Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 20, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
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 each class | Common Stock, no par value | |
Trading Symbol | EIX | |
Security Exchange Name | NYSE | |
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 Common Stock, Shares Outstanding | 378,513,912 | |
Entity Central Index Key | 0000827052 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Southern California Edison | ||
Entity Information [Line Items] | ||
Document Period End Date | Sep. 30, 2020 | |
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 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 Common Stock, Shares Outstanding | 434,888,104 | |
Entity Central Index Key | 0000092103 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Total operating revenue | $ 4,644 | $ 3,741 | $ 10,421 | $ 9,377 |
Purchased power and fuel | 1,817 | 1,708 | 3,813 | 3,848 |
Operation and maintenance | 1,248 | 774 | 2,885 | 2,251 |
Wildfire-related claims, net of insurance recoveries | 1,297 | 0 | 1,303 | 0 |
Wildfire Insurance Fund expense | 85 | 67 | 252 | 67 |
Depreciation and amortization | 490 | 459 | 1,463 | 1,260 |
Property and other taxes | 114 | 99 | 328 | 302 |
Impairment and other | (28) | 0 | (46) | 166 |
Other operating income | 0 | (2) | 0 | (5) |
Total operating expenses | 5,023 | 3,105 | 9,998 | 7,889 |
Operating (loss) income | (379) | 636 | 423 | 1,488 |
Interest expense | (222) | (214) | (676) | (619) |
Other income | 84 | 58 | 217 | 151 |
(Loss) income before income taxes | (517) | 480 | (36) | 1,020 |
Income tax benefit | (275) | (22) | (355) | (212) |
Net (loss) income | (242) | 502 | 319 | 1,232 |
Preferred and preference stock dividend requirements of SCE | 46 | 31 | 106 | 91 |
Net (loss) income attributable to Edison International common shareholders | (288) | 471 | 213 | 1,141 |
Net (loss) income available for common stock | $ (288) | $ 471 | $ 213 | $ 1,141 |
Basic (loss) earnings per share: | ||||
Weighted average common shares outstanding (in shares) | 378 | 347 | 371 | 333 |
Basic (loss) earnings per common share attributable to Edison International common shareholders (in dollars per share) | $ (0.76) | $ 1.36 | $ 0.57 | $ 3.43 |
Diluted (loss) earnings per share: | ||||
Weighted-average shares of common stock outstanding, including effect of dilutive securities (in shares) | 378 | 349 | 372 | 334 |
Diluted (loss) earnings per common share attributable to Edison International common shareholders (in dollars per share) | $ (0.76) | $ 1.35 | $ 0.57 | $ 3.42 |
Southern California Edison | ||||
Total operating revenue | $ 4,635 | $ 3,732 | $ 10,395 | $ 9,348 |
Purchased power and fuel | 1,817 | 1,708 | 3,813 | 3,848 |
Operation and maintenance | 1,226 | 752 | 2,820 | 2,192 |
Wildfire-related claims, net of insurance recoveries | 1,297 | 0 | 1,303 | 0 |
Wildfire Insurance Fund expense | 85 | 67 | 252 | 67 |
Depreciation and amortization | 489 | 459 | 1,461 | 1,259 |
Property and other taxes | 113 | 98 | 326 | 300 |
Impairment and other | (28) | 0 | (80) | 166 |
Other operating income | 0 | (1) | 0 | (4) |
Total operating expenses | 4,999 | 3,083 | 9,895 | 7,828 |
Operating (loss) income | (364) | 649 | 500 | 1,520 |
Interest expense | (188) | (183) | (575) | (549) |
Other income | 83 | 58 | 217 | 152 |
(Loss) income before income taxes | (469) | 524 | 142 | 1,123 |
Income tax benefit | (251) | (10) | (300) | (183) |
Net (loss) income | (218) | 534 | 442 | 1,306 |
Preferred and preference stock dividend requirements of SCE | 46 | 31 | 106 | 91 |
Net (loss) income available for common stock | $ (264) | $ 503 | $ 336 | $ 1,215 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net (loss) income | $ (242) | $ 502 | $ 319 | $ 1,232 |
Pension and postretirement benefits other than pensions: | ||||
Amortization of net loss included in net income | 2 | 2 | 6 | 5 |
Other comprehensive income, net of tax | 2 | 2 | 6 | 5 |
Comprehensive (loss) income | (240) | 504 | 325 | 1,237 |
Less: Comprehensive income attributable to noncontrolling interests | 46 | 31 | 106 | 91 |
Comprehensive (loss) income attributable to Edison International | (286) | 473 | 219 | 1,146 |
Southern California Edison | ||||
Net (loss) income | (218) | 534 | 442 | 1,306 |
Pension and postretirement benefits other than pensions: | ||||
Amortization of net loss included in net income | 1 | 1 | 4 | 3 |
Other comprehensive income, net of tax | 1 | 1 | 4 | 3 |
Comprehensive (loss) income | $ (217) | $ 535 | $ 446 | $ 1,309 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 92 | $ 68 |
Receivables, less allowances for uncollectible accounts | 1,399 | 788 |
Accrued unbilled revenue | 708 | 488 |
Insurance receivable | 843 | 0 |
Income tax receivables | 72 | 118 |
Inventory | 387 | 364 |
Prepaid expenses | 338 | 214 |
Regulatory assets | 1,530 | 1,009 |
Wildfire Insurance Fund contributions | 323 | 323 |
Other current assets | 163 | 188 |
Total current assets | 5,855 | 3,560 |
Nuclear decommissioning trusts | 4,650 | 4,562 |
Other investments | 85 | 64 |
Total investments | 4,735 | 4,626 |
Utility property, plant and equipment, less accumulated depreciation and amortization | 46,294 | 44,198 |
Nonutility property, plant and equipment, less accumulated depreciation | 176 | 87 |
Total property, plant and equipment | 46,470 | 44,285 |
Regulatory assets | 6,446 | 6,088 |
Wildfire Insurance Fund contributions | 2,525 | 2,767 |
Operating lease right-of-use assets | 1,112 | 693 |
Other long-term assets | 1,413 | 2,363 |
Total long-term assets | 11,496 | 11,911 |
Total assets | 68,556 | 64,382 |
LIABILITIES AND EQUITY | ||
Short-term debt | 1,751 | 550 |
Current portion of long-term debt | 1,029 | 479 |
Accounts payable | 1,691 | 1,752 |
Customer deposits | 259 | 302 |
Regulatory liabilities | 801 | 972 |
Current portion of operating lease liabilities | 210 | 80 |
Wildfire-related claims | 1,192 | 0 |
Other current liabilities | 1,683 | 1,388 |
Total current liabilities | 8,616 | 5,523 |
Long-term debt | 18,958 | 17,864 |
Deferred income taxes and credits | 5,161 | 5,078 |
Pensions and benefits | 641 | 674 |
Asset retirement obligations | 2,988 | 3,029 |
Regulatory liabilities | 8,089 | 8,385 |
Operating lease liabilities | 902 | 613 |
Wildfire-related claims | 4,643 | 4,568 |
Other deferred credits and other long-term liabilities | 2,909 | 3,152 |
Total deferred credits and other liabilities | 25,333 | 25,499 |
Total liabilities | 52,907 | 48,886 |
Commitments and contingencies (Note 12) | ||
Common stock, no par value | 5,930 | 4,990 |
Accumulated other comprehensive loss | (63) | (69) |
Retained earnings | 7,881 | 8,382 |
Total Edison International's common shareholders' equity | 13,748 | 13,303 |
Noncontrolling interests – preferred and preference stock of SCE | 1,901 | 2,193 |
Total equity | 15,649 | 15,496 |
Total liabilities and equity | 68,556 | 64,382 |
Southern California Edison | ||
ASSETS | ||
Cash and cash equivalents | 30 | 24 |
Receivables, less allowances for uncollectible accounts | 1,396 | 777 |
Accrued unbilled revenue | 708 | 488 |
Insurance receivable | 395 | 0 |
Current insurance receivable due from affiliate | 448 | 0 |
Income tax receivables | 90 | 148 |
Inventory | 387 | 364 |
Prepaid expenses | 338 | 213 |
Regulatory assets | 1,530 | 1,009 |
Wildfire Insurance Fund contributions | 323 | 323 |
Other current assets | 153 | 184 |
Total current assets | 5,798 | 3,530 |
Nuclear decommissioning trusts | 4,650 | 4,562 |
Other investments | 66 | 46 |
Total investments | 4,716 | 4,608 |
Utility property, plant and equipment, less accumulated depreciation and amortization | 46,294 | 44,198 |
Nonutility property, plant and equipment, less accumulated depreciation | 170 | 83 |
Total property, plant and equipment | 46,464 | 44,281 |
Regulatory assets | 6,446 | 6,088 |
Wildfire Insurance Fund contributions | 2,525 | 2,767 |
Operating lease right-of-use assets | 1,109 | 689 |
Long-term insurance receivables due from affiliate | 354 | 803 |
Other long-term assets | 1,041 | 1,507 |
Total long-term assets | 11,475 | 11,854 |
Total assets | 68,453 | 64,273 |
LIABILITIES AND EQUITY | ||
Short-term debt | 1,751 | 550 |
Current portion of long-term debt | 1,029 | 79 |
Accounts payable | 1,690 | 1,779 |
Customer deposits | 259 | 302 |
Regulatory liabilities | 801 | 972 |
Current portion of operating lease liabilities | 210 | 79 |
Wildfire-related claims | 1,192 | 0 |
Other current liabilities | 1,373 | 1,298 |
Total current liabilities | 8,305 | 5,059 |
Long-term debt | 15,826 | 15,132 |
Deferred income taxes and credits | 6,600 | 6,451 |
Pensions and benefits | 215 | 237 |
Asset retirement obligations | 2,988 | 3,029 |
Regulatory liabilities | 8,089 | 8,385 |
Operating lease liabilities | 899 | 610 |
Wildfire-related claims | 4,643 | 4,568 |
Other deferred credits and other long-term liabilities | 2,709 | 2,975 |
Total deferred credits and other liabilities | 26,143 | 26,255 |
Total liabilities | 50,274 | 46,446 |
Commitments and contingencies (Note 12) | ||
Preferred and preference stock | 1,945 | 2,245 |
Common stock, no par value | 2,168 | 2,168 |
Additional paid-in capital | 5,058 | 3,939 |
Accumulated other comprehensive loss | (35) | (39) |
Retained earnings | 9,043 | 9,514 |
Total equity | 18,179 | 17,827 |
Total liabilities and equity | $ 68,453 | $ 64,273 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Receivables, allowances for uncollectible accounts | $ 142 | $ 50 |
Utility property, plant and equipment, accumulated depreciation | 10,561 | 9,958 |
Nonutility property, plant and equipment, accumulated depreciation | $ 92 | $ 86 |
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 | 378,512,829 | 361,985,133 |
Common stock, shares outstanding | 378,512,829 | 361,985,133 |
Southern California Edison | ||
Receivables, allowances for uncollectible accounts | $ 141 | $ 49 |
Utility property, plant and equipment, accumulated depreciation | 10,561 | 9,958 |
Nonutility property, plant and equipment, accumulated depreciation | $ 85 | $ 80 |
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 | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net (loss) income | $ 319 | $ 1,232 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Depreciation and amortization | 1,512 | 1,316 |
Allowance for equity during construction | (87) | (75) |
Impairment and other | (46) | 166 |
Deferred income taxes | (344) | (221) |
Wildfire Insurance Fund amortization expense | 252 | 67 |
Other | 31 | 21 |
Nuclear decommissioning trusts | (123) | (114) |
Contributions to Wildfire Insurance Fund | 0 | (2,363) |
Changes in operating assets and liabilities: | ||
Receivables | (556) | (383) |
Inventory | (24) | (68) |
Accounts payable | 7 | 284 |
Tax receivables and payables | 197 | 163 |
Other current assets and liabilities | (311) | (340) |
Regulatory assets and liabilities, net | (1,074) | (470) |
Wildfire-related insurance receivable | 73 | 0 |
Wildfire-related claims | 1,267 | 0 |
Other noncurrent assets and liabilities | (22) | (32) |
Net cash provided by (used in) operating activities | 1,071 | (817) |
Cash flows from financing activities: | ||
Long-term debt issued, net of discount and issuance costs | 2,726 | 2,902 |
Long-term debt repaid or repurchased | (1,098) | (81) |
Term loan and revolving credit facility borrowing | 1,929 | 1,750 |
Term loan repaid | (800) | (750) |
Common stock issued | 896 | 2,165 |
Preferred and preference stock redeemed | (308) | 0 |
Short-term debt financing, net | 73 | (722) |
Payments for stock-based compensation | (3) | (64) |
Receipts from stock option exercises | 14 | 51 |
Dividends and distribution to noncontrolling interests | (97) | (96) |
Dividends paid | (691) | (594) |
Other | 6 | (3) |
Net cash provided by financing activities | 2,647 | 4,558 |
Cash flows from investing activities: | ||
Capital expenditures | (3,897) | (3,497) |
Proceeds from sale of nuclear decommissioning trust investments | 4,754 | 3,354 |
Purchases of nuclear decommissioning trust investments | (4,631) | (3,240) |
Proceeds from sale of San Onofre nuclear fuel | 86 | 4 |
Other | (6) | 34 |
Investing cash flows from continuing operations | (3,694) | (3,345) |
Net increase in cash, cash equivalents and restricted cash | 24 | 396 |
Cash, cash equivalents and restricted cash at beginning of period | 70 | 152 |
Cash, cash equivalents and restricted cash at end of period | 94 | 548 |
Southern California Edison | ||
Cash flows from operating activities: | ||
Net (loss) income | 442 | 1,306 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Depreciation and amortization | 1,506 | 1,312 |
Allowance for equity during construction | (87) | (75) |
Impairment and other | (80) | 166 |
Deferred income taxes | (285) | (207) |
Wildfire Insurance Fund amortization expense | 252 | 67 |
Other | 19 | 14 |
Nuclear decommissioning trusts | (123) | (114) |
Contributions to Wildfire Insurance Fund | 0 | (2,363) |
Changes in operating assets and liabilities: | ||
Receivables | (564) | (392) |
Inventory | (24) | (68) |
Accounts payable | (19) | 275 |
Tax receivables and payables | 208 | 279 |
Other current assets and liabilities | (321) | (341) |
Regulatory assets and liabilities, net | (1,074) | (470) |
Wildfire-related insurance receivable | 73 | 0 |
Wildfire-related claims | 1,267 | 0 |
Other noncurrent assets and liabilities | (28) | (28) |
Net cash provided by (used in) operating activities | 1,162 | (639) |
Cash flows from financing activities: | ||
Long-term debt issued, net of discount and issuance costs | 2,330 | 2,306 |
Long-term debt repaid or repurchased | (698) | (81) |
Term loan and revolving credit facility borrowing | 1,129 | 750 |
Term loan repaid | 0 | (750) |
Capital contributions from Edison International Parent | 1,107 | 3,050 |
Preferred and preference stock redeemed | (308) | 0 |
Short-term debt financing, net | 73 | (721) |
Payments for stock-based compensation | (5) | (39) |
Receipts from stock option exercises | 0 | 22 |
Dividends paid | (1,104) | (496) |
Other | 6 | (2) |
Net cash provided by financing activities | 2,530 | 4,039 |
Cash flows from investing activities: | ||
Capital expenditures | (3,894) | (3,495) |
Proceeds from sale of nuclear decommissioning trust investments | 4,754 | 3,354 |
Purchases of nuclear decommissioning trust investments | (4,631) | (3,240) |
Proceeds from sale of San Onofre nuclear fuel | 86 | 4 |
Other | (1) | 41 |
Investing cash flows from continuing operations | (3,686) | (3,336) |
Net increase in cash, cash equivalents and restricted cash | 6 | 64 |
Cash, cash equivalents and restricted cash at beginning of period | 24 | 22 |
Cash, cash equivalents and restricted cash at end of period | $ 30 | $ 86 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Discounts and issuance costs of long term debt | $ 26 | $ 2 |
Southern California Edison | ||
Discounts and issuance costs of long term debt | $ 30 | $ 6 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
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 customers in 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 significant accounting policies were described in the "Notes to Consolidated Financial Statements" included in Edison International's and SCE's combined Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 Form 10-K"). This quarterly report should be read in conjunction with the financial statements and notes included in the 2019 Form 10-K. In the opinion of management, all adjustments, consisting only of adjustments of a normal recurring nature, have been made that are necessary to fairly state the consolidated financial position, results of operations, and cash flows in accordance with accounting principles generally accepted in the United States ("GAAP") for the periods covered by this quarterly report on Form 10-Q. The results of operations for the three-month and nine-month periods ended September 30, 2020 are not necessarily indicative of the operating results for the full year. Certain prior period amounts have been conformed to the current period's presentation. The December 31, 2019 financial statement data was derived from audited financial statements but does not include all disclosures required by GAAP. 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 (in millions) September 30, December 31, 2019 Money market funds $ 56 $ 31 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 (in millions) September 30, December 31, 2019 September 30, December 31, 2019 Book balances reclassified to accounts payable $ 51 $ 75 $ 50 $ 74 The following table sets forth the cash, cash equivalents and restricted cash included in the consolidated statements of cash flows: (in millions) September 30, 2020 December 31, 2019 Edison International: Cash and cash equivalents $ 92 $ 68 Short-term restricted cash 1 2 2 Total cash, cash equivalents, and restricted cash $ 94 $ 70 1 Reflected in "Other current assets" on Edison International's consolidated balance sheets. Allowance for Uncollectible Accounts The allowance for uncollectible accounts is recorded based on SCE's estimate of expected credit losses and adjusted over the life of the receivables as needed. Since the customer base of SCE is concentrated in Southern California and exposes SCE to a homogeneous set of economic conditions, the allowance is measured on a collective basis on the historical amounts written-off, assessment of customer collectibility and current economic trends, including unemployment rates and any likelihood of recession for the region. At September 30, 2020, this included the estimated impacts of the COVID-19 pandemic. The following table sets forth the changes in allowance for uncollectible accounts for SCE: Three months ended September 30, 2020 Nine months ended September 30, 2020 (in millions) Customers All others Customers All others Beginning balance $ 75 $ 15 $ 35 $ 14 Plus: current period provision for uncollectible accounts Included in operation and maintenance expenses 11 4 39 11 Deferred to regulatory assets 43 — 64 — Less: write-offs, net of recoveries 5 2 14 8 Ending balance $ 124 $ 17 $ 124 $ 17 Revenue Recognition Regulatory Proceedings 2018 General Rate Case In May 2019, the CPUC approved a decision in SCE's 2018 GRC. The revenue requirements in the 2018 GRC final decision were retroactive to January 1, 2018. SCE recorded the prior period impact of the 2018 GRC decision in the second quarter of 2019, including: • An increase to earnings of $131 million from the application of the decision to revenue, depreciation expense and income tax expense, of which $65 million was attributable to 2018 and $66 million was attributable to first quarter of 2019. Depreciation expense decreased as a result of lower authorized depreciation rates. An increase in the authorized revenue requirement for income tax expenses offsets income tax expenses recognized during 2018 and the first quarter of 2019. The reduction of revenue of $265 million reflects $289 million of lower authorized revenue related to 2018 and $24 million of higher authorized revenue in 2019. • 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. 2019 FERC Formula Rate In September 2020, the FERC approved a settlement on SCE's formula rates for the 2019 Formula Rate case ("2019 Formula Rate Settlement"), which established SCE's FERC transmission revenue requirement for the settlement period. The settlement period is extended through December 31, 2021, at which time SCE is permitted to request a new formula rate. The settlement provides for a total ROE of 10.30% inclusive of CAISO and transmission incentive adders. The settlement also provides that SCE’s capital structure for purposes of its formula rate will reflect the higher of SCE's actual equity ratio or 47.50%. The transmission revenue requirement and rates that have been billed to customers prior to the implementation of the 2019 Formula Rate Settlement utilized a base ROE of 11.97%. SCE expects to refund the excess amounts billed to customers through the operation of the Formula Rate in 2021 and 2022. SCE had been recognizing revenue based on the expected outcome of this settlement and the impact of recording the settlement was not material. Earnings Per Share Edison International computes earnings per common share ("EPS") using the two-class method, which is an earnings allocation formula that determines EPS for each class of common stock and participating security. Edison International's participating securities are stock-based compensation awards, payable in common shares, which earn dividend equivalents on an equal basis with common shares once the awards are vested. See Note 14 for further information. EPS attributable to Edison International common shareholders was computed as follows: Three months ended September 30, Nine months ended September 30, (in millions, except per-share amounts) 2020 2019 2020 2019 Basic (loss) earnings per share: Net (loss) income attributable to common shareholders $ (288) $ 471 $ 213 $ 1,141 Net (loss) income available to common shareholders $ (288) $ 471 $ 213 $ 1,141 Weighted average common shares outstanding 378 347 371 333 Basic (loss) earnings per share $ (0.76) $ 1.36 $ 0.57 $ 3.43 Diluted (loss) earnings per share: Net (loss) income attributable to common shareholders $ (288) $ 471 $ 213 $ 1,141 Net (loss) income available to common shareholders $ (288) $ 471 $ 213 $ 1,141 Net (loss) income available to common shareholders and assumed conversions $ (288) $ 471 $ 213 $ 1,141 Weighted average common shares outstanding 378 347 371 333 Incremental shares from assumed conversions 1 — 2 1 1 Adjusted weighted average shares – diluted 378 349 372 334 Diluted (loss) earnings per share $ (0.76) $ 1.35 $ 0.57 $ 3.42 1 Due to the loss reported for the quarter ended September 30, 2020, incremental shares were not included as the effect would be antidilutive. In addition to the participating securities discussed above, Edison International also may award stock options, which are payable in common shares and are included in the diluted earnings per share calculation. Stock option awards to purchase 9,158,974 and 1,398,884 shares of common stock for the three months ended September 30, 2020 and 2019, respectively, and 9,079,789 and 5,997,917 shares for the nine months ended September 30, 2020 and 2019, respectively, were outstanding, but were not included in the computation of diluted earnings per share because the effect would have been antidilutive. New Accounting Guidance Accounting Guidance Adopted In June 2016, the Financial Accounting Standards Board ("FASB") issued an accounting standards update to require the use of the current expected credit loss model to measure impairment of financial assets measured at amortized cost, including trade and other receivables, and the use of an allowance to record estimated credit losses on available-for-sale debt securities. Edison International and SCE adopted this guidance on January 1, 2020 using the prospective adoption approach to available-for-sale debt securities and the modified retrospective approach to all other financial assets. Edison International and SCE hold available-for-sale debt securities in nuclear decommissioning trusts and 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 impairments, increase or decrease the trust assets and the related regulatory asset or liability and have no impact on electric utility revenue or decommissioning expense. Upon adoption of this guidance, SCE reviews each fixed income security for impairment on the last day of each month. If the fair value on the last day of the month is less than the amortized cost for that security, SCE impairs the disclosed amortized cost. See Note 10 for further information. The adoption of this guidance did not have a material impact on Edison International's and SCE's other financial assets including receivables. 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 adopted the standard on January 1, 2020 using the prospective adoption approach. The adoption of this guidance did not have a material impact on Edison International's and SCE's financial position or result of operations. In March 2020, the FASB issued an accounting standards update to provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference London Inter-Bank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. Edison International and SCE have adopted the standard as of April 1, 2020 prospectively. SCE generally does not use hedge accounting for derivative transactions. SCE has a term loan with a variable interest rate based on LIBOR. In addition, both Edison International and SCE have revolving credit facilities with a variable interest rate based on LIBOR. These agreements contain provisions that require an amendment if LIBOR can no longer be used. SCE also has certain preference stocks, for which the distributions will be payable at a floating rate referenced to LIBOR from 2022. As of September 30, 2020, both Edison International and SCE have not utilized any of the expedients and therefore there is no impact on adoption of the guidance, however, if contract amendments are made where LIBOR is no longer valid, both Edison International and SCE expect to utilize the expedients through the allowed period of December 31, 2022. In August 2018, the FASB issued an accounting standards update to remove, modify and add certain disclosure requirements related to employer-sponsored defined benefit pension or other postretirement plans. The guidance removes disclosure requirements that are no longer considered cost beneficial, clarifies certain specific disclosure requirements and adds disclosure requirements identified as relevant. The modifications only affect annual period disclosures and must be applied on a retrospective basis to all periods presented. Edison International and SCE have adopted this guidance for the year ending December 31, 2020. The adoption of this guidance will not materially affect the annual disclosures related to employer-sponsored defined benefit pension or other postretirement plans. Accounting Guidance Not Yet Adopted In August 2020, the FASB issued an accounting standards update to simplify the accounting for certain financial instruments with characteristics of liabilities and equity. The amendments in this update affect entities that issue convertible instruments indexed to or potentially settled in an entity's own equity. This guidance also simplifies an entity's application of the derivatives scope exception for contracts in its own equity and amends certain aspects of the EPS guidance. The guidance is effective January 1, 2022 with early adoption permitted after January 1, 2021. Edison International and SCE are currently evaluating the impact of the guidance. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Consolidated Statements of Changes in Equity | Consolidated Statements of Changes in Equity The following table provides Edison International's changes in equity for the nine months ended September 30, 2020: Equity Attributable to Common Shareholders Noncontrolling Interests (in millions, except per share amounts) Common Accumulated Retained Subtotal Preferred Total Balance at December 31, 2019 $ 4,990 $ (69) $ 8,382 $ 13,303 $ 2,193 $ 15,496 Net income — — 183 183 30 213 Other comprehensive income — 2 — 2 — 2 Common stock issued, net of issuance cost 88 — — 88 — 88 Common stock dividends declared ($0.6375 per share) — — (232) (232) — (232) Dividends to noncontrolling interests ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (30) (30) Noncash stock-based compensation 7 — — 7 — 7 Balance at March 31, 2020 $ 5,085 $ (67) $ 8,333 $ 13,351 $ 2,193 $ 15,544 Net income — — 318 318 30 348 Other comprehensive income — 2 — 2 — 2 Common stock issued, net of issuance cost 815 — — 815 — 815 Common stock dividends declared ($0.6375 per share) — — (241) (241) — (241) Dividends to noncontrolling interests ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (30) (30) Noncash stock-based compensation 8 — — 8 — 8 Balance at June 30, 2020 $ 5,908 $ (65) $ 8,410 $ 14,253 $ 2,193 $ 16,446 Net loss — — (288) (288) 46 (242) Other comprehensive income — 2 — 2 — 2 Common stock issued, net of issuance cost (Note 14) 15 — — 15 — 15 Common stock dividends declared ($0.6375 per share) — — (241) (241) — (241) Dividends to noncontrolling interests ($0.247 - $0.289 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (31) (31) Noncash stock-based compensation and other 7 — — 7 1 8 Redemption of preferred and preference stock — — — — (308) (308) Balance at September 30, 2020 $ 5,930 $ (63) $ 7,881 $ 13,748 $ 1,901 $ 15,649 The following table provides Edison International's changes in equity for the nine months ended September 30, 2019: Equity Attributable to Common Shareholders Noncontrolling Interests (in millions, except per share amounts) Common Accumulated Retained Subtotal Preferred Total Balance at December 31, 2018 $ 2,545 $ (50) $ 7,964 $ 10,459 $ 2,193 $ 12,652 Net income — — 278 278 30 308 Other comprehensive income — 2 — 2 — 2 Cumulative effect of accounting changes 1 — (10) 10 — — — Common stock dividends declared ($0.6125 per share) — — (200) (200) — (200) Dividends to noncontrolling interests ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (30) (30) Stock-based compensation — — (18) (18) — (18) Noncash stock-based compensation 5 — — 5 — 5 Balance at March 31, 2019 $ 2,550 $ (58) $ 8,034 $ 10,526 $ 2,193 $ 12,719 Net income — — 392 392 30 422 Other comprehensive income — 1 — 1 — 1 Common stock dividends declared ($0.6125 per share) — — (200) (200) — (200) Dividends to noncontrolling interests ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (30) (30) Stock-based compensation — — (4) (4) — (4) Noncash stock-based compensation 5 — — 5 — 5 Balance at June 30, 2019 $ 2,555 $ (57) $ 8,222 $ 10,720 $ 2,193 $ 12,913 Net income — — 471 471 31 502 Other comprehensive income — 2 — 2 — 2 Common stock issued, net of issuance cost 2,185 — — 2,185 — 2,185 Common stock dividends declared ($0.6125 per share) — — (219) (219) — (219) Dividends to noncontrolling interests ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (31) (31) Stock-based compensation — — (5) (5) — (5) Noncash stock-based compensation 6 — — 6 — 6 Balance at September 30, 2019 $ 4,746 $ (55) $ 8,469 $ 13,160 $ 2,193 $ 15,353 1 Edison International recognized a cumulative effect adjustment to the opening balance of retained earnings and accumulated other comprehensive loss on January 1, 2019 related to the adoption of the accounting standards update on the reclassification of stranded tax effects resulting from Tax Cuts and Jobs Act ("Tax Reform.") The following table provides SCE's changes in equity for the nine months ended September 30, 2020: (in millions, except per share amounts) Preferred Common Additional Accumulated Retained Total Balance at December 31, 2019 $ 2,245 $ 2,168 $ 3,939 $ (39) $ 9,514 $ 17,827 Net income — — — — 249 249 Other comprehensive income — — — 2 — 2 Capital contribution from Edison International Parent — — 269 — — 269 Dividends declared on common stock ($0.6185 per share) — — — — (269) (269) Dividends declared on preferred stock ($0.255 - $0.299 per share) and preference stock ($15.625 - $35.936 per share) — — — — (30) (30) Stock-based compensation — — (5) — — (5) Noncash stock-based compensation — — 4 — (1) 3 Balance at March 31, 2020 $ 2,245 $ 2,168 $ 4,207 $ (37) $ 9,463 $ 18,046 Net income — — — — 411 411 Other comprehensive income — — — 1 — 1 Capital contribution from Edison International Parent — — 619 — — 619 Dividends declared on common stock ($0.6185 per share) — — — — (269) (269) Dividends declared on preferred stock ($0.255 - $0.299 per share) and preference stock ($15.625 - $35.936 per share) — — — — (30) (30) Noncash stock-based compensation — — 3 — — 3 Balance at June 30, 2020 $ 2,245 $ 2,168 $ 4,829 $ (36) $ 9,575 $ 18,781 Net loss — — — — (218) (218) Other comprehensive income — — — 1 — 1 Capital contribution from Edison International Parent — — 219 — — 219 Dividends declared on common stock ($0.6185 per share) — — — — (269) (269) Dividends declared on preferred stock ($0.247 - $0.289 per share) and preference stock ($15.625 - $35.936 per share) — — — — (31) (31) Noncash stock-based compensation and other — — 3 — 1 4 Redemption of preferred and preference stock $ (300) $ — $ 7 $ — $ (15) (308) Balance at September 30, 2020 $ 1,945 $ 2,168 $ 5058 $ (35) $ 9,043 $ 18,179 The following table provides SCE's changes in equity for the nine months ended September 30, 2019: (in millions, except per share amounts) Preferred Common Additional Accumulated Retained Total Balance at December 31, 2018 $ 2,245 $ 2,168 $ 680 $ (23) $ 8,715 $ 13,785 Net income — — — — 323 323 Other comprehensive income — — — 1 — 1 Cumulative effect of accounting change 1 (5) 5 — Dividends declared on common stock ($0.4599 per share) — — — — (200) (200) Dividends declared on preferred stock ($0.255 - $0.299 per share) and preference stock (15.625 - $35.936 per share) — — — — (30) (30) Stock-based compensation — — — — (12) (12) Noncash stock-based compensation — — 3 — — 3 Balance at March 31, 2019 $ 2,245 $ 2,168 $ 683 $ (27) $ 8,801 $ 13,870 Net income — — — — 449 449 Other comprehensive income — — — 1 — 1 Capital contribution from Edison International Parent — — 1,200 — — 1,200 Dividends declared on preferred and preference stock ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (30) (30) Stock-based compensation — — — — (1) (1) Noncash stock-based compensation — — 3 — — 3 Balance at June 30, 2019 $ 2,245 $ 2,168 $ 1,886 $ (26) $ 9,219 $ 15,492 Net income — — — — 534 534 Other comprehensive income — — — 1 — 1 Capital contribution from Edison International Parent — — 1,850 — — 1,850 Dividends declared on common stock ($0.4599 per share) — — — — (200) (200) Dividends declared on preferred and preference stock ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (31) (31) Stock-based compensation — — (2) — (2) (4) Noncash stock-based compensation — — 3 — — 3 Balance at September 30, 2019 $ 2,245 $ 2,168 $ 3,737 $ (25) $ 9,520 $ 17,645 1 SCE recognized a cumulative effect adjustment to the opening balance of retained earnings and accumulated other comprehensive loss on January 1, 2019 related to the adoption of the accounting standards update on the reclassification of stranded tax effects resulting from Tax Reform. In May 2020, Edison International issued 14,181,882 shares of common stock in a registered direct offering and received approximately $800 million in proceeds, before deducting fees and offering expenses of $14 million. The proceeds were used to pay off debt outstanding under a term loan agreement and for general corporate purposes. Refer to Note 5 for details of the term loan. In May 2019, Edison International filed a prospectus supplement and executed several distribution agreements with certain sales agents to establish an "at-the-market" ("ATM") program under which it may sell shares of its common stock having an aggregate sales price of up to $1.5 billion. During the three months ended September 30, 2020, Edison International did not issue any shares through the ATM program. During the nine months ended September 30, 2020, Edison International issued 391,501 shares through the ATM program and received proceeds of $27 million, net of fees and offering expenses of $0.3 million. The proceeds from the sales were used for equity contributions to SCE and for general corporate and working capital purposes. As of September 30, 2020, 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. Edison International continued to settle its ongoing common stock requirements of various internal programs through issuance of new common stock. During the three and nine months ended September 30, 2020, 206,900 and 1,378,700 shares of common stock were purchased by employees through the 401(k) defined contribution savings plan for net cash receipts of $11 million and $83 million, 4,749 and 338,442 shares of common stock were issued as stock compensation awards for net cash receipts of $1 million and $14 million and 77,250 and 206,269 shares of new common stock were issued in lieu of distributing $4 million and $13 million to shareholders opting to receive dividend payments in the form of additional common stock, respectively. In the three and nine months ended September 30, 2020, SCE received a total of $219 million and $1.1 billion in capital contributions, respectively, from Edison International Parent to support SCE's capital program, maintain the equity portion of SCE's capital structure at authorized levels and for general corporate purposes. During third quarter of 2020, SCE redeemed $120 million of cumulative preferred stock consisting of all of the outstanding shares of the 4.32% Series, 4.08% Series, 4.24% Series, and the 4.78% Series at a price of $28.75, $25.50, $25.80 and $25.80, respectively. SCE also redeemed $180 million of the outstanding shares of the Series G Preference Stock. SCE recorded a $15 million loss on the redemption of the preferred and preference stock. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2020 | |
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 ("PPAs") 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, contracts with qualifying facilities ("QF") and combined heat and power facilities that contain variable pricing provisions based on the price of natural gas and fixed price contracts for renewable energy. 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 of the 2019 Form 10-K. As a result, there is no significant potential exposure to loss to SCE from its variable interest in these VIEs. The aggregate contracted capacity dedicated to SCE from these VIE projects was 5,356 megawatts ("MW") and 4,894 MW at September 30, 2020 and 2019, respectively, and the amounts that SCE paid to these projects were $360 million and $353 million for the three months ended September 30, 2020 and 2019, respectively, and $661 million and $628 million for the nine months ended September 30, 2020 and 2019, 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 trust securities to the public 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. 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. In September 2020, SCE Trust II redeemed $180 million of its trust securities from the public. The Trust II balance sheets as of September 30, 2020 and December 31, 2019 consisted of investments of $220 million and $400 million in the Series G Preference Stock, respectively, $220 million and $400 million of trust securities, respectively, and $10,000 each of common stock. The Trust III, Trust IV, Trust V and Trust VI balance sheets as of September 30, 2020 and December 31, 2019 consisted of investments of $275 million, $325 million, $300 million, and $475 million in the Series H, Series J, Series K and Series L Preference Stock, respectively, $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: Three months ended September 30, (in millions) Trust II Trust III Trust IV Trust V Trust VI 2020 Dividend income $ 5 $ 4 $ 4 $ 4 $ 6 Dividend distributions 5 4 4 4 6 2019 Dividend income $ 5 $ 4 $ 4 $ 4 $ 6 Dividend distributions 5 4 4 4 6 Nine months ended September 30, (in millions) Trust II Trust III Trust IV Trust V Trust VI 2020 Dividend income $ 15 $ 12 $ 13 $ 12 $ 18 Dividend distributions 15 12 13 12 18 2019 Dividend income $ 15 $ 12 $ 13 $ 12 $ 18 Dividend distributions 15 12 13 12 18 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020 and December 31, 2019, 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 an 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: September 30, 2020 (in millions) Level 1 Level 2 Level 3 Netting and Collateral 1 Total Assets at fair value Derivative contracts $ — $ 26 $ 30 $ (8) $ 48 Money market funds and other 1 23 — — 24 Nuclear decommissioning trusts: Stocks 2 1,753 — — — 1,753 Fixed Income 3 518 2,133 — — 2,651 Short-term investments, primarily cash equivalents 377 45 — — 422 Subtotal of nuclear decommissioning trusts 4 2,648 2,178 — — 4,826 Total assets 2,649 2,227 30 (8) 4,898 Liabilities at fair value Derivative contracts — 6 2 (8) — Total liabilities — 6 2 (8) — Net assets $ 2,649 $ 2,221 $ 28 $ — $ 4,898 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 Money market funds and 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 1 Represents the netting of assets and liabilities under master netting agreements and cash collateral. 2 Approximately 72% of SCE's equity investments were in companies located in the United States at September 30, 2020 and December 31, 2019. 3 Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $31 million and $46 million at September 30, 2020 and December 31, 2019, respectively. 4 Excludes net payables of $176 million and $111 million at September 30, 2020 and December 31, 2019, respectively, which consist of payables and receivables related to SCE's pending securities purchases and sales as well as interest and dividend receivables. Edison International Parent and Other Edison International Parent and Other assets measured at fair value and classified as Level 1 consisted of money market funds of $56 million and $31 million at September 30, 2020 and December 31, 2019, respectively. Edison International Parent and Other assets measured at fair value and classified as Level 2 consisted of short-term investments of $5 million at September 30, 2020. Edison International Parent and Other had no short-term investments as of December 31, 2019. SCE Fair Value of Level 3 The following table sets forth a summary of changes in SCE's fair value of Level 3 net derivative assets and liabilities: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Fair value of net assets at beginning of period $ 34 $ 63 $ 78 $ 141 Total realized/unrealized losses 1 (6) — (50) (78) Fair value of net assets at end of period 2 28 63 28 63 Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period $ 13 $ 30 $ 8 $ 27 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 2020 and 2019. 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) Valuation Significant Weighted Assets Liabilities Technique Unobservable Input Range Average Congestion revenue rights September 30, 2020 $ 30 $ 2 Auction prices CAISO CRR auction prices $(7.72) - $9.91 $1.72 December 31, 2019 83 5 Auction prices CAISO CRR auction prices (3.59) - 25.32 1.97 Level 3 Fair Value Uncertainty For CRRs, increases or decreases in CAISO auction prices would result in higher or lower fair value as of September 30, 2020, 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. 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: September 30, 2020 December 31, 2019 (in millions) Carrying Value 1 Fair Value 2 Carrying Value 1 Fair Value 2 Edison International $ 19,987 $ 22,313 $ 18,343 $ 20,137 SCE 16,855 18,995 15,211 16,892 1 Carrying value is net of debt issuance costs. 2 The fair value of Edison International's and SCE's short-term and long-term debt is classified as Level 2. |
Debt and Credit Agreements
Debt and Credit Agreements | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt and Credit Agreements | Debt and Credit Agreements Long-Term Debt During the first quarter of 2020, SCE issued $100 million of 2.85% first and refunding mortgage bonds due in 2029, $500 million of 3.65% first and refunding mortgage bonds due in 2050, $400 million of 2.25% first and refunding mortgage bonds due in 2030 and $700 million of 3.65% first and refunding mortgage bonds due in 2050. The proceeds were primarily used to repay SCE's commercial paper borrowings and for general corporate purposes, including the re-purchase of SCE tax exempt pollution control bonds. During the second quarter of 2020, SCE issued $600 million of 3.70% first and refunding mortgage bonds due in 2025. The proceeds were used to finance undercollections of revenues that SCE is authorized to recover from customers through regulatory balancing accounts. Additionally, SCE purchased $373 million of its tax-exempt pollution control bonds that were subject to mandatory redemption. SCE is the holder of these bonds and plans to re-market them subject to market conditions. In September 2020, SCE purchased $244 million of its tax-exempt pollution control bonds that were subject to optional redemption. SCE is the holder of these bonds and plans to re-market them subject to market conditions. During the second quarter of 2020, Edison International Parent issued $400 million of 4.95% senior notes due 2025. The proceeds were used to repay all $400 million of Edison International Parent's outstanding 2.125% Senior Notes due in 2020. Credit Agreements and Short-Term Debt In May 2020, SCE entered into a revolving credit facility in an amount not to exceed $1.5 billion with a variable interest rate linked to changes in SCE's credit rating, which is currently LIBOR plus 150 basis points on drawn funds. The credit facility is available for borrowing needs until May 2021. As of September 30, 2020, there were no amounts drawn against the revolving credit facility. SCE's revolving credit facility is available for general corporate purposes, including to support liquidity needs that may arise as a result of undercollections due to the COVID-19 pandemic and related consumer protection measures. In March 2020, SCE borrowed $475 million under a term loan agreement due in March 2021, with a variable interest rate based on the LIBOR plus 60 basis points. The proceeds were used to repay commercial paper borrowings temporarily used to fund a portion of the approximately $1.6 billion in wildfire risk mitigation capital expenditures that SCE will exclude from the equity portion of SCE's rate base as required under AB 1054 ("AB 1054 Excluded Capital Expenditures"). Additionally, in March 2020, SCE entered into a revolving credit facility in an amount not to exceed $800 million with a variable interest rate linked to changes in SCE's credit rating, which is currently LIBOR plus 65 basis points on drawn funds. The credit facility is available for borrowing needs until March 2021, and may be extended for two, 364-day periods, at the lenders' discretion. The aggregate maximum principal amount under the revolving credit facility may be increased up to $1.1 billion, provided that additional lender commitments are obtained. As of September 30, 2020, there was $654 million drawn against the revolving credit facility. The proceeds were used to finance AB 1054 Excluded Capital Expenditures. SCE and Edison International Parent have separate multi-year revolving credit facilities of $3.0 billion and $1.5 billion, respectively, both maturing 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. The aggregate maximum principal amount under the SCE and Edison International Parent revolving credit facilities may be increased up to $4.0 billion and $2.0 billion, respectively, provided that additional lender commitments are obtained. 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 September 30, 2020 and December 31, 2019, SCE had $623 million and $550 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 0.25% and 2.24%, respectively. At September 30, 2020 and December 31, 2019, letters of credit issued under SCE's credit facility aggregated $200 million and $152 million, respectively, substantially all of which are scheduled to expire in 12 months or less. Edison International Parent had no outstanding commercial paper at both September 30, 2020 and December 31, 2019. In March 2020, Edison International Parent borrowed $800 million under a term loan agreement due in March 2021 with a variable interest rate based on LIBOR plus 1.125%. The proceeds were used for general corporate purposes. In May 2020, Edison International repaid the outstanding balance of the term loan using the proceeds from issuance of common stock in a registered direct offering. Refer to Note 14 for details of the common stock issuance. Financing Subsequent to September 30, 2020 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2020 | |
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 less than $1 million and $1 million as of September 30, 2020 and December 31, 2019, respectively, for which SCE posted no collateral to its counterparties for its derivative liabilities and related outstanding payables at both September 30, 2020 and December 31, 2019. If the credit-risk-related contingent features underlying these agreements were triggered on September 30, 2020, SCE would be required to post $13 million of collateral, and all of the $13 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: September 30, 2020 Derivative Assets Derivative Liabilities Net (in millions) Short-Term 1 Long-Term 2 Subtotal Short-Term 3 Long-Term Subtotal Commodity derivative contracts Gross amounts recognized $ 52 $ 4 $ 56 $ 7 $ 1 $ 8 $ 48 Gross amounts offset in the consolidated balance sheets (7) (1) (8) (7) (1) (8) — Cash collateral posted 4 — — — — — — — Net amounts presented in the consolidated balance sheets $ 45 $ 3 $ 48 $ — $ — $ — $ 48 December 31, 2019 Derivative Assets Derivative Liabilities Net (in millions) Short-Term 1 Long-Term 2 Subtotal Short-Term 3 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 4 — — — — — — — Net amounts presented in the consolidated balance sheets $ 81 $ 6 $ 87 $ 1 $ — $ 1 $ 86 1 Included in "Other current assets" on Edison International's and SCE's consolidated balance sheets. 2 Included in "Other long-term assets" on Edison International's and SCE's consolidated balance sheets. 3 Included in "Other current liabilities" on Edison International's and SCE's consolidated balance sheets. 4 At September 30, 2020, SCE did not post any cash collateral. At December 31, 2019, SCE posted $24 million of cash, which was not offset against net derivative liabilities and was reflected in "Other current assets" on the consolidated balance sheets. Financial Statement Impact of Derivative Instruments SCE recognizes realized gains and losses on derivative instruments as purchased power and fuel 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: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Realized gains (losses) $ 128 $ (47) $ 68 $ (17) Unrealized gains (losses) 75 24 (39) (104) Notional Volumes of Derivative Instruments The following table summarizes the notional volumes of derivatives used for SCE's economic hedging activities: Economic Hedges Commodity Unit of Measure September 30, 2020 December 31, 2019 Electricity options, swaps and forwards GWh 2,338 3,155 Natural gas options, swaps and forwards Bcf 30 43 Congestion revenue rights GWh 43,229 48,170 |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue SCE's revenue is disaggregated by two revenue sources: • 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 revenue 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: Three months ended September 30, 2020 Three months ended September 30, 2019 (in millions) Earning Cost- Total Earning Activities Cost-Recovery Activities Total Consolidated Revenues from contracts with customers 1,2 $ 1,893 $ 2,327 $ 4,220 $ 1,862 $ 2,022 $ 3,884 Alternative revenue programs and other operating revenue 3 233 182 415 (30) (122) (152) Total operating revenue $ 2,126 $ 2,509 $ 4,635 $ 1,832 $ 1,900 $ 3,732 Nine months ended September 30, 2020 Nine months ended September 30, 2019 (in millions) Earning Activities Cost- Recovery Activities Total Consolidated Earning Activities Cost-Recovery Activities Total Consolidated Revenues from contracts with customers 1,2 $ 5,175 $ 4,265 $ 9,440 $ 4,896 $ 3,746 $ 8,642 Alternative revenue programs and other operating revenue 3 467 488 955 23 683 706 Total operating revenue $ 5,642 $ 4,753 $ 10,395 $ 4,919 $ 4,429 $ 9,348 1 In the absence of a 2018 GRC decision, SCE recognized CPUC revenue in the first quarter of 2019 based on the 2017 authorized revenue requirement adjusted mainly for the July 2017 cost of capital decision and Tax Reform. SCE recorded the impact of the 2018 GRC decision in the second quarter of 2019. 2 At September 30, 2020 and December 31, 2019, SCE's receivables related to contracts from customers were $1.9 billion and $1.1 billion, respectively, which include accrued unbilled revenue of $708 million and $488 million, respectively. 3 Includes differences between amounts billed and authorized levels for both the CPUC and FERC. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Effective Tax Rate The table below provides a reconciliation of income tax expense computed at the federal statutory income tax rate to the income tax provision: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Edison International: (Loss) income from operations before income taxes $ (517) $ 480 $ (36) $ 1,020 Provision for income tax at federal statutory rate of 21% (108) 101 (7) 214 Increase (decrease) in income tax from: State tax, net of federal benefit (67) 5 (74) — Property-related (81) (124) (228) (267) Change related to uncertain tax position 1 — — (15) — Deferred tax re-measurement 2 — — — (69) 2018 GRC Decision — — — (80) Other (19) (4) (31) (10) Total income tax benefit $ (275) $ (22) $ (355) $ (212) Effective tax rate (53.2) % (4.6) % (986.1) % (20.8) % SCE: (Loss) income from operations before income taxes $ (469) $ 524 $ 142 $ 1,123 Provision for income tax at federal statutory rate of 21% (98) 110 30 236 Increase (decrease) in income tax from: State tax, net of federal benefit (61) 8 (62) 6 Property-related (81) (124) (228) (267) Change related to uncertain tax positions 1 — — (18) — Deferred tax re-measurement 2 — — — (69) 2018 GRC Decision — — — (80) Other (11) (4) (22) (9) Total income tax benefit $ (251) $ (10) $ (300) $ (183) Effective tax rate (53.5) % (1.9) % (211.3) % (16.3) % 1 Primarily relates to the re-measurement of uncertain tax positions related to the 2010 – 2012 California state tax filings currently under audit. 2 Relates to changes in the allocation of deferred tax re-measurement between customers and shareholders as a result of a CPUC resolution issued in February 2019. The resolution determined that customers are only entitled to excess deferred taxes which were included when setting rates, while other deferred tax re-measurement belongs to the shareholders. 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. Unrecognized Tax Benefits The following table provides a reconciliation of unrecognized tax benefits: Edison International SCE (in millions) 2020 2019 2020 2019 Balance at January 1, $ 370 $ 338 $ 282 $ 249 Tax positions taken during the current year: Increases 38 32 39 32 Tax positions taken during a prior year: Increases 1 273 — 4 — Decreases (18) (11) (21) (11) Balance at September 30, $ 663 $ 359 $ 304 $ 270 1 Edison International recorded favorable tax positions for the quarter ended September 30, 2020, in connection with the Edison Mission Energy ("EME") bankruptcy that required a revaluation of the reserve for uncertain tax positions. As of September 30, 2020, if recognized, $446 million of unrecognized tax benefits would impact Edison International's effective tax rate and $87 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 – 2019 and 2013 – 2019, respectively. Tax years 2007 – 2012 are currently subject to a settlement proceeding with the California Franchise Tax Board. Edison International does not expect to resolve these tax years within the next 12 months. Any impacts cannot be reasonably estimated until further progress is made. |
