regulatory Assets | ' | ' |
Regulatory Asset, Long-term | 340 | 402 |
Regulatory Liabilities | ' | ' |
Regulatory Liabilities, Current | 39 | 43 |
Regulatory Liabilities, Long-term | 20 | 12 |
Southern California Edison | Pensions and other postretirement benefits | ' | ' |
Regulatory Assets | ' | ' |
Regulatory Asset, Long-term | 385 | 369 |
Southern California Edison | Unamortized investments, net | ' | ' |
Regulatory Assets | ' | ' |
Regulatory Asset, Long-term | 294 | 332 |
Southern California Edison | San Onofre (nuclear) | ' | ' |
Regulatory Assets | ' | ' |
Regulatory Assets, Current | 6 | 0 |
Regulatory Asset, Long-term | 1,371 | 1,325 |
Regulatory Liabilities | ' | ' |
Regulatory Liabilities, Long-term | 483 | 0 |
Southern California Edison | Unamortized loss on reacquired debt | ' | ' |
Regulatory Assets | ' | ' |
Regulatory Asset, Long-term | 211 | 222 |
Southern California Edison | Regulatory balancing accounts | ' | ' |
Regulatory Liabilities | ' | ' |
Regulatory Liabilities, Current | 787 | 724 |
Regulatory Liabilities, Long-term | 1,094 | 1,132 |
Southern California Edison | Costs of Removal | ' | ' |
Regulatory Liabilities | ' | ' |
Regulatory Liabilities, Long-term | 2,822 | 2,780 |
Southern California Edison | Asset Retirement Obligations | ' | ' |
Regulatory Liabilities | ' | ' |
Regulatory Liabilities, Long-term | $1,815 | $1,071 |
Regulatory_Assets_and_Liabilit3
Regulatory Assets and Liabilities (Regulatory Balancing Accounts) (Details) (Southern California Edison, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Regulatory balancing accounts | Energy resource recovery account | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Net liability | $1,617 | $1,005 |
Regulatory balancing accounts | Four Corners memorandum account | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Net liability | 4 | 145 |
Regulatory balancing accounts | New system generation balancing account | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Net liability | 50 | 132 |
Refunds of excess revenue | Significant Components | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Net liability | -48 | -554 |
Refunds of excess revenue | Public purpose programs and energy efficiency programs | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Net liability | -850 | -1,037 |
Refunds of excess revenue | Base rate recovery balancing account | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Net liability | -103 | -247 |
Refunds of excess revenue | Greenhouse gas auction revenue | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Net liability | -310 | -385 |
Refunds of excess revenue | FERC formula rates and FERC balancing accounts | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Net liability | -63 | -59 |
Refunds of excess revenue | FERC energy settlements | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Net liability | -179 | 0 |
Refunds of excess revenue | Other | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Net liability | ($214) | ($108) |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 1 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | ||||||||||||
Jun. 30, 2010 | Dec. 31, 2011 | Jun. 30, 2010 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 01, 2014 | Feb. 28, 2014 | Oct. 31, 2011 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Feb. 22, 2014 | Feb. 22, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | San Gabriel Windstorm Investigation | Alleged violations of PSD requirements and New Source Performance Standards of the CAA | Nuclear Insurance | Nuclear Insurance | Nuclear Insurance | Tort claims for onsite workers | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre and Palo Verde | Amount Returned To Customers [Member] | Amount Returned To Shareholders [Member] | ||
sites | Southern California Edison | Southern California Edison | Southern California Edison | SCE and other owners of San Onofre and Palo Verde | SCE and other owners of San Onofre and Palo Verde | Southern California Edison | Nuclear Insurance | Nuclear Insurance | Nuclear Insurance | Southern California Edison | Southern California Edison | |||||||
plaintiffs | Southern California Edison | SCE and other owners of San Onofre and Palo Verde | ||||||||||||||||
Schedule Of Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
San Bernardino settlement amount | ' | ' | ' | ' | ' | ' | $24,500,000 | ' | ' | ' | ' | ' | ' | $414,000,000 | $325,000,000 | ' | ' | ' |
Number of plaintiffs in Four Corners environmental matters | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Identified material sites for environmental remediation (in number of sites) | ' | ' | ' | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum costs to be Identified Site | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum liability for environmental remediation for material sites | ' | ' | ' | 111,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 72,000,000 | ' | ' | ' | ' | ' |
