Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 20, 2020 | Jun. 28, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-9936 | ||
Entity Registrant Name | EDISON INTERNATIONAL | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Tax Identification Number | 95-4137452 | ||
Entity Address, Address Line One | 2244 Walnut Grove Avenue | ||
Entity Address, Address Line Two | (P.O. Box 976) | ||
Entity Address, City or Town | Rosemead, | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 91770 | ||
City Area Code | (626) | ||
Local Phone Number | 302-2222 | ||
Title of 12(b) Security | Common Stock, no par value | ||
Trading Symbol | EIX | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 22,000,000,000 | ||
Entity Common Stock, Shares Outstanding | 362,570,075,000,000 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Designated portions of the Proxy Statement relating to registrants' joint 2020 Annual Meeting of Shareholders are incorporated by reference into Part III of this report. | ||
Entity Central Index Key | 0000827052 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Southern California Edison Company | |||
Entity Information [Line Items] | |||
Entity File Number | 1-2313 | ||
Entity Registrant Name | SOUTHERN CALIFORNIA EDISON COMPANY | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Tax Identification Number | 95-1240335 | ||
Entity Address, Address Line One | 2244 Walnut Grove Avenue | ||
Entity Address, Address Line Two | (P.O. Box 800) | ||
Entity Address, City or Town | Rosemead, | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 91770 | ||
City Area Code | (626) | ||
Local Phone Number | 302-1212 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 434,888,104,000,000 | ||
Entity Central Index Key | 0000092103 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Southern California Edison Company | Cumulative Preferred Stock, 4.08% Series | NYSE American LLC | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Cumulative Preferred Stock, 4.08% Series | ||
Trading Symbol | SCEpB | ||
Security Exchange Name | NYSEAMER | ||
Southern California Edison Company | Cumulative Preferred Stock, 4.24% Series | NYSE American LLC | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Cumulative Preferred Stock, 4.24% Series | ||
Trading Symbol | SCEpC | ||
Security Exchange Name | NYSEAMER | ||
Southern California Edison Company | Cumulative Preferred Stock, 4.32% Series | NYSE American LLC | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Cumulative Preferred Stock, 4.32% Series | ||
Trading Symbol | SCEpD | ||
Security Exchange Name | NYSEAMER | ||
Southern California Edison Company | Cumulative Preferred Stock, 4.78% Series | NYSE American LLC | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Cumulative Preferred Stock, 4.78% Series | ||
Trading Symbol | SCEpE | ||
Security Exchange Name | NYSEAMER |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total operating revenue | $ 12,347 | $ 12,657 | $ 12,320 |
Purchased power and fuel | 4,839 | 5,406 | 4,873 |
Operation and maintenance | 3,018 | 2,797 | 2,844 |
Wildfire-related claims, net of insurance recoveries | 255 | 2,669 | 0 |
Wildfire insurance fund expense | 152 | 0 | 0 |
Depreciation and amortization | 1,730 | 1,871 | 2,041 |
Property and other taxes | 399 | 395 | 377 |
Impairment and other | 184 | 78 | 738 |
Other operating income | (5) | (7) | (9) |
Total operating expenses | 10,572 | 13,209 | 10,864 |
Operating income (loss) | 1,775 | (552) | 1,456 |
Interest expense | (841) | (734) | (639) |
Other income | 193 | 197 | 132 |
Income (loss) from continuing operations before income taxes | 1,127 | (1,089) | 949 |
Income tax (benefit) expense | (278) | (739) | 281 |
Income (loss) from continuing operations | 1,405 | (350) | 668 |
Income from discontinued operations, net of tax | 0 | 34 | 0 |
Net income (loss) | 1,405 | (316) | 668 |
Preferred and preference stock dividend requirements of SCE | 121 | 121 | 124 |
Other noncontrolling interests | 0 | (14) | (21) |
Net income (loss) attributable to Edison International common shareholders | 1,284 | (423) | 565 |
Net income (loss) available for common stock | 1,284 | ||
Amounts attributable to Edison International common shareholders: | |||
Income (loss) from continuing operations, net of tax | 1,284 | (457) | 565 |
Income from discontinued operations, net of tax | 0 | 34 | 0 |
Net income (loss) attributable to Edison International common shareholders | $ 1,284 | $ (423) | $ 565 |
Basic earnings (loss) per common share attributable to Edison International common shareholders: | |||
Weighted-average shares of common stock outstanding (in shares) | 340 | 326 | 326 |
Continuing operations (in dollars per share) | $ 3.78 | $ (1.40) | $ 1.73 |
Discontinued operations (in dollars per share) | 0 | 0.10 | 0 |
Basic earnings per common share attributable to Edison International common shareholders (in dollars per share) | $ 3.78 | $ (1.30) | $ 1.73 |
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) | 341 | 326 | 328 |
Continuing operations (in dollars per share) | $ 3.77 | $ (1.40) | $ 1.72 |
Discontinued operations (in dollars per share) | 0 | 0.10 | 0 |
Diluted earnings per common share attributable to Edison International common shareholders (in dollars per share) | $ 3.77 | $ (1.30) | $ 1.72 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 0 | $ 34 | $ 0 |
Southern California Edison Company | |||
Total operating revenue | 12,306 | 12,611 | 12,254 |
Purchased power and fuel | 4,839 | 5,406 | 4,873 |
Operation and maintenance | 2,936 | 2,702 | 2,722 |
Wildfire-related claims, net of insurance recoveries | 255 | 2,669 | 0 |
Wildfire insurance fund expense | 152 | 0 | 0 |
Depreciation and amortization | 1,728 | 1,867 | 2,032 |
Property and other taxes | 396 | 392 | 372 |
Impairment and other | 159 | (12) | 716 |
Other operating income | (4) | (7) | (8) |
Total operating expenses | 10,461 | 13,017 | 10,707 |
Operating income (loss) | 1,845 | (406) | 1,547 |
Interest expense | (739) | (673) | (589) |
Other income | 195 | 194 | 148 |
Income (loss) from continuing operations before income taxes | 1,301 | (885) | 1,106 |
Income tax (benefit) expense | (229) | (696) | (30) |
Net income (loss) | 1,530 | (189) | 1,136 |
Preferred and preference stock dividend requirements of SCE | 121 | 121 | 124 |
Net income (loss) available for common stock | $ 1,409 | $ (310) | $ 1,012 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income (loss) | $ 1,405 | $ (316) | $ 668 |
Pension and postretirement benefits other than pensions: | |||
Net (loss) income arising during period plus amortization of net loss included in net income | (9) | (3) | 10 |
Other | 0 | (4) | 0 |
Other comprehensive (loss) income, net of tax | (9) | (7) | 10 |
Comprehensive income (loss) | 1,396 | (323) | 678 |
Less: Comprehensive income attributable to noncontrolling interests | 121 | 107 | 103 |
Comprehensive income (loss) attributable to Edison International | 1,275 | (430) | 575 |
Southern California Edison Company | |||
Net income (loss) | 1,530 | (189) | 1,136 |
Pension and postretirement benefits other than pensions: | |||
Net (loss) income arising during period plus amortization of net loss included in net income | (11) | 1 | 1 |
Other | 0 | (5) | 0 |
Other comprehensive (loss) income, net of tax | (11) | (4) | 1 |
Comprehensive income (loss) | $ 1,519 | $ (193) | $ 1,137 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 68 | $ 144 |
Receivables, less allowances for uncollectible accounts | 788 | 730 |
Accrued unbilled revenue | 488 | 482 |
Inventory | 364 | 282 |
Income tax receivables | 118 | 191 |
Prepaid expenses | 214 | 148 |
Derivative assets | 81 | 171 |
Regulatory assets | 1,009 | 1,133 |
Wildfire Insurance Fund contributions | 323 | 0 |
Other current assets | 107 | 78 |
Total current assets | 3,560 | 3,359 |
Nuclear decommissioning trusts | 4,562 | 4,120 |
Other investments | 64 | 63 |
Total investments | 4,626 | 4,183 |
Utility property, plant and equipment, less accumulated depreciation and amortization | 44,198 | 41,269 |
Nonutility property, plant and equipment, less accumulated depreciation | 87 | 79 |
Total property, plant and equipment | 44,285 | 41,348 |
Regulatory assets | 6,088 | 5,380 |
Wildfire Insurance Fund contributions | 2,767 | 0 |
Operating lease right-of-use assets | 693 | |
Other long-term assets | 2,363 | 2,445 |
Total long-term assets | 11,911 | 7,825 |
Total assets | 64,382 | 56,715 |
LIABILITIES AND EQUITY | ||
Short-term debt | 550 | 720 |
Current portion of long-term debt | 479 | 79 |
Accounts payable | 1,752 | 1,511 |
Customer deposits | 302 | 299 |
Regulatory liabilities | 972 | 1,532 |
Current portion of operating lease liabilities | 80 | |
Other current liabilities | 1,388 | 1,254 |
Total current liabilities | 5,523 | 5,395 |
Long-term debt | 17,864 | 14,632 |
Deferred income taxes and credits | 5,078 | 4,576 |
Pensions and benefits | 674 | 869 |
Asset retirement obligations | 3,029 | 3,031 |
Regulatory liabilities | 8,385 | 8,329 |
Operating lease liabilities | 613 | |
Wildfire-related claims | 4,568 | 4,669 |
Other deferred credits and other long-term liabilities | 3,152 | 2,562 |
Total deferred credits and other liabilities | 25,499 | 24,036 |
Total liabilities | 48,886 | 44,063 |
Commitments and contingencies (Note 12) | ||
Common stock, no par value | 4,990 | 2,545 |
Accumulated other comprehensive loss | (69) | (50) |
Retained earnings | 8,382 | 7,964 |
Total Edison International's common shareholders' equity | 13,303 | 10,459 |
Noncontrolling interests – preferred and preference stock of SCE | 2,193 | 2,193 |
Total equity | 15,496 | 12,652 |
Total liabilities and equity | 64,382 | 56,715 |
Southern California Edison Company | ||
ASSETS | ||
Cash and cash equivalents | 24 | 21 |
Receivables, less allowances for uncollectible accounts | 777 | 711 |
Accrued unbilled revenue | 488 | 482 |
Inventory | 364 | 282 |
Income tax receivables | 148 | 312 |
Prepaid expenses | 213 | 144 |
Derivative assets | 81 | 171 |
Regulatory assets | 1,009 | 1,133 |
Wildfire Insurance Fund contributions | 323 | 0 |
Other current assets | 103 | 69 |
Total current assets | 3,530 | 3,325 |
Nuclear decommissioning trusts | 4,562 | 4,120 |
Other investments | 46 | 45 |
Total investments | 4,608 | 4,165 |
Utility property, plant and equipment, less accumulated depreciation and amortization | 44,198 | 41,269 |
Nonutility property, plant and equipment, less accumulated depreciation | 83 | 75 |
Total property, plant and equipment | 44,281 | 41,344 |
Regulatory assets | 6,088 | 5,380 |
Wildfire Insurance Fund contributions | 2,767 | 0 |
Operating lease right-of-use assets | 689 | |
Long-term insurance receivables due from affiliate | 803 | 1,000 |
Other long-term assets | 1,507 | 1,360 |
Total long-term assets | 11,854 | 7,740 |
Total assets | 64,273 | 56,574 |
LIABILITIES AND EQUITY | ||
Short-term debt | 550 | 720 |
Current portion of long-term debt | 79 | 79 |
Accounts payable | 1,779 | 1,519 |
Customer deposits | 302 | 299 |
Regulatory liabilities | 972 | 1,532 |
Current portion of operating lease liabilities | 79 | |
Other current liabilities | 1,298 | 997 |
Total current liabilities | 5,059 | 5,146 |
Long-term debt | 15,132 | 12,892 |
Deferred income taxes and credits | 6,451 | 5,898 |
Pensions and benefits | 237 | 433 |
Asset retirement obligations | 3,029 | 3,031 |
Regulatory liabilities | 8,385 | 8,329 |
Operating lease liabilities | 610 | |
Wildfire-related claims | 4,568 | 4,669 |
Other deferred credits and other long-term liabilities | 2,975 | 2,391 |
Total deferred credits and other liabilities | 26,255 | 24,751 |
Total liabilities | 46,446 | 42,789 |
Commitments and contingencies (Note 12) | ||
Preferred and preference stock | 2,245 | 2,245 |
Common stock, no par value | 2,168 | 2,168 |
Additional paid-in capital | 3,939 | 680 |
Accumulated other comprehensive loss | (39) | (23) |
Retained earnings | 9,514 | 8,715 |
Total equity | 17,827 | 13,785 |
Total liabilities and equity | $ 64,273 | $ 56,574 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables, allowances for uncollectible accounts | $ 50 | $ 52 |
Utility property, plant and equipment, accumulated depreciation | 9,958 | 9,566 |
Nonutility property, plant and equipment, accumulated depreciation | $ 86 | $ 82 |
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 | 361,985,133 | 325,811,206 |
Common stock, shares outstanding | 361,985,133 | 325,811,206 |
Southern California Edison Company | ||
Receivables, allowances for uncollectible accounts | $ 49 | $ 51 |
Utility property, plant and equipment, accumulated depreciation | 9,958 | 9,566 |
Nonutility property, plant and equipment, accumulated depreciation | $ 80 | $ 77 |
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 Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 1,405 | $ (316) | $ 668 |
Less: Income from discontinued operations | 0 | 34 | 0 |
Income (loss) from continuing operations | 1,405 | (350) | 668 |
Adjustments to reconcile to net cash provided by operating activities: | |||
Depreciation and amortization | 1,803 | 1,940 | 2,115 |
Allowance for equity during construction | (101) | (104) | (87) |
Impairment and other | 184 | 78 | 738 |
Deferred income taxes | (284) | (527) | 498 |
Wildfire Insurance Fund amortization expense | 152 | 0 | 0 |
Other | 29 | 35 | 34 |
Nuclear decommissioning trusts | (106) | (109) | (197) |
Contributions to Wildfire Insurance Fund | (2,457) | 0 | 0 |
Changes in operating assets and liabilities: | |||
Receivables | (76) | (39) | 6 |
Inventory | (83) | (49) | (12) |
Accounts payable | 288 | (31) | 50 |
Tax receivables and payables | 88 | 32 | (250) |
Other current assets and liabilities | (13) | (79) | 7 |
Regulatory assets and liabilities, net | (1,278) | (92) | 4 |
Wildfire-related insurance receivable | 285 | (2,000) | 0 |
Wildfire-related claims | (101) | 4,669 | 0 |
Other noncurrent assets and liabilities | (42) | (197) | 23 |
Net cash (used in) provided by operating activities | (307) | 3,177 | 3,597 |
Cash flows from financing activities: | |||
Long-term debt issued or remarketed, net of premium, discount and issuance costs | 3,696 | 3,237 | 2,233 |
Long-term debt repaid | (82) | (654) | (1,285) |
Term loan issued | 1,750 | 0 | 0 |
Term loan repaid | (1,750) | 0 | 0 |
Common stock issued | 2,391 | 0 | 0 |
Preference stock issued, net | 0 | 0 | 462 |
Preference stock redeemed | 0 | 0 | (475) |
Short-term debt financing, net | (172) | (1,611) | 1,084 |
Payments for stock-based compensation | (64) | (46) | (393) |
Receipts from stock option exercises | 58 | 26 | 215 |
Dividends and distribution to noncontrolling interests | (121) | (121) | (125) |
Dividends paid | (810) | (788) | (707) |
Other | 7 | 39 | (2) |
Net cash provided by financing activities | 4,903 | 82 | 1,007 |
Cash flows from investing activities: | |||
Capital expenditures | (4,877) | (4,509) | (3,844) |
Proceeds from sale of nuclear decommissioning trust investments | 4,389 | 4,340 | 5,239 |
Purchases of nuclear decommissioning trust investments | (4,283) | (4,231) | (5,042) |
Proceeds from sale of SoCore Energy, net of cash acquired by buyer | 0 | 78 | 0 |
Other | 93 | 83 | 61 |
Net cash used in investing activities | (4,678) | (4,239) | (3,586) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (82) | (980) | 1,018 |
Cash, cash equivalents and restricted cash at beginning of year | 152 | 1,132 | 114 |
Cash, cash equivalents and restricted cash at end of year | 70 | 152 | 1,132 |
Southern California Edison Company | |||
Cash flows from operating activities: | |||
Net income (loss) | 1,530 | (189) | 1,136 |
Adjustments to reconcile to net cash provided by operating activities: | |||
Depreciation and amortization | 1,798 | 1,931 | 2,101 |
Allowance for equity during construction | (101) | (104) | (87) |
Impairment and other | 159 | (12) | 716 |
Deferred income taxes | (243) | (552) | 304 |
Wildfire Insurance Fund amortization expense | 152 | 0 | 0 |
Other | 17 | 28 | 24 |
Nuclear decommissioning trusts | (106) | (109) | (197) |
Contributions to Wildfire Insurance Fund | (2,457) | 0 | 0 |
Changes in operating assets and liabilities: | |||
Receivables | (89) | (45) | 5 |
Inventory | (83) | (50) | (11) |
Accounts payable | 307 | (43) | 50 |
Tax receivables and payables | 178 | (84) | (234) |
Other current assets and liabilities | (15) | (91) | 42 |
Regulatory assets and liabilities, net | (1,278) | (92) | 4 |
Wildfire-related insurance receivable | 285 | (2,000) | 0 |
Wildfire-related claims | (101) | 4,669 | 0 |
Other noncurrent assets and liabilities | (44) | (66) | (118) |
Net cash (used in) provided by operating activities | (91) | 3,191 | 3,735 |
Cash flows from financing activities: | |||
Long-term debt issued or remarketed, net of premium, discount and issuance costs | 2,306 | 2,692 | 1,445 |
Long-term debt repaid | (82) | (639) | (882) |
Term loan issued | 750 | 0 | 0 |
Term loan repaid | (750) | 0 | 0 |
Capital contributions from Edison International Parent | 3,250 | 0 | 0 |
Preference stock issued, net | 0 | 0 | 462 |
Preference stock redeemed | 0 | 0 | (475) |
Short-term debt financing, net | (171) | (520) | 469 |
Payments for stock-based compensation | (40) | (22) | (86) |
Receipts from stock option exercises | 22 | 12 | 48 |
Dividends paid | (521) | (909) | (697) |
Other | 7 | 2 | (41) |
Net cash provided by financing activities | 4,771 | 616 | 243 |
Cash flows from investing activities: | |||
Capital expenditures | (4,876) | (4,491) | (3,756) |
Proceeds from sale of nuclear decommissioning trust investments | 4,389 | 4,340 | 5,239 |
Purchases of nuclear decommissioning trust investments | (4,283) | (4,231) | (5,042) |
Other | 92 | 82 | 56 |
Net cash used in investing activities | (4,678) | (4,300) | (3,503) |
Net (decrease) increase in cash, cash equivalents and restricted cash | 2 | (493) | 475 |
Cash, cash equivalents and restricted cash at beginning of year | 22 | 515 | 40 |
Cash, cash equivalents and restricted cash at end of year | $ 24 | $ 22 | $ 515 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
(Discount), premium and issuance costs | $ 4 | $ 63 | $ 2 |
Southern California Edison Company | |||
(Discount), premium and issuance costs | $ (6) | $ 58 | $ (10) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Southern California Edison Company | Common Stock | Preferred and Preference StockSouthern California Edison Company | Common StockSouthern California Edison Company | Additional Paid-in CapitalSouthern California Edison Company | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossSouthern California Edison Company | Retained Earnings | Retained EarningsSouthern California Edison Company | Equity Attributable to Common Shareholders | Other | Noncontrolling Interest, Preferred and Preference Stock |
Beginning balance at Dec. 31, 2016 | $ 14,187 | $ 14,483 | $ 2,505 | $ 2,245 | $ 2,168 | $ 657 | $ (53) | $ (20) | $ 9,544 | $ 9,433 | $ 11,996 | $ 0 | $ 2,191 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) | 1,136 | 1,136 | |||||||||||
Net income (loss) | 671 | 565 | 565 | (18) | 124 | ||||||||
Other comprehensive income (loss) | 10 | 1 | 10 | 1 | 10 | ||||||||
Issuance of preference or common stock | 462 | 462 | 475 | (13) | 462 | ||||||||
Contribution from tax equity investor | 20 | 20 | |||||||||||
Dividends declared on common stock | (727) | (785) | (727) | (785) | (727) | ||||||||
Dividends declared on preferred and preference stock | (124) | (124) | |||||||||||
Dividends to noncontrolling interests | (124) | (124) | |||||||||||
Stock-based compensation | (179) | (38) | (179) | (38) | (179) | ||||||||
Noncash stock-based compensation | 21 | 12 | 21 | 12 | 21 | ||||||||
Redemption of preference stock | (475) | (475) | (475) | 15 | (15) | (15) | (15) | (460) | |||||
Ending balance at Dec. 31, 2017 | 13,866 | 14,672 | 2,526 | 2,245 | 2,168 | 671 | (43) | (19) | 9,188 | 9,607 | 11,671 | 2 | 2,193 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) | (189) | (189) | |||||||||||
Net income (loss) | (313) | (423) | (423) | (11) | 121 | ||||||||
Other comprehensive income (loss) | (2) | 1 | (2) | 1 | (2) | ||||||||
Contribution from tax equity investor | 24 | 24 | |||||||||||
Dividends declared on common stock | (791) | (576) | (791) | (576) | (791) | ||||||||
Dividends declared on preferred and preference stock | (121) | (121) | |||||||||||
Dividends to noncontrolling interests | (121) | (121) | |||||||||||
Stock-based compensation | (20) | (11) | (20) | (11) | (20) | ||||||||
Noncash stock-based compensation | 19 | 9 | 19 | 9 | 19 | ||||||||
Deconsolidation of SoCore Energy | (15) | (15) | |||||||||||
Ending balance at Dec. 31, 2018 | 12,652 | 13,785 | 2,545 | 2,245 | 2,168 | 680 | (50) | (23) | 7,964 | 8,715 | 10,459 | 0 | 2,193 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) | 1,530 | 1,530 | |||||||||||
Net income (loss) | 1,405 | 1,284 | 1,284 | 121 | |||||||||
Other comprehensive income (loss) | (9) | (11) | (9) | (11) | (9) | ||||||||
Capital contribution from Edison International Parent (Note 14) | 3,250 | 3,250 | |||||||||||
Issuance of preference or common stock | 2,421 | 2,421 | 2,421 | ||||||||||
Dividends declared on common stock | (849) | (600) | (849) | (600) | (849) | ||||||||
Dividends declared on preferred and preference stock | (121) | (121) | |||||||||||
Dividends to noncontrolling interests | (121) | (121) | |||||||||||
Stock-based compensation | (27) | (18) | (3) | (27) | (15) | (27) | |||||||
Noncash stock-based compensation | 24 | 12 | 24 | 12 | 24 | ||||||||
Ending balance at Dec. 31, 2019 | $ 15,496 | $ 17,827 | $ 4,990 | $ 2,245 | $ 2,168 | $ 3,939 | $ (69) | $ (39) | $ 8,382 | $ 9,514 | $ 13,303 | $ 0 | $ 2,193 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends declared per common share (in dollars per share) | $ 2.4750 | $ 2.4275 | $ 2.2325 |
Minimum | Noncontrolling interest | |||
Preferred stock dividends (in dollars per share) | 1.02 | 1.02 | 1.02 |
Preference stock dividends (in dollars per share) | 62.50 | 62.50 | 62.50 |
Maximum | Noncontrolling interest | |||
Preferred stock dividends (in dollars per share) | 1.195 | 1.195 | 1.195 |
Preference stock dividends (in dollars per share) | 143.75 | 143.75 | 143.75 |
Southern California Edison Company | |||
Dividends declared per common share (in dollars per share) | 1.3797 | 1.3245 | 1.8051 |
Southern California Edison Company | Minimum | Noncontrolling interest | |||
Preferred stock dividends (in dollars per share) | 1.02 | 1.02 | 1.02 |
Preference stock dividends (in dollars per share) | 62.50 | 62.50 | 62.50 |
Southern California Edison Company | Maximum | Noncontrolling interest | |||
Preferred stock dividends (in dollars per share) | 1.195 | 1.195 | 1.195 |
Preference stock dividends (in dollars per share) | $ 143.75 | $ 143.75 | $ 143.75 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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") and Edison Energy Group, Inc. ("Edison Energy Group"). SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. Edison Energy Group is a holding company for Edison Energy, LLC ("Edison Energy") which is engaged in the competitive business of providing energy services to commercial and industrial customers. Edison Energy's 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 competitive subsidiaries and "Edison International Parent" refer to Edison International on a stand-alone basis, not consolidated with its 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 non-regulated 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 and refundable to customers. In addition, SCE recognizes revenue and regulatory assets from alternative revenue programs, which enables the utility to adjust future rates in response to past activities or completed events, if certain criteria are met, even for programs that do not qualify for recognition of "traditional" regulatory assets and liabilities. 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. 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. Certain prior year amounts have been conformed to the current year's presentation. Sale of SoCore Energy On February 28, 2018, Edison International agreed to sell SoCore Energy LLC ("SoCore Energy"), a subsidiary of Edison Energy Group, to a third party, subject to the completion of closing conditions, which were satisfied on April 16, 2018. As a result, Edison International recognized a pre-tax loss of $62 million ( $50 million after-tax) for the year ended December 31, 2018 and the assets and liabilities of SoCore Energy were not reflected in the consolidated Edison International balance sheet as of December 31, 2018. Cash, Cash Equivalents and Restricted Cash Cash equivalents include investments in money market funds. Generally, the carrying value of cash equivalents equals the fair value, as these investments have original maturities of three months or less. The cash equivalents were as follows: Edison International SCE December 31, (in millions) 2019 2018 2019 2018 Money market funds $ 31 $ 116 $ — $ 1 Cash is temporarily invested until required for check clearing. 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) 2019 2018 2019 2018 Book balances reclassified to accounts payable $ 75 $ 65 $ 74 $ 65 The following table sets forth the cash, cash equivalents and restricted cash included in the consolidated statements of cash flows: (in millions) December 31, 2019 December 31, 2018 Edison International: Cash and cash equivalents $ 68 $ 144 Short-term restricted cash 1 2 8 Total cash, cash equivalents, and restricted cash $ 70 $ 152 SCE: Cash and cash equivalents $ 24 $ 21 Short-term restricted cash 1 — 1 Total cash, cash equivalents, and restricted cash $ 24 $ 22 1 Reflected in "Other current assets" on Edison International's and SCE's consolidated balance sheets. 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 SCE's inventory is primarily composed of materials, supplies and spare parts, and generally stated at weighted average cost. Emission Allowances and Energy Credits SCE is allocated greenhouse gas ("GHG") allowances annually which it is then required to sell into quarterly auctions. GHG proceeds from the auctions are recorded as a regulatory liability to be refunded to customers. SCE purchases GHG allowances in quarterly auctions or from counterparties 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 held for use of $50 million and $38 million at December 31, 2019 and 2018 , respectively. GHG emission obligations were $50 million and $30 million at December 31, 2019 and 2018 , respectively, and are classified as "Other current liabilities" on the consolidated balance sheets. SCE is allocated low carbon fuel standard ("LCFS") credits which it sells to market participants. Proceeds from the sales, net of program costs, are recorded in a balancing account to be refunded to eligible customers. SCE's net proceeds from the sale of these LCFS credits were $184 million and $103 million and are classified as "Regulatory liabilities" on the consolidated balance sheets at December 31, 2019 and 2018 , respectively. Property, Plant and Equipment SCE plant additions, including replacements and betterments, are capitalized. Direct material and labor and indirect costs such as construction overhead, administrative and general costs, pension and benefits, and property taxes are capitalized as part of plant additions. The CPUC authorizes a capitalization rate for each of the indirect costs which are allocated to each project based on either labor or total costs. Estimated useful lives authorized by the CPUC in the 2018 General Rate Case ("GRC") and weighted average useful lives of SCE's property, plant and equipment, are as follows: Estimated Useful Lives Weighted Average Generation plant 10 years to 56 years 36 years Distribution plant 20 years to 65 years 48 years Transmission plant 45 years to 65 years 54 years General plant and other 5 years to 60 years 25 years Depreciation of utility property, plant and equipment is computed on a straight-line, remaining-life basis. SCE's depreciation expense was $1.7 billion , $1.7 billion and $1.6 billion for 2019 , 2018 and 2017 , respectively. Depreciation expense stated as a percent of average original cost of depreciable utility plant was, on a composite basis, 3.6% , 3.7% and 3.8% for 2019 , 2018 and 2017 , respectively. The original costs of retired property are charged to accumulated depreciation. See Note 2 for further information. Nuclear fuel for the Palo Verde Nuclear Generating Station ("Palo Verde") 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. Palo Verde nuclear fuel is amortized using the units of production method. Allowance for funds used during construction ("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 $101 million , $104 million and $87 million in 2019 , 2018 and 2017 , respectively, and is reflected in "Other income." AFUDC debt was $63 million , $44 million and $28 million in 2019 , 2018 and 2017 , respectively and is reflected as a reduction of "Interest expense." Major Maintenance Major maintenance costs for SCE's power plant facilities and equipment are expensed as incurred. 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. Accounting principles for rate-regulated enterprises also require recognition of an impairment loss if it becomes probable that the regulated utility will abandon a plant investment, or if it becomes probable that the cost of a recently completed plant will be disallowed, either directly or indirectly, for ratemaking purposes and a reasonable estimate of the amount of the disallowance can be made. Initial and annual contributions to the wildfire insurance fund established pursuant to California Assembly Bill 1054 (the "Wildfire Insurance Fund" and "AB 1054") Edison International and SCE accounted for the contributions to the Wildfire Insurance Fund similarly to prepaid insurance. No period of coverage was provided in AB 1054, therefore expense is being allocated to periods ratably based on an estimated period of coverage. At December 31, 2019 , Edison International and SCE have a $2.8 billion long-term asset and a $323 million current asset reflected as "Wildfire Insurance Fund contributions" in the consolidated balance sheets for the initial $2.4 billion contribution made during the third quarter of 2019 and the present value of annual contributions SCE committed to make to the Wildfire Insurance Fund, reduced by amortization. At December 31, 2019 , a long-term liability of $785 million has been reflected in "Other deferred credits and other long-term liabilities" for the present value of unpaid contribution amounts. Contributions were discounted to the present value at the date SCE committed to participate in the Wildfire Insurance Fund using US treasury interest rates. A period of 10 years is being used to amortize the asset. All expenses related to the contributions are being reflected in "Operation and maintenance" in the consolidated statements of income. Changes in the estimated period of coverage provided by the Wildfire Insurance Fund could lead to material changes in future expense recognition. In estimating the period of coverage Edison International and SCE used Monte Carlo simulations based on five years (2014 – 2018) of historical data from wildfires caused by electrical utility equipment to estimate expected losses. The details of the operation of the Wildfire Insurance Fund and estimates related to claims by SCE, Pacific Gas & Electric Company ("PG&E") and San Diego Gas & Electric ("SDG&E") against the fund have been applied to the expected loss simulations to estimate the period of coverage of the fund. The most sensitive inputs to the estimated period of coverage are the expected frequency of wildfire events caused by investor-owned utility electrical equipment and the estimated costs associated with those forecasted events. Edison International and SCE evaluate all inputs annually, or upon claims being made from the fund for catastrophic wildfires, and the expected life of the insurance fund will be adjusted as required. Edison International and SCE will assess the Wildfire Insurance Fund contribution assets for impairment in the event that a participating utility's electrical equipment is found to be the substantial cause of a catastrophic wildfire, based on the ability of SCE to benefit from the coverage provided by the Wildfire Insurance Fund in an amount equal to the recorded assets. Goodwill Edison International assesses goodwill through an annual goodwill impairment test, at the reporting unit level as of October 1 of each year. Edison International updates its goodwill impairment test between annual tests if events occur or circumstances change such that it is more likely than not that the fair value of a reporting unit is below its carrying value. In assessing goodwill for impairment, Edison International may perform a qualitative assessment to determine whether a quantitative assessment is necessary. In performing a qualitative assessment, Edison International assesses, among other things, macroeconomic conditions, industry and market considerations, overall financial performance, cost factors and entity-specific events. If, after assessing these qualitative factors, Edison International determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then Edison International performs the two-step goodwill impairment test ("quantitative assessment"). In October 2019 and 2018, Edison International qualitatively determined that it was more likely than not that the carrying value of the Edison Energy reporting unit exceeded the fair value, therefore, Edison International performed quantitative assessments. The fair value of the Edison Energy reporting unit was estimated using the income approach, which utilizes a discounted cash flow analysis based on the earnings expected to be generated in the future. This determination requires significant assumptions and estimates in forecasting future cash flows and establishing a market discount rate and a terminal value. The most critical assumption affecting the estimate of the Edison Energy reporting unit's fair value was a reduction in forecasted growth. During the fourth quarter of 2019 and 2018, Edison International recorded an impairment of its Edison Energy reporting unit goodwill totaling $25 million ( $18 million after-tax) and $19 million ( $13 million after-tax), respectively. At December 31, 2019 and 2018, Edison International has $34 million and $59 million of goodwill, all of which is related to its Edison Energy reporting unit. Goodwill constitutes the majority of Edison International's $57 million investment in Edison Energy. During the second quarter of 2017, Edison International recorded an impairment of SoCore Energy's goodwill totaling $17 million ( $10 million after-tax). SoCore Energy was sold in April 2018, as discussed above. Nuclear Decommissioning and 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 has not recorded an ARO for assets that are expected to operate indefinitely or where SCE cannot estimate a settlement date (or range of potential settlement dates). As such, ARO liabilities are not recorded for certain retirement activities, including certain hydroelectric facilities. The following table summarizes the changes in SCE's ARO liability: December 31, (in millions) 2019 2018 Beginning balance $ 3,031 $ 2,892 Accretion 1 166 169 Revisions 4 110 Liabilities settled (172 ) (140 ) Ending balance $ 3,029 $ 3,031 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") conducted before the CPUC. Revisions of an ARO are established for updated site-specific decommissioning cost estimates. The ARO for decommissioning SCE's San Onofre Nuclear Generating Station ("San Onofre") and Palo Verde nuclear power facilities is $2.8 billion as of December 31, 2019 . The liability to decommission SCE's nuclear power facilities is based on a 2017 decommissioning study that was filed as part of the 2018 NDCTP for San Onofre Units 1, 2, and 3, with revisions to the cost estimate in 2018 for San Onofre Units 2 and 3 and a 2016 decommissioning study for Palo Verde, with revisions to the cost estimate in 2017. SCE revised the ARO for San Onofre Units 2 and 3 due to increases in decommissioning cost estimates in 2018, related to the impact of operational uncertainties, and in 2017, related to changes to onboarding the general contractor at San Onofre. SCE 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 information, see Note 11. Decommissioning of San Onofre Unit 1 began in 1999 and the transfer of spent nuclear fuel from Unit 1 to dry cask storage in the Independent Spent Fuel Storage Installation ("ISFSI") was completed in 2005. Major decommissioning work for Unit 1 has been completed except for reactor vessel disposal and certain underground work. Some spent nuclear fuel from Units 2 and 3 also was transferred to the ISFSI between 2007 and 2012. Radiological decommissioning of San Onofre Units 2 and 3 began in June 2013 with SCE filing a certification of permanent cessation of power operations at San Onofre with the Nuclear Regulatory Commission. The transfer of the remaining spent nuclear fuel from Units 2 and 3 to the ISFSI began in 2018. However, the spent fuel transfer operations were suspended on August 3, 2018 due to an incident that occurred when an SCE contractor was loading a spent fuel canister into the ISFSI. The incident did not result in any harm to the public or workers and the canister was subsequently safely loaded into the ISFSI. In May 2019, after an extensive review, the NRC determined that fuel loading can be safely resumed at San Onofre. SCE commenced fuel transfer operations at San Onofre in July 2019. In October 2019, the California Coastal Commission approved SCE's application for the Coastal Development Permit, the principle discretionary permit required to start major decommissioning activities at San Onofre. SCE plans on commencing major decommissioning activities in 2020 in accordance with the terms of the permit, subject to any court rulings in a proceeding brought in December 2019 to challenge the California Coastal Commission's issuance of the permit. Decommissioning costs, which are recovered through 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. Due to regulatory recovery of SCE's nuclear decommissioning expense, prudently incurred costs for nuclear decommissioning activities do not affect SCE's earnings. Amortization of the ARO asset (included within the unamortized nuclear investment) and accretion of the ARO liability are deferred as decreases to the ARO regulatory liability account, resulting in no impact on earnings. SCE has collected in rates amounts for the future decommissioning of its nuclear assets and has placed those amounts in independent trusts. Amounts collected in rates in excess of the ARO liability are classified as regulatory liabilities. 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 2079 to decommission its nuclear facilities. This estimate is based on SCE's decommissioning cost methodology used for ratemaking purposes, escalated at rates ranging from 2.2% to 7.5% (depending on the cost element) annually. These costs are expected to be funded from independent decommissioning trusts. SCE estimates annual after-tax earnings on the decommissioning funds of 2.4% to 3.8% dependent on asset class. If the assumed return on trust assets is not earned or costs escalate at higher rates, SCE expects that additional funds needed for decommissioning will be recoverable through future rates, subject to a reasonableness review. See Note 10 for further information. SCE's nuclear decommissioning trust investments primarily consist of fixed income investments that are classified as available-for-sale and equity investments. Due to regulatory mechanisms, investment earnings and realized gains and losses have no impact on earnings. Unrealized gains and losses on decommissioning trust funds, including other-than-temporary impairment, 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 fixed income 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 carrying value 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 $142 million and $153 million at December 31, 2019 and 2018 , respectively, reflected as long-term "Regulatory assets" in the consolidated balance sheets. In addition, Edison International and SCE had debt issuance costs related to issuances of long-term debt of $121 million and $106 million at December 31, 2019 , respectively, and $102 million and $93 million at December 31, 2018 , respectively, reflected as a reduction of "Long-term debt" on the consolidated balance sheets. Amortization of deferred financing costs charged to interest expense is as follows: Edison International SCE Years ended December 31, (in millions) 2019 2018 2017 2019 2018 2017 Amortization of deferred financing costs charged to interest expense $ 30 $ 30 $ 30 $ 26 $ 26 $ 27 Revenue Recognition Revenue is recognized by Edison International and SCE when a performance obligation to transfer control of the promised goods is satisfied or when services are rendered to customers. This typically occurs when electricity is delivered to customers, which includes amounts for services rendered but unbilled at the end of a reporting period. SCE's Revenue from Contracts with Customers Provision of Electricity SCE principally generates revenue through supplying and delivering electricity to its customers. Rates charged to customers are based on tariff rates, approved by the CPUC and FERC. Starting with SCE's 2021 GRC, revenue will be authorized through quadrennial GRC proceedings, which are intended to provide SCE a reasonable opportunity to recover its costs and earn a return on its CPUC-jurisdictional rate base. The CPUC sets an annual revenue requirement for the base year and the remaining three years are set by a methodology established in the GRC proceeding. Revenue was previously authorized by the CPUC in triennial GRC proceedings. As described above, SCE also earns revenue, with no return, to recover costs for power procurement and other activities. Revenue is authorized by the FERC through a formula rate which is intended to provide SCE a reasonable opportunity to recover transmission capital and operating costs that are prudently incurred, including a return on its FERC-jurisdictional rate base. Under the operation of the formula rate, transmission revenue is updated to actual cost of service annually. For SCE's electricity sales for both residential and non-residential customers, SCE satisfies the performance obligation of delivering electricity over time as the customers simultaneously receive and consume the delivered electricity. Energy sales are typically on a month-to-month implied contract for transmission, distribution and generation services. Revenue is recognized over time as the energy is supplied and delivered to customers and the respective revenue is billed and paid on a monthly basis. CPUC and FERC rates decouple authorized revenue from the volume of electricity sales and the price of energy procured so that SCE receives revenue equal to amounts authorized by the relevant regulatory agencies. As a result, the volume of electricity sold to customers and specific customer classes does not have a direct impact on SCE's financial results. See Note 7 for further information on SCE's revenue. Sales and Use Taxes 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. SCE's franchise fees billed to customers were $122 million , $133 million and $133 million for the years ended December 31, 2019, 2018 and 2017, respectively. When SCE acts as an agent for sales and use tax, the taxes are accounted for on a net basis. Amounts billed to and collected from customers for these taxes are remitted to the taxing authorities and are not recognized as electric utility revenue. SCE's Alternative Revenue Programs The CPUC and FERC have authorized additional, alternative revenue programs which adjust billings for the effects of broad external factors or compensate SCE for demand-side management initiatives and provide for incentive awards if SCE achieves certain objectives. These alternative revenue programs allow SCE to recover costs that SCE has been authorized to pass on to customers, including costs to purchase electricity and natural gas, and to fund public purpose, demand response, and customer energy efficiency programs. In general, revenue is recognized for these alternative revenue programs at the time the costs are incurred and, for incentive-based programs, at the time the awards are approved by the CPUC. SCE begins recognizing revenues for these programs when a program has been established by an order from either the CPUC or FERC that allows for automatic adjustment of future rates, the amount of revenue for the period is objectively determinable and probable of recovery and the revenue will be collected within 24 months following the end of the annual period. Regulatory Proceedings 2018 General Rate Case In the absence of a 2018 GRC final decision, SCE recognized revenue in 2018 and the first quarter of 2019 based on the 2017 authorized revenue requirement, adjusted for items SCE determined to be probable of occurring, primarily the July 2017 cost of capital decision and the Tax Cuts and Jobs Act ("Tax Reform"). Adjustments were also made to 2017 authorized revenue to reflect changes in authorized tax benefits for certain balancing accounts. See Note 11 for further information. In May 2019, the CPUC approved a final decision in SCE's 2018 GRC. The final decision authorized a revenue requirement of $5.1 billion for 2018 and identified changes to certain balancing accounts, including the expansion of the TAMA to include the impacts of all differences between forecast and recorded tax expense. The final decision also disallowed certain historical spending, largely related to specific pole replacements the CPUC determined were performed prematurely. The final decision allows a post-test year rate making mechanism that escalates capital additions by 2.49% for both 2019 and 2020. It also allows operation and maintenance expenses to be escalated for 2019 and 2020 through the use of various escalation factors for labor, non-labor and medical expenses. The methodology set forth in the final decision results in a revenue requirement of $5.5 billion in 2019 and $5.9 billion in 2020. The revenue requirements in the 2018 GRC final decision are retroactive to January 1, 2018. SCE recorded the prior period impact of the 2018 GRC final decision in 2019 including: • An increase to earnings of $131 million from the application of the decision to revenue, depreciation expense and income tax expense. Depreciation expense decreased as a result of lower authorized depreciation rates. An increase in the authorized revenue requirement for income tax expense offsets income tax expense recognized during 2018 and the first quarter of 2019. The reduction of revenue of $265 million reflected $289 million of lower authorized revenue related to 2018 and $24 million of higher authorized revenue in 2019. The reduction in revenue contributed to a refund to customers of $554 million , which SCE recorded as a regulatory liability. SCE expects to refund these amounts to customers through December 2020. • An impairment of utility property, plant and equipment of $170 million ( $123 million after-tax) related to disallowed historical capital expenditures, primarily the write-off of specific pole replacements the CPUC determined were performed prematurely. 2018 and 2019 FERC Formula Rate In December 2019, the FERC approved a settlement on SCE's formula rates for the 2018 Formula Rate case that established SCE's FERC transmission revenue requirement for January 1, 2018 through November 11, 2019 (the "FERC 2018 Settlement Period"). Prior to the settlement, SCE had been recognizing revenue during the FERC 2018 Settlement Period based on its expectations of the probable outcome of the 2018 Formula Rate case. Regulatory assets and liabilities were adjusted based on the settlement of the 2018 Formula Rate case, which resulted in an increase in net income of $29 million related to 2018, being recorded in 2019. The 2019 Formula Rate remains subject to hearing and settlement procedures and amounts billed to customers under the 2019 Formula Rate will be subject to refund until the 2019 Formula Rate proceeding is ultimately resolved. Pending resolution of the 2019 Formula Rate ca |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
