Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 26, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Entity File Number | 1-9936 | |
Entity Registrant Name | EDISON INTERNATIONAL | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 95-4137452 | |
Entity Address, Address Line One | 2244 Walnut Grove Avenue | |
Entity Address, Address Line Two | (P.O. Box 976) | |
Entity Address, City or Town | Rosemead, | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91770 | |
City Area Code | (626) | |
Local Phone Number | 302-2222 | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | EIX | |
Security Exchange Name | NYSE | |
Entity 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 | 379,908,256 | |
Entity Central Index Key | 0000827052 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
SCE | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | false | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
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 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Total operating revenue | $ 5,299 | $ 4,644 | $ 11,574 | $ 10,421 |
Purchased power and fuel | 2,088 | 1,817 | 4,384 | 3,813 |
Operation and maintenance | 1,222 | 1,248 | 2,817 | 2,885 |
Wildfire-related claims, net of insurance recoveries | 1,273 | 1,297 | 1,276 | 1,303 |
Wildfire Insurance Fund expense | 54 | 85 | 161 | 252 |
Depreciation and amortization | 599 | 490 | 1,657 | 1,463 |
Property and other taxes | 113 | 114 | 356 | 328 |
Impairment and other expense (income) | 78 | (28) | 67 | (46) |
Total operating expenses | 5,427 | 5,023 | 10,718 | 9,998 |
Operating (loss) income | (128) | (379) | 856 | 423 |
Interest expense | (245) | (222) | (694) | (676) |
Other income | 47 | 84 | 195 | 217 |
(Loss) income before income taxes | (326) | (517) | 357 | (36) |
Income tax expense (benefit) | (29) | (275) | 3 | (355) |
Net (loss) income | (297) | (242) | 354 | 319 |
Preferred and preference stock dividend requirements of SCE | 27 | 46 | 80 | 106 |
Preferred stock dividend requirement of Edison International | 17 | 38 | ||
Net (loss) income available for common shareholders | $ (341) | $ (288) | $ 236 | $ 213 |
Basic (loss) earnings per share: | ||||
Weighted average shares of common stock outstanding | 380 | 378 | 380 | 371 |
Basic (loss) earnings per common share attributable to Edison International common shareholders | $ (0.90) | $ (0.76) | $ 0.62 | $ 0.57 |
Diluted (loss) earnings per share: | ||||
Weighted average shares of common stock outstanding, including effect of dilutive securities | 380 | 378 | 380 | 372 |
Diluted (loss) earnings per common share attributable to Edison International common shareholders | $ (0.90) | $ (0.76) | $ 0.62 | $ 0.57 |
SCE | ||||
Total operating revenue | $ 5,293 | $ 4,635 | $ 11,552 | $ 10,395 |
Purchased power and fuel | 2,088 | 1,817 | 4,384 | 3,813 |
Operation and maintenance | 1,200 | 1,226 | 2,759 | 2,820 |
Wildfire-related claims, net of insurance recoveries | 1,273 | 1,297 | 1,276 | 1,303 |
Wildfire Insurance Fund expense | 54 | 85 | 161 | 252 |
Depreciation and amortization | 598 | 489 | 1,655 | 1,461 |
Property and other taxes | 111 | 113 | 353 | 326 |
Impairment and other expense (income) | 79 | (28) | 68 | (80) |
Total operating expenses | 5,403 | 4,999 | 10,656 | 9,895 |
Operating (loss) income | (110) | (364) | 896 | 500 |
Interest expense | (211) | (188) | (593) | (575) |
Other income | 53 | 83 | 189 | 217 |
(Loss) income before income taxes | (268) | (469) | 492 | 142 |
Income tax expense (benefit) | (11) | (251) | 41 | (300) |
Net (loss) income | (257) | (218) | 451 | 442 |
Preferred and preference stock dividend requirements of SCE | 27 | 46 | 80 | 106 |
Net (loss) income available for common shareholders | $ (284) | $ (264) | $ 371 | $ 336 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net (loss) income | $ (297) | $ (242) | $ 354 | $ 319 |
Pension and postretirement benefits other than pensions: | ||||
Pension and postretirement benefits other than pensions | 2 | 2 | 6 | 6 |
Other comprehensive income, net of tax | 2 | 2 | 6 | 6 |
Comprehensive (loss) income | (295) | (240) | 360 | 325 |
Less: Comprehensive income attributable to noncontrolling interests | 27 | 46 | 80 | 106 |
Comprehensive (loss) income attributable to Edison International | (322) | (286) | 280 | 219 |
SCE | ||||
Net (loss) income | (257) | (218) | 451 | 442 |
Pension and postretirement benefits other than pensions: | ||||
Pension and postretirement benefits other than pensions | 2 | 1 | 5 | 4 |
Other comprehensive income, net of tax | 2 | 1 | 5 | 4 |
Comprehensive (loss) income | $ (255) | $ (217) | $ 456 | $ 446 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 524 | $ 87 |
Receivables, less allowances for uncollectible accounts at respective dates | 1,612 | 1,130 |
Accrued unbilled revenue | 1,122 | 521 |
Insurance receivable | 0 | 708 |
Income tax receivables | 0 | 68 |
Inventory | 412 | 405 |
Prepaid expenses | 327 | 281 |
Regulatory assets | 1,553 | 1,314 |
Wildfire Insurance Fund contributions | 204 | 323 |
Other current assets | 274 | 224 |
Total current assets | 6,028 | 5,061 |
Nuclear decommissioning trusts | 4,769 | 4,833 |
Marketable securities | 13 | |
Other investments | 35 | 53 |
Total investments | 4,817 | 4,886 |
Utility property, plant and equipment, less accumulated depreciation and amortization | 49,561 | 47,653 |
Nonutility property, plant and equipment, less accumulated depreciation | 193 | 186 |
Total property, plant and equipment | 49,754 | 47,839 |
Receivables, less allowances for uncollectible accounts | 106 | |
Regulatory assets | 7,386 | 7,120 |
Wildfire Insurance Fund contributions | 2,410 | 2,443 |
Operating lease right-of-use assets | 1,532 | 1,088 |
Long-term insurance receivables | 76 | 75 |
Other long-term assets | 914 | 860 |
Total long-term assets | 12,424 | 11,586 |
Total assets | 73,023 | 69,372 |
LIABILITIES AND EQUITY | ||
Short-term debt | 3,042 | 2,398 |
Current portion of long-term debt | 776 | 1,029 |
Accounts payable | 2,039 | 1,980 |
Wildfire-related claims | 84 | 2,231 |
Customer deposits | 200 | 243 |
Regulatory liabilities | 583 | 569 |
Current portion of operating lease liabilities | 355 | 215 |
Other current liabilities | 1,883 | 1,612 |
Total current liabilities | 8,962 | 10,277 |
Long-term debt | 23,342 | 19,632 |
Deferred income taxes and credits | 5,524 | 5,368 |
Pensions and benefits | 531 | 563 |
Asset retirement obligations | 2,739 | 2,930 |
Regulatory liabilities | 8,584 | 8,589 |
Operating lease liabilities | 1,177 | 873 |
Wildfire-related claims | 2,308 | 2,281 |
Other deferred credits and other long-term liabilities | 3,114 | 2,910 |
Total deferred credits and other liabilities | 23,977 | 23,514 |
Total liabilities | 56,281 | 53,423 |
Commitments and contingencies (Note 12) | ||
Preferred / preference stock | 1,235 | |
Common stock, no par value, including additional paid-in capital | 6,033 | 5,962 |
Accumulated other comprehensive loss | (63) | (69) |
Retained earnings | 7,636 | 8,155 |
Total Edison International's shareholders' equity | 14,841 | 14,048 |
Noncontrolling interests - preference stock of SCE | 1,901 | 1,901 |
Total equity | 16,742 | 15,949 |
Total liabilities and equity | 73,023 | 69,372 |
SCE Recovery Funding LLC | ||
ASSETS | ||
Other current assets | 30 | |
Regulatory assets | 328 | |
LIABILITIES AND EQUITY | ||
Current portion of long-term debt | 15 | |
Regulatory liabilities | 18 | |
Other current liabilities | 3 | |
Long-term debt | 320 | |
SCE | ||
ASSETS | ||
Cash and cash equivalents | 484 | 55 |
Receivables, less allowances for uncollectible accounts at respective dates | 1,606 | 1,126 |
Accrued unbilled revenue | 1,122 | 521 |
Insurance receivable | 0 | 440 |
Insurance receivable from affiliate | 0 | 268 |
Income tax receivables | 0 | 69 |
Inventory | 412 | 405 |
Prepaid expenses | 327 | 280 |
Regulatory assets | 1,553 | 1,314 |
Wildfire Insurance Fund contributions | 204 | 323 |
Other current assets | 267 | 216 |
Total current assets | 5,975 | 5,017 |
Nuclear decommissioning trusts | 4,769 | 4,833 |
Other investments | 27 | 37 |
Total investments | 4,796 | 4,870 |
Utility property, plant and equipment, less accumulated depreciation and amortization | 49,561 | 47,653 |
Nonutility property, plant and equipment, less accumulated depreciation | 187 | 180 |
Total property, plant and equipment | 49,748 | 47,833 |
Receivables, less allowances for uncollectible accounts | 106 | |
Regulatory assets | 7,386 | 7,120 |
Wildfire Insurance Fund contributions | 2,410 | 2,443 |
Operating lease right-of-use assets | 1,525 | 1,085 |
Long-term insurance receivables | 76 | 75 |
Other long-term assets | 883 | 843 |
Total long-term assets | 12,386 | 11,566 |
Total assets | 72,905 | 69,286 |
LIABILITIES AND EQUITY | ||
Short-term debt | 2,622 | 2,268 |
Current portion of long-term debt | 376 | 1,029 |
Accounts payable | 2,046 | 1,983 |
Wildfire-related claims | 84 | 2,231 |
Customer deposits | 200 | 243 |
Regulatory liabilities | 583 | 569 |
Current portion of operating lease liabilities | 355 | 214 |
Other current liabilities | 1,753 | 1,294 |
Total current liabilities | 8,019 | 9,831 |
Long-term debt | 20,605 | 16,499 |
Deferred income taxes and credits | 6,986 | 6,783 |
Pensions and benefits | 125 | 144 |
Asset retirement obligations | 2,739 | 2,930 |
Regulatory liabilities | 8,584 | 8,589 |
Operating lease liabilities | 1,170 | 871 |
Wildfire-related claims | 2,308 | 2,281 |
Other deferred credits and other long-term liabilities | 3,001 | 2,708 |
Total deferred credits and other liabilities | 24,913 | 24,306 |
Total liabilities | 53,537 | 50,636 |
Commitments and contingencies (Note 12) | ||
Preferred / preference stock | 1,945 | 1,945 |
Common stock, no par value | 2,168 | 2,168 |
Additional paid-in capital | 6,704 | 5,387 |
Accumulated other comprehensive loss | (36) | (41) |
Retained earnings | 8,587 | 9,191 |
Total equity | 19,368 | 18,650 |
Total liabilities and equity | 72,905 | $ 69,286 |
SCE | SCE Recovery Funding LLC | ||
ASSETS | ||
Regulatory assets | 328 | |
LIABILITIES AND EQUITY | ||
Long-term debt | $ 320 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Receivables, allowances for uncollectible accounts | $ 245 | $ 188 |
Utility property, plant and equipment, accumulated depreciation | 11,093 | 10,681 |
Nonutility property, plant and equipment, accumulated depreciation | 98 | $ 94 |
Receivables, allowances for uncollectible accounts, Long term | $ 93 | |
Preferred stock, shares authorized | 50,000,000 | |
Preferred stock, shares issued | 1,250,000 | |
Preferred stock, shares outstanding | 1,250,000 | |
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 | 379,887,286 | 378,907,147 |
Common stock, shares outstanding | 379,887,286 | 378,907,147 |
SCE | ||
Receivables, allowances for uncollectible accounts | $ 245 | $ 188 |
Utility property, plant and equipment, accumulated depreciation | 11,093 | 10,681 |
Nonutility property, plant and equipment, accumulated depreciation | 88 | $ 86 |
Receivables, allowances for uncollectible accounts, Long term | $ 93 | |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 560,000,000 | 560,000,000 |
Common stock, shares issued | 434,888,104 | 434,888,104 |
Common stock, shares outstanding | 434,888,104 | 434,888,104 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 354 | $ 319 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Depreciation and amortization | 1,709 | 1,512 |
Allowance for equity during construction | (92) | (87) |
Impairment and other expense (income) | 67 | (46) |
Deferred income taxes | (1) | (344) |
Wildfire Insurance Fund amortization expense | 161 | 252 |
Other | 34 | 31 |
Nuclear decommissioning trusts | (204) | (123) |
Proceeds from Morongo Transmission LLC | 400 | |
Changes in operating assets and liabilities: | ||
Receivables | (706) | (556) |
Inventory | (10) | (24) |
Accounts payable | 282 | 7 |
Tax receivables and payables | 204 | 197 |
Other current assets and liabilities | (716) | (311) |
Regulatory assets and liabilities, net | (484) | (1,074) |
Wildfire-related insurance receivable | 707 | 73 |
Wildfire-related claims | (2,120) | 1,267 |
Other noncurrent assets and liabilities | (1) | (22) |
Net cash (used in) provided by operating activities | (416) | 1,071 |
Cash flows from financing activities: | ||
Long-term debt issued, plus premium and net of discount and issuance costs | 4,798 | 2,726 |
Long-term debt repaid or repurchased | (1,031) | (1,098) |
Short-term debt issued | 2,105 | 1,929 |
Short-term debt repaid | 1,355 | 800 |
Common stock issued | 28 | 896 |
Preferred stock issued, net | 1,235 | |
Preferred and preference stock redeemed | (308) | |
Commercial paper (repayment) borrowing, net | (435) | 73 |
Dividends and distribution to noncontrolling interests | (85) | (97) |
Common stock dividends paid | (741) | (691) |
Preferred stock dividends paid | (35) | |
Other | 22 | 17 |
Net cash provided by financing activities | 4,506 | 2,647 |
Cash flows from investing activities: | ||
Capital expenditures | (3,948) | (3,897) |
Proceeds from sale of nuclear decommissioning trust investments | 3,218 | 4,754 |
Purchases of nuclear decommissioning trust investments | (3,014) | (4,631) |
Other | 90 | 80 |
Net cash used in investing activities | (3,654) | (3,694) |
Net increase in cash, cash equivalents and restricted cash | 436 | 24 |
Cash, cash equivalents and restricted cash at beginning of period | 89 | 70 |
Cash, cash equivalents and restricted cash at end of period | 525 | 94 |
SCE | ||
Cash flows from operating activities: | ||
Net income | 451 | 442 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Depreciation and amortization | 1,703 | 1,506 |
Allowance for equity during construction | (92) | (87) |
Impairment and other expense (income) | 68 | (80) |
Deferred income taxes | 39 | (285) |
Wildfire Insurance Fund amortization expense | 161 | 252 |
Other | 25 | 19 |
Nuclear decommissioning trusts | (204) | (123) |
Proceeds from Morongo Transmission LLC | 400 | 0 |
Changes in operating assets and liabilities: | ||
Receivables | (704) | (564) |
Inventory | (10) | (24) |
Accounts payable | 286 | (19) |
Tax receivables and payables | 202 | 208 |
Other current assets and liabilities | (727) | (321) |
Regulatory assets and liabilities, net | (484) | (1,074) |
Wildfire-related insurance receivable | 707 | 73 |
Wildfire-related claims | (2,120) | 1,267 |
Other noncurrent assets and liabilities | 5 | (28) |
Net cash (used in) provided by operating activities | (294) | 1,162 |
Cash flows from financing activities: | ||
Long-term debt issued, plus premium and net of discount and issuance costs | 4,798 | 2,330 |
Long-term debt repaid or repurchased | (1,031) | (698) |
Short-term debt issued | 2,105 | 1,129 |
Short-term debt repaid | 1,355 | 0 |
Capital contributions from Edison International Parent | 1,308 | 1,107 |
Preferred and preference stock redeemed | 0 | (308) |
Commercial paper (repayment) borrowing, net | (725) | 73 |
Dividends paid | (735) | (1,104) |
Other | 12 | 1 |
Net cash provided by financing activities | 4,377 | 2,530 |
Cash flows from investing activities: | ||
Capital expenditures | (3,946) | (3,894) |
Proceeds from sale of nuclear decommissioning trust investments | 3,218 | 4,754 |
Purchases of nuclear decommissioning trust investments | (3,014) | (4,631) |
Other | 88 | 85 |
Net cash used in investing activities | (3,654) | (3,686) |
Net increase in cash, cash equivalents and restricted cash | 429 | 6 |
Cash, cash equivalents and restricted cash at beginning of period | 56 | 24 |
Cash, cash equivalents and restricted cash at end of period | $ 485 | $ 30 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Premium and net of discount and issuance costs | $ 40 | $ 26 |
SCE | ||
Premium and net of discount and issuance costs | $ 40 | $ 30 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Organization and Basis of Presentation Edison International is the parent holding company of Southern California Edison Company ("SCE") and Edison Energy Group, Inc. ("Edison Energy Group"). SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of Southern California. Edison Energy Group is an indirect wholly-owned subsidiary of Edison International and a holding company for Edison Energy, LLC ("Edison Energy") which is engaged in the competitive business of providing data driven energy solutions to commercial, institutional 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, its wholly owned and controlled subsidiaries and a variable interest entity of which SCE is the primary beneficiary, SCE Recovery Funding LLC. 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, 2020 (the "2020 Form 10-K"). This quarterly report should be read in conjunction with the financial statements and notes included in the 2020 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, 2021 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, 2020 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 SCE September 30, December 31, September 30, December 31, (in millions) 2021 2020 2021 2020 Money market funds $ 463 $ 62 $ 438 $ 38 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 September 30, December 31, September 30, December 31, (in millions) 2021 2020 2021 2020 Book balances reclassified to accounts payable $ 33 $ 69 $ 33 $ 69 The following table sets forth the cash, cash equivalents and restricted cash included in the consolidated statements of cash flows: September 30, December 31, (in millions) 2021 2020 Edison International: Cash and cash equivalents $ 524 $ 87 Short-term restricted cash 1 1 2 Total cash, cash equivalents, and restricted cash $ 525 $ 89 SCE: Cash and cash equivalents $ 484 $ 55 Short-term restricted cash 1 1 1 Total cash, cash equivalents, and restricted cash $ 485 $ 56 1 Reflected in "Other current assets" on Edison International's and SCE'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 collectability and current economic trends, including unemployment rates and any likelihood of recession for the region. At September 30, 2021, this included the estimated impacts of the COVID-19 pandemic. The following tables set forth the changes in allowance for uncollectible accounts for SCE: Three months ended Three months ended September 30, 2021 September 30, 2020 (in millions) Customers All others Total Customers All others Total Beginning balance $ 254 $ 16 $ 270 $ 75 $ 15 $ 90 Plus: current period provision for uncollectible accounts Included in operation and maintenance expenses in earning activities 1 9 4 13 11 4 15 Included in operation and maintenance expenses in cost-recovery activities 2 52 — 52 — — — Deferred to regulatory memorandum accounts 7 — 7 43 — 43 Less: write-offs, net of recoveries 1 3 4 5 2 7 Ending balance $ 321 $ 17 $ 338 ³ $ 124 $ 17 $ 141 Nine months ended Nine months ended September 30, 2021 September 30, 2020 (in millions) Customers All others Total Customers All others Total Beginning balance $ 175 $ 13 $ 188 $ 35 $ 14 $ 49 Plus: current period provision for uncollectible accounts Included in operation and maintenance expenses in earning activities 1 27 11 38 39 11 50 Included in operation and maintenance expenses in cost-recovery activities 2 112 — 112 — — — Deferred to regulatory memorandum accounts 13 — 13 64 — 64 Less: write-offs, net of recoveries 6 7 13 14 8 22 Ending balance $ 321 $ 17 $ 338 ³ $ 124 $ 17 $ 141 1 Earning activities is one of SCE's disaggregated revenue sources. Please refer to Note 7 for further details. 2 Cost-recovery activities is one of SCE's disaggregated revenue sources. Please refer to Note 7 for further details. This portion of costs from the allowance for uncollectible expenses is recovered through the residential uncollectibles balancing account. See Note 11 for further details. 3 In June 2021, CPUC issued a decision to allow residential and small business customers of the large investor-owned utilities with arrearages over 60 days old to be enrolled in 24-month payment plans. Accordingly, approximately $199 million of gross account receivables and $93 million of allowance for uncollectible accounts have been reclassified to "Long-term account receivables" on Edison International's and SCE's consolidated balance sheets as of September 30, 2021. Nuclear Decommissioning and Asset Retirement Obligations As a result of an update to SCE's cost estimate for decommissioning activities to be completed at San Onofre Units 1, 2 and 3, SCE recorded a decrease of $131 million to its asset retirement obligation ("ARO") in the third quarter of 2021. Revenue Recognition Regulatory Proceedings 2021 General Rate Case SCE accounts for regulatory decisions in the period in which they are received and, accordingly, recorded the impact of the 2021 GRC decision in the third quarter of 2021. In the absence of a final decision in the 2021 GRC, SCE recognized revenue in the first and second quarter of 2021 based on the 2020 GRC authorized revenue requirement. The final decision, received in August 2021, authorized a base rate revenue requirement of $6.9 billion in 2021, an increase of $1.0 billion over revenue requirements authorized for 2020 in the 2018 GRC. See Note Employee Stock Purchase Plan In April 2021, the Edison International Employee Stock Purchase Plan ("ESPP") was approved by the shareholders and was effective beginning July 1, 2021. The maximum aggregate numbers of shares of Edison International's common stock that may be issued under the ESPP is 3,000,000 shares. The ESPP is administered by the SCE Benefits Committee and allows eligible employees to purchase shares of common stock. Eligible employees may authorize payroll deductions of between 1% and 10% of their compensation, up to a maximum of $25,000, to purchase shares of common stock at 97% of the market price of the common stock on the date of purchase, which is the last day of each six months offering period. The ESPP is considered non-compensatory and stock issuances under the ESPP will be recorded directly in equity. 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) 2021 2020 2021 2020 Basic earnings per share: Net (loss) income attributable to common shareholders $ (341) $ (288) $ 236 $ 213 Participating securities dividends — — — — Net (loss) income available to common shareholders $ (341) $ (288) $ 236 $ 213 Weighted average common shares outstanding 380 378 380 371 Basic (loss) earnings per share $ (0.90) $ (0.76) $ 0.62 $ 0.57 Diluted (loss) earnings per share: Net (loss) income attributable to common shareholders $ (341) $ (288) $ 236 $ 213 Participating securities dividends — — — — Net (loss) income available to common shareholders $ (341) $ (288) $ 236 $ 213 Income impact of assumed conversions — — — — Net (loss) income available to common shareholders and assumed conversions $ (341) $ (288) $ 236 $ 213 Weighted average common shares outstanding 380 378 380 371 Incremental shares from assumed conversions 1 — — — 1 Adjusted weighted average shares – diluted 380 378 380 372 Diluted (loss) earnings per share $ (0.90) $ (0.76) $ 0.62 $ 0.57 1 Due to the losses reported for the quarters ended September 30, 2021 and 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 11,315,504 and 9,158,974 shares of common stock for the three months ended September 30, 2021 and 2020, respectively, and 11,351,651 and 9,079,789 shares of common stock for the nine months ended September 30, 2021 and 2020, respectively were outstanding, but were not included in the computation of diluted earnings per share because the effect would have been antidilutive. Subsequent Event In October 2021, in response to a CPUC emergency reliability rulemaking proceeding, SCE contracted for the construction of utility owned storage at three sites in SCE's service territory with an aggregate capacity of 537.5 megawatts ("MW"). The storage projects are expected to result in $1.0 billion of capital expenditures, through the anticipated in-service date in the summer of 2022. In October 2021, SCE filed an advice letter requesting recovery of these forecasted expenditures and seeking balancing account treatment for the associated revenue requirement, to be reflected in rates beginning in the first quarter of 2022. Work on these projects will commence prior to approval of the advice letter. A CPUC decision on the advice letter is expected prior to the end of January 2022. SCE may terminate the contract for these projects for convenience, including if regulatory approval is not obtained. If SCE terminates the contract for convenience in January 2022, SCE could incur costs estimated to be approximately $500 million. New Accounting Guidance Accounting Guidance 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. Edison International and SCE have adopted this standard on January 1, 2021 using modified retrospective adoption approach. The adoption of this standard did not have a material impact on Edison International's and SCE's financial position or results of operations. