Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 21, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'EDISON INTERNATIONAL | ' | ' |
Entity Central Index Key | '0000827052 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2012 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 325,811,206 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $16 |
Southern California Edison | ' | ' | ' |
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'SOUTHERN CALIFORNIA EDISON CO | ' | ' |
Entity Central Index Key | '0000092103 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 434,888,104 | ' |
Entity Public Float | ' | ' | $0 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Total operating revenue | $12,581 | $11,862 | $10,588 | ||
Fuel | 324 | 308 | 367 | ||
Purchased power | 4,567 | 3,831 | 2,989 | ||
Operation and maintenance | 3,782 | 3,904 | 3,718 | ||
Depreciation, decommissioning and amortization | 1,622 | 1,562 | 1,427 | ||
Asset impairments, disallowances and other | 571 | -28 | 26 | ||
Total operating expenses | 10,866 | 9,577 | 8,527 | ||
Operating income | 1,715 | 2,285 | 2,061 | ||
Interest and other income | 124 | 149 | 147 | ||
Interest expense | -544 | -521 | -485 | ||
Other expenses | -74 | -52 | -55 | ||
Income from continuing operations before income taxes | 1,221 | 1,861 | 1,668 | ||
Income tax expense | 242 | 267 | 568 | ||
Income from continuing operations | 979 | [1] | 1,594 | [2],[3] | 1,100 |
Income (loss) from discontinued operations, net of tax | 36 | -1,686 | [4] | -1,078 | |
Net income (loss) | 1,015 | -92 | 22 | ||
Dividends on preferred and preference stock of utility | 100 | 91 | 59 | ||
Net income (loss) attributable to Edison International common shareholders | 915 | -183 | -37 | ||
Basic earnings (loss) per common share attributable to Edison International common shareholders: | ' | ' | ' | ||
Income from continuing operations, net of tax | 879 | 1,503 | 1,041 | ||
Income (loss) from discontinued operations, net of tax | 36 | -1,686 | [4] | -1,078 | |
Net income (loss) attributable to Edison International common shareholders | 915 | -183 | -37 | ||
Basic earnings (loss) per common share attributable to Edison International common shareholders: | ' | ' | ' | ||
Weighted-average shares of common stock outstanding (in shares) | 326 | 326 | 326 | ||
Continuing operations (in dollars per share) | $2.70 | $4.61 | $3.20 | ||
Discontinued operations (in dollars per share) | $0.11 | ($5.17) | ($3.31) | ||
Total (in dollars per share) | $2.81 | ($0.56) | ($0.11) | ||
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 | 330 | 329 | ||
Continuing operations (in dollars per share) | $2.67 | $4.55 | $3.17 | ||
Discontinued operations (in dollars per share) | $0.11 | ($5.11) | ($3.28) | ||
Total (in dollars per share) | $2.78 | ($0.56) | ($0.11) | ||
Dividends declared per common share (in dollars per share) | $1.37 | $1.31 | $1.28 | ||
Southern California Edison | ' | ' | ' | ||
Total operating revenue | 12,562 | 11,851 | 10,577 | ||
Fuel | 324 | 308 | 367 | ||
Purchased power | 4,567 | 3,831 | 2,989 | ||
Operation and maintenance | 3,416 | 3,544 | 3,387 | ||
Depreciation, decommissioning and amortization | 1,622 | 1,562 | 1,426 | ||
Property and other taxes | 307 | 295 | 285 | ||
Asset impairments, disallowances and other | 575 | 32 | 0 | ||
Total operating expenses | 10,811 | 9,572 | 8,454 | ||
Operating income | 1,751 | 2,279 | 2,123 | ||
Interest and other income | 122 | 144 | 140 | ||
Interest expense | -520 | -499 | -463 | ||
Other expenses | -74 | -50 | -55 | ||
Income from continuing operations before income taxes | 1,279 | 1,874 | 1,745 | ||
Income tax expense | 279 | 214 | 601 | ||
Net income (loss) | 1,000 | [1],[2],[3] | 1,660 | [2],[3] | 1,144 |
Dividends on preferred and preference stock of utility | 100 | 91 | 59 | ||
Net income (loss) attributable to Edison International common shareholders | 900 | 1,569 | 1,085 | ||
Basic earnings (loss) per common share attributable to Edison International common shareholders: | ' | ' | ' | ||
Net income (loss) attributable to Edison International common shareholders | $900 | $1,569 | $1,085 | ||
[1] | During the second quarter of 2013, SCE recorded an impairment charge of $575 million ($365 million after tax) related to the permanent retirement of San Onofre Units 2 and 3. | ||||
[2] | During the fourth quarter of 2012, SCE corrected errors, primarily related to deferred taxes, that resulted in a net earnings benefit of $33 million which were not considered material to the current and prior period consolidated financial statements. | ||||
[3] | During the fourth quarter of 2012, SCE implemented the 2012 GRC Decision which resulted in an earnings impact of approximately $500 million. | ||||
[4] | During the fourth quarter of 2012, Edison International recorded a full impairment of its investment in EME. See Note 16 for further information. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Net income (loss) | $1,015 | ($92) | $22 | ||
Pension and postretirement benefits other than pensions: | ' | ' | ' | ||
Net gain (loss) arising during the period plus amortization, net of income tax expense (benefit) of $13, $30 and $(9) for the years ended December 31, 2013, 2012 and 2011, respectively | 72 | 13 | -13 | ||
Prior service cost arising during the period plus amortization, net of income tax expense of $3 for the year ended December 31, 2012 | 0 | 5 | 0 | ||
Unrealized loss on derivatives qualified as cash flow hedges: | ' | ' | ' | ||
Unrealized holding gain (loss) arising during the period, net of income tax benefit of $15 and $7 for the years ended December 31, 2012 and 2011, respectively | 0 | -21 | -12 | ||
Reclassification adjustments included in net income (loss), net of income tax expense (benefit) of $37 and $(25) for the years ended December 31, 2012 and 2011, respectively | 0 | 55 | -38 | ||
Other, net of income tax expense of $1 for the year ended December 31, 2013 | 2 | 0 | 0 | ||
Other comprehensive income (loss) | 74 | 52 | -63 | ||
Comprehensive income (loss) | 1,089 | -40 | -41 | ||
Less: Comprehensive income attributable to noncontrolling interests | 100 | 91 | 59 | ||
Comprehensive income attributable to Company | 989 | -131 | -100 | ||
Southern California Edison | ' | ' | ' | ||
Net income (loss) | 1,000 | [1],[2],[3] | 1,660 | [1],[2] | 1,144 |
Pension and postretirement benefits other than pensions: | ' | ' | ' | ||
Net gain (loss) arising during the period plus amortization, net of income tax expense (benefit) of $13, $30 and $(9) for the years ended December 31, 2013, 2012 and 2011, respectively | 16 | -5 | 1 | ||
Unrealized loss on derivatives qualified as cash flow hedges: | ' | ' | ' | ||
Other, net of income tax expense of $1 for the year ended December 31, 2013 | 2 | 0 | 0 | ||
Other comprehensive income (loss) | 18 | -5 | 1 | ||
Comprehensive income (loss) | $1,018 | $1,655 | $1,145 | ||
[1] | During the fourth quarter of 2012, SCE corrected errors, primarily related to deferred taxes, that resulted in a net earnings benefit of $33 million which were not considered material to the current and prior period consolidated financial statements. | ||||
[2] | During the fourth quarter of 2012, SCE implemented the 2012 GRC Decision which resulted in an earnings impact of approximately $500 million. | ||||
[3] | During the second quarter of 2013, SCE recorded an impairment charge of $575 million ($365 million after tax) related to the permanent retirement of San Onofre Units 2 and 3. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net gain (loss) arising during the period, tax | $13 | $30 | ($9) |
Net prior service cost (credit) arising during the period, tax | 0 | 3 | 0 |
Unrealized holding gain (loss) arising during the period, tax | 0 | 15 | 7 |
Reclassification adjustments included in net income (loss), tax | 0 | 37 | -25 |
Comprehensive Income Other Adjustment, Tax | 1 | ' | ' |
Southern California Edison | ' | ' | ' |
Net gain (loss) arising during the period, tax | 9 | -3 | 1 |
Comprehensive Income Other Adjustment, Tax | $1 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $146 | $170 |
Receivables, less allowances of $66 and $75 for uncollectible accounts at respective dates | 838 | 762 |
Accrued unbilled revenue | 596 | 550 |
Inventory | 256 | 340 |
Derivative assets | 122 | 129 |
Regulatory assets | 538 | 572 |
Deferred income taxes | 421 | 0 |
Other current assets | 395 | 149 |
Total current assets | 3,312 | 2,672 |
Nuclear decommissioning trusts | 4,494 | 4,048 |
Other investments | 207 | 186 |
Total investments | 4,701 | 4,234 |
Utility property, plant and equipment, less accumulated depreciation of $7,493 and $7,424 at respective dates | 30,379 | 30,200 |
Nonutility property, plant and equipment, less accumulated depreciation of $74 and $123 ($70 and $117 for SCE) at respective dates | 76 | 73 |
Total property, plant and equipment | 30,455 | 30,273 |
Derivative assets | 251 | 85 |
Regulatory assets | 7,241 | 6,422 |
Other long-term assets | 686 | 708 |
Total long-term assets | 8,178 | 7,215 |
Total assets | 46,646 | 44,394 |
LIABILITIES AND EQUITY | ' | ' |
Short-term debt | 209 | 175 |
Current portion of long-term debt | 601 | 0 |
Accounts payable | 1,407 | 1,423 |
Accrued taxes | 358 | 61 |
Customer deposits | 201 | 193 |
Derivative liabilities | 152 | 126 |
Regulatory liabilities | 767 | 536 |
Deferred income taxes | 0 | 64 |
Other current liabilities | 1,186 | 1,166 |
Total current liabilities | 4,881 | 3,744 |
Long-term debt | 9,825 | 9,231 |
Deferred income taxes and credits | 7,346 | 6,231 |
Derivative liabilities | 1,042 | 939 |
Pensions and benefits | 1,378 | 2,614 |
Asset retirement obligations | 3,418 | 2,782 |
Regulatory liabilities | 4,995 | 5,214 |
Other deferred credits and other long-term liabilities | 2,070 | 2,448 |
Total deferred credits and other liabilities | 20,249 | 20,228 |
Total liabilities | 34,955 | 33,203 |
Commitments and contingencies (Note 12) | ' | ' |
Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date) and (560,000 shares authorized; 434,888,104 shares issued and outstanding at each date for SCE) | 2,403 | 2,373 |
Accumulated other comprehensive loss | -13 | -87 |
Retained earnings | 7,548 | 7,146 |
Total common shareholders' equity | 9,938 | 9,432 |
Preferred and preference stock of utility | 1,753 | 1,759 |
Total noncontrolling interests | 1,753 | 1,759 |
Total equity | 11,691 | 11,191 |
Total liabilities and equity | 46,646 | 44,394 |
Southern California Edison | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 54 | 45 |
Receivables, less allowances of $66 and $75 for uncollectible accounts at respective dates | 813 | 755 |
Accrued unbilled revenue | 596 | 550 |
Inventory | 256 | 340 |
Derivative assets | 122 | 129 |
Regulatory assets | 538 | 572 |
Deferred income taxes | 303 | 0 |
Other current assets | 393 | 171 |
Total current assets | 3,075 | 2,562 |
Nuclear decommissioning trusts | 4,494 | 4,048 |
Other investments | 140 | 116 |
Total investments | 4,634 | 4,164 |
Utility property, plant and equipment, less accumulated depreciation of $7,493 and $7,424 at respective dates | 30,379 | 30,200 |
Nonutility property, plant and equipment, less accumulated depreciation of $74 and $123 ($70 and $117 for SCE) at respective dates | 72 | 70 |
Total property, plant and equipment | 30,451 | 30,270 |
Derivative assets | 251 | 85 |
Regulatory assets | 7,241 | 6,422 |
Other long-term assets | 398 | 531 |
Total long-term assets | 7,890 | 7,038 |
Total assets | 46,050 | 44,034 |
LIABILITIES AND EQUITY | ' | ' |
Short-term debt | 175 | 175 |
Current portion of long-term debt | 600 | 0 |
Accounts payable | 1,373 | 1,297 |
Customer deposits | 201 | 193 |
Derivative liabilities | 152 | 126 |
Regulatory liabilities | 767 | 536 |
Deferred income taxes | 39 | 81 |
Other current liabilities | 1,091 | 1,105 |
Total current liabilities | 4,398 | 3,513 |
Long-term debt | 9,422 | 8,828 |
Deferred income taxes and credits | 7,841 | 6,773 |
Derivative liabilities | 1,042 | 939 |
Pensions and benefits | 951 | 2,245 |
Asset retirement obligations | 3,418 | 2,782 |
Regulatory liabilities | 4,995 | 5,214 |
Other deferred credits and other long-term liabilities | 1,845 | 1,997 |
Total deferred credits and other liabilities | 20,092 | 19,950 |
Total liabilities | 33,912 | 32,291 |
Commitments and contingencies (Note 12) | ' | ' |
Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date) and (560,000 shares authorized; 434,888,104 shares issued and outstanding at each date for SCE) | 2,168 | 2,168 |
Additional paid-in capital | 592 | 581 |
Accumulated other comprehensive loss | -11 | -29 |
Retained earnings | 7,594 | 7,228 |
Total common shareholders' equity | 10,343 | 9,948 |
Preferred and preference stock of utility | 1,795 | 1,795 |
Total equity | 12,138 | 11,743 |
Total liabilities and equity | $46,050 | $44,034 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Receivables, allowances for uncollectible accounts (in dollars) | $66 | $75 |
Utility property, plant and equipment, accumulated depreciation (in dollars) | 7,493 | 7,424 |
Nonutility property, plant and equipment, accumulated depreciation (in dollars) | 74 | 123 |
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) | 66 | 75 |
Utility property, plant and equipment, accumulated depreciation (in dollars) | 7,493 | 7,424 |
Nonutility property, plant and equipment, accumulated depreciation (in dollars) | $70 | $117 |
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 $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Cash flows from operating activities: | ' | ' | ' | ||
Net income (loss) | $1,015 | ($92) | $22 | ||
Less: Income (loss) from discontinued operations, net of tax | 36 | -1,686 | [1] | -1,078 | |
Income from continuing operations | 979 | [2] | 1,594 | [3],[4] | 1,100 |
Adjustments to reconcile to net cash provided by operating activities: | ' | ' | ' | ||
Depreciation, decommissioning and amortization | 1,622 | 1,562 | 1,427 | ||
Regulatory impacts of net nuclear decommissioning trust earnings | 312 | 192 | 146 | ||
Asset impairment | 575 | 0 | 0 | ||
Deferred income taxes and investment tax credits | 345 | 141 | 708 | ||
Other | 88 | 138 | 175 | ||
Changes in operating assets and liabilities: | ' | ' | ' | ||
Receivables | -56 | -13 | -46 | ||
Inventory | 80 | 10 | -18 | ||
Accounts payable | 45 | 14 | 45 | ||
Other current assets and liabilities | -247 | 303 | -79 | ||
Derivative assets and liabilities, net | -30 | 262 | 382 | ||
Regulatory assets and liabilities, net | 322 | 314 | 1,080 | ||
Other noncurrent assets and liabilities | -188 | 82 | 521 | ||
Operating cash flows from continuing operations | 3,203 | 3,971 | 3,281 | ||
Operating cash flows from discontinued operations, net | 0 | -637 | 625 | ||
Net cash provided by operating activities | 3,203 | 3,334 | 3,906 | ||
Cash flows from financing activities: | ' | ' | ' | ||
Long-term debt issued, net of premium, discount, and issuance costs of $18, $4 and $9 at respective periods | 1,973 | 391 | 887 | ||
Long-term debt matured or repurchased | -1,017 | -6 | -100 | ||
Bonds remarketed, net | 195 | 0 | 0 | ||
Preference stock issued, net | 387 | 804 | 123 | ||
Preference stock redeemed | -400 | -75 | 0 | ||
Short-term debt financing, net | 32 | -264 | 410 | ||
Settlements of stock-based compensation, net | -48 | -68 | -15 | ||
Dividends to noncontrolling interests | -101 | -82 | -59 | ||
Dividends paid | -440 | -424 | -417 | ||
Financing cash flows from continuing operations | 581 | 276 | 829 | ||
Financing cash flows from discontinued operations, net | 0 | 374 | 278 | ||
Net cash provided by financing activities | 581 | 650 | 1,107 | ||
Cash flows from investing activities: | ' | ' | ' | ||
Capital expenditures | -3,599 | -4,149 | -4,122 | ||
Proceeds from sale of nuclear decommissioning trust investments | 5,617 | 2,122 | 2,773 | ||
Purchases of nuclear decommissioning trust investments and other | -5,951 | -2,337 | -2,940 | ||
Proceeds from sale of assets | 181 | 114 | 0 | ||
Other | -56 | 4 | 34 | ||
Investing cash flows from continuing operations | -3,808 | -4,246 | -4,255 | ||
Investing cash flows from discontinued operations, net | 0 | -1,037 | -678 | ||
Net cash used by investing activities | -3,808 | -5,283 | -4,933 | ||
Net increase (decrease) in cash and cash equivalents | -24 | -1,299 | 80 | ||
Cash and cash equivalents at beginning of year | 170 | 1,469 | 1,389 | ||
Cash and cash equivalents at end of year | 146 | 170 | 1,469 | ||
Cash and cash equivalents from discontinued operations | 0 | 0 | 1,300 | ||
Cash and cash equivalents from continuing operations | 146 | 170 | 169 | ||
Southern California Edison | ' | ' | ' | ||
Cash flows from operating activities: | ' | ' | ' | ||
Net income (loss) | 1,000 | [2],[3],[4] | 1,660 | [3],[4] | 1,144 |
Adjustments to reconcile to net cash provided by operating activities: | ' | ' | ' | ||
Depreciation, decommissioning and amortization | 1,622 | 1,562 | 1,426 | ||
Regulatory impacts of net nuclear decommissioning trust earnings | 312 | 192 | 146 | ||
Asset impairment | 575 | 0 | 0 | ||
Deferred income taxes and investment tax credits | 420 | 256 | 852 | ||
Other | -86 | -189 | -148 | ||
Changes in operating assets and liabilities: | ' | ' | ' | ||
Receivables | -57 | -23 | -44 | ||
Inventory | 80 | 10 | -18 | ||
Accounts payable | 59 | -9 | 11 | ||
Other current assets and liabilities | -264 | 368 | -219 | ||
Derivative assets and liabilities, net | -30 | -86 | 730 | ||
Regulatory assets and liabilities, net | 322 | -34 | 1,428 | ||
Other noncurrent assets and liabilities | -197 | -67 | 513 | ||
Net cash provided by operating activities | 3,284 | 4,086 | 3,261 | ||
Cash flows from financing activities: | ' | ' | ' | ||
Long-term debt issued, net of premium, discount, and issuance costs of $18, $4 and $9 at respective periods | 1,973 | 391 | 887 | ||
Long-term debt matured or repurchased | -1,016 | -6 | -100 | ||
Bonds remarketed, net | 195 | 0 | 0 | ||
Preference stock issued, net | 387 | 804 | 123 | ||
Preference stock redeemed | -400 | -75 | 0 | ||
Short-term debt financing, net | -1 | -250 | 419 | ||
Settlements of stock-based compensation, net | -43 | -57 | -10 | ||
Dividends paid | -587 | -551 | -520 | ||
Net cash provided by financing activities | 508 | 256 | 799 | ||
Cash flows from investing activities: | ' | ' | ' | ||
Capital expenditures | -3,598 | -4,149 | -4,122 | ||
Proceeds from sale of nuclear decommissioning trust investments | 5,617 | 2,122 | 2,773 | ||
Purchases of nuclear decommissioning trust investments and other | -5,951 | -2,337 | -2,940 | ||
Proceeds from sale of assets | 181 | 0 | 0 | ||
Other | 32 | -10 | -29 | ||
Net cash used by investing activities | -3,783 | -4,354 | -4,260 | ||
Net increase (decrease) in cash and cash equivalents | 9 | -12 | -200 | ||
Cash and cash equivalents at beginning of year | 45 | 57 | 257 | ||
Cash and cash equivalents at end of year | $54 | $45 | $57 | ||
[1] | During the fourth quarter of 2012, Edison International recorded a full impairment of its investment in EME. See NoteB 16 for further information. | ||||
[2] | During the second quarter of 2013, SCE recorded an impairment charge of $575 million ($365 million after tax) related to the permanent retirement of San Onofre Units 2 and 3. | ||||
[3] | During the fourth quarter of 2012, SCE corrected errors, primarily related to deferred taxes, that resulted in a net earnings benefit of $33 million which were not considered material to the current and prior period consolidated financial statements. | ||||
[4] | During the fourth quarter of 2012, SCE implemented the 2012 GRC Decision which resulted in an earnings impact of approximately $500 million. |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Cash Flows [Abstract] | ' | ' | ' |
Premiums, discounts and issuance costs of long term debt | $18 | $4 | $9 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Southern California Edison | Common Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Retained Earnings | Subtotal | Other Noncontrolling Interests | Preferred Stock and Preference Stock | Preferred Stock and Preference Stock | ||
In Millions, unless otherwise specified | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | ||||||||||
Balance, at the beginning of the period at Dec. 31, 2010 | $11,494 | $9,207 | $2,331 | $2,168 | $572 | ($76) | ($25) | $8,328 | $5,572 | $10,583 | $4 | $907 | $920 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net income (loss) | 22 | 1,144 | 0 | 0 | 0 | 0 | 0 | -37 | 1,144 | -37 | 0 | 59 | 0 | ||
Other comprehensive income (loss) | -63 | 1 | 0 | 0 | 0 | -63 | 1 | 0 | 0 | -63 | 0 | 0 | 0 | ||
Common stock dividends declared | -419 | -461 | 0 | 0 | 0 | 0 | 0 | -419 | -461 | -419 | 0 | 0 | 0 | ||
Dividends declared on preferred and preference stock | ' | -59 | ' | 0 | 0 | ' | 0 | ' | -59 | ' | ' | ' | 0 | ||
Dividends, distributions to noncontrolling interests and other | -61 | ' | 0 | ' | ' | 0 | ' | 0 | ' | 0 | -2 | -59 | ' | ||
Stock-based compensation and other | -20 | -10 | 14 | 0 | 11 | 0 | 0 | -34 | -21 | -20 | 0 | 0 | 0 | ||
Noncash stock-based compensation and other | 25 | 13 | 30 | 0 | 15 | 0 | 0 | -4 | -2 | 26 | 0 | -1 | 0 | ||
Purchase of noncontrolling interest | -15 | ' | -15 | ' | ' | 0 | ' | 0 | ' | -15 | 0 | 0 | ' | ||
Issuance of preference stock | 123 | 123 | 0 | 0 | -2 | 0 | 0 | 0 | ' | 0 | 0 | 123 | 125 | ||
Balance, at the end of the period at Dec. 31, 2011 | 11,086 | 9,958 | 2,360 | 2,168 | 596 | -139 | -24 | 7,834 | 6,173 | 10,055 | 2 | 1,029 | 1,045 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net income (loss) | [1],[2] | ' | 201 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Balance, at the end of the period at Mar. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Balance, at the beginning of the period at Dec. 31, 2011 | 11,086 | 9,958 | 2,360 | 2,168 | 596 | -139 | -24 | 7,834 | 6,173 | 10,055 | 2 | 1,029 | 1,045 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net income (loss) | -92 | 1,660 | [1],[2] | 0 | 0 | 0 | 0 | ' | -183 | 1,660 | -183 | 0 | 91 | ' | |
Other comprehensive income (loss) | 52 | -5 | 0 | 0 | ' | 52 | -5 | 0 | 0 | 52 | 0 | 0 | 0 | ||
Transfer of assets to Capistrano Wind Partners | -21 | ' | -21 | ' | ' | 0 | ' | 0 | ' | -21 | 0 | 0 | ' | ||
Common stock dividends declared | -428 | -469 | 0 | 0 | 0 | 0 | 0 | -428 | -469 | -428 | 0 | 0 | 0 | ||
Dividends declared on preferred and preference stock | ' | -91 | ' | 0 | 0 | ' | 0 | ' | -91 | ' | ' | ' | 0 | ||
Dividends, distributions to noncontrolling interests and other | -93 | ' | 0 | ' | ' | 0 | ' | 0 | ' | 0 | -2 | -91 | ' | ||
Stock-based compensation and other | -80 | -57 | -3 | 0 | -13 | 0 | 0 | -77 | -44 | -80 | 0 | 0 | 0 | ||
Noncash stock-based compensation and other | 38 | 18 | 37 | 0 | 18 | 0 | 0 | 1 | 0 | 38 | 0 | 0 | 0 | ||
Issuance of preference stock | 804 | 804 | 0 | 0 | -21 | 0 | 0 | 0 | 0 | 0 | 0 | 804 | 825 | ||
Redemption of preference stock | -75 | -75 | 0 | 0 | 1 | 0 | 0 | -1 | -1 | -1 | 0 | -74 | -75 | ||
Balance, at the end of the period at Dec. 31, 2012 | 11,191 | 11,743 | 2,373 | 2,168 | 581 | -87 | -29 | 7,146 | 7,228 | 9,432 | 0 | 1,759 | 1,795 | ||
Balance, at the beginning of the period at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net income (loss) | [1],[2] | ' | 858 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Balance, at the end of the period at Dec. 31, 2012 | ' | 11,743 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net income (loss) | [1],[2],[3] | ' | 283 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Balance, at the end of the period at Mar. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Balance, at the beginning of the period at Dec. 31, 2012 | 11,191 | 11,743 | 2,373 | 2,168 | 581 | -87 | -29 | 7,146 | 7,228 | 9,432 | 0 | 1,759 | 1,795 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net income (loss) | 1,015 | 1,000 | [1],[2],[3] | 0 | 0 | 0 | 0 | 0 | 915 | 1,000 | 915 | 0 | 100 | 0 | |
Other comprehensive income (loss) | 74 | 18 | 0 | 0 | 0 | 74 | 18 | 0 | 0 | 74 | 0 | 0 | 0 | ||
Common stock dividends declared | -446 | -486 | 0 | 0 | 0 | 0 | 0 | -446 | -486 | -446 | 0 | 0 | 0 | ||
Dividends declared on preferred and preference stock | ' | -100 | ' | 0 | 0 | ' | 0 | ' | -100 | ' | ' | ' | 0 | ||
Dividends, distributions to noncontrolling interests and other | -100 | ' | 0 | ' | ' | 0 | ' | 0 | ' | 0 | 0 | -100 | ' | ||
Stock-based compensation and other | -48 | -43 | 5 | 0 | 1 | 0 | 0 | -53 | -44 | -48 | 0 | 0 | 0 | ||
Noncash stock-based compensation and other | 18 | 19 | 25 | 0 | 15 | 0 | 0 | -6 | 4 | 19 | 0 | -1 | 0 | ||
Issuance of preference stock | 387 | 387 | 0 | 0 | -13 | 0 | 0 | 0 | 0 | 0 | 0 | 387 | 400 | ||
Redemption of preference stock | -400 | -400 | 0 | 0 | 8 | 0 | 0 | -8 | -8 | -8 | 0 | -392 | -400 | ||
Balance, at the end of the period at Dec. 31, 2013 | 11,691 | 12,138 | 2,403 | 2,168 | 592 | -13 | -11 | 7,548 | 7,594 | 9,938 | 0 | 1,753 | 1,795 | ||
Balance, at the beginning of the period at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net income (loss) | [1],[2],[3] | ' | 283 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Balance, at the end of the period at Dec. 31, 2013 | ' | $12,138 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | During the fourth quarter of 2012, SCE corrected errors, primarily related to deferred taxes, that resulted in a net earnings benefit of $33 million which were not considered material to the current and prior period consolidated financial statements. | ||||||||||||||
[2] | During the fourth quarter of 2012, SCE implemented the 2012 GRC Decision which resulted in an earnings impact of approximately $500 million. | ||||||||||||||
[3] | During the second quarter of 2013, SCE recorded an impairment charge of $575 million ($365 million after tax) related to the permanent retirement of San Onofre Units 2 and 3. |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Dividends declared per common share (in dollars per share) | $0.36 | $0.34 | $0.34 | $0.34 | $0.34 | $0.33 | $0.33 | $0.33 | $1.37 | $1.31 | $1.28 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
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 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 accounting policies conform to accounting principles generally accepted in the United States of America, including the accounting principles for rate-regulated enterprises, which reflect the ratemaking policies of the California Public Utility Commission ("CPUC") and the Federal Energy Regulatory Commission ("FERC"). SCE applies authoritative guidance for rate-regulated enterprises to the portion of its operations in which regulators set rates at levels intended to recover the estimated costs of providing service, plus a return on net investments in assets, or rate base. Regulators may also impose certain penalties or grant certain incentives. Due to timing and other differences in the collection of electric utility revenue, these principles require an incurred cost that would otherwise be charged to expense by a nonregulated entity to be capitalized as a regulatory asset if it is probable that the cost is recoverable through future rates; and conversely the principles require recording of a regulatory liability for amounts collected in rates to recover costs expected to be incurred in the future or amounts collected in excess of costs incurred. SCE assesses, at the end of each reporting period, whether regulatory assets are probable of future recovery. See Note 11 for composition of regulatory assets and liabilities. | ||||||||||||||||||||||||
Beginning in the fourth quarter of 2012, Edison Mission Energy ("EME") met the definition of a discontinued operation and was classified separately in Edison International's consolidated financial statements. Effective December 17, 2012, Edison International no longer consolidates the earnings and losses of EME or its subsidiaries and has reflected its ownership interest in EME utilizing the cost method of accounting prospectively. Except as indicated, amounts in the notes to the consolidated financial statements related to continuing operations of Edison International. See Note 16 for information related to discontinued operations. | ||||||||||||||||||||||||
The preparation of financial statements in conformity with United States generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. | ||||||||||||||||||||||||
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 3 months or less. The cash equivalents were as follows: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Money market funds | $ | 68 | $ | 107 | $ | 8 | $ | 5 | ||||||||||||||||
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 | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Cash reclassified to accounts payable | $ | 168 | $ | 247 | $ | 163 | $ | 242 | ||||||||||||||||
Allowance for Uncollectible Accounts | ||||||||||||||||||||||||
Allowances for uncollectible accounts are provided based upon a variety of factors, including historical amounts written-off, current economic conditions and assessment of customer collectability. | ||||||||||||||||||||||||
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. | ||||||||||||||||||||||||
As a result of the permanent retirement of San Onofre, SCE has reclassified $100 million of its material, supplies and spare parts to a regulatory asset, see Note 9 for further details. | ||||||||||||||||||||||||
Energy Credits and Allowances | ||||||||||||||||||||||||
Renewable energy certificates or credits ("RECs") represent rights established by governmental agencies for the environmental, social, and other nonpower qualities of renewable electricity generation. A REC, and its associated attributes and benefits, can be sold separately from the underlying physical electricity associated with a renewable-based generation source in certain markets. Retail sellers of electricity obtain RECs through renewable power purchase agreements, internal generation or separate purchases in the market to comply with renewables portfolio standards established in certain such governmental agencies. RECs are the mechanism used to verify renewables portfolio standards compliance and are recognized at the lower of weighted-average cost or market when amounts purchased are in excess of the amounts needed to comply with RPS requirements. The cost of purchased RECs is recoverable as part of the cost of purchased power. | ||||||||||||||||||||||||
SCE is allocated greenhouse gas ("GHG") allowances annually which it is then required to sell them into quarterly auctions. GHG proceeds from the auction are recorded as a regulatory liability to be refunded to customers. SCE purchases GHG allowances from quarterly auctions or bilateral parties to satisfy its GHG emission compliance obligations and recovers such costs of GHG allowances from customers. GHG allowances held for use are classified as "Other current assets" on the consolidated balance sheets and are stated, similar to an inventory method, at the lower of weighted-average cost or market. SCE had GHG allowances of $135 million and $41 million at December 31, 2013 and 2012, respectively. GHG emission obligations were $102 million and zero at December 31, 2013 and 2012, respectively and are classified as "Other current liabilities" on the consolidated balance sheets. | ||||||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||
Plant additions, including replacements and betterments, are capitalized. SCE capitalizes as part of plant additions direct material and labor and indirect costs such as construction overhead, administrative and general costs, pension and benefits, and property taxes. The CPUC authorizes a rate for each of the indirect costs which are allocated to each project based on either labor or total costs. In addition, allowance for funds used during construction ("AFUDC") is capitalized by SCE for certain projects. | ||||||||||||||||||||||||
Estimated useful lives (authorized by the CPUC) and weighted-average useful lives of SCE's property, plant and equipment, are as follows: | ||||||||||||||||||||||||
Estimated Useful Lives | Weighted-Average | |||||||||||||||||||||||
Useful Lives | ||||||||||||||||||||||||
Generation plant | 12 years to 60 years | 38 years | ||||||||||||||||||||||
Distribution plant | 20 years to 60 years | 40 years | ||||||||||||||||||||||
Transmission plant | 40 years to 65 years | 46 years | ||||||||||||||||||||||
General plant and other | 5 years to 60 years | 23 years | ||||||||||||||||||||||
As a result of the permanent retirement of San Onofre, SCE had reclassified property, plant and equipment, including nuclear fuel to a regulatory asset, see Note 9 for further information. | ||||||||||||||||||||||||
Depreciation of utility property, plant and equipment is computed on a straight-line, remaining-life basis. Depreciation expense was $1.31 billion, $1.26 billion and $1.16 billion for 2013, 2012 and 2011, respectively. Depreciation expense stated as a percent of average original cost of depreciable utility plant was, on a composite basis, 4.2%, 4.3% and 4.3% for 2013, 2012 and 2011, respectively. Replaced or retired property costs are charged to the accumulated provision for depreciation. | ||||||||||||||||||||||||
Nuclear fuel for the Palo Verde Nuclear Power Plant is recorded as utility plant (nuclear fuel in the fabrication and installation phase is recorded as construction in progress) in accordance with CPUC ratemaking procedures. Nuclear fuel is amortized using the units of production method. | ||||||||||||||||||||||||
AFUDC represents the estimated cost of debt and equity funds that finance utility-plant construction and is capitalized during certain plant construction. AFUDC is recovered in rates through depreciation expense over the useful life of the related asset. AFUDC equity represents a method to compensate SCE for the estimated cost of equity used to finance utility plant additions and is recorded as part of construction in progress. AFUDC equity was $72 million, $96 million and $96 million in 2013, 2012 and 2011, respectively. AFUDC debt was $33 million, $40 million and $42 million in 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
Major Maintenance | ||||||||||||||||||||||||
Major maintenance costs for SCE's power plant facilities and equipment are expensed as incurred. | ||||||||||||||||||||||||
Asset Retirement Obligations | ||||||||||||||||||||||||
The fair value of a liability for an asset retirement obligation ("ARO") is recorded in the period in which it is incurred, including a liability for the fair value of a conditional ARO, if the fair value can be reasonably estimated even though uncertainty exists about the timing and/or method of settlement. When an ARO liability is initially recorded, SCE capitalizes the cost by increasing the carrying amount of the related long-lived asset. For each subsequent period, the liability is increased for accretion expense and the capitalized cost is depreciated over the useful life of the related asset. | ||||||||||||||||||||||||
SCE is in the process of developing a comprehensive decommissioning plan following its decision to permanently retire San Onofre. See Note 9 for further details. The ARO liability related to San Onofre increased by $455 million in the second quarter of 2013 based on an updated decommissioning cost estimate for the retirement of San Onofre Units 2 and 3. The total ARO liability related to San Onofre Units 2 and 3 at December 31, 2013 was $2.68 billion. | ||||||||||||||||||||||||
The following table summarizes the changes in SCE's ARO liability, including San Onofre and Palo Verde: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | ||||||||||||||||||||||
Beginning balance | $ | 2,782 | $ | 2,610 | ||||||||||||||||||||
Accretion1 | 182 | 161 | ||||||||||||||||||||||
Revisions | 455 | 12 | ||||||||||||||||||||||
Liabilities settled | (1 | ) | (1 | ) | ||||||||||||||||||||
Ending balance | $ | 3,418 | $ | 2,782 | ||||||||||||||||||||
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. | |||||||||||||||||||||||
AROs related to decommissioning of SCE's nuclear power facilities are based on site-specific studies conducted as part of each Nuclear Decommissioning Cost Triennial Proceeding ("NDCTP"). The initial establishment of a nuclear-related ARO is at fair value. Revisions of an ARO are established for updated site-specific decommissioning cost estimates. SCE adjusts its nuclear decommissioning obligation into a nuclear-related ARO regulatory asset and also records an ARO regulatory liability as a result of timing differences between the recognition of costs and the recovery of costs through the ratemaking process. For further discussion, see "Nuclear Decommissioning" below and Notes 4 and 10. | ||||||||||||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||||||||||||
Impairments of long-lived assets are evaluated based on a review of estimated future cash flows expected to be generated whenever events or changes in circumstances indicate that the carrying amount of such investments or assets may not be recoverable. If the carrying amount of a long-lived asset exceeds expected future cash flows, undiscounted and without interest charges, an impairment loss is recognized in the amount of the excess of fair value over the carrying amount. Fair value is determined via market, cost and income based valuation techniques, as appropriate. SCE's impaired assets are recorded as a regulatory asset if it is deemed probable that such amounts will be recovered from customers. | ||||||||||||||||||||||||
Leases | ||||||||||||||||||||||||
SCE enters into power purchase agreements that may contain leases, as discussed under "Power Purchase Agreements" below. SCE has entered into a number of agreements to lease property and equipment in the normal course of business. Minimum lease payments under operating leases are levelized (total minimum lease payments divided by the number of years of the lease) and recorded as rent expense over the terms of the leases. Lease payments in excess of the minimum are recorded as rent expense in the year incurred. | ||||||||||||||||||||||||
Capital leases are reported as long-term obligations on the consolidated balance sheets in "Other deferred credits and other long-term liabilities." As a rate-regulated enterprise, SCE's capital lease amortization expense and interest expense are reflected in "Purchased power" on the consolidated statements of income. | ||||||||||||||||||||||||
Nuclear Decommissioning | ||||||||||||||||||||||||
Decommissioning costs, which are recovered through non-bypassable customer rates over the term of each nuclear facility's operating license, are recorded as a component of depreciation expense, with a corresponding credit to the ARO regulatory liability. Amortization of the ARO asset (included within the unamortized nuclear investment) and accretion of the ARO liability are deferred as increases to the ARO regulatory liability account, resulting in no impact on earnings. | ||||||||||||||||||||||||
SCE has collected in rates amounts for the future costs of removal of its nuclear assets, and has placed those amounts in independent trusts. The cost of removal amounts, in excess of amounts collected for assets not legally required to be removed, are classified as regulatory liabilities. | ||||||||||||||||||||||||
Due to regulatory recovery of SCE's nuclear decommissioning expense, nuclear decommissioning activities do not affect SCE's earnings. SCE's nuclear decommissioning trust investments primarily consist of debt and equity investments that are classified as available-for-sale. Due to regulatory mechanisms, earnings and realized gains and losses (including other-than-temporary impairments) have no impact on electric utility revenue. Unrealized gains and losses on decommissioning trust funds increase or decrease the trust assets and the related regulatory asset or liability and have no impact on electric utility revenue or decommissioning expense. SCE reviews each security for other-than-temporary impairment on the last day of each month. If the fair value on the last day of two consecutive months is less than the cost for that security, SCE recognizes a loss for the other-than-temporary impairment. If the fair value is greater or less than the cost for that security at the time of sale, SCE recognizes a related realized gain or loss, respectively. | ||||||||||||||||||||||||
Deferred Financing Costs | ||||||||||||||||||||||||
Debt premium, discount and issuance expenses incurred in connection with obtaining financing are deferred and amortized on a straight-line basis. Under CPUC ratemaking procedures, SCE's debt reacquisition expenses are amortized over the remaining life of the reacquired debt or, if refinanced, the life of the new debt. SCE had unamortized losses on reacquired debt of $222 million and $228 million at December 31, 2013 and 2012, respectively, reflected as long-term "Regulatory assets" in the consolidated balance sheets. Edison International and SCE had unamortized debt issuance costs of $84 million and $79 million at December 31, 2013, respectively, and $73 million and $67 million at December 31, 2012, respectively, reflected in "Other long-term assets" on the consolidated balance sheets. Amortization of deferred financing costs charged to interest expense is as follows: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Amortization of deferred financing costs charged to interest expense | $ | 47 | $ | 30 | $ | 34 | $ | 46 | $ | 29 | $ | 33 | ||||||||||||
Revenue Recognition | ||||||||||||||||||||||||
Revenue is recognized when electricity is delivered and includes amounts for services rendered but unbilled at the end of each reporting period and reflected in "Electric utility revenue" on the consolidated income statements. Rates charged to customers are based on CPUC and FERC-authorized revenue requirements. CPUC rates are implemented subsequent to final approval. | ||||||||||||||||||||||||
CPUC and FERC rates decouple authorized revenue from the volume of electricity sales. Differences between amounts collected and authorized levels are either collected from or refunded to customers, and therefore, SCE earns revenue equal to amounts authorized. | ||||||||||||||||||||||||
SCE remits to the California Department of Water Resources ("CDWR"), and does not recognize as revenue the amounts that SCE billed and collected from its customers for electric power purchased and sold by the CDWR to SCE's customers in 2011 as well as bond-related charges and direct access exit fees, both of which continue until 2022. These contracts were not considered a cost to SCE because SCE was acting as a limited agent to CDWR for these transactions. The amounts collected and remitted to CDWR were $1.1 billion in 2011, primarily related to the power contracts. | ||||||||||||||||||||||||
SCE bills certain sales and use taxes levied by state or local governments to its customers. Included in these sales and use taxes are franchise fees, which SCE pays to various municipalities (based on contracts with these municipalities) in order to operate within the limits of the municipality. SCE bills these franchise fees to its customers based on a CPUC-authorized rate. These franchise fees, which are required to be paid regardless of SCE's ability to collect from the customer, are accounted for on a gross basis and reflected in electric utility revenue and other operation and maintenance expense. SCE's franchise fees billed to customers and recorded as electric utility revenue were $116 million, $98 million and $101 million in 2013, 2012 and 2011, respectively. When SCE bills and collects taxes from customers, these taxes are remitted to the taxing authorities and are not recognized as electric utility revenue. | ||||||||||||||||||||||||
Power Purchase Agreements | ||||||||||||||||||||||||
SCE enters into power purchase agreements in the normal course of business. A power purchase agreement may be considered a variable interest in a variable interest entity. Under this classification, the power purchase agreement is evaluated to determine if SCE is the primary beneficiary in the variable interest entity, in which case, such entity would be consolidated. None of SCE's power purchase agreements resulted in consolidation of a variable interest entity at December 31, 2013 and 2012. See Note 3 for further discussion of power purchase agreements that are considered variable interests. | ||||||||||||||||||||||||
A power purchase agreement may also contain a lease for accounting purposes. This generally occurs when a power purchase agreement (signed or modified after June 30, 2003) designates a specific power plant in which the buyer purchases substantially all of the output and does not otherwise meet a fixed price per unit of output exception. SCE has a number of power purchase agreements that contain leases. SCE's recognition of lease expense conforms to the ratemaking treatment for SCE's recovery of the cost of electricity and is recorded in purchased power. These agreements are classified as operating leases as electricity is delivered at rates defined in power sales agreements. See Note 12 for further discussion of SCE's power purchase agreements, including agreements that are classified as capital leases for accounting purposes. | ||||||||||||||||||||||||
A power purchase agreement that does not contain a lease may be classified as a derivative subject to a normal purchase and sale exception, in which case the power purchase agreement is classified as an executory contract and accounted for on an accrual basis. Most of SCE's QF contracts are not required to be recorded on the consolidated balance sheets because they either do not meet the definition of a derivative or meet the normal purchase and sale exception. However, SCE purchases power from certain QFs in which the contract pricing is based on a natural gas index, but the power is not generated with natural gas. These contracts are not eligible for the normal purchase and sale exception and are recorded as a derivative on the consolidated balance sheets at fair value. See Note 6 for further information on derivatives and hedging activities. | ||||||||||||||||||||||||
Power purchase agreements that do not meet the above classifications are accounted for on an accrual basis. | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||||||||||||
SCE records derivative instruments on its consolidated balance sheets as either assets or liabilities measured at fair value unless otherwise exempted from derivative treatment as normal purchases or sales. The normal purchases and sales exception requires, among other things, physical delivery in quantities expected to be used or sold over a reasonable period in the normal course of business. Realized gains and losses from SCE's derivative instruments are expected to be recovered from or refunded to customers through regulatory mechanisms and, therefore, SCE's fair value changes have no impact on purchased-power expenses or earnings. SCE does not use hedge accounting for derivative transactions due to regulatory accounting treatment. | ||||||||||||||||||||||||
Where SCE's derivative instruments are subject to a master netting agreement and certain criteria are met, SCE presents its derivative assets and liabilities on a net basis on its consolidated balance sheets. In addition, derivative positions are offset against margin and cash collateral deposits. The results of derivative activities are recorded as part of cash flows from operating activities on the consolidated statements of cash flows. See Note 6 for further information on derivative and hedging activities. | ||||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||
Stock options, performance shares, deferred stock units and restricted stock units have been granted under Edison International's long-term incentive compensation programs. Generally, Edison International does not issue new common stock for settlement of equity awards. Rather, a third party is used to purchase shares from the market and delivery for settlement of option exercises, performance shares and restricted stock units. Performance shares earned are settled half in cash and half in common stock; however, Edison International has discretion under certain of the awards to pay the half subject to cash settlement in common stock. Deferred stock units granted to management are settled in cash and represent a liability. Restricted stock units are settled in common stock; however, Edison International will substitute cash awards to the extent necessary to pay tax withholding or any government levies. | ||||||||||||||||||||||||
Stock-based compensation expense is recognized on a straight-line basis over the requisite service period. For awards granted to retirement-eligible participants stock compensation expenses are recognized on a prorated basis over the initial year or over the period between the date of grant and the date the participant first becomes eligible for retirement. | ||||||||||||||||||||||||
SCE Dividend Restrictions | ||||||||||||||||||||||||
The CPUC regulates SCE's capital structure which limits the dividends it may pay Edison International. SCE may make distributions to Edison International as long as the common equity component of SCE's capital structure remains at or above the 48% on a 13-month weighted average basis. At December 31, 2013, SCE's 13-month weighted-average common equity component of total capitalization was 49.2% and the maximum additional dividend that SCE could pay to Edison International under this limitation was approximately $247 million, resulting in a restriction on SCE's net assets of $11.9 billion. | ||||||||||||||||||||||||
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: | ||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||
Basic earnings per share – continuing operations: | ||||||||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 879 | $ | 1,503 | $ | 1,041 | ||||||||||||||||||
Weighted average common shares outstanding | 326 | 326 | 326 | |||||||||||||||||||||
Basic earnings per share – continuing operations | $ | 2.7 | $ | 4.61 | $ | 3.2 | ||||||||||||||||||
Diluted earnings per share – continuing operations: | ||||||||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 879 | $ | 1,503 | $ | 1,041 | ||||||||||||||||||
Income impact of assumed conversions | 1 | (1 | ) | (1 | ) | |||||||||||||||||||
Income from continuing operations available to common shareholders and assumed conversions | $ | 880 | $ | 1,502 | $ | 1,040 | ||||||||||||||||||
Weighted average common shares outstanding | 326 | 326 | 326 | |||||||||||||||||||||
Incremental shares from assumed conversions | 3 | 4 | 3 | |||||||||||||||||||||
Adjusted weighted average shares – diluted | 329 | 330 | 329 | |||||||||||||||||||||
Diluted earnings per share – continuing operations | $ | 2.67 | $ | 4.55 | $ | 3.17 | ||||||||||||||||||
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 3,977,894, 7,492,552 and 5,847,094 shares of common stock for the years ended December 31, 2013, 2012 and 2011, 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. | ||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||
Edison International and SCE estimate their income taxes for each jurisdiction in which they operate. This involves estimating current period tax expense along with assessing temporary differences resulting from differing treatment of items (such as depreciation) for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in the consolidated balance sheets. Income tax expense includes the current tax liability from operations and the change in deferred income taxes during the year. Investment tax credits are deferred and amortized to income tax expense over the lives of the properties or the term of the power purchase agreement of the respective project while production tax credits are recognized in income tax expense in the period in which they are earned. | ||||||||||||||||||||||||
Interest income, interest expense and penalties associated with income taxes are reflected in "Income tax expense" on the consolidated statements of income. | ||||||||||||||||||||||||
Edison International's eligible subsidiaries are included in Edison International's consolidated federal income tax and combined state tax returns. Edison International has tax-allocation and payment agreements with certain of its subsidiaries. Pursuant to an income tax-allocation agreement approved by the CPUC, SCE's tax liability is computed as if it filed its federal and state income tax returns on a separate return basis. | ||||||||||||||||||||||||
New Accounting Guidance | ||||||||||||||||||||||||
Accounting Guidance Adopted in 2013 | ||||||||||||||||||||||||
Offsetting Assets and Liabilities | ||||||||||||||||||||||||
In January 2013, the FASB issued accounting standard updates modifying the disclosure requirements about the nature of an entity's right of offsetting recognized assets and liabilities in the statement of financial position under master netting agreements and similar arrangements associated with derivative instruments, repurchase agreements and securities lending transactions. The guidance requires increased disclosure of the gross and net recognized assets and liabilities, collateral positions and descriptions of setoff rights. Edison International and SCE adopted this guidance effective January 1, 2013. The adoption of this standard did not impact the consolidated income statements, balance sheets or cash flows of Edison International or SCE. See Note 6 for further details. | ||||||||||||||||||||||||
Items Reclassified Out of Accumulated Other Comprehensive Income | ||||||||||||||||||||||||
In February 2013, the FASB issued an accounting standards update which requires disclosure related to items reclassified out of accumulated other comprehensive income ("AOCI"). The guidance requires companies to present separately, for each component of other comprehensive income, current period reclassifications and the remainder of the current-period other comprehensive income. In addition, for certain current period reclassifications, an entity is required to disclose the effect of the item reclassified out of AOCI on the respective line item(s) of net income. Edison International and SCE adopted this guidance effective January 1, 2013. See Note 14 for further details. | ||||||||||||||||||||||||
Accounting Guidance Not Yet Adopted | ||||||||||||||||||||||||
In July 2013, the FASB issued an accounting standards update that will require 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. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||||||
Property, Plant and Equipment | ' | |||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||
SCE's property, plant and equipment included in the consolidated balance sheets is composed of the following: | ||||||||||||||||||
December 31, | ||||||||||||||||||
(in millions) | 2013 | 2012 | ||||||||||||||||
Transmission | $ | 9,117 | $ | 7,059 | ||||||||||||||
Distribution | 17,874 | 16,872 | ||||||||||||||||
Generation | 2,856 | 4,455 | ||||||||||||||||
General plant and other | 4,674 | 4,358 | ||||||||||||||||
Accumulated depreciation | (7,493 | ) | (7,424 | ) | ||||||||||||||
27,028 | 25,320 | |||||||||||||||||
Construction work in progress | 3,219 | 4,271 | ||||||||||||||||
Nuclear fuel, at amortized cost | 132 | 609 | ||||||||||||||||
Total utility property, plant and equipment | $ | 30,379 | $ | 30,200 | ||||||||||||||
As a result of the permanent retirement of San Onofre, SCE reclassified utility plant and nuclear fuel into a regulatory asset. For further details, see Note 9. | ||||||||||||||||||
Capitalized Software Costs | ||||||||||||||||||
SCE capitalizes costs incurred during the application development stage of internal use software projects to property, plant, and equipment. SCE amortizes capitalized software costs ratably over the expected lives of the software, ranging from 5 to 15 years and commencing upon operational use. At December 31, 2013 and 2012, capitalized software costs were $1.6 billion and $1.5 billion and accumulated amortization was $839 million and $651 million, respectively. Amortization expense for capitalized software was $251 million, $217 million and $156 million in 2013, 2012 and 2011, respectively. At December 31, 2013, amortization expense is estimated to be approximately $255 million annually for 2014 through 2018. | ||||||||||||||||||
Jointly Owned Utility Projects | ||||||||||||||||||
SCE owns interests in several generating stations and transmission systems for which each participant provides its own financing. SCE's proportionate share of these projects is reflected in the consolidated balance sheets and included in the above table. SCE's proportionate share of expenses for each project is reflected in the consolidated statements of income. A portion of the investments in Palo Verde generating stations is included in regulatory assets on the consolidated balance sheets. For further information see Note 11. | ||||||||||||||||||
The following is SCE's investment in each project as of December 31, 2013: | ||||||||||||||||||
(in millions) | Plant in Service | Construction Work in Progress | Accumulated | Nuclear Fuel | Net Book Value | Ownership | ||||||||||||
Depreciation | (at amortized cost) | Interest | ||||||||||||||||
Transmission systems: | ||||||||||||||||||
Eldorado | $ | 87 | $ | 10 | $ | 15 | $ | — | $ | 82 | 62% | |||||||
Pacific Intertie | 189 | 7 | 74 | — | 122 | 50% | ||||||||||||
Generating stations: | ||||||||||||||||||
Palo Verde (nuclear) | 1,842 | 77 | 1,505 | 132 | 546 | 16% | ||||||||||||
Total | $ | 2,118 | $ | 94 | $ | 1,594 | $ | 132 | $ | 750 | ||||||||
In addition to the projects above, SCE has ownership interests in jointly owned power poles with other companies. | ||||||||||||||||||
Sale of Interests in Four Corners Units 4 and 5 | ||||||||||||||||||
In December 2013, SCE completed the sale of its ownership interest in Units 4 and 5 of the Four Corners Generating Station, a coal-fired electric generating facility in New Mexico, to the operator of the facility, Arizona Public Service Company and received net proceeds of approximately $181 million. Under the sale agreement, SCE remains responsible for its pro-rata share of certain environmental liabilities, including penalties arising from environmental violations arising prior to the sale. The sale of Four Corners resulted in a $166 million benefit to SCE's ratepayers and, therefore, will not affect SCE's earnings. |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2013 | |
Variable Interest Entities Disclosure [Abstract] | ' |
Variable Interest Entities | ' |
Variable Interest Entities | |
A VIE is defined as a legal entity whose equity owners do not have sufficient equity at risk, or, as a group, the holders of the equity investment at risk 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. 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 5,183 MW and 2,198 MW at December 31, 2013 and 2012, respectively, and the amounts that SCE paid to these projects were $715 million and $397 million for the years ended December 31, 2013 and 2012, respectively. These amounts are recoverable in customer rates, subject to reasonableness review. | |
Unconsolidated Trusts of SCE | |
SCE Trust I and Trust II were formed in 2012 and 2013, respectively, for the exclusive purpose of issuing the 5.625% and 5.10% 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 and Trust II issued $475 million and $400 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 and Series G Preference Stock issued by SCE in the principal amount of $475 million and $400 million (cumulative, $2,500 per share liquidation value), respectively, which have substantially the same payment terms as the trust securities. | |