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) 2019 2018 Distribution $ 26,929 $ 25,026 Transmission 14,720 13,800 Generation 3,664 3,598 General plant and other 4,583 4,398 Accumulated depreciation (9,958 ) (9,566 ) 39,938 37,256 Construction work in progress 4,131 3,883 Nuclear fuel, at amortized cost 129 130 Total utility property, plant and equipment $ 44,198 $ 41,269 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, primarily ranging from 5 to 7 years and commencing upon operational use. Capitalized software costs, included in general plant and other above, were $1.0 billion and $1.0 billion at December 31, 2019 and 2018 , respectively, and accumulated amortization was $0.4 billion and $0.5 billion , at December 31, 2019 and 2018 , respectively. Amortization expense for capitalized software was $190 million , $198 million and $233 million in 2019 , 2018 and 2017 , respectively. At December 31, 2019 , amortization expense is estimated to be $191 million , $163 million , $116 million , $76 million and $27 million for 2020 through 2024 , respectively. Jointly Owned Utility Projects SCE owns undivided interests in transmission and generating assets for which each participant provides its own financing. SCE's proportionate share of these assets 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. The following is SCE's investment in each asset as of December 31, 2019 : (in millions) Plant in Service Construction Work in Progress Accumulated Depreciation Nuclear Fuel (at amortized cost) Net Book Value Ownership Interest Transmission systems: Eldorado $ 257 $ 94 $ 35 $ — $ 316 80 % Pacific Intertie 248 80 72 — 256 50 % Generating station: Palo Verde (nuclear) 2,065 61 1,586 129 669 16 % Total $ 2,570 $ 235 $ 1,693 $ 129 $ 1,241 In addition, SCE has ownership interests in jointly owned power poles with other companies. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities A VIE is defined as a legal entity that meets one of two conditions: (1) the equity owners do not have sufficient equity at risk, or (2) the holders of the equity investment at risk, as a group, lack any of the following three characteristics: decision-making rights, the obligation to absorb losses, or the right to receive the expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The primary beneficiary is required to consolidate the VIE. Commercial and operating activities are generally the factors that most significantly impact the economic performance of such VIEs. Commercial and operating activities include construction, operation and maintenance, fuel procurement, dispatch and compliance with regulatory and contractual requirements. Variable Interest in VIEs that are not Consolidated Power Purchase Agreements SCE has 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 ("QF") 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 involvement with VIEs result from amounts due under the PPAs. 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 from these VIE projects was 4,497 megawatts ("MW") and 3,602 MW at December 31, 2019 and 2018 , respectively, and the amounts that SCE paid to these projects were $833 million and $762 million for the years ended December 31, 2019 and 2018 , respectively. These amounts are recoverable in customer rates, subject to reasonableness review. Unconsolidated Trusts of SCE SCE Trust II, Trust III, Trust IV, Trust V and Trust VI were formed in 2013, 2014, 2015, 2016 and 2017, respectively, for the exclusive purpose of issuing the 5.10% , 5.75% , 5.375% , 5.45% and 5.00% 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 II, Trust III, Trust IV, Trust V and Trust VI issued to the public trust securities in the face amounts of $400 million , $275 million , $325 million , $ 300 million and $475 million (cumulative, liquidation amounts of $25 per share), respectively, and $10,000 of common stock each to SCE. The trusts invested the proceeds of these trust securities in Series G, Series H, Series J, Series K and Series L Preference Stock issued by SCE in the principal amounts of $400 million , $275 million , $325 million , $ 300 million and $475 million (cumulative, $2,500 per share liquidation values), respectively, which have substantially the same payment terms as the respective trust securities. The Series G, Series H, Series J, Series K and Series L Preference Stock and the corresponding trust securities do not have a maturity date. Upon any redemption of any shares of the Series G, Series H, Series J, Series K or Series L Preference Stock, a corresponding dollar amount of trust securities will be redeemed by the applicable trust (see Note 14 for further information). The applicable trust will make distributions at the same rate and on the same dates on the applicable series of trust securities if and when the SCE board of directors declares and makes dividend payments on the related Preference Stock. The applicable trust will use any dividends it receives on the related Preference Stock to make its corresponding distributions on the applicable series of trust securities. If SCE does not make a dividend payment to any of these trusts, SCE would be prohibited from paying dividends on its common stock. SCE has fully and unconditionally guaranteed the payment of the trust securities and trust distributions, if and when SCE pays dividends on the related Preference Stock. SCE formed Trust I, a VIE, in 2012 for the exclusive purpose of issuing 5.625% trust preference securities. SCE Trust I issued trust securities in the face amounts of $475 million to the public and $10,000 of common stock to SCE. SCE Trust I invested the proceeds of these trust securities in Series F Preference Stock issued by SCE in the principal amount of $475 million . In July 2017, all of the outstanding Series F Preference Stock was redeemed, and accordingly, SCE Trust I redeemed $475 million of trust securities from the public and $10,000 of common stock from SCE. As a result in September 2017, SCE Trust I was terminated. The Trust II, Trust III, Trust IV, Trust V and Trust VI balance sheets as of December 31, 2019 and 2018 , consisted of investments of $400 million , $275 million , $325 million , $300 million and $475 million in the Series G, Series H, Series J, Series K and Series L Preference Stock, respectively, $400 million , $275 million , $325 million , $300 million and $475 million of trust securities, respectively, and $10,000 each of common stock. The following table provides a summary of the trusts' income statements: Years ended December 31, (in millions) Trust I Trust II Trust III Trust IV Trust V Trust VI 2019 Dividend income * $ 20 $ 16 $ 17 $ 16 $ 24 Dividend distributions * 20 16 17 16 24 2018 Dividend income * $ 20 $ 16 $ 17 $ 16 $ 24 Dividend distributions * 20 16 17 16 24 2017 Dividend income $ 14 $ 20 $ 16 $ 17 $ 16 $ 12 Dividend distributions 14 20 16 17 16 12 * Not applicable |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 , 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's 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, U.S. treasury securities, mutual funds and money market funds. Level 2 – Edison International's 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 an exchange (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 derivative contracts that trade infrequently such as congestion revenue rights ("CRRs"). 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. 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. See Note 6 for a discussion of derivative instruments. 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, 2019 (in millions) Level 1 Level 2 Level 3 Netting and Collateral 1 Total Assets at fair value Derivative contracts $ — $ 19 $ 83 $ (15 ) $ 87 Other 4 14 — — 18 Nuclear decommissioning trusts: Stocks 2 1,765 — — — 1,765 Fixed Income 3 738 2,024 — — 2,762 Short-term investments, primarily cash equivalents 98 48 — — 146 Subtotal of nuclear decommissioning trusts 4 2,601 2,072 — — 4,673 Total assets 2,605 2,105 83 (15 ) 4,778 Liabilities at fair value Derivative contracts — 11 5 (15 ) 1 Total liabilities — 11 5 (15 ) 1 Net assets $ 2,605 $ 2,094 $ 78 $ — $ 4,777 December 31, 2018 (in millions) Level 1 Level 2 Level 3 Netting and Collateral 1 Total Assets at fair value Derivative contracts $ — $ 32 $ 141 $ — $ 173 Other 9 21 — — 30 Nuclear decommissioning trusts: Stocks 2 1,382 — — — 1,382 Fixed Income 3 1,001 1,665 — — 2,666 Short-term investments, primarily cash equivalents 120 95 — — 215 Subtotal of nuclear decommissioning trusts 4 2,503 1,760 — — 4,263 Total assets 2,512 1,813 141 — 4,466 Liabilities at fair value Derivative contracts — 13 — (7 ) 6 Total liabilities — 13 — (7 ) 6 Net assets $ 2,512 $ 1,800 $ 141 $ 7 $ 4,460 1 Represents the netting of assets and liabilities under master netting agreements and cash collateral. 2 Approximately 72% and 71% of SCE's equity investments were located in the United States at December 31, 2019 and 2018 , respectively. 3 Includes corporate bonds, which were diversified and included collateralized mortgage obligations and other asset backed securities of $46 million and $67 million at December 31, 2019 and 2018 , respectively. 4 Excludes net payables of $111 million and $143 million at December 31, 2019 and 2018 , respectively, which consist of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases. Edison International Parent and Other Edison International Parent and Other assets measured at fair value consisted of money market funds of $31 million and $115 million at December 31, 2019 and 2018 , 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) 2019 2018 Fair value of net assets at beginning of period $ 141 $ 101 Total realized/unrealized (losses) gains: Included in regulatory assets and liabilities 1 (63 ) 40 Fair value of net assets at end of period 2 78 141 Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period $ 62 $ 138 1 Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities. 2 There were no material transfers into or out of Level 3 during 2019 and 2018. 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 Weighted Average Assets Liabilities Valuation Technique Unobservable Input Congestion revenue rights December 31, 2019 $ 83 $ 5 Auction prices CAISO CRR auction clearing prices $(3.59) - $25.32 $1.97 December 31, 2018 141 — Auction prices CAISO CRR auction clearing prices $(7.41) - $41.52 $1.62 Level 3 Fair Value Uncertainty For CRRs, increases or decreases in CAISO auction price would result in higher or lower fair value, respectively. Nuclear Decommissioning Trusts SCE's nuclear decommissioning trust investments include equity securities, U.S. treasury securities and other fixed income securities. Equity and treasury securities are classified as Level 1 as fair value is determined by observable market prices in active or highly liquid and transparent markets. The remaining fixed income securities are classified as Level 2. The fair value of these financial instruments is based on evaluated prices that reflect significant observable market information such as reported trades, actual trade information of similar securities, benchmark yields, broker/dealer quotes, issuer spreads, bids, offers and relevant credit information. There are no securities classified as Level 3 in the 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. The trustee monitors prices supplied by pricing services, including reviewing prices against defined parameters' tolerances and performs research and resolves variances beyond the set parameters. 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. For each reporting period, SCE reviews the trustee determined fair value hierarchy and overrides the trustee level classification when appropriate. Nonrecurring Fair Value Measurements Edison International assesses goodwill at the reporting unit level. The fair value of the Edison Energy reporting unit is classified as Level 3 and is estimated using the income approach. During the fourth quarter of 2019 and 2018, Edison International evaluated the recoverability of goodwill and recorded impairment charges of Edison Energy's goodwill totaling $25 million ( $18 million after-tax) and $19 million ( $13 million after-tax), respectively. See Note 1 for further details. Fair Value of Debt Recorded at Carrying Value The carrying value and fair value of Edison International's and SCE's long-term debt (including current portion of long-term debt) are as follows: December 31, 2019 December 31, 2018 (in millions) Carrying Value 1 Fair Value 2 Carrying Value 1 Fair Value 2 Edison International $ 18,343 $ 20,137 $ 14,711 $ 14,844 SCE 15,211 16,892 12,971 13,180 1 Carrying value is net of debt issuance costs. 2 The fair value of Edison International's and SCE's long-term debt is classified as Level 2. |
Debt and Credit Agreements
Debt and Credit Agreements | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 ) of Edison International and SCE: December 31, (in millions) 2019 2018 Edison International Parent and Other: Debentures and notes: 2020 – 2028 (2.125% to 5.750%) $ 3,150 $ 1,750 Current portion of long-term debt (400 ) — Unamortized debt discount/premium and issuance costs, net (18 ) (10 ) Total Edison International Parent and Other 2,732 1,740 SCE: First and refunding mortgage bonds: 2021 – 2049 (1.845% to 6.05%) 14,272 12,050 Pollution-control bonds: 2028 – 2035 (1.875% to 5.00%) 752 752 Debentures and notes: 2029 – 2053 (5.06% to 6.65%) 306 306 Current portion of long-term debt (79 ) (79 ) Unamortized debt discount/premium and issuance costs, net (119 ) (137 ) Total SCE 15,132 12,892 Total Edison International $ 17,864 $ 14,632 Edison International and SCE long-term debt maturities over the next five years are as follows: (in millions) Edison International SCE 2020 $ 479 $ 79 2021 1,029 1,029 2022 1,064 364 2023 1,300 900 2024 500 — 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 to be less than or equal to 0.65 to 1 . At December 31, 2019 , SCE was in compliance with this debt covenant and all other financial covenants that affect access to capital. Credit Agreements and Short-Term Debt The following table summarizes the status of the credit facilities at December 31, 2019 : (in millions) Edison International Parent SCE Commitment $ 1,500 $ 3,000 Outstanding borrowings (excluding discount) — (550 ) Outstanding letters of credit — (152 ) Amount available $ 1,500 $ 2,298 In February 2019, SCE borrowed $750 million under a Term Loan Agreement due in February 2020 ("February 2019 SCE Term Loan"), with a variable interest rate based on the London Interbank Offered Rate plus 70 basis points. The proceeds were used to repay SCE's commercial paper borrowings and for general corporate purposes. As noted below, the February 2019 SCE Term Loan was fully repaid in April 2019. In April 2019, Edison International Parent borrowed $1.0 billion under a Term Loan Agreement due in April 2020 ("April 2019 Edison International Parent Term Loan"), with a variable interest rate based on the London Interbank Offered Rate plus 90 basis points. Of the proceeds, $750 million was contributed to SCE and SCE used this contribution to repay the February 2019 SCE Term Loan as discussed above. The remainder of the proceeds were used for general corporate and working capital purposes. The April 2019 Edison International Parent Term Loan was fully repaid in December 2019. In June 2019, SCE and Edison International Parent amended the maturity date of their multi-year revolving credit facilities of $3.0 billion and $1.5 billion , respectively. The facilities now mature in May 2024, with an option to extend for an additional year, which may be exercised upon agreement between SCE or Edison International Parent and their respective lenders. SCE's credit facility is generally used to support commercial paper borrowings 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. Edison International Parent's credit facility is used to support commercial paper borrowings and for general corporate purposes. At December 31, 2019 , SCE's commercial paper, net of discount, was $550 million at a weighted average interest rate of 2.24% . At December 31, 2019 , letters of credit issued under SCE's credit facility aggregated $152 million and are scheduled to expire in twelve months or less. At December 31, 2018 , the outstanding commercial paper, net of discount, was $720 million at a weighted average interest rate of 3.23% . At December 31, 2019 and December 31, 2018 , Edison International Parent had no outstanding commercial paper. Debt Financing Subsequent to December 31, 2019 In January 2020, SCE issued $100 million of 2.85% first and refunding mortgage bonds due in 2029 and $500 million of 3.65% first and refunding mortgage bonds due in 2050 . The proceeds were primarily used to repay SCE's commercial paper borrowings. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Derivative financial instruments are used to manage exposure to commodity price risk. These risks are managed in part by entering into forward commodity transactions, including options, swaps and futures. To mitigate credit risk from counterparties in the event of nonperformance, master netting agreements are used whenever possible and counterparties may be required to pledge collateral depending on the creditworthiness of each counterparty and the risk associated with the transaction. Commodity Price Risk Commodity price risk represents the potential impact that can be caused by a change in the market value of a particular commodity. SCE's electricity price exposure arises from energy purchased from and sold to wholesale markets as a result of differences between SCE's load requirements and the amount of energy delivered from its generating facilities and PPAs. 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 PPAs 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 represent 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 and gas contracts contain master netting agreements or similar agreements, which generally allow counterparties subject to the agreement to offset 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 creditworthiness of each counterparty and the risk associated with the transaction. Certain power and gas 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 post additional collateral to cover derivative liabilities and the related outstanding payables. The net fair value of all derivative liabilities with these credit-risk-related contingent features was $1 million and $4 million as of December 31, 2019 and 2018 , respectively, for which SCE has posted no collateral and $17 million collateral to its counterparties at the respective dates for its derivative liabilities and related outstanding payables. If the credit-risk-related contingent features underlying these agreements were triggered on December 31, 2019 , SCE would be required to post $2 million of additional collateral of which $1 million is related to outstanding payables. 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 also 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. See Note 4 for a discussion of fair value of derivative instruments. The following table summarizes the gross and net fair values of SCE's commodity derivative instruments: December 31, 2019 Derivative Assets Derivative Liabilities Net Asset (in millions) Short-Term Long-Term 1 Subtotal Short-Term Long-Term Subtotal Commodity derivative contracts Gross amounts recognized $ 94 $ 8 $ 102 $ 14 $ 2 $ 16 $ 86 Gross amounts offset in the consolidated balance sheets (13 ) (2 ) (15 ) (13 ) (2 ) (15 ) — Cash collateral posted 2 — — — — — — — Net amounts presented in the consolidated balance sheets $ 81 $ 6 $ 87 $ 1 $ — $ 1 $ 86 1 Included in "Other long-term assets" in the consolidated balance sheets. 2 At December 31, 2019, SCE posted $24 million of cash collateral that is not offset against derivative liabilities and is reflected in "Other current assets" on the consolidated balance sheets. December 31, 2018 Derivative Assets Derivative Liabilities Net Asset (in millions) Short-Term Long-Term Subtotal Short-Term Long-Term Subtotal Commodity derivative contracts Gross amounts recognized $ 171 $ 2 $ 173 $ 13 $ — $ 13 $ 160 Gross amounts offset in the consolidated balance sheets — — — — — — — Cash collateral posted — — — (7 ) — (7 ) 7 Net amounts presented in the consolidated balance sheets $ 171 $ 2 $ 173 $ 6 $ — $ 6 $ 167 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 purchased 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 remaining effects of derivative activities and related regulatory offsets are reported 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) 2019 2018 2017 Realized (losses) gains $ (7 ) $ 26 $ (14 ) Unrealized (losses) gains (74 ) 82 106 Notional Volumes of Derivative Instruments The following table summarizes the notional volumes of derivatives used for SCE economic hedging activities: Economic Hedges Unit of December 31, Commodity Measure 2019 2018 Electricity options, swaps and forwards GWh 3,155 2,786 Natural gas options, swaps and forwards Bcf 43 20 Congestion revenue rights GWh 48,170 54,453 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Current and Deferred Taxes The components of income tax (benefit) expense by location of taxing jurisdiction are: Edison International SCE Years ended December 31, (in millions) 2019 2018 2017 2019 2018 2017 Current: Federal $ — $ (57 ) $ (221 ) $ — $ (51 ) $ (253 ) State 6 (155 ) 4 14 (93 ) (81 ) 6 (212 ) (217 ) 14 (144 ) (334 ) Deferred: Federal (243 ) (386 ) 570 (206 ) (354 ) 265 State (41 ) (141 ) (72 ) (37 ) (198 ) 39 (284 ) (527 ) 498 (243 ) (552 ) 304 Total continuing operations (278 ) (739 ) 281 (229 ) (696 ) (30 ) Discontinued operations 1 — (34 ) — — — — Total $ (278 ) $ (773 ) $ 281 $ (229 ) $ (696 ) $ (30 ) 1 In the fourth quarter of 2018, Edison International and SCE recognized tax benefits related to a settlement with the California Franchise Tax Board for tax years 1994 – 2006. See further discussion in Tax Disputes below. The components of net accumulated deferred income tax liability are: Edison International SCE December 31, (in millions) 2019 2018 2019 2018 Deferred tax assets: Property $ 478 $ 399 $ 435 $ 388 Wildfire-related 1 847 709 847 709 Nuclear decommissioning trust assets in excess of nuclear ARO liability 449 323 449 323 Loss and credit carryforwards 2 1,515 1,375 253 154 Regulatory asset 739 798 739 798 Pension and postretirement benefits other than pensions, net 170 171 40 46 Other 408 188 416 184 Sub-total 4,606 3,963 3,179 2,602 Less: valuation allowance 3 35 36 — — Total 4,571 3,927 3,179 2,602 Deferred tax liabilities: Property 8,244 7,685 8,234 7,685 Regulatory liability 570 367 570 367 Nuclear decommissioning trust assets 449 323 449 323 Other 320 57 310 54 Total 9,583 8,432 9,563 8,429 Accumulated deferred income tax liability, net 4 $ 5,012 $ 4,505 $ 6,384 $ 5,827 1 Relates to accrued estimated losses for wildfire-related claims, net of expected recoveries from insurance and FERC customers, and contributions to the Wildfire Insurance Fund. For further information, see Note 12 and Note 1. 2 As of December 31, 2019, deferred tax assets for net operating loss and tax credit carryforwards are reduced by unrecognized tax benefits of $212 million and $130 million for Edison International and SCE, respectively. 3 As of December 31, 2019, Edison International has recorded a valuation allowance of $30 million for non-California state net operating loss carryforwards, and $5 million for California capital losses generated from sale of SoCore Energy in 2018, which are estimated to expire before being utilized. 4 Included in "Deferred income taxes and credits" on the consolidated balance sheets. Net Operating Loss and Tax Credit Carryforwards The amounts of net operating loss and tax credit carryforwards (after-tax) are as follows: Edison International SCE December 31, 2019 (in millions) Loss Carryforwards Credit Carryforwards Loss Carryforwards Credit Carryforwards Expire between 2029 to 2037 $ 1,024 $ 482 $ 229 $ 30 Expire between 2021 to 2024 29 — 24 — No expiration date 1 182 10 100 — Total $ 1,235 $ 492 $ 353 $ 30 1 Under the Tax Reform, net operating losses generated after December 31, 2017 can carryforward indefinitely. Edison International consolidates for federal income tax purposes, but not for financial accounting purposes, a group of wind projects referred to as Capistrano Wind. The amount of net operating loss and tax credit carryforwards recognized as part of deferred income taxes includes $212 million related to Capistrano Wind for both 2019 and 2018. Under a tax allocation agreement, Edison International has recorded a corresponding liability as part of other long-term liabilities related to its obligation to make payments to Capistrano Wind of these tax benefits when realized. 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) 2019 2018 2017 2019 2018 2017 Income (loss) from continuing operations before income taxes $ 1,127 $ (1,089 ) $ 949 $ 1,301 $ (885 ) $ 1,106 Provision for income tax at federal statutory rate of 21% for 2019 and 2018, and 35% for 2017 1 237 (229 ) 332 273 (186 ) 387 Increase in income tax from: Items presented with related state income tax, net: State tax, net of federal benefit (22 ) (168 ) 2 (13 ) (155 ) 8 Property-related (303 ) (275 ) (439 ) (303 ) (275 ) (439 ) Change related to uncertain tax positions 2 — (66 ) (18 ) — (71 ) (13 ) Revised San Onofre Settlement Agreement 3 — — 25 — — 25 Share-based compensation 4 (4 ) (2 ) (55 ) (3 ) (1 ) (11 ) Deferred tax re-measurement 5 (88 ) — 466 (88 ) — 33 2018 GRC Final Decision (80 ) — — (80 ) — — Other (18 ) 1 (32 ) (15 ) (8 ) (20 ) Total income tax (benefit) expense from continuing operations $ (278 ) $ (739 ) $ 281 $ (229 ) $ (696 ) $ (30 ) Effective tax rate (24.7 )% (67.9 )% 29.6 % (17.6 )% (78.6 )% (2.7 )% 1 Tax Reform reduced the federal corporate income tax rate from 35% to 21% , effective January 1, 2018. 2 In 2018, Edison International and SCE recognized tax benefits related to a settlement with the California Franchise Tax Board for tax years 1994 – 2006. See further discussion in Tax Disputes below. 3 Includes the write-off of an unrecovered tax regulatory asset related to the Revised San Onofre Order Instituting Investigation Settlement Agreement among SCE, SDG&E and various intervening parties, dated January 30, 2018 and modified on August 2, 2018 ("Revised San Onofre Settlement Agreement"). 4 Includes state taxes of $(11) million for Edison International and $(2) million for SCE for the year ended December 31, 2017. 5 In 2017, Edison International and SCE recorded a charge to earnings related to the re-measurement of deferred taxes resulting from Tax Reform. This charge was updated in 2019 to conform to a CPUC resolution which finalized the re-measurement amounts belonging to shareholders and those amounts are charged to earnings. 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. Flow-through items reduce current authorized revenue requirements in SCE's rate cases and result in a regulatory asset for recovery of deferred income taxes in future periods. The difference between the authorized amounts as determined in SCE's rate cases, adjusted for balancing and memorandum account activities, and the recorded flow-through items also result in increases or decreases in regulatory assets with a corresponding impact on the effective tax rate to the extent that recorded deferred amounts are expected to be recovered in future rates. For further information, see Note 11. 2017 Tax Reform In December 2017, Tax Reform was signed into law. This comprehensive reform of tax law reduces the federal corporate income tax rate from 35% to 21% and is generally effective beginning January 1, 2018. GAAP requires deferred tax assets and liabilities to be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. Thus, at December 31, 2017, Edison International and SCE's deferred taxes were re-measured based upon the new tax rate. While the re-measurement of deferred taxes at Edison International Parent and Other were recorded to earnings, the re-measurement of deferred taxes at SCE was allocated between customers and shareholders. Customer amounts were recorded to regulatory assets and liabilities while shareholder-funded activities were charged to earnings. In the absence of regulatory guidance at the time, SCE used judgment to interpret prior CPUC decisions when determining which re-measurement amounts belong to customers and shareholders. In February of 2019, the CPUC issued a final resolution holding that customers are only entitled to the re-measurement of deferred taxes that were included when setting rates (i.e. included in rate base) and that all other deferred tax re-measurements belong to shareholders. As a result of the resolution, SCE recorded an income tax benefit of approximately $88 million in the year 2019. 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 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) 2019 2018 2017 2019 2018 2017 Balance at January 1, $ 338 $ 432 $ 471 $ 249 $ 331 $ 371 Tax positions taken during the current year: Increases 46 41 51 47 42 51 Tax positions taken during a prior year: Increases 6 — — 6 — — Decreases 1 (20 ) (108 ) (7 ) (20 ) (121 ) (13 ) Settlements with taxing authorities 2 — (27 ) (83 ) — (3 ) (78 ) Balance at December 31, $ 370 $ 338 $ 432 $ 282 $ 249 $ 331 1 Decrease in 2018 was related to re-measurement as a result of a settlement with the California Franchise Tax Board for tax years 1994 – 2006. 2 In 2018, Edison International reached a settlement with the California Franchise Tax Board for tax years 1994 – 2006. In 2017, Edison International settled all open tax positions with the IRS for taxable years 2007 – 2012. As of December 31, 2019 , if recognized, $192 million of unrecognized tax benefits would impact Edison International's effective tax rate and $104 million of the unrecognized tax benefits would impact SCE's effective tax rate. Tax Disputes Tax years that remain open for examination by the IRS and the California Franchise Tax Board are 2016 – 2018 and 2010 – 2018, respectively. Edison International has settled all open tax positions with the IRS for taxable years prior to 2013. In the fourth quarter of 2018, Edison International recorded the impacts of a settlement reached with the California Franchise Tax Board for tax years 1994 – 2006 that resulted in a $65 million refund of tax and interest. This refund was received in the second quarter of 2019. Tax years 2007 – 2009 are currently under protest with the California Franchise Tax Board. 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 Years ended December 31, (in millions) 2019 2018 2019 2018 Accrued interest and penalties $ 56 $ 37 $ 29 $ 6 The net after-tax interest and penalties recognized in income tax expense (benefit) for continuing and discontinued operations are: Edison International SCE December 31, (in millions) 2019 2018 2017 2019 2018 2017 Net after-tax interest and penalties tax expense (benefit) $ 4 $ (62 ) $ 6 $ 3 $ (25 ) $ 4 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue • Earning activities – representing revenue authorized by the CPUC and FERC, which is intended to provide SCE a reasonable opportunity to recover its costs and earn a return on its net investment in generation, transmission and distribution assets. The annual revenue requirements are comprised of authorized operation and maintenance costs, depreciation, taxes and a return consistent with the capital structure. Also, included in earnings activities are revenues or penalties related to incentive mechanisms, other operating revenue and regulatory charges or disallowances. • Cost-recovery activities – representing CPUC- and FERC- authorized balancing accounts, which allow for recovery of specific project or program costs, subject to reasonableness review or compliance with upfront standards. Cost-recovery activities include rates which provide recovery, subject to reasonableness review of, among other things, fuel costs, purchased power costs, public purpose related-program costs (including energy efficiency and demand-side management programs) and certain operation and maintenance expenses. SCE earns no return on these activities. The following table is a summary of SCE's revenue: Years ended December 31, 2019 2018 2017 (in millions) Earning Activities Cost- Recovery Activities Total Consolidated Earning Activities Cost- Recovery Activities Total Consolidated Earning Activities Cost-Recovery Activities Total Consolidated Revenues from contracts with customers 1,2 $ 6,512 $ 4,655 $ 11,167 $ 6,519 $ 5,611 $ 12,130 * * * Alternative revenue programs and other operating revenue 166 973 1,139 41 440 481 * * * Total operating revenue $ 6,678 $ 5,628 $ 12,306 $ 6,560 $ 6,051 $ 12,611 $ 6,611 $ 5,643 $ 12,254 * SCE adopted new accounting guidance as of January 1, 2018. Prior period amounts have not been adjusted under the modified retrospective method. 1 In the absence of a 2018 GRC decision, SCE recorded CPUC revenue in 2018 and the first quarter of 2019 based on the 2017 authorized revenue requirements adjusted for the July 2017 cost of capital decision and Tax Reform. SCE recorded the impact of the 2018 GRC final decision in the second quarter of 2019, including a $265 million reduction in revenue. These revenue adjustments are included in "Revenues from contracts with customers." For further information, see Note 1. 2 At December 31, 2019 and 2018, SCE's receivables related to contracts from customers were both $1.1 billion , which included accrued unbilled revenue of $488 million and $482 million , respectively. |
Compensation and Benefit Plans
Compensation and Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [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 employer contributions were as follows: Edison International SCE (in millions) Years ended December 31, 2019 $ 82 $ 81 2018 74 74 2017 70 69 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 $54 million and $37 million , respectively, for the year ending December 31, 2020 . Annual contributions made by SCE to most of SCE's pension plans are anticipated to be recovered through CPUC-approved regulatory mechanisms. 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 pension are affected by movements in the equity and bond markets. Due to SCE's regulatory recovery treatment, a regulatory asset has been recorded equal to the unfunded status. See Note 11 for further information. 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) 2019 2018 2019 2018 Change in projected benefit obligation Projected benefit obligation at beginning of year $ 3,880 $ 4,179 $ 3,431 $ 3,702 Service cost 114 126 110 121 Interest cost 155 141 138 124 Actuarial loss (gain) 1 240 (280 ) 199 (273 ) Benefits paid (250 ) (286 ) (216 ) (243 ) Projected benefit obligation at end of year $ 4,139 $ 3,880 $ 3,662 $ 3,431 Change in plan assets Fair value of plan assets at beginning of year $ 3,321 $ 3,616 $ 3,124 $ 3,390 Actual return on plan assets 611 (86 ) 576 (86 ) Employer contributions 73 77 57 52 Benefits paid (250 ) (286 ) (216 ) (232 ) Fair value of plan assets at end of year 3,755 3,321 3,541 3,124 Funded status at end of year $ (384 ) $ (559 ) $ (121 ) $ (307 ) Amounts recognized in the consolidated balance sheets consist of 2 : Long-term assets $ — $ 2 $ — $ — Current liabilities (19 ) (29 ) (2 ) (5 ) Long-term liabilities (365 ) (532 ) (119 ) (302 ) $ (384 ) $ (559 ) $ (121 ) $ (307 ) Amounts recognized in accumulated other comprehensive loss consist of: Prior service cost $ (1 ) $ (1 ) $ — $ — Net loss 2 95 83 17 17 94 82 17 17 Amounts recognized as a regulatory asset 87 271 87 271 Total not yet recognized as expense $ 181 $ 353 $ 104 $ 288 Accumulated benefit obligation at end of year $ 3,968 $ 3,753 $ 3,529 $ 3,342 Pension plans with an accumulated benefit obligation in excess of plan assets: Projected benefit obligation 4,139 3,880 3,662 3,431 Accumulated benefit obligation 3,968 3,753 3,529 3,342 Fair value of plan assets 3,755 3,321 3,541 3,124 Weighted average assumptions used to determine obligations at end of year: Discount rate 3.11 % 4.19 % 3.11 % 4.19 % Rate of compensation increase 4.10 % 4.10 % 4.10 % 4.10 % 1 For Edison International and SCE, respectively, the 2019 actuarial losses are primarily related to $401 million and $373 million in losses from a decrease in the discount rate (from 4.19% as of December 31, 2018 to 3.11% as of December 31, 2019 ), partially offset by $157 million and $177 million in gains from other economic assumption changes. The 2018 actuarial gains are primarily related to $277 million and $261 million in gains from an increase in discount rate (from 3.46% as of December 31, 2017 to 4.19% as of December 31, 2018 ), respectively. 2 The SCE liability excludes a long-term payable due to Edison International Parent of $133 million and $117 million at December 31, 2019 and 2018 , respectively, related to certain SCE postretirement benefit obligations transferred to Edison International Parent. SCE's accumulated other comprehensive loss of $17 million at December 31, 2019 and 2018 , excludes net losses of $37 million and $21 million related to these benefits, respectively. Net periodic pension expense components for continuing operations are: Edison International SCE Years ended December 31, (in millions) 2019 2018 2017 2019 2018 2017 Service cost $ 114 $ 126 $ 138 $ 111 $ 123 $ 133 Non-service cost Interest cost 155 140 164 143 128 149 Expected return on plan assets (205 ) (228 ) (212 ) (194 ) (214 ) (199 ) Settlement costs — — 6 — — — Amortization of prior service cost 2 3 3 2 3 3 Amortization of net loss 1 7 9 21 5 6 17 Regulatory adjustment (deferred) (3 ) 15 (28 ) (3 ) 15 (28 ) Total non-service benefit (44 ) (61 ) (46 ) (47 ) (62 ) (58 ) Total expense recognized $ 70 $ 65 $ 92 $ 64 $ 61 $ 75 1 Includes the amount of net loss reclassified from accumulated other comprehensive loss. The amount reclassified for Edison International was $7 million , $9 million and $10 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The amount reclassified for SCE was $5 million , $6 million and $6 million for the years ended December 31, 2019 , 2018 and 2017 . Other changes in pension plan assets and benefit obligations recognized in other comprehensive loss for continuing operations: Edison International SCE Years ended December 31, (in millions) 2019 2018 2017 2019 2018 2017 Net loss $ 19 $ 5 $ — $ 21 $ 5 $ 3 Settlement charges — — (6 ) — — — Amortization of net loss (7 ) (9 ) (10 ) (5 ) (6 ) (6 ) Total recognized in other comprehensive loss 12 (4 ) (16 ) 16 (1 ) (3 ) Total recognized in expense and other comprehensive loss $ 82 $ 61 $ 76 $ 80 $ 60 $ 72 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 2020 for continuing operations are as follows: (in millions) Edison International SCE Unrecognized net loss to be amortized 1 $ 11 $ 8 Unrecognized prior service cost to be amortized 2 2 1 The amount of net loss expected to be reclassified from accumulated other comprehensive loss for Edison International and SCE is $11 million and $8 million , respectively. Edison International and SCE used the following weighted average assumptions to determine pension expense for continuing operations: Years ended December 31, 2019 2018 2017 Discount rate 4.19 % 3.46 % 3.94 % Rate of compensation increase 4.10 % 4.10 % 4.00 % Expected long-term return on plan assets 6.50 % 6.50 % 6.50 % The following benefit payments, which reflect expected future service, are expected to be paid: Edison International SCE (in millions) Years ended December 31, 2020 $ 336 $ 302 2021 332 295 2022 320 288 2023 309 280 2024 306 272 2025 – 2029 1,383 1,224 Postretirement Benefits Other Than Pensions ("PBOP(s)") Employees hired prior to December 31, 2017 who are retiring at or after age 55 with at least 10 years of service may be eligible for postretirement medical, dental, and vision 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, age, hire date, and retirement date. Under the terms of the Edison International Welfare Benefit Plan ("PBOP Plan"), each participating employer (Edison International or its participating subsidiaries) is responsible for the costs and expenses of all PBOP Plan benefits with respect to its employees and former employees that exceed the participants' share of contributions. A participating employer may terminate the PBOP Plan benefits with respect to its employees and former employees, as may SCE (as PBOP Plan sponsor), and, accordingly, the participants' PBOP Plan benefits are not vested benefits. The expected contributions (substantially all of which are expected to be made by SCE) for PBOP benefits are $11 million for the year ended December 31, 2020 . Annual contributions related to SCE employees 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 three voluntary employees' beneficiary association trusts ("VEBA Trusts") that can only be used to pay for retiree health care benefits of SCE and its subsidiaries. Once funded into the VEBA Trusts, neither SCE nor Edison International can subsequently 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 is shown below: Edison International SCE Years ended December 31, (in millions) 2019 2018 2019 2018 Change in benefit obligation Benefit obligation at beginning of year $ 1,986 $ 2,337 $ 1,977 $ 2,325 Service cost 30 37 30 37 Interest cost 77 80 77 80 Actuarial loss (gain) 1 70 (382 ) 70 (379 ) Plan participants' contributions 29 28 29 28 Benefits paid (109 ) (114 ) (109 ) (114 ) Benefit obligation at end of year $ 2,083 $ 1,986 $ 2,074 $ 1,977 Change in plan assets Fair value of plan assets at beginning of year $ 2,133 $ 2,330 $ 2,133 $ 2,330 Actual return on assets 401 (123 ) 401 (123 ) Employer contributions 11 13 10 12 Plan participants' contributions 29 28 29 28 Benefits paid (109 ) (115 ) (109 ) (114 ) Fair value of plan assets at end of year 2,465 2,133 2,464 2,133 Funded status at end of year $ 382 $ 147 $ 390 $ 156 Amounts recognized in the consolidated balance sheets consist of: Long-term assets $ 393 $ 159 $ 402 $ 168 Current liabilities (11 ) (12 ) (12 ) (12 ) Long-term liabilities — — — — $ 382 $ 147 $ 390 $ 156 Amounts recognized in accumulated other comprehensive loss consist of: Net loss $ 2 $ 1 $ — $ — Amounts recognized as a regulatory liability (416 ) (185 ) (416 ) (185 ) Total not yet recognized as income $ (414 ) $ (184 ) $ (416 ) $ (185 ) Weighted average assumptions used to determine obligations at end of year: Discount rate 3.32 % 4.35 % 3.32 % 4.35 % Assumed health care cost trend rates: Rate assumed for following year 6.50 % 6.75 % 6.50 % 6.75 % Ultimate rate 5.00 % 5.00 % 5.00 % 5.00 % Year ultimate rate reached 2029 2029 2029 2029 1 For Edison International and SCE, respectively, the 2018 actuarial gains are primarily related to $195 million and $194 million in gains from an increase in the discount rate (from 3.70% as of December 31, 2017 to 4.35% as of December 31, 2018) and $137 million and $135 million in experience gains. Net periodic PBOP expense components for continuing operations are: Edison International SCE Years ended December 31, (in millions) 2019 2018 2017 2019 2018 2017 Service cost $ 30 $ 37 $ 31 $ 30 $ 37 $ 31 Non-service cost Interest cost 77 80 86 77 80 85 Expected return on plan assets (111 ) (121 ) (110 ) (111 ) (122 ) (110 ) Special termination benefits — — 1 — — 1 Amortization of prior service credit (1 ) (1 ) (3 ) (1 ) (1 ) (2 ) Amortization of net loss (17 ) — — (17 ) — — Regulatory adjustment (deferred) 29 24 — 29 24 — Total non-service benefit (23 ) (18 ) (26 ) (23 ) (19 ) (26 ) Total expense $ 7 $ 19 $ 5 $ 7 $ 18 $ 5 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 2020 for continuing operations are as follows: (in millions) Edison International SCE Unrecognized net gain to be amortized $ (17 ) $ (17 ) Unrecognized prior service credit to be amortized (1 ) (1 ) Edison International and SCE used the following weighted average assumptions to determine PBOP expense for continuing operations: Years ended December 31, 2019 2018 2017 Discount rate 4.35 % 3.70 % 4.29 % Expected long-term return on plan assets 5.30 % 5.30 % 5.30 % Assumed health care cost trend rates: Current year 6.75 % 6.75 % 7.00 % Ultimate rate 5.00 % 5.00 % 5.00 % Year ultimate rate reached 2029 2029 2022 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, 2019 $ 225 $ (184 ) $ 224 $ (183 ) Effect on annual aggregate service and interest costs 10 (8 ) 10 (8 ) The following benefit payments (net of plan participants' contributions) are expected to be paid: Edison International SCE (in millions) Years ended December 31, 2020 $ 87 $ 87 2021 90 89 2022 92 92 2023 94 94 2024 97 96 2025 – 2029 512 509 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 2019 pension plan assets were 23% for U.S. equities, 17% for non-U.S. equities, 48% for fixed income and 12% for opportunistic and/or alternative investments. Target allocations for 2019 PBOP plan assets (except for Represented VEBA which is 85% for fixed income, 5% for opportunistic/private equities and 10% for U.S. and non-U.S. equities) are 58% for U.S. and non-U.S. equities, 29% for fixed income and 13% for opportunistic and/or alternative 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 classes and individual manager performances are 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 4% premium above public equity, reflecting a premium for higher volatility and lower liquidity. For fixed income, the risk premium is based on 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. The fair value of the underlying investments in equity mutual funds are based on stock-exchange prices. The fair value of the underlying investments in 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. No investment is classified as Level 3 as of December 31, 2019 and 2018. Common/collective funds and partnerships are measured at fair value using the net asset value per share ("NAV") and have not been classified in the fair value hierarchy. Other investment entities are valued similarly to common/collective funds and are therefore classified as NAV. The Level 1 registered investment companies are either mutual or money market funds. The remaining funds in this category are readily redeemable and classified as NAV and are discussed further at Note 9 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, 2019 by asset class and level within the fair value hierarchy: (in millions) Level 1 Level 2 NAV 1 Total U.S. government and agency securities 2 $ 146 $ 992 $ — $ 1,138 Corporate stocks 3 547 7 — 554 Corporate bonds 4 — 572 — 572 Common/collective funds 5 — — 693 693 Partnerships/joint ventures 6 — — 471 471 Other investment entities 7 — — 130 130 Registered investment companies 8 133 — — 133 Interest-bearing cash 7 — — 7 Other — 79 — 79 Total $ 833 $ 1,650 $ 1,294 $ 3,777 Receivables and payables, net (22 ) Combined net plan assets available for benefits 3,755 SCE's share of net plan assets $ 3,541 The following table sets forth the Master Trust investments that were accounted for at fair value as of December 31, 2018 by asset class and level within the fair value hierarchy: (in millions) Level 1 Level 2 NAV 1 Total U.S. government and agency securities 2 $ 110 $ 937 $ — $ 1,047 Corporate stocks 3 473 6 — 479 Corporate bonds 4 — 582 — 582 Common/collective funds 5 — — 426 426 Partnerships/joint ventures 6 — — 434 434 Other investment entities 7 — — 236 236 Registered investment companies 8 112 — 2 114 Interest-bearing cash 2 — — 2 Other — 73 — 73 Total $ 697 $ 1,598 $ 1,098 $ 3,393 Receivables and payables, net (72 ) Combined net plan assets available for benefits 3,321 SCE's share of net plan assets $ 3,124 1 These investments are measured at fair value using the net asset value per share practical expedient and have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the net plan assets available for benefits. 2 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. 3 Corporate stocks are diversified. At December 31, 2019 and 2018 , respectively, performance for actively managed separate accounts is primarily benchmarked against the Russell Indexes ( 40% ) and ( 43% ) and Morgan Stanley Capital International (MSCI) index ( 60% ) and ( 57% ). 4 Corporate bonds are diversified. At December 31, 2019 and 2018 , respectively, this category includes $45 million and $60 million for collateralized mortgage obligations and other asset backed securities. 5 At December 31, 2019 and 2018 , respectively, the common/collective assets were invested in equity index funds that seek to track performance of the Standard and Poor's 500 Index ( 35% and 43% ) and Russell 1000 indexes ( 17% and 14% ). In addition, at December 31, 2019 and 2018 , respectively, 28% and 21% of the assets in this category are in index funds which seek to track performance in the MSCI All Country World Index exUS and 12% and 15% of this category are in non-index U.S. equity fund, which is actively managed. 6 At December 31, 2019 and 2018 , respectively, 51% and 50% are invested in private equity funds with investment strategies that include branded consumer products, clean technology and California geographic focus companies, 17% and 1% are invested in ABS including distressed mortgages and commercial and residential loans, 19% and 16% are invested in publicly traded fixed income securities, and 8% and 30% are invested in a broad range of financial assets in all global markets. 7 At both December 31, 2019 and 2018 , other investment entities were invested in (1) emerging market equity securities and (2) domestic mortgage backed securities. In addition, other investment entities were also invested in a hedge fund that invests through liquid instruments in a global diversified portfolio of equity, fixed income, interest rate, foreign currency and commodities markets at December 31, 2018 . 8 Level 1 registered investment companies primarily consisted of a global equity mutual fund which seeks to outperform the MSCI World Total Return Index. At December 31, 2019 and 2018 , respectively, approximately 56% and 61% of the publicly traded equity investments, including equities in the common/collective funds, were located in the United States. Postretirement Benefits Other than Pensions The following table sets forth the VEBA Trust assets for Edison International and SCE that were accounted for at fair value as of December 31, 2019 by asset class and level within the fair value hierarchy: (in millions) Level 1 Level 2 NAV 1 Total U.S. government and agency securities 2 $ 386 $ 63 $ — $ 449 Corporate stocks 3 242 2 — 244 Corporate notes and bonds 4 — 885 — 885 Common/collective funds 5 — — 652 652 Partnerships 6 — — 68 68 Registered investment companies 7 66 — — 66 Interest bearing cash — 17 — 17 Other 8 2 101 — 103 Total $ 696 $ 1,068 $ 720 $ 2,484 Receivables and payables, net (19 ) Combined net plan assets available for benefits 2,465 SCE's share of net plan assets $ 2,464 The following table sets forth the VEBA Trust assets for Edison International and SCE that were accounted for at fair value as of December 31, 2018 by asset class and level within the fair value hierarchy: (in millions) Level 1 Level 2 NAV 1 Total U.S. government and agency securities 2 $ 322 $ 49 $ — $ 371 Corporate stocks 3 204 — — 204 Corporate notes and bonds 4 — 832 — 832 Common/collective funds 5 — — 495 495 Partnerships 6 — — 89 89 Registered investment companies 7 38 — — 38 Interest bearing cash 22 — — 22 Other 8 5 99 — 104 Total $ 591 $ 980 $ 584 $ 2,155 Receivables and payables, net (22 ) Combined net plan assets available for benefits $ 2,133 1 These investments are measured at fair value using the net asset value per share practical expedient and have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the net plan assets available for benefits. 2 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. 3 Corporate stock performance for actively managed separate accounts is primarily benchmarked against the Russell Indexes ( 68% and 67% ) and the MSCI All Country World Index ( 32% and 33% ) for 2019 and 2018 , respectively. 4 Corporate notes and bonds are diversified and include approximately $49 million and $59 million for commercial collateralized mortgage obligations and other asset backed securities at December 31, 2019 and 2018 , respectively. 5 At both December 31, 2019 and 2018 , 74% of the common/collective assets are invested in index funds which seek to track performance in the MSCI All Country World Index Investable Market Index and 19% are invested in a non-index U.S. equity fund which is actively managed. The remaining assets in this category are primarily invested in emerging market fund. 6 At December 31, 2019 and 2018 , respectively, 55% and 48% of the partnerships are invested in private equity and venture capital funds. Investment strategies for these funds include branded consumer products, clean and information technology and healthcare. 28% and 17% of the remaining partnerships category are invested in asset backed securities including distressed mortgages, distressed companies and commercial and residential loans and debt and equity of banks. 15% and 34% are invested in a broad range of financial assets in all global markets. 7 At both December 31, 2019 and 2018 , registered investment companies were primarily invested in (1) a money market fund, (2) exchange rate trade funds which seek to track performance of MSCI Emerging Market Index, Russell 2000 Index and international small cap equities. 8 Other includes $66 million and $58 million of municipal securities at December 31, 2019 and 2018 , respectively. At December 31, 2019 and 2018 , respectively, approximately 65% and 64% of the publicly traded equity investments, including equities in the common/collective funds, were located in the United States. 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 approximately 71 million shares. As of December 31, 2019 , Edison International had approximately 26 million shares remaining available for new award grants under its stock-based compensation plans. The following table summarizes total expense and tax benefits associated with stock-based compensation: Edison International SCE Years ended December 31, (in millions) 2019 2018 2017 2019 2018 2017 Stock-based compensation expense 1 : Stock options $ 13 $ 11 $ 14 $ 7 $ 6 $ 8 Performance shares 8 1 2 4 1 2 Restricted stock units 6 7 6 3 4 3 Other 2 2 1 — — — Total stock-based compensation expense 29 21 23 14 11 13 Income tax benefits related to stock compensation expense $ 10 $ 6 $ 72 $ 6 $ 3 $ 15 1 Reflected in "Operation and maintenance" on Edison International's and SCE's consolidated statements of income. Stock Options Under the 2007 Performance Incentive Plan, Edison International has granted stock options at exercise prices equal to 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 in equal annual increments, except for awards granted to retirement-eligible participants, which vest on an accelerated basis. 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, 2019 2018 2017 Expected terms (in years) 5.5 5.7 5.7 Risk-free interest rate 1.6% - 2.3% 2.6% - 3.0% 2.1% - 2.3% Expected dividend yield 3.3% - 4.0% 3.6% - 4.3% 2.7% - 3.8% Weighted average expected dividend yield 3.9% 3.8% 2.7% Expected volatility 21.7% - 24.1% 20.9% - 21.9% 17.8% - 20.9% Weighted average volatility 21.8% 20.9% 17.9% 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 2019 . The volatility period used was 66 months , 68 months and 68 months at December 31, 2019 , 2018 and 2017 , respectively. The following is a summary of the status of Edison International's stock options: Weighted Average Stock Options Exercise Price Remaining Contractual Term (Years) Aggregate Intrinsic Value (in millions) Edison International: Outstanding at December 31, 2018 8,833,610 $ 59.81 Granted 1,928,314 62.79 Forfeited or expired (201,643 ) 67.38 Exercised 1 (1,281,604 ) 45.26 Outstanding at December 31, 2019 9,278,677 62.27 6.28 Vested and expected to vest at December 31, 2019 9,151,143 62.27 6.25 $ 125 Exercisable at December 31, 2019 5,378,183 $ 60.32 4.91 $ 84 SCE: Outstanding at December 31, 2018 5,037,185 $ 57.84 Granted 1,047,247 62.91 Forfeited or expired (182,822 ) 66.83 Exercised 1 (878,084 ) 44.67 Affiliate transfers, net (88,824 ) 53.14 Outstanding at December 31, 2019 4,934,702 61.01 6.05 Vested and expected to vest at December 31, 2019 4,871,685 60.98 6.01 $ 73 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Regulated Entity, Other Assets, Noncurrent [Abstract] | |