Immaterial sites for environmental remediation (in number of sites) | ' | ' | ' | 39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total minimum recorded liability for immaterial sites | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental remediation liability | ' | ' | ' | 115,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory assets related to environmental remediation | ' | ' | ' | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of recorded liability recoverable from incentive mechanism | ' | ' | ' | 37,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of environmental remediation costs recoverable through an incentive mechanism (as a percent) | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability incurred at majority of the remaining sites through customer rates | ' | ' | ' | 73,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental remediation costs to be recovered (as a percent) | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount that cleanup costs could exceed recorded liability for identified material sites | ' | ' | ' | 156,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount that cleanup costs could exceed recorded liability for immaterial sites | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum expected period for cleanup of identified sites (in years) | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected annual environmental remediation costs, low end of range | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected annual environmental remediation costs, high end of range | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental remediation costs | ' | ' | ' | 1,000,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal limit on public liability claims from nuclear incident, approximate | ' | ' | ' | ' | ' | ' | ' | ' | 13,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Private primary insurance purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 375,000,000 | 375,000,000 | ' | ' | ' | ' | ' | ' |
Maximum assessment per each nuclear incident | ' | ' | ' | ' | ' | ' | ' | ' | ' | 255,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum yearly assessment per nuclear incident | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Loss limit, property damage insurance, federal minimum requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,060,000,000 | ' | ' |
Limit on assessment of retrospective premium adjustments, per year, approximate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance coverage for wildfire liabilities Limit | ' | ' | ' | 450,000,000 | ' | 547,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Self insurance retention per wildfire occurrence | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Wildfire Threshold For Additional Coverage | ' | ' | ' | 550,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of damages, decision by US Court of Federal Claims, spent nuclear fuel litigation | 142,000,000 | ' | 112,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94,000,000 | 18,000,000 |
Damages sought | ' | $98,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,000,000,000 | ' | ' | ' | ' | ' |
Preferred_and_Preference_Stock1
Preferred and Preference Stock of Utility (Details) (Southern California Edison, SCE Trust III, Series H Preferred Stock, USD $) | 3 Months Ended | |
Mar. 31, 2014 | Jun. 30, 2014 | |
Southern California Edison | SCE Trust III | Series H Preferred Stock | ' | ' |
Preferred and Preference Stock of Utility | ' | ' |
Shares issued (in shares) | 110,004 | ' |
Preference stock dividend rate (percent) | 5.75% | ' |
Liquidation value (in dollars per share) | $2,500 | $2,500 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Increase (Decrease) in Accumulated Other Comprehensive Loss | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | ($13) | ' | ||||
Other | 2 | 0 | 2 | 0 | ||||
Other comprehensive income (loss), net of tax | -2 | 5 | 0 | 5 | ||||
Ending Balance | -13 | ' | -13 | ' | ||||
Southern California Edison | ' | ' | ' | ' | ||||
Increase (Decrease) in Accumulated Other Comprehensive Loss | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | -11 | ' | ||||
Other | 2 | 0 | 2 | 0 | ||||
Other comprehensive income (loss), net of tax | 2 | 2 | 3 | -1 | ||||
Ending Balance | -8 | ' | -8 | ' | ||||
Accumulated Defined Benefit Plans Adjustment | ' | ' | ' | ' | ||||
Increase (Decrease) in Accumulated Other Comprehensive Loss | ' | ' | ' | ' | ||||
Beginning balance | -11 | -87 | -13 | -87 | ||||
Other comprehensive loss before reclassifications | -5 | 0 | -5 | -2 | ||||
Reclassified from accumulated other comprehensive income | 1 | [1] | 5 | [1] | 3 | [1] | 7 | [1] |
Other | 2 | 0 | 2 | 0 | ||||
