Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 26, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
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 | 381,200,257 | |
Entity Central Index Key | 0000827052 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
SCE | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | false | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
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 | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Total operating revenue | $ 3,968 | $ 2,960 |
Purchased power and fuel | 1,037 | 1,013 |
Operation and maintenance | 1,487 | 841 |
Wildfire-related claims, net of insurance recoveries | 425 | 3 |
Wildfire Insurance Fund expense | 53 | 53 |
Depreciation and amortization | 583 | 525 |
Property and other taxes | 126 | 126 |
Other operating income | (2) | |
Total operating expenses | 3,709 | 2,561 |
Operating income | 259 | 399 |
Interest expense | (246) | (217) |
Other income | 68 | 72 |
Income before taxes | 81 | 254 |
Income tax benefit | (55) | (36) |
Net income | 136 | 290 |
Preferred and preference stock dividend requirements | 26 | 4 |
Net income available to common shareholders | $ 84 | $ 259 |
Basic earnings per share: | ||
Weighted average shares of common stock outstanding | 381 | 379 |
Basic earnings per common share attributable to Edison International common shareholders | $ 0.22 | $ 0.68 |
Diluted earnings per share: | ||
Weighted average shares of common stock outstanding, including effect of dilutive securities | 382 | 380 |
Diluted earnings per common share attributable to Edison International common shareholders | $ 0.22 | $ 0.68 |
SCE | ||
Total operating revenue | $ 3,961 | $ 2,953 |
Purchased power and fuel | 1,037 | 1,013 |
Operation and maintenance | 1,466 | 824 |
Wildfire-related claims, net of insurance recoveries | 425 | 3 |
Wildfire Insurance Fund expense | 53 | 53 |
Depreciation and amortization | 583 | 524 |
Property and other taxes | 124 | 125 |
Other operating income | (2) | |
Total operating expenses | 3,686 | 2,542 |
Operating income | 275 | 411 |
Interest expense | (213) | (184) |
Other income | 71 | 72 |
Income before taxes | 133 | 299 |
Income tax benefit | (40) | (24) |
Net income | 173 | 323 |
Preferred and preference stock dividend requirements | 26 | 27 |
Net income available to common shareholders | $ 147 | $ 296 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 136 | $ 290 |
Other comprehensive income, net of tax: | ||
Pension and postretirement benefits other than pensions | 2 | 2 |
Other comprehensive income, net of tax | 2 | 2 |
Comprehensive income | 138 | 292 |
Less: Comprehensive income attributable to noncontrolling interests | 26 | 27 |
Comprehensive income attributable to Edison International | 112 | 265 |
SCE | ||
Net income | 173 | 323 |
Other comprehensive income, net of tax: | ||
Pension and postretirement benefits other than pensions | 1 | 2 |
Other comprehensive income, net of tax | 1 | 2 |
Comprehensive income | $ 174 | $ 325 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 231 | $ 390 |
Receivables, less allowances for uncollectible accounts at respective dates | 1,312 | 1,398 |
Accrued unbilled revenue | 743 | 794 |
Inventory | 434 | 420 |
Prepaid expenses | 258 | 258 |
Regulatory assets | 1,961 | 1,778 |
Wildfire Insurance Fund contributions | 204 | 204 |
Other current assets | 130 | 249 |
Total current assets | 5,273 | 5,491 |
Nuclear decommissioning trusts | 4,527 | 4,870 |
Marketable securities | 10 | 12 |
Other investments | 44 | 39 |
Total investments | 4,581 | 4,921 |
Utility property, plant and equipment, less accumulated depreciation and amortization | 50,793 | 50,497 |
Nonutility property, plant and equipment, less accumulated depreciation | 207 | 203 |
Total property, plant and equipment | 51,000 | 50,700 |
Receivables, less allowances for uncollectible accounts | 66 | 122 |
Regulatory assets | 8,008 | 7,660 |
Wildfire Insurance Fund contributions | 2,309 | 2,359 |
Operating lease right-of-use assets | 1,849 | 1,932 |
Long-term insurance receivables | 171 | 75 |
Other long-term assets | 1,463 | 1,485 |
Total long-term assets | 13,866 | 13,633 |
Total assets | 74,720 | 74,745 |