Investments | Investments Nuclear Decommissioning Trusts Future decommissioning costs related to SCE's nuclear assets are expected to be funded from independent decommissioning trusts. The following table sets forth amortized cost and fair value of the trust investments (see Note 4 for a discussion of fair value of the trust investments): Longest Maturity Date Amortized Cost Fair Value December 31, (in millions) 2019 2018 2019 2018 Stocks — N/A N/A $ 1,765 $ 1,381 Municipal bonds 2057 822 665 970 767 U.S. government and agency securities 2067 996 1,193 1,115 1,288 Corporate bonds 2068 597 573 679 611 Short-term investments and receivables/payables 1 One-year 32 70 33 73 Total $ 2,447 $ 2,501 $ 4,562 $ 4,120 1 Short-term investments include $41 million and $71 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by January 2, 2020 and January 2, 2019 as of December 31, 2019 and 2018 , respectively. Trust fund earnings (based on specific identification) increase the trust fund balance and the ARO regulatory liability. Unrealized holding gains, net of losses, were $1.8 billion and $1.4 billion at December 31, 2019 and 2018 , respectively, and other-than-temporary impairments were $160 million and $170 million at the respective periods. Trust assets are used to pay income taxes. Deferred tax liabilities related to net unrealized gains at December 31, 2019 were $449 million . Accordingly, the fair value of trust assets available to pay future decommissioning costs, net of deferred income taxes, totaled $4.1 billion at December 31, 2019 . The following table summarizes the gains and losses for the trust investments: December 31, (in millions) 2019 2018 2017 Gross realized gains $ 87 $ 134 $ 244 Gross realized losses (2 ) (27 ) (23 ) Net unrealized gains (losses) for equity securities 343 (233 ) 142 Due to regulatory mechanisms, changes in assets of the trusts from income or loss items have no impact on operating revenue or earnings. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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 7.61% in both 2019 and 2018 , respectively. The CPUC authorizes the use of a balancing account to recover from or refund to customers differences in revenue resulting from actual and forecasted electricity sales. 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) 2019 2018 Current: Regulatory balancing and memorandum accounts $ 798 $ 814 Power contracts 1 189 305 Other 22 14 Total current 1,009 1,133 Long-term: Deferred income taxes, net of liabilities 4,026 3,589 Pension and other postretirement benefits 87 271 Power contracts 1 434 700 Unamortized investments, net of accumulated amortization 2 119 118 Unamortized loss on reacquired debt 142 153 Regulatory balancing and memorandum accounts 981 360 Environmental remediation 237 134 Other 62 55 Total long-term 6,088 5,380 Total regulatory assets $ 7,097 $ 6,513 1 In 2018, SCE amended the termination date of two power purchase agreements. As a result of this amendment, SCE is required to make early termination payments totaling $206 million by 2021. The unpaid portion of $29 million and $206 million were reflected as a regulatory asset in the consolidated balance sheets as of December 31, 2019 and 2018 , respectively. 2 Relates to a regulatory asset that earns a rate of return. See below for further information. In accordance with the accounting standards applicable to rate-regulated enterprises, SCE defers costs as regulatory assets that are probable of future recovery from customers and has recorded regulatory assets for these incremental costs at December 31, 2019 . While SCE believes such costs are probable of future recovery, there is no assurance that SCE will collect all amounts currently deferred as regulatory assets. SCE's regulatory assets related to power contracts primarily represent derivative contracts that were designated as normal purchases and normal sales contracts. The liabilities for these power contracts are amortized over the remaining contract terms, approximately 2 to 5 years . For further information, see Note 1. SCE's regulatory assets related to deferred income taxes represent tax benefits passed through to customers. The CPUC requires SCE to flow 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 60 years . For further information, see Note 8. SCE's regulatory assets related to pension and other post-retirement plans represent the unfunded net loss and prior service costs of the plans. This amount is being recovered through rates charged to customers. See "Pension Plans and Postretirement Benefits Other than Pensions" discussion in Note 9. SCE has long-term unamortized investments which include nuclear assets related to Palo Verde and the beyond the meter program. Nuclear assets related to Palo Verde and the beyond the meter program are expected to be recovered by 2044 and 2027 , respectively, and both earned returns of 7.61% in 2019 and 2018 . SCE's net regulatory asset related to its unamortized loss on reacquired debt will be recovered over the original amortization period of the reacquired debt over periods ranging from 10 to 40 years or the life of the new issuance if the debt is refunded or refinanced. SCE's regulatory assets related to environmental remediation represent a portion of the costs incurred at certain sites that SCE is allowed to recover through customer rates. See "Environmental Remediation" discussed in Note 12. Regulatory Liabilities SCE's regulatory liabilities included on the consolidated balance sheets are: December 31, (in millions) 2019 2018 Current: Regulatory balancing and memorandum accounts $ 883 $ 1,080 Energy derivatives 80 158 2018 GRC 1 — 274 Other 9 20 Total current 972 1,532 Long-term: Costs of removal 2,674 2,769 Re-measurement of deferred taxes 2,424 2,776 Recoveries in excess of ARO liabilities 1,569 1,130 Regulatory balancing and memorandum accounts 1,261 1,344 Other postretirement benefits 416 185 Other 1 41 125 Total long-term 8,385 8,329 Total regulatory liabilities $ 9,357 $ 9,861 1 During 2018, SCE recorded CPUC revenue based on the 2017 authorized revenue requirement adjusted for the July 2017 cost of capital decision and Tax Reform pending the outcome of the 2018 GRC. SCE recorded regulatory liabilities primarily associated with these adjustments. In May 2019, these regulatory liabilities were reversed due to the adoption of 2018 GRC final decision. For further information, see Note 1. SCE's regulatory liabilities related to energy derivatives are primarily an offset to unrealized gains on derivatives. SCE's regulatory liabilities related to costs of removal represent differences between asset removal costs recorded and amounts collected in rates for those costs. As a result of Tax Reform, SCE's deferred tax assets and liabilities were re-measured at December 31, 2017, resulting in an increase in regulatory liabilities. In February 2019, the CPUC issued a final resolution holding that customers are only entitled to re-measurement of deferred taxes that were included when setting rates (i.e. included in rate base), and that all other deferred tax re-measurements belong to shareholders. As a result of the resolution, SCE recorded an income tax benefit of approximately $88 million in the year 2019. For further information, see Note 8. SCE's regulatory liabilities related to recoveries in excess of ARO liabilities represents the cumulative differences between ARO expenses and amounts collected in rates primarily for the decommissioning of the SCE's nuclear generation facilities. Decommissioning costs recovered through rates are primarily placed in nuclear decommissioning trusts. This regulatory liability also represents the deferral of realized and unrealized gains and losses on the nuclear decommissioning trust investments. See Note 10 for further discussion. Net Regulatory Balancing and Memorandum Accounts Balancing accounts track amounts that the CPUC or FERC have authorized for recovery. 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. Undercollections are recorded as regulatory balancing account assets. Overcollections 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. Memorandum accounts are authorized to track costs for potential future recovery. Regulatory balancing and memorandum 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. Regulatory balancing and memorandum accounts that do not have the right of offset are presented gross in the consolidated balance sheets. Under and over collections in balancing accounts and amounts recorded in memorandum accounts typically accrue interest based on a three-month commercial paper rate published by the Federal Reserve. The following table summarizes the significant components of regulatory balancing and memorandum accounts included in the above tables of regulatory assets and liabilities: December 31, (in millions) 2019 2018 Asset (liability) Energy resource recovery account 1 $ (23 ) $ 815 Portfolio allocation balancing account 1 537 — New system generation balancing account 1 85 (74 ) Public purpose programs and energy efficiency programs (1,235 ) (1,200 ) Base revenue requirement balancing account (328 ) (628 ) Tax accounting memorandum account and pole loading balancing account 17 28 DOE litigation memorandum account (35 ) (69 ) Greenhouse gas auction revenue and low carbon fuel standard revenue (196 ) (81 ) FERC balancing accounts (127 ) (180 ) Wildfire-related memorandum accounts 2 868 272 Other 72 (133 ) Liability $ (365 ) $ (1,250 ) 1 SCE's cost-recovery mechanism for its fuel and purchased power-related costs is facilitated in three main balancing accounts, the Energy Resource Recovery Account ("ERRA"), the Portfolio Allocation Balancing Account ("PABA") and the New System Generation Balancing Account ("NSGBA"). In May 2019, the CPUC approved a PABA to determine and pro-ratably recover from responsible bundled service and departing load customers the "above-market" costs of all generation resources that are eligible for cost recovery. The ERRA and PABA balancing accounts are subject to a trigger mechanism that allows SCE to request an expeditious rate change if the sum of the ERRA balance and the bundled service customers' pro-rata share of the PABA balance either exceeds 5% of SCE's prior year generation rate revenue or exceeds 4% of SCE's prior year generation rate revenue and SCE does not expect the overcollection or undercollection to fall below 4% within 120 days. For 2020, the 4% and 5% trigger amounts are approximately $200 million and $250 million , respectively. SCE will begin recovering the combined ERRA, PABA and NSGBA undercollection from customers in rates beginning in April 2020, which will be fully recovered in April 2021. 2 The wildfire-related memorandum accounts regulatory assets represent wildfire-related costs that are probable of future recovery from customers, subject to a reasonableness review. The Fire Hazard Prevention Memorandum Account ("FHPMA") is used to track costs related to fire safety and to implement fire prevention corrective action measures in extreme and very high fire threat areas. The Catastrophic Event Memorandum Account ("CEMA") is used to track costs related to restoring service and damage repair, upon declaration of disasters by state or federal authorities. During 2018, the CPUC approved the establishment of the Wildfire Expense Memorandum Account ("WEMA") to track incremental wildfire insurance costs and uninsured wildfire-related financing, legal and claims costs. In March 2019, the CPUC approved a fire risk mitigation memorandum account to track costs related to the reduction of fire risk that are incremental to the amount in SCE's any other revenue requirement. In June 2019, the CPUC approved a wildfire mitigation plan memorandum account to track costs incurred to implement SCE's Wildfire Mitigation Plan that are not currently reflected in SCE's revenue requirements. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | mmitments and Contingencies Power Purchase Agreements SCE entered into various agreements to purchase power, electric capacity and other energy products. At December 31, 2019 , the undiscounted future expected minimum payments for the SCE PPAs (primarily related to renewable energy contracts), which were approved by the CPUC and met other critical contract provisions (including completion of major milestones for construction), were as follows: (in millions) Total 2020 $ 2,796 2021 1 2,777 2022 2,729 2023 2,457 2024 2,160 Thereafter 23,102 Total future commitments 2 $ 36,021 1 Includes $242 million related to certain lease contracts to be recorded as short-term lease expense in 2021. 2 Certain power purchase agreements are treated as operating or finance leases. For further discussion, see Note 13. Includes a lease contract that has not yet commenced with future lease payments of $135 million . The lease is expected to commence during the third quarter of 2020. Additionally, as of December 31, 2019, SCE has executed contracts (including capacity reduction contracts) that have not met the critical contract provisions that would increase contractual obligations by $25 million in 2020, $106 million in 2021, $102 million in 2022, $102 million in 2023, $69 million in 2024 and $897 million thereafter, if all critical contract provisions are completed. Costs incurred for PPAs were $3.7 billion in 2019, $3.8 billion in 2018 and $3.6 billion in 2017, which include costs associated with contracts with terms of less than one year. Other Commitments The following summarizes the estimated minimum future commitments for SCE's other commitments: (in millions) 2020 2021 2022 2023 2024 Thereafter Total Other contractual obligations $ 77 $ 48 $ 47 $ 46 $ 45 $ 189 $ 452 Costs incurred for other commitments were $110 million in 2019 , $124 million in 2018 and $75 million in 2017 . Other commitments include fuel supply contracts for Palo Verde which require payment only if the fuel is made available for purchase. Also included are commitments related to maintaining reliability and expanding SCE's transmission and distribution system. The table above does not include asset retirement obligations, which are discussed in Note 1. 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 agreed to provide 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 or other contractual arrangements. 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. 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 financial position, results of operations and cash flows. Southern California Wildfires and Mudslides Multiple factors have contributed to increased wildfire activity, and faster progression of and increased damage from wildfires across SCE's service territory and throughout California. These include the buildup of dry vegetation in areas severely impacted by years of historic drought, lack of adequate clearing of hazardous fuels by responsible parties, higher temperatures, lower humidity, and strong Santa Ana winds. At the same time that wildfire risk has been increasing in Southern California, residential and commercial development has occurred and is occurring in some of the highest-risk areas. Such factors can increase the likelihood and extent of wildfires. SCE has determined that approximately 27% of its service territory is in areas identified as high fire risk. Over the past several years, wind-driven wildfires impacted portions of SCE's service territory, with wildfires in December 2017 and November 2018 causing loss of life, substantial damage to both residential and business properties, and service outages for SCE customers. The investigating government agencies, the Ventura County Fire Department ("VCFD") and California Department of Forestry and Fire Protection ("CAL FIRE"), have determined that the largest of the 2017 fires originated on December 4, 2017, in the Anlauf Canyon area of Ventura County (the investigating agencies refer to this fire as the "Thomas Fire"), followed shortly thereafter by a second fire that originated near Koenigstein Road in the City of Santa Paula (the "Koenigstein Fire"). While the progression of these two fires remains under review, the December 4, 2017 fires eventually burned substantial acreage in both Ventura and Santa Barbara Counties. According to CAL FIRE, the Thomas and Koenigstein Fires, collectively, burned over 280,000 acres, destroyed or damaged an estimated 1,343 structures and resulted in two confirmed fatalities. The largest of the November 2018 fires, known as the "Woolsey Fire", originated in Ventura County and burned acreage in both Ventura and Los Angeles Counties. According to CAL FIRE, the Woolsey Fire burned almost 100,000 acres, destroyed an estimated 1,643 structures, damaged an estimated 364 structures and resulted in three confirmed fatalities. Two additional fatalities have been associated with the Woolsey Fire. As described below, multiple lawsuits related to the Thomas and Koenigstein Fires and the Woolsey Fire have been initiated against SCE and Edison International. Some of the Thomas and Koenigstein Fires lawsuits claim that SCE and Edison International have responsibility for the damages caused by mudslides and flooding in Montecito and surrounding areas in January 2018 (the "Montecito Mudslides") based on a theory alleging that SCE has responsibility for the Thomas and/or Koenigstein Fires and that the Thomas and/or Koenigstein Fires proximately caused the Montecito Mudslides. According to Santa Barbara County initial reports, the Montecito Mudslides destroyed an estimated 135 structures, damaged an estimated 324 structures, and resulted in 21 confirmed fatalities, with two additional fatalities presumed. In 2019, several wind-driven wildfires, including the "Saddle Ridge Fire," originated in Southern California (the "2019 Fires"). Based on currently available information and without considering insurance recoveries, it is reasonably possible that SCE will incur a material loss in connection with the Saddle Ridge Fire, but the range of possible losses that could be incurred cannot be estimated at this time. Edison International and SCE expect that any losses incurred will be covered by insurance, subject to a self-insured retention and co-insurance, and that the amount of any such loss after insurance recoveries will not be material. After expected insurance recoveries, SCE does not expect any of the 2019 Fires to have a material adverse effect on its financial condition, results of operations or cash flows. At December 31, 2019, SCE recorded self-insured retention expenses totaling $23 million ( $17 million after-tax) primarily associated with the 2019 Fires. SCE has not recorded a charge for potential liabilities relating to the Saddle Ridge Fire because, based on currently available information, it has not determined that a loss is probable. Liability Overview The extent of liability for wildfire-related damages in actions against utilities depends on a number of factors, including whether the utility substantially caused or contributed to the damages and whether parties seeking recovery of damages will be required to show negligence in addition to causation. California courts have previously found utilities to be strictly liable for property damage along with associated interest and attorneys' fees, regardless of fault, by applying the theory of inverse condemnation when a utility's facilities were determined to be a substantial cause of a wildfire that caused the property damage. If inverse condemnation is held to be inapplicable to SCE in connection with a wildfire, SCE still could be held liable for property damages and associated interest if the property damages were found to have been proximately caused by SCE's negligence. If SCE were to be found negligent, SCE could also be held liable for, among other things, fire suppression costs, business interruption losses, evacuation costs, clean-up costs, medical expenses, and personal injury/wrongful death claims. Additionally, SCE could potentially be subject to fines for alleged violations of CPUC rules and state laws in connection with the ignition of a wildfire. Final determinations of liability for the Thomas Fire, the Koenigstein Fire, the Montecito Mudslides and the Woolsey Fire (each a "2017/2018 Wildfire/Mudslide Event," and, collectively, the "2017/2018 Wildfire/Mudslide Events"), including determinations of whether SCE was negligent, would only be made during lengthy and complex litigation processes. Even when investigations are still pending or liability is disputed, an assessment of likely outcomes, including through future settlement of disputed claims, may require a liability to be accrued under accounting standards. Based on information available to SCE and consideration of the risks associated with litigation, Edison International and SCE expect to incur a material loss in connection with the 2017/2018 Wildfire/Mudslide Events. As of December 31, 2019, Edison International and SCE have estimated liabilities of $4.5 billion , remaining expected recoveries from insurance of $1.7 billion and expected recoveries through FERC electric rates of $149 million on their consolidated balance sheets related to the 2017/2018 Wildfire/Mudslide Events. The accrued liability corresponds to the lower end of the reasonably estimated range of expected potential losses that may be incurred in connection with the 2017/2018 Wildfire/Mudslide Events and is subject to change as additional information becomes available. Edison International and SCE will seek to offset any actual losses realized with recoveries from insurance policies in place at the time of the events and, to the extent actual losses exceed insurance, through electric rates. The CPUC and FERC may not allow SCE to recover uninsured losses through electric rates if it is determined that such losses were not reasonably or prudently incurred. See "Loss Estimates for Third Party Claims and Potential Recoveries from Insurance and through Electric Rates" below for additional information. External Investigations and Internal Review The VCFD and CAL FIRE have jointly issued reports concerning their findings regarding the causes of the Thomas Fire and the Koenigstein Fire. The reports did not address the causes of the Montecito Mudslides. SCE has also received a non-final redacted draft of a report from the VCFD regarding Woolsey Fire (the "Redacted Woolsey Report"). SCE received the Redacted Woolsey Report subject to a protective order in the litigation related to the Woolsey fire and, other than the information disclosed in this Form 10-K, is not authorized to release the report or its contents to the public at this time. Based on a filing made by Ventura County in the Woolsey Fire litigation, SCE anticipates that the VCFD will release the final non-redacted report from the VCFD regarding the Woolsey Fire on or about April 1, 2020. The VCFD and CAL FIRE findings do not determine legal causation of or assign legal liability for the Thomas, Koenigstein or Woolsey Fires; final determinations of legal causation and liability would only be made during lengthy and complex litigation. The SED is also conducting investigations to assess SCE's compliance with applicable rules and regulations in areas impacted by the Thomas, Koenigstein and Woolsey Fires. SCE cannot predict when the SED's investigations will be completed. Edison International and SCE understand that the California Attorney General's Office has completed its investigation of the Thomas Fire without pursuing criminal charges. Edison International and SCE are aware of an ongoing investigation by the California Attorney General's Office of the Woolsey Fire for the purpose of determining whether any criminal violations have occurred. SCE could be subject to material fines, penalties, or restitution if it is determined that it failed to comply with applicable laws and regulations. SCE is not aware of any basis for felony liability with regards to the Thomas Fire, the Koenigstein Fire or the Woolsey Fire. SCE's internal review into the facts and circumstances of each of the 2017/2018 Wildfire/Mudslide Events is complex and time consuming. SCE expects to obtain and review additional information and materials in the possession of third parties during the course of its internal reviews and the litigation processes. Thomas Fire On March 13, 2019, the VCFD and CAL FIRE jointly issued a report concluding, after ruling out other possible causes, that the Thomas Fire was started by SCE power lines coming into contact during high winds, resulting in molten metal falling to the ground. However, the report does not state that their investigation found molten metal on the ground. At this time, based on available information, SCE has not determined whether its equipment caused the Thomas Fire. Based on publicly available radar data showing a smoke plume in the Anlauf Canyon area emerging in advance of the report's indicated start time, SCE believes that the Thomas Fire started at least 12 minutes prior to any issue involving SCE's system and at least 15 minutes prior to the start time indicated in the report. SCE is continuing to assess the progression of the Thomas Fire and the extent of damages that may be attributable to that fire. Koenigstein Fire On March 20, 2019, the VCFD and CAL FIRE jointly issued a report finding that the Koenigstein Fire was caused when an energized SCE electrical wire separated and fell to the ground along with molten metal particles and ignited the dry vegetation below. As previously disclosed, SCE believes that its equipment was associated with the ignition of the Koenigstein Fire. SCE is continuing to assess the progression of the Koenigstein Fire and the extent of damages that may be attributable to that fire. Montecito Mudslides SCE's internal review includes inquiry into whether the Thomas and/or Koenigstein Fires proximately caused or contributed to the Montecito Mudslides, whether, and to what extent, the Thomas and/or Koenigstein Fires were responsible for the damages in the Montecito area and other factors that potentially contributed to the losses that resulted from the Montecito Mudslides. Many other factors, including, but not limited to, weather conditions and insufficiently or improperly designed and maintained debris basins, roads, bridges and other channel crossings, could have proximately caused, contributed to or exacerbated the losses that resulted from the Montecito Mudslides. At this time, based on available information, SCE has not been able to determine whether the Thomas Fire or the Koenigstein Fire, or both, were responsible for the damages in the Montecito area. In the event that SCE is determined to have caused the fire that spread to the Montecito area, SCE cannot predict whether, if fully litigated, the courts would conclude that the Montecito Mudslides were caused or contributed to by the Thomas and/or Koenigstein Fires or that SCE would be liable for some or all of the damages caused by the Montecito Mudslides. Woolsey Fire SCE's internal review into the facts and circumstances of the Woolsey Fire is ongoing. SCE has reported to the CPUC that there was an outage on SCE's electric system in the vicinity of where the Woolsey Fire reportedly began on November 8, 2018. SCE is aware of witnesses who saw fire in the vicinity of SCE's equipment at the time the fire was first reported. While SCE did not find evidence of downed electrical wires on the ground in the suspected area of origin, it observed a pole support wire in proximity to an electrical wire that was energized prior to the outage. The Redacted Woolsey Report states that the VCFD investigation team determined that electrical equipment owned and operated by SCE was the cause of the Woolsey Fire. Absent additional evidence, SCE believes that it is likely that its equipment was associated with the ignition of the Woolsey Fire. SCE expects to obtain and review additional information and materials in the possession of CAL FIRE and others during the course of its internal review and the Woolsey Fire litigation process, including SCE equipment that has been retained by CAL FIRE. Wildfire-related Litigation Multiple lawsuits related to the 2017/2018 Wildfire/Mudslide Events naming SCE as a defendant have been filed by three categories of plaintiffs: individual plaintiffs, subrogation plaintiffs and public entity plaintiffs. A number of the lawsuits also name Edison International as a defendant and some of the lawsuits were filed as purported class actions. The lawsuits, which have been filed in the superior courts of Ventura, Santa Barbara and Los Angeles Counties in the case of the Thomas and Koenigstein Fires and the Montecito Mudslides, and in Ventura and Los Angeles Counties in the case of the Woolsey Fire, allege, among other things, negligence, inverse condemnation, trespass, private nuisance, personal injury, wrongful death, and violations of the California Public Utilities and Health and Safety Codes. SCE expects to be the subject of additional lawsuits related to the 2017/2018 Wildfire/Mudslide Events. The litigation could take a number of years to be resolved because of the complexity of the matters and number of plaintiffs. The Thomas and Koenigstein Fires and Montecito Mudslides lawsuits are being coordinated in the Los Angeles Superior Court. The Woolsey Fire lawsuits have also been coordinated in the Los Angeles Superior Court. On October 4, 2018, the Superior Court denied Edison International's and SCE's challenge to the application of inverse condemnation to SCE with respect to the Thomas and Koenigstein Fires and, on February 26, 2019, the California Supreme Court denied SCE's petition to review the Superior Court's decision. In January 2019, SCE filed a cross-complaint against certain local public entities alleging that failures by these entities, such as failure to adequately plan for flood hazards and build and maintain adequate debris basins, roads, bridges and other channel crossings, among other things, caused, contributed to or exacerbated the losses that resulted from the Montecito Mudslides. These cross-claims in the Montecito Mudslides litigation were not released as part of the Local Public Entity Settlements. Additionally, in September 2018, a derivative lawsuit for breach of fiduciary duties and unjust enrichment was filed in the Los Angeles Superior Court against certain current and former members of the Boards of Directors of Edison International and SCE. Edison International and SCE are identified as nominal defendants in the action. The derivative lawsuit generally alleges that the individual defendants violated their fiduciary duties by causing or allowing SCE to operate in an unsafe manner in violation of relevant regulations, resulting in substantial liability and damage from the Thomas and Koenigstein Fires and the Montecito Mudslides. The lawsuit is currently stayed. In November 2018, a purported class action lawsuit alleging securities fraud and related claims was filed in federal court against Edison International, SCE and certain current and former officers of Edison International and SCE. The plaintiff alleges that Edison International and SCE made false and/or misleading statements in filings with the Securities and Exchange Commission by failing to disclose that SCE had allegedly failed to maintain its electric transmission and distribution networks in compliance with safety regulations, and that those alleged safety violations led to fires that occurred in 2017 and 2018, including the Thomas Fire and the Woolsey Fire. In January 2019, two separate derivative lawsuits alleging breach of fiduciary duties, securities fraud, misleading proxy statements, unjust enrichment, and related claims were filed in federal court against certain current and former members of the Boards of Directors and certain current and former officers of Edison International and SCE. Edison International and SCE are named as nominal defendants in those actions. The derivative lawsuits generally allege that the individual defendants breached their fiduciary duties and made misleading statements or allowed misleading statements to be made (i) between March 21, 2014 and August 10, 2015, with respect to certain ex parte communications between SCE and CPUC decision-makers concerning the settlement of the San Onofre Order Instituting Investigation proceeding (the "San Onofre OII") and (ii) from February 23, 2016 to the present, concerning compliance with applicable laws and regulations concerning electric system maintenance and operations related to wildfire risks. The lawsuits generally allege that these breaches of duty and misstatements led to substantial liability and damage resulting from the disclosure of SCE's ex parte communications in connection with the San Onofre OII settlement, and from the 2017/2018 Wildfire/Mudslide Events. Loss Estimates for Third Party Claims and Potential Recoveries from Insurance and through Electric Rates At December 31, 2019 and December 31, 2018, Edison International's and SCE's balance sheets include accrued liabilities (established at the lower end of the reasonably estimated range of expected losses) of $4.5 billion and $4.7 billion , respectively, for the 2017/2018 Wildfire/Mudslide Events. The following table presents changes in estimated losses (estimated at the lower end of the reasonably estimated range of expected losses) for the 2017/2018 Wildfire/Mudslide Events since December 31, 2018: (in millions) Balance at December 31, 2018 $ 4,669 Accrued losses 232 Payments (360 ) Balance at December 31, 2019 $ 4,541 In total, SCE has accrued estimated losses of $4.9 billion and paid $360 million in settlements and recovered $290 million from its insurance carriers through December 31, 2019 in relation to the 2017/2018 Wildfire/Mudslide Events. For the years-ended December 31, 2019 and 2018, the income statements include charges for the estimated losses (established at the lower end of the reasonably estimated range of expected losses), net of expected recoveries from insurance and FERC customers, related to the 2017/2018 Wildfire/Mudslide Events as follows: Year ended December 31, (in millions) 2019 2018 Charge for wildfire-related claims $ 232 $ 4,669 Expected insurance recoveries — (2,000 ) Expected revenue from FERC customers (14 ) (135 ) Total pre-tax charge 218 2,534 Income tax benefit (61 ) (709 ) Total after-tax charge $ 157 $ 1,825 In the fourth quarter of 2018, SCE recorded a liability for estimated losses of $4.7 billion related to the 2017/2018 Wildfire/Mudslide Events. In the fourth quarter of 2019, SCE paid $360 million to a number of local public entities to resolve those parties' collective claims arising from the 2017/2018 Wildfire/Mudslide Events (the “Local Public Entity Settlements”). After the Local Public Entity Settlements, the liability accrued for estimated losses as of December 31, 2019 was reduced by the $360 million paid in the Local Public Entity Settlements. Each reporting period, management reviews its loss estimates for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events. The process for estimating losses associated with wildfire litigation claims requires management to exercise significant judgment based on a number of assumptions and subjective factors, including, but not limited to: estimates of known and expected claims by third parties based on currently available information, opinions of counsel regarding litigation risk, the status of and developments in the course of litigation, and prior experience litigating and settling wildfire litigation claims. While the low end of the reasonably estimated range of expected losses for the 2017/2018 Wildfire/Mudslide Events is estimated on an aggregate basis, some of the factors evaluated by management in connection with its fourth quarter 2019 review contributed to a significant increase in certain loss estimates, while others contributed to a significant decrease in certain other loss estimates. The net result of management's fourth quarter 2019 review was an increase in estimated losses of $232 million for total estimated losses of $4.5 billion as of December 31, 2019 for unpaid claims related to the 2017/2018 Wildfire Mudslide Events. As additional information becomes available, management's estimates and assumptions regarding the causes and financial impact of the 2017/2018 Wildfire/Mudslide Events may change further. Such additional information is expected to become available from multiple external sources during the course of litigation and settlement discussions and from SCE's ongoing internal review, including, among other things, information regarding the extent of damages that may be attributable to any fire determined to have been substantially caused by SCE's equipment, information that may be obtained from the equipment in CAL FIRE's possession, and information pertaining to fire progression, suppression activities, damages alleged by plaintiffs and insurance claims made by third parties. As described above, the accrued liability as of December 31, 2019 corresponds to the lower end of the reasonably estimated range of expected losses that may be incurred in connection with the 2017/2018 Wildfire/Mudslide Events and is subject to change as additional information becomes available. Edison International and SCE currently believe that it is reasonably possible that the amount of the actual loss will be greater than the amount accrued. However, Edison International and SCE are currently unable to reasonably estimate an upper end of the range of expected losses given the uncertainty as to the legal and factual determinations to be made during litigation, including uncertainty as to the contributing causes of the 2017/2018 Wildfire/Mudslide Events, the complexities associated with fires that merge, whether inverse condemnation will be held applicable to SCE with respect to damages caused by the Montecito Mudslides, and the preliminary nature of the litigation processes. For events that occurred in 2017 and early 2018, principally the Thomas and Koenigstein Fires and Montecito Mudslides, SCE had $1.0 billion of wildfire-specific insurance coverage, subject to a self-insured retention of $10 million per occurrence. For the Woolsey Fire, SCE had an additional $1.0 billion of wildfire-specific insurance coverage, subject to a self-insured retention of $10 million per occurrence. Edison International and SCE record a receivable for insurance recoveries when recovery of a recorded loss is determined to be probable. The following table presents changes in expected insurance recoveries associated with the estimated losses for the 2017/2018 Wildfire/Mudslide Events since December 31, 2018: (in millions) Balance at December 31, 2018 $ 2,000 Insurance recoveries 1 (290 ) Balance at December 31, 2019 $ 1,710 1 Additional insurance recoveries of $55 million were received in February 2020. SCE will seek to recover uninsured costs resulting from the 2017/2018 Wildfire/Mudslide Events through electric rates. The amount of the receivable is subject to change based on additional information. Recovery of these costs is subject to approval by regulators. Under accounting standards for rate-regulated enterprises, SCE defers costs as regulatory assets when it concludes that such costs are probable of future recovery in electric rates. SCE utilizes objectively determinable evidence to form its view on probability of future recovery. The only directly comparable precedent in which a California investor-owned utility has sought recovery for uninsured wildfire-related costs is SDG&E's requests for cost recovery related to 2007 wildfire activity, where FERC allowed recovery of all FERC-jurisdictional wildfire-related costs while the CPUC rejected recovery of all CPUC-jurisdictional wildfire-related costs based on a determination that SDG&E did not meet the CPUC's prudency standard. As a result, while SCE does not agree with the CPUC's decision, it believes that the CPUC's interpretation and application of the prudency standard to SDG&E creates substantial uncertainty regarding how that standard will be applied to an investor-owned utility in future wildfire cost-recovery proceedings for fires ignited prior to July 12, 2019. SCE will continue to evaluate the probability of recovery based on available evidence, including judicial, legislative and regulatory decisions, including any CPUC decisions illustrating the interpretation and/or application of the prudency standard when making determinations regarding recovery of uninsured wildfire-related costs. While the CPUC has not made a determination regarding SCE's prudency relative to any of the 2017/2018 Wildfire/Mudslide Events, SCE is unable to conclude, at this time, that uninsured CPUC-jurisdictional wildfire-related costs are probable of recovery through electric rates. SCE would record a regulatory asset at the time it obtains sufficient information to support a conclusion that recovery is probable. SCE will seek recovery of the CPUC portion of any uninsured wildfire-related costs through its WEMA or its CEMA. In July 2019, SCE filed a CEMA application with the CPUC to seek recovery of, among other things, approximately $6 million in costs incurred to restore service to customers and to repair, replace and restore buildings and SCE's facilities damaged or destroyed as a result of the Thomas and Koenigstein Fires. SCE continues to incur costs for reconstructing its system and restoring service to structures that were damaged or destroyed by these two fires and plans to file additional applications with the CPUC to recover such costs. See "Recovery of Wildfire-Related Costs" below. Through the operation of its FERC Formula Rate, and based upon the precedent established in SDG&E's recovery of FERC-jurisdictional wildfire-related costs, SCE believes it is probable it will recover its FERC-jurisdictional wildfire and mudslide related costs and has recorded regulatory assets of $149 million within the FERC balancing account, the FERC portion of the estimated losses accrued. Current Wildfire Insurance Coverage SCE has approximately $1.2 billion of wildfire-specific insurance coverage for events that may occur during the period June 1, 2019 through June 30, 2020, subject to up to $115 million of co-insurance and $50 million of self-insured retention, which results in net coverage of approximately $1.0 billion . Various coverage limitations within the policies that make up SCE's wildfire insurance coverage could result in additional material self-insured costs in the event of multiple wildfire occurrences during a policy period or with a single wildfire with damages in excess of the policy limits. SCE's cost of obtaining wildfire insurance coverage has increased significantly as a result of, among other things, the number of recent and significant wildfire events throughout California and the application of inverse condemnation to investor-owned utilities. As such, SCE may not be able to obtain sufficient wildfire insurance, at a reasonable cost, in the future. SCE's wildfire insurance expense in 2019, prior to any regulatory deferrals, totaled approximately $400 million . In February 2019, the CPUC approved recovery of $107 million of the costs incurred by SCE to obtain a 12-month, $300 million wildfire insurance policy in December 2017. As a result of this decision, SCE |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases Leases as Lessee SCE enters into various agreements to purchase power, electric capacity and other energy products that may be accounted for as leases when SCE has dispatch rights that determine when and how a plant runs. Prior to January 1, 2019, a power purchase agreement contained a lease when SCE purchased substantially all of the output from a specific plant and did not otherwise meet a fixed price unit of output exception. SCE also leases property and equipment primarily related to vehicles, office space and other equipment. The terms of the contracts included in the table below are primarily 10 to 20 years for PPA leases, 5 to 72 years for office leases, and 5 to 12 years for the remaining other operating leases. The following table summarizes SCE's lease payments for operating and finance leases as of December 31, 2019: (in millions) PPA Operating Leases 1,2 Other Operating Leases 3 PPA Finance Leases 1 2020 $ 70 $ 37 $ 1 2021 48 30 1 2022 48 24 1 2023 47 19 2 2024 47 14 2 Thereafter 489 95 8 Total lease payments 749 219 15 Amount representing interest 4 220 59 6 Lease liabilities $ 529 $ 160 $ 9 At December 31, 2018, SCE's future minimum lease payments under non-cancellable leases were as follows: (in millions) PPA Operating Leases 1 Other Operating Leases 3 PPA Capital Leases 1 2019 $ 148 $ 42 $ 5 2020 124 31 6 2021 103 27 6 2022 79 22 6 2023 47 17 5 Thereafter 536 101 66 Total lease payments $ 1,037 $ 240 $ 94 Amount representing executory costs 25 Amount representing interest 33 Net commitments $ 36 1 Excludes expected purchases from most renewable energy contracts, which do not meet the definition of a lease payment since renewable power generation is contingent on external factors. 2 During the second quarter of 2019, SCE amended three power contracts that resulted in a $161 million reduction in ROU assets and lease liabilities as these contracts no longer qualify as leases. 3 Excludes escalation clauses based on consumer price or other indices and residual value guarantees that are not considered probable at the commencement date of the lease. 4 Lease payments are discounted to their present value using SCE's incremental borrowing rates. Supplemental balance sheet information related to SCE's leases was as follows: (in millions) December 31, 2019 Operating leases: Operating lease ROU assets $ 689 Current portion of operating lease liabilities 79 Operating lease liabilities 610 Total operating lease liabilities $ 689 Finance leases included in: Utility property, plant and equipment, gross $ 14 Accumulated depreciation (5 ) Utility property, plant and equipment, net 9 Other current liabilities 1 Other long-term liabilities 8 Total finance lease liabilities $ 9 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 for operating leases and interest and amortization expense for finance leases. The following table summarizes the components of SCE's lease expense: (in millions) Year ended December 31, 2019 PPA leases: Operating lease cost $ 118 Finance lease cost 1 Variable lease cost 1 2,087 Total PPA lease cost 2,206 Other operating leases cost 46 Total lease cost $ 2,252 1 Includes lease costs from renewable energy contracts where payments are based on contingent external factors such as wind, hydro and solar power generation. For the year ended 2018 and 2017, operating lease expense for PPAs was $2.3 billion and $2.3 billion , respectively (including contingent rents of $2.1 billion and 1.8 billion , respectively), contingent rents for capital leases were $104 million and $99 million , respectively, and operating lease expense for other leases was $57 million and $59 million , respectively. Other information related to leases was as follows: (in millions, except lease term and discount rate) Year ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases PPA leases $ 118 Other leases 44 Financing cash flows from PPA finance leases 1 ROU assets obtained in exchange for lease obligations: Other operating leases 34 Weighted average remaining lease term (in years): Operating leases PPA leases 16.05 Other leases 12.73 PPA Finance leases 11.51 Weighted average discount rate: Operating leases PPA leases 4.46 % Other leases 3.88 % PPA Finance leases 8.76 % Leases as Lessor SCE also enters into operating leases to rent certain land and facilities as a lessor. These leases primarily have terms that range from 15 to 65 years . During the year ended December 31, 2019, SCE recognized $ 18 million in lease income, which is included in operating revenue on the consolidated statements of income. At December 31, 2019, the undiscounted cash flow expected to be received from lease payments for the remaining years is as follows: (in millions) 2020 $ 11 2021 10 2022 10 2023 9 2024 8 Thereafter 148 Total $ 196 |
Leases | Leases Leases as Lessee SCE enters into various agreements to purchase power, electric capacity and other energy products that may be accounted for as leases when SCE has dispatch rights that determine when and how a plant runs. Prior to January 1, 2019, a power purchase agreement contained a lease when SCE purchased substantially all of the output from a specific plant and did not otherwise meet a fixed price unit of output exception. SCE also leases property and equipment primarily related to vehicles, office space and other equipment. The terms of the contracts included in the table below are primarily 10 to 20 years for PPA leases, 5 to 72 years for office leases, and 5 to 12 years for the remaining other operating leases. The following table summarizes SCE's lease payments for operating and finance leases as of December 31, 2019: (in millions) PPA Operating Leases 1,2 Other Operating Leases 3 PPA Finance Leases 1 2020 $ 70 $ 37 $ 1 2021 48 30 1 2022 48 24 1 2023 47 19 2 2024 47 14 2 Thereafter 489 95 8 Total lease payments 749 219 15 Amount representing interest 4 220 59 6 Lease liabilities $ 529 $ 160 $ 9 At December 31, 2018, SCE's future minimum lease payments under non-cancellable leases were as follows: (in millions) PPA Operating Leases 1 Other Operating Leases 3 PPA Capital Leases 1 2019 $ 148 $ 42 $ 5 2020 124 31 6 2021 103 27 6 2022 79 22 6 2023 47 17 5 Thereafter 536 101 66 Total lease payments $ 1,037 $ 240 $ 94 Amount representing executory costs 25 Amount representing interest 33 Net commitments $ 36 1 Excludes expected purchases from most renewable energy contracts, which do not meet the definition of a lease payment since renewable power generation is contingent on external factors. 2 During the second quarter of 2019, SCE amended three power contracts that resulted in a $161 million reduction in ROU assets and lease liabilities as these contracts no longer qualify as leases. 3 Excludes escalation clauses based on consumer price or other indices and residual value guarantees that are not considered probable at the commencement date of the lease. 4 Lease payments are discounted to their present value using SCE's incremental borrowing rates. Supplemental balance sheet information related to SCE's leases was as follows: (in millions) December 31, 2019 Operating leases: Operating lease ROU assets $ 689 Current portion of operating lease liabilities 79 Operating lease liabilities 610 Total operating lease liabilities $ 689 Finance leases included in: Utility property, plant and equipment, gross $ 14 Accumulated depreciation (5 ) Utility property, plant and equipment, net 9 Other current liabilities 1 Other long-term liabilities 8 Total finance lease liabilities $ 9 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 for operating leases and interest and amortization expense for finance leases. The following table summarizes the components of SCE's lease expense: (in millions) Year ended December 31, 2019 PPA leases: Operating lease cost $ 118 Finance lease cost 1 Variable lease cost 1 2,087 Total PPA lease cost 2,206 Other operating leases cost 46 Total lease cost $ 2,252 1 Includes lease costs from renewable energy contracts where payments are based on contingent external factors such as wind, hydro and solar power generation. For the year ended 2018 and 2017, operating lease expense for PPAs was $2.3 billion and $2.3 billion , respectively (including contingent rents of $2.1 billion and 1.8 billion , respectively), contingent rents for capital leases were $104 million and $99 million , respectively, and operating lease expense for other leases was $57 million and $59 million , respectively. Other information related to leases was as follows: (in millions, except lease term and discount rate) Year ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases PPA leases $ 118 Other leases 44 Financing cash flows from PPA finance leases 1 ROU assets obtained in exchange for lease obligations: Other operating leases 34 Weighted average remaining lease term (in years): Operating leases PPA leases 16.05 Other leases 12.73 PPA Finance leases 11.51 Weighted average discount rate: Operating leases PPA leases 4.46 % Other leases 3.88 % PPA Finance leases 8.76 % Leases as Lessor SCE also enters into operating leases to rent certain land and facilities as a lessor. These leases primarily have terms that range from 15 to 65 years . During the year ended December 31, 2019, SCE recognized $ 18 million in lease income, which is included in operating revenue on the consolidated statements of income. At December 31, 2019, the undiscounted cash flow expected to be received from lease payments for the remaining years is as follows: (in millions) 2020 $ 11 2021 10 2022 10 2023 9 2024 8 Thereafter 148 Total $ 196 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Equity | Equity Common Stock Issuances In May 2019, Edison International filed a prospectus supplement and executed several distribution agreements with certain sales agents to establish an ATM program under which it may sell shares of its common stock having an aggregate sales price of up to $1.5 billion . In the fourth quarter of 2019 , Edison International issued 2.8 million shares through the ATM program and received proceeds of $198 million , net of fees and offering expenses of $2 million . The proceeds from the sales were used for equity contributions to SCE and for general corporate and working capital purposes. As of December 31, 2019 , shares of common stock having an aggregate offering price of $1.3 billion remained available to be sold under the ATM program. Edison International has no obligation to sell the remaining available shares. In July 2019, Edison International issued 32.2 million shares of common stock and received proceeds of approximately $2.2 billion , net of fees and offering expenses of $52 million in an underwritten offering. The proceeds were contributed to SCE in a series of equity investments in August and September shown below and for general corporate purposes. Beginning in July 2019, Edison International settled the ongoing common stock requirements of various internal programs through issuance of new common stock. In the year ended December 31, 2019 , 0.6 million shares of new common stock were purchased by employees through the 401(k) defined contribution savings plan for net cash receipts of $41 million , 0.4 million shares of common stock were issued as stock compensation awards for net cash receipts of $22 million and 0.1 million shares of new common stock were issued in lieu of distributing $8 million to shareholders opting to receive dividend payments in the form of additional common stock. Equity Contributions In 2019, Edison International Parent made the following equity contributions to SCE: Date of contribution Amounts (in millions) April 26, 2019 $ 750 June 21, 2019 450 August 2, 2019 1,200 August 30, 2019 200 September 9, 2019 450 December 12, 2019 200 Total $ 3,250 The proceeds from the Edison International Parent equity contribution in 2019 were used to support the initial contribution to the Wildfire Insurance Fund of $2.4 billion , to support SCE's capital program, to increase SCE's equity level, to repay commercial paper borrowings and for general corporate purposes, including the repayment of the February 2019 SCE Term Loan discussed in Note 5. 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. See Note 1 for further information on dividend restrictions. 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, 2019 , 2018 and 2017 . 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 are: Shares Redemption Dividends Declared per Share December 31, (in millions, except shares and per share amounts) 2019 2018 Cumulative preferred stock $25 par value: 4.08% Series 650,000 $ 25.50 $ 1.020 $ 16 $ 16 4.24% Series 1,200,000 25.80 1.060 30 30 4.32% Series 1,653,429 28.75 1.080 41 41 4.78% Series 1,296,769 25.80 1.195 33 33 Preference stock No par value: 6.25% Series E (cumulative) 350,000 1,000.00 62.500 350 350 5.10% Series G (cumulative) 160,004 2,500.00 127.500 400 400 5.75% Series H (cumulative) 110,004 2,500.00 143.750 275 275 5.375% Series J (cumulative) 130,004 2,500.00 134.375 325 325 5.45% Series K (cumulative) 120,004 2,500.00 136.250 300 300 5.00% Series L (cumulative) 190,004 2,500.00 125.000 475 475 SCE's preferred and preference stock 2,245 2,245 Less issuance costs (52 ) (52 ) Edison International's preferred and preference stock of utility $ 2,193 $ 2,193 Shares of Series E preference stock issued in 2012 may be redeemed at par, in whole or in part, on or after February 1, 2022. Shares of Series G, H, J, K and L preference stock, issued in 2013 , 2014 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss, net of tax, consist of: Edison International SCE Years ended December 31, (in millions) 2019 2018 2019 2018 Beginning balance $ (50 ) $ (43 ) $ (23 ) $ (19 ) Pension and PBOP – net loss: Other comprehensive loss before reclassifications (14 ) (9 ) (14 ) (3 ) Reclassified from accumulated other comprehensive loss 1 5 6 3 4 Other 2 (10 ) (4 ) (5 ) (5 ) Change (19 ) (7 ) (16 ) (4 ) Ending balance $ (69 ) $ (50 ) $ (39 ) $ (23 ) 1 These items are included in the computation of net periodic pension and PBOP expenses. See Note 9 for additional information. 2 |