Other comprehensive income (loss), net of tax | -2 | 5 | 0 | 5 | ||||
Ending Balance | -13 | -82 | -13 | -82 | ||||
Accumulated Defined Benefit Plans Adjustment | Southern California Edison | ' | ' | ' | ' | ||||
Increase (Decrease) in Accumulated Other Comprehensive Loss | ' | ' | ' | ' | ||||
Beginning balance | -10 | -32 | -11 | -29 | ||||
Other comprehensive loss before reclassifications | 0 | 0 | 0 | -4 | ||||
Reclassified from accumulated other comprehensive income | 0 | [1] | 2 | [1] | 1 | [1] | 3 | [1] |
Other | 2 | 0 | 2 | 0 | ||||
Other comprehensive income (loss), net of tax | 2 | 2 | 3 | -1 | ||||
Ending Balance | ($8) | ($30) | ($8) | ($30) | ||||
[1] | These items are included in the computation of net periodic pension and PBOP expense. See Note 8 for additional information. |
Interest_and_Other_Income_and_2
Interest and Other Income and Expenses (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other income: | ' | ' | ' | ' |
Interest and other income | $46 | $34 | $69 | $63 |
Other expenses: | ' | ' | ' | ' |
Total consolidated other expenses | 16 | 14 | 23 | 21 |
Southern California Edison | ' | ' | ' | ' |
Other income: | ' | ' | ' | ' |
Equity allowance for funds used during construction | 16 | 18 | 31 | 39 |
Increase in cash surrender value of life insurance policies | 12 | 7 | 18 | 14 |
Interest income | 3 | 4 | 5 | 6 |
Other | 1 | 1 | 1 | 2 |
Total interest and other income | 46 | 30 | 69 | 61 |
Interest and other income | 46 | 30 | 69 | 61 |
Other expenses: | ' | ' | ' | ' |
Civic, political and related activities and donations | 9 | 9 | 13 | 15 |
Other | 6 | 5 | 10 | 6 |
Total other expenses | 15 | 14 | 23 | 21 |
Total consolidated other expenses | 15 | 14 | 23 | 21 |
Southern California Edison | FERC-Approved Settlement Agreements | ' | ' | ' | ' |
Other Income And Expense [Line Items] | ' | ' | ' | ' |
Litigation Settlement, Amount | 208 | ' | ' | ' |
Litigation Settlement, Amount Included in Other Income | 14 | 0 | 14 | 0 |
Other expenses: | ' | ' | ' | ' |
Litigation Settlement, Amount Subject to Shareholder Incentive | 14 | ' | ' | ' |
Edison International Parent and Other | ' | ' | ' | ' |
Other income: | ' | ' | ' | ' |
Other income | 0 | 4 | 0 | 2 |
Other expenses: | ' | ' | ' | ' |
Other expenses | $1 | $0 | $0 | $0 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 6 Months Ended | 3 Months Ended | 0 Months Ended | 6 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Apr. 30, 2014 | Jun. 30, 2014 | Apr. 01, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
Discontinued Operations [Member] | Edison Mission Energy | Edison Mission Energy | Edison Mission Energy | Edison Mission Energy | Edison Mission Energy | |||
installments | Maximum | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities For Joint Tax and Qualified Retirement Plans Resulting from Deconsolidation | ' | ' | ' | ' | ' | $342,000,000 | ' | ' |
Percentage of Tax Benefits To Be Paid | ' | ' | ' | ' | 50.00% | ' | ' | ' |
Tax Attributes Estimated Amount | ' | ' | ' | ' | ' | ' | 1,191,000,000 | ' |
Cash Portion of Settlement Payment | 225,000,000 | 0 | ' | 225,000,000 | ' | ' | ' | ' |
Number of Installments | ' | ' | ' | ' | 2 | ' | ' | ' |
Interest Rate On Installments | ' | ' | ' | ' | 5.00% | ' | ' | ' |
Tax Attribute Including Interest, Installment One | ' | ' | ' | ' | 199,000,000 | ' | ' | ' |
Tax Attribute Including Interest Installment Two | ' | ' | ' | ' | 210,000,000 | ' | ' | ' |
Variance, Initial Estimate, Tax Attribute | ' | ' | ' | ' | ' | ' | ' | 10.00% |
Amount Required for Escrow | ' | ' | ' | ' | ' | 50,000,000 | ' | ' |
Nondebtor Reorganization Items, Net (Gain) Loss on Settlement of Other Claims | ' | ' | $184,000,000 | ' | ' | ' | ' | ' |
Supplemental_Cash_Flows_Inform2
Supplemental Cash Flows Information (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash payments (receipts) for interest and taxes: | ' | ' |
Interest, net of amounts capitalized | $226 | $213 |
Tax payments (refunds), net | 189 | 26 |
Common Stock | ' | ' |
Dividends declared but not paid: | ' | ' |
Dividends declared but not paid | 116 | 110 |
Preferred Stock and Preference Stock | ' | ' |
Dividends declared but not paid: | ' | ' |
Dividends declared but not paid | 18 | 29 |
Southern California Edison | ' | ' |
Cash payments (receipts) for interest and taxes: | ' | ' |
Interest, net of amounts capitalized | 225 | 205 |
Tax payments (refunds), net | 14 | 17 |
Dividends declared but not paid: | ' | ' |
Accrued capital expenditures | 451 | 515 |
Southern California Edison | Common Stock | ' | ' |
Dividends declared but not paid: | ' | ' |
Dividends declared but not paid | 126 | 0 |
Southern California Edison | Preferred Stock and Preference Stock | ' | ' |
Dividends declared but not paid: | ' | ' |
Dividends declared but not paid | $18 | $29 |