Compensation and Benefit Plans
Compensation and Benefit Plans | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Compensation and Benefit Plans | Compensation and Benefit Plans Pension Plans Net periodic pension expense components are: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Edison International: Service cost $ 31 $ 31 $ 93 $ 95 Non-service cost (benefit) Interest cost 31 38 92 116 Expected return on plan assets (55) (52) (163) (156) Amortization of prior service cost — — 1 1 Amortization of net loss 1 3 2 9 6 Regulatory adjustment 2 (4) 6 (12) Total non-service benefit 2 $ (19) $ (16) $ (55) $ (45) Total expense recognized $ 12 $ 15 $ 38 $ 50 SCE: Service cost $ 31 $ 31 $ 91 $ 93 Non-service cost (benefit) Interest cost 29 35 85 106 Expected return on plan assets (51) (48) (153) (146) Amortization of prior service cost — — 1 1 Amortization of net loss 1 2 1 6 4 Regulatory adjustment 2 (4) 6 (12) Total non-service benefit 2 $ (18) $ (16) $ (55) $ (47) Total expense recognized $ 13 $ 15 $ 36 $ 46 1 Represents the amount of net loss reclassified from other comprehensive loss. 2 Included in "Other income" on Edison International's and SCE's consolidated statement of income. Postretirement Benefits Other Than Pensions ("PBOP") Net periodic PBOP expense components for Edison International and SCE are: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Service cost $ 10 $ 8 $ 28 $ 24 Non-service cost (benefit) Interest cost 17 21 51 63 Expected return on plan assets (29) (28) (89) (84) Amortization of prior service cost (1) (1) (1) (1) Amortization of net gain (5) — (13) (2) Regulatory adjustment 8 5 24 17 Total non-service benefit 1 $ (10) $ (3) $ (28) $ (7) Total expense $ — $ 5 $ — $ 17 1 Included in "Other income" on Edison International's and SCE's consolidated statement of income. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2020 | |
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 Amortized Cost Fair Value (in millions) September 30, December 31, September 30, December 31, 2019 Stocks — N/A N/A $ 1,753 $ 1,765 Municipal bonds 2057 $ 1,048 $ 822 1,240 970 U.S. government and agency securities 2067 707 996 846 1,115 Corporate bonds 2070 479 597 565 679 Short-term investments and receivables/payables 1 One-year 236 32 246 33 Total $ 2,470 $ 2,447 $ 4,650 $ 4,562 1 Short-term investments include $122 million and $41 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by October 1, 2020 and January 2, 2020 as of September 30, 2020 and December 31, 2019, respectively. Trust fund earnings (based on specific identification) increase the trust fund balance and the asset retirement obligation ("ARO") regulatory liability. Unrealized holding gains, net of losses, were $1.9 billion and $1.8 billion at September 30, 2020 and December 31, 2019, respectively. Trust assets are used to pay income taxes arising from trust investing activity. Deferred tax liabilities related to net unrealized gains were $495 million and $449 million at September 30, 2020 and December 31, 2019, respectively. Accordingly, the fair value of trust assets available to pay future decommissioning costs, net of deferred income taxes, totaled $4.2 billion and $4.1 billion at September 30, 2020 and December 31, 2019, respectively. The following table summarizes the gains and losses for the trust investments: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Gross realized gains $ 51 $ 19 $ 165 $ 64 Gross realized loss (2) (1) (5) (1) Net unrealized gains for equity securities 110 3 5 209 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 | 9 Months Ended |
Sep. 30, 2020 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets and Liabilities | Regulatory Assets and Liabilities Regulatory Assets SCE's regulatory assets included on the consolidated balance sheets are: (in millions) September 30, December 31, Current: Regulatory balancing and memorandum accounts $ 1,315 $ 798 Power contracts 194 189 Other 21 22 Total current 1,530 1,009 Long-term: Deferred income taxes, net of liabilities 4,349 4,026 Pensions and other postretirement benefits 81 87 Power contracts 271 434 Unamortized investments, net of accumulated amortization 115 119 Unamortized loss on reacquired debt 136 142 Regulatory balancing and memorandum accounts 1,133 981 Environmental remediation 248 237 Other 113 62 Total long-term 6,446 6,088 Total regulatory assets $ 7,976 $ 7,097 Regulatory Liabilities SCE's regulatory liabilities included on the consolidated balance sheets are: (in millions) September 30, December 31, Current: Regulatory balancing and memorandum accounts $ 744 $ 883 Energy derivatives 45 80 Other 12 9 Total current 801 972 Long-term: Cost of removal 2,585 2,674 Re-measurement of deferred taxes 2,318 2,424 Recoveries in excess of ARO liabilities 1 1,677 1,569 Regulatory balancing and memorandum accounts 1,047 1,261 Other postretirement benefits 427 416 Other 35 41 Total long-term 8,089 8,385 Total regulatory liabilities $ 8,890 $ 9,357 1 Represents the cumulative differences between ARO expenses and amounts collected in rates primarily for the decommissioning of 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 The following table summarizes the significant components of regulatory balancing and memorandum accounts included in the above tables of regulatory assets and liabilities: (in millions) September 30, December 31, Asset (liability) Energy resource recovery account $ (264) $ (23) Portfolio allocation balancing account 684 537 New system generation balancing account 25 85 Public purpose programs and energy efficiency programs (1,221) (1,244) Base revenue requirement balancing account 420 (328) Greenhouse gas auction revenue and low carbon fuel standard revenue (104) (196) FERC balancing accounts (33) (127) Wildfire-related memorandum and balancing accounts 1 1,061 868 COVID-19-related memorandum accounts 2 107 — Other (18) 63 Asset (liability) $ 657 $ (365) 1 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. A 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. The Wildfire Expense Memorandum Account ("WEMA") is used to track incremental wildfire insurance costs and uninsured wildfire-related financing, legal and claims costs. During 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, a Grid Safety and Resiliency Program Memorandum Account ("GSRPMA") to track the costs of SCE's GS&RP that are incremental to costs approved for recovery in SCE's 2018 GRC and a fire risk mitigation memorandum account to track costs related to the reduction of fire risk that are incremental to costs approved for recovery in SCE's 2018 GRC that are not tracked in any other wildfire-related memorandum account. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Indemnities Edison International and SCE have various financial and performance guarantees and indemnity agreements which are issued in the normal course of business. Edison International and SCE have 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 in 2020 and the past several years. 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, increased incidence of dry lightning, 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. California has experienced unprecedented weather conditions in 2020 and SCE's service territory remains susceptible to additional wildfire activity during the remainder of 2020 and beyond. The worsening conditions across California increase the likelihood of significant damage from wildfires, including those where SCE's equipment may be alleged to be associated with the fire's ignition. In response to worsening weather and fuel conditions and increased wildfire activity over the past several years, SCE has developed and is implementing its 2020-2022 Wildfire Mitigation Plan ("WMP") to reduce the risk of SCE equipment contributing to the ignition of wildfires. Over the past several years, wildfires have 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 SCE continues to review the progression of these two fires, 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. The Thomas Fire, the Koenigstein Fire, the Montecito Mudslides and the Woolsey Fire are each referred to as a "2017/2018 Wildfire/Mudslide Event," and, collectively, referred to as the "2017/2018 Wildfire/Mudslide Events"). 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. 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 remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events. The 2017/2018 Wildfire/Mudslide Events are discussed further below. Wildfires have continued to impact portions of SCE's service territory in 2019 and 2020 (the fires that have originated in Southern California are referred to collectively as the "2019/2020 Fires"). Edison International and SCE expect that any losses incurred in connection with the 2019/2020 Fires will be covered by insurance, subject to self-insured retentions and co-insurance, and expect that any such losses after insurance recoveries will not be material. One of the 2019/2020 Fires, the "Saddle Ridge" Fire, originated in Los Angeles county in October 2019 and burned approximately 9,000 acres, destroyed an estimated 19 structures, damaged an estimated 88 structures, and resulted in injuries to 8 individuals and one fatality. Based on currently available information and without considering insurance recoveries, it is reasonably possible that SCE will incur a material liability in connection with the Saddle Ridge Fire, but the range of possible losses that could be incurred cannot be estimated at this time. 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. The “Bobcat Fire” was reported in the vicinity of Cogswell Dam in Los Angeles County, California on September 6, 2020. Although containment and damage assessments continue, the United States Forest Service ("USFS") has reported as of October 19, 2020, that the Bobcat Fire had burned approximately 116,000 acres in Los Angeles County, destroyed an estimated 87 homes, 1 commercial property and 83 minor structures, damaged an estimated 28 homes and 19 minor structures, and resulted in injuries to 6 firefighters. In addition, the USFS has estimated suppression costs at $80 million. A camera in the vicinity of Cogswell Dam captured the initial stages of a fire with the first observed smoke approximately six minutes before an SCE circuit in the area experienced an anomaly (a relay). An investigation into the cause of the Bobcat Fire is being led by the USFS, and the USFS has taken a specific section of an SCE overhead conductor in the vicinity of Cogswell Dam into possession as part of its investigation. SCE understands that the USFS has also taken three tree branches in the area into possession. The SED is conducting an investigation of the Bobcat Fire. Given the preliminary stage of SCE’s own review of the Bobcat Fire, SCE is unable at this time to determine if it will incur a material liability as a result of the fire. Edison International and SCE expect that any liabilities incurred in connection with the Bobcat Fire will be covered by insurance, subject to self-insured retentions and co-insurance, and expect that any such losses after insurance recoveries will not be material. 2017/2018 Wildfire/Mudslide Events 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 wildfire 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 estimated losses to be accrued under accounting standards. Each reporting period, management reviews its loss estimates for remaining alleged and potential claims related to wildfire events. The process for estimating losses associated with alleged and potential wildfire-related 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. As additional information becomes available, management's estimates and assumptions regarding the causes and financial impact of wildfire events, including the 2017/2018 Wildfire/Mudslide Events, may change. At June 30, 2020, Edison International and SCE were unable to determine a best estimate of expected losses within a reasonably estimated range and therefore Edison International's and SCE's balance sheets included estimated losses, established at the lower end of the reasonably estimated range of expected losses, of $4.5 billion for the 2017/2018 Wildfire/Mudslide Events. In light of recent developments, including the 2020 Subrogation Settlement (defined and described below) and increased settlement activity with individual plaintiffs in the 2017/2018 Wildfire/Mudslide Events litigation, management established a best estimate of expected potential losses for alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events litigation in the third quarter of 2020. As a result, Edison International and SCE recorded a charge of $1.3 billion as of September 30, 2020 related to the 2017/2018 Wildfire/Mudslide Events, against which SCE recorded expected recoveries through FERC electric rates of $84 million. The resulting net charge to earnings was $1.2 billion ($874 million after-tax). As of September 30, 2020, Edison International and SCE had estimated liabilities of $5.8 billion reflected on their consolidated balance sheets related to the 2017/2018 Wildfire/Mudslide Events, consisting of $1.2 billion of fixed payments to be made under executed settlements and $4.6 billion in estimated losses for remaining alleged and potential claims. As of the same date, Edison International and SCE also had assets for remaining expected recoveries from insurance of $1.6 billion, consisting of $0.8 billion reflected as a short-term asset and $0.8 billion reflected in other long-term assets, and through FERC electric rates of $125 million on their consolidated balance sheets related to the 2017/2018 Wildfire/Mudslide Events. The estimated losses for the 2017/2018 Wildfire/Mudslide Events do not include an estimate of any potential fines or penalties that could be levied against SCE in connection with the 2017/2018 Wildfire/Mudslide Events. Edison International and SCE are currently unable to reasonably estimate the magnitude of any such fines or penalties, or the associated timing if they were to be imposed. Estimated losses for the 2017/2018 Wildfire/Mudslide Events litigation are based on a number of assumptions and are subject to change as additional information becomes available. Actual losses incurred may be higher or lower than estimated based on several factors, including: 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, the preliminary nature of the litigation processes, the uncertainty in estimating damages that may be alleged, and the uncertainty as to how these factors impact future settlements. Edison International and SCE will seek to offset any actual losses realized in connection with the 2017/2018 Wildfire/Mudslide Events in excess of available 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-Q, is not authorized to release the report or its contents to the public at this time. Based on information received at hearings in the Woolsey Fire litigation, SCE anticipates that the VCFD will release its final report regarding the Woolsey Fire in the fourth quarter of 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 CPUC's Safety and Enforcement Division ("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 and the CPUC may initiate proceedings to investigate these matters after the SED's investigations are 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. 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. Because potential plaintiffs can still timely file claims related to the 2017/2018 Wildfire/Mudslide Events, 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 (as defined below). 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. The lawsuits are currently stayed. Settlements 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"). In the third quarter of 2020, SCE entered into an agreement (the "September 2020 Subrogation Settlement") with all the insurance subrogation plaintiffs in the Thomas Fire, Koenigstein Fire and Montecito Mudslides litigation (the "Settling Subrogation Plaintiffs") to resolve those parties' collective claims arising from the Thomas Fire, Koenigstein Fire or Montecito Mudslides. Under the terms of the September 2020 Subrogation Settlement, SCE paid the Settling Subrogation Plaintiffs an aggregate of $1.2 billion in October 2020 and also agreed to pay $0.555 for each dollar in claims to be paid by the Settling Subrogation Plaintiffs to their policy holders before July 15, 2023, up to an agreed upon cap (the "Future Settlement Payments"). In the second and third quarters of 2020, SCE entered into settlements with several hundred of the several thousand individual plaintiffs in the 2017/2018 Wildfire/Mudslide Events litigation under which it agreed to pay an aggregate of approximately $73 million to those individual plaintiffs . Other claims and potential claims related to the 2017/2018 Wildfire/Mudslide Events remain. SCE continues to explore reasonable settlement opportunities with other plaintiffs in the outstanding 2017/2018 Wildfire/Mudslide Events litigation. Loss Estimates for Third Party Claims and Potential Recoveries from Insurance and through Electric Rates At September 30, 2020 and December 31, 2019, Edison International's and SCE's balance sheets include accrued estimated losses of $4.6 billion and $4.5 billion for the 2017/2018 Wildfire/Mudslide Events, respectively. The following table presents changes in the estimated losses since December 31, 2019, and estimated total liabilities for the 2017/2018 Wildfire/Mudslide Events as of September 30, 2020: (in millions) Loss estimate balance at December 31, 2019 $ 4,541 Increase in accrued estimated losses to reflect best estimate 1 1,297 Amounts paid (37) Fixed payments to be made under executed settlement agreements (1,192) Loss estimate balance at September 30, 2020 2 4,609 Fixed payments to be made under executed settlement agreements 3 1,192 Estimated total liabilities at September 30, 2020 $ 5,801 1 Includes an estimate of the Future Settlement Payments. 2 Reflects Edison International and SCE's best estimate of expected losses for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events at September 30, 2020. Does not include an estimate of any potential fines or penalties that could be levied against SCE in connection with the 2017/2018 Wildfire/Mudslide Events. 3 Included in current "Wildfire-related claims" on Edison International's and SCE's consolidated balance sheets. For the three and nine months ended September 30, 2020 and 2019, Edison International's and SCE's income statements include charges for the estimated losses, net of expected recoveries from insurance and FERC customers, related to the 2017/2018 Wildfire/Mudslide Events as follows: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Charge for wildfire-related claims $ 1,297 $ — $ 1,297 $ — Expected insurance recoveries — — — — Expected revenue from FERC customers (84) — (84) — Total pre-tax charge 1,213 — 1,213 — Income tax benefit (339) — (339) — Total after-tax charge $ 874 $ — $ 874 $ — 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, 2019: (in millions) Balance at December 31, 2019 $ 1,710 Insurance recoveries (73) Balance at September 30, 2020 $ 1,637 At September 30, 2020, SCE had remaining expected recoveries from insurance for the Thomas Fire, Koenigstein Fire and Montecito Mudslides of approximately $843 million, recorded as current "Insurance receivable" and "Insurance receivable from affiliate" on the consolidated balance sheets of SCE and as current "Insurance receivable" on the consolidated balance sheets of Edison International. SCE expects that this insurance will be exhausted after expected recoveries for the September 2020 Subrogation Settlement and prior settlements entered into through September 30, 2020. As of September 30, 2020, SCE had approximately $794 million remaining in expected recoveries from insurance for the Woolsey Fire litigation, included in "Long-term insurance receivables due from affiliate" and "Other long-term assets" on the consolidated balance sheets of SCE and "Other long-term assets" on the consolidated balance sheets of Edison International. In total, SCE has accrued estimated losses of $6.2 billion, has paid or agreed to pay $1.6 billion in settlements and has recovered $363 million from its insurance carriers through September 30, 2020 in relation to the 2017/2018 Wildfire/Mudslide Events. SCE will seek to recover uninsured costs resulting from the 2017/2018 Wildfire/Mudslide Events through electric rates. 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 the 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 uncertain |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
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. 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 3 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 September 30, 2020: (in millions) PPA Operating Leases 1 Other Operating Leases 2,3 PPA Finance Leases 1 2020 $ 37 $ 10 $ — 2021 205 36 1 2022 208 30 1 2023 159 24 2 2024 47 19 2 Thereafter 489 114 8 Total lease payments 1,145 233 14 Amount representing interest 3 209 60 5 Lease liabilities $ 936 $ 173 $ 9 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 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. 3 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) September 30, 2020 December 31, 2019 Operating leases: Operating lease right-of-use ("ROU") assets 1 $ 1,109 $ 689 Current portion of operating lease liabilities 210 79 Operating lease liabilities 899 610 Total operating lease liabilities 1 $ 1,109 $ 689 Finance leases included in: Utility property, plant and equipment, gross $ 10 $ 14 Accumulated depreciation (1) (5) Utility property, plant and equipment, net 9 9 Other current liabilities 1 1 Other long-term liabilities 8 8 Total finance lease liabilities $ 9 $ 9 1 During the third quarter of 2020, a PPA operating lease contract commenced and one PPA contract was amended that resulted in a total of $463 million additions in ROU assets and lease liabilities. 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: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 PPA leases: Operating lease cost 35 38 74 98 Finance lease cost 1 1 2 1 Variable lease cost 1 676 751 1,582 1,742 Total PPA lease cost 712 790 1,658 1,841 Other operating leases cost 11 12 35 35 Total lease cost $ 723 $ 802 $ 1,693 $ 1,876 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) Nine month ended September 30, 2020 Nine month ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases PPA leases $ 74 $ 98 Other leases 33 34 ROU assets obtained in exchange for lease obligations: PPA operating leases 463 — Other operating leases 42 23 Weighted average remaining lease term (in years): Operating leases PPA leases 9.83 16.03 Other leases 12.35 12.75 PPA Finance leases 10.90 11.71 Weighted average discount rate: Operating leases PPA leases 3.08 % 4.44 % Other leases 3.74 % 3.89 % PPA Finance leases 8.83 % 8.74 % Leases as lessor EME is a wholly-owned subsidiary of Edison International. EME emerged from bankruptcy in 2014 and retained a lease investment in a hydroelectric power plant in Vidalia, Louisiana. During 2020, the lessee exercised an option in the lease agreement to purchase the asset upon expiration of the lease term in November 2020. Edison International has no remaining investment balance as of September 30, 2020 related to the lease investment. Upon completion of the sale, Edison International expects to receive net proceeds of approximately $131 million. The revenue recognized for the lease in 2020 is immaterial to Edison International's consolidated financial statements. |