Other Income and (Expenses)
Other Income and (Expenses) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other Income and (Expenses) | Other Income Other income net of expenses is as follows: Years ended December 31, (in millions) 2019 2018 2017 SCE other income and (expenses): Equity allowance for funds used during construction $ 101 $ 104 $ 87 Increase in cash surrender value of life insurance policies and life insurance benefits 39 36 42 Interest income 37 24 7 Net periodic benefit income – non-service components 70 81 51 Civic, political and related activities and donations (46 ) (44 ) (34 ) Other (6 ) (7 ) (5 ) Total SCE other income 195 194 148 Other income of Edison International Parent and Other: Net periodic benefit costs – non-service components (3 ) (2 ) (14 ) Other 1 5 (2 ) Total Edison International other income $ 193 $ 197 $ 132 |
Supplemental Cash Flows Informa
Supplemental Cash Flows Information | 12 Months Ended |
Dec. 31, 2019 | |
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) 2019 2018 2017 2019 2018 2017 Cash payments (receipts): Interest, net of amounts capitalized $ 705 $ 595 $ 548 $ 615 $ 552 $ 509 Income taxes, net (85 ) (135 ) 1 (164 ) (57 ) 2 Non-cash financing and investing activities: Dividends declared but not paid: Common stock 231 200 197 200 — 212 Preferred and preference stock 12 12 12 12 12 12 SCE's accrued capital expenditures at December 31, 2019 , 2018 and 2017 were $643 million , $594 million and $652 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, 2019 | |
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 performed by Edison International or SCE employees, such as payroll and employee benefit programs, 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 revenue, 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. For the years ended December 31, 2019 , 2018 and 2017 , SCE purchased wildfire liability insurance for premiums of $260 million , $22 million and $144 million respectively, from Edison Insurance Services, Inc. ("EIS"), a wholly-owned subsidiary of Edison International. EIS fully reinsured the exposure for these policies through the commercial reinsurance market, with reinsurance limits and premiums equal to those of the insurance purchased by SCE. The related-party transactions included in SCE's consolidated balance sheets for wildfire-related insurance purchased from EIS were as follows: December 31, (in millions) 2019 2018 Long-term insurance receivables due from affiliate $ 803 $ 1,000 Prepaid insurance 1 10 13 Current payables due to affiliate 2 — 4 1 Reflected in "Prepaid expenses" on SCE's consolidated balance sheets. 2 Reflected in "Accounts payable" on SCE's consolidated balance sheets. The amortization expense for wildfire-related insurance premiums paid to EIS were $173 million , $140 million and $13 million for the years ended December 31, 2019 , 2018 and 2017 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Edison International's quarterly financial data is as follows: 2019 (in millions, except per share amounts) Fourth Third Second First Operating revenue $ 2,970 $ 3,741 $ 2,812 $ 2,824 Operating income 287 636 500 352 Income from continuing operations 173 502 422 308 Income from discontinued operations, net — — — — Net income attributable to common shareholders 143 471 392 278 Basic earnings per share: Continuing operations $ 0.40 $ 1.36 $ 1.20 $ 0.85 Discontinued operations — — — — Total $ 0.40 $ 1.36 $ 1.20 $ 0.85 Diluted earnings per share: Continuing operations $ 0.40 $ 1.35 $ 1.20 $ 0.85 Discontinued operations — — — — Total $ 0.40 $ 1.35 $ 1.20 $ 0.85 Dividends declared per share 0.6375 0.6125 0.6125 0.6125 2018 (in millions, except per share amounts) Fourth Third Second First Operating revenue $ 3,009 $ 4,269 $ 2,815 $ 2,564 Operating (loss) income 1 (2,041 ) 739 420 330 (Loss) income from continuing operations (1,434 ) 544 298 242 Income from discontinued operations, net 34 — — — Net (loss) income attributable to common shareholders (1,430 ) 513 276 218 Basic (loss) earnings per share: Continuing operations $ (4.49 ) $ 1.57 $ 0.85 $ 0.67 Discontinued operations 0.10 — — — Total $ (4.39 ) $ 1.57 $ 0.85 $ 0.67 Diluted (loss) earnings per share: Continuing operations $ (4.49 ) $ 1.57 $ 0.84 $ 0.67 Discontinued operations 0.10 — — — Total $ (4.39 ) $ 1.57 $ 0.84 $ 0.67 Dividends declared per share 0.6125 0.6050 0.6050 0.6050 1 In the fourth quarter of 2018, SCE recorded a charge of $2.5 billion for wildfire-related claims, net of expected recoveries from insurance and FERC customers. SCE's quarterly financial data is as follows: 2019 (in millions) Fourth Third Second First Operating revenue $ 2,958 $ 3,732 $ 2,800 $ 2,816 Operating income 325 649 513 358 Net income 224 534 449 323 Net income available for common stock 194 503 419 293 Common dividends declared 200 200 — 200 2018 (in millions) Fourth Third Second First Operating revenue $ 2,994 $ 4,260 $ 2,803 $ 2,554 Operating (loss) income 1 (2,013 ) 754 439 414 Net (loss) income (1,399 ) 567 327 316 Net (loss) income available for common stock (1,429 ) 536 297 286 Common dividends declared — 264 100 212 1 In the fourth quarter of 2018, SCE recorded a charge of $2.5 billion for wildfire-related claims, net of expected recoveries from insurance and FERC customers. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Parent | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule I - Condensed Financial Information of Parent | EDISON INTERNATIONAL SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT CONDENSED BALANCE SHEETS December 31, (in millions) 2019 2018 Assets: Cash and cash equivalents $ 15 $ 97 Other current assets 260 52 Total current assets 275 149 Investments in subsidiaries 16,530 12,521 Deferred income taxes 608 516 Other long-term assets 76 78 Total assets $ 17,489 $ 13,264 Liabilities and equity: Current portion of long-term debt 400 — Other current liabilities 481 498 Total current liabilities 881 498 Long-term debt 2,733 1,740 Other long-term liabilities 572 567 Total equity 13,303 10,459 Total liabilities and equity $ 17,489 $ 13,264 EDISON INTERNATIONAL SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT CONDENSED STATEMENTS OF INCOME For the Years Ended December 31, 2019 , 2018 and 2017 (in millions) 2019 2018 2017 Interest income from affiliates $ 5 $ — $ — Operating, interest and other expenses 150 98 92 Loss before equity in earnings (loss) of subsidiaries (145 ) (98 ) (92 ) Equity in earnings (loss) of subsidiaries 1,385 (376 ) 739 Income (loss) before income taxes 1,240 (474 ) 647 Income tax (benefit) expense (44 ) (17 ) 82 Income (loss) from continuing operations 1,284 (457 ) 565 Income from discontinued operations, net of tax — 34 — Net income (loss) $ 1,284 $ (423 ) $ 565 CONDENSED STATEMENTS OF COMPREHENSIVE INCOME For the Years Ended December 31, 2019 , 2018 and 2017 (in millions) 2019 2018 2017 Net income (loss) $ 1,284 $ (423 ) $ 565 Other comprehensive (loss) income, net of tax (9 ) (7 ) 10 Comprehensive income (loss) $ 1,275 $ (430 ) $ 575 EDISON INTERNATIONAL SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2019 , 2018 and 2017 (in millions) 2019 2018 2017 Net cash provided by operating activities $ 181 $ 785 $ 462 Cash flows from financing activities: Long-term debt issued 1,399 549 798 Long-term debt issuance costs (9 ) (4 ) (5 ) Long-term debt repaid — — (400 ) Term loan issued 1,000 — — Term loan repaid (1,000 ) — — Common stock issued 2,391 — — Payable due to affiliates 5 13 8 Short-term debt financing, net (1 ) (1,141 ) 600 Payments for stock-based compensation (27 ) (24 ) (260 ) Receipts for stock-based compensation 39 14 144 Dividends paid (810 ) (788 ) (707 ) Net cash provided by (used in) financing activities 2,987 (1,381 ) 178 Capital contributions to affiliate (3,258 ) (10 ) (122 ) Dividends from affiliate 8 179 — Net cash (used in) provided by investing activities: (3,250 ) 169 (122 ) Net (decrease) increase in cash and cash equivalents (82 ) (427 ) 518 Cash and cash equivalents, beginning of year 97 524 6 Cash and cash equivalents, end of year $ 15 $ 97 $ 524 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 this Form 10-K. Edison International Parent's 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 $400 million , $788 million and $573 million in 2019 , 2018 and 2017 , respectively. Dividend Restrictions CPUC holding company rules require that SCE's dividend policy be established by SCE's Board of Directors on the same basis as if SCE were a stand-alone utility company, and that the capital requirements of SCE, as deemed to be necessary to meet SCE's electricity service obligations, shall receive first priority from the Boards of Directors of both Edison International and SCE. In addition, the CPUC regulates SCE's capital structure which limits the dividends it may pay to its shareholders. Prior to January 1, 2020, under SCE's interpretation of CPUC regulations and capital structure decisions, the common equity component of SCE's capital structure was required to remain at or above 48% on a weighted average basis over the 37 -month period that SCE's capital structure was in effect for ratemaking purposes and SCE was required to file an application for a waiver of the 48% equity ratio condition discussed above if an adverse financial event reduces its spot equity ratio below 47% . Effective January 1, 2020, the common equity component of SCE's authorized capital structure was increased from 48% to 52% . Under AB 1054, the impact of SCE's contributions to the Wildfire Insurance Fund are excluded from the measurement of SCE's CPUC-jurisdictional authorized capital structure. On February 28, 2019, SCE submitted an application to the CPUC for waiver of compliance with this equity ratio requirement, describing that while the charge accrued in connection with the 2017/2018 Wildfire/Mudslide Events caused its equity ratio to fall below 47% on a spot basis as of December 31, 2018, SCE remains in compliance with the 48% equity ratio over the applicable 37 -month average basis. In its application, SCE requested a limited waiver to exclude wildfire-related charges and wildfire-related debt issuances from its equity ratio calculations until a determination regarding cost recovery is made. The CPUC has ruled that while the application is pending resolution, SCE must notify the CPUC if an adverse financial event reduces SCE's spot equity ratio by more than one percent from the level most recently filed with the CPUC in the proceeding. The last spot equity ratio SCE filed with the CPUC in the proceeding was 45.2% as of December 31, 2018 . Under the CPUC's rules, SCE will not be deemed to be in violation of the equity ratio requirement, and therefore may continue to issue debt and dividends, while the waiver application is pending resolution. For further information, see "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides." At December 31, 2019 , without excluding the $2.0 billion after-tax wildfire-related charges incurred in 2018 and 2019, SCE's 37-month average common equity component of total capitalization was 48.5% and the maximum additional dividend that SCE could pay to Edison International under this limitation was $179 million , resulting in a restriction on net assets of approximately $17.6 billion . If the wildfire-related charges were excluded at December 31, 2019 , SCE's 37-month average common equity component of total capitalization would have been 49.6% . See "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—SCE Dividends." Note 2. Debt and Equity Financing Long-Term Debt In June 2019, Edison International Parent issued $600 million of 5.75% senior notes due June 15, 2027. Of the proceeds of the senior note offering, $450 million was contributed to SCE with the remainder to be used for general corporate and working capital purposes. In November 2019, Edison International Parent issued $300 million of 3.125% senior notes due 2022 and $500 million of 3.550% senior notes due 2024. A portion of the proceeds of the November 2019 offering was used to repay a borrowing under a term loan agreement due in April 2020, a portion is used to repay at maturity some or all of Edison International Parent's outstanding 2.125% senior notes due 2020, and the remainder for general corporate purposes. In addition, at December 31, 2019 and 2018 , Edison International Parent had $400 million of 2.125% senior notes due in 2020 , $400 million of 2.40% senior notes due in 2022 , $400 million of 2.95% senior notes due in 2023 and $550 million of 4.125% senior notes due in 2028 . Credit Agreements and Short-Term Debt The following table summarizes the status of the credit facility at December 31, 2019 : (in millions) Commitment $ 1,500 Outstanding borrowings — Amount available $ 1,500 In April 2019, Edison International Parent borrowed $1.0 billion under a term loan agreement due in April 2020, with a variable interest rate based on the London Interbank Offered Rate plus 90 basis points. Of the proceeds of the term loan, $750 million was contributed to SCE with the remainder used for general corporate and working capital purposes. The term loan was fully repaid in December 2019. In June 2019, Edison International Parent amended the maturity date of its multi-year revolving credit facility of $1.5 billion . The facility now matures in May 2024, with an option to extend for an additional year, which may be exercised upon agreement between Edison International Parent and its lenders. At December 31, 2019 and December 31, 2018 , Edison International Parent had no outstanding commercial paper. The debt covenant in Edison International's credit facility requires a consolidated debt to total capitalization ratio of less than or equal to 0.70 to 1 . At December 31, 2019 , Edison International's consolidated debt to total capitalization ratio was 0.55 to 1 . Equity In May 2019, Edison International filed a prospectus supplement and executed several distribution agreements with certain sales agents to establish an ATM program under which it may sell shares of its common stock having an aggregate sales price of up to $1.5 billion . In the fourth quarter of 2019, Edison International issued 2.8 million shares through the ATM program and received proceeds of $198 million , net of fees and offering expenses of $2 million . The proceeds from the sales were used for equity contributions to SCE and for general corporate and working capital purposes. As of December 31, 2019 , shares of common stock having an aggregate offering price of $1.3 billion remained available to be sold under the ATM program. Edison International has no obligation to sell the remaining available shares. In July 2019, Edison International issued 32.2 million shares of common stock and received proceeds of approximately $2.2 billion , net of fees and offering expenses of $52 million in an underwritten offering. Of the proceeds, $ 1.9 billion was contributed to SCE. The remaining was used for general corporate purposes. Beginning in July 2019, Edison International settled the ongoing common stock requirements of various internal programs through issuance of new common stock. In the year ended December 31, 2019 , 0.6 million shares of new common stock were purchased by employees through the 401(k) defined contribution savings plan for net cash receipts of $41 million , 0.4 million shares of common stock were issued as stock compensation awards for net cash receipts of $22 million and 0.1 million shares of new common stock were issued in lieu of distributing $8 million to shareholders opting to receive dividend payments in the form of additional common stock. Note 3. Related-Party Transactions Edison International's Parent expense from services provided by SCE was $2 million in 2019 , $2 million in 2018 and $3 million in 2017 . Edison International's Parent interest expense from loans due to affiliates was $5 million in 2019 , 2018 and 2017 . Edison International Parent had current related-party receivables of $272 million and $41 million and current related-party payables of $198 million and $249 million at December 31, 2019 and 2018 , respectively. Edison International Parent had long-term related-party receivables of $73 million at both December 31, 2019 and 2018 , and long-term related-party payables of $213 million at both December 31, 2019 and 2018 . Note 4. Contingencies For a discussion of material contingencies see "Notes to Consolidated Financial Statements—Note 8. Income Taxes" and "—Note 12. Commitments and Contingencies." |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | EDISON INTERNATIONAL SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS Additions (in millions) Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period For the Year ended December 31, 2019 Allowance for uncollectible accounts Customers $ 32.0 $ 22.2 $ — $ 18.4 $ 35.8 All others 19.5 10.0 — 15.6 13.9 Total allowance for uncollectible amounts $ 51.5 $ 32.2 $ — $ 34.0 a $ 49.7 Tax valuation allowance $ 36.0 $ — $ — $ 1.0 $ 35.0 For the Year ended December 31, 2018 Allowance for uncollectible accounts Customers $ 36.6 $ 19.0 $ — $ 23.6 $ 32.0 All others 17.3 16.2 — 14.0 19.5 Total allowance for uncollectible amounts $ 53.9 $ 35.2 $ — $ 37.6 a $ 51.5 Tax valuation allowance $ 28.0 $ — $ 8.0 b $ — $ 36.0 For the Year ended December 31, 2017 Allowance for uncollectible accounts Customers $ 41.2 $ 12.9 $ — $ 17.5 $ 36.6 All others 20.6 13.5 — 16.8 17.3 Total allowance for uncollectible amounts $ 61.8 $ 26.4 $ — $ 34.3 a $ 53.9 Tax valuation allowance $ 24.0 $ — $ 4.0 b $ — $ 28.0 a Accounts written off, net. b During 2018, Edison International recorded an additional valuation allowance of $4 million for non-California state net operating loss carryforwards and $4 million for California capital losses generated from the April 2018 sale of SoCore Energy, which are estimated to expire before being utilized. The additional valuation allowance in 2017 was a result of Tax Reform. SOUTHERN CALIFORNIA EDISON COMPANY SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS Additions (in millions) Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period For the Year ended December 31, 2019 Allowance for uncollectible accounts Customers $ 31.6 $ 22.0 $ — $ 18.1 $ 35.5 All others 19.5 10.0 — 15.6 13.9 Total allowance for uncollectible accounts $ 51.1 $ 32.0 $ — $ 33.7 a $ 49.4 For the Year ended December 31, 2018 Allowance for uncollectible accounts Customers $ 36.0 $ 18.9 $ — $ 23.3 $ 31.6 All others 17.3 16.2 — 14.0 19.5 Total allowance for uncollectible accounts $ 53.3 $ 35.1 $ — $ 37.3 a $ 51.1 For the Year ended December 31, 2017 Allowance for uncollectible accounts Customers $ 40.5 $ 12.9 $ — $ 17.4 $ 36.0 All others 20.6 13.5 — 16.8 17.3 Total allowance for uncollectible accounts $ 61.1 $ 26.4 $ — $ 34.2 a $ 53.3 a Accounts written off, net. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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") and Edison Energy Group, Inc. ("Edison Energy Group"). SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. Edison Energy Group is a holding company for Edison Energy, LLC ("Edison Energy") which is engaged in the competitive business of providing energy services to commercial and industrial customers. Edison Energy's 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 competitive subsidiaries and "Edison International Parent" refer to Edison International on a stand-alone basis, not consolidated with its 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 non-regulated 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 and refundable to customers. In addition, SCE recognizes revenue and regulatory assets from alternative revenue programs, which enables the utility to adjust future rates in response to past activities or completed events, if certain criteria are met, even for programs that do not qualify for recognition of "traditional" regulatory assets and liabilities. 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. |
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. Certain prior year amounts have been conformed to the current year's presentation. |
Cash and Cash Equivalents | Cash equivalents include investments in money market funds. Generally, the carrying value of cash equivalents equals the fair value, as these investments have original maturities of three |
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 SCE's inventory is primarily composed of materials, supplies and spare parts, and generally stated at weighted average cost. |
Emission Allowances and Energy Credits | Emission Allowances and Energy Credits |
Property, Plant and Equipment | Property, Plant and Equipment SCE plant additions, including replacements and betterments, are capitalized. Direct material and labor and indirect costs such as construction overhead, administrative and general costs, pension and benefits, and property taxes are capitalized as part of plant additions. The CPUC authorizes a capitalization rate for each of the indirect costs which are allocated to each project based on either labor or total costs. Estimated useful lives authorized by the CPUC in the 2018 General Rate Case ("GRC") and weighted average useful lives of SCE's property, plant and equipment, are as follows: Estimated Useful Lives Weighted Average Generation plant 10 years to 56 years 36 years Distribution plant 20 years to 65 years 48 years Transmission plant 45 years to 65 years 54 years General plant and other 5 years to 60 years 25 years Depreciation of utility property, plant and equipment is computed on a straight-line, remaining-life basis. SCE's depreciation expense was $1.7 billion , $1.7 billion and $1.6 billion for 2019 , 2018 and 2017 , respectively. Depreciation expense stated as a percent of average original cost of depreciable utility plant was, on a composite basis, 3.6% , 3.7% and 3.8% for 2019 , 2018 and 2017 , respectively. The original costs of retired property are charged to accumulated depreciation. See Note 2 for further information. Nuclear fuel for the Palo Verde Nuclear Generating Station ("Palo Verde") 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. Palo Verde nuclear fuel is amortized using the units of production method. Allowance for funds used during construction ("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 $101 million , $104 million and $87 million in 2019 , 2018 and 2017 , respectively, and is reflected in "Other income." AFUDC debt was $63 million , $44 million and $28 million in 2019 , 2018 and 2017 , respectively and is reflected as a reduction of "Interest expense." Major Maintenance Major maintenance costs for SCE's power plant facilities and equipment are expensed as incurred. |
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. |
Prepaid Insurance | Initial and annual contributions to the wildfire insurance fund established pursuant to California Assembly Bill 1054 (the "Wildfire Insurance Fund" and "AB 1054") Edison International and SCE accounted for the contributions to the Wildfire Insurance Fund similarly to prepaid insurance. No period of coverage was provided in AB 1054, therefore expense is being allocated to periods ratably based on an estimated period of coverage. At December 31, 2019 , Edison International and SCE have a $2.8 billion long-term asset and a $323 million current asset reflected as "Wildfire Insurance Fund contributions" in the consolidated balance sheets for the initial $2.4 billion contribution made during the third quarter of 2019 and the present value of annual contributions SCE committed to make to the Wildfire Insurance Fund, reduced by amortization. At December 31, 2019 , a long-term liability of $785 million has been reflected in "Other deferred credits and other long-term liabilities" for the present value of unpaid contribution amounts. Contributions were discounted to the present value at the date SCE committed to participate in the Wildfire Insurance Fund using US treasury interest rates. A period of 10 years is being used to amortize the asset. All expenses related to the contributions are being reflected in "Operation and maintenance" in the consolidated statements of income. Changes in the estimated period of coverage provided by the Wildfire Insurance Fund could lead to material changes in future expense recognition. In estimating the period of coverage Edison International and SCE used Monte Carlo simulations based on five years (2014 – 2018) of historical data from wildfires caused by electrical utility equipment to estimate expected losses. The details of the operation of the Wildfire Insurance Fund and estimates related to claims by SCE, Pacific Gas & Electric Company ("PG&E") and San Diego Gas & Electric ("SDG&E") against the fund have been applied to the expected loss simulations to estimate the period of coverage of the fund. The most sensitive inputs to the estimated period of coverage are the expected frequency of wildfire events caused by investor-owned utility electrical equipment and the estimated costs associated with those forecasted events. Edison International and SCE evaluate all inputs annually, or upon claims being made from the fund for catastrophic wildfires, and the expected life of the insurance fund will be adjusted as required. Edison International and SCE will assess the Wildfire Insurance Fund contribution assets for impairment in the event that a participating utility's electrical equipment is found to be the substantial cause of a catastrophic wildfire, based on the ability of SCE to benefit from the coverage provided by the Wildfire Insurance Fund in an amount equal to the recorded assets. |
Goodwill | Goodwill Edison International assesses goodwill through an annual goodwill impairment test, at the reporting unit level as of October 1 of each year. Edison International updates its goodwill impairment test between annual tests if events occur or circumstances change such that it is more likely than not that the fair value of a reporting unit is below its carrying value. In assessing goodwill for impairment, Edison International may perform a qualitative assessment to determine whether a quantitative assessment is necessary. In performing a qualitative assessment, Edison International assesses, among other things, macroeconomic conditions, industry and market considerations, overall financial performance, cost factors and entity-specific events. If, after assessing these qualitative factors, Edison International determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then Edison International performs the two-step goodwill impairment test ("quantitative assessment"). |
Nuclear Decommissioning and Asset Retirement Obligations | Nuclear Decommissioning and 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 has not recorded an ARO for assets that are expected to operate indefinitely or where SCE cannot estimate a settlement date (or range of potential settlement dates). As such, ARO liabilities are not recorded for certain retirement activities, including certain hydroelectric facilities. The following table summarizes the changes in SCE's ARO liability: December 31, (in millions) 2019 2018 Beginning balance $ 3,031 $ 2,892 Accretion 1 166 169 Revisions 4 110 Liabilities settled (172 ) (140 ) Ending balance $ 3,029 $ 3,031 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") conducted before the CPUC. Revisions of an ARO are established for updated site-specific decommissioning cost estimates. The ARO for decommissioning SCE's San Onofre Nuclear Generating Station ("San Onofre") and Palo Verde nuclear power facilities is $2.8 billion as of December 31, 2019 . The liability to decommission SCE's nuclear power facilities is based on a 2017 decommissioning study that was filed as part of the 2018 NDCTP for San Onofre Units 1, 2, and 3, with revisions to the cost estimate in 2018 for San Onofre Units 2 and 3 and a 2016 decommissioning study for Palo Verde, with revisions to the cost estimate in 2017. SCE revised the ARO for San Onofre Units 2 and 3 due to increases in decommissioning cost estimates in 2018, related to the impact of operational uncertainties, and in 2017, related to changes to onboarding the general contractor at San Onofre. SCE 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 information, see Note 11. Decommissioning of San Onofre Unit 1 began in 1999 and the transfer of spent nuclear fuel from Unit 1 to dry cask storage in the Independent Spent Fuel Storage Installation ("ISFSI") was completed in 2005. Major decommissioning work for Unit 1 has been completed except for reactor vessel disposal and certain underground work. Some spent nuclear fuel from Units 2 and 3 also was transferred to the ISFSI between 2007 and 2012. Radiological decommissioning of San Onofre Units 2 and 3 began in June 2013 with SCE filing a certification of permanent cessation of power operations at San Onofre with the Nuclear Regulatory Commission. The transfer of the remaining spent nuclear fuel from Units 2 and 3 to the ISFSI began in 2018. However, the spent fuel transfer operations were suspended on August 3, 2018 due to an incident that occurred when an SCE contractor was loading a spent fuel canister into the ISFSI. The incident did not result in any harm to the public or workers and the canister was subsequently safely loaded into the ISFSI. In May 2019, after an extensive review, the NRC determined that fuel loading can be safely resumed at San Onofre. SCE commenced fuel transfer operations at San Onofre in July 2019. In October 2019, the California Coastal Commission approved SCE's application for the Coastal Development Permit, the principle discretionary permit required to start major decommissioning activities at San Onofre. SCE plans on commencing major decommissioning activities in 2020 in accordance with the terms of the permit, subject to any court rulings in a proceeding brought in December 2019 to challenge the California Coastal Commission's issuance of the permit. Decommissioning costs, which are recovered through 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. Due to regulatory recovery of SCE's nuclear decommissioning expense, prudently incurred costs for nuclear decommissioning activities do not affect SCE's earnings. Amortization of the ARO asset (included within the unamortized nuclear investment) and accretion of the ARO liability are deferred as decreases to the ARO regulatory liability account, resulting in no impact on earnings. SCE has collected in rates amounts for the future decommissioning of its nuclear assets and has placed those amounts in independent trusts. Amounts collected in rates in excess of the ARO liability are classified as regulatory liabilities. 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 2079 to decommission its nuclear facilities. This estimate is based on SCE's decommissioning cost methodology used for ratemaking purposes, escalated at rates ranging from 2.2% to 7.5% (depending on the cost element) annually. These costs are expected to be funded from independent decommissioning trusts. SCE estimates annual after-tax earnings on the decommissioning funds of 2.4% to 3.8% dependent on asset class. If the assumed return on trust assets is not earned or costs escalate at higher rates, SCE expects that additional funds needed for decommissioning will be recoverable through future rates, subject to a reasonableness review. See Note 10 for further information. SCE's nuclear decommissioning trust investments primarily consist of fixed income investments that are classified as available-for-sale and equity investments. Due to regulatory mechanisms, investment earnings and realized gains and losses have no impact on earnings. Unrealized gains and losses on decommissioning trust funds, including other-than-temporary impairment, 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 fixed income 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 carrying value for that security at the time of sale, SCE recognizes a related realized gain or loss, respectively. |
Deferred Financing Costs | Deferred Financing Costs |
Revenue Recognition | Revenue Recognition Revenue is recognized by Edison International and SCE when a performance obligation to transfer control of the promised goods is satisfied or when services are rendered to customers. This typically occurs when electricity is delivered to customers, which includes amounts for services rendered but unbilled at the end of a reporting period. SCE's Revenue from Contracts with Customers Provision of Electricity SCE principally generates revenue through supplying and delivering electricity to its customers. Rates charged to customers are based on tariff rates, approved by the CPUC and FERC. Starting with SCE's 2021 GRC, revenue will be authorized through quadrennial GRC proceedings, which are intended to provide SCE a reasonable opportunity to recover its costs and earn a return on its CPUC-jurisdictional rate base. The CPUC sets an annual revenue requirement for the base year and the remaining three years are set by a methodology established in the GRC proceeding. Revenue was previously authorized by the CPUC in triennial GRC proceedings. As described above, SCE also earns revenue, with no return, to recover costs for power procurement and other activities. Revenue is authorized by the FERC through a formula rate which is intended to provide SCE a reasonable opportunity to recover transmission capital and operating costs that are prudently incurred, including a return on its FERC-jurisdictional rate base. Under the operation of the formula rate, transmission revenue is updated to actual cost of service annually. For SCE's electricity sales for both residential and non-residential customers, SCE satisfies the performance obligation of delivering electricity over time as the customers simultaneously receive and consume the delivered electricity. Energy sales are typically on a month-to-month implied contract for transmission, distribution and generation services. Revenue is recognized over time as the energy is supplied and delivered to customers and the respective revenue is billed and paid on a monthly basis. CPUC and FERC rates decouple authorized revenue from the volume of electricity sales and the price of energy procured so that SCE receives revenue equal to amounts authorized by the relevant regulatory agencies. As a result, the volume of electricity sold to customers and specific customer classes does not have a direct impact on SCE's financial results. See Note 7 for further information on SCE's revenue. Sales and Use Taxes 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. SCE's franchise fees billed to customers were $122 million , $133 million and $133 million for the years ended December 31, 2019, 2018 and 2017, respectively. When SCE acts as an agent for sales and use tax, the taxes are accounted for on a net basis. Amounts billed to and collected from customers for these taxes are remitted to the taxing authorities and are not recognized as electric utility revenue. SCE's Alternative Revenue Programs The CPUC and FERC have authorized additional, alternative revenue programs which adjust billings for the effects of broad external factors or compensate SCE for demand-side management initiatives and provide for incentive awards if SCE achieves certain objectives. These alternative revenue programs allow SCE to recover costs that SCE has been authorized to pass on to customers, including costs to purchase electricity and natural gas, and to fund public purpose, demand response, and customer energy efficiency programs. In general, revenue is recognized for these alternative revenue programs at the time the costs are incurred and, for incentive-based programs, at the time the awards are approved by the CPUC. SCE begins recognizing revenues for these programs when a program has been established by an order from either the CPUC or FERC that allows for automatic adjustment of future rates, the amount of revenue for the period is objectively determinable and probable of recovery and the revenue will be collected within 24 months following the end of the annual period. Regulatory Proceedings 2018 General Rate Case In the absence of a 2018 GRC final decision, SCE recognized revenue in 2018 and the first quarter of 2019 based on the 2017 authorized revenue requirement, adjusted for items SCE determined to be probable of occurring, primarily the July 2017 cost of capital decision and the Tax Cuts and Jobs Act ("Tax Reform"). Adjustments were also made to 2017 authorized revenue to reflect changes in authorized tax benefits for certain balancing accounts. See Note 11 for further information. In May 2019, the CPUC approved a final decision in SCE's 2018 GRC. The final decision authorized a revenue requirement of $5.1 billion for 2018 and identified changes to certain balancing accounts, including the expansion of the TAMA to include the impacts of all differences between forecast and recorded tax expense. The final decision also disallowed certain historical spending, largely related to specific pole replacements the CPUC determined were performed prematurely. The final decision allows a post-test year rate making mechanism that escalates capital additions by 2.49% for both 2019 and 2020. It also allows operation and maintenance expenses to be escalated for 2019 and 2020 through the use of various escalation factors for labor, non-labor and medical expenses. The methodology set forth in the final decision results in a revenue requirement of $5.5 billion in 2019 and $5.9 billion in 2020. The revenue requirements in the 2018 GRC final decision are retroactive to January 1, 2018. SCE recorded the prior period impact of the 2018 GRC final decision in 2019 including: • An increase to earnings of $131 million from the application of the decision to revenue, depreciation expense and income tax expense. Depreciation expense decreased as a result of lower authorized depreciation rates. An increase in the authorized revenue requirement for income tax expense offsets income tax expense recognized during 2018 and the first quarter of 2019. The reduction of revenue of $265 million reflected $289 million of lower authorized revenue related to 2018 and $24 million of higher authorized revenue in 2019. The reduction in revenue contributed to a refund to customers of $554 million , which SCE recorded as a regulatory liability. SCE expects to refund these amounts to customers through December 2020. • An impairment of utility property, plant and equipment of $170 million ( $123 million after-tax) related to disallowed historical capital expenditures, primarily the write-off of specific pole replacements the CPUC determined were performed prematurely. 2018 and 2019 FERC Formula Rate In December 2019, the FERC approved a settlement on SCE's formula rates for the 2018 Formula Rate case that established SCE's FERC transmission revenue requirement for January 1, 2018 through November 11, 2019 (the "FERC 2018 Settlement Period"). Prior to the settlement, SCE had been recognizing revenue during the FERC 2018 Settlement Period based on its expectations of the probable outcome of the 2018 Formula Rate case. Regulatory assets and liabilities were adjusted based on the settlement of the 2018 Formula Rate case, which resulted in an increase in net income of $29 million related to 2018, being recorded in 2019. The 2019 Formula Rate remains subject to hearing and settlement procedures and amounts billed to customers under the 2019 Formula Rate will be subject to refund until the 2019 Formula Rate proceeding is ultimately resolved. Pending resolution of the 2019 Formula Rate case, SCE is recognizing revenue based on the return on equity established in the 2020 Cost of Capital decision of the CPUC. |
Power Purchase Agreements | Power Purchase Agreements SCE enters into power purchase agreements ("PPAs") in the normal course of business. A power purchase agreement may be considered a variable interest in a variable interest entity ("VIE"). If SCE is the primary beneficiary in the VIE, SCE should consolidate the VIE. None of SCE's PPAs resulted in consolidation of a VIE at December 31, 2019 and 2018 . See Note 3 for further discussion of PPAs that are considered variable interests. A PPA may also contain a lease for accounting purposes. See "Leases" below and Note 12 and Note 13 for further discussion of SCE's PPAs, including agreements that are classified as operating and finance leases for accounting purposes. A PPA that does not contain a lease may be classified as a derivative which is recorded at fair value on the consolidated balance sheets. These PPAs may be eligible for an election to designate as a normal purchase and sale, which is accounted for on an accrual basis as an executory contract. See Note 6 for further information on derivative instruments. PPAs that do not meet the above classifications are accounted for on an accrual basis. |
Derivatives Instruments | Derivative Instruments 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 expense 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 instruments. |
Leases | Leases A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified assets for a period of time in exchange for consideration. An entity controls the use when it has a right to obtain substantially all of the benefits from the use of the identified asset and has the right to direct the use of the asset. SCE determines if an arrangement is a lease at contract inception. For all classes of underlying assets, SCE includes both the lease and non-lease components as a single component and accounts for it as a lease. Lease liabilities are recognized based on the present value of the lease payments over the lease term at the commencement date. SCE calculates and uses the rate implicit in the lease if the information is readily available or if not available, SCE uses its incremental borrowing rate in determining the present value of lease payments. Incremental borrowing rates are comprised of underlying risk-free rates and secured credit spreads relative to first mortgage bonds with like tenors of lease term durations. Lease right-of-use ("ROU") assets are based on the liability, subject to adjustments, such as lease incentives. The ROU assets also include any lease payments made at or before the commencement date. SCE excludes variable lease payments in measuring lease assets and lease liabilities, other than those that depend on an index or a rate or are in substance fixed payments. SCE's lease terms include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. Operating leases are included in "Operating lease right-of-use assets," "Current portion of operating lease liabilities" and "Operating lease liabilities" on the consolidated balance sheets. Finance leases are included in "Utility property, plant and equipment," "Other current liabilities" and "Other deferred credits and other long-term liabilities" on the consolidated balance sheets. SCE enters into power purchase agreements that may contain leases. This occurs when a power purchase agreement designates a specific power plant, SCE obtains substantially all of the economic benefits from the use of the plant and has the right to direct the use of the plant. Leases that commenced before January 1, 2019 were not reassessed as SCE elected the package of practical expedients (see "Accounting Guidance Adopted" below for more information). Prior to January 1, 2019, a power purchase agreement contained a lease when SCE purchased substantially all of the output from a specific plant and did not otherwise meet a fixed price per unit of output exception. SCE also enters into a number of agreements to lease property and equipment in the normal course of business, primarily related to vehicles, office space and other equipment. See Note 13 for further discussion of SCE's contracts that are classified as operating and finance leases. Edison International Parent and Other's leases primarily relate to Edison Energy Group. The leases for Edison International Parent and Other are immaterial to Edison International. |
Stock-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. For equity awards that are settled in common stock, Edison International either issues new common stock, or uses a third party to purchase shares from the market and deliver such shares for the settlement of the awards. The performance shares granted during 2017 to 2018 that are earned, have been or will be settled solely in cash. The performance shares granted in 2019 that are earned, will be settled in common stock. Stock options, deferred stock units and restricted stock units are settled in common stock. However, for awards that are otherwise settled entirely in common stock, Edison International substitutes cash awards to the extent necessary to satisfy applicable tax withholding obligations or government levies. Stock-based compensation expense is recognized, net of estimated forfeitures, on a straight-line basis over the requisite service period based on estimated fair values. For equity awards paid in common stock, fair value is determined at the grant date. However, with respect to the portion of the performance shares payable in common stock that are subject to market and financial performance conditions defined in the grants, the number of performance shares expected to be earned is subject to revision and updated at each reporting period, with a related adjustment to compensation expense. Awards paid in cash are classified as share-based liability awards and fair value is remeasured at each reporting date with the related compensation cost adjusted. For awards granted to retirement-eligible participants, stock compensation expense is recognized on a prorated basis over the initial year. For awards granted to participants who become eligible for retirement during the requisite service period, stock compensation expense is recognized over the period between the date of grant and the date the participant first becomes eligible for retirement. Edison International and SCE estimate the number of awards that are expected to vest rather than account for forfeitures when they occur. Share-based payments may create a permanent difference between the amount of compensation expense recognized for book and tax purposes. The tax impact of this permanent difference is recognized in earnings in the period it is created. See Note 9 for further information. |
SCE Dividend Restrictions | SCE Dividends CPUC holding company rules require that SCE's dividend policy be established by SCE's Board of Directors on the same basis as if SCE were a stand-alone utility company, and that the capital requirements of SCE, as deemed to be necessary to meet SCE's electricity service obligations, shall receive first priority from the Boards of Directors of both Edison International and SCE. In addition, the CPUC regulates SCE's capital structure which limits the dividends it may pay to its shareholders. Prior to January 1, 2020, under SCE's interpretation of CPUC regulations and capital structure decisions, the common equity component of SCE's capital structure was required to remain at or above 48% on a weighted average basis over the 37 |
Earnings Per Share | Earnings Per Share |
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. In December 2017, Tax Reform was signed into law. This comprehensive reform of tax law reduces the federal corporate income tax rate from 35% to 21% which resulted in the re-measurement of deferred taxes using the new tax rate. See Note 8 for further information. Income tax expense includes the current tax liability from operations and the change in deferred income taxes during the year. 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 On January 1, 2019, Edison International and SCE adopted accounting standards updates that require lessees to recognize a lease on the balance sheet as a ROU asset and related lease liability and classify the lease as either operating or finance. Edison International and SCE adopted this guidance using the modified retrospective approach for leases that existed as of the adoption date and elected the optional transition method not to restate periods prior to the adoption date. Edison International and SCE also elected the package of practical expedients not to reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs, and the practical expedient not to reassess existing land easements. Adoption of this standard increased ROU assets and lease liabilities on the consolidated balance sheets by $956 million and $951 million as of January 1, 2019 for Edison International and SCE, respectively. The standard did not materially impact the consolidated statements of income for Edison International or SCE. See "Leases" above and Note 13 for further information. In February 2018, the Financial Accounting Standards Board ("FASB") issued an accounting standards update to provide entities an election to reclassify stranded tax effects resulting from Tax Reform from accumulated other comprehensive income to retained earnings. Stranded tax effects originated in December 2017 when deferred taxes were re-measured at the lower federal corporate tax rate with the impact included in operating income, while the tax effects of items within accumulated other comprehensive income were not similarly adjusted. Edison International and SCE adopted this guidance on January 1, 2019 and reclassified stranded tax effects of $10 million and $5 million , respectively, from accumulated other comprehensive loss to retained earnings. See Note 15 for further information. In August 2018, the FASB issued an accounting standards update to remove, modify, and add certain disclosure requirements related to fair value measurement. Edison International and SCE adopted this guidance effective January 1, 2019. The adoption of this guidance did not have a material impact on Edison International's and SCE's disclosures. See Note 4 for further information. Accounting Guidance Not Yet Adopted In June 2016, the FASB issued an accounting standards update to require the use of the current expected credit loss model to measure impairment of financial instruments and the use of an allowance to record estimated credit losses on available-for-sale debt securities. The guidance, as later amended, allows entities to irrevocably elect the fair value option for any financial instrument previously measured on an amortized costs basis. Edison International and SCE do not believe the adoption of the standard will have a material impact on financial position or results of operations. Edison International and SCE will apply a prospective adoption approach to available-for-sale debt securities and a modified retrospective approach to all other financial assets. Edison International and SCE will not elect the fair value option. Edison International and SCE will adopt this guidance effective January 1, 2020. In January 2017, the FASB issued an accounting standards update to simplify the accounting for goodwill impairment by changing the procedural steps to apply the goodwill impairment test. After the adoption of this accounting standards update, goodwill impairment will be measured as the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Edison International will apply this guidance to goodwill impairment tests beginning in 2020. In August 2018, the FASB issued an accounting standards update which aligns the requirement for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs incurred to develop or obtain internal use software. The guidance also clarified presentation requirements for reporting implementation costs in the financial statements. Edison International and SCE do not believe the adoption of the standard will have a material impact on financial position or results of operations and will apply this guidance prospectively, effective January 1, 2020. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Cash Equivalents | The cash equivalents were as follows: Edison International SCE December 31, (in millions) 2019 2018 2019 2018 Money market funds $ 31 $ 116 $ — $ 1 Cash is temporarily invested until required for check clearing. 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) 2019 2018 2019 2018 Book balances reclassified to accounts payable $ 75 $ 65 $ 74 $ 65 |
Cash, Cash Equivalents and Restricted Cash | The following table sets forth the cash, cash equivalents and restricted cash included in the consolidated statements of cash flows: (in millions) December 31, 2019 December 31, 2018 Edison International: Cash and cash equivalents $ 68 $ 144 Short-term restricted cash 1 2 8 Total cash, cash equivalents, and restricted cash $ 70 $ 152 SCE: Cash and cash equivalents $ 24 $ 21 Short-term restricted cash 1 — 1 Total cash, cash equivalents, and restricted cash $ 24 $ 22 1 |
Estimated Useful Lives (Authorized by the CPUC) and Weighted-Average Useful Lives of Property, Plant and Equipment | Estimated useful lives authorized by the CPUC in the 2018 General Rate Case ("GRC") and weighted average useful lives of SCE's property, plant and equipment, are as follows: Estimated Useful Lives Weighted Average Generation plant 10 years to 56 years 36 years Distribution plant 20 years to 65 years 48 years Transmission plant 45 years to 65 years 54 years General plant and other 5 years to 60 years 25 years |