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Consolidated Statements of Changes in Equity | Note 2. The following table provides Edison International's changes in equity for the three and nine months ended September 30, 2021: Noncontrolling Equity Attributable to Edison International Shareholders Interests Accumulated Other Preferred Common Comprehensive Retained Preference Total (in millions, except per share amounts) Stock Stock Loss Earnings Subtotal Stock Equity Balance at December 31, 2020 $ — $ 5,962 $ (69) $ 8,155 $ 14,048 $ 1,901 $ 15,949 Net income — — — 263 263 27 290 Other comprehensive income — — 2 — 2 — 2 Common stock issued, net of issuance cost — 21 — — 21 — 21 Preferred stock issued, net of issuance cost 1,237 — — — 1,237 — 1,237 Common stock dividends declared ($0.6625 per share) — — — (251) (251) — (251) Preferred stock dividend accrued ($3.434 per share) — — — (4) (4) — (4) Dividends to noncontrolling interests ($15.625 - $35.936 per share for preference stock) — — — — — (27) (27) Noncash stock-based compensation — 6 — — 6 — 6 Balance at March 31, 2021 $ 1,237 $ 5,989 $ (67) $ 8,163 $ 15,322 $ 1,901 $ 17,223 Net income — — — 335 335 26 361 Other comprehensive income — — 2 — 2 — 2 Common stock issued, net of issuance cost — 14 — — 14 — 14 Preferred stock issuance cost (2) — — — (2) — (2) Common stock dividends declared ($0.6625 per share) — — — (252) (252) — (252) Preferred stock dividend accrued ($13.2882 per share) — — — (17) (17) — (17) Dividends to noncontrolling interests ($15.625 - $35.936 per share for preference stock) — — — — — (26) (26) Noncash stock-based compensation — 10 — — 10 — 10 Balance at June 30, 2021 $ 1,235 $ 6,013 $ (65) $ 8,229 $ 15,412 $ 1,901 $ 17,313 Net (loss) income — — — (324) (324) 27 (297) Other comprehensive income — — 2 — 2 — 2 Common stock issued, net of issuance cost — 10 — — 10 — 10 Common stock dividends declared ($0.6625 per share) — — — (252) (252) — (252) Preferred stock dividend accrued ($13.4375 per share) — — — (17) (17) — (17) Dividends to noncontrolling interests ($15.625 - $35.936 per share for preference stock) — — — — — (27) (27) Noncash stock-based compensation — 10 — — 10 — 10 Balance at September 30, 2021 $ 1,235 $ 6,033 $ (63) $ 7,636 $ 14,841 $ 1,901 $ 16,742 The following table provides Edison International's changes in equity for the three and nine months ended September 30, 2020: Noncontrolling Equity Attributable to Edison International Shareholders Interests Accumulated Preferred Other and Preferred Common Comprehensive Retained Preference Total (in millions, except per share amounts) Stock Stock Loss Earnings Subtotal Stock Equity 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) income — — — (288) (288) 46 (242) Other comprehensive income — — 2 — 2 — 2 Common stock issued, net of issuance cost — 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 SCE's changes in equity for the three and nine months ended September 30, 2021: Accumulated Additional Other Preference Common Paid-in Comprehensive Retained Total (in millions, except per share amounts) Stock Stock Capital Loss Earnings Equity Balance at December 31, 2020 $ 1,945 $ 2,168 $ 5,387 $ (41) $ 9,191 $ 18,650 Net income — — — — 323 323 Other comprehensive income — — — 2 — 2 Capital contribution from Edison International Parent — — 900 — — 900 Dividends declared on common stock ($0.7473 per share) — — — — (325) (325) Dividends on preference stock ($15.625 - $35.936 per share) — — — — (27) (27) Stock-based compensation — — (4) — — (4) Noncash stock-based compensation — — 3 — — 3 Balance at March 31, 2021 $ 1,945 $ 2,168 $ 6,286 $ (39) $ 9,162 $ 19,522 Net income — — — — 385 385 Other comprehensive income — — — 1 — 1 Capital contribution from Edison International Parent — — 325 — — 325 Dividends declared on common stock ($0.7473 per share) — — — — (325) (325) Dividends declared on preference stock ($15.625 - $35.936 per share) — — — — (26) (26) Noncash stock-based compensation — — 5 — — 5 Balance at June 30, 2021 $ 1,945 $ 2,168 $ 6,616 $ (38) $ 9,196 $ 19,887 Net loss — — — — (257) (257) Other comprehensive income — — — 2 — 2 Capital contribution from Edison International Parent — — 83 — — 83 Dividends declared on common stock ($0.7473 per share) — — — — (325) (325) Dividends declared on preference stock ($15.625 - $35.936 per share) — — — — (27) (27) Noncash stock-based compensation and other — — 5 — — 5 Balance at September 30, 2021 $ 1,945 $ 2,168 $ 6,704 $ (36) $ 8,587 $ 19,368 The following table provides SCE's changes in equity for the three and nine months ended September 30, 2020: Preferred Accumulated and Additional Other Preference Common Paid-in Comprehensive Retained Total (in millions, except per share amounts) Stock Stock Capital Loss Earnings Equity 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 and preference stock ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (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 and preference stock ($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 — — 3 — 1 4 Redemption of preferred and preference stock (300) — 7 — (15) (308) Balance at September 30, 2020 $ 1,945 $ 2,168 $ 5,058 $ (35) $ 9,043 $ 18,179 |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Note 3. A variable interest entity ("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 Consolidated SCE Recovery Funding LLC is a bankruptcy remote, wholly owned special purpose subsidiary, consolidated by SCE. SCE Recovery Funding LLC is a VIE and SCE is the primary beneficiary. SCE Recovery Funding LLC was formed in 2021 for the purpose of issuing and servicing securitized bonds related to SCE's AB 1054 Excluded Capital Expenditures. During the first quarter of 2021, SCE Recovery Funding LLC issued $338 million of securitized bonds in three tranches and used the proceeds to acquire SCE's right, title and interest in and to non-bypassable rates and other charges to be collected from certain existing and future customers in SCE's service territory, associated with the AB 1054 Excluded Capital Expenditures ("Recovery Property"), until the bonds are paid in full and all financing costs have been recovered. The securitized bonds are secured by the Recovery Property and cash collections from the non-bypassable rates and other charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to SCE. For further details, see Note 5. The following table summarizes the impact of SCE Recovery Funding LLC on SCE's and Edison International's consolidated balance sheets. (in millions) September 30, 2021 Other current assets $ 30 Regulatory assets: Non-current 328 Regulatory liabilities: Current (18) Current portion of long-term debt (15) Other current liabilities (3) Long-term debt 1 (320) 1 The bondholders have no recourse to SCE. Variable Interest in VIEs that are not Consolidated Power Purchase Agreements ("PPAs") SCE has PPAs that are classified as variable interests in VIEs, including agreements through which SCE provides the natural gas to fuel the plants 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 sheets 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 2020 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 3,455 MW and 5,356 MW at September 30, 2021 and 2020, respectively, and the amounts that SCE paid to these projects were $248 million and $360 million for the three months ended September 30, 2021 and 2020, respectively, and $519 million and $661 million for the nine months ended September 30, 2021 and 2020, respectively. These amounts are recoverable in customer rates, subject to reasonableness review. Unconsolidated Trusts of SCE SCE Trust II, Trust III, Trust IV, Trust V, and Trust VI were formed in 2013, 2014, 2015, 2016, and 2017, respectively, for the exclusive purpose of issuing the 5.10%, 5.75%, 5.375%, 5.45%, and 5.00% trust preference securities, respectively ("trust securities"). The trusts are VIEs. SCE has concluded that it is not the primary beneficiary of these VIEs as it does not have the obligation to absorb the expected losses or the right to receive the expected residual returns of the trusts. SCE Trust II, Trust III, Trust IV, Trust V and Trust VI issued to the public trust securities in the face amounts of $400 million, $275 million, $325 million, $300 million, and $475 million (cumulative, liquidation amounts of $25 per share), respectively, and $10,000 of common stock each to SCE. The trusts invested the proceeds of these trust securities in Series G, Series H, Series J, Series K, and Series L Preference Stock issued by SCE in the principal amounts of $400 million, $275 million, $325 million, $300 million, and $475 million (cumulative, $2,500 per share liquidation values), respectively, which have substantially the same payment terms as the respective trust securities. The Series G, Series H, Series J, Series K, and Series L Preference Stock and the corresponding trust securities do not have a maturity date. Upon any redemption of any shares of the Series G, Series H, Series J, Series K, or Series L Preference Stock, a corresponding dollar amount of trust securities will be redeemed by the applicable trust. 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. The Trust II, Trust III, Trust IV, Trust V and Trust VI balance sheets as of September 30, 2021 and December 31, 2020 consisted of investments of $220 million, $275 million, $325 million, $300 million, and $475 million in the Series G, Series H, Series J, Series K and Series L Preference Stock, respectively, $220 million, $275 million, $325 million, $300 million, and $475 million of trust securities, respectively, and $10,000 each of common stock. The following table provides a summary of the trusts' income statements: Three months ended September 30, (in millions) Trust II Trust III Trust IV Trust V Trust VI 2021 Dividend income $ 5 $ 4 $ 4 $ 4 $ 6 Dividend distributions 5 4 4 4 6 2020 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 2021 Dividend income $ 15 $ 12 $ 13 $ 12 $ 18 Dividend distributions 15 12 13 12 18 2020 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, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. 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, 2021 and December 31, 2020, 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, 2021 Netting and (in millions) Level 1 Level 2 Level 3 Collateral 1 Total Assets at fair value Derivative contracts $ — $ 128 $ 113 $ (97) $ 144 Money market funds and other 438 23 — — 461 Nuclear decommissioning trusts: Stocks 2 1,820 — — — 1,820 Fixed Income 3 1,084 1,603 — — 2,687 Short-term investments, primarily cash equivalents 171 138 — — 309 Subtotal of nuclear decommissioning trusts 4 3,075 1,741 — — 4,816 Total assets 3,513 1,892 113 (97) 5,421 Liabilities at fair value Derivative contracts — 3 8 (11) — Total liabilities — 3 8 (11) — Net assets $ 3,513 $ 1,889 $ 105 $ (86) $ 5,421 December 31, 2020 Netting and (in millions) Level 1 Level 2 Level 3 Collateral 1 Total Assets at fair value Derivative contracts $ — $ 6 $ 120 $ (18) $ 108 Money market funds and other 39 23 — — 62 Nuclear decommissioning trusts: Stocks 2 1,908 — — — 1,908 Fixed Income 3 519 2,113 — — 2,632 Short-term investments, primarily cash equivalents 447 52 — — 499 Subtotal of nuclear decommissioning trusts 4 2,874 2,165 — — 5,039 Total assets 2,913 2,194 120 (18) 5,209 Liabilities at fair value Derivative contracts — 10 12 (22) — Total liabilities — 10 12 (22) — Net assets $ 2,913 $ 2,184 $ 108 $ 4 $ 5,209 1 Represents the netting of assets and liabilities under master netting agreements and cash collateral. 2 Approximately 73% and 71% of SCE's equity investments were in companies located in the United States at September 30, 2021 and December 31, 2020, respectively. 3 Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $30 million and $29 million at September 30, 2021 and December 31, 2020, respectively. 4 Excludes net payables of $47 million and $206 million at September 30, 2021 and December 31, 2020, 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 $13 million in an equity investment as of September 30, 2021 and money market funds of $25 million and $24 million at September 30, 2021 and December 31, 2020, respectively, and classified as Level 2 consisted of short-term investments of $3 million and $5 million at September 30, 2021 and December 30, 2020, respectively. 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 Nine months ended September 30, September 30, (in millions) 2021 2020 2021 2020 Fair value of net assets at beginning of period $ 67 $ 34 $ 108 $ 78 Purchases — 1 — 8 Sales (1) (1) (2) (5) Settlements (30) (69) (46) (95) Total realized/unrealized losses 1,2 69 63 45 42 Fair value of net assets at end of period $ 105 $ 28 $ 105 $ 28 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 2021 and 2020. 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 Significant Weighted (in millions) Valuation Unobservable Range Average Assets Liabilities Technique Input (per MWh) (per MWh) Congestion revenue rights September 30, 2021 $ 113 $ 8 Auction prices CAISO CRR auction prices $(6.89) - $64.56 $ 1.84 December 31, 2020 120 12 Auction prices CAISO CRR auction prices (9.67) - 300.47 2.75 Level 3 Fair Value Uncertainty For CRRs, increases or decreases in CAISO auction prices would result in higher or lower fair value, respectively, as of September 30, 2021. 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. 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, 2021 December 31, 2020 Carrying Fair Carrying Fair (in millions) Value 1 Value 2 Value 1 Value 2 Edison International $ 24,118 $ 26,389 $ 20,337 $ 23,824 SCE 20,981 23,018 17,204 20,365 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, 2021 | |
Debt Disclosure [Abstract] | |
Debt and Credit Agreements | Note 5. Long-Term Debt In the first quarter of 2021, SCE issued $150 million of 2.25% first and refunding mortgage bonds due in 2030 and $750 million of 2.95% first and refunding mortgage bonds due in 2051. The proceeds were primarily used to repay SCE's commercial paper borrowings and for general corporate purposes. In the second quarter of 2021, SCE issued $400 million of Secured Overnight Financing Rate ("SOFR") plus 0.64% first and refunding mortgage bonds due in 2023, $400 million of SOFR plus 0.83% of first and refunding mortgage bonds due in 2024, $350 million of 0.70% first and refunding mortgage bonds due in 2023 and $700 million of 1.10% first and refunding mortgage bonds due in 2024. The proceeds of these issuances were used to fund the payment of wildfire claims exceeding insurance proceeds and repay commercial paper borrowings that were used to fund the payment of wildfire claims, including amounts paid under the Woolsey Subrogation Settlement. Additionally, SCE issued $450 million of 2.50% first and refunding mortgage bonds due in 2031 and $450 million of 3.65% first and refunding mortgage bonds due in 2051. The proceeds were used to finance or refinance eligible sustainable projects. In August 2021, SCE issued $400 million of 0.70% first and refunding mortgage bonds due in 2023 and $450 million of 0.975% first and refunding mortgage bonds due in 2024. The proceeds of these issuances were used to fund payment of wildfire claims above the amount of expected insurance proceeds, to repay commercial paper borrowings used to fund the payment of such wildfire claims and for general corporate purposes. Senior Secured Recovery Bonds During the first quarter of 2021, SCE Recovery Funding LLC issued $338 million of Senior Secured Recovery Bonds, Series 2021-A, in three tranches ("Recovery Bonds") and used the proceeds to acquire SCE's right, title and interest in and to non-bypassable rates and other charges associated with the AB 1054 Excluded Capital Expenditures to be collected from certain existing and future customers in SCE's service territory ("Recovery Property"). The three tranches of Recovery Bonds consisted of: $138 million, 0.861% with final maturity in 2033; $100 million, 1.94% with final maturity in 2040; and $100 million, 2.51% with final maturity in 2045. The Recovery Bonds are payable only from and secured by the Recovery Property. SCE Recovery Funding LLC is consolidated by SCE for financial reporting purposes, however, the Recovery Bonds do not constitute a debt or other legal obligation of, or interest in, SCE or any of its affiliates, except for SCE Recovery Funding LLC. SCE used the proceeds it received from the sale of Recovery Property to reimburse itself for previously incurred AB 1054 Excluded Capital Expenditures, including the retirement of related debt and financing costs. For further details, see Note 3. Credit Agreements and Short-Term Debt The following table summarizes the status of the credit facilities at September 30, 2021: (in millions, except for rates) Execution Termination SOFR Outstanding Outstanding Amount date date plus (bps) Use of proceeds Commitment borrowings letters of credit available Edison International Parent June 2019 May 2025 128 Support commercial paper borrowings and general corporate purposes 1, 2 $ 1,500 $ 420 $ — $ 1,080 Total Edison International Parent: $ 1,500 $ 420 $ — $ 1,080 SCE June 2019 May 2025 108 Support commercial paper borrowings and general corporate purposes 2 $ 3,350 $ — $ 246 $ 3,104 Total SCE: $ 3,350 $ — $ 246 $ 3,104 Total Edison International: $ 4,850 $ 420 $ 246 $ 4,184 1 At September 30, 2021 Edison International Parent had $ 420 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 0.39% . 2 In April 2021, SCE and Edison International Parent amended their respective revolving credit facilities to extend each of the termination dates to May 2025 and implement the transition from LIBOR to SOFR. Additionally, SCE and the lenders agreed to increase the commitment amount by $350 million, bringing the total to $3.4 billion. 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. Term loan and other short-term debt In the second quarter of 2021, SCE borrowed $1.2 billion under a term loan agreement due in May 2022 with a variable interest rate based on SOFR plus 0.60%. SCE used the proceeds to repay all outstanding indebtedness under SCE's 364-day revolving credit agreement and term loan credit agreement, both entered into during March 2020, for $800 million and $148 million, respectively, and to finance certain capital projects related to wildfire mitigation that meet the green loan principles set forth by international loan market organizations including the Loan Syndications and Trading Association. Additionally, SCE issued $475 million of SOFR plus 0.35% first and refunding mortgage bonds due in 2022. The proceeds were used to repay commercial paper borrowings and for general corporate purposes. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 6. 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, Qualifying Facilities 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 were less than $1 million as of September 30, 2021 and December 31, 2020, for which SCE posted no collateral to its counterparties for its derivative liabilities and related outstanding payables for both periods. If the credit-risk-related contingent features underlying these agreements were triggered on September 30, 2021, SCE would be required to post $18 million of collateral, all of which 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, 2021 Derivative Assets Derivative Liabilities (in millions) Short-Term 1 Long-Term 2 Subtotal Short-Term Long-Term Subtotal Net Assets Commodity derivative contracts Gross amounts recognized $ 213 $ 28 $ 241 $ 8 $ 3 $ 11 $ 230 Gross amounts offset in the consolidated balance sheets (8) (3) (11) (8) (3) (11) — Cash collateral posted 3 (86) — (86) — — — (86) Net amounts presented in the consolidated balance sheets $ 119 $ 25 $ 144 $ — $ — $ — $ 144 December 31, 2020 Derivative Assets Derivative Liabilities (in millions) Short-Term 1 Long-Term 2 Subtotal Short-Term Long-Term Subtotal Net Assets Commodity derivative contracts Gross amounts recognized $ 103 $ 23 $ 126 $ 16 $ 6 $ 22 $ 104 Gross amounts offset in the consolidated balance sheets (12) (6) (18) (12) (6) (18) — Cash collateral posted 3 — — — (4) — (4) 4 Net amounts presented in the consolidated balance sheets $ 91 $ 17 $ 108 $ — $ — $ — $ 108 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 At September 30 , 2021, SCE offset $86 million of cash collateral against derivative assets , of which $76 million was reflected in "Cash" and $10 million in "Receivables" on the consolidated balance sheets . At December 31, 2020, SCE posted $17 million of cash, of which $4 million was offset against derivative liabilities and $13 million 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) 2021 2020 2021 2020 Realized gains $ 66 $ 128 $ 193 $ 68 Unrealized gains (losses) 116 75 126 (39) Notional Volumes of Derivative Instruments The following table summarizes the notional volumes of derivatives used for SCE's economic hedging activities: Unit of Economic Hedges Commodity Measure September 30, 2021 December 31, 2020 Electricity options, swaps and forwards GWh 1,036 1,581 Natural gas options, swaps and forwards Bcf 50 34 Congestion revenue rights GWh 41,573 41,151 |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 7. 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, as well as non-bypassable rates collected for SCE Recovery Funding LLC. 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), certain operation and maintenance expenses, and repayment of bonds and financing costs of SCE Recovery Funding LLC. SCE earns no return on these activities. The following table is a summary of SCE's revenue: Three months ended September 30, 2021 Three months ended September 30, 2020 Cost- Cost- Earning Recovery Total Earning Recovery Total (in millions) Activities Activities Consolidated Activities Activities Consolidated Revenues from contracts with customers 1,2 $ 2,260 $ 2,804 $ 5,064 $ 1,893 $ 2,327 $ 4,220 Alternative revenue programs and other operating revenue 3 135 94 229 233 182 415 Total operating revenue $ 2,395 $ 2,898 $ 5,293 $ 2,126 $ 2,509 $ 4,635 Nine months ended September 30, 2021 Nine months ended September 30, 2020 Cost- Cost- Earning Recovery Total Earning Recovery Total (in millions) Activities Activities Consolidated Activities Activities Consolidated Revenues from contracts with customers 1,2 $ 5,667 $ 5,422 $ 11,089 $ 5,175 $ 4,265 $ 9,440 Alternative revenue programs and other operating revenue 3 325 138 463 467 488 955 Total operating revenue $ 5,992 $ 5,560 $ 11,552 $ 5,642 $ 4,753 $ 10,395 1 The revenue requirements in the 2021 GRC final decision are retroactive to January 1, 2021. SCE recorded the impact of the 2021 GRC decision in third quarter of 2021, including $404 million related to the six-month period ended June 30, 2021. 2 At September 30, 2021 and December 31, 2020, SCE's receivables related to contracts from customers were $2.8 billion and $1.5 billion, respectively, which include accrued unbilled revenue of $1.1 billion and $521 million, respectively. 3 Includes differences between amounts billed and authorized levels for both the CPUC and FERC. Deferred Revenue In July 2021, Morongo Transmission LLC ("Morongo") paid SCE $400 million for the use of a portion of the West of Devers transmission line transfer capability. Under the terms of the agreement with Morongo, SCE will provide Morongo with the use of a portion of the West of Devers transmission line transfer capability for a period of 30 years, commencing in August 2021. After the 30-year contract term, the transfer capability will revert back to SCE. SCE recognized the entire proceeds as deferred revenue and will amortize deferred revenues from the use of the transfer capability over the 30-year term on a straight-line basis resulting in revenue of $13 million per year. As of September 30, 2021, the deferred revenue is $398 million, of which $13 million and $385 million are included in "Other current liabilities" and "Other deferred credits and other long-term liabilities," respectively, on SCE's consolidated balance sheets. For the three months ended September 30, 2021, SCE has recognized revenue of $2 million. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8. 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) 2021 2020 2021 2020 Edison International: (Loss) income from operations before income taxes $ (326) $ (517) $ 357 $ (36) Provision for income tax at federal statutory rate of 21% (68) (108) 75 (7) Increase (decrease) in income tax from: State tax, net of federal benefit (39) (67) (28) (74) Property-related (33) (81) (159) (228) Average rate assumption method ("ARAM") adjustment 1 87 — 87 — Change related to uncertain tax position 2 — — — (15) Insurance benefits (2) (5) (7) (12) Wildfire related charges 3 31 — 31 — Other (5) (14) 4 (19) Total income tax expense (benefit) $ (29) $ (275) $ 3 $ (355) Effective tax rate (8.9) % (53.2) % 0.8 % (986.1) % SCE: (Loss) income from operations before income taxes $ (268) $ (469) $ 492 $ 142 Provision for income tax at federal statutory rate of 21% (56) (98) 103 30 Increase (decrease) in income tax from: State tax, net of federal benefit (32) (61) (17) (62) Property-related (33) (81) (159) (228) ARAM adjustment 1 87 — 87 — Change related to uncertain tax position 2 — — — (18) Insurance benefits (2) (5) (7) (12) Wildfire related charges 3 31 — 31 — Other (6) (6) 3 (10) Total income tax expense (benefit) $ (11) $ (251) $ 41 $ (300) Effective tax rate (4.1) % (53.5) % 8.3 % (211.3) % 1 In July 2021, SCE received the IRS's response to its private letter ruling request, regarding the scope of the deferred tax normalization requirements and the computations required to comply with the average rate assumption method. As a result, SCE's estimate changed and a cumulative true up of $87 million reduction in tax benefits was recorded in the third quarter of 2021, for the period of January 1, 2018 to June 30, 2021. The above true up has an offsetting revenue adjustment resulting in no impact on earnings. 2 Primarily relates to the re-measurement of uncertain tax positions related to the 2010 – 2012 California state tax filings currently under audit. 3 Relates to portions of the estimated charge for the 2017/2018 Wildfire/Mudslide Events recorded in the third quarter of 2021, assumed to be non-deductible for tax purposes. 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. Tax Disputes Tax years that remain open for examination by the IRS and the California Franchise Tax Board ("FTB") are 2016 – 2020 and 2013 – 2020, respectively. In October 2021, Edison International and subsidiaries reached a settlement with the FTB for tax years 2007 – 2012. Edison International anticipates recording a $60 million cash refund and approximately $148 million of earnings benefit resulting from the settlement in the fourth quarter of 2021. |
Compensation and Benefit Plans