The Series F and Series G Preference Stock and the corresponding trust securities do not have a maturity date. Upon any redemption of any shares of the Series F or Series G 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 or Series G Preference Stock. The applicable trusts will use any dividends it receives on the Series F or Series G Preference Stock to make its corresponding distributions on the applicable series of trust securities. If SCE does not make a dividend payment to either trust, 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 and Series G Preference Stock. | |
The Trust I and Trust II balance sheets as of December 31, 3013, and 2012 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 trusts' income statements consisted of both dividend income and dividend distributions in the amounts for Trust I of $27 million and $17 million for the years ended December 31, 2013 and 2012, respectively, and $19 million for the year ending December 31, 2013 for Trust II. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
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 December 31, 2013 and 2012, 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 and money market funds. | ||||||||||||||||||||
Level 2 – Edison International and SCE's Level 2 assets and liabilities include 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: | ||||||||||||||||||||
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 | |||||||||
December 31, 2012 | ||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||
and | ||||||||||||||||||||
Collateral1 | ||||||||||||||||||||
Assets at fair value | ||||||||||||||||||||
Derivative contracts | $ | — | $ | 8 | $ | 221 | $ | (15 | ) | $ | 214 | |||||||||
Other | 13 | — | — | — | 13 | |||||||||||||||
Nuclear decommissioning trusts: | ||||||||||||||||||||
Stocks2 | 2,271 | — | — | — | 2,271 | |||||||||||||||
Fixed income3 | 477 | 1,180 | — | — | 1,657 | |||||||||||||||
Short-term investments, primarily cash equivalents | 121 | — | — | — | 121 | |||||||||||||||
Subtotal of nuclear decommissioning trusts4 | 2,869 | 1,180 | — | — | 4,049 | |||||||||||||||
Total assets | 2,882 | 1,188 | 221 | (15 | ) | 4,276 | ||||||||||||||
Liabilities at fair value | ||||||||||||||||||||
Derivative contracts | — | 115 | 1,012 | (62 | ) | 1,065 | ||||||||||||||
Total liabilities | — | 115 | 1,012 | (62 | ) | 1,065 | ||||||||||||||
Net assets (liabilities) | $ | 2,882 | $ | 1,073 | $ | (791 | ) | $ | 47 | $ | 3,211 | |||||||||
1 | 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% and 66% of SCE's equity investments were located in the United States at December 31, 2013 and 2012, respectively. | |||||||||||||||||||
3 | Includes corporate bonds, which were diversified and included collateralized mortgage obligations and other asset backed securities of $47 million and $56 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||
4 | Excludes net receivables of $12 million at December 31, 2013 and net payables of $1 million at December 31, 2012, which consist 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 $68 million and $107 million at December 31, 2013 and 2012, 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: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
(in millions) | 2013 | 2012 | ||||||||||||||||||
Fair value of net liabilities at beginning of period | $ | (791 | ) | $ | (754 | ) | ||||||||||||||
Total realized/unrealized gains (losses): | ||||||||||||||||||||
Included in regulatory assets and liabilities1 | 23 | (70 | ) | |||||||||||||||||
Purchases | 65 | 104 | ||||||||||||||||||
Settlements | (102 | ) | (71 | ) | ||||||||||||||||
Fair value of net liabilities at end of period | $ | (805 | ) | $ | (791 | ) | ||||||||||||||
Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period | $ | 33 | $ | (119 | ) | |||||||||||||||
1 | 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 2013 and 2012. | ||||||||||||||||||||
Valuation Techniques Used to Determine Fair Value | ||||||||||||||||||||
The process of determining fair value is the responsibility of SCE's risk management department, which report 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 | ||||||||||||||||||||
December 31, 2013 | $ | 366 | $ | — | Market simulation model | Load forecast | 7,603 MW - 24,896MW | |||||||||||||
Power prices | $(9.86) - $108.56 | |||||||||||||||||||
Gas prices | $3.50 - $7.10 | |||||||||||||||||||
December 31, 2012 | 186 | — | Market simulation model | Load forecast | 7,597 MW - 26,612 MW | |||||||||||||||
Power prices | $(13.90) - $226.75 | |||||||||||||||||||
Gas prices | $2.95 - $7.78 | |||||||||||||||||||
Tolling | ||||||||||||||||||||
December 31, 2013 | 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) | |||||||||||||||||||
December 31, 2012 | 4 | 1,005 | Option model | Volatility of gas prices | 17% - 36% (22%) | |||||||||||||||
Volatility of power prices | 26% - 64% (29%) | |||||||||||||||||||
Power prices | $35.00 - $84.10 ($55.40) | |||||||||||||||||||
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 investment policies and CPUC requirements place limitations on the types and investment grade ratings of the securities that may be held by the nuclear decommissioning trust funds. These policies restrict the trust funds from holding alternative investments and limit the trust funds' exposures to investments in highly illiquid markets. With respect to equity and fixed income securities, the trustee obtains prices from third-party pricing services which SCE is able to independently corroborate as described below. A primary price source is identified by the trustee based on asset type, class or issue for each security. The trustee monitors prices supplied by pricing services and may use a supplemental price source or change the primary price source of a given security if the trustee or SCE's investment managers challenge an assigned price and determine that another price source is considered to be preferable. Parameters and predetermined tolerance thresholds are established by asset class based on past experience and an understanding of valuation process techniques. The trustee “scrubs” prices against defined parameters tolerances and performs research and resolves variances beyond the set parameters. SCE reviewed the process/procedures of both the pricing services and the trustee to gain an understanding of the inputs/assumptions and valuation techniques used to price each asset type/class and to reach a conclusion that their pricing controls are satisfactory. This consisted of SCE's review of their written detailed process/procedures and service organization control reports, as well as follow-up conversations based on our written questions. This assists SCE in determining if the valuations represent exit price fair value and that investments are appropriately classified in the fair value hierarchy. Additionally, SCE corroborates the fair values of securities by comparison to other market-based price sources obtained by SCE's investment managers. Differences outside established thresholds are followed-up with the trustee and resolved. The results of this process have demonstrated that vendor and trustee pricing controls are satisfactory. For each reporting period, SCE reviews the trustee determined fair value hierarchy and overrides the trustee level classification when appropriate. Due to its regulatory treatment, SCE's fair value transactions are recovered in rates. | ||||||||||||||||||||
Fair Value of Long-Term Debt Recorded at Carrying Value | ||||||||||||||||||||
The carrying value and fair value of Edison International and SCE's long-term debt: | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
(in millions) | Carrying | Fair | Carrying | Fair | ||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||
Edison International | $ | 10,426 | $ | 11,084 | $ | 9,231 | $ | 10,944 | ||||||||||||
SCE | 10,022 | 10,656 | 8,828 | 10,505 | ||||||||||||||||
The fair value of Edison International and SCE's short-term and 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 | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt and Credit Agreements | ' | |||||||
Debt and Credit Agreements | ||||||||
Long-Term Debt | ||||||||
The following table summarizes long-term debt (rates and terms are as of December 31, 2013) of Edison International and SCE: | ||||||||
December 31, | ||||||||
(in millions) | 2013 | 2012 | ||||||
Edison International Parent and Other: | ||||||||
Debentures and notes: | ||||||||
2017 (3.75%) | $ | 400 | $ | 400 | ||||
Other long-term debt | 4 | 4 | ||||||
Current portion of long-term debt | (1 | ) | — | |||||
Unamortized debt discount, net | — | (1 | ) | |||||
Total Edison International Parent and Other | 403 | 403 | ||||||
SCE: | ||||||||
First and refunding mortgage bonds: | ||||||||
2014 – 2043 (3.5% to 6.05% and floating) | 8,975 | 7,775 | ||||||
Pollution-control bonds: | ||||||||
2028 – 2035 (1.375% to 5.0% and variable) | 939 | 939 | ||||||
Bonds repurchased | (161 | ) | (161 | ) | ||||
Debentures and notes: | ||||||||
2029 – 2053 (5.06% to 6.65%) | 307 | 307 | ||||||
Current portion of long-term debt | (600 | ) | — | |||||
Unamortized debt discount, net | (38 | ) | (32 | ) | ||||
Total SCE | 9,422 | 8,828 | ||||||
Total Edison International | $ | 9,825 | $ | 9,231 | ||||
Edison International and SCE long-term debt maturities over the next five years are the following: | ||||||||
(in millions) | Edison International | SCE | ||||||
2014 | $ | 601 | $ | 600 | ||||
2015 | 300 | 300 | ||||||
2016 | 401 | 400 | ||||||
2017 | 400 | — | ||||||
2018 | 400 | 400 | ||||||
Liens and Security Interests | ||||||||
Almost all of SCE's properties are subject to a trust indenture lien. SCE has pledged first and refunding mortgage bonds as collateral for borrowed funds obtained from pollution-control bonds issued by government agencies. SCE has a debt covenant that requires a debt to total capitalization ratio be met. At December 31, 2013, SCE was in compliance with this debt covenant. | ||||||||
Credit Agreements and Short-Term Debt | ||||||||
The following table summarizes the status of the credit facilities at December 31, 2013: | ||||||||
(in millions) | Edison International Parent | SCE | ||||||
Commitment | $ | 1,250 | $ | 2,750 | ||||
Outstanding borrowings | (34 | ) | (175 | ) | ||||
Outstanding letters of credit | — | (116 | ) | |||||
Amount available | $ | 1,216 | $ | 2,459 | ||||
In 2013, SCE and Edison International Parent amended their credit facilities to extend the maturity dates to July 2018 for $2.75 billion and $1.25 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 December 31, 2013, SCE's outstanding commercial paper was $175 million at a weighted-average interest rate of 0.24%. The commercial paper was supported by the $2.75 billion multi-year revolving credit facility. At December 31, 2013, letters of credit issued under SCE's credit facility aggregated $116 million and are scheduled to expire in twelve months or less. At December 31, 2012, the outstanding commercial paper was $175 million at a weighted-average interest rate of 0.37%. | ||||||||
At December 31, 2013, Edison International Parent's outstanding commercial paper was $34 million at a weighted-average interest rate of 0.55%. This commercial paper was supported by the $1.25 billion multi-year revolving credit facility. At December 31, 2012, Edison International Parent had no outstanding short-term debt. | ||||||||
Financing Subsequent to December 31, 2013 | ||||||||
In January 2014, SCE issued $300 million of floating rate first and refunding mortgage bonds due in 2015. The proceeds from this bond were used for working capital to fund the ERRA balancing account undercollections. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||||||
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 $49 million and $6 million as of December 31, 2013 and 2012, 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 December 31, 2013, SCE would be required to post collateral in the amount of $5 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: | |||||||||||||||||||||||||||||
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 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 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||
(in millions) | Short-Term | Long-Term | Subtotal | Short-Term | Long-Term | Subtotal | Net | ||||||||||||||||||||||
Liability | |||||||||||||||||||||||||||||
Commodity derivative contracts | |||||||||||||||||||||||||||||
Gross amounts recognized | $ | 151 | $ | 91 | $ | 242 | $ | 186 | $ | 954 | $ | 1,140 | $ | 898 | |||||||||||||||
Gross amounts offset in consolidated balance sheets | (22 | ) | (6 | ) | (28 | ) | (22 | ) | (6 | ) | (28 | ) | — | ||||||||||||||||
Cash collateral posted1 | — | — | — | (38 | ) | (9 | ) | (47 | ) | (47 | ) | ||||||||||||||||||
Net amounts presented in the consolidated balance sheets | $ | 129 | $ | 85 | $ | 214 | $ | 126 | $ | 939 | $ | 1,065 | $ | 851 | |||||||||||||||
1 | In addition, at December 31, 2013 and 2012, SCE had posted $19 million and $8 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: | |||||||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Realized losses | $ | (56 | ) | $ | (227 | ) | $ | (165 | ) | ||||||||||||||||||||
Unrealized gains (losses) | 93 | 125 | (768 | ) | |||||||||||||||||||||||||
Notional Volumes of Derivative Instruments | |||||||||||||||||||||||||||||
The following table summarizes the notional volumes of derivatives used for SCE hedging activities: | |||||||||||||||||||||||||||||
Economic Hedges | |||||||||||||||||||||||||||||
Unit of | December 31, | ||||||||||||||||||||||||||||
Commodity | Measure | 2013 | 2012 | ||||||||||||||||||||||||||
Electricity options, swaps and forwards | GWh | 6,274 | 15,884 | ||||||||||||||||||||||||||
Natural gas options, swaps and forwards | Bcf | 12 | 100 | ||||||||||||||||||||||||||
Congestion revenue rights | GWh | 149,234 | 149,774 | ||||||||||||||||||||||||||
Tolling arrangements | GWh | 87,991 | 101,485 | ||||||||||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||
Current and Deferred Taxes | ||||||||||||||||||||||||
Edison International's sources of income (loss) before income taxes are: | ||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||
Income from continuing operations before income taxes | $ | 1,221 | $ | 1,861 | $ | 1,668 | ||||||||||||||||||
Discontinued operations before income taxes | — | (2,235 | ) | (1,931 | ) | |||||||||||||||||||
Income (loss) before income tax | $ | 1,221 | $ | (374 | ) | $ | (263 | ) | ||||||||||||||||
The components of income tax expense (benefit) by location of taxing jurisdiction are: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Current: | ||||||||||||||||||||||||
Federal | $ | (97 | ) | $ | — | $ | (279 | ) | $ | (119 | ) | $ | — | $ | (275 | ) | ||||||||
State | (9 | ) | — | 80 | (19 | ) | 50 | 91 | ||||||||||||||||
(106 | ) | — | (199 | ) | (138 | ) | 50 | (184 | ) | |||||||||||||||
Deferred: | ||||||||||||||||||||||||
Federal | 317 | 132 | 727 | 345 | 136 | 757 | ||||||||||||||||||
State | 31 | 135 | 40 | 72 | 28 | 28 | ||||||||||||||||||
348 | 267 | 767 | 417 | 164 | 785 | |||||||||||||||||||
Total continuing operations | 242 | 267 | 568 | 279 | 214 | 601 | ||||||||||||||||||
Discontinued operations | (36 | ) | (549 | ) | (853 | ) | — | — | — | |||||||||||||||
Total | $ | 206 | $ | (282 | ) | $ | (285 | ) | $ | 279 | $ | 214 | $ | 601 | ||||||||||
The components of net accumulated deferred income tax liability are: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||||
Property and software related | $ | 523 | $ | 600 | $ | 523 | $ | 600 | ||||||||||||||||
Unrealized gains and losses | 579 | 491 | 569 | 477 | ||||||||||||||||||||
Loss and credit carryforwards | 2,228 | 1,515 | 427 | 125 | ||||||||||||||||||||
Regulatory balancing accounts | 139 | 80 | 139 | 80 | ||||||||||||||||||||
Pension and PBOPs | 264 | 275 | 86 | 99 | ||||||||||||||||||||
Other | 721 | 723 | 563 | 625 | ||||||||||||||||||||
Sub-total | 4,454 | 3,684 | 2,307 | 2,006 | ||||||||||||||||||||
Less valuation allowance | 1,380 | 1,017 | — | — | ||||||||||||||||||||
Total | 3,074 | 2,667 | 2,307 | 2,006 | ||||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||||
Property-related | 7,879 | 7,289 | 7,869 | 7,279 | ||||||||||||||||||||
Capitalized software costs | 318 | 325 | 318 | 325 | ||||||||||||||||||||
Regulatory balancing accounts | 625 | 296 | 625 | 296 | ||||||||||||||||||||
Unrealized gains and losses | 569 | 477 | 569 | 477 | ||||||||||||||||||||
Other | 503 | 471 | 399 | 379 | ||||||||||||||||||||
Total | 9,894 | 8,858 | 9,780 | 8,756 | ||||||||||||||||||||
Accumulated deferred income tax liability, net | $ | 6,820 | $ | 6,191 | $ | 7,473 | $ | 6,750 | ||||||||||||||||
Classification of accumulated deferred income taxes, net: | ||||||||||||||||||||||||
Included in deferred credits and other liabilities | $ | 7,241 | $ | 6,127 | $ | 7,737 | $ | 6,669 | ||||||||||||||||
Included in current liabilities (assets) | (421 | ) | 64 | (264 | ) | 81 | ||||||||||||||||||
Net Operating Loss and Tax Credit Carryforwards | ||||||||||||||||||||||||
As of December 31, 2013, Edison International has $1.9 billion of net operating loss carryforwards (tax effected) of which $36 million expire between 2015 and 2025, and the remainder expires in 2031 and 2032. Edison International also has $399 million of federal tax credit carryforwards of which $376 million expire between 2029 and 2033 and the remainder has no expiration date. | ||||||||||||||||||||||||
As of December 31, 2013, SCE has $371 million of net operating loss carryforwards (tax effected) of which $18 million expire between 2015 and 2017, and the remainder expire in 2031 and 2033. SCE also has $55 million of federal tax credit carryforwards of which $41 million expire between 2030 and 2033 and the remainder has no expiration date. | ||||||||||||||||||||||||
Edison International has recorded deferred tax assets related to net operating losses and tax credit carryforwards that pertain to Edison International's consolidated or combined federal and state tax returns, including approximately $1.6 billion related to EME. Edison International continues to consolidate EME for federal and certain combined state tax returns. EME’s Plan of Reorganization, filed in December 2013 ("December Plan of Reorganization"), provides for the transfer of Edison International’s ownership interest to the creditors which would result in a tax deconsolidation of EME. Under federal and state tax regulations, the tax deconsolidation of EME will reduce the amounts of net operating loss and tax credits carryforwards that Edison International would be eligible to use in future periods. As a result of EME's December Plan of Reorganization that would result in a tax deconsolidation of EME, Edison International has recorded a valuation allowance of $1.380 billion based on the estimated amount of such benefits as calculated under the applicable federal and state tax regulations as of December 31, 2013. The deferred income tax benefits recognized by Edison International less the valuation allowance for amounts that would no longer be available upon tax deconsolidation of EME was approximately $220 million. See Note 16 for subsequent events related to the EME bankruptcy. | ||||||||||||||||||||||||
As of December 31, 2013, Edison International has a tax basis of $544 million (tax-effected) in the stock of EME. To the extent that Edison International's tax basis in EME stock is positive upon tax deconsolidation, Edison International may be entitled to claim a tax deduction equal to the amount of its tax basis. A change in Edison International’s tax basis in the stock of EME can result from a number of items, including, but not limited to, utilization of net operating loss carryforwards and tax payments. Edison International has not recorded a deferred tax asset at December 31, 2013 related to potential tax benefits from a tax deduction related to its tax basis in EME. | ||||||||||||||||||||||||
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: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Income from continuing operations before income taxes | $ | 1,221 | $ | 1,861 | $ | 1,668 | $ | 1,279 | $ | 1,874 | $ | 1,745 | ||||||||||||
Provision for income tax at federal statutory rate of 35% | 427 | 652 | 584 | 448 | 656 | 611 | ||||||||||||||||||
Increase (decrease) in income tax from: | ||||||||||||||||||||||||
Items presented with related state income tax, net: | ||||||||||||||||||||||||
Repair deductions1 | — | (231 | ) | — | — | (231 | ) | — | ||||||||||||||||
State tax, net of federal benefit | 18 | 108 | 85 | 34 | 54 | 80 | ||||||||||||||||||
Property-related2 | (192 | ) | (223 | ) | (46 | ) | (192 | ) | (223 | ) | (46 | ) | ||||||||||||
Accumulated deferred income tax adjustments | — | (41 | ) | (30 | ) | — | (41 | ) | (30 | ) | ||||||||||||||
Change related to uncertain tax positions | 14 | 40 | — | 14 | 36 | (3 | ) | |||||||||||||||||
Other | (25 | ) | (38 | ) | (25 | ) | (25 | ) | (37 | ) | (11 | ) | ||||||||||||
Total income tax expense from continuing operations | $ | 242 | $ | 267 | $ | 568 | $ | 279 | $ | 214 | $ | 601 | ||||||||||||
Effective tax rate | 19.8 | % | 14.3 | % | 34.1 | % | 21.8 | % | 11.4 | % | 34.4 | % | ||||||||||||
1 | Edison International made a voluntary election in 2009 to change its tax accounting method for certain repair costs incurred on SCE's transmission, distribution and generation assets. Regulatory treatment for the 2009 – 2011 incremental repairs deductions taken after the 2009 tax accounting method change resulted in SCE recognizing a $231 million earnings benefit in 2012. | |||||||||||||||||||||||
2 | Includes incremental repair benefit recorded in 2013 and 2012. See discussion of repair deductions below. | |||||||||||||||||||||||
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. | ||||||||||||||||||||||||
Accounting for Uncertainty in Income Taxes | ||||||||||||||||||||||||
Authoritative guidance related to accounting for uncertainty in income taxes requires an enterprise to recognize, in its financial statements, the best estimate of the impact of a tax position by determining if the weight of the available evidence indicates it is more likely than not, based solely on the technical merits, that the position will be sustained upon examination. The guidance requires the disclosure of all unrecognized tax benefits, which includes both the reserves recorded for tax positions on filed tax returns and the unrecognized portion of affirmative claims. | ||||||||||||||||||||||||
Unrecognized Tax Benefits | ||||||||||||||||||||||||
The following table provides a reconciliation of unrecognized tax benefits for continuing and discontinued operations: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Balance at January 1, | $ | 812 | $ | 631 | $ | 565 | $ | 571 | $ | 373 | $ | 329 | ||||||||||||
Tax positions taken during the current year: | ||||||||||||||||||||||||
Increases | 19 | 33 | 39 | 22 | 35 | 34 | ||||||||||||||||||
Tax positions taken during a prior year: | ||||||||||||||||||||||||
Increases | 43 | 177 | 102 | 45 | 169 | 82 | ||||||||||||||||||
Decreases | (109 | ) | (11 | ) | (75 | ) | (106 | ) | (6 | ) | (72 | ) | ||||||||||||
Increases (decreases) – deconsolidation of EME 1 | 50 | (18 | ) | — | — | — | — | |||||||||||||||||
Decreases for settlements during the period | — | — | — | — | — | — | ||||||||||||||||||
Balance at December 31, | $ | 815 | $ | 812 | $ | 631 | $ | 532 | $ | 571 | $ | 373 | ||||||||||||
1 | Unrecognized tax benefits of EME have been deconsolidated as a result of the bankruptcy filing by EME, except for tax liabilities that Edison International is jointly liable with EME under the Internal Revenue Code and applicable state statues. See Note 16 for further information. During 2013, Edison International increased the amount of unrecognized tax benefits related to the taxable gain on sale of EME’s international assets by $50 million as a result of unfavorable developments during the fourth quarter of 2013. | |||||||||||||||||||||||
As of December 31, 2013 and 2012, if recognized, $653 million and $622 million respectively, of the unrecognized tax benefits would impact Edison International's effective tax rate; and $374 million and $388 million, respectively, of the unrecognized tax benefits would impact SCE's effective tax rate. | ||||||||||||||||||||||||
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 $206 million, including interest and penalties through December 31, 2013, see Note 16. | |||||||||||||||||||||||
• | 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 $100 million, including interest through December 31, 2013. | |||||||||||||||||||||||
Edison International disagrees with the proposed adjustments and filed a protest with the IRS in the first quarter of 2011. During the fourth quarter of 2013, the Internal Revenue Service advised Edison International that it intends to issue technical advice adverse to Edison International supporting the proposed adjustment by IRS examination increasing the taxable gain on the 2004 sale of EME’s international assets (the technical advice adverse to Edison International was received in February 2014). The technical advice did not address penalties. Edison International is continuing to protest the asserted penalty with IRS Appeals. Edison International anticipates that the IRS will issue a deficiency notice for the tax, interest and possibly penalties related to this issue 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. | ||||||||||||||||||||||||
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 $74 million, including interest through December 31, 2013. Edison International disagrees with the proposed adjustment and filed a protest with the IRS in April 2013. | ||||||||||||||||||||||||
Accrued Interest and Penalties | ||||||||||||||||||||||||
The total amount of accrued interest and penalties related to income tax liabilities for continuing and discontinued operations are: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Accrued interest and penalties | $ | 406 | $ | 278 | $ | 88 | $ | 87 | ||||||||||||||||
The net after-tax interest and penalties recognized in income tax expense are: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Net after-tax interest and penalties tax benefit (expense) | $ | (3 | ) | $ | (10 | ) | $ | (8 | ) | $ | 2 | $ | (11 | ) | $ | (8 | ) | |||||||
Compensation_and_Benefit_Plans
Compensation and Benefit Plans | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Compensation and Benefit Plans | ' | |||||||||||||||||||||||
Compensation and Benefit Plans | ||||||||||||||||||||||||
Employee Savings Plan | ||||||||||||||||||||||||
The 401(k) defined contribution savings plan is designed to supplement employees' retirement income. The following employer contributions were made for continuing operations: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
(in millions) | Years ended December 31, | |||||||||||||||||||||||
2013 | $ | 76 | $ | 76 | ||||||||||||||||||||
2012 | 85 | 84 | ||||||||||||||||||||||
2011 | 84 | 83 | ||||||||||||||||||||||
Pension Plans and Postretirement Benefits Other Than Pensions | ||||||||||||||||||||||||
Pension Plans | ||||||||||||||||||||||||
Noncontributory defined benefit pension plans (some with cash balance features) cover most employees meeting minimum service requirements. SCE recognizes pension expense for its nonexecutive plan as calculated by the actuarial method used for ratemaking. The expected contributions (all by the employer) for Edison International and SCE are approximately $200 million and $173 million, respectively, for the year ending December 31, 2014. 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. | ||||||||||||||||||||||||
The funded position of Edison International's pension is sensitive to changes in market conditions. Changes in overall interest rate levels significantly affect the company's liabilities, while assets held in the various trusts established to fund Edison International's long-term pension are affected by movements in the equity and bond markets. Due to SCE's regulatory recovery treatment, the unfunded status is offset by a regulatory asset. | ||||||||||||||||||||||||
Non-Executive Retirement Plan Liabilities of EME | ||||||||||||||||||||||||
The employees of EME and its subsidiaries participate in a number of qualified retirement plans that are sponsored by either Edison International or SCE. Under these benefit plans EME is obligated to make contributions to fund the costs of the plans. Edison International Parent has not guaranteed the obligations of EME, however, under the Internal Revenue Code and applicable state statutes, Edison International Parent is jointly liable for qualified retirement plans. As a result of the EME Chapter 11 bankruptcy filing, Edison International has a long-term liability of $35 million and $80 million at December 31, 2013 and 2012, respectively, related to employees of EME participation in these plans which is reflected in the table below. For further information on the EME Chapter 11 bankruptcy filing, refer to Note 16. | ||||||||||||||||||||||||
Transfer of Certain Pension Benefits to Edison International | ||||||||||||||||||||||||
In 2012, Edison International agreed to assume the liabilities for active employees of SCE and EME under the specified plans related to pension benefits. During bankruptcy, EME is obligated to fund costs incurred on an after tax basis each pay period while SCE is obligated to reimburse Edison International upon settlement of liabilities on an after tax basis. | ||||||||||||||||||||||||
Information on pension plan assets and benefit obligations for continuing and discontinued operations is shown below. | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 4,948 | $ | 4,493 | $ | 4,434 | $ | 4,112 | ||||||||||||||||
Service cost | 174 | 179 | 154 | 156 | ||||||||||||||||||||
Interest cost | 182 | 196 | 164 | 176 | ||||||||||||||||||||
Liability transferred to Edison International | — | 23 | — | (92 | ) | |||||||||||||||||||
Actuarial (gain) loss | (330 | ) | 370 | (277 | ) | 318 | ||||||||||||||||||
Curtailment | — | (26 | ) | — | — | |||||||||||||||||||
Benefits paid | (796 | ) | (253 | ) | (754 | ) | (236 | ) | ||||||||||||||||
Deconsolidation of EME1 | — | (34 | ) | — | — | |||||||||||||||||||
Projected benefit obligation at end of year | $ | 4,178 | $ | 4,948 | $ | 3,721 | $ | 4,434 | ||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 3,542 | $ | 3,153 | $ | 3,320 | $ | 2,971 | ||||||||||||||||
Actual return on plan assets | 540 | 460 | 505 | 431 | ||||||||||||||||||||
Employer contributions | 191 | 182 | 165 | 154 | ||||||||||||||||||||
Benefits paid | (796 | ) | (253 | ) | (754 | ) | (236 | ) | ||||||||||||||||
Fair value of plan assets at end of year | $ | 3,477 | $ | 3,542 | $ | 3,236 | $ | 3,320 | ||||||||||||||||
Funded status at end of year | $ | (701 | ) | $ | (1,406 | ) | $ | (485 | ) | $ | (1,114 | ) | ||||||||||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||||||||||||||
Current liabilities | $ | (15 | ) | $ | (19 | ) | $ | (5 | ) | $ | (6 | ) | ||||||||||||
Long-term liabilities | (686 | ) | (1,387 | ) | (480 | ) | (1,108 | ) | ||||||||||||||||
$ | (701 | ) | $ | (1,406 | ) | $ | (485 | ) | $ | (1,114 | ) | |||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | ||||||||||||||||||||||||
Net loss | $ | 30 | $ | 127 | $ | 33 | $ | 40 | ||||||||||||||||
Amounts recognized as a regulatory asset: | ||||||||||||||||||||||||
Prior service cost | $ | 25 | $ | 30 | $ | 25 | $ | 30 | ||||||||||||||||
Net loss | 328 | 999 | 328 | 999 | ||||||||||||||||||||
$ | 353 | $ | 1,029 | $ | 353 | $ | 1,029 | |||||||||||||||||
Total not yet recognized as expense | $ | 383 | $ | 1,156 | $ | 386 | $ | 1,069 | ||||||||||||||||
Accumulated benefit obligation at end of year | $ | 4,015 | $ | 4,609 | $ | 3,599 | $ | 4,171 | ||||||||||||||||
Pension plans with an accumulated benefit obligation in excess of plan assets: | ||||||||||||||||||||||||
Projected benefit obligation | $ | 4,178 | $ | 4,948 | $ | 3,721 | $ | 4,434 | ||||||||||||||||
Accumulated benefit obligation | 4,015 | 4,609 | 3,599 | 4,171 | ||||||||||||||||||||
Fair value of plan assets | 3,477 | 3,542 | 3,236 | 3,320 | ||||||||||||||||||||
Weighted-average assumptions used to determine obligations at end of year: | ||||||||||||||||||||||||
Discount rate | 4.75 | % | 3.75 | % | 4.75 | % | 3.75 | % | ||||||||||||||||
Rate of compensation increase | 4 | % | 4.5 | % | 4 | % | 4.5 | % | ||||||||||||||||
1 | The retirement plan liabilities of EME have been deconsolidated as a result of the bankruptcy filing by EME, except for qualified pension plans that Edison International is jointly liable with EME under the Internal Revenue Code. See Note 16 for further information. | |||||||||||||||||||||||
Pension expense components for continuing operations are: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Service cost | $ | 162 | $ | 163 | $ | 149 | $ | 159 | $ | 160 | $ | 145 | ||||||||||||
Interest cost | 170 | 183 | 196 | 167 | 180 | 192 | ||||||||||||||||||
Expected return on plan assets | (222 | ) | (217 | ) | (226 | ) | (222 | ) | (217 | ) | (225 | ) | ||||||||||||
Settlement costs1 | 87 | 5 | — | 85 | 4 | — | ||||||||||||||||||
Amortization of prior service cost | 5 | 3 | 7 | 5 | 3 | 7 | ||||||||||||||||||
Amortization of net loss2 | 39 | 61 | 25 | 35 | 57 | 22 | ||||||||||||||||||
Expense under accounting standards | 241 | 198 | 151 | 229 | 187 | 141 | ||||||||||||||||||
Regulatory adjustment (deferred) | (53 | ) | (19 | ) | (28 | ) | (53 | ) | (19 | ) | (28 | ) | ||||||||||||
Total expense recognized | $ | 188 | $ | 179 | $ | 123 | $ | 176 | $ | 168 | $ | 113 | ||||||||||||
1 | Includes the amount of net loss reclassified from other comprehensive loss. The amount reclassified for Edison International was $2 million for the year ended December 31, 2013. | |||||||||||||||||||||||
2 | Includes the amount of net loss reclassified from other comprehensive loss. The amount reclassified for Edison International and SCE was $11 million and $7 million for the year ended December 31, 2013, respectively. | |||||||||||||||||||||||
Under GAAP, a settlement is recorded when lump-sum payments exceed estimated annual service and interest costs. Lump-sum payments to employees retiring in 2013 from the SCE Retirement Plan (primarily due to workforce reductions described below) exceeded the estimated service and interest costs for the year. A settlement requires re-measurement of both the plan pension obligations and plan assets as of the date of the settlement. The re-measurement of the SCE Retirement Plan during 2013 resulted in total actuarial gains of $563 million, including $558 million for SCE. The actuarial gains are primarily due to an increase in the discount rate (from 3.75% at December 31, 2012 to 4.25% as of May 31, 2013, 4.50% as of August 31, 2013 and 4.75% as of December 31, 2013) due to higher interest rates and performance of the plan assets. | ||||||||||||||||||||||||
After re-measurement, GAAP requires an acceleration of a portion of unrecognized net losses attributable to such lump-sum payments as additional pension expense as reflected in the above table. The additional pension expense related to SCE did not impact net income as such amounts are probable of recovery through future rates. | ||||||||||||||||||||||||
The projected benefit obligations exceeded the fair value of the SCE Retirement Plan assets by $478 million, including $449 million for SCE, at December 31, 2013 compared to $1.11 billion, including $1.07 billion for SCE, at December 31, 2012. | ||||||||||||||||||||||||
Other changes in pension plan assets and benefit obligations recognized in other comprehensive income for continuing operations: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Net (gain) loss | $ | (33 | ) | $ | 36 | $ | 13 | $ | (24 | ) | $ | 20 | $ | 8 | ||||||||||
Amortization of net loss | (13 | ) | (10 | ) | (11 | ) | (7 | ) | (6 | ) | (7 | ) | ||||||||||||
Total recognized in other comprehensive loss | $ | (46 | ) | $ | 26 | $ | 2 | $ | (31 | ) | $ | 14 | $ | 1 | ||||||||||
Total recognized in expense and other comprehensive income | $ | 142 | $ | 205 | $ | 125 | $ | 145 | $ | 182 | $ | 114 | ||||||||||||
In accordance with authoritative guidance on rate-regulated enterprises, SCE records regulatory assets and liabilities instead of charges and credits to other comprehensive income (loss) for the portion of SCE's postretirement benefit plans that are recoverable in utility rates. The estimated pension amounts that will be amortized to expense in 2014 for continuing operations are as follows: | ||||||||||||||||||||||||
(in millions) | Edison International | SCE | ||||||||||||||||||||||
Unrecognized net loss to be amortized1 | $ | 5 | $ | 2 | ||||||||||||||||||||
Unrecognized prior service cost to be amortized | 5 | 5 | ||||||||||||||||||||||
1 | The amount of net loss expected to be reclassified from other comprehensive loss for Edison International's continuing operations and SCE is $6 million and $4 million, respectively. | |||||||||||||||||||||||
Edison International and SCE used the following weighted-average assumptions to determine pension expense for continuing operations: | ||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate | 4.13 | % | 4.5 | % | 5.25 | % | ||||||||||||||||||
Rate of compensation increase | 4.5 | % | 4.5 | % | 5 | % | ||||||||||||||||||
Expected long-term return on plan assets | 7 | % | 7.5 | % | 7.5 | % | ||||||||||||||||||
The following benefit payments, which reflect expected future service, are expected to be paid: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
(in millions) | Years ended December 31, | |||||||||||||||||||||||
2014 | $ | 265 | $ | 202 | ||||||||||||||||||||
2015 | 240 | 208 | ||||||||||||||||||||||
2016 | 249 | 214 | ||||||||||||||||||||||
2017 | 254 | 219 | ||||||||||||||||||||||
2018 | 257 | 227 | ||||||||||||||||||||||
2019 – 2023 | 1,323 | 1,196 | ||||||||||||||||||||||
Postretirement Benefits Other Than Pensions ("PBOP(s)") | ||||||||||||||||||||||||
Most employees retiring at or after age 55 with at least 10 years of service may be eligible for postretirement medical, dental, vision and life insurance benefits. Eligibility for a company contribution toward the cost of these benefits in retirement depends on a number of factors, including the employee's years of service, hire date, and retirement date. 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. | ||||||||||||||||||||||||
The expected contributions (all by the employer) for PBOP benefits for SCE are $14 million for the year ended December 31, 2014. 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. | ||||||||||||||||||||||||
SCE has established three voluntary employee beneficiary associations trusts (“VEBA Trusts”) that can only be used to pay for retiree health care benefits of SCE. Once funded into the VEBA Trusts, neither SCE nor Edison International can subsequently terminate benefits and recover remaining amounts in the VEBA Trusts. Participants of the PBOP Plan do not have a beneficial interest in the VEBA Trusts. The VEBA Trust assets are sensitive to changes in market conditions. Changes in overall interest rate levels significantly affect the company's liabilities, while assets held in the various trusts established to fund Edison International's other postretirement benefits are affected by movements in the equity and bond markets. Due to SCE's regulatory recovery treatment, the unfunded status is offset by a regulatory asset. | ||||||||||||||||||||||||
Information on PBOP Plan assets and benefit obligations for continuing and discontinued operations is shown below: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 2,460 | $ | 2,553 | $ | 2,452 | $ | 2,415 | ||||||||||||||||
Service cost | 49 | 47 | 48 | 47 | ||||||||||||||||||||
Interest cost | 98 | 108 | 97 | 108 | ||||||||||||||||||||
Special termination benefits | 11 | 2 | 11 | 2 | ||||||||||||||||||||
Actuarial gain | (313 | ) | (86 | ) | (312 | ) | (86 | ) | ||||||||||||||||
Plan participants' contributions | 18 | 16 | 18 | 16 | ||||||||||||||||||||
Medicare Part D subsidy received | — | 4 | — | 4 | ||||||||||||||||||||
Benefits paid | (103 | ) | (54 | ) | (103 | ) | (54 | ) | ||||||||||||||||
Deconsolidation of EME1 | — | (130 | ) | — | — | |||||||||||||||||||
Benefit obligation at end of year | $ | 2,220 | $ | 2,460 | $ | 2,211 | $ | 2,452 | ||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,800 | $ | 1,570 | $ | 1,800 | $ | 1,570 | ||||||||||||||||
Actual return on assets | 317 | 212 | 317 | 212 | ||||||||||||||||||||
Employer contributions | 33 | 52 | 33 | 52 | ||||||||||||||||||||
Plan participants' contributions | 18 | 16 | 18 | 16 | ||||||||||||||||||||
Medicare Part D subsidy received | — | 4 | — | 4 | ||||||||||||||||||||
Benefits paid | (103 | ) | (54 | ) | (103 | ) | (54 | ) | ||||||||||||||||
Fair value of plan assets at end of year | $ | 2,065 | $ | 1,800 | $ | 2,065 | $ | 1,800 | ||||||||||||||||
Funded status at end of year | $ | (155 | ) | $ | (660 | ) | $ | (146 | ) | $ | (652 | ) | ||||||||||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||||||||||||||
Current liabilities | $ | (17 | ) | $ | (18 | ) | $ | (16 | ) | $ | (18 | ) | ||||||||||||
Long-term liabilities | (138 | ) | (642 | ) | (130 | ) | (634 | ) | ||||||||||||||||
$ | (155 | ) | $ | (660 | ) | $ | (146 | ) | $ | (652 | ) | |||||||||||||
Amounts recognized in accumulated other comprehensive loss (income) consist of: | ||||||||||||||||||||||||
Net loss | $ | 4 | $ | 5 | $ | — | $ | — | ||||||||||||||||
Amounts recognized as a regulatory asset (liability): | ||||||||||||||||||||||||
Prior service credit | $ | (54 | ) | $ | (89 | ) | $ | (54 | ) | $ | (89 | ) | ||||||||||||
Net loss | 69 | 610 | 69 | 610 | ||||||||||||||||||||
$ | 15 | $ | 521 | $ | 15 | $ | 521 | |||||||||||||||||
Total not yet recognized as expense | $ | 19 | $ | 526 | $ | 15 | $ | 521 | ||||||||||||||||
Weighted-average assumptions used to determine obligations at end of year: | ||||||||||||||||||||||||
Discount rate | 5 | % | 4.25 | % | 5 | % | 4.25 | % | ||||||||||||||||
Assumed health care cost trend rates: | ||||||||||||||||||||||||
Rate assumed for following year | 7.75 | % | 8.5 | % | 7.75 | % | 8.5 | % | ||||||||||||||||
Ultimate rate | 5 | % | 5 | % | 5 | % | 5 | % | ||||||||||||||||
Year ultimate rate reached | 2020 | 2020 | 2020 | 2020 | ||||||||||||||||||||
1 | The postretirement plan liabilities of EME have been deconsolidated as a result of the bankruptcy filing by EME. EME Homer City, a subsidiary of EME terminated the benefits of its employees in the PBOP Plan during 2012. In January 2014, EME settled and the Bankruptcy Court approved the settlement of all the EME Homer City employee claims to the EME Homer City PBOP Plan. EME has requested approval of the Bankruptcy Court to terminate the benefits of its employees and employees of its subsidiaries in the PBOP Plan upon confirmation of their Plan of Reorganization. Participation in the PBOP Plan by employees of EME and its subsidiaries (other than Homer City) has been permitted under EME's shared services agreement approved by the Bankruptcy Court subject to funding of paid claims. Edison International is not obligated to continue to provide benefits to EME employees under the PBOP Plan, nor can the VEBA Trusts be used to pay for benefits of EME participants. See Note 16 for further information. | |||||||||||||||||||||||
PBOP expense components for continuing operations are: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Service cost | $ | 49 | $ | 47 | $ | 40 | $ | 48 | $ | 47 | $ | 40 | ||||||||||||
Interest cost | 98 | 108 | 115 | 97 | 108 | 114 | ||||||||||||||||||
Expected return on plan assets | (114 | ) | (108 | ) | (111 | ) | (114 | ) | (109 | ) | (111 | ) | ||||||||||||
Special termination benefits1 | 11 | 2 | — | 11 | 2 | — | ||||||||||||||||||
Amortization of prior service credit | (36 | ) | (35 | ) | (35 | ) | (35 | ) | (35 | ) | (35 | ) | ||||||||||||
Amortization of net loss | 24 | 39 | 26 | 24 | 39 | 26 | ||||||||||||||||||
Total expense | $ | 32 | $ | 53 | $ | 35 | $ | 31 | $ | 52 | $ | 34 | ||||||||||||
1 | Due to the reduction in workforce, SCE has incurred costs for extended retiree health care coverage. | |||||||||||||||||||||||
In accordance with authoritative guidance on rate-regulated enterprises, SCE records regulatory assets and liabilities instead of charges and credits to other comprehensive income (loss) for the portion of SCE's postretirement benefit plans that are recoverable in utility rates. The estimated PBOP amounts that will be amortized to expense in 2014 for continuing operations are as follows: | ||||||||||||||||||||||||
(in millions) | Edison International | SCE | ||||||||||||||||||||||
Unrecognized prior service credit to be amortized | $ | (36 | ) | $ | (36 | ) | ||||||||||||||||||
Edison International and SCE used the following weighted-average assumptions to determine PBOP expense for continuing operations: | ||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate | 4.25 | % | 4.75 | % | 5.5 | % | ||||||||||||||||||
Expected long-term return on plan assets | 6.7 | % | 7 | % | 7 | % | ||||||||||||||||||
Assumed health care cost trend rates: | ||||||||||||||||||||||||
Current year | 8.5 | % | 9.5 | % | 9.75 | % | ||||||||||||||||||
Ultimate rate | 5 | % | 5.25 | % | 5.5 | % | ||||||||||||||||||
Year ultimate rate reached | 2020 | 2019 | 2019 | |||||||||||||||||||||
A one-percentage-point change in assumed health care cost trend rate would have the following effects on continuing operations: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
(in millions) | One-Percentage-Point Increase | One-Percentage-Point Decrease | One-Percentage-Point Increase | One-Percentage-Point Decrease | ||||||||||||||||||||
Effect on accumulated benefit obligation as of December 31, 2013 | $ | 229 | $ | (191 | ) | $ | 228 | $ | (190 | ) | ||||||||||||||
Effect on annual aggregate service and interest costs | 11 | (9 | ) | 11 | (9 | ) | ||||||||||||||||||
The following benefit payments are expected to be paid: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
(in millions) | Years ended December 31, | |||||||||||||||||||||||
2014 | $ | 92 | $ | 92 | ||||||||||||||||||||
2015 | 101 | 100 | ||||||||||||||||||||||
2016 | 107 | 106 | ||||||||||||||||||||||
2017 | 113 | 113 | ||||||||||||||||||||||
2018 | 119 | 119 | ||||||||||||||||||||||
2019 – 2023 | 668 | 666 | ||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||
Description of Pension and Postretirement Benefits Other than Pensions Investment Strategies | ||||||||||||||||||||||||
The investment of plan assets is overseen by a fiduciary investment committee. Plan assets are invested using a combination of asset classes, and may have active and passive investment strategies within asset classes. Target allocations for 2013 and 2012 pension plan assets are 30% for U.S. equities, 16% for non-U.S. equities, 35% for fixed income, 15% for opportunistic and/or alternative investments and 4% for other investments. Target allocations for 2013 and 2012 PBOP plan assets are 41% for U.S. equities, 17% for non-U.S. equities, 34% for fixed income, 7% for opportunistic and/or alternative investments, and 1% for other investments. Edison International employs multiple investment management firms. Investment managers within each asset class cover a range of investment styles and approaches. Risk is managed through diversification among multiple asset classes, managers, styles and securities. Plan, asset class and individual manager performance is measured against targets. Edison International also monitors the stability of its investment managers' organizations. | ||||||||||||||||||||||||
Allowable investment types include: | ||||||||||||||||||||||||
• | United States Equities: Common and preferred stocks of large, medium, and small companies which are predominantly United States-based. | |||||||||||||||||||||||
• | Non-United States Equities: Equity securities issued by companies domiciled outside the United States and in depository receipts which represent ownership of securities of non-United States companies. | |||||||||||||||||||||||
• | Fixed Income: Fixed income securities issued or guaranteed by the United States government, non-United States governments, government agencies and instrumentalities including municipal bonds, mortgage backed securities and corporate debt obligations. A portion of the fixed income positions may be held in debt securities that are below investment grade. | |||||||||||||||||||||||
Opportunistic, Alternative and Other Investments: | ||||||||||||||||||||||||
• | Opportunistic: Investments in short to intermediate term market opportunities. Investments may have fixed income and/or equity characteristics and may be either liquid or illiquid. | |||||||||||||||||||||||
• | Alternative: Limited partnerships that invest in non-publicly traded entities. | |||||||||||||||||||||||
• | Other: Investments diversified among multiple asset classes such as global equity, fixed income currency and commodities markets. Investments are made in liquid instruments within and across markets. The investment returns are expected to approximate the plans' expected investment returns. | |||||||||||||||||||||||
Asset class portfolio weights are permitted to range within plus or minus 3%. Where approved by the fiduciary investment committee, futures contracts are used for portfolio rebalancing and to reallocate portfolio cash positions. Where authorized, a few of the plans' investment managers employ limited use of derivatives, including futures contracts, options, options on futures and interest rate swaps in place of direct investment in securities to gain efficient exposure to markets. Derivatives are not used to leverage the plans or any portfolios. | ||||||||||||||||||||||||
Determination of the Expected Long-Term Rate of Return on Assets | ||||||||||||||||||||||||
The overall expected long-term rate of return on assets assumption is based on the long-term target asset allocation for plan assets and capital markets return forecasts for asset classes employed. A portion of the PBOP trust asset returns are subject to taxation, so the expected long-term rate of return for these assets is determined on an after-tax basis. | ||||||||||||||||||||||||
Capital Markets Return Forecasts | ||||||||||||||||||||||||
SCE's capital markets return forecast methodologies primarily use a combination of historical market data, current market conditions, proprietary forecasting expertise, complex models to develop asset class return forecasts and a building block approach. The forecasts are developed using variables such as real risk-free interest, inflation, and asset class specific risk premiums. For equities, the risk premium is based on an assumed average equity risk premium of 5% over cash. The forecasted return on private equity and opportunistic investments are estimated at a 2% premium above public equity, reflecting a premium for higher volatility and lower liquidity. For fixed income, the risk premium is based off of a comprehensive modeling of credit spreads. | ||||||||||||||||||||||||
Fair Value of Plan Assets | ||||||||||||||||||||||||
The PBOP Plan and the Southern California Edison Company Retirement Plan Trust (Master Trust) assets include investments in equity securities, U.S. treasury securities, other fixed-income securities, common/collective funds, mutual funds, other investment entities, foreign exchange and interest rate contracts, and partnership/joint ventures. Equity securities, U.S. treasury securities, mutual and money market funds are classified as Level 1 as fair value is determined by observable, unadjusted quoted market prices in active or highly liquid and transparent markets. Common/collective funds are valued at the net asset value ("NAV") of shares held. Although common/collective funds are determined by observable prices, they are classified as Level 2 because they trade in markets that are less active and transparent. The fair value of the underlying investments in equity mutual funds and equity common/collective funds are based upon stock-exchange prices. The fair value of the underlying investments in fixed-income common/collective funds, fixed-income mutual funds and other fixed income securities including municipal bonds are 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. Foreign exchange and interest rate contracts are classified as Level 2 because the values are based on observable prices but are not traded on an exchange. Futures contracts trade on an exchange and therefore are classified as Level 1. The partnerships classified as Level 2 can be readily redeemed at NAV and the underlying investments are liquid, publicly traded fixed-income securities which have observable prices. The remaining partnerships/joint ventures are classified as Level 3 because fair value is determined primarily based upon management estimates of future cash flows. Other investment entities are valued similarly to common collective funds and are therefore classified as Level 2. The Level 1 registered investment companies are either mutual or money market funds. The remaining funds in this category are readily redeemable at NAV and classified as Level 2 and are discussed further at footnote 7 to the pension plan master trust investments table below. | ||||||||||||||||||||||||
Edison International reviews the process/procedures of both the pricing services and the trustee to gain an understanding of the inputs/assumptions and valuation techniques used to price each asset type/class. The trustee and Edison International's validation procedures for pension and PBOP equity and fixed income securities are the same as the nuclear decommissioning trusts. For further discussion see Note 4. The values of Level 1 mutual and money market funds are publicly quoted. The trustees obtain the values of common/collective and other investment funds from the fund managers. The values of partnerships are based on partnership valuation statements updated for cash flows. SCE's investment managers corroborate the trustee fair values. | ||||||||||||||||||||||||
Pension Plan | ||||||||||||||||||||||||
The following table sets forth the Master Trust investments for Edison International and SCE that were accounted for at fair value as of December 31, 2013 by asset class and level within the fair value hierarchy: | ||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
U.S. government and agency securities1 | $ | 195 | $ | 471 | $ | — | $ | 666 | ||||||||||||||||
Corporate stocks2 | 653 | — | — | 653 | ||||||||||||||||||||
Corporate bonds3 | — | 553 | — | 553 | ||||||||||||||||||||
Common/collective funds4 | — | 546 | — | 546 | ||||||||||||||||||||
Partnerships/joint ventures5 | — | 148 | 390 | 538 | ||||||||||||||||||||
Other investment entities6 | — | 282 | — | 282 | ||||||||||||||||||||
Registered investment companies7 | 112 | 81 | — | 193 | ||||||||||||||||||||
Interest-bearing cash | 12 | — | — | 12 | ||||||||||||||||||||
Other | 6 | 109 | — | 115 | ||||||||||||||||||||
Total | $ | 978 | $ | 2,190 | $ | 390 | $ | 3,558 | ||||||||||||||||
Receivables and payables, net | (81 | ) | ||||||||||||||||||||||
Net plan assets available for benefits | $ | 3,477 | ||||||||||||||||||||||
SCE's share of net plan assets | $ | 3,236 | ||||||||||||||||||||||
Edison International Parent and Other's share of net plan assets | 6 | |||||||||||||||||||||||
EME's share of net plan assets | 235 | |||||||||||||||||||||||
The following table sets forth the Master Trust investments that were accounted for at fair value as of December 31, 2012 by asset class and level within the fair value hierarchy: | ||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
U.S. government and agency securities1 | $ | 242 | $ | 350 | $ | — | $ | 592 | ||||||||||||||||
Corporate stocks2 | 743 | — | — | 743 | ||||||||||||||||||||
Corporate bonds3 | — | 508 | — | 508 | ||||||||||||||||||||
Common/collective funds4 | — | 635 | — | 635 | ||||||||||||||||||||
Partnerships/joint ventures5 | — | 166 | 414 | 580 | ||||||||||||||||||||
Other investment entities6 | — | 271 | — | 271 | ||||||||||||||||||||
Registered investment companies7 | 98 | 28 | — | 126 | ||||||||||||||||||||
Interest-bearing cash | 24 | — | — | 24 | ||||||||||||||||||||
Other | 1 | 100 | — | 101 | ||||||||||||||||||||
Total | $ | 1,108 | $ | 2,058 | $ | 414 | $ | 3,580 | ||||||||||||||||
Receivables and payables, net | (38 | ) | ||||||||||||||||||||||
Net plan assets available for benefits | $ | 3,542 | ||||||||||||||||||||||
SCE's share of net plan assets | $ | 3,320 | ||||||||||||||||||||||
Edison International Parent and Other's share of net plan assets | 7 | |||||||||||||||||||||||
EME's share of net plan assets | 215 | |||||||||||||||||||||||
1 | Level 1 U.S. government and agency securities are U.S. treasury bonds and notes. Level 2 primarily relates to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. | |||||||||||||||||||||||
2 | Corporate stocks are diversified. For 2013 and 2012, respectively, performance is primarily benchmarked against the Russell Indexes (51% and 60%) and Morgan Stanley Capital International (MSCI) index (49% and 40%). | |||||||||||||||||||||||
3 | Corporate bonds are diversified. At December 31, 2013 and 2012, respectively, this category includes $78 million and $65 million for collateralized mortgage obligations and other asset backed securities of which $15 million and $7 million are below investment grade. | |||||||||||||||||||||||
4 | At December 31, 2013 and 2012, respectively, the common/collective assets were invested in equity index funds that seek to track performance of the Standard and Poor's (S&P 500) Index (27% and 29%), Russell 1000 indexes (28% and 28%) and the MSCI Europe, Australasia and Far East (EAFE) Index (15% and 11%). A non-index U.S. equity fund representing 23% and 25% of this category for 2013 and 2012, respectively, is actively managed. Another fund representing 6% and 6% of this category for 2013 and 2012, respectively, is a global asset allocation fund. | |||||||||||||||||||||||
5 | Partnerships/joint venture Level 2 investments consist primarily of a partnership which invests in publicly traded fixed income securities, primarily from the banking and finance industry and U.S. government agencies. At December 31, 2013 and 2012, respectively, approximately 64% and 56% of the Level 3 partnerships are invested in (1) asset backed securities, including distressed mortgages and (2) commercial and residential loans and debt and equity of banks. The remaining Level 3 partnerships are invested in small private equity and venture capital funds. Investment strategies for these funds include branded consumer products, early stage technology, California geographic focus, and diversified US and non-US fund-of-funds. | |||||||||||||||||||||||
6 | Other investment entities were primarily invested in (1) emerging market equity securities, (2) a hedge fund that invests through liquid instruments in a global diversified portfolio of equity, fixed income, interest rate, foreign currency and commodities markets, and (3) domestic mortgage backed securities. | |||||||||||||||||||||||
7 | Level 1 of registered investment companies primarily consisted of a global equity mutual fund which seeks to outperform the MSCI World Total Return Index. Level 2 primarily consisted of a short-term bond fund. | |||||||||||||||||||||||
At December 31, 2013 and 2012, approximately 67% and 66%, respectively, of the publicly traded equity investments, including equities in the common/collective funds, were located in the United States. | ||||||||||||||||||||||||
The following table sets forth a summary of changes in the fair value of Edison International's and SCE's Level 3 investments: | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | ||||||||||||||||||||||
Fair value, net at beginning of period | $ | 414 | $ | 448 | ||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||