Reconciliation of the Changes in ARO Liability | The following table summarizes the changes in SCE's ARO liability: December 31, (in millions) 2019 2018 Beginning balance $ 3,031 $ 2,892 Accretion 1 166 169 Revisions 4 110 Liabilities settled (172 ) (140 ) Ending balance $ 3,029 $ 3,031 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. |
Amortization of Deferred Financing Costs | Amortization of deferred financing costs charged to interest expense is as follows: Edison International SCE Years ended December 31, (in millions) 2019 2018 2017 2019 2018 2017 Amortization of deferred financing costs charged to interest expense $ 30 $ 30 $ 30 $ 26 $ 26 $ 27 |
EPS Attributable to Edison International Common Shareholders | EPS attributable to Edison International common shareholders was computed as follows: Years ended December 31, (in millions, except per share amounts) 2019 2018 2017 Basic earnings (loss) per share – continuing operations: Income (loss) from continuing operations attributable to common shareholders $ 1,284 $ (457 ) $ 565 Participating securities dividends — — — Income (loss) from continuing operations available to common shareholders 1,284 (457 ) 565 Weighted average common shares outstanding 340 326 326 Basic earnings (loss) per share – continuing operations 3.78 (1.40 ) 1.73 Diluted earnings (loss) per share – continuing operations: Income (loss) from continuing operations attributable to common shareholders 1,284 (457 ) 565 Participating securities dividends — — — Income (loss) from continuing operations available to common shareholders 1,284 (457 ) 565 Income impact of assumed conversions — — — Income (loss) from continuing operations available to common shareholders and assumed conversions 1,284 (457 ) 565 Weighted average common shares outstanding 340 326 326 Incremental shares from assumed conversions 1 1 — 2 Adjusted weighted average shares – diluted 341 326 328 Diluted earnings (loss) per share – continuing operations $ 3.77 $ (1.40 ) $ 1.72 1 Due to the loss reported for the year ended December 31, 2018, incremental shares were not included as the effect would be antidilutive. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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) 2019 2018 Distribution $ 26,929 $ 25,026 Transmission 14,720 13,800 Generation 3,664 3,598 General plant and other 4,583 4,398 Accumulated depreciation (9,958 ) (9,566 ) 39,938 37,256 Construction work in progress 4,131 3,883 Nuclear fuel, at amortized cost 129 130 Total utility property, plant and equipment $ 44,198 $ 41,269 |
Schedule of Jointly Owned Utility Projects | The following is SCE's investment in each asset as of December 31, 2019 : (in millions) Plant in Service Construction Work in Progress Accumulated Depreciation Nuclear Fuel (at amortized cost) Net Book Value Ownership Interest Transmission systems: Eldorado $ 257 $ 94 $ 35 $ — $ 316 80 % Pacific Intertie 248 80 72 — 256 50 % Generating station: Palo Verde (nuclear) 2,065 61 1,586 129 669 16 % Total $ 2,570 $ 235 $ 1,693 $ 129 $ 1,241 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of the Trusts' Income Statements | The following table provides a summary of the trusts' income statements: Years ended December 31, (in millions) Trust I Trust II Trust III Trust IV Trust V Trust VI 2019 Dividend income * $ 20 $ 16 $ 17 $ 16 $ 24 Dividend distributions * 20 16 17 16 24 2018 Dividend income * $ 20 $ 16 $ 17 $ 16 $ 24 Dividend distributions * 20 16 17 16 24 2017 Dividend income $ 14 $ 20 $ 16 $ 17 $ 16 $ 12 Dividend distributions 14 20 16 17 16 12 * Not applicable |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Carrying Amounts and Fair Values of Long-term Debt, Including Current Portion | The carrying value and fair value of Edison International's and SCE's long-term debt (including current portion of long-term debt) are as follows: December 31, 2019 December 31, 2018 (in millions) Carrying Value 1 Fair Value 2 Carrying Value 1 Fair Value 2 Edison International $ 18,343 $ 20,137 $ 14,711 $ 14,844 SCE 15,211 16,892 12,971 13,180 1 Carrying value is net of debt issuance costs. 2 The fair value of Edison International's and SCE's long-term debt is classified as Level 2. |
SCE | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value by Level with in the Fair Value Hierarchy | 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, 2019 (in millions) Level 1 Level 2 Level 3 Netting and Collateral 1 Total Assets at fair value Derivative contracts $ — $ 19 $ 83 $ (15 ) $ 87 Other 4 14 — — 18 Nuclear decommissioning trusts: Stocks 2 1,765 — — — 1,765 Fixed Income 3 738 2,024 — — 2,762 Short-term investments, primarily cash equivalents 98 48 — — 146 Subtotal of nuclear decommissioning trusts 4 2,601 2,072 — — 4,673 Total assets 2,605 2,105 83 (15 ) 4,778 Liabilities at fair value Derivative contracts — 11 5 (15 ) 1 Total liabilities — 11 5 (15 ) 1 Net assets $ 2,605 $ 2,094 $ 78 $ — $ 4,777 December 31, 2018 (in millions) Level 1 Level 2 Level 3 Netting and Collateral 1 Total Assets at fair value Derivative contracts $ — $ 32 $ 141 $ — $ 173 Other 9 21 — — 30 Nuclear decommissioning trusts: Stocks 2 1,382 — — — 1,382 Fixed Income 3 1,001 1,665 — — 2,666 Short-term investments, primarily cash equivalents 120 95 — — 215 Subtotal of nuclear decommissioning trusts 4 2,503 1,760 — — 4,263 Total assets 2,512 1,813 141 — 4,466 Liabilities at fair value Derivative contracts — 13 — (7 ) 6 Total liabilities — 13 — (7 ) 6 Net assets $ 2,512 $ 1,800 $ 141 $ 7 $ 4,460 1 Represents the netting of assets and liabilities under master netting agreements and cash collateral. 2 Approximately 72% and 71% of SCE's equity investments were located in the United States at December 31, 2019 and 2018 , respectively. 3 Includes corporate bonds, which were diversified and included collateralized mortgage obligations and other asset backed securities of $46 million and $67 million at December 31, 2019 and 2018 , respectively. 4 Excludes net payables of $111 million and $143 million at December 31, 2019 and 2018 |
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) 2019 2018 Fair value of net assets at beginning of period $ 141 $ 101 Total realized/unrealized (losses) gains: Included in regulatory assets and liabilities 1 (63 ) 40 Fair value of net assets at end of period 2 78 141 Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period $ 62 $ 138 1 Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities. 2 |
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 Weighted Average Assets Liabilities Valuation Technique Unobservable Input Congestion revenue rights December 31, 2019 $ 83 $ 5 Auction prices CAISO CRR auction clearing prices $(3.59) - $25.32 $1.97 December 31, 2018 141 — Auction prices CAISO CRR auction clearing prices $(7.41) - $41.52 $1.62 |
Debt and Credit Agreements (Tab
Debt and Credit Agreements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-term Debt | The following table summarizes long-term debt (rates and terms are as of December 31, 2019 ) of Edison International and SCE: December 31, (in millions) 2019 2018 Edison International Parent and Other: Debentures and notes: 2020 – 2028 (2.125% to 5.750%) $ 3,150 $ 1,750 Current portion of long-term debt (400 ) — Unamortized debt discount/premium and issuance costs, net (18 ) (10 ) Total Edison International Parent and Other 2,732 1,740 SCE: First and refunding mortgage bonds: 2021 – 2049 (1.845% to 6.05%) 14,272 12,050 Pollution-control bonds: 2028 – 2035 (1.875% to 5.00%) 752 752 Debentures and notes: 2029 – 2053 (5.06% to 6.65%) 306 306 Current portion of long-term debt (79 ) (79 ) Unamortized debt discount/premium and issuance costs, net (119 ) (137 ) Total SCE 15,132 12,892 Total Edison International $ 17,864 $ 14,632 |
Long-term Debt Maturities | Edison International and SCE long-term debt maturities over the next five years are as follows: (in millions) Edison International SCE 2020 $ 479 $ 79 2021 1,029 1,029 2022 1,064 364 2023 1,300 900 2024 500 — |
Summary for Status of Credit Facilities | The following table summarizes the status of the credit facilities at December 31, 2019 : (in millions) Edison International Parent SCE Commitment $ 1,500 $ 3,000 Outstanding borrowings (excluding discount) — (550 ) Outstanding letters of credit — (152 ) Amount available $ 1,500 $ 2,298 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) - SCE | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of Derivative Liabilities in Statement of Financial Position, Fair Value | The following table summarizes the gross and net fair values of SCE's commodity derivative instruments: December 31, 2019 Derivative Assets Derivative Liabilities Net Asset (in millions) Short-Term Long-Term 1 Subtotal Short-Term Long-Term Subtotal Commodity derivative contracts Gross amounts recognized $ 94 $ 8 $ 102 $ 14 $ 2 $ 16 $ 86 Gross amounts offset in the consolidated balance sheets (13 ) (2 ) (15 ) (13 ) (2 ) (15 ) — Cash collateral posted 2 — — — — — — — Net amounts presented in the consolidated balance sheets $ 81 $ 6 $ 87 $ 1 $ — $ 1 $ 86 1 Included in "Other long-term assets" in the consolidated balance sheets. 2 At December 31, 2019, SCE posted $24 million of cash collateral that is not offset against derivative liabilities and is reflected in "Other current assets" on the consolidated balance sheets. December 31, 2018 Derivative Assets Derivative Liabilities Net Asset (in millions) Short-Term Long-Term Subtotal Short-Term Long-Term Subtotal Commodity derivative contracts Gross amounts recognized $ 171 $ 2 $ 173 $ 13 $ — $ 13 $ 160 Gross amounts offset in the consolidated balance sheets — — — — — — — Cash collateral posted — — — (7 ) — (7 ) 7 Net amounts presented in the consolidated balance sheets $ 171 $ 2 $ 173 $ 6 $ — $ 6 $ 167 |
Schedule of Derivative Assets in Statement of Financial Position, Fair Value | The following table summarizes the gross and net fair values of SCE's commodity derivative instruments: December 31, 2019 Derivative Assets Derivative Liabilities Net Asset (in millions) Short-Term Long-Term 1 Subtotal Short-Term Long-Term Subtotal Commodity derivative contracts Gross amounts recognized $ 94 $ 8 $ 102 $ 14 $ 2 $ 16 $ 86 Gross amounts offset in the consolidated balance sheets (13 ) (2 ) (15 ) (13 ) (2 ) (15 ) — Cash collateral posted 2 — — — — — — — Net amounts presented in the consolidated balance sheets $ 81 $ 6 $ 87 $ 1 $ — $ 1 $ 86 1 Included in "Other long-term assets" in the consolidated balance sheets. 2 At December 31, 2019, SCE posted $24 million of cash collateral that is not offset against derivative liabilities and is reflected in "Other current assets" on the consolidated balance sheets. December 31, 2018 Derivative Assets Derivative Liabilities Net Asset (in millions) Short-Term Long-Term Subtotal Short-Term Long-Term Subtotal Commodity derivative contracts Gross amounts recognized $ 171 $ 2 $ 173 $ 13 $ — $ 13 $ 160 Gross amounts offset in the consolidated balance sheets — — — — — — — Cash collateral posted — — — (7 ) — (7 ) 7 Net amounts presented in the consolidated balance sheets $ 171 $ 2 $ 173 $ 6 $ — $ 6 $ 167 |
Components of Economic Hedging Activity | The following table summarizes the components of SCE's economic hedging activity: Years ended December 31, (in millions) 2019 2018 2017 Realized (losses) gains $ (7 ) $ 26 $ (14 ) Unrealized (losses) gains (74 ) 82 106 |
Notional Volumes of Derivative Instruments | The following table summarizes the notional volumes of derivatives used for SCE economic hedging activities: Economic Hedges Unit of December 31, Commodity Measure 2019 2018 Electricity options, swaps and forwards GWh 3,155 2,786 Natural gas options, swaps and forwards Bcf 43 20 Congestion revenue rights GWh 48,170 54,453 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax (Benefit) Expense by Location of Taxing Jurisdiction | The components of income tax (benefit) expense by location of taxing jurisdiction are: Edison International SCE Years ended December 31, (in millions) 2019 2018 2017 2019 2018 2017 Current: Federal $ — $ (57 ) $ (221 ) $ — $ (51 ) $ (253 ) State 6 (155 ) 4 14 (93 ) (81 ) 6 (212 ) (217 ) 14 (144 ) (334 ) Deferred: Federal (243 ) (386 ) 570 (206 ) (354 ) 265 State (41 ) (141 ) (72 ) (37 ) (198 ) 39 (284 ) (527 ) 498 (243 ) (552 ) 304 Total continuing operations (278 ) (739 ) 281 (229 ) (696 ) (30 ) Discontinued operations 1 — (34 ) — — — — Total $ (278 ) $ (773 ) $ 281 $ (229 ) $ (696 ) $ (30 ) 1 In the fourth quarter of 2018, Edison International and SCE recognized tax benefits related to a settlement with the California Franchise Tax Board for tax years 1994 – |
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) 2019 2018 2019 2018 Deferred tax assets: Property $ 478 $ 399 $ 435 $ 388 Wildfire-related 1 847 709 847 709 Nuclear decommissioning trust assets in excess of nuclear ARO liability 449 323 449 323 Loss and credit carryforwards 2 1,515 1,375 253 154 Regulatory asset 739 798 739 798 Pension and postretirement benefits other than pensions, net 170 171 40 46 Other 408 188 416 184 Sub-total 4,606 3,963 3,179 2,602 Less: valuation allowance 3 35 36 — — Total 4,571 3,927 3,179 2,602 Deferred tax liabilities: Property 8,244 7,685 8,234 7,685 Regulatory liability 570 367 570 367 Nuclear decommissioning trust assets 449 323 449 323 Other 320 57 310 54 Total 9,583 8,432 9,563 8,429 Accumulated deferred income tax liability, net 4 $ 5,012 $ 4,505 $ 6,384 $ 5,827 1 Relates to accrued estimated losses for wildfire-related claims, net of expected recoveries from insurance and FERC customers, and contributions to the Wildfire Insurance Fund. For further information, see Note 12 and Note 1. 2 As of December 31, 2019, deferred tax assets for net operating loss and tax credit carryforwards are reduced by unrecognized tax benefits of $212 million and $130 million for Edison International and SCE, respectively. 3 As of December 31, 2019, Edison International has recorded a valuation allowance of $30 million for non-California state net operating loss carryforwards, and $5 million for California capital losses generated from sale of SoCore Energy in 2018, which are estimated to expire before being utilized. 4 Included in "Deferred income taxes and credits" on the consolidated balance sheets. |
Summary of Net Operating Loss and Tax Credit Carryforwards | The amounts of net operating loss and tax credit carryforwards (after-tax) are as follows: Edison International SCE December 31, 2019 (in millions) Loss Carryforwards Credit Carryforwards Loss Carryforwards Credit Carryforwards Expire between 2029 to 2037 $ 1,024 $ 482 $ 229 $ 30 Expire between 2021 to 2024 29 — 24 — No expiration date 1 182 10 100 — Total $ 1,235 $ 492 $ 353 $ 30 1 Under the Tax Reform, net operating losses generated after December 31, 2017 can carryforward indefinitely. |
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) 2019 2018 2017 2019 2018 2017 Income (loss) from continuing operations before income taxes $ 1,127 $ (1,089 ) $ 949 $ 1,301 $ (885 ) $ 1,106 Provision for income tax at federal statutory rate of 21% for 2019 and 2018, and 35% for 2017 1 237 (229 ) 332 273 (186 ) 387 Increase in income tax from: Items presented with related state income tax, net: State tax, net of federal benefit (22 ) (168 ) 2 (13 ) (155 ) 8 Property-related (303 ) (275 ) (439 ) (303 ) (275 ) (439 ) Change related to uncertain tax positions 2 — (66 ) (18 ) — (71 ) (13 ) Revised San Onofre Settlement Agreement 3 — — 25 — — 25 Share-based compensation 4 (4 ) (2 ) (55 ) (3 ) (1 ) (11 ) Deferred tax re-measurement 5 (88 ) — 466 (88 ) — 33 2018 GRC Final Decision (80 ) — — (80 ) — — Other (18 ) 1 (32 ) (15 ) (8 ) (20 ) Total income tax (benefit) expense from continuing operations $ (278 ) $ (739 ) $ 281 $ (229 ) $ (696 ) $ (30 ) Effective tax rate (24.7 )% (67.9 )% 29.6 % (17.6 )% (78.6 )% (2.7 )% 1 Tax Reform reduced the federal corporate income tax rate from 35% to 21% , effective January 1, 2018. 2 In 2018, Edison International and SCE recognized tax benefits related to a settlement with the California Franchise Tax Board for tax years 1994 – 2006. See further discussion in Tax Disputes below. 3 Includes the write-off of an unrecovered tax regulatory asset related to the Revised San Onofre Order Instituting Investigation Settlement Agreement among SCE, SDG&E and various intervening parties, dated January 30, 2018 and modified on August 2, 2018 ("Revised San Onofre Settlement Agreement"). 4 Includes state taxes of $(11) million for Edison International and $(2) million for SCE for the year ended December 31, 2017. 5 In 2017, Edison International and SCE recorded a charge to earnings related to the re-measurement of deferred taxes resulting from Tax Reform. This charge was updated in 2019 to conform to a CPUC resolution which finalized the re-measurement amounts belonging to shareholders and those amounts are charged to earnings. |
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) 2019 2018 2017 2019 2018 2017 Balance at January 1, $ 338 $ 432 $ 471 $ 249 $ 331 $ 371 Tax positions taken during the current year: Increases 46 41 51 47 42 51 Tax positions taken during a prior year: Increases 6 — — 6 — — Decreases 1 (20 ) (108 ) (7 ) (20 ) (121 ) (13 ) Settlements with taxing authorities 2 — (27 ) (83 ) — (3 ) (78 ) Balance at December 31, $ 370 $ 338 $ 432 $ 282 $ 249 $ 331 1 Decrease in 2018 was related to re-measurement as a result of a settlement with the California Franchise Tax Board for tax years 1994 – 2006. 2 In 2018, Edison International reached a settlement with the California Franchise Tax Board for tax years 1994 – 2006. In 2017, Edison International settled all open tax positions with the IRS for taxable years 2007 – 2012. |
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 Years ended December 31, (in millions) 2019 2018 2019 2018 Accrued interest and penalties $ 56 $ 37 $ 29 $ 6 The net after-tax interest and penalties recognized in income tax expense (benefit) for continuing and discontinued operations are: Edison International SCE December 31, (in millions) 2019 2018 2017 2019 2018 2017 Net after-tax interest and penalties tax expense (benefit) $ 4 $ (62 ) $ 6 $ 3 $ (25 ) $ 4 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue | The following table is a summary of SCE's revenue: Years ended December 31, 2019 2018 2017 (in millions) Earning Activities Cost- Recovery Activities Total Consolidated Earning Activities Cost- Recovery Activities Total Consolidated Earning Activities Cost-Recovery Activities Total Consolidated Revenues from contracts with customers 1,2 $ 6,512 $ 4,655 $ 11,167 $ 6,519 $ 5,611 $ 12,130 * * * Alternative revenue programs and other operating revenue 166 973 1,139 41 440 481 * * * Total operating revenue $ 6,678 $ 5,628 $ 12,306 $ 6,560 $ 6,051 $ 12,611 $ 6,611 $ 5,643 $ 12,254 * SCE adopted new accounting guidance as of January 1, 2018. Prior period amounts have not been adjusted under the modified retrospective method. 1 In the absence of a 2018 GRC decision, SCE recorded CPUC revenue in 2018 and the first quarter of 2019 based on the 2017 authorized revenue requirements adjusted for the July 2017 cost of capital decision and Tax Reform. SCE recorded the impact of the 2018 GRC final decision in the second quarter of 2019, including a $265 million reduction in revenue. These revenue adjustments are included in "Revenues from contracts with customers." For further information, see Note 1. 2 At December 31, 2019 and 2018, SCE's receivables related to contracts from customers were both $1.1 billion , which included accrued unbilled revenue of $488 million and $482 million , respectively. |
Compensation and Benefit Plans
Compensation and Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Pension and Other Postretirement Benefits | |
Employee Savings Plan Employer Contributions | mployer contributions were as follows: Edison International SCE (in millions) Years ended December 31, 2019 $ 82 $ 81 2018 74 74 2017 70 69 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table summarizes total expense and tax benefits associated with stock-based compensation: Edison International SCE Years ended December 31, (in millions) 2019 2018 2017 2019 2018 2017 Stock-based compensation expense 1 : Stock options $ 13 $ 11 $ 14 $ 7 $ 6 $ 8 Performance shares 8 1 2 4 1 2 Restricted stock units 6 7 6 3 4 3 Other 2 2 1 — — — Total stock-based compensation expense 29 21 23 14 11 13 Income tax benefits related to stock compensation expense $ 10 $ 6 $ 72 $ 6 $ 3 $ 15 1 Reflected in "Operation and maintenance" on Edison International's and SCE's consolidated statements of income. |
Black-Sholes Option-Pricing Model Assumptions | The Black-Scholes option-pricing model requires various assumptions noted in the following table: Years ended December 31, 2019 2018 2017 Expected terms (in years) 5.5 5.7 5.7 Risk-free interest rate 1.6% - 2.3% 2.6% - 3.0% 2.1% - 2.3% Expected dividend yield 3.3% - 4.0% 3.6% - 4.3% 2.7% - 3.8% Weighted average expected dividend yield 3.9% 3.8% 2.7% Expected volatility 21.7% - 24.1% 20.9% - 21.9% 17.8% - 20.9% Weighted average volatility 21.8% 20.9% 17.9% |
Summary of Stock Options Activity | The following is a summary of the status of Edison International's stock options: Weighted Average Stock Options Exercise Price Remaining Contractual Term (Years) Aggregate Intrinsic Value (in millions) Edison International: Outstanding at December 31, 2018 8,833,610 $ 59.81 Granted 1,928,314 62.79 Forfeited or expired (201,643 ) 67.38 Exercised 1 (1,281,604 ) 45.26 Outstanding at December 31, 2019 9,278,677 62.27 6.28 Vested and expected to vest at December 31, 2019 9,151,143 62.27 6.25 $ 125 Exercisable at December 31, 2019 5,378,183 $ 60.32 4.91 $ 84 SCE: Outstanding at December 31, 2018 5,037,185 $ 57.84 Granted 1,047,247 62.91 Forfeited or expired (182,822 ) 66.83 Exercised 1 (878,084 ) 44.67 Affiliate transfers, net (88,824 ) 53.14 Outstanding at December 31, 2019 4,934,702 61.01 6.05 Vested and expected to vest at December 31, 2019 4,871,685 60.98 6.01 $ 73 Exercisable at December 31, 2019 2,945,726 $ 58.28 4.62 $ 52 1 Edison International and SCE recognized tax benefits of $7 million and $5 million , respectively, from stock options exercised in 2019. |
Schedule of Unrecognized Compensation Expense | At December 31, 2019 , total unrecognized compensation cost related to stock options and the weighted average period the cost is expected to be recognized are as follows: Edison International SCE Unrecognized compensation cost, net of expected forfeitures (in millions) $ 18 $ 9 Weighted average period (in years) 2.4 2.4 |
Supplemental Data on Stock-based Compensation | Supplemental Data on Stock Options Edison International SCE Years ended December 31, (in millions, except per award amounts) 2019 2018 2017 2019 2018 2017 Stock options: Weighted average grant date fair value per option granted $ 8.80 $ 8.21 $ 10.65 $ 8.83 $ 8.22 $ 10.63 Fair value of options vested 14 14 11 7 7 5 Value of options exercised 27 10 126 19 7 29 |
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 Edison International: Nonvested at December 31, 2018 — $ — 193,438 $ 42.81 Granted 124,183 — Forfeited (4,340 ) (38,439 ) Vested 1 — (41,813 ) Nonvested at December 31, 2019 119,843 $ 66.03 113,186 $ 67.30 SCE: Nonvested at December 31, 2018 — $ — 101,858 $ 42.96 Granted 67,512 — Forfeited (4,340 ) (21,641 ) Vested 1 — (21,035 ) Affiliate transfers, net — (783 ) Nonvested at December 31, 2019 63,172 $ 66.27 58,399 $ 67.34 1 Relates to performance shares that will be paid in 2020 as performance targets were met at December 31, 2019 . |
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 Stock Units Weighted Average Restricted Stock Units Weighted Average Nonvested at December 31, 2018 291,786 $ 68.11 147,826 $ 68.08 Granted 135,168 62.80 73,937 62.93 Forfeited (10,456 ) 65.82 (9,564 ) 65.53 Vested (104,816 ) 67.43 (52,028 ) 67.15 Affiliate transfers, net — — (186 ) — Nonvested at December 31, 2019 311,682 $ 66.11 159,985 $ 66.16 |
Pension Plans | |
Pension and Other Postretirement Benefits | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | 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) 2019 2018 2019 2018 Change in projected benefit obligation Projected benefit obligation at beginning of year $ 3,880 $ 4,179 $ 3,431 $ 3,702 Service cost 114 126 110 121 Interest cost 155 141 138 124 Actuarial loss (gain) 1 240 (280 ) 199 (273 ) Benefits paid (250 ) (286 ) (216 ) (243 ) Projected benefit obligation at end of year $ 4,139 $ 3,880 $ 3,662 $ 3,431 Change in plan assets Fair value of plan assets at beginning of year $ 3,321 $ 3,616 $ 3,124 $ 3,390 Actual return on plan assets 611 (86 ) 576 (86 ) Employer contributions 73 77 57 52 Benefits paid (250 ) (286 ) (216 ) (232 ) Fair value of plan assets at end of year 3,755 3,321 3,541 3,124 Funded status at end of year $ (384 ) $ (559 ) $ (121 ) $ (307 ) Amounts recognized in the consolidated balance sheets consist of 2 : Long-term assets $ — $ 2 $ — $ — Current liabilities (19 ) (29 ) (2 ) (5 ) Long-term liabilities (365 ) (532 ) (119 ) (302 ) $ (384 ) $ (559 ) $ (121 ) $ (307 ) Amounts recognized in accumulated other comprehensive loss consist of: Prior service cost $ (1 ) $ (1 ) $ — $ — Net loss 2 95 83 17 17 94 82 17 17 Amounts recognized as a regulatory asset 87 271 87 271 Total not yet recognized as expense $ 181 $ 353 $ 104 $ 288 Accumulated benefit obligation at end of year $ 3,968 $ 3,753 $ 3,529 $ 3,342 Pension plans with an accumulated benefit obligation in excess of plan assets: Projected benefit obligation 4,139 3,880 3,662 3,431 Accumulated benefit obligation 3,968 3,753 3,529 3,342 Fair value of plan assets 3,755 3,321 3,541 3,124 Weighted average assumptions used to determine obligations at end of year: Discount rate 3.11 % 4.19 % 3.11 % 4.19 % Rate of compensation increase 4.10 % 4.10 % 4.10 % 4.10 % 1 For Edison International and SCE, respectively, the 2019 actuarial losses are primarily related to $401 million and $373 million in losses from a decrease in the discount rate (from 4.19% as of December 31, 2018 to 3.11% as of December 31, 2019 ), partially offset by $157 million and $177 million in gains from other economic assumption changes. The 2018 actuarial gains are primarily related to $277 million and $261 million in gains from an increase in discount rate (from 3.46% as of December 31, 2017 to 4.19% as of December 31, 2018 ), respectively. 2 The SCE liability excludes a long-term payable due to Edison International Parent of $133 million and $117 million at December 31, 2019 and 2018 , respectively, related to certain SCE postretirement benefit obligations transferred to Edison International Parent. SCE's accumulated other comprehensive loss of $17 million at December 31, 2019 and 2018 , excludes net losses of $37 million and $21 million related to these benefits, respectively. |
Expense Components for Plans | Net periodic pension expense components for continuing operations are: Edison International SCE Years ended December 31, (in millions) 2019 2018 2017 2019 2018 2017 Service cost $ 114 $ 126 $ 138 $ 111 $ 123 $ 133 Non-service cost Interest cost 155 140 164 143 128 149 Expected return on plan assets (205 ) (228 ) (212 ) (194 ) (214 ) (199 ) Settlement costs — — 6 — — — Amortization of prior service cost 2 3 3 2 3 3 Amortization of net loss 1 7 9 21 5 6 17 Regulatory adjustment (deferred) (3 ) 15 (28 ) (3 ) 15 (28 ) Total non-service benefit (44 ) (61 ) (46 ) (47 ) (62 ) (58 ) Total expense recognized $ 70 $ 65 $ 92 $ 64 $ 61 $ 75 1 Includes the amount of net loss reclassified from accumulated other comprehensive loss. The amount reclassified for Edison International was $7 million , $9 million and $10 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The amount reclassified for SCE was $5 million , $6 million and $6 million for the years ended December 31, 2019 , 2018 and 2017 . |
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 loss for continuing operations: Edison International SCE Years ended December 31, (in millions) 2019 2018 2017 2019 2018 2017 Net loss $ 19 $ 5 $ — $ 21 $ 5 $ 3 Settlement charges — — (6 ) — — — Amortization of net loss (7 ) (9 ) (10 ) (5 ) (6 ) (6 ) Total recognized in other comprehensive loss 12 (4 ) (16 ) 16 (1 ) (3 ) Total recognized in expense and other comprehensive loss $ 82 $ 61 $ 76 $ 80 $ 60 $ 72 |
Schedule of Amounts in Accumulated Other Comprehensive Loss to be Recognized | The estimated pension amounts that will be amortized to expense in 2020 for continuing operations are as follows: (in millions) Edison International SCE Unrecognized net loss to be amortized 1 $ 11 $ 8 Unrecognized prior service cost to be amortized 2 2 1 The amount of net loss expected to be reclassified from accumulated other comprehensive loss for Edison International and SCE is $11 million and $8 million , respectively. |
Schedule of Assumptions Used | Edison International and SCE used the following weighted average assumptions to determine pension expense for continuing operations: Years ended December 31, 2019 2018 2017 Discount rate 4.19 % 3.46 % 3.94 % Rate of compensation increase 4.10 % 4.10 % 4.00 % Expected long-term return on plan assets 6.50 % 6.50 % 6.50 % |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid: Edison International SCE (in millions) Years ended December 31, 2020 $ 336 $ 302 2021 332 295 2022 320 288 2023 309 280 2024 306 272 2025 – 2029 1,383 1,224 |
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, 2019 by asset class and level within the fair value hierarchy: (in millions) Level 1 Level 2 NAV 1 Total U.S. government and agency securities 2 $ 146 $ 992 $ — $ 1,138 Corporate stocks 3 547 7 — 554 Corporate bonds 4 — 572 — 572 Common/collective funds 5 — — 693 693 Partnerships/joint ventures 6 — — 471 471 Other investment entities 7 — — 130 130 Registered investment companies 8 133 — — 133 Interest-bearing cash 7 — — 7 Other — 79 — 79 Total $ 833 $ 1,650 $ 1,294 $ 3,777 Receivables and payables, net (22 ) Combined net plan assets available for benefits 3,755 SCE's share of net plan assets $ 3,541 The following table sets forth the Master Trust investments that were accounted for at fair value as of December 31, 2018 by asset class and level within the fair value hierarchy: (in millions) Level 1 Level 2 NAV 1 Total U.S. government and agency securities 2 $ 110 $ 937 $ — $ 1,047 Corporate stocks 3 473 6 — 479 Corporate bonds 4 — 582 — 582 Common/collective funds 5 — — 426 426 Partnerships/joint ventures 6 — — 434 434 Other investment entities 7 — — 236 236 Registered investment companies 8 112 — 2 114 Interest-bearing cash 2 — — 2 Other — 73 — 73 Total $ 697 $ 1,598 $ 1,098 $ 3,393 Receivables and payables, net (72 ) Combined net plan assets available for benefits 3,321 SCE's share of net plan assets $ 3,124 1 These investments are measured at fair value using the net asset value per share practical expedient and have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the net plan assets available for benefits. 2 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. 3 Corporate stocks are diversified. At December 31, 2019 and 2018 , respectively, performance for actively managed separate accounts is primarily benchmarked against the Russell Indexes ( 40% ) and ( 43% ) and Morgan Stanley Capital International (MSCI) index ( 60% ) and ( 57% ). 4 Corporate bonds are diversified. At December 31, 2019 and 2018 , respectively, this category includes $45 million and $60 million for collateralized mortgage obligations and other asset backed securities. 5 At December 31, 2019 and 2018 , respectively, the common/collective assets were invested in equity index funds that seek to track performance of the Standard and Poor's 500 Index ( 35% and 43% ) and Russell 1000 indexes ( 17% and 14% ). In addition, at December 31, 2019 and 2018 , respectively, 28% and 21% of the assets in this category are in index funds which seek to track performance in the MSCI All Country World Index exUS and 12% and 15% of this category are in non-index U.S. equity fund, which is actively managed. 6 At December 31, 2019 and 2018 , respectively, 51% and 50% are invested in private equity funds with investment strategies that include branded consumer products, clean technology and California geographic focus companies, 17% and 1% are invested in ABS including distressed mortgages and commercial and residential loans, 19% and 16% are invested in publicly traded fixed income securities, and 8% and 30% are invested in a broad range of financial assets in all global markets. 7 At both December 31, 2019 and 2018 , other investment entities were invested in (1) emerging market equity securities and (2) domestic mortgage backed securities. In addition, other investment entities were also invested in a hedge fund that invests through liquid instruments in a global diversified portfolio of equity, fixed income, interest rate, foreign currency and commodities markets at December 31, 2018 . 8 Level 1 registered investment companies primarily consisted of a global equity mutual fund which seeks to outperform the MSCI World Total Return Index. |
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 | Information on PBOP Plan assets and benefit obligations is shown below: Edison International SCE Years ended December 31, (in millions) 2019 2018 2019 2018 Change in benefit obligation Benefit obligation at beginning of year $ 1,986 $ 2,337 $ 1,977 $ 2,325 Service cost 30 37 30 37 Interest cost 77 80 77 80 Actuarial loss (gain) 1 70 (382 ) 70 (379 ) Plan participants' contributions 29 28 29 28 Benefits paid (109 ) (114 ) (109 ) (114 ) Benefit obligation at end of year $ 2,083 $ 1,986 $ 2,074 $ 1,977 Change in plan assets Fair value of plan assets at beginning of year $ 2,133 $ 2,330 $ 2,133 $ 2,330 Actual return on assets 401 (123 ) 401 (123 ) Employer contributions 11 13 10 12 Plan participants' contributions 29 28 29 28 Benefits paid (109 ) (115 ) (109 ) (114 ) Fair value of plan assets at end of year 2,465 2,133 2,464 2,133 Funded status at end of year $ 382 $ 147 $ 390 $ 156 Amounts recognized in the consolidated balance sheets consist of: Long-term assets $ 393 $ 159 $ 402 $ 168 Current liabilities (11 ) (12 ) (12 ) (12 ) Long-term liabilities — — — — $ 382 $ 147 $ 390 $ 156 Amounts recognized in accumulated other comprehensive loss consist of: Net loss $ 2 $ 1 $ — $ — Amounts recognized as a regulatory liability (416 ) (185 ) (416 ) (185 ) Total not yet recognized as income $ (414 ) $ (184 ) $ (416 ) $ (185 ) Weighted average assumptions used to determine obligations at end of year: Discount rate 3.32 % 4.35 % 3.32 % 4.35 % Assumed health care cost trend rates: Rate assumed for following year 6.50 % 6.75 % 6.50 % 6.75 % Ultimate rate 5.00 % 5.00 % 5.00 % 5.00 % Year ultimate rate reached 2029 2029 2029 2029 1 For Edison International and SCE, respectively, the 2018 actuarial gains are primarily related to $195 million and $194 million in gains from an increase in the discount rate (from 3.70% as of December 31, 2017 to 4.35% as of December 31, 2018) and $137 million and $135 million in experience gains. |
Expense Components for Plans | Net periodic PBOP expense components for continuing operations are: Edison International SCE Years ended December 31, (in millions) 2019 2018 2017 2019 2018 2017 Service cost $ 30 $ 37 $ 31 $ 30 $ 37 $ 31 Non-service cost Interest cost 77 80 86 77 80 85 Expected return on plan assets (111 ) (121 ) (110 ) (111 ) (122 ) (110 ) Special termination benefits — — 1 — — 1 Amortization of prior service credit (1 ) (1 ) (3 ) (1 ) (1 ) (2 ) Amortization of net loss (17 ) — — (17 ) — — Regulatory adjustment (deferred) 29 24 — 29 24 — Total non-service benefit (23 ) (18 ) (26 ) (23 ) (19 ) (26 ) Total expense $ 7 $ 19 $ 5 $ 7 $ 18 $ 5 |
Schedule of Amounts in Accumulated Other Comprehensive Loss to be Recognized | The estimated PBOP amounts that will be amortized to expense in 2020 for continuing operations are as follows: (in millions) Edison International SCE Unrecognized net gain to be amortized $ (17 ) $ (17 ) Unrecognized prior service credit to be amortized (1 ) (1 ) |
Schedule of Assumptions Used | Edison International and SCE used the following weighted average assumptions to determine PBOP expense for continuing operations: Years ended December 31, 2019 2018 2017 Discount rate 4.35 % 3.70 % 4.29 % Expected long-term return on plan assets 5.30 % 5.30 % 5.30 % Assumed health care cost trend rates: Current year 6.75 % 6.75 % 7.00 % Ultimate rate 5.00 % 5.00 % 5.00 % Year ultimate rate reached 2029 2029 2022 |
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, 2019 $ 225 $ (184 ) $ 224 $ (183 ) Effect on annual aggregate service and interest costs 10 (8 ) 10 (8 ) |
Schedule of Expected Benefit Payments | The following benefit payments (net of plan participants' contributions) are expected to be paid: Edison International SCE (in millions) Years ended December 31, 2020 $ 87 $ 87 2021 90 89 2022 92 92 2023 94 94 2024 97 96 2025 – 2029 512 509 |
Postretirement Benefits Other than Pension Plan Assets by Hierarchy Levels | The following table sets forth the VEBA Trust assets for Edison International and SCE that were accounted for at fair value as of December 31, 2019 by asset class and level within the fair value hierarchy: (in millions) Level 1 Level 2 NAV 1 Total U.S. government and agency securities 2 $ 386 $ 63 $ — $ 449 Corporate stocks 3 242 2 — 244 Corporate notes and bonds 4 — 885 — 885 Common/collective funds 5 — — 652 652 Partnerships 6 — — 68 68 Registered investment companies 7 66 — — 66 Interest bearing cash — 17 — 17 Other 8 2 101 — 103 Total $ 696 $ 1,068 $ 720 $ 2,484 Receivables and payables, net (19 ) Combined net plan assets available for benefits 2,465 SCE's share of net plan assets $ 2,464 The following table sets forth the VEBA Trust assets for Edison International and SCE that were accounted for at fair value as of December 31, 2018 by asset class and level within the fair value hierarchy: (in millions) Level 1 Level 2 NAV 1 Total U.S. government and agency securities 2 $ 322 $ 49 $ — $ 371 Corporate stocks 3 204 — — 204 Corporate notes and bonds 4 — 832 — 832 Common/collective funds 5 — — 495 495 Partnerships 6 — — 89 89 Registered investment companies 7 38 — — 38 Interest bearing cash 22 — — 22 Other 8 5 99 — 104 Total $ 591 $ 980 $ 584 $ 2,155 Receivables and payables, net (22 ) Combined net plan assets available for benefits $ 2,133 1 These investments are measured at fair value using the net asset value per share practical expedient and have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the net plan assets available for benefits. 2 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. 3 Corporate stock performance for actively managed separate accounts is primarily benchmarked against the Russell Indexes ( 68% and 67% ) and the MSCI All Country World Index ( 32% and 33% ) for 2019 and 2018 , respectively. 4 Corporate notes and bonds are diversified and include approximately $49 million and $59 million for commercial collateralized mortgage obligations and other asset backed securities at December 31, 2019 and 2018 , respectively. 5 At both December 31, 2019 and 2018 , 74% of the common/collective assets are invested in index funds which seek to track performance in the MSCI All Country World Index Investable Market Index and 19% are invested in a non-index U.S. equity fund which is actively managed. The remaining assets in this category are primarily invested in emerging market fund. 6 At December 31, 2019 and 2018 , respectively, 55% and 48% of the partnerships are invested in private equity and venture capital funds. Investment strategies for these funds include branded consumer products, clean and information technology and healthcare. 28% and 17% of the remaining partnerships category are invested in asset backed securities including distressed mortgages, distressed companies and commercial and residential loans and debt and equity of banks. 15% and 34% are invested in a broad range of financial assets in all global markets. 7 At both December 31, 2019 and 2018 , registered investment companies were primarily invested in (1) a money market fund, (2) exchange rate trade funds which seek to track performance of MSCI Emerging Market Index, Russell 2000 Index and international small cap equities. 8 Other includes $66 million and $58 million of municipal securities at December 31, 2019 and 2018 , respectively. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 (see Note 4 for a discussion of fair value of the trust investments): Longest Maturity Date Amortized Cost Fair Value December 31, (in millions) 2019 2018 2019 2018 Stocks — N/A N/A $ 1,765 $ 1,381 Municipal bonds 2057 822 665 970 767 U.S. government and agency securities 2067 996 1,193 1,115 1,288 Corporate bonds 2068 597 573 679 611 Short-term investments and receivables/payables 1 One-year 32 70 33 73 Total $ 2,447 $ 2,501 $ 4,562 $ 4,120 1 Short-term investments include $41 million and $71 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by January 2, 2020 and January 2, 2019 as of December 31, 2019 and 2018 , respectively. |
Gains and (Losses) for Equity Securities | The following table summarizes the gains and losses for the trust investments: December 31, (in millions) 2019 2018 2017 Gross realized gains $ 87 $ 134 $ 244 Gross realized losses (2 ) (27 ) (23 ) Net unrealized gains (losses) for equity securities 343 (233 ) 142 |
Net Unrealized Gains and Losses for Equity Securities | The following table summarizes the gains and losses for the trust investments: December 31, (in millions) 2019 2018 2017 Gross realized gains $ 87 $ 134 $ 244 Gross realized losses (2 ) (27 ) (23 ) Net unrealized gains (losses) for equity securities 343 (233 ) 142 |
Regulatory Assets and Liabili_2
Regulatory Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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) 2019 2018 Current: Regulatory balancing and memorandum accounts $ 798 $ 814 Power contracts 1 189 305 Other 22 14 Total current 1,009 1,133 Long-term: Deferred income taxes, net of liabilities 4,026 3,589 Pension and other postretirement benefits 87 271 Power contracts 1 434 700 Unamortized investments, net of accumulated amortization 2 119 118 Unamortized loss on reacquired debt 142 153 Regulatory balancing and memorandum accounts 981 360 Environmental remediation 237 134 Other 62 55 Total long-term 6,088 5,380 Total regulatory assets $ 7,097 $ 6,513 |
Regulatory Liabilities Included on the Consolidated Balance Sheets | SCE's regulatory liabilities included on the consolidated balance sheets are: December 31, (in millions) 2019 2018 Current: Regulatory balancing and memorandum accounts $ 883 $ 1,080 Energy derivatives 80 158 2018 GRC 1 — 274 Other 9 20 Total current 972 1,532 Long-term: Costs of removal 2,674 2,769 Re-measurement of deferred taxes 2,424 2,776 Recoveries in excess of ARO liabilities 1,569 1,130 Regulatory balancing and memorandum accounts 1,261 1,344 Other postretirement benefits 416 185 Other 1 41 125 Total long-term 8,385 8,329 Total regulatory liabilities $ 9,357 $ 9,861 1 During 2018, SCE recorded CPUC revenue based on the 2017 authorized revenue requirement adjusted for the July 2017 cost of capital decision and Tax Reform pending the outcome of the 2018 GRC. SCE recorded regulatory liabilities primarily associated with these adjustments. In May 2019, these regulatory liabilities were reversed due to the adoption of 2018 GRC final decision. For further information, see Note 1. |
Schedule of Regulatory Balancing Accounts | The following table summarizes the significant components of regulatory balancing and memorandum accounts included in the above tables of regulatory assets and liabilities: December 31, (in millions) 2019 2018 Asset (liability) Energy resource recovery account 1 $ (23 ) $ 815 Portfolio allocation balancing account 1 537 — New system generation balancing account 1 85 (74 ) Public purpose programs and energy efficiency programs (1,235 ) (1,200 ) Base revenue requirement balancing account (328 ) (628 ) Tax accounting memorandum account and pole loading balancing account 17 28 DOE litigation memorandum account (35 ) (69 ) Greenhouse gas auction revenue and low carbon fuel standard revenue (196 ) (81 ) FERC balancing accounts (127 ) (180 ) Wildfire-related memorandum accounts 2 868 272 Other 72 (133 ) Liability $ (365 ) $ (1,250 ) 1 SCE's cost-recovery mechanism for its fuel and purchased power-related costs is facilitated in three main balancing accounts, the Energy Resource Recovery Account ("ERRA"), the Portfolio Allocation Balancing Account ("PABA") and the New System Generation Balancing Account ("NSGBA"). In May 2019, the CPUC approved a PABA to determine and pro-ratably recover from responsible bundled service and departing load customers the "above-market" costs of all generation resources that are eligible for cost recovery. The ERRA and PABA balancing accounts are subject to a trigger mechanism that allows SCE to request an expeditious rate change if the sum of the ERRA balance and the bundled service customers' pro-rata share of the PABA balance either exceeds 5% of SCE's prior year generation rate revenue or exceeds 4% of SCE's prior year generation rate revenue and SCE does not expect the overcollection or undercollection to fall below 4% within 120 days. For 2020, the 4% and 5% trigger amounts are approximately $200 million and $250 million , respectively. SCE will begin recovering the combined ERRA, PABA and NSGBA undercollection from customers in rates beginning in April 2020, which will be fully recovered in April 2021. 2 The wildfire-related memorandum accounts regulatory assets represent wildfire-related costs that are probable of future recovery from customers, subject to a reasonableness review. The Fire Hazard Prevention Memorandum Account ("FHPMA") is used to track costs related to fire safety and to implement fire prevention corrective action measures in extreme and very high fire threat areas. The Catastrophic Event Memorandum Account ("CEMA") is used to track costs related to restoring service and damage repair, upon declaration of disasters by state or federal authorities. During 2018, the CPUC approved the establishment of the Wildfire Expense Memorandum Account ("WEMA") to track incremental wildfire insurance costs and uninsured wildfire-related financing, legal and claims costs. In March 2019, the CPUC approved a fire risk mitigation memorandum account to track costs related to the reduction of fire risk that are incremental to the amount in SCE's any other revenue requirement. In June 2019, the CPUC approved a wildfire mitigation plan memorandum account to track costs incurred to implement SCE's Wildfire Mitigation Plan that are not currently reflected in SCE's revenue requirements. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule Of Commitments And Contingencies [Line Items] | |
Schedule of Contingency Accruals and Changes | The following table presents changes in estimated losses (estimated at the lower end of the reasonably estimated range of expected losses) for the 2017/2018 Wildfire/Mudslide Events since December 31, 2018: (in millions) Balance at December 31, 2018 $ 4,669 Accrued losses 232 Payments (360 ) Balance at December 31, 2019 $ 4,541 In total, SCE has accrued estimated losses of $4.9 billion and paid $360 million in settlements and recovered $290 million from its insurance carriers through December 31, 2019 in relation to the 2017/2018 Wildfire/Mudslide Events. For the years-ended December 31, 2019 and 2018, the income statements include charges for the estimated losses (established at the lower end of the reasonably estimated range of expected losses), net of expected recoveries from insurance and FERC customers, related to the 2017/2018 Wildfire/Mudslide Events as follows: Year ended December 31, (in millions) 2019 2018 Charge for wildfire-related claims $ 232 $ 4,669 Expected insurance recoveries — (2,000 ) Expected revenue from FERC customers (14 ) (135 ) Total pre-tax charge 218 2,534 Income tax benefit (61 ) (709 ) Total after-tax charge $ 157 $ 1,825 (in millions) Balance at December 31, 2018 $ 2,000 Insurance recoveries 1 (290 ) Balance at December 31, 2019 $ 1,710 1 Additional insurance recoveries of $55 million |
SCE | |
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, 2019 , the undiscounted future expected minimum payments for the SCE PPAs (primarily related to renewable energy contracts), which were approved by the CPUC and met other critical contract provisions (including completion of major milestones for construction), were as follows: (in millions) Total 2020 $ 2,796 2021 1 2,777 2022 2,729 2023 2,457 2024 2,160 Thereafter 23,102 Total future commitments 2 $ 36,021 1 Includes $242 million related to certain lease contracts to be recorded as short-term lease expense in 2021. 2 Certain power purchase agreements are treated as operating or finance leases. For further discussion, see Note 13. Includes a lease contract that has not yet commenced with future lease payments of $135 million . The lease is expected to commence during the third quarter of 2020. |
Summary of Certain Future Other Commitments | The following summarizes the estimated minimum future commitments for SCE's other commitments: (in millions) 2020 2021 2022 2023 2024 Thereafter Total Other contractual obligations $ 77 $ 48 $ 47 $ 46 $ 45 $ 189 $ 452 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of Finance Lease Payments | The following table summarizes SCE's lease payments for operating and finance leases as of December 31, 2019: (in millions) PPA Operating Leases 1,2 Other Operating Leases 3 PPA Finance Leases 1 2020 $ 70 $ 37 $ 1 2021 48 30 1 2022 48 24 1 2023 47 19 2 2024 47 14 2 Thereafter 489 95 8 Total lease payments 749 219 15 Amount representing interest 4 220 59 6 Lease liabilities $ 529 $ 160 $ 9 |
Summary of Operating Lease Payments | The following table summarizes SCE's lease payments for operating and finance leases as of December 31, 2019: (in millions) PPA Operating Leases 1,2 Other Operating Leases 3 PPA Finance Leases 1 2020 $ 70 $ 37 $ 1 2021 48 30 1 2022 48 24 1 2023 47 19 2 2024 47 14 2 Thereafter 489 95 8 Total lease payments 749 219 15 Amount representing interest 4 220 59 6 Lease liabilities $ 529 $ 160 $ 9 |
Summary of Capital Lease Payments | At December 31, 2018, SCE's future minimum lease payments under non-cancellable leases were as follows: (in millions) PPA Operating Leases 1 Other Operating Leases 3 PPA Capital Leases 1 2019 $ 148 $ 42 $ 5 2020 124 31 6 2021 103 27 6 2022 79 22 6 2023 47 17 5 Thereafter 536 101 66 Total lease payments $ 1,037 $ 240 $ 94 Amount representing executory costs 25 Amount representing interest 33 Net commitments $ 36 1 Excludes expected purchases from most renewable energy contracts, which do not meet the definition of a lease payment since renewable power generation is contingent on external factors. 2 During the second quarter of 2019, SCE amended three power contracts that resulted in a $161 million reduction in ROU assets and lease liabilities as these contracts no longer qualify as leases. 3 Excludes escalation clauses based on consumer price or other indices and residual value guarantees that are not considered probable at the commencement date of the lease. 4 Lease payments are discounted to their present value using SCE's incremental borrowing rates. |
Summary of Operating Lease Payments | At December 31, 2018, SCE's future minimum lease payments under non-cancellable leases were as follows: (in millions) PPA Operating Leases 1 Other Operating Leases 3 PPA Capital Leases 1 2019 $ 148 $ 42 $ 5 2020 124 31 6 2021 103 27 6 2022 79 22 6 2023 47 17 5 Thereafter 536 101 66 Total lease payments $ 1,037 $ 240 $ 94 Amount representing executory costs 25 Amount representing interest 33 Net commitments $ 36 1 Excludes expected purchases from most renewable energy contracts, which do not meet the definition of a lease payment since renewable power generation is contingent on external factors. 2 During the second quarter of 2019, SCE amended three power contracts that resulted in a $161 million reduction in ROU assets and lease liabilities as these contracts no longer qualify as leases. 3 Excludes escalation clauses based on consumer price or other indices and residual value guarantees that are not considered probable at the commencement date of the lease. 4 Lease payments are discounted to their present value using SCE's incremental borrowing rates. |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to SCE's leases was as follows: (in millions) December 31, 2019 Operating leases: Operating lease ROU assets $ 689 Current portion of operating lease liabilities 79 Operating lease liabilities 610 Total operating lease liabilities $ 689 Finance leases included in: Utility property, plant and equipment, gross $ 14 Accumulated depreciation (5 ) Utility property, plant and equipment, net 9 Other current liabilities 1 Other long-term liabilities 8 Total finance lease liabilities $ 9 |
Summary of Lease Expense Components | The following table summarizes the components of SCE's lease expense: (in millions) Year ended December 31, 2019 PPA leases: Operating lease cost $ 118 Finance lease cost 1 Variable lease cost 1 2,087 Total PPA lease cost 2,206 Other operating leases cost 46 Total lease cost $ 2,252 1 Includes lease costs from renewable energy contracts where payments are based on contingent external factors such as wind, hydro and solar power generation. Other information related to leases was as follows: (in millions, except lease term and discount rate) Year ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases PPA leases $ 118 Other leases 44 Financing cash flows from PPA finance leases 1 ROU assets obtained in exchange for lease obligations: Other operating leases 34 Weighted average remaining lease term (in years): Operating leases PPA leases 16.05 Other leases 12.73 PPA Finance leases 11.51 Weighted average discount rate: Operating leases PPA leases 4.46 % Other leases 3.88 % PPA Finance leases 8.76 % |