Compensation and Benefit Plans | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Compensation and Benefit Plans | Note 9. Pension Plans Net periodic pension expense components are: Three months ended Nine months ended September 30, September 30, (in millions) 2021 2020 2021 2020 Edison International: Service cost $ 34 $ 31 $ 102 $ 93 Non-service cost (benefit) Interest cost 26 31 78 92 Expected return on plan assets (56) (55) (168) (163) Amortization of prior service cost — — — 1 Amortization of net loss 1 3 3 9 9 Regulatory adjustment 4 2 12 6 Total non-service benefit 2 $ (23) $ (19) $ (69) $ (55) Total expense recognized $ 11 $ 12 $ 33 $ 38 SCE: Service cost $ 33 $ 31 $ 99 $ 91 Non-service cost (benefit) Interest cost 24 29 72 85 Expected return on plan assets (53) (51) (159) (153) Amortization of prior service cost — — — 1 Amortization of net loss 1 2 2 6 6 Regulatory adjustment 4 2 12 6 Total non-service benefit 2 $ (23) $ (18) $ (69) $ (55) Total expense recognized $ 10 $ 13 $ 30 $ 36 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 Nine months ended September 30, September 30, (in millions) 2021 2020 2021 2020 Service cost $ 10 $ 10 $ 30 $ 28 Non-service cost (benefit) Interest cost 14 17 42 51 Expected return on plan assets (27) (29) (81) (89) Amortization of prior service cost — (1) — (1) Amortization of net gain (8) (5) (24) (13) Regulatory adjustment 11 8 33 24 Total non-service benefit 1 $ (10) $ (10) $ (30) $ (28) Total expense $ — $ — $ — $ — 1 Included in "Other income" on Edison International ' s and SCE ' s consolidated statement of income . |
Investments
Investments | 9 Months Ended |
Sep. 30, 2021 | |
Investments [Abstract] | |
Investments | Note 10. 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): Amortized Cost Fair Value Longest September 30, December 31, September 30, December 31, (in millions) Maturity Dates 2021 2020 2021 2020 Stocks — N/A N/A $ 1,819 $ 1,908 Municipal bonds 2054 $ 836 $ 1,013 990 1,218 U.S. government and agency securities 2067 1,129 740 1,238 864 Corporate bonds 2070 394 460 459 550 Short-term investments and receivables/payables 1 One-year 252 281 263 293 Total $ 2,611 $ 2,494 $ 4,769 $ 4,833 1 Short-term investments include $59 million and $138 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by October 1, 2021 and January 4, 2021 as of September 30, 2021 and December 31, 2020, 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 $2.1 billion at September 30, 2021 and December 31, 2020, respectively. Trust assets are used to pay income taxes arising from trust investing activity. Deferred tax liabilities related to net unrealized gains were $511 million and $515 million at September 30, 2021 and December 31, 2020, respectively. Accordingly, the fair value of trust assets available to pay future decommissioning costs, net of deferred income taxes, totaled $4.3 billion at both September 30, 2021 and December 31, 2020. The following table summarizes the gains and losses for the trust investments: Three months ended September 30, Nine months ended September 30, (in millions) 2021 2020 2021 2020 Gross realized gains $ 77 $ 51 $ 328 $ 165 Gross realized losses (5) (2) (21) (5) Net unrealized (losses) gains for equity securities (74) 110 (41) 5 Due to regulatory mechanisms, changes in assets of the trusts from income or loss items have no impact on operating revenue or earnings. Edison International's Investments Edison International holds strategic investments in companies focused on developing electric technologies and services. In the second quarter of 2021, one of the investments, Proterra, became publicly traded on the NASDAQ under ticker symbol PTRA. During the three and nine months ended September 30, 2021, Edison International recognized unrealized pre-tax loss of $8 million ($6 million after-tax) and unrealized pre-tax gain of $4 million ($3 million after-tax), respectively, which is reflected as "Other income" on the consolidated statements of income. See Note 16. As of September 30, 2021, the Proterra investment is measured at fair value of $13 million. For further information, see Note 4. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets and Liabilities | Note 11. Regulatory Assets SCE's regulatory assets included on the consolidated balance sheets are: September 30, December 31, (in millions) 2021 2020 Current: Regulatory balancing and memorandum accounts $ 1,367 $ 1,127 Power contracts 167 165 Other 19 22 Total current 1,553 1,314 Long-term: Deferred income taxes, net of liabilities 4,617 4,475 Pension and other postretirement benefits — 12 Power contracts 104 239 Unamortized investments, net of accumulated amortization 113 114 Unamortized loss on reacquired debt 124 133 Regulatory balancing and memorandum accounts 1,734 1,794 Environmental remediation 246 247 Recovery assets 1 328 — Other 120 106 Total long-term 7,386 7,120 Total regulatory assets $ 8,939 $ 8,434 1 Represents the balance associated with the AB 1054 Excluded Capital Expenditures related Recovery Properties and prudently incurred financing costs securitized in 2021 with issuance of the associated bond. The recovery period is until 2043, when the bonds and interest are paid in full. For further details, see Note 3. Regulatory Liabilities SCE's regulatory liabilities included on the consolidated balance sheets are: September 30, December 31, (in millions) 2021 2020 Current: Regulatory balancing and memorandum accounts $ 347 $ 471 Energy derivatives 205 87 Other 31 11 Total current 583 569 Long-term: Cost of removal 2,735 2,595 Re-measurement of deferred taxes 2,332 2,283 Recoveries in excess of ARO liabilities 1 2,047 1,930 Regulatory balancing and memorandum accounts 736 1,062 Other postretirement benefits 679 671 Other 55 48 Total long-term 8,584 8,589 Total regulatory liabilities $ 9,167 $ 9,158 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: September 30, December 31, (in millions) 2021 2020 Asset (liability) Energy resource recovery account $ 348 $ (89) Portfolio allocation balancing account 98 497 New system generation balancing account 57 (10) Public purpose programs and energy efficiency programs (1,174) (1,130) Base revenue requirement balancing account 784 622 GRC wildfire mitigation balancing accounts 1 48 — Residential uncollectibles balancing account 2 209 — Greenhouse gas auction revenue and low carbon fuel standard revenue (254) (125) FERC balancing accounts 3 12 Wildfire and drought restoration accounts 3 287 361 Wildfire-related memorandum accounts 4 1,274 1,104 COVID-19-related memorandum accounts 86 176 Customer service re-platform memorandum account 5 101 30 Tax accounting memorandum account and pole loading balancing account 204 (35) Other (53) (25) Asset $ 2,018 $ 1,388 1 The August 2021 final 2021 GRC decision approved the establishment of the vegetation management balancing account to track vegetation management expenses up to 115% of amounts authorized, the wildfire risk mitigation balancing account to track the costs of SCE's Wildfire Covered Conductor Program up to 110% of amounts authorized and the risk management balancing account to track the authorized costs of wildfire insurance. If spending is less than authorized, SCE will refund those amounts to customers. If spending is within the specified threshold, if any, for each balancing account, SCE will recover those costs from customers. Amounts above the specified threshold, or above amounts authorized if a higher threshold was not established, for each balancing account may be eligible for deferral to wildfire-related memorandum accounts. 2 In November 2020, the CPUC approved the establishment of the residential uncollectibles balancing account ( " RUBA " ), to track the difference (positive or negative) between the recorded uncollectibles expense for all customer groups and the total authorized uncollectibles revenue collected from all customers subject to a cap equal to the actual recorded uncollectibles expense for residential customers. 3 The wildfire and drought restoration accounts regulatory assets represent restoration costs that are recorded in a Catastrophic Event Memorandum Account ("CEMA"). 4 The wildfire-related memorandum accounts regulatory assets represent wildfire-related costs that are probable of future recovery from customers, subject to a reasonableness review. The Fire Hazard Prevention Memorandum Account ("FHPMA") is used to track costs related to fire safety and to implement fire prevention corrective action measures in extreme and very high fire threat areas. The 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. Revenue requirements of $326 million for 2021 expenses previously deferred as wildfire-related memorandum accounts and wildfire and drought restoration accounts were transferred to wildfire mitigation balancing accounts on approval of the 2021 GRC. The amount recorded to wildfire mitigation balancing accounts represents the difference between costs tracked in the balancing accounts and authorized revenues for those costs recorded to the base revenue requirement balancing account. 5 CSRP memorandum account was established in the 2018 GRC to track costs for implementation of a new customer service system not currently reflected in SCE's revenue requirements. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
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, 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 each of these other proceedings will not materially affect its financial position, results of operations and cash flows. Southern California Wildfires and Mudslides Wildfires in SCE's territory, including those where SCE's equipment may be alleged to be associated with the fire's ignition, have caused loss of life and substantial damage in recent years. Multiple factors have contributed to increased wildfire activity and faster progression of wildfires across SCE's service territory and in other areas of California. These include the buildup of dry vegetation in areas severely impacted by years of historic drought, lack of adequate clearing of hazardous fuels by responsible parties, higher temperatures, lower humidity, 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 recent years due to climate change, and SCE's service territory remains susceptible to additional wildfire activity in 2021 and beyond. The worsening weather and fuel conditions across California increase the likelihood of wildfires, including those where SCE's equipment may be alleged to be associated with the fire's ignition. In response to worsening 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. In addition, California has increased its investment in wildfire prevention and fire suppression capabilities. In addition to the investments SCE is making as part of its WMP, SCE also uses Public Safety Power Shutoffs ("PSPS") to proactively de-energize power lines as a last resort to mitigate the risk of catastrophic wildfires during extreme weather events. SCE initiated PSPS 12 times in 2020 as part of its wildfire mitigation efforts, impacting an aggregate of approximately 145,000 unique customers. In January 2021, the President of the CPUC sent SCE a letter expressing her concern regarding SCE's execution of PSPS in 2020 and notifying SCE that it must implement a PSPS action plan to reduce the impacts of PSPS on the customers and communities it serves. On a risk-informed basis, SCE is making efforts to reduce the frequency and impacts of PSPS in 2021 as compared to 2020, assuming that weather patterns in the 2021 are similar to those experienced in 2020. SCE had initiated PSPS eight times in 2021 as of October 26, 2021, impacting an aggregate of approximately 98,000 unique customers. The 2021 events consist of a January 2021 event that impacted approximately 98,000 unique customers and seven other events that impacted an aggregate of approximately 300 unique customers. SCE may be subject to mandated changes to, or restrictions on, its operational PSPS practices, regulatory fines and penalties, claims for damages and reputational harm if SCE does not execute PSPS in compliance with applicable rules and regulations or if it is determined that SCE has placed excessive or unreasonable reliance on PSPS. In June 2021, the CPUC issued a final decision which, among other things, will reduce future authorized revenue for the volumetric reductions in electricity sales resulting from PSPS events initiated after June 2021 until the CPUC determines that improvements in the PSPS program have been made. Edison International and SCE have incurred material losses in connection with the 2017/2018 Wildfire/Mudslide Events, which are described below. SCE's equipment has been, and may further be, alleged to be associated with several wildfires that have originated in Southern California subsequent to 2018. Edison International and SCE expect that any losses incurred in connection with those fires will be covered by insurance, subject to self-insured retentions and co-insurance, or third-party receivables, and expect that any such losses after recoveries will not be material. Liability Overview The extent of liability for wildfire-related damages in actions against utilities depends on a number of factors, including whether the utility substantially caused or contributed to the damages and whether parties seeking recovery of damages will be required to show negligence in addition to causation. California courts have previously found utilities to be strictly liable for property damage along with associated interest and attorneys' fees, regardless of fault, by applying the theory of inverse condemnation when a utility's facilities were determined to be a substantial cause of a wildfire that caused the property damage. If inverse condemnation is held to be inapplicable to SCE in connection with a wildfire, SCE still could be held liable for property damages and associated interest if the property damages were found to have been proximately caused by SCE's negligence. If SCE were to be found negligent, SCE could also be held liable for, among other things, fire suppression costs, business interruption losses, evacuation costs, clean-up costs, medical expenses, and personal injury/wrongful death claims. Additionally, SCE could potentially be subject to fines and penalties for alleged violations of CPUC rules and state laws investigated 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 may change. For instance, as a result of additional information, management increased its estimated losses for the 2017/2018 Wildfire/Mudslide Events (as defined below) in the third quarter of 2021. 2017/2018 Wildfire/Mudslide Events Wildfires in SCE's territory in December 2017 and November 2018 caused 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 in SCE's territory 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"). 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 in SCE's territory, 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. Four additional fatalities are alleged to have been associated with the Woolsey Fire. As described below, multiple lawsuits related to the Thomas and Koenigstein Fires and the Woolsey Fire have been initiated against SCE and Edison International. Some of the Thomas and Koenigstein Fires lawsuits claim that SCE and Edison International have responsibility for the damages caused by debris flows 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 further alleging 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. One of the presumed fatalities has been confirmed. The Thomas Fire, the Koenigstein Fire, the Montecito Mudslides (defined below) 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." 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. Recent developments As of September 30, 2021, in addition to the Local Public Entity Settlement, the TKM Subrogation Settlement and the Woolsey Subrogation Settlement (all defined below), SCE has entered into settlements with approximately 4,000 individual plaintiffs in the 2017/2018 Wildfire/Mudslide Events litigation under which it has agreed to pay an aggregate of approximately $1.5 billion. In addition, in October 2021, SCE and the SED executed an agreement (the "SED Agreement") , subject to CPUC approval, to resolve the SED's investigations into the 2017/2018 Wildfire/Mudslide Events and three other 2017 wildfires for, among other things, aggregate costs of $550 million. The $550 million in costs is comprised of a $110 million fine to be paid to the State of California General Fund, $65 million of shareholder-funded safety measures, and an agreement by SCE to waive its right to seek cost recovery in CPUC-jurisdictional rates for $375 million of third-party uninsured claims payments (the "SED Excluded Losses"). The SED Agreement provides that SCE may, on a permanent basis, exclude from its ratemaking capital structure any after-tax charges to equity or debt borrowed to finance costs incurred under the SED Agreement. The SED Agreement also imposes other obligations on SCE, including reporting requirements and safety-focused studies. SCE's obligations under the SED Agreement commence after CPUC approval of the SED Agreement is final and non-appealable. In the SED Agreement, SCE did not admit imprudence, negligence or liability with respect to the 2017/2018 Wildfire/Mudslide Events. Each reporting period, management reviews its loss estimates for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events. The net result of management's third quarter 2021 review, including a review of information obtained as a result of achieving key milestones in the litigation process, including settlement activity to date and the expiration of some statutes of limitations, billion ($894 million after-tax). The estimated losses for the 2017/2018 Wildfire/Mudslide Events as of September 30, 2021 reflect the impact of the SED Agreement. As of September 30, 2021, Edison International and SCE had paid $5.2 billion in settlements, had $84 million to be paid under executed settlements and had $2.2 billion of estimated losses for remaining alleged and potential claims reflected on their consolidated balance sheets related to the 2017/2018 Wildfire/Mudslide Events. As of the same date, Edison International and SCE had assets for expected recoveries through FERC electric rates of $162 million on their consolidated balance sheets and had exhausted expected insurance recoveries related to the 2017/2018 Wildfire/Mudslide Events. 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 in estimating damages that have been or may be alleged, the ability to reach settlements through the ongoing claims mediation processes, uncertainties related to the litigation processes, 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 and whether inverse condemnation will be held applicable to SCE with respect to damages caused by the Montecito Mudslides, and the uncertainty as to how these factors impact future settlements. 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. SCE will seek rate recovery of prudently-incurred, actual losses realized in connection with the 2017/2018 Wildfire/Mudslide Events in excess of available insurance, other than for CPUC-jurisdictional rate recovery of the $375 million of SED Excluded Losses. 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 anticipates that the VCFD will release its final report regarding the Woolsey Fire in 2021. 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") has conducted investigations to assess SCE's compliance with applicable rules and regulations in areas impacted by the Thomas, Koenigstein and Woolsey Fires. As discussed above, in October 2021, SCE and the SED executed the SED Agreement, subject to CPUC approval, to resolve the SED's investigations into the 2017/2018 Wildfire/Mudslide Events. If the SED Agreement is not approved by the CPUC, the CPUC may initiate proceedings to investigate these matters and SCE could be subject to material fines or penalties in connection with any such proceeding that is initiated. The California Attorney General's Office has completed its investigation of the Thomas Fire and the Woolsey Fire without pursuing criminal charges. 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 extent of damages that may be attributable to the Thomas 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 extent of damages that may be attributable to the Koenigstein 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. Because potential plaintiffs can still timely file claims related to some of the 2017/2018 Wildfire/Mudslide Events, SCE expects to be the subject of additional lawsuits related to the events. The litigation could take a number of years to be resolved because of the complexity of the matters and number of plaintiffs. As of October 26, 2021, SCE was aware of at least currently pending 280 lawsuits, representing approximately 3,000 plaintiffs, related to the Thomas and Koenigstein Fires naming SCE as a defendant. One hundred fifty-one of the 280 lawsuits also name Edison International as a defendant based on its ownership and alleged control of SCE. At least four 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 allege, among other things, negligence, inverse condemnation, trespass, private nuisance, and violations of the public utilities and health and safety codes. An initial trial for a limited number of plaintiffs, sometimes referred to as a bellwether trial, on certain fire only matters is currently scheduled for March 17, 2022. The bellwether trial date may be further delayed to provide SCE and certain of the individual plaintiffs in the Thomas and Koenigstein Fire litigation the opportunity to pursue settlements of claims under a mediation program adopted to promote an efficient and orderly settlement process. Some individual plaintiffs have, and others may, opt to pursue trial outside of the settlement program. Seventy-three of the 280 pending lawsuits mentioned in the paragraph above allege that SCE has responsibility for the Thomas and/or Koenigstein Fires and that the Thomas and/or Koenigstein Fires proximately caused the Montecito Mudslides, resulting in the plaintiffs' claimed damages. Forty-seven of the 73 Montecito Mudslides lawsuits also name Edison International as a defendant based on its ownership and alleged control of SCE. In addition to other causes of action, some of the Montecito Mudslides lawsuits also allege personal injury and wrongful death. A bellwether jury trial previously scheduled for October 12, 2020 was vacated due to the wide-spread disruption being caused by the COVID-19 pandemic. As of October 26, 2021, SCE was aware of at least 348 currently pending lawsuits, representing approximately 7,000 plaintiffs, related to the Woolsey Fire naming SCE as a defendant. Two hundred eighty-four of the 348 lawsuits also name Edison International as a defendant based on its ownership and alleged control of SCE. At least two of the lawsuits were filed as purported class actions. The lawsuits, which have been filed in the superior courts of Ventura and Los Angeles Counties allege, among other things, negligence, inverse condemnation, personal injury, wrongful death, trespass, private nuisance, and violations of the public utilities and health and safety codes. A bellwether jury trial previously scheduled for October 26, 2021 has been vacated to provide SCE and certain of the individual plaintiffs in the Woolsey Fire litigation the opportunity to pursue settlements of claims under a mediation program adopted to promote an efficient and orderly settlement process. Some individual plaintiffs may opt to pursue trial outside of the settlement program. 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 April 2021, the court granted a motion to dismiss the lawsuit. The plaintiff has appealed the dismissal to the United States Court of Appeals for the Ninth Circuit. 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 ex parte 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, Edison International and SCE entered into an agreement (the "TKM Subrogation Settlement") under which all of the insurance subrogation plaintiffs' in the Thomas Fire, Koenigstein Fire and Montecito Mudslides litigation (the "TKM Subrogation Plaintiffs") collective claims arising from the Thomas Fire, Koenigstein Fire or Montecito Mudslides have been resolved. Under the TKM Subrogation Settlement, SCE paid the TKM 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 TKM Subrogation Plaintiffs to their policy holders on or before July 15, 2023, up to an agreed upon cap. In January 2021, Edison International and SCE entered into an agreement (the "Woolsey Subrogation Settlement") under which all of the insurance subrogation plaintiffs' in the Woolsey Fire litigation (the "Woolsey Subrogation Plaintiffs") collective claims arising from the Woolsey Fire have been resolved. Under the Woolsey Subrogation Settlement, SCE paid the Woolsey Subrogation Plaintiffs an aggregate of $2.2 billion in March and April 2021. SCE has also agreed to pay $0.67 for each dollar in claims to be paid by the Woolsey Subrogation Plaintiffs to their policy holders on or before July 15, 2023, up to an agreed upon cap. As of September 30, 2021, SCE has also entered into settlements with approximately 4,000 individual plaintiffs in the 2017/2018 Wildfire/Mudslide Events litigation. In 2020, SCE entered into settlements with individual plaintiffs in the 2017/2018 Wildfire/Mudslide Events litigation under which it agreed to pay an aggregate of approximately $300 million to those individual plaintiffs. Between December 31, 2020 and September 30, 2021, SCE also entered into settlements with individual plaintiffs in the 2017/2018 Wildfire/Mudslide Events litigation under which it agreed to pay an aggregate of approximately $1.2 billion to those individual plaintiffs. Edison International and SCE did not admit wrongdoing or liability as part of any of the settlements described above. 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, 2021 and December 31, 2020, Edison International's and SCE's consolidated balance sheets include fixed payments to be made under executed settlement agreements and accrued estimated losses of $2.3 billion and $4.4 billion, respectively, for the 2017/2018 Wildfire/Mudslide Events. The following table presents changes in estimated losses since December 31, 2020: (in millions) Balance at December 31, 2020 1 $ 4,383 Increase in accrued estimated losses to reflect best estimate 1,265 Amounts paid (3,392) Balance at September 30, 2021 2 $ 2,256 1 At December 31, 2020, $2,231 million in current liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets includes an estimate for claims brought by insurance subrogation plaintiffs in the Woolsey Fire litigation, which were settled on January 22, 2021 for $2,212 million, and $19 million of other settlements executed in connection with the 2017/2018 Wildfire/Mudslide Events. At December 31, 2020, the $2,281 million included in deferred credits and other liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets includes Edison International and SCE's best estimate of expected losses for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events after giving effect to the Woolsey Subrogation Settlement of $2,152 million and other wildfire-related claims estimates of $129 million. 2 At September 30, 2021, $84 million in current liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets consists of settlements executed in connection with the 2017/2018 Wildfire/Mudslide Events. At September 30, 2021, the $2,308 million included in deferred credits and other liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets includes Edison International and SCE's best estimate of expected losses for remaini |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 13. 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 13 years for the remaining other operating leases. The following table summarizes SCE's lease payments for operating and finance leases as of September 30, 2021: PPA Operating Other Operating PPA Finance (in millions) Leases 1 Leases 2 Leases 1 2021 $ 74 $ 10 $ — 2022 355 38 1 2023 258 31 1 2024 73 26 — 2025 73 23 — Thereafter 768 119 5 Total lease payments $ 1,601 $ 247 $ 7 Amount representing interest 3 265 58 4 Lease liabilities $ 1,336 $ 189 $ 3 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 SCE's incremental borrowing rates. Supplemental balance sheet information related to SCE's leases was as follows: September 30, December 31, (in millions) 2021 2020 Operating leases: Operating lease right-of-use ("ROU") assets 1 $ 1,525 $ 1,085 Current portion of operating lease liabilities 355 214 Operating lease liabilities 1,170 871 Total operating lease liabilities 1 $ 1,525 $ 1,085 Finance leases included in: Utility property, plant and equipment, gross $ 4 $ 4 Accumulated depreciation (1) — Utility property, plant and equipment, net $ 3 $ 4 Other current liabilities $ — $ — Other long-term liabilities 3 4 Total finance lease liabilities $ 3 $ 4 1 During the nine months ended September 30, 2021, three SCE PPA operating lease contracts commenced and one power contract was amended resulting in a total of $610 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) 2021 2020 2021 2020 PPA leases: Operating lease cost $ 136 $ 35 $ 199 $ 74 Finance lease cost — 1 — 2 Variable lease cost 1 893 676 2,163 1,582 Total PPA lease cost $ 1,029 $ 712 $ 2,362 $ 1,658 Other operating leases cost 12 11 35 35 Total lease cost $ 1,041 $ 723 $ 2,397 $ 1,693 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: Nine months ended Nine months ended (in millions, except lease term and discount rate) September 30, 2021 September 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases PPA leases $ 199 $ 74 Other leases 33 33 ROU assets obtained in exchange for lease obligations: PPA operating leases $ 610 $ 463 Other operating leases 38 42 Weighted average remaining lease term (in years): Operating leases PPA leases 10.26 9.83 Other leases 11.67 12.35 PPA Finance leases 15.92 10.90 Weighted average discount rate: Operating leases PPA leases 2.82 % 3.08 % Other leases 3.47 % 3.74 % PPA Finance leases 11.29 % 8.83 % |