Relating to assets still held at end of period | 61 | 88 | ||||||||||||||||||||||
Relating to assets sold during the period | 10 | 13 | ||||||||||||||||||||||
Purchases | 45 | 98 | ||||||||||||||||||||||
Dispositions | (140 | ) | (233 | ) | ||||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | ||||||||||||||||||||||
Fair value, net at end of period | $ | 390 | $ | 414 | ||||||||||||||||||||
Postretirement Benefits Other than Pensions | ||||||||||||||||||||||||
The following table sets forth the VEBA Trust assets for SCE that were accounted for at fair value as of December 31, 2013 by asset class and level within the fair value hierarchy: | ||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Common/collective funds1 | $ | — | $ | 863 | $ | — | $ | 863 | ||||||||||||||||
Corporate stocks2 | 451 | — | — | 451 | ||||||||||||||||||||
Corporate notes and bonds3 | — | 250 | — | 250 | ||||||||||||||||||||
Partnerships4 | — | 20 | 164 | 184 | ||||||||||||||||||||
U.S. government and agency securities5 | 118 | 36 | — | 154 | ||||||||||||||||||||
Registered investment companies6 | 52 | 5 | — | 57 | ||||||||||||||||||||
Interest bearing cash | 19 | — | — | 19 | ||||||||||||||||||||
Other7 | 7 | 78 | — | 85 | ||||||||||||||||||||
Total | $ | 647 | $ | 1,252 | $ | 164 | $ | 2,063 | ||||||||||||||||
Receivables and payables, net | 2 | |||||||||||||||||||||||
Combined net plan assets available for benefits | $ | 2,065 | ||||||||||||||||||||||
The following table sets forth the VEBA Trust assets for SCE that were accounted for at fair value as of December 31, 2012 by asset class and level within the fair value hierarchy: | ||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Common/collective funds1 | $ | — | $ | 723 | $ | — | $ | 723 | ||||||||||||||||
Corporate stocks2 | 361 | — | — | 361 | ||||||||||||||||||||
Corporate notes and bonds3 | — | 210 | — | 210 | ||||||||||||||||||||
Partnerships4 | — | 17 | 166 | 183 | ||||||||||||||||||||
U.S. government and agency securities5 | 131 | 31 | — | 162 | ||||||||||||||||||||
Registered investment companies6 | 68 | — | — | 68 | ||||||||||||||||||||
Interest bearing cash | 24 | — | — | 24 | ||||||||||||||||||||
Other7 | 6 | 104 | — | 110 | ||||||||||||||||||||
Total | $ | 590 | $ | 1,085 | $ | 166 | $ | 1,841 | ||||||||||||||||
Receivables and payables, net | (41 | ) | ||||||||||||||||||||||
Combined net plan assets available for benefits | $ | 1,800 | ||||||||||||||||||||||
1 | At December 31, 2013 and 2012, respectively, 60% and 60% of the common/collective assets are invested in a large cap index fund which seeks to track performance of the Russell 1000 index. 23% and 23% of the assets in this category are in index funds which seek to track performance in the MSCI Europe, Australasia and Far East (EAFE) Index. 6% and 6% of this category are invested in a privately managed bond fund and 7% and 6% in a fund which invests in equity securities the fund manager believes are undervalued. | |||||||||||||||||||||||
2 | Corporate stock performance is primarily benchmarked against the Russell Indexes (50% and 50%) and the MSCI All Country World (ACWI) index (50% and 50%) for 2013 and 2012, respectively. | |||||||||||||||||||||||
3 | Corporate notes and bonds are diversified and include approximately $29 million and $20 million for commercial collateralized mortgage obligations and other asset backed securities at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||
4 | At December 31, 2013 and 2012, respectively, 78% and 82% of the Level 3 partnerships category is invested in (1) asset backed securities including distressed mortgages, (2) distressed companies and (3) commercial and residential loans and debt and equity of banks. | |||||||||||||||||||||||
5 | Level 1 U.S. government and agency securities are U.S. treasury bonds and notes. Level 2 primarily relates to the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association. | |||||||||||||||||||||||
6 | Level 1 registered investment companies consist of an investment grade corporate bond mutual fund and a money market fund. | |||||||||||||||||||||||
7 | Other includes $76 million and $73 million of municipal securities at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||
At December 31, 2013 and 2012, approximately 65% and 66%, respectively, of the publicly traded equity investments, including equities in the common/collective funds, were located in the United States. | ||||||||||||||||||||||||
The following table sets forth a summary of changes in the fair value of PBOP Level 3 investments: | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | ||||||||||||||||||||||
Fair value, net at beginning of period | $ | 166 | $ | 130 | ||||||||||||||||||||
Actual return on plan assets | ||||||||||||||||||||||||
Relating to assets still held at end of period | 24 | 20 | ||||||||||||||||||||||
Relating to assets sold during the period | 5 | 5 | ||||||||||||||||||||||
Purchases | 23 | 35 | ||||||||||||||||||||||
Dispositions | (54 | ) | (24 | ) | ||||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | ||||||||||||||||||||||
Fair value, net at end of period | $ | 164 | $ | 166 | ||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||
Edison International maintains a shareholder approved incentive plan (the 2007 Performance Incentive Plan) that includes stock-based compensation. The maximum number of shares of Edison International's common stock authorized to be issued or transferred pursuant to awards under the 2007 Performance Incentive Plan, as amended, is 49.5 million shares, plus the number of any shares subject to awards issued under Edison International's prior plans and outstanding as of April 26, 2007, which expire, cancel or terminate without being exercised or shares being issued ("carry-over shares"). As of December 31, 2013, Edison International had approximately 23 million shares remaining for future issuance under its stock-based compensation plans. | ||||||||||||||||||||||||
The following table summarizes total expense and tax benefits (expense) associated with stock based compensation: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Stock-based compensation expense1: | ||||||||||||||||||||||||
Stock options | $ | 15 | $ | 18 | $ | 14 | $ | 11 | $ | 10 | $ | 9 | ||||||||||||
Performance shares | 4 | 7 | 5 | 2 | 4 | 3 | ||||||||||||||||||
Restricted stock units | 7 | 9 | 6 | 4 | 5 | 4 | ||||||||||||||||||
Other | 1 | 1 | 5 | — | — | 4 | ||||||||||||||||||
Total stock-based compensation expense | $ | 27 | $ | 35 | $ | 30 | $ | 17 | $ | 19 | $ | 20 | ||||||||||||
Income tax benefits related to stock compensation expense | $ | 11 | $ | 14 | $ | 12 | $ | 7 | $ | 8 | $ | 8 | ||||||||||||
Excess tax benefits (expense)2 | 5 | (6 | ) | 12 | 2 | (13 | ) | 11 | ||||||||||||||||
1 | Reflected in "Operation and maintenance" on Edison International's and SCE's consolidated statements of income. | |||||||||||||||||||||||
2 Reflected in "Settlements of stock-based compensation, net" in the financing section of Edison International's and SCE's consolidated statements of cash flows. | ||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||
Under various plans, Edison International has granted stock options at exercise prices equal to the average of the high and low price and, beginning in 2007, at the closing price at the grant date. Edison International may grant stock options and other awards related to or with a value derived from its common stock to directors and certain employees. Options generally expire 10 years after the grant date and vest over a period of four years of continuous service, with expense recognized evenly over the requisite service period, except for awards granted to retirement-eligible participants, as discussed in "Stock-Based Compensation" in Note 1. Additionally, Edison International will substitute cash awards to the extent necessary to pay tax withholding or any government levies. | ||||||||||||||||||||||||
The fair value for each option granted was determined as of the grant date using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires various assumptions noted in the following table: | ||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Expected terms (in years) | 6.2 | 6.9 | 7 | |||||||||||||||||||||
Risk-free interest rate | 1.0% – 2.1% | 1.1% – 1.7% | 1.4% – 3.1% | |||||||||||||||||||||
Expected dividend yield | 2.7% – 3.1% | 2.8% – 3.1% | 3.1% – 3.5% | |||||||||||||||||||||
Weighted-average expected dividend yield | 2.80% | 3.00% | 3.40% | |||||||||||||||||||||
Expected volatility | 17.7% – 18.6% | 17.4% – 18.3% | 18.2% – 19.0% | |||||||||||||||||||||
Weighted-average volatility | 17.70% | 18.30% | 18.90% | |||||||||||||||||||||
The expected term represents the period of time for which the options are expected to be outstanding and is primarily based on historical exercise and post-vesting cancellation experience and stock price history. The risk-free interest rate for periods within the contractual life of the option is based on a zero coupon U.S. Treasury STRIPS (separate trading of registered interest and principal of securities) whose maturity equals the option's expected term on the measurement date. Expected volatility is based on the historical volatility of Edison International's common stock for the length of the option's expected term for 2013. The volatility period used was 74 months, 83 months and 84 months at December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
The following is a summary of the status of Edison International's stock options: | ||||||||||||||||||||||||
Weighted-Average | ||||||||||||||||||||||||
Stock options | Exercise | Remaining | Aggregate | |||||||||||||||||||||
Price | Contractual | Intrinsic Value | ||||||||||||||||||||||
Term (Years) | (in millions) | |||||||||||||||||||||||
Edison International: | ||||||||||||||||||||||||
Outstanding at December 31, 2012 | 19,231,723 | $ | 37.96 | |||||||||||||||||||||
Granted | 2,778,766 | 48.46 | ||||||||||||||||||||||
Expired | (158,107 | ) | 49.69 | |||||||||||||||||||||
Forfeited | (540,782 | ) | 42.55 | |||||||||||||||||||||
Exercised | (4,084,755 | ) | 34.54 | |||||||||||||||||||||
Outstanding at December 31, 2013 | 17,226,845 | 40.22 | 5.78 | |||||||||||||||||||||
Vested and expected to vest at December 31, 2013 | 16,715,413 | 40.13 | 5.71 | $ | 115 | |||||||||||||||||||
Exercisable at December 31, 2013 | 10,118,484 | 38.26 | 4.24 | 88 | ||||||||||||||||||||
SCE: | ||||||||||||||||||||||||
Outstanding at December 31, 2012 | 10,308,461 | $ | 37.73 | |||||||||||||||||||||
Granted | 1,792,688 | 48.48 | ||||||||||||||||||||||
Expired | (97,000 | ) | 49.63 | |||||||||||||||||||||
Forfeited | (402,548 | ) | 43.47 | |||||||||||||||||||||
Exercised | (2,643,487 | ) | 34.94 | |||||||||||||||||||||
Transfers, net | 87,884 | 36.67 | ||||||||||||||||||||||
Outstanding at December 31, 2013 | 9,045,998 | 40.28 | 5.92 | |||||||||||||||||||||
Vested and expected to vest at December 31, 2013 | 8,737,930 | 40.17 | 5.84 | $ | 60 | |||||||||||||||||||
Exercisable at December 31, 2013 | 5,080,978 | 37.96 | 4.29 | 46 | ||||||||||||||||||||
At December 31, 2013, total unrecognized compensation cost related to stock options and the weighted-average period the cost is expected to be recognized are as follows: | ||||||||||||||||||||||||
(in millions) | Edison International | SCE | ||||||||||||||||||||||
Unrecognized compensation cost, net of expected forfeitures | $ | 13 | $ | 10 | ||||||||||||||||||||
Weighted-average period (in years) | 2.2 | 2.3 | ||||||||||||||||||||||
Supplemental Data on Stock Options | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions, except per award amounts) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Stock options: | ||||||||||||||||||||||||
Weighted average grant date fair value per option granted | $ | 5.4 | $ | 5.22 | $ | 5.61 | $ | 5.38 | $ | 5.22 | $ | 5.61 | ||||||||||||
Fair value of options vested | 17 | 17 | 18 | 10 | 10 | 10 | ||||||||||||||||||
Cash used to purchase shares to settle options | 199 | 169 | 90 | 130 | 96 | 46 | ||||||||||||||||||
Cash from participants to exercise stock options | 140 | 101 | 59 | 92 | 59 | 28 | ||||||||||||||||||
Value of options exercised | 59 | 68 | 31 | 38 | 37 | 18 | ||||||||||||||||||
Tax benefits from options exercised | 24 | 27 | 12 | 15 | 15 | 7 | ||||||||||||||||||
Performance Shares | ||||||||||||||||||||||||
A target number of contingent performance shares were awarded to executives in March 2013, 2012 and 2011 and vest at the end of a three year period for each grant. The vesting of the grants is dependent upon market and financial performance conditions and service conditions as defined in the grants for each of the years. The number of performance shares earned from each year's grants could range from zero to twice the target number (plus additional units credited as dividend equivalents). Performance shares earned are settled half in cash and half in common stock; however, Edison International has discretion under certain of the awards to pay the half subject to cash settlement in common stock. The portion of performance shares that can be settled in cash is classified as a share-based liability award. The fair value of these shares is remeasured at each reporting period and the related compensation expense is adjusted. Compensation expense related to these shares is based on the grant-date fair value, which for each share is determined as the closing price of Edison International common stock on the grant date; however, with respect to the portion of the performance shares payable in common stock that is subject to the financial performance condition described above, the number of performance shares expected to be earned is subject to revision and update at each reporting period, with a related adjustment of compensation expense. Performance shares expense is recognized ratably over the requisite service period based on the fair values determined (subject to the adjustments discussed above), except for awards granted to retirement-eligible participants. | ||||||||||||||||||||||||
The fair value of market condition performance shares is determined using a Monte Carlo simulation valuation model. | ||||||||||||||||||||||||
The following is a summary of the status of Edison International's nonvested performance shares: | ||||||||||||||||||||||||
Equity Awards | Liability Awards | |||||||||||||||||||||||
Shares | Weighted-Average | Shares | Weighted-Average | |||||||||||||||||||||
Grant Date | Fair Value | |||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
Edison International: | ||||||||||||||||||||||||
Nonvested at December 31, 2012 | 242,421 | $ | 38.86 | 242,071 | $ | 46.23 | ||||||||||||||||||
Granted | 73,679 | 50.87 | 73,483 | |||||||||||||||||||||
Forfeited | (19,239 | ) | 42.1 | (19,197 | ) | |||||||||||||||||||
Vested1 | (140,164 | ) | 30.97 | (140,053 | ) | |||||||||||||||||||
Nonvested at December 31, 2013 | 156,697 | 51.17 | 156,304 | 51.72 | ||||||||||||||||||||
SCE: | ||||||||||||||||||||||||
Nonvested at December 31, 2012 | 131,940 | $ | 38.87 | 131,691 | $ | 46.19 | ||||||||||||||||||
Granted | 47,548 | 50.92 | 47,377 | |||||||||||||||||||||
Forfeited | (13,065 | ) | 43.42 | (13,029 | ) | |||||||||||||||||||
Vested1 | (76,705 | ) | 31.02 | (76,624 | ) | |||||||||||||||||||
Affiliate transfers, net | 943 | 40.15 | 942 | |||||||||||||||||||||
Nonvested at December 31, 2013 | 90,661 | 51.19 | 90,357 | 51.22 | ||||||||||||||||||||
1 | Relates to performance shares that will be paid in 2014 as performance targets were met at December 31, 2013. | |||||||||||||||||||||||
Restricted Stock Units | ||||||||||||||||||||||||
Restricted stock units were awarded to Edison International's and SCE's executives in March 2013, 2012 and 2011 and vest and become payable in January 2016, 2015 and 2014, respectively. Each restricted stock unit awarded includes a dividend equivalent feature and is a contractual right to receive one share of Edison International common stock, if vesting requirements are satisfied. The vesting of Edison International's restricted stock units is dependent upon continuous service through the end of the three-calendar-year-plus-two-days vesting period. | ||||||||||||||||||||||||
The following is a summary of the status of Edison International's nonvested restricted stock units: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Restricted | Weighted-Average | Restricted | Weighted-Average | |||||||||||||||||||||
Stock Units | Grant Date | Stock Units | Grant Date | |||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||
Nonvested at December 31, 2012 | 679,468 | $ | 38.09 | 368,553 | $ | 38.07 | ||||||||||||||||||
Granted | 154,401 | 48.45 | 99,616 | 48.47 | ||||||||||||||||||||
Forfeited | (38,343 | ) | 42.15 | (26,328 | ) | 42.96 | ||||||||||||||||||
Vested | (255,837 | ) | 34.17 | (151,836 | ) | 34.59 | ||||||||||||||||||
Affiliate transfers, net | — | — | 2,834 | 38.1 | ||||||||||||||||||||
Nonvested at December 31, 2013 | 539,689 | 42.7 | 292,839 | 42.98 | ||||||||||||||||||||
The fair value for each restricted stock unit awarded is determined as the closing price of Edison International common stock on the grant date. | ||||||||||||||||||||||||
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. Through December 31, 2013, SCE's share of estimated cash severance for these efforts totaled $213 million. The following table provides a summary of changes in the accrued severance liability associated with these reductions: | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 104 | ||||||||||||||||||||||
Additions | 101 | |||||||||||||||||||||||
Payments | (151 | ) | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 54 | ||||||||||||||||||||||
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. |
Permanent_Retirement_of_San_On
Permanent Retirement of San Onofre (Notes) | 12 Months Ended | |
Dec. 31, 2013 | ||
Retirement Of Plant [Abstract] | ' | |
Permanent Retirement of San Onofre | ' | |
Permanent Retirement of San Onofre | ||
Tube Leak and Response | ||
Replacement steam generators were installed at San Onofre in 2010 and 2011. In the first quarter of 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. Both Units have remained shut down since early 2012 and have undergone extensive inspections, testing and analysis following discovery of the leak. In October 2012, SCE submitted a restart plan to the Nuclear Regulatory Commission ("NRC"), seeking to restart Unit 2 at a reduced power level (70%) for an initial period of approximately five months, based on work done by engineering groups from three independent firms with expertise in steam generator design and manufacturing. SCE did not develop a restart plan for Unit 3. | ||
Permanent Retirement | ||
On June 6, 2013 SCE decided to permanently retire Units 2 and 3. SCE concluded that despite the NRC's extensive review of SCE's restart plan for Unit 2 starting in October 2012, there still remained considerable uncertainty about when the review process would be concluded. Given the considerable uncertainty of when or whether SCE would be permitted to restart Unit 2, SCE concluded that it was in the best interest of its customers, shareholders and other stakeholders to permanently retire the Units and focus on planning for the replacement resources which will eventually be required for grid reliability. SCE also concluded that its decision to retire the Units would facilitate more orderly planning for California's energy future without the uncertainty of whether, when or how long San Onofre would continue to operate. | ||
CPUC Review | ||
In October 2012 the CPUC issued an Order Instituting Investigation ("OII") that consolidated all San Onofre issues in related 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, operation and maintenance costs, and seismic study costs. The OII requires that all San Onofre-related costs incurred on and after January 1, 2012 be tracked in a memorandum account and, to the extent collected in rate levels authorized in the 2012 GRC or other proceedings, be subject to refund. The Order also states that the CPUC will determine whether to order the immediate removal, effective as of the date of the OII, of costs and rate base related to San Onofre from SCE's rates. Various other parties have filed testimony in the OII asking for disallowance of some or all of the San Onofre-related costs, including costs in excess of the amount impaired by SCE, as described below. The first phase of the OII was focused on 2012 costs, including 2012 capital and operation and maintenance costs and the appropriate calculation to measure 2012 substitute market power costs. A proposed decision in the first phase of the OII was issued in November 2013. The proposed decision would allow $45 million in planned Unit 2 refueling outage costs but would disallow approximately $74 million in operation and maintenance costs authorized in rates plus 20% of the 2012 revenue requirement related to capital expenditures incurred during the extended outage for both Units. The disallowance would be subject to possible further review in the third phase of the OII. The proposed decision would permit recovery of routine operation and maintenance expense through May 2012 but defers a decision on recovery of incremental expenses incurred by SCE to the third phase of the OII. A final decision in the first phase is expected in the first quarter of 2014. The second phase was focused on whether to adjust customer rates to remove the plant from rate base and hearings were held in October 2013. A proposed decision in the second phase is expected in the first quarter of 2014. The third and fourth phases of the OII will focus on the steam generator replacement project itself, including the reasonableness of the project's costs, and the San Onofre 2013 revenue requirement, respectively, and have not yet been scheduled. | ||
A summary of financial items related to San Onofre and implicated in the OII are as follows: | ||
• | Approximately $1.25 billion of SCE's authorized revenue requirement collected since January 1, 2012 (subject to refund) is associated with operating and maintenance expenses, depreciation, taxes and return on SCE's investment in Unit 2, Unit 3 and common plant. In 2013, SCE recorded approximately $39 million in severance costs associated with its decision to retire both Units. Until funding of post June 6, 2013 activities related to the permanent closure of the plant is transitioned from base rates to SCE's nuclear decommissioning trusts established for that purpose, SCE will continue to record these costs through the San Onofre OII memorandum account, subject to reasonableness review. | |
• | At May 31, 2013, SCE's net investment associated with San Onofre was $2.1 billion, including the net book value of remaining property, plant and equipment, construction work-in-progress, nuclear fuel inventory and materials and supplies. | |
• | In 2005, the CPUC authorized expenditures of approximately $525 million ($665 million based on SCE's estimate after adjustment for inflation using the Handy-Whitman Index) for SCE's 78.21% share of the costs to purchase and install the four new steam generators in Units 2 and 3 and remove and dispose of their predecessors. SCE has spent $602 million on the steam generator replacement project, not including inspection, testing and repair costs subsequent to the replacement steam generator leak in Unit 3. | |
• | As a result of outages associated with the steam generator inspection and repair, electric power and capacity normally provided by San Onofre were purchased in the market by SCE. These market power costs will be reviewed as part of the CPUC's OII proceeding. Estimated market power costs calculated in accordance with the OII methodology were approximately $680 million as of June 6, 2013, excluding avoided nuclear fuel costs which are no longer included as a reduction due to SCE's decision to permanently retire Units 2 and 3. Such amount includes costs of approximately $65 million associated with planned outage periods. SCE believes that such costs should be excluded as they would have been incurred even had the replacement steam generators performed as expected. Estimated market power costs calculated in accordance with the OII methodology from June 7, 2013 through December 31, 2013 were approximately $333 million. Such amount includes costs of approximately $30 million associated with planned outage periods. SCE views the market power costs incurred from June 7, 2013 to be purchases made in the ordinary course to meet its customers’ needs as authorized by the CPUC-approved procurement plan rather than power or capacity that was acquired for cost recovery purposes as a replacement for San Onofre. The CPUC will ultimately determine a final methodology for estimating market power costs as it continues its review of the issues in the OII. | |
• | Through December 31, 2013, SCE's share of incremental inspection and repair costs totaled $115 million for both Units (not including payments made by MHI as described below). SCE recorded its share of payments made to date by MHI ($36 million) as a reduction of incremental inspection and repair costs in 2012. | |
SCE continues to believe that the actions taken and costs incurred in connection with the San Onofre replacement steam generators, outages and permanent retirement have been prudent. Nevertheless, SCE 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. | ||
Accounting for Early Retirement of San Onofre Units 2 and 3 | ||
As a result of the decision to early retire San Onofre Units 2 and 3, GAAP requires reclassification of the amounts recorded in property, plant and equipment and related tangible operating assets to a regulatory asset to the extent that management concludes it is 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. These costs may include, but are not limited to, severance benefits to reduce the workforce at San Onofre to the staffing required to safely store and secure the plant prior to conducting decommissioning activities, losses on termination of purchase contracts, including nuclear fuel, and losses on disposition of excess inventory. GAAP also requires recognition of a liability to the extent management concludes it is probable SCE will be required to refund amounts from authorized revenues previously collected from customers. | ||
In assessing whether to record regulatory assets as a result of the decision to retire San Onofre Units 2 and 3 early and whether to record liabilities for refunds to customers, SCE considered the interrelationship of recovery of costs and refunds to customers for accounting purposes, as such matters are being considered by the CPUC on a consolidated basis in the San Onofre OII. SCE also considered that it will continue to use certain portions of the plant (such as fuel storage, security facilities and buildings) as part of ongoing activities at the site. SCE additionally reviewed relevant regulatory precedents and statutory provisions regarding the regulatory recovery of early retired assets previously placed in service and related materials, supplies and fuel. Such precedents have generally permitted cost recovery of the remaining net investment in early retired assets, absent a finding of imprudency. Such precedents vary on whether a full, partial or no rate of return is allowed on the investment in such assets, but generally provide accelerated recovery when less than a full return is authorized. Furthermore, once the Units are removed from rate base, under normal principles of cost of service ratemaking and relevant statutory provisions, SCE should, absent imprudence, recover the costs it incurs to purchase power that might otherwise have been produced by San Onofre. SCE continues to believe that the actions it has taken and the costs it has incurred in connection with the San Onofre replacement steam generators and outages have been prudent. | ||
As a result of such considerations, SCE considered a number of potential outcomes for the matters being considered by the CPUC in the San Onofre OII, none of which are assured, but a number of which in SCE's opinion appeared to be more likely than a number of other outcomes. SCE considered the likelihood of outcomes to determine the amount deemed probable of recovery. These outcomes included a number of variables, including recovery of and return on the components of SCE's net investment, and the potential for refunds to customers for either substitute power or operating costs occurring over different time periods. SCE also included in its consideration of possible outcomes, the requirement under GAAP to discount future cash flows from recovery of assets without a return at its incremental borrowing rate. | ||
As a result of the foregoing assessment, SCE: | ||
• | Reclassified $1,521 million of its total investment in San Onofre at May 31, 2013 as described above to a regulatory asset ("San Onofre Regulatory Asset"). Included in the San Onofre Regulatory Asset is approximately $404 million of property, plant and equipment, including construction work in progress, which is expected to support ongoing activities at the site. In addition, to the extent the San Onofre Regulatory Asset includes excess nuclear fuel and material and supplies, SCE will, if possible, sell such excess amounts to third parties and reduce the amount of the regulatory asset by such proceeds. | |
• | Recorded an impairment charge of $575 million ($365 million after tax) in the second quarter of 2013. | |
As part of the decision to permanently retire the Units at San Onofre, SCE announced a workforce reduction of approximately 960 employees and had severance costs in 2013 of $39 million (SCE's share). The estimate for these costs was previously included in SCE's estimate to decommission the units. After acceptance of the decommissioning plan by the NRC, SCE expects a further workforce reduction of approximately 175 employees. SCE also recorded severance costs of $14 million related to the indirect employee impacts from the decision to early retire the Units. | ||
As of December 31, 2013, SCE recorded a net regulatory asset of $1.3 billion comprised of: $1.56 billion of property, plant and equipment; $33 million estimated losses on disposition of nuclear fuel inventory; less $266 million for estimated refunds of authorized revenue recorded in excess of SCE’s costs of service, including a return on capital through June 6, 2013. SCE's judgment that the San Onofre Regulatory Asset recorded at December 31, 2013 is probable, though not certain, of recovery is based on SCE's knowledge of the facts and judgment in applying relevant regulatory principles to the issues under review in the OII proceeding and in accordance with GAAP. Such judgment is subject to considerable uncertainty, and regulatory principles and precedents are not necessarily binding and are capable of interpretation. The CPUC may or may not agree with SCE, after review of all of the facts and circumstances, and SCE may advocate positions that it believes are supported by relevant precedent and regulatory principles that are more favorable to SCE than the charges it has recorded in accordance with GAAP. The CPUC could also conclude that SCE acted imprudently regarding the San Onofre replacement steam generator project, including its response to the outage that commenced at the end of January 2012. Thus, there can be no assurance that the OII proceeding will provide for recoveries as estimated by SCE, including the recovery of costs recorded as a regulatory asset, or that the CPUC does not order refunds to customers from amounts that were previously authorized as subject to refund. Accordingly, the amount recorded for the San Onofre Regulatory Asset at December 31, 2013, is subject to change based upon future developments and the application of SCE's judgment to those events. | ||
Third-Party Recovery | ||
The replacement steam generators were designed and supplied by MHI and are warranted for an initial period of 20 years from acceptance. MHI 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 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 in its capacity as Operating Agent for San Onofre. SCE also alleges that MHI totally and fundamentally failed to deliver what it promised, and that the contractual limitations of liability are subject to applicable exceptions in the contract and under law. MHI responded to SCE’s formal request in December 2013, asserting that the replacement steam generator project was a joint design venture, that the wear could not have been predicted and that SCE thwarted MHI’s repair efforts. MHI also asserted several counterclaims associated with work or services it claims it should be compensated for and which it values at approximately $41 million; SCE has denied any liability for the asserted counterclaims. Each of the other co-owners filed lawsuits against MHI, alleging claims arising from MHI's supplying the faulty steam generators. MHI has requested that these lawsuits be stayed pending the arbitration with SCE but the court has not yet ruled on this request. | ||
SCE, on behalf of itself and the other San Onofre co-owners, has submitted seven invoices to MHI totaling $149 million for steam generator repair costs incurred through April 30, 2013. MHI paid the first invoice of $45 million, while reserving its right to challenge any of the charges in the invoice. In January 2013, MHI advised SCE that it rejected a portion of the first invoice and required further documentation regarding the remainder of the invoice. In September 2013, SCE reiterated its request to MHI for payment of outstanding invoices. SCE has recorded its share of the invoice paid as a reduction of repair and inspection costs. | ||
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 August 31, 2013 are approximately $397 million (SCE’s share of which is approximately $311 million). Pursuant to these proofs of loss, SCE is seeking the weekly indemnity amounts provided under the accidental outage policy for each Unit. 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 as a result of the permanent retirement. SCE has not submitted a proof of loss under the accidental property damage insurance. No amounts have been recognized in SCE's financial statements, pending NEIL's response. SCE's current expectation is that NEIL will make a coverage determination by the end of the second quarter of 2014. | ||
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 September 2013, the NRC issued 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 contained a preliminary “white” finding (low to moderate safety significance) and an apparent violation regarding the steam generators in Unit 3 and a preliminary “green” finding (very low safety significance) for Unit 2’s steam generators for failing to ensure that MHI’s modeling and analysis were adequate. Simultaneously, the NRC 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 October 2013, SCE submitted comments to the NRC on the characterizations contained in the Inspection Report but chose not to contest the findings or violation, and the NRC finalized its finding in December 2013. 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 | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Regulated Entity, Other Assets, Noncurrent [Abstract] | ' | |||||||||||||||||
Other Investments | ' | |||||||||||||||||
Other Investments | ||||||||||||||||||
Nuclear Decommissioning Trusts | ||||||||||||||||||
Future decommissioning costs of removal of SCE's nuclear assets are expected to be funded from independent decommissioning trusts, which currently receive contributions of approximately $23 million per year 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 Date | December 31, | |||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Stocks | — | $ | 656 | $ | 978 | $ | 2,208 | $ | 2,271 | |||||||||
Municipal bonds | 2051 | 675 | 518 | 756 | 644 | |||||||||||||
U.S. government and agency securities | 2044 | 902 | 547 | 947 | 603 | |||||||||||||
Corporate bonds | 2054 | 208 | 324 | 241 | 410 | |||||||||||||
Short-term investments and receivables/payables | One-year | 329 | 116 | 342 | 120 | |||||||||||||
Total | $ | 2,770 | $ | 2,483 | $ | 4,494 | $ | 4,048 | ||||||||||
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 $5.6 billion, $2.1 billion and $2.8 billion for the years ended December 31, 2013, 2012 and 2011, respectively. Unrealized holding gains, net of losses, were $1.7 billion and $1.6 billion at December 31, 2013 and 2012, respectively. | ||||||||||||||||||
The following table sets forth a summary of changes in the fair value of the trusts: | ||||||||||||||||||
Years ended December 31, | ||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||||||||
Balance at beginning of period | $ | 4,048 | $ | 3,592 | $ | 3,480 | ||||||||||||
Gross realized gains | 300 | 73 | 108 | |||||||||||||||
Gross realized losses | (32 | ) | (5 | ) | (17 | ) | ||||||||||||
Unrealized gains (losses), net | 160 | 276 | (7 | ) | ||||||||||||||
Other-than-temporary impairments | (47 | ) | (36 | ) | (47 | ) | ||||||||||||
Interest, dividends, contributions and other | 65 | 148 | 75 | |||||||||||||||
Balance at end of period | $ | 4,494 | $ | 4,048 | $ | 3,592 | ||||||||||||
Due to regulatory mechanisms, earnings and realized gains and losses (including other-than-temporary impairments) have no impact on operating revenue or earnings. |
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | |||||||
Regulatory Assets and Liabilities | ' | |||||||
Regulatory Assets and Liabilities | ||||||||
Included in SCE's regulatory assets and liabilities are regulatory balancing accounts. CPUC authorized balancing account mechanisms require SCE to refund or recover any differences between forecasted and actual costs. The CPUC has authorized balancing accounts for specified costs or programs such as fuel, purchased-power, demand-side management programs, nuclear decommissioning and public purpose programs. Certain of these balancing accounts include a return on rate base of 7.90% in 2013 and 8.74% in 2012. The CPUC also authorizes the use of a balancing account to recover from or refund to customers differences in revenue resulting from actual and forecasted electricity sales. | ||||||||
Balancing account over and under collections represent differences between cash collected in current rates for specified forecasted costs and such costs that are actually incurred. Under-collections are recorded as regulatory balancing account assets. Over-collections are recorded as regulatory balancing account liabilities. With some exceptions, SCE seeks to adjust rates on an annual basis or at other designated times to recover or refund the balances recorded in its balancing accounts. Regulatory balancing accounts that SCE does not expect to collect or refund in the next 12 months are reflected in the long-term section of the consolidated balance sheets. Under and over collections accrue interest based on a three-month commercial paper rate published by the Federal Reserve. | ||||||||
Amounts included in regulatory assets and liabilities are generally recorded with corresponding offsets to the applicable income statement accounts. | ||||||||
Regulatory Assets | ||||||||
SCE's regulatory assets included on the consolidated balance sheets are: | ||||||||
December 31, | ||||||||
(in millions) | 2013 | 2012 | ||||||
Current: | ||||||||
Regulatory balancing accounts | $ | 484 | $ | 502 | ||||
Energy derivatives | 54 | 70 | ||||||
Total current | 538 | 572 | ||||||
Long-term: | ||||||||
Deferred income taxes, net | 2,957 | 2,663 | ||||||
Pensions and other postretirement benefits | 369 | 1,550 | ||||||
Energy derivatives | 816 | 900 | ||||||
Unamortized investments, net | 332 | 507 | ||||||
San Onofre | 1,325 | — | ||||||
Unamortized loss on reacquired debt | 222 | 228 | ||||||
Nuclear-related investment, net | 34 | 141 | ||||||
Regulatory balancing accounts | 818 | 73 | ||||||
Other | 368 | 360 | ||||||
Total long-term | 7,241 | 6,422 | ||||||
Total regulatory assets | $ | 7,779 | $ | 6,994 | ||||
SCE's regulatory assets related to energy derivatives are primarily an offset to unrealized losses on derivatives. The regulatory asset changes based on fluctuations in the fair market value of the contracts, which expire in 1 to 10 years. | ||||||||
SCE's regulatory assets related to deferred income taxes represent tax benefits passed through to customers. The CPUC requires SCE to pass through certain deferred income tax benefits to customers by reducing electricity rates, thereby deferring recovery of such amounts to future periods. Based on current regulatory ratemaking and income tax laws, SCE expects to recover its regulatory assets related to deferred income taxes over the life of the assets that give rise to the accumulated deferred income taxes, approximately from 1 to 45 years. | ||||||||
SCE's regulatory assets related to pensions and other post-retirement plans represent the unfunded net loss and prior service costs of the plans (see "Pension Plans and Postretirement Benefits Other than Pensions" discussion in Note 8). This amount is being recovered through rates charged to customers as the plans are funded. | ||||||||
SCE's unamortized investments include nuclear assets related to Palo Verde which are expected to be recovered by 2027 and SCE's unamortized coal plant investment which is being recovered through December 2015. Unamortized investments also include legacy meters retired as part of the Edison SmartConnect® program which are expected to be recovered by 2017. Although SCE's unamortized investments are classified as regulatory assets on the consolidated balance sheets, they continue to be a component of rate base and earned a rate of return of 7.90% in 2013 and 8.74% in 2012, except for the Mohave generating station, which did not earn a rate of return in 2013 or 2012 and the legacy meters, which earned a rate of return of 6.46% in 2013 and 2012. | ||||||||
For information on regulatory assets related to San Onofre, see Note 9. | ||||||||
SCE's net regulatory asset related to its unamortized loss on reacquired debt will be recovered over the remaining original amortization period of the reacquired debt over periods ranging from 1 to 30 years. | ||||||||
SCE's 2013 nuclear-related investment include assets and accumulated depreciation related to the ARO for Palo Verde. | ||||||||
Regulatory Liabilities | ||||||||
SCE's regulatory liabilities included on the consolidated balance sheets are: | ||||||||
December 31, | ||||||||
(in millions) | 2013 | 2012 | ||||||
Current: | ||||||||
Regulatory balancing accounts | $ | 724 | $ | 484 | ||||
Other | 43 | 52 | ||||||
Total current | 767 | 536 | ||||||
Long-term: | ||||||||
Costs of removal | 2,780 | 2,731 | ||||||
Asset retirement obligations | 1,071 | 1,385 | ||||||
Regulatory balancing accounts | 1,132 | 1,091 | ||||||
Other | 12 | 7 | ||||||
Total long-term | 4,995 | 5,214 | ||||||
Total regulatory liabilities | $ | 5,762 | $ | 5,750 | ||||
SCE's regulatory liabilities related to costs of removal represent differences between asset removal costs recorded and amounts collected in rates for those costs. | ||||||||
The regulatory liability related to asset retirement obligations represents the nuclear decommissioning trust assets in excess of the related asset retirement obligations. The decrease in this regulatory liability resulted from a revision to the asset retirement obligations of San Onofre. For further information, see Note 1. | ||||||||
Regulatory Balancing Accounts | ||||||||
The following table summarizes the significant components of regulatory balancing accounts included in the above tables of regulatory assets and liabilities: | ||||||||
December 31, | ||||||||
(in millions) | 2013 | 2012 | ||||||
Asset (liability) | ||||||||
Energy resource recovery account | $ | 1,005 | $ | (135 | ) | |||
Four Corners memorandum account | 145 | 25 | ||||||
New system generation balancing account | 132 | (21 | ) | |||||
Public purpose programs and energy efficiency programs | (1,037 | ) | (994 | ) | ||||
Base rate recovery balancing account | (247 | ) | 505 | |||||
Greenhouse gas auction revenue | (385 | ) | (109 | ) | ||||
FERC balancing accounts | (59 | ) | (129 | ) | ||||
Other | (108 | ) | (142 | ) | ||||
Asset (liability) | $ | (554 | ) | $ | (1,000 | ) |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Commitments and Contingencies | ' | |||||||||||||||||||||||||||
Commitments and Contingencies | ||||||||||||||||||||||||||||
Third-Party Power Purchase Agreements | ||||||||||||||||||||||||||||
SCE enters into various agreements to purchase power and electric capacity, including: | ||||||||||||||||||||||||||||
• | Renewable Energy Contracts – California law requires retail sellers of electricity to comply with an RPS by delivering renewable energy, primarily through power purchase contracts. Renewable energy contract payments generally consist of payments based on a fixed price per megawatt hour. As of December 31, 2013, SCE had 108 renewable energy contracts that were approved by the CPUC and met critical contract provisions which expire at various dates between 2014 and 2035. | |||||||||||||||||||||||||||
• | Qualifying Facility Power Purchase Agreements – Under the Public Utility Regulatory Policies Act of 1978 ("PURPA"), electric utilities are required, with exceptions, to purchase energy and capacity from independent power producers that are qualifying co-generation facilities and qualifying small power production facilities ("QFs"). As of December 31, 2013, SCE had 139 QF contracts which expire at various dates between 2014 and 2030. | |||||||||||||||||||||||||||
• | Other Power Purchase Agreements – In accordance with the SCE's CPUC-approved long-term procurement plans, SCE has entered into capacity agreements with third parties, including 32 combined heat and power contracts, 15 tolling arrangements, 4 power call options and 55 resource adequacy contracts. SCE's obligations under a portion of these agreements are limited to payments for the availability of such resources. | |||||||||||||||||||||||||||
At December 31, 2013, the undiscounted future minimum expected payments for the SCE power purchase agreements that have been approved by the CPUC and have completed major milestones for construction were as follows: | ||||||||||||||||||||||||||||
(in millions) | Renewable | QF Power | Other Purchase | |||||||||||||||||||||||||
Energy | Purchase | Agreements | ||||||||||||||||||||||||||
Contracts | Agreements | |||||||||||||||||||||||||||
2014 | $ | 796 | $ | 312 | $ | 1,033 | ||||||||||||||||||||||
2015 | 881 | 303 | 900 | |||||||||||||||||||||||||
2016 | 936 | 245 | 701 | |||||||||||||||||||||||||
2017 | 1,070 | 213 | 693 | |||||||||||||||||||||||||
2018 | 1,091 | 170 | 571 | |||||||||||||||||||||||||
Thereafter | 17,806 | 186 | 1,992 | |||||||||||||||||||||||||
Total future commitments | $ | 22,580 | $ | 1,429 | $ | 5,890 | ||||||||||||||||||||||
Many of the power purchase agreements that SCE entered into with independent power producers are treated as operating and capital leases. The following table shows the future minimum expected payments due under the contracts that are treated as operating and capital leases (these amounts are also included in the table above). The future expected payments for capital leases are discounted to their present value in the table below using SCE's incremental borrowing rate at the inception of the leases. The amount of this discount is shown in the table below as the amount representing interest. | ||||||||||||||||||||||||||||
(in millions) | Operating | Capital | ||||||||||||||||||||||||||
Leases | Leases | |||||||||||||||||||||||||||
2014 | $ | 1,273 | $ | 33 | ||||||||||||||||||||||||
2015 | 1,345 | 33 | ||||||||||||||||||||||||||
2016 | 1,271 | 33 | ||||||||||||||||||||||||||
2017 | 1,379 | 33 | ||||||||||||||||||||||||||
2018 | 1,272 | 33 | ||||||||||||||||||||||||||
Thereafter | 17,616 | 356 | ||||||||||||||||||||||||||
Total future commitments | $ | 24,156 | $ | 521 | ||||||||||||||||||||||||
Amount representing executory costs | (118 | ) | ||||||||||||||||||||||||||
Amount representing interest | (194 | ) | ||||||||||||||||||||||||||
Net commitments | $ | 209 | ||||||||||||||||||||||||||
Operating lease expense for these power purchase agreements was $1.5 billion in 2013, $1.3 billion in 2012 and $1.4 billion in 2011. The timing of SCE's recognition of the lease expense conforms to ratemaking treatment for SCE's recovery of the cost of electricity and is included in purchased power. | ||||||||||||||||||||||||||||
At December 31, 2013 and 2012, SCE's net capital leases reflected in utility plant on the consolidated balance sheets were $209 million and $216 million, including accumulated amortization of $39 million and $33 million, respectively. SCE had $6 million and $6 million included in "Other current liabilities" and $203 million and $210 million included in "Other deferred credits and other liabilities," representing the present value of the minimum lease payments due under these contracts recorded on the consolidated balance sheets at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||
Other Lease Commitments | ||||||||||||||||||||||||||||
The following summarizes the estimated minimum future commitments for SCE's noncancelable other operating leases (excluding SCE's power purchase agreements discussed above): | ||||||||||||||||||||||||||||
(in millions) | Operating | |||||||||||||||||||||||||||
Leases – | ||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||
2014 | $ | 76 | ||||||||||||||||||||||||||
2015 | 65 | |||||||||||||||||||||||||||
2016 | 52 | |||||||||||||||||||||||||||
2017 | 36 | |||||||||||||||||||||||||||
2018 | 30 | |||||||||||||||||||||||||||
Thereafter | 194 | |||||||||||||||||||||||||||
Total future commitments | $ | 453 | ||||||||||||||||||||||||||
Operating lease expense for other leases (primarily related to vehicles, office space and other equipment) were $78 million in 2013, $75 million in 2012 and $66 million in 2011. | ||||||||||||||||||||||||||||
Nuclear Decommissioning Commitment | ||||||||||||||||||||||||||||
SCE has collected in rates amounts for the future costs of removal of its nuclear assets, and has placed those amounts in independent trusts. The recorded liability to decommission SCE's nuclear power facilities is $3.3 billion as of December 31, 2013, based on decommissioning studies performed in 2010 for Palo Verde and a 2013 updated decommissioning cost estimate for the retirement of both San Onofre Units 2 and 3. Changes in the estimated costs, timing of decommissioning or the assumptions underlying these estimates could cause material revisions to the estimated total cost to decommission. SCE currently estimates that it will spend approximately $7.1 billion through 2053 to decommission its nuclear facilities. This estimate is based on SCE's decommissioning cost methodology used for ratemaking purposes, escalated at rates ranging from 1.5% to 7.3% (depending on the cost element) annually. These costs are expected to be funded from independent decommissioning trusts, which received contributions of $23 million in 2013, 2012 and 2011. SCE estimates annual after-tax earnings on the decommissioning funds of 4.2% to 5.7%. If the assumed return on trust assets is not earned, it is probable that additional funds needed for decommissioning will be recoverable through rates in the future. If the assumed return on trust assets is greater than estimated, funding amounts may be reduced through future decommissioning proceedings. | ||||||||||||||||||||||||||||
Decommissioning expense under the ratemaking method was $23 million for 2013, 2012 and 2011. The ARO for decommissioning SCE's nuclear facilities was $3.3 billion and $2.6 billion at December 31, 2013 and 2012, respectively. See Note 4 and Note 10 for discussion on the nuclear decommissioning trusts. Total expenditures for the decommissioning of San Onofre Unit 1 were $599 million from the beginning of the project in 1998 through December 31, 2013. | ||||||||||||||||||||||||||||
Other Commitments | ||||||||||||||||||||||||||||
The following summarizes the estimated minimum future commitments for SCE's other commitments: | ||||||||||||||||||||||||||||
(in millions) | 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | |||||||||||||||||||||
Other contractual obligations | $ | 123 | $ | 105 | $ | 85 | $ | 66 | $ | 160 | $ | 612 | $ | 1,151 | ||||||||||||||
Costs incurred for other commitments were $153 million in 2013, $249 million in 2012 and $281 million in 2011. SCE has fuel supply contracts which require payment only if the fuel is made available for purchase. | ||||||||||||||||||||||||||||
As a result of the decision to permanently retire San Onofre Units 2 and 3, SCE has submitted fuel contract delivery cancellation notices for the nuclear fuel contractual arrangements. As of December 31, 2013, SCE had accrued a liability of $33 million related to estimated costs associated with the cancellation and management of future deliveries of nuclear fuel and recorded a regulatory asset for recovery of costs in the future. See Note 9 for further discussion of SCE's decision to permanently retire San Onofre. | ||||||||||||||||||||||||||||
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 considers its operating, capital, and market power costs recoverable through base rates and the ERRA balancing account (as reduced by the impairment recorded in 2013). SCE 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. SCE will pursue recoveries arising from available agreements, but there is no assurance that SCE will recover all of its applicable costs pursuant to these arrangements. See Note 9 for further details. | ||||||||||||||||||||||||||||
Potential Claims by EME | ||||||||||||||||||||||||||||
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. EME submitted its Plan of Reorganization in December 2013 ("December Plan of Reorganization"), which included the sale of substantially all of EME’s assets to NRG Energy, Inc. and the transfer of ownership of EME to unsecured creditors, to the Bankruptcy Court for confirmation. Under the December Plan of Reorganization, the remaining assets of EME, consisting of the NRG sale proceeds, certain EME tax benefits comprised of net operating loss and tax credits, carryforwards and causes of action against Edison International or others that were not released under the December Plan of Reorganization, would have re-vested in reorganized EME (“Reorganized EME”). | ||||||||||||||||||||||||||||
EME has indicated that it is preparing a complaint containing claims similar to those alleged by the Official Committee of Unsecured Creditors in a motion filed in the Bankruptcy Court on August 1, 2013 against Edison International, SCE, certain other subsidiaries of Edison International, and present and former directors of Edison International, SCE and EME. Such motion was accompanied by a draft complaint which has not been filed or served. The draft complaint set forth a variety of allegations against the defendants, including, among other things, that $925 million in dividends paid by EME to Mission Energy Holding Company in 2007 are recoverable, that $183 million paid by EME under the Tax Allocation Agreement in September 2012 was improper, that EME was operated between 2010 and 2012 for Edison International’s benefit and not in accordance with fiduciary duties owed to EME and its creditors, that amending the Tax Allocation Agreement to have it expire on December 31, 2013 was a breach of fiduciary duty, that Edison International has historically overcharged EME for shared services, that Edison International and certain of its competitive subsidiaries are alter egos of, and should be substantively consolidated with, EME, and are therefore liable for EME’s debts, and that utilization by Edison International and SCE of bonus depreciation following EME’s filing for bankruptcy was a violation of the automatic stay in the EME bankruptcy. Edison International has not been served with a complaint by EME, but if served would vigorously contest such allegations. | ||||||||||||||||||||||||||||
Edison International has filed claims against EME for payment of EME’s allocated or stand-alone pension and tax liabilities. On January 2, 2014, EME filed its objections to Edison International's claims and a motion to estimate certain claims including claims filed by Edison International. | ||||||||||||||||||||||||||||
In February 2014, Edison International, EME and the Consenting Noteholders entered into a Settlement Agreement pursuant to which EME amended its Plan of Reorganization (“Amended Plan of Reorganization”). The Amended Plan of Reorganization, including the Settlement Agreement, is subject to the approval of the Bankruptcy Court. If the Settlement agreement is not approved or is not effectuated for any other reason, EME may still bring the complaint mentioned above. For more information on the Settlement Agreement, see Note 16. | ||||||||||||||||||||||||||||
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. Both settlements are subject to CPUC approval. | ||||||||||||||||||||||||||||
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 PSD 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 | ||||||||||||||||||||||||||||
Edison International 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. Edison International 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, Edison International 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 December 31, 2013, Edison International's recorded estimated minimum liability to remediate its 19 identified sites in which the upper end of the range of the costs is at least $1 million at SCE was $110 million, including $73 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 $114 million total environmental remediation liability for SCE, $110 million has been recorded as a regulatory asset. SCE expects to recover $36 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 $74 million through a mechanism that allows SCE to recover 100% of the costs incurred at certain sites through customer rates. Edison International'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 Edison International 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 Edison International'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. Edison International 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 $162 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 Edison International among a range of reasonably possible outcomes. | ||||||||||||||||||||||||||||
SCE expects to clean up and mitigate its identified sites over a period of up to 30 years. Remediation costs for each of the next four years are expected to range from $6 million to $27 million. Costs incurred for years ended December 31, 2013, 2012 and 2011 were $8 million, $10 million and $16 million, respectively. | ||||||||||||||||||||||||||||
Based upon the CPUC's regulatory treatment of environmental remediation costs incurred at SCE, Edison International 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 liability claims 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). 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. | ||||||||||||||||||||||||||||
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 primary property damage, decontamination and excess property damage and accidental outage insurance policies. At San Onofre and Palo Verde, property damage insurance covers losses up to $500 million, including decontamination costs. Decontamination liability and excess property damage coverage exceeding the primary $500 million also has been purchased in amounts greater than the federal requirement of a minimum of approximately $1.06 billion. 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 September 1, 2013, Edison International, renewed its liability insurance coverage, which included coverage for SCE's wildfire liabilities up to a $500 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 (September 1, 2013 to May 31, 2014). SCE also has additional coverage for certain wildfire liabilities of $450 million, which applies when total covered wildfire claims exceed $550 million, through May 31, 2014. 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 share 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 | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Preferred And Preference Stock Of Utility Disclosure [Abstract] | ' | ||||||||||||||