Schedule of Undiscounted Cash Flow Expected from Lease Payments | At December 31, 2019, the undiscounted cash flow expected to be received from lease payments for the remaining years is as follows: (in millions) 2020 $ 11 2021 10 2022 10 2023 9 2024 8 Thereafter 148 Total $ 196 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Preferred Stock and Preference Stock | Preferred stock and preference stock are: Shares Redemption Dividends Declared per Share December 31, (in millions, except shares and per share amounts) 2019 2018 Cumulative preferred stock $25 par value: 4.08% Series 650,000 $ 25.50 $ 1.020 $ 16 $ 16 4.24% Series 1,200,000 25.80 1.060 30 30 4.32% Series 1,653,429 28.75 1.080 41 41 4.78% Series 1,296,769 25.80 1.195 33 33 Preference stock No par value: 6.25% Series E (cumulative) 350,000 1,000.00 62.500 350 350 5.10% Series G (cumulative) 160,004 2,500.00 127.500 400 400 5.75% Series H (cumulative) 110,004 2,500.00 143.750 275 275 5.375% Series J (cumulative) 130,004 2,500.00 134.375 325 325 5.45% Series K (cumulative) 120,004 2,500.00 136.250 300 300 5.00% Series L (cumulative) 190,004 2,500.00 125.000 475 475 SCE's preferred and preference stock 2,245 2,245 Less issuance costs (52 ) (52 ) Edison International's preferred and preference stock of utility $ 2,193 $ 2,193 In 2019, Edison International Parent made the following equity contributions to SCE: Date of contribution Amounts (in millions) April 26, 2019 $ 750 June 21, 2019 450 August 2, 2019 1,200 August 30, 2019 200 September 9, 2019 450 December 12, 2019 200 Total $ 3,250 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The changes in accumulated other comprehensive loss, net of tax, consist of: Edison International SCE Years ended December 31, (in millions) 2019 2018 2019 2018 Beginning balance $ (50 ) $ (43 ) $ (23 ) $ (19 ) Pension and PBOP – net loss: Other comprehensive loss before reclassifications (14 ) (9 ) (14 ) (3 ) Reclassified from accumulated other comprehensive loss 1 5 6 3 4 Other 2 (10 ) (4 ) (5 ) (5 ) Change (19 ) (7 ) (16 ) (4 ) Ending balance $ (69 ) $ (50 ) $ (39 ) $ (23 ) 1 These items are included in the computation of net periodic pension and PBOP expenses. See Note 9 for additional information. 2 Edison International and SCE recognized cumulative effect adjustments to the opening balance of retained earnings and accumulated other comprehensive loss on January 1, 2019 and 2018 related to the adoption of the accounting standards update on the reclassification of stranded tax effects resulting from Tax Reform in 2019 and the measurement of financial instruments in 2018. See Note 1 for further information on the reclassification of stranded tax effects. |
Other Income and (Expenses) (Ta
Other Income and (Expenses) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Summary of Other Income and Expenses | Other income net of expenses is as follows: Years ended December 31, (in millions) 2019 2018 2017 SCE other income and (expenses): Equity allowance for funds used during construction $ 101 $ 104 $ 87 Increase in cash surrender value of life insurance policies and life insurance benefits 39 36 42 Interest income 37 24 7 Net periodic benefit income – non-service components 70 81 51 Civic, political and related activities and donations (46 ) (44 ) (34 ) Other (6 ) (7 ) (5 ) Total SCE other income 195 194 148 Other income of Edison International Parent and Other: Net periodic benefit costs – non-service components (3 ) (2 ) (14 ) Other 1 5 (2 ) Total Edison International other income $ 193 $ 197 $ 132 |
Supplemental Cash Flows Infor_2
Supplemental Cash Flows Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Supplemental Cash Flows Information | Supplemental cash flows information is: Edison International SCE Years ended December 31, (in millions) 2019 2018 2017 2019 2018 2017 Cash payments (receipts): Interest, net of amounts capitalized $ 705 $ 595 $ 548 $ 615 $ 552 $ 509 Income taxes, net (85 ) (135 ) 1 (164 ) (57 ) 2 Non-cash financing and investing activities: Dividends declared but not paid: Common stock 231 200 197 200 — 212 Preferred and preference stock 12 12 12 12 12 12 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related-Party Transactions | The related-party transactions included in SCE's consolidated balance sheets for wildfire-related insurance purchased from EIS were as follows: December 31, (in millions) 2019 2018 Long-term insurance receivables due from affiliate $ 803 $ 1,000 Prepaid insurance 1 10 13 Current payables due to affiliate 2 — 4 1 Reflected in "Prepaid expenses" on SCE's consolidated balance sheets. 2 Reflected in "Accounts payable" on SCE's consolidated balance sheets. |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Edison International's quarterly financial data is as follows: 2019 (in millions, except per share amounts) Fourth Third Second First Operating revenue $ 2,970 $ 3,741 $ 2,812 $ 2,824 Operating income 287 636 500 352 Income from continuing operations 173 502 422 308 Income from discontinued operations, net — — — — Net income attributable to common shareholders 143 471 392 278 Basic earnings per share: Continuing operations $ 0.40 $ 1.36 $ 1.20 $ 0.85 Discontinued operations — — — — Total $ 0.40 $ 1.36 $ 1.20 $ 0.85 Diluted earnings per share: Continuing operations $ 0.40 $ 1.35 $ 1.20 $ 0.85 Discontinued operations — — — — Total $ 0.40 $ 1.35 $ 1.20 $ 0.85 Dividends declared per share 0.6375 0.6125 0.6125 0.6125 2018 (in millions, except per share amounts) Fourth Third Second First Operating revenue $ 3,009 $ 4,269 $ 2,815 $ 2,564 Operating (loss) income 1 (2,041 ) 739 420 330 (Loss) income from continuing operations (1,434 ) 544 298 242 Income from discontinued operations, net 34 — — — Net (loss) income attributable to common shareholders (1,430 ) 513 276 218 Basic (loss) earnings per share: Continuing operations $ (4.49 ) $ 1.57 $ 0.85 $ 0.67 Discontinued operations 0.10 — — — Total $ (4.39 ) $ 1.57 $ 0.85 $ 0.67 Diluted (loss) earnings per share: Continuing operations $ (4.49 ) $ 1.57 $ 0.84 $ 0.67 Discontinued operations 0.10 — — — Total $ (4.39 ) $ 1.57 $ 0.84 $ 0.67 Dividends declared per share 0.6125 0.6050 0.6050 0.6050 1 In the fourth quarter of 2018, SCE recorded a charge of $2.5 billion for wildfire-related claims, net of expected recoveries from insurance and FERC customers. SCE's quarterly financial data is as follows: 2019 (in millions) Fourth Third Second First Operating revenue $ 2,958 $ 3,732 $ 2,800 $ 2,816 Operating income 325 649 513 358 Net income 224 534 449 323 Net income available for common stock 194 503 419 293 Common dividends declared 200 200 — 200 2018 (in millions) Fourth Third Second First Operating revenue $ 2,994 $ 4,260 $ 2,803 $ 2,554 Operating (loss) income 1 (2,013 ) 754 439 414 Net (loss) income (1,399 ) 567 327 316 Net (loss) income available for common stock (1,429 ) 536 297 286 Common dividends declared — 264 100 212 1 In the fourth quarter of 2018, SCE recorded a charge of $2.5 billion for wildfire-related claims, net of expected recoveries from insurance and FERC customers. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Organization and Basis of Presentation) (Details) mi² in Thousands | 12 Months Ended |
Dec. 31, 2019mi² | |
Electric Utility | SCE | |
Segment Reporting Information [Line Items] | |
Supply of electricity area covered (in square miles) | 50 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Sale of SoCore Energy) (Details) - SoCore Energy $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Pre-tax loss | $ 62 |
After-tax loss | $ 50 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Money market funds | $ 31 | $ 116 | ||
Book balances reclassified to accounts payable | 75 | 65 | ||
Cash and cash equivalents | 68 | 144 | ||
Short-term restricted cash | 2 | 8 | ||
Total cash, cash equivalents, and restricted cash | 70 | 152 | $ 1,132 | $ 114 |
SCE | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Money market funds | 0 | 1 | ||
Book balances reclassified to accounts payable | 74 | 65 | ||
Cash and cash equivalents | 24 | 21 | ||
Short-term restricted cash | 0 | 1 | ||
Total cash, cash equivalents, and restricted cash | $ 24 | $ 22 | $ 515 | $ 40 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Emission Allowances and Energy Credits) (Details) - SCE - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Significant Accounting Policies [Line Items] | ||
Regulatory liabilities | $ 9,357 | $ 9,861 |
LCFS net sales proceeds | ||
Significant Accounting Policies [Line Items] | ||
Regulatory liabilities | 184 | 103 |
Other Current Assets | ||
Significant Accounting Policies [Line Items] | ||
GHG allowances | 50 | 38 |
Other Current Liabilities | ||
Significant Accounting Policies [Line Items] | ||
GHG emission obligations | $ 50 | $ 30 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) - SCE - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 1,700 | $ 1,700 | $ 1,600 |
Depreciation expense stated as a percent of average original cost of depreciable utility plant (percent) | 3.60% | 3.70% | 3.80% |
AFUDC equity capitalized during construction | $ 101 | $ 104 | $ 87 |
Interest and other income | |||
Property, Plant and Equipment [Line Items] | |||
AFUDC equity capitalized during construction | 101 | 104 | 87 |
Interest expense | |||
Property, Plant and Equipment [Line Items] | |||
AFUDC debt capitalized during construction | $ 63 | $ 44 | $ 28 |
Generation plant | |||
Property, Plant and Equipment [Line Items] | |||
Weighted Average Useful Lives | 36 years | ||
Distribution plant | |||
Property, Plant and Equipment [Line Items] | |||
Weighted Average Useful Lives | 48 years | ||
Transmission plant | |||
Property, Plant and Equipment [Line Items] | |||
Weighted Average Useful Lives | 54 years | ||
General plant and other | |||
Property, Plant and Equipment [Line Items] | |||
Weighted Average Useful Lives | 25 years | ||
Minimum | Generation plant | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 10 years | ||
Minimum | Distribution plant | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 20 years | ||
Minimum | Transmission plant | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 45 years | ||
Minimum | General plant and other | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 5 years | ||
Maximum | Generation plant | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 56 years | ||
Maximum | Distribution plant | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 65 years | ||
Maximum | Transmission plant | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 65 years | ||
Maximum | General plant and other | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 60 years |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Prepaid Insurance) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Redeemable Noncontrolling Interest [Line Items] | |||||
Wildfire Insurance Fund contributions current | $ 323 | $ 0 | |||
Wildfire Insurance Fund contributions | 2,457 | 0 | $ 0 | ||
Insurance fund liability included in other long-term liabilities | $ 785 | ||||
Amortization period | 10 years | ||||
SCE | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Wildfire Insurance Fund contributions long term | $ 2,800 | ||||
Wildfire Insurance Fund contributions current | 323 | 0 | |||
Wildfire Insurance Fund contributions | $ 2,400 | $ 2,400 | $ 2,457 | $ 0 | $ 0 |
Measurement Input | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Historical term used in estimate | 5 years |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Goodwill) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2017 | |
SoCore Energy | |||
Goodwill [Line Items] | |||
Goodwill impairment | $ 17 | ||
Goodwill impairment after-tax | $ 10 | ||
Edison Energy Group | |||
Goodwill [Line Items] | |||
Goodwill impairment | $ 25 | $ 19 | |
Goodwill impairment after-tax | 18 | 13 | |
Goodwill | 34 | $ 59 | |
Edison Energy | |||
Goodwill [Line Items] | |||
Investment | $ 57 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies (Nuclear Decommissioning and Asset Retirement Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Asset Retirement Obligation, Roll Forward | ||
Beginning balance | $ 3,031 | |
Ending balance | 3,029 | $ 3,031 |
SCE | ||
Asset Retirement Obligation, Roll Forward | ||
Beginning balance | 3,031 | 2,892 |
Accretion | 166 | 169 |
Revisions | 4 | 110 |
Liabilities settled | (172) | (140) |
Ending balance | $ 3,029 | $ 3,031 |
Threshold period to be recognized as a loss for other-than-temporary impairment | 2 months | |
SCE | Palo Verde and San Onofre Units | ||
Asset Retirement Obligation, Roll Forward | ||
Recorded liability to decommission nuclear power facilities | $ 2,800 | |
Estimated cost to decommission nuclear facilities | $ 7,100 | |
Decommissioning cost escalated rates, low end (percent) | 2.20% | |
Decommissioning cost escalated rates, high end (percent) | 7.50% | |
Estimated annual net of tax earnings, low end (percent) | 2.40% | |
Estimated annual net of tax earnings, high end (percent) | 3.80% |
Summary of Significant Accou_12
Summary of Significant Accounting Policies (Deferred Financing Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Regulatory Assets [Line Items] | |||
Regulatory assets | $ 6,088 | $ 5,380 | |
Edison International | |||
Regulatory Assets [Line Items] | |||
Amortization of deferred financing costs charged to interest expense | 30 | 30 | $ 30 |
Long-term debt | Edison International | |||
Regulatory Assets [Line Items] | |||
Unamortized debt issuance expense | 121 | 102 | |
SCE | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 6,088 | 5,380 | |
Amortization of deferred financing costs charged to interest expense | 26 | 26 | $ 27 |
SCE | Long-term debt | |||
Regulatory Assets [Line Items] | |||
Unamortized debt issuance expense | 106 | 93 | |
SCE | Unamortized loss on reacquired debt | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | $ 142 | $ 153 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies (Revenue Recognition) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
May 31, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Net income (loss) | $ 1,405 | $ (316) | $ 668 | |||||||||
SCE | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Franchise fees billed to customers | $ 122 | 133 | 133 | |||||||||
Rate recovery period | 24 months | |||||||||||
Net income (loss) | $ 224 | $ 534 | $ 449 | $ 323 | $ (1,399) | $ 567 | $ 327 | $ 316 | $ 1,530 | $ (189) | $ 1,136 | |
California Public Utilities Commission | General Rate Case, 2018 | SCE | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Reduction in authorized revenue | $ 5,100 | 289 | ||||||||||
Approved decision escalate capital additions, year one, percent | 2.49% | |||||||||||
Approved revenue requirement year one | $ 5,500 | |||||||||||
Approved revenue requirement year two | $ 5,900 | |||||||||||
Impact of decision non-core impairment of utility core earnings, net of tax | 131 | |||||||||||
Reduction in revenue | 265 | |||||||||||
Increase in approved revenue | 24 | |||||||||||
Refund to customers | 554 | |||||||||||
Impact of decision non-core impairment of utility property, plant and equipment | 170 | |||||||||||
Impact of decision non-core impairment of utility property, plant and equipment, net of tax | $ 123 | |||||||||||
FERC | FERC 2018 Settlement Period | SCE | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Net income (loss) | $ 29 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies (SCE Dividends) (Details) - SCE - USD ($) $ in Millions | Feb. 27, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 |
Significant Accounting Policies [Line Items] | |||||
Minimum percentage of weighted-average common equity component authorization, set by CPUC (as a percent) | 48.00% | 45.20% | |||
Spot rate equity ratio | 47.00% | ||||
Weighted-average common equity component authorization, set by CPUC remaining over number of months (in months) | 37 months | ||||
Waiver threshold percent | 47.00% | ||||
Weighted-average common equity component of total capitalization percent (below) | 48.50% | ||||
Wildfire related charge incurred after tax | $ 2,000 | ||||
Capacity to pay additional dividends | $ 179 | ||||
Restriction on net assets | $ 17,600 | $ 17,600 | |||
Weighted-average common equity component of total capitalization percent with CPUC waiver | 49.60% | ||||
Subsequent event | |||||
Significant Accounting Policies [Line Items] | |||||
Minimum percentage of weighted-average common equity component authorization, set by CPUC (as a percent) | 52.00% | ||||
Dividends | $ 269 |
Summary of Significant Accou_15
Summary of Significant Accounting Policies (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic earnings (loss) per share – continuing operations: | |||||||||||
Income (loss) from continuing operations, net of tax | $ 1,284 | $ (457) | $ 565 | ||||||||
Participating securities dividends | $ 0 | 0 | 0 | ||||||||
Income (loss) from continuing operations available to common shareholders | $ (457) | $ 565 | |||||||||
Weighted average common shares outstanding (in shares) | 340,000,000 | 326,000,000 | 326,000,000 | ||||||||
Basic earnings (loss) per share – continuing operations (in dollars per share) | $ 0.40 | $ 1.36 | $ 1.20 | $ 0.85 | $ (4.49) | $ 1.57 | $ 0.85 | $ 0.67 | $ 3.78 | $ (1.40) | $ 1.73 |
Diluted earnings (loss) per share – continuing operations: | |||||||||||
Income (loss) from continuing operations attributable to common shareholders | $ 1,284 | $ (457) | $ 565 | ||||||||
Participating securities dividends | 0 | 0 | 0 | ||||||||
Income (loss) from continuing operations available to common shareholders | (457) | 565 | |||||||||
Income impact of assumed conversions | 0 | 0 | 0 | ||||||||
Income (loss) from continuing operations available to common shareholders and assumed conversions | $ 1,284 | $ (457) | $ 565 | ||||||||
Weighted average common shares outstanding (in shares) | 340,000,000 | 326,000,000 | 326,000,000 | ||||||||
Incremental shares from assumed conversions (in shares) | 1,000,000 | 0 | 2,000,000 | ||||||||
Adjusted weighted average shares – diluted (in shares) | 341,000,000 | 326,000,000 | 328,000,000 | ||||||||
Diluted (loss) earnings per share – continuing operations (in dollars per share) | $ 0.40 | $ 1.35 | $ 1.20 | $ 0.85 | $ (4.49) | $ 1.57 | $ 0.84 | $ 0.67 | $ 3.77 | $ (1.40) | $ 1.72 |
Stock Compensation Plan | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Antidilutive stock option awards excluded from earnings per share, number of shares | 4,511,802 | 8,852,706 | 1,334,451 |
Summary of Significant Accou_16
Summary of Significant Accounting Policies (New Accounting Guidance) (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease ROU assets | $ 693 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease ROU assets | $ 956 | |
Accounting Standards Update 2018-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Reclassified stranded tax effects | 10 | |
SCE | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease ROU assets | $ 689 | |
SCE | Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease ROU assets | 951 | |
SCE | Accounting Standards Update 2018-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Reclassified stranded tax effects | $ 5 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | $ (9,958) | $ (9,566) |
Total utility property, plant and equipment | 44,198 | 41,269 |
SCE | ||
Property, Plant and Equipment [Line Items] | ||
Distribution | 26,929 | 25,026 |
Transmission | 14,720 | 13,800 |
Generation | 3,664 | 3,598 |
General plant and other | 4,583 | 4,398 |
Accumulated depreciation | (9,958) | (9,566) |
Total utility property, plant and equipment, Gross | 39,938 | 37,256 |
Construction work in progress | 4,131 | 3,883 |
Nuclear fuel, at amortized cost | 129 | 130 |
Total utility property, plant and equipment | $ 44,198 | $ 41,269 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Textual) (Details) - SCE - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Capitalized software costs | $ 1,000 | $ 1,000 | |
Capitalized software, accumulated amortization | 400 | 500 | |
Capitalized software, amortization expense | 190 | $ 198 | $ 233 |
Capitalized software, estimated amortization year 1 | 191 | ||
Capitalized software, estimated amortization year 2 | 163 | ||
Capitalized software, estimated amortization year 3 | 116 | ||
Capitalized software, estimated amortization year 4 | 76 | ||
Capitalized software, estimated amortization year 5 | $ 27 | ||
Capitalized software costs | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 5 years | ||
Capitalized software costs | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 7 years |
Property, Plant and Equipment_4
Property, Plant and Equipment (Jointly Owned Utility Projects) (Details) - SCE - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Jointly Owned Utility Plant Interests [Line Items] | ||
Nuclear Fuel (at amortized cost) | $ 129 | $ 130 |
Eldorado | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Plant in Service | 257 | |
Construction Work in Progress | 94 | |
Accumulated Depreciation | 35 | |
Nuclear Fuel (at amortized cost) | 0 | |
Net Book Value | $ 316 | |
Ownership Interest | 80.00% | |
Pacific Intertie | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Plant in Service | $ 248 | |
Construction Work in Progress | 80 | |
Accumulated Depreciation | 72 | |
Nuclear Fuel (at amortized cost) | 0 | |
Net Book Value | $ 256 | |
Ownership Interest | 50.00% | |
Palo Verde (nuclear) | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Plant in Service | $ 2,065 | |
Construction Work in Progress | 61 | |
Accumulated Depreciation | 1,586 | |
Nuclear Fuel (at amortized cost) | 129 | |
Net Book Value | $ 669 | |
Ownership Interest | 16.00% | |
Total | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Plant in Service | $ 2,570 | |
Construction Work in Progress | 235 | |
Accumulated Depreciation | 1,693 | |
Nuclear Fuel (at amortized cost) | 129 | |
Net Book Value | $ 1,241 |
Variable Interest Entities (Var
Variable Interest Entities (Variable Interest in VIEs that are not Consolidated) (Details) | 1 Months Ended | 12 Months Ended | |||||||
Jul. 31, 2017USD ($) | Dec. 31, 2019USD ($)$ / sharesMW | Dec. 31, 2018USD ($)$ / sharesMW | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)$ / shares | Dec. 31, 2012USD ($) | |
Unconsolidated Trust | |||||||||
Stock redeemed | $ 475,000,000 | ||||||||
SCE | |||||||||
Unconsolidated Trust | |||||||||
Stock redeemed | $ 475,000,000 | ||||||||
SCE | Series G Preferred Stock | |||||||||
Unconsolidated Trust | |||||||||
Security dividend rate, (as a percent) | 5.10% | ||||||||
SCE | Series H Preferred Stock | |||||||||
Unconsolidated Trust | |||||||||
Security dividend rate, (as a percent) | 5.75% | ||||||||
SCE | Series J Preferred Stock | |||||||||
Unconsolidated Trust | |||||||||
Security dividend rate, (as a percent) | 5.375% | ||||||||
SCE | Series K Preferred Stock | |||||||||
Unconsolidated Trust | |||||||||
Security dividend rate, (as a percent) | 5.45% | ||||||||
SCE | Series L Preferred Stock | |||||||||
Unconsolidated Trust | |||||||||
Security dividend rate, (as a percent) | 5.00% | ||||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | Power Purchase Contracts | |||||||||
Details of projects or entities | |||||||||
Power generating capacity for majority interest (in megawatts) | MW | 4,497 | 3,602 | |||||||
Payments to unconsolidated VIEs for power purchase contracts | $ 833,000,000 | $ 762,000,000 | |||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | Trust II | |||||||||
Unconsolidated Trust | |||||||||
Common stock | 10,000 | 10,000 | |||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | Trust II | Trust Securities | |||||||||
Unconsolidated Trust | |||||||||
Security dividend rate, (as a percent) | 5.10% | ||||||||
Liquidation preference | $ 400,000,000 | $ 400,000,000 | |||||||
Liquidation value (in dollars per share) | $ / shares | $ 25 | $ 25 | $ 25 | ||||||
Common stock | $ 10,000 | $ 10,000 | $ 10,000 | ||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | Trust II | Series G Preferred Stock | |||||||||
Unconsolidated Trust | |||||||||
Security dividend rate, (as a percent) | 5.10% | ||||||||
Liquidation preference | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | ||||||
Liquidation value (in dollars per share) | $ / shares | $ 2,500 | ||||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | Trust II | Series F Preferred Stock | |||||||||
Unconsolidated Trust | |||||||||
Liquidation value (in dollars per share) | $ / shares | $ 2,500 | ||||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | Trust III | |||||||||
Unconsolidated Trust | |||||||||
Common stock | $ 10,000 | 10,000 | |||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | Trust III | Trust Securities | |||||||||
Unconsolidated Trust | |||||||||
Security dividend rate, (as a percent) | 5.75% | ||||||||
Liquidation preference | $ 275,000,000 | $ 275,000,000 | $ 275,000,000 | ||||||
Liquidation value (in dollars per share) | $ / shares | $ 25 | $ 25 | |||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | Trust III | Series H Preferred Stock | |||||||||
Unconsolidated Trust | |||||||||
Security dividend rate, (as a percent) | 5.75% | ||||||||
Liquidation preference | $ 275,000,000 | $ 275,000,000 | $ 275,000,000 | ||||||
Liquidation value (in dollars per share) | $ / shares | $ 2,500 | ||||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | Trust IV | |||||||||
Unconsolidated Trust | |||||||||
Common stock | $ 10,000 | 10,000 | |||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | Trust IV | Trust Securities | |||||||||
Unconsolidated Trust | |||||||||
Security dividend rate, (as a percent) | 5.375% | ||||||||
Liquidation preference | $ 325,000,000 | $ 325,000,000 | $ 325,000,000 | ||||||
Liquidation value (in dollars per share) | $ / shares | $ 25 | $ 25 | |||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | Trust IV | Series J Preferred Stock | |||||||||
Unconsolidated Trust | |||||||||
Security dividend rate, (as a percent) | 5.375% | ||||||||
Liquidation preference | $ 325,000,000 | $ 325,000,000 | $ 325,000,000 | ||||||
Liquidation value (in dollars per share) | $ / shares | $ 2,500 | ||||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | Trust V | |||||||||
Unconsolidated Trust | |||||||||
Common stock | $ 10,000 | 10,000 | |||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | Trust V | Trust Securities | |||||||||
Unconsolidated Trust | |||||||||
Security dividend rate, (as a percent) | 5.45% | ||||||||
Liquidation preference | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | ||||||
Liquidation value (in dollars per share) | $ / shares | $ 25 | $ 25 | |||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | Trust V | Series K Preferred Stock | |||||||||
Unconsolidated Trust | |||||||||
Security dividend rate, (as a percent) | 5.45% | ||||||||
Liquidation preference | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | ||||||
Liquidation value (in dollars per share) | $ / shares | $ 2,500 | ||||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | Trust VI | |||||||||
Unconsolidated Trust | |||||||||
Common stock | $ 10,000 | 10,000 | |||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | Trust VI | Trust Securities | |||||||||
Unconsolidated Trust | |||||||||
Security dividend rate, (as a percent) | 5.00% | ||||||||
Liquidation preference | $ 475,000,000 | $ 475,000,000 | $ 475,000,000 | ||||||
Liquidation value (in dollars per share) | $ / shares | $ 25 | $ 25 | |||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | Trust VI | Series L Preferred Stock | |||||||||
Unconsolidated Trust | |||||||||
Security dividend rate, (as a percent) | 5.00% | ||||||||
Liquidation preference | $ 475,000,000 | $ 475,000,000 | |||||||
Liquidation value (in dollars per share) | $ / shares | $ 2,500 | ||||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | Trust I | Trust Securities | |||||||||
Unconsolidated Trust | |||||||||
Security dividend rate, (as a percent) | 5.625% | ||||||||
Liquidation preference | $ 475,000,000 | $ 475,000,000 | |||||||
Stock redeemed | $ 10,000 | ||||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | Trust I | Series F Preferred Stock | |||||||||
Unconsolidated Trust | |||||||||
Liquidation preference | $ 475,000,000 |
Variable Interest Entities (Sum
Variable Interest Entities (Summary of Trusts' Income Statement) (Details) - SCE - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Trust I | |||
Variable Interest Entity [Line Items] | |||
Dividend income | $ 14 | ||
Dividend distributions | 14 | ||
Trust II | |||
Variable Interest Entity [Line Items] | |||
Dividend income | $ 20 | $ 20 | 20 |
Dividend distributions | 20 | 20 | 20 |
Trust III | |||
Variable Interest Entity [Line Items] | |||
Dividend income | 16 | 16 | 16 |
Dividend distributions | 16 | 16 | 16 |
Trust IV | |||
Variable Interest Entity [Line Items] | |||
Dividend income | 17 | 17 | 17 |
Dividend distributions | 17 | 17 | 17 |
Trust V | |||
Variable Interest Entity [Line Items] | |||
Dividend income | 16 | 16 | 16 |
Dividend distributions | 16 | 16 | 16 |
Trust VI | |||
Variable Interest Entity [Line Items] | |||
Dividend income | 24 | 24 | 12 |
Dividend distributions | $ 24 | $ 24 | $ 12 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value by Level) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets at fair value | ||
Nuclear decommissioning trusts | $ 4,562 | $ 4,120 |
SCE | ||
Assets at fair value | ||
Nuclear decommissioning trusts | $ 4,562 | $ 4,120 |
Liabilities at fair value | ||
Percentage of equity investments located in the United States (as a percent) | 72.00% | 71.00% |
Collateralized mortgage obligations and other asset backed securities | $ 46 | $ 67 |
Payables, net, related to investments | (111) | (143) |
SCE | Fair Value, Measurements, Recurring | ||
Assets at fair value | ||
Netting and Collateral | (15) | 0 |
Derivative contracts, net | 87 | 173 |
Other | 18 | 30 |
Nuclear decommissioning trusts | 4,673 | 4,263 |
Total assets | 4,778 | 4,466 |
Liabilities at fair value | ||
Netting and Collateral | (15) | (7) |
Derivative contracts, net | 1 | 6 |
Total liabilities | 1 | 6 |
Net assets | 4,777 | 4,460 |
Cash collateral posted | 0 | 7 |
SCE | Fair Value, Measurements, Recurring | Level 1 | ||
Assets at fair value | ||
Derivative contracts | 0 | 0 |
Other | 4 | 9 |
Nuclear decommissioning trusts | 2,601 | 2,503 |
Total assets | 2,605 | 2,512 |
Liabilities at fair value | ||
Derivative contracts | 0 | 0 |
Total liabilities | 0 | 0 |
Net assets | 2,605 | 2,512 |
SCE | Fair Value, Measurements, Recurring | Level 2 | ||
Assets at fair value | ||
Derivative contracts | 19 | 32 |
Other | 14 | 21 |
Nuclear decommissioning trusts | 2,072 | 1,760 |
Total assets | 2,105 | 1,813 |
Liabilities at fair value | ||
Derivative contracts | 11 | 13 |
Total liabilities | 11 | 13 |
Net assets | 2,094 | 1,800 |
SCE | Fair Value, Measurements, Recurring | Level 3 | ||
Assets at fair value | ||
Derivative contracts | 83 | 141 |
Other | 0 | 0 |
Nuclear decommissioning trusts | 0 | 0 |
Total assets | 83 | 141 |
Liabilities at fair value | ||
Derivative contracts | 5 | 0 |
Total liabilities | 5 | 0 |
Net assets | 78 | 141 |
SCE | Fair Value, Measurements, Recurring | Stocks | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 1,765 | 1,382 |
SCE | Fair Value, Measurements, Recurring | Stocks | Level 1 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 1,765 | 1,382 |
SCE | Fair Value, Measurements, Recurring | Stocks | Level 2 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 0 | 0 |
SCE | Fair Value, Measurements, Recurring | Stocks | Level 3 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 0 | 0 |
SCE | Fair Value, Measurements, Recurring | Fixed Income | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 2,762 | 2,666 |
SCE | Fair Value, Measurements, Recurring | Fixed Income | Level 1 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 738 | 1,001 |
SCE | Fair Value, Measurements, Recurring | Fixed Income | Level 2 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 2,024 | 1,665 |
SCE | Fair Value, Measurements, Recurring | Fixed Income | Level 3 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 0 | 0 |
SCE | Fair Value, Measurements, Recurring | Short-term investments, primarily cash equivalents | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 146 | 215 |
SCE | Fair Value, Measurements, Recurring | Short-term investments, primarily cash equivalents | Level 1 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 98 | 120 |
SCE | Fair Value, Measurements, Recurring | Short-term investments, primarily cash equivalents | Level 2 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 48 | 95 |
SCE | Fair Value, Measurements, Recurring | Short-term investments, primarily cash equivalents | Level 3 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | $ 0 | $ 0 |
Fair Value Measurements (Textua
Fair Value Measurements (Textual) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | $ 31 | $ 116 |
Edison Energy Group | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Goodwill impairment | 25 | 19 |
Goodwill impairment after-tax | 18 | 13 |
Level 1 | Edison International Parent and Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | $ 31 | $ 115 |
Fair Value Measurements (Level
Fair Value Measurements (Level 3 Rollforward) (Details) - SCE - Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures Level 3 [Roll Forward] | ||
Fair value of net assets at beginning of period | $ 141 | $ 101 |
Total realized/unrealized (losses) gains: | ||
Included in regulatory assets and liabilities | (63) | 40 |
Fair value of net assets at end of period | 78 | 141 |
Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period | $ 62 | $ 138 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information About Level 3 Fair Value Measurements) (Details) - SCE - Level 3 - Congestion revenue rights - Auction prices $ in Millions | Dec. 31, 2019USD ($)$ / MWh | Dec. 31, 2018USD ($)$ / MWh |
Quantitative Information About Level 3 Measurements [Line Items] | ||
Fair Value, Assets | $ | $ 83 | $ 141 |
Fair Value, Liabilities | $ | $ 5 | $ 0 |
CAISO CRR auction clearing prices | Minimum | ||
Quantitative Information About Level 3 Measurements [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | (3.59) | (7.41) |
CAISO CRR auction clearing prices | Maximum | ||
Quantitative Information About Level 3 Measurements [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 25.32 | 41.52 |
CAISO CRR auction clearing prices | Weighted Average | ||
Quantitative Information About Level 3 Measurements [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 1.97 | 1.62 |
Fair Value Measurements (Fair_2
Fair Value Measurements (Fair Value of Long-Term Debt Recorded at Carrying Value) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value of Long-Term Debt Recorded at Carrying Value | ||
Carrying Value | $ 18,343 | $ 14,711 |
Fair Value | 20,137 | 14,844 |
SCE | ||
Fair Value of Long-Term Debt Recorded at Carrying Value | ||
Carrying Value | 15,211 | 12,971 |
Fair Value | $ 16,892 | $ 13,180 |
Debt and Credit Agreements (Lon
Debt and Credit Agreements (Long-term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ (479) | $ (79) |
Long-term debt | 17,864 | 14,632 |
Edison International Parent and Other | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | (400) | 0 |
Unamortized debt discount/premium and issuance costs, net | (18) | (10) |
Long-term debt | 2,732 | 1,740 |
Edison International Parent and Other | Debentures and notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 3,150 | 1,750 |
Edison International Parent and Other | Debentures and notes | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate on debt (as a percent) | 2.125% | |
Edison International Parent and Other | Debentures and notes | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate on debt (as a percent) | 5.75% | |
SCE | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ (79) | (79) |
Unamortized debt discount/premium and issuance costs, net | (119) | (137) |
Long-term debt | 15,132 | 12,892 |
SCE | Debentures and notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 306 | 306 |
SCE | Debentures and notes | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate on debt (as a percent) | 5.06% | |
SCE | Debentures and notes | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate on debt (as a percent) | 6.65% | |
SCE | First and refunding mortgage bonds | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 14,272 | 12,050 |
SCE | First and refunding mortgage bonds | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate on debt (as a percent) | 1.845% | |
SCE | First and refunding mortgage bonds | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate on debt (as a percent) | 6.05% | |
SCE | Pollution-control bonds | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 752 | $ 752 |
SCE | Pollution-control bonds | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate on debt (as a percent) | 1.875% | |
SCE | Pollution-control bonds | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate on debt (as a percent) | 5.00% |
Debt and Credit Agreements (L_2
Debt and Credit Agreements (Long-term Debt Maturities) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Edison International | |
Debt Instrument [Line Items] | |
2020 | $ 479 |
2021 | 1,029 |
2022 | 1,064 |
2023 | 1,300 |
2024 | 500 |
SCE | |
Debt Instrument [Line Items] | |
2020 | 79 |
2021 | 1,029 |
2022 | 364 |
2023 | 900 |
2024 | $ 0 |
Debt and Credit Agreements (Tex
Debt and Credit Agreements (Textual) (Details) | 1 Months Ended | |||||
Apr. 30, 2019USD ($) | Feb. 28, 2019USD ($) | Jan. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||||||
Debt to total capitalization ratio | 0.70 | |||||
SCE | ||||||
Debt Instrument [Line Items] | ||||||
Debt to total capitalization ratio | 0.65 | |||||
SCE | SCE Term loan credit agreement | ||||||
Debt Instrument [Line Items] | ||||||
Debt, face amount | $ 750,000,000 | |||||
SCE | SCE Term loan credit agreement | London Interbank Offered Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis points | 0.70% | |||||
SCE | Multi-year credit facilities | ||||||
Debt Instrument [Line Items] | ||||||
Commitment | $ 3,000,000,000 | |||||
Outstanding borrowings (excluding discount) | 550,000,000 | |||||
Outstanding letters of credit | $ 152,000,000 | |||||
SCE | Multi-year credit facilities | Commercial paper | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding borrowings (excluding discount) | $ 720,000,000 | |||||
Weighted average interest rate (as a percent) | 2.24% | 3.23% | ||||
SCE | Multi-year credit facilities | Letters of credit | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding letters of credit | $ 152,000,000 | |||||
SCE | Commercial paper supported by SCE's credit facility | Commercial paper | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding borrowings (excluding discount) | 550,000,000 | |||||
SCE | 2.875% First and Refunding Mortgage Bonds Due in 2029 | Mortgages | Subsequent event | ||||||
Debt Instrument [Line Items] | ||||||
Debt, face amount | $ 100,000,000 | |||||
Interest rate on debt (as a percent) | 2.85% | |||||
SCE | 3.65% First and Refunding Mortgage Bonds Due in 2050 | Mortgages | Subsequent event | ||||||
Debt Instrument [Line Items] | ||||||
Debt, face amount | $ 500,000,000 | |||||
Interest rate on debt (as a percent) | 3.65% | |||||
Edison International | Multi-year credit facilities | ||||||
Debt Instrument [Line Items] | ||||||
Commitment | $ 1,500,000,000 | |||||
Outstanding borrowings (excluding discount) | 0 | $ 0 | ||||
Outstanding letters of credit | $ 0 | |||||
Debt proceeds contributed | SCE Term loan credit agreement | SCE | ||||||
Debt Instrument [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | $ 750,000,000 |
Debt and Credit Agreements (Sum
Debt and Credit Agreements (Summary for Status of Credit Facilities) (Details) - Multi-year credit facilities - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Line of Credit Facility [Line Items] | |||
Amount available | $ 1,500,000,000 | ||
SCE | |||
Line of Credit Facility [Line Items] | |||
Commitment | 3,000,000,000 | ||
Outstanding borrowings (excluding discount) | (550,000,000) | ||
Outstanding letters of credit | (152,000,000) | ||
Amount available | 2,298,000,000 | ||
Edison International | |||
Line of Credit Facility [Line Items] | |||
Commitment | $ 1,500,000,000 | ||
Outstanding borrowings (excluding discount) | 0 | $ 0 | |
Outstanding letters of credit | 0 | ||
Amount available | $ 1,500,000,000 |
Derivative Instruments (Textual
Derivative Instruments (Textual) (Details) - SCE - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2014 |
Derivatives | |||
Potential amount of collateral to be posted if contingencies triggered | $ 24,000,000 | ||
Electric Utility | Economic hedges | |||
Derivatives | |||
Aggregate fair value of all derivative liabilities with credit-risk-related contingent features | 1,000,000 | $ 4,000,000 | |
Posted collateral | 0 | $ 17,000,000 | |
Potential amount of collateral to be posted if contingencies triggered | $ 1,000,000 | ||
Trigger | Electric Utility | Economic hedges | |||
Derivatives | |||
Potential amount of collateral to be posted if contingencies triggered | $ 2,000,000 |
Derivative Instruments (Balance
Derivative Instruments (Balance Sheet Disclosures) (Details) - SCE - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Net Asset | ||
Cash collateral that is not offset against derivative liabilities | $ 24 | |
Commodity derivative contracts | Electric Utility | ||
Derivative Assets | ||
Gross amounts recognized | 102 | $ 173 |
Gross amounts offset in the consolidated balance sheets | (15) | 0 |
Cash collateral posted | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 87 | 173 |
Derivative Liabilities | ||
Gross amounts recognized | 16 | 13 |
Gross amounts offset in the consolidated balance sheets | (15) | 0 |
Cash collateral posted2 | 0 | (7) |
Net amounts presented in the consolidated balance sheets | 1 | 6 |
Net Asset | ||
Gross amounts recognized | 86 | 160 |
Gross amounts offset in the consolidated balance sheets | 0 | 0 |
Cash collateral posted | 0 | 7 |
Net amounts presented in the consolidated balance sheets | 86 | 167 |
Commodity derivative contracts | Derivative Assets, Short-Term | Electric Utility | ||
Derivative Assets | ||
Gross amounts recognized | 94 | 171 |
Gross amounts offset in the consolidated balance sheets | (13) | 0 |
Cash collateral posted | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 81 | 171 |
Commodity derivative contracts | Derivative Assets, Long-Term | Electric Utility | ||
Derivative Assets | ||
Gross amounts recognized | 8 | 2 |
Gross amounts offset in the consolidated balance sheets | (2) | 0 |
Cash collateral posted | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 6 | 2 |
Commodity derivative contracts | Derivative Liability, Short-Term | Electric Utility | ||
Derivative Liabilities | ||
Gross amounts recognized | 14 | 13 |
Gross amounts offset in the consolidated balance sheets | (13) | 0 |
Cash collateral posted2 | 0 | (7) |
Net amounts presented in the consolidated balance sheets | 1 | 6 |
Commodity derivative contracts | Derivative Liability, Long-Term | Electric Utility | ||
Derivative Liabilities | ||
Gross amounts recognized | 2 | 0 |
Gross amounts offset in the consolidated balance sheets | (2) | 0 |
Cash collateral posted2 | 0 | 0 |
Net amounts presented in the consolidated balance sheets | $ 0 | $ 0 |
Derivative Instruments (Summari
Derivative Instruments (Summarization of Economic Hedging Activities) (Details) - SCE - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (losses) gains | $ (7) | $ 26 | $ (14) |
Unrealized (losses) gains | $ (74) | $ 82 | $ 106 |
Derivative Instruments (Notiona
Derivative Instruments (Notional Values) (Details) - SCE - Electric Utility - Gross amounts recognized | 12 Months Ended | |
Dec. 31, 2019BcfeGWh | Dec. 31, 2018BcfeGWh | |
Electricity options, swaps and forwards (GWh) | ||
Derivatives | ||
Notional volumes of derivative instruments | 3,155 | 2,786 |
Natural gas options, swaps and forwards (Bcf) | ||
Derivatives | ||
Notional volumes of derivative instruments | Bcfe | 43 | 20 |
Congestion revenue rights (GWh) | ||
Derivatives | ||
Notional volumes of derivative instruments | 48,170 | 54,453 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense (Benefit) by Location) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ 0 | $ (57) | $ (221) |
State | 6 | (155) | 4 |
Total current | 6 | (212) | (217) |
Deferred: | |||
Federal | (243) | (386) | 570 |
State | (41) | (141) | (72) |
Total deferred | (284) | (527) | 498 |
Total continuing operations | (278) | (739) | 281 |
Discontinued operations | 0 | (34) | 0 |
Total | (278) | (773) | 281 |
SCE | |||
Current: | |||
Federal | 0 | (51) | (253) |
State | 14 | (93) | (81) |
Total current | 14 | (144) | (334) |
Deferred: | |||
Federal | (206) | (354) | 265 |
State | (37) | (198) | 39 |
Total deferred | (243) | (552) | 304 |
Total continuing operations | (229) | (696) | (30) |
Discontinued operations | 0 | 0 | 0 |
Total | $ (229) | $ (696) | $ (30) |
Revenue (Summary of Revenue) (D
Revenue (Summary of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total operating revenue | $ 2,970 | $ 3,741 | $ 2,812 | $ 2,824 | $ 3,009 | $ 4,269 | $ 2,815 | $ 2,564 | $ 12,347 | $ 12,657 | $ 12,320 |
SCE | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 11,167 | 12,130 | |||||||||
Alternative revenue programs and other operating revenue | 1,139 | 481 | |||||||||
Total operating revenue | 2,958 | $ 3,732 | 2,800 | $ 2,816 | 2,994 | $ 4,260 | $ 2,803 | $ 2,554 | 12,306 | 12,611 | 12,254 |
Receivables from contracts with customers | 1,100 | 1,100 | |||||||||
Accrued unbilled revenues | $ 488 | $ 482 | 488 | 482 | |||||||
SCE | Earning Activities | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 6,512 | 6,519 | |||||||||
Alternative revenue programs and other operating revenue | 166 | 41 | |||||||||
Total operating revenue | 6,678 | 6,560 | 6,611 | ||||||||
SCE | Cost- Recovery Activities | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 4,655 | 5,611 | |||||||||
Alternative revenue programs and other operating revenue | 973 | 440 | |||||||||
Total operating revenue | $ 5,628 | $ 6,051 | $ 5,643 | ||||||||
California Public Utilities Commission | General Rate Case, 2018 | SCE | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Reduction in revenue | $ 265 |
Income Taxes (Components of Net
Income Taxes (Components of Net Accumulated Deferred Income Tax Liability) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred tax assets: | ||||
Property | $ 478 | $ 399 | ||
Wildfire reserve | 847 | 709 | ||
Nuclear decommissioning trust assets in excess of nuclear ARO liability | 449 | 323 | ||
Loss and credit carryforwards | 1,515 | 1,375 | ||
Regulatory asset | 739 | 798 | ||
Pension and postretirement benefits other than pensions, net | 170 | 171 | ||
Other | 408 | 188 | ||
Sub-total | 4,606 | 3,963 | ||
Less: valuation allowance | 35 | 36 | ||
Total | 4,571 | 3,927 | ||
Deferred tax liabilities: | ||||
Property | 8,244 | 7,685 | ||
Regulatory liability | 570 | 367 | ||
Nuclear decommissioning trust assets | 449 | 323 | ||
Other | 320 | 57 | ||
Total | 9,583 | 8,432 | ||
Accumulated deferred income tax liability, net | 5,012 | 4,505 | ||
Unrecognized tax benefits | 370 | 338 | $ 432 | $ 471 |
Recorded valuation allowance | 30 | |||
Loss and Credit Carryforwards | ||||
Deferred tax liabilities: | ||||
Unrecognized tax benefits | 212 | |||
SCE | ||||
Deferred tax assets: | ||||
Property | 435 | 388 | ||
Wildfire reserve | 847 | 709 | ||
Nuclear decommissioning trust assets in excess of nuclear ARO liability | 449 | 323 | ||
Loss and credit carryforwards | 253 | 154 | ||
Regulatory asset | 739 | 798 | ||
Pension and postretirement benefits other than pensions, net | 40 | 46 | ||
Other | 416 | 184 | ||
Sub-total | 3,179 | 2,602 | ||
Less: valuation allowance | 0 | 0 | ||
Total | 3,179 | 2,602 | ||
Deferred tax liabilities: | ||||
Property | 8,234 | 7,685 | ||
Regulatory liability | 570 | 367 | ||
Nuclear decommissioning trust assets | 449 | 323 | ||
Other | 310 | 54 | ||
Total | 9,563 | 8,429 | ||
Accumulated deferred income tax liability, net | 6,384 | 5,827 | ||
Unrecognized tax benefits | 282 | 249 | $ 331 | $ 371 |
SCE | Loss and Credit Carryforwards | ||||
Deferred tax liabilities: | ||||
Unrecognized tax benefits | 130 | |||
Capital loss from sale of SoCore Energy | ||||
Deferred tax liabilities: | ||||
Recorded valuation allowance | $ 5 | $ 4 |
Income Taxes (Textual) (Details
Income Taxes (Textual) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | |||
Income tax benefit | $ (88) | $ 0 | $ 466 |
Unrecognized tax benefits that would impact the effective tax rate | 192 | ||
California Franchise Tax Board | Tax Years 1994 to 2006 | |||
Income Tax Disclosure [Line Items] | |||
Refund of tax and interest | 65 | ||
Capistrano Wind | Affiliated Entity | Tax Allocation Agreement | |||
Income Tax Disclosure [Line Items] | |||
Due to affiliate under tax allocation agreements | 212 | ||
SCE | |||
Income Tax Disclosure [Line Items] | |||
Income tax benefit | (88) | $ 0 | $ 33 |
Unrecognized tax benefits that would impact the effective tax rate | $ 104 |
Income Taxes (Net Operating Los
Income Taxes (Net Operating Loss and Tax Credit Carryforwards) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Tax Credit Carryforward [Line Items] | |
Loss Carryforwards, Expiring 2021 to 2038 | $ 1,024 |
Loss Carryforwards, Expiring between 2021 to 2024 | 29 |
Loss Carryforwards, No expiration date | 182 |
Loss Carryforwards | 1,235 |
Credit Carryforward, Expiring 2021 to 2038 | 482 |
Credit Carryforwards, Expiring between 2021 to 2024 | 0 |
Credit Carryforward, No expiration date | 10 |
Credit Carryforwards | 492 |
SCE | |
Tax Credit Carryforward [Line Items] | |
Loss Carryforwards, Expiring 2021 to 2038 | 229 |
Loss Carryforwards, Expiring between 2021 to 2024 | 24 |
Loss Carryforwards, No expiration date | 100 |
Loss Carryforwards | 353 |
Credit Carryforward, Expiring 2021 to 2038 | 30 |
Credit Carryforwards, Expiring between 2021 to 2024 | 0 |
Credit Carryforward, No expiration date | 0 |
Credit Carryforwards | $ 30 |
Income Taxes (Tax Rate Reconcil
Income Taxes (Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | |||
Income (loss) from continuing operations before income taxes | $ 1,127 | $ (1,089) | $ 949 |
Provision for income tax at federal statutory rate of 21% for 2019 and 2018, and 35% for 2017 | 237 | (229) | 332 |
Increase in income tax from: | |||
State tax, net of federal benefit | (22) | (168) | 2 |
Property-related | (303) | (275) | (439) |
Change related to uncertain tax positions | 0 | (66) | (18) |
Revised San Onofre Settlement Agreement | 0 | 0 | 25 |
Share-based compensation | (4) | (2) | (55) |
Deferred tax re-measurement | (88) | 0 | 466 |
2018 GRC Final Decision | (80) | 0 | 0 |
Other | (18) | 1 | (32) |
Total continuing operations | $ (278) | $ (739) | $ 281 |
Effective tax rate | (24.70%) | (67.90%) | 29.60% |
State | |||
Increase in income tax from: | |||
Share-based compensation | $ (11) | ||
SCE | |||
Income Tax Disclosure [Line Items] | |||
Income (loss) from continuing operations before income taxes | $ 1,301 | $ (885) | 1,106 |
Provision for income tax at federal statutory rate of 21% for 2019 and 2018, and 35% for 2017 | 273 | (186) | 387 |
Increase in income tax from: | |||
State tax, net of federal benefit | (13) | (155) | 8 |
Property-related | (303) | (275) | (439) |
Change related to uncertain tax positions | 0 | (71) | (13) |
Revised San Onofre Settlement Agreement | 0 | 0 | 25 |
Share-based compensation | (3) | (1) | (11) |
Deferred tax re-measurement | (88) | 0 | 33 |
2018 GRC Final Decision | (80) | 0 | 0 |
Other | (15) | (8) | (20) |
Total continuing operations | $ (229) | $ (696) | $ (30) |
Effective tax rate | (17.60%) | (78.60%) | (2.70%) |
SCE | State | |||
Increase in income tax from: | |||
Share-based compensation | $ (2) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits | |||
Balance at January 1, | $ 338 | $ 432 | $ 471 |
Tax positions taken during the current year, Increases | 46 | 41 | 51 |
Tax positions taken during a prior year, Increases | 6 | 0 | 0 |
Tax positions taken during a prior year, Decreases | (20) | (108) | (7) |
Tax positions taken during a prior year, Decreases for settlements during the period | 0 | (27) | (83) |
Balance at December 31, | 370 | 338 | 432 |
SCE | |||
Reconciliation of Unrecognized Tax Benefits | |||
Balance at January 1, | 249 | 331 | 371 |
Tax positions taken during the current year, Increases | 47 | 42 | 51 |
Tax positions taken during a prior year, Increases | 6 | 0 | 0 |
Tax positions taken during a prior year, Decreases | (20) | (121) | (13) |
Tax positions taken during a prior year, Decreases for settlements during the period | 0 | (3) | (78) |
Balance at December 31, | $ 282 | $ 249 | $ 331 |
Income Taxes (Interest and Pena
Income Taxes (Interest and Penalties Related to Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | |||
Accrued interest and penalties | $ 56 | $ 37 | |
Net after-tax interest and penalties tax expense (benefit) | 4 | (62) | $ 6 |
SCE | |||
Income Tax Disclosure [Line Items] | |||
Accrued interest and penalties | 29 | 6 | |
Net after-tax interest and penalties tax expense (benefit) | $ 3 | $ (25) | $ 4 |
Compensation and Benefit Plan_2
Compensation and Benefit Plans (Employee Savings Plan) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plans [Line Items] | |||
Employer contributions | $ 82 | $ 74 | $ 70 |
SCE | |||
Defined Contribution Plans [Line Items] | |||
Employer contributions | $ 81 | $ 74 | $ 69 |
Compensation and Benefit Plan_3