Equity
Equity | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Equity | Note 14. Equity Common Stock Issuances Edison International did not issue any shares during the three and nine months ended September 30, 2021 through its "at-the-market" ("ATM") program established in May 2019. Under the ATM program, Edison International may sell shares of its common stock having an aggregate sales price of up to $1.5 billion. As of September 30, 2021, 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 months ended September 30, 2021, 52,100 shares of common stock were purchased by employees through the 401(k) defined contribution savings plan for net cash receipts of $3 million, 54,970 shares of common stock were issued as stock compensation awards for net cash receipts of $2 million and 77,468 shares of new common stock were issued in lieu of distributing $5 million to shareholders opting to receive dividend payments in the form of additional common stock . During the nine months ended September 30, 2021, 465,400 shares of common stock were purchased by employees through the 401(k) defined contribution savings plan for net cash receipts of $27 million, 267,564 shares of common stock were issued as stock compensation awards for net cash receipts of $7 million, 225,383 shares of new common stock were issued in lieu of distributing $13 million to shareholders opting to receive dividend payments in the form of additional common stock and 21,792 shares of common stock related to optional cash investments of $1 million . Equity Contributions In the three and nine months ended September 30, 2021, SCE received a total of $83 million and $1.3 billion in capital contributions from Edison International Parent, respectively, to support SCE's capital program, maintain the equity portion of SCE's capital structure at authorized levels and for general corporate purposes. Preferred Stock Issuance In March 2021, Edison International issued 1,250,000 shares of 5.375% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series A, with a liquidation value of $1,000 per share (the Series A preferred stock ). The dividends are payable on a semi-annual basis, commencing September 15, 2021. The dividend rate will be reset every five years beginning on March 15, 2026 to equal the then-current five-year U.S. Treasury rate plus a spread of 4.698% . The net proceeds of $1.2 billion were used to repay commercial paper borrowings and for general corporate purposes, including making a $575 million equity contribution to SCE. Edison International may, at its option, redeem the Series A preferred stock in whole or in part during certain period of time prior to each of the dividend reset date at a price equal to $1,000 per share plus any accumulated and unpaid dividends. Edison International may also, at its option, redeem the Series A preferred stock in whole but not in part at a price equal to $1,020 per share plus any accumulated and unpaid dividends within a certain period of time following any change in the criteria rating agencies use that would have adverse effects on the equity credit attributed by rating agencies to the Series A preferred stock. The Series A preferred stock ranks senior to Edison International's common stock with respect to dividends rights and distribution rights upon liquidation. The Series A preferred stock is not subject to any mandatory sinking fund, retirement fund, purchase fund or other similar provisions. Holders of the shares of Series A preferred stock do not have the right to require Edison International to repurchase or redeem shares of the Series A preferred stock. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 15. 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) 2021 2020 2021 2020 Beginning balance $ (65) $ (65) $ (69) $ (69) Pension and PBOP – net loss: Reclassified from accumulated other comprehensive loss 1 2 2 6 6 Change 2 2 6 6 Ending Balance $ (63) $ (63) $ (63) $ (63) 1 These items are included in the computation of net periodic pension and PBOP Plan expense. See Note 9 for additional information . SCE's accumulated other comprehensive loss, net of tax, consists of: Three months ended September 30, Nine months ended September 30, (in millions) 2021 2020 2021 2020 Beginning balance $ (38) $ (36) $ (41) $ (39) Pension and PBOP – net loss: Reclassified from accumulated other comprehensive loss 1 2 1 5 4 Change 2 1 5 4 Ending Balance $ (36) $ (35) $ (36) $ (35) 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, 2021 | |
Other Income [Abstract] | |
Other Income | Note 16. Other Income Other income net of expenses is as follows: Three months ended Nine months ended September 30, September 30, (in millions) 2021 2020 2021 2020 SCE other income (expense): Equity allowance for funds used during construction $ 32 $ 36 $ 92 $ 87 Increase in cash surrender value of life insurance policies and life insurance benefits 8 27 33 60 Interest income 1 2 2 18 Net periodic benefit income – non-service components 33 28 99 83 Civic, political and related activities and donations (16) (7) (28) (22) Other (5) (3) (9) (9) Total SCE other income $ 53 $ 83 $ 189 $ 217 Other income (expense) of Edison International Parent and Other: Net periodic benefit costs – non-service components — — — (1) Unrealized (losses) gains on investment in Proterra (8) — 4 — Other 2 1 2 1 Total Edison International other income $ 47 $ 84 $ 195 $ 217 |
Supplemental Cash Flows Informa
Supplemental Cash Flows Information | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flows Information | Note 17. Supplemental Cash Flows Information Supplemental cash flows information is: Edison International SCE Nine months ended September 30, (in millions) 2021 2020 2021 2020 Cash payments (receipts): Interest, net of amounts capitalized $ 728 $ 689 $ 642 $ 607 Income taxes, net (87) (30) (87) (29) Non-cash financing and investing activities: Dividends declared but not paid: Common stock 252 241 325 — SCE's accrued capital expenditures at September 30, 2021 and 2020 were $567 million and $490 million, respectively. Accrued capital expenditures will be included as an investing activity in the consolidated statements of cash flow in the period paid. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Note 18. Related-Party Transactions In the second quarter of 2021, SCE entered into wildfire liability insurance contracts with premiums of approximately $160 million payable to Edison Insurance Services, Inc. ("EIS"), a wholly-owned subsidiary of Edison International. In the second quarter of 2020 September 30, December 31, (in millions) 2021 2020 Current insurance receivable due from affiliate $ — $ 268 Prepaid insurance 1 79 56 1 Reflected in "Prepaid expenses" on SCE's consolidated balance sheets. The expense for wildfire-related insurance premiums paid to EIS was $41 million and $45 million for the three months ended September 30, 2021 and 2020, and $128 million and $145 million for the nine months ended September 30, 2021 and 2020, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Edison International is the parent holding company of Southern California Edison Company ("SCE") and Edison Energy Group, Inc. ("Edison Energy Group"). SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of Southern California. Edison Energy Group is an indirect wholly-owned subsidiary of Edison International and a holding company for Edison Energy, LLC ("Edison Energy") which is engaged in the competitive business of providing data driven energy solutions to commercial, institutional 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, its wholly owned and controlled subsidiaries and a variable interest entity of which SCE is the primary beneficiary, SCE Recovery Funding LLC. 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, 2020 (the "2020 Form 10-K"). This quarterly report should be read in conjunction with the financial statements and notes included in the 2020 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, 2021 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, 2020 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, Cash Equivalents and Restricted Cash Cash equivalents include investments in money market funds. Generally, the carrying value of cash equivalents equals the fair value, as these investments have original maturities of three months or less. The cash equivalents were as follows: Edison International SCE September 30, December 31, September 30, December 31, (in millions) 2021 2020 2021 2020 Money market funds $ 463 $ 62 $ 438 $ 38 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 September 30, December 31, September 30, December 31, (in millions) 2021 2020 2021 2020 Book balances reclassified to accounts payable $ 33 $ 69 $ 33 $ 69 The following table sets forth the cash, cash equivalents and restricted cash included in the consolidated statements of cash flows: September 30, December 31, (in millions) 2021 2020 Edison International: Cash and cash equivalents $ 524 $ 87 Short-term restricted cash 1 1 2 Total cash, cash equivalents, and restricted cash $ 525 $ 89 SCE: Cash and cash equivalents $ 484 $ 55 Short-term restricted cash 1 1 1 Total cash, cash equivalents, and restricted cash $ 485 $ 56 1 Reflected in "Other current assets" on Edison International's and SCE's consolidated balance sheets. |
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 collectability and current economic trends, including unemployment rates and any likelihood of recession for the region. At September 30, 2021, this included the estimated impacts of the COVID-19 pandemic. The following tables set forth the changes in allowance for uncollectible accounts for SCE: Three months ended Three months ended September 30, 2021 September 30, 2020 (in millions) Customers All others Total Customers All others Total Beginning balance $ 254 $ 16 $ 270 $ 75 $ 15 $ 90 Plus: current period provision for uncollectible accounts Included in operation and maintenance expenses in earning activities 1 9 4 13 11 4 15 Included in operation and maintenance expenses in cost-recovery activities 2 52 — 52 — — — Deferred to regulatory memorandum accounts 7 — 7 43 — 43 Less: write-offs, net of recoveries 1 3 4 5 2 7 Ending balance $ 321 $ 17 $ 338 ³ $ 124 $ 17 $ 141 Nine months ended Nine months ended September 30, 2021 September 30, 2020 (in millions) Customers All others Total Customers All others Total Beginning balance $ 175 $ 13 $ 188 $ 35 $ 14 $ 49 Plus: current period provision for uncollectible accounts Included in operation and maintenance expenses in earning activities 1 27 11 38 39 11 50 Included in operation and maintenance expenses in cost-recovery activities 2 112 — 112 — — — Deferred to regulatory memorandum accounts 13 — 13 64 — 64 Less: write-offs, net of recoveries 6 7 13 14 8 22 Ending balance $ 321 $ 17 $ 338 ³ $ 124 $ 17 $ 141 1 Earning activities is one of SCE's disaggregated revenue sources. Please refer to Note 7 for further details. 2 Cost-recovery activities is one of SCE's disaggregated revenue sources. Please refer to Note 7 for further details. This portion of costs from the allowance for uncollectible expenses is recovered through the residential uncollectibles balancing account. See Note 11 for further details. 3 In June 2021, CPUC issued a decision to allow residential and small business customers of the large investor-owned utilities with arrearages over 60 days old to be enrolled in 24-month payment plans. Accordingly, approximately $199 million of gross account receivables and $93 million of allowance for uncollectible accounts have been reclassified to "Long-term account receivables" on Edison International's and SCE's consolidated balance sheets as of September 30, 2021. |
Nuclear Decommissioning and Asset Retirement Obligations | Nuclear Decommissioning and Asset Retirement Obligations As a result of an update to SCE's cost estimate for decommissioning activities to be completed at San Onofre Units 1, 2 and 3, SCE recorded a decrease of $131 million to its asset retirement obligation ("ARO") in the third quarter of 2021. |
Revenue Recognition | Revenue Recognition Regulatory Proceedings 2021 General Rate Case SCE accounts for regulatory decisions in the period in which they are received and, accordingly, recorded the impact of the 2021 GRC decision in the third quarter of 2021. In the absence of a final decision in the 2021 GRC, SCE recognized revenue in the first and second quarter of 2021 based on the 2020 GRC authorized revenue requirement. The final decision, received in August 2021, authorized a base rate revenue requirement of $6.9 billion in 2021, an increase of $1.0 billion over revenue requirements authorized for 2020 in the 2018 GRC. See Note |
Employee Stock Purchase Plan | Employee Stock Purchase Plan In April 2021, the Edison International Employee Stock Purchase Plan ("ESPP") was approved by the shareholders and was effective beginning July 1, 2021. The maximum aggregate numbers of shares of Edison International's common stock that may be issued under the ESPP is 3,000,000 shares. The ESPP is administered by the SCE Benefits Committee and allows eligible employees to purchase shares of common stock. Eligible employees may authorize payroll deductions of between 1% and 10% of their compensation, up to a maximum of $25,000, to purchase shares of common stock at 97% of the market price of the common stock on the date of purchase, which is the last day of each six months offering period. The ESPP is considered non-compensatory and stock issuances under the ESPP will be recorded directly in equity. |
Earnings Per Share | Earnings Per Share Edison International computes earnings per common share ("EPS") using the two-class method, which is an earnings allocation formula that determines EPS for each class of common stock and participating security. Edison International's participating securities are stock-based compensation awards, payable in common shares, 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) 2021 2020 2021 2020 Basic earnings per share: Net (loss) income attributable to common shareholders $ (341) $ (288) $ 236 $ 213 Participating securities dividends — — — — Net (loss) income available to common shareholders $ (341) $ (288) $ 236 $ 213 Weighted average common shares outstanding 380 378 380 371 Basic (loss) earnings per share $ (0.90) $ (0.76) $ 0.62 $ 0.57 Diluted (loss) earnings per share: Net (loss) income attributable to common shareholders $ (341) $ (288) $ 236 $ 213 Participating securities dividends — — — — Net (loss) income available to common shareholders $ (341) $ (288) $ 236 $ 213 Income impact of assumed conversions — — — — Net (loss) income available to common shareholders and assumed conversions $ (341) $ (288) $ 236 $ 213 Weighted average common shares outstanding 380 378 380 371 Incremental shares from assumed conversions 1 — — — 1 Adjusted weighted average shares – diluted 380 378 380 372 Diluted (loss) earnings per share $ (0.90) $ (0.76) $ 0.62 $ 0.57 1 Due to the losses reported for the quarters ended September 30, 2021 and 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 11,315,504 and 9,158,974 shares of common stock for the three months ended September 30, 2021 and 2020, respectively, and 11,351,651 and 9,079,789 shares of common stock for the nine months ended September 30, 2021 and 2020, respectively were outstanding, but were not included in the computation of diluted earnings per share because the effect would have been antidilutive. |
Subsequent Event | Subsequent Event In October 2021, in response to a CPUC emergency reliability rulemaking proceeding, SCE contracted for the construction of utility owned storage at three sites in SCE's service territory with an aggregate capacity of 537.5 megawatts ("MW"). The storage projects are expected to result in $1.0 billion of capital expenditures, through the anticipated in-service date in the summer of 2022. In October 2021, SCE filed an advice letter requesting recovery of these forecasted expenditures and seeking balancing account treatment for the associated revenue requirement, to be reflected in rates beginning in the first quarter of 2022. Work on these projects will commence prior to approval of the advice letter. A CPUC decision on the advice letter is expected prior to the end of January 2022. SCE may terminate the contract for these projects for convenience, including if regulatory approval is not obtained. If SCE terminates the contract for convenience in January 2022, SCE could incur costs estimated to be approximately $500 million. |
New Accounting Guidance | New Accounting Guidance Accounting Guidance 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. Edison International and SCE have adopted this standard on January 1, 2021 using modified retrospective adoption approach. The adoption of this standard did not have a material impact on Edison International's and SCE's financial position or results of operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Cash Equivalents | The cash equivalents were as follows: Edison International SCE September 30, December 31, September 30, December 31, (in millions) 2021 2020 2021 2020 Money market funds $ 463 $ 62 $ 438 $ 38 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 September 30, December 31, September 30, December 31, (in millions) 2021 2020 2021 2020 Book balances reclassified to accounts payable $ 33 $ 69 $ 33 $ 69 |
Cash, Cash Equivalents and Restricted Cash | September 30, December 31, (in millions) 2021 2020 Edison International: Cash and cash equivalents $ 524 $ 87 Short-term restricted cash 1 1 2 Total cash, cash equivalents, and restricted cash $ 525 $ 89 SCE: Cash and cash equivalents $ 484 $ 55 Short-term restricted cash 1 1 1 Total cash, cash equivalents, and restricted cash $ 485 $ 56 1 Reflected in "Other current assets" on Edison International's and SCE's consolidated balance sheets. |
Changes in Allowance for Uncollectible Accounts | Three months ended Three months ended September 30, 2021 September 30, 2020 (in millions) Customers All others Total Customers All others Total Beginning balance $ 254 $ 16 $ 270 $ 75 $ 15 $ 90 Plus: current period provision for uncollectible accounts Included in operation and maintenance expenses in earning activities 1 9 4 13 11 4 15 Included in operation and maintenance expenses in cost-recovery activities 2 52 — 52 — — — Deferred to regulatory memorandum accounts 7 — 7 43 — 43 Less: write-offs, net of recoveries 1 3 4 5 2 7 Ending balance $ 321 $ 17 $ 338 ³ $ 124 $ 17 $ 141 Nine months ended Nine months ended September 30, 2021 September 30, 2020 (in millions) Customers All others Total Customers All others Total Beginning balance $ 175 $ 13 $ 188 $ 35 $ 14 $ 49 Plus: current period provision for uncollectible accounts Included in operation and maintenance expenses in earning activities 1 27 11 38 39 11 50 Included in operation and maintenance expenses in cost-recovery activities 2 112 — 112 — — — Deferred to regulatory memorandum accounts 13 — 13 64 — 64 Less: write-offs, net of recoveries 6 7 13 14 8 22 Ending balance $ 321 $ 17 $ 338 ³ $ 124 $ 17 $ 141 1 Earning activities is one of SCE's disaggregated revenue sources. Please refer to Note 7 for further details. 2 Cost-recovery activities is one of SCE's disaggregated revenue sources. Please refer to Note 7 for further details. This portion of costs from the allowance for uncollectible expenses is recovered through the residential uncollectibles balancing account. See Note 11 for further details. 3 In June 2021, CPUC issued a decision to allow residential and small business customers of the large investor-owned utilities with arrearages over 60 days old to be enrolled in 24-month payment plans. Accordingly, approximately $199 million of gross account receivables and $93 million of allowance for uncollectible accounts have been reclassified to "Long-term account receivables" on Edison International's and SCE's consolidated balance sheets as of September 30, 2021. |
EPS Attributable to Edison International Common Shareholders | Three months ended September 30, Nine months ended September 30, (in millions, except per-share amounts) 2021 2020 2021 2020 Basic earnings per share: Net (loss) income attributable to common shareholders $ (341) $ (288) $ 236 $ 213 Participating securities dividends — — — — Net (loss) income available to common shareholders $ (341) $ (288) $ 236 $ 213 Weighted average common shares outstanding 380 378 380 371 Basic (loss) earnings per share $ (0.90) $ (0.76) $ 0.62 $ 0.57 Diluted (loss) earnings per share: Net (loss) income attributable to common shareholders $ (341) $ (288) $ 236 $ 213 Participating securities dividends — — — — Net (loss) income available to common shareholders $ (341) $ (288) $ 236 $ 213 Income impact of assumed conversions — — — — Net (loss) income available to common shareholders and assumed conversions $ (341) $ (288) $ 236 $ 213 Weighted average common shares outstanding 380 378 380 371 Incremental shares from assumed conversions 1 — — — 1 Adjusted weighted average shares – diluted 380 378 380 372 Diluted (loss) earnings per share $ (0.90) $ (0.76) $ 0.62 $ 0.57 1 Due to the losses reported for the quarters ended September 30, 2021 and 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, 2021 | |
Schedule of Capitalization, Equity [Line Items] | |