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. 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 3 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 September 30, 2020: (in millions) PPA Operating Leases 1 Other Operating Leases 2,3 PPA Finance Leases 1 2020 $ 37 $ 10 $ — 2021 205 36 1 2022 208 30 1 2023 159 24 2 2024 47 19 2 Thereafter 489 114 8 Total lease payments 1,145 233 14 Amount representing interest 3 209 60 5 Lease liabilities $ 936 $ 173 $ 9 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 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. 3 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) September 30, 2020 December 31, 2019 Operating leases: Operating lease right-of-use ("ROU") assets 1 $ 1,109 $ 689 Current portion of operating lease liabilities 210 79 Operating lease liabilities 899 610 Total operating lease liabilities 1 $ 1,109 $ 689 Finance leases included in: Utility property, plant and equipment, gross $ 10 $ 14 Accumulated depreciation (1) (5) Utility property, plant and equipment, net 9 9 Other current liabilities 1 1 Other long-term liabilities 8 8 Total finance lease liabilities $ 9 $ 9 1 During the third quarter of 2020, a PPA operating lease contract commenced and one PPA contract was amended that resulted in a total of $463 million additions in ROU assets and lease liabilities. 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: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 PPA leases: Operating lease cost 35 38 74 98 Finance lease cost 1 1 2 1 Variable lease cost 1 676 751 1,582 1,742 Total PPA lease cost 712 790 1,658 1,841 Other operating leases cost 11 12 35 35 Total lease cost $ 723 $ 802 $ 1,693 $ 1,876 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) Nine month ended September 30, 2020 Nine month ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases PPA leases $ 74 $ 98 Other leases 33 34 ROU assets obtained in exchange for lease obligations: PPA operating leases 463 — Other operating leases 42 23 Weighted average remaining lease term (in years): Operating leases PPA leases 9.83 16.03 Other leases 12.35 12.75 PPA Finance leases 10.90 11.71 Weighted average discount rate: Operating leases PPA leases 3.08 % 4.44 % Other leases 3.74 % 3.89 % PPA Finance leases 8.83 % 8.74 % Leases as lessor EME is a wholly-owned subsidiary of Edison International. EME emerged from bankruptcy in 2014 and retained a lease investment in a hydroelectric power plant in Vidalia, Louisiana. During 2020, the lessee exercised an option in the lease agreement to purchase the asset upon expiration of the lease term in November 2020. Edison International has no remaining investment balance as of September 30, 2020 related to the lease investment. Upon completion of the sale, Edison International expects to receive net proceeds of approximately $131 million. The revenue recognized for the lease in 2020 is immaterial to Edison International's consolidated financial statements. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Equity | Consolidated Statements of Changes in Equity The following table provides Edison International's changes in equity for the nine months ended September 30, 2020: Equity Attributable to Common Shareholders Noncontrolling Interests (in millions, except per share amounts) Common Accumulated Retained Subtotal Preferred Total Balance at December 31, 2019 $ 4,990 $ (69) $ 8,382 $ 13,303 $ 2,193 $ 15,496 Net income — — 183 183 30 213 Other comprehensive income — 2 — 2 — 2 Common stock issued, net of issuance cost 88 — — 88 — 88 Common stock dividends declared ($0.6375 per share) — — (232) (232) — (232) Dividends to noncontrolling interests ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (30) (30) Noncash stock-based compensation 7 — — 7 — 7 Balance at March 31, 2020 $ 5,085 $ (67) $ 8,333 $ 13,351 $ 2,193 $ 15,544 Net income — — 318 318 30 348 Other comprehensive income — 2 — 2 — 2 Common stock issued, net of issuance cost 815 — — 815 — 815 Common stock dividends declared ($0.6375 per share) — — (241) (241) — (241) Dividends to noncontrolling interests ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (30) (30) Noncash stock-based compensation 8 — — 8 — 8 Balance at June 30, 2020 $ 5,908 $ (65) $ 8,410 $ 14,253 $ 2,193 $ 16,446 Net loss — — (288) (288) 46 (242) Other comprehensive income — 2 — 2 — 2 Common stock issued, net of issuance cost (Note 14) 15 — — 15 — 15 Common stock dividends declared ($0.6375 per share) — — (241) (241) — (241) Dividends to noncontrolling interests ($0.247 - $0.289 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (31) (31) Noncash stock-based compensation and other 7 — — 7 1 8 Redemption of preferred and preference stock — — — — (308) (308) Balance at September 30, 2020 $ 5,930 $ (63) $ 7,881 $ 13,748 $ 1,901 $ 15,649 The following table provides Edison International's changes in equity for the nine months ended September 30, 2019: Equity Attributable to Common Shareholders Noncontrolling Interests (in millions, except per share amounts) Common Accumulated Retained Subtotal Preferred Total Balance at December 31, 2018 $ 2,545 $ (50) $ 7,964 $ 10,459 $ 2,193 $ 12,652 Net income — — 278 278 30 308 Other comprehensive income — 2 — 2 — 2 Cumulative effect of accounting changes 1 — (10) 10 — — — Common stock dividends declared ($0.6125 per share) — — (200) (200) — (200) Dividends to noncontrolling interests ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (30) (30) Stock-based compensation — — (18) (18) — (18) Noncash stock-based compensation 5 — — 5 — 5 Balance at March 31, 2019 $ 2,550 $ (58) $ 8,034 $ 10,526 $ 2,193 $ 12,719 Net income — — 392 392 30 422 Other comprehensive income — 1 — 1 — 1 Common stock dividends declared ($0.6125 per share) — — (200) (200) — (200) Dividends to noncontrolling interests ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (30) (30) Stock-based compensation — — (4) (4) — (4) Noncash stock-based compensation 5 — — 5 — 5 Balance at June 30, 2019 $ 2,555 $ (57) $ 8,222 $ 10,720 $ 2,193 $ 12,913 Net income — — 471 471 31 502 Other comprehensive income — 2 — 2 — 2 Common stock issued, net of issuance cost 2,185 — — 2,185 — 2,185 Common stock dividends declared ($0.6125 per share) — — (219) (219) — (219) Dividends to noncontrolling interests ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (31) (31) Stock-based compensation — — (5) (5) — (5) Noncash stock-based compensation 6 — — 6 — 6 Balance at September 30, 2019 $ 4,746 $ (55) $ 8,469 $ 13,160 $ 2,193 $ 15,353 1 Edison International recognized a cumulative effect adjustment to the opening balance of retained earnings and accumulated other comprehensive loss on January 1, 2019 related to the adoption of the accounting standards update on the reclassification of stranded tax effects resulting from Tax Cuts and Jobs Act ("Tax Reform.") The following table provides SCE's changes in equity for the nine months ended September 30, 2020: (in millions, except per share amounts) Preferred Common Additional Accumulated Retained Total Balance at December 31, 2019 $ 2,245 $ 2,168 $ 3,939 $ (39) $ 9,514 $ 17,827 Net income — — — — 249 249 Other comprehensive income — — — 2 — 2 Capital contribution from Edison International Parent — — 269 — — 269 Dividends declared on common stock ($0.6185 per share) — — — — (269) (269) Dividends declared on preferred stock ($0.255 - $0.299 per share) and preference stock ($15.625 - $35.936 per share) — — — — (30) (30) Stock-based compensation — — (5) — — (5) Noncash stock-based compensation — — 4 — (1) 3 Balance at March 31, 2020 $ 2,245 $ 2,168 $ 4,207 $ (37) $ 9,463 $ 18,046 Net income — — — — 411 411 Other comprehensive income — — — 1 — 1 Capital contribution from Edison International Parent — — 619 — — 619 Dividends declared on common stock ($0.6185 per share) — — — — (269) (269) Dividends declared on preferred stock ($0.255 - $0.299 per share) and preference stock ($15.625 - $35.936 per share) — — — — (30) (30) Noncash stock-based compensation — — 3 — — 3 Balance at June 30, 2020 $ 2,245 $ 2,168 $ 4,829 $ (36) $ 9,575 $ 18,781 Net loss — — — — (218) (218) Other comprehensive income — — — 1 — 1 Capital contribution from Edison International Parent — — 219 — — 219 Dividends declared on common stock ($0.6185 per share) — — — — (269) (269) Dividends declared on preferred stock ($0.247 - $0.289 per share) and preference stock ($15.625 - $35.936 per share) — — — — (31) (31) Noncash stock-based compensation and other — — 3 — 1 4 Redemption of preferred and preference stock $ (300) $ — $ 7 $ — $ (15) (308) Balance at September 30, 2020 $ 1,945 $ 2,168 $ 5058 $ (35) $ 9,043 $ 18,179 The following table provides SCE's changes in equity for the nine months ended September 30, 2019: (in millions, except per share amounts) Preferred Common Additional Accumulated Retained Total Balance at December 31, 2018 $ 2,245 $ 2,168 $ 680 $ (23) $ 8,715 $ 13,785 Net income — — — — 323 323 Other comprehensive income — — — 1 — 1 Cumulative effect of accounting change 1 (5) 5 — Dividends declared on common stock ($0.4599 per share) — — — — (200) (200) Dividends declared on preferred stock ($0.255 - $0.299 per share) and preference stock (15.625 - $35.936 per share) — — — — (30) (30) Stock-based compensation — — — — (12) (12) Noncash stock-based compensation — — 3 — — 3 Balance at March 31, 2019 $ 2,245 $ 2,168 $ 683 $ (27) $ 8,801 $ 13,870 Net income — — — — 449 449 Other comprehensive income — — — 1 — 1 Capital contribution from Edison International Parent — — 1,200 — — 1,200 Dividends declared on preferred and preference stock ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (30) (30) Stock-based compensation — — — — (1) (1) Noncash stock-based compensation — — 3 — — 3 Balance at June 30, 2019 $ 2,245 $ 2,168 $ 1,886 $ (26) $ 9,219 $ 15,492 Net income — — — — 534 534 Other comprehensive income — — — 1 — 1 Capital contribution from Edison International Parent — — 1,850 — — 1,850 Dividends declared on common stock ($0.4599 per share) — — — — (200) (200) Dividends declared on preferred and preference stock ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (31) (31) Stock-based compensation — — (2) — (2) (4) Noncash stock-based compensation — — 3 — — 3 Balance at September 30, 2019 $ 2,245 $ 2,168 $ 3,737 $ (25) $ 9,520 $ 17,645 1 SCE recognized a cumulative effect adjustment to the opening balance of retained earnings and accumulated other comprehensive loss on January 1, 2019 related to the adoption of the accounting standards update on the reclassification of stranded tax effects resulting from Tax Reform. In May 2020, Edison International issued 14,181,882 shares of common stock in a registered direct offering and received approximately $800 million in proceeds, before deducting fees and offering expenses of $14 million. The proceeds were used to pay off debt outstanding under a term loan agreement and for general corporate purposes. Refer to Note 5 for details of the term loan. In May 2019, Edison International filed a prospectus supplement and executed several distribution agreements with certain sales agents to establish an "at-the-market" ("ATM") program under which it may sell shares of its common stock having an aggregate sales price of up to $1.5 billion. During the three months ended September 30, 2020, Edison International did not issue any shares through the ATM program. During the nine months ended September 30, 2020, Edison International issued 391,501 shares through the ATM program and received proceeds of $27 million, net of fees and offering expenses of $0.3 million. The proceeds from the sales were used for equity contributions to SCE and for general corporate and working capital purposes. As of September 30, 2020, 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. Edison International continued to settle its ongoing common stock requirements of various internal programs through issuance of new common stock. During the three and nine months ended September 30, 2020, 206,900 and 1,378,700 shares of common stock were purchased by employees through the 401(k) defined contribution savings plan for net cash receipts of $11 million and $83 million, 4,749 and 338,442 shares of common stock were issued as stock compensation awards for net cash receipts of $1 million and $14 million and 77,250 and 206,269 shares of new common stock were issued in lieu of distributing $4 million and $13 million to shareholders opting to receive dividend payments in the form of additional common stock, respectively. In the three and nine months ended September 30, 2020, SCE received a total of $219 million and $1.1 billion in capital contributions, respectively, from Edison International Parent to support SCE's capital program, maintain the equity portion of SCE's capital structure at authorized levels and for general corporate purposes. During third quarter of 2020, SCE redeemed $120 million of cumulative preferred stock consisting of all of the outstanding shares of the 4.32% Series, 4.08% Series, 4.24% Series, and the 4.78% Series at a price of $28.75, $25.50, $25.80 and $25.80, respectively. SCE also redeemed $180 million of the outstanding shares of the Series G Preference Stock. SCE recorded a $15 million loss on the redemption of the preferred and preference stock. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Edison International's accumulated other comprehensive loss, net of tax, consist of: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Beginning balance $ (65) $ (57) $ (69) $ (50) Pension and PBOP – net loss: Reclassified from accumulated other comprehensive loss 1 2 2 6 5 Other 2 — — — (10) Change 2 2 6 (5) Ending Balance $ (63) $ (55) $ (63) $ (55) 1 These items are included in the computation of net periodic pension and PBOP Plan expense. See Note 9 for additional information. 2 Edison International recognized cumulative effect adjustments to the opening balance of retained earnings and accumulated other comprehensive loss on January 1, 2019 related to the adoption of the accounting standards update on the reclassification of stranded tax effects resulting from Tax Reform. SCE's accumulated other comprehensive loss, net of tax, consist of: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Beginning balance $ (36) $ (26) $ (39) $ (23) Pension and PBOP – net loss: Reclassified from accumulated other comprehensive loss 1 1 1 4 3 Other 2 — — — (5) Change 1 1 4 (2) Ending Balance $ (35) $ (25) $ (35) $ (25) 1 These items are included in the computation of net periodic pension and PBOP Plan expense. See Note 9 for additional information. |
Other Income
Other Income | 9 Months Ended |
Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | |
Other Income | Other Income Other income net of expenses is as follows: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 SCE other income (expense): Equity allowance for funds used during construction $ 36 $ 26 $ 87 $ 75 Increase in cash surrender value of life insurance policies and life insurance benefits 27 9 60 27 Interest income 2 13 18 29 Net periodic benefit income – non-service components 28 19 83 54 Civic, political and related activities and donations (7) (5) (22) (26) Other (3) (4) (9) (7) Total SCE other income 83 58 217 152 Other income (expense) of Edison International Parent and Other: Net periodic benefit costs – non-service components — — (1) (2) Other 1 — 1 1 Total Edison International other income $ 84 $ 58 $ 217 $ 151 |
Supplemental Cash Flows Informa
Supplemental Cash Flows Information | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flows Information | Supplemental Cash Flows Information Supplemental cash flows information is: Edison International SCE Nine months ended September 30, (in millions) 2020 2019 2020 2019 Cash payments (receipts): Interest, net of amounts capitalized $ 689 $ 582 $ 607 $ 518 Income taxes, net (30) (65) (29) (166) Non-cash financing and investing activities: Dividends declared but not paid: Common stock 241 220 — — |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions In the second quarter of 2020, SCE purchased wildfire liability insurance with premiums of $176 million from Edison Insurance Services, Inc. ("EIS"), a wholly-owned subsidiary of Edison International. SCE purchased wildfire liability insurance with premiums of $186 million and $74 million in the first and second quarter of 2019, respectively. The related-party transactions included in SCE's consolidated balance sheets for wildfire-related insurance purchased from EIS and related expected insurance recoveries were as follows: September 30, December 31, 2019 Current insurance receivable due from affiliate $ 448 $ — Long-term insurance receivable due from affiliate 354 803 Prepaid insurance 1 85 10 1 Reflected in "Prepaid expenses" on SCE's consolidated balance sheets. The expense for wildfire-related insurance premiums paid to EIS was $45 million and $51 million for the three months ended September 30, 2020 and 2019, respectively, and $145 million and $123 million for the nine months ended September 30, 2020 and 2019, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
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 customers in 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 significant accounting policies were described in the "Notes to Consolidated Financial Statements" included in Edison International's and SCE's combined Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 Form 10-K"). This quarterly report should be read in conjunction with the financial statements and notes included in the 2019 Form 10-K. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted CashCash 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. |
Allowance for Uncollectible Accounts | Allowance for Uncollectible Accounts The allowance for uncollectible accounts is recorded based on SCE's estimate of expected credit losses and adjusted over the life of the receivables as needed. Since the customer base of SCE is concentrated in Southern California and exposes SCE to a homogeneous set of economic conditions, the allowance is measured on a collective basis on the historical amounts written-off, assessment of customer collectibility and current economic trends, including unemployment rates and any likelihood of recession for the region. At September 30, 2020, this included the estimated impacts of the COVID-19 pandemic. |
Earnings Per Share | Earnings Per ShareEdison International computes earnings per common share ("EPS") using the two-class method, which is an earnings allocation formula that determines EPS for each class of common stock and participating security. |
New Accounting Guidance | New Accounting Guidance Accounting Guidance Adopted In June 2016, the Financial Accounting Standards Board ("FASB") issued an accounting standards update to require the use of the current expected credit loss model to measure impairment of financial assets measured at amortized cost, including trade and other receivables, and the use of an allowance to record estimated credit losses on available-for-sale debt securities. Edison International and SCE adopted this guidance on January 1, 2020 using the prospective adoption approach to available-for-sale debt securities and the modified retrospective approach to all other financial assets. Edison International and SCE hold available-for-sale debt securities in nuclear decommissioning trusts and 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 impairments, increase or decrease the trust assets and the related regulatory asset or liability and have no impact on electric utility revenue or decommissioning expense. Upon adoption of this guidance, SCE reviews each fixed income security for impairment on the last day of each month. If the fair value on the last day of the month is less than the amortized cost for that security, SCE impairs the disclosed amortized cost. See Note 10 for further information. The adoption of this guidance did not have a material impact on Edison International's and SCE's other financial assets including receivables. 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 adopted the standard on January 1, 2020 using the prospective adoption approach. The adoption of this guidance did not have a material impact on Edison International's and SCE's financial position or result of operations. In March 2020, the FASB issued an accounting standards update to provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference London Inter-Bank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. Edison International and SCE have adopted the standard as of April 1, 2020 prospectively. SCE generally does not use hedge accounting for derivative transactions. SCE has a term loan with a variable interest rate based on LIBOR. In addition, both Edison International and SCE have revolving credit facilities with a variable interest rate based on LIBOR. These agreements contain provisions that require an amendment if LIBOR can no longer be used. SCE also has certain preference stocks, for which the distributions will be payable at a floating rate referenced to LIBOR from 2022. As of September 30, 2020, both Edison International and SCE have not utilized any of the expedients and therefore there is no impact on adoption of the guidance, however, if contract amendments are made where LIBOR is no longer valid, both Edison International and SCE expect to utilize the expedients through the allowed period of December 31, 2022. In August 2018, the FASB issued an accounting standards update to remove, modify and add certain disclosure requirements related to employer-sponsored defined benefit pension or other postretirement plans. The guidance removes disclosure requirements that are no longer considered cost beneficial, clarifies certain specific disclosure requirements and adds disclosure requirements identified as relevant. The modifications only affect annual period disclosures and must be applied on a retrospective basis to all periods presented. Edison International and SCE have adopted this guidance for the year ending December 31, 2020. The adoption of this guidance will not materially affect the annual disclosures related to employer-sponsored defined benefit pension or other postretirement plans. Accounting Guidance Not Yet Adopted In August 2020, the FASB issued an accounting standards update to simplify the accounting for certain financial instruments with characteristics of liabilities and equity. The amendments in this update affect entities that issue convertible instruments indexed to or potentially settled in an entity's own equity. This guidance also simplifies an entity's application of the derivatives scope exception for contracts in its own equity and amends certain aspects of the EPS guidance. The guidance is effective January 1, 2022 with early adoption permitted after January 1, 2021. Edison International and SCE are currently evaluating the impact of the guidance. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Cash Equivalents | The cash equivalents were as follows: Edison International (in millions) September 30, December 31, 2019 Money market funds $ 56 $ 31 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 (in millions) September 30, December 31, 2019 September 30, December 31, 2019 Book balances reclassified to accounts payable $ 51 $ 75 $ 50 $ 74 |
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) September 30, 2020 December 31, 2019 Edison International: Cash and cash equivalents $ 92 $ 68 Short-term restricted cash 1 2 2 Total cash, cash equivalents, and restricted cash $ 94 $ 70 |
Changes in Allowance for Uncollectible Accounts | The following table sets forth the changes in allowance for uncollectible accounts for SCE: Three months ended September 30, 2020 Nine months ended September 30, 2020 (in millions) Customers All others Customers All others Beginning balance $ 75 $ 15 $ 35 $ 14 Plus: current period provision for uncollectible accounts Included in operation and maintenance expenses 11 4 39 11 Deferred to regulatory assets 43 — 64 — Less: write-offs, net of recoveries 5 2 14 8 Ending balance $ 124 $ 17 $ 124 $ 17 |
EPS Attributable to Edison International Common Shareholders | EPS attributable to Edison International common shareholders was computed as follows: Three months ended September 30, Nine months ended September 30, (in millions, except per-share amounts) 2020 2019 2020 2019 Basic (loss) earnings per share: Net (loss) income attributable to common shareholders $ (288) $ 471 $ 213 $ 1,141 Net (loss) income available to common shareholders $ (288) $ 471 $ 213 $ 1,141 Weighted average common shares outstanding 378 347 371 333 Basic (loss) earnings per share $ (0.76) $ 1.36 $ 0.57 $ 3.43 Diluted (loss) earnings per share: Net (loss) income attributable to common shareholders $ (288) $ 471 $ 213 $ 1,141 Net (loss) income available to common shareholders $ (288) $ 471 $ 213 $ 1,141 Net (loss) income available to common shareholders and assumed conversions $ (288) $ 471 $ 213 $ 1,141 Weighted average common shares outstanding 378 347 371 333 Incremental shares from assumed conversions 1 — 2 1 1 Adjusted weighted average shares – diluted 378 349 372 334 Diluted (loss) earnings per share $ (0.76) $ 1.35 $ 0.57 $ 3.42 1 Due to the loss reported for the quarter ended September 30, 2020, incremental shares were not included as the effect would be antidilutive. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Schedule of Capitalization, Equity [Line Items] | |
Schedule of Changes in Equity | The following table provides Edison International's changes in equity for the nine months ended September 30, 2020: Equity Attributable to Common Shareholders Noncontrolling Interests (in millions, except per share amounts) Common Accumulated Retained Subtotal Preferred Total Balance at December 31, 2019 $ 4,990 $ (69) $ 8,382 $ 13,303 $ 2,193 $ 15,496 Net income — — 183 183 30 213 Other comprehensive income — 2 — 2 — 2 Common stock issued, net of issuance cost 88 — — 88 — 88 Common stock dividends declared ($0.6375 per share) — — (232) (232) — (232) Dividends to noncontrolling interests ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (30) (30) Noncash stock-based compensation 7 — — 7 — 7 Balance at March 31, 2020 $ 5,085 $ (67) $ 8,333 $ 13,351 $ 2,193 $ 15,544 Net income — — 318 318 30 348 Other comprehensive income — 2 — 2 — 2 Common stock issued, net of issuance cost 815 — — 815 — 815 Common stock dividends declared ($0.6375 per share) — — (241) (241) — (241) Dividends to noncontrolling interests ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (30) (30) Noncash stock-based compensation 8 — — 8 — 8 Balance at June 30, 2020 $ 5,908 $ (65) $ 8,410 $ 14,253 $ 2,193 $ 16,446 Net loss — — (288) (288) 46 (242) Other comprehensive income — 2 — 2 — 2 Common stock issued, net of issuance cost (Note 14) 15 — — 15 — 15 Common stock dividends declared ($0.6375 per share) — — (241) (241) — (241) Dividends to noncontrolling interests ($0.247 - $0.289 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (31) (31) Noncash stock-based compensation and other 7 — — 7 1 8 Redemption of preferred and preference stock — — — — (308) (308) Balance at September 30, 2020 $ 5,930 $ (63) $ 7,881 $ 13,748 $ 1,901 $ 15,649 The following table provides Edison International's changes in equity for the nine months ended September 30, 2019: Equity Attributable to Common Shareholders Noncontrolling Interests (in millions, except per share amounts) Common Accumulated Retained Subtotal Preferred Total Balance at December 31, 2018 $ 2,545 $ (50) $ 7,964 $ 10,459 $ 2,193 $ 12,652 Net income — — 278 278 30 308 Other comprehensive income — 2 — 2 — 2 Cumulative effect of accounting changes 1 — (10) 10 — — — Common stock dividends declared ($0.6125 per share) — — (200) (200) — (200) Dividends to noncontrolling interests ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (30) (30) Stock-based compensation — — (18) (18) — (18) Noncash stock-based compensation 5 — — 5 — 5 Balance at March 31, 2019 $ 2,550 $ (58) $ 8,034 $ 10,526 $ 2,193 $ 12,719 Net income — — 392 392 30 422 Other comprehensive income — 1 — 1 — 1 Common stock dividends declared ($0.6125 per share) — — (200) (200) — (200) Dividends to noncontrolling interests ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (30) (30) Stock-based compensation — — (4) (4) — (4) Noncash stock-based compensation 5 — — 5 — 5 Balance at June 30, 2019 $ 2,555 $ (57) $ 8,222 $ 10,720 $ 2,193 $ 12,913 Net income — — 471 471 31 502 Other comprehensive income — 2 — 2 — 2 Common stock issued, net of issuance cost 2,185 — — 2,185 — 2,185 Common stock dividends declared ($0.6125 per share) — — (219) (219) — (219) Dividends to noncontrolling interests ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (31) (31) Stock-based compensation — — (5) (5) — (5) Noncash stock-based compensation 6 — — 6 — 6 Balance at September 30, 2019 $ 4,746 $ (55) $ 8,469 $ 13,160 $ 2,193 $ 15,353 1 Edison International recognized a cumulative effect adjustment to the opening balance of retained earnings and accumulated other comprehensive loss on January 1, 2019 related to the adoption of the accounting standards update on the reclassification of stranded tax effects resulting from Tax Cuts and Jobs Act ("Tax Reform.") |