Compensation and Benefit Plans (Textual) (Details) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)planshares | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assumed average equity risk premium (percent) | 5.00% | ||
Forecasted return on private equity and opportunistic investments (percent) | 4.00% | ||
Performance incentive plan award (in shares) | shares | 71 | ||
Share-based compensation, shares available for grant | shares | 26 | ||
Stock options | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Stock options, expiration period, years | 10 years | ||
Stock options, vesting period, years | 4 years | ||
Volatility period | 66 months | 68 months | 68 months |
Global Equities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations (percent) | 58.00% | ||
Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Expected contributions | $ 54 | ||
Permissible range of asset class weights (percent) | 3.00% | ||
Publicly traded equity investments located in the US (percent) | 56.00% | 61.00% | |
Pension Plans | US Equities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations (percent) | 23.00% | ||
Pension Plans | Non-US Equities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations (percent) | 17.00% | ||
Pension Plans | Fixed Income | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations (percent) | 48.00% | ||
Pension Plans | Opportunistic Alternative Investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations (percent) | 12.00% | ||
Postretirement Benefits Other Than Pensions | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Expected contributions | $ 11 | ||
Eligibility age | 55 years | ||
Service period for eligibility (at least) (years) | 10 years | ||
Publicly traded equity investments located in the US (percent) | 65.00% | 64.00% | |
Postretirement Benefits Other Than Pensions | Fixed Income | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations (percent) | 29.00% | ||
Postretirement Benefits Other Than Pensions | Opportunistic Alternative Investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations (percent) | 13.00% | ||
Voluntary Employee Beneficiary Association (VEBA) | Fixed Income | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations (percent) | 85.00% | ||
Voluntary Employee Beneficiary Association (VEBA) | Opportunistic Alternative Investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations (percent) | 5.00% | ||
Voluntary Employee Beneficiary Association (VEBA) | Global Equities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations (percent) | 10.00% | ||
SCE | Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Expected contributions | $ 37 | ||
SCE | Voluntary Employee Beneficiary Association (VEBA) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Number of plans | plan | 3 |
Compensation and Benefit Plan_4
Compensation and Benefit Plans (Plan Assets and Benefit Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amounts recognized in the consolidated balance sheets consist of: | |||
Long-term liabilities | $ (674) | $ (869) | |
SCE | |||
Amounts recognized in the consolidated balance sheets consist of: | |||
Long-term liabilities | (237) | (433) | |
Pension Plans | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 3,880 | 4,179 | |
Service cost | 114 | 126 | |
Interest cost | 155 | 141 | |
Actuarial (gain) loss | 240 | (280) | |
Benefits paid | (250) | (286) | |
Projected benefit obligation at end of year | 4,139 | 3,880 | $ 4,179 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 3,321 | 3,616 | |
Actual return on plan assets | 611 | (86) | |
Employer contributions | 73 | 77 | |
Benefits paid | (250) | (286) | |
Fair value of plan assets at end of year | 3,755 | 3,321 | $ 3,616 |
Funded status at end of year | (384) | (559) | |
Amounts recognized in the consolidated balance sheets consist of: | |||
Long-term assets | 0 | 2 | |
Current liabilities | (19) | (29) | |
Long-term liabilities | (365) | (532) | |
Amounts recognized in the consolidated balance sheets | (384) | (559) | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Prior service cost | (1) | (1) | |
Net loss | 95 | 83 | |
Total amounts recognized in accumulated other comprehensive loss | 94 | 82 | |
Amounts recognized as a regulatory liability | 87 | 271 | |
Total not yet recognized as income | 181 | 353 | |
Accumulated benefit obligation at end of year | 3,968 | 3,753 | |
Pension plans with an accumulated benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 4,139 | 3,880 | |
Accumulated benefit obligation | 3,968 | 3,753 | |
Fair value of plan assets | $ 3,755 | $ 3,321 | |
Weighted average assumptions used to determine obligations at end of year: | |||
Discount rate | 3.11% | 4.19% | 3.46% |
Rate of compensation increase | 4.10% | 4.10% | |
Assumed health care cost trend rates: | |||
Gain (loss) from increase in discount rate | $ (401) | $ (277) | |
Gains from other economic assumption changes | (157) | ||
Pension Plans | Edison International | |||
Assumed health care cost trend rates: | |||
Long-term payable | 133 | 117 | |
Pension Plans | SCE | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 3,431 | 3,702 | |
Service cost | 110 | 121 | |
Interest cost | 138 | 124 | |
Actuarial (gain) loss | 199 | (273) | |
Benefits paid | (216) | (243) | |
Projected benefit obligation at end of year | 3,662 | 3,431 | $ 3,702 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 3,124 | 3,390 | |
Actual return on plan assets | 576 | (86) | |
Employer contributions | 57 | 52 | |
Benefits paid | (216) | (232) | |
Fair value of plan assets at end of year | 3,541 | 3,124 | 3,390 |
Funded status at end of year | (121) | (307) | |
Amounts recognized in the consolidated balance sheets consist of: | |||
Long-term assets | 0 | 0 | |
Current liabilities | (2) | (5) | |
Long-term liabilities | (119) | (302) | |
Amounts recognized in the consolidated balance sheets | (121) | (307) | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Prior service cost | 0 | 0 | |
Net loss | 17 | 17 | |
Total amounts recognized in accumulated other comprehensive loss | 17 | 17 | |
Amounts recognized as a regulatory liability | 87 | 271 | |
Total not yet recognized as income | 104 | 288 | |
Accumulated benefit obligation at end of year | 3,529 | 3,342 | |
Pension plans with an accumulated benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 3,662 | 3,431 | |
Accumulated benefit obligation | 3,529 | 3,342 | |
Fair value of plan assets | $ 3,541 | $ 3,124 | |
Weighted average assumptions used to determine obligations at end of year: | |||
Discount rate | 3.11% | 4.19% | |
Rate of compensation increase | 4.10% | 4.10% | |
Assumed health care cost trend rates: | |||
Gain (loss) from increase in discount rate | $ (373) | $ (261) | |
Gains from other economic assumption changes | (177) | ||
Net loss reclassified from other comprehensive loss | 37 | 21 | |
Postretirement Benefits Other Than Pensions | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 1,986 | 2,337 | |
Service cost | 30 | 37 | 31 |
Interest cost | 77 | 80 | 86 |
Actuarial (gain) loss | 70 | (382) | |
Plan participants' contributions | 29 | 28 | |
Benefits paid | (109) | (114) | |
Projected benefit obligation at end of year | 2,083 | 1,986 | 2,337 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 2,133 | 2,330 | |
Actual return on plan assets | 401 | (123) | |
Employer contributions | 11 | 13 | |
Plan participants' contributions | 29 | 28 | |
Benefits paid | (109) | (115) | |
Fair value of plan assets at end of year | 2,465 | 2,133 | $ 2,330 |
Funded status at end of year | 382 | 147 | |
Amounts recognized in the consolidated balance sheets consist of: | |||
Long-term assets | 393 | 159 | |
Current liabilities | (11) | (12) | |
Long-term liabilities | 0 | 0 | |
Amounts recognized in the consolidated balance sheets | 382 | 147 | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Net loss | 2 | 1 | |
Amounts recognized as a regulatory liability | (416) | (185) | |
Total not yet recognized as income | $ (414) | $ (184) | |
Weighted average assumptions used to determine obligations at end of year: | |||
Discount rate | 3.32% | 4.35% | 3.70% |
Assumed health care cost trend rates: | |||
Rate assumed for following year | 6.50% | 6.75% | |
Ultimate rate | 5.00% | 5.00% | |
Gain (loss) from increase in discount rate | $ (195) | ||
Experience gain | 137 | ||
Postretirement Benefits Other Than Pensions | SCE | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 1,977 | $ 2,325 | |
Service cost | 30 | 37 | $ 31 |
Interest cost | 77 | 80 | 85 |
Actuarial (gain) loss | 70 | (379) | |
Plan participants' contributions | 29 | 28 | |
Benefits paid | (109) | (114) | |
Projected benefit obligation at end of year | 2,074 | 1,977 | 2,325 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 2,133 | 2,330 | |
Actual return on plan assets | 401 | (123) | |
Employer contributions | 10 | 12 | |
Plan participants' contributions | 29 | 28 | |
Benefits paid | (109) | (114) | |
Fair value of plan assets at end of year | 2,464 | 2,133 | $ 2,330 |
Funded status at end of year | 390 | 156 | |
Amounts recognized in the consolidated balance sheets consist of: | |||
Long-term assets | 402 | 168 | |
Current liabilities | (12) | (12) | |
Long-term liabilities | 0 | 0 | |
Amounts recognized in the consolidated balance sheets | 390 | 156 | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Net loss | 0 | 0 | |
Amounts recognized as a regulatory liability | (416) | (185) | |
Total not yet recognized as income | $ (416) | $ (185) | |
Weighted average assumptions used to determine obligations at end of year: | |||
Discount rate | 3.32% | 4.35% | |
Assumed health care cost trend rates: | |||
Rate assumed for following year | 6.50% | 6.75% | |
Ultimate rate | 5.00% | 5.00% | |
Gain (loss) from increase in discount rate | $ (194) | ||
Experience gain | $ 135 |
Compensation and Benefit Plan_5
Compensation and Benefit Plans (Expense Components) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plans | |||
Pension and Other Postretirement Benefits | |||
Service cost | $ 114 | $ 126 | |
Non-service cost | |||
Interest cost | 155 | 141 | |
Other | 7 | 9 | $ 10 |
Postretirement Benefits Other Than Pensions | |||
Pension and Other Postretirement Benefits | |||
Service cost | 30 | 37 | 31 |
Non-service cost | |||
Interest cost | 77 | 80 | 86 |
Expected return on plan assets | (111) | (121) | (110) |
Settlement costs | 0 | 0 | 1 |
Amortization of prior service cost | (1) | (1) | (3) |
Amortization of net loss | (17) | 0 | 0 |
Regulatory adjustment (deferred) | 29 | 24 | 0 |
Total non-service benefit | (23) | (18) | (26) |
Total expense | 7 | 19 | 5 |
SCE | |||
Non-service cost | |||
Total non-service benefit | (70) | (81) | (51) |
SCE | Pension Plans | |||
Pension and Other Postretirement Benefits | |||
Service cost | 110 | 121 | |
Non-service cost | |||
Interest cost | 138 | 124 | |
Other | 5 | 6 | 6 |
SCE | Postretirement Benefits Other Than Pensions | |||
Pension and Other Postretirement Benefits | |||
Service cost | 30 | 37 | 31 |
Non-service cost | |||
Interest cost | 77 | 80 | 85 |
Expected return on plan assets | (111) | (122) | (110) |
Settlement costs | 0 | 0 | 1 |
Amortization of prior service cost | (1) | (1) | (2) |
Amortization of net loss | (17) | 0 | 0 |
Regulatory adjustment (deferred) | 29 | 24 | 0 |
Total non-service benefit | (23) | (19) | (26) |
Total expense | 7 | 18 | 5 |
Continuing Operations | Pension Plans | |||
Pension and Other Postretirement Benefits | |||
Service cost | 114 | 126 | 138 |
Non-service cost | |||
Interest cost | 155 | 140 | 164 |
Expected return on plan assets | (205) | (228) | (212) |
Settlement costs | 0 | 0 | 6 |
Amortization of prior service cost | 2 | 3 | 3 |
Amortization of net loss | 7 | 9 | 21 |
Regulatory adjustment (deferred) | (3) | 15 | (28) |
Total non-service benefit | (44) | (61) | (46) |
Total expense recognized | 70 | 65 | 92 |
Continuing Operations | SCE | Pension Plans | |||
Pension and Other Postretirement Benefits | |||
Service cost | 111 | 123 | 133 |
Non-service cost | |||
Interest cost | 143 | 128 | 149 |
Expected return on plan assets | (194) | (214) | (199) |
Settlement costs | 0 | 0 | 0 |
Amortization of prior service cost | 2 | 3 | 3 |
Amortization of net loss | 5 | 6 | 17 |
Regulatory adjustment (deferred) | (3) | 15 | (28) |
Total non-service benefit | (47) | (62) | (58) |
Total expense recognized | $ 64 | $ 61 | $ 75 |
Compensation and Benefit Plan_6
Compensation and Benefit Plans (Changes in Plan Assets and Benefits Obligations Recognized in OCI) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Postretirement Benefits Other Than Pensions | |||
Pension and Other Postretirement Benefits | |||
Unrecognized net loss to be amortized | $ (17) | ||
Unrecognized prior service cost (credit) to be amortized | (1) | ||
Pension Plans | |||
Pension and Other Postretirement Benefits | |||
Net loss | 19 | $ 5 | $ 0 |
Settlement charges | 0 | 0 | (6) |
Amortization of net loss | (7) | (9) | (10) |
Total recognized in other comprehensive loss | 12 | (4) | (16) |
Total recognized in expense and other comprehensive loss | 82 | 61 | 76 |
Unrecognized net loss to be amortized | 11 | ||
Unrecognized prior service cost (credit) to be amortized | 2 | ||
Amount of net loss expected to be reclassified from other comprehensive loss | 11 | ||
SCE | Postretirement Benefits Other Than Pensions | |||
Pension and Other Postretirement Benefits | |||
Unrecognized net loss to be amortized | (17) | ||
Unrecognized prior service cost (credit) to be amortized | (1) | ||
SCE | Pension Plans | |||
Pension and Other Postretirement Benefits | |||
Net loss | 21 | 5 | 3 |
Settlement charges | 0 | 0 | 0 |
Amortization of net loss | (5) | (6) | (6) |
Total recognized in other comprehensive loss | 16 | (1) | (3) |
Total recognized in expense and other comprehensive loss | 80 | $ 60 | $ 72 |
Unrecognized net loss to be amortized | 8 | ||
Unrecognized prior service cost (credit) to be amortized | 2 | ||
Amount of net loss expected to be reclassified from other comprehensive loss | $ 8 |
Compensation and Benefit Plan_7
Compensation and Benefit Plans (Weighted Average Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Postretirement Benefits Other Than Pensions | |||
Assumed health care cost trend rates: | |||
Ultimate rate | 5.00% | 5.00% | |
Pension Plans | |||
Pension and Other Postretirement Benefits | |||
Discount rate | 4.19% | 3.46% | 3.94% |
Rate of compensation increase | 4.10% | 4.10% | 4.00% |
Expected long-term return on plan assets | 6.50% | 6.50% | 6.50% |
Continuing Operations | Postretirement Benefits Other Than Pensions | |||
Pension and Other Postretirement Benefits | |||
Discount rate | 4.35% | 3.70% | 4.29% |
Expected long-term return on plan assets | 5.30% | 5.30% | 5.30% |
Assumed health care cost trend rates: | |||
Current year | 6.75% | 6.75% | 7.00% |
Ultimate rate | 5.00% | 5.00% | 5.00% |
Compensation and Benefit Plan_8
Compensation and Benefit Plans (Effect of Change in One Percent) (Details) - Postretirement Benefits Other Than Pensions $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Effect on ABO of one-percentage-point increase in assumed health care cost trend rate | $ 225 |
Effect on ABO of one-percentage-point decrease in assumed health care cost trend rate | (184) |
Effect on annual aggregate service and interest costs of one-percentage-point increase in assumed health care cost trend rate | 10 |
Effect on annual aggregate service and interest costs of one-percentage-point decrease in assumed health care cost trend rate | (8) |
SCE | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Effect on ABO of one-percentage-point increase in assumed health care cost trend rate | 224 |
Effect on ABO of one-percentage-point decrease in assumed health care cost trend rate | (183) |
Effect on annual aggregate service and interest costs of one-percentage-point increase in assumed health care cost trend rate | 10 |
Effect on annual aggregate service and interest costs of one-percentage-point decrease in assumed health care cost trend rate | $ (8) |
Compensation and Benefit Plan_9
Compensation and Benefit Plans (Expected Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Pension Plans | |
Years ended December 31, | |
2020 | $ 336 |
2021 | 332 |
2022 | 320 |
2023 | 309 |
2024 | 306 |
2025 – 2029 | 1,383 |
Postretirement Benefits Other Than Pensions | |
Years ended December 31, | |
2020 | 87 |
2021 | 90 |
2022 | 92 |
2023 | 94 |
2024 | 97 |
2025 – 2029 | 512 |
SCE | Pension Plans | |
Years ended December 31, | |
2020 | 302 |
2021 | 295 |
2022 | 288 |
2023 | 280 |
2024 | 272 |
2025 – 2029 | 1,224 |
SCE | Postretirement Benefits Other Than Pensions | |
Years ended December 31, | |
2020 | 87 |
2021 | 89 |
2022 | 92 |
2023 | 94 |
2024 | 96 |
2025 – 2029 | $ 509 |
Compensation and Benefit Pla_10
Compensation and Benefit Plans (Pension Plan Assets - Fair Value Levels) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Postretirement Benefits Other Than Pensions | |||
Pension and Other Postretirement Benefits | |||
Discount rate | 3.32% | 4.35% | 3.70% |
Fair value of plan assets | $ 2,484 | $ 2,155 | |
Fair value NAV | 720 | 584 | |
Receivables and payables, net | (19) | (22) | |
Net plan assets available for benefits | 2,465 | 2,133 | $ 2,330 |
Postretirement Benefits Other Than Pensions | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 696 | 591 | |
Postretirement Benefits Other Than Pensions | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 1,068 | $ 980 | |
Postretirement Benefits Other Than Pensions | SCE | |||
Pension and Other Postretirement Benefits | |||
Discount rate | 3.32% | 4.35% | |
Net plan assets available for benefits | $ 2,464 | $ 2,133 | $ 2,330 |
Postretirement Benefits Other Than Pensions | U.S. government and agency securities | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 449 | 371 | |
Fair value NAV | 0 | 0 | |
Postretirement Benefits Other Than Pensions | U.S. government and agency securities | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 386 | 322 | |
Postretirement Benefits Other Than Pensions | U.S. government and agency securities | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 63 | 49 | |
Postretirement Benefits Other Than Pensions | Corporate stocks | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 244 | 204 | |
Fair value NAV | 0 | 0 | |
Postretirement Benefits Other Than Pensions | Corporate stocks | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 242 | 204 | |
Postretirement Benefits Other Than Pensions | Corporate stocks | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 2 | $ 0 | |
Postretirement Benefits Other Than Pensions | Corporate stocks | Russell Indexes | |||
Pension and Other Postretirement Benefits | |||
Performance percentage benchmark, percentage | 68.00% | 67.00% | |
Postretirement Benefits Other Than Pensions | Common/collective funds | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 652 | $ 495 | |
Fair value NAV | 652 | 495 | |
Postretirement Benefits Other Than Pensions | Common/collective funds | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | 0 | |
Postretirement Benefits Other Than Pensions | Common/collective funds | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 0 | $ 0 | |
Postretirement Benefits Other Than Pensions | Common/collective funds | Non-index U.S. equity fund | |||
Pension and Other Postretirement Benefits | |||
Actual plan asset allocations, percentage | 19.00% | 19.00% | |
Postretirement Benefits Other Than Pensions | Partnerships/joint ventures | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 68 | $ 89 | |
Fair value NAV | 68 | 89 | |
Postretirement Benefits Other Than Pensions | Partnerships/joint ventures | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | 0 | |
Postretirement Benefits Other Than Pensions | Partnerships/joint ventures | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 0 | $ 0 | |
Postretirement Benefits Other Than Pensions | Partnerships/joint ventures | Private equity and venture capital funds including branded consumer products, clean and information technology and healthcare | |||
Pension and Other Postretirement Benefits | |||
Actual plan asset allocations, percentage | 55.00% | 48.00% | |
Postretirement Benefits Other Than Pensions | Partnerships/joint ventures | Broad range of financial assets in all global markets | |||
Pension and Other Postretirement Benefits | |||
Actual plan asset allocations, percentage | 15.00% | 34.00% | |
Postretirement Benefits Other Than Pensions | Registered investment companies | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 66 | $ 38 | |
Fair value NAV | 0 | 0 | |
Postretirement Benefits Other Than Pensions | Registered investment companies | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 66 | 38 | |
Postretirement Benefits Other Than Pensions | Registered investment companies | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | 0 | |
Postretirement Benefits Other Than Pensions | Interest-bearing cash | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 17 | 22 | |
Fair value NAV | 0 | 0 | |
Postretirement Benefits Other Than Pensions | Interest-bearing cash | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | 22 | |
Postretirement Benefits Other Than Pensions | Interest-bearing cash | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 17 | 0 | |
Postretirement Benefits Other Than Pensions | Other | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 103 | 104 | |
Fair value NAV | 0 | 0 | |
Postretirement Benefits Other Than Pensions | Other | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 2 | 5 | |
Postretirement Benefits Other Than Pensions | Other | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 101 | 99 | |
Postretirement Benefits Other Than Pensions | Collateralized mortgage obligations and other asset backed securities | |||
Pension and Other Postretirement Benefits | |||
Receivables and payables, net | $ 49 | $ 59 | |
Pension Plans | |||
Pension and Other Postretirement Benefits | |||
Discount rate | 3.11% | 4.19% | 3.46% |
Fair value of plan assets | $ 3,777 | $ 3,393 | |
Fair value NAV | 1,294 | 1,098 | |
Receivables and payables, net | (22) | (72) | |
Net plan assets available for benefits | 3,755 | 3,321 | $ 3,616 |
Pension Plans | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 833 | 697 | |
Pension Plans | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 1,650 | $ 1,598 | |
Pension Plans | SCE | |||
Pension and Other Postretirement Benefits | |||
Discount rate | 3.11% | 4.19% | |
Net plan assets available for benefits | $ 3,541 | $ 3,124 | $ 3,390 |
Pension Plans | U.S. government and agency securities | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 1,138 | 1,047 | |
Fair value NAV | 0 | 0 | |
Pension Plans | U.S. government and agency securities | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 146 | 110 | |
Pension Plans | U.S. government and agency securities | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 992 | 937 | |
Pension Plans | Corporate stocks | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 554 | 479 | |
Fair value NAV | 0 | 0 | |
Pension Plans | Corporate stocks | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 547 | 473 | |
Pension Plans | Corporate stocks | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 7 | $ 6 | |
Pension Plans | Corporate stocks | Russell Indexes | |||
Pension and Other Postretirement Benefits | |||
Performance percentage benchmark, percentage | 40.00% | 43.00% | |
Pension Plans | Corporate stocks | MSCI | |||
Pension and Other Postretirement Benefits | |||
Performance percentage benchmark, percentage | 60.00% | 57.00% | |
Pension Plans | Corporate bonds | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 572 | $ 582 | |
Fair value NAV | 0 | 0 | |
Pension Plans | Corporate bonds | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | 0 | |
Pension Plans | Corporate bonds | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 572 | 582 | |
Pension Plans | Common/collective funds | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 693 | 426 | |
Fair value NAV | 693 | 426 | |
Pension Plans | Common/collective funds | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | 0 | |
Pension Plans | Common/collective funds | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 0 | $ 0 | |
Pension Plans | Common/collective funds | Standard and Poor's 500 | |||
Pension and Other Postretirement Benefits | |||
Performance percentage benchmark, percentage | 35.00% | 43.00% | |
Pension Plans | Common/collective funds | Russell 1000 Index | |||
Pension and Other Postretirement Benefits | |||
Performance percentage benchmark, percentage | 17.00% | 14.00% | |
Pension Plans | Common/collective funds | MSCI all country world index exUS | |||
Pension and Other Postretirement Benefits | |||
Performance percentage benchmark, percentage | 28.00% | 21.00% | |
Pension Plans | Common/collective funds | Non-index U.S. equity fund | |||
Pension and Other Postretirement Benefits | |||
Performance percentage benchmark, percentage | 12.00% | 15.00% | |
Pension Plans | Partnerships/joint ventures | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 471 | $ 434 | |
Fair value NAV | 471 | 434 | |
Pension Plans | Partnerships/joint ventures | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | 0 | |
Pension Plans | Partnerships/joint ventures | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 0 | $ 0 | |
Pension Plans | Partnerships/joint ventures | Private equity and venture capital funds including branded consumer products, clean and information technology and healthcare | |||
Pension and Other Postretirement Benefits | |||
Actual plan asset allocations, percentage | 51.00% | 50.00% | |
Pension Plans | Partnerships/joint ventures | ABS including distressed mortgages and commercial and residential loans | |||
Pension and Other Postretirement Benefits | |||
Actual plan asset allocations, percentage | 17.00% | 1.00% | |
Pension Plans | Partnerships/joint ventures | Broad range of financial assets in all global markets | |||
Pension and Other Postretirement Benefits | |||
Actual plan asset allocations, percentage | 8.00% | 30.00% | |
Pension Plans | Partnerships/joint ventures | Publicly traded fixed income securities | |||
Pension and Other Postretirement Benefits | |||
Actual plan asset allocations, percentage | 19.00% | 16.00% | |
Pension Plans | Other investment entities | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 130 | $ 236 | |
Fair value NAV | 130 | 236 | |
Pension Plans | Other investment entities | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | 0 | |
Pension Plans | Other investment entities | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | 0 | |
Pension Plans | Registered investment companies | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 133 | 114 | |
Fair value NAV | 0 | 2 | |
Pension Plans | Registered investment companies | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 133 | 112 | |
Pension Plans | Registered investment companies | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | 0 | |
Pension Plans | Interest-bearing cash | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 7 | 2 | |
Fair value NAV | 0 | 0 | |
Pension Plans | Interest-bearing cash | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 7 | 2 | |
Pension Plans | Interest-bearing cash | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | 0 | |
Pension Plans | Other | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 79 | 73 | |
Fair value NAV | 0 | 0 | |
Pension Plans | Other | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | 0 | |
Pension Plans | Other | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 79 | 73 | |
Pension Plans | Collateralized mortgage obligations and other asset backed securities | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 45 | $ 60 |
Compensation and Benefit Pla_11
Compensation and Benefit Plans (Other Postretirement Plan Assets - Fair Value Levels) (Details) - Postretirement Benefits Other Than Pensions - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 2,484 | $ 2,155 | |
Fair value NAV | 720 | 584 | |
Receivables and payables, net | (19) | (22) | |
Net plan assets available for benefits | 2,465 | 2,133 | $ 2,330 |
Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 696 | 591 | |
Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 1,068 | 980 | |
U.S. government and agency securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 449 | 371 | |
Fair value NAV | 0 | 0 | |
U.S. government and agency securities | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 386 | 322 | |
U.S. government and agency securities | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 63 | 49 | |
Corporate stocks | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 244 | 204 | |
Fair value NAV | $ 0 | $ 0 | |
Corporate stocks | Russell Indexes | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Performance percentage benchmark, percentage | 68.00% | 67.00% | |
Corporate stocks | MSCI All Country World Index | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Performance percentage benchmark, percentage | 32.00% | 33.00% | |
Corporate stocks | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 242 | $ 204 | |
Corporate stocks | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 2 | 0 | |
Corporate notes and bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 885 | 832 | |
Fair value NAV | 0 | 0 | |
Corporate notes and bonds | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Corporate notes and bonds | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 885 | 832 | |
Common/collective funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 652 | 495 | |
Fair value NAV | $ 652 | $ 495 | |
Common/collective funds | MSCI-EAFE | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual plan asset allocations, percentage | 74.00% | 74.00% | |
Common/collective funds | Non-index U.S. equity fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual plan asset allocations, percentage | 19.00% | 19.00% | |
Common/collective funds | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 | |
Common/collective funds | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Partnerships | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 68 | 89 | |
Fair value NAV | $ 68 | $ 89 | |
Partnerships | Private equity and venture capital funds including branded consumer products, clean and information technology and healthcare | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual plan asset allocations, percentage | 55.00% | 48.00% | |
Partnerships | Broad range of financial assets in all global markets | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual plan asset allocations, percentage | 15.00% | 34.00% | |
Partnerships | Asset backed securities including distressed mortgages | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual plan asset allocations, percentage | 28.00% | 17.00% | |
Partnerships | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 | |
Partnerships | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Registered investment companies | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 66 | 38 | |
Fair value NAV | 0 | 0 | |
Registered investment companies | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 66 | 38 | |
Registered investment companies | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Interest bearing cash | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 17 | 22 | |
Fair value NAV | 0 | 0 | |
Interest bearing cash | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 22 | |
Interest bearing cash | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 17 | 0 | |
Other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 103 | 104 | |
Fair value NAV | 0 | 0 | |
Other | Municipal securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 66 | 58 | |
Other | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 2 | 5 | |
Other | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 101 | 99 | |
Collateralized mortgage obligations and other asset backed securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Receivables and payables, net | 49 | 59 | |
SCE | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net plan assets available for benefits | $ 2,464 | $ 2,133 | $ 2,330 |
Compensation and Benefit Pla_12
Compensation and Benefit Plans (Expense and Tax Benefits of Stock Based Compensation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 29 | $ 21 | $ 23 |
Income tax benefits related to stock compensation expense | 10 | 6 | 72 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 13 | 11 | 14 |
Performance shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 8 | 1 | 2 |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 6 | 7 | 6 |
Other | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 2 | 2 | 1 |
SCE | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 14 | 11 | 13 |
Income tax benefits related to stock compensation expense | 6 | 3 | 15 |
SCE | Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 7 | 6 | 8 |
SCE | Performance shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 4 | 1 | 2 |
SCE | Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 3 | 4 | 3 |
SCE | Other | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 0 | $ 0 | $ 0 |
Compensation and Benefit Pla_13
Compensation and Benefit Plans (Black-Scholes Option Pricing Model Assumptions) (Details) - Stock options | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected terms (in years) | 5 years 6 months | 5 years 8 months 12 days | 5 years 8 months 12 days |
Risk-free interest rate, minimum | 1.60% | 2.60% | 2.10% |
Risk-free interest rate, maximum | 2.30% | 3.00% | 2.30% |
Weighted average expected dividend yield | 3.90% | 3.80% | 2.70% |
Expected volatility, minimum | 21.70% | 20.90% | 17.80% |
Expected volatility, maximum | 24.10% | 21.90% | 20.90% |
Weighted average volatility | 21.80% | 20.90% | 17.90% |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 3.30% | 3.60% | 2.70% |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 4.00% | 4.30% | 3.80% |
Compensation and Benefit Pla_14
Compensation and Benefit Plans (Stock Option Activity) (Details) - Stock options $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Stock Options | |
Beginning balance (in shares) | shares | 8,833,610 |
Grants (in shares) | shares | 1,928,314 |
Forfeited or expired (in shares) | shares | (201,643) |
Exercised (in shares) | shares | (1,281,604) |
Ending balance (in shares) | shares | 9,278,677 |
Vested and expected to vest (in shares) | shares | 9,151,143 |
Exercisable (in shares) | shares | 5,378,183 |
Exercise Price | |
Beginning balance, weighted average exercise price (in dollars per share) | $ / shares | $ 59.81 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | 62.79 |
Forfeited or expired, weighted average exercise price (in dollars per share) | $ / shares | 67.38 |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | 45.26 |
Ending balance, weighted average exercise price (in dollars per share) | $ / shares | 62.27 |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares | 62.27 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 60.32 |
Remaining Contractual Term (Years) | |
Outstanding at December 31, 2016 (term) | 6 years 3 months 10 days |
Vested and expected to vest at December 31, 2016 (term) | 6 years 3 months |
Exercisable at December 31, 2016 (term) | 4 years 10 months 28 days |
Aggregate Intrinsic Value (in millions) | |
Vested and expected to vest at December 31, 2019 | $ | $ 125 |
Exercisable at December 31, 2019 | $ | 84 |
Exercise of option, tax benefit | $ | $ 7 |
SCE | |
Stock Options | |
Beginning balance (in shares) | shares | 5,037,185 |
Grants (in shares) | shares | 1,047,247 |
Forfeited or expired (in shares) | shares | (182,822) |
Exercised (in shares) | shares | (878,084) |
Transfers, net (in shares) | shares | (88,824) |
Ending balance (in shares) | shares | 4,934,702 |
Vested and expected to vest (in shares) | shares | 4,871,685 |
Exercisable (in shares) | shares | 2,945,726 |
Exercise Price | |
Beginning balance, weighted average exercise price (in dollars per share) | $ / shares | $ 57.84 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | 62.91 |
Forfeited or expired, weighted average exercise price (in dollars per share) | $ / shares | 66.83 |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | 44.67 |
Transfers, net, weighted average exercise price (in dollars per share) | $ / shares | 53.14 |
Ending balance, weighted average exercise price (in dollars per share) | $ / shares | 61.01 |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares | 60.98 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 58.28 |
Remaining Contractual Term (Years) | |
Outstanding at December 31, 2016 (term) | 6 years 18 days |
Vested and expected to vest at December 31, 2016 (term) | 6 years 3 days |
Exercisable at December 31, 2016 (term) | 4 years 7 months 13 days |
Aggregate Intrinsic Value (in millions) | |
Vested and expected to vest at December 31, 2019 | $ | $ 73 |
Exercisable at December 31, 2019 | $ | 52 |
Exercise of option, tax benefit | $ | $ 5 |
Compensation and Benefit Pla_15
Compensation and Benefit Plans (Unrecognized Compensation Costs) (Details) - Stock options $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Pension and Other Postretirement Benefits | |
Unrecognized compensation cost, net of expected forfeitures (in millions) | $ 18 |
Weighted average period (in years) | 2 years 4 months 24 days |
SCE | |
Pension and Other Postretirement Benefits | |
Unrecognized compensation cost, net of expected forfeitures (in millions) | $ 9 |
Weighted average period (in years) | 2 years 4 months 24 days |
Compensation and Benefit Pla_16
Compensation and Benefit Plans (Supplemental Data on Stock Options) (Details) - Stock options - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value per option granted (in dollars per share) | $ 8.80 | $ 8.21 | $ 10.65 |
Fair value of options vested | $ 14 | $ 14 | $ 11 |
Value of options exercised | $ 27 | $ 10 | $ 126 |
SCE | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value per option granted (in dollars per share) | $ 8.83 | $ 8.22 | $ 10.63 |
Fair value of options vested | $ 7 | $ 7 | $ 5 |
Value of options exercised | $ 19 | $ 7 | $ 29 |
Compensation and Benefit Pla_17
Compensation and Benefit Plans (Nonvested Performance Share Activity) (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Equity Awards | |
Shares | |
Beginning balance (in shares) | 0 |
Granted (in shares) | 124,183 |
Forfeited (in shares) | (4,340) |
Vested (in shares) | 0 |
Ending balance (in shares) | 119,843 |
Weighted Average Grant Date Fair Value | |
Beginning balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Ending balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 66.03 |
Liability Awards | |
Shares | |
Beginning balance (in shares) | 193,438 |
Granted (in shares) | 0 |
Forfeited (in shares) | (38,439) |
Vested (in shares) | (41,813) |
Ending balance (in shares) | 113,186 |
Weighted Average Grant Date Fair Value | |
Beginning balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 42.81 |
Ending balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 67.30 |
SCE | Equity Awards | |
Shares | |
Beginning balance (in shares) | 0 |
Granted (in shares) | 67,512 |
Forfeited (in shares) | (4,340) |
Vested (in shares) | 0 |
Affiliate transfers, net (in shares) | 0 |
Ending balance (in shares) | 63,172 |
Weighted Average Grant Date Fair Value | |
Beginning balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Ending balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 66.27 |
SCE | Liability Awards | |
Shares | |
Beginning balance (in shares) | 101,858 |
Granted (in shares) | 0 |
Forfeited (in shares) | (21,641) |
Vested (in shares) | (21,035) |
Affiliate transfers, net (in shares) | (783) |
Ending balance (in shares) | 58,399 |
Weighted Average Grant Date Fair Value | |
Beginning balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 42.96 |
Ending balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 67.34 |
Compensation and Benefit Pla_18
Compensation and Benefit Plans (Restricted Stock Unit Activity) (Details) - Restricted stock units | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Restricted Stock Units | |
Beginning balance (in shares) | shares | 291,786 |
Granted (in shares) | shares | 135,168 |
Forfeited (in shares) | shares | (10,456) |
Vested (in shares) | shares | (104,816) |
Affiliate transfers, net (in shares) | shares | 0 |
Ending balance (in shares) | shares | 311,682 |
Weighted Average Grant Date Fair Value | |
Beginning balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 68.11 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | 62.80 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | 65.82 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | 67.43 |
Affiliate transfers, net, weighted average grant date fair value (in dollars per share) | $ / shares | 0 |
Ending balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 66.11 |
SCE | |
Restricted Stock Units | |
Beginning balance (in shares) | shares | 147,826 |
Granted (in shares) | shares | 73,937 |
Forfeited (in shares) | shares | (9,564) |
Vested (in shares) | shares | (52,028) |
Affiliate transfers, net (in shares) | shares | (186) |
Ending balance (in shares) | shares | 159,985 |
Weighted Average Grant Date Fair Value | |
Beginning balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 68.08 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | 62.93 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | 65.53 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | 67.15 |
Affiliate transfers, net, weighted average grant date fair value (in dollars per share) | $ / shares | 0 |
Ending balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 66.16 |
Investments (Amortized Cost and
Investments (Amortized Cost and Fair Value of Nuclear Decommissioning Trusts) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 4,562 | $ 4,120 |
SCE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 2,447 | 2,501 |
Fair Value | 4,562 | 4,120 |
SCE | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 822 | 665 |
SCE | U.S. government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 996 | 1,193 |
SCE | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 597 | 573 |
SCE | Short-term investments and receivables/payables1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 32 | 70 |
SCE | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 4,673 | 4,263 |
SCE | Fair Value, Measurements, Recurring | Stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,765 | 1,381 |
SCE | Fair Value, Measurements, Recurring | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 970 | 767 |
SCE | Fair Value, Measurements, Recurring | U.S. government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,115 | 1,288 |
SCE | Fair Value, Measurements, Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 679 | 611 |
SCE | Fair Value, Measurements, Recurring | Short-term investments and receivables/payables1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 33 | 73 |
Repurchase agreements payable | $ 41 | $ 71 |
Investments (Nuclear Decommissi
Investments (Nuclear Decommissioning Trusts) (Details) - SCE - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Investment Holdings [Line Items] | ||
Unrealized holding gains, net of losses | $ 1,800 | $ 1,400 |
Other-than-temporary impairments | 160 | $ 170 |
Deferred income taxes related to unrealized gains | 449 | |
Nuclear decommissioning trusts | $ 4,100 |
Investments (Gains and Losses o
Investments (Gains and Losses on Equity Investments) (Details) - SCE - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investment Holdings [Line Items] | |||
Gross realized gains | $ 87 | $ 134 | $ 244 |
Gross realized losses | (2) | (27) | (23) |
Net unrealized gains (losses) for equity securities | $ 343 | $ (233) | $ 142 |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities (Textual) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Regulatory Assets [Line Items] | |||
Income tax benefit | $ (88) | $ 0 | $ 466 |
SCE | |||
Regulatory Assets [Line Items] | |||
Regulatory assets, energy derivatives, low range of contract expiration (in years) | 2 years | ||
Regulatory assets, energy derivatives, high range of contract expiration (in years) | 5 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) | 60 years | ||
Low end of the range of remaining original amortization (in years) | 10 years | ||
High end of the range of remaining original amortization (in years) | 40 years | ||
Income tax benefit | $ (88) | $ 0 | $ 33 |
Unamortized investments, net of accumulated amortization | SCE | |||
Regulatory Assets [Line Items] | |||
Return rate earned on assets included in rate base (as a percent) | 7.61% | 7.61% | |
Operating Leases Purchase Power Contracts | SCE | |||
Regulatory Assets [Line Items] | |||
Unpaid portion included in regulatory asset | $ 29 | $ 206 |
Regulatory Assets and Liabili_4
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)contract | Dec. 31, 2018USD ($) | |
Regulatory Assets [Line Items] | ||
Current regulatory assets | $ 1,009 | $ 1,133 |
Long-term regulatory assets | 6,088 | 5,380 |
SCE | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 1,009 | 1,133 |
Long-term regulatory assets | 6,088 | 5,380 |
Total regulatory assets | 7,097 | 6,513 |
SCE | Regulatory balancing and memorandum accounts | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 798 | 814 |
Long-term regulatory assets | 981 | 360 |
SCE | Power contracts | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 189 | 305 |
Long-term regulatory assets | 434 | 700 |
SCE | Other | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 22 | 14 |
Long-term regulatory assets | 62 | 55 |
SCE | Deferred income taxes, net of liabilities | ||
Regulatory Assets [Line Items] | ||
Long-term regulatory assets | 4,026 | 3,589 |
SCE | Pension and other postretirement benefits | ||
Regulatory Assets [Line Items] | ||
Long-term regulatory assets | 87 | 271 |
SCE | Unamortized investments, net of accumulated amortization | ||
Regulatory Assets [Line Items] | ||
Long-term regulatory assets | 119 | 118 |
SCE | Unamortized loss on reacquired debt | ||
Regulatory Assets [Line Items] | ||
Long-term regulatory assets | 142 | 153 |
SCE | Environmental remediation | ||
Regulatory Assets [Line Items] | ||
Long-term regulatory assets | $ 237 | $ 134 |
SCE | Operating Leases Purchase Power Contracts | ||
Regulatory Assets [Line Items] | ||
Number of power purchase agreements | contract | 2 | |
Termination payments in two years | $ 206 |
Regulatory Assets and Liabili_5
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | $ 972 | $ 1,532 |
Long-term regulatory liabilities | 8,385 | 8,329 |
SCE | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 972 | 1,532 |
Long-term regulatory liabilities | 8,385 | 8,329 |
Total regulatory liabilities | 9,357 | 9,861 |
SCE | Regulatory balancing and memorandum accounts | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 883 | 1,080 |
Long-term regulatory liabilities | 1,261 | 1,344 |
SCE | Energy derivatives | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 80 | 158 |
SCE | 2018 GRC | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 274 |
SCE | Other | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 9 | 20 |
Long-term regulatory liabilities | 41 | 125 |
SCE | Costs of removal | ||
Regulatory Liabilities [Line Items] | ||
Long-term regulatory liabilities | 2,674 | 2,769 |
SCE | Re-measurement of deferred taxes | ||
Regulatory Liabilities [Line Items] | ||
Long-term regulatory liabilities | 2,424 | 2,776 |
SCE | Recoveries in excess of ARO liabilities | ||
Regulatory Liabilities [Line Items] | ||
Long-term regulatory liabilities | 1,569 | 1,130 |
SCE | Other postretirement benefits | ||
Regulatory Liabilities [Line Items] | ||
Long-term regulatory liabilities | $ 416 | $ 185 |
Regulatory Assets and Liabili_6
Regulatory Assets and Liabilities (Regulatory Balancing Accounts) (Details) - SCE - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Nov. 30, 2018 | Dec. 31, 2019 | |
Regulatory Assets and Liabilities | |||
Wildfire insurance coverage | $ 1,000,000,000 | $ 300,000,000 | |
Regulatory balancing accounts | Energy resource recovery account | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) pertaining to balancing accounts | 815,000,000 | $ (23,000,000) | |
4% trigger amount | 200,000,000 | ||
5% trigger amount | 250,000,000 | ||
Regulatory balancing accounts | Portfolio allocation balancing account | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) pertaining to balancing accounts | 0 | 537,000,000 | |
Regulatory balancing accounts | New system generation balancing account | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) pertaining to balancing accounts | (74,000,000) | 85,000,000 | |
Revenue subject to refund | Significant components | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) pertaining to balancing accounts | (1,250,000,000) | (365,000,000) | |
Revenue subject to refund | Public purpose programs and energy efficiency programs | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) pertaining to balancing accounts | (1,200,000,000) | (1,235,000,000) | |
Revenue subject to refund | Base revenue requirement balancing account | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) pertaining to balancing accounts | (628,000,000) | (328,000,000) | |
Revenue subject to refund | Tax accounting memorandum account and pole loading balancing account | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) pertaining to balancing accounts | 28,000,000 | 17,000,000 | |
Revenue subject to refund | DOE litigation memorandum account | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) pertaining to balancing accounts | (69,000,000) | (35,000,000) | |
Revenue subject to refund | Greenhouse gas auction revenue and low carbon fuel standard revenue | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) pertaining to balancing accounts | (81,000,000) | (196,000,000) | |
Revenue subject to refund | FERC balancing accounts | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) pertaining to balancing accounts | (180,000,000) | (127,000,000) | |
Revenue subject to refund | Wildfire expense memorandum account | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) pertaining to balancing accounts | 272,000,000 | 868,000,000 | |
Revenue subject to refund | Other | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) pertaining to balancing accounts | $ (133,000,000) | $ 72,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Undiscounted Future Minimum Expected Payments for Power Purchase Agreements) (Details) - SCE - Power Purchase Agreements $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2020 | $ 2,796 |
2021 | 2,777 |
2022 | 2,729 |
2023 | 2,457 |
2024 | 2,160 |
Thereafter | 23,102 |
Total future commitments | 36,021 |
Short-term lease expense | 242 |
Future lease payments | $ 135 |
Commitments and Contingencies_3
Commitments and Contingencies (Power Purchase Agreements Narrative) (Details) - SCE - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Costs incurred for power purchase agreements | $ 3,700 | $ 3,800 | $ 3,600 |
Signed contracts, not meeting critical contract provisions | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
2020 | 25 | ||
2021 | 106 | ||
2022 | 102 | ||
2023 | 102 | ||
2024 | 69 | ||
Thereafter | $ 897 |
Commitments and Contingencies_4
Commitments and Contingencies (Other Commitments) (Details) - SCE - Other contractual obligations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
2020 | $ 77 | ||
2021 | 48 | ||
2022 | 47 | ||
2023 | 46 | ||
2024 | 45 | ||
Thereafter | 189 | ||
Total | 452 | ||
Costs incurred | $ 110 | $ 124 | $ 75 |
Commitments and Contingencies_5
Commitments and Contingencies (Contingencies) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 24 Months Ended | ||||||
Jul. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 30, 2018USD ($)astructurefatality | Dec. 31, 2019USD ($) | Jan. 31, 2019claim | Jan. 01, 2018structurefatality | Dec. 04, 2017astructurefatality | |
Loss Contingencies [Line Items] | ||||||||||
Charge for wildfire-related claims | $ 4,568,000,000 | $ 4,669,000,000 | $ 4,568,000,000 | $ 4,669,000,000 | $ 4,568,000,000 | |||||
San Onofre OII | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Lawsuits | claim | 2 | |||||||||
2017/2018 Wildfire/Mudslide Events | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Charge for wildfire-related claims | 4,541,000,000 | 4,669,000,000 | 4,541,000,000 | 4,669,000,000 | 4,541,000,000 | |||||
Accrued losses | 232,000,000 | |||||||||
Payments | $ 360,000,000 | |||||||||
SCE | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
High fire risk service area, percent | 27.00% | |||||||||
Charge for wildfire-related claims | 4,568,000,000 | 4,669,000,000 | $ 4,568,000,000 | 4,669,000,000 | 4,568,000,000 | |||||
Wildfire insurance coverage | 1,000,000,000 | $ 300,000,000 | ||||||||
Self insurance | 10,000,000 | |||||||||
SCE | California Public Utilities Commission | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Requested rate amount | $ 478,000,000 | |||||||||
SCE | December 2017 Wildfires | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Acres burned | a | 280,000 | |||||||||
Structures destroyed | structure | 1,343 | |||||||||
Fatalities | fatality | 2 | |||||||||
SCE | December 2017 Wildfires | California Public Utilities Commission | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Requested rate amount | $ 6,000,000 | |||||||||
SCE | November 2018 Wildfires | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Acres burned | a | 100,000 | |||||||||
Structures destroyed | structure | 1,643 | |||||||||
Fatalities | fatality | 3 | |||||||||
Structures damaged | structure | 364 | |||||||||
Additional fatalities | fatality | 2 | |||||||||