Schedule of Changes in Equity | The following table provides Edison International's changes in equity for the three and nine months ended September 30, 2021: Noncontrolling Equity Attributable to Edison International Shareholders Interests Accumulated Other Preferred Common Comprehensive Retained Preference Total (in millions, except per share amounts) Stock Stock Loss Earnings Subtotal Stock Equity Balance at December 31, 2020 $ — $ 5,962 $ (69) $ 8,155 $ 14,048 $ 1,901 $ 15,949 Net income — — — 263 263 27 290 Other comprehensive income — — 2 — 2 — 2 Common stock issued, net of issuance cost — 21 — — 21 — 21 Preferred stock issued, net of issuance cost 1,237 — — — 1,237 — 1,237 Common stock dividends declared ($0.6625 per share) — — — (251) (251) — (251) Preferred stock dividend accrued ($3.434 per share) — — — (4) (4) — (4) Dividends to noncontrolling interests ($15.625 - $35.936 per share for preference stock) — — — — — (27) (27) Noncash stock-based compensation — 6 — — 6 — 6 Balance at March 31, 2021 $ 1,237 $ 5,989 $ (67) $ 8,163 $ 15,322 $ 1,901 $ 17,223 Net income — — — 335 335 26 361 Other comprehensive income — — 2 — 2 — 2 Common stock issued, net of issuance cost — 14 — — 14 — 14 Preferred stock issuance cost (2) — — — (2) — (2) Common stock dividends declared ($0.6625 per share) — — — (252) (252) — (252) Preferred stock dividend accrued ($13.2882 per share) — — — (17) (17) — (17) Dividends to noncontrolling interests ($15.625 - $35.936 per share for preference stock) — — — — — (26) (26) Noncash stock-based compensation — 10 — — 10 — 10 Balance at June 30, 2021 $ 1,235 $ 6,013 $ (65) $ 8,229 $ 15,412 $ 1,901 $ 17,313 Net (loss) income — — — (324) (324) 27 (297) Other comprehensive income — — 2 — 2 — 2 Common stock issued, net of issuance cost — 10 — — 10 — 10 Common stock dividends declared ($0.6625 per share) — — — (252) (252) — (252) Preferred stock dividend accrued ($13.4375 per share) — — — (17) (17) — (17) Dividends to noncontrolling interests ($15.625 - $35.936 per share for preference stock) — — — — — (27) (27) Noncash stock-based compensation — 10 — — 10 — 10 Balance at September 30, 2021 $ 1,235 $ 6,033 $ (63) $ 7,636 $ 14,841 $ 1,901 $ 16,742 The following table provides Edison International's changes in equity for the three and nine months ended September 30, 2020: Noncontrolling Equity Attributable to Edison International Shareholders Interests Accumulated Preferred Other and Preferred Common Comprehensive Retained Preference Total (in millions, except per share amounts) Stock Stock Loss Earnings Subtotal Stock Equity 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) income — — — (288) (288) 46 (242) Other comprehensive income — — 2 — 2 — 2 Common stock issued, net of issuance cost — 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 |
SCE | |
Schedule of Capitalization, Equity [Line Items] | |
Schedule of Changes in Equity | The following table provides SCE's changes in equity for the three and nine months ended September 30, 2021: Accumulated Additional Other Preference Common Paid-in Comprehensive Retained Total (in millions, except per share amounts) Stock Stock Capital Loss Earnings Equity Balance at December 31, 2020 $ 1,945 $ 2,168 $ 5,387 $ (41) $ 9,191 $ 18,650 Net income — — — — 323 323 Other comprehensive income — — — 2 — 2 Capital contribution from Edison International Parent — — 900 — — 900 Dividends declared on common stock ($0.7473 per share) — — — — (325) (325) Dividends on preference stock ($15.625 - $35.936 per share) — — — — (27) (27) Stock-based compensation — — (4) — — (4) Noncash stock-based compensation — — 3 — — 3 Balance at March 31, 2021 $ 1,945 $ 2,168 $ 6,286 $ (39) $ 9,162 $ 19,522 Net income — — — — 385 385 Other comprehensive income — — — 1 — 1 Capital contribution from Edison International Parent — — 325 — — 325 Dividends declared on common stock ($0.7473 per share) — — — — (325) (325) Dividends declared on preference stock ($15.625 - $35.936 per share) — — — — (26) (26) Noncash stock-based compensation — — 5 — — 5 Balance at June 30, 2021 $ 1,945 $ 2,168 $ 6,616 $ (38) $ 9,196 $ 19,887 Net loss — — — — (257) (257) Other comprehensive income — — — 2 — 2 Capital contribution from Edison International Parent — — 83 — — 83 Dividends declared on common stock ($0.7473 per share) — — — — (325) (325) Dividends declared on preference stock ($15.625 - $35.936 per share) — — — — (27) (27) Noncash stock-based compensation and other — — 5 — — 5 Balance at September 30, 2021 $ 1,945 $ 2,168 $ 6,704 $ (36) $ 8,587 $ 19,368 The following table provides SCE's changes in equity for the three and nine months ended September 30, 2020: Preferred Accumulated and Additional Other Preference Common Paid-in Comprehensive Retained Total (in millions, except per share amounts) Stock Stock Capital Loss Earnings Equity 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 and preference stock ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock) — — — — (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 and preference stock ($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 — — 3 — 1 4 Redemption of preferred and preference stock (300) — 7 — (15) (308) Balance at September 30, 2020 $ 1,945 $ 2,168 $ 5,058 $ (35) $ 9,043 $ 18,179 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entities [Abstract] | |
Summary VIE balance sheet impact | (in millions) September 30, 2021 Other current assets $ 30 Regulatory assets: Non-current 328 Regulatory liabilities: Current (18) Current portion of long-term debt (15) Other current liabilities (3) Long-term debt 1 (320) 1 The bondholders have no recourse to SCE. |
Summary of the Trusts' Income Statements | Three months ended September 30, (in millions) Trust II Trust III Trust IV Trust V Trust VI 2021 Dividend income $ 5 $ 4 $ 4 $ 4 $ 6 Dividend distributions 5 4 4 4 6 2020 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 2021 Dividend income $ 15 $ 12 $ 13 $ 12 $ 18 Dividend distributions 15 12 13 12 18 2020 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, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value by Level within the Fair Value Hierarchy | September 30, 2021 Netting and (in millions) Level 1 Level 2 Level 3 Collateral 1 Total Assets at fair value Derivative contracts $ — $ 128 $ 113 $ (97) $ 144 Money market funds and other 438 23 — — 461 Nuclear decommissioning trusts: Stocks 2 1,820 — — — 1,820 Fixed Income 3 1,084 1,603 — — 2,687 Short-term investments, primarily cash equivalents 171 138 — — 309 Subtotal of nuclear decommissioning trusts 4 3,075 1,741 — — 4,816 Total assets 3,513 1,892 113 (97) 5,421 Liabilities at fair value Derivative contracts — 3 8 (11) — Total liabilities — 3 8 (11) — Net assets $ 3,513 $ 1,889 $ 105 $ (86) $ 5,421 December 31, 2020 Netting and (in millions) Level 1 Level 2 Level 3 Collateral 1 Total Assets at fair value Derivative contracts $ — $ 6 $ 120 $ (18) $ 108 Money market funds and other 39 23 — — 62 Nuclear decommissioning trusts: Stocks 2 1,908 — — — 1,908 Fixed Income 3 519 2,113 — — 2,632 Short-term investments, primarily cash equivalents 447 52 — — 499 Subtotal of nuclear decommissioning trusts 4 2,874 2,165 — — 5,039 Total assets 2,913 2,194 120 (18) 5,209 Liabilities at fair value Derivative contracts — 10 12 (22) — Total liabilities — 10 12 (22) — Net assets $ 2,913 $ 2,184 $ 108 $ 4 $ 5,209 1 Represents the netting of assets and liabilities under master netting agreements and cash collateral. 2 Approximately 73% and 71% of SCE's equity investments were in companies located in the United States at September 30, 2021 and December 31, 2020, respectively. 3 Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $30 million and $29 million at September 30, 2021 and December 31, 2020, respectively. 4 Excludes net payables of $47 million and $206 million at September 30, 2021 and December 31, 2020, 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 level 3 fair value changes | Three months ended Nine months ended September 30, September 30, (in millions) 2021 2020 2021 2020 Fair value of net assets at beginning of period $ 67 $ 34 $ 108 $ 78 Purchases — 1 — 8 Sales (1) (1) (2) (5) Settlements (30) (69) (46) (95) Total realized/unrealized losses 1,2 69 63 45 42 Fair value of net assets at end of period $ 105 $ 28 $ 105 $ 28 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 2021 and 2020. |
Valuation techniques and significant inputs | Fair Value Significant Weighted (in millions) Valuation Unobservable Range Average Assets Liabilities Technique Input (per MWh) (per MWh) Congestion revenue rights September 30, 2021 $ 113 $ 8 Auction prices CAISO CRR auction prices $(6.89) - $64.56 $ 1.84 December 31, 2020 120 12 Auction prices CAISO CRR auction prices (9.67) - 300.47 2.75 |
Long-term debt fair value | September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair (in millions) Value 1 Value 2 Value 1 Value 2 Edison International $ 24,118 $ 26,389 $ 20,337 $ 23,824 SCE 20,981 23,018 17,204 20,365 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 (Tab
Debt and Credit Agreements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary for Status of Credit Facilities | (in millions, except for rates) Execution Termination SOFR Outstanding Outstanding Amount date date plus (bps) Use of proceeds Commitment borrowings letters of credit available Edison International Parent June 2019 May 2025 128 Support commercial paper borrowings and general corporate purposes 1, 2 $ 1,500 $ 420 $ — $ 1,080 Total Edison International Parent: $ 1,500 $ 420 $ — $ 1,080 SCE June 2019 May 2025 108 Support commercial paper borrowings and general corporate purposes 2 $ 3,350 $ — $ 246 $ 3,104 Total SCE: $ 3,350 $ — $ 246 $ 3,104 Total Edison International: $ 4,850 $ 420 $ 246 $ 4,184 1 At September 30, 2021 Edison International Parent had $ 420 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 0.39% . 2 In April 2021, SCE and Edison International Parent amended their respective revolving credit facilities to extend each of the termination dates to May 2025 and implement the transition from LIBOR to SOFR. Additionally, SCE and the lenders agreed to increase the commitment amount by $350 million, bringing the total to $3.4 billion. 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. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative assets financial position | September 30, 2021 Derivative Assets Derivative Liabilities (in millions) Short-Term 1 Long-Term 2 Subtotal Short-Term Long-Term Subtotal Net Assets Commodity derivative contracts Gross amounts recognized $ 213 $ 28 $ 241 $ 8 $ 3 $ 11 $ 230 Gross amounts offset in the consolidated balance sheets (8) (3) (11) (8) (3) (11) — Cash collateral posted 3 (86) — (86) — — — (86) Net amounts presented in the consolidated balance sheets $ 119 $ 25 $ 144 $ — $ — $ — $ 144 December 31, 2020 Derivative Assets Derivative Liabilities (in millions) Short-Term 1 Long-Term 2 Subtotal Short-Term Long-Term Subtotal Net Assets Commodity derivative contracts Gross amounts recognized $ 103 $ 23 $ 126 $ 16 $ 6 $ 22 $ 104 Gross amounts offset in the consolidated balance sheets (12) (6) (18) (12) (6) (18) — Cash collateral posted 3 — — — (4) — (4) 4 Net amounts presented in the consolidated balance sheets $ 91 $ 17 $ 108 $ — $ — $ — $ 108 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 At September 30 , 2021, SCE offset $86 million of cash collateral against derivative assets , of which $76 million was reflected in "Cash" and $10 million in "Receivables" on the consolidated balance sheets . At December 31, 2020, SCE posted $17 million of cash, of which $4 million was offset against derivative liabilities and $13 million was reflected in "Other current assets" on the consolidated balance sheets . |
Components of Economic Hedging Activity | Three months ended September 30, Nine months ended September 30, (in millions) 2021 2020 2021 2020 Realized gains $ 66 $ 128 $ 193 $ 68 Unrealized gains (losses) 116 75 126 (39) |
Notional Volumes of Derivative Instruments | Unit of Economic Hedges Commodity Measure September 30, 2021 December 31, 2020 Electricity options, swaps and forwards GWh 1,036 1,581 Natural gas options, swaps and forwards Bcf 50 34 Congestion revenue rights GWh 41,573 41,151 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue | Three months ended September 30, 2021 Three months ended September 30, 2020 Cost- Cost- Earning Recovery Total Earning Recovery Total (in millions) Activities Activities Consolidated Activities Activities Consolidated Revenues from contracts with customers 1,2 $ 2,260 $ 2,804 $ 5,064 $ 1,893 $ 2,327 $ 4,220 Alternative revenue programs and other operating revenue 3 135 94 229 233 182 415 Total operating revenue $ 2,395 $ 2,898 $ 5,293 $ 2,126 $ 2,509 $ 4,635 Nine months ended September 30, 2021 Nine months ended September 30, 2020 Cost- Cost- Earning Recovery Total Earning Recovery Total (in millions) Activities Activities Consolidated Activities Activities Consolidated Revenues from contracts with customers 1,2 $ 5,667 $ 5,422 $ 11,089 $ 5,175 $ 4,265 $ 9,440 Alternative revenue programs and other operating revenue 3 325 138 463 467 488 955 Total operating revenue $ 5,992 $ 5,560 $ 11,552 $ 5,642 $ 4,753 $ 10,395 1 The revenue requirements in the 2021 GRC final decision are retroactive to January 1, 2021. SCE recorded the impact of the 2021 GRC decision in third quarter of 2021, including $404 million related to the six-month period ended June 30, 2021. 2 At September 30, 2021 and December 31, 2020, SCE's receivables related to contracts from customers were $2.8 billion and $1.5 billion, respectively, which include accrued unbilled revenue of $1.1 billion and $521 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, 2021 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Income Tax Expense | Three months ended September 30, Nine months ended September 30, (in millions) 2021 2020 2021 2020 Edison International: (Loss) income from operations before income taxes $ (326) $ (517) $ 357 $ (36) Provision for income tax at federal statutory rate of 21% (68) (108) 75 (7) Increase (decrease) in income tax from: State tax, net of federal benefit (39) (67) (28) (74) Property-related (33) (81) (159) (228) Average rate assumption method ("ARAM") adjustment 1 87 — 87 — Change related to uncertain tax position 2 — — — (15) Insurance benefits (2) (5) (7) (12) Wildfire related charges 3 31 — 31 — Other (5) (14) 4 (19) Total income tax expense (benefit) $ (29) $ (275) $ 3 $ (355) Effective tax rate (8.9) % (53.2) % 0.8 % (986.1) % SCE: (Loss) income from operations before income taxes $ (268) $ (469) $ 492 $ 142 Provision for income tax at federal statutory rate of 21% (56) (98) 103 30 Increase (decrease) in income tax from: State tax, net of federal benefit (32) (61) (17) (62) Property-related (33) (81) (159) (228) ARAM adjustment 1 87 — 87 — Change related to uncertain tax position 2 — — — (18) Insurance benefits (2) (5) (7) (12) Wildfire related charges 3 31 — 31 — Other (6) (6) 3 (10) Total income tax expense (benefit) $ (11) $ (251) $ 41 $ (300) Effective tax rate (4.1) % (53.5) % 8.3 % (211.3) % 1 In July 2021, SCE received the IRS's response to its private letter ruling request, regarding the scope of the deferred tax normalization requirements and the computations required to comply with the average rate assumption method. As a result, SCE's estimate changed and a cumulative true up of $87 million reduction in tax benefits was recorded in the third quarter of 2021, for the period of January 1, 2018 to June 30, 2021. The above true up has an offsetting revenue adjustment resulting in no impact on earnings. 2 Primarily relates to the re-measurement of uncertain tax positions related to the 2010 – 2012 California state tax filings currently under audit. 3 Relates to portions of the estimated charge for the 2017/2018 Wildfire/Mudslide Events recorded in the third quarter of 2021, assumed to be non-deductible for tax purposes. |
Compensation and Benefit Plans
Compensation and Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Pension Plans | |
Pension and Other Postretirement Benefits | |
Expense Components for Plans | Three months ended Nine months ended September 30, September 30, (in millions) 2021 2020 2021 2020 Edison International: Service cost $ 34 $ 31 $ 102 $ 93 Non-service cost (benefit) Interest cost 26 31 78 92 Expected return on plan assets (56) (55) (168) (163) Amortization of prior service cost — — — 1 Amortization of net loss 1 3 3 9 9 Regulatory adjustment 4 2 12 6 Total non-service benefit 2 $ (23) $ (19) $ (69) $ (55) Total expense recognized $ 11 $ 12 $ 33 $ 38 SCE: Service cost $ 33 $ 31 $ 99 $ 91 Non-service cost (benefit) Interest cost 24 29 72 85 Expected return on plan assets (53) (51) (159) (153) Amortization of prior service cost — — — 1 Amortization of net loss 1 2 2 6 6 Regulatory adjustment 4 2 12 6 Total non-service benefit 2 $ (23) $ (18) $ (69) $ (55) Total expense recognized $ 10 $ 13 $ 30 $ 36 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 | |
Pension and Other Postretirement Benefits | |
Expense Components for Plans | Three months ended Nine months ended September 30, September 30, (in millions) 2021 2020 2021 2020 Service cost $ 10 $ 10 $ 30 $ 28 Non-service cost (benefit) Interest cost 14 17 42 51 Expected return on plan assets (27) (29) (81) (89) Amortization of prior service cost — (1) — (1) Amortization of net gain (8) (5) (24) (13) Regulatory adjustment 11 8 33 24 Total non-service benefit 1 $ (10) $ (10) $ (30) $ (28) Total expense $ — $ — $ — $ — 1 Included in "Other income" on Edison International ' s and SCE ' s consolidated statement of income . |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments [Abstract] | |
Amortized Cost and Fair Value of the Trust Investments | Amortized Cost Fair Value Longest September 30, December 31, September 30, December 31, (in millions) Maturity Dates 2021 2020 2021 2020 Stocks — N/A N/A $ 1,819 $ 1,908 Municipal bonds 2054 $ 836 $ 1,013 990 1,218 U.S. government and agency securities 2067 1,129 740 1,238 864 Corporate bonds 2070 394 460 459 550 Short-term investments and receivables/payables 1 One-year 252 281 263 293 Total $ 2,611 $ 2,494 $ 4,769 $ 4,833 1 Short-term investments include $59 million and $138 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by October 1, 2021 and January 4, 2021 as of September 30, 2021 and December 31, 2020, respectively. |
Summary of gains and losses | Three months ended September 30, Nine months ended September 30, (in millions) 2021 2020 2021 2020 Gross realized gains $ 77 $ 51 $ 328 $ 165 Gross realized losses (5) (2) (21) (5) Net unrealized (losses) gains for equity securities (74) 110 (41) 5 |
Regulatory Assets and Liabili_2
Regulatory Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory assets | September 30, December 31, (in millions) 2021 2020 Current: Regulatory balancing and memorandum accounts $ 1,367 $ 1,127 Power contracts 167 165 Other 19 22 Total current 1,553 1,314 Long-term: Deferred income taxes, net of liabilities 4,617 4,475 Pension and other postretirement benefits — 12 Power contracts 104 239 Unamortized investments, net of accumulated amortization 113 114 Unamortized loss on reacquired debt 124 133 Regulatory balancing and memorandum accounts 1,734 1,794 Environmental remediation 246 247 Recovery assets 1 328 — Other 120 106 Total long-term 7,386 7,120 Total regulatory assets $ 8,939 $ 8,434 1 Represents the balance associated with the AB 1054 Excluded Capital Expenditures related Recovery Properties and prudently incurred financing costs securitized in 2021 with issuance of the associated bond. The recovery period is until 2043, when the bonds and interest are paid in full. For further details, see Note 3. |
Regulatory liabilities | September 30, December 31, (in millions) 2021 2020 Current: Regulatory balancing and memorandum accounts $ 347 $ 471 Energy derivatives 205 87 Other 31 11 Total current 583 569 Long-term: Cost of removal 2,735 2,595 Re-measurement of deferred taxes 2,332 2,283 Recoveries in excess of ARO liabilities 1 2,047 1,930 Regulatory balancing and memorandum accounts 736 1,062 Other postretirement benefits 679 671 Other 55 48 Total long-term 8,584 8,589 Total regulatory liabilities $ 9,167 $ 9,158 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 Regulatory Balancing Accounts | September 30, December 31, (in millions) 2021 2020 Asset (liability) Energy resource recovery account $ 348 $ (89) Portfolio allocation balancing account 98 497 New system generation balancing account 57 (10) Public purpose programs and energy efficiency programs (1,174) (1,130) Base revenue requirement balancing account 784 622 GRC wildfire mitigation balancing accounts 1 48 — Residential uncollectibles balancing account 2 209 — Greenhouse gas auction revenue and low carbon fuel standard revenue (254) (125) FERC balancing accounts 3 12 Wildfire and drought restoration accounts 3 287 361 Wildfire-related memorandum accounts 4 1,274 1,104 COVID-19-related memorandum accounts 86 176 Customer service re-platform memorandum account 5 101 30 Tax accounting memorandum account and pole loading balancing account 204 (35) Other (53) (25) Asset $ 2,018 $ 1,388 1 The August 2021 final 2021 GRC decision approved the establishment of the vegetation management balancing account to track vegetation management expenses up to 115% of amounts authorized, the wildfire risk mitigation balancing account to track the costs of SCE's Wildfire Covered Conductor Program up to 110% of amounts authorized and the risk management balancing account to track the authorized costs of wildfire insurance. If spending is less than authorized, SCE will refund those amounts to customers. If spending is within the specified threshold, if any, for each balancing account, SCE will recover those costs from customers. Amounts above the specified threshold, or above amounts authorized if a higher threshold was not established, for each balancing account may be eligible for deferral to wildfire-related memorandum accounts. 2 In November 2020, the CPUC approved the establishment of the residential uncollectibles balancing account ( " RUBA " ), to track the difference (positive or negative) between the recorded uncollectibles expense for all customer groups and the total authorized uncollectibles revenue collected from all customers subject to a cap equal to the actual recorded uncollectibles expense for residential customers. 3 The wildfire and drought restoration accounts regulatory assets represent restoration costs that are recorded in a Catastrophic Event Memorandum Account ("CEMA"). 4 The wildfire-related memorandum accounts regulatory assets represent wildfire-related costs that are probable of future recovery from customers, subject to a reasonableness review. The Fire Hazard Prevention Memorandum Account ("FHPMA") is used to track costs related to fire safety and to implement fire prevention corrective action measures in extreme and very high fire threat areas. The 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. Revenue requirements of $326 million for 2021 expenses previously deferred as wildfire-related memorandum accounts and wildfire and drought restoration accounts were transferred to wildfire mitigation balancing accounts on approval of the 2021 GRC. The amount recorded to wildfire mitigation balancing accounts represents the difference between costs tracked in the balancing accounts and authorized revenues for those costs recorded to the base revenue requirement balancing account. 5 CSRP memorandum account was established in the 2018 GRC to track costs for implementation of a new customer service system not currently reflected in SCE's revenue requirements. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contingency Accruals and Changes | (in millions) Balance at December 31, 2020 1 $ 4,383 Increase in accrued estimated losses to reflect best estimate 1,265 Amounts paid (3,392) Balance at September 30, 2021 2 $ 2,256 1 At December 31, 2020, $2,231 million in current liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets includes an estimate for claims brought by insurance subrogation plaintiffs in the Woolsey Fire litigation, which were settled on January 22, 2021 for $2,212 million, and $19 million of other settlements executed in connection with the 2017/2018 Wildfire/Mudslide Events. At December 31, 2020, the $2,281 million included in deferred credits and other liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets includes Edison International and SCE's best estimate of expected losses for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events after giving effect to the Woolsey Subrogation Settlement of $2,152 million and other wildfire-related claims estimates of $129 million. 2 At September 30, 2021, $84 million in current liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets consists of settlements executed in connection with the 2017/2018 Wildfire/Mudslide Events. At September 30, 2021, the $2,308 million included in deferred credits and other liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets includes Edison International and SCE's best estimate of expected losses for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events of $2,172 million and other wildfire-related claims estimates of $136 million. For the three and nine months ended September 30, 2021 and 2020, 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) 2021 2020 2021 2020 Charge for wildfire-related claims $ 1,265 $ 1,297 $ 1,265 $ 1,297 Expected insurance recoveries — — — — Expected revenue from FERC customers (67) (84) (67) (84) Total pre-tax charge 1,198 1,213 1,198 1,213 Income tax benefit (304) (339) (304) (339) Total after-tax charge $ 894 $ 874 $ 894 $ 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, 2020: (in millions) Balance at December 31, 2020 $ 708 Insurance recoveries (708) Balance at September 30, 2021 $ — |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Summary of Finance Lease Payments | The following table summarizes SCE's lease payments for operating and finance leases as of September 30, 2021: PPA Operating Other Operating PPA Finance (in millions) Leases 1 Leases 2 Leases 1 2021 $ 74 $ 10 $ — 2022 355 38 1 2023 258 31 1 2024 73 26 — 2025 73 23 — Thereafter 768 119 5 Total lease payments $ 1,601 $ 247 $ 7 Amount representing interest 3 265 58 4 Lease liabilities $ 1,336 $ 189 $ 3 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 SCE's incremental borrowing rates. |