Preferred and Preference Stock of Utility | ' | ||||||||||||||
Preferred and Preference Stock of Utility | |||||||||||||||
SCE's authorized shares are: $100 cumulative preferred – 12 million shares, $25 cumulative preferred – 24 million shares and preference with no par value – 50 million shares. SCE's outstanding shares are not subject to mandatory redemption. There are no dividends in arrears for the preferred or preference shares. Shares of SCE's preferred stock have liquidation and dividend preferences over shares of SCE's common stock and preference stock. All cumulative preferred shares are redeemable. When preferred shares are redeemed, the premiums paid, if any, are charged to common equity. No preferred shares were issued or redeemed in the years ended December 31, 2013, 2012 and 2011. There is no sinking fund requirement for redemptions or repurchases of preferred shares. | |||||||||||||||
Shares of SCE's preference stock rank junior to all of the preferred stock and senior to all common stock. Shares of SCE's preference stock are not convertible into shares of any other class or series of SCE's capital stock or any other security. There is no sinking fund requirement for redemptions or repurchases of preference shares. | |||||||||||||||
Preferred stock and preference stock is: | |||||||||||||||
Shares | Redemption | December 31, | |||||||||||||
(in millions, except shares and per-share amounts) | Outstanding | Price | 2013 | 2012 | |||||||||||
Cumulative preferred stock | |||||||||||||||
$25 par value: | |||||||||||||||
4.08% Series | 650,000 | $ | 25.5 | $ | 16 | $ | 16 | ||||||||
4.24% Series | 1,200,000 | 25.8 | 30 | 30 | |||||||||||
4.32% Series | 1,653,429 | 28.75 | 41 | 41 | |||||||||||
4.78% Series | 1,296,769 | 25.8 | 33 | 33 | |||||||||||
Preference stock | |||||||||||||||
No par value: | |||||||||||||||
5.07% Series A (variable and noncumulative) | 3,250,000 | 100 | 325 | 325 | |||||||||||
6.125% Series B (noncumulative) | 2,000,000 | 100 | — | 200 | |||||||||||
6.00% Series C (noncumulative) | 2,000,000 | 100 | — | 200 | |||||||||||
6.50% Series D (cumulative) | 1,250,000 | 100 | 125 | 125 | |||||||||||
6.25% Series E (cumulative) | 350,000 | 1,000.00 | 350 | 350 | |||||||||||
5.625% Series F (cumulative) | 190,004 | 2,500.00 | 475 | 475 | |||||||||||
5.10% Series G (cumulative) | 160,004 | 2,500.00 | 400 | — | |||||||||||
SCE's preferred and preference stock | 1,795 | 1,795 | |||||||||||||
Less issuance costs | (42 | ) | (36 | ) | |||||||||||
Edison International's preferred and preference stock of utility | $ | 1,753 | $ | 1,759 | |||||||||||
Shares of Series A preference stock, issued in 2005, may be redeemed in whole or in part. Shares of Series D preference stock, issued in 2011, may not be redeemed prior to March 1, 2016. After March 1, 2016, SCE may redeem the shares at par, in whole or in part. Shares of Series E preference stock, issued in 2012, may be redeemed at par, in whole or in part, after February 1, 2022. Shares of Series F and G preference stock, issued in 2012 and 2013, respectively, may be redeemed at par, in whole, but not in part, at any time prior to June 15, 2017 and March 15, 2018, respectively, if certain changes in tax or investment company laws occur. After June 15, 2017 and March 15, 2018, SCE may redeem the Series F and G shares, respectively, at par, in whole or in part. Shares of Series F and G preference stock were issued to SCE Trust I and SCE Trust II, respectively, special purpose entities formed to issue trust securities as discussed in Note 3. The proceeds from the sale of the shares of Series G were used to redeem all outstanding shares of Series B and C preference stock. Preference shares are not subject to mandatory redemption. | |||||||||||||||
At December 31, 2013 declared dividends related to SCE's preferred and preference stock were $30 million. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | |||||||||||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Included in the Edison International accumulated other comprehensive loss at December 31, 2011 was $34 million (net of tax) of unrealized losses from cash flow hedges and $5 million (net of tax) from prior service costs from pension and PBOP Plans. These balances were included in other comprehensive income during 2012 resulting in a zero balance at December 31, 2012. The changes in accumulated comprehensive income, excluding the items above, were as follows: | ||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Beginning balance | $ | (87 | ) | $ | (100 | ) | 1 | $ | (29 | ) | $ | (24 | ) | |||||||
Pension and PBOP – net loss: | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 63 | 15 | 13 | (9 | ) | |||||||||||||||
Reclassified from accumulated other comprehensive income2 | 9 | (2 | ) | 3 | 4 | |||||||||||||||
Other | 2 | — | 2 | — | ||||||||||||||||
Change | 74 | 13 | 18 | (5 | ) | |||||||||||||||
Ending balance | $ | (13 | ) | $ | (87 | ) | $ | (11 | ) | $ | (29 | ) | ||||||||
1 | Excludes the amount of unrealized losses from cash flow hedges and prior service costs arising from pension and PBOP. | |||||||||||||||||||
2 | These items are included in the computation of net periodic pension and PBOP expense. |
Interest_and_Other_Income_and_
Interest and Other Income and Expenses | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||
Other Income and Expenses | ' | ||||||||||||
Interest and Other Income and Other Expenses | |||||||||||||
Interest and other income and other expenses are as follows: | |||||||||||||
Years ended December 31, | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
SCE interest and other income: | |||||||||||||
Equity allowance for funds used during construction | $ | 72 | $ | 96 | $ | 96 | |||||||
Increase in cash surrender value of life insurance policies | 30 | 27 | 26 | ||||||||||
Interest income | 10 | 7 | 5 | ||||||||||
Other | 10 | 14 | 13 | ||||||||||
Total SCE interest and other income | 122 | 144 | 140 | ||||||||||
Edison International Parent and Other income | 2 | 5 | 7 | ||||||||||
Total Edison International interest and other income | $ | 124 | $ | 149 | $ | 147 | |||||||
SCE other expenses: | |||||||||||||
Civic, political and related activities and donations | $ | 37 | $ | 32 | $ | 30 | |||||||
Penalties | 20 | — | — | ||||||||||
Other | 17 | 18 | 25 | ||||||||||
Total SCE other expenses | 74 | 50 | 55 | ||||||||||
Edison International Parent and Other other expenses | — | 2 | — | ||||||||||
Total Edison International other expenses | $ | 74 | $ | 52 | $ | 55 | |||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Discontinued Operations | ' | |||||||||||
Discontinued Operations | ||||||||||||
EME Chapter 11 Bankruptcy Filing | ||||||||||||
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. EME's December Plan of Reorganization included the sale of substantially all of EME’s assets to NRG Energy, Inc. and the transfer of ownership of EME to unsecured creditors, to the Bankruptcy Court for confirmation. Under the December Plan of Reorganization, the remaining assets of EME, consisting of the NRG sale proceeds, certain EME tax benefits comprised of net operating loss and tax credit carryforwards and causes of action against Edison International or others that were not released under the December Plan of Reorganization, would have re-vested in the Reorganized EME. | ||||||||||||
Deconsolidation | ||||||||||||
EME and those subsidiaries in Chapter 11 proceedings retained control of their assets and are authorized to operate their businesses as debtors-in-possession under the jurisdiction of the Bankruptcy Court. Effective December 17, 2012, Edison International no longer consolidated the earnings and losses of EME or its subsidiaries and has reflected its ownership interest in EME utilizing the cost method of accounting. During the fourth quarter of 2012, Edison International recorded a full impairment of the investment in EME as a result of the deconsolidation of EME, recognition of losses previously deferred in accumulated other comprehensive income, a provision for losses from the EME bankruptcy and estimated tax impacts related to the expected future tax deconsolidation and separation of EME from Edison International. The aggregate impact of these matters resulted in an after tax charge of $1.3 billion. Edison International considered EME to be an abandoned asset under GAAP, and, as a result, the operations of EME prior to December 17, 2012 and for all prior years are reflected as discontinued operations in the consolidated financial statements. | ||||||||||||
Edison International will not be affected by changes in EME's future financial results, other than those changes related to certain tax matters. Edison International has evaluated the continuing cash flows with EME and determined that these cash flows generated are indirect and immaterial. Edison International's continuing cash flows will not include any significant revenue-producing and cost-generating activities of EME. Shared services support that Edison International and EME provided each other was not material to Edison International's cash flows. Summarized results of discontinued operations: | ||||||||||||
(in millions) | Year ended December 31, 2013 | 351 days ended December 16, 2012 | Year ended December 31, 2011 | |||||||||
Operating revenue | $ | — | $ | 1,626 | $ | 2,180 | ||||||
Loss before income taxes | — | (2,235 | ) | (1,931 | ) | |||||||
Before Edison International classified EME as discontinued operations, Edison International had accounted for EME's Homer City as a discontinued operation. The operating results shown above reflect the operating results of Homer City through December 14, 2012. On December 14, 2012, Homer City and an affiliate of GECC completed the Homer City Master Transaction Agreement ("MTA") between EME Homer City Generation L.P. and General Electric Capital Corporation for the divestiture by Homer City of substantially all of its remaining assets and certain specified liabilities. In the third quarter of 2012, EME recorded a $113 million charge ($68 million after tax) to write down assets held for sale to net realizable value during the third quarter of 2012. The charge was reduced to $89 million ($53 million after tax) when the transaction closed. In the fourth quarter of 2011, EME recorded an impairment charge of $1.03 billion related to Homer City's long-lived assets. | ||||||||||||
Contingencies | ||||||||||||
Under the Internal Revenue Code and applicable state statutes, Edison International Parent is jointly liable for qualified retirement plans and federal and specific state tax liabilities. As a result of the deconsolidation and the existence of joint liabilities, Edison International has recorded liabilities at December 31, 2013 of $325 million comprised of $35 million for qualified retirement plans related to plan participants of EME and $290 million for joint tax liabilities. Under the qualified plan documents and tax allocation agreements, EME is obligated to pay for such liabilities and, accordingly, at December 31, 2013 Edison International has recorded corresponding receivables from EME. | ||||||||||||
EME had indicated that it was preparing a complaint containing claims similar to those alleged by the Official Committee of Unsecured Creditors in a motion filed in the Bankruptcy Court on August 1, 2013 against Edison International, SCE, certain other subsidiaries of Edison International, and present and former directors of Edison International, SCE and EME. See EME potential claims discussed in Note 12. Edison International has not been served with a complaint by EME, but if served would vigorously contest such allegations. | ||||||||||||
The outcome of the EME bankruptcy proceeding as well as any litigation brought by EME against Edison International is uncertain. At December 31, 2013, management concluded that it is probable that a loss would be incurred and estimated a loss of $150 million. The outcome of the EME bankruptcy could result in losses different than the amounts recorded by Edison International and such amounts could be material. | ||||||||||||
For a discussion of contingencies related to EME, see Tax Disputes discussed in Note 7 and potential litigation discussed in Note 12. | ||||||||||||
Subsequent Event | ||||||||||||
In February 2014, subsequent to the preparation of the financial statements, Edison International, EME and the Consenting Noteholders entered into a Settlement Agreement pursuant to which EME amended its Plan of Reorganization to incorporate the terms of the Settlement Agreement, including extinguishing all existing claims between EME and Edison International. The Amended Plan of Reorganization, including the Settlement Agreement, is subject to the approval of the Bankruptcy Court, which is scheduled for consideration in March 2014. | ||||||||||||
Under the Amended Plan of Reorganization, EME will emerge from bankruptcy free of liabilities but will remain an indirect wholly-owned subsidiary of Edison International, which will continue to be consolidated with Edison International for income tax purposes. On the effective date of the Amended Plan of Reorganization ("Effective Date"), all of the assets and liabilities of EME that are not otherwise discharged in the bankruptcy or transferred to NRG Energy will be transferred to a newly formed trust or entity under the control of EME’s existing creditors (the "Reorganization Trust"), except for (a) EME’s income tax attributes, which will be retained by the Edison International consolidated income tax group; (b) certain tax and pension related liabilities in the approximate amount of $350 million, which are being 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, which is currently a lease investment of Edison Capital that is expected to be transferred to EME prior to the closing of the settlement. | ||||||||||||
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 are estimated to be approximately $1.191 billion, subject to an estimate updating procedure set forth in the Settlement Agreement that is expected to take up to approximately six months from the Effective Date. On the Effective Date, Edison International will pay the Reorganization Trust $225 million in cash and 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 the Effective Date will be fixed once the estimate of the EME Tax Attributes is completed but are currently estimated to be approximately $199 million and $210 million, respectively, including applicable interest. Assuming continuation of existing 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, and pending the realization of the tax benefits, Edison International will finance the settlement from existing credit lines. | ||||||||||||
EME and the Reorganization Trust will release 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 Settlement Agreement. Edison International and its subsidiaries that directly and indirectly own EME will provide a similar release to EME and the Reorganization Trust. Under the Amended Plan of Reorganization, Edison International and its subsidiaries will also be beneficiaries of orders of the Bankruptcy Court releasing them from claims of third parties in EME’s bankruptcy proceeding. The Reorganization Trust is obligated to set aside $50 million in escrow to secure its obligations to Edison International under the Settlement Agreement, 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. | ||||||||||||
Approval of the Amended Plan of Reorganization, including the Settlement Agreement, is subject to the determination of the Bankruptcy Court. The final estimate of EME Tax Attributes, which will fix Edison International’s installment obligations to the Reorganization Trust, may differ materially from the current estimate. Subject to effectuation of the settlement and the final determination of the EME Tax Attributes under the Settlement Agreement, Edison International anticipates that consolidated tax benefits it will retain will exceed the sum of liabilities it will assume and payments to the Reorganization Trust by approximately $200 million, and that the transactions contemplated by the Settlement Agreement, if effectuated, will result in its recording approximately $130 million in income in the first quarter of 2014, which is net of amounts recorded prior to the first quarter. Edison International has recorded deferred income tax benefits of EME, less a valuation allowance for amounts that would no longer be available upon tax deconsolidation of EME of approximately $220 million and a $150 million provision for loss related to claims filed against EME in the bankruptcy. The net impact of these items has been approximately $70 million through December 31, 2013 and recorded as part of discontinued operations. | ||||||||||||
As the Settlement Agreement was entered into in 2014 and is subject to approval by the Bankruptcy Court, it is accounted for as a subsequent event under GAAP and not reflected in the 2013 financial statements (referred to as a "Type II" subsequent event). |
Supplemental_Cash_Flows_Inform
Supplemental Cash Flows Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||||||||||||||
Supplemental Cash Flows Information | ' | |||||||||||||||||||||||
Supplemental Cash Flows Information | ||||||||||||||||||||||||
Supplemental cash flows information is: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Cash payments (receipts) for interest and taxes: | ||||||||||||||||||||||||
Interest, net of amounts capitalized | $ | 477 | $ | 452 | $ | 423 | $ | 462 | $ | 437 | $ | 408 | ||||||||||||
Tax payments (refunds), net | 28 | (165 | ) | (119 | ) | 28 | (279 | ) | (86 | ) | ||||||||||||||
Non-cash financing and investing activities: | ||||||||||||||||||||||||
Details of debt exchange: | ||||||||||||||||||||||||
Pollution-control bonds redeemed | $ | — | $ | — | $ | (86 | ) | $ | — | $ | — | $ | (86 | ) | ||||||||||
Pollution-control bonds issued | — | — | 86 | — | — | 86 | ||||||||||||||||||
Dividends declared but not paid: | ||||||||||||||||||||||||
Common stock | $ | 116 | $ | 110 | $ | 106 | $ | — | $ | — | $ | — | ||||||||||||
Preferred and preference stock | 30 | 24 | 11 | 30 | 24 | 11 | ||||||||||||||||||
SCE's accrued capital expenditures at December 31, 2013, 2012 and 2011 were $661 million, $671 million and $685 million, respectively. Accrued capital expenditures will be included as an investing activity in the consolidated statements of cash flow in the period paid. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
Edison International and SCE provide and receive various services to and from its subsidiaries and affiliates. Services provided to Edison International by SCE are priced at fully loaded cost (i.e., direct cost of good or service and allocation of overhead cost). Specified administrative services such as payroll, employee benefit programs, all performed by Edison International or SCE employees, are shared among all affiliates of Edison International. Costs are allocated based on one of the following formulas: percentage of time worked, equity in investment and advances, number of employees, or multi-factor (operating revenues, operating expenses, total assets and number of employees). Edison International allocates various corporate administrative and general costs to SCE and other subsidiaries using established allocation factors. Management believes that the methods used to allocate expenses are reasonable and meet the reporting and accounting requirements of its regulatory agencies. | |
At December 31, 2013, Edison International has recorded receivables from EME of $325 million. Revenue from services provided to EME and affiliates during 2013, 2012 and 2011 were $2 million, $7 million and $5 million, respectively. See Note 16 for further information. In addition, Edison International has recorded deferred credits at December 31, 2013 and 2012 of $120 million and $36 million, respectively, representing amounts that would become due and payable to Capistrano Wind Holdings upon utilization of net operating loss and tax credit carryforwards under tax allocation agreements. | |
SCE has recorded a liability of $10 million at December 31, 2013 for power purchased under the Walnut Creek project. In 2008, EME was awarded by SCE, through a competitive bidding process, a 10-year power sales contract with SCE for the output of a 479 MW gas-fired peaking facility referred to as the Walnut Creek project. The power sales agreement was approved by the CPUC and FERC in 2008. Deliveries under the power sales agreement commenced in June 2013. Purchase power recorded by SCE during 2013 from the Walnut Creek project was $93 million. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||||||||
Quarterly Financial Data (Unaudited) | ||||||||||||||||||||
Edison International's quarterly financial data is as follows: | ||||||||||||||||||||
2013 | ||||||||||||||||||||
(in millions, except per-share amounts) | Total | Fourth | Third | Second | First | |||||||||||||||
Operating revenue | $ | 12,581 | $ | 2,943 | $ | 3,960 | $ | 3,046 | $ | 2,632 | ||||||||||
Operating income (loss) | 1,715 | 505 | 789 | (71 | ) | 492 | ||||||||||||||
Income (loss) from continuing operations1 | 979 | 289 | 488 | (82 | ) | 286 | ||||||||||||||
Income (loss) from discontinued operations, net | 36 | 37 | (25 | ) | 12 | 12 | ||||||||||||||
Net income (loss) attributable to common shareholders | 915 | 301 | 438 | (94 | ) | 271 | ||||||||||||||
Basic earnings (loss) per share: | ||||||||||||||||||||
Continuing operations | 2.7 | 0.81 | 1.42 | (0.33 | ) | 0.79 | ||||||||||||||
Discontinued operations | 0.11 | 0.11 | (0.08 | ) | 0.04 | 0.04 | ||||||||||||||
Total | 2.81 | 0.92 | 1.34 | (0.29 | ) | 0.83 | ||||||||||||||
Diluted earnings (loss) per share: | ||||||||||||||||||||
Continuing operations | 2.67 | 0.81 | 1.41 | (0.33 | ) | 0.78 | ||||||||||||||
Discontinued operations | 0.11 | 0.11 | (0.07 | ) | 0.04 | 0.04 | ||||||||||||||
Total | 2.78 | 0.92 | 1.34 | (0.29 | ) | 0.82 | ||||||||||||||
Dividends declared per share | 1.3675 | 0.355 | 0.3375 | 0.3375 | 0.3375 | |||||||||||||||
Common stock prices: | ||||||||||||||||||||
High | 54.19 | 49.95 | 50.34 | 54.19 | 51.24 | |||||||||||||||
Low | 44.26 | 44.97 | 44.26 | 44.86 | 44.92 | |||||||||||||||
Close | 46.3 | 46.3 | 46.06 | 48.16 | 50.32 | |||||||||||||||
1 | During the second quarter of 2013, SCE recorded an impairment charge of $575 million ($365 million after tax) related to the permanent retirement of San Onofre Units 2 and 3. | |||||||||||||||||||
2012 | ||||||||||||||||||||
(in millions, except per-share amounts) | Total | Fourth | Third | Second | First | |||||||||||||||
Operating revenue | $ | 11,862 | $ | 3,060 | $ | 3,734 | $ | 2,653 | $ | 2,415 | ||||||||||
Operating income | 2,285 | 765 | 713 | 420 | 389 | |||||||||||||||
Income from continuing operations1, 2 | 1,594 | 812 | 382 | 207 | 196 | |||||||||||||||
Loss from discontinued operations, net3 | (1,686 | ) | (1,326 | ) | (167 | ) | (109 | ) | (84 | ) | ||||||||||
Net income (loss) attributable to common shareholders | (183 | ) | (539 | ) | 190 | 74 | 93 | |||||||||||||
Basic earnings (loss) per share: | ||||||||||||||||||||
Continuing operations | 4.61 | 2.42 | 1.09 | 0.56 | 0.54 | |||||||||||||||
Discontinued operations | (5.17 | ) | (4.07 | ) | (0.51 | ) | (0.33 | ) | (0.26 | ) | ||||||||||
Total | (0.56 | ) | (1.65 | ) | 0.58 | 0.23 | 0.28 | |||||||||||||
Diluted earnings (loss) per share: | ||||||||||||||||||||
Continuing operations | 4.55 | 2.39 | 1.09 | 0.55 | 0.54 | |||||||||||||||
Discontinued operations | (5.11 | ) | (4.03 | ) | (0.51 | ) | (0.33 | ) | (0.26 | ) | ||||||||||
Total | (0.56 | ) | (1.64 | ) | 0.58 | 0.22 | 0.28 | |||||||||||||
Dividends declared per share | 1.3125 | 0.3375 | 0.325 | 0.325 | 0.325 | |||||||||||||||
Common stock prices: | ||||||||||||||||||||
High | 47.96 | 47.96 | 46.94 | 46.55 | 44.5 | |||||||||||||||
Low | 39.6 | 42.57 | 43.1 | 41.42 | 39.6 | |||||||||||||||
Close | 45.19 | 45.19 | 45.69 | 46.2 | 42.51 | |||||||||||||||
1 | During the fourth quarter of 2012, SCE implemented the 2012 GRC Decision which resulted in an earnings impact of approximately $500 million. | |||||||||||||||||||
2 | During the fourth quarter of 2012, SCE corrected errors, primarily related to deferred taxes, that resulted in a net earnings benefit of $33 million which were not considered material to the current and prior period consolidated financial statements. | |||||||||||||||||||
3 | During the fourth quarter of 2012, Edison International recorded a full impairment of its investment in EME. See Note 16 for further information. | |||||||||||||||||||
SCE's quarterly financial data is as follows: | ||||||||||||||||||||
2013 | ||||||||||||||||||||
(in millions) | Total | Fourth | Third | Second | First | |||||||||||||||
Operating revenue | $ | 12,562 | $ | 2,931 | $ | 3,957 | $ | 3,045 | $ | 2,629 | ||||||||||
Operating income (loss) | 1,751 | 505 | 804 | (55 | ) | 498 | ||||||||||||||
Net income (loss)1 | 1,000 | 283 | 502 | (67 | ) | 283 | ||||||||||||||
Net income (loss) available for common stock | 900 | 258 | 477 | (91 | ) | 256 | ||||||||||||||
Common dividends declared | 486 | 126 | 120 | 120 | 120 | |||||||||||||||
1 | During the second quarter of 2013, SCE recorded an impairment charge of $575 million ($365 million after tax) related to the permanent retirement of San Onofre Units 2 and 3. | |||||||||||||||||||
2012 | ||||||||||||||||||||
(in millions) | Total | Fourth | Third | Second | First | |||||||||||||||
Operating revenue | $ | 11,851 | $ | 3,057 | $ | 3,731 | $ | 2,651 | $ | 2,412 | ||||||||||
Operating income | 2,279 | 792 | 659 | 430 | 397 | |||||||||||||||
Net income1, 2 | 1,660 | 858 | 388 | 214 | 201 | |||||||||||||||
Net income available for common stock | 1,569 | 833 | 363 | 191 | 182 | |||||||||||||||
Common dividends declared | 469 | 120 | 116 | 116 | 116 | |||||||||||||||
1 | During the fourth quarter of 2012, SCE implemented the 2012 GRC Decision which resulted in an earnings impact of approximately $500 million. | |||||||||||||||||||
2 | During the fourth quarter of 2012, SCE corrected errors, primarily related to deferred taxes, that resulted in a net earnings benefit of $33 million which were not considered material to the current and prior period consolidated financial statements. | |||||||||||||||||||
Due to the seasonal nature of Edison International and SCE's business, a significant amount of revenue and earnings are recorded in the third quarter of each year. As a result of rounding, the total of the four quarters does not always equal the amount for the year. |
Schedule_I_Condensed_Financial
Schedule I - Condensed Financial Information of Parent | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Condensed Financial Information of Parent | ' | |||||||||||
EDISON INTERNATIONAL | ||||||||||||
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT | ||||||||||||
CONDENSED BALANCE SHEETS | ||||||||||||
December 31, | ||||||||||||
(in millions) | 2013 | 2012 | ||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ | 13 | $ | 64 | ||||||||
Other current assets | 166 | 18 | ||||||||||
Total current assets | 179 | 82 | ||||||||||
Investments in subsidiaries | 10,328 | 9,903 | ||||||||||
Deferred income tax | 559 | 555 | ||||||||||
Other long-term assets | 615 | 414 | ||||||||||
Total assets | $ | 11,681 | $ | 10,954 | ||||||||
Liabilities and equity: | ||||||||||||
Accounts payable | $ | 3 | $ | 105 | ||||||||
Other current liabilities | 629 | 184 | ||||||||||
Total current liabilities | 632 | 289 | ||||||||||
Long-term debt | 400 | 400 | ||||||||||
Other long-term liabilities | 721 | 833 | ||||||||||
Total equity | 9,928 | 9,432 | ||||||||||
Total liabilities and equity | $ | 11,681 | $ | 10,954 | ||||||||
EDISON INTERNATIONAL | ||||||||||||
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT | ||||||||||||
CONDENSED STATEMENTS OF INCOME | ||||||||||||
For the Years Ended December 31, 2013, 2012 and 2011 | ||||||||||||
(in millions, except per-share amounts) | 2013 | 2012 | 2011 | |||||||||
Operating revenue and other income | $ | — | $ | — | $ | — | ||||||
Operating expenses and interest expense | 72 | 80 | 63 | |||||||||
Loss before equity in earnings of subsidiaries | (72 | ) | (80 | ) | (63 | ) | ||||||
Equity in earnings of subsidiaries | 922 | 1,590 | 1,077 | |||||||||
Income before income taxes | 850 | 1,510 | 1,014 | |||||||||
Income tax expense (benefit) | (29 | ) | 7 | (27 | ) | |||||||
Income from continued operations | 879 | 1,503 | 1,041 | |||||||||
Income (loss) from discontinued operations, net of tax | 36 | (1,686 | ) | (1,078 | ) | |||||||
Net income (loss) attributable to Edison International common shareholders | $ | 915 | $ | (183 | ) | $ | (37 | ) | ||||
Weighted-average common stock outstanding | 326 | 326 | 326 | |||||||||
Basic earnings (loss) per share: | ||||||||||||
Continuing operations | $ | 2.7 | $ | 4.61 | $ | 3.2 | ||||||
Discontinued operations | 0.11 | (5.17 | ) | (3.31 | ) | |||||||
Total | $ | 2.81 | $ | (0.56 | ) | $ | (0.11 | ) | ||||
Diluted earnings (loss) per share: | ||||||||||||
Continuing operations | $ | 2.67 | $ | 4.55 | $ | 3.17 | ||||||
Discontinued operations | 0.11 | (5.11 | ) | (3.28 | ) | |||||||
Total | $ | 2.78 | $ | (0.56 | ) | $ | (0.11 | ) | ||||
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||
For the Years Ended December 31, 2013, 2012 and 2011 | ||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||
Net income (loss) | $ | 915 | $ | (183 | ) | $ | (37 | ) | ||||
Other comprehensive income (loss) | 74 | 52 | (63 | ) | ||||||||
Comprehensive income (loss) | $ | 989 | $ | (131 | ) | $ | (100 | ) | ||||
EDISON INTERNATIONAL | ||||||||||||
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT | ||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||
For the Years Ended December 31, 2013, 2012 and 2011 | ||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||
Net cash provided by operating activities | $ | 387 | $ | 355 | $ | 437 | ||||||
Cash flows from financing activities: | ||||||||||||
Payable due to consolidated affiliate | 10 | 130 | — | |||||||||
Short-term debt financing, net | 33 | (15 | ) | (9 | ) | |||||||
Settlements of stock-based compensation, net | (6 | ) | (10 | ) | (5 | ) | ||||||
Dividends paid | (440 | ) | (424 | ) | (417 | ) | ||||||
Net cash used by financing activities | (403 | ) | (319 | ) | (431 | ) | ||||||
Net cash provided (used) by investing activities: | (35 | ) | — | 1 | ||||||||
Net increase (decrease) in cash and cash equivalents | (51 | ) | 36 | 7 | ||||||||
Cash and cash equivalents, beginning of year | 64 | 28 | 21 | |||||||||
Cash and cash equivalents, end of year | $ | 13 | $ | 64 | $ | 28 | ||||||
Note 1. Basis of Presentation | ||||||||||||
The accompanying condensed financial statements of Edison International Parent should be read in conjunction with the consolidated financial statements and notes thereto of Edison International and subsidiaries ("Registrant") included in Part II, Item 8 of this Form 10-K. Edison International's Parent significant accounting policies are consistent with those of the Registrant, SCE and other wholly owned and controlled subsidiaries. | ||||||||||||
Dividends Received | ||||||||||||
Edison International Parent received cash dividends from SCE of $486 million, $469 million and $461 million in 2013, 2012 and 2011, respectively. | ||||||||||||
Dividend Restrictions | ||||||||||||
The CPUC regulates SCE's capital structure which limits the dividends it may pay Edison International. SCE may make distributions to Edison International as long as the common equity component of SCE's capital structure remains at or above the 48% on a 13-month weighted average basis. At December 31, 2013, SCE's 13-month weighted-average common equity component of total capitalization was 49.2% and the maximum additional dividend that SCE could pay to Edison International under this limitation was approximately $247 million, resulting in a restriction on SCE's net assets of $11.9 billion. | ||||||||||||
Note 2. Debt and Credit Agreements | ||||||||||||
Long-Term Debt | ||||||||||||
At December 31, 2013 and 2012, Edison International Parent had 3.75% senior notes outstanding of $400 million, which matures in 2017. | ||||||||||||
Credit Agreements and Short-Term Debt | ||||||||||||
In 2013, Edison International Parent amended its $1.25 billion credit facility to extend the maturity date to July 2018. At December 31, 2013, the outstanding commercial paper was $34 million at a weighted-average interest rate of 0.55%. This short-term debt was supported by the $1.25 billion multi-year revolving credit facility. At December 31, 2012, Edison International Parent had no outstanding short-term debt. | ||||||||||||
The following table summarizes the status of the credit facility at December 31, 2013: | ||||||||||||
(in millions) | ||||||||||||
Commitment | $ | 1,250 | ||||||||||
Outstanding borrowings | (34 | ) | ||||||||||
Amount available | $ | 1,216 | ||||||||||
The debt covenant in Edison International's credit facility requires a consolidated debt to total capitalization ratio of less than or equal to 0.65 to 1. The ratio is defined in the credit agreement and generally excludes the consolidated debt and total capital of EME during the periods it was consolidated for financial reporting purposes. At December 31, 2013, Edison International's consolidated debt to total capitalization ratio was 0.45 to 1. | ||||||||||||
Note 3. Related-Party Transactions | ||||||||||||
Edison International's Parent expenses from services provided by SCE were $3 million, $4 million and $3 million for the years ended December 31, 2013, 2012 and 2011, respectively. Edison International Parent had current related-party receivables of $34 million and $23 million and current related-party payables of $69 million and $146 million at December 31, 2013 and 2012, respectively. Edison International Parent had long-term related-party receivables of $486 million and $322 million at December 31, 2013 and 2012, respectively, and long-term related-party payables of $135 million and $112 million at December 31, 2013 and 2012, respectively. | ||||||||||||
Note 4. EME Chapter 11 Bankruptcy Filing | ||||||||||||
Edison International Parent recorded an income tax benefit of $36 million and an after-tax charge of $1.3 billion for the year ended December 31, 2013 and 2012, respectively, related to the deconsolidation of EME. See "Item 8. Notes to Consolidated Financial Statements—Note 7. Income Taxes," "—Note 12. Commitments and Contingencies" and "—Note 16. Discontinued Operations" for further information related to these bankruptcy proceedings. | ||||||||||||
Note 5. Contingencies | ||||||||||||
For a discussion of material contingencies see "Item 8. Notes to Consolidated Financial Statements—Note 7. Income Taxes," "—Note 12. Commitments and Contingencies" and "—Note 16. Discontinued Operations." |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
Schedule of Valuation and Qualifying Accounts | ' | |||||||||||||||||||
EDISON INTERNATIONAL | ||||||||||||||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
Additions | ||||||||||||||||||||
(in millions) | Balance at | Charged to | Charged to | Deductions | Balance at | |||||||||||||||
Beginning of | Costs and | Other | End of | |||||||||||||||||
Period | Expenses | Accounts | Period | |||||||||||||||||
For the Year ended December 31, 2013 | ||||||||||||||||||||
Allowance for uncollectible accounts | ||||||||||||||||||||
Customers | $ | 46.6 | $ | 36 | $ | — | $ | 30.4 | $ | 52.2 | ||||||||||
All others | 79.5 | 19.3 | — | 81 | 17.8 | |||||||||||||||
Total allowance for uncollectible accounts | $ | 126.1 | $ | 55.3 | $ | — | $ | 111.4 | a | $ | 70 | |||||||||
Tax valuation allowance | $ | 1,016.50 | b | $ | 363.5 | b | $ | — | $ | — | $ | 1,380.00 | ||||||||
For the Year ended December 31, 2012 | ||||||||||||||||||||
Allowance for uncollectible accounts | ||||||||||||||||||||
Customers | $ | 42 | $ | 34.6 | $ | — | $ | 30 | $ | 46.6 | ||||||||||
All others | 37.6 | 58.6 | — | 16.7 | 79.5 | |||||||||||||||
Total allowance for uncollectible accounts | $ | 79.6 | $ | 93.2 | $ | — | $ | 46.7 | a | $ | 126.1 | |||||||||
Tax valuation allowance | $ | — | $ | 1,016.50 | b | $ | — | $ | — | $ | 1,016.50 | |||||||||
For the Year ended December 31, 2011 | ||||||||||||||||||||
Allowance for uncollectible accounts | ||||||||||||||||||||
Customers | $ | 36.1 | $ | 31 | $ | — | $ | 25.1 | $ | 42 | ||||||||||
All others | 53.8 | 19.2 | — | 35.4 | c | 37.6 | ||||||||||||||
Total allowance for uncollectible accounts | $ | 89.9 | $ | 50.2 | $ | — | $ | 60.5 | a | $ | 79.6 | |||||||||
a | Accounts written off, net. | |||||||||||||||||||
b | Edison International recorded deferred tax assets of $2.2 billion related to net operating losses and tax carryforwards that pertain to Edison International's consolidated or combined federal and state tax returns, including approximately $1.6 billion related to EME. Edison International continues to consolidate EME for federal and certain combined state tax returns. EME’s Plan of Reorganization, filed in December 2013 ("December Plan of Reorganization"), provides for the transfer of EIX’s ownership interest to the creditors, which would result in a tax deconsolidation of EME. Under federal and state tax regulations, the tax deconsolidation of EME will reduce the amounts net operating loss and tax credits carryforwards that Edison International would be eligible to use in future periods. As a result of the EME’s December Plan of Reorganization, that would result in a tax deconsolidation of EME, Edison International has recorded a $1.380 billion valuation allowance based on the estimated amount of such benefits as calculated under the applicable federal and state tax regulations as of December 31, 2013. The deferred income tax benefits recognized by Edison International less the valuation allowance for amounts that would no longer be available upon tax deconsolidation of EME was approximately $220 million. | |||||||||||||||||||
c | In 2010, SCE recorded a $23 million reserve against an uncollectible receivable related to contract termination negotiations, which was written off during 2011. | |||||||||||||||||||
SOUTHERN CALIFORNIA EDISON COMPANY | ||||||||||||||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
Additions | ||||||||||||||||||||
(in millions) | Balance at | Charged to | Charged to | Deductions | Balance at | |||||||||||||||
Beginning of | Costs and | Other | End of | |||||||||||||||||
Period | Expenses | Accounts | Period | |||||||||||||||||
For the Year ended December 31, 2013 | ||||||||||||||||||||
Allowance for uncollectible accounts | ||||||||||||||||||||
Customers | $ | 46.6 | $ | 36 | $ | — | $ | 30.4 | $ | 52.2 | ||||||||||
All others | 28.3 | 19.3 | — | 34.3 | 13.3 | |||||||||||||||
Total allowance for uncollectible accounts | $ | 74.9 | $ | 55.3 | $ | — | $ | 64.7 | a | $ | 65.5 | |||||||||
For the Year ended December 31, 2012 | ||||||||||||||||||||
Allowance for uncollectible accounts | ||||||||||||||||||||
Customers | $ | 42 | $ | 34.6 | $ | — | $ | 30 | $ | 46.6 | ||||||||||
All others | 33 | 12 | — | 16.7 | 28.3 | |||||||||||||||
Total allowance for uncollectible accounts | $ | 75 | $ | 46.6 | $ | — | $ | 46.7 | a | $ | 74.9 | |||||||||
For the Year ended December 31, 2011 | ||||||||||||||||||||
Allowance for uncollectible accounts | ||||||||||||||||||||
Customers | $ | 36.1 | $ | 31 | $ | — | $ | 25.1 | $ | 42 | ||||||||||
All others | 49.4 | 18.9 | — | 35.3 | b | 33 | ||||||||||||||
Total allowance for uncollectible accounts | $ | 85.5 | $ | 49.9 | $ | — | $ | 60.4 | a | $ | 75 | |||||||||
a | Accounts written off, net. | |||||||||||||||||||
b | In 2010, SCE recorded a $23 million reserve against an uncollectible receivable related to contract termination negotiations, which was written off during 2011. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
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 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 accounting policies conform to accounting principles generally accepted in the United States of America, including the accounting principles for rate-regulated enterprises, which reflect the ratemaking policies of the California Public Utility Commission ("CPUC") and the Federal Energy Regulatory Commission ("FERC"). SCE applies authoritative guidance for rate-regulated enterprises to the portion of its operations in which regulators set rates at levels intended to recover the estimated costs of providing service, plus a return on net investments in assets, or rate base. Regulators may also impose certain penalties or grant certain incentives. Due to timing and other differences in the collection of electric utility revenue, these principles require an incurred cost that would otherwise be charged to expense by a nonregulated entity to be capitalized as a regulatory asset if it is probable that the cost is recoverable through future rates; and conversely the principles require recording of a regulatory liability for amounts collected in rates to recover costs expected to be incurred in the future or amounts collected in excess of costs incurred. SCE assesses, at the end of each reporting period, whether regulatory assets are probable of future recovery. See Note 11 for composition of regulatory assets and liabilities. | ||||||||||||||||||||||||
Beginning in the fourth quarter of 2012, Edison Mission Energy ("EME") met the definition of a discontinued operation and was classified separately in Edison International's consolidated financial statements. Effective December 17, 2012, Edison International no longer consolidates the earnings and losses of EME or its subsidiaries and has reflected its ownership interest in EME utilizing the cost method of accounting prospectively. Except as indicated, amounts in the notes to the consolidated financial statements related to continuing operations of Edison International. See Note 16 for information related to discontinued operations. | ||||||||||||||||||||||||
The preparation of financial statements in conformity with United States generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. | ||||||||||||||||||||||||
Consolidation | ' | |||||||||||||||||||||||
Beginning in the fourth quarter of 2012, Edison Mission Energy ("EME") met the definition of a discontinued operation and was classified separately in Edison International's consolidated financial statements. Effective December 17, 2012, Edison International no longer consolidates the earnings and losses of EME or its subsidiaries and has reflected its ownership interest in EME utilizing the cost method of accounting prospectively. Except as indicated, amounts in the notes to the consolidated financial statements related to continuing operations of Edison International. See Note 16 for information related to discontinued operations. | ||||||||||||||||||||||||
Use of Estimates | ' | |||||||||||||||||||||||
The preparation of financial statements in conformity with United States generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. | ||||||||||||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||||||||||||||||||
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 3 months or less. The cash equivalents were as follows: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Money market funds | $ | 68 | $ | 107 | $ | 8 | $ | 5 | ||||||||||||||||
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 | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Cash reclassified to accounts payable | $ | 168 | $ | 247 | $ | 163 | $ | 242 | ||||||||||||||||
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 3 months or less. The cash equivalents were as follows: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Money market funds | $ | 68 | $ | 107 | $ | 8 | $ | 5 | ||||||||||||||||
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 | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Cash reclassified to accounts payable | $ | 168 | $ | 247 | $ | 163 | $ | 242 | ||||||||||||||||
Allowance for Uncollectible Accounts | ' | |||||||||||||||||||||||
Allowance for Uncollectible Accounts | ||||||||||||||||||||||||
Allowances for uncollectible accounts are provided based upon a variety of factors, including historical amounts written-off, current economic conditions and assessment of customer collectability. | ||||||||||||||||||||||||
Inventory | ' | |||||||||||||||||||||||
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. | ||||||||||||||||||||||||
As a result of the permanent retirement of San Onofre, SCE has reclassified $100 million of its material, supplies and spare parts to a regulatory asset, see Note 9 for further details. | ||||||||||||||||||||||||
Energy Credits and Allowances | ' | |||||||||||||||||||||||
Energy Credits and Allowances | ||||||||||||||||||||||||
Renewable energy certificates or credits ("RECs") represent rights established by governmental agencies for the environmental, social, and other nonpower qualities of renewable electricity generation. A REC, and its associated attributes and benefits, can be sold separately from the underlying physical electricity associated with a renewable-based generation source in certain markets. Retail sellers of electricity obtain RECs through renewable power purchase agreements, internal generation or separate purchases in the market to comply with renewables portfolio standards established in certain such governmental agencies. RECs are the mechanism used to verify renewables portfolio standards compliance and are recognized at the lower of weighted-average cost or market when amounts purchased are in excess of the amounts needed to comply with RPS requirements. The cost of purchased RECs is recoverable as part of the cost of purchased power. | ||||||||||||||||||||||||
SCE is allocated greenhouse gas ("GHG") allowances annually which it is then required to sell them into quarterly auctions. GHG proceeds from the auction are recorded as a regulatory liability to be refunded to customers. SCE purchases GHG allowances from quarterly auctions or bilateral parties to satisfy its GHG emission compliance obligations and recovers such costs of GHG allowances from customers. GHG allowances held for use are classified as "Other current assets" on the consolidated balance sheets and are stated, similar to an inventory method, at the lower of weighted-average cost or market. | ||||||||||||||||||||||||
Property, Plant and Equipment | ' | |||||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||
Plant additions, including replacements and betterments, are capitalized. SCE capitalizes as part of plant additions direct material and labor and indirect costs such as construction overhead, administrative and general costs, pension and benefits, and property taxes. The CPUC authorizes a rate for each of the indirect costs which are allocated to each project based on either labor or total costs. In addition, allowance for funds used during construction ("AFUDC") is capitalized by SCE for certain projects. | ||||||||||||||||||||||||
Estimated useful lives (authorized by the CPUC) and weighted-average useful lives of SCE's property, plant and equipment, are as follows: | ||||||||||||||||||||||||
Estimated Useful Lives | Weighted-Average | |||||||||||||||||||||||
Useful Lives | ||||||||||||||||||||||||
Generation plant | 12 years to 60 years | 38 years | ||||||||||||||||||||||
Distribution plant | 20 years to 60 years | 40 years | ||||||||||||||||||||||
Transmission plant | 40 years to 65 years | 46 years | ||||||||||||||||||||||
General plant and other | 5 years to 60 years | 23 years | ||||||||||||||||||||||
As a result of the permanent retirement of San Onofre, SCE had reclassified property, plant and equipment, including nuclear fuel to a regulatory asset, see Note 9 for further information. | ||||||||||||||||||||||||
Depreciation of utility property, plant and equipment is computed on a straight-line, remaining-life basis. Depreciation expense was $1.31 billion, $1.26 billion and $1.16 billion for 2013, 2012 and 2011, respectively. Depreciation expense stated as a percent of average original cost of depreciable utility plant was, on a composite basis, 4.2%, 4.3% and 4.3% for 2013, 2012 and 2011, respectively. Replaced or retired property costs are charged to the accumulated provision for depreciation. | ||||||||||||||||||||||||
Nuclear fuel for the Palo Verde Nuclear Power Plant is recorded as utility plant (nuclear fuel in the fabrication and installation phase is recorded as construction in progress) in accordance with CPUC ratemaking procedures. Nuclear fuel is amortized using the units of production method. | ||||||||||||||||||||||||
AFUDC represents the estimated cost of debt and equity funds that finance utility-plant construction and is capitalized during certain plant construction. AFUDC is recovered in rates through depreciation expense over the useful life of the related asset. AFUDC equity represents a method to compensate SCE for the estimated cost of equity used to finance utility plant additions and is recorded as part of construction in progress. AFUDC equity was $72 million, $96 million and $96 million in 2013, 2012 and 2011, respectively. AFUDC debt was $33 million, $40 million and $42 million in 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
Major Maintenance | ||||||||||||||||||||||||
Major maintenance costs for SCE's power plant facilities and equipment are expensed as incurred. | ||||||||||||||||||||||||
Asset Retirement Obligations | ||||||||||||||||||||||||
The fair value of a liability for an asset retirement obligation ("ARO") is recorded in the period in which it is incurred, including a liability for the fair value of a conditional ARO, if the fair value can be reasonably estimated even though uncertainty exists about the timing and/or method of settlement. When an ARO liability is initially recorded, SCE capitalizes the cost by increasing the carrying amount of the related long-lived asset. For each subsequent period, the liability is increased for accretion expense and the capitalized cost is depreciated over the useful life of the related asset. | ||||||||||||||||||||||||
SCE is in the process of developing a comprehensive decommissioning plan following its decision to permanently retire San Onofre. See Note 9 for further details. The ARO liability related to San Onofre increased by $455 million in the second quarter of 2013 based on an updated decommissioning cost estimate for the retirement of San Onofre Units 2 and 3. The total ARO liability related to San Onofre Units 2 and 3 at December 31, 2013 was $2.68 billion. | ||||||||||||||||||||||||
The following table summarizes the changes in SCE's ARO liability, including San Onofre and Palo Verde: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | ||||||||||||||||||||||
Beginning balance | $ | 2,782 | $ | 2,610 | ||||||||||||||||||||
Accretion1 | 182 | 161 | ||||||||||||||||||||||
Revisions | 455 | 12 | ||||||||||||||||||||||
Liabilities settled | (1 | ) | (1 | ) | ||||||||||||||||||||
Ending balance | $ | 3,418 | $ | 2,782 | ||||||||||||||||||||
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. | |||||||||||||||||||||||
AROs related to decommissioning of SCE's nuclear power facilities are based on site-specific studies conducted as part of each Nuclear Decommissioning Cost Triennial Proceeding ("NDCTP"). The initial establishment of a nuclear-related ARO is at fair value. Revisions of an ARO are established for updated site-specific decommissioning cost estimates. SCE adjusts its nuclear decommissioning obligation into a nuclear-related ARO regulatory asset and also records an ARO regulatory liability as a result of timing differences between the recognition of costs and the recovery of costs through the ratemaking process. For further discussion, see "Nuclear Decommissioning" below and Notes 4 and 10. | ||||||||||||||||||||||||
Impairment of Long-Lived Assets | ' | |||||||||||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||||||||||||
Impairments of long-lived assets are evaluated based on a review of estimated future cash flows expected to be generated whenever events or changes in circumstances indicate that the carrying amount of such investments or assets may not be recoverable. If the carrying amount of a long-lived asset exceeds expected future cash flows, undiscounted and without interest charges, an impairment loss is recognized in the amount of the excess of fair value over the carrying amount. Fair value is determined via market, cost and income based valuation techniques, as appropriate. SCE's impaired assets are recorded as a regulatory asset if it is deemed probable that such amounts will be recovered from customers. | ||||||||||||||||||||||||
Leases | ' | |||||||||||||||||||||||
Leases | ||||||||||||||||||||||||
SCE enters into power purchase agreements that may contain leases, as discussed under "Power Purchase Agreements" below. SCE has entered into a number of agreements to lease property and equipment in the normal course of business. Minimum lease payments under operating leases are levelized (total minimum lease payments divided by the number of years of the lease) and recorded as rent expense over the terms of the leases. Lease payments in excess of the minimum are recorded as rent expense in the year incurred. | ||||||||||||||||||||||||
Capital leases are reported as long-term obligations on the consolidated balance sheets in "Other deferred credits and other long-term liabilities." As a rate-regulated enterprise, SCE's capital lease amortization expense and interest expense are reflected in "Purchased power" on the consolidated statements of income. | ||||||||||||||||||||||||
Nuclear Decommissioning | ' | |||||||||||||||||||||||
Nuclear Decommissioning | ||||||||||||||||||||||||
Decommissioning costs, which are recovered through non-bypassable customer rates over the term of each nuclear facility's operating license, are recorded as a component of depreciation expense, with a corresponding credit to the ARO regulatory liability. Amortization of the ARO asset (included within the unamortized nuclear investment) and accretion of the ARO liability are deferred as increases to the ARO regulatory liability account, resulting in no impact on earnings. | ||||||||||||||||||||||||
SCE has collected in rates amounts for the future costs of removal of its nuclear assets, and has placed those amounts in independent trusts. The cost of removal amounts, in excess of amounts collected for assets not legally required to be removed, are classified as regulatory liabilities. | ||||||||||||||||||||||||
Due to regulatory recovery of SCE's nuclear decommissioning expense, nuclear decommissioning activities do not affect SCE's earnings. SCE's nuclear decommissioning trust investments primarily consist of debt and equity investments that are classified as available-for-sale. Due to regulatory mechanisms, earnings and realized gains and losses (including other-than-temporary impairments) have no impact on electric utility revenue. Unrealized gains and losses on decommissioning trust funds increase or decrease the trust assets and the related regulatory asset or liability and have no impact on electric utility revenue or decommissioning expense. SCE reviews each security for other-than-temporary impairment on the last day of each month. If the fair value on the last day of two consecutive months is less than the cost for that security, SCE recognizes a loss for the other-than-temporary impairment. If the fair value is greater or less than the cost for that security at the time of sale, SCE recognizes a related realized gain or loss, respectively. | ||||||||||||||||||||||||
Deferred Financing Costs | ' | |||||||||||||||||||||||
Deferred Financing Costs | ||||||||||||||||||||||||
Debt premium, discount and issuance expenses incurred in connection with obtaining financing are deferred and amortized on a straight-line basis. Under CPUC ratemaking procedures, SCE's debt reacquisition expenses are amortized over the remaining life of the reacquired debt or, if refinanced, the life of the new debt. SCE had unamortized losses on reacquired debt of $222 million and $228 million at December 31, 2013 and 2012, respectively, reflected as long-term "Regulatory assets" in the consolidated balance sheets. Edison International and SCE had unamortized debt issuance costs of $84 million and $79 million at December 31, 2013, respectively, and $73 million and $67 million at December 31, 2012, respectively, reflected in "Other long-term assets" on the consolidated balance sheets. Amortization of deferred financing costs charged to interest expense is as follows: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Amortization of deferred financing costs charged to interest expense | $ | 47 | $ | 30 | $ | 34 | $ | 46 | $ | 29 | $ | 33 | ||||||||||||
Revenue Recognition | ' | |||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||
Revenue is recognized when electricity is delivered and includes amounts for services rendered but unbilled at the end of each reporting period and reflected in "Electric utility revenue" on the consolidated income statements. Rates charged to customers are based on CPUC and FERC-authorized revenue requirements. CPUC rates are implemented subsequent to final approval. | ||||||||||||||||||||||||
CPUC and FERC rates decouple authorized revenue from the volume of electricity sales. Differences between amounts collected and authorized levels are either collected from or refunded to customers, and therefore, SCE earns revenue equal to amounts authorized. | ||||||||||||||||||||||||
SCE remits to the California Department of Water Resources ("CDWR"), and does not recognize as revenue the amounts that SCE billed and collected from its customers for electric power purchased and sold by the CDWR to SCE's customers in 2011 as well as bond-related charges and direct access exit fees, both of which continue until 2022. These contracts were not considered a cost to SCE because SCE was acting as a limited agent to CDWR for these transactions. The amounts collected and remitted to CDWR were $1.1 billion in 2011, primarily related to the power contracts. | ||||||||||||||||||||||||
SCE bills certain sales and use taxes levied by state or local governments to its customers. Included in these sales and use taxes are franchise fees, which SCE pays to various municipalities (based on contracts with these municipalities) in order to operate within the limits of the municipality. SCE bills these franchise fees to its customers based on a CPUC-authorized rate. These franchise fees, which are required to be paid regardless of SCE's ability to collect from the customer, are accounted for on a gross basis and reflected in electric utility revenue and other operation and maintenance expense. SCE's franchise fees billed to customers and recorded as electric utility revenue were $116 million, $98 million and $101 million in 2013, 2012 and 2011, respectively. When SCE bills and collects taxes from customers, these taxes are remitted to the taxing authorities and are not recognized as electric utility revenue. | ||||||||||||||||||||||||
Power Purchase Agreements | ' | |||||||||||||||||||||||
Power Purchase Agreements | ||||||||||||||||||||||||