Southern California Edison | |
Schedule of Capitalization, Equity [Line Items] | |
Schedule of Changes in Equity | The following table provides SCE's changes in equity for the nine months ended September 30, 2020: (in millions, except per share amounts) Preferred Common Additional Accumulated Retained Total Balance at December 31, 2019 $ 2,245 $ 2,168 $ 3,939 $ (39) $ 9,514 $ 17,827 Net income — — — — 249 249 Other comprehensive income — — — 2 — 2 Capital contribution from Edison International Parent — — 269 — — 269 Dividends declared on common stock ($0.6185 per share) — — — — (269) (269) Dividends declared on preferred stock ($0.255 - $0.299 per share) and preference stock ($15.625 - $35.936 per share) — — — — (30) (30) Stock-based compensation — — (5) — — (5) Noncash stock-based compensation — — 4 — (1) 3 Balance at March 31, 2020 $ 2,245 $ 2,168 $ 4,207 $ (37) $ 9,463 $ 18,046 Net income — — — — 411 411 Other comprehensive income — — — 1 — 1 Capital contribution from Edison International Parent — — 619 — — 619 Dividends declared on common stock ($0.6185 per share) — — — — (269) (269) Dividends declared on preferred stock ($0.255 - $0.299 per share) and preference stock ($15.625 - $35.936 per share) — — — — (30) (30) Noncash stock-based compensation — — 3 — — 3 Balance at June 30, 2020 $ 2,245 $ 2,168 $ 4,829 $ (36) $ 9,575 $ 18,781 Net loss — — — — (218) (218) Other comprehensive income — — — 1 — 1 Capital contribution from Edison International Parent — — 219 — — 219 Dividends declared on common stock ($0.6185 per share) — — — — (269) (269) Dividends declared on preferred stock ($0.247 - $0.289 per share) and preference stock ($15.625 - $35.936 per share) — — — — (31) (31) Noncash stock-based compensation and other — — 3 — 1 4 Redemption of preferred and preference stock $ (300) $ — $ 7 $ — $ (15) (308) Balance at September 30, 2020 $ 1,945 $ 2,168 $ 5058 $ (35) $ 9,043 $ 18,179 The following table provides SCE's changes in equity for the nine months ended September 30, 2019: (in millions, except per share amounts) Preferred Common Additional Accumulated Retained Total Balance at December 31, 2018 $ 2,245 $ 2,168 $ 680 $ (23) $ 8,715 $ 13,785 Net income — — — — 323 323 Other comprehensive income — — — 1 — 1 Cumulative effect of accounting change 1 (5) 5 — Dividends declared on common stock ($0.4599 per share) — — — — (200) (200) Dividends declared on preferred stock ($0.255 - $0.299 per share) and preference stock (15.625 - $35.936 per share) — — — — (30) (30) Stock-based compensation — — — — (12) (12) Noncash stock-based compensation — — 3 — — 3 Balance at March 31, 2019 $ 2,245 $ 2,168 $ 683 $ (27) $ 8,801 $ 13,870 Net income — — — — 449 449 Other comprehensive income — — — 1 — 1 Capital contribution from Edison International Parent — — 1,200 — — 1,200 Dividends declared on preferred and preference stock ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (30) (30) Stock-based compensation — — — — (1) (1) Noncash stock-based compensation — — 3 — — 3 Balance at June 30, 2019 $ 2,245 $ 2,168 $ 1,886 $ (26) $ 9,219 $ 15,492 Net income — — — — 534 534 Other comprehensive income — — — 1 — 1 Capital contribution from Edison International Parent — — 1,850 — — 1,850 Dividends declared on common stock ($0.4599 per share) — — — — (200) (200) Dividends declared on preferred and preference stock ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (31) (31) Stock-based compensation — — (2) — (2) (4) Noncash stock-based compensation — — 3 — — 3 Balance at September 30, 2019 $ 2,245 $ 2,168 $ 3,737 $ (25) $ 9,520 $ 17,645 1 SCE recognized a cumulative effect adjustment to the opening balance of retained earnings and accumulated other comprehensive loss on January 1, 2019 related to the adoption of the accounting standards update on the reclassification of stranded tax effects resulting from Tax Reform. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Southern California Edison | |
Variable Interest Entity | |
Summary of Trusts' Income Statements | The following table provides a summary of the trusts' income statements: Three months ended September 30, (in millions) Trust II Trust III Trust IV Trust V Trust VI 2020 Dividend income $ 5 $ 4 $ 4 $ 4 $ 6 Dividend distributions 5 4 4 4 6 2019 Dividend income $ 5 $ 4 $ 4 $ 4 $ 6 Dividend distributions 5 4 4 4 6 Nine months ended September 30, (in millions) Trust II Trust III Trust IV Trust V Trust VI 2020 Dividend income $ 15 $ 12 $ 13 $ 12 $ 18 Dividend distributions 15 12 13 12 18 2019 Dividend income $ 15 $ 12 $ 13 $ 12 $ 18 Dividend distributions 15 12 13 12 18 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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: September 30, 2020 December 31, 2019 (in millions) Carrying Value 1 Fair Value 2 Carrying Value 1 Fair Value 2 Edison International $ 19,987 $ 22,313 $ 18,343 $ 20,137 SCE 16,855 18,995 15,211 16,892 1 Carrying value is net of debt issuance costs. 2 The fair value of Edison International's and SCE's short-term and long-term debt is classified as Level 2. |
Southern California Edison | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value by Level | The following table sets forth assets and liabilities of SCE that were accounted for at fair value by level within the fair value hierarchy: September 30, 2020 (in millions) Level 1 Level 2 Level 3 Netting and Collateral 1 Total Assets at fair value Derivative contracts $ — $ 26 $ 30 $ (8) $ 48 Money market funds and other 1 23 — — 24 Nuclear decommissioning trusts: Stocks 2 1,753 — — — 1,753 Fixed Income 3 518 2,133 — — 2,651 Short-term investments, primarily cash equivalents 377 45 — — 422 Subtotal of nuclear decommissioning trusts 4 2,648 2,178 — — 4,826 Total assets 2,649 2,227 30 (8) 4,898 Liabilities at fair value Derivative contracts — 6 2 (8) — Total liabilities — 6 2 (8) — Net assets $ 2,649 $ 2,221 $ 28 $ — $ 4,898 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 Money market funds and 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 1 Represents the netting of assets and liabilities under master netting agreements and cash collateral. 2 Approximately 72% of SCE's equity investments were in companies located in the United States at September 30, 2020 and December 31, 2019. 3 Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $31 million and $46 million at September 30, 2020 and December 31, 2019, respectively. 4 Excludes net payables of $176 million and $111 million at September 30, 2020 and December 31, 2019, respectively, which consist of payables and receivables related to SCE's pending securities purchases and sales as well as interest and dividend receivables. |
Summary of Changes in Fair Value of Level 3 Net Derivative Assets and Liabilities | The following table sets forth a summary of changes in SCE's fair value of Level 3 net derivative assets and liabilities: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Fair value of net assets at beginning of period $ 34 $ 63 $ 78 $ 141 Total realized/unrealized losses 1 (6) — (50) (78) Fair value of net assets at end of period 2 28 63 28 63 Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period $ 13 $ 30 $ 8 $ 27 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 2020 and 2019. |
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) Valuation Significant Weighted Assets Liabilities Technique Unobservable Input Range Average Congestion revenue rights September 30, 2020 $ 30 $ 2 Auction prices CAISO CRR auction prices $(7.72) - $9.91 $1.72 December 31, 2019 83 5 Auction prices CAISO CRR auction prices (3.59) - 25.32 1.97 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) - Southern California Edison | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Fair Value of Derivative Asset Instruments | The following table summarizes the gross and net fair values of SCE's commodity derivative instruments: September 30, 2020 Derivative Assets Derivative Liabilities Net (in millions) Short-Term 1 Long-Term 2 Subtotal Short-Term 3 Long-Term Subtotal Commodity derivative contracts Gross amounts recognized $ 52 $ 4 $ 56 $ 7 $ 1 $ 8 $ 48 Gross amounts offset in the consolidated balance sheets (7) (1) (8) (7) (1) (8) — Cash collateral posted 4 — — — — — — — Net amounts presented in the consolidated balance sheets $ 45 $ 3 $ 48 $ — $ — $ — $ 48 December 31, 2019 Derivative Assets Derivative Liabilities Net (in millions) Short-Term 1 Long-Term 2 Subtotal Short-Term 3 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 4 — — — — — — — Net amounts presented in the consolidated balance sheets $ 81 $ 6 $ 87 $ 1 $ — $ 1 $ 86 1 Included in "Other current assets" on Edison International's and SCE's consolidated balance sheets. 2 Included in "Other long-term assets" on Edison International's and SCE's consolidated balance sheets. 3 Included in "Other current liabilities" on Edison International's and SCE's consolidated balance sheets. 4 At September 30, 2020, SCE did not post any cash collateral. At December 31, 2019, SCE posted $24 million of cash, which was not offset against net derivative liabilities and was reflected in "Other current assets" on the consolidated balance sheets. |
Fair Value of Derivative Liabilities Instruments | The following table summarizes the gross and net fair values of SCE's commodity derivative instruments: September 30, 2020 Derivative Assets Derivative Liabilities Net (in millions) Short-Term 1 Long-Term 2 Subtotal Short-Term 3 Long-Term Subtotal Commodity derivative contracts Gross amounts recognized $ 52 $ 4 $ 56 $ 7 $ 1 $ 8 $ 48 Gross amounts offset in the consolidated balance sheets (7) (1) (8) (7) (1) (8) — Cash collateral posted 4 — — — — — — — Net amounts presented in the consolidated balance sheets $ 45 $ 3 $ 48 $ — $ — $ — $ 48 December 31, 2019 Derivative Assets Derivative Liabilities Net (in millions) Short-Term 1 Long-Term 2 Subtotal Short-Term 3 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 4 — — — — — — — Net amounts presented in the consolidated balance sheets $ 81 $ 6 $ 87 $ 1 $ — $ 1 $ 86 1 Included in "Other current assets" on Edison International's and SCE's consolidated balance sheets. 2 Included in "Other long-term assets" on Edison International's and SCE's consolidated balance sheets. 3 Included in "Other current liabilities" on Edison International's and SCE's consolidated balance sheets. 4 At September 30, 2020, SCE did not post any cash collateral. At December 31, 2019, SCE posted $24 million of cash, which was not offset against net derivative liabilities and was reflected in "Other current assets" on the consolidated balance sheets. |
Summarization of Economic Hedging Activities | The following table summarizes the components of SCE's economic hedging activity: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Realized gains (losses) $ 128 $ (47) $ 68 $ (17) Unrealized gains (losses) 75 24 (39) (104) |
Notional Volumes of Derivative Instruments | The following table summarizes the notional volumes of derivatives used for SCE's economic hedging activities: Economic Hedges Commodity Unit of Measure September 30, 2020 December 31, 2019 Electricity options, swaps and forwards GWh 2,338 3,155 Natural gas options, swaps and forwards Bcf 30 43 Congestion revenue rights GWh 43,229 48,170 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue | The following table is a summary of SCE's revenue: Three months ended September 30, 2020 Three months ended September 30, 2019 (in millions) Earning Cost- Total Earning Activities Cost-Recovery Activities Total Consolidated Revenues from contracts with customers 1,2 $ 1,893 $ 2,327 $ 4,220 $ 1,862 $ 2,022 $ 3,884 Alternative revenue programs and other operating revenue 3 233 182 415 (30) (122) (152) Total operating revenue $ 2,126 $ 2,509 $ 4,635 $ 1,832 $ 1,900 $ 3,732 Nine months ended September 30, 2020 Nine months ended September 30, 2019 (in millions) Earning Activities Cost- Recovery Activities Total Consolidated Earning Activities Cost-Recovery Activities Total Consolidated Revenues from contracts with customers 1,2 $ 5,175 $ 4,265 $ 9,440 $ 4,896 $ 3,746 $ 8,642 Alternative revenue programs and other operating revenue 3 467 488 955 23 683 706 Total operating revenue $ 5,642 $ 4,753 $ 10,395 $ 4,919 $ 4,429 $ 9,348 1 In the absence of a 2018 GRC decision, SCE recognized CPUC revenue in the first quarter of 2019 based on the 2017 authorized revenue requirement adjusted mainly for the July 2017 cost of capital decision and Tax Reform. SCE recorded the impact of the 2018 GRC decision in the second quarter of 2019. 2 At September 30, 2020 and December 31, 2019, SCE's receivables related to contracts from customers were $1.9 billion and $1.1 billion, respectively, which include accrued unbilled revenue of $708 million and $488 million, respectively. 3 Includes differences between amounts billed and authorized levels for both the CPUC and FERC. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Income Tax Expense | The table below provides a reconciliation of income tax expense computed at the federal statutory income tax rate to the income tax provision: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Edison International: (Loss) income from operations before income taxes $ (517) $ 480 $ (36) $ 1,020 Provision for income tax at federal statutory rate of 21% (108) 101 (7) 214 Increase (decrease) in income tax from: State tax, net of federal benefit (67) 5 (74) — Property-related (81) (124) (228) (267) Change related to uncertain tax position 1 — — (15) — Deferred tax re-measurement 2 — — — (69) 2018 GRC Decision — — — (80) Other (19) (4) (31) (10) Total income tax benefit $ (275) $ (22) $ (355) $ (212) Effective tax rate (53.2) % (4.6) % (986.1) % (20.8) % SCE: (Loss) income from operations before income taxes $ (469) $ 524 $ 142 $ 1,123 Provision for income tax at federal statutory rate of 21% (98) 110 30 236 Increase (decrease) in income tax from: State tax, net of federal benefit (61) 8 (62) 6 Property-related (81) (124) (228) (267) Change related to uncertain tax positions 1 — — (18) — Deferred tax re-measurement 2 — — — (69) 2018 GRC Decision — — — (80) Other (11) (4) (22) (9) Total income tax benefit $ (251) $ (10) $ (300) $ (183) Effective tax rate (53.5) % (1.9) % (211.3) % (16.3) % 1 Primarily relates to the re-measurement of uncertain tax positions related to the 2010 – 2012 California state tax filings currently under audit. 2 Relates to changes in the allocation of deferred tax re-measurement between customers and shareholders as a result of a CPUC resolution issued in February 2019. The resolution determined that customers are only entitled to excess deferred taxes which were included when setting rates, while other deferred tax re-measurement belongs to the shareholders. |
Reconciliation of Unrecognized Tax Benefits | The following table provides a reconciliation of unrecognized tax benefits: Edison International SCE (in millions) 2020 2019 2020 2019 Balance at January 1, $ 370 $ 338 $ 282 $ 249 Tax positions taken during the current year: Increases 38 32 39 32 Tax positions taken during a prior year: Increases 1 273 — 4 — Decreases (18) (11) (21) (11) Balance at September 30, $ 663 $ 359 $ 304 $ 270 1 Edison International recorded favorable tax positions for the quarter ended September 30, 2020, in connection with the Edison Mission Energy ("EME") bankruptcy that required a revaluation of the reserve for uncertain tax positions. |
Compensation and Benefit Plans
Compensation and Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
PBOP Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Expense Components for Plans | Net periodic PBOP expense components for Edison International and SCE are: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Service cost $ 10 $ 8 $ 28 $ 24 Non-service cost (benefit) Interest cost 17 21 51 63 Expected return on plan assets (29) (28) (89) (84) Amortization of prior service cost (1) (1) (1) (1) Amortization of net gain (5) — (13) (2) Regulatory adjustment 8 5 24 17 Total non-service benefit 1 $ (10) $ (3) $ (28) $ (7) Total expense $ — $ 5 $ — $ 17 1 Included in "Other income" on Edison International's and SCE's consolidated statement of income. |
Southern California Edison | Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Expense Components for Plans | Net periodic pension expense components are: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Edison International: Service cost $ 31 $ 31 $ 93 $ 95 Non-service cost (benefit) Interest cost 31 38 92 116 Expected return on plan assets (55) (52) (163) (156) Amortization of prior service cost — — 1 1 Amortization of net loss 1 3 2 9 6 Regulatory adjustment 2 (4) 6 (12) Total non-service benefit 2 $ (19) $ (16) $ (55) $ (45) Total expense recognized $ 12 $ 15 $ 38 $ 50 SCE: Service cost $ 31 $ 31 $ 91 $ 93 Non-service cost (benefit) Interest cost 29 35 85 106 Expected return on plan assets (51) (48) (153) (146) Amortization of prior service cost — — 1 1 Amortization of net loss 1 2 1 6 4 Regulatory adjustment 2 (4) 6 (12) Total non-service benefit 2 $ (18) $ (16) $ (55) $ (47) Total expense recognized $ 13 $ 15 $ 36 $ 46 1 Represents the amount of net loss reclassified from other comprehensive loss. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 Amortized Cost Fair Value (in millions) September 30, December 31, September 30, December 31, 2019 Stocks — N/A N/A $ 1,753 $ 1,765 Municipal bonds 2057 $ 1,048 $ 822 1,240 970 U.S. government and agency securities 2067 707 996 846 1,115 Corporate bonds 2070 479 597 565 679 Short-term investments and receivables/payables 1 One-year 236 32 246 33 Total $ 2,470 $ 2,447 $ 4,650 $ 4,562 |
Gains and (Losses) for Equity Securities | The following table summarizes the gains and losses for the trust investments: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Gross realized gains $ 51 $ 19 $ 165 $ 64 Gross realized loss (2) (1) (5) (1) Net unrealized gains for equity securities 110 3 5 209 |
Regulatory Assets and Liabili_2
Regulatory Assets and Liabilities (Tables) - Southern California Edison | 9 Months Ended |
Sep. 30, 2020 | |
Regulatory Assets [Line Items] | |
Regulatory Assets Included on the Consolidated Balance Sheets | SCE's regulatory assets included on the consolidated balance sheets are: (in millions) September 30, December 31, Current: Regulatory balancing and memorandum accounts $ 1,315 $ 798 Power contracts 194 189 Other 21 22 Total current 1,530 1,009 Long-term: Deferred income taxes, net of liabilities 4,349 4,026 Pensions and other postretirement benefits 81 87 Power contracts 271 434 Unamortized investments, net of accumulated amortization 115 119 Unamortized loss on reacquired debt 136 142 Regulatory balancing and memorandum accounts 1,133 981 Environmental remediation 248 237 Other 113 62 Total long-term 6,446 6,088 Total regulatory assets $ 7,976 $ 7,097 |
Regulatory Liabilities Included on the Consolidated Balance Sheets | SCE's regulatory liabilities included on the consolidated balance sheets are: (in millions) September 30, December 31, Current: Regulatory balancing and memorandum accounts $ 744 $ 883 Energy derivatives 45 80 Other 12 9 Total current 801 972 Long-term: Cost of removal 2,585 2,674 Re-measurement of deferred taxes 2,318 2,424 Recoveries in excess of ARO liabilities 1 1,677 1,569 Regulatory balancing and memorandum accounts 1,047 1,261 Other postretirement benefits 427 416 Other 35 41 Total long-term 8,089 8,385 Total regulatory liabilities $ 8,890 $ 9,357 1 Represents the cumulative differences between ARO expenses and amounts collected in rates primarily for the decommissioning of 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. |
Schedule of Net Regulatory Balancing and Memorandum Accounts | The following table summarizes the significant components of regulatory balancing and memorandum accounts included in the above tables of regulatory assets and liabilities: (in millions) September 30, December 31, Asset (liability) Energy resource recovery account $ (264) $ (23) Portfolio allocation balancing account 684 537 New system generation balancing account 25 85 Public purpose programs and energy efficiency programs (1,221) (1,244) Base revenue requirement balancing account 420 (328) Greenhouse gas auction revenue and low carbon fuel standard revenue (104) (196) FERC balancing accounts (33) (127) Wildfire-related memorandum and balancing accounts 1 1,061 868 COVID-19-related memorandum accounts 2 107 — Other (18) 63 Asset (liability) $ 657 $ (365) 1 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. A 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. The Wildfire Expense Memorandum Account ("WEMA") is used to track incremental wildfire insurance costs and uninsured wildfire-related financing, legal and claims costs. During 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, a Grid Safety and Resiliency Program Memorandum Account ("GSRPMA") to track the costs of SCE's GS&RP that are incremental to costs approved for recovery in SCE's 2018 GRC and a fire risk mitigation memorandum account to track costs related to the reduction of fire risk that are incremental to costs approved for recovery in SCE's 2018 GRC that are not tracked in any other wildfire-related memorandum account. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contingency Accruals and Changes | The following table presents changes in the estimated losses since December 31, 2019, and estimated total liabilities for the 2017/2018 Wildfire/Mudslide Events as of September 30, 2020: (in millions) Loss estimate balance at December 31, 2019 $ 4,541 Increase in accrued estimated losses to reflect best estimate 1 1,297 Amounts paid (37) Fixed payments to be made under executed settlement agreements (1,192) Loss estimate balance at September 30, 2020 2 4,609 Fixed payments to be made under executed settlement agreements 3 1,192 Estimated total liabilities at September 30, 2020 $ 5,801 1 Includes an estimate of the Future Settlement Payments. 2 Reflects Edison International and SCE's best estimate of expected losses for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events at September 30, 2020. Does not include an estimate of any potential fines or penalties that could be levied against SCE in connection with the 2017/2018 Wildfire/Mudslide Events. 3 Included in current "Wildfire-related claims" on Edison International's and SCE's consolidated balance sheets. For the three and nine months ended September 30, 2020 and 2019, Edison International's and SCE's income statements include charges for the estimated losses, net of expected recoveries from insurance and FERC customers, related to the 2017/2018 Wildfire/Mudslide Events as follows: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Charge for wildfire-related claims $ 1,297 $ — $ 1,297 $ — Expected insurance recoveries — — — — Expected revenue from FERC customers (84) — (84) — Total pre-tax charge 1,213 — 1,213 — Income tax benefit (339) — (339) — Total after-tax charge $ 874 $ — $ 874 $ — (in millions) Balance at December 31, 2019 $ 1,710 Insurance recoveries (73) Balance at September 30, 2020 $ 1,637 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Summary of Finance Lease Payments | The following table summarizes SCE's lease payments for operating and finance leases as of September 30, 2020: (in millions) PPA Operating Leases 1 Other Operating Leases 2,3 PPA Finance Leases 1 2020 $ 37 $ 10 $ — 2021 205 36 1 2022 208 30 1 2023 159 24 2 2024 47 19 2 Thereafter 489 114 8 Total lease payments 1,145 233 14 Amount representing interest 3 209 60 5 Lease liabilities $ 936 $ 173 $ 9 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 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. 3 Lease payments are discounted to their present value using SCE's incremental borrowing rates. |
Summary of Operating Lease Payments | The following table summarizes SCE's lease payments for operating and finance leases as of September 30, 2020: (in millions) PPA Operating Leases 1 Other Operating Leases 2,3 PPA Finance Leases 1 2020 $ 37 $ 10 $ — 2021 205 36 1 2022 208 30 1 2023 159 24 2 2024 47 19 2 Thereafter 489 114 8 Total lease payments 1,145 233 14 Amount representing interest 3 209 60 5 Lease liabilities $ 936 $ 173 $ 9 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 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. 3 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) September 30, 2020 December 31, 2019 Operating leases: Operating lease right-of-use ("ROU") assets 1 $ 1,109 $ 689 Current portion of operating lease liabilities 210 79 Operating lease liabilities 899 610 Total operating lease liabilities 1 $ 1,109 $ 689 Finance leases included in: Utility property, plant and equipment, gross $ 10 $ 14 Accumulated depreciation (1) (5) Utility property, plant and equipment, net 9 9 Other current liabilities 1 1 Other long-term liabilities 8 8 Total finance lease liabilities $ 9 $ 9 1 During the third quarter of 2020, a PPA operating lease contract commenced and one PPA contract was amended that resulted in a total of $463 million additions in ROU assets and lease liabilities. |