Summary of Operating Lease Payments | PPA Operating Other Operating PPA Finance (in millions) Leases 1 Leases 2 Leases 1 2021 $ 74 $ 10 $ — 2022 355 38 1 2023 258 31 1 2024 73 26 — 2025 73 23 — Thereafter 768 119 5 Total lease payments $ 1,601 $ 247 $ 7 Amount representing interest 3 265 58 4 Lease liabilities $ 1,336 $ 189 $ 3 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 SCE's incremental borrowing rates. |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to SCE's leases was as follows: September 30, December 31, (in millions) 2021 2020 Operating leases: Operating lease right-of-use ("ROU") assets 1 $ 1,525 $ 1,085 Current portion of operating lease liabilities 355 214 Operating lease liabilities 1,170 871 Total operating lease liabilities 1 $ 1,525 $ 1,085 Finance leases included in: Utility property, plant and equipment, gross $ 4 $ 4 Accumulated depreciation (1) — Utility property, plant and equipment, net $ 3 $ 4 Other current liabilities $ — $ — Other long-term liabilities 3 4 Total finance lease liabilities $ 3 $ 4 1 During the nine months ended September 30, 2021, three SCE PPA operating lease contracts commenced and one power contract was amended resulting in a total of $610 million additions in ROU assets and lease liabilities. |
Summary of Lease Expense Components | Three months ended September 30, Nine months ended September 30, (in millions) 2021 2020 2021 2020 PPA leases: Operating lease cost $ 136 $ 35 $ 199 $ 74 Finance lease cost — 1 — 2 Variable lease cost 1 893 676 2,163 1,582 Total PPA lease cost $ 1,029 $ 712 $ 2,362 $ 1,658 Other operating leases cost 12 11 35 35 Total lease cost $ 1,041 $ 723 $ 2,397 $ 1,693 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: Nine months ended Nine months ended (in millions, except lease term and discount rate) September 30, 2021 September 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases PPA leases $ 199 $ 74 Other leases 33 33 ROU assets obtained in exchange for lease obligations: PPA operating leases $ 610 $ 463 Other operating leases 38 42 Weighted average remaining lease term (in years): Operating leases PPA leases 10.26 9.83 Other leases 11.67 12.35 PPA Finance leases 15.92 10.90 Weighted average discount rate: Operating leases PPA leases 2.82 % 3.08 % Other leases 3.47 % 3.74 % PPA Finance leases 11.29 % 8.83 % |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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) 2021 2020 2021 2020 Beginning balance $ (65) $ (65) $ (69) $ (69) Pension and PBOP – net loss: Reclassified from accumulated other comprehensive loss 1 2 2 6 6 Change 2 2 6 6 Ending Balance $ (63) $ (63) $ (63) $ (63) 1 These items are included in the computation of net periodic pension and PBOP Plan expense. See Note 9 for additional information . SCE's accumulated other comprehensive loss, net of tax, consists of: Three months ended September 30, Nine months ended September 30, (in millions) 2021 2020 2021 2020 Beginning balance $ (38) $ (36) $ (41) $ (39) Pension and PBOP – net loss: Reclassified from accumulated other comprehensive loss 1 2 1 5 4 Change 2 1 5 4 Ending Balance $ (36) $ (35) $ (36) $ (35) 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, 2021 | |
Other Income [Abstract] | |
Summary of Other Income | Three months ended Nine months ended September 30, September 30, (in millions) 2021 2020 2021 2020 SCE other income (expense): Equity allowance for funds used during construction $ 32 $ 36 $ 92 $ 87 Increase in cash surrender value of life insurance policies and life insurance benefits 8 27 33 60 Interest income 1 2 2 18 Net periodic benefit income – non-service components 33 28 99 83 Civic, political and related activities and donations (16) (7) (28) (22) Other (5) (3) (9) (9) Total SCE other income $ 53 $ 83 $ 189 $ 217 Other income (expense) of Edison International Parent and Other: Net periodic benefit costs – non-service components — — — (1) Unrealized (losses) gains on investment in Proterra (8) — 4 — Other 2 1 2 1 Total Edison International other income $ 47 $ 84 $ 195 $ 217 |
Supplemental Cash Flows Infor_2
Supplemental Cash Flows Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Supplemental Cash Flows Information | Edison International SCE Nine months ended September 30, (in millions) 2021 2020 2021 2020 Cash payments (receipts): Interest, net of amounts capitalized $ 728 $ 689 $ 642 $ 607 Income taxes, net (87) (30) (87) (29) Non-cash financing and investing activities: Dividends declared but not paid: Common stock 252 241 325 — |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related-Party Transactions | September 30, December 31, (in millions) 2021 2020 Current insurance receivable due from affiliate $ — $ 268 Prepaid insurance 1 79 56 1 Reflected in "Prepaid expenses" on SCE's consolidated balance sheets. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Organization (Details) | 9 Months Ended |
Sep. 30, 2021mi² | |
SCE | |
Segment Reporting Information [Line Items] | |
Supply of electricity area covered (in square miles) | 50,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Cash) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Money market funds | $ 463 | $ 62 | ||
Book balances reclassified to accounts payable | 33 | 69 | ||
Cash and cash equivalents | 524 | 87 | ||
Short-term restricted cash | 1 | 2 | ||
Total cash, cash equivalents, and restricted cash | 525 | 89 | $ 94 | $ 70 |
SCE | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Money market funds | 438 | 38 | ||
Book balances reclassified to accounts payable | 33 | 69 | ||
Cash and cash equivalents | 484 | 55 | ||
Short-term restricted cash | 1 | 1 | ||
Total cash, cash equivalents, and restricted cash | $ 485 | $ 56 | $ 30 | $ 24 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Uncollectible Allowance) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021USD ($)D | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Gross long-term account receivables | $ 199 | $ 199 | |||
Allowance for long-term uncollectible accounts | 93 | 93 | |||
SCE | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 270 | $ 90 | 188 | $ 49 | |
Included in operation and maintenance expenses in earning activities | 13 | 15 | 38 | 50 | |
Included in operation and maintenance expenses in cost-recovery activities | 52 | 112 | |||
Deferred to regulatory memorandum accounts | 7 | 43 | 13 | 64 | |
Less: write-offs, net of recoveries | 4 | 7 | 13 | 22 | |
Ending balance | $ 270 | 338 | 141 | 338 | 141 |
Number of arrearages days | D | 60 | ||||
Term of payment plans | 24 months | ||||
Allowance for long-term uncollectible accounts | 93 | 93 | |||
SCE | Customers | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 254 | 75 | 175 | 35 | |
Included in operation and maintenance expenses in earning activities | 9 | 11 | 27 | 39 | |
Included in operation and maintenance expenses in cost-recovery activities | 52 | 112 | |||
Deferred to regulatory memorandum accounts | 7 | 43 | 13 | 64 | |
Less: write-offs, net of recoveries | 1 | 5 | 6 | 14 | |
Ending balance | $ 254 | 321 | 124 | 321 | 124 |
SCE | All others | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 16 | 15 | 13 | 14 | |
Included in operation and maintenance expenses in earning activities | 4 | 4 | 11 | 11 | |
Less: write-offs, net of recoveries | 3 | 2 | 7 | 8 | |
Ending balance | $ 16 | $ 17 | $ 17 | $ 17 | $ 17 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Revenue) (Details) - SCE - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2021 | |
Public Utilities, General Disclosures [Line Items] | |||
Asset retirement obligation increase (decrease) | $ (131) | ||
Approved regulatory increase (decrease) | $ 505 | ||
2021 General Rate Case | |||
Public Utilities, General Disclosures [Line Items] | |||
Approved rate amount | $ 6,900 | ||
Approved regulatory increase (decrease) | $ 404 | $ 1,000 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (ESPP) (Details) - Employee Stock Purchase Plan | 1 Months Ended |
Apr. 30, 2021USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares authorized (in shares) | shares | 3,000,000 |
Maximum payroll deduction | $ | $ 25,000 |
Purchase price based on market (as a percent) | 97.00% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Payroll deductions (as a percent) | 1.00% |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Payroll deductions (as a percent) | 10.00% |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (EPS) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Basic (loss) earnings per share: | |||||
Net (loss) income attributable to common shareholders | $ (341) | $ (288) | $ 236 | $ 213 | |
Net (loss) income available to common shareholders | $ (341) | $ (288) | $ 236 | $ 213 | |
Weighted average common shares outstanding (in shares) | 380,000,000 | 378,000,000 | 380,000,000 | 371,000,000 | |
Basic (loss) earnings per share (in dollars per share) | $ (0.90) | $ (0.76) | $ 0.62 | $ 0.57 | |
Diluted (loss) earnings per share: | |||||
Net (loss) income attributable to common shareholders | $ (341) | $ (288) | $ 236 | $ 213 | |
Net (loss) income available to common shareholders | (341) | (288) | 236 | 213 | |
Net (loss) income available to common shareholders and assumed conversions | $ (341) | $ (288) | $ 236 | $ 213 | |
Weighted average common shares outstanding (in shares) | 380,000,000 | 378,000,000 | 380,000,000 | 371,000,000 | |
Incremental shares from assumed conversions (in shares) | 1,000,000 | ||||
Adjusted weighted average shares - diluted (in shares) | 380,000,000 | 378,000,000 | 380,000,000 | 372,000,000 | |
Diluted (loss) earnings per share (in dollars per share) | $ (0.90) | $ (0.76) | $ 0.62 | $ 0.57 | |
Antidilutive stock option awards excluded from earnings per share, number of shares | 11,315,504 | 9,158,974 | 11,351,651 | 9,079,789 | |
Storage | |||||
Diluted (loss) earnings per share: | |||||
Expected spending | $ 1,000 | ||||
Potental contract termination cost | $ 500 |
Consolidated Statements of Ch_3
Consolidated Statements of Changes in Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | $ 17,313 | $ 17,223 | $ 15,949 | $ 16,446 | $ 15,544 | $ 15,496 |
Net (loss) income | (297) | 361 | 290 | (242) | 348 | 213 |
Other comprehensive income | 2 | 2 | 2 | 2 | 2 | 2 |
Common stock issued, net of issuance cost | 10 | 14 | 21 | 15 | 815 | 88 |
Preferred stock issued, net of issuance cost | (2) | 1,237 | ||||
Common stock dividends declared | (252) | (252) | (251) | (241) | (241) | (232) |
Preferred stock dividend accrued | (17) | (17) | (4) | |||
Dividends to noncontrolling interests | (27) | (26) | (27) | (31) | (30) | (30) |
Noncash stock-based compensation | 10 | 10 | 6 | 8 | 8 | 7 |
Redemption of preferred and preference stock | (308) | |||||
Ending balance | $ 16,742 | $ 17,313 | $ 17,223 | $ 15,649 | $ 16,446 | $ 15,544 |
Dividends declared per common share (in dollars per share) | $ 0.6625 | $ 0.6625 | $ 0.6625 | $ 0.6375 | $ 0.6375 | $ 0.6375 |
Preferred stock dividends (in dollars per share) | 13.4375 | 13.2882 | 3.434 | |||
Minimum | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Preferred stock dividends (in dollars per share) | 0.247 | 0.255 | 0.255 | |||
Preference stock dividends (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 (in dollars per share) | 0.289 | 0.299 | 0.299 | |||
Preference stock dividends (in dollars per share) | $ 35.936 | $ 35.936 | $ 35.936 | $ 35.936 | $ 35.936 | $ 35.936 |
Preferred and preference stock | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | $ 1,235 | $ 1,237 | ||||
Preferred stock issued, net of issuance cost | (2) | $ 1,237 | ||||
Ending balance | 1,235 | 1,235 | 1,237 | |||
Common Stock, Including APIC | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 6,013 | 5,989 | 5,962 | $ 5,908 | $ 5,085 | $ 4,990 |
Common stock issued, net of issuance cost | 10 | 14 | 21 | 15 | 815 | 88 |
Noncash stock-based compensation | 10 | 10 | 6 | 7 | 8 | 7 |
Ending balance | 6,033 | 6,013 | 5,989 | 5,930 | 5,908 | 5,085 |
Accumulated Other Comprehensive Loss | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (65) | (67) | (69) | (65) | (67) | (69) |
Other comprehensive income | 2 | 2 | 2 | 2 | 2 | 2 |
Ending balance | (63) | (65) | (67) | (63) | (65) | (67) |
Retained Earnings | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 8,229 | 8,163 | 8,155 | 8,410 | 8,333 | 8,382 |
Net (loss) income | (324) | 335 | 263 | (288) | 318 | 183 |
Common stock dividends declared | (252) | (252) | (251) | (241) | (241) | (232) |
Preferred stock dividend accrued | (17) | (17) | (4) | |||
Ending balance | 7,636 | 8,229 | 8,163 | 7,881 | 8,410 | 8,333 |
Equity Attributable to Common Shareholders | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 15,412 | 15,322 | 14,048 | 14,253 | 13,351 | 13,303 |
Net (loss) income | (324) | 335 | 263 | (288) | 318 | 183 |
Other comprehensive income | 2 | 2 | 2 | 2 | 2 | 2 |
Common stock issued, net of issuance cost | 10 | 14 | 21 | 15 | 815 | 88 |
Preferred stock issued, net of issuance cost | (2) | 1,237 | ||||
Common stock dividends declared | (252) | (252) | (251) | (241) | (241) | (232) |
Preferred stock dividend accrued | (17) | (17) | (4) | |||
Noncash stock-based compensation | 10 | 10 | 6 | 7 | 8 | 7 |
Ending balance | 14,841 | 15,412 | 15,322 | 13,748 | 14,253 | 13,351 |
Noncontrolling Interest, Preferred and Preference Stock | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 1,901 | 1,901 | 1,901 | 2,193 | 2,193 | 2,193 |
Net (loss) income | 27 | 26 | 27 | 46 | 30 | 30 |
Dividends to noncontrolling interests | (27) | (26) | (27) | (31) | (30) | (30) |
Noncash stock-based compensation | 1 | |||||
Redemption of preferred and preference stock | (308) | |||||
Ending balance | 1,901 | 1,901 | 1,901 | 1,901 | 2,193 | 2,193 |
SCE | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 19,887 | 19,522 | 18,650 | 18,781 | 18,046 | 17,827 |
Net (loss) income | (257) | |||||
Net (loss) income | 385 | 323 | (218) | 411 | 249 | |
Other comprehensive income | 2 | 1 | 2 | 1 | 1 | 2 |
Capital contribution from Edison International Parent | 83 | 325 | 900 | 219 | 619 | 269 |
Common stock dividends declared | (325) | (325) | (325) | (269) | (269) | (269) |
Dividends declared on preferred and preference stock | (27) | (26) | (27) | (31) | (30) | (30) |
Stock-based compensation | (4) | (5) | ||||
Noncash stock-based compensation | 5 | 5 | 3 | 4 | 3 | 3 |
Redemption of preferred and preference stock | (308) | |||||
Ending balance | $ 19,368 | $ 19,887 | $ 19,522 | $ 18,179 | $ 18,781 | $ 18,046 |
Dividends declared per common share (in dollars per share) | $ 0.7473 | $ 0.7473 | $ 0.7473 | $ 0.6185 | $ 0.6185 | $ 0.6185 |
SCE | Minimum | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Preferred stock dividends (in dollars per share) | 0.247 | 0.255 | 0.255 | |||
Preference stock dividends (in dollars per share) | 15.625 | 15.625 | 15.625 | 15.625 | 15.625 | 15.625 |
SCE | Maximum | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Preferred stock dividends (in dollars per share) | 0.289 | 0.299 | 0.299 | |||
Preference stock dividends (in dollars per share) | $ 35.936 | $ 35.936 | $ 35.936 | $ 35.936 | $ 35.936 | $ 35.936 |
SCE | Preferred and preference stock | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | $ 1,945 | $ 1,945 | $ 1,945 | $ 2,245 | $ 2,245 | $ 2,245 |
Redemption of preferred and preference stock | (300) | |||||
Ending balance | 1,945 | 1,945 | 1,945 | 1,945 | 2,245 | 2,245 |
SCE | Common Stock | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 2,168 | 2,168 | 2,168 | 2,168 | 2,168 | 2,168 |
Ending balance | 2,168 | 2,168 | 2,168 | 2,168 | 2,168 | 2,168 |
SCE | Additional Paid-in Capital | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 6,616 | 6,286 | 5,387 | 4,829 | 4,207 | 3,939 |
Capital contribution from Edison International Parent | 83 | 325 | 900 | 219 | 619 | 269 |
Stock-based compensation | (4) | (5) | ||||
Noncash stock-based compensation | 5 | 5 | 3 | 3 | 3 | 4 |
Redemption of preferred and preference stock | 7 | |||||
Ending balance | 6,704 | 6,616 | 6,286 | 5,058 | 4,829 | 4,207 |
SCE | Accumulated Other Comprehensive Loss | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (38) | (39) | (41) | (36) | (37) | (39) |
Other comprehensive income | 2 | 1 | 2 | 1 | 1 | 2 |
Ending balance | (36) | (38) | (39) | (35) | (36) | (37) |
SCE | Retained Earnings | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 9,196 | 9,162 | 9,191 | 9,575 | 9,463 | 9,514 |
Net (loss) income | (257) | |||||
Net (loss) income | 385 | 323 | (218) | 411 | 249 | |
Common stock dividends declared | (325) | (325) | (325) | (269) | (269) | (269) |
Dividends declared on preferred and preference stock | (27) | (26) | (27) | (31) | (30) | (30) |
Noncash stock-based compensation | 1 | (1) | ||||
Redemption of preferred and preference stock | (15) | |||||
Ending balance | $ 8,587 | $ 9,196 | $ 9,162 | $ 9,043 | $ 9,575 | $ 9,463 |
Variable Interest Entities (Rec
Variable Interest Entities (Recovery Funding) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Mar. 31, 2021 | Feb. 28, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||||
Other current assets | $ 274 | $ 224 | ||
Regulatory assets: Non-current | 7,386 | 7,120 | ||
Regulatory liabilities: Current | (583) | (569) | ||
Current portion of long-term debt | (776) | (1,029) | ||
Other current liabilities | (1,883) | (1,612) | ||
Long-term debt | (23,342) | (19,632) | ||
SCE Recovery Funding LLC | ||||
Variable Interest Entity [Line Items] | ||||
Other current assets | 30 | |||
Regulatory assets: Non-current | 328 | |||
Regulatory liabilities: Current | (18) | |||
Current portion of long-term debt | (15) | |||
Other current liabilities | (3) | |||
Long-term debt | (320) | |||
SCE | ||||
Variable Interest Entity [Line Items] | ||||
Other current assets | 267 | 216 | ||
Regulatory assets: Non-current | 7,386 | 7,120 | ||
Regulatory liabilities: Current | (583) | (569) | ||
Current portion of long-term debt | (376) | (1,029) | ||
Other current liabilities | (1,753) | (1,294) | ||
Long-term debt | (20,605) | $ (16,499) | ||
SCE | Recovery Bonds | ||||
Variable Interest Entity [Line Items] | ||||
Debt | $ 338 | $ 338 | ||
SCE | SCE Recovery Funding LLC | ||||
Variable Interest Entity [Line Items] | ||||
Regulatory assets: Non-current | 328 | |||
Long-term debt | $ (320) |
Variable Interest Entities (Tru
Variable Interest Entities (Trusts) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2021USD ($)MW | Sep. 30, 2020USD ($)MW | Sep. 30, 2021USD ($)MW | Sep. 30, 2020USD ($)MW | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2020USD ($) | |
Variable Interest Entity [Line Items] | ||||||||||
Redemption of trust securities | $ 308,000,000 | |||||||||
SCE | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Common stock | $ 2,168,000,000 | $ 2,168,000,000 | $ 2,168,000,000 | |||||||
Redemption of trust securities | $ 308,000,000 | |||||||||
SCE | Trust Securities [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Liquidation value (in dollars per share) | $ / shares | $ 2,500 | |||||||||
SCE | Variable Interest Entity, Not Primary Beneficiary | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Liquidation value (in dollars per share) | $ / shares | $ 25 | |||||||||
Common stock | $ 10,000 | $ 10,000 | $ 10,000 | 10,000 | ||||||
SCE | Power Purchase Agreements | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Power generating capacity for majority interest (in megawatts) | MW | 3,455 | 5,356 | 3,455 | 5,356 | ||||||
Amount of related party transaction | $ 248,000,000 | $ 360,000,000 | $ 519,000,000 | $ 661,000,000 | ||||||
SCE | Trust II | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Liquidation preference | $ 400,000,000 | |||||||||
SCE | Trust II | Trust Securities [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Liquidation preference | 220,000,000 | 220,000,000 | 220,000,000 | |||||||
SCE | Trust II | 5.10% Series G (cumulative) | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Security dividend rate, (as a percent) | 5.10% | |||||||||
Liquidation preference | 220,000,000 | 220,000,000 | $ 400,000,000 | 220,000,000 | ||||||
SCE | Trust III | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Liquidation preference | $ 275,000,000 | |||||||||
SCE | Trust III | Trust Securities [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Liquidation preference | 275,000,000 | 275,000,000 | 275,000,000 | |||||||
SCE | Trust III | 5.75% Series H (cumulative) | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Security dividend rate, (as a percent) | 5.75% | |||||||||
Liquidation preference | 275,000,000 | 275,000,000 | $ 275,000,000 | 275,000,000 | ||||||
SCE | Trust IV | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Liquidation preference | $ 325,000,000 | |||||||||
SCE | Trust IV | Trust Securities [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Liquidation preference | 325,000,000 | 325,000,000 | 325,000,000 | |||||||
SCE | Trust IV | 5.375% Series J (cumulative) | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Security dividend rate, (as a percent) | 5.375% | |||||||||
Liquidation preference | 325,000,000 | 325,000,000 | $ 325,000,000 | 325,000,000 | ||||||
SCE | Trust V | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Liquidation preference | $ 300,000,000 | |||||||||
SCE | Trust V | Trust Securities [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Liquidation preference | 300,000,000 | 300,000,000 | 300,000,000 | |||||||
SCE | Trust V | 5.45% Series K (cumulative) | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Security dividend rate, (as a percent) | 5.45% | |||||||||
Liquidation preference | 300,000,000 | 300,000,000 | $ 300,000,000 | 300,000,000 | ||||||
SCE | Trust VI | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Liquidation preference | $ 475,000,000 | |||||||||
SCE | Trust VI | Trust Securities [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Liquidation preference | 475,000,000 | 475,000,000 | 475,000,000 | |||||||
SCE | Trust VI | 5.00% Series L (cumulative) | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Security dividend rate, (as a percent) | 5.00% | |||||||||
Liquidation preference | $ 475,000,000 | $ 475,000,000 | $ 475,000,000 | $ 475,000,000 |
Variable Interest Entities (Inc
Variable Interest Entities (Income Statement) (Details) - SCE - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Trust II | ||||
Variable Interest Entity [Line Items] | ||||
Dividend income | $ 5 | $ 5 | $ 15 | $ 15 |
Dividend distributions | 5 | 5 | 15 | 15 |
Trust III | ||||
Variable Interest Entity [Line Items] | ||||
Dividend income | 4 | 4 | 12 | 12 |
Dividend distributions | 4 | 4 | 12 | 12 |
Trust IV | ||||
Variable Interest Entity [Line Items] | ||||
Dividend income | 4 | 4 | 13 | 13 |
Dividend distributions | 4 | 4 | 13 | 13 |
Trust V | ||||
Variable Interest Entity [Line Items] | ||||
Dividend income | 4 | 4 | 12 | 12 |
Dividend distributions | 4 | 4 | 12 | 12 |
Trust VI | ||||
Variable Interest Entity [Line Items] | ||||
Dividend income | 6 | 6 | 18 | 18 |
Dividend distributions | $ 6 | $ 6 | $ 18 | $ 18 |
Fair Value Measurements (Hierar
Fair Value Measurements (Hierarchy) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Assets at fair value | ||
Nuclear decommissioning trusts | $ 4,769 | $ 4,833 |
SCE | ||
Assets at fair value | ||
Nuclear decommissioning trusts | $ 4,769 | $ 4,833 |
Liabilities at fair value | ||
Percentage of equity investments located in the United States (as a percent) | 73.00% | 71.00% |
Collateralized mortgage obligations and other asset backed securities | $ 30 | $ 29 |
Payables, net, related to investments | 47 | 206 |
SCE | Fair Value, Measurements, Recurring | ||
Assets at fair value | ||
Derivative contracts | 144 | 108 |
Netting and Collateral | (97) | (18) |
Money market funds and other | 461 | 62 |
Nuclear decommissioning trusts | 4,816 | 5,039 |
Total assets | 5,421 | 5,209 |
Liabilities at fair value | ||
Derivative contracts | 0 | |
Netting and Collateral | (11) | (22) |
Total liabilities | 0 | |
Net assets | 5,421 | 5,209 |
Netting and Collateral, Total | (86) | 4 |
SCE | Fair Value, Measurements, Recurring | Level 1 | ||
Assets at fair value | ||
Derivative contracts | 0 | |
Money market funds and other | 438 | 39 |
Nuclear decommissioning trusts | 3,075 | 2,874 |
Total assets | 3,513 | 2,913 |
Liabilities at fair value | ||
Derivative contracts | 0 | |
Total liabilities | 0 | |
Net assets | 3,513 | 2,913 |
SCE | Fair Value, Measurements, Recurring | Level 2 | ||
Assets at fair value | ||
Derivative contracts | 128 | 6 |
Money market funds and other | 23 | 23 |
Nuclear decommissioning trusts | 1,741 | 2,165 |
Total assets | 1,892 | 2,194 |
Liabilities at fair value | ||
Derivative contracts | 3 | 10 |
Total liabilities | 3 | 10 |
Net assets | 1,889 | 2,184 |
SCE | Fair Value, Measurements, Recurring | Level 3 | ||
Assets at fair value | ||
Derivative contracts | 113 | 120 |
Money market funds and other | 0 | |
Nuclear decommissioning trusts | 0 | |
Total assets | 113 | 120 |
Liabilities at fair value | ||
Derivative contracts | 8 | 12 |
Total liabilities | 8 | 12 |
Net assets | 105 | 108 |
SCE | Fair Value, Measurements, Recurring | Stocks | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 1,820 | 1,908 |
SCE | Fair Value, Measurements, Recurring | Stocks | Level 1 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 1,820 | 1,908 |
SCE | Fair Value, Measurements, Recurring | Stocks | Level 2 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 0 | |
SCE | Fair Value, Measurements, Recurring | Stocks | Level 3 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 0 | |
SCE | Fair Value, Measurements, Recurring | Fixed Income | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 2,687 | 2,632 |
SCE | Fair Value, Measurements, Recurring | Fixed Income | Level 1 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 1,084 | 519 |
SCE | Fair Value, Measurements, Recurring | Fixed Income | Level 2 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 1,603 | 2,113 |
SCE | Fair Value, Measurements, Recurring | Fixed Income | Level 3 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 0 | |
SCE | Fair Value, Measurements, Recurring | Short-term investments, primarily cash equivalents | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 309 | 499 |
SCE | Fair Value, Measurements, Recurring | Short-term investments, primarily cash equivalents | Level 1 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 171 | 447 |