SCE enters into power purchase agreements in the normal course of business. A power purchase agreement may be considered a variable interest in a variable interest entity. Under this classification, the power purchase agreement is evaluated to determine if SCE is the primary beneficiary in the variable interest entity, in which case, such entity would be consolidated. None of SCE's power purchase agreements resulted in consolidation of a variable interest entity at December 31, 2013 and 2012. See Note 3 for further discussion of power purchase agreements that are considered variable interests. | ||||||||||||||||||||||||
A power purchase agreement may also contain a lease for accounting purposes. This generally occurs when a power purchase agreement (signed or modified after June 30, 2003) designates a specific power plant in which the buyer purchases substantially all of the output and does not otherwise meet a fixed price per unit of output exception. SCE has a number of power purchase agreements that contain leases. SCE's recognition of lease expense conforms to the ratemaking treatment for SCE's recovery of the cost of electricity and is recorded in purchased power. These agreements are classified as operating leases as electricity is delivered at rates defined in power sales agreements. See Note 12 for further discussion of SCE's power purchase agreements, including agreements that are classified as capital leases for accounting purposes. | ||||||||||||||||||||||||
A power purchase agreement that does not contain a lease may be classified as a derivative subject to a normal purchase and sale exception, in which case the power purchase agreement is classified as an executory contract and accounted for on an accrual basis. Most of SCE's QF contracts are not required to be recorded on the consolidated balance sheets because they either do not meet the definition of a derivative or meet the normal purchase and sale exception. However, SCE purchases power from certain QFs in which the contract pricing is based on a natural gas index, but the power is not generated with natural gas. These contracts are not eligible for the normal purchase and sale exception and are recorded as a derivative on the consolidated balance sheets at fair value. See Note 6 for further information on derivatives and hedging activities. | ||||||||||||||||||||||||
Power purchase agreements that do not meet the above classifications are accounted for on an accrual basis. | ||||||||||||||||||||||||
Derivatives Instruments and Hedging Activities | ' | |||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||||||||||||
SCE records derivative instruments on its consolidated balance sheets as either assets or liabilities measured at fair value unless otherwise exempted from derivative treatment as normal purchases or sales. The normal purchases and sales exception requires, among other things, physical delivery in quantities expected to be used or sold over a reasonable period in the normal course of business. Realized gains and losses from SCE's derivative instruments are expected to be recovered from or refunded to customers through regulatory mechanisms and, therefore, SCE's fair value changes have no impact on purchased-power expenses or earnings. SCE does not use hedge accounting for derivative transactions due to regulatory accounting treatment. | ||||||||||||||||||||||||
Where SCE's derivative instruments are subject to a master netting agreement and certain criteria are met, SCE presents its derivative assets and liabilities on a net basis on its consolidated balance sheets. In addition, derivative positions are offset against margin and cash collateral deposits. The results of derivative activities are recorded as part of cash flows from operating activities on the consolidated statements of cash flows. See Note 6 for further information on derivative and hedging activities. | ||||||||||||||||||||||||
Share-Based Compensation | ' | |||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||
Stock options, performance shares, deferred stock units and restricted stock units have been granted under Edison International's long-term incentive compensation programs. Generally, Edison International does not issue new common stock for settlement of equity awards. Rather, a third party is used to purchase shares from the market and delivery for settlement of option exercises, performance shares and restricted stock units. Performance shares earned are settled half in cash and half in common stock; however, Edison International has discretion under certain of the awards to pay the half subject to cash settlement in common stock. Deferred stock units granted to management are settled in cash and represent a liability. Restricted stock units are settled in common stock; however, Edison International will substitute cash awards to the extent necessary to pay tax withholding or any government levies. | ||||||||||||||||||||||||
Stock-based compensation expense is recognized on a straight-line basis over the requisite service period. For awards granted to retirement-eligible participants stock compensation expenses are recognized on a prorated basis over the initial year or over the period between the date of grant and the date the participant first becomes eligible for retirement. | ||||||||||||||||||||||||
Dividend Restrictions | ' | |||||||||||||||||||||||
Dividend Restrictions | ||||||||||||||||||||||||
The CPUC regulates SCE's capital structure which limits the dividends it may pay Edison International. SCE may make distributions to Edison International as long as the common equity component of SCE's capital structure remains at or above the 48% on a 13-month weighted average basis. At December 31, 2013, SCE's 13-month weighted-average common equity component of total capitalization was 49.2% and the maximum additional dividend that SCE could pay to Edison International under this limitation was approximately $247 million, resulting in a restriction on SCE's net assets of $11.9 billion. | ||||||||||||||||||||||||
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. | ||||||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||
Edison International and SCE estimate their income taxes for each jurisdiction in which they operate. This involves estimating current period tax expense along with assessing temporary differences resulting from differing treatment of items (such as depreciation) for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in the consolidated balance sheets. Income tax expense includes the current tax liability from operations and the change in deferred income taxes during the year. Investment tax credits are deferred and amortized to income tax expense over the lives of the properties or the term of the power purchase agreement of the respective project while production tax credits are recognized in income tax expense in the period in which they are earned. | ||||||||||||||||||||||||
Interest income, interest expense and penalties associated with income taxes are reflected in "Income tax expense" on the consolidated statements of income. | ||||||||||||||||||||||||
Edison International's eligible subsidiaries are included in Edison International's consolidated federal income tax and combined state tax returns. Edison International has tax-allocation and payment agreements with certain of its subsidiaries. Pursuant to an income tax-allocation agreement approved by the CPUC, SCE's tax liability is computed as if it filed its federal and state income tax returns on a separate return basis. | ||||||||||||||||||||||||
New Accounting Guidance | ' | |||||||||||||||||||||||
New Accounting Guidance | ||||||||||||||||||||||||
Accounting Guidance Adopted in 2013 | ||||||||||||||||||||||||
Offsetting Assets and Liabilities | ||||||||||||||||||||||||
In January 2013, the FASB issued accounting standard updates modifying the disclosure requirements about the nature of an entity's right of offsetting recognized assets and liabilities in the statement of financial position under master netting agreements and similar arrangements associated with derivative instruments, repurchase agreements and securities lending transactions. The guidance requires increased disclosure of the gross and net recognized assets and liabilities, collateral positions and descriptions of setoff rights. Edison International and SCE adopted this guidance effective January 1, 2013. The adoption of this standard did not impact the consolidated income statements, balance sheets or cash flows of Edison International or SCE. See Note 6 for further details. | ||||||||||||||||||||||||
Items Reclassified Out of Accumulated Other Comprehensive Income | ||||||||||||||||||||||||
In February 2013, the FASB issued an accounting standards update which requires disclosure related to items reclassified out of accumulated other comprehensive income ("AOCI"). The guidance requires companies to present separately, for each component of other comprehensive income, current period reclassifications and the remainder of the current-period other comprehensive income. In addition, for certain current period reclassifications, an entity is required to disclose the effect of the item reclassified out of AOCI on the respective line item(s) of net income. Edison International and SCE adopted this guidance effective January 1, 2013. See Note 14 for further details. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Cash Equivalents | ' | |||||||||||||||||||||||
The cash equivalents were as follows: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Money market funds | $ | 68 | $ | 107 | $ | 8 | $ | 5 | ||||||||||||||||
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 | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Cash reclassified to accounts payable | $ | 168 | $ | 247 | $ | 163 | $ | 242 | ||||||||||||||||
Estimated Useful Lives (Authorized by the CPUC) and Weighted-Average Useful Lives of Property, Plant and Equipment | ' | |||||||||||||||||||||||
Estimated useful lives (authorized by the CPUC) and weighted-average useful lives of SCE's property, plant and equipment, are as follows: | ||||||||||||||||||||||||
Estimated Useful Lives | Weighted-Average | |||||||||||||||||||||||
Useful Lives | ||||||||||||||||||||||||
Generation plant | 12 years to 60 years | 38 years | ||||||||||||||||||||||
Distribution plant | 20 years to 60 years | 40 years | ||||||||||||||||||||||
Transmission plant | 40 years to 65 years | 46 years | ||||||||||||||||||||||
General plant and other | 5 years to 60 years | 23 years | ||||||||||||||||||||||
Reconciliation of the Changes in ARO Liability | ' | |||||||||||||||||||||||
The following table summarizes the changes in SCE's ARO liability, including San Onofre and Palo Verde: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | ||||||||||||||||||||||
Beginning balance | $ | 2,782 | $ | 2,610 | ||||||||||||||||||||
Accretion1 | 182 | 161 | ||||||||||||||||||||||
Revisions | 455 | 12 | ||||||||||||||||||||||
Liabilities settled | (1 | ) | (1 | ) | ||||||||||||||||||||
Ending balance | $ | 3,418 | $ | 2,782 | ||||||||||||||||||||
Amortization of deferred financing costs | ' | |||||||||||||||||||||||
Amortization of deferred financing costs charged to interest expense is as follows: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Amortization of deferred financing costs charged to interest expense | $ | 47 | $ | 30 | $ | 34 | $ | 46 | $ | 29 | $ | 33 | ||||||||||||
EPS Attributable to Edison International Common Shareholders | ' | |||||||||||||||||||||||
EPS attributable to Edison International common shareholders was computed as follows: | ||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||
Basic earnings per share – continuing operations: | ||||||||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 879 | $ | 1,503 | $ | 1,041 | ||||||||||||||||||
Weighted average common shares outstanding | 326 | 326 | 326 | |||||||||||||||||||||
Basic earnings per share – continuing operations | $ | 2.7 | $ | 4.61 | $ | 3.2 | ||||||||||||||||||
Diluted earnings per share – continuing operations: | ||||||||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 879 | $ | 1,503 | $ | 1,041 | ||||||||||||||||||
Income impact of assumed conversions | 1 | (1 | ) | (1 | ) | |||||||||||||||||||
Income from continuing operations available to common shareholders and assumed conversions | $ | 880 | $ | 1,502 | $ | 1,040 | ||||||||||||||||||
Weighted average common shares outstanding | 326 | 326 | 326 | |||||||||||||||||||||
Incremental shares from assumed conversions | 3 | 4 | 3 | |||||||||||||||||||||
Adjusted weighted average shares – diluted | 329 | 330 | 329 | |||||||||||||||||||||
Diluted earnings per share – continuing operations | $ | 2.67 | $ | 4.55 | $ | 3.17 | ||||||||||||||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||||||
Schedule of Property, Plant, and Equipment | ' | |||||||||||||||||
SCE's property, plant and equipment included in the consolidated balance sheets is composed of the following: | ||||||||||||||||||
December 31, | ||||||||||||||||||
(in millions) | 2013 | 2012 | ||||||||||||||||
Transmission | $ | 9,117 | $ | 7,059 | ||||||||||||||
Distribution | 17,874 | 16,872 | ||||||||||||||||
Generation | 2,856 | 4,455 | ||||||||||||||||
General plant and other | 4,674 | 4,358 | ||||||||||||||||
Accumulated depreciation | (7,493 | ) | (7,424 | ) | ||||||||||||||
27,028 | 25,320 | |||||||||||||||||
Construction work in progress | 3,219 | 4,271 | ||||||||||||||||
Nuclear fuel, at amortized cost | 132 | 609 | ||||||||||||||||
Total utility property, plant and equipment | $ | 30,379 | $ | 30,200 | ||||||||||||||
Schedule of Jointly Owned Utility Projects | ' | |||||||||||||||||
The following is SCE's investment in each project as of December 31, 2013: | ||||||||||||||||||
(in millions) | Plant in Service | Construction Work in Progress | Accumulated | Nuclear Fuel | Net Book Value | Ownership | ||||||||||||
Depreciation | (at amortized cost) | Interest | ||||||||||||||||
Transmission systems: | ||||||||||||||||||
Eldorado | $ | 87 | $ | 10 | $ | 15 | $ | — | $ | 82 | 62% | |||||||
Pacific Intertie | 189 | 7 | 74 | — | 122 | 50% | ||||||||||||
Generating stations: | ||||||||||||||||||
Palo Verde (nuclear) | 1,842 | 77 | 1,505 | 132 | 546 | 16% | ||||||||||||
Total | $ | 2,118 | $ | 94 | $ | 1,594 | $ | 132 | $ | 750 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
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: | ||||||||||||||||||||
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 | |||||||||
December 31, 2012 | ||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||
and | ||||||||||||||||||||
Collateral1 | ||||||||||||||||||||
Assets at fair value | ||||||||||||||||||||
Derivative contracts | $ | — | $ | 8 | $ | 221 | $ | (15 | ) | $ | 214 | |||||||||
Other | 13 | — | — | — | 13 | |||||||||||||||
Nuclear decommissioning trusts: | ||||||||||||||||||||
Stocks2 | 2,271 | — | — | — | 2,271 | |||||||||||||||
Fixed income3 | 477 | 1,180 | — | — | 1,657 | |||||||||||||||
Short-term investments, primarily cash equivalents | 121 | — | — | — | 121 | |||||||||||||||
Subtotal of nuclear decommissioning trusts4 | 2,869 | 1,180 | — | — | 4,049 | |||||||||||||||
Total assets | 2,882 | 1,188 | 221 | (15 | ) | 4,276 | ||||||||||||||
Liabilities at fair value | ||||||||||||||||||||
Derivative contracts | — | 115 | 1,012 | (62 | ) | 1,065 | ||||||||||||||
Total liabilities | — | 115 | 1,012 | (62 | ) | 1,065 | ||||||||||||||
Net assets (liabilities) | $ | 2,882 | $ | 1,073 | $ | (791 | ) | $ | 47 | $ | 3,211 | |||||||||
1 | 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% and 66% of SCE's equity investments were located in the United States at December 31, 2013 and 2012, respectively. | |||||||||||||||||||
3 | Includes corporate bonds, which were diversified and included collateralized mortgage obligations and other asset backed securities of $47 million and $56 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||
4 | Excludes net receivables of $12 million at December 31, 2013 and net payables of $1 million at December 31, 2012, which consist 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: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
(in millions) | 2013 | 2012 | ||||||||||||||||||
Fair value of net liabilities at beginning of period | $ | (791 | ) | $ | (754 | ) | ||||||||||||||
Total realized/unrealized gains (losses): | ||||||||||||||||||||
Included in regulatory assets and liabilities1 | 23 | (70 | ) | |||||||||||||||||
Purchases | 65 | 104 | ||||||||||||||||||
Settlements | (102 | ) | (71 | ) | ||||||||||||||||
Fair value of net liabilities at end of period | $ | (805 | ) | $ | (791 | ) | ||||||||||||||
Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period | $ | 33 | $ | (119 | ) | |||||||||||||||
1 | 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 | ||||||||||||||||||||
December 31, 2013 | $ | 366 | $ | — | Market simulation model | Load forecast | 7,603 MW - 24,896MW | |||||||||||||
Power prices | $(9.86) - $108.56 | |||||||||||||||||||
Gas prices | $3.50 - $7.10 | |||||||||||||||||||
December 31, 2012 | 186 | — | Market simulation model | Load forecast | 7,597 MW - 26,612 MW | |||||||||||||||
Power prices | $(13.90) - $226.75 | |||||||||||||||||||
Gas prices | $2.95 - $7.78 | |||||||||||||||||||
Tolling | ||||||||||||||||||||
December 31, 2013 | 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) | |||||||||||||||||||
December 31, 2012 | 4 | 1,005 | Option model | Volatility of gas prices | 17% - 36% (22%) | |||||||||||||||
Volatility of power prices | 26% - 64% (29%) | |||||||||||||||||||
Power prices | $35.00 - $84.10 ($55.40) | |||||||||||||||||||
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: | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
(in millions) | Carrying | Fair | Carrying | Fair | ||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||
Edison International | $ | 10,426 | $ | 11,084 | $ | 9,231 | $ | 10,944 | ||||||||||||
SCE | 10,022 | 10,656 | 8,828 | 10,505 | ||||||||||||||||
Debt_and_Credit_Agreements_Tab
Debt and Credit Agreements (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-term debt | ' | |||||||
The following table summarizes long-term debt (rates and terms are as of December 31, 2013) of Edison International and SCE: | ||||||||
December 31, | ||||||||
(in millions) | 2013 | 2012 | ||||||
Edison International Parent and Other: | ||||||||
Debentures and notes: | ||||||||
2017 (3.75%) | $ | 400 | $ | 400 | ||||
Other long-term debt | 4 | 4 | ||||||
Current portion of long-term debt | (1 | ) | — | |||||
Unamortized debt discount, net | — | (1 | ) | |||||
Total Edison International Parent and Other | 403 | 403 | ||||||
SCE: | ||||||||
First and refunding mortgage bonds: | ||||||||
2014 – 2043 (3.5% to 6.05% and floating) | 8,975 | 7,775 | ||||||
Pollution-control bonds: | ||||||||
2028 – 2035 (1.375% to 5.0% and variable) | 939 | 939 | ||||||
Bonds repurchased | (161 | ) | (161 | ) | ||||
Debentures and notes: | ||||||||
2029 – 2053 (5.06% to 6.65%) | 307 | 307 | ||||||
Current portion of long-term debt | (600 | ) | — | |||||
Unamortized debt discount, net | (38 | ) | (32 | ) | ||||
Total SCE | 9,422 | 8,828 | ||||||
Total Edison International | $ | 9,825 | $ | 9,231 | ||||
Long-term debt maturities | ' | |||||||
Edison International and SCE long-term debt maturities over the next five years are the following: | ||||||||
(in millions) | Edison International | SCE | ||||||
2014 | $ | 601 | $ | 600 | ||||
2015 | 300 | 300 | ||||||
2016 | 401 | 400 | ||||||
2017 | 400 | — | ||||||
2018 | 400 | 400 | ||||||
Summary for status of credit facilities | ' | |||||||
The following table summarizes the status of the credit facilities at December 31, 2013: | ||||||||
(in millions) | Edison International Parent | SCE | ||||||
Commitment | $ | 1,250 | $ | 2,750 | ||||
Outstanding borrowings | (34 | ) | (175 | ) | ||||
Outstanding letters of credit | — | (116 | ) | |||||
Amount available | $ | 1,216 | $ | 2,459 | ||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) (Southern California Edison) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Southern California Edison | ' | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||||||||||||||||
The following table summarizes the gross and net fair values of SCE's commodity derivative instruments: | |||||||||||||||||||||||||||||
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 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 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||
(in millions) | Short-Term | Long-Term | Subtotal | Short-Term | Long-Term | Subtotal | Net | ||||||||||||||||||||||
Liability | |||||||||||||||||||||||||||||
Commodity derivative contracts | |||||||||||||||||||||||||||||
Gross amounts recognized | $ | 151 | $ | 91 | $ | 242 | $ | 186 | $ | 954 | $ | 1,140 | $ | 898 | |||||||||||||||
Gross amounts offset in consolidated balance sheets | (22 | ) | (6 | ) | (28 | ) | (22 | ) | (6 | ) | (28 | ) | — | ||||||||||||||||
Cash collateral posted1 | — | — | — | (38 | ) | (9 | ) | (47 | ) | (47 | ) | ||||||||||||||||||
Net amounts presented in the consolidated balance sheets | $ | 129 | $ | 85 | $ | 214 | $ | 126 | $ | 939 | $ | 1,065 | $ | 851 | |||||||||||||||
1 | In addition, at December 31, 2013 and 2012, SCE had posted $19 million and $8 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, Gain (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||||||
The following table summarizes the components of SCE's economic hedging activity: | |||||||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Realized losses | $ | (56 | ) | $ | (227 | ) | $ | (165 | ) | ||||||||||||||||||||
Unrealized gains (losses) | 93 | 125 | (768 | ) | |||||||||||||||||||||||||
Notional Volumes of Derivative Instruments | ' | ||||||||||||||||||||||||||||
The following table summarizes the notional volumes of derivatives used for SCE hedging activities: | |||||||||||||||||||||||||||||
Economic Hedges | |||||||||||||||||||||||||||||
Unit of | December 31, | ||||||||||||||||||||||||||||
Commodity | Measure | 2013 | 2012 | ||||||||||||||||||||||||||
Electricity options, swaps and forwards | GWh | 6,274 | 15,884 | ||||||||||||||||||||||||||
Natural gas options, swaps and forwards | Bcf | 12 | 100 | ||||||||||||||||||||||||||
Congestion revenue rights | GWh | 149,234 | 149,774 | ||||||||||||||||||||||||||
Tolling arrangements | GWh | 87,991 | 101,485 | ||||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||||||
Sources of income (loss) before income taxes | ' | |||||||||||||||||||||||
Edison International's sources of income (loss) before income taxes are: | ||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||
Income from continuing operations before income taxes | $ | 1,221 | $ | 1,861 | $ | 1,668 | ||||||||||||||||||
Discontinued operations before income taxes | — | (2,235 | ) | (1,931 | ) | |||||||||||||||||||
Income (loss) before income tax | $ | 1,221 | $ | (374 | ) | $ | (263 | ) | ||||||||||||||||
Components of income tax expense (benefit) by location of taxing jurisdiction | ' | |||||||||||||||||||||||
The components of income tax expense (benefit) by location of taxing jurisdiction are: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Current: | ||||||||||||||||||||||||
Federal | $ | (97 | ) | $ | — | $ | (279 | ) | $ | (119 | ) | $ | — | $ | (275 | ) | ||||||||
State | (9 | ) | — | 80 | (19 | ) | 50 | 91 | ||||||||||||||||
(106 | ) | — | (199 | ) | (138 | ) | 50 | (184 | ) | |||||||||||||||
Deferred: | ||||||||||||||||||||||||
Federal | 317 | 132 | 727 | 345 | 136 | 757 | ||||||||||||||||||
State | 31 | 135 | 40 | 72 | 28 | 28 | ||||||||||||||||||
348 | 267 | 767 | 417 | 164 | 785 | |||||||||||||||||||
Total continuing operations | 242 | 267 | 568 | 279 | 214 | 601 | ||||||||||||||||||
Discontinued operations | (36 | ) | (549 | ) | (853 | ) | — | — | — | |||||||||||||||
Total | $ | 206 | $ | (282 | ) | $ | (285 | ) | $ | 279 | $ | 214 | $ | 601 | ||||||||||
Components of net accumulated deferred income tax liability | ' | |||||||||||||||||||||||
The components of net accumulated deferred income tax liability are: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||||
Property and software related | $ | 523 | $ | 600 | $ | 523 | $ | 600 | ||||||||||||||||
Unrealized gains and losses | 579 | 491 | 569 | 477 | ||||||||||||||||||||
Loss and credit carryforwards | 2,228 | 1,515 | 427 | 125 | ||||||||||||||||||||
Regulatory balancing accounts | 139 | 80 | 139 | 80 | ||||||||||||||||||||
Pension and PBOPs | 264 | 275 | 86 | 99 | ||||||||||||||||||||
Other | 721 | 723 | 563 | 625 | ||||||||||||||||||||
Sub-total | 4,454 | 3,684 | 2,307 | 2,006 | ||||||||||||||||||||
Less valuation allowance | 1,380 | 1,017 | — | — | ||||||||||||||||||||
Total | 3,074 | 2,667 | 2,307 | 2,006 | ||||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||||
Property-related | 7,879 | 7,289 | 7,869 | 7,279 | ||||||||||||||||||||
Capitalized software costs | 318 | 325 | 318 | 325 | ||||||||||||||||||||
Regulatory balancing accounts | 625 | 296 | 625 | 296 | ||||||||||||||||||||
Unrealized gains and losses | 569 | 477 | 569 | 477 | ||||||||||||||||||||
Other | 503 | 471 | 399 | 379 | ||||||||||||||||||||
Total | 9,894 | 8,858 | 9,780 | 8,756 | ||||||||||||||||||||
Accumulated deferred income tax liability, net | $ | 6,820 | $ | 6,191 | $ | 7,473 | $ | 6,750 | ||||||||||||||||
Classification of accumulated deferred income taxes, net: | ||||||||||||||||||||||||
Included in deferred credits and other liabilities | $ | 7,241 | $ | 6,127 | $ | 7,737 | $ | 6,669 | ||||||||||||||||
Included in current liabilities (assets) | (421 | ) | 64 | (264 | ) | 81 | ||||||||||||||||||
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: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Income from continuing operations before income taxes | $ | 1,221 | $ | 1,861 | $ | 1,668 | $ | 1,279 | $ | 1,874 | $ | 1,745 | ||||||||||||
Provision for income tax at federal statutory rate of 35% | 427 | 652 | 584 | 448 | 656 | 611 | ||||||||||||||||||
Increase (decrease) in income tax from: | ||||||||||||||||||||||||
Items presented with related state income tax, net: | ||||||||||||||||||||||||
Repair deductions1 | — | (231 | ) | — | — | (231 | ) | — | ||||||||||||||||
State tax, net of federal benefit | 18 | 108 | 85 | 34 | 54 | 80 | ||||||||||||||||||
Property-related2 | (192 | ) | (223 | ) | (46 | ) | (192 | ) | (223 | ) | (46 | ) | ||||||||||||
Accumulated deferred income tax adjustments | — | (41 | ) | (30 | ) | — | (41 | ) | (30 | ) | ||||||||||||||
Change related to uncertain tax positions | 14 | 40 | — | 14 | 36 | (3 | ) | |||||||||||||||||
Other | (25 | ) | (38 | ) | (25 | ) | (25 | ) | (37 | ) | (11 | ) | ||||||||||||
Total income tax expense from continuing operations | $ | 242 | $ | 267 | $ | 568 | $ | 279 | $ | 214 | $ | 601 | ||||||||||||
Effective tax rate | 19.8 | % | 14.3 | % | 34.1 | % | 21.8 | % | 11.4 | % | 34.4 | % | ||||||||||||
1 | Edison International made a voluntary election in 2009 to change its tax accounting method for certain repair costs incurred on SCE's transmission, distribution and generation assets. Regulatory treatment for the 2009 – 2011 incremental repairs deductions taken after the 2009 tax accounting method change resulted in SCE recognizing a $231 million earnings benefit in 2012. | |||||||||||||||||||||||
2 | Includes incremental repair benefit recorded in 2013 and 2012. See discussion of repair deductions below | |||||||||||||||||||||||
Reconciliation of unrecognized tax benefits | ' | |||||||||||||||||||||||
The following table provides a reconciliation of unrecognized tax benefits for continuing and discontinued operations: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Balance at January 1, | $ | 812 | $ | 631 | $ | 565 | $ | 571 | $ | 373 | $ | 329 | ||||||||||||
Tax positions taken during the current year: | ||||||||||||||||||||||||
Increases | 19 | 33 | 39 | 22 | 35 | 34 | ||||||||||||||||||
Tax positions taken during a prior year: | ||||||||||||||||||||||||
Increases | 43 | 177 | 102 | 45 | 169 | 82 | ||||||||||||||||||
Decreases | (109 | ) | (11 | ) | (75 | ) | (106 | ) | (6 | ) | (72 | ) | ||||||||||||
Increases (decreases) – deconsolidation of EME 1 | 50 | (18 | ) | — | — | — | — | |||||||||||||||||
Decreases for settlements during the period | — | — | — | — | — | — | ||||||||||||||||||
Balance at December 31, | $ | 815 | $ | 812 | $ | 631 | $ | 532 | $ | 571 | $ | 373 | ||||||||||||
1 | Unrecognized tax benefits of EME have been deconsolidated as a result of the bankruptcy filing by EME, except for tax liabilities that Edison International is jointly liable with EME under the Internal Revenue Code and applicable state statues. See Note 16 for further information. During 2013, Edison International increased the amount of unrecognized tax benefits related to the taxable gain on sale of EME’s international assets by $50 million as a result of unfavorable developments during the fourth quarter of 2013. | |||||||||||||||||||||||
Schedule of interest and penalties related to income tax liabilities | ' | |||||||||||||||||||||||
The total amount of accrued interest and penalties related to income tax liabilities for continuing and discontinued operations are: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Accrued interest and penalties | $ | 406 | $ | 278 | $ | 88 | $ | 87 | ||||||||||||||||
The net after-tax interest and penalties recognized in income tax expense are: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Net after-tax interest and penalties tax benefit (expense) | $ | (3 | ) | $ | (10 | ) | $ | (8 | ) | $ | 2 | $ | (11 | ) | $ | (8 | ) | |||||||
Compensation_and_Benefit_Plans1
Compensation and Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits | ' | |||||||||||||||||||||||
Employee Savings Plan Employer Contributions | ' | |||||||||||||||||||||||
The following employer contributions were made for continuing operations: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
(in millions) | Years ended December 31, | |||||||||||||||||||||||
2013 | $ | 76 | $ | 76 | ||||||||||||||||||||
2012 | 85 | 84 | ||||||||||||||||||||||
2011 | 84 | 83 | ||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | |||||||||||||||||||||||
The following table summarizes total expense and tax benefits (expense) associated with stock based compensation: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Stock-based compensation expense1: | ||||||||||||||||||||||||
Stock options | $ | 15 | $ | 18 | $ | 14 | $ | 11 | $ | 10 | $ | 9 | ||||||||||||
Performance shares | 4 | 7 | 5 | 2 | 4 | 3 | ||||||||||||||||||
Restricted stock units | 7 | 9 | 6 | 4 | 5 | 4 | ||||||||||||||||||
Other | 1 | 1 | 5 | — | — | 4 | ||||||||||||||||||
Total stock-based compensation expense | $ | 27 | $ | 35 | $ | 30 | $ | 17 | $ | 19 | $ | 20 | ||||||||||||
Income tax benefits related to stock compensation expense | $ | 11 | $ | 14 | $ | 12 | $ | 7 | $ | 8 | $ | 8 | ||||||||||||
Excess tax benefits (expense)2 | 5 | (6 | ) | 12 | 2 | (13 | ) | 11 | ||||||||||||||||
1 | Reflected in "Operation and maintenance" on Edison International's and SCE's consolidated statements of income. | |||||||||||||||||||||||
2 Reflected in "Settlements of stock-based compensation, net" in the financing section of Edison International's and SCE's consolidated statements of cash flows. | ||||||||||||||||||||||||
Black-Sholes Option-Pricing Model Assumptions | ' | |||||||||||||||||||||||
The Black-Scholes option-pricing model requires various assumptions noted in the following table: | ||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Expected terms (in years) | 6.2 | 6.9 | 7 | |||||||||||||||||||||
Risk-free interest rate | 1.0% – 2.1% | 1.1% – 1.7% | 1.4% – 3.1% | |||||||||||||||||||||
Expected dividend yield | 2.7% – 3.1% | 2.8% – 3.1% | 3.1% – 3.5% | |||||||||||||||||||||
Weighted-average expected dividend yield | 2.80% | 3.00% | 3.40% | |||||||||||||||||||||
Expected volatility | 17.7% – 18.6% | 17.4% – 18.3% | 18.2% – 19.0% | |||||||||||||||||||||
Weighted-average volatility | 17.70% | 18.30% | 18.90% | |||||||||||||||||||||
Summary of Stock Options Activity | ' | |||||||||||||||||||||||
The following is a summary of the status of Edison International's stock options: | ||||||||||||||||||||||||
Weighted-Average | ||||||||||||||||||||||||
Stock options | Exercise | Remaining | Aggregate | |||||||||||||||||||||
Price | Contractual | Intrinsic Value | ||||||||||||||||||||||
Term (Years) | (in millions) | |||||||||||||||||||||||
Edison International: | ||||||||||||||||||||||||
Outstanding at December 31, 2012 | 19,231,723 | $ | 37.96 | |||||||||||||||||||||
Granted | 2,778,766 | 48.46 | ||||||||||||||||||||||
Expired | (158,107 | ) | 49.69 | |||||||||||||||||||||
Forfeited | (540,782 | ) | 42.55 | |||||||||||||||||||||
Exercised | (4,084,755 | ) | 34.54 | |||||||||||||||||||||
Outstanding at December 31, 2013 | 17,226,845 | 40.22 | 5.78 | |||||||||||||||||||||
Vested and expected to vest at December 31, 2013 | 16,715,413 | 40.13 | 5.71 | $ | 115 | |||||||||||||||||||
Exercisable at December 31, 2013 | 10,118,484 | 38.26 | 4.24 | 88 | ||||||||||||||||||||
SCE: | ||||||||||||||||||||||||
Outstanding at December 31, 2012 | 10,308,461 | $ | 37.73 | |||||||||||||||||||||
Granted | 1,792,688 | 48.48 | ||||||||||||||||||||||
Expired | (97,000 | ) | 49.63 | |||||||||||||||||||||
Forfeited | (402,548 | ) | 43.47 | |||||||||||||||||||||
Exercised | (2,643,487 | ) | 34.94 | |||||||||||||||||||||
Transfers, net | 87,884 | 36.67 | ||||||||||||||||||||||
Outstanding at December 31, 2013 | 9,045,998 | 40.28 | 5.92 | |||||||||||||||||||||
Vested and expected to vest at December 31, 2013 | 8,737,930 | 40.17 | 5.84 | $ | 60 | |||||||||||||||||||
Exercisable at December 31, 2013 | 5,080,978 | 37.96 | 4.29 | 46 | ||||||||||||||||||||
Schedule of Unrecognized Compensation Expense | ' | |||||||||||||||||||||||
At December 31, 2013, total unrecognized compensation cost related to stock options and the weighted-average period the cost is expected to be recognized are as follows: | ||||||||||||||||||||||||
(in millions) | Edison International | SCE | ||||||||||||||||||||||
Unrecognized compensation cost, net of expected forfeitures | $ | 13 | $ | 10 | ||||||||||||||||||||
Weighted-average period (in years) | 2.2 | 2.3 | ||||||||||||||||||||||
Supplemental Data on Stock-based Compensation [Table Text Block] | ' | |||||||||||||||||||||||
Supplemental Data on Stock Options | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions, except per award amounts) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Stock options: | ||||||||||||||||||||||||
Weighted average grant date fair value per option granted | $ | 5.4 | $ | 5.22 | $ | 5.61 | $ | 5.38 | $ | 5.22 | $ | 5.61 | ||||||||||||
Fair value of options vested | 17 | 17 | 18 | 10 | 10 | 10 | ||||||||||||||||||
Cash used to purchase shares to settle options | 199 | 169 | 90 | 130 | 96 | 46 | ||||||||||||||||||
Cash from participants to exercise stock options | 140 | 101 | 59 | 92 | 59 | 28 | ||||||||||||||||||
Value of options exercised | 59 | 68 | 31 | 38 | 37 | 18 | ||||||||||||||||||
Tax benefits from options exercised | 24 | 27 | 12 | 15 | 15 | 7 | ||||||||||||||||||
Summary of Nonvested Share Activity | ' | |||||||||||||||||||||||
The following is a summary of the status of Edison International's nonvested performance shares: | ||||||||||||||||||||||||
Equity Awards | Liability Awards | |||||||||||||||||||||||
Shares | Weighted-Average | Shares | Weighted-Average | |||||||||||||||||||||
Grant Date | Fair Value | |||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
Edison International: | ||||||||||||||||||||||||
Nonvested at December 31, 2012 | 242,421 | $ | 38.86 | 242,071 | $ | 46.23 | ||||||||||||||||||
Granted | 73,679 | 50.87 | 73,483 | |||||||||||||||||||||
Forfeited | (19,239 | ) | 42.1 | (19,197 | ) | |||||||||||||||||||
Vested1 | (140,164 | ) | 30.97 | (140,053 | ) | |||||||||||||||||||
Nonvested at December 31, 2013 | 156,697 | 51.17 | 156,304 | 51.72 | ||||||||||||||||||||
SCE: | ||||||||||||||||||||||||
Nonvested at December 31, 2012 | 131,940 | $ | 38.87 | 131,691 | $ | 46.19 | ||||||||||||||||||
Granted | 47,548 | 50.92 | 47,377 | |||||||||||||||||||||
Forfeited | (13,065 | ) | 43.42 | (13,029 | ) | |||||||||||||||||||
Vested1 | (76,705 | ) | 31.02 | (76,624 | ) | |||||||||||||||||||
Affiliate transfers, net | 943 | 40.15 | 942 | |||||||||||||||||||||
Nonvested at December 31, 2013 | 90,661 | 51.19 | 90,357 | 51.22 | ||||||||||||||||||||
1 | Relates to performance shares that will be paid in 2014 as performance targets were met at December 31, 2013 | |||||||||||||||||||||||
Summary of Nonvested Restricted Stock Units Activity | ' | |||||||||||||||||||||||
The following is a summary of the status of Edison International's nonvested restricted stock units: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Restricted | Weighted-Average | Restricted | Weighted-Average | |||||||||||||||||||||
Stock Units | Grant Date | Stock Units | Grant Date | |||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||
Nonvested at December 31, 2012 | 679,468 | $ | 38.09 | 368,553 | $ | 38.07 | ||||||||||||||||||
Granted | 154,401 | 48.45 | 99,616 | 48.47 | ||||||||||||||||||||
Forfeited | (38,343 | ) | 42.15 | (26,328 | ) | 42.96 | ||||||||||||||||||
Vested | (255,837 | ) | 34.17 | (151,836 | ) | 34.59 | ||||||||||||||||||
Affiliate transfers, net | — | — | 2,834 | 38.1 | ||||||||||||||||||||
Nonvested at December 31, 2013 | 539,689 | 42.7 | 292,839 | 42.98 | ||||||||||||||||||||
Accrued Severance Liability Workforce Reduction [Table Text Block] | ' | |||||||||||||||||||||||
The following table provides a summary of changes in the accrued severance liability associated with these reductions: | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 104 | ||||||||||||||||||||||
Additions | 101 | |||||||||||||||||||||||
Payments | (151 | ) | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 54 | ||||||||||||||||||||||
Pension Plans | ' | |||||||||||||||||||||||
Pension and Other Postretirement Benefits | ' | |||||||||||||||||||||||
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | ' | |||||||||||||||||||||||
Information on pension plan assets and benefit obligations for continuing and discontinued operations is shown below. | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 4,948 | $ | 4,493 | $ | 4,434 | $ | 4,112 | ||||||||||||||||
Service cost | 174 | 179 | 154 | 156 | ||||||||||||||||||||
Interest cost | 182 | 196 | 164 | 176 | ||||||||||||||||||||
Liability transferred to Edison International | — | 23 | — | (92 | ) | |||||||||||||||||||
Actuarial (gain) loss | (330 | ) | 370 | (277 | ) | 318 | ||||||||||||||||||
Curtailment | — | (26 | ) | — | — | |||||||||||||||||||
Benefits paid | (796 | ) | (253 | ) | (754 | ) | (236 | ) | ||||||||||||||||
Deconsolidation of EME1 | — | (34 | ) | — | — | |||||||||||||||||||
Projected benefit obligation at end of year | $ | 4,178 | $ | 4,948 | $ | 3,721 | $ | 4,434 | ||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 3,542 | $ | 3,153 | $ | 3,320 | $ | 2,971 | ||||||||||||||||
Actual return on plan assets | 540 | 460 | 505 | 431 | ||||||||||||||||||||
Employer contributions | 191 | 182 | 165 | 154 | ||||||||||||||||||||
Benefits paid | (796 | ) | (253 | ) | (754 | ) | (236 | ) | ||||||||||||||||
Fair value of plan assets at end of year | $ | 3,477 | $ | 3,542 | $ | 3,236 | $ | 3,320 | ||||||||||||||||
Funded status at end of year | $ | (701 | ) | $ | (1,406 | ) | $ | (485 | ) | $ | (1,114 | ) | ||||||||||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||||||||||||||
Current liabilities | $ | (15 | ) | $ | (19 | ) | $ | (5 | ) | $ | (6 | ) | ||||||||||||
Long-term liabilities | (686 | ) | (1,387 | ) | (480 | ) | (1,108 | ) | ||||||||||||||||
$ | (701 | ) | $ | (1,406 | ) | $ | (485 | ) | $ | (1,114 | ) | |||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | ||||||||||||||||||||||||
Net loss | $ | 30 | $ | 127 | $ | 33 | $ | 40 | ||||||||||||||||
Amounts recognized as a regulatory asset: | ||||||||||||||||||||||||
Prior service cost | $ | 25 | $ | 30 | $ | 25 | $ | 30 | ||||||||||||||||
Net loss | 328 | 999 | 328 | 999 | ||||||||||||||||||||
$ | 353 | $ | 1,029 | $ | 353 | $ | 1,029 | |||||||||||||||||
Total not yet recognized as expense | $ | 383 | $ | 1,156 | $ | 386 | $ | 1,069 | ||||||||||||||||
Accumulated benefit obligation at end of year | $ | 4,015 | $ | 4,609 | $ | 3,599 | $ | 4,171 | ||||||||||||||||
Pension plans with an accumulated benefit obligation in excess of plan assets: | ||||||||||||||||||||||||
Projected benefit obligation | $ | 4,178 | $ | 4,948 | $ | 3,721 | $ | 4,434 | ||||||||||||||||
Accumulated benefit obligation | 4,015 | 4,609 | 3,599 | 4,171 | ||||||||||||||||||||
Fair value of plan assets | 3,477 | 3,542 | 3,236 | 3,320 | ||||||||||||||||||||
Weighted-average assumptions used to determine obligations at end of year: | ||||||||||||||||||||||||
Discount rate | 4.75 | % | 3.75 | % | 4.75 | % | 3.75 | % | ||||||||||||||||
Rate of compensation increase | 4 | % | 4.5 | % | 4 | % | 4.5 | % | ||||||||||||||||
1 | The retirement plan liabilities of EME have been deconsolidated as a result of the bankruptcy filing by EME, except for qualified pension plans that Edison International is jointly liable with EME under the Internal Revenue Code. See Note 16 for further information. | |||||||||||||||||||||||
Expense Components for Plans | ' | |||||||||||||||||||||||
Pension expense components for continuing operations are: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Service cost | $ | 162 | $ | 163 | $ | 149 | $ | 159 | $ | 160 | $ | 145 | ||||||||||||
Interest cost | 170 | 183 | 196 | 167 | 180 | 192 | ||||||||||||||||||
Expected return on plan assets | (222 | ) | (217 | ) | (226 | ) | (222 | ) | (217 | ) | (225 | ) | ||||||||||||
Settlement costs1 | 87 | 5 | — | 85 | 4 | — | ||||||||||||||||||
Amortization of prior service cost | 5 | 3 | 7 | 5 | 3 | 7 | ||||||||||||||||||
Amortization of net loss2 | 39 | 61 | 25 | 35 | 57 | 22 | ||||||||||||||||||
Expense under accounting standards | 241 | 198 | 151 | 229 | 187 | 141 | ||||||||||||||||||
Regulatory adjustment (deferred) | (53 | ) | (19 | ) | (28 | ) | (53 | ) | (19 | ) | (28 | ) | ||||||||||||
Total expense recognized | $ | 188 | $ | 179 | $ | 123 | $ | 176 | $ | 168 | $ | 113 | ||||||||||||
1 | Includes the amount of net loss reclassified from other comprehensive loss. The amount reclassified for Edison International was $2 million for the year ended December 31, 2013. | |||||||||||||||||||||||
2 | Includes the amount of net loss reclassified from other comprehensive loss. The amount reclassified for Edison International and SCE was $11 million and $7 million for the year ended December 31, 2013, respectively. | |||||||||||||||||||||||
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ' | |||||||||||||||||||||||
Other changes in pension plan assets and benefit obligations recognized in other comprehensive income for continuing operations: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Net (gain) loss | $ | (33 | ) | $ | 36 | $ | 13 | $ | (24 | ) | $ | 20 | $ | 8 | ||||||||||
Amortization of net loss | (13 | ) | (10 | ) | (11 | ) | (7 | ) | (6 | ) | (7 | ) | ||||||||||||
Total recognized in other comprehensive loss | $ | (46 | ) | $ | 26 | $ | 2 | $ | (31 | ) | $ | 14 | $ | 1 | ||||||||||
Total recognized in expense and other comprehensive income | $ | 142 | $ | 205 | $ | 125 | $ | 145 | $ | 182 | $ | 114 | ||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Loss to be Recognized During 2013 | ' | |||||||||||||||||||||||
The estimated pension amounts that will be amortized to expense in 2014 for continuing operations are as follows: | ||||||||||||||||||||||||
(in millions) | Edison International | SCE | ||||||||||||||||||||||
Unrecognized net loss to be amortized1 | $ | 5 | $ | 2 | ||||||||||||||||||||
Unrecognized prior service cost to be amortized | 5 | 5 | ||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | |||||||||||||||||||||||
Edison International and SCE used the following weighted-average assumptions to determine pension expense for continuing operations: | ||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate | 4.13 | % | 4.5 | % | 5.25 | % | ||||||||||||||||||
Rate of compensation increase | 4.5 | % | 4.5 | % | 5 | % | ||||||||||||||||||
Expected long-term return on plan assets | 7 | % | 7.5 | % | 7.5 | % | ||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | |||||||||||||||||||||||
The following benefit payments, which reflect expected future service, are expected to be paid: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
(in millions) | Years ended December 31, | |||||||||||||||||||||||
2014 | $ | 265 | $ | 202 | ||||||||||||||||||||
2015 | 240 | 208 | ||||||||||||||||||||||
2016 | 249 | 214 | ||||||||||||||||||||||
2017 | 254 | 219 | ||||||||||||||||||||||
2018 | 257 | 227 | ||||||||||||||||||||||
2019 – 2023 | 1,323 | 1,196 | ||||||||||||||||||||||
Schedule of Changes in Fair Value of Level 3 Investments | ' | |||||||||||||||||||||||
The following table sets forth a summary of changes in the fair value of Edison International's and SCE's Level 3 investments: | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | ||||||||||||||||||||||
Fair value, net at beginning of period | $ | 414 | $ | 448 | ||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||
Relating to assets still held at end of period | 61 | 88 | ||||||||||||||||||||||
Relating to assets sold during the period | 10 | 13 | ||||||||||||||||||||||
Purchases | 45 | 98 | ||||||||||||||||||||||
Dispositions | (140 | ) | (233 | ) | ||||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | ||||||||||||||||||||||
Fair value, net at end of period | $ | 390 | $ | 414 | ||||||||||||||||||||
Postretirement Benefits Other than Pension Plan Assets by Hierarchy Levels | ' | |||||||||||||||||||||||
The following table sets forth the Master Trust investments for Edison International and SCE that were accounted for at fair value as of December 31, 2013 by asset class and level within the fair value hierarchy: | ||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
U.S. government and agency securities1 | $ | 195 | $ | 471 | $ | — | $ | 666 | ||||||||||||||||
Corporate stocks2 | 653 | — | — | 653 | ||||||||||||||||||||
Corporate bonds3 | — | 553 | — | 553 | ||||||||||||||||||||
Common/collective funds4 | — | 546 | — | 546 | ||||||||||||||||||||
Partnerships/joint ventures5 | — | 148 | 390 | 538 | ||||||||||||||||||||
Other investment entities6 | — | 282 | — | 282 | ||||||||||||||||||||
Registered investment companies7 | 112 | 81 | — | 193 | ||||||||||||||||||||
Interest-bearing cash | 12 | — | — | 12 | ||||||||||||||||||||
Other | 6 | 109 | — | 115 | ||||||||||||||||||||
Total | $ | 978 | $ | 2,190 | $ | 390 | $ | 3,558 | ||||||||||||||||
Receivables and payables, net | (81 | ) | ||||||||||||||||||||||
Net plan assets available for benefits | $ | 3,477 | ||||||||||||||||||||||
SCE's share of net plan assets | $ | 3,236 | ||||||||||||||||||||||
Edison International Parent and Other's share of net plan assets | 6 | |||||||||||||||||||||||
EME's share of net plan assets | 235 | |||||||||||||||||||||||
The following table sets forth the Master Trust investments that were accounted for at fair value as of December 31, 2012 by asset class and level within the fair value hierarchy: | ||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
U.S. government and agency securities1 | $ | 242 | $ | 350 | $ | — | $ | 592 | ||||||||||||||||
Corporate stocks2 | 743 | — | — | 743 | ||||||||||||||||||||
Corporate bonds3 | — | 508 | — | 508 | ||||||||||||||||||||
Common/collective funds4 | — | 635 | — | 635 | ||||||||||||||||||||
Partnerships/joint ventures5 | — | 166 | 414 | 580 | ||||||||||||||||||||
Other investment entities6 | — | 271 | — | 271 | ||||||||||||||||||||
Registered investment companies7 | 98 | 28 | — | 126 | ||||||||||||||||||||
Interest-bearing cash | 24 | — | — | 24 | ||||||||||||||||||||
Other | 1 | 100 | — | 101 | ||||||||||||||||||||
Total | $ | 1,108 | $ | 2,058 | $ | 414 | $ | 3,580 | ||||||||||||||||
Receivables and payables, net | (38 | ) | ||||||||||||||||||||||
Net plan assets available for benefits | $ | 3,542 | ||||||||||||||||||||||
SCE's share of net plan assets | $ | 3,320 | ||||||||||||||||||||||
Edison International Parent and Other's share of net plan assets | 7 | |||||||||||||||||||||||
EME's share of net plan assets | 215 | |||||||||||||||||||||||
1 | Level 1 U.S. government and agency securities are U.S. treasury bonds and notes. Level 2 primarily relates to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. | |||||||||||||||||||||||
2 | Corporate stocks are diversified. For 2013 and 2012, respectively, performance is primarily benchmarked against the Russell Indexes (51% and 60%) and Morgan Stanley Capital International (MSCI) index (49% and 40%). | |||||||||||||||||||||||
3 | Corporate bonds are diversified. At December 31, 2013 and 2012, respectively, this category includes $78 million and $65 million for collateralized mortgage obligations and other asset backed securities of which $15 million and $7 million are below investment grade. | |||||||||||||||||||||||
4 | At December 31, 2013 and 2012, respectively, the common/collective assets were invested in equity index funds that seek to track performance of the Standard and Poor's (S&P 500) Index (27% and 29%), Russell 1000 indexes (28% and 28%) and the MSCI Europe, Australasia and Far East (EAFE) Index (15% and 11%). A non-index U.S. equity fund representing 23% and 25% of this category for 2013 and 2012, respectively, is actively managed. Another fund representing 6% and 6% of this category for 2013 and 2012, respectively, is a global asset allocation fund. | |||||||||||||||||||||||
5 | Partnerships/joint venture Level 2 investments consist primarily of a partnership which invests in publicly traded fixed income securities, primarily from the banking and finance industry and U.S. government agencies. At December 31, 2013 and 2012, respectively, approximately 64% and 56% of the Level 3 partnerships are invested in (1) asset backed securities, including distressed mortgages and (2) commercial and residential loans and debt and equity of banks. The remaining Level 3 partnerships are invested in small private equity and venture capital funds. Investment strategies for these funds include branded consumer products, early stage technology, California geographic focus, and diversified US and non-US fund-of-funds. | |||||||||||||||||||||||
6 | Other investment entities were primarily invested in (1) emerging market equity securities, (2) a hedge fund that invests through liquid instruments in a global diversified portfolio of equity, fixed income, interest rate, foreign currency and commodities markets, and (3) domestic mortgage backed securities. | |||||||||||||||||||||||
7 | Level 1 of registered investment companies primarily consisted of a global equity mutual fund which seeks to outperform the MSCI World Total Return Index. Level 2 primarily consisted of a short-term bond fund. | |||||||||||||||||||||||
Postretirement Benefits Other Than Pensions | ' | |||||||||||||||||||||||
Pension and Other Postretirement Benefits | ' | |||||||||||||||||||||||
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | ' | |||||||||||||||||||||||
Information on PBOP Plan assets and benefit obligations for continuing and discontinued operations is shown below: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 2,460 | $ | 2,553 | $ | 2,452 | $ | 2,415 | ||||||||||||||||
Service cost | 49 | 47 | 48 | 47 | ||||||||||||||||||||
Interest cost | 98 | 108 | 97 | 108 | ||||||||||||||||||||
Special termination benefits | 11 | 2 | 11 | 2 | ||||||||||||||||||||
Actuarial gain | (313 | ) | (86 | ) | (312 | ) | (86 | ) | ||||||||||||||||
Plan participants' contributions | 18 | 16 | 18 | 16 | ||||||||||||||||||||
Medicare Part D subsidy received | — | 4 | — | 4 | ||||||||||||||||||||
Benefits paid | (103 | ) | (54 | ) | (103 | ) | (54 | ) | ||||||||||||||||
Deconsolidation of EME1 | — | (130 | ) | — | — | |||||||||||||||||||
Benefit obligation at end of year | $ | 2,220 | $ | 2,460 | $ | 2,211 | $ | 2,452 | ||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,800 | $ | 1,570 | $ | 1,800 | $ | 1,570 | ||||||||||||||||
Actual return on assets | 317 | 212 | 317 | 212 | ||||||||||||||||||||
Employer contributions | 33 | 52 | 33 | 52 | ||||||||||||||||||||
Plan participants' contributions | 18 | 16 | 18 | 16 | ||||||||||||||||||||
Medicare Part D subsidy received | — | 4 | — | 4 | ||||||||||||||||||||
Benefits paid | (103 | ) | (54 | ) | (103 | ) | (54 | ) | ||||||||||||||||
Fair value of plan assets at end of year | $ | 2,065 | $ | 1,800 | $ | 2,065 | $ | 1,800 | ||||||||||||||||
Funded status at end of year | $ | (155 | ) | $ | (660 | ) | $ | (146 | ) | $ | (652 | ) | ||||||||||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||||||||||||||
Current liabilities | $ | (17 | ) | $ | (18 | ) | $ | (16 | ) | $ | (18 | ) | ||||||||||||
Long-term liabilities | (138 | ) | (642 | ) | (130 | ) | (634 | ) | ||||||||||||||||
$ | (155 | ) | $ | (660 | ) | $ | (146 | ) | $ | (652 | ) | |||||||||||||
Amounts recognized in accumulated other comprehensive loss (income) consist of: | ||||||||||||||||||||||||
Net loss | $ | 4 | $ | 5 | $ | — | $ | — | ||||||||||||||||
Amounts recognized as a regulatory asset (liability): | ||||||||||||||||||||||||
Prior service credit | $ | (54 | ) | $ | (89 | ) | $ | (54 | ) | $ | (89 | ) | ||||||||||||
Net loss | 69 | 610 | 69 | 610 | ||||||||||||||||||||
$ | 15 | $ | 521 | $ | 15 | $ | 521 | |||||||||||||||||
Total not yet recognized as expense | $ | 19 | $ | 526 | $ | 15 | $ | 521 | ||||||||||||||||
Weighted-average assumptions used to determine obligations at end of year: | ||||||||||||||||||||||||
Discount rate | 5 | % | 4.25 | % | 5 | % | 4.25 | % | ||||||||||||||||
Assumed health care cost trend rates: | ||||||||||||||||||||||||
Rate assumed for following year | 7.75 | % | 8.5 | % | 7.75 | % | 8.5 | % | ||||||||||||||||
Ultimate rate | 5 | % | 5 | % | 5 | % | 5 | % | ||||||||||||||||
Year ultimate rate reached | 2020 | 2020 | 2020 | 2020 | ||||||||||||||||||||
1 | The postretirement plan liabilities of EME have been deconsolidated as a result of the bankruptcy filing by EME. EME Homer City, a subsidiary of EME terminated the benefits of its employees in the PBOP Plan during 2012. In January 2014, EME settled and the Bankruptcy Court approved the settlement of all the EME Homer City employee claims to the EME Homer City PBOP Plan. EME has requested approval of the Bankruptcy Court to terminate the benefits of its employees and employees of its subsidiaries in the PBOP Plan upon confirmation of their Plan of Reorganization. Participation in the PBOP Plan by employees of EME and its subsidiaries (other than Homer City) has been permitted under EME's shared services agreement approved by the Bankruptcy Court subject to funding of paid claims. Edison International is not obligated to continue to provide benefits to EME employees under the PBOP Plan, nor can the VEBA Trusts be used to pay for benefits of EME participants. See Note 16 for further information. | |||||||||||||||||||||||
Expense Components for Plans | ' | |||||||||||||||||||||||
expense components for continuing operations are: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Service cost | $ | 49 | $ | 47 | $ | 40 | $ | 48 | $ | 47 | $ | 40 | ||||||||||||
Interest cost | 98 | 108 | 115 | 97 | 108 | 114 | ||||||||||||||||||
Expected return on plan assets | (114 | ) | (108 | ) | (111 | ) | (114 | ) | (109 | ) | (111 | ) | ||||||||||||
Special termination benefits1 | 11 | 2 | — | 11 | 2 | — | ||||||||||||||||||
Amortization of prior service credit | (36 | ) | (35 | ) | (35 | ) | (35 | ) | (35 | ) | (35 | ) | ||||||||||||
Amortization of net loss | 24 | 39 | 26 | 24 | 39 | 26 | ||||||||||||||||||
Total expense | $ | 32 | $ | 53 | $ | 35 | $ | 31 | $ | 52 | $ | 34 | ||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Loss to be Recognized During 2013 | ' | |||||||||||||||||||||||
The estimated PBOP amounts that will be amortized to expense in 2014 for continuing operations are as follows: | ||||||||||||||||||||||||
(in millions) | Edison International | SCE | ||||||||||||||||||||||
Unrecognized prior service credit to be amortized | $ | (36 | ) | $ | (36 | ) | ||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | |||||||||||||||||||||||
Edison International and SCE used the following weighted-average assumptions to determine PBOP expense for continuing operations: | ||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate | 4.25 | % | 4.75 | % | 5.5 | % | ||||||||||||||||||
Expected long-term return on plan assets | 6.7 | % | 7 | % | 7 | % | ||||||||||||||||||
Assumed health care cost trend rates: | ||||||||||||||||||||||||
Current year | 8.5 | % | 9.5 | % | 9.75 | % | ||||||||||||||||||
Ultimate rate | 5 | % | 5.25 | % | 5.5 | % | ||||||||||||||||||
Year ultimate rate reached | 2020 | 2019 | 2019 | |||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate | ' | |||||||||||||||||||||||
A one-percentage-point change in assumed health care cost trend rate would have the following effects on continuing operations: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
(in millions) | One-Percentage-Point Increase | One-Percentage-Point Decrease | One-Percentage-Point Increase | One-Percentage-Point Decrease | ||||||||||||||||||||
Effect on accumulated benefit obligation as of December 31, 2013 | $ | 229 | $ | (191 | ) | $ | 228 | $ | (190 | ) | ||||||||||||||
Effect on annual aggregate service and interest costs | 11 | (9 | ) | 11 | (9 | ) | ||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | |||||||||||||||||||||||
The following benefit payments are expected to be paid: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
(in millions) | Years ended December 31, | |||||||||||||||||||||||
2014 | $ | 92 | $ | 92 | ||||||||||||||||||||
2015 | 101 | 100 | ||||||||||||||||||||||
2016 | 107 | 106 | ||||||||||||||||||||||
2017 | 113 | 113 | ||||||||||||||||||||||
2018 | 119 | 119 | ||||||||||||||||||||||
2019 – 2023 | 668 | 666 | ||||||||||||||||||||||
Schedule of Changes in Fair Value of Level 3 Investments | ' | |||||||||||||||||||||||
The following table sets forth a summary of changes in the fair value of PBOP Level 3 investments: | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | ||||||||||||||||||||||
Fair value, net at beginning of period | $ | 166 | $ | 130 | ||||||||||||||||||||
Actual return on plan assets | ||||||||||||||||||||||||
Relating to assets still held at end of period | 24 | 20 | ||||||||||||||||||||||
Relating to assets sold during the period | 5 | 5 | ||||||||||||||||||||||
Purchases | 23 | 35 | ||||||||||||||||||||||
Dispositions | (54 | ) | (24 | ) | ||||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | ||||||||||||||||||||||
Fair value, net at end of period | $ | 164 | $ | 166 | ||||||||||||||||||||
Postretirement Benefits Other than Pension Plan Assets by Hierarchy Levels | ' | |||||||||||||||||||||||
The following table sets forth the VEBA Trust assets for SCE that were accounted for at fair value as of December 31, 2013 by asset class and level within the fair value hierarchy: | ||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Common/collective funds1 | $ | — | $ | 863 | $ | — | $ | 863 | ||||||||||||||||
Corporate stocks2 | 451 | — | — | 451 | ||||||||||||||||||||
Corporate notes and bonds3 | — | 250 | — | 250 | ||||||||||||||||||||
Partnerships4 | — | 20 | 164 | 184 | ||||||||||||||||||||
U.S. government and agency securities5 | 118 | 36 | — | 154 | ||||||||||||||||||||
Registered investment companies6 | 52 | 5 | — | 57 | ||||||||||||||||||||
Interest bearing cash | 19 | — | — | 19 | ||||||||||||||||||||
Other7 | 7 | 78 | — | 85 | ||||||||||||||||||||
Total | $ | 647 | $ | 1,252 | $ | 164 | $ | 2,063 | ||||||||||||||||