Summary of Lease Expense Components | The following table summarizes the components of SCE's lease expense: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 PPA leases: Operating lease cost 35 38 74 98 Finance lease cost 1 1 2 1 Variable lease cost 1 676 751 1,582 1,742 Total PPA lease cost 712 790 1,658 1,841 Other operating leases cost 11 12 35 35 Total lease cost $ 723 $ 802 $ 1,693 $ 1,876 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) Nine month ended September 30, 2020 Nine month ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases PPA leases $ 74 $ 98 Other leases 33 34 ROU assets obtained in exchange for lease obligations: PPA operating leases 463 — Other operating leases 42 23 Weighted average remaining lease term (in years): Operating leases PPA leases 9.83 16.03 Other leases 12.35 12.75 PPA Finance leases 10.90 11.71 Weighted average discount rate: Operating leases PPA leases 3.08 % 4.44 % Other leases 3.74 % 3.89 % PPA Finance leases 8.83 % 8.74 % |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | Edison International's accumulated other comprehensive loss, net of tax, consist of: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Beginning balance $ (65) $ (57) $ (69) $ (50) Pension and PBOP – net loss: Reclassified from accumulated other comprehensive loss 1 2 2 6 5 Other 2 — — — (10) Change 2 2 6 (5) Ending Balance $ (63) $ (55) $ (63) $ (55) 1 These items are included in the computation of net periodic pension and PBOP Plan expense. See Note 9 for additional information. 2 Edison International recognized cumulative effect adjustments to the opening balance of retained earnings and accumulated other comprehensive loss on January 1, 2019 related to the adoption of the accounting standards update on the reclassification of stranded tax effects resulting from Tax Reform. SCE's accumulated other comprehensive loss, net of tax, consist of: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Beginning balance $ (36) $ (26) $ (39) $ (23) Pension and PBOP – net loss: Reclassified from accumulated other comprehensive loss 1 1 1 4 3 Other 2 — — — (5) Change 1 1 4 (2) Ending Balance $ (35) $ (25) $ (35) $ (25) 1 These items are included in the computation of net periodic pension and PBOP Plan expense. See Note 9 for additional information. |
Other Income (Tables)
Other Income (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | |
Other Income | Other income net of expenses is as follows: Three months ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 SCE other income (expense): Equity allowance for funds used during construction $ 36 $ 26 $ 87 $ 75 Increase in cash surrender value of life insurance policies and life insurance benefits 27 9 60 27 Interest income 2 13 18 29 Net periodic benefit income – non-service components 28 19 83 54 Civic, political and related activities and donations (7) (5) (22) (26) Other (3) (4) (9) (7) Total SCE other income 83 58 217 152 Other income (expense) of Edison International Parent and Other: Net periodic benefit costs – non-service components — — (1) (2) Other 1 — 1 1 Total Edison International other income $ 84 $ 58 $ 217 $ 151 |
Supplemental Cash Flows Infor_2
Supplemental Cash Flows Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flows Information | Supplemental cash flows information is: Edison International SCE Nine months ended September 30, (in millions) 2020 2019 2020 2019 Cash payments (receipts): Interest, net of amounts capitalized $ 689 $ 582 $ 607 $ 518 Income taxes, net (30) (65) (29) (166) Non-cash financing and investing activities: Dividends declared but not paid: Common stock 241 220 — — |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 and related expected insurance recoveries were as follows: September 30, December 31, 2019 Current insurance receivable due from affiliate $ 448 $ — Long-term insurance receivable due from affiliate 354 803 Prepaid insurance 1 85 10 1 Reflected in "Prepaid expenses" on SCE's consolidated balance sheets. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Organization and Basis of Presentation) (Details) mi² in Thousands | 9 Months Ended |
Sep. 30, 2020mi² | |
Southern California Edison | Electric Utility | |
Segment Reporting Information [Line Items] | |
Supply of electricity, area covered (square mile) | 50 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Cash Equivalents) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Sep. 30, 2019 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Money market funds | $ 56 | $ 31 |
Book balances reclassified to accounts payable | 51 | 75 |
Southern California Edison | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Book balances reclassified to accounts payable | $ 50 | $ 74 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Restricted Cash) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 92 | $ 68 |
Short-term restricted cash | 2 | 2 |
Total cash, cash equivalents, and restricted cash | 94 | 70 |
Southern California Edison | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 30 | $ 24 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Changes in Allowance for Uncollectible Accounts) (Details) - Southern California Edison - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Customers | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 75 | $ 35 |
Included in operation and maintenance expenses | 11 | 39 |
Deferred to regulatory assets | 43 | 64 |
Less: write-offs, net of recoveries | 5 | 14 |
Ending balance | 124 | 124 |
All others | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 15 | 14 |
Included in operation and maintenance expenses | 4 | 11 |
Deferred to regulatory assets | 0 | 0 |
Less: write-offs, net of recoveries | 2 | 8 |
Ending balance | $ 17 | $ 17 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Regulatory Proceedings) (Details) - Southern California Edison - USD ($) $ in Millions | Aug. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 |
CPUC | 2018 GRC | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Impact of decision non-core impairment of utility core earnings, net of tax | $ 66 | $ 65 | $ 131 | |||
Reduction in revenue | $ 265 | |||||
Reduction in authorized revenue | $ 289 | |||||
Increase in approved revenue | $ 24 | |||||
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 | 2019 Formula Rate Settlement | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Approved ROE | 10.30% | |||||
Alternative ROE | 47.50% | |||||
Settlement period base ROE | 11.97% |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Basic (loss) earnings per share: | ||||
Income from operations attributable to common shareholders | $ (288) | $ 471 | $ 213 | $ 1,141 |
Net (loss) income available for common stock | $ (288) | $ 471 | $ 213 | $ 1,141 |
Weighted average common shares outstanding (in shares) | 378,000,000 | 347,000,000 | 371,000,000 | 333,000,000 |
Basic earnings per share - continuing operations (in dollars per share) | $ (0.76) | $ 1.36 | $ 0.57 | $ 3.43 |
Diluted (loss) earnings per share: | ||||
Income from operations attributable to common shareholders | $ (288) | $ 471 | $ 213 | $ 1,141 |
Net (loss) income available for common stock | (288) | 471 | 213 | 1,141 |
Net (loss) income available to common shareholders and assumed conversions | $ (288) | $ 471 | $ 213 | $ 1,141 |
Weighted average common shares outstanding (in shares) | 378,000,000 | 347,000,000 | 371,000,000 | 333,000,000 |
Incremental shares from assumed conversions (in shares) | 0 | 2,000,000 | 1,000,000 | 1,000,000 |
Adjusted weighted average shares - diluted (in shares) | 378,000,000 | 349,000,000 | 372,000,000 | 334,000,000 |
Diluted earnings per share - continuing operations (in dollars per share) | $ (0.76) | $ 1.35 | $ 0.57 | $ 3.42 |
Stock option awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock-based compensation awards excluded from the computation of diluted earnings per share (in shares) | 9,158,974 | 1,398,884 | 9,079,789 | 5,997,917 |
Consolidated Statements of Ch_3
Consolidated Statements of Changes in Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance, at the beginning of the period | $ 16,446 | $ 15,544 | $ 15,496 | $ 12,913 | $ 12,719 | $ 12,652 | $ 15,496 | $ 12,652 | |
Net income (loss) | (242) | 348 | 213 | 502 | 422 | 308 | |||
Other comprehensive income | 2 | 2 | 2 | 2 | 1 | 2 | |||
Common stock issued, net of issuance cost | 15 | 815 | 88 | 2,185 | |||||
Common stock dividends declared | (241) | (241) | (232) | (219) | (200) | (200) | |||
Dividends to noncontrolling interests | (31) | (30) | (30) | (31) | (30) | (30) | |||
Stock-based compensation | (5) | (4) | (18) | ||||||
Noncash stock-based compensation | 8 | 8 | 7 | 6 | 5 | 5 | |||
Redemption of preferred and preference stock | 308 | ||||||||
Balance, at the end of the period | $ 15,649 | $ 16,446 | $ 15,544 | $ 15,353 | $ 12,913 | $ 12,719 | 15,649 | 15,353 | $ 12,652 |
Dividends declared per common share (in dollars per share) | $ 0.6375 | $ 0.6375 | $ 0.6375 | $ 0.6125 | $ 0.6125 | $ 0.6125 | |||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201802Member | ||||||||
Cumulative effect adjustment | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance, at the beginning of the period | $ 0 | 0 | |||||||
Balance, at the end of the period | $ 0 | ||||||||
Minimum | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Preferred stock, dividends per share, declared (in dollars per share) | 0.247 | 0.255 | 0.255 | 0.255 | 0.255 | $ 0.255 | |||
Preference stock, dividends per share, declared (in dollars per share) | 15.625 | 15.625 | 15.625 | 15.625 | 15.625 | 15.625 | |||
Maximum | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Preferred stock, dividends per share, declared (in dollars per share) | 0.289 | 0.299 | 0.299 | 0.299 | 0.299 | 0.299 | |||
Preference stock, dividends per share, declared (in dollars per share) | $ 35.936 | $ 35.936 | $ 35.936 | $ 35.936 | $ 35.936 | $ 35.936 | |||
Common Stock | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance, at the beginning of the period | $ 5,908 | $ 5,085 | $ 4,990 | $ 2,555 | $ 2,550 | $ 2,545 | 4,990 | 2,545 | |
Common stock issued, net of issuance cost | 15 | 815 | 88 | 2,185 | |||||
Noncash stock-based compensation | 7 | 8 | 7 | 6 | 5 | 5 | |||
Balance, at the end of the period | 5,930 | 5,908 | 5,085 | 4,746 | 2,555 | 2,550 | 5,930 | 4,746 | 2,545 |
Accumulated Other Comprehensive Loss | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance, at the beginning of the period | (65) | (67) | (69) | (57) | (58) | (50) | (69) | (50) | |
Other comprehensive income | 2 | 2 | 2 | 2 | 1 | 2 | |||
Balance, at the end of the period | (63) | (65) | (67) | (55) | (57) | (58) | (63) | (55) | (50) |
Accumulated Other Comprehensive Loss | Cumulative effect adjustment | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance, at the beginning of the period | (10) | (10) | |||||||
Balance, at the end of the period | (10) | ||||||||
Retained Earnings | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance, at the beginning of the period | 8,410 | 8,333 | 8,382 | 8,222 | 8,034 | 7,964 | 8,382 | 7,964 | |
Net income (loss) | (288) | 318 | 183 | 471 | 392 | 278 | |||
Common stock dividends declared | (241) | (241) | (232) | (219) | (200) | (200) | |||
Stock-based compensation | (5) | (4) | (18) | ||||||
Balance, at the end of the period | 7,881 | 8,410 | 8,333 | 8,469 | 8,222 | 8,034 | 7,881 | 8,469 | 7,964 |
Retained Earnings | Cumulative effect adjustment | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance, at the beginning of the period | 10 | 10 | |||||||
Balance, at the end of the period | 10 | ||||||||
Subtotal | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance, at the beginning of the period | 14,253 | 13,351 | 13,303 | 10,720 | 10,526 | 10,459 | 13,303 | 10,459 | |
Net income (loss) | (288) | 318 | 183 | 471 | 392 | 278 | |||
Other comprehensive income | 2 | 2 | 2 | 2 | 1 | 2 | |||
Common stock issued, net of issuance cost | 15 | 815 | 88 | 2,185 | |||||
Common stock dividends declared | (241) | (241) | (232) | (219) | (200) | (200) | |||
Stock-based compensation | (5) | (4) | (18) | ||||||
Noncash stock-based compensation | 7 | 8 | 7 | 6 | 5 | 5 | |||
Balance, at the end of the period | 13,748 | 14,253 | 13,351 | 13,160 | 10,720 | 10,526 | 13,748 | 13,160 | 10,459 |
Noncontrolling Interests, Preferred and Preference Stock | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance, at the beginning of the period | 2,193 | 2,193 | 2,193 | 2,193 | 2,193 | 2,193 | 2,193 | 2,193 | |
Net income (loss) | 46 | 30 | 30 | 31 | 30 | 30 | |||
Dividends to noncontrolling interests | (31) | (30) | (30) | (31) | (30) | (30) | |||
Noncash stock-based compensation | 1 | ||||||||
Redemption of preferred and preference stock | (308) | ||||||||
Balance, at the end of the period | 1,901 | 2,193 | 2,193 | 2,193 | 2,193 | 2,193 | 1,901 | 2,193 | 2,193 |
Southern California Edison | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance, at the beginning of the period | 18,781 | 18,046 | 17,827 | 15,492 | 13,870 | 13,785 | 17,827 | 13,785 | |
Net income (loss) | (218) | 411 | 249 | 534 | 449 | 323 | |||
Other comprehensive income | 1 | 1 | 2 | 1 | 1 | 1 | |||
Capital contribution from Edison International Parent | 219 | 619 | 269 | 1,850 | 1,200 | ||||
Common stock dividends declared | (269) | (269) | (269) | (200) | (200) | ||||
Dividends declared on preferred and preference stock | (31) | (30) | (30) | (31) | (30) | (30) | |||
Stock-based compensation | (5) | (4) | (1) | (12) | |||||
Noncash stock-based compensation | 4 | 3 | 3 | 3 | 3 | 3 | |||
Redemption of preferred and preference stock | (120) | (308) | |||||||
Balance, at the end of the period | $ 18,179 | $ 18,781 | $ 18,046 | $ 17,645 | $ 15,492 | $ 13,870 | 18,179 | 17,645 | $ 13,785 |
Dividends declared per common share (in dollars per share) | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.4599 | $ 0.4599 | ||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201802Member | ||||||||
Southern California Edison | Cumulative effect adjustment | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance, at the beginning of the period | $ 0 | 0 | |||||||
Balance, at the end of the period | $ 0 | ||||||||
Southern California Edison | Minimum | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Preferred stock, dividends per share, declared (in dollars per share) | 0.247 | 0.255 | 0.255 | $ 0.255 | $ 0.255 | $ 0.255 | |||
Preference stock, dividends per share, declared (in dollars per share) | 15.625 | 15.625 | 15.625 | 15.625 | 15.625 | ||||
Southern California Edison | Maximum | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Preferred stock, dividends per share, declared (in dollars per share) | 0.289 | 0.299 | 0.299 | 0.299 | 0.299 | ||||
Preference stock, dividends per share, declared (in dollars per share) | $ 35.936 | $ 35.936 | $ 35.936 | $ 35.936 | $ 35.936 | ||||
Southern California Edison | Preferred and Preference Stock | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance, at the beginning of the period | $ 2,245 | $ 2,245 | $ 2,245 | $ 2,245 | $ 2,245 | $ 2,245 | 2,245 | 2,245 | |
Redemption of preferred and preference stock | (300) | ||||||||
Balance, at the end of the period | 1,945 | 2,245 | 2,245 | 2,245 | 2,245 | 2,245 | 1,945 | 2,245 | 2,245 |
Southern California Edison | Common Stock | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance, at the beginning of the period | 2,168 | 2,168 | 2,168 | 2,168 | 2,168 | 2,168 | 2,168 | 2,168 | |
Balance, at the end of the period | 2,168 | 2,168 | 2,168 | 2,168 | 2,168 | 2,168 | 2,168 | 2,168 | 2,168 |
Southern California Edison | Additional Paid-in Capital | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance, at the beginning of the period | 4,829 | 4,207 | 3,939 | 1,886 | 683 | 680 | 3,939 | 680 | |
Capital contribution from Edison International Parent | 219 | 619 | 269 | 1,850 | 1,200 | ||||
Stock-based compensation | (5) | (2) | |||||||
Noncash stock-based compensation | 3 | 3 | 4 | 3 | 3 | 3 | |||
Redemption of preferred and preference stock | 7 | ||||||||
Balance, at the end of the period | 5,058 | 4,829 | 4,207 | 3,737 | 1,886 | 683 | 5,058 | 3,737 | 680 |
Southern California Edison | Accumulated Other Comprehensive Loss | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance, at the beginning of the period | (36) | (37) | (39) | (26) | (27) | (23) | (39) | (23) | |
Other comprehensive income | 1 | 1 | 2 | 1 | 1 | 1 | |||
Balance, at the end of the period | (35) | (36) | (37) | (25) | (26) | (27) | (35) | (25) | (23) |
Southern California Edison | Accumulated Other Comprehensive Loss | Cumulative effect adjustment | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance, at the beginning of the period | (5) | (5) | |||||||
Balance, at the end of the period | (5) | ||||||||
Southern California Edison | Retained Earnings | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance, at the beginning of the period | 9,575 | 9,463 | 9,514 | 9,219 | 8,801 | 8,715 | 9,514 | 8,715 | |
Net income (loss) | (218) | 411 | 249 | 534 | 449 | 323 | |||
Common stock dividends declared | (269) | (269) | (269) | (200) | (200) | ||||
Dividends declared on preferred and preference stock | (31) | (30) | (30) | (31) | (30) | (30) | |||
Stock-based compensation | (2) | (1) | (12) | ||||||
Noncash stock-based compensation | 1 | (1) | |||||||
Redemption of preferred and preference stock | (15) | ||||||||
Balance, at the end of the period | $ 9,043 | $ 9,575 | $ 9,463 | $ 9,520 | $ 9,219 | 8,801 | $ 9,043 | 9,520 | 8,715 |
Southern California Edison | Retained Earnings | Cumulative effect adjustment | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance, at the beginning of the period | $ 5 | $ 5 | |||||||
Balance, at the end of the period | $ 5 |
Variable Interest Entities (Tex
Variable Interest Entities (Textual) (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2020USD ($)MW | Sep. 30, 2020USD ($)MW | Sep. 30, 2019USD ($)MW | Sep. 30, 2020USD ($)MW | Sep. 30, 2019USD ($)MW | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($)$ / shares | Dec. 31, 2019USD ($) | |
Variable Interest Entity | |||||||||||
Redemption of trust securities | $ (308,000,000) | ||||||||||
Southern California Edison | |||||||||||
Variable Interest Entity | |||||||||||
Redemption of trust securities | 120,000,000 | $ 308,000,000 | |||||||||
Southern California Edison | Series G Preferred Stock | |||||||||||
Variable Interest Entity | |||||||||||
Redemption of trust securities | $ 180,000,000 | ||||||||||
Southern California Edison | VIE | SCE Power Purchase Contracts | |||||||||||
Variable Interest Entity | |||||||||||
Power generating capacity (in megawatts) | MW | 5,356 | 5,356 | 4,894 | 5,356 | 4,894 | ||||||
Payments to unconsolidated VIEs for power purchase contracts | $ 360,000,000 | $ 353,000,000 | $ 661,000,000 | $ 628,000,000 | |||||||
Southern California Edison | VIE | Trust II | Trust Securities | |||||||||||
Variable Interest Entity | |||||||||||
Security dividend rate | 5.10% | ||||||||||
Liquidation preference | $ 220,000,000 | 220,000,000 | 220,000,000 | $ 400,000,000 | $ 400,000,000 | ||||||
Liquidation value (in dollars per share) | $ / shares | $ 25 | ||||||||||
Common stock | $ 10,000 | ||||||||||
Redemption of trust securities | 10,000 | 10,000 | |||||||||
Southern California Edison | VIE | Trust II | Series G Preferred Stock | |||||||||||
Variable Interest Entity | |||||||||||
Security dividend rate | 5.10% | ||||||||||
Liquidation preference | 220,000,000 | 220,000,000 | 220,000,000 | $ 400,000,000 | $ 400,000,000 | ||||||
Liquidation value (in dollars per share) | $ / shares | $ 2,500 | ||||||||||
Redemption of trust securities | 180,000,000 | ||||||||||
Southern California Edison | VIE | Trust III | Trust Securities | |||||||||||
Variable Interest Entity | |||||||||||
Security dividend rate | 5.75% | ||||||||||
Liquidation preference | 275,000,000 | 275,000,000 | 275,000,000 | 275,000,000 | 275,000,000 | $ 275,000,000 | |||||
Liquidation value (in dollars per share) | $ / shares | $ 25 | ||||||||||
Redemption of trust securities | 10,000 | 10,000 | |||||||||
Southern California Edison | VIE | Trust III | Series G Preferred Stock | |||||||||||
Variable Interest Entity | |||||||||||
Liquidation value (in dollars per share) | $ / shares | $ 2,500 | ||||||||||
Southern California Edison | VIE | Trust III | Series H Preferred Stock | |||||||||||
Variable Interest Entity | |||||||||||
Security dividend rate | 5.75% | ||||||||||
Liquidation preference | 275,000,000 | 275,000,000 | 275,000,000 | 275,000,000 | 275,000,000 | $ 275,000,000 | |||||
Southern California Edison | VIE | Trust IV | Trust Securities | |||||||||||
Variable Interest Entity | |||||||||||
Security dividend rate | 5.375% | ||||||||||
Liquidation preference | 325,000,000 | 325,000,000 | 325,000,000 | 325,000,000 | 325,000,000 | $ 325,000,000 | |||||
Liquidation value (in dollars per share) | $ / shares | $ 25 | ||||||||||
Redemption of trust securities | 10,000 | 10,000 | |||||||||
Southern California Edison | VIE | Trust IV | Series G Preferred Stock | |||||||||||
Variable Interest Entity | |||||||||||
Liquidation value (in dollars per share) | $ / shares | $ 2,500 | ||||||||||
Southern California Edison | VIE | Trust IV | Series J Preferred Stock | |||||||||||
Variable Interest Entity | |||||||||||
Security dividend rate | 5.375% | ||||||||||
Liquidation preference | 325,000,000 | 325,000,000 | 325,000,000 | 325,000,000 | 325,000,000 | $ 325,000,000 | |||||
Southern California Edison | VIE | Trust V | Trust Securities | |||||||||||
Variable Interest Entity | |||||||||||
Security dividend rate | 5.45% | ||||||||||
Liquidation preference | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | $ 300,000,000 | |||||
Liquidation value (in dollars per share) | $ / shares | $ 25 | ||||||||||
Redemption of trust securities | 10,000 | 10,000 | |||||||||
Southern California Edison | VIE | Trust V | Series G Preferred Stock | |||||||||||
Variable Interest Entity | |||||||||||
Liquidation value (in dollars per share) | $ / shares | $ 2,500 | ||||||||||
Southern California Edison | VIE | Trust V | Series K Preferred Stock | |||||||||||
Variable Interest Entity | |||||||||||
Security dividend rate | 5.45% | ||||||||||
Liquidation preference | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | $ 300,000,000 | |||||
Southern California Edison | VIE | Trust VI | Trust Securities | |||||||||||
Variable Interest Entity | |||||||||||
Security dividend rate | 5.00% | ||||||||||
Liquidation preference | 475,000,000 | 475,000,000 | 475,000,000 | 475,000,000 | 475,000,000 | $ 475,000,000 | |||||
Liquidation value (in dollars per share) | $ / shares | $ 25 | ||||||||||
Redemption of trust securities | 10,000 | 10,000 | |||||||||
Southern California Edison | VIE | Trust VI | Series G Preferred Stock | |||||||||||
Variable Interest Entity | |||||||||||
Liquidation value (in dollars per share) | $ / shares | $ 2,500 | ||||||||||
Southern California Edison | VIE | Trust VI | Series L Preferred Stock | |||||||||||
Variable Interest Entity | |||||||||||
Security dividend rate | 5.00% | ||||||||||
Liquidation preference | $ 475,000,000 | $ 475,000,000 | $ 475,000,000 | $ 475,000,000 | $ 475,000,000 | $ 475,000,000 |
Variable Interest Entities (Sum
Variable Interest Entities (Summary of Trusts' Income Statement) (Details) - Southern California Edison - VIE - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Trust II | ||||
Variable Interest Entity | ||||
Dividend income | $ 5 | $ 5 | $ 15 | $ 15 |
Dividend distributions | 5 | 5 | 15 | 15 |
Trust III | ||||
Variable Interest Entity | ||||
Dividend income | 4 | 4 | 12 | 12 |
Dividend distributions | 4 | 4 | 12 | 12 |
Trust IV | ||||
Variable Interest Entity | ||||
Dividend income | 4 | 4 | 13 | 13 |
Dividend distributions | 4 | 4 | 13 | 13 |
Trust V | ||||
Variable Interest Entity | ||||
Dividend income | 4 | 4 | 12 | 12 |
Dividend distributions | 4 | 4 | 12 | 12 |
Trust VI | ||||
Variable Interest Entity | ||||
Dividend income | 6 | 6 | 18 | 18 |
Dividend distributions | $ 6 | $ 6 | $ 18 | $ 18 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value by Level) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Assets at fair value | ||
Nuclear decommissioning trusts | $ 4,650 | $ 4,562 |
Southern California Edison | ||
Assets at fair value | ||
Nuclear decommissioning trusts | $ 4,650 | $ 4,562 |
Liabilities at fair value | ||
Percentage of equity investments located in the United States | 72.00% | 72.00% |
Collateralized mortgage obligations and other asset backed securities | $ 31 | $ 46 |
Payables, net, related to investments | 176 | 111 |
Southern California Edison | Fair Value, Measurements, Recurring | ||
Assets at fair value | ||
Netting and Collateral | (8) | (15) |
Derivative contracts, net | 48 | 87 |
Money market funds and other | 24 | 18 |
Nuclear decommissioning trusts | 4,826 | 4,673 |
Total assets | 4,898 | 4,778 |
Liabilities at fair value | ||
Netting and Collateral | (8) | (15) |
Derivative contracts | 0 | 1 |
Total liabilities | 0 | 1 |
Total assets, netting and collateral | 0 | 0 |
Net assets | 4,898 | 4,777 |
Southern California Edison | Fair Value, Measurements, Recurring | Stocks | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 1,753 | 1,765 |
Southern California Edison | Fair Value, Measurements, Recurring | Fixed Income | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 2,651 | 2,762 |
Southern California Edison | Fair Value, Measurements, Recurring | Short-term investments, primarily cash equivalents | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 422 | 146 |
Southern California Edison | Fair Value, Measurements, Recurring | Level 1 | ||
Assets at fair value | ||
Derivative contracts | 0 | 0 |
Money market funds and other | 1 | 4 |
Nuclear decommissioning trusts | 2,648 | 2,601 |
Total assets | 2,649 | 2,605 |
Liabilities at fair value | ||
Derivative contracts | 0 | 0 |
Total liabilities | 0 | 0 |
Net assets | 2,649 | 2,605 |
Southern California Edison | Fair Value, Measurements, Recurring | Level 1 | Stocks | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 1,753 | 1,765 |
Southern California Edison | Fair Value, Measurements, Recurring | Level 1 | Fixed Income | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 518 | 738 |
Southern California Edison | Fair Value, Measurements, Recurring | Level 1 | Short-term investments, primarily cash equivalents | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 377 | 98 |
Southern California Edison | Fair Value, Measurements, Recurring | Level 2 | ||
Assets at fair value | ||
Derivative contracts | 26 | 19 |
Money market funds and other | 23 | 14 |
Nuclear decommissioning trusts | 2,178 | 2,072 |
Total assets | 2,227 | 2,105 |
Liabilities at fair value | ||
Derivative contracts | 6 | 11 |
Total liabilities | 6 | 11 |
Net assets | 2,221 | 2,094 |
Southern California Edison | Fair Value, Measurements, Recurring | Level 2 | Stocks | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 0 | 0 |
Southern California Edison | Fair Value, Measurements, Recurring | Level 2 | Fixed Income | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 2,133 | 2,024 |