SCE | Fair Value, Measurements, Recurring | Short-term investments, primarily cash equivalents | Level 2 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 138 | $ 52 |
SCE | Fair Value, Measurements, Recurring | Short-term investments, primarily cash equivalents | Level 3 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | $ 0 |
Fair Value Measurements (Parent
Fair Value Measurements (Parent) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value | ||
Money market funds | $ 463 | $ 62 |
Edison International | Level 1 | ||
Fair Value | ||
Equity investment | 13 | |
Money market funds | 25 | 24 |
Edison International | Level 2 | ||
Fair Value | ||
Short-term Investments | $ 3 | $ 5 |
Fair Value Measurements (Level
Fair Value Measurements (Level 3) (Details) - SCE - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value Disclosures Level 3 [Roll Forward] | ||||
Transfers into or out of Level 3 | $ 0 | $ 0 | ||
Level 3 | ||||
Fair Value Disclosures Level 3 [Roll Forward] | ||||
Fair value of net assets at beginning of period | $ 67 | $ 34 | 108 | 78 |
Purchases | 1 | 8 | ||
Sales | (1) | (1) | (2) | (5) |
Settlements | (30) | (69) | (46) | (95) |
Total realized/unrealized losses | 69 | 63 | 45 | 42 |
Fair value of net assets at end of period | $ 105 | $ 28 | $ 105 | $ 28 |
Fair Value Measurements (Leve_2
Fair Value Measurements (Level 3 Inputs) (Details) - SCE - Level 3 - Congestion revenue rights (GWh) - Auction prices $ in Millions | Sep. 30, 2021USD ($)$ / MWh | Dec. 31, 2020USD ($) |
Quantitative Information About Level 3 Measurements [Line Items] | ||
Fair Value, Assets | $ 113 | $ 120 |
Fair Value, Liabilities | $ 8 | $ 12 |
Minimum | ||
Quantitative Information About Level 3 Measurements [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | (6.89) | (9.67) |
Maximum | ||
Quantitative Information About Level 3 Measurements [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 64.56 | 300.47 |
Weighted Average | ||
Quantitative Information About Level 3 Measurements [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 1.84 | 2.75 |
Fair Value Measurements (Debt)
Fair Value Measurements (Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value of Long-Term Debt Recorded at Carrying Value | ||
Carrying Value | $ 24,118 | $ 20,337 |
Fair Value | 26,389 | 23,824 |
SCE | ||
Fair Value of Long-Term Debt Recorded at Carrying Value | ||
Carrying Value | 20,981 | 17,204 |
Fair Value | $ 23,018 | $ 20,365 |
Debt and Credit Agreements (Qua
Debt and Credit Agreements (Quarter) (Details) - SCE - USD ($) $ in Millions | 3 Months Ended | |||
Jun. 30, 2021 | Aug. 31, 2021 | Mar. 31, 2021 | Feb. 28, 2021 | |
2.25% first and refunding mortgage bonds due 2030 | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 150 | |||
Interest rate on debt (as a percent) | 2.25% | |||
2.95% first and refunding mortgage bonds due 2051 | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 750 | |||
Interest rate on debt (as a percent) | 2.95% | |||
0.64% first and refunding mortgage bonds due 2023 | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 400 | |||
0.64% first and refunding mortgage bonds due 2023 | SOFR | ||||
Debt Instrument [Line Items] | ||||
Basis points | 0.64% | |||
0.83% first and refunding mortgage bonds due 2024 | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 400 | |||
0.83% first and refunding mortgage bonds due 2024 | SOFR | ||||
Debt Instrument [Line Items] | ||||
Basis points | 0.83% | |||
0.70% first and refunding mortgage bonds due 2023 | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 350 | |||
Interest rate on debt (as a percent) | 0.70% | |||
1.10% first and refunding mortgage bonds due 2024 | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 700 | |||
Interest rate on debt (as a percent) | 1.10% | |||
2.50% first and refunding mortgage bonds due 2031 | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 450 | |||
2.50% first and refunding mortgage bonds due 2031 | SOFR | ||||
Debt Instrument [Line Items] | ||||
Interest rate on debt (as a percent) | 2.50% | |||
3.65% first and refunding mortgage bonds due 2051 | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 450 | |||
3.65% first and refunding mortgage bonds due 2051 | SOFR | ||||
Debt Instrument [Line Items] | ||||
Interest rate on debt (as a percent) | 3.65% | |||
Recovery Bonds | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 338 | $ 338 | ||
Recovery Bonds, 0.86% due 2033 | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 138 | |||
Interest rate on debt (as a percent) | 0.861% | |||
Recovery Bonds, 1.94% due 2040 | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 100 | |||
Interest rate on debt (as a percent) | 1.94% | |||
Recovery Bonds, 2.51% due 2045 | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 100 | |||
Interest rate on debt (as a percent) | 2.51% | |||
0.60% term loan due 2022 | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 1,200 | |||
0.60% term loan due 2022 | SOFR | ||||
Debt Instrument [Line Items] | ||||
Basis points | 0.60% | |||
0.35% first and refunding mortgage bonds due 2022 | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 475 | |||
0.35% first and refunding mortgage bonds due 2022 | SOFR | ||||
Debt Instrument [Line Items] | ||||
Basis points | 0.35% | |||
0.70% first and refunding mortgage bonds due 2023 | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 400 | |||
Interest rate on debt (as a percent) | 0.70% | |||
0.98% first and refunding mortgage bonds due 2024 | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 450 | |||
Interest rate on debt (as a percent) | 0.975% |
Debt and Credit Agreements (Cre
Debt and Credit Agreements (Credit Facilities) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |
Mar. 31, 2020 | Sep. 30, 2021 | Apr. 30, 2021 | |
Line of Credit Facility [Line Items] | |||
Commitment | $ 4,850 | ||
Outstanding borrowings | 420 | ||
Outstanding letters of credit | 246 | ||
Amount available | 4,184 | ||
Edison International | |||
Line of Credit Facility [Line Items] | |||
Commitment | 1,500 | ||
Outstanding borrowings | 420 | ||
Amount available | 1,080 | ||
Edison International | June 2019 credit agreement | |||
Line of Credit Facility [Line Items] | |||
Commitment | 1,500 | ||
Outstanding borrowings | 420 | ||
Amount available | $ 1,080 | ||
Contingent maximum available borrowing | $ 2,000 | ||
Edison International | June 2019 credit agreement | SOFR | |||
Line of Credit Facility [Line Items] | |||
Basis points | 1.28% | ||
Edison International | June 2019 credit agreement | Commercial paper | |||
Line of Credit Facility [Line Items] | |||
Outstanding borrowings | $ 420 | ||
Weighted average interest rate (as a percent) | 0.39% | ||
SCE | |||
Line of Credit Facility [Line Items] | |||
Commitment | $ 3,350 | ||
Outstanding letters of credit | 246 | ||
Amount available | 3,104 | ||
SCE | June 2019 credit agreement | |||
Line of Credit Facility [Line Items] | |||
Commitment | 3,350 | 3,400 | |
Outstanding letters of credit | 246 | ||
Amount available | $ 3,104 | ||
Increased commitment amount | 350 | ||
Contingent maximum available borrowing | $ 4,000 | ||
SCE | June 2019 credit agreement | SOFR | |||
Line of Credit Facility [Line Items] | |||
Basis points | 1.08% | ||
SCE | March 2020 credit agreement | |||
Line of Credit Facility [Line Items] | |||
Repayments of outstanding debt | $ 800 | ||
SCE | March 2020 term loan agreement | |||
Line of Credit Facility [Line Items] | |||
Repayments of outstanding debt | $ 148 |
Derivative Instruments (Derivat
Derivative Instruments (Derivative) (Details) - SCE - Derivatives with contingent features - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Derivatives | ||
Aggregate fair value of all derivative liabilities with credit-risk-related contingent features | $ 1,000,000 | $ 1,000,000 |
Posted collateral | 0 | $ 0 |
Potential amount of collateral to be posted if contingencies triggered | $ 18,000,000 |
Derivative Instruments (Balance
Derivative Instruments (Balance Sheet) (Details) - SCE - Commodity derivative contracts - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative Assets | ||
Gross amounts recognized | $ 241 | $ 126 |
Gross amounts offset in the consolidated balance sheets | (11) | (18) |
Cash collateral posted | (86) | 0 |
Net amounts presented in the consolidated balance sheets | 144 | 108 |
Cash collateral received for asset | 86 | |
Derivative Liabilities | ||
Gross amounts recognized | 11 | 22 |
Gross amounts offset in the consolidated balance sheets | (11) | (18) |
Cash collateral posted | 0 | (4) |
Net amounts presented in the consolidated balance sheets | 0 | 0 |
Cash collateral posted for liability | 17 | |
Net Asset | ||
Gross amounts recognized | 230 | 104 |
Gross amounts offset in the consolidated balance sheets | 0 | 0 |
Netting and Collateral, Total | (86) | 4 |
Net amounts presented in the consolidated balance sheets | 144 | 108 |
Other current assets | ||
Derivative Assets | ||
Gross amounts recognized | 213 | 103 |
Gross amounts offset in the consolidated balance sheets | (8) | (12) |
Cash collateral posted | (86) | 0 |
Net amounts presented in the consolidated balance sheets | 119 | 91 |
Derivative Liabilities | ||
Cash collateral posted for liability | 13 | |
Other long-term assets | ||
Derivative Assets | ||
Gross amounts recognized | 28 | 23 |
Gross amounts offset in the consolidated balance sheets | (3) | (6) |
Cash collateral posted | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 25 | 17 |
Other current liabilities | ||
Derivative Liabilities | ||
Gross amounts recognized | 8 | 16 |
Gross amounts offset in the consolidated balance sheets | (8) | (12) |
Cash collateral posted | 0 | (4) |
Net amounts presented in the consolidated balance sheets | 0 | 0 |
Other long-term liabilities | ||
Derivative Liabilities | ||
Gross amounts recognized | 3 | 6 |
Gross amounts offset in the consolidated balance sheets | (3) | (6) |
Cash collateral posted | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 0 | 0 |
Cash | ||
Derivative Assets | ||
Cash collateral received for asset | 76 | |
Accounts Receivable | ||
Derivative Assets | ||
Cash collateral received for asset | $ 10 | |
Derivative | ||
Derivative Liabilities | ||
Cash collateral posted for liability | $ 4 |
Derivative Instruments (Hedging
Derivative Instruments (Hedging Activities) (Details) - SCE - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Realized gains | $ 66 | $ 128 | $ 193 | $ 68 |
Unrealized gains (losses) | $ 116 | $ 75 | $ 126 | $ (39) |
Derivative Instruments (Notiona
Derivative Instruments (Notional Values) (Details) - SCE | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021GWhBcfe | Dec. 31, 2020GWhBcfe | |
Electricity options, swaps and forwards (GWh) | ||
Derivatives | ||
Notional volumes of derivative instruments | 1,036 | 1,581 |
Natural gas options, swaps and forwards (Bcf) | ||
Derivatives | ||
Notional volumes of derivative instruments | Bcfe | 50 | 34 |
Congestion revenue rights (GWh) | ||
Derivatives | ||
Notional volumes of derivative instruments | 41,573 | 41,151 |
Revenue (Summary) (Details)
Revenue (Summary) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Revenue | ||||||
Total operating revenue | $ 5,299 | $ 4,644 | $ 11,574 | $ 10,421 | ||
SCE | ||||||
Revenue | ||||||
Revenues from contracts with customers | 5,064 | 4,220 | 11,089 | 9,440 | ||
Alternative revenue programs and other operating revenue | 229 | 415 | 463 | 955 | ||
Total operating revenue | 5,293 | 4,635 | 11,552 | 10,395 | ||
Approved regulatory increase (decrease) | $ 505 | |||||
Receivables from contracts with customers | 2,800 | 2,800 | $ 1,500 | |||
Accrued unbilled revenues | 1,100 | 1,100 | $ 521 | |||
SCE | Earning Activities | ||||||
Revenue | ||||||
Revenues from contracts with customers | 2,260 | 1,893 | 5,667 | 5,175 | ||
Alternative revenue programs and other operating revenue | 135 | 233 | 325 | 467 | ||
Total operating revenue | 2,395 | 2,126 | 5,992 | 5,642 | ||
SCE | Cost- Recovery Activities | ||||||
Revenue | ||||||
Revenues from contracts with customers | 2,804 | 2,327 | 5,422 | 4,265 | ||
Alternative revenue programs and other operating revenue | 94 | 182 | 138 | 488 | ||
Total operating revenue | 2,898 | $ 2,509 | 5,560 | $ 4,753 | ||
2021 General Rate Case | SCE | ||||||
Revenue | ||||||
Approved regulatory increase (decrease) | $ 404 | $ 1,000 |
Revenue (Deferred) (Details)
Revenue (Deferred) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jul. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | ||||
Proceeds from Morongo Transmission LLC | $ 400 | |||
SCE | ||||
Revenue | ||||
Proceeds from Morongo Transmission LLC | 400 | $ 0 | ||
SCE | West of Devers | ||||
Revenue | ||||
Proceeds from Morongo Transmission LLC | $ 400 | |||
Annual revenue to be recognized | $ 13 | |||
Deferred revenue balance | $ 398 | 398 | ||
Deferred revenue current | 13 | 13 | ||
Deferred revenue non-current | 385 | $ 385 | ||
Revenue recognized | $ 2 | |||
SCE | West of Devers | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | ||||
Revenue | ||||
Revenue recognition period | 30 years |
Income Taxes (Rate Reconciliati
Income Taxes (Rate Reconciliation) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Line Items] | |||||
Statutory tax rate (as a percent) | 21.00% | ||||
(Loss) income from operations before income taxes | $ (326) | $ (517) | $ 357 | $ (36) | |
Provision for income tax at federal statutory rate of 21% | (68) | (108) | 75 | (7) | |
Increase (decrease) in income tax from: | |||||
State tax, net of federal benefit | (39) | (67) | (28) | (74) | |
Property-related | (33) | (81) | (159) | (228) | |
Average rate assumption method ("ARAM") adjustment | 87 | 87 | |||
Change related to uncertain tax position | (15) | ||||
Insurance benefits | (2) | (5) | (7) | (12) | |
Wildfire related charges | 31 | 31 | |||
Other | (5) | (14) | 4 | (19) | |
Total income tax expense (benefit) | $ (29) | $ (275) | $ 3 | $ (355) | |
Effective tax rate (as a percent) | (8.90%) | (53.20%) | 0.80% | (986.10%) | |
State | Plan | |||||
Increase (decrease) in income tax from: | |||||
Tax refund | $ 60 | ||||
Tax settlement increase (decrease) on earnings | $ 148 | ||||
SCE | |||||
Income Tax Disclosure [Line Items] | |||||
Statutory tax rate (as a percent) | 21.00% | ||||
(Loss) income from operations before income taxes | $ (268) | $ (469) | $ 492 | $ 142 | |
Provision for income tax at federal statutory rate of 21% | (56) | (98) | 103 | 30 | |
Increase (decrease) in income tax from: | |||||
State tax, net of federal benefit | (32) | (61) | (17) | (62) | |
Property-related | (33) | (81) | (159) | (228) | |
Average rate assumption method ("ARAM") adjustment | 87 | 87 | |||
Change related to uncertain tax position | (18) | ||||
Insurance benefits | (2) | (5) | (7) | (12) | |
Wildfire related charges | 31 | 31 | |||
Other | (6) | (6) | 3 | (10) | |
Total income tax expense (benefit) | $ (11) | $ (251) | $ 41 | $ (300) | |
Effective tax rate (as a percent) | (4.10%) | (53.50%) | 8.30% | (211.30%) | |
Revenue adjustment | $ 0 |
Compensation and Benefit Plan_2
Compensation and Benefit Plans (Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension Plans | ||||
Pension and Other Postretirement Benefits | ||||
Service cost | $ 34 | $ 31 | $ 102 | $ 93 |
Non-service cost (benefit) | ||||
Interest cost | 26 | 31 | 78 | 92 |
Expected return on plan assets | (56) | (55) | (168) | (163) |
Amortization of prior service cost | 1 | |||
Amortization of net (gain) loss | 3 | 3 | 9 | 9 |
Regulatory adjustment | 4 | 2 | 12 | 6 |
Total non-service benefit | (23) | (19) | (69) | (55) |
Total expense recognized | 11 | 12 | 33 | 38 |
Postretirement Benefits Other Than Pensions | ||||
Pension and Other Postretirement Benefits | ||||
Service cost | 10 | 10 | 30 | 28 |
Non-service cost (benefit) | ||||
Interest cost | 14 | 17 | 42 | 51 |
Expected return on plan assets | (27) | (29) | (81) | (89) |
Amortization of prior service cost | (1) | (1) | ||
Amortization of net (gain) loss | (8) | (5) | (24) | (13) |
Regulatory adjustment | 11 | 8 | 33 | 24 |
Total non-service benefit | (10) | (10) | (30) | (28) |
SCE | ||||
Non-service cost (benefit) | ||||
Total non-service benefit | (33) | (28) | (99) | (83) |
SCE | Pension Plans | ||||
Pension and Other Postretirement Benefits | ||||
Service cost | 33 | 31 | 99 | 91 |
Non-service cost (benefit) | ||||
Interest cost | 24 | 29 | 72 | 85 |
Expected return on plan assets | (53) | (51) | (159) | (153) |
Amortization of prior service cost | 1 | |||
Amortization of net (gain) loss | 2 | 2 | 6 | 6 |
Regulatory adjustment | 4 | 2 | 12 | 6 |
Total non-service benefit | (23) | (18) | (69) | (55) |
Total expense recognized | $ 10 | $ 13 | $ 30 | $ 36 |
Investments (Trust Value) (Deta
Investments (Trust Value) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value | ||
Fair Value | $ 4,769 | $ 4,833 |
SCE | ||
Fair Value | ||
Amortized Cost | 2,611 | 2,494 |
Fair Value | 4,769 | 4,833 |
SCE | Municipal bonds | ||
Fair Value | ||
Amortized Cost | 836 | 1,013 |
SCE | U.S. government and agency securities | ||
Fair Value | ||
Amortized Cost | 1,129 | 740 |
SCE | Corporate bonds | ||
Fair Value | ||
Amortized Cost | 394 | 460 |
SCE | Short-term investments and receivables/payables | ||
Fair Value | ||
Amortized Cost | 252 | 281 |
SCE | Fair Value, Measurements, Recurring | ||
Fair Value | ||
Fair Value | 4,816 | 5,039 |
SCE | Fair Value, Measurements, Recurring | Stocks | ||
Fair Value | ||
Fair Value | 1,819 | 1,908 |
SCE | Fair Value, Measurements, Recurring | Municipal bonds | ||
Fair Value | ||
Fair Value | 990 | 1,218 |
SCE | Fair Value, Measurements, Recurring | U.S. government and agency securities | ||
Fair Value | ||
Fair Value | 1,238 | 864 |
SCE | Fair Value, Measurements, Recurring | Corporate bonds | ||
Fair Value | ||
Fair Value | 459 | 550 |
SCE | Fair Value, Measurements, Recurring | Short-term investments and receivables/payables | ||
Fair Value | ||
Fair Value | 263 | 293 |
Repurchase agreements payable | $ 59 | $ 138 |
Investments (Trust Info) (Detai
Investments (Trust Info) (Details) - SCE - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Investment Holdings [Line Items] | ||
Unrealized holding gains, net of losses | $ 1,900 | $ 2,100 |
Deferred income taxes related to unrealized gains | 511 | 515 |
Nuclear decommissioning trusts, net of deferred tax | $ 4,300 | $ 4,300 |
Investments (Trust gain loss) (
Investments (Trust gain loss) (Details) - SCE - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Investment Holdings [Line Items] | ||||
Gross realized gains | $ 77 | $ 51 | $ 328 | $ 165 |
Gross realized losses | (5) | (2) | (21) | (5) |
Net unrealized gains (losses) for equity securities | $ (74) | $ 110 | $ (41) | $ 5 |
Investments (Other) (Details)
Investments (Other) (Details) - Edison International - Proterra $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($) | |
Investment Holdings [Line Items] | ||
Unrealized gain (loss), pre-tax | $ (8) | $ 4 |
Unrealized gain (loss), net tax | (6) | 3 |
Long-term investments | $ 13 | $ 13 |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities (Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Regulatory Assets [Line Items] | ||
Current regulatory assets | $ 1,553 | $ 1,314 |
Regulatory assets: Non-current | 7,386 | 7,120 |
SCE | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 1,553 | 1,314 |
Regulatory assets: Non-current | 7,386 | 7,120 |
Total regulatory assets | 8,939 | 8,434 |
SCE | Regulatory balancing and memorandum accounts | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 1,367 | 1,127 |
Regulatory assets: Non-current | 1,734 | 1,794 |
SCE | Power contracts | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 167 | 165 |
Regulatory assets: Non-current | 104 | 239 |
SCE | Other regulatory assets or liabilities | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 19 | 22 |
Regulatory assets: Non-current | 120 | 106 |
SCE | Deferred income taxes, net of liabilities | ||
Regulatory Assets [Line Items] | ||
Regulatory assets: Non-current | 4,617 | 4,475 |
SCE | Pension and other postretirement benefits | ||
Regulatory Assets [Line Items] | ||
Regulatory assets: Non-current | 12 | |
SCE | Unamortized investments, net of accumulated amortization | ||
Regulatory Assets [Line Items] | ||
Regulatory assets: Non-current | 113 | 114 |
SCE | Unamortized loss on reacquired debt | ||
Regulatory Assets [Line Items] | ||
Regulatory assets: Non-current | 124 | 133 |
SCE | Environmental remediation | ||
Regulatory Assets [Line Items] | ||
Regulatory assets: Non-current | 246 | $ 247 |
SCE | Recoverable assets | ||
Regulatory Assets [Line Items] | ||
Regulatory assets: Non-current | $ 328 |
Regulatory Assets and Liabili_4
Regulatory Assets and Liabilities (Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | $ 583 | $ 569 |
Long-term regulatory liabilities | 8,584 | 8,589 |
SCE | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 583 | 569 |
Long-term regulatory liabilities | 8,584 | 8,589 |
Total regulatory liabilities | 9,167 | 9,158 |
SCE | Revenue subject to refund-liability | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 347 | 471 |
Long-term regulatory liabilities | 736 | 1,062 |
SCE | Energy derivatives | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 205 | 87 |
SCE | Other regulatory assets or liabilities | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 31 | 11 |
Long-term regulatory liabilities | 55 | 48 |
SCE | Costs of removal | ||
Regulatory Liabilities [Line Items] | ||
Long-term regulatory liabilities | 2,735 | 2,595 |
SCE | Re-measurement of deferred taxes | ||
Regulatory Liabilities [Line Items] | ||
Long-term regulatory liabilities | 2,332 | 2,283 |
SCE | Recoveries in excess of ARO liabilities | ||
Regulatory Liabilities [Line Items] | ||
Long-term regulatory liabilities | 2,047 | 1,930 |
SCE | Other postretirement benefits | ||
Regulatory Liabilities [Line Items] | ||
Long-term regulatory liabilities | $ 679 | $ 671 |
Regulatory Assets and Liabili_5
Regulatory Assets and Liabilities (Balancing Accounts) (Details) - SCE - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Regulatory Assets and Liabilities | |||
Environmental remediation expense | $ 6 | $ 5 | |
Significant components | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) | 2,018 | $ 1,388 | |
Energy resource recovery account | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) | 348 | (89) | |
Portfolio allocation balancing account | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) | 98 | 497 | |
New system generation balancing account | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) | 57 | (10) | |
Public purpose programs and energy efficiency programs | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) | (1,174) | (1,130) | |
Base revenue requirement balancing account | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) | 784 | 622 | |
GRC wildfire mitigation balancing accounts | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) | 48 | ||
Residential uncollectibles balancing account | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) | 209 | ||
Greenhouse gas auction revenue and low carbon fuel standard revenue | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) | (254) | (125) | |
FERC balancing account | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) | 3 | 12 | |
Wildfire and drought restoration accounts | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) | 287 | 361 | |
Wildfire-related memorandum accounts | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) | 1,274 | 1,104 | |
Revenue recognized | 326 | ||
COVID 19-related memorandum accounts | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) | 86 | 176 | |
Customer service re-platform memorandum account | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) | 101 | 30 | |
Tax accounting memorandum account and pole loading balancing account | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) | 204 | (35) | |
Other | |||
Regulatory Assets and Liabilities | |||
Net regulatory assets (liabilities) | $ (53) | $ (25) |
Commitments and Contingencies_2
Commitments and Contingencies (Wildfires and Mudslides) (Details) $ in Millions | 1 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2021individual | Sep. 30, 2020USD ($)aitemindividual | Oct. 31, 2019aitemindividual | Oct. 31, 2021itemindividual | Sep. 30, 2021USD ($) | Oct. 26, 2021itemindividual | Dec. 31, 2020USD ($)individualitem | Nov. 30, 2018aindividualitem | Jan. 31, 2018individualitem | Dec. 04, 2017aitemindividual | |
2019/2020 Wildfires | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Charge for wildfire-related claims | $ | $ 123 | |||||||||
Expected insurance recoveries | $ | 75 | |||||||||
2017/2018 Wildfire/Mudslide Events | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Charge for wildfire-related claims | $ | $ 2,256 | $ 4,383 | ||||||||
SCE | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
High fire risk service area, percent | 27.00% | |||||||||
PSPS | 7 | 8 | 12 | |||||||
Customers impacted by PSPS | individual | 98,000 | 300 | 98,000 | 145,000 | ||||||
Regulatory assets | $ | $ 8,939 | $ 8,434 | ||||||||
SCE | Saddle Ridge Fire | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Acres burned | a | 9,000 | |||||||||
Structures destroyed | 19 | |||||||||
Structures damaged | 88 | |||||||||
Fatalities | individual | 1 | |||||||||
Number of injured firefighters | individual | 8 | |||||||||
SCE | Bobcat fire | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Acres burned | a | 116,000 | |||||||||
Number of injured firefighters | individual | 6 | |||||||||
Estimated fire suppression costs | $ | $ 80 | |||||||||
SCE | Bobcat fire | Homes | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Structures destroyed | 87 | |||||||||
Structures damaged | 28 | |||||||||
SCE | Bobcat fire | Commercial property | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Structures destroyed | 1 | |||||||||