Receivables and payables, net | 2 | |||||||||||||||||||||||
Combined net plan assets available for benefits | $ | 2,065 | ||||||||||||||||||||||
The following table sets forth the VEBA Trust assets for SCE that were accounted for at fair value as of December 31, 2012 by asset class and level within the fair value hierarchy: | ||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Common/collective funds1 | $ | — | $ | 723 | $ | — | $ | 723 | ||||||||||||||||
Corporate stocks2 | 361 | — | — | 361 | ||||||||||||||||||||
Corporate notes and bonds3 | — | 210 | — | 210 | ||||||||||||||||||||
Partnerships4 | — | 17 | 166 | 183 | ||||||||||||||||||||
U.S. government and agency securities5 | 131 | 31 | — | 162 | ||||||||||||||||||||
Registered investment companies6 | 68 | — | — | 68 | ||||||||||||||||||||
Interest bearing cash | 24 | — | — | 24 | ||||||||||||||||||||
Other7 | 6 | 104 | — | 110 | ||||||||||||||||||||
Total | $ | 590 | $ | 1,085 | $ | 166 | $ | 1,841 | ||||||||||||||||
Receivables and payables, net | (41 | ) | ||||||||||||||||||||||
Combined net plan assets available for benefits | $ | 1,800 | ||||||||||||||||||||||
1 | At December 31, 2013 and 2012, respectively, 60% and 60% of the common/collective assets are invested in a large cap index fund which seeks to track performance of the Russell 1000 index. 23% and 23% of the assets in this category are in index funds which seek to track performance in the MSCI Europe, Australasia and Far East (EAFE) Index. 6% and 6% of this category are invested in a privately managed bond fund and 7% and 6% in a fund which invests in equity securities the fund manager believes are undervalued. | |||||||||||||||||||||||
2 | Corporate stock performance is primarily benchmarked against the Russell Indexes (50% and 50%) and the MSCI All Country World (ACWI) index (50% and 50%) for 2013 and 2012, respectively. | |||||||||||||||||||||||
3 | Corporate notes and bonds are diversified and include approximately $29 million and $20 million for commercial collateralized mortgage obligations and other asset backed securities at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||
4 | At December 31, 2013 and 2012, respectively, 78% and 82% of the Level 3 partnerships category is invested in (1) asset backed securities including distressed mortgages, (2) distressed companies and (3) commercial and residential loans and debt and equity of banks. | |||||||||||||||||||||||
5 | Level 1 U.S. government and agency securities are U.S. treasury bonds and notes. Level 2 primarily relates to the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association. | |||||||||||||||||||||||
6 | Level 1 registered investment companies consist of an investment grade corporate bond mutual fund and a money market fund. | |||||||||||||||||||||||
7 | Other includes $76 million and $73 million of municipal securities at December 31, 2013 and 2012, respectively. |
Other_Investments_Tables
Other Investments (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Regulated Entity, Other Assets, Noncurrent [Abstract] | ' | |||||||||||||||||
Amortized Cost and Fair Value of the Trust Investments | ' | |||||||||||||||||
The following table sets forth amortized cost and fair value of the trust investments: | ||||||||||||||||||
Longest | Amortized Cost | Fair Value | ||||||||||||||||
Maturity Date | December 31, | |||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Stocks | — | $ | 656 | $ | 978 | $ | 2,208 | $ | 2,271 | |||||||||
Municipal bonds | 2051 | 675 | 518 | 756 | 644 | |||||||||||||
U.S. government and agency securities | 2044 | 902 | 547 | 947 | 603 | |||||||||||||
Corporate bonds | 2054 | 208 | 324 | 241 | 410 | |||||||||||||
Short-term investments and receivables/payables | One-year | 329 | 116 | 342 | 120 | |||||||||||||
Total | $ | 2,770 | $ | 2,483 | $ | 4,494 | $ | 4,048 | ||||||||||
Summary of Changes in the Fair Value of Trust | ' | |||||||||||||||||
The following table sets forth a summary of changes in the fair value of the trusts: | ||||||||||||||||||
Years ended December 31, | ||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||||||||
Balance at beginning of period | $ | 4,048 | $ | 3,592 | $ | 3,480 | ||||||||||||
Gross realized gains | 300 | 73 | 108 | |||||||||||||||
Gross realized losses | (32 | ) | (5 | ) | (17 | ) | ||||||||||||
Unrealized gains (losses), net | 160 | 276 | (7 | ) | ||||||||||||||
Other-than-temporary impairments | (47 | ) | (36 | ) | (47 | ) | ||||||||||||
Interest, dividends, contributions and other | 65 | 148 | 75 | |||||||||||||||
Balance at end of period | $ | 4,494 | $ | 4,048 | $ | 3,592 | ||||||||||||
Regulatory_Assets_and_Liabilit1
Regulatory Assets and Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | |||||||
Regulatory Assets Included on the Consolidated Balance Sheets | ' | |||||||
SCE's regulatory assets included on the consolidated balance sheets are: | ||||||||
December 31, | ||||||||
(in millions) | 2013 | 2012 | ||||||
Current: | ||||||||
Regulatory balancing accounts | $ | 484 | $ | 502 | ||||
Energy derivatives | 54 | 70 | ||||||
Total current | 538 | 572 | ||||||
Long-term: | ||||||||
Deferred income taxes, net | 2,957 | 2,663 | ||||||
Pensions and other postretirement benefits | 369 | 1,550 | ||||||
Energy derivatives | 816 | 900 | ||||||
Unamortized investments, net | 332 | 507 | ||||||
San Onofre | 1,325 | — | ||||||
Unamortized loss on reacquired debt | 222 | 228 | ||||||
Nuclear-related investment, net | 34 | 141 | ||||||
Regulatory balancing accounts | 818 | 73 | ||||||
Other | 368 | 360 | ||||||
Total long-term | 7,241 | 6,422 | ||||||
Total regulatory assets | $ | 7,779 | $ | 6,994 | ||||
Regulatory Liabilities Included on the Consolidated Balance Sheets | ' | |||||||
SCE's regulatory liabilities included on the consolidated balance sheets are: | ||||||||
December 31, | ||||||||
(in millions) | 2013 | 2012 | ||||||
Current: | ||||||||
Regulatory balancing accounts | $ | 724 | $ | 484 | ||||
Other | 43 | 52 | ||||||
Total current | 767 | 536 | ||||||
Long-term: | ||||||||
Costs of removal | 2,780 | 2,731 | ||||||
Asset retirement obligations | 1,071 | 1,385 | ||||||
Regulatory balancing accounts | 1,132 | 1,091 | ||||||
Other | 12 | 7 | ||||||
Total long-term | 4,995 | 5,214 | ||||||
Total regulatory liabilities | $ | 5,762 | $ | 5,750 | ||||
Schedule of Regulatory Balancing Accounts [Table Text Block] | ' | |||||||
The following table summarizes the significant components of regulatory balancing accounts included in the above tables of regulatory assets and liabilities: | ||||||||
December 31, | ||||||||
(in millions) | 2013 | 2012 | ||||||
Asset (liability) | ||||||||
Energy resource recovery account | $ | 1,005 | $ | (135 | ) | |||
Four Corners memorandum account | 145 | 25 | ||||||
New system generation balancing account | 132 | (21 | ) | |||||
Public purpose programs and energy efficiency programs | (1,037 | ) | (994 | ) | ||||
Base rate recovery balancing account | (247 | ) | 505 | |||||
Greenhouse gas auction revenue | (385 | ) | (109 | ) | ||||
FERC balancing accounts | (59 | ) | (129 | ) | ||||
Other | (108 | ) | (142 | ) | ||||
Asset (liability) | $ | (554 | ) | $ | (1,000 | ) |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Schedule Of Commitments And Contingencies [Line Items] | ' | |||||||||||||||||||||||||||
Summary of power purchase agreements treated as operating and capital leases | ' | |||||||||||||||||||||||||||
The amount of this discount is shown in the table below as the amount representing interest. | ||||||||||||||||||||||||||||
(in millions) | Operating | Capital | ||||||||||||||||||||||||||
Leases | Leases | |||||||||||||||||||||||||||
2014 | $ | 1,273 | $ | 33 | ||||||||||||||||||||||||
2015 | 1,345 | 33 | ||||||||||||||||||||||||||
2016 | 1,271 | 33 | ||||||||||||||||||||||||||
2017 | 1,379 | 33 | ||||||||||||||||||||||||||
2018 | 1,272 | 33 | ||||||||||||||||||||||||||
Thereafter | 17,616 | 356 | ||||||||||||||||||||||||||
Total future commitments | $ | 24,156 | $ | 521 | ||||||||||||||||||||||||
Amount representing executory costs | (118 | ) | ||||||||||||||||||||||||||
Amount representing interest | (194 | ) | ||||||||||||||||||||||||||
Net commitments | $ | 209 | ||||||||||||||||||||||||||
Summary of estimated minimum future commitments for noncancelable power plant facilities and other operating leases | ' | |||||||||||||||||||||||||||
The following summarizes the estimated minimum future commitments for SCE's noncancelable other operating leases (excluding SCE's power purchase agreements discussed above): | ||||||||||||||||||||||||||||
(in millions) | Operating | |||||||||||||||||||||||||||
Leases – | ||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||
2014 | $ | 76 | ||||||||||||||||||||||||||
2015 | 65 | |||||||||||||||||||||||||||
2016 | 52 | |||||||||||||||||||||||||||
2017 | 36 | |||||||||||||||||||||||||||
2018 | 30 | |||||||||||||||||||||||||||
Thereafter | 194 | |||||||||||||||||||||||||||
Total future commitments | $ | 453 | ||||||||||||||||||||||||||
Southern California Edison | ' | |||||||||||||||||||||||||||
Schedule Of Commitments And Contingencies [Line Items] | ' | |||||||||||||||||||||||||||
Summary of undiscounted future expected payments for power purchase agreements that have been approved by the CPUC and have completed major milestones for construction | ' | |||||||||||||||||||||||||||
At December 31, 2013, the undiscounted future minimum expected payments for the SCE power purchase agreements that have been approved by the CPUC and have completed major milestones for construction were as follows: | ||||||||||||||||||||||||||||
(in millions) | Renewable | QF Power | Other Purchase | |||||||||||||||||||||||||
Energy | Purchase | Agreements | ||||||||||||||||||||||||||
Contracts | Agreements | |||||||||||||||||||||||||||
2014 | $ | 796 | $ | 312 | $ | 1,033 | ||||||||||||||||||||||
2015 | 881 | 303 | 900 | |||||||||||||||||||||||||
2016 | 936 | 245 | 701 | |||||||||||||||||||||||||
2017 | 1,070 | 213 | 693 | |||||||||||||||||||||||||
2018 | 1,091 | 170 | 571 | |||||||||||||||||||||||||
Thereafter | 17,806 | 186 | 1,992 | |||||||||||||||||||||||||
Total future commitments | $ | 22,580 | $ | 1,429 | $ | 5,890 | ||||||||||||||||||||||
Summary of certain future other commitments | ' | |||||||||||||||||||||||||||
The following summarizes the estimated minimum future commitments for SCE's other commitments: | ||||||||||||||||||||||||||||
(in millions) | 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | |||||||||||||||||||||
Other contractual obligations | $ | 123 | $ | 105 | $ | 85 | $ | 66 | $ | 160 | $ | 612 | $ | 1,151 | ||||||||||||||
Preferred_and_Preference_Stock1
Preferred and Preference Stock of Utility (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Preferred And Preference Stock Of Utility Disclosure [Abstract] | ' | ||||||||||||||
Schedule of preferred stock and preference stock | ' | ||||||||||||||
Preferred stock and preference stock is: | |||||||||||||||
Shares | Redemption | December 31, | |||||||||||||
(in millions, except shares and per-share amounts) | Outstanding | Price | 2013 | 2012 | |||||||||||
Cumulative preferred stock | |||||||||||||||
$25 par value: | |||||||||||||||
4.08% Series | 650,000 | $ | 25.5 | $ | 16 | $ | 16 | ||||||||
4.24% Series | 1,200,000 | 25.8 | 30 | 30 | |||||||||||
4.32% Series | 1,653,429 | 28.75 | 41 | 41 | |||||||||||
4.78% Series | 1,296,769 | 25.8 | 33 | 33 | |||||||||||
Preference stock | |||||||||||||||
No par value: | |||||||||||||||
5.07% Series A (variable and noncumulative) | 3,250,000 | 100 | 325 | 325 | |||||||||||
6.125% Series B (noncumulative) | 2,000,000 | 100 | — | 200 | |||||||||||
6.00% Series C (noncumulative) | 2,000,000 | 100 | — | 200 | |||||||||||
6.50% Series D (cumulative) | 1,250,000 | 100 | 125 | 125 | |||||||||||
6.25% Series E (cumulative) | 350,000 | 1,000.00 | 350 | 350 | |||||||||||
5.625% Series F (cumulative) | 190,004 | 2,500.00 | 475 | 475 | |||||||||||
5.10% Series G (cumulative) | 160,004 | 2,500.00 | 400 | — | |||||||||||
SCE's preferred and preference stock | 1,795 | 1,795 | |||||||||||||
Less issuance costs | (42 | ) | (36 | ) | |||||||||||
Edison International's preferred and preference stock of utility | $ | 1,753 | $ | 1,759 | |||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | |||||||||||||||||||
Components of Accumulated Other Comprehensive Loss | ' | |||||||||||||||||||
The changes in accumulated comprehensive income, excluding the items above, were as follows: | ||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Beginning balance | $ | (87 | ) | $ | (100 | ) | 1 | $ | (29 | ) | $ | (24 | ) | |||||||
Pension and PBOP – net loss: | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 63 | 15 | 13 | (9 | ) | |||||||||||||||
Reclassified from accumulated other comprehensive income2 | 9 | (2 | ) | 3 | 4 | |||||||||||||||
Other | 2 | — | 2 | — | ||||||||||||||||
Change | 74 | 13 | 18 | (5 | ) | |||||||||||||||
Ending balance | $ | (13 | ) | $ | (87 | ) | $ | (11 | ) | $ | (29 | ) | ||||||||
1 | Excludes the amount of unrealized losses from cash flow hedges and prior service costs arising from pension and PBOP. | |||||||||||||||||||
2 | These items are included in the computation of net periodic pension and PBOP expense. |
Interest_and_Other_Income_and_1
Interest and Other Income and Expenses (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||
Other Income and Expenses | ' | ||||||||||||
ther income and other expenses are as follows: | |||||||||||||
Years ended December 31, | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
SCE interest and other income: | |||||||||||||
Equity allowance for funds used during construction | $ | 72 | $ | 96 | $ | 96 | |||||||
Increase in cash surrender value of life insurance policies | 30 | 27 | 26 | ||||||||||
Interest income | 10 | 7 | 5 | ||||||||||
Other | 10 | 14 | 13 | ||||||||||
Total SCE interest and other income | 122 | 144 | 140 | ||||||||||
Edison International Parent and Other income | 2 | 5 | 7 | ||||||||||
Total Edison International interest and other income | $ | 124 | $ | 149 | $ | 147 | |||||||
SCE other expenses: | |||||||||||||
Civic, political and related activities and donations | $ | 37 | $ | 32 | $ | 30 | |||||||
Penalties | 20 | — | — | ||||||||||
Other | 17 | 18 | 25 | ||||||||||
Total SCE other expenses | 74 | 50 | 55 | ||||||||||
Edison International Parent and Other other expenses | — | 2 | — | ||||||||||
Total Edison International other expenses | $ | 74 | $ | 52 | $ | 55 | |||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Summarized Financial Information for Discontinued Operations | ' | |||||||||||
Summarized results of discontinued operations: | ||||||||||||
(in millions) | Year ended December 31, 2013 | 351 days ended December 16, 2012 | Year ended December 31, 2011 | |||||||||
Operating revenue | $ | — | $ | 1,626 | $ | 2,180 | ||||||
Loss before income taxes | — | (2,235 | ) | (1,931 | ) | |||||||
Supplemental_Cash_Flows_Inform1
Supplemental Cash Flows Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||||||||||||||
Supplemental Cash Flows Information | ' | |||||||||||||||||||||||
Supplemental cash flows information is: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Cash payments (receipts) for interest and taxes: | ||||||||||||||||||||||||
Interest, net of amounts capitalized | $ | 477 | $ | 452 | $ | 423 | $ | 462 | $ | 437 | $ | 408 | ||||||||||||
Tax payments (refunds), net | 28 | (165 | ) | (119 | ) | 28 | (279 | ) | (86 | ) | ||||||||||||||
Non-cash financing and investing activities: | ||||||||||||||||||||||||
Details of debt exchange: | ||||||||||||||||||||||||
Pollution-control bonds redeemed | $ | — | $ | — | $ | (86 | ) | $ | — | $ | — | $ | (86 | ) | ||||||||||
Pollution-control bonds issued | — | — | 86 | — | — | 86 | ||||||||||||||||||
Dividends declared but not paid: | ||||||||||||||||||||||||
Common stock | $ | 116 | $ | 110 | $ | 106 | $ | — | $ | — | $ | — | ||||||||||||
Preferred and preference stock | 30 | 24 | 11 | 30 | 24 | 11 | ||||||||||||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Quarterly Financial Data | ' | |||||||||||||||||||
Edison International's quarterly financial data is as follows: | ||||||||||||||||||||
2013 | ||||||||||||||||||||
(in millions, except per-share amounts) | Total | Fourth | Third | Second | First | |||||||||||||||
Operating revenue | $ | 12,581 | $ | 2,943 | $ | 3,960 | $ | 3,046 | $ | 2,632 | ||||||||||
Operating income (loss) | 1,715 | 505 | 789 | (71 | ) | 492 | ||||||||||||||
Income (loss) from continuing operations1 | 979 | 289 | 488 | (82 | ) | 286 | ||||||||||||||
Income (loss) from discontinued operations, net | 36 | 37 | (25 | ) | 12 | 12 | ||||||||||||||
Net income (loss) attributable to common shareholders | 915 | 301 | 438 | (94 | ) | 271 | ||||||||||||||
Basic earnings (loss) per share: | ||||||||||||||||||||
Continuing operations | 2.7 | 0.81 | 1.42 | (0.33 | ) | 0.79 | ||||||||||||||
Discontinued operations | 0.11 | 0.11 | (0.08 | ) | 0.04 | 0.04 | ||||||||||||||
Total | 2.81 | 0.92 | 1.34 | (0.29 | ) | 0.83 | ||||||||||||||
Diluted earnings (loss) per share: | ||||||||||||||||||||
Continuing operations | 2.67 | 0.81 | 1.41 | (0.33 | ) | 0.78 | ||||||||||||||
Discontinued operations | 0.11 | 0.11 | (0.07 | ) | 0.04 | 0.04 | ||||||||||||||
Total | 2.78 | 0.92 | 1.34 | (0.29 | ) | 0.82 | ||||||||||||||
Dividends declared per share | 1.3675 | 0.355 | 0.3375 | 0.3375 | 0.3375 | |||||||||||||||
Common stock prices: | ||||||||||||||||||||
High | 54.19 | 49.95 | 50.34 | 54.19 | 51.24 | |||||||||||||||
Low | 44.26 | 44.97 | 44.26 | 44.86 | 44.92 | |||||||||||||||
Close | 46.3 | 46.3 | 46.06 | 48.16 | 50.32 | |||||||||||||||
1 | During the second quarter of 2013, SCE recorded an impairment charge of $575 million ($365 million after tax) related to the permanent retirement of San Onofre Units 2 and 3. | |||||||||||||||||||
2012 | ||||||||||||||||||||
(in millions, except per-share amounts) | Total | Fourth | Third | Second | First | |||||||||||||||
Operating revenue | $ | 11,862 | $ | 3,060 | $ | 3,734 | $ | 2,653 | $ | 2,415 | ||||||||||
Operating income | 2,285 | 765 | 713 | 420 | 389 | |||||||||||||||
Income from continuing operations1, 2 | 1,594 | 812 | 382 | 207 | 196 | |||||||||||||||
Loss from discontinued operations, net3 | (1,686 | ) | (1,326 | ) | (167 | ) | (109 | ) | (84 | ) | ||||||||||
Net income (loss) attributable to common shareholders | (183 | ) | (539 | ) | 190 | 74 | 93 | |||||||||||||
Basic earnings (loss) per share: | ||||||||||||||||||||
Continuing operations | 4.61 | 2.42 | 1.09 | 0.56 | 0.54 | |||||||||||||||
Discontinued operations | (5.17 | ) | (4.07 | ) | (0.51 | ) | (0.33 | ) | (0.26 | ) | ||||||||||
Total | (0.56 | ) | (1.65 | ) | 0.58 | 0.23 | 0.28 | |||||||||||||
Diluted earnings (loss) per share: | ||||||||||||||||||||
Continuing operations | 4.55 | 2.39 | 1.09 | 0.55 | 0.54 | |||||||||||||||
Discontinued operations | (5.11 | ) | (4.03 | ) | (0.51 | ) | (0.33 | ) | (0.26 | ) | ||||||||||
Total | (0.56 | ) | (1.64 | ) | 0.58 | 0.22 | 0.28 | |||||||||||||
Dividends declared per share | 1.3125 | 0.3375 | 0.325 | 0.325 | 0.325 | |||||||||||||||
Common stock prices: | ||||||||||||||||||||
High | 47.96 | 47.96 | 46.94 | 46.55 | 44.5 | |||||||||||||||
Low | 39.6 | 42.57 | 43.1 | 41.42 | 39.6 | |||||||||||||||
Close | 45.19 | 45.19 | 45.69 | 46.2 | 42.51 | |||||||||||||||
1 | During the fourth quarter of 2012, SCE implemented the 2012 GRC Decision which resulted in an earnings impact of approximately $500 million. | |||||||||||||||||||
2 | During the fourth quarter of 2012, SCE corrected errors, primarily related to deferred taxes, that resulted in a net earnings benefit of $33 million which were not considered material to the current and prior period consolidated financial statements. | |||||||||||||||||||
3 | During the fourth quarter of 2012, Edison International recorded a full impairment of its investment in EME. See Note 16 for further information. | |||||||||||||||||||
SCE's quarterly financial data is as follows: | ||||||||||||||||||||
2013 | ||||||||||||||||||||
(in millions) | Total | Fourth | Third | Second | First | |||||||||||||||
Operating revenue | $ | 12,562 | $ | 2,931 | $ | 3,957 | $ | 3,045 | $ | 2,629 | ||||||||||
Operating income (loss) | 1,751 | 505 | 804 | (55 | ) | 498 | ||||||||||||||
Net income (loss)1 | 1,000 | 283 | 502 | (67 | ) | 283 | ||||||||||||||
Net income (loss) available for common stock | 900 | 258 | 477 | (91 | ) | 256 | ||||||||||||||
Common dividends declared | 486 | 126 | 120 | 120 | 120 | |||||||||||||||
1 | During the second quarter of 2013, SCE recorded an impairment charge of $575 million ($365 million after tax) related to the permanent retirement of San Onofre Units 2 and 3. | |||||||||||||||||||
2012 | ||||||||||||||||||||
(in millions) | Total | Fourth | Third | Second | First | |||||||||||||||
Operating revenue | $ | 11,851 | $ | 3,057 | $ | 3,731 | $ | 2,651 | $ | 2,412 | ||||||||||
Operating income | 2,279 | 792 | 659 | 430 | 397 | |||||||||||||||
Net income1, 2 | 1,660 | 858 | 388 | 214 | 201 | |||||||||||||||
Net income available for common stock | 1,569 | 833 | 363 | 191 | 182 | |||||||||||||||
Common dividends declared | 469 | 120 | 116 | 116 | 116 | |||||||||||||||
1 | During the fourth quarter of 2012, SCE implemented the 2012 GRC Decision which resulted in an earnings impact of approximately $500 million. | |||||||||||||||||||
2 | During the fourth quarter of 2012, SCE corrected errors, primarily related to deferred taxes, that resulted in a net earnings benefit of $33 million which were not considered material to the current and prior period consolidated financial statements. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Cash) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and Cash Equivalents Items [Line Items] | ' | ' |
Maximum maturity period of cash equivalent investments (in months) | '3 months | ' |
Money market funds | $68 | $107 |
Cash reclassified to accounts payable | 168 | 247 |
Southern California Edison | ' | ' |
Cash and Cash Equivalents Items [Line Items] | ' | ' |
Money market funds | 8 | 5 |
Cash reclassified to accounts payable | $163 | $242 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Inventory) (Details) (Southern California Edison, USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Southern California Edison | ' |
Summary of Significant Accounting Policies [Line Items] | ' |
Reclassification of Inventory | $100 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Energy Credits and Allowances) (Details) (Southern California Edison, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Current Assets [Member] | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' |
Greenhouse Gas Allowances | $135 | $41 |
Other Current Liabilities [Member] | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' |
Greenhouse Gas Emission Obligations | $102 | $0 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
San Onofre [Member] | San Onofre [Member] | 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 | ||||
Generation plant | Distribution plant | Transmission plant | General plant and other | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | |||||||||
Generation plant | Distribution plant | Transmission plant | General plant and other | Generation plant | Distribution plant | Transmission plant | General plant and other | |||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Useful Lives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | '20 years | '40 years | '5 years | '60 years | '60 years | '65 years | '60 years |
Weighted-Average Useful Lives | ' | ' | ' | ' | ' | ' | ' | ' | '38 years | '40 years | '46 years | '23 years | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation expense of utility property, plant and equipment | $1,310,000,000 | $1,260,000,000 | $1,160,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation expense stated as a percent of average original cost of depreciable utility plant (percent) | ' | ' | ' | ' | ' | 4.20% | 4.30% | 4.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for funds used during construction equity | ' | ' | ' | ' | ' | 72,000,000 | 96,000,000 | 96,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for funds used during construction debt | ' | ' | ' | ' | ' | 33,000,000 | 40,000,000 | 42,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Retirement Obligation, Roll Forward | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 2,782,000,000 | ' | ' | ' | 2,680,000,000 | 2,782,000,000 | 2,610,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion | ' | ' | ' | ' | ' | 182,000,000 | 161,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revisions | ' | ' | ' | 455,000,000 | ' | 455,000,000 | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities settled | ' | ' | ' | ' | ' | -1,000,000 | -1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | $3,418,000,000 | $2,782,000,000 | ' | ' | $2,680,000,000 | $3,418,000,000 | $2,782,000,000 | $2,610,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Deferred Financing Costs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Regulatory assets | $7,241 | $6,422 | ' |
Southern California Edison | ' | ' | ' |
Regulatory assets | 7,241 | 6,422 | ' |
Unamortized debt issuance expense | 79 | 67 | ' |
Amortization of deferred financing costs | 46 | 29 | 33 |
Southern California Edison | Loss on Reacquired Debt | ' | ' | ' |
Regulatory assets | 222 | 228 | ' |
Edison International | ' | ' | ' |
Unamortized debt issuance expense | 84 | 73 | ' |
Amortization of deferred financing costs | $47 | $30 | $34 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basic earnings per share - continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $879 | $1,503 | $1,041 |
Weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 326,000,000 | 326,000,000 | 326,000,000 |
Basic earnings (loss) per share b continuing operations (in dollars per share) | $0.81 | $1.42 | ($0.33) | $0.79 | $2.42 | $1.09 | $0.56 | $0.54 | $2.70 | $4.61 | $3.20 |
Diluted earnings per share - continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 879 | 1,503 | 1,041 |
Income impact of assumed conversions | ' | ' | ' | ' | ' | ' | ' | ' | 1 | -1 | -1 |
Income from continuing operations available to common shareholders and assumed conversions | ' | ' | ' | ' | ' | ' | ' | ' | $880 | $1,502 | $1,040 |
Weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 326,000,000 | 326,000,000 | 326,000,000 |
Incremental shares from assumed conversions (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 4,000,000 | 3,000,000 |
Adjusted weighted average shares - diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 329,000,000 | 330,000,000 | 329,000,000 |
Diluted earnings (loss) per share b continuing operations (in dollars per share) | $0.81 | $1.41 | ($0.33) | $0.78 | $2.39 | $1.09 | $0.55 | $0.54 | $2.67 | $4.55 | $3.17 |
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) | ' | ' | ' | ' | 7,492,552 | ' | ' | ' | 3,977,894 | ' | 5,847,094 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Southern California Edison | ' | ' | ' |
Revenue Recognition [Abstract] | ' | ' | ' |
Revenue received as agent | ' | ' | $1,100,000,000 |
Sales and Use Taxes [Abstract] | ' | ' | ' |
Franchise fees billed to customers | 116,000,000 | 98,000,000 | 101,000,000 |
Dividend Restrictions [Abstract] | ' | ' | ' |
Weighted-average common equity component authorization, set by CPUC remaining over number of months (in months) | '13 months | ' | ' |
Period for calculation of weighted average common equity component (months) | '13 months | ' | ' |
Weighted-average common equity component of total capitalization (as a percent) | 49.20% | ' | ' |
Capacity to pay additional dividends | 247,000,000 | ' | ' |
Restriction on net assets | $11,900,000,000 | ' | ' |
Edison International | ' | ' | ' |
Dividend Restrictions [Abstract] | ' | ' | ' |
Minimum percentage of weighted-average common equity component authorization, set by CPUC (as a percent) | 48.00% | ' | ' |
Electric Utility | Southern California Edison | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Supply of electricity, area covered (square mile) | 50,000 | ' | ' |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' |
Accumulated depreciation | ($7,493) | ($7,424) |
Total utility property, plant and equipment | 30,379 | 30,200 |
Southern California Edison | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' |
Transmission | 9,117 | 7,059 |
Distribution | 17,874 | 16,872 |
Generation | 2,856 | 4,455 |
General plant and other | 4,674 | 4,358 |
Accumulated depreciation | -7,493 | -7,424 |
Total utility property, plant and equipment, Gross | 27,028 | 25,320 |
Construction work in progress | 3,219 | 4,271 |
Nuclear fuel, at amortized cost | 132 | 609 |
Total utility property, plant and equipment | 30,379 | 30,200 |
Southern California Edison | Eldorado | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' |
Construction work in progress | 10 | ' |
Nuclear fuel, at amortized cost | 0 | ' |
Plant in Service | 87 | ' |
Accumulated Depreciation | 15 | ' |
Net Book Value | 82 | ' |
Ownership Interest | 62.00% | ' |
Southern California Edison | Pacific Intertie | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' |
Construction work in progress | 7 | ' |
Nuclear fuel, at amortized cost | 0 | ' |
Plant in Service | 189 | ' |
Accumulated Depreciation | 74 | ' |
Net Book Value | 122 | ' |
Ownership Interest | 50.00% | ' |
Southern California Edison | Palo Verde (nuclear) | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' |
Construction work in progress | 77 | ' |
Nuclear fuel, at amortized cost | 132 | ' |
Plant in Service | 1,842 | ' |
Accumulated Depreciation | 1,505 | ' |
Net Book Value | 546 | ' |
Ownership Interest | 16.00% | ' |
Southern California Edison | Aggregate Jointly Owned Utility Projects | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' |
Construction work in progress | 94 | ' |
Nuclear fuel, at amortized cost | 132 | ' |
Plant in Service | 2,118 | ' |
Accumulated Depreciation | 1,594 | ' |
Net Book Value | $750 | ' |
Property_Plant_and_Equipment_T1
Property, Plant and Equipment (Textual) (Details) (Southern California Edison, USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Minimum | Maximum | Four Corners Unit 4 And 5 (coal) | Four Corners Unit 4 And 5 (coal) | ||||
Capitalized Software Costs | Capitalized Software Costs | ||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Estimated Useful Lives | ' | ' | ' | '5 years | '15 years | ' | ' |
Capitalized software costs | $1,600,000,000 | $1,500,000,000 | ' | ' | ' | ' | ' |
Capitalized software, accumulated amortization | 839,000,000 | 651,000,000 | ' | ' | ' | ' | ' |
Capitalized software, amortization expense | 251,000,000 | 217,000,000 | 156,000,000 | ' | ' | ' | ' |
Capitalized software, estimated amortization expense 2014 through 2018 | 255,000,000 | ' | ' | ' | ' | ' | ' |
Sale price of investment in facility | ' | ' | ' | ' | ' | 181,000,000 | ' |
Gain on sale of investment in facility | ' | ' | ' | ' | ' | ' | $166,000,000 |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (Southern California Edison, USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-12 | 31-May-12 | Dec. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Series G Preferred Stock | Series F Preferred Stock | SCE Trust I | SCE Trust I | SCE Trust I | SCE Trust I | SCE Trust II | SCE Trust II | SCE Trust II | Variable Interest Entity, Not Primary Beneficiary | Variable Interest Entity, Not Primary Beneficiary | |
Trust Securities | Series F Preferred Stock | Trust Securities | Series G Preferred Stock | SCE Power Purchase Contracts | SCE Power Purchase Contracts | ||||||
MW | MW | ||||||||||
Details of projects or entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Power generating capacity for majority interest (in megawatts) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,183 | 2,198 |
Payments to unconsolidated VIEs for power purchase contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | $715,000,000 | $397,000,000 |
Unconsolidated Trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidation preference | ' | ' | ' | ' | 475,000,000 | 475,000,000 | ' | 400,000,000 | 400,000,000 | ' | ' |
Security dividend rate, (as a percent) | 5.10% | 5.63% | ' | ' | 5.63% | ' | ' | 5.10% | ' | ' | ' |
Liquidation value (in dollars per share) | ' | ' | ' | ' | $25 | $2,500 | ' | $25 | $2,500 | ' | ' |
Common stock | ' | ' | ' | ' | 10,000 | ' | ' | 10,000 | ' | ' | ' |
Dividend income and distributions | ' | ' | $27,000,000 | $17,000,000 | ' | ' | $19,000,000 | ' | ' | ' | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value by Level) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Millions, unless otherwise specified | ||||||
Assets at Fair Value | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | $4,494 | $4,048 | ' | ' | ||
Liabilities at Fair Value | ' | ' | ' | ' | ||
Money market funds | 68 | 107 | ' | ' | ||
Level 1 | ' | ' | ' | ' | ||
Liabilities at Fair Value | ' | ' | ' | ' | ||
Money market funds | 68 | 107 | ' | ' | ||
Southern California Edison | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 4,494 | 4,048 | 3,592 | 3,480 | ||
Liabilities at Fair Value | ' | ' | ' | ' | ||
Percentage of equity investments located in the United States (as a percent) | 70.00% | 66.00% | ' | ' | ||
Collateralized mortgage obligations and other asset backed securities | 47 | 56 | ' | ' | ||
Receivables (payables) net related to investments | 12 | -1 | ' | ' | ||
Money market funds | 8 | 5 | ' | ' | ||
Southern California Edison | Stocks | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 2,208 | 2,271 | ' | ' | ||
Southern California Edison | Fair Value, Measurements, Recurring | Level 1 | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ||
Derivative contracts | 0 | 0 | ' | ' | ||
Other | 39 | 13 | ' | ' | ||
Nuclear decommissioning trusts | 3,380 | [1] | 2,869 | [1] | ' | ' |
Total assets | 3,419 | 2,882 | ' | ' | ||
Liabilities at Fair Value | ' | ' | ' | ' | ||
Derivative contracts | 0 | 0 | ' | ' | ||
Total liabilities | 0 | 0 | ' | ' | ||
Net assets (liabilities) | 3,419 | 2,882 | ' | ' | ||
Southern California Edison | Fair Value, Measurements, Recurring | Level 1 | Stocks | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 2,208 | [2] | 2,271 | [2] | ' | ' |
Southern California Edison | Fair Value, Measurements, Recurring | Level 1 | Fixed Income Securities [Member] | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 841 | [3] | 477 | [3] | ' | ' |
Southern California Edison | Fair Value, Measurements, Recurring | Level 1 | Short-term investments, primarily cash equivalents | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 331 | 121 | [1] | ' | ' | |
Southern California Edison | Fair Value, Measurements, Recurring | Level 2 | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ||
Derivative contracts | 11 | 8 | ' | ' | ||
Other | 0 | 0 | ' | ' | ||
Nuclear decommissioning trusts | 1,102 | [1] | 1,180 | [1] | ' | ' |
Total assets | 1,113 | 1,188 | ' | ' | ||
Liabilities at Fair Value | ' | ' | ' | ' | ||
Derivative contracts | 37 | 115 | ' | ' | ||
Total liabilities | 37 | 115 | ' | ' | ||
Net assets (liabilities) | 1,076 | 1,073 | ' | ' | ||
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 Securities [Member] | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 1,102 | [3] | 1,180 | [3] | ' | ' |
Southern California Edison | Fair Value, Measurements, Recurring | Level 2 | Short-term investments, primarily cash equivalents | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 0 | 0 | [1] | ' | ' | |
Southern California Edison | Fair Value, Measurements, Recurring | Level 3 | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ||
Derivative contracts | 372 | 221 | ' | ' | ||
Other | 0 | 0 | ' | ' | ||
Nuclear decommissioning trusts | 0 | [1] | 0 | [1] | ' | ' |
Total assets | 372 | 221 | ' | ' | ||
Liabilities at Fair Value | ' | ' | ' | ' | ||
Derivative contracts | 1,177 | 1,012 | ' | ' | ||
Total liabilities | 1,177 | 1,012 | ' | ' | ||
Net assets (liabilities) | -805 | -791 | ' | ' | ||
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 Securities [Member] | ' | ' | ' | ' | ||
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 | [1] | ' | ' | |
Southern California Edison | Fair Value, Measurements, Recurring | Netting and Collateral | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ||
Derivative contracts | -10 | [4] | -15 | [4] | ' | ' |
Other | 0 | 0 | ' | ' | ||
Nuclear decommissioning trusts | 0 | [1],[4] | 0 | [1],[4] | ' | ' |
Total assets | -10 | [4] | -15 | [4] | ' | ' |
Liabilities at Fair Value | ' | ' | ' | ' | ||
Derivative contracts | -20 | [4] | -62 | [4] | ' | ' |
Total liabilities | -20 | [4] | -62 | [4] | ' | ' |
Net assets (liabilities) | 10 | [4] | 47 | [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 Securities [Member] | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 0 | [3] | 0 | [3] | ' | ' |
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 | [1],[4] | ' | ' |
Southern California Edison | Fair Value, Measurements, Recurring | Total | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ||
Derivative contracts | 373 | 214 | ' | ' | ||
Other | 39 | 13 | ' | ' | ||
Nuclear decommissioning trusts | 4,482 | [1] | 4,049 | [1] | ' | ' |
Total assets | 4,894 | 4,276 | ' | ' | ||
Liabilities at Fair Value | ' | ' | ' | ' | ||
Derivative contracts | 1,194 | 1,065 | ' | ' | ||
Total liabilities | 1,194 | 1,065 | ' | ' | ||
Net assets (liabilities) | 3,700 | 3,211 | ' | ' | ||
Southern California Edison | Fair Value, Measurements, Recurring | Total | Stocks | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 2,208 | [2] | 2,271 | [2] | ' | ' |
Southern California Edison | Fair Value, Measurements, Recurring | Total | Fixed Income Securities [Member] | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | 1,943 | [3] | 1,657 | [3] | ' | ' |
Southern California Edison | Fair Value, Measurements, Recurring | Total | Short-term investments, primarily cash equivalents | ' | ' | ' | ' | ||
Assets at Fair Value | ' | ' | ' | ' | ||
Nuclear decommissioning trusts | $331 | $121 | [1] | ' | ' | |
[1] | Excludes net receivables of $12 million at DecemberB 31, 2013 and net payables of $1 million at DecemberB 31, 2012, which consist of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases. | |||||
[2] | Approximately 70% and 66% of SCE's equity investments were located in the United States at DecemberB 31, 2013 and 2012, respectively. | |||||
[3] | corporate bonds, which were diversified and included collateralized mortgage obligations and other asset backed securities of $47 million and $56 million at DecemberB 31, 2013 and 2012, 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 $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Southern California Edison | Level 3 | ' | ' | ||
Fair Value Disclosures Level 3 [Roll Forward] | ' | ' | ||
Fair value of net asset (liabilities) at beginning of period | ($791) | ($754) | ||
Total realized/unrealized gains (losses): | ' | ' | ||
Included in regulatory assets and liabilities | 23 | [1] | -70 | [1] |
Purchases | 65 | 104 | ||
Settlements | -102 | -71 | ||
Fair value of net liabilities at end of period | -805 | -791 | ||
Change during the period in unrealized losses related to assets and liabilities held at the end of the period | $33 | ($119) | ||
[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) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
CRRs | Market Simulation Model | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Fair Value, Assets | $366,000,000 | $186,000,000 |
Fair Value, Liabilities | 0 | 0 |
Tolling | Option Model | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Fair Value, Assets | 5,000,000 | 4,000,000 |
Fair Value, Liabilities | 1,175,000,000 | 1,005,000,000 |
Level 3 | CRRs | Market Simulation Model | Gas Prices | Minimum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Expected prices (in dollars per unit) | 3.5 | 2.95 |
Level 3 | CRRs | Market Simulation Model | Gas Prices | Maximum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Expected prices (in dollars per unit) | 7.1 | 7.78 |
Level 3 | CRRs | Market Simulation Model | Load Forecast | Minimum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Fair value inputs, power units (in megawatts) | 7,603 | 7,597 |
Level 3 | CRRs | Market Simulation Model | Load Forecast | Maximum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Fair value inputs, power units (in megawatts) | 24,896 | 26,612 |
Level 3 | CRRs | Market Simulation Model | Congestion Prices | Minimum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Expected prices (in dollars per unit) | -9.86 | -13.9 |
Level 3 | CRRs | Market Simulation Model | Congestion Prices | Maximum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Expected prices (in dollars per unit) | 108.56 | 226.75 |
Level 3 | Tolling | Option Model | Gas Prices | Minimum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Expected volatility rate (as a percent) | 16.00% | 17.00% |
Level 3 | Tolling | Option Model | Gas Prices | Maximum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Expected volatility rate (as a percent) | 35.00% | 36.00% |
Level 3 | Tolling | Option Model | Gas Prices | Weighted Average | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Expected volatility rate (as a percent) | 21.00% | 22.00% |
Level 3 | Tolling | Option Model | Power Prices | Minimum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Expected volatility rate (as a percent) | 25.00% | 26.00% |
Expected prices (in dollars per unit) | 38 | 35 |
Level 3 | Tolling | Option Model | Power Prices | Maximum | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Expected volatility rate (as a percent) | 45.00% | 64.00% |
Expected prices (in dollars per unit) | 63.9 | 84.1 |
Level 3 | Tolling | Option Model | Power Prices | Weighted Average | ' | ' |
Quantitative Information About Level 3 Measurements [Line Items] | ' | ' |
Expected volatility rate (as a percent) | 30.00% | 29.00% |
Expected prices (in dollars per unit) | $47.40 | $55.40 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Value of Long-Term Debt Recorded at Carrying Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value of Long-Term Debt Recorded at Carrying Value | ' | ' |
Long-term debt, including current portion, Carrying Value | $10,426 | $9,231 |
Long-term debt, including current portion, Fair Value | 11,084 | 10,944 |
Southern California Edison | ' | ' |
Fair Value of Long-Term Debt Recorded at Carrying Value | ' | ' |
Long-term debt, including current portion, Carrying Value | 10,022 | 8,828 |
Long-term debt, including current portion, Fair Value | $10,656 | $10,505 |
Debt_and_Credit_Agreements_Lon
Debt and Credit Agreements (Long-Term Debt) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Current portion of long-term debt | ($601) | $0 |
Long-term debt | 9,825 | 9,231 |
Edison International Parent And Other [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Other Long-term Debt | 4 | 4 |
Current portion of long-term debt | -1 | 0 |
Unamortized debt discount, net | 0 | -1 |
Long-term debt | 403 | 403 |
Edison International Parent And Other [Member] | Debentures and notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 400 | 400 |
Southern California Edison | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Current portion of long-term debt | -600 | 0 |
Unamortized debt discount, net | -38 | -32 |
Long-term debt | 9,422 | 8,828 |
Southern California Edison | Debentures and notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 307 | 307 |
Interest rate on debt, minimum (as a percent) | 5.06% | ' |
Interest rate on debt, maximum (as a percent) | 6.65% | ' |
Southern California Edison | First and refunding mortgage bonds | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 8,975 | 7,775 |
Interest rate on debt, minimum (as a percent) | 3.50% | ' |
Interest rate on debt, maximum (as a percent) | 6.05% | ' |
Southern California Edison | Pollution control bonds | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 939 | 939 |
Interest rate on debt, minimum (as a percent) | 1.38% | ' |
Interest rate on debt, maximum (as a percent) | 5.00% | ' |
Southern California Edison | Bonds repurchased | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | ($161) | ($161) |
Debt_and_Credit_Agreements_Lon1
Debt and Credit Agreements (Long-term debt maturities) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Long-term Debt, Fiscal Year Maturity | ' |
Long-term debt maturities - 2014 | $601 |
Long-term debt maturities - 2015 | 300 |
Long-term debt maturities - 2016 | 401 |
Long-term debt maturities - 2017 | 400 |
Long-term debt maturities - 2018 | 400 |
Southern California Edison | ' |
Long-term Debt, Fiscal Year Maturity | ' |
Long-term debt maturities - 2014 | 600 |
Long-term debt maturities - 2015 | 300 |
Long-term debt maturities - 2016 | 400 |
Long-term debt maturities - 2017 | 0 |
Long-term debt maturities - 2018 | $400 |
Debt_and_Credit_Agreements_Cre
Debt and Credit Agreements (Credit Agreements and Short-Term Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Revolving credit facility maturing in July 2018 | Southern California Edison | Southern California Edison | Southern California Edison | Commercial paper | Commercial paper | Letters of credit | ||
Revolving credit facility maturing in July 2018 | Southern California Edison | Southern California Edison | Southern California Edison | ||||||
Revolving credit facility maturing in July 2018 | Revolving credit facility maturing in July 2018 | Revolving credit facility maturing in July 2018 | |||||||
Short-term Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment | $1,250 | ' | $1,250 | ' | ' | $2,750 | ' | ' | ' |
Outstanding borrowings | -34 | ' | -34 | ' | ' | -175 | ' | ' | ' |
Outstanding letters of credit | ' | ' | 0 | ' | ' | -116 | ' | ' | ' |
Amount available | ' | ' | 1,216 | ' | ' | 2,459 | ' | ' | ' |
Letters of credit expiration period | ' | ' | ' | ' | ' | ' | ' | ' | '12 months |
Short-term debt | $209 | $175 | ' | $175 | $175 | ' | ' | $175 | ' |
Weighted average interest rate (as a percent) | 0.55% | ' | ' | ' | ' | ' | 0.24% | 0.37% | ' |
Debt_and_Credit_Agreements_Add
Debt and Credit Agreements (Additional Information) (Details) (Southern California Edison, Subsequent Event [Member], First and refunding mortgage bonds, USD $) | Jan. 31, 2014 |
In Millions, unless otherwise specified | |
Southern California Edison | Subsequent Event [Member] | First and refunding mortgage bonds | ' |
Debt Instrument [Line Items] | ' |
Value of mortgage bonds issued | $300 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Notional Values) (Details) (Southern California Edison, Electric Utility, Economic hedges) | Dec. 31, 2013 | Dec. 31, 2012 |
GWh | GWh | |
Electricity options, swaps and forwards (GWh) | ' | ' |
Derivatives | ' | ' |
Notional volumes of derivative instruments | 6,274 | 15,884 |
Natural gas options, swaps and forwards (Bcf) | ' | ' |
Derivatives | ' | ' |
Notional volumes of derivative instruments | 12 | 100 |
Congestion revenue rights (GWh) | ' | ' |
Derivatives | ' | ' |
Notional volumes of derivative instruments | 149,234 | 149,774 |
Tolling arrangements (GWh) | ' | ' |
Derivatives | ' | ' |
Notional volumes of derivative instruments | 87,991 | 101,485 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Balance Sheet Disclosures) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value of Derivative Instruments | ' | ' |
Short-Term, Derivative Assets | $122 | $129 |
Long-Term, Derivative Assets | 251 | 85 |
Short-Term, Derivative Liabilities | 152 | 126 |
Long-Term, Derivative Liabilities | 1,042 | 939 |
Southern California Edison | ' | ' |
Fair Value of Derivative Instruments | ' | ' |
Short-Term, Derivative Assets | 122 | 129 |
Long-Term, Derivative Assets | 251 | 85 |
Short-Term, Derivative Liabilities | 152 | 126 |
Long-Term, Derivative Liabilities | 1,042 | 939 |
Southern California Edison | Electric Utility | ' | ' |
Fair Value of Derivative Instruments | ' | ' |
Short-Term, Derivative Assets | 122 | 129 |
Long-Term, Derivative Assets | 251 | 85 |
Derivative Assets, Total | 373 | 214 |
Short-Term, Derivative Liabilities | 152 | 126 |
Long-Term, Derivative Liabilities | 1,042 | 939 |
Derivative Liabilities, Total | 1,194 | 1,065 |
Net Liability | 821 | 851 |
Fair value of derivative liabilities | 1,194 | 1,065 |
Southern California Edison | Electric Utility | Economic hedges | ' | ' |
Fair Value of Derivative Instruments | ' | ' |
Short-Term, Derivative Assets | 141 | 151 |
Long-Term, Derivative Assets | 251 | 91 |
Derivative Assets, Total | 392 | 242 |
Short-Term, Derivative Liabilities | 178 | 186 |
Long-Term, Derivative Liabilities | 1,045 | 954 |
Derivative Liabilities, Total | 1,223 | 1,140 |
Net Liability | 831 | 898 |
Fair value of derivative liabilities | 1,223 | 1,140 |
Southern California Edison | Electric Utility | Netting and Collateral | ' | ' |
Fair Value of Derivative Instruments | ' | ' |
Short-Term, Derivative Assets | -19 | -22 |
Long-Term, Derivative Assets | 0 | -6 |
Derivative Assets, Total | -19 | -28 |
Short-Term, Derivative Liabilities | -19 | -22 |
Long-Term, Derivative Liabilities | 0 | -6 |
Derivative Liabilities, Total | -19 | -28 |
Net Liability | 0 | 0 |
Fair value of derivative liabilities | -19 | -28 |
Southern California Edison | Electric Utility | Cash collateral posted | ' | ' |
Fair Value of Derivative Instruments | ' | ' |
Short-Term, Derivative Assets | 0 | 0 |
Long-Term, Derivative Assets | 0 | 0 |
Derivative Assets, Total | 0 | 0 |
Short-Term, Derivative Liabilities | -7 | -38 |
Long-Term, Derivative Liabilities | -3 | -9 |
Derivative Liabilities, Total | -10 | -47 |
Net Liability | -10 | -47 |
Fair value of derivative liabilities | ($10) | ($47) |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Additional Disclosures) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Collateral provided to counterparties: | ' | ' | ' |
Reflected in margin and collateral deposits | $19 | $8 | ' |
Southern California Edison | Economic hedges | ' | ' | ' |
Derivatives | ' | ' | ' |
Realized losses | -56 | -227 | -165 |
Unrealized gains (losses) | 93 | 125 | -768 |
Southern California Edison | Electric Utility | Economic hedges | ' | ' | ' |
Derivatives | ' | ' | ' |
Aggregate fair value of all derivative liabilities with credit-risk-related contingent features | 49 | 6 | ' |
Collateral already posted, fair value | 0 | 0 | ' |
Potential additional collateral | $5 | ' | ' |
Income_Taxes_Source_of_Income_
Income Taxes (Source of Income (Loss) Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Sources of Income (Loss) Before Income Taxes | ' | ' | ' |
Income from continuing operations before income taxes | $1,221 | $1,861 | $1,668 |
Discontinued operations before income taxes | 0 | -2,235 | -1,931 |
Income (loss) before income tax | $1,221 | ($374) | ($263) |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Tax Expense (Benefit) by Location) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | ($97) | $0 | ($279) |
State | -9 | 0 | 80 |
Total Current Income Tax Expense (Benefit) | -106 | 0 | -199 |
Deferred: | ' | ' | ' |
Federal | 317 | 132 | 727 |
State | 31 | 135 | 40 |
Total Deferred Income Tax Expense (Benefit) | 348 | 267 | 767 |
Total income tax expense from continuing operations | 242 | 267 | 568 |
Discontinued operations | -36 | -549 | -853 |
Total | 206 | -282 | -285 |
Southern California Edison | ' | ' | ' |
Current: | ' | ' | ' |
Federal | -119 | 0 | -275 |
State | -19 | 50 | 91 |
Total Current Income Tax Expense (Benefit) | -138 | 50 | -184 |
Deferred: | ' | ' | ' |
Federal | 345 | 136 | 757 |
State | 72 | 28 | 28 |
Total Deferred Income Tax Expense (Benefit) | 417 | 164 | 785 |
Total income tax expense from continuing operations | 279 | 214 | 601 |
Discontinued operations | 0 | 0 | 0 |
Total | $279 | $214 | $601 |
Income_Taxes_Components_of_Net
Income Taxes (Components of Net Accumulated Deferred Income Tax Liability) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Property and software related | $523 | $600 |
Unrealized gains and losses | 579 | 491 |
Loss and credit carryforwards | 2,228 | 1,515 |
Regulatory balancing accounts | 139 | 80 |
Pension and PBOPs | 264 | 275 |
Other | 721 | 723 |
Sub-total | 4,454 | 3,684 |
Less valuation allowance | 1,380 | 1,017 |
Total | 3,074 | 2,667 |
Deferred tax liabilities: | ' | ' |
Property-related | 7,879 | 7,289 |
Capitalized software costs | 318 | 325 |
Regulatory balancing accounts | 625 | 296 |
Unrealized gains and losses | 569 | 477 |
Other | 503 | 471 |
Total | 9,894 | 8,858 |
Accumulated deferred income tax liability, net | 6,820 | 6,191 |
Included in deferred credits and other liabilities | 7,241 | 6,127 |
Included in current liabilities (assets) | -421 | 64 |
Southern California Edison | ' | ' |
Deferred tax assets: | ' | ' |
Property and software related | 523 | 600 |
Unrealized gains and losses | 569 | 477 |
Loss and credit carryforwards | 427 | 125 |
Regulatory balancing accounts | 139 | 80 |
Pension and PBOPs | 86 | 99 |
Other | 563 | 625 |
Sub-total | 2,307 | 2,006 |
Less valuation allowance | 0 | 0 |
Total | 2,307 | 2,006 |
Deferred tax liabilities: | ' | ' |
Property-related | 7,869 | 7,279 |
Capitalized software costs | 318 | 325 |
Regulatory balancing accounts | 625 | 296 |
Unrealized gains and losses | 569 | 477 |
Other | 399 | 379 |
Total | 9,780 | 8,756 |
Accumulated deferred income tax liability, net | 7,473 | 6,750 |
Included in deferred credits and other liabilities | 7,737 | 6,669 |
Included in current liabilities (assets) | ($264) | $81 |
Income_Taxes_Tax_Rate_Reconcil
Income Taxes (Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Effective Tax Rate | ' | ' | ' | |||
Income from continuing operations before income taxes | $1,221 | $1,861 | $1,668 | |||
Provision for income tax at federal statutory rate of 35% | 427 | 652 | 584 | |||
Repair deductions | 0 | [1] | -231 | [1] | 0 | [1] |
State tax, net of federal benefit | 18 | 108 | 85 | |||
Property-related | -192 | [2] | -223 | [2] | -46 | [2] |
Accumulated deferred income tax adjustments | 0 | -41 | -30 | |||
Change related to uncertain tax positions | 14 | 40 | 0 | |||
Other | -25 | -38 | -25 | |||
Total income tax expense from continuing operations | 242 | 267 | 568 | |||
Effective tax rate | 19.80% | 14.30% | 34.10% | |||
Earnings benefit from change in prior year tax deductions | 231 | ' | ' | |||
Southern California Edison | ' | ' | ' | |||
Effective Tax Rate | ' | ' | ' | |||
Income from continuing operations before income taxes | 1,279 | 1,874 | 1,745 | |||
Provision for income tax at federal statutory rate of 35% | 448 | 656 | 611 | |||
Repair deductions | 0 | [1] | -231 | [1] | 0 | [1] |
State tax, net of federal benefit | 34 | 54 | 80 | |||
Property-related | -192 | [2] | -223 | [2] | -46 | [2] |
Accumulated deferred income tax adjustments | 0 | -41 | -30 | |||
Change related to uncertain tax positions | 14 | 36 | -3 | |||
Other | -25 | -37 | -11 | |||
Total income tax expense from continuing operations | $279 | $214 | $601 | |||
Effective tax rate | 21.80% | 11.40% | 34.40% | |||
[1] | Edison International made a voluntary election in 2009 to change its tax accounting method for certain repair costs incurred on SCE's transmission, distribution and generation assets. Regulatory treatment for the 2009 b 2011 incremental repairs deductions taken after the 2009 tax accounting method change resulted in SCE recognizing a $231 million earnings benefit in 2012 | |||||
[2] | Includes incremental repair benefit recorded in 2013 and 2012. See discussion of repair deductions below. |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits | ' | ' | ' |
Beginning balance | $812 | $631 | $565 |
Tax positions taken during the current year, Increases | 19 | 33 | 39 |
Tax positions taken during a prior year, Increases | 43 | 177 | 102 |
Tax positions taken during a prior year, Decreases | -109 | -11 | -75 |
Tax positions taken during a prior year: Increases (decreases) - deconsolidation of EME | 50 | -18 | 0 |
Decreases for settlements during the period | 0 | 0 | 0 |
Ending balance | 815 | 812 | 631 |
Southern California Edison | ' | ' | ' |
Reconciliation of Unrecognized Tax Benefits | ' | ' | ' |
Beginning balance | 571 | 373 | 329 |
Tax positions taken during the current year, Increases | 22 | 35 | 34 |
Tax positions taken during a prior year, Increases | 45 | 169 | 82 |
Tax positions taken during a prior year, Decreases | -106 | -6 | -72 |
Tax positions taken during a prior year: Increases (decreases) - deconsolidation of EME | 0 | 0 | 0 |
Decreases for settlements during the period | 0 | 0 | 0 |
Ending balance | $532 | $571 | $373 |
Income_Taxes_Interest_and_Pena
Income Taxes (Interest and Penalties Related to Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Accrued interest and penalties | $406 | $278 | ' |
Net after-tax interest and penalties tax benefit (expense) | -3 | -10 | -8 |
Southern California Edison | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Accrued interest and penalties | 88 | 87 | ' |
Net after-tax interest and penalties tax benefit (expense) | $2 | ($11) | ($8) |
Income_Taxes_Textual_Details
Income Taxes (Textual) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Tax credit carryforwards | $399 | ' | ' |
Operating loss carryforwards | 1,900 | ' | ' |
Deferred tax assets, loss and credit carryforwards | 2,228 | 1,515 | ' |
Earnings benefit from change in prior year tax deductions | 231 | ' | ' |
Unrecognized tax benefits that would impact the effective tax rate | 653 | 622 | ' |
Federal statutory income tax rate (percent) | 35.00% | 35.00% | 35.00% |
Tax Credit Carryforward, expire between 2029 - 2033 | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Tax credit carryforwards | 376 | ' | ' |
Net Operating Loss, expire between 2015 - 2025 | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Operating loss carryforwards | 36 | ' | ' |
Southern California Edison | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Tax credit carryforwards | 55 | ' | ' |
Operating loss carryforwards | 371 | ' | ' |
Deferred tax assets, loss and credit carryforwards | 427 | 125 | ' |
Unrecognized tax benefits that would impact the effective tax rate | 374 | 388 | ' |
Southern California Edison | Tax Credit Carryforward, expire between 2030 - 2033 | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Tax credit carryforwards | 41 | ' | ' |
Southern California Edison | Net Operating Loss, expire between 2015 -2017 | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Operating loss carryforwards | 18 | ' | ' |
Edison Mission Energy | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Deferred tax assets, loss and credit carryforwards | 1,600 | ' | ' |
Deferred Tax Assets No Longer Available Due to Deconsolidation | 220 | ' | ' |
Tax basis in stock | 544 | ' | ' |
Tax Years 2003 to 2006 [Member] | Proposed Adjustment to Taxable Gain [Member] | Southern California Edison | IRS Examination | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Estimated potential future federal tax payment as of the balance sheet date, including interest and penalties, based on a proposed adjustment | 206 | ' | ' |
Tax Years 2003 to 2006 [Member] | Disallowance of Repair Allowance Deduction [Member] | Southern California Edison | IRS Examination | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Estimated potential future federal tax payment as of the balance sheet date, including interest and penalties, based on a proposed adjustment | 100 | ' | ' |
Tax Years 2007 to 2009 [Member] | Disallowance of Repair Allowance Deduction [Member] | Southern California Edison | IRS Examination | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Estimated potential future federal tax payment as of the balance sheet date, including interest and penalties, based on a proposed adjustment | $74 | ' | ' |