Southern California Edison | Fair Value, Measurements, Recurring | Level 2 | Short-term investments, primarily cash equivalents | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 45 | 48 |
Southern California Edison | Fair Value, Measurements, Recurring | Level 3 | ||
Assets at fair value | ||
Derivative contracts | 30 | 83 |
Money market funds and other | 0 | 0 |
Nuclear decommissioning trusts | 0 | 0 |
Total assets | 30 | 83 |
Liabilities at fair value | ||
Derivative contracts | 2 | 5 |
Total liabilities | 2 | 5 |
Net assets | 28 | 78 |
Southern California Edison | Fair Value, Measurements, Recurring | Level 3 | Stocks | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 0 | 0 |
Southern California Edison | Fair Value, Measurements, Recurring | Level 3 | Fixed Income | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 0 | 0 |
Southern California Edison | Fair Value, Measurements, Recurring | Level 3 | Short-term investments, primarily cash equivalents | ||
Assets at fair value | ||
Nuclear decommissioning trusts | $ 0 | $ 0 |
Fair Value Measurements (Textua
Fair Value Measurements (Textual) (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | $ 56,000,000 | $ 31,000,000 | |
Edison International Parent and Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term Investments | $ 0 | ||
Edison International Parent and Other | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 56,000,000 | $ 31,000,000 | |
Edison International Parent and Other | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term Investments | $ 5,000,000 |
Fair Value Measurements (Level
Fair Value Measurements (Level 3 Rollforward) (Details) - Southern California Edison - Level 3 - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value Disclosures Level 3 [Roll Forward] | ||||
Fair value of net assets at beginning of period | $ 34 | $ 63 | $ 78 | $ 141 |
Total realized/unrealized losses | (6) | 0 | (50) | (78) |
Fair value of net assets at end of period | 28 | 63 | 28 | 63 |
Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period | $ 13 | $ 30 | $ 8 | $ 27 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information About Level 3 Fair Value Measurements) (Details) - Southern California Edison - Level 3 - Congestion revenue rights - Auction prices $ in Millions | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Quantitative Information About Level 3 Measurements [Line Items] | ||
Fair Value, Assets | $ 30 | $ 83 |
Fair Value, Liabilities | $ 2 | $ 5 |
CAISO CRR auction prices | Minimum | ||
Quantitative Information About Level 3 Measurements [Line Items] | ||
Fair value inputs, price level ($ per MWh) | (7.72) | 3.59 |
CAISO CRR auction prices | Maximum | ||
Quantitative Information About Level 3 Measurements [Line Items] | ||
Fair value inputs, price level ($ per MWh) | 9.91 | 25.32 |
CAISO CRR auction prices | Weighted Average [Member] | ||
Quantitative Information About Level 3 Measurements [Line Items] | ||
Fair value inputs, price level ($ per MWh) | 1.72 | 1.97 |
Fair Value Measurements (Fair_2
Fair Value Measurements (Fair Value of Long-Term Debt Recorded at Carrying Value) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value of Long-Term Debt Recorded at Carrying Value [Line Items] | ||
Carrying Value | $ 19,987 | $ 18,343 |
Fair Value | 22,313 | 20,137 |
Southern California Edison | ||
Fair Value of Long-Term Debt Recorded at Carrying Value [Line Items] | ||
Carrying Value | 16,855 | 15,211 |
Fair Value | $ 18,995 | $ 16,892 |
Debt and Credit Agreements (Det
Debt and Credit Agreements (Details) | Aug. 01, 2019USD ($) | Oct. 27, 2020USD ($) | Sep. 30, 2020USD ($) | May 31, 2020USD ($) | Mar. 31, 2020USD ($)extension | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2020USD ($) |
2017/2018 Wildfire/Mudslide Event | ||||||||
Debt Instrument [Line Items] | ||||||||
Amounts paid | $ 37,000,000 | |||||||
4.95% senior notes due 2025 | Senior notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt | $ 400,000,000 | |||||||
Stated interest rate | 4.95% | |||||||
2.125% senior notes due 2020 | Senior notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 2.125% | |||||||
Repayments of outstanding debt | $ 400,000,000 | |||||||
Term Loan Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt | $ 800,000,000 | |||||||
Term Loan Agreement | London Interbank Offered Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.125% | |||||||
Multi-year revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Multi-year revolving credit facilities | $ 1,500,000,000 | 1,500,000,000 | ||||||
Commitment | 2,000,000,000 | 2,000,000,000 | ||||||
Multi-year revolving credit facility | Commercial paper | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding commercial paper | 0 | $ 0 | 0 | |||||
Southern California Edison | ||||||||
Debt Instrument [Line Items] | ||||||||
Repurchased tax exempt pollution bonds | 373,000,000 | |||||||
Excluded wildfire risk mitigation capital expenditures | $ 1,600,000,000 | $ 1,600,000,000 | ||||||
Southern California Edison | 2017/2018 Wildfire/Mudslide Event | ||||||||
Debt Instrument [Line Items] | ||||||||
Amounts paid | 360,000,000 | 37,000,000 | ||||||
Southern California Edison | 2017/2018 Wildfire/Mudslide Event | Subsequent event | ||||||||
Debt Instrument [Line Items] | ||||||||
Amounts paid | $ 1,200,000,000 | |||||||
Southern California Edison | 4.20% first and refunding mortgage bonds due 2029 | First and refunding mortgage bonds | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt | $ 100,000,000 | |||||||
Stated interest rate | 2.85% | |||||||
Southern California Edison | 4.875% first and refunding mortgage bonds due 2049 | First and refunding mortgage bonds | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt | $ 500,000,000 | |||||||
Stated interest rate | 3.65% | |||||||
Southern California Edison | 2.25% first and refunding mortgage bonds due 2030 | First and refunding mortgage bonds | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt | $ 400,000,000 | |||||||
Stated interest rate | 2.25% | |||||||
Southern California Edison | 3.65% first and refunding mortgage bonds due 2050 | First and refunding mortgage bonds | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt | $ 700,000,000 | |||||||
Stated interest rate | 3.65% | |||||||
Southern California Edison | 3.70% first and refunding mortgage bonds due 2025 | First and refunding mortgage bonds | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt | $ 600,000,000 | |||||||
Stated interest rate | 3.70% | |||||||
Southern California Edison | Tax-exempt pollution control bonds | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment of tax-exempt pollution control bonds | 244,000,000 | |||||||
Southern California Edison | May 2020 credit agreement | Revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Multi-year revolving credit facilities | $ 1,500,000,000 | |||||||
Amounts drawn against the revolving credit facility | 0 | 0 | ||||||
Southern California Edison | May 2020 credit agreement | London Interbank Offered Rate | Revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.50% | |||||||
Southern California Edison | Term Loan Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt | $ 475,000,000 | |||||||
Southern California Edison | Term Loan Agreement | London Interbank Offered Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.60% | |||||||
Southern California Edison | March 2020 credit agreement | Revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Multi-year revolving credit facilities | $ 800,000,000 | |||||||
Amounts drawn against the revolving credit facility | 654,000,000 | 654,000,000 | ||||||
Number of 364-day extensions | extension | 2 | |||||||
Commitment | $ 1,100,000,000 | |||||||
Southern California Edison | March 2020 credit agreement | London Interbank Offered Rate | Revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.65% | |||||||
Southern California Edison | Multi-year revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Multi-year revolving credit facilities | 3,000,000,000 | 3,000,000,000 | ||||||
Commitment | 4,000,000,000 | 4,000,000,000 | ||||||
Southern California Edison | Multi-year revolving credit facility | Commercial paper | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding commercial paper | $ 623,000,000 | $ 550,000,000 | $ 623,000,000 | |||||
Weighted average interest rate | 0.25% | 2.24% | 0.25% | |||||
Southern California Edison | Multi-year revolving credit facility | Letters of credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding letters of credit | $ 200,000,000 | $ 152,000,000 | $ 200,000,000 | |||||
Letters of credit expiration period | 12 months | |||||||
Southern California Edison | 1.20% first and refunding mortgage bonds due 2026 | First and refunding mortgage bonds | Subsequent event | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt | $ 350,000,000 | |||||||
Stated interest rate | 1.20% |
Derivative Instruments (Textual
Derivative Instruments (Textual) (Details) - Southern California Edison - Electric Utility - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Economic Hedges | ||
Derivative [Line Items] | ||
Net fair value of all derivative liabilities with credit-risk-related contingent features | $ 1,000,000 | $ 1,000,000 |
Posted collateral | 0 | $ 0 |
Economic Hedges | Trigger | ||
Derivative [Line Items] | ||
Potential amount of collateral to be posted if contingencies triggered | 13,000,000 | |
Economic Hedges related to outstanding payables | Trigger | ||
Derivative [Line Items] | ||
Potential amount of collateral to be posted if contingencies triggered | $ 13,000,000 |
Derivative Instruments (Balance
Derivative Instruments (Balance Sheet Disclosures) (Details) - Southern California Edison - Electric Utility - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Economic Hedges | ||
Derivative Assets | ||
Cash collateral posted | $ 0 | |
Other current assets | Economic Hedges | ||
Derivative Assets | ||
Cash collateral posted | $ (24,000,000) | |
Commodity derivative contracts | ||
Derivative Assets | ||
Gross amounts recognized | 56,000,000 | 102,000,000 |
Gross amounts offset in the consolidated balance sheets | (8,000,000) | (15,000,000) |
Cash collateral posted | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 48,000,000 | 87,000,000 |
Derivative Liabilities | ||
Gross amounts recognized | 8,000,000 | 16,000,000 |
Gross amounts offset in the consolidated balance sheets | (8,000,000) | (15,000,000) |
Cash collateral posted | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 0 | 1,000,000 |
Net Assets | ||
Gross amounts recognized | 48,000,000 | 86,000,000 |
Gross amounts offset in the consolidated balance sheets | 0 | 0 |
Cash collateral posted | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 48,000,000 | 86,000,000 |
Commodity derivative contracts | Derivative Assets, Short-Term | ||
Derivative Assets | ||
Gross amounts recognized | 52,000,000 | 94,000,000 |
Gross amounts offset in the consolidated balance sheets | (7,000,000) | (13,000,000) |
Cash collateral posted | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 45,000,000 | 81,000,000 |
Commodity derivative contracts | Derivative Assets, Long-Term | ||
Derivative Assets | ||
Gross amounts recognized | 4,000,000 | 8,000,000 |
Gross amounts offset in the consolidated balance sheets | (1,000,000) | (2,000,000) |
Cash collateral posted | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 3,000,000 | 6,000,000 |
Commodity derivative contracts | Derivative Liability, Short-Term | ||
Derivative Liabilities | ||
Gross amounts recognized | 7,000,000 | 14,000,000 |
Gross amounts offset in the consolidated balance sheets | (7,000,000) | (13,000,000) |
Cash collateral posted | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 0 | 1,000,000 |
Commodity derivative contracts | Derivative Liability, Long-Term | ||
Derivative Liabilities | ||
Gross amounts recognized | 1,000,000 | 2,000,000 |
Gross amounts offset in the consolidated balance sheets | (1,000,000) | (2,000,000) |
Cash collateral posted | 0 | 0 |
Net amounts presented in the consolidated balance sheets | $ 0 | $ 0 |
Derivative Instruments (Summari
Derivative Instruments (Summarization of Economic Hedging Activities) (Details) - Southern California Edison - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative [Line Items] | ||||
Realized gains (losses) | $ 128 | $ (47) | $ 68 | $ (17) |
Unrealized gains (losses) | $ 75 | $ 24 | $ (39) | $ (104) |
Derivative Instruments (Notiona
Derivative Instruments (Notional Values) (Details) - Southern California Edison - Electric Utility - Economic Hedges | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020BcfeGWh | Dec. 31, 2019GWhBcfe | |
Electricity options, swaps and forwards (GWh) | ||
Derivative [Line Items] | ||
Notional volumes of derivative instruments | 2,338 | 3,155 |
Natural gas options, swaps and forwards (Bcf) | ||
Derivative [Line Items] | ||
Notional volumes of derivative instruments | Bcfe | 30 | 43 |
Congestion revenue rights (GWh) | ||
Derivative [Line Items] | ||
Notional volumes of derivative instruments | 43,229 | 48,170 |
Revenue (Summary of Revenue) (D
Revenue (Summary of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||||
Total operating revenue | $ 4,644 | $ 3,741 | $ 10,421 | $ 9,377 | |
Accrued unbilled revenue | 708 | 708 | $ 488 | ||
Southern California Edison | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 4,220 | 3,884 | 9,440 | 8,642 | |
Alternative revenue programs and other operating revenue | 415 | (152) | 955 | 706 | |
Total operating revenue | 4,635 | 3,732 | 10,395 | 9,348 | |
Receivables related to contracts from customers | 1,900 | 1,900 | 1,100 | ||
Accrued unbilled revenue | 708 | 708 | $ 488 | ||
Southern California Edison | Earning Activities | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 1,893 | 1,862 | 5,175 | 4,896 | |
Alternative revenue programs and other operating revenue | 233 | (30) | 467 | 23 | |
Total operating revenue | 2,126 | 1,832 | 5,642 | 4,919 | |
Southern California Edison | Cost- Recovery Activities | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 2,327 | 2,022 | 4,265 | 3,746 | |
Alternative revenue programs and other operating revenue | 182 | (122) | 488 | 683 | |
Total operating revenue | $ 2,509 | $ 1,900 | $ 4,753 | $ 4,429 |
Income Taxes (Tax Rate Reconcil
Income Taxes (Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosures [Line Items] | ||||
(Loss) income from operations before income taxes | $ (517) | $ 480 | $ (36) | $ 1,020 |
Provision for income tax at federal statutory rate of 21% | (108) | 101 | (7) | 214 |
Increase (decrease) in income tax from: | ||||
State tax, net of federal benefit | (67) | 5 | (74) | 0 |
Property-related | (81) | (124) | (228) | (267) |
Change related to uncertain tax position | 0 | 0 | (15) | 0 |
Deferred tax re-measurement | 0 | 0 | 0 | (69) |
2018 GRC Decision | 0 | 0 | 0 | (80) |
Other | (19) | (4) | (31) | (10) |
Total income tax benefit | $ (275) | $ (22) | $ (355) | $ (212) |
Effective tax rate | (53.20%) | (4.60%) | (986.10%) | (20.80%) |
Southern California Edison | ||||
Income Tax Disclosures [Line Items] | ||||
(Loss) income from operations before income taxes | $ (469) | $ 524 | $ 142 | $ 1,123 |
Provision for income tax at federal statutory rate of 21% | (98) | 110 | 30 | 236 |
Increase (decrease) in income tax from: | ||||
State tax, net of federal benefit | (61) | 8 | (62) | 6 |
Property-related | (81) | (124) | (228) | (267) |
Change related to uncertain tax position | 0 | 0 | (18) | 0 |
Deferred tax re-measurement | 0 | 0 | 0 | (69) |
2018 GRC Decision | 0 | 0 | 0 | (80) |
Other | (11) | (4) | (22) | (9) |
Total income tax benefit | $ (251) | $ (10) | $ (300) | $ (183) |
Effective tax rate | (53.50%) | (1.90%) | (211.30%) | (16.30%) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at January 1, | $ 370 | $ 338 |
Tax positions taken during the current year, Increases | 38 | 32 |
Tax positions taken during a prior year, Increases | 273 | 0 |
Tax positions taken during a prior year, Decreases | (18) | (11) |
Balance at September 30, | 663 | 359 |
Unrecognized tax benefits that would impact the effective tax rate | 446 | |
Southern California Edison | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at January 1, | 282 | 249 |
Tax positions taken during the current year, Increases | 39 | 32 |
Tax positions taken during a prior year, Increases | 4 | 0 |
Tax positions taken during a prior year, Decreases | (21) | (11) |
Balance at September 30, | 304 | $ 270 |
Unrecognized tax benefits that would impact the effective tax rate | $ 87 |
Compensation and Benefit Plan_2
Compensation and Benefit Plans (Expense Components) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 31 | $ 31 | $ 93 | $ 95 |
Non-service cost (benefit) | ||||
Interest cost | 31 | 38 | 92 | 116 |
Expected return on plan assets | (55) | (52) | (163) | (156) |
Amortization of prior service cost | 0 | 0 | 1 | 1 |
Amortization of net (loss) gain | 3 | 2 | 9 | 6 |
Regulatory adjustment | 2 | (4) | 6 | (12) |
Total non-service cost (benefit) | (19) | (16) | (55) | (45) |
Total expense recognized | 12 | 15 | 38 | 50 |
PBOP Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 10 | 8 | 28 | 24 |
Non-service cost (benefit) | ||||
Interest cost | 17 | 21 | 51 | 63 |
Expected return on plan assets | (29) | (28) | (89) | (84) |
Amortization of net (loss) gain | (5) | 0 | (13) | (2) |
Regulatory adjustment | 8 | 5 | 24 | 17 |
Total non-service cost (benefit) | (10) | (3) | (28) | (7) |
Total expense | 0 | 5 | 0 | 17 |
Southern California Edison | ||||
Non-service cost (benefit) | ||||
Total non-service cost (benefit) | (28) | (19) | (83) | (54) |
Southern California Edison | Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 31 | 31 | 91 | 93 |
Non-service cost (benefit) | ||||
Interest cost | 29 | 35 | 85 | 106 |
Expected return on plan assets | (51) | (48) | (153) | (146) |
Amortization of prior service cost | 0 | 0 | 1 | 1 |
Amortization of net (loss) gain | 2 | 1 | 6 | 4 |
Regulatory adjustment | 2 | (4) | 6 | (12) |
Total non-service cost (benefit) | (18) | (16) | (55) | (47) |
Total expense recognized | 13 | 15 | 36 | 46 |
Southern California Edison | PBOP Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 10 | 8 | 28 | 24 |
Non-service cost (benefit) | ||||
Interest cost | 17 | 21 | 51 | 63 |
Expected return on plan assets | (29) | (28) | (89) | (84) |
Amortization of prior service cost | (1) | (1) | (1) | (1) |
Amortization of net (loss) gain | (5) | 0 | (13) | (2) |
Regulatory adjustment | 8 | 5 | 24 | 17 |
Total non-service cost (benefit) | (10) | (3) | (28) | (7) |
Total expense | $ 0 | $ 5 | $ 0 | $ 17 |
Investments (Amortized Cost and
Investments (Amortized Cost and Fair Value of Nuclear Decommissioning Trusts) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Nuclear Decommissioning Trusts Disclosures | ||
Fair Value | $ 4,650 | $ 4,562 |
Southern California Edison | ||
Nuclear Decommissioning Trusts Disclosures | ||
Amortized Cost | 2,470 | 2,447 |
Fair Value | 4,650 | 4,562 |
Southern California Edison | Municipal bonds | ||
Nuclear Decommissioning Trusts Disclosures | ||
Amortized Cost | 1,048 | 822 |
Southern California Edison | U.S. government and agency securities | ||
Nuclear Decommissioning Trusts Disclosures | ||
Amortized Cost | 707 | 996 |
Southern California Edison | Corporate bonds | ||
Nuclear Decommissioning Trusts Disclosures | ||
Amortized Cost | 479 | 597 |
Southern California Edison | Short-term investments and receivables/payables | ||
Nuclear Decommissioning Trusts Disclosures | ||
Amortized Cost | 236 | 32 |
Southern California Edison | Fair Value, Measurements, Recurring | ||
Nuclear Decommissioning Trusts Disclosures | ||
Fair Value | 4,826 | 4,673 |
Southern California Edison | Fair Value, Measurements, Recurring | Stocks | ||
Nuclear Decommissioning Trusts Disclosures | ||
Fair Value | 1,753 | 1,765 |
Southern California Edison | Fair Value, Measurements, Recurring | Municipal bonds | ||
Nuclear Decommissioning Trusts Disclosures | ||
Fair Value | 1,240 | 970 |
Southern California Edison | Fair Value, Measurements, Recurring | U.S. government and agency securities | ||
Nuclear Decommissioning Trusts Disclosures | ||
Fair Value | 846 | 1,115 |
Southern California Edison | Fair Value, Measurements, Recurring | Corporate bonds | ||
Nuclear Decommissioning Trusts Disclosures | ||
Fair Value | 565 | 679 |
Southern California Edison | Fair Value, Measurements, Recurring | Short-term investments and receivables/payables | ||
Nuclear Decommissioning Trusts Disclosures | ||
Fair Value | 246 | 33 |
Repurchase agreements payable | $ 122 | $ 41 |
Investments (Nuclear Decommissi
Investments (Nuclear Decommissioning Trusts) (Details) - Southern California Edison - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Investment Holdings [Line Items] | ||
Unrealized holding gains, net of losses | $ 1,900 | $ 1,800 |
Deferred income taxes related to unrealized gains | 495 | 449 |
Nuclear decommissioning trusts | $ 4,200 | $ 4,100 |
Investments (Gains and (Losses)
Investments (Gains and (Losses) for Equity Securities) (Details) - Southern California Edison - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Investment Holdings [Line Items] | ||||
Gross realized gains | $ 51 | $ 19 | $ 165 | $ 64 |
Gross realized loss | (2) | (1) | (5) | (1) |
Net unrealized gains for equity securities | $ 110 | $ 3 | $ 5 | $ 209 |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Regulatory Assets [Line Items] | ||
Current regulatory assets | $ 1,530 | $ 1,009 |
Long-term regulatory assets | 6,446 | 6,088 |
Southern California Edison | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 1,530 | 1,009 |
Long-term regulatory assets | 6,446 | 6,088 |
Total regulatory assets | 7,976 | 7,097 |
Southern California Edison | Regulatory balancing and memorandum accounts | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 1,315 | 798 |
Long-term regulatory assets | 1,133 | 981 |
Southern California Edison | Power contracts | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 194 | 189 |
Long-term regulatory assets | 271 | 434 |
Southern California Edison | Other | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 21 | 22 |
Long-term regulatory assets | 113 | 62 |
Southern California Edison | Deferred income taxes, net of liabilities | ||
Regulatory Assets [Line Items] | ||
Long-term regulatory assets | 4,349 | 4,026 |
Southern California Edison | Pensions and other postretirement benefits | ||
Regulatory Assets [Line Items] | ||
Long-term regulatory assets | 81 | 87 |
Southern California Edison | Unamortized investments, net of accumulated amortization | ||
Regulatory Assets [Line Items] | ||
Long-term regulatory assets | 115 | 119 |
Southern California Edison | Unamortized loss on reacquired debt | ||
Regulatory Assets [Line Items] | ||
Long-term regulatory assets | 136 | 142 |
Southern California Edison | Environmental remediation | ||
Regulatory Assets [Line Items] | ||
Long-term regulatory assets | $ 248 | $ 237 |
Regulatory Assets and Liabili_4
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | $ 801 | $ 972 |
Long-term regulatory liabilities | 8,089 | 8,385 |
Southern California Edison | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 801 | 972 |
Long-term regulatory liabilities | 8,089 | 8,385 |
Total regulatory liabilities | 8,890 | 9,357 |
Southern California Edison | Regulatory balancing and memorandum accounts | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 744 | 883 |
Long-term regulatory liabilities | 1,047 | 1,261 |
Southern California Edison | Energy derivatives | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 45 | 80 |
Southern California Edison | Other | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 12 | 9 |
Long-term regulatory liabilities | 35 | 41 |
Southern California Edison | Cost of removal | ||
Regulatory Liabilities [Line Items] | ||
Long-term regulatory liabilities | 2,585 | 2,674 |
Southern California Edison | Re-measurement of deferred taxes | ||
Regulatory Liabilities [Line Items] | ||
Long-term regulatory liabilities | 2,318 | 2,424 |
Southern California Edison | Recoveries in excess of ARO liabilities | ||
Regulatory Liabilities [Line Items] | ||
Long-term regulatory liabilities | 1,677 | 1,569 |
Southern California Edison | Other postretirement benefits | ||
Regulatory Liabilities [Line Items] | ||
Long-term regulatory liabilities | $ 427 | $ 416 |
Regulatory Assets and Liabili_5
Regulatory Assets and Liabilities (Schedule of Net Regulatory Balancing and Memorandum Accounts) (Details) - Southern California Edison - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Regulatory balancing and memorandum accounts | Energy resource recovery account | ||
Regulatory Assets and Liabilities | ||
Asset (liability) | $ (264) | $ (23) |
Regulatory balancing and memorandum accounts | Portfolio allocation balancing account | ||
Regulatory Assets and Liabilities | ||
Asset (liability) | 684 | 537 |
Regulatory balancing and memorandum accounts | New system generation balancing account | ||
Regulatory Assets and Liabilities | ||
Asset (liability) | 25 | 85 |
Refunds of excess revenue | Net regulatory balancing accounts | ||
Regulatory Assets and Liabilities | ||
Asset (liability) | 657 | (365) |
Refunds of excess revenue | Public purpose programs and energy efficiency programs | ||
Regulatory Assets and Liabilities | ||
Asset (liability) | (1,221) | (1,244) |
Refunds of excess revenue | Base revenue requirement balancing account | ||
Regulatory Assets and Liabilities | ||
Asset (liability) | 420 | (328) |
Refunds of excess revenue | Greenhouse gas auction revenue and low carbon fuel standard revenue | ||
Regulatory Assets and Liabilities | ||
Asset (liability) | (104) | (196) |
Refunds of excess revenue | FERC balancing accounts | ||
Regulatory Assets and Liabilities | ||
Asset (liability) | (33) | (127) |
Refunds of excess revenue | Wildfire-related memorandum accounts | ||
Regulatory Assets and Liabilities | ||
Asset (liability) | 1,061 | 868 |
Refunds of excess revenue | COVID 19-related memorandum accounts | ||
Regulatory Assets and Liabilities | ||
Asset (liability) | 107 | 0 |
Refunds of excess revenue | Other | ||
Regulatory Assets and Liabilities | ||
Asset (liability) | $ (18) | $ 63 |
Commitments and Contingencies_2
Commitments and Contingencies (Southern California Wildfires and Mudslides) (Details) a in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 13 Months Ended | 31 Months Ended | |||||||||
Oct. 27, 2020USD ($) | Oct. 19, 2020USD ($)astructureinjury | Oct. 31, 2019afatalitystructureinjury | Jul. 31, 2019USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Nov. 30, 2018USD ($)astructurefatality | Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Jan. 31, 2019claim | Jan. 31, 2018structurefatality | Dec. 04, 2017afatalitystructure | |