SCE | Bobcat fire | Minor structures | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Structures destroyed | 83 | |||||||||
Structures damaged | 19 | |||||||||
SCE | 2017/2018 Wildfire/Mudslide Events | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Regulatory assets | $ | $ 162 | |||||||||
Expected insurance recoveries | $ | $ 708 | |||||||||
SCE | December 2017 - Thomas and Koenigstein Wildfires | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Acres burned | a | 280,000 | |||||||||
Structures destroyed | 1,343 | |||||||||
Fatalities | individual | 2 | |||||||||
SCE | November 2018 - Woolsey Wildfires | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Acres burned | a | 100,000 | |||||||||
Structures destroyed | 1,643 | |||||||||
Structures damaged | 364 | |||||||||
Fatalities | individual | 3 | |||||||||
Additional fatalities | individual | 4 | |||||||||
SCE | Montecito Mudslides | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Structures destroyed | 135 | |||||||||
Structures damaged | 324 | |||||||||
Fatalities | individual | 21 | |||||||||
Additional fatalities presumed | individual | 2 |
Commitments and Contingencies_3
Commitments and Contingencies (Wildfires litigation) (Details) $ in Millions | Oct. 26, 2021lawsuitplaintiff | Oct. 31, 2021USD ($) | Jan. 31, 2021$ / claim | Oct. 31, 2020USD ($)$ / claim | Apr. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2021USD ($)plaintiff | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Jan. 31, 2019lawsuit |
San Onofre OII | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of pending lawsuits | lawsuit | 2 | |||||||||||
2017/2018 Wildfire/Mudslide Events | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Payments | $ 3,392 | |||||||||||
Charge for wildfire-related claims | $ 2,256 | 2,256 | $ 4,383 | |||||||||
Increase in accrued estimated losses to reflect best estimate | 1,265 | $ 1,297 | 1,265 | $ 1,297 | ||||||||
Expected revenue from FERC customers | 67 | 84 | 67 | 84 | ||||||||
Total pre-tax charge | 1,198 | 1,213 | 1,198 | 1,213 | ||||||||
Total after-tax charge | 894 | $ 874 | 894 | $ 874 | ||||||||
2017/2018 Wildfire/Mudslide Events | Settled Litigation | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Charge for wildfire-related claims | 84 | 84 | ||||||||||
2017/2018 Wildfire/Mudslide Events | Pending Litigation | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Charge for wildfire-related claims | 2,200 | 2,200 | ||||||||||
2017/2018 Wildfire/Mudslide Events | Aggregate | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Payments | $ 5,200 | |||||||||||
Thomas and Koenigstein Fires and Montecito Mudslides | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of pending lawsuits | lawsuit | 47 | |||||||||||
2017/2018 Wildfire/Mudslide Events, Excluding Certain Litigation | Settled Litigation | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of plaintiffs | plaintiff | 4,000 | |||||||||||
2017/2018 Wildfire/Mudslide Events, Excluding Certain Litigation | Aggregate | Settled Litigation | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Payments | $ 1,500 | |||||||||||
2019/2020 Wildfires | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Charge for wildfire-related claims | $ 123 | $ 123 | ||||||||||
SCE | 2017/2018 Wildfire/Mudslide Events | SED Settlement | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Charge for wildfire-related claims | $ 550 | |||||||||||
Fine to State | 110 | |||||||||||
Shareholder-funded safety measures costs | 65 | |||||||||||
Third-party uninsured claims cost recovery waiver | $ 375 | |||||||||||
SCE | 2017/2018 Wildfire/Mudslide Events | Local Public Entity Settlements | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Payments | $ 360 | |||||||||||
SCE | 2017/2018 Wildfire/Mudslide Events | TKM Subrogation Settlement | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Payments | $ 1,200 | |||||||||||
Payment agreement for each dollar of claim | $ / claim | 0.555 | |||||||||||
SCE | 2017/2018 Wildfire/Mudslide Events | Individual Plaintiff Settlements | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of plaintiffs | plaintiff | 4,000 | |||||||||||
Payments | $ 1,200 | $ 300 | ||||||||||
SCE | 2017/2018 Wildfire/Mudslide Events | Aggregate | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Increase in accrued estimated losses to reflect best estimate | $ 7,500 | |||||||||||
SCE | Thomas and Koenigstein Fires and Montecito Mudslides | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of pending lawsuits | lawsuit | 73 | |||||||||||
SCE | December 2017 - Thomas and Koenigstein Wildfires | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of pending lawsuits | lawsuit | 280 | |||||||||||
Number of plaintiffs | plaintiff | 3,000 | |||||||||||
SCE | Thomas and Koenigstein Fires, Class Action | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of pending lawsuits | lawsuit | 4 | |||||||||||
SCE | November 2018 - Woolsey Wildfires | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of pending lawsuits | lawsuit | 348 | |||||||||||
Number of plaintiffs | plaintiff | 7,000 | |||||||||||
SCE | November 2018 - Woolsey Wildfires | Woolsey Subrogation Settlement | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Payments | $ 2,200 | |||||||||||
Payment agreement for each dollar of claim | $ / claim | 0.67 | |||||||||||
SCE | Woolsey Fire, Class Action | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of pending lawsuits | lawsuit | 2 |
Commitments and Contingencies_4
Commitments and Contingencies (Wildfire loss accrual) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
2017/2018 Wildfire/Mudslide Events | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Beginning balance | $ 4,383 | ||||
Increase in accrued estimated losses to reflect best estimate | $ 1,265 | $ 1,297 | 1,265 | $ 1,297 | |
Amounts paid | (3,392) | ||||
Ending balance | 2,256 | 2,256 | $ 4,383 | ||
2017/2018 Wildfire/Mudslide Events | Other current liabilities | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Beginning balance | 2,231 | ||||
Ending balance | 84 | 84 | 2,231 | ||
2017/2018 Wildfire/Mudslide Events | Other long-term liabilities | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Beginning balance | 2,281 | ||||
Fixed payments to be made under settlement agreements | 2,308 | ||||
Ending balance | 2,281 | ||||
November 2018 - Woolsey Wildfires | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Litigation settlement | 2,212 | ||||
November 2018 - Woolsey Wildfires | Other long-term liabilities | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Beginning balance | 2,152 | ||||
Ending balance | 2,172 | 2,172 | 2,152 | ||
Other Wildfire Related Claims | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Litigation settlement | 19 | ||||
Other Wildfire Related Claims | Other long-term liabilities | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Beginning balance | 129 | ||||
Ending balance | $ 136 | $ 136 | $ 129 |
Commitments and Contingencies_5
Commitments and Contingencies (Wildfire loss expense) (Details) - 2017/2018 Wildfire/Mudslide Events - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Loss Contingencies [Line Items] | ||||
Charge for wildfire-related claims | $ 1,265 | $ 1,297 | $ 1,265 | $ 1,297 |
Expected revenue from FERC customers | (67) | (84) | (67) | (84) |
Total pre-tax charge | 1,198 | 1,213 | 1,198 | 1,213 |
Income tax benefit | (304) | (339) | (304) | (339) |
Total after-tax charge | $ 894 | $ 874 | 894 | $ 874 |
SCE | ||||
Loss Contingencies [Line Items] | ||||
Expected insurance recoveries | $ (708) |
Commitments and Contingencies_6
Commitments and Contingencies (Wildfire Insurance Recovery) (Details) - SCE $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Loss Contingencies [Line Items] | |
Wildfire insurance coverage | $ 1,000 |
Self insurance | 50 |
2017/2018 Wildfire/Mudslide Events | |
Loss Contingencies [Line Items] | |
Wildfire insurance coverage | 1,000 |
Self insurance | 10 |
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward] | |
Balance beginning | 708 |
Insurance recoveries | (708) |
November 2018 - Woolsey Wildfires | |
Loss Contingencies [Line Items] | |
Wildfire insurance coverage | 1,000 |
Self insurance | $ 10 |
Commitments and Contingencies_7
Commitments and Contingencies (Wildfire Insurance Coverage) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Aug. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jul. 31, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
SCE | |||||||||
Loss Contingencies [Line Items] | |||||||||
Requested increase (decrease) in revenue requirement | $ 214 | $ 505 | |||||||
Regulatory assets | 8,434 | $ 8,939 | $ 8,939 | $ 8,434 | |||||
Wildfire insurance coverage | 1,000 | ||||||||
Co-insurance | 75 | 75 | |||||||
Self insurance | 50 | ||||||||
Coverage net | 875 | ||||||||
Wildfire insurance expense | 425 | ||||||||
Approved regulatory increase (decrease) | $ 505 | ||||||||
Revenue recovery period | 2 years | ||||||||
SCE | Wildfire insurance costs | |||||||||
Loss Contingencies [Line Items] | |||||||||
Requested increase (decrease) in revenue requirement | 204 | $ 478 | |||||||
Wildfire insurance expense | $ 460 | ||||||||
2017/2018 Wildfire/Mudslide Events | |||||||||
Loss Contingencies [Line Items] | |||||||||
Increase in accrued estimated losses to reflect best estimate | 1,265 | $ 1,297 | 1,265 | $ 1,297 | |||||
2017/2018 Wildfire/Mudslide Events | SCE | |||||||||
Loss Contingencies [Line Items] | |||||||||
Expected insurance recoveries | $ 708 | 708 | |||||||
Insurance settlements and recoveries | 708 | ||||||||
Restoration capital expenditures | $ 60 | ||||||||
Denied rate increase | 8 | ||||||||
Potential impairment | 187 | ||||||||
Expected FERC cumulative recoveries | 300 | 300 | |||||||
Regulatory assets | $ 162 | 162 | |||||||
Wildfire insurance coverage | 1,000 | ||||||||
Self insurance | 10 | ||||||||
2017/2018 Wildfire/Mudslide Events | SCE | Aggregate | |||||||||
Loss Contingencies [Line Items] | |||||||||
Increase in accrued estimated losses to reflect best estimate | 7,500 | ||||||||
Litigation settlement | 5,300 | ||||||||
Insurance settlements and recoveries | 2,000 | ||||||||
November 2018 - Woolsey Wildfires | |||||||||
Loss Contingencies [Line Items] | |||||||||
Litigation settlement | $ 2,212 | ||||||||
November 2018 - Woolsey Wildfires | SCE | |||||||||
Loss Contingencies [Line Items] | |||||||||
Wildfire insurance coverage | 1,000 | ||||||||
Self insurance | $ 10 | ||||||||
Thomas and Rye wildfires | SCE | |||||||||
Loss Contingencies [Line Items] | |||||||||
Denied rate increase | $ 6 |
Commitments and Contingencies_8
Commitments and Contingencies (Wildfire Legislation) (Details) - USD ($) $ in Millions | Jan. 01, 2021 | Aug. 01, 2019 | Jun. 30, 2021 | Nov. 30, 2020 | Sep. 30, 2019 | Jul. 31, 2019 | Sep. 30, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Feb. 28, 2021 | Jul. 31, 2020 |
SCE, SDG&A and PG&E | Wildfire Insurance Fund | |||||||||||
Other Commitments [Line Items] | |||||||||||
Total annual commitment | $ 3,000 | ||||||||||
Insurance fund contribution amortization period | 10 years | ||||||||||
Aggregate annual contributions | $ 600 | ||||||||||
Revenue collected to support bond issuance | $ 10,500 | ||||||||||
SCE and SDG&E | Wildfire Insurance Fund | |||||||||||
Other Commitments [Line Items] | |||||||||||
Initial Wildfire Insurance Fund contributions | 2,700 | ||||||||||
SCE | |||||||||||
Other Commitments [Line Items] | |||||||||||
Revenue recovery period | 2 years | ||||||||||
Capital expenditures excluded | $ 1,600 | $ 518 | |||||||||
AB 1054 excluded capital expenditures spent | 1,600 | ||||||||||
Requested irrevocable order to finance | 1,000 | $ 340 | |||||||||
SCE | Track One | |||||||||||
Other Commitments [Line Items] | |||||||||||
Capital expenditures excluded | 219 | ||||||||||
SCE | Track Two | |||||||||||
Other Commitments [Line Items] | |||||||||||
Capital expenditures excluded | $ 299 | ||||||||||
SCE | Recovery Bonds | |||||||||||
Other Commitments [Line Items] | |||||||||||
Debt | $ 338 | $ 338 | |||||||||
SCE | Wildfire Insurance Fund | |||||||||||
Other Commitments [Line Items] | |||||||||||
Initial Wildfire Insurance Fund contributions | 2,400 | $ 2,600 | |||||||||
Insurance fund contribution amortization period | 15 years | 10 years | |||||||||
Amount to be collected from ratepayers | $ 6,100 | ||||||||||
Revenue recovery period | 15 years | ||||||||||
Expected annual contribution | $ 95 | ||||||||||
Maximum aggregate requirement to reimburse the insurance fund percent | 0.20% | ||||||||||
Minimum weighted-average equity component authorization (as a percent) | 52.00% | ||||||||||
Initial liability cap | $ 3,200 | ||||||||||
SDG&E | Wildfire Insurance Fund | |||||||||||
Other Commitments [Line Items] | |||||||||||
Amount to be collected from ratepayers | $ 1,300 | ||||||||||
PG&E | Wildfire Insurance Fund | |||||||||||
Other Commitments [Line Items] | |||||||||||
Initial Wildfire Insurance Fund contributions | $ 4,800 | ||||||||||
Amount to be collected from ratepayers | $ 6,100 |
Commitments and Contingencies_9
Commitments and Contingencies (Environmental Remediation) (Details) - SCE $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($)site | Sep. 30, 2020USD ($) | |
Jointly Owned Utility Plant Interests [Line Items] | ||
Recorded estimated minimum liability | $ 261 | |
Environmental remediation regulatory assets | 246 | |
Expected recovery from incentive mechanism | $ 39 | |
Expected recovery from incentive mechanism (percent) | 90.00% | |
Recovery through customer rates | $ 207 | |
Recovery through customer rates (percent) | 100.00% | |
Environmental remediation expense | $ 6 | $ 5 |
Clean up (period) | 30 years | |
Expected remediation costs, low end of range | $ 8 | |
Expected remediation costs, high end of range | $ 24 | |
Material sites | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Identified remediation sites (number) | site | 26 | |
Minimum estimated liability | $ 1 | |
Recorded estimated minimum liability | 258 | |
Cost may exceed liability | 110 | |
Material sites | San Onofre | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Recorded estimated minimum liability | $ 170 | |
Immaterial sites | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Identified remediation sites (number) | site | 14 | |
Recorded estimated minimum liability | $ 3 | |
Cost may exceed liability | $ 9 |
Commitments and Contingencie_10
Commitments and Contingencies (Nuclear Insurance) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
SCE | |
Loss Contingencies [Line Items] | |
Litigation settlement | $ 69 |
SCE | Insurance Claims | |
Loss Contingencies [Line Items] | |
Limit on retroactive premium adjustments assessment, per year | 30 |
SCE | Insurance Claims | Palo Verde (nuclear) | |
Loss Contingencies [Line Items] | |
Minimum federal requirement of nuclear property insurance | 1,100 |
Federal loss limit, bodily injury and property damage from nuclear incident | 13,500 |
Maximum per incident | 65 |
Maximum per incident annual | 10 |
Maximum per incident, prior events | 255 |
Maximum per incident, prior events, annually | 38 |
SCE | Insurance Claims | San Onofre | |
Loss Contingencies [Line Items] | |
Minimum federal requirement of nuclear property insurance | 50 |
Federal loss limit, bodily injury and property damage from nuclear incident | 560 |
SCE and other owners of San Onofre and Palo Verde | |
Loss Contingencies [Line Items] | |
Litigation settlement | $ 88 |
Commitments and Contingencie_11
Commitments and Contingencies (Upstream Lighting Program) (Details) - SCE - USD ($) $ in Millions | 1 Months Ended | 24 Months Ended | 36 Months Ended | ||
Mar. 31, 2021 | Jan. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Upstream Lighting Program | |||||
Loss Contingencies [Line Items] | |||||
Incentives paid to manufacturers | $ 91 | ||||
Requested manufacturer incentives refund | $ 92 | ||||
Fines | 140 | ||||
Remedy offered | $ 21 | ||||
Upstream Lighting Program, ESPI | |||||
Loss Contingencies [Line Items] | |||||
Incentives received | $ 1.3 | $ 3.5 | |||
CPUC requested award refund | $ 33 |
Leases (Life) (Details)
Leases (Life) (Details) - SCE | Sep. 30, 2021 |
Power Purchase Agreements | Minimum | |
Lessee, Lease, Description [Line Items] | |
Lease term | 3 years |
Power Purchase Agreements | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease term | 20 years |
Office Leases | Minimum | |
Lessee, Lease, Description [Line Items] | |
Lease term | 5 years |
Office Leases | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease term | 72 years |
Other Operating Leases | Minimum | |
Lessee, Lease, Description [Line Items] | |
Lease term | 5 years |
Other Operating Leases | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease term | 13 years |
Leases (Lease Payments) (Detail
Leases (Lease Payments) (Details) - SCE - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Operating Leases | ||
Lease liabilities | $ 1,525 | $ 1,085 |
Finance Leases | ||
2022 | 1 | |
2023 | 1 | |
Thereafter | 5 | |
Total lease payments | 7 | |
Amount representing interest | 4 | |
Lease liabilities | 3 | $ 4 |
PPA Operating Leases | ||
Operating Leases | ||
2021 | 74 | |
2022 | 355 | |
2023 | 258 | |
2024 | 73 | |
2025 | 73 | |
Thereafter | 768 | |
Total lease payments | 1,601 | |
Amount representing interest | 265 | |
Lease liabilities | 1,336 | |
Other Operating Leases | ||
Operating Leases | ||
2021 | 10 | |
2022 | 38 | |
2023 | 31 | |
2024 | 26 | |
2025 | 23 | |
Thereafter | 119 | |
Total lease payments | 247 | |
Amount representing interest | 58 | |
Lease liabilities | $ 189 |
Leases (Balance Sheet) (Details
Leases (Balance Sheet) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Operating leases: | |||
Operating lease right-of-use assets | $ 1,532 | $ 1,088 | |
Current portion of operating lease liabilities | 355 | 215 | |
Operating lease liabilities | $ 1,177 | $ 873 | |
Finance leases included in: | |||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Public Utilities, Property, Plant and Equipment, Net | Public Utilities, Property, Plant and Equipment, Net | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other Liabilities, Current | Other Liabilities, Current | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | |
SCE | |||
Operating leases: | |||
Operating lease right-of-use assets | $ 1,525 | $ 1,085 | |
Current portion of operating lease liabilities | 355 | 214 | |
Operating lease liabilities | 1,170 | 871 | |
Total operating lease liabilities | 1,525 | 1,085 | |
Finance leases included in: | |||
Utility property, plant and equipment, gross | 4 | 4 | |
Accumulated depreciation | (1) | ||
Utility property, plant and equipment, net | 3 | 4 | |
Other long-term liabilities | 3 | 4 | |
Total finance lease liabilities | 3 | $ 4 | |
SCE | PPA Operating Leases | |||
Operating leases: | |||
Total operating lease liabilities | 1,336 | ||
Finance leases included in: | |||
ROU assets obtained in exchange for lease obligations | 610 | $ 463 | |
SCE | Other Operating Leases | |||
Operating leases: | |||
Total operating lease liabilities | 189 | ||
Finance leases included in: | |||
ROU assets obtained in exchange for lease obligations | $ 38 | $ 42 |
Leases (Lease Expense) (Details
Leases (Lease Expense) (Details) - SCE - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lessee, Lease, Description [Line Items] | ||||
Total lease cost | $ 1,041 | $ 723 | $ 2,397 | $ 1,693 |
PPA Operating Leases | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | 136 | 35 | 199 | 74 |
Finance lease cost | 1 | 2 | ||
Variable lease cost | 893 | 676 | 2,163 | 1,582 |
Total lease cost | 1,029 | 712 | 2,362 | 1,658 |
Other Operating Leases | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | $ 12 | $ 11 | $ 35 | $ 35 |
Leases (Other Information) (Det
Leases (Other Information) (Details) - SCE - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
PPA finance leases, weighted average remaining lease term (in years) | 15 years 11 months 1 day | 10 years 10 months 24 days |
PPA finance leases, weighted average discount rate | 11.29% | 8.83% |
PPA Operating Leases | ||
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 199 | $ 74 |
ROU assets obtained in exchange for lease obligations | $ 610 | $ 463 |
Weighted average remaining lease term (in years) | 10 years 3 months 3 days | 9 years 9 months 29 days |
Weighted average discount rate | 2.82% | 3.08% |
Other Operating Leases | ||
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 33 | $ 33 |
ROU assets obtained in exchange for lease obligations | $ 38 | $ 42 |
Weighted average remaining lease term (in years) | 11 years 8 months 1 day | 12 years 4 months 6 days |
Weighted average discount rate | 3.47% | 3.74% |
Equity (Quarter) (Details)
Equity (Quarter) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | May 31, 2019 | |
Class of Stock [Line Items] | ||||
Equity contribution | $ 575 | |||
Series A Preferred Stock, 5.375% | ||||
Class of Stock [Line Items] | ||||
Stock issued (in shares) | 1,250,000 | |||
Proceeds received, net of offering costs | $ 1,200 | |||
Preferred Stock, dividend rate, (as a percent) | 5.375% | |||
Liquidation value (in dollars per share) | $ 1,000 | |||
Dividend reset period | 5 years | |||
Margin rate for dividend rate reset (as a percent) | 4.698% | |||
Redemption amount (in dollars per share) | $ 1,000 | |||
Redemption amount following change in criteria (in dollars per share) | $ 1,020 | |||
SCE | ||||
Class of Stock [Line Items] | ||||
Capital contributions | $ 83 | $ 1,300 | ||
At-the-market Program (ATM) | ||||
Class of Stock [Line Items] | ||||
Stock issued (in shares) | 0 | 0 | ||
Aggregate sale price | $ 1,500 | |||
Aggregate sales price remaining | $ 1,300 | $ 1,300 | ||
401(K) | ||||
Class of Stock [Line Items] | ||||
Stock issued (in shares) | 52,100 | 465,400 | ||
Proceeds received, net of offering costs | $ 3 | $ 27 | ||
Stock compensation awards | ||||
Class of Stock [Line Items] | ||||
Stock issued (in shares) | 54,970 | 267,564 | ||
Proceeds received, net of offering costs | $ 2 | $ 7 | ||
In lieu of dividend payment | ||||
Class of Stock [Line Items] | ||||
Stock issued (in shares) | 77,468 | 225,383 | ||
Proceeds received, net of offering costs | $ 5 | $ 13 | ||
Optional cash investments | Edison International | ||||
Class of Stock [Line Items] | ||||
Stock issued (in shares) | 21,792 | |||
Proceeds received, net of offering costs | $ 1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 17,313 | $ 16,446 | $ 15,949 | $ 15,496 |
Pension and PBOP - net loss: | ||||
Other comprehensive income, net of tax | 2 | 2 | 6 | 6 |
Ending balance | 16,742 | 15,649 | 16,742 | 15,649 |
Accumulated Other Comprehensive Loss | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (65) | (65) | (69) | (69) |
Pension and PBOP - net loss: | ||||
Ending balance | (63) | (63) | (63) | (63) |
Accumulated Defined Benefit Plans Adjustment | ||||
Pension and PBOP - net loss: | ||||
Reclassified from accumulated other comprehensive loss | 2 | 2 | 6 | 6 |
Other comprehensive income, net of tax | 2 | 2 | 6 | 6 |
SCE | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 19,887 | 18,781 | 18,650 | 17,827 |
Pension and PBOP - net loss: | ||||
Other comprehensive income, net of tax | 2 | 1 | 5 | 4 |
Ending balance | 19,368 | 18,179 | 19,368 | 18,179 |
SCE | Accumulated Other Comprehensive Loss | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (38) | (36) | (41) | (39) |
Pension and PBOP - net loss: | ||||
Ending balance | (36) | (35) | (36) | (35) |
SCE | Accumulated Defined Benefit Plans Adjustment | ||||
Pension and PBOP - net loss: | ||||
Reclassified from accumulated other comprehensive loss | 2 | 1 | 5 | 4 |
Other comprehensive income, net of tax | $ 2 | $ 1 | $ 5 | $ 4 |
Other Income (Details)
Other Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income And Expense [Line Items] | ||||
Total other income and (expenses) | $ 47 | $ 84 | $ 195 | $ 217 |
SCE | ||||
Other Income And Expense [Line Items] | ||||
Equity allowance for funds used during construction | 32 | 36 | 92 | 87 |
Increase in cash surrender value of life insurance policies and life insurance benefits | 8 | 27 | 33 | 60 |
Interest income | 1 | 2 | 2 | 18 |
Net periodic benefit income - non-service components | 33 | 28 | 99 | 83 |
Civic, political and related activities and donations | (16) | (7) | (28) | (22) |
Other expense | (5) | (3) | (9) | (9) |
Total other income and (expenses) | 53 | 83 | 189 | 217 |
Edison International | ||||
Other Income And Expense [Line Items] | ||||
Net periodic benefit income - non-service components | (1) | |||
Other income | 2 | $ 1 | 2 | $ 1 |
Edison International | Proterra | ||||
Other Income And Expense [Line Items] | ||||
Unrealized (losses) gains on investment in Proterra | $ (8) | $ 4 |
Supplemental Cash Flows Infor_3
Supplemental Cash Flows Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash payments (receipts): | ||
Interest, net of amounts capitalized | $ 728 | $ 689 |
Income taxes, net | (87) | (30) |
Common Stock | ||
Non-cash financing and investing activities: | ||
Dividends declared but not paid | 252 | 241 |
SCE | ||
Cash payments (receipts): | ||
Interest, net of amounts capitalized | 642 | 607 |
Income taxes, net | (87) | (29) |
Non-cash financing and investing activities: | ||
Accrued capital expenditures | 567 | 490 |
SCE | Common Stock | ||
Non-cash financing and investing activities: | ||
Dividends declared but not paid | $ 325 | $ 0 |
Related-Party Transactions (Det
Related-Party Transactions (Details) - SCE - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||||
Current insurance receivable due from affiliates | $ 0 | $ 0 | $ 268 | ||||
Wildfire insurance expense | 425 | ||||||
Wildfire liability insurance | Wholly-owned subsidiary | |||||||
Related Party Transaction [Line Items] | |||||||
Wildfire-related insurance premiums | $ 160 | $ 176 | |||||
Current insurance receivable due from affiliates | 0 | 0 | 268 | ||||
Prepaid Insurance | 79 | 79 | $ 56 | ||||
Wildfire insurance expense | $ 41 | $ 45 | $ 128 | $ 145 |