Compensation_and_Benefit_Plans2
Compensation and Benefit Plans (Employee Savings Plan) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Contribution Plans [Line Items] | ' | ' | ' |
Employer contributions | $76 | $85 | $84 |
Southern California Edison | ' | ' | ' |
Defined Contribution Plans [Line Items] | ' | ' | ' |
Employer contributions | $76 | $84 | $83 |
Compensation_and_Benefit_Plans3
Compensation and Benefit Plans (Plan Assets and Benefit Obligation) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Southern California Edison | Southern California Edison | Pension Plans | Pension Plans | Pension Plans | Pension Plans | Pension Plans | Pension Plans | Postretirement Benefits Other Than Pensions | Postretirement Benefits Other Than Pensions | Postretirement Benefits Other Than Pensions | Postretirement Benefits Other Than Pensions | Postretirement Benefits Other Than Pensions | Postretirement Benefits Other Than Pensions | |||||||||||
Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | ||||||||||||||||||||
Change in projected benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Benefit obligation at beginning of year | ' | ' | ' | ' | $4,948 | $4,493 | ' | ' | $4,434 | $4,112 | $2,460 | $2,553 | ' | $2,452 | $2,415 | ' | ||||||||
Service cost | ' | ' | ' | ' | 174 | 179 | ' | ' | 154 | 156 | 49 | 47 | 40 | 48 | 47 | 40 | ||||||||
Interest cost | ' | ' | ' | ' | 182 | 196 | ' | ' | 164 | 176 | 98 | 108 | 115 | 97 | 108 | 114 | ||||||||
Liability transferred to Edison International | ' | ' | ' | ' | 0 | 23 | ' | ' | 0 | -92 | ' | ' | ' | ' | ' | ' | ||||||||
Special termination benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 2 | ' | 11 | 2 | ' | ||||||||
Actuarial (gain) loss | -563 | ' | -558 | ' | -330 | 370 | ' | ' | -277 | 318 | -313 | -86 | ' | -312 | -86 | ' | ||||||||
Curtailment | ' | ' | ' | ' | 0 | 26 | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ||||||||
Plan participants' contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | 16 | ' | 18 | 16 | ' | ||||||||
Medicare Part D subsidy received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4 | ' | 0 | 4 | ' | ||||||||
Benefits paid | ' | ' | ' | ' | -796 | -253 | ' | ' | -754 | -236 | -103 | -54 | ' | -103 | -54 | ' | ||||||||
Deconsolidation of EME | ' | ' | ' | ' | 0 | [1] | -34 | [1] | ' | ' | 0 | [1] | 0 | [1] | 0 | [2] | -130 | [2] | ' | 0 | [2] | 0 | [2] | ' |
Benefit obligation at end of year | ' | ' | ' | ' | 4,178 | 4,948 | ' | ' | 3,721 | 4,434 | 2,220 | 2,460 | 2,553 | 2,211 | 2,452 | 2,415 | ||||||||
Change in plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair value of plan assets at beginning of year | ' | ' | ' | ' | 3,542 | 3,153 | ' | ' | 3,320 | 2,971 | 1,800 | 1,570 | ' | 1,800 | 1,570 | ' | ||||||||
Actual return on plan assets | ' | ' | ' | ' | 540 | 460 | ' | ' | 505 | 431 | 317 | 212 | ' | 317 | 212 | ' | ||||||||
Employer contributions | ' | ' | ' | ' | 191 | 182 | ' | ' | 165 | 154 | 33 | 52 | ' | 33 | 52 | ' | ||||||||
Medicare Part D subsidy received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4 | ' | 0 | 4 | ' | ||||||||
Benefits paid | ' | ' | ' | ' | -796 | -253 | ' | ' | -754 | -236 | -103 | -54 | ' | -103 | -54 | ' | ||||||||
Fair value of plan assets at end of year | ' | ' | ' | ' | 3,477 | 3,542 | ' | ' | 3,236 | 3,320 | 2,065 | 1,800 | 1,570 | 2,065 | 1,800 | 1,570 | ||||||||
Funded status at end of year | 478 | 1,110 | 449 | 1,070 | -701 | -1,406 | ' | ' | -485 | -1,114 | -155 | -660 | ' | -146 | -652 | ' | ||||||||
Amounts recognized in the consolidated balance sheets consist of: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current liabilities | ' | ' | ' | ' | -15 | -19 | ' | ' | -5 | -6 | -17 | -18 | ' | -16 | -18 | ' | ||||||||
Long-term liabilities | -1,378 | -2,614 | -951 | -2,245 | -686 | -1,387 | ' | ' | -480 | -1,108 | -138 | -642 | ' | -130 | -634 | ' | ||||||||
Total liabilities | ' | ' | ' | ' | -701 | -1,406 | ' | ' | -485 | -1,114 | -155 | -660 | ' | -146 | -652 | ' | ||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net loss | ' | ' | ' | ' | 30 | 127 | ' | ' | 33 | 40 | ' | ' | ' | ' | ' | ' | ||||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 | 0 | 4 | 5 | ' | 0 | 0 | ' | ||||||||
Amounts recognized as a regulatory asset (liability): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Prior service cost (credit) | ' | ' | ' | ' | 25 | 30 | ' | ' | 25 | 30 | -54 | -89 | ' | -54 | -89 | ' | ||||||||
Net loss | ' | ' | ' | ' | 328 | 999 | ' | ' | 328 | 999 | 69 | 610 | ' | 69 | 610 | ' | ||||||||
Total amounts recognized as regulatory asset | ' | ' | ' | ' | 353 | 1,029 | ' | ' | 353 | 1,029 | 15 | 521 | ' | 15 | 521 | ' | ||||||||
Total not yet recognized as expense | ' | ' | ' | ' | 383 | 1,156 | ' | ' | 386 | 1,069 | 19 | 526 | ' | 15 | 521 | ' | ||||||||
Accumulated benefit obligation at end of year | ' | ' | ' | ' | 4,015 | 4,609 | ' | ' | 3,599 | 4,171 | ' | ' | ' | ' | ' | ' | ||||||||
Pension plans with an accumulated benefit obligation in excess of plan assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Projected benefit obligation | ' | ' | ' | ' | 4,178 | 4,948 | ' | ' | 3,721 | 4,434 | ' | ' | ' | ' | ' | ' | ||||||||
Accumulated benefit obligation | ' | ' | ' | ' | 4,015 | 4,609 | ' | ' | 3,599 | 4,171 | ' | ' | ' | ' | ' | ' | ||||||||
Fair value of plan assets | ' | ' | ' | ' | $3,477 | $3,542 | ' | ' | $3,236 | $3,320 | ' | ' | ' | ' | ' | ' | ||||||||
Weighted-average assumptions used to determine obligations at end of year: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Discount rate | ' | ' | ' | ' | 4.75% | 3.75% | 4.50% | 4.25% | 4.75% | 3.75% | 5.00% | 4.25% | ' | 5.00% | 4.25% | ' | ||||||||
Rate of compensation increase | ' | ' | ' | ' | 4.00% | 4.50% | ' | ' | 4.00% | 4.50% | ' | ' | ' | ' | ' | ' | ||||||||
Rate assumed for following year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.75% | 8.50% | ' | 7.75% | 8.50% | ' | ||||||||
Ultimate rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | 5.00% | 5.00% | ' | ||||||||
Year ultimate rate reached | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2020 | '2020 | ' | '2020 | '2020 | ' | ||||||||
[1] | The retirement plan liabilities of EME have been deconsolidated as a result of the bankruptcy filing by EME, except for qualified pension plans that Edison International is jointly liable with EME under the Internal Revenue Code. See Note 16 for further information. | |||||||||||||||||||||||
[2] | The postretirement plan liabilities of EME have been deconsolidated as a result of the bankruptcy filing by EME. EME Homer City, a subsidiary of EME terminated the benefits of its employees in the PBOP Plan during 2012. In January 2014, EME settled and the Bankruptcy Court approved the settlement of all the EME Homer City employee claims to the EME Homer City PBOP Plan. EME has requested approval of the Bankruptcy Court to terminate the benefits of its employees and employees of its subsidiaries in the PBOP Plan upon confirmation of their Plan of Reorganization. Participation in the PBOP Plan by employees of EME and its subsidiaries (other than Homer City) has been permitted under EME's shared services agreement approved by the Bankruptcy Court subject to funding of paid claims. Edison International is not obligated to continue to provide benefits to EME employees under the PBOP Plan, nor can the VEBA Trusts be used to pay for benefits of EME participants. See NoteB 16 for further information. |
Compensation_and_Benefit_Plans4
Compensation and Benefit Plans (Expense Components) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Postretirement Benefits Other Than Pensions | ' | ' | ' | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | |||
Service cost | $49 | $47 | $40 | |||
Interest cost | 98 | 108 | 115 | |||
Expected return on plan assets | -114 | -108 | -111 | |||
Special termination benefits1 | 11 | 2 | 0 | |||
Amortization of prior service cost | -36 | -35 | -35 | |||
Amortization of net loss2 | 24 | 39 | 26 | |||
Expense under accounting standards | 32 | 53 | 35 | |||
Pension Plans | ' | ' | ' | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | |||
Service cost | 174 | 179 | ' | |||
Interest cost | 182 | 196 | ' | |||
Southern California Edison | Postretirement Benefits Other Than Pensions | ' | ' | ' | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | |||
Service cost | 48 | 47 | 40 | |||
Interest cost | 97 | 108 | 114 | |||
Expected return on plan assets | -114 | -109 | -111 | |||
Special termination benefits1 | 11 | 2 | 0 | |||
Amortization of prior service cost | -35 | -35 | -35 | |||
Amortization of net loss2 | 24 | 39 | 26 | |||
Expense under accounting standards | 31 | 52 | 34 | |||
Southern California Edison | Pension Plans | ' | ' | ' | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | |||
Service cost | 154 | 156 | ' | |||
Interest cost | 164 | 176 | ' | |||
Continuing Operations [Member] | Pension Plans | ' | ' | ' | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | |||
Service cost | 162 | 163 | 149 | |||
Interest cost | 170 | 183 | 196 | |||
Expected return on plan assets | -222 | -217 | -226 | |||
Settlement costs1 | 87 | [1] | 5 | [1] | 0 | [1] |
Amortization of prior service cost | 5 | 3 | 7 | |||
Amortization of net loss2 | 39 | [2] | 61 | [2] | 25 | [2] |
Expense under accounting standards | 241 | 198 | 151 | |||
Regulatory adjustment (deferred) | -53 | -19 | -28 | |||
Total expense recognized | 188 | 179 | 123 | |||
Continuing Operations [Member] | Southern California Edison | Pension Plans | ' | ' | ' | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | |||
Service cost | 159 | 160 | 145 | |||
Interest cost | 167 | 180 | 192 | |||
Expected return on plan assets | -222 | -217 | -225 | |||
Settlement costs1 | 85 | [1] | 4 | [1] | 0 | [1] |
Amortization of prior service cost | 5 | 3 | 7 | |||
Amortization of net loss2 | 35 | [2] | 57 | [2] | 22 | [2] |
Expense under accounting standards | 229 | 187 | 141 | |||
Regulatory adjustment (deferred) | -53 | -19 | -28 | |||
Total expense recognized | $176 | $168 | $113 | |||
[1] | Includes the amount of net loss reclassified from other comprehensive loss. The amount reclassified for Edison International was $2B million for the year ended DecemberB 31, 2013. | |||||
[2] | Includes the amount of net loss reclassified from other comprehensive loss. The amount reclassified for Edison International and SCE was $11B million and $7B million for the year ended DecemberB 31, 2013, respectively. |
Compensation_and_Benefit_Plans5
Compensation and Benefit Plans (Changes in Plan Assets and Benefits Obligations Recognized in OCI) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Unrecognized prior service cost (credit) to be amortized | $11 | ' | ' |
Postretirement Benefits Other Than Pensions | ' | ' | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Unrecognized prior service cost (credit) to be amortized | -36 | ' | ' |
Pension Plans | ' | ' | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Net (gain) loss | -33 | 36 | 13 |
Amortization of net loss | -13 | -10 | -11 |
Total recognized in other comprehensive loss | -46 | 26 | 2 |
Total recognized in expense and other comprehensive income | 142 | 205 | 125 |
Unrecognized net loss to be amortized | 5 | ' | ' |
Unrecognized prior service cost (credit) to be amortized | 5 | ' | ' |
Southern California Edison | ' | ' | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Unrecognized prior service cost (credit) to be amortized | 7 | ' | ' |
Southern California Edison | Postretirement Benefits Other Than Pensions | ' | ' | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Unrecognized prior service cost (credit) to be amortized | -36 | ' | ' |
Southern California Edison | Pension Plans | ' | ' | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Net (gain) loss | -24 | 20 | 8 |
Amortization of net loss | -7 | -6 | -7 |
Total recognized in other comprehensive loss | -31 | 14 | 1 |
Total recognized in expense and other comprehensive income | 145 | 182 | 114 |
Unrecognized net loss to be amortized | 2 | ' | ' |
Unrecognized prior service cost (credit) to be amortized | $5 | ' | ' |
Compensation_and_Benefit_Plans6
Compensation and Benefit Plans (Weighted Average Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Postretirement Benefits Other Than Pensions | ' | ' | ' |
Assumed health care cost trend rates: | ' | ' | ' |
Ultimate rate | 5.00% | 5.00% | ' |
Year ultimate rate reached | '2020 | '2020 | ' |
Pension Plans | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Discount rate | 4.13% | 4.50% | 5.25% |
Rate of compensation increase | 4.50% | 4.50% | 5.00% |
Expected long-term return on plan assets | 7.00% | 7.50% | 7.50% |
Continuing Operations [Member] | Postretirement Benefits Other Than Pensions | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Discount rate | 4.25% | 4.75% | 5.50% |
Expected long-term return on plan assets | 6.70% | 7.00% | 7.00% |
Assumed health care cost trend rates: | ' | ' | ' |
Current year | 8.50% | 9.50% | 9.75% |
Ultimate rate | 5.00% | 5.25% | 5.50% |
Year ultimate rate reached | '2020 | '2019 | '2019 |
Compensation_and_Benefit_Plans7
Compensation and Benefit Plans (Expected Future Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Pension Plans | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
Expected Future Benefit Payments - 2014 | $265 |
Expected Future Benefit Payments - 2015 | 240 |
Expected Future Benefit Payments - 2016 | 249 |
Expected Future Benefit Payments - 2017 | 254 |
Expected Future Benefit Payments - 2018 | 257 |
Expected Future Benefit Payments - 2019 - 2023 | 1,323 |
Postretirement Benefits Other Than Pensions | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
Expected Future Benefit Payments - 2014 | 92 |
Expected Future Benefit Payments - 2015 | 101 |
Expected Future Benefit Payments - 2016 | 107 |
Expected Future Benefit Payments - 2017 | 113 |
Expected Future Benefit Payments - 2018 | 119 |
Expected Future Benefit Payments - 2019 - 2023 | 668 |
Southern California Edison | Pension Plans | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
Expected Future Benefit Payments - 2014 | 202 |
Expected Future Benefit Payments - 2015 | 208 |
Expected Future Benefit Payments - 2016 | 214 |
Expected Future Benefit Payments - 2017 | 219 |
Expected Future Benefit Payments - 2018 | 227 |
Expected Future Benefit Payments - 2019 - 2023 | 1,196 |
Southern California Edison | Postretirement Benefits Other Than Pensions | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
Expected Future Benefit Payments - 2014 | 92 |
Expected Future Benefit Payments - 2015 | 100 |
Expected Future Benefit Payments - 2016 | 106 |
Expected Future Benefit Payments - 2017 | 113 |
Expected Future Benefit Payments - 2018 | 119 |
Expected Future Benefit Payments - 2019 - 2023 | $666 |
Compensation_and_Benefit_Plans8
Compensation and Benefit Plans (Pension Plan Assets - Fair Value Levels) (Details) (Pension Plans, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | |||||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | $3,558 | $3,580 | ' | ||
Receivables and payables, net | -81 | -38 | ' | ||
Fair Value of Plan Assets | 3,477 | 3,542 | 3,153 | ||
Level 1 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 978 | 1,108 | ' | ||
Level 2 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 2,190 | 2,058 | ' | ||
Level 3 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 390 | 414 | ' | ||
Fair Value of Plan Assets | 390 | 414 | 448 | ||
U.S. government and agency securities | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 666 | [1] | 592 | [1] | ' |
U.S. government and agency securities | Level 1 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 195 | [1] | 242 | [1] | ' |
U.S. government and agency securities | Level 2 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 471 | [1] | 350 | [1] | ' |
U.S. government and agency securities | Level 3 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 0 | [1] | 0 | [1] | ' |
Corporate stocks | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 653 | [2] | 743 | [2] | ' |
Corporate stocks | Level 1 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 653 | [2] | 743 | [2] | ' |
Corporate stocks | Level 2 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 0 | [2] | 0 | [2] | ' |
Corporate stocks | Level 3 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 0 | [2] | 0 | [2] | ' |
Corporate bonds | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 553 | [3] | 508 | [3] | ' |
Corporate bonds | Level 1 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 0 | [3] | 0 | [3] | ' |
Corporate bonds | Level 2 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 553 | [3] | 508 | [3] | ' |
Corporate bonds | Level 3 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 0 | [3] | 0 | [3] | ' |
Common/collective funds | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 546 | 635 | [4] | ' | |
Common/collective funds | Level 1 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 0 | 0 | [4] | ' | |
Common/collective funds | Level 2 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 546 | 635 | [4] | ' | |
Common/collective funds | Level 3 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 0 | 0 | [4] | ' | |
Partnerships/joint ventures | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 538 | [5] | 580 | [5] | ' |
Partnerships/joint ventures | Level 1 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 0 | [5] | 0 | [5] | ' |
Partnerships/joint ventures | Level 2 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 148 | [5] | 166 | [5] | ' |
Partnerships/joint ventures | Level 3 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 390 | [5] | 414 | [5] | ' |
Other investment entities | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 282 | [6] | 271 | [6] | ' |
Other investment entities | Level 1 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 0 | [6] | 0 | [6] | ' |
Other investment entities | Level 2 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 282 | [6] | 271 | [6] | ' |
Other investment entities | Level 3 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 0 | [6] | 0 | [6] | ' |
Registered investment companies | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 193 | [7] | 126 | [7] | ' |
Registered investment companies | Level 1 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 112 | [7] | 98 | [7] | ' |
Registered investment companies | Level 2 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 81 | [7] | 28 | [7] | ' |
Registered investment companies | Level 3 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 0 | [7] | 0 | [7] | ' |
Interest-bearing cash | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 12 | 24 | ' | ||
Interest-bearing cash | Level 1 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 12 | 24 | ' | ||
Interest-bearing cash | Level 2 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 0 | 0 | ' | ||
Interest-bearing cash | Level 3 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 0 | 0 | ' | ||
Other | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 115 | 101 | ' | ||
Other | Level 1 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 6 | 1 | ' | ||
Other | Level 2 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 109 | 100 | ' | ||
Other | Level 3 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 0 | 0 | ' | ||
Asset backed securities including distressed mortgages | Level 3 | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Actual plan asset allocations | 64.00% | 56.00% | ' | ||
Non-index fund | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Performance percentage benchmark | 23.00% | 25.00% | ' | ||
Global asset allocation fund | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Actual plan asset allocations | 6.00% | 6.00% | ' | ||
Collateralized mortgage obligations and other asset backed securities | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets, Gross | 78 | 65 | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets below Investment Grade | 15 | 7 | ' | ||
Russell 200 and Russell 1000 indexes | Corporate stocks | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Performance percentage benchmark | 51.00% | 60.00% | ' | ||
Russell 200 and Russell 1000 indexes | Undervalued Securities | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Performance percentage benchmark | 28.00% | 28.00% | ' | ||
Morgan Stanley Capital International | Corporate stocks | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Performance percentage benchmark | 49.00% | 40.00% | ' | ||
Standard And Poors 500 Index | Equity index fund | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Performance percentage benchmark | 27.00% | 29.00% | ' | ||
Morgan Stanley Capital International Europe Australasia And Far East Index | Equity index fund | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Performance percentage benchmark | 15.00% | 11.00% | ' | ||
Southern California Edison | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets | 3,236 | 3,320 | 2,971 | ||
Edison International Parent and Other | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets | 6 | 7 | ' | ||
Edison Mission Energy | ' | ' | ' | ||
Pension and Other Postretirement Benefits | ' | ' | ' | ||
Fair Value of Plan Assets | $235 | $215 | ' | ||
[1] | Corporate stocks are diversified. For 2013 and 2012, respectively, performance is primarily benchmarked against the Russell Indexes (51% and 60%) and Morgan Stanley Capital International (MSCI) index (49% and 40%). | ||||
[2] | LevelB 1 U.S. government and agency securities are U.S. treasury bonds and notes. LevelB 2 primarily relates to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. | ||||
[3] | Corporate bonds are diversified. At DecemberB 31, 2013 and 2012, respectively, this category includes $78 million and $65B million for collateralized mortgage obligations and other asset backed securities of which $15 million and $7 million are below investment grade. | ||||
[4] | At DecemberB 31, 2013 and 2012, respectively, the common/collective assets were invested in equity index funds that seek to track performance of the Standard and Poor's (S&PB 500) Index (27% and 29%), Russell 1000 indexes (28% and 28%) and the MSCI Europe, Australasia and Far East (EAFE) Index (15% and 11%). A non-index U.S. equity fund representing 23% and 25% of this category for 2013 and 2012, respectively, is actively managed. Another fund representing 6% and 6% of this category for 2013 and 2012, respectively, is a global asset allocation fund | ||||
[5] | Partnerships/joint venture LevelB 2 investments consist primarily of a partnership which invests in publicly traded fixed income securities, primarily from the banking and finance industry and U.S. government agencies. At DecemberB 31, 2013 and 2012, respectively, approximately 64% and 56% of the LevelB 3 partnerships are invested in (1) asset backed securities, including distressed mortgages and (2) commercial and residential loans and debt and equity of banks. The remaining LevelB 3 partnerships are invested in small private equity and venture capital funds. Investment strategies for these funds include branded consumer products, early stage technology, California geographic focus, and diversified US and non-US fund-of-funds. | ||||
[6] | Other investment entities were primarily invested in (1) emerging market equity securities, (2) a hedge fund that invests through liquid instruments in a global diversified portfolio of equity, fixed income, interest rate, foreign currency and commodities markets, and (3) domestic mortgage backed securitie | ||||
[7] | Level 1 of registered investment companies primarily consisted of a global equity mutual fund which seeks to outperform the MSCI World Total Return Index. Level 2 primarily consisted of a short-term bond fund. |
Compensation_and_Benefit_Plans9
Compensation and Benefit Plans (Plan Assets - Changes in Level 3 Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Postretirement Benefits Other Than Pensions | Postretirement Benefits Other Than Pensions | Postretirement Benefits Other Than Pensions | Postretirement Benefits Other Than Pensions | Postretirement Benefits Other Than Pensions | Pension Plans | Pension Plans | Pension Plans | Pension Plans | Pension Plans |
Level 3 | Level 3 | Level 3 | Level 3 | |||||||
Change in plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | $2,065 | $1,800 | $1,570 | $166 | $130 | $3,477 | $3,542 | $3,153 | $414 | $448 |
Defined Benefit Plan, Actual Return on Plan Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Relating to assets still held at end of period | ' | ' | ' | 24 | 20 | ' | ' | ' | 61 | 88 |
Relating to assets sold during the period | ' | ' | ' | 5 | 5 | ' | ' | ' | 10 | 13 |
Purchases | ' | ' | ' | 23 | 35 | ' | ' | ' | 45 | 98 |
Dispositions | ' | ' | ' | -54 | -24 | ' | ' | ' | -140 | -233 |
Transfers in and/or out of Level 3 | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | 0 |
Fair value of plan assets at end of year | $2,065 | $1,800 | $1,570 | $164 | $166 | $3,477 | $3,542 | $3,153 | $390 | $414 |
Recovered_Sheet1
Compensation and Benefit Plans (Other Postretirement Plan Assets - Fair Value Levels) (Details) (Postretirement Benefits Other Than Pensions, USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private bond | Private bond | Undervalued Securities | Undervalued Securities | Collateralized mortgage obligations and other asset backed securities | Collateralized mortgage obligations and other asset backed securities | Municipal Notes | Municipal Notes | Russell 200 and Russell 1000 indexes | Russell 200 and Russell 1000 indexes | Russell 1000 index | Russell 1000 index | Morgan Stanley Capital International Europe Australasia And Far East Index | Morgan Stanley Capital International Europe Australasia And Far East Index | MSCI All Country World Index | MSCI All Country World Index | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | 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 | 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 | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate stocks | Corporate stocks | Common or collective equity funds | Common or collective equity funds | Equity index fund | Equity index fund | Corporate stocks | Corporate stocks | Asset backed securities including distressed mortgages | Asset backed securities including distressed mortgages | Common/collective funds | Common/collective funds | Corporate stocks | Corporate stocks | Corporate notes and bonds securities | Corporate notes and bonds securities | Partnerships/joint ventures | Partnerships/joint ventures | U.S. government and agency securities | U.S. government and agency securities | Registered investment companies | Registered investment companies | Interest-bearing cash | Interest-bearing cash | Other | Other | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common/collective funds | Common/collective funds | Corporate stocks | Corporate stocks | Corporate notes and bonds securities | Corporate notes and bonds securities | Partnerships/joint ventures | Partnerships/joint ventures | U.S. government and agency securities | U.S. government and agency securities | Registered investment companies | Registered investment companies | Interest-bearing cash | Interest-bearing cash | Other | Other | Common/collective funds | Common/collective funds | Corporate stocks | Corporate stocks | Corporate notes and bonds securities | Corporate notes and bonds securities | Partnerships/joint ventures | Partnerships/joint ventures | U.S. government and agency securities | U.S. government and agency securities | Registered investment companies | Registered investment companies | Interest-bearing cash | Interest-bearing cash | Other | Other | Common/collective funds | Common/collective funds | Corporate stocks | Corporate stocks | Corporate notes and bonds securities | Corporate notes and bonds securities | Partnerships/joint ventures | Partnerships/joint ventures | U.S. government and agency securities | U.S. government and agency securities | Registered investment companies | Registered investment companies | Interest-bearing cash | Interest-bearing cash | Other | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Plan Assets, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | $76 | $73 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,063 | $1,841 | ' | $863 | [1] | $723 | [1] | $451 | [2] | $361 | [2] | $250 | [3] | $210 | [3] | $184 | [4] | $183 | [4] | $154 | [5] | $162 | [5] | $57 | [6] | $68 | [6] | $19 | $24 | $85 | [7] | $110 | [7] | $647 | $590 | $0 | [1] | $0 | [1] | $451 | [2] | $361 | [2] | $0 | [3] | $0 | [3] | $0 | [4] | $0 | [4] | $118 | [5] | $131 | [5] | $52 | [6] | $68 | [6] | $19 | $24 | $7 | [7] | $6 | [7] | $1,252 | $1,085 | $863 | [1] | $723 | [1] | $0 | [2] | $0 | [2] | $250 | [3] | $210 | [3] | $20 | [4] | $17 | [4] | $36 | [5] | $31 | [5] | $5 | [6] | $0 | [6] | $0 | $0 | $78 | [7] | $104 | [7] | $164 | $166 | $0 | [1] | $0 | [1] | $0 | [2] | $0 | [2] | $0 | [3] | $0 | [3] | $164 | [4] | $166 | [4] | $0 | [5] | $0 | [5] | $0 | [6] | $0 | [6] | $0 | $0 | $0 | [7] | $0 | [7] |
Receivables and payables, net | ' | ' | ' | ' | ' | ' | ' | 29 | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | -41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Fair Value of Plan Assets | $1,800 | $2,065 | $1,570 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $164 | $166 | $130 | ' | ' | $2,065 | $1,800 | $1,570 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance percentage benchmark | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 60.00% | 60.00% | 23.00% | 23.00% | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Target asset allocation percentage of US equity securities | 41.00% | ' | ' | 6.00% | 6.00% | 7.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual plan asset allocations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78.00% | 82.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | At DecemberB 31, 2013 and 2012, respectively, 60% and 60% of the common/collective assets are invested in a large cap index fund which seeks to track performance of the Russell 1000 index. 23% and 23% of the assets in this category are in index funds which seek to track performance in the MSCI Europe, Australasia and Far East (EAFE) Index. 6% and 6% of this category are invested in a privately managed bond fund and 7% and 6% in a fund which invests in equity securities the fund manager believes are undervalue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Corporate stock performance is primarily benchmarked against the Russell Indexes (50% and 50%) and the MSCI All Country World (ACWI) index (50% and 50%) for 2013 and 2012, respectivel | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Corporate notes and bonds are diversified and include approximately $29 million and $20 million for commercial collateralized mortgage obligations and other asset backed securities at DecemberB 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | At DecemberB 31, 2013 and 2012, respectively, 78% and 82% of the LevelB 3 partnerships category is invested in (1)B asset backed securities including distressed mortgages, (2)B distressed companies and (3) commercial and residential loans and debt and equity of banks. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | LevelB 1 U.S. government and agency securities are U.S. treasury bonds and notes. LevelB 2 primarily relates to the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | LevelB 1 registered investment companies consist of an investment grade corporate bond mutual fund and a money market fund. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Other includes $76 million and $73 million of municipal securities at DecemberB 31, 2013 and 2012, respectively. |
Recovered_Sheet2
Compensation and Benefit Plans (Pension and Postretirement Benefits Textual) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | 31-May-13 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Retirement liabilities for EME employees | $1,378 | $2,614 | ' | ' |
Net gain (loss) recognized on other comprehensive income | 2 | ' | ' | ' |
Amortization of prior service credit | 11 | ' | ' | ' |
Defined Benefit Plan, Actuarial Gain (Loss) | 563 | ' | ' | ' |
Funded status at end of year | 478 | 1,110 | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ' |
Percentage of premium included in estimated rate of return of equity securities | 5.00% | ' | ' | ' |
Percentage of premium included in estimated rate of return of public equity and hedge funds | 2.00% | ' | ' | ' |
Pension Plans | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | 6 | ' | ' | ' |
Estimated future employer contributions in 2014 | 200 | ' | ' | ' |
Retirement liabilities for EME employees | 686 | 1,387 | ' | ' |
Amortization of prior service credit | 5 | ' | ' | ' |
Defined Benefit Plan, Actuarial Gain (Loss) | 330 | -370 | ' | ' |
Discount rate | 4.75% | 3.75% | 4.50% | 4.25% |
Funded status at end of year | -701 | -1,406 | ' | ' |
Unrecognized net loss to be amortized | -5 | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ' |
Target asset allocation percentage of US equity securities | ' | 30.00% | ' | ' |
Defined Benefit Plan, Target Allocation Percentage of Assets Non US Equity Securities | ' | 16.00% | ' | ' |
Target asset allocation | ' | 35.00% | ' | ' |
Permissible Range of Asset Class Portfolio Weights | 3.00% | ' | ' | ' |
Asset allocations of publicly traded equity investments | 67.00% | 66.00% | ' | ' |
Defined Benefit Plan, Target Allocation, Percentage of Assets Alternative Investment | ' | 15.00% | ' | ' |
Defined Benefit Plan, Target Allocation, Percentage of Assets Other Investments | ' | 4.00% | ' | ' |
Postretirement Benefits Other Than Pensions | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Estimated future employer contributions in 2014 | 14 | ' | ' | ' |
Retirement liabilities for EME employees | 138 | 642 | ' | ' |
Amortization of prior service credit | -36 | ' | ' | ' |
Defined Benefit Plan, Actuarial Gain (Loss) | 313 | 86 | ' | ' |
Discount rate | 5.00% | 4.25% | ' | ' |
Funded status at end of year | -155 | -660 | ' | ' |
Retirement eligibility age | '55 years | ' | ' | ' |
Minimum service period for eligibility | '10 years | ' | ' | ' |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' | ' |
Effect of one percentage point increase on accumulated benefit obligation | 229 | ' | ' | ' |
Effect of one percentage point decrease on accumulated benefit obligation | -191 | ' | ' | ' |
Effect of one percentage point increase on aggregate service and interest costs | 11 | ' | ' | ' |
Effect of one percentage point decrease on aggregate service and interest costs | -9 | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ' |
Target asset allocation percentage of US equity securities | ' | 41.00% | ' | ' |
Defined Benefit Plan, Target Allocation Percentage of Assets Non US Equity Securities | ' | 17.00% | ' | ' |
Target asset allocation | ' | 34.00% | ' | ' |
Asset allocations of publicly traded equity investments | 65.00% | 66.00% | ' | ' |
Defined Benefit Plan, Target Allocation, Percentage of Assets Alternative Investment | ' | 7.00% | ' | ' |
Defined Benefit Plan, Target Allocation, Percentage of Assets Other Investments | ' | 1.00% | ' | ' |
Edison Mission Energy | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Retirement liabilities for EME employees | 35 | 80 | ' | ' |
Southern California Edison | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Retirement liabilities for EME employees | 951 | 2,245 | ' | ' |
Amortization of prior service credit | 7 | ' | ' | ' |
Defined Benefit Plan, Actuarial Gain (Loss) | 558 | ' | ' | ' |
Funded status at end of year | 449 | 1,070 | ' | ' |
Southern California Edison | Pension Plans | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | 4 | ' | ' | ' |
Estimated future employer contributions in 2014 | 173 | ' | ' | ' |
Retirement liabilities for EME employees | 480 | 1,108 | ' | ' |
Amortization of prior service credit | 5 | ' | ' | ' |
Defined Benefit Plan, Actuarial Gain (Loss) | 277 | -318 | ' | ' |
Discount rate | 4.75% | 3.75% | ' | ' |
Funded status at end of year | -485 | -1,114 | ' | ' |
Unrecognized net loss to be amortized | -2 | ' | ' | ' |
Southern California Edison | Postretirement Benefits Other Than Pensions | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Retirement liabilities for EME employees | 130 | 634 | ' | ' |
Amortization of prior service credit | -36 | ' | ' | ' |
Defined Benefit Plan, Actuarial Gain (Loss) | 312 | 86 | ' | ' |
Discount rate | 5.00% | 4.25% | ' | ' |
Funded status at end of year | -146 | -652 | ' | ' |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' | ' |
Effect of one percentage point increase on accumulated benefit obligation | 228 | ' | ' | ' |
Effect of one percentage point decrease on accumulated benefit obligation | -190 | ' | ' | ' |
Effect of one percentage point increase on aggregate service and interest costs | 11 | ' | ' | ' |
Effect of one percentage point decrease on aggregate service and interest costs | ($9) | ' | ' | ' |
US Equities [Member] | Pension Plans | ' | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ' |
Target asset allocation | 30.00% | ' | ' | ' |
US Equities [Member] | Postretirement Benefits Other Than Pensions | ' | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ' |
Target asset allocation | 41.00% | ' | ' | ' |
Non-US Equities [Member] | Pension Plans | ' | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ' |
Target asset allocation | 16.00% | ' | ' | ' |
Non-US Equities [Member] | Postretirement Benefits Other Than Pensions | ' | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ' |
Target asset allocation | 17.00% | ' | ' | ' |
Fixed Income Securities [Member] | Pension Plans | ' | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ' |
Target asset allocation | 35.00% | ' | ' | ' |
Fixed Income Securities [Member] | Postretirement Benefits Other Than Pensions | ' | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ' |
Target asset allocation | 34.00% | ' | ' | ' |
Opportunistic Alternative Investments [Member] | Pension Plans | ' | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ' |
Target asset allocation | 15.00% | ' | ' | ' |
Opportunistic Alternative Investments [Member] | Postretirement Benefits Other Than Pensions | ' | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ' |
Target asset allocation | 7.00% | ' | ' | ' |
Other Investments [Member] | Pension Plans | ' | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ' |
Target asset allocation | 4.00% | ' | ' | ' |
Other Investments [Member] | Postretirement Benefits Other Than Pensions | ' | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ' |
Target asset allocation | 1.00% | ' | ' | ' |
Recovered_Sheet3
Compensation and Benefit Plans (Expense and Tax Benefits of Stock Based Compensation) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Stock-based compensation expense | $27 | $35 | $30 | |||
Income tax benefits related to stock compensation expense | 11 | 14 | 12 | |||
Excess tax benefits (expense) | 5 | [1] | -6 | [1] | 12 | [1] |
Employee Stock Option | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Stock-based compensation expense | 15 | [2] | 18 | [2] | 14 | [2] |
Performance Shares | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Stock-based compensation expense | 4 | [2] | 7 | [2] | 5 | [2] |
Restricted Stock Units (RSUs) | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Stock-based compensation expense | 7 | [2] | 9 | [2] | 6 | [2] |
Other Stock Awards | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Stock-based compensation expense | 1 | [2] | 1 | [2] | 5 | [2] |
Southern California Edison | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Stock-based compensation expense | 17 | 19 | 20 | |||
Income tax benefits related to stock compensation expense | 7 | 8 | 8 | |||
Excess tax benefits (expense) | 2 | [1] | -13 | [1] | 11 | [1] |
Southern California Edison | Employee Stock Option | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Stock-based compensation expense | 11 | [2] | 10 | [2] | 9 | [2] |
Southern California Edison | Performance Shares | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Stock-based compensation expense | 2 | [2] | 4 | [2] | 3 | [2] |
Southern California Edison | Restricted Stock Units (RSUs) | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Stock-based compensation expense | 4 | [2] | 5 | [2] | 4 | [2] |
Southern California Edison | Other Stock Awards | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Stock-based compensation expense | $0 | [2] | $0 | [2] | $4 | [2] |
[1] | Reflected in "Settlements of stock-based compensation, net" in the financing section of Edison International's and SCE's consolidated statements of cash flows. | |||||
[2] | Reflected in "Operation and maintenance" on Edison International's and SCE's consolidated statements of income. |
Recovered_Sheet4
Compensation and Benefit Plans (Black-Scholes Option Pricing Model Assumptions) (Details) (Employee Stock Option) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Expected terms (in years) | '6 years 2 months 12 days | '6 years 10 months 24 days | '7 years |
Weighted-average expected dividend yield | 2.80% | 3.00% | 3.40% |
Weighted-average volatility | 17.70% | 18.30% | 18.90% |
Risk-free interest rate, maximum | 2.10% | 1.70% | 3.10% |
Risk-free interest rate, minimum | 1.00% | 1.10% | 1.40% |
Expected volatility, maximum | 18.60% | 18.30% | 19.00% |
Expected volatility, minimum | 17.70% | 17.40% | 18.20% |
Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Expected dividend yield, maximum | 3.10% | 3.10% | 3.50% |
Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Expected dividend yield, maximum | 2.70% | 2.80% | 3.10% |
Recovered_Sheet5
Compensation and Benefit Plans (Stock Option Activity) (Details) (Employee Stock Option, USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 |
Weighted Average Exercise Price [Roll Forward] | ' |
Beginning balance, weighted average exercise price (dollars per share) | $37.96 |
Granted, weighted average exercise price (dollars per share) | $48.46 |
Expired, weighted average exercise price (dollars per share) | $49.69 |
Forfeited, weighted average exercise price (dollars per share) | $42.55 |
Exercised, weighted average exercise price (dollars per share) | $34.54 |
Ending balance, weighted average exercise price (dollars per share) | $40.22 |
Vested and expected to vest, weighted average exercise price (dollars per share) | $40.13 |
Exercisable, weighted average exercise price (dollars per share) | $38.26 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Beginning balance (number of options) | 19,231,723 |
Grants (number of options) | 2,778,766 |
Expired (number of options) | -158,107 |
Forfeited (number of options) | -540,782 |
Exercised (number of options) | -4,084,755 |
Ending balance (number of options) | 17,226,845 |
Vested and expected to vest (number of options) | 16,715,413 |
Exercisable (number of options) | 10,118,484 |
Weighted Average Remaining Contractual Term Years [Abstract] | ' |
Outstanding balance, weighted average remaining contractual term (years) | '5 years 9 months 10 days |
Vested and expected to vest, weighted average remaining contractual term (years) | '5 years 8 months 15 days |
Exercisable, weighted average remaining contractual term (years) | '4 years 2 months 26 days |
Aggregate Intrinsic Value [Abstract] | ' |
Vested and expected to vest, aggregate intrinsic value | $115 |
Exercisable, aggregate intrinsic value | 88 |
Southern California Edison | ' |
Weighted Average Exercise Price [Roll Forward] | ' |
Beginning balance, weighted average exercise price (dollars per share) | $37.73 |
Granted, weighted average exercise price (dollars per share) | $48.48 |
Expired, weighted average exercise price (dollars per share) | $49.63 |
Forfeited, weighted average exercise price (dollars per share) | $43.47 |
Exercised, weighted average exercise price (dollars per share) | $34.94 |
Transfers, net, weighted average exercise price (dollars per share) | $36.67 |
Ending balance, weighted average exercise price (dollars per share) | $40.28 |
Vested and expected to vest, weighted average exercise price (dollars per share) | $40.17 |
Exercisable, weighted average exercise price (dollars per share) | $37.96 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Beginning balance (number of options) | 10,308,461 |
Grants (number of options) | 1,792,688 |
Expired (number of options) | -97,000 |
Forfeited (number of options) | -402,548 |
Exercised (number of options) | -2,643,487 |
Transfers, net (number of options) | 87,884 |
Ending balance (number of options) | 9,045,998 |
Vested and expected to vest (number of options) | 8,737,930 |
Exercisable (number of options) | 5,080,978 |
Weighted Average Remaining Contractual Term Years [Abstract] | ' |
Outstanding balance, weighted average remaining contractual term (years) | '5 years 11 months 1 day |
Vested and expected to vest, weighted average remaining contractual term (years) | '5 years 10 months 2 days |
Exercisable, weighted average remaining contractual term (years) | '4 years 3 months 14 days |
Aggregate Intrinsic Value [Abstract] | ' |
Vested and expected to vest, aggregate intrinsic value | 60 |
Exercisable, aggregate intrinsic value | $46 |
Recovered_Sheet6
Compensation and Benefit Plans (Unrecognized Compensation Costs) (Details) (Employee Stock Option, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Pension and Other Postretirement Benefits | ' |
Unrecognized compensation cost, net of expected forfeitures | $13 |
Weighed-average period (in years) | '2 years 2 months 12 days |
Southern California Edison | ' |
Pension and Other Postretirement Benefits | ' |
Unrecognized compensation cost, net of expected forfeitures | $10 |
Weighed-average period (in years) | '2 years 3 months 18 days |
Recovered_Sheet7
Compensation and Benefit Plans (Supplemental Data on Stock-Based Compensation) (Details) (Employee Stock Option, USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average grant date fair value per option granted (dollars per share) | $5.40 | $5.22 | $5.61 |
Fair value of options vested | $17 | $17 | $18 |
Cash used to purchase shares to settle options | 199 | 169 | 90 |
Cash from participants to exercise stock options | 140 | 101 | 59 |
Value of options exercised | 59 | 68 | 31 |
Tax benefits from options exercised | 24 | 27 | 12 |
Southern California Edison | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average grant date fair value per option granted (dollars per share) | $5.38 | $5.22 | $5.61 |
Fair value of options vested | 10 | 10 | 10 |
Cash used to purchase shares to settle options | 130 | 96 | 46 |
Cash from participants to exercise stock options | 92 | 59 | 28 |
Value of options exercised | 38 | 37 | 18 |
Tax benefits from options exercised | $15 | $15 | $7 |
Recovered_Sheet8
Compensation and Benefit Plans (Performance Share Activity) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | ||
Performance Shares Classified As Equity Awards | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | |
Beginning balance (number of shares) | 242,421 | [1] |
Granted (number of shares) | 73,679 | |
Forfeited (number of shares) | -19,239 | |
Vested (number of shares) | -140,164 | |
Ending balance (number of shares) | 156,697 | |
Weighted Average Grant Date Fair Value [Abstract] | ' | |
Beginning balance, weighted average grant date fair value (dollars per share) | $38.86 | [1] |
Granted, weighted average grant date fair value (dollars per share) | $50.87 | |
Forfeited, weighted average grant date fair value (dollars per share) | $42.10 | |
Vested, weighted average grant date fair value (dollars per share) | $30.97 | |
Ending balance, weighted average grant date fair value (dollars per share) | $51.17 | |
Performance Shares Classified As Liability Awards | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | |
Beginning balance (number of shares) | 242,071 | [1] |
Granted (number of shares) | 73,483 | |
Forfeited (number of shares) | -19,197 | |
Vested (number of shares) | -140,053 | |
Ending balance (number of shares) | 156,304 | |
Weighted Average Grant Date Fair Value [Abstract] | ' | |
Beginning balance, weighted average grant date fair value (dollars per share) | $46.23 | [1] |
Ending balance, weighted average grant date fair value (dollars per share) | $51.72 | |
Southern California Edison | Performance Shares Classified As Equity Awards | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | |
Beginning balance (number of shares) | 131,940 | [1] |
Granted (number of shares) | 47,548 | |
Forfeited (number of shares) | -13,065 | |
Vested (number of shares) | -76,705 | |
Affiliate transfers, net (number of shares) | 943 | |
Ending balance (number of shares) | 90,661 | |
Weighted Average Grant Date Fair Value [Abstract] | ' | |
Beginning balance, weighted average grant date fair value (dollars per share) | $38.87 | [1] |
Granted, weighted average grant date fair value (dollars per share) | $50.92 | |
Forfeited, weighted average grant date fair value (dollars per share) | $43.42 | |
Vested, weighted average grant date fair value (dollars per share) | $31.02 | |
Affiliate transfers, net, weighted average grant date fair value (dollars per share) | $40.15 | |
Ending balance, weighted average grant date fair value (dollars per share) | $51.19 | |
Southern California Edison | Performance Shares Classified As Liability Awards | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | |
Beginning balance (number of shares) | 131,691 | [1] |
Granted (number of shares) | 47,377 | |
Forfeited (number of shares) | -13,029 | |
Vested (number of shares) | -76,624 | |
Affiliate transfers, net (number of shares) | 942 | |
Ending balance (number of shares) | 90,357 | |
Weighted Average Grant Date Fair Value [Abstract] | ' | |
Beginning balance, weighted average grant date fair value (dollars per share) | $46.19 | [1] |
Ending balance, weighted average grant date fair value (dollars per share) | $51.22 | |
[1] | 1B Relates to performance shares that will be paid in 2014 as performance targets were met at DecemberB 31, 2013 |
Recovered_Sheet9
Compensation and Benefit Plans (Restricted Stock Unit Activity) (Details) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Beginning balance (number of shares) | 679,468 |
Granted (number of shares) | 154,401 |
Forfeited (number of shares) | -38,343 |
Vested (number of shares) | -255,837 |
Affiliate transfers, net (number of shares) | 0 |
Ending balance (number of shares) | 539,689 |
Weighted Average Grant Date Fair Value [Abstract] | ' |
Beginning balance, weighted average grant date fair value (dollars per share) | $38.09 |
Granted, weighted average grant date fair value (dollars per share) | $48.45 |
Forfeited, weighted average grant date fair value (dollars per share) | $42.15 |
Vested, weighted average grant date fair value (dollars per share) | $34.17 |
Affiliate transfers, net, weighted average grant date fair value (dollars per share) | $0 |
Ending balance, weighted average grant date fair value (dollars per share) | $42.70 |
Southern California Edison | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Beginning balance (number of shares) | 368,553 |
Granted (number of shares) | 99,616 |
Forfeited (number of shares) | -26,328 |
Vested (number of shares) | -151,836 |
Affiliate transfers, net (number of shares) | -2,834 |
Ending balance (number of shares) | 292,839 |
Weighted Average Grant Date Fair Value [Abstract] | ' |
Beginning balance, weighted average grant date fair value (dollars per share) | $38.07 |
Granted, weighted average grant date fair value (dollars per share) | $48.47 |
Forfeited, weighted average grant date fair value (dollars per share) | $42.96 |
Vested, weighted average grant date fair value (dollars per share) | $34.59 |
Affiliate transfers, net, weighted average grant date fair value (dollars per share) | $38.10 |
Ending balance, weighted average grant date fair value (dollars per share) | $42.98 |
Recovered_Sheet10
Compensation and Benefit Plans (Workforce Reduction) (Details) (Employee Severance, Southern California Edison, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Employee Severance | Southern California Edison | ' |
Restructuring Reserve Disclosures [Abstract] | ' |
Estimated Cash Severance Payments | $213 |
Balance, beginning of year | 104 |
Additions | 101 |
Payments | -151 |
Balance, end of year | $54 |
Recovered_Sheet11
Compensation and Benefit Plans (Textual) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares authorized by new plan or amendments | 49.5 | ' | ' |
Number of shares available for grant | 23 | ' | ' |
Restricted Stock Units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award vesting period | '3 years 2 days | ' | ' |
Employee Stock Option | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Period of historical volatility used to compute expected volatility | '74 months | '83 months | '84 months |
Award expiration period | '10 years | ' | ' |
Award vesting period | '4 years | ' | ' |
Performance Shares | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award vesting period | '3 years | ' | ' |
Permanent_Retirement_of_San_On1
Permanent Retirement of San Onofre (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 31, 2013 | Jun. 06, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Southern California Edison | Southern California Edison | Southern California Edison | San Onofre [Member] | San Onofre [Member] | San Onofre [Member] | San Onofre [Member] | San Onofre [Member] | San Onofre [Member] | San Onofre [Member] | San Onofre [Member] | San Onofre [Member] | Supporting Ongoing Activities at the Site [Member] | Replacement Steam Generators [Member] | Decommissioning Plan [Member] | Building, plant and equipment [Member] | Estimated Losses on Disposal of Nuclear Fuel Inventory [Member] | Regulatory Balancing Accounts, Liabilities | Employee Severance | Indirect Employee Severance Costs [Member] | |||
Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Mitsubishi Heavy Industries Ltd [Member] | San Onofre [Member] | San Onofre [Member] | San Onofre [Member] | San Onofre [Member] | San Onofre [Member] | San Onofre [Member] | San Onofre [Member] | San Onofre [Member] | ||||||||
positions | invoices | invoices | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | ||||||||||||
positions | ||||||||||||||||||||||
Regulatory Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduced power level of operation (as a percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Term of reduced power level of operation (in months) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 months | ' | ' | ' | ' | ' | ' | ' | ' |
Allowed Refueling Outage Costs Proposed Decision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Disallowed Operation And Maintenance Costs Authorized in Rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Revenue Requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative Regulated Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000,000 | 1,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities Cost Of Service For Severance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decommissioning Nuclear Facilities Net Investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized expenditures | 525,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized expenditures, after adjustments for inflation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 665,000,000 | 665,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78.21% | 78.21% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized expenditures by authoritative body, spent to date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 602,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized expenditures by authoritative body, market costs incurred | ' | ' | ' | ' | ' | ' | ' | 680,000,000 | ' | 333,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized expenditures by authoritative body, Planned Outage Costs | ' | ' | ' | ' | ' | ' | ' | 65,000,000 | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental inspection and repair costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental inspection and repair costs, payments from MHI | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification To Regulatory Assets Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,521,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory assets | 7,241,000,000 | 6,422,000,000 | ' | 7,241,000,000 | 6,422,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 404,000,000 | ' | ' | ' | ' | ' | ' | ' |
Asset impairment and other charges | ' | ' | ' | ' | ' | ' | ' | ' | 575,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairment net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 365,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Expected Number of Positions Eliminated | ' | ' | ' | ' | ' | ' | ' | ' | 960 | ' | ' | ' | ' | ' | ' | ' | 175 | ' | ' | ' | ' | ' |
Severance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,000,000 | 14,000,000 |
Net Regulatory Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000,000 | 1,300,000,000 | ' | ' | ' | ' | ' | ' | 1,560,000,000 | 33,000,000 | 266,000,000 | ' | ' |
Steam generators, warranted period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' |
MHI's limited liability under purchase agreement, excluding consequential damages | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 138,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Notice of intent to sue, notice time period | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Damages sought | ' | ' | 98,000,000 | ' | ' | ' | ' | ' | ' | ' | 4,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency Counter Claim Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of invoices for reimbursement (in invoices) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Invoiced amount to MHI | ' | ' | ' | ' | ' | ' | ' | ' | ' | 149,000,000 | 149,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Invoiced amount paid by MHI | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notice Of Claim Amount | ' | ' | ' | ' | ' | ' | $397,000,000 | ' | ' | ' | ' | $311,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outage Policy Benefit Reduction Percentage | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Investments_Amortized_Co
Other Investments (Amortized Cost and Fair Value of Nuclear Decommissioning Trusts) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | 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 | ||
Stocks | Stocks | Municipal bonds | Municipal bonds | U.S. government and agency securities | U.S. government and agency securities | Corporate bonds | Corporate bonds | Short-term investments and receivables/payables | Short-term investments and receivables/payables | |||||||
Nuclear Decommissioning Trusts Disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Longest Maturity Dates (in years) | ' | ' | ' | ' | ' | ' | '0 | ' | '2051 | ' | '2044 | ' | '2054 | ' | 'One-year | ' |
Amortized Cost | ' | ' | $2,770 | $2,483 | ' | ' | $656 | $978 | $675 | $518 | $902 | $547 | $208 | $324 | $329 | $116 |
Fair Value | $4,494 | $4,048 | $4,494 | $4,048 | $3,592 | $3,480 | $2,208 | $2,271 | $756 | $644 | $947 | $603 | $241 | $410 | $342 | $120 |
Other_Investments_Summary_of_C
Other Investments (Summary of Changes in Fair Value of the Nuclear Decommissioning Trusts) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary Of Changes In The Fair Value [Roll Forward] | ' | ' | ' |
Balance at end of period | $4,494 | $4,048 | ' |
Southern California Edison | ' | ' | ' |
Summary Of Changes In The Fair Value [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 4,048 | 3,592 | 3,480 |
Gross realized gains | 300 | 73 | 108 |
Gross realized losses | -32 | -5 | -17 |