San Onofre OII | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Derivative lawsuits | claim | 2 | |||||||||||||||
2017/2018 Wildfire/Mudslide Event | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Estimated losses | $ 4,600,000,000 | $ 4,541,000,000 | $ 5,801,000,000 | $ 4,600,000,000 | $ 4,600,000,000 | $ 5,801,000,000 | $ 4,500,000,000 | $ 4,500,000,000 | ||||||||
Charge for wildfire-related claims | 1,297,000,000 | 0 | 1,297,000,000 | 0 | ||||||||||||
Expected revenue from FERC customers | 84,000,000 | 0 | 84,000,000 | 0 | ||||||||||||
Net charge to earnings | 1,213,000,000 | 0 | 1,213,000,000 | 0 | ||||||||||||
Total after-tax charge | 874,000,000 | 0 | 874,000,000 | 0 | ||||||||||||
Total estimated liabilities | 5,800,000,000 | 5,800,000,000 | 5,800,000,000 | |||||||||||||
Fixed payments to be made under executed settlement agreements3 | 1,192,000,000 | 1,192,000,000 | 1,192,000,000 | |||||||||||||
Loss estimate balance | 4,609,000,000 | 4,609,000,000 | 4,609,000,000 | |||||||||||||
Remaining expected insurance recoveries | 1,600,000,000 | 1,600,000,000 | 1,600,000,000 | |||||||||||||
Expected insurance recoveries | 0 | 0 | 0 | 0 | ||||||||||||
Cumulative expected recoveries | 125,000,000 | |||||||||||||||
Amounts paid | 37,000,000 | |||||||||||||||
Payments and settlements | $ 1,192,000,000 | |||||||||||||||
Southern California Edison | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
High fire risk service area, percent | 27.00% | |||||||||||||||
Wildfire-specific insurance coverage | $ 1,000,000,000 | 1,200,000,000 | ||||||||||||||
Self-insured retention | $ 10,000,000 | 50,000,000 | ||||||||||||||
Southern California Edison | CPUC | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Requested rate increase | $ 478,000,000 | |||||||||||||||
Southern California Edison | Thomas and Koenigstein Fires | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Acres burned | a | 280 | |||||||||||||||
Structures destroyed | structure | 1,343 | |||||||||||||||
Fatalities | fatality | 2 | |||||||||||||||
Southern California Edison | Thomas and Koenigstein Fires | CPUC | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Requested rate increase | $ 6,000,000 | |||||||||||||||
Southern California Edison | Woolsey Fire | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Acres burned | a | 100 | |||||||||||||||
Structures destroyed | structure | 1,643 | |||||||||||||||
Fatalities | fatality | 3 | |||||||||||||||
Structures damaged | structure | 364 | |||||||||||||||
Additional fatalities | fatality | 2 | |||||||||||||||
Wildfire-specific insurance coverage | 1,000,000,000 | |||||||||||||||
Self-insured retention | 10,000,000 | |||||||||||||||
Southern California Edison | Montecito Mudslides | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Structures destroyed | structure | 135 | |||||||||||||||
Fatalities | fatality | 21 | |||||||||||||||
Structures damaged | structure | 324 | |||||||||||||||
Additional presumed fatalities | fatality | 2 | |||||||||||||||
Southern California Edison | Saddle Ridge | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Acres burned | a | 9 | |||||||||||||||
Structures destroyed | structure | 19 | |||||||||||||||
Fatalities | fatality | 1 | |||||||||||||||
Structures damaged | structure | 88 | |||||||||||||||
Number of injured firefighters | injury | 8 | |||||||||||||||
Southern California Edison | Bobcat fire | Subsequent event | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Acres burned | a | 116 | |||||||||||||||
Number of injured firefighters | injury | 6 | |||||||||||||||
Estimated fire suppression costs | $ 80,000,000 | |||||||||||||||
Southern California Edison | Bobcat fire | Subsequent event | Homes | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Structures destroyed | structure | 87 | |||||||||||||||
Structures damaged | structure | 28 | |||||||||||||||
Southern California Edison | Bobcat fire | Subsequent event | Commercial property | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Structures destroyed | structure | 1 | |||||||||||||||
Southern California Edison | Bobcat fire | Subsequent event | Minor structures | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Structures destroyed | structure | 83 | |||||||||||||||
Structures damaged | structure | 19 | |||||||||||||||
Southern California Edison | 2017/2018 Wildfire/Mudslide Event | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Estimated losses | 4,600,000,000 | 4,541,000,000 | 5,801,000,000 | 4,600,000,000 | 4,600,000,000 | 5,801,000,000 | $ 4,500,000,000 | 4,500,000,000 | ||||||||
Charge for wildfire-related claims | 1,297,000,000 | 0 | 1,297,000,000 | 0 | 6,200,000,000 | |||||||||||
Expected revenue from FERC customers | 84,000,000 | 0 | 84,000,000 | 0 | ||||||||||||
Net charge to earnings | 1,213,000,000 | 0 | 1,213,000,000 | 0 | ||||||||||||
Total after-tax charge | 874,000,000 | 0 | 874,000,000 | 0 | ||||||||||||
Total estimated liabilities | 5,800,000,000 | 5,800,000,000 | 5,800,000,000 | |||||||||||||
Fixed payments to be made under executed settlement agreements3 | 1,192,000,000 | 1,192,000,000 | 1,192,000,000 | |||||||||||||
Loss estimate balance | 4,609,000,000 | 4,609,000,000 | 4,609,000,000 | |||||||||||||
Remaining expected insurance recoveries | 1,637,000,000 | 1,710,000,000 | 1,637,000,000 | 1,637,000,000 | ||||||||||||
Expected insurance recoveries | 0 | $ 0 | 0 | $ 0 | ||||||||||||
Cumulative expected recoveries | 125,000,000 | |||||||||||||||
Amounts paid | 360,000,000 | 37,000,000 | ||||||||||||||
Payment agreement for each dollar of claim | 0.555 | |||||||||||||||
Litigation settlement | 73,000,000 | |||||||||||||||
Payments and settlements | 1,192,000,000 | 1,600,000,000 | ||||||||||||||
Insurance recoveries | 73,000,000 | $ 363,000,000 | ||||||||||||||
Estimated recoveries | $ 233,000,000 | |||||||||||||||
Southern California Edison | 2017/2018 Wildfire/Mudslide Event | Short-term asset | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Remaining expected insurance recoveries | 843,000,000 | 843,000,000 | 843,000,000 | |||||||||||||
Southern California Edison | 2017/2018 Wildfire/Mudslide Event | Other long-term assets | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Remaining expected insurance recoveries | $ 794,000,000 | $ 794,000,000 | $ 794,000,000 | |||||||||||||
Southern California Edison | 2017/2018 Wildfire/Mudslide Event | Subsequent event | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Amounts paid | $ 1,200,000,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule of Estimated Losses) (Details) - 2017/2018 Wildfire/Mudslide Event - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 31 Months Ended | |||
Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | |
Loss Contingency Accrual [Roll Forward] | ||||||
Loss estimate balance at December 31, 2019 | $ 4,500 | $ 5,801 | $ 4,541 | |||
Increase in accrued estimated losses to reflect best estimate | 1,297 | $ 0 | 1,297 | $ 0 | ||
Amounts paid | (37) | |||||
Fixed payments to be made under settlement agreements | (1,192) | |||||
Loss estimate balance | 4,609 | 4,609 | ||||
Fixed payments to be made under executed settlement agreements3 | 1,192 | 1,192 | ||||
Estimated total liabilities at September 30, 2020 | 4,600 | 4,541 | 5,801 | 4,600 | 5,801 | $ 4,500 |
Charge for wildfire-related claims | 1,297 | 0 | 1,297 | 0 | ||
Expected insurance recoveries | 0 | 0 | 0 | 0 | ||
Expected revenue from FERC customers | (84) | 0 | (84) | 0 | ||
Total pre-tax charge | 1,213 | 0 | 1,213 | 0 | ||
Income tax benefit | (339) | 0 | (339) | 0 | ||
Total after-tax charge | 874 | 0 | 874 | 0 | ||
Southern California Edison | ||||||
Loss Contingency Accrual [Roll Forward] | ||||||
Loss estimate balance at December 31, 2019 | 4,500 | 5,801 | 4,541 | |||
Increase in accrued estimated losses to reflect best estimate | 1,297 | 0 | 1,297 | 0 | 6,200 | |
Amounts paid | (360) | (37) | ||||
Fixed payments to be made under settlement agreements | (1,192) | (1,600) | ||||
Loss estimate balance | 4,609 | 4,609 | ||||
Fixed payments to be made under executed settlement agreements3 | 1,192 | 1,192 | ||||
Estimated total liabilities at September 30, 2020 | 4,600 | $ 4,541 | 5,801 | 4,600 | 5,801 | 4,500 |
Charge for wildfire-related claims | 1,297 | 0 | 1,297 | 0 | $ 6,200 | |
Expected insurance recoveries | 0 | 0 | 0 | 0 | ||
Expected revenue from FERC customers | (84) | 0 | (84) | 0 | ||
Total pre-tax charge | 1,213 | 0 | 1,213 | 0 | ||
Income tax benefit | (339) | 0 | (339) | 0 | ||
Total after-tax charge | $ 874 | $ 0 | $ 874 | $ 0 |
Commitments and Contingencies_4
Commitments and Contingencies (Schedule of Expected Insurance Recoveries) (Details) - 2017/2018 Wildfire/Mudslide Event - USD ($) $ in Millions | 9 Months Ended | 31 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward] | ||
Ending balance | $ 1,600 | |
Southern California Edison | ||
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward] | ||
Beginning balance | 1,710 | |
Insurance recoveries | (73) | $ (363) |
Ending balance | $ 1,637 |
Commitments and Contingencies_5
Commitments and Contingencies (Current Wildfire Insurance Coverage) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | 13 Months Ended | |||
Jul. 31, 2019 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2018 | Jun. 30, 2020 | |
Loss Contingencies [Line Items] | |||||||
Wildfire insurance expense | $ 400 | ||||||
Forecast | |||||||
Loss Contingencies [Line Items] | |||||||
Wildfire insurance expense | $ 450 | ||||||
Southern California Edison | |||||||
Loss Contingencies [Line Items] | |||||||
Wildfire-specific insurance coverage | $ 1,000 | $ 1,200 | |||||
Co-Insurance per wildfire occurrence | 115 | ||||||
Self-insured retention | $ 10 | 50 | |||||
Wildfire-specific insurance coverage, net | $ 1,000 | ||||||
Southern California Edison | CPUC | |||||||
Loss Contingencies [Line Items] | |||||||
Requested rate increase | $ 478 | ||||||
Authorized recovery | $ 505 | ||||||
Southern California Edison | Forecast | |||||||
Loss Contingencies [Line Items] | |||||||
Wildfire-specific insurance coverage | $ 1,000 | ||||||
Co-Insurance per wildfire occurrence | 80 | ||||||
Self-insured retention | 50 | ||||||
Wildfire-specific insurance coverage, net | $ 870 |
Commitments and Contingencies_6
Commitments and Contingencies (Recovery of Wildfire-Related Costs) (Details) - USD ($) $ in Millions | Jul. 01, 2020 | Aug. 01, 2019 | Jul. 12, 2019 | Jul. 28, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Nov. 30, 2018 | Jun. 30, 2020 | Sep. 30, 2020 |
Loss Contingencies [Line Items] | ||||||||||
Anticipated raise from issuance of equity | $ 1,200 | |||||||||
Southern California Edison | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Wildfire-specific insurance coverage | $ 1,000 | $ 1,200 | ||||||||
Initial contribution | 2,400 | |||||||||
Expected annual contribution | $ 95 | |||||||||
Expected future contribution from ratepayers | $ 6,100 | |||||||||
Anticipated issuance of long-term debt | 1,200 | |||||||||
Maximum aggregate requirement to reimburse the insurance fund percent | 20.00% | |||||||||
Initial Liability Cap | $ 3,000 | |||||||||
Excluded wildfire risk mitigation capital expenditures | $ 1,600 | $ 1,600 | ||||||||
AB 1054 Excluded Capital Expenditures | $ 1,100 | |||||||||
Southern California Edison | CPUC | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Minimum percentage of weighted-average common equity component authorization, set by CPUC (as a percent) | 52.00% | |||||||||
Requested irrevocable order | $ 337 | |||||||||
SCE and SDG&E | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Initial contribution | $ 2,700 | |||||||||
PG&E | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Initial contribution | $ 4,800 | |||||||||
Expected future contribution from ratepayers | 6,100 | |||||||||
SCE, SDG&E and PG&E | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Initial contribution | $ 300 | |||||||||
Expected annual contribution | 3,000 | |||||||||
SDG&E | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Expected future contribution from ratepayers | $ 1,300 |
Commitments and Contingencies_7
Commitments and Contingencies (Environmental Remediation) (Details) - Southern California Edison $ in Millions | 9 Months Ended | |
Sep. 30, 2020USD ($)site | Sep. 30, 2019USD ($) | |
Schedule Of Commitments And Contingencies [Line Items] | ||
Minimum liability for environmental remediation | $ 259 | |
Regulatory assets related to environmental remediation | 248 | |
Portion of recorded liability recoverable from incentive mechanism | $ 40 | |
Percentage of environmental remediation costs recoverable through an incentive mechanism (as a percent) | 90.00% | |
Liability incurred at majority of the remaining sites through customer rates | $ 208 | |
Environmental remediation costs to be recovered (as a percent) | 100.00% | |
Amount that cleanup costs could exceed recorded liability for identified material sites | $ 123 | |
Amount that cleanup costs could exceed recorded liability for immaterial sites | $ 8 | |
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 | $ 9 | |
Expected remediation costs for each of the next four years, high end of range | 19 | |
Environmental remediation costs | $ 5 | $ 4 |
Material sites | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Identified material sites for environmental remediation (in number of sites) | site | 25 | |
Minimum costs to be identified site | $ 1 | |
Minimum liability for environmental remediation | 256 | |
Material sites | San Onofre | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Minimum liability for environmental remediation | $ 174 | |
Immaterial sites | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Immaterial sites for environmental remediation (in number of sites) | site | 14 | |
Immaterial sites | Minimum | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Minimum liability for environmental remediation | $ 3 |
Commitments and Contingencies_8
Commitments and Contingencies (Nuclear Insurance) (Details) - USD ($) | Jan. 05, 2018 | Sep. 30, 2020 |
Nuclear Insurance | San Onofre | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Federal limit on public liability claims from nuclear incident, approximate | $ 560,000,000 | |
Nuclear Insurance | Palo Verde | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Federal limit on liability claims for bodily injury and property damage from a nuclear incident | 13,800,000,000 | |
SCE and other owners of San Onofre and Palo Verde | Nuclear Insurance | San Onofre | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Loss limit, property damage insurance, federal minimum requirement | 50,000,000 | |
SCE and other owners of San Onofre and Palo Verde | Nuclear Insurance | Palo Verde | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Loss limit, property damage insurance, federal minimum requirement | 1,100,000,000 | |
Southern California Edison | Palo Verde | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Maximum per incident | $ 65,000,000 | |
Maximum per incident, annually | 10,000,000 | |
Maximum per incident, prior events | 255,000,000 | |
Maximum per incident, prior events, annually | $ 38,000,000 | |
Southern California Edison | Nuclear Insurance | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Limit on assessment of retrospective premium adjustments, per year, approximate | $ 30,000,000 |
Commitments and Contingencies_9
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 | |
Schedule Of Commitments And Contingencies [Line Items] | |||||||
DOE determination of claim reimbursement | $ 56 | ||||||
SCE and other owners of San Onofre and Palo Verde | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Damages sought | $ 142 | ||||||
Damage award | $ 162 | ||||||
DOE determination of claim reimbursement | $ 45 | $ 43 | |||||
Southern California Edison | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Damages sought | $ 112 | ||||||
Damage award | 124 | ||||||
Legal and other costs | $ 2 | ||||||
Damage award, customers | $ 106 | ||||||
Damage award, shareholders | 17 | ||||||
DOE determination of claim reimbursement | 35 | $ 58 | $ 34 | ||||
Disallowed claim amount | $ 13 | ||||||
Southern California Edison | Regulatory balancing and memorandum accounts | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Damage award, customers | $ 72 |
Commitments and Contingencie_10
Commitments and Contingencies (Tehachapi) (Details) $ in Millions | 1 Months Ended |
Dec. 31, 2019USD ($) | |
CPUC | |
Loss Contingencies [Line Items] | |
Costs associated with project | $ 419 |
Leases (Textual) (Details)
Leases (Textual) (Details) - USD ($) $ in Millions | 1 Months Ended | |
Nov. 30, 2020 | Sep. 30, 2020 | |
Subsequent event | ||
Lessee, Lease, Description [Line Items] | ||
Net proceeds | $ 131 | |
Southern California Edison | PPA leases | Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 3 years | |
Southern California Edison | PPA leases | Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 20 years | |
Southern California Edison | Office leases | Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 5 years | |
Southern California Edison | Office leases | Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 72 years | |
Southern California Edison | Other operating leases | Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 5 years | |
Southern California Edison | Other operating leases | Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 12 years |
Leases (Summary of Lease Paymen
Leases (Summary of Lease Payments) (Details) - Southern California Edison - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Operating Leases | ||
Lease liabilities | $ 1,109 | $ 689 |
Finance Leases | ||
2020 | 0 | |
2021 | 1 | |
2022 | 1 | |
2023 | 2 | |
2024 | 2 | |
Thereafter | 8 | |
Total lease payments | 14 | |
Amount representing interest | 5 | |
Lease liabilities | 9 | $ 9 |
PPA leases | ||
Operating Leases | ||
2020 | 37 | |
2021 | 205 | |
2022 | 208 | |
2023 | 159 | |
2024 | 47 | |
Thereafter | 489 | |
Total lease payments | 1,145 | |
Lease liabilities | 209 | |
Lease liabilities | 936 | |
Other leases | ||
Operating Leases | ||
2020 | 10 | |
2021 | 36 | |
2022 | 30 | |
2023 | 24 | |
2024 | 19 | |
Thereafter | 114 | |
Total lease payments | 233 | |
Lease liabilities | 60 | |
Lease liabilities | $ 173 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Details) $ in Millions | 3 Months Ended | |
Sep. 30, 2020USD ($)contract | Dec. 31, 2019USD ($) | |
Operating leases: | ||
Operating lease right-of-use assets | $ 1,112 | $ 693 |
Current portion of operating lease liabilities | 210 | 80 |
Operating lease liabilities | 902 | 613 |
Southern California Edison | ||
Operating leases: | ||
Operating lease right-of-use assets | 1,109 | 689 |
Current portion of operating lease liabilities | 210 | 79 |
Operating lease liabilities | 899 | 610 |
Total operating lease liabilities | 1,109 | 689 |
Finance leases included in: | ||
Utility property, plant and equipment, gross | 10 | 14 |
Accumulated depreciation | (1) | (5) |
Utility property, plant and equipment, net | 9 | 9 |
Other current liabilities | 1 | 1 |
Other long-term liabilities | 8 | 8 |
Total finance lease liabilities | $ 9 | $ 9 |
Number of power contracts amended | contract | 1 | |
Reduction in ROU assets | $ (463) | |
Reduction in lease liabilities | $ (463) |
Leases (Summary of Lease Expens
Leases (Summary of Lease Expense Components) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Lessee, Lease, Description [Line Items] | ||||
Total lease cost | $ 723 | $ 802 | $ 1,693 | $ 1,876 |
PPA leases | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | 35 | 38 | 74 | 98 |
Finance lease cost | 1 | 1 | 2 | 1 |
Variable lease cost | 676 | 751 | 1,582 | 1,742 |
Total lease cost | 712 | 790 | 1,658 | 1,841 |
Other operating leases cost | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | $ 11 | $ 12 | $ 35 | $ 35 |
Leases (Summary of Other Inform
Leases (Summary of Other Information) (Details) - Southern California Edison - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
PPA Finance leases, Weighted average remaining lease term (in years) | 10 years 10 months 24 days | 11 years 8 months 15 days |
PPA Finance leases, Weighted average discount rate | 8.83% | 8.74% |
PPA leases | ||
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 74 | $ 98 |
Other operating leases | $ 463 | $ 0 |
Weighted average remaining lease term (in years) | 9 years 9 months 29 days | 16 years 10 days |
Weighted average discount rate | 3.08% | 4.44% |
Other leases | ||
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 33 | $ 34 |
Other operating leases | $ 42 | $ 23 |
Weighted average remaining lease term (in years) | 12 years 4 months 6 days | 12 years 9 months |
Weighted average discount rate | 3.74% | 3.89% |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
May 31, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | May 31, 2019 | |
Class of Stock [Line Items] | ||||
Shares issued (in shares) | 14,181,882 | |||
Proceeds received | $ 800 | |||
Offering expenses | $ 14 | |||
Redemption of preferred and preference stock | $ (308) | |||
ATM | ||||
Class of Stock [Line Items] | ||||
Shares issued (in shares) | 0 | 391,501 | ||
Proceeds received | $ 27 | |||
Offering expenses | 0.3 | |||
Aggregate sales price (up to) | $ 1,500 | |||
Aggregate sales price remaining | $ 1,300 | 1,300 | ||
401(k) defined contribution savings plan | ||||
Class of Stock [Line Items] | ||||
Proceeds received | $ 11 | $ 83 | ||
Issuance of new common stock (in shares) | 206,900 | 1,378,700 | ||
Stock compensation awards | ||||
Class of Stock [Line Items] | ||||
Proceeds received | $ 1 | $ 14 | ||
Issuance of new common stock (in shares) | 4,749 | 338,442 | ||
In lieu of dividend payment | ||||
Class of Stock [Line Items] | ||||
Proceeds received | $ 4 | $ 13 | ||
Issuance of new common stock (in shares) | 77,250 | 206,269 | ||
Southern California Edison | ||||
Class of Stock [Line Items] | ||||
Capital contributions | $ 219 | $ 1,100 | ||
Redemption of preferred and preference stock | $ 120 | $ 308 | ||
Southern California Edison | 4.32% Series | ||||
Class of Stock [Line Items] | ||||
Security dividend rate, (as a percent) | 4.32% | |||
Redemption price (in dollars per share) | $ 28.75 | $ 28.75 | ||
Southern California Edison | 4.08% Series | ||||
Class of Stock [Line Items] | ||||
Security dividend rate, (as a percent) | 4.08% | |||
Redemption price (in dollars per share) | $ 25.50 | 25.50 | ||
Southern California Edison | 4.24% Series | ||||
Class of Stock [Line Items] | ||||
Security dividend rate, (as a percent) | 4.24% | |||
Redemption price (in dollars per share) | $ 25.80 | 25.80 | ||
Southern California Edison | 4.78% Series | ||||
Class of Stock [Line Items] | ||||
Security dividend rate, (as a percent) | 4.78% | |||
Redemption price (in dollars per share) | $ 25.80 | $ 25.80 | ||
Southern California Edison | Series G Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Redemption of preferred and preference stock | $ 180 | |||
Redemption Premium | $ 15 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Loss | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ (65) | $ (57) | $ (69) | $ (50) |
Pension and PBOP – net loss: | ||||
Ending Balance | (63) | (55) | (63) | (55) |
Accumulated Defined Benefit Plans Adjustment | ||||
Pension and PBOP – net loss: | ||||
Reclassified from accumulated other comprehensive loss | 2 | 2 | 6 | 5 |
Other | 0 | 0 | 0 | (10) |
Change | 2 | 2 | 6 | (5) |
Southern California Edison | Accumulated Other Comprehensive Loss | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (36) | (26) | (39) | (23) |
Pension and PBOP – net loss: | ||||
Ending Balance | (35) | (25) | (35) | (25) |
Southern California Edison | Accumulated Defined Benefit Plans Adjustment | ||||
Pension and PBOP – net loss: | ||||
Reclassified from accumulated other comprehensive loss | 1 | 1 | 4 | 3 |
Other | 0 | 0 | 0 | (5) |
Change | $ 1 | $ 1 | $ 4 | $ (2) |
Other Income (Details)
Other Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
SCE other income (expense): | ||||
Total SCE other income | $ 84 | $ 58 | $ 217 | $ 151 |
Other income (expense) of Edison International Parent and Other: | ||||
Other | 84 | 58 | 217 | 151 |
Total Edison International other income | 84 | 58 | 217 | 151 |
Edison International Parent and Other | ||||
SCE other income (expense): | ||||
Net periodic benefit costs – non-service components | 0 | 0 | (1) | (2) |
Other income (expense) of Edison International Parent and Other: | ||||
Net periodic benefit costs – non-service components | 0 | 0 | (1) | (2) |
Other | 1 | 0 | 1 | 1 |
Southern California Edison | ||||
SCE other income (expense): | ||||
Equity allowance for funds used during construction | 36 | 26 | 87 | 75 |
Increase in cash surrender value of life insurance policies | 27 | 9 | 60 | 27 |
Interest income | 2 | 13 | 18 | 29 |
Net periodic benefit costs – non-service components | 28 | 19 | 83 | 54 |
Civic, political and related activities and donations | (7) | (5) | (22) | (26) |
Other | (3) | (4) | (9) | (7) |
Total SCE other income | 83 | 58 | 217 | 152 |
Other income (expense) of Edison International Parent and Other: | ||||
Net periodic benefit costs – non-service components | 28 | 19 | 83 | 54 |
Other | 83 | 58 | 217 | 152 |
Total Edison International other income | $ 83 | $ 58 | $ 217 | $ 152 |
Supplemental Cash Flows Infor_3
Supplemental Cash Flows Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash payments (receipts): | ||
Interest, net of amounts capitalized | $ 689 | $ 582 |
Tax refunds, net | (30) | (65) |
Common Stock | ||
Dividends declared but not paid: | ||
Dividends declared but not paid: | 241 | 220 |
Southern California Edison | ||
Cash payments (receipts): | ||
Interest, net of amounts capitalized | 607 | 518 |
Tax refunds, net | (29) | (166) |
Dividends declared but not paid: | ||
Accrued capital expenditures | 490 | 486 |
Southern California Edison | Common Stock | ||
Dividends declared but not paid: | ||
Dividends declared but not paid: | $ 0 | $ 0 |
Related-Party Transactions (Det
Related-Party Transactions (Details) - Southern California Edison - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | ||||||||
Current insurance receivable due from affiliate | $ 448 | $ 448 | $ 0 | |||||
Subsidiary of Common Parent | Wildfire Liability Insurance | ||||||||
Related Party Transaction [Line Items] | ||||||||
Wildfire insurance premiums | $ 176 | $ 74 | $ 186 | |||||
Current insurance receivable due from affiliate | 448 | 448 | 0 | |||||
Long-term insurance receivable due from affiliate | 354 | 354 | 803 | |||||
Prepaid insurance | 85 | 85 | $ 10 | |||||
Wildfire-related insurance premiums | $ 45 | $ 51 | $ 145 | $ 123 |