Wildfire insurance coverage | 1,000,000,000 | |||||||||
Self insurance | 10,000,000 | |||||||||
SCE | Montecito Mudslides | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Fatalities | fatality | 21 | |||||||||
Structures damaged | 135 | 324 | ||||||||
Additional fatalities presumed | fatality | 2 | |||||||||
SCE | Saddle Ridge Fire | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Self-insured retention expenses | 23,000,000 | |||||||||
Self-insured retention expenses after tax | 17,000,000 | |||||||||
SCE | 2017/2018 Wildfire/Mudslide Events | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Charge for wildfire-related claims | 4,500,000,000 | 4,700,000,000 | 4,500,000,000 | 4,700,000,000 | 4,500,000,000 | |||||
Expected insurance recoveries | 1,710,000,000 | 2,000,000,000 | 1,710,000,000 | 2,000,000,000 | 1,710,000,000 | |||||
Expected revenue from FERC customers | 149,000,000 | 149,000,000 | 149,000,000 | |||||||
Accrued losses | 232,000,000 | $ 2,500,000,000 | 232,000,000 | $ 4,669,000,000 | $ 4,900,000,000 | |||||
Payments | $ 360,000,000 | 360,000,000 | ||||||||
Settlements and recoveries | $ 290,000,000 |
Commitments and Contingencies_6
Commitments and Contingencies (Schedule of Estimated Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Loss Contingency Accrual [Roll Forward] | |||||
Beginning balance | $ 4,669 | ||||
Ending balance | $ 4,568 | $ 4,669 | 4,568 | $ 4,669 | $ 4,568 |
Charge for wildfire-related claims | 4,568 | 4,669 | 4,669 | 4,669 | 4,568 |
2017/2018 Wildfire/Mudslide Events | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Beginning balance | 4,669 | ||||
Accrued losses | 232 | ||||
Payments | (360) | ||||
Ending balance | 4,541 | 4,669 | 4,541 | 4,669 | 4,541 |
Charge for wildfire-related claims | 4,541 | 4,669 | 4,541 | 4,669 | 4,541 |
SCE | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Beginning balance | 4,669 | ||||
Ending balance | 4,568 | 4,669 | 4,568 | 4,669 | 4,568 |
Charge for wildfire-related claims | 4,568 | 4,669 | 4,669 | 4,669 | 4,568 |
SCE | 2017/2018 Wildfire/Mudslide Events | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Beginning balance | 4,700 | ||||
Accrued losses | 232 | 2,500 | 232 | 4,669 | 4,900 |
Payments | (360) | (360) | |||
Ending balance | 4,500 | 4,700 | 4,500 | 4,700 | 4,500 |
Charge for wildfire-related claims | $ 4,500 | $ 4,700 | 4,500 | 4,700 | $ 4,500 |
Expected insurance recoveries | 0 | (2,000) | |||
Expected revenue from FERC customers | (14) | (135) | |||
Total pre-tax charge | 218 | 2,534 | |||
Income tax benefit | (61) | (709) | |||
Total after-tax charge | $ 157 | $ 1,825 |
Commitments and Contingencies_7
Commitments and Contingencies (Insurance Recovery) (Details) - Southern California Edison Company - 2017/2018 Wildfire/Mudslide Events - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Feb. 27, 2020 | Dec. 31, 2019 | |
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward] | ||
Balance at December 31, 2018 | $ 2,000 | |
Insurance recoveries | (290) | |
Balance at December 31, 2019 | $ 1,710 | |
Subsequent event | ||
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward] | ||
Insurance recoveries | $ (55) |
Commitments and Contingencies_8
Commitments and Contingencies (Current Wildfire Insurance Coverage) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 13 Months Ended | |||
Jul. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | Jun. 30, 2020 | Feb. 28, 2019 | |
Loss Contingencies [Line Items] | ||||||
Regulatory assets | $ 6,088,000,000 | $ 5,380,000,000 | ||||
SCE | ||||||
Loss Contingencies [Line Items] | ||||||
Wildfire insurance coverage | 1,000,000,000 | $ 300,000,000 | ||||
Self insurance | 10,000,000 | |||||
Wildfire insurance expense | 400,000,000 | |||||
Regulatory assets | 6,088,000,000 | $ 5,380,000,000 | ||||
SCE | Wildfire insurance costs | ||||||
Loss Contingencies [Line Items] | ||||||
Regulatory assets | $ 341,000,000 | |||||
SCE | California Public Utilities Commission | ||||||
Loss Contingencies [Line Items] | ||||||
Requested rate amount | $ 478,000,000 | |||||
SCE | Revenue subject to refund | Wildfire liability insurance recovery | ||||||
Loss Contingencies [Line Items] | ||||||
Net regulatory assets (liabilities) pertaining to balancing accounts | $ 107,000,000 | |||||
SCE | Forecast | ||||||
Loss Contingencies [Line Items] | ||||||
Wildfire insurance coverage | $ 1,200,000,000 | |||||
Co-insurance | 115,000,000 | |||||
Self insurance | 50,000,000 | |||||
Coverage net | $ 1,000,000,000 |
Commitments and Contingencies_9
Commitments and Contingencies (Wildfire Legislation) (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Jul. 12, 2019 | Jan. 01, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Other Commitments [Line Items] | ||||||
Consideration received per transaction | $ 1,200 | |||||
Southern California Edison Company and San Diego Gas & Electric | ||||||
Other Commitments [Line Items] | ||||||
Initial contributions | $ 2,700 | |||||
Expected annual contribution | 1,000 | |||||
Annual contributions | 107 | |||||
Pacific Gas & Electric Company | ||||||
Other Commitments [Line Items] | ||||||
Expected initial contribution | 4,800 | |||||
Southern California Edison Company and San Diego Gas & Electric and Pacific Gas & Electric | ||||||
Other Commitments [Line Items] | ||||||
Expected annual contribution | 3,000 | |||||
Initial contribution from ratepayers | $ 13,500 | |||||
Southern California Edison Company | ||||||
Other Commitments [Line Items] | ||||||
Initial contributions | $ 2,400 | |||||
Expected annual contribution | $ 95 | |||||
Issuance of long-term debt | $ 1,200 | |||||
Maximum aggregate requirement to reimburse the insurance fund percent | 20.00% | |||||
Minimum percentage of weighted-average common equity component authorization, set by CPUC (as a percent) | 48.00% | 45.20% | ||||
Initial liability cap | $ 3,000 | |||||
Capital expenditures | $ 1,600 | |||||
Subsequent event | Southern California Edison Company | ||||||
Other Commitments [Line Items] | ||||||
Minimum percentage of weighted-average common equity component authorization, set by CPUC (as a percent) | 52.00% |
Commitments and Contingencie_10
Commitments and Contingencies (Environmental Remediation) (Details) - SCE $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019USD ($)site | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Jointly Owned Utility Plant Interests [Line Items] | ||||
Recorded estimated minimum liability | $ 242 | |||
Environmental remediation regulatory assets | 237 | |||
Expected recovery from incentive mechanism | $ 41 | |||
Expected recovery from incentive mechanism (percent) | 90.00% | |||
Recovery through customer rates | $ 196 | |||
Recovery through customer rates (percent) | 100.00% | |||
Cost may exceed recorded liability, material sites | $ 91 | |||
Cost may exceed recorded liability, immaterial sites | $ 7 | |||
Clean up (period) | 30 years | |||
Remediation cost estimates (period) | 5 years | |||
Expected remediation costs for each of the next four years, low end of range | $ 5 | |||
Expected remediation costs for each of the next four years, high end of range | 15 | |||
Environmental remediation expense | $ 9 | $ 8 | $ 9 | |
Material sites | ||||
Jointly Owned Utility Plant Interests [Line Items] | ||||
Identified material sites (number) | site | 22 | |||
Minimum estimated liability | $ 1 | |||
Recorded estimated minimum liability | 238 | |||
Material sites | San Onofre | ||||
Jointly Owned Utility Plant Interests [Line Items] | ||||
Recorded estimated minimum liability | $ 177 | |||
Immaterial sites | ||||
Jointly Owned Utility Plant Interests [Line Items] | ||||
Immaterial sites (number) | site | 15 | |||
Immaterial sites | Minimum | ||||
Jointly Owned Utility Plant Interests [Line Items] | ||||
Recorded estimated minimum liability | $ 4 |
Commitments and Contingencie_11
Commitments and Contingencies (Nuclear Insurance) (Details) - USD ($) | Jan. 05, 2018 | Dec. 31, 2019 |
Insurance Claims | Palo Verde (nuclear) | ||
Loss Contingencies [Line Items] | ||
Federal loss limit, bodily injury and property damage from nuclear incident | $ 13,900,000,000 | |
Insurance Claims | San Onofre | ||
Loss Contingencies [Line Items] | ||
Federal limit on public liability claims from nuclear incident, approximate | 560,000,000 | |
SCE and other owners of San Onofre and Palo Verde | Insurance Claims | Palo Verde (nuclear) | ||
Loss Contingencies [Line Items] | ||
Minimum federal requirement of nuclear property insurance | 1,100,000,000 | |
SCE and other owners of San Onofre and Palo Verde | Insurance Claims | San Onofre | ||
Loss Contingencies [Line Items] | ||
Minimum federal requirement of nuclear property insurance | 50,000,000 | |
SCE | Palo Verde (nuclear) | ||
Loss Contingencies [Line Items] | ||
Maximum per incident | $ 65,000,000 | |
Maximum per incident annual | 10,000,000 | |
Maximum per incident, prior events | 255,000,000 | |
Maximum per incident, prior events, annually | $ 38,000,000 | |
SCE | Insurance Claims | ||
Loss Contingencies [Line Items] | ||
Limit on assessment of retrospective premium adjustments, per year, approximate | $ 52,000,000 |
Commitments and Contingencie_12
Commitments and Contingencies (Spent Nuclear Fuel) (Details) - USD ($) $ in Millions | 1 Months Ended | ||||||
Aug. 31, 2018 | Apr. 30, 2016 | Jun. 30, 2010 | May 31, 2018 | Oct. 31, 2017 | Feb. 28, 2017 | Sep. 30, 2016 | |
Loss Contingencies [Line Items] | |||||||
Claim to recover damages incurred | $ 56 | ||||||
SCE and other owners of San Onofre and Palo Verde | |||||||
Loss Contingencies [Line Items] | |||||||
Damages sought | $ 142 | ||||||
Litigation settlement | $ 162 | ||||||
Claim to recover damages incurred | $ 45 | $ 43 | |||||
SCE | |||||||
Loss Contingencies [Line Items] | |||||||
Damages sought | $ 112 | ||||||
Litigation settlement | 124 | ||||||
Legal and other costs | $ 2 | ||||||
Damage award, customer | $ 106 | ||||||
Damage awarded, shareholders | 17 | ||||||
Claim to recover damages incurred | 35 | $ 58 | $ 34 | ||||
Disallowed claim amount | $ 13 | ||||||
SCE | Regulatory balancing and memorandum accounts | |||||||
Loss Contingencies [Line Items] | |||||||
Damage award, customer | $ 72 |
Commitments and Contingencie_13
Commitments and Contingencies (Tehachapi) (Details) $ in Millions | 1 Months Ended |
Dec. 31, 2019USD ($) | |
California Public Utilities Commission | |
Loss Contingencies [Line Items] | |
Costs associated with project | $ 419 |
Leases (Textual) (Details)
Leases (Textual) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | |
Lessee, Lease, Description [Line Items] | ||||
Operating leases expense | $ 57 | $ 59 | ||
SCE | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease income | $ 18 | |||
SCE | Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Term of contract | 15 years | |||
SCE | Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Term of contract | 65 years | |||
PPA Operating Leases | ||||
Lessee, Lease, Description [Line Items] | ||||
Net operating leases expense | 2,300 | 2,300 | ||
Contingent operating lease expense | 2,100 | 1,800 | ||
Contingent capital lease expense | $ 104 | $ 99 | ||
PPA Operating Leases | SCE | Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 10 years | |||
PPA Operating Leases | SCE | Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 20 years | |||
Office Leases | SCE | Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 5 years | |||
Office Leases | SCE | Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 72 years | |||
Other Operating Leases | SCE | Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 5 years | |||
Other Operating Leases | SCE | Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 12 years |
Leases (Summary of Lease Paymen
Leases (Summary of Lease Payments) (Details) - SCE $ in Millions | 3 Months Ended | ||
Jun. 30, 2019USD ($)contract | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Operating Leases | |||
Lease liabilities | $ 689 | ||
Finance Leases | |||
2020 | 1 | ||
2021 | 1 | ||
2022 | 1 | ||
2023 | 2 | ||
2024 | 2 | ||
Thereafter | 8 | ||
Total lease payments | 15 | ||
Amount representing interest | 6 | ||
Lease liabilities | 9 | ||
Capital Leases | |||
2019 | $ 5 | ||
2020 | 6 | ||
2021 | 6 | ||
2022 | 6 | ||
2023 | 5 | ||
Thereafter | 66 | ||
Total future commitments | 94 | ||
Amount representing executory costs | 25 | ||
Amount representing interest | 33 | ||
Net commitments | 36 | ||
Number of power contracts amended | contract | 3 | ||
Reduction in ROU assets | $ 161 | ||
PPA Operating Leases | |||
Operating Leases | |||
2020 | 70 | ||
2021 | 48 | ||
2022 | 48 | ||
2023 | 47 | ||
2024 | 47 | ||
Thereafter | 489 | ||
Total lease payments | 749 | ||
Amount representing interest | 220 | ||
Lease liabilities | 529 | ||
Operating Leases | |||
2019 | 148 | ||
2020 | 124 | ||
2021 | 103 | ||
2022 | 79 | ||
2023 | 47 | ||
Thereafter | 536 | ||
Total lease payments | 1,037 | ||
Other Operating Leases | |||
Operating Leases | |||
2020 | 37 | ||
2021 | 30 | ||
2022 | 24 | ||
2023 | 19 | ||
2024 | 14 | ||
Thereafter | 95 | ||
Total lease payments | 219 | ||
Amount representing interest | 59 | ||
Lease liabilities | $ 160 | ||
Operating Leases | |||
2019 | 42 | ||
2020 | 31 | ||
2021 | 27 | ||
2022 | 22 | ||
2023 | 17 | ||
Thereafter | 101 | ||
Total lease payments | $ 240 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Operating leases: | |
Operating lease ROU assets | $ 693 |
Current portion of operating lease liabilities | 80 |
Operating lease liabilities | 613 |
SCE | |
Operating leases: | |
Operating lease ROU assets | 689 |
Current portion of operating lease liabilities | 79 |
Operating lease liabilities | 610 |
Total operating lease liabilities | 689 |
Finance leases included in: | |
Utility property, plant and equipment, gross | 14 |
Accumulated depreciation | (5) |
Utility property, plant and equipment, net | 9 |
Other current liabilities | 1 |
Other long-term liabilities | 8 |
Total finance lease liabilities | $ 9 |
Leases (Summary of Lease Expens
Leases (Summary of Lease Expense Components) (Details) - SCE $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Total lease cost | $ 2,252 |
PPA Operating Leases | |
Lessee, Lease, Description [Line Items] | |
Lease cost | 118 |
Finance lease cost | 1 |
Variable lease cost | 2,087 |
Total lease cost | 2,206 |
Other Operating Leases | |
Lessee, Lease, Description [Line Items] | |
Lease cost | $ 46 |
Leases (Summary of Other Inform
Leases (Summary of Other Information) (Details) - SCE $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Financing cash flows from PPA finance leases | $ 1 |
Other operating leases | $ 34 |
PPA finance leases, weighted average remaining lease term (in years) | 11 years 6 months 3 days |
PPA finance leases, weighted average discount rate | 8.76% |
PPA Operating Leases | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 118 |
Weighted average remaining lease term (in years) | 16 years 18 days |
Weighted average discount rate | 4.46% |
Other Operating Leases | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 44 |
Weighted average remaining lease term (in years) | 12 years 8 months 23 days |
Weighted average discount rate | 3.88% |
Leases (Schedule of Undiscounte
Leases (Schedule of Undiscounted Cash Flow Expected from Lease Payments) (Details) - SCE $ in Millions | Dec. 31, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
2020 | $ 11 |
2021 | 10 |
2022 | 10 |
2023 | 9 |
2024 | 8 |
Thereafter | 148 |
Total | $ 196 |
Equity (Textual) (Details)
Equity (Textual) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 31, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2019 | |
Class of Stock [Line Items] | ||||||||
Preferred stock, shares issued | 32,200,000 | |||||||
Offering expenses | $ 52 | |||||||
Issuance of preference or common stock | 2,200 | $ 198 | $ 2,421 | $ 462 | ||||
Common stock issued | 2,391 | $ 0 | 0 | |||||
Wildfire Insurance Fund contributions | 2,457 | 0 | 0 | |||||
Southern California Edison Company | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of preference or common stock | 462 | |||||||
Wildfire Insurance Fund contributions | $ 2,400 | $ 2,400 | $ 2,457 | $ 0 | $ 0 | |||
Southern California Edison Company | Cumulative preferred stock $100 par value | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, par value (in dollars per share) | $ 100 | $ 100 | $ 100 | |||||
Preferred stock, shares authorized | 12,000,000 | 12,000,000 | 12,000,000 | |||||
Southern California Edison Company | Cumulative preferred stock $25 par value | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 | $ 25 | |||||
Preferred stock, shares authorized | 24,000,000 | 24,000,000 | 24,000,000 | |||||
Southern California Edison Company | No par value | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | |||||
Southern California Edison Company | Preferred and Preference Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, shares issued | 0 | 0 | 0 | |||||
Preferred stock, shares redeemed | 0 | 0 | 0 | |||||
At-the-market Program (ATM) | ||||||||
Class of Stock [Line Items] | ||||||||
Aggregate sale price | $ 1,300 | $ 1,300 | $ 1,300 | $ 1,500 | ||||
Preferred stock, shares issued | 2,800,000 | |||||||
Offering expenses | $ 2 | |||||||
Internal programs | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, shares issued | 600,000 | |||||||
Common stock issued in lieu of distributing dividends | $ 8 | |||||||
401(K) | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, shares issued | 400,000 | |||||||
Common stock issued | $ 41 | |||||||
In lieu of dividend payment | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, shares issued | 100,000 | |||||||
Common stock issued | $ 22 |
Equity (Schedule of Preferred a
Equity (Schedule of Preferred and Preference Stock) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | ||
Edison International's preferred and preference stock of utility | $ 2,193,000,000 | $ 2,193,000,000 |
SCE | 4.08% Series | ||
Class of Stock [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 25 | |
Preferred Stock, dividend rate, (as a percent) | 4.08% | |
Shares Outstanding | 650,000 | |
Redemption Price (in dollars per share) | $ 25.50 | |
Dividends Declared per Share (in dollars per share) | $ 1.020 | |
Preferred stock before issuance costs | $ 16,000,000 | 16,000,000 |
SCE | 4.24% Series | ||
Class of Stock [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 25 | |
Preferred Stock, dividend rate, (as a percent) | 4.24% | |
Shares Outstanding | 1,200,000 | |
Redemption Price (in dollars per share) | $ 25.80 | |
Dividends Declared per Share (in dollars per share) | $ 1.060 | |
Preferred stock before issuance costs | $ 30,000,000 | 30,000,000 |
SCE | 4.32% Series | ||
Class of Stock [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 25 | |
Preferred Stock, dividend rate, (as a percent) | 4.32% | |
Shares Outstanding | 1,653,429 | |
Redemption Price (in dollars per share) | $ 28.75 | |
Dividends Declared per Share (in dollars per share) | $ 1.080 | |
Preferred stock before issuance costs | $ 41,000,000 | 41,000,000 |
SCE | 4.78% Series | ||
Class of Stock [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 25 | |
Preferred Stock, dividend rate, (as a percent) | 4.78% | |
Shares Outstanding | 1,296,769 | |
Redemption Price (in dollars per share) | $ 25.80 | |
Dividends Declared per Share (in dollars per share) | $ 1.195 | |
Preferred stock before issuance costs | 33,000,000 | 33,000,000 |
SCE | Preference stock | ||
Class of Stock [Line Items] | ||
Preferred stock before issuance costs | 2,245,000,000 | 2,245,000,000 |
Less issuance costs | (52,000,000) | (52,000,000) |
Edison International's preferred and preference stock of utility | $ 2,193,000,000 | 2,193,000,000 |
SCE | 6.25% Series E (cumulative) | ||
Class of Stock [Line Items] | ||
Preferred Stock, dividend rate, (as a percent) | 6.25% | |
Shares Outstanding | 350,000 | |
Redemption Price (in dollars per share) | $ 1,000 | |
Dividends Declared per Share (in dollars per share) | $ 62.500 | |
Preferred stock before issuance costs | $ 350,000,000 | 350,000,000 |
SCE | 5.10% Series G (cumulative) | ||
Class of Stock [Line Items] | ||
Preferred Stock, dividend rate, (as a percent) | 5.10% | |
Shares Outstanding | 160,004 | |
Redemption Price (in dollars per share) | $ 2,500 | |
Dividends Declared per Share (in dollars per share) | $ 127.500 | |
Preferred stock before issuance costs | $ 400,000,000 | 400,000,000 |
SCE | 5.75% Series H (cumulative) | ||
Class of Stock [Line Items] | ||
Preferred Stock, dividend rate, (as a percent) | 5.75% | |
Shares Outstanding | 110,004 | |
Redemption Price (in dollars per share) | $ 2,500 | |
Dividends Declared per Share (in dollars per share) | $ 143.750 | |
Preferred stock before issuance costs | $ 275,000,000 | 275,000,000 |
SCE | 5.375% Series J (cumulative) | ||
Class of Stock [Line Items] | ||
Preferred Stock, dividend rate, (as a percent) | 5.375% | |
Shares Outstanding | 130,004 | |
Redemption Price (in dollars per share) | $ 2,500 | |
Dividends Declared per Share (in dollars per share) | $ 134.375 | |
Preferred stock before issuance costs | $ 325,000,000 | 325,000,000 |
SCE | 5.45% Series K (cumulative) | ||
Class of Stock [Line Items] | ||
Preferred Stock, dividend rate, (as a percent) | 5.45% | |
Shares Outstanding | 120,004 | |
Redemption Price (in dollars per share) | $ 2,500 | |
Dividends Declared per Share (in dollars per share) | $ 136.250 | |
Preferred stock before issuance costs | $ 300,000,000 | 300,000,000 |
SCE | 5.00% Series L (cumulative) | ||
Class of Stock [Line Items] | ||
Preferred Stock, dividend rate, (as a percent) | 5.00% | |
Shares Outstanding | 190,004 | |
Redemption Price (in dollars per share) | $ 2,500 | |
Dividends Declared per Share (in dollars per share) | $ 125 | |
Preferred stock before issuance costs | $ 475,000,000 | $ 475,000,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 12,652 | $ 13,866 | $ 14,187 |
Pension and PBOP – net loss: | |||
Other comprehensive (loss) income, net of tax | (9) | (7) | 10 |
Ending balance | 15,496 | 12,652 | 13,866 |
Accumulated Other Comprehensive Loss | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (50) | (43) | (53) |
Pension and PBOP – net loss: | |||
Other | (10) | (4) | |
Other comprehensive (loss) income, net of tax | (19) | (7) | |
Ending balance | (69) | (50) | (43) |
Accumulated Defined Benefit Plans Adjustment | |||
Pension and PBOP – net loss: | |||
Other comprehensive loss before reclassifications | (14) | (9) | |
Reclassified from accumulated other comprehensive loss | 5 | 6 | |
SCE | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 13,785 | 14,672 | 14,483 |
Pension and PBOP – net loss: | |||
Other comprehensive (loss) income, net of tax | (11) | (4) | 1 |
Ending balance | 17,827 | 13,785 | 14,672 |
SCE | Accumulated Other Comprehensive Loss | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (23) | (19) | (20) |
Pension and PBOP – net loss: | |||
Other | (5) | (5) | |
Other comprehensive (loss) income, net of tax | (16) | (4) | |
Ending balance | (39) | (23) | $ (19) |
SCE | Accumulated Defined Benefit Plans Adjustment | |||
Pension and PBOP – net loss: | |||
Other comprehensive loss before reclassifications | (14) | (3) | |
Reclassified from accumulated other comprehensive loss | $ 3 | $ 4 |
Other Income and (Expenses) (De
Other Income and (Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SCE other income and (expenses): | |||
Total other income and (expenses) | $ 193 | $ 197 | $ 132 |
Edison International Parent and Other | |||
SCE other income and (expenses): | |||
Net periodic benefit income – non-service components | (3) | (2) | (14) |
Other | 1 | 5 | (2) |
SCE | |||
SCE other income and (expenses): | |||
Equity allowance for funds used during construction | 101 | 104 | 87 |
Increase in cash surrender value of life insurance policies and life insurance benefits | 39 | 36 | 42 |
Interest income | 37 | 24 | 7 |
Net periodic benefit income – non-service components | 70 | 81 | 51 |
Civic, political and related activities and donations | (46) | (44) | (34) |
Other expense | (6) | (7) | (5) |
Total other income and (expenses) | $ 195 | $ 194 | $ 148 |
Supplemental Cash Flows Infor_3
Supplemental Cash Flows Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash payments (receipts): | |||
Interest, net of amounts capitalized | $ 705 | $ 595 | $ 548 |
Tax refunds, net | (85) | (135) | |
Tax payments, net | 1 | ||
Common Stock | |||
Non-cash financing and investing activities: | |||
Dividends declared but not paid | 231 | 200 | 197 |
Preferred and Preference Stock | |||
Non-cash financing and investing activities: | |||
Dividends declared but not paid | 12 | 12 | 12 |
SCE | |||
Cash payments (receipts): | |||
Interest, net of amounts capitalized | 615 | 552 | 509 |
Tax refunds, net | (164) | (57) | |
Tax payments, net | 2 | ||
Non-cash financing and investing activities: | |||
Accrued capital expenditures | 643 | 594 | 652 |
SCE | Common Stock | |||
Non-cash financing and investing activities: | |||
Dividends declared but not paid | 200 | 0 | 212 |
SCE | Preferred and Preference Stock | |||
Non-cash financing and investing activities: | |||
Dividends declared but not paid | $ 12 | $ 12 | $ 12 |
Related-Party Transactions (Det
Related-Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Wildfire insurance fund expense | $ 152 | $ 0 | $ 0 |
SCE | |||
Related Party Transaction [Line Items] | |||
Long-term insurance receivables due from affiliate | 803 | 1,000 | |
Wildfire insurance fund expense | 152 | 0 | 0 |
Wildfire liability insurance | SCE | Wholly-owned subsidiary | |||
Related Party Transaction [Line Items] | |||
Wildfire insurance premiums | 260 | 22 | 144 |
Prepaid Insurance | 10 | 13 | |
Current payables due to affiliates | 0 | 4 | |
Wildfire insurance fund expense | $ 173 | $ 140 | $ 13 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Quarterly Financial Data [Line Items] | ||||||||||||
Total operating revenue | $ 2,970 | $ 3,741 | $ 2,812 | $ 2,824 | $ 3,009 | $ 4,269 | $ 2,815 | $ 2,564 | $ 12,347 | $ 12,657 | $ 12,320 | |
Operating (loss) income | 287 | 636 | 500 | 352 | (2,041) | 739 | 420 | 330 | 1,775 | (552) | 1,456 | |
Net income (loss) | 1,405 | (316) | 668 | |||||||||
Income (loss) from continuing operations | 173 | 502 | 422 | 308 | (1,434) | 544 | 298 | 242 | 1,405 | (350) | 668 | |
Income from discontinued operations, net | 0 | 0 | 0 | 0 | 34 | 0 | 0 | 0 | 0 | $ 34 | $ 0 | |
Net (loss) income attributable to common shareholders | $ 143 | $ 471 | $ 392 | $ 278 | $ (1,430) | $ 513 | $ 276 | $ 218 | $ 1,284 | |||
Basic earnings (loss) per share – continuing operations: | ||||||||||||
Continuing operations (in dollars per share) | $ 0.40 | $ 1.36 | $ 1.20 | $ 0.85 | $ (4.49) | $ 1.57 | $ 0.85 | $ 0.67 | $ 3.78 | $ (1.40) | $ 1.73 | |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | 0.10 | 0 | 0 | 0 | 0 | 0.10 | 0 | |
Basic earnings per common share attributable to Edison International common shareholders (in dollars per share) | 0.40 | 1.36 | 1.20 | 0.85 | (4.39) | 1.57 | 0.85 | 0.67 | 3.78 | (1.30) | 1.73 | |
Diluted earnings (loss) per share – continuing operations: | ||||||||||||
Continuing operations (in dollars per share) | 0.40 | 1.35 | 1.20 | 0.85 | (4.49) | 1.57 | 0.84 | 0.67 | 3.77 | (1.40) | 1.72 | |
Diluted earnings (loss) per share – discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | 0.10 | 0 | 0 | 0 | 0 | 0.10 | 0 | |
Diluted earnings per common share attributable to Edison International common shareholders (in dollars per share) | 0.40 | 1.35 | 1.20 | 0.85 | (4.39) | 1.57 | 0.84 | 0.67 | 3.77 | (1.30) | 1.72 | |
Dividends declared per common share (in dollars per share) | $ 0.6375 | $ 0.6125 | $ 0.6125 | $ 0.6125 | $ 0.6125 | $ 0.6050 | $ 0.6050 | $ 0.6050 | $ 2.4750 | $ 2.4275 | $ 2.2325 | |
SCE | ||||||||||||
Quarterly Financial Data [Line Items] | ||||||||||||
Total operating revenue | $ 2,958 | $ 3,732 | $ 2,800 | $ 2,816 | $ 2,994 | $ 4,260 | $ 2,803 | $ 2,554 | $ 12,306 | $ 12,611 | $ 12,254 | |
Operating (loss) income | 325 | 649 | 513 | 358 | (2,013) | 754 | 439 | 414 | 1,845 | (406) | 1,547 | |
Net income (loss) | 224 | 534 | 449 | 323 | (1,399) | 567 | 327 | 316 | 1,530 | (189) | 1,136 | |
Net (loss) income attributable to common shareholders | 194 | 503 | 419 | 293 | (1,429) | 536 | 297 | 286 | $ 1,409 | $ (310) | $ 1,012 | |
Diluted earnings (loss) per share – continuing operations: | ||||||||||||
Dividends declared per common share (in dollars per share) | $ 1.3797 | $ 1.3245 | $ 1.8051 | |||||||||
Common dividends declared | 200 | $ 200 | $ 0 | $ 200 | 0 | $ 264 | $ 100 | $ 212 | ||||
2017/2018 Wildfire/Mudslide Events | ||||||||||||
Diluted earnings (loss) per share – continuing operations: | ||||||||||||
Wildfire-related claims, net of expected recoveries | $ 232 | |||||||||||
2017/2018 Wildfire/Mudslide Events | SCE | ||||||||||||
Diluted earnings (loss) per share – continuing operations: | ||||||||||||
Wildfire-related claims, net of expected recoveries | $ 232 | $ 2,500 | $ 232 | $ 4,669 | $ 4,900 |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information of Parent (Details) shares in Millions | Jan. 01, 2020USD ($) | Dec. 12, 2019USD ($) | Aug. 02, 2019USD ($) | Apr. 26, 2019USD ($) | Sep. 30, 2019USD ($) | Aug. 31, 2019USD ($) | Jul. 31, 2019USD ($)shares | Jun. 30, 2019USD ($) | Apr. 30, 2019USD ($) | Dec. 31, 2019USD ($)shares | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Nov. 30, 2019USD ($) | May 31, 2019USD ($) | Feb. 28, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ 68,000,000 | $ 68,000,000 | $ 144,000,000 | $ 144,000,000 | $ 68,000,000 | $ 144,000,000 | $ 144,000,000 | $ 68,000,000 | $ 68,000,000 | $ 144,000,000 | |||||||||||||||||||
Other current assets | 107,000,000 | 78,000,000 | |||||||||||||||||||||||||||
Total current assets | 3,560,000,000 | 3,359,000,000 | |||||||||||||||||||||||||||
Other long-term assets | 2,363,000,000 | 2,445,000,000 | |||||||||||||||||||||||||||
Total assets | 64,382,000,000 | 56,715,000,000 | |||||||||||||||||||||||||||
Liabilities and equity: | |||||||||||||||||||||||||||||
Current portion of long-term debt | 479,000,000 | 79,000,000 | |||||||||||||||||||||||||||
Other current liabilities | 1,388,000,000 | 1,254,000,000 | |||||||||||||||||||||||||||
Total current liabilities | 5,523,000,000 | 5,395,000,000 | |||||||||||||||||||||||||||
Long-term debt | 17,864,000,000 | 14,632,000,000 | |||||||||||||||||||||||||||
Total equity | 15,496,000,000 | 12,652,000,000 | $ 13,866,000,000 | $ 14,187,000,000 | |||||||||||||||||||||||||
Total liabilities and equity | $ 64,382,000,000 | 56,715,000,000 | |||||||||||||||||||||||||||
Condensed Statements of Income: | |||||||||||||||||||||||||||||
Interest income from affiliates | 2,970,000,000 | $ 3,741,000,000 | $ 2,812,000,000 | 2,824,000,000 | 3,009,000,000 | $ 4,269,000,000 | $ 2,815,000,000 | $ 2,564,000,000 | 12,347,000,000 | 12,657,000,000 | $ 12,320,000,000 | ||||||||||||||||||
Operating, interest and other expenses | 10,572,000,000 | 13,209,000,000 | 10,864,000,000 | ||||||||||||||||||||||||||
Operating income (loss) | 287,000,000 | 636,000,000 | 500,000,000 | 352,000,000 | (2,041,000,000) | 739,000,000 | 420,000,000 | 330,000,000 | 1,775,000,000 | (552,000,000) | 1,456,000,000 | ||||||||||||||||||
Income tax (benefit) expense | (278,000,000) | (739,000,000) | 281,000,000 | ||||||||||||||||||||||||||
Income (loss) from continuing operations | 173,000,000 | 502,000,000 | 422,000,000 | 308,000,000 | (1,434,000,000) | 544,000,000 | 298,000,000 | 242,000,000 | 1,405,000,000 | (350,000,000) | 668,000,000 | ||||||||||||||||||
Income from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 34,000,000 | 0 | 0 | 0 | 0 | 34,000,000 | 0 | ||||||||||||||||||
Net income (loss) | 1,284,000,000 | (423,000,000) | 565,000,000 | ||||||||||||||||||||||||||
Condensed Statements of Comprehensive Income | |||||||||||||||||||||||||||||
Net income (loss) | 1,284,000,000 | (423,000,000) | 565,000,000 | ||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (9,000,000) | (7,000,000) | 10,000,000 | ||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Edison International | 1,275,000,000 | (430,000,000) | 575,000,000 | ||||||||||||||||||||||||||
Condensed Statements of Cash Flows: | |||||||||||||||||||||||||||||
Net cash provided by operating activities | (307,000,000) | 3,177,000,000 | 3,597,000,000 | ||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||
Long-term debt issued | 3,696,000,000 | 3,237,000,000 | 2,233,000,000 | ||||||||||||||||||||||||||
Long-term debt repaid | (82,000,000) | (654,000,000) | (1,285,000,000) | ||||||||||||||||||||||||||
Common stock issued | 2,391,000,000 | 0 | 0 | ||||||||||||||||||||||||||
Short-term debt financing, net | (172,000,000) | (1,611,000,000) | 1,084,000,000 | ||||||||||||||||||||||||||
Payments for stock-based compensation | (64,000,000) | (46,000,000) | (393,000,000) | ||||||||||||||||||||||||||
Receipts from stock option exercises | 58,000,000 | 26,000,000 | 215,000,000 | ||||||||||||||||||||||||||
Dividends paid | (810,000,000) | (788,000,000) | (707,000,000) | ||||||||||||||||||||||||||
Net cash provided by financing activities | 4,903,000,000 | 82,000,000 | 1,007,000,000 | ||||||||||||||||||||||||||
Net cash used in investing activities | (4,678,000,000) | (4,239,000,000) | (3,586,000,000) | ||||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | 68,000,000 | 144,000,000 | 144,000,000 | ||||||||||||||||||||||||||
Cash and cash equivalents, end of year | 68,000,000 | 144,000,000 | 68,000,000 | 68,000,000 | 144,000,000 | 68,000,000 | |||||||||||||||||||||||
Debt and Credit Agreements | |||||||||||||||||||||||||||||
Debt to total capitalization ratio | 0.70 | ||||||||||||||||||||||||||||
Actual consolidated debt to total capitalization, ratio | 0.55 | ||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||
Preferred stock, shares issued | shares | 32.2 | ||||||||||||||||||||||||||||
Issuance of preference or common stock | $ 2,200,000,000 | 198,000,000 | 2,421,000,000 | 462,000,000 | |||||||||||||||||||||||||
Offering expenses | 52,000,000 | ||||||||||||||||||||||||||||
Proceeds from sale of stock contributed to SCE | $ 1,900,000,000 | ||||||||||||||||||||||||||||
Common stock issued | 2,391,000,000 | 0 | 0 | ||||||||||||||||||||||||||
Multi-year credit facilities | |||||||||||||||||||||||||||||
Debt and Credit Agreements | |||||||||||||||||||||||||||||
Amount available | $ 1,500,000,000 | ||||||||||||||||||||||||||||
SCE | |||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||
Equity investment | $ 200,000,000 | $ 1,200,000,000 | $ 750,000,000 | $ 450,000,000 | $ 200,000,000 | $ 450,000,000 | 3,250,000,000 | ||||||||||||||||||||||
Senior notes | 2.40% Senior notes due 2022 | |||||||||||||||||||||||||||||
Debt and Credit Agreements | |||||||||||||||||||||||||||||
Interest rate on debt (as a percent) | 4.125% | ||||||||||||||||||||||||||||
Senior notes | $ 550,000,000 | ||||||||||||||||||||||||||||
Senior notes | 2.95% Senior notes due 2023 | |||||||||||||||||||||||||||||
Debt and Credit Agreements | |||||||||||||||||||||||||||||
Interest rate on debt (as a percent) | 2.95% | ||||||||||||||||||||||||||||
Senior notes | $ 400,000,000 | ||||||||||||||||||||||||||||
Edison International Parent and Other | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | 15,000,000 | 15,000,000 | 97,000,000 | 97,000,000 | 524,000,000 | 15,000,000 | 97,000,000 | 97,000,000 | 6,000,000 | 15,000,000 | 15,000,000 | 97,000,000 | 524,000,000 | 6,000,000 | |||||||||||||||
Other current assets | 260,000,000 | 52,000,000 | |||||||||||||||||||||||||||
Total current assets | 275,000,000 | 149,000,000 | |||||||||||||||||||||||||||
Investments in subsidiaries | 16,530,000,000 | 12,521,000,000 | |||||||||||||||||||||||||||
Deferred income taxes | 608,000,000 | 516,000,000 | |||||||||||||||||||||||||||
Other long-term assets | 76,000,000 | 78,000,000 | |||||||||||||||||||||||||||
Total assets | 17,489,000,000 | 13,264,000,000 | |||||||||||||||||||||||||||
Liabilities and equity: | |||||||||||||||||||||||||||||
Current portion of long-term debt | 400,000,000 | 0 | |||||||||||||||||||||||||||
Other current liabilities | 481,000,000 | 498,000,000 | |||||||||||||||||||||||||||
Total current liabilities | 881,000,000 | 498,000,000 | |||||||||||||||||||||||||||
Long-term debt | 2,733,000,000 | 1,740,000,000 | |||||||||||||||||||||||||||
Other long-term liabilities | 572,000,000 | 567,000,000 | |||||||||||||||||||||||||||
Total equity | 13,303,000,000 | 10,459,000,000 | |||||||||||||||||||||||||||
Total liabilities and equity | 17,489,000,000 | 13,264,000,000 | |||||||||||||||||||||||||||
Condensed Statements of Income: | |||||||||||||||||||||||||||||
Interest income from affiliates | 5,000,000 | 0 | 0 | ||||||||||||||||||||||||||
Operating, interest and other expenses | 150,000,000 | 98,000,000 | 92,000,000 | ||||||||||||||||||||||||||
Operating income (loss) | (145,000,000) | (98,000,000) | (92,000,000) | ||||||||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 1,385,000,000 | (376,000,000) | 739,000,000 | ||||||||||||||||||||||||||
Income (loss) before income taxes | 1,240,000,000 | (474,000,000) | 647,000,000 | ||||||||||||||||||||||||||
Income tax (benefit) expense | (44,000,000) | (17,000,000) | 82,000,000 | ||||||||||||||||||||||||||
Income (loss) from continuing operations | 1,284,000,000 | (457,000,000) | 565,000,000 | ||||||||||||||||||||||||||
Income from discontinued operations, net of tax | 0 | 34,000,000 | 0 | ||||||||||||||||||||||||||
Net income (loss) | 1,284,000,000 | (423,000,000) | 565,000,000 | ||||||||||||||||||||||||||
Condensed Statements of Comprehensive Income | |||||||||||||||||||||||||||||
Net income (loss) | 1,284,000,000 | (423,000,000) | 565,000,000 | ||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (9,000,000) | (7,000,000) | 10,000,000 | ||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Edison International | 1,275,000,000 | (430,000,000) | 575,000,000 | ||||||||||||||||||||||||||
Condensed Statements of Cash Flows: | |||||||||||||||||||||||||||||
Net cash provided by operating activities | 181,000,000 | 785,000,000 | 462,000,000 | ||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||
Long-term debt issued | 1,399,000,000 | 549,000,000 | 798,000,000 | ||||||||||||||||||||||||||
Long-term debt issuance costs | (9,000,000) | (4,000,000) | (5,000,000) | ||||||||||||||||||||||||||
Long-term debt repaid | 0 | 0 | (400,000,000) | ||||||||||||||||||||||||||
Term loan issued | 1,000,000,000 | 0 | 0 | ||||||||||||||||||||||||||
Term loan repaid | (1,000,000,000) | 0 | 0 | ||||||||||||||||||||||||||
Common stock issued | 2,391,000,000 | 0 | 0 | ||||||||||||||||||||||||||
Payable due to affiliates | 5,000,000 | 13,000,000 | 8,000,000 | ||||||||||||||||||||||||||
Short-term debt financing, net | (1,000,000) | (1,141,000,000) | 600,000,000 | ||||||||||||||||||||||||||
Payments for stock-based compensation | (27,000,000) | (24,000,000) | (260,000,000) | ||||||||||||||||||||||||||
Receipts from stock option exercises | 39,000,000 | 14,000,000 | 144,000,000 | ||||||||||||||||||||||||||
Dividends paid | (810,000,000) | (788,000,000) | (707,000,000) | ||||||||||||||||||||||||||
Net cash provided by financing activities | 2,987,000,000 | (1,381,000,000) | 178,000,000 | ||||||||||||||||||||||||||
Capital contributions to affiliate | (3,258,000,000) | (10,000,000) | (122,000,000) | ||||||||||||||||||||||||||
Dividends from affiliate | 8,000,000 | 179,000,000 | 0 | ||||||||||||||||||||||||||
Net cash used in investing activities | (3,250,000,000) | 169,000,000 | (122,000,000) | ||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalent and restricted cash | (82,000,000) | (427,000,000) | 518,000,000 | ||||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | 15,000,000 | 97,000,000 | 524,000,000 | 97,000,000 | 524,000,000 | 6,000,000 | 524,000,000 | ||||||||||||||||||||||
Cash and cash equivalents, end of year | 15,000,000 | 97,000,000 | 15,000,000 | 15,000,000 | 97,000,000 | 524,000,000 | 15,000,000 | ||||||||||||||||||||||
Basis of Presentation | |||||||||||||||||||||||||||||
Cash dividends received from consolidated subsidiaries | 400,000,000 | 788,000,000 | 573,000,000 | ||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||
Common stock issued | 2,391,000,000 | 0 | 0 | ||||||||||||||||||||||||||
Related Party Transactions | |||||||||||||||||||||||||||||
Current receivables due from affiliates | 272,000,000 | 41,000,000 | |||||||||||||||||||||||||||
Current payables due to affiliates | 198,000,000 | 249,000,000 | |||||||||||||||||||||||||||
Long-term receivables due from affiliate | 73,000,000 | 73,000,000 | |||||||||||||||||||||||||||
Long-term payables due to affiliates | $ 213,000,000 | $ 213,000,000 | |||||||||||||||||||||||||||
Edison International Parent and Other | SCE | |||||||||||||||||||||||||||||
Related Party Transactions | |||||||||||||||||||||||||||||
Expenses from services provided by SCE | 2,000,000 | 2,000,000 | 3,000,000 | ||||||||||||||||||||||||||
Interest expense from loans due to affiliates | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||||||||||||||||||||
Edison International Parent and Other | Senior notes | 5.75% Senior notes due 2027 | |||||||||||||||||||||||||||||
Debt and Credit Agreements | |||||||||||||||||||||||||||||
Debt, face amount | $ 600,000,000 | $ 600,000,000 | |||||||||||||||||||||||||||
Interest rate on debt (as a percent) | 5.75% | 5.75% | |||||||||||||||||||||||||||
Edison International Parent and Other | Senior notes | 3.125% Senior notes due 2022 | |||||||||||||||||||||||||||||
Debt and Credit Agreements | |||||||||||||||||||||||||||||
Debt, face amount | $ 300,000,000 | ||||||||||||||||||||||||||||
Interest rate on debt (as a percent) | 3.125% | ||||||||||||||||||||||||||||
Edison International Parent and Other | Senior notes | 3.550% Senior note due 2024 | |||||||||||||||||||||||||||||
Debt and Credit Agreements | |||||||||||||||||||||||||||||
Debt, face amount | $ 500,000,000 | ||||||||||||||||||||||||||||
Interest rate on debt (as a percent) | 3.55% | ||||||||||||||||||||||||||||
Edison International Parent and Other | Senior notes | 2.125% Senior notes due 2020 | |||||||||||||||||||||||||||||
Debt and Credit Agreements | |||||||||||||||||||||||||||||
Debt, face amount | $ 1,000,000,000 | ||||||||||||||||||||||||||||
Interest rate on debt (as a percent) | 2.125% | 2.125% | 2.125% | ||||||||||||||||||||||||||
Senior notes | $ 400,000,000 | $ 400,000,000 | |||||||||||||||||||||||||||
Basis points | 0.90% | ||||||||||||||||||||||||||||
Edison International Parent and Other | Senior notes | 2.40% Senior notes due 2022 | |||||||||||||||||||||||||||||
Debt and Credit Agreements | |||||||||||||||||||||||||||||
Interest rate on debt (as a percent) | 2.40% | 2.40% | |||||||||||||||||||||||||||
Senior notes | $ 400,000,000 | $ 400,000,000 | |||||||||||||||||||||||||||
Edison International Parent and Other | Senior notes | 2.95% Senior notes due 2023 | |||||||||||||||||||||||||||||
Debt and Credit Agreements | |||||||||||||||||||||||||||||
Interest rate on debt (as a percent) | 2.95% | ||||||||||||||||||||||||||||
Senior notes | $ 400,000,000 | ||||||||||||||||||||||||||||
Edison International Parent and Other | |||||||||||||||||||||||||||||
Liabilities and equity: | |||||||||||||||||||||||||||||
Current portion of long-term debt | 400,000,000 | 0 | |||||||||||||||||||||||||||
Long-term debt | 2,732,000,000 | 1,740,000,000 | |||||||||||||||||||||||||||
Edison International Parent and Other | Multi-year credit facilities | |||||||||||||||||||||||||||||
Debt and Credit Agreements | |||||||||||||||||||||||||||||
Commitment | $ 1,500,000,000 | $ 1,500,000,000 | |||||||||||||||||||||||||||
Outstanding borrowings (excluding discount) | 0 | 0 | |||||||||||||||||||||||||||
Amount available | 1,500,000,000 | ||||||||||||||||||||||||||||
SCE | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | 24,000,000 | 24,000,000 | 21,000,000 | 21,000,000 | 24,000,000 | 21,000,000 | 21,000,000 | 24,000,000 | 24,000,000 | 21,000,000 | |||||||||||||||||||
Other current assets | 103,000,000 | 69,000,000 | |||||||||||||||||||||||||||
Total current assets | 3,530,000,000 | 3,325,000,000 | |||||||||||||||||||||||||||
Other long-term assets | 1,507,000,000 | 1,360,000,000 | |||||||||||||||||||||||||||
Total assets | 64,273,000,000 | 56,574,000,000 | |||||||||||||||||||||||||||
Liabilities and equity: | |||||||||||||||||||||||||||||
Current portion of long-term debt | 79,000,000 | 79,000,000 | |||||||||||||||||||||||||||
Other current liabilities | 1,298,000,000 | 997,000,000 | |||||||||||||||||||||||||||
Total current liabilities | 5,059,000,000 | 5,146,000,000 | |||||||||||||||||||||||||||
Long-term debt | 15,132,000,000 | 12,892,000,000 | |||||||||||||||||||||||||||
Total equity | 17,827,000,000 | 13,785,000,000 | $ 14,672,000,000 | $ 14,483,000,000 | |||||||||||||||||||||||||
Total liabilities and equity | 64,273,000,000 | $ 56,574,000,000 | |||||||||||||||||||||||||||
Condensed Statements of Income: | |||||||||||||||||||||||||||||
Interest income from affiliates | 2,958,000,000 | 3,732,000,000 | 2,800,000,000 | 2,816,000,000 | 2,994,000,000 | 4,260,000,000 | 2,803,000,000 | 2,554,000,000 | 12,306,000,000 | 12,611,000,000 | 12,254,000,000 | ||||||||||||||||||
Operating, interest and other expenses | 10,461,000,000 | 13,017,000,000 | 10,707,000,000 | ||||||||||||||||||||||||||
Operating income (loss) | 325,000,000 | $ 649,000,000 | 513,000,000 | 358,000,000 | (2,013,000,000) | $ 754,000,000 | $ 439,000,000 | $ 414,000,000 | 1,845,000,000 | (406,000,000) | 1,547,000,000 | ||||||||||||||||||
Income tax (benefit) expense | (229,000,000) | (696,000,000) | (30,000,000) | ||||||||||||||||||||||||||
Condensed Statements of Comprehensive Income | |||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (11,000,000) | (4,000,000) | 1,000,000 | ||||||||||||||||||||||||||
Condensed Statements of Cash Flows: | |||||||||||||||||||||||||||||
Net cash provided by operating activities | (91,000,000) | 3,191,000,000 | 3,735,000,000 | ||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||
Long-term debt issued | 2,306,000,000 | 2,692,000,000 | 1,445,000,000 | ||||||||||||||||||||||||||
Long-term debt repaid | (82,000,000) | (639,000,000) | (882,000,000) | ||||||||||||||||||||||||||
Term loan issued | 750,000,000 | 0 | 0 | ||||||||||||||||||||||||||
Term loan repaid | (750,000,000) | 0 | 0 | ||||||||||||||||||||||||||
Short-term debt financing, net | (171,000,000) | (520,000,000) | 469,000,000 | ||||||||||||||||||||||||||
Payments for stock-based compensation | (40,000,000) | (22,000,000) | (86,000,000) | ||||||||||||||||||||||||||
Receipts from stock option exercises | 22,000,000 | 12,000,000 | 48,000,000 | ||||||||||||||||||||||||||
Dividends paid | (521,000,000) | (909,000,000) | (697,000,000) | ||||||||||||||||||||||||||
Net cash provided by financing activities | 4,771,000,000 | 616,000,000 | 243,000,000 | ||||||||||||||||||||||||||
Net cash used in investing activities | (4,678,000,000) | (4,300,000,000) | (3,503,000,000) | ||||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | $ 24,000,000 | $ 21,000,000 | 21,000,000 | ||||||||||||||||||||||||||
Cash and cash equivalents, end of year | $ 24,000,000 | $ 21,000,000 | $ 24,000,000 | $ 24,000,000 | $ 21,000,000 | 24,000,000 | |||||||||||||||||||||||
Basis of Presentation | |||||||||||||||||||||||||||||
Minimum percentage of weighted-average common equity component authorization, set by CPUC (as a percent) | 48.00% | 45.20% | |||||||||||||||||||||||||||
Wildfire related charge incurred after tax | $ 2,000,000,000 | ||||||||||||||||||||||||||||
Spot rate equity ratio | 47.00% | ||||||||||||||||||||||||||||
Waiver threshold percent | 47.00% | ||||||||||||||||||||||||||||
Weighted-average common equity component of total capitalization percent | 48.50% | ||||||||||||||||||||||||||||
Capacity to pay additional dividends | $ 179,000,000 | ||||||||||||||||||||||||||||
Restriction on net assets | $ 17,600,000,000 | ||||||||||||||||||||||||||||
Weighted-average common equity component of total capitalization percent with CPUC waiver | 49.60% | ||||||||||||||||||||||||||||
Debt and Credit Agreements | |||||||||||||||||||||||||||||
Senior notes | $ 450,000,000 | $ 450,000,000 | |||||||||||||||||||||||||||
Debt to total capitalization ratio | 0.65 | ||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||
Issuance of preference or common stock | $ 462,000,000 | ||||||||||||||||||||||||||||
SCE | SCE Term loan credit agreement | |||||||||||||||||||||||||||||
Debt and Credit Agreements | |||||||||||||||||||||||||||||
Debt, face amount | $ 750,000,000 | ||||||||||||||||||||||||||||
SCE | Multi-year credit facilities | |||||||||||||||||||||||||||||
Debt and Credit Agreements | |||||||||||||||||||||||||||||
Commitment | $ 3,000,000,000 | ||||||||||||||||||||||||||||
Outstanding borrowings (excluding discount) | (550,000,000) | ||||||||||||||||||||||||||||
Amount available | 2,298,000,000 | ||||||||||||||||||||||||||||
At-the-market Program (ATM) | |||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||
Aggregate sale price | $ 1,300,000,000 | $ 1,500,000,000 | |||||||||||||||||||||||||||
Preferred stock, shares issued | shares | 2.8 | ||||||||||||||||||||||||||||
Offering expenses | $ 2,000,000 | ||||||||||||||||||||||||||||
Internal programs | |||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||
Preferred stock, shares issued | shares | 0.6 | ||||||||||||||||||||||||||||
Common stock issued in lieu of distributing dividends | $ 8,000,000 | ||||||||||||||||||||||||||||
401(K) | |||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||
Common stock issued | $ 41,000,000 | ||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||
Preferred stock, shares issued | shares | 0.4 | ||||||||||||||||||||||||||||
Common stock issued | $ 41,000,000 | ||||||||||||||||||||||||||||
In lieu of dividend payment | |||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||
Common stock issued | $ 22,000,000 | ||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||
Preferred stock, shares issued | shares | 0.1 | ||||||||||||||||||||||||||||
Common stock issued | $ 22,000,000 | ||||||||||||||||||||||||||||
Subsequent event | SCE | |||||||||||||||||||||||||||||
Basis of Presentation | |||||||||||||||||||||||||||||
Minimum percentage of weighted-average common equity component authorization, set by CPUC (as a percent) | 52.00% | ||||||||||||||||||||||||||||
Debt proceeds contributed | SCE | SCE Term loan credit agreement | |||||||||||||||||||||||||||||
Debt and Credit Agreements | |||||||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 750,000,000 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in Valuation and Qualifying Accounts | |||
Balance at Beginning of Period | $ 51.5 | $ 53.9 | $ 61.8 |
Charged to Costs and Expenses | 32.2 | 35.2 | 26.4 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 34 | 37.6 | 34.3 |
Balance at End of Period | 49.7 | 51.5 | 53.9 |
Recorded valuation allowance | 30 | ||
Customers | |||
Movement in Valuation and Qualifying Accounts | |||
Balance at Beginning of Period | 32 | 36.6 | 41.2 |
Charged to Costs and Expenses | 22.2 | 19 | 12.9 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 18.4 | 23.6 | 17.5 |
Balance at End of Period | 35.8 | 32 | 36.6 |
All others | |||
Movement in Valuation and Qualifying Accounts | |||
Balance at Beginning of Period | 19.5 | 17.3 | 20.6 |
Charged to Costs and Expenses | 10 | 16.2 | 13.5 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 15.6 | 14 | 16.8 |
Balance at End of Period | 13.9 | 19.5 | 17.3 |
Tax valuation allowance | |||
Movement in Valuation and Qualifying Accounts | |||
Balance at Beginning of Period | 36 | 28 | 24 |
Charged to Costs and Expenses | 0 | 0 | 0 |
Charged to Other Accounts | 0 | 8 | 4 |
Deductions | 1 | 0 | 0 |
Balance at End of Period | 35 | 36 | 28 |
Southern California Edison Company | |||
Movement in Valuation and Qualifying Accounts | |||
Balance at Beginning of Period | 51.1 | 53.3 | 61.1 |
Charged to Costs and Expenses | 32 | 35.1 | 26.4 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 33.7 | 37.3 | 34.2 |
Balance at End of Period | 49.4 | 51.1 | 53.3 |
Southern California Edison Company | Customers | |||
Movement in Valuation and Qualifying Accounts | |||
Balance at Beginning of Period | 31.6 | 36 | 40.5 |
Charged to Costs and Expenses | 22 | 18.9 | 12.9 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 18.1 | 23.3 | 17.4 |
Balance at End of Period | 35.5 | 31.6 | 36 |
Southern California Edison Company | All others | |||
Movement in Valuation and Qualifying Accounts | |||
Balance at Beginning of Period | 19.5 | 17.3 | 20.6 |
Charged to Costs and Expenses | 10 | 16.2 | 13.5 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 15.6 | 14 | 16.8 |
Balance at End of Period | 13.9 | 19.5 | $ 17.3 |
Capital loss from sale of SoCore Energy | |||
Movement in Valuation and Qualifying Accounts | |||
Recorded valuation allowance | $ 5 | 4 | |
Non-California state | Tax valuation allowance | |||
Movement in Valuation and Qualifying Accounts | |||
Charged to Other Accounts | $ 4 |
Uncategorized Items - eix-sceq4
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 5,000,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Southern California Edison Company [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (5,000,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (10,000,000) |
AOCI Attributable to Parent [Member] | Southern California Edison Company [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (5,000,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (5,000,000) |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 5,000,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 10,000,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 10,000,000 |
Retained Earnings [Member] | Southern California Edison Company [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 5,000,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 5,000,000 |