Unrealized gains (losses), net | 160 | 276 | -7 |
Other-than-temporary impairments | -47 | -36 | -47 |
Interest, dividends, contributions and other | 65 | 148 | 75 |
Balance at end of period | $4,494 | $4,048 | $3,592 |
Other_Investments_Textual_Deta
Other Investments (Textual) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Investments [Line Items] | ' | ' | ' |
Proceeds from sale of securities | $5,617,000,000 | $2,122,000,000 | $2,773,000,000 |
Southern California Edison | ' | ' | ' |
Other Investments [Line Items] | ' | ' | ' |
Contributions received for decommissioning trusts | 23,000,000 | ' | ' |
Period of reviewing contributions from decommissioning trusts (in years) | '3 years | ' | ' |
Proceeds from sale of securities | 5,617,000,000 | 2,122,000,000 | 2,773,000,000 |
Unrealized holding gains, net of losses | $1,700,000,000 | $1,600,000,000 | ' |
Regulatory_Assets_and_Liabilit2
Regulatory Assets and Liabilities (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Regulatory Assets | ' | ' |
Regulatory Assets, Current | $538 | $572 |
Regulatory Asset, Long-term | 7,241 | 6,422 |
Regulatory Liabilities | ' | ' |
Regulatory Liabilities, Current | 767 | 536 |
Regulatory Liabilities, Long-term | 4,995 | 5,214 |
Southern California Edison | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Regulatory assets, energy derivatives, low range of contract expiration (in years) | '1 year | ' |
Regulatory assets, energy derivatives, high range of contract expiration (in years) | '10 years | ' |
Regulatory assets related to deferred income taxes, recovery period, low range (in years) | '1 year | ' |
Regulatory assets related to deferred income taxes, recovery period, high range (in years) | '45 years | ' |
Low end of the range of remaining original amortization (in years) | '1 year | ' |
High end of the range of remaining original amortization (in years) | '30 years | ' |
Regulatory Assets | ' | ' |
Regulatory Assets, Current | 538 | 572 |
Regulatory Asset, Long-term | 7,241 | 6,422 |
Total Regulatory Assets | 7,779 | 6,994 |
Regulatory Liabilities | ' | ' |
Regulatory Liabilities, Current | 767 | 536 |
Regulatory Liabilities, Long-term | 4,995 | 5,214 |
Total Regulatory Liabilities | 5,762 | 5,750 |
Southern California Edison | Regulatory balancing accounts | ' | ' |
Regulatory Assets | ' | ' |
Regulatory Assets, Current | 484 | 502 |
Regulatory Asset, Long-term | 818 | 73 |
Southern California Edison | Energy derivatives | ' | ' |
Regulatory Assets | ' | ' |
Regulatory Assets, Current | 54 | 70 |
Regulatory Asset, Long-term | 816 | 900 |
Southern California Edison | Other | ' | ' |
Regulatory Assets | ' | ' |
Regulatory Asset, Long-term | 368 | 360 |
Regulatory Liabilities | ' | ' |
Regulatory Liabilities, Current | 43 | 52 |
Regulatory Liabilities, Long-term | 12 | 7 |
Southern California Edison | Deferred income taxes, net | ' | ' |
Regulatory Assets | ' | ' |
Regulatory Asset, Long-term | 2,957 | 2,663 |
Southern California Edison | Pensions and other postretirement benefits | ' | ' |
Regulatory Assets | ' | ' |
Regulatory Asset, Long-term | 369 | 1,550 |
Southern California Edison | Unamortized investments, net | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Return rate earned on assets included in rate base (as a percent) | 7.90% | 8.74% |
Regulatory Assets | ' | ' |
Regulatory Asset, Long-term | 332 | 507 |
Southern California Edison | San Onofre [Member] | ' | ' |
Regulatory Assets | ' | ' |
Regulatory Asset, Long-term | 1,325 | 0 |
Southern California Edison | Unamortized loss on reacquired debt | ' | ' |
Regulatory Assets | ' | ' |
Regulatory Asset, Long-term | 222 | 228 |
Southern California Edison | Nuclear-related investment, net | ' | ' |
Regulatory Assets | ' | ' |
Regulatory Asset, Long-term | 34 | 141 |
Southern California Edison | Regulatory Balancing Accounts, Liabilities | ' | ' |
Regulatory Liabilities | ' | ' |
Regulatory Liabilities, Current | 724 | 484 |
Regulatory Liabilities, Long-term | 1,132 | 1,091 |
Southern California Edison | Costs of Removal | ' | ' |
Regulatory Liabilities | ' | ' |
Regulatory Liabilities, Long-term | 2,780 | 2,731 |
Southern California Edison | Asset Retirement Obligations | ' | ' |
Regulatory Liabilities | ' | ' |
Regulatory Liabilities, Long-term | $1,071 | $1,385 |
Legacy Meters | Southern California Edison | Unamortized investments, net | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Return rate earned on assets included in rate base (as a percent) | 6.46% | ' |
Regulatory_Assets_and_Liabilit3
Regulatory Assets and Liabilities - Regulatory Balancing Accounts (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Regulatory balancing accounts | Energy Resource Recovery Account | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Net Regulatory Assets Pertaining to Balancing Accounts | $1,005 | ($135) |
Regulatory balancing accounts | Four Corners Balancing Account | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Net Regulatory Assets Pertaining to Balancing Accounts | 145 | 25 |
Regulatory balancing accounts | New System Generation Balancing Account | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Net Regulatory Assets Pertaining to Balancing Accounts | 132 | -21 |
Regulatory Balancing Accounts, Liabilities | Public Purpose Programs and Energy Efficiency Programs | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Net Regulatory Assets Pertaining to Balancing Accounts | -1,037 | -994 |
Regulatory Balancing Accounts, Liabilities | Base Rate Recovery Balancing Account | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Net Regulatory Assets Pertaining to Balancing Accounts | -247 | 505 |
Regulatory Balancing Accounts, Liabilities | Greenhouse Gas Auction Revenue | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Net Regulatory Assets Pertaining to Balancing Accounts | -385 | -109 |
Regulatory Balancing Accounts, Liabilities | FERC Balancing Account | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Net Regulatory Assets Pertaining to Balancing Accounts | -59 | -129 |
Regulatory Balancing Accounts, Liabilities | Other Balancing Account | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Net Regulatory Assets Pertaining to Balancing Accounts | -108 | -142 |
Regulatory Balancing Accounts, Liabilities | Significant Components | ' | ' |
Regulatory Assets and Liabilities | ' | ' |
Net Regulatory Assets Pertaining to Balancing Accounts | ($554) | ($1,000) |
Commitments_and_Contingencies_1
Commitments and Contingencies (Undiscounted Future Minimum Expected Payments for Power Purchase Agreements) (Details) (Southern California Edison, USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Renewable Energy Contracts | ' |
Power Purchase Agreements, Fiscal Year Maturity | ' |
2014 | $796 |
2015 | 881 |
2016 | 936 |
2017 | 1,070 |
2018 | 1,091 |
Thereafter | 17,806 |
Total future commitments | 22,580 |
QF Power Purchase Agreements | ' |
Power Purchase Agreements, Fiscal Year Maturity | ' |
2014 | 312 |
2015 | 303 |
2016 | 245 |
2017 | 213 |
2018 | 170 |
Thereafter | 186 |
Total future commitments | 1,429 |
Other Purchase Agreements | ' |
Power Purchase Agreements, Fiscal Year Maturity | ' |
2014 | 1,033 |
2015 | 900 |
2016 | 701 |
2017 | 693 |
2018 | 571 |
Thereafter | 1,992 |
Total future commitments | $5,890 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Power Purchase Agreement - Operating and Capital Leases) (Details) (Southern California Edison, USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Operating Leases | ' |
Operating Leases | ' |
2014 | $1,273 |
2015 | 1,345 |
2016 | 1,271 |
2017 | 1,379 |
2018 | 1,272 |
Thereafter | 17,616 |
Total future commitments | 24,156 |
Capital Leases | ' |
Capital Leases | ' |
2014 | 33 |
2015 | 33 |
2016 | 33 |
2017 | 33 |
2018 | 33 |
Thereafter | 356 |
Total future commitments | 521 |
Amount representing executory costs | -118 |
Amount representing interest | -194 |
Net commitments | $209 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Other Lease Commitments) (Details) (Southern California Edison, Other Operating Leases, USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Southern California Edison | Other Operating Leases | ' |
Schedule Of Commitments And Contingencies [Line Items] | ' |
2014 | $76 |
2015 | 65 |
2016 | 52 |
2017 | 36 |
2018 | 30 |
Thereafter | 194 |
Total future commitments | $453 |
Commitments_and_Contingencies_4
Commitments and Contingencies (Other Commitments) (Details) (Southern California Edison, Other contractual obligations, USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Southern California Edison | Other contractual obligations | ' |
Other Commitments | ' |
2014 | $123 |
2016 | 105 |
2015 | 85 |
2017 | 66 |
2018 | 160 |
Thereafter | 612 |
Total | $1,151 |
Commitments_and_Contingencies_5
Commitments and Contingencies (Commitments Textual) (Details) (Southern California Edison, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' | ' |
Operating lease rent expense | $78,000,000 | $75,000,000 | $66,000,000 |
Decommissioning liability | 3,300,000,000 | ' | ' |
Decommissioning estimated cost | 7,100,000,000 | ' | ' |
Decommissioning cost escalated rates, low end of range (percent) | 1.50% | ' | ' |
Decommissioning cost escalated rates, high end of range (percent) | 7.30% | ' | ' |
Decommissioning trusts contribution amount per year | 23,000,000 | 23,000,000 | 23,000,000 |
Decommissioning funds estimated annual earnings, net of tax percentage, low end of range (percent) | 4.20% | ' | ' |
Decommissioning funds estimated annual earnings, net of tax percentage, high end of range (percent) | 5.70% | ' | ' |
Decommissioning expense under rate making method | 23,000,000 | ' | ' |
Decommissioning active nuclear facilities asset retirement obligation | 3,300,000,000 | 2,600,000,000 | ' |
Decommissioning expenditures to date | 599,000,000 | ' | ' |
Renewable Energy Contracts | ' | ' | ' |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' | ' |
Number of renewable energy contracts (number of contracts) | 108 | ' | ' |
Qualifying Facility Power Purchase Agreements | ' | ' | ' |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' | ' |
Number of qualifying small power production facility contracts (number of contracts) | 139 | ' | ' |
Combined Heat and Power Contracts | ' | ' | ' |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' | ' |
Number of combined heat and power contracts (number of contracts) | 32 | ' | ' |
Other Purchase Agreements | ' | ' | ' |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' | ' |
Number of tolling arrangements (number of agreements) | 15 | ' | ' |
Number of power call options (options) | 4 | ' | ' |
Number of resource adequacy contracts (number of contracts) | 55 | ' | ' |
Other Contractual Obligations | ' | ' | ' |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' | ' |
Costs incurred for other commitments | 153,000,000 | 249,000,000 | 281,000,000 |
Operating Leases Purchase Power Contracts | ' | ' | ' |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' | ' |
Operating lease expense | 1,500,000,000 | 1,300,000,000 | 1,400,000,000 |
Capital Leases Power Contracts | ' | ' | ' |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' | ' |
Capital lease power purchase agreement | 209,000,000 | 216,000,000 | ' |
Capital leases accumulated amortization | 39,000,000 | 33,000,000 | ' |
Capital leases future minimum payments, current | 6,000,000 | 6,000,000 | ' |
Capital leases future minimum payments, noncurrent | 203,000,000 | 210,000,000 | ' |
San Onofre [Member] | ' | ' | ' |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' | ' |
Net Regulatory Assets | 1,300,000,000 | ' | ' |
San Onofre [Member] | Estimated Losses on Disposal of Nuclear Fuel Inventory [Member] | ' | ' | ' |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' | ' |
Net Regulatory Assets | $33,000,000 | ' | ' |
Commitments_and_Contingencies_6
Commitments and Contingencies (Contingencies Textual) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||
Jun. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Jun. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2010 | Jun. 30, 2010 | |
Nuclear Insurance | Edison International | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | Southern California Edison | SCE and other owners of San Onofre and Palo Verde | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre (nuclear) | San Onofre and Palo Verde | Dividends Paid By EME to Holdings [Member] | Amount Paid By EME Under Tax Allocation Scheme [Member] | Amount Returned To Customers [Member] | Amount Returned To Shareholders [Member] | ||
sites | sites | Alleged violations of PSD requirements and New Source Performance Standards of the CAA | Nuclear Insurance | Nuclear Insurance | Southern California Edison | Southern California Edison | SCE and other owners of San Onofre and Palo Verde | Eme Chapter 11 Bankruptcy Filing [Member] | Eme Chapter 11 Bankruptcy Filing [Member] | Southern California Edison | Southern California Edison | ||||||||
plaintiffs | Nuclear Insurance | ||||||||||||||||||
Schedule Of Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notice Of Claim Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $397,000,000 | ' | $311,000,000 | ' | $925,000,000 | $183,000,000 | ' | ' |
Number of plaintiffs (entities) | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Identified material sites for environmental remediation (in number of sites) | ' | ' | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum costs to be Identified Site | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Immaterial sites for environmental remediation (in number of sites) | ' | ' | ' | ' | ' | 39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum liability for environmental remediation for material sites | ' | ' | ' | ' | ' | 110,000,000 | ' | ' | ' | ' | ' | ' | 73,000,000 | ' | ' | ' | ' | ' | ' |
Immaterial sites, range of liability, minimum | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental remediation liability | ' | ' | ' | ' | ' | 114,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory assets related to environmental remediation | ' | ' | ' | ' | ' | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of recorded liability recoverable from incentive mechanism | ' | ' | ' | ' | ' | 36,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of environmental remediation costs recoverable through an incentive mechanism (as a percent) | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental remediation costs to be recovered (as a percent) | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability incurred at majority of the remaining sites through customer rates | ' | ' | ' | ' | ' | 74,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount that cleanup costs could exceed recorded liability for identified material sites | ' | ' | ' | ' | ' | 162,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected annual environmental remediation costs, high end of range | ' | ' | ' | ' | ' | 27,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental remediation costs | ' | ' | ' | ' | ' | 8,000,000 | 10,000,000 | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal limit on public liability claims from nuclear incident, approximate | ' | 13,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Private primary insurance purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Self insurance retention per wildfire occurrence | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance Coverage For Wildfires Additional Limit | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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_Stock2
Preferred and Preference Stock of Utility (Schedule of Preferred and Preference Stock) (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred and Preference Stock of Utility | ' | ' |
Preferred and preference stock of utility | $1,753 | $1,759 |
Southern California Edison | ' | ' |
Preferred and Preference Stock of Utility | ' | ' |
Preferred and preference stock of utility | 1,795 | 1,795 |
Southern California Edison | 4.08% Series | ' | ' |
Preferred and Preference Stock of Utility | ' | ' |
Shares Outstanding (shares) | 650,000 | ' |
Redemption Price (in dollars per share) | $25.50 | ' |
Preferred stock before issuance costs | 16 | 16 |
Preference stock (as a percent) | 4.08% | ' |
Southern California Edison | 4.24% Series | ' | ' |
Preferred and Preference Stock of Utility | ' | ' |
Shares Outstanding (shares) | 1,200,000 | ' |
Redemption Price (in dollars per share) | $25.80 | ' |
Preferred stock before issuance costs | 30 | 30 |
Preference stock (as a percent) | 4.24% | ' |
Southern California Edison | 4.32% Series | ' | ' |
Preferred and Preference Stock of Utility | ' | ' |
Shares Outstanding (shares) | 1,653,429 | ' |
Redemption Price (in dollars per share) | $28.75 | ' |
Preferred stock before issuance costs | 41 | 41 |
Preference stock (as a percent) | 4.32% | ' |
Southern California Edison | 4.78% Series | ' | ' |
Preferred and Preference Stock of Utility | ' | ' |
Shares Outstanding (shares) | 1,296,769 | ' |
Redemption Price (in dollars per share) | $25.80 | ' |
Preferred stock before issuance costs | 33 | 33 |
Preference stock (as a percent) | 4.78% | ' |
Southern California Edison | Preferred and Preference Stock | ' | ' |
Preferred and Preference Stock of Utility | ' | ' |
Preferred stock before issuance costs | 1,795 | 1,795 |
Less issuance costs | -42 | -36 |
Preferred and preference stock of utility | 1,753 | 1,759 |
Southern California Edison | 5.07% Series A (variable and noncumulative) | ' | ' |
Preferred and Preference Stock of Utility | ' | ' |
Shares Outstanding (shares) | 3,250,000 | ' |
Redemption Price (in dollars per share) | $100 | ' |
Preferred stock before issuance costs | 325 | 325 |
Preference stock (as a percent) | 4.32% | ' |
Southern California Edison | 6.125% Series B (noncumulative) | ' | ' |
Preferred and Preference Stock of Utility | ' | ' |
Shares Outstanding (shares) | 2,000,000 | ' |
Redemption Price (in dollars per share) | $100 | ' |
Preferred stock before issuance costs | 0 | 200 |
Preference stock (as a percent) | 6.13% | ' |
Southern California Edison | 6.00% Series C (noncumulative) | ' | ' |
Preferred and Preference Stock of Utility | ' | ' |
Shares Outstanding (shares) | 2,000,000 | ' |
Redemption Price (in dollars per share) | $100 | ' |
Preferred stock before issuance costs | 0 | 200 |
Preference stock (as a percent) | 6.00% | ' |
Southern California Edison | 6.50% Series D (cumulative) | ' | ' |
Preferred and Preference Stock of Utility | ' | ' |
Shares Outstanding (shares) | 1,250,000 | ' |
Redemption Price (in dollars per share) | $100 | ' |
Preferred stock before issuance costs | 125 | 125 |
Preference stock (as a percent) | 6.50% | ' |
Southern California Edison | 6.25% Series E (cumulative) | ' | ' |
Preferred and Preference Stock of Utility | ' | ' |
Shares Outstanding (shares) | 350,000 | ' |
Redemption Price (in dollars per share) | $1,000 | ' |
Preferred stock before issuance costs | 350 | 350 |
Preference stock (as a percent) | 6.25% | ' |
Southern California Edison | 5.625% Series F (cumulative) | ' | ' |
Preferred and Preference Stock of Utility | ' | ' |
Shares Outstanding (shares) | 190,004 | ' |
Redemption Price (in dollars per share) | $2,500 | ' |
Preferred stock before issuance costs | 475 | 475 |
Preference stock (as a percent) | 5.63% | ' |
Southern California Edison | 5.10% Series G [Member] | ' | ' |
Preferred and Preference Stock of Utility | ' | ' |
Shares Outstanding (shares) | 160,004 | ' |
Redemption Price (in dollars per share) | $2,500 | ' |
Preferred stock before issuance costs | $400 | $0 |
Preference stock (as a percent) | 5.10% | ' |
Preferred_and_Preference_Stock3
Preferred and Preference Stock of Utility (Textual) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, except Share data, unless otherwise specified | |||
Preferred Stock and Preference Stock | ' | ' | ' |
Preferred and Preference Stock of Utility | ' | ' | ' |
Dividends payable | $30 | $24 | $11 |
Southern California Edison | Cumulative Preferred Stock 100 Dollars Par Value [Member] | ' | ' | ' |
Preferred and Preference Stock of Utility | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $100 | ' | ' |
Preferred Stock, Shares Authorized | 12,000,000 | ' | ' |
Southern California Edison | Preferred Stock and Preference Stock | ' | ' | ' |
Preferred and Preference Stock of Utility | ' | ' | ' |
Dividends payable | $30 | $24 | $11 |
Southern California Edison | Cumulative preferred stock 25 dollars par value | ' | ' | ' |
Preferred and Preference Stock of Utility | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $25 | ' | ' |
Preferred Stock, Shares Authorized | 24,000,000 | ' | ' |
Southern California Edison | Preference stock, no par value | ' | ' | ' |
Preferred and Preference Stock of Utility | ' | ' | ' |
Preferred Stock, Shares Authorized | 50,000,000 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Accumulated Other Comprehensive Income (Loss): | ' | ' | ' | |||
Unrealized holding gain (loss) arising during the period | $0 | ($21) | ($12) | |||
Prior service cost (credit) arising during the period | 0 | -5 | 0 | |||
Increase (Decrease) in Accumulated Other Comprehensive Income | ' | ' | ' | |||
Balance at the beginning of period | -87 | -100 | [1] | ' | ||
Other | 2 | 0 | ' | |||
Change | 74 | 13 | ' | |||
Balance at the end of period | -13 | -87 | -100 | [1] | ||
Unrealized Gain (Loss) on Cash Flow Hedges | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss): | ' | ' | ' | |||
Unrealized holding gain (loss) arising during the period | ' | ' | 34 | |||
Pension and PBOP b Prior Service Cost | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss): | ' | ' | ' | |||
Prior service cost (credit) arising during the period | ' | ' | 5 | |||
Pension and PBOP b Net Loss | ' | ' | ' | |||
Increase (Decrease) in Accumulated Other Comprehensive Income | ' | ' | ' | |||
Other comprehensive income (loss) before reclassifications | 63 | 15 | ' | |||
Reclassified from accumulated other comprehensive income | 9 | [2] | -2 | [2] | ' | |
Southern California Edison | ' | ' | ' | |||
Increase (Decrease) in Accumulated Other Comprehensive Income | ' | ' | ' | |||
Balance at the beginning of period | -29 | -24 | ' | |||
Other | 2 | 0 | ' | |||
Change | 18 | -5 | ' | |||
Balance at the end of period | -11 | -29 | ' | |||
Southern California Edison | Pension and PBOP b Net Loss | ' | ' | ' | |||
Increase (Decrease) in Accumulated Other Comprehensive Income | ' | ' | ' | |||
Other comprehensive income (loss) before reclassifications | 13 | -9 | ' | |||
Reclassified from accumulated other comprehensive income | $3 | [2] | $4 | [2] | ' | |
[1] | Excludes the amount of unrealized losses from cash flow hedges and prior service costs arising from pension and PBOP. | |||||
[2] | These items are included in the computation of net periodic pension and PBOP expense. |
Interest_and_Other_Income_and_2
Interest and Other Income and Expenses (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other income: | ' | ' | ' |
Total consolidated other income | $124 | $149 | $147 |
Other expenses: | ' | ' | ' |
Total consolidated other expenses | 74 | 52 | 55 |
Southern California Edison | ' | ' | ' |
Other income: | ' | ' | ' |
Equity allowance for funds used during construction | 72 | 96 | 96 |
Increase in cash surrender value of life insurance policies | 30 | 27 | 26 |
Interest income | 10 | 7 | 5 |
Other | 10 | 14 | 13 |
Total other income | 122 | 144 | 140 |
Total consolidated other income | 122 | 144 | 140 |
Other expenses: | ' | ' | ' |
Civic, political and related activities and donations | 37 | 32 | 30 |
Penalties | 20 | 0 | 0 |
Other | 17 | 18 | 25 |
Total SCE other expenses | 74 | 50 | 55 |
Total consolidated other expenses | 74 | 50 | 55 |
Total penalties assessed | 37 | ' | ' |
Penalties allocated to remediation and pole studies | 17 | ' | ' |
Edison International | ' | ' | ' |
Other income: | ' | ' | ' |
Other income | 2 | 5 | 7 |
Other expenses: | ' | ' | ' |
Other expenses | $0 | $2 | $0 |
Discontinued_Operations_Summar
Discontinued Operations (Summarized Results of Discontinued Operations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summarized results of discontinued operations: | ' | ' | ' |
Operating revenue | $0 | $1,626 | $2,180 |
Loss before income taxes | $0 | ($2,235) | ($1,931) |
Discontinued_Operations_Textua
Discontinued Operations (Textual) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 18, 2014 |
Homer City | Homer City | Homer City | Homer City | Edison International | Edison Mission Energy | Edison Mission Energy | Subsequent Event [Member] | |||
Edison Mission Energy | ||||||||||
installments | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment and other charges, after tax | ' | ' | ' | ' | ' | ' | $1,300,000,000 | ' | ' | ' |
Impairment and other charges | ' | ' | 89,000,000 | 113,000,000 | 1,030,000,000 | ' | ' | ' | ' | ' |
Impairment and other charges, net of tax | ' | ' | 53,000,000 | 68,000,000 | ' | ' | ' | ' | ' | ' |
Liabilities for tax and pension related to deconsolidation | ' | ' | ' | ' | ' | ' | ' | 325,000,000 | ' | 350,000,000 |
Retirement liabilities for EME employees | 1,378,000,000 | 2,614,000,000 | ' | ' | ' | ' | ' | 35,000,000 | 80,000,000 | ' |
Joint Tax Liability | ' | ' | ' | ' | ' | ' | ' | 290,000,000 | ' | ' |
Estimated loss under plan support agreement | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' |
Percentage of Tax Benefits To Be Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Tax Attributes Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,191,000,000 |
Estimated Period for Updating Procedure | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months |
Cash Portion of Settlement Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,000,000 |
Number of Installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Interest rate on installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% |
Installment one, tax attribute settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 199,000,000 |
Installment two, tax attribute settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 210,000,000 |
Amount required for escrow | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 |
Estimated amount that tax benefits will exceed recorded liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 |
Estimated settlement income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130,000,000 |
Deferred tax assets net of valuation allowance | 3,074,000,000 | 2,667,000,000 | ' | ' | ' | ' | ' | ' | ' | 220,000,000 |
Provision for losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 |
Impact of deconsolidation on current earnings | ' | ' | ' | ' | ' | ' | ' | $70,000,000 | ' | ' |
Supplemental_Cash_Flows_Inform2
Supplemental Cash Flows Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash payments (receipts) for interest and taxes: | ' | ' | ' |
Interest, net of amounts capitalized | $477 | $452 | $423 |
Tax payments (refunds), net | 28 | -165 | -119 |
Details of debt exchange: | ' | ' | ' |
Pollution-control bonds redeemed | 0 | 0 | -86 |
Pollution-control bonds issued | 0 | 0 | 86 |
Southern California Edison | ' | ' | ' |
Cash payments (receipts) for interest and taxes: | ' | ' | ' |
Interest, net of amounts capitalized | 462 | 437 | 408 |
Tax payments (refunds), net | 28 | -279 | -86 |
Details of debt exchange: | ' | ' | ' |
Pollution-control bonds redeemed | 0 | 0 | -86 |
Pollution-control bonds issued | 0 | 0 | 86 |
Dividends declared but not paid: | ' | ' | ' |
Accrued capital expenditures | 661 | 671 | 685 |
Common Stock | ' | ' | ' |
Dividends declared but not paid: | ' | ' | ' |
Dividends declared but not paid | 116 | 110 | 106 |
Common Stock | Southern California Edison | ' | ' | ' |
Dividends declared but not paid: | ' | ' | ' |
Dividends declared but not paid | 0 | 0 | 0 |
Preferred Stock and Preference Stock | ' | ' | ' |
Dividends declared but not paid: | ' | ' | ' |
Dividends declared but not paid | 30 | 24 | 11 |
Preferred Stock and Preference Stock | Southern California Edison | ' | ' | ' |
Dividends declared but not paid: | ' | ' | ' |
Dividends declared but not paid | $30 | $24 | $11 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Edison Mission Energy | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Due from Related Parties | $325 | ' | ' |
Revenue from Related Parties | 2 | 7 | 5 |
Capistrano Wind Holdings | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Deferred Tax Allocation Credits Related Party | 120 | 36 | ' |
Southern California Edison | Edison Mission Energy | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Revenue from Related Parties | ' | 93 | ' |
Purchase Commitment | Southern California Edison | Edison Mission Energy | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Long-term payables due to related party | $10 | ' | ' |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | ||||||||||||||||||||
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 | San Onofre [Member] | ||||||||||||||||||||||||||||||||
Southern California Edison | |||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Asset impairment and other charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $575 | ||||||||||||||||||||
Asset impairment net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 365 | ||||||||||||||||||||
Earnings benefit from implementation of 2012 GRC Decision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Immaterial error correction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Total operating revenue | 2,943 | 3,960 | 3,046 | 2,632 | 3,060 | 3,734 | 2,653 | 2,415 | 12,581 | 11,862 | 10,588 | 2,931 | 3,957 | 3,045 | 2,629 | 3,057 | 3,731 | 2,651 | 2,412 | 12,562 | 11,851 | 10,577 | ' | ||||||||||||||||||||
Operating income | 505 | 789 | -71 | 492 | 765 | 713 | 420 | 389 | 1,715 | 2,285 | 2,061 | 505 | 804 | -55 | 498 | 792 | 659 | 430 | 397 | 1,751 | 2,279 | 2,123 | ' | ||||||||||||||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,015 | -92 | 22 | 283 | [1],[2],[3] | 502 | [1],[2],[3] | -67 | [1],[2],[3] | 283 | [1],[2],[3] | 858 | [1],[2] | 388 | [1],[2] | 214 | [1],[2] | 201 | [1],[2] | 1,000 | [1],[2],[3] | 1,660 | [1],[2] | 1,144 | ' | ||||||||||
Income from continuing operations | 289 | [3] | 488 | [3] | -82 | [3] | 286 | [3] | 812 | [1],[2] | 382 | [1],[2] | 207 | [1],[2] | 196 | [1],[2] | 979 | [3] | 1,594 | [1],[2] | 1,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Income (loss) from discontinued operations, net of tax | 37 | -25 | 12 | 12 | -1,326 | [4] | -167 | [4] | -109 | [4] | -84 | [4] | 36 | -1,686 | [4] | -1,078 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Net income attributable to common shareholders | 301 | 438 | -94 | 271 | -539 | 190 | 74 | 93 | 915 | -183 | -37 | 258 | 477 | -91 | 256 | 833 | 363 | 191 | 182 | 900 | 1,569 | 1,085 | ' | ||||||||||||||||||||
Basic earnings (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Basic earnings (loss) per share b continuing operations (in dollars per share) | $0.81 | $1.42 | ($0.33) | $0.79 | $2.42 | $1.09 | $0.56 | $0.54 | $2.70 | $4.61 | $3.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Basic earnings (loss) per share b discontinued operations (in dollars per share) | $0.11 | ($0.08) | $0.04 | $0.04 | ($4.07) | ($0.51) | ($0.33) | ($0.26) | $0.11 | ($5.17) | ($3.31) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Total basic earnings (loss) per share (in dollars per share) | $0.92 | $1.34 | ($0.29) | $0.83 | ($1.65) | $0.58 | $0.23 | $0.28 | $2.81 | ($0.56) | ($0.11) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Diluted earnings (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Diluted earnings (loss) per share b continuing operations (in dollars per share) | $0.81 | $1.41 | ($0.33) | $0.78 | $2.39 | $1.09 | $0.55 | $0.54 | $2.67 | $4.55 | $3.17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Diluted earnings (loss) per share b discontinued operations (in dollars per share) | $0.11 | ($0.07) | $0.04 | $0.04 | ($4.03) | ($0.51) | ($0.33) | ($0.26) | $0.11 | ($5.11) | ($3.28) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Total diluted earnings (loss) per share (in dollars per share) | $0.92 | $1.34 | ($0.29) | $0.82 | ($1.64) | $0.58 | $0.22 | $0.28 | $2.78 | ($0.56) | ($0.11) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Dividends declared per share (in dollars per share) | $0.36 | $0.34 | $0.34 | $0.34 | $0.34 | $0.33 | $0.33 | $0.33 | $1.37 | $1.31 | $1.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Common dividends declared | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $126 | $120 | $120 | $120 | $120 | $116 | $116 | $116 | $486 | $469 | ' | ' | ||||||||||||||||||||
Common stock prices: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
High | $49.95 | $50.34 | $54.19 | $51.24 | $47.96 | $46.94 | $46.55 | $44.50 | $54.19 | $47.96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Low | $44.97 | $44.26 | $44.86 | $44.92 | $42.57 | $43.10 | $41.42 | $39.60 | $44.26 | $39.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Close | $46.30 | $46.06 | $48.16 | $50.32 | $45.19 | $45.69 | $46.20 | $42.51 | $46.30 | $45.19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
[1] | During the fourth quarter of 2012, SCE corrected errors, primarily related to deferred taxes, that resulted in a net earnings benefit of $33 million which were not considered material to the current and prior period consolidated financial statements. | ||||||||||||||||||||||||||||||||||||||||||
[2] | During the fourth quarter of 2012, SCE implemented the 2012 GRC Decision which resulted in an earnings impact of approximately $500 million. | ||||||||||||||||||||||||||||||||||||||||||
[3] | During the second quarter of 2013, SCE recorded an impairment charge of $575 million ($365 million after tax) related to the permanent retirement of San Onofre Units 2 and 3. | ||||||||||||||||||||||||||||||||||||||||||
[4] | During the fourth quarter of 2012, Edison International recorded a full impairment of its investment in EME. See NoteB 16 for further information. |
Schedule_I_Condensed_Financial1
Schedule I - Condensed Financial Information of Parent (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Share data in Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Cash and cash equivalents | $146,000,000 | ' | ' | ' | $170,000,000 | ' | ' | ' | $146,000,000 | $170,000,000 | $1,469,000,000 | ' | ||||||||||
Other current assets | 395,000,000 | ' | ' | ' | 149,000,000 | ' | ' | ' | 395,000,000 | 149,000,000 | ' | ' | ||||||||||
Total current assets | 3,312,000,000 | ' | ' | ' | 2,672,000,000 | ' | ' | ' | 3,312,000,000 | 2,672,000,000 | ' | ' | ||||||||||
Other | 686,000,000 | ' | ' | ' | 708,000,000 | ' | ' | ' | 686,000,000 | 708,000,000 | ' | ' | ||||||||||
Total assets | 46,646,000,000 | ' | ' | ' | 44,394,000,000 | ' | ' | ' | 46,646,000,000 | 44,394,000,000 | ' | ' | ||||||||||
Liabilities and Equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Accounts payable | 1,407,000,000 | ' | ' | ' | 1,423,000,000 | ' | ' | ' | 1,407,000,000 | 1,423,000,000 | ' | ' | ||||||||||
Other current liabilities | 1,186,000,000 | ' | ' | ' | 1,166,000,000 | ' | ' | ' | 1,186,000,000 | 1,166,000,000 | ' | ' | ||||||||||
Total current liabilities | 4,881,000,000 | ' | ' | ' | 3,744,000,000 | ' | ' | ' | 4,881,000,000 | 3,744,000,000 | ' | ' | ||||||||||
Long-term debt | 9,825,000,000 | ' | ' | ' | 9,231,000,000 | ' | ' | ' | 9,825,000,000 | 9,231,000,000 | ' | ' | ||||||||||
Common stockholders' equity | 11,691,000,000 | ' | ' | ' | 11,191,000,000 | ' | ' | ' | 11,691,000,000 | 11,191,000,000 | 11,086,000,000 | 11,494,000,000 | ||||||||||
Total liabilities and equity | 46,646,000,000 | ' | ' | ' | 44,394,000,000 | ' | ' | ' | 46,646,000,000 | 44,394,000,000 | ' | ' | ||||||||||
Condensed Statements of Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Operating revenue and other income | 2,943,000,000 | 3,960,000,000 | 3,046,000,000 | 2,632,000,000 | 3,060,000,000 | 3,734,000,000 | 2,653,000,000 | 2,415,000,000 | 12,581,000,000 | 11,862,000,000 | 10,588,000,000 | ' | ||||||||||
Operating expenses and interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 10,866,000,000 | 9,577,000,000 | 8,527,000,000 | ' | ||||||||||
Loss before equity in earnings of subsidiaries | 505,000,000 | 789,000,000 | -71,000,000 | 492,000,000 | 765,000,000 | 713,000,000 | 420,000,000 | 389,000,000 | 1,715,000,000 | 2,285,000,000 | 2,061,000,000 | ' | ||||||||||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 242,000,000 | 267,000,000 | 568,000,000 | ' | ||||||||||
Income from continued operations | 289,000,000 | [1] | 488,000,000 | [1] | -82,000,000 | [1] | 286,000,000 | [1] | 812,000,000 | [2],[3] | 382,000,000 | [2],[3] | 207,000,000 | [2],[3] | 196,000,000 | [2],[3] | 979,000,000 | [1] | 1,594,000,000 | [2],[3] | 1,100,000,000 | ' |
Income (loss) from discontinued operations, net of tax | 37,000,000 | -25,000,000 | 12,000,000 | 12,000,000 | -1,326,000,000 | [4] | -167,000,000 | [4] | -109,000,000 | [4] | -84,000,000 | [4] | 36,000,000 | -1,686,000,000 | [4] | -1,078,000,000 | ' | |||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,015,000,000 | -92,000,000 | 22,000,000 | ' | ||||||||||
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 74,000,000 | 52,000,000 | -63,000,000 | ' | ||||||||||
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 989,000,000 | -131,000,000 | -100,000,000 | ' | ||||||||||
Weighted-average shares of common stock outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 326 | 326 | 326 | ' | ||||||||||
Basic earnings (loss) per share b continuing operations (in dollars per share) | $0.81 | $1.42 | ($0.33) | $0.79 | $2.42 | $1.09 | $0.56 | $0.54 | $2.70 | $4.61 | $3.20 | ' | ||||||||||
Basic earnings (loss) per share b discontinued operations (in dollars per share) | $0.11 | ($0.08) | $0.04 | $0.04 | ($4.07) | ($0.51) | ($0.33) | ($0.26) | $0.11 | ($5.17) | ($3.31) | ' | ||||||||||
Total (in dollars per share) | $0.92 | $1.34 | ($0.29) | $0.83 | ($1.65) | $0.58 | $0.23 | $0.28 | $2.81 | ($0.56) | ($0.11) | ' | ||||||||||
Diluted earnings (loss) per share b continuing operations (in dollars per share) | $0.81 | $1.41 | ($0.33) | $0.78 | $2.39 | $1.09 | $0.55 | $0.54 | $2.67 | $4.55 | $3.17 | ' | ||||||||||
Diluted earnings (loss) per share b discontinued operations (in dollars per share) | $0.11 | ($0.07) | $0.04 | $0.04 | ($4.03) | ($0.51) | ($0.33) | ($0.26) | $0.11 | ($5.11) | ($3.28) | ' | ||||||||||
Total (in dollars per share) | $0.92 | $1.34 | ($0.29) | $0.82 | ($1.64) | $0.58 | $0.22 | $0.28 | $2.78 | ($0.56) | ($0.11) | ' | ||||||||||
Condensed Statements of Cash Flows: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 3,203,000,000 | 3,334,000,000 | 3,906,000,000 | ' | ||||||||||
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Short-term debt financing, net | ' | ' | ' | ' | ' | ' | ' | ' | 32,000,000 | -264,000,000 | 410,000,000 | ' | ||||||||||
Settlements of stock-based compensation, net | ' | ' | ' | ' | ' | ' | ' | ' | -48,000,000 | -68,000,000 | -15,000,000 | ' | ||||||||||
Dividends paid | ' | ' | ' | ' | ' | ' | ' | ' | -440,000,000 | -424,000,000 | -417,000,000 | ' | ||||||||||
Net cash provided by financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 581,000,000 | 650,000,000 | 1,107,000,000 | ' | ||||||||||
Net cash provided by investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | -3,808,000,000 | -5,283,000,000 | -4,933,000,000 | ' | ||||||||||
Net increase in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -24,000,000 | -1,299,000,000 | 80,000,000 | ' | ||||||||||
Cash and cash equivalents at beginning of year | ' | ' | ' | 170,000,000 | ' | ' | ' | 1,469,000,000 | 170,000,000 | 1,469,000,000 | 1,389,000,000 | ' | ||||||||||
Cash and cash equivalents at end of year | 146,000,000 | ' | ' | ' | 170,000,000 | ' | ' | ' | 146,000,000 | 170,000,000 | 1,469,000,000 | ' | ||||||||||
Debt and Credit Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Short-term debt | 209,000,000 | ' | ' | ' | 175,000,000 | ' | ' | ' | 209,000,000 | 175,000,000 | ' | ' | ||||||||||
Weighted average interest rate (as a percent) | 0.55% | ' | ' | ' | ' | ' | ' | ' | 0.55% | ' | ' | ' | ||||||||||
Commitment | 1,250,000,000 | ' | ' | ' | ' | ' | ' | ' | 1,250,000,000 | ' | ' | ' | ||||||||||
Outstanding borrowings | 34,000,000 | ' | ' | ' | ' | ' | ' | ' | 34,000,000 | ' | ' | ' | ||||||||||
Consolidated debt to total capitalization, ratio | 0.45 | ' | ' | ' | ' | ' | ' | ' | 0.45 | ' | ' | ' | ||||||||||
Senior Notes Due 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt and Credit Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Interest rate on debt (as a percent) | 3.75% | ' | ' | ' | 3.75% | ' | ' | ' | 3.75% | 3.75% | ' | ' | ||||||||||
Revolving credit facility maturing in July 2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt and Credit Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Commitment | 1,250,000,000 | ' | ' | ' | ' | ' | ' | ' | 1,250,000,000 | ' | ' | ' | ||||||||||
Outstanding borrowings | 34,000,000 | ' | ' | ' | ' | ' | ' | ' | 34,000,000 | ' | ' | ' | ||||||||||
Amount available | 1,216,000,000 | ' | ' | ' | ' | ' | ' | ' | 1,216,000,000 | ' | ' | ' | ||||||||||
Consolidated debt to total capitalization, ratio | 0.65 | ' | ' | ' | ' | ' | ' | ' | 0.65 | ' | ' | ' | ||||||||||
Edison International | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Cash and cash equivalents | 13,000,000 | ' | ' | ' | 64,000,000 | ' | ' | ' | 13,000,000 | 64,000,000 | 28,000,000 | ' | ||||||||||
Other current assets | 166,000,000 | ' | ' | ' | 18,000,000 | ' | ' | ' | 166,000,000 | 18,000,000 | ' | ' | ||||||||||
Total current assets | 179,000,000 | ' | ' | ' | 82,000,000 | ' | ' | ' | 179,000,000 | 82,000,000 | ' | ' | ||||||||||
Investments in subsidiaries | 10,328,000,000 | ' | ' | ' | 9,903,000,000 | ' | ' | ' | 10,328,000,000 | 9,903,000,000 | ' | ' | ||||||||||
Deferred income tax | 559,000,000 | ' | ' | ' | 555,000,000 | ' | ' | ' | 559,000,000 | 555,000,000 | ' | ' | ||||||||||
Other | 615,000,000 | ' | ' | ' | 414,000,000 | ' | ' | ' | 615,000,000 | 414,000,000 | ' | ' | ||||||||||
Total assets | 11,681,000,000 | ' | ' | ' | 10,954,000,000 | ' | ' | ' | 11,681,000,000 | 10,954,000,000 | ' | ' | ||||||||||
Liabilities and Equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Accounts payable | 3,000,000 | ' | ' | ' | 105,000,000 | ' | ' | ' | 3,000,000 | 105,000,000 | ' | ' | ||||||||||
Other current liabilities | 629,000,000 | ' | ' | ' | 184,000,000 | ' | ' | ' | 629,000,000 | 184,000,000 | ' | ' | ||||||||||
Total current liabilities | 632,000,000 | ' | ' | ' | 289,000,000 | ' | ' | ' | 632,000,000 | 289,000,000 | ' | ' | ||||||||||
Long-term debt | 400,000,000 | ' | ' | ' | 400,000,000 | ' | ' | ' | 400,000,000 | 400,000,000 | ' | ' | ||||||||||
Other | 721,000,000 | ' | ' | ' | 833,000,000 | ' | ' | ' | 721,000,000 | 833,000,000 | ' | ' | ||||||||||
Common stockholders' equity | 9,928,000,000 | ' | ' | ' | 9,432,000,000 | ' | ' | ' | 9,928,000,000 | 9,432,000,000 | ' | ' | ||||||||||
Total liabilities and equity | 11,681,000,000 | ' | ' | ' | 10,954,000,000 | ' | ' | ' | 11,681,000,000 | 10,954,000,000 | ' | ' | ||||||||||
Condensed Statements of Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Operating revenue and other income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ||||||||||
Operating expenses and interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 72,000,000 | 80,000,000 | 63,000,000 | ' | ||||||||||
Loss before equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -72,000,000 | -80,000,000 | -63,000,000 | ' | ||||||||||
Equity in earnings (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 922,000,000 | 1,590,000,000 | 1,077,000,000 | ' | ||||||||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 850,000,000 | 1,510,000,000 | 1,014,000,000 | ' | ||||||||||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -29,000,000 | 7,000,000 | -27,000,000 | ' | ||||||||||
Income from continued operations | ' | ' | ' | ' | ' | ' | ' | ' | 879,000,000 | 1,503,000,000 | 1,041,000,000 | ' | ||||||||||
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 36,000,000 | -1,686,000,000 | -1,078,000,000 | ' | ||||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 915,000,000 | -183,000,000 | -37,000,000 | ' | ||||||||||
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,000,000 | -63,000,000 | ' | ||||||||||
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 989,000,000 | -131,000,000 | -100,000,000 | ' | ||||||||||
Weighted-average shares of common stock outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 326 | 326 | 326 | ' | ||||||||||
Basic earnings (loss) per share b continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $2.70 | $4.61 | $3.20 | ' | ||||||||||
Basic earnings (loss) per share b discontinued operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.11 | ($5.17) | ($3.31) | ' | ||||||||||
Total (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $2.81 | ($0.56) | ($0.11) | ' | ||||||||||
Diluted earnings (loss) per share b continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $2.67 | $4.55 | $3.17 | ' | ||||||||||
Diluted earnings (loss) per share b discontinued operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.11 | ($5.11) | ($3.28) | ' | ||||||||||
Total (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $2.78 | ($0.56) | ($0.11) | ' | ||||||||||
Condensed Statements of Cash Flows: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 387,000,000 | 355,000,000 | 437,000,000 | ' | ||||||||||
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Payable due to consolidated affiliate | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 130,000,000 | 0 | ' | ||||||||||
Short-term debt financing, net | ' | ' | ' | ' | ' | ' | ' | ' | 33,000,000 | -15,000,000 | -9,000,000 | ' | ||||||||||
Settlements of stock-based compensation, net | ' | ' | ' | ' | ' | ' | ' | ' | -6,000,000 | -10,000,000 | -5,000,000 | ' | ||||||||||
Dividends paid | ' | ' | ' | ' | ' | ' | ' | ' | -440,000,000 | -424,000,000 | -417,000,000 | ' | ||||||||||
Net cash provided by financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -403,000,000 | -319,000,000 | -431,000,000 | ' | ||||||||||
Net cash provided by investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | -35,000,000 | 0 | 1,000,000 | ' | ||||||||||
Net increase in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -51,000,000 | 36,000,000 | 7,000,000 | ' | ||||||||||
Cash and cash equivalents at beginning of year | ' | ' | ' | 64,000,000 | ' | ' | ' | 28,000,000 | 64,000,000 | 28,000,000 | 21,000,000 | ' | ||||||||||
Cash and cash equivalents at end of year | 13,000,000 | ' | ' | ' | 64,000,000 | ' | ' | ' | 13,000,000 | 64,000,000 | 28,000,000 | ' | ||||||||||
Dividends [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Cash dividends received from consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 486,000,000 | 469,000,000 | 461,000,000 | ' | ||||||||||
Minimum percentage of weighted-average common equity component authorization, set by CPUC (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 48.00% | ' | ' | ' | ||||||||||
Related Party Transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Current receivables due from affiliates | 34,000,000 | ' | ' | ' | 23,000,000 | ' | ' | ' | 34,000,000 | 23,000,000 | ' | ' | ||||||||||
Current payables due to affiliates | 69,000,000 | ' | ' | ' | 146,000,000 | ' | ' | ' | 69,000,000 | 146,000,000 | ' | ' | ||||||||||
Long-term receivables due from affiliate | 486,000,000 | ' | ' | ' | 322,000,000 | ' | ' | ' | 486,000,000 | 322,000,000 | ' | ' | ||||||||||
Long-term payables due to affiliates | 135,000,000 | ' | ' | ' | 112,000,000 | ' | ' | ' | 135,000,000 | 112,000,000 | ' | ' | ||||||||||
Impairment and other charges, after tax | ' | ' | ' | ' | 1,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Edison International | Senior Notes Due 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt and Credit Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Senior notes | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ||||||||||
Edison International | Revolving credit facility maturing in July 2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt and Credit Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Amount available | 1,216,000,000 | ' | ' | ' | ' | ' | ' | ' | 1,216,000,000 | ' | ' | ' | ||||||||||
Edison International | Debentures and notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt and Credit Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Interest rate on debt (as a percent) | 3.75% | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | ' | ' | ||||||||||
Southern California Edison | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Cash and cash equivalents | 54,000,000 | ' | ' | ' | 45,000,000 | ' | ' | ' | 54,000,000 | 45,000,000 | 57,000,000 | ' | ||||||||||
Other current assets | 393,000,000 | ' | ' | ' | 171,000,000 | ' | ' | ' | 393,000,000 | 171,000,000 | ' | ' | ||||||||||
Total current assets | 3,075,000,000 | ' | ' | ' | 2,562,000,000 | ' | ' | ' | 3,075,000,000 | 2,562,000,000 | ' | ' | ||||||||||
Other | 398,000,000 | ' | ' | ' | 531,000,000 | ' | ' | ' | 398,000,000 | 531,000,000 | ' | ' | ||||||||||
Total assets | 46,050,000,000 | ' | ' | ' | 44,034,000,000 | ' | ' | ' | 46,050,000,000 | 44,034,000,000 | ' | ' | ||||||||||
Liabilities and Equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Accounts payable | 1,373,000,000 | ' | ' | ' | 1,297,000,000 | ' | ' | ' | 1,373,000,000 | 1,297,000,000 | ' | ' | ||||||||||
Other current liabilities | 1,091,000,000 | ' | ' | ' | 1,105,000,000 | ' | ' | ' | 1,091,000,000 | 1,105,000,000 | ' | ' | ||||||||||
Total current liabilities | 4,398,000,000 | ' | ' | ' | 3,513,000,000 | ' | ' | ' | 4,398,000,000 | 3,513,000,000 | ' | ' | ||||||||||
Long-term debt | 9,422,000,000 | ' | ' | ' | 8,828,000,000 | ' | ' | ' | 9,422,000,000 | 8,828,000,000 | ' | ' | ||||||||||
Common stockholders' equity | 12,138,000,000 | ' | ' | ' | 11,743,000,000 | ' | ' | ' | 12,138,000,000 | 11,743,000,000 | 9,958,000,000 | 9,207,000,000 | ||||||||||
Total liabilities and equity | 46,050,000,000 | ' | ' | ' | 44,034,000,000 | ' | ' | ' | 46,050,000,000 | 44,034,000,000 | ' | ' | ||||||||||
Condensed Statements of Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Operating revenue and other income | 2,931,000,000 | 3,957,000,000 | 3,045,000,000 | 2,629,000,000 | 3,057,000,000 | 3,731,000,000 | 2,651,000,000 | 2,412,000,000 | 12,562,000,000 | 11,851,000,000 | 10,577,000,000 | ' | ||||||||||
Operating expenses and interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 10,811,000,000 | 9,572,000,000 | 8,454,000,000 | ' | ||||||||||
Loss before equity in earnings of subsidiaries | 505,000,000 | 804,000,000 | -55,000,000 | 498,000,000 | 792,000,000 | 659,000,000 | 430,000,000 | 397,000,000 | 1,751,000,000 | 2,279,000,000 | 2,123,000,000 | ' | ||||||||||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 279,000,000 | 214,000,000 | 601,000,000 | ' | ||||||||||
Net income (loss) | 283,000,000 | [1],[2],[3] | 502,000,000 | [1],[2],[3] | -67,000,000 | [1],[2],[3] | 283,000,000 | [1],[2],[3] | 858,000,000 | [2],[3] | 388,000,000 | [2],[3] | 214,000,000 | [2],[3] | 201,000,000 | [2],[3] | 1,000,000,000 | [1],[2],[3] | 1,660,000,000 | [2],[3] | 1,144,000,000 | ' |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | -5,000,000 | 1,000,000 | ' | ||||||||||
Condensed Statements of Cash Flows: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 3,284,000,000 | 4,086,000,000 | 3,261,000,000 | ' | ||||||||||
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Short-term debt financing, net | ' | ' | ' | ' | ' | ' | ' | ' | -1,000,000 | -250,000,000 | 419,000,000 | ' | ||||||||||
Settlements of stock-based compensation, net | ' | ' | ' | ' | ' | ' | ' | ' | -43,000,000 | -57,000,000 | -10,000,000 | ' | ||||||||||
Dividends paid | ' | ' | ' | ' | ' | ' | ' | ' | -587,000,000 | -551,000,000 | -520,000,000 | ' | ||||||||||
Net cash provided by financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 508,000,000 | 256,000,000 | 799,000,000 | ' | ||||||||||
Net cash provided by investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | -3,783,000,000 | -4,354,000,000 | -4,260,000,000 | ' | ||||||||||
Net increase in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | -12,000,000 | -200,000,000 | ' | ||||||||||
Cash and cash equivalents at beginning of year | ' | ' | ' | 45,000,000 | ' | ' | ' | 57,000,000 | 45,000,000 | 57,000,000 | 257,000,000 | ' | ||||||||||
Cash and cash equivalents at end of year | 54,000,000 | ' | ' | ' | 45,000,000 | ' | ' | ' | 54,000,000 | 45,000,000 | 57,000,000 | ' | ||||||||||
Dividends [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Weighted-average common equity component authorization, set by CPUC remaining over number of months (in months) | ' | ' | ' | ' | ' | ' | ' | ' | '13 months | ' | ' | ' | ||||||||||
Period for calculation of weighted average common equity component (months) | ' | ' | ' | ' | ' | ' | ' | ' | '13 months | ' | ' | ' | ||||||||||
Weighted-average common equity component of total capitalization (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 49.20% | ' | ' | ' | ||||||||||
Capacity to pay additional dividends | ' | ' | ' | ' | ' | ' | ' | ' | 247,000,000 | ' | ' | ' | ||||||||||
Restriction on net assets | 11,900,000,000 | ' | ' | ' | ' | ' | ' | ' | 11,900,000,000 | ' | ' | ' | ||||||||||
Debt and Credit Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Short-term debt | 175,000,000 | ' | ' | ' | 175,000,000 | ' | ' | ' | 175,000,000 | 175,000,000 | ' | ' | ||||||||||
Related Party Transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Expenses from services provided by SCE | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 4,000,000 | 3,000,000 | ' | ||||||||||
Southern California Edison | Revolving credit facility maturing in July 2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt and Credit Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Commitment | 2,750,000,000 | ' | ' | ' | ' | ' | ' | ' | 2,750,000,000 | ' | ' | ' | ||||||||||
Outstanding borrowings | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | 175,000,000 | ' | ' | ' | ||||||||||
Amount available | 2,459,000,000 | ' | ' | ' | ' | ' | ' | ' | 2,459,000,000 | ' | ' | ' | ||||||||||
Southern California Edison | Debentures and notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt and Credit Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Long-term Debt, Gross | $307,000,000 | ' | ' | ' | $307,000,000 | ' | ' | ' | $307,000,000 | $307,000,000 | ' | ' | ||||||||||
[1] | During the second quarter of 2013, SCE recorded an impairment charge of $575 million ($365 million after tax) related to the permanent retirement of San Onofre Units 2 and 3. | |||||||||||||||||||||
[2] | During the fourth quarter of 2012, SCE corrected errors, primarily related to deferred taxes, that resulted in a net earnings benefit of $33 million which were not considered material to the current and prior period consolidated financial statements. | |||||||||||||||||||||
[3] | During the fourth quarter of 2012, SCE implemented the 2012 GRC Decision which resulted in an earnings impact of approximately $500 million. | |||||||||||||||||||||
[4] | During the fourth quarter of 2012, Edison International recorded a full impairment of its investment in EME. See NoteB 16 for further information. |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Movement in Valuation and Qualifying Accounts | ' | ' | ' | |||
Balance at Beginning of Period | $126.10 | $79.60 | $89.90 | |||
Charged to Costs and Expenses | 55.3 | 93.2 | 50.2 | |||
Charged to Other Accounts | 0 | 0 | 0 | |||
Deductions | 111.4 | [1] | 46.7 | [1] | 60.5 | [1] |
Balance at End of Period | 70 | 126.1 | 79.6 | |||
Deferred tax assets, loss and credit carryforwards | 2,228 | 1,515 | ' | |||
Allowance For Uncollectible Accounts From Customers | ' | ' | ' | |||
Movement in Valuation and Qualifying Accounts | ' | ' | ' | |||
Balance at Beginning of Period | 46.6 | 42 | 36.1 | |||
Charged to Costs and Expenses | 36 | 34.6 | 31 | |||
Charged to Other Accounts | 0 | 0 | 0 | |||
Deductions | 30.4 | 30 | 25.1 | |||
Balance at End of Period | 52.2 | 46.6 | 42 | |||
Allowance For Uncollectible Accounts From Others | ' | ' | ' | |||
Movement in Valuation and Qualifying Accounts | ' | ' | ' | |||
Balance at Beginning of Period | 79.5 | 37.6 | 53.8 | |||
Charged to Costs and Expenses | 19.3 | 58.6 | 19.2 | |||
Charged to Other Accounts | 0 | 0 | 0 | |||
Deductions | 81 | 16.7 | 35.4 | [2] | ||
Balance at End of Period | 17.8 | 79.5 | 37.6 | |||
Tax Valuation Allowance | ' | ' | ' | |||
Movement in Valuation and Qualifying Accounts | ' | ' | ' | |||
Balance at Beginning of Period | 1,016.50 | [3] | 0 | ' | ||
Charged to Costs and Expenses | 363.5 | 1,016.50 | ' | |||
Charged to Other Accounts | 0 | [3] | 0 | [3] | ' | |
Deductions | 0 | 0 | [1] | ' | ||
Balance at End of Period | 1,380 | 1,016.50 | [3] | ' | ||
Southern California Edison | ' | ' | ' | |||
Movement in Valuation and Qualifying Accounts | ' | ' | ' | |||
Balance at Beginning of Period | 74.9 | 75 | 85.5 | |||
Charged to Costs and Expenses | 55.3 | 46.6 | 49.9 | |||
Charged to Other Accounts | 0 | 0 | 0 | |||
Deductions | 64.7 | [1] | 46.7 | [1] | 60.4 | [1] |
Balance at End of Period | 65.5 | 74.9 | 75 | |||
Deferred tax assets, loss and credit carryforwards | 427 | 125 | ' | |||
Southern California Edison | Allowance For Uncollectible Accounts From Customers | ' | ' | ' | |||
Movement in Valuation and Qualifying Accounts | ' | ' | ' | |||
Balance at Beginning of Period | 46.6 | 42 | 36.1 | |||
Charged to Costs and Expenses | 36 | 34.6 | 31 | |||
Charged to Other Accounts | 0 | 0 | 0 | |||
Deductions | 30.4 | 30 | 25.1 | |||
Balance at End of Period | 52.2 | 46.6 | 42 | |||
Southern California Edison | Allowance For Uncollectible Accounts From Others | ' | ' | ' | |||
Movement in Valuation and Qualifying Accounts | ' | ' | ' | |||
Balance at Beginning of Period | 28.3 | 33 | 49.4 | |||
Charged to Costs and Expenses | 19.3 | 12 | 18.9 | |||
Charged to Other Accounts | 0 | 0 | 0 | |||
Deductions | 34.3 | 16.7 | 35.3 | |||
Balance at End of Period | 13.3 | 28.3 | 33 | |||
Write-off on termination of agreement | ' | $23 | ' | |||
[1] | Accounts written off, net. | |||||
[2] | In 2010, SCE recorded a $23 million reserve against an uncollectible receivable related to contract termination negotiations, which was written off during 2011. | |||||
[3] | Edison International recorded deferred tax assets of $2.2 billion related to net operating losses and tax carryforwards that pertain to Edison International's consolidated or combined federal and state tax returns, including approximately $1.6 billion related to EME. Edison International continues to consolidate EME for federal and certain combined state tax returns. EMEbs Plan of Reorganization, filed in December 2013 ("December Plan of Reorganization"), provides for the transfer of EIXbs ownership interest to the creditors, which would result in a tax deconsolidation of EME. Under federal and state tax regulations, the tax deconsolidation of EME will reduce the amounts net operating loss and tax credits carryforwards that Edison International would be eligible to use in future periods. As a result of the EMEbs December Plan of Reorganization, that would result in a tax deconsolidation of EME, Edison International has recorded a $1.380 billion valuation allowance based on the estimated amount of such benefits as calculated under the applicable federal and state tax regulations as of December 31, 2013. The deferred income tax benefits recognized by Edison International less the valuation allowance for amounts that would no longer be available upon tax deconsolidation of EME was approximately $220 million. |