LIABILITIES AND EQUITY | ||
Short-term debt | 2,049 | 2,354 |
Current portion of long-term debt | 1,117 | 1,077 |
Accounts payable | 1,973 | 2,002 |
Wildfire-related claims | 137 | 131 |
Customer deposits | 190 | 193 |
Regulatory liabilities | 701 | 603 |
Current portion of operating lease liabilities | 594 | 582 |
Other current liabilities | 1,581 | 1,667 |
Total current liabilities | 8,342 | 8,609 |
Long-term debt | 24,967 | 24,170 |
Deferred income taxes and credits | 5,780 | 5,740 |
Pensions and benefits | 488 | 496 |
Asset retirement obligations | 2,839 | 2,772 |
Regulatory liabilities | 8,867 | 8,981 |
Operating lease liabilities | 1,255 | 1,350 |
Wildfire-related claims | 1,531 | 1,733 |
Other deferred credits and other long-term liabilities | 3,019 | 3,105 |
Total deferred credits and other liabilities | 23,779 | 24,177 |
Total liabilities | 57,088 | 56,956 |
Commitments and contingencies (Note 12) | ||
Preferred / preference stock | 1,977 | 1,977 |
Common stock, no par value, including additional paid-in capital | 6,090 | 6,071 |
Accumulated other comprehensive loss | (52) | (54) |
Retained earnings | 7,716 | 7,894 |
Total Edison International's shareholders' equity | 15,731 | 15,888 |
Noncontrolling interests - preference stock of SCE | 1,901 | 1,901 |
Total equity | 17,632 | 17,789 |
Total liabilities and equity | 74,720 | 74,745 |
SCE Recovery Funding LLC | ||
ASSETS | ||
Other current assets | 27 | 19 |
Regulatory assets | 849 | 325 |
LIABILITIES AND EQUITY | ||
Current portion of long-term debt | 21 | 14 |
Regulatory liabilities | 8 | 14 |
Other current liabilities | 5 | 1 |
Long-term debt | 837 | 314 |
SCE | ||
ASSETS | ||
Cash and cash equivalents | 119 | 279 |
Receivables, less allowances for uncollectible accounts at respective dates | 1,305 | 1,393 |
Accrued unbilled revenue | 743 | 794 |
Inventory | 434 | 420 |
Prepaid expenses | 256 | 257 |
Regulatory assets | 1,961 | 1,778 |
Wildfire Insurance Fund contributions | 204 | 204 |
Other current assets | 123 | 222 |
Total current assets | 5,145 | 5,347 |
Nuclear decommissioning trusts | 4,527 | 4,870 |
Other investments | 39 | 34 |
Total investments | 4,566 | 4,904 |
Utility property, plant and equipment, less accumulated depreciation and amortization | 50,793 | 50,497 |
Nonutility property, plant and equipment, less accumulated depreciation | 201 | 196 |
Total property, plant and equipment | 50,994 | 50,693 |
Receivables, less allowances for uncollectible accounts | 66 | 122 |
Regulatory assets | 8,008 | 7,660 |
Wildfire Insurance Fund contributions | 2,309 | 2,359 |
Operating lease right-of-use assets | 1,842 | 1,925 |
Long-term insurance receivables | 95 | 75 |
Long-term insurance receivables due from affiliate | 76 | |
Other long-term assets | 1,432 | 1,453 |
Total long-term assets | 13,828 | 13,594 |
Total assets | 74,533 | 74,538 |
LIABILITIES AND EQUITY | ||
Short-term debt | 2,049 | 2,354 |
Current portion of long-term debt | 17 | 377 |
Accounts payable | 1,974 | 1,999 |
Wildfire-related claims | 137 | 131 |
Customer deposits | 190 | 193 |
Regulatory liabilities | 701 | 603 |
Current portion of operating lease liabilities | 592 | 582 |
Other current liabilities | 1,571 | 1,631 |
Total current liabilities | 7,231 | 7,870 |
Long-term debt | 22,928 | 21,733 |
Deferred income taxes and credits | 7,239 | 7,181 |
Pensions and benefits | 110 | 111 |
Asset retirement obligations | 2,839 | 2,772 |
Regulatory liabilities | 8,867 | 8,981 |
Operating lease liabilities | 1,250 | 1,343 |
Wildfire-related claims | 1,531 | 1,733 |
Other deferred credits and other long-term liabilities | 2,886 | 2,979 |
Total deferred credits and other liabilities | 24,722 | 25,100 |
Total liabilities | 54,881 | 54,703 |
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 | 7,028 | 7,033 |
Accumulated other comprehensive loss | (31) | (32) |
Retained earnings | 8,542 | 8,721 |
Total equity | 19,652 | 19,835 |
Total liabilities and equity | 74,533 | 74,538 |
SCE | SCE Recovery Funding LLC | ||
ASSETS | ||
Regulatory assets | 849 | 325 |
LIABILITIES AND EQUITY | ||
Long-term debt | $ 837 | $ 314 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Receivables, allowances for uncollectible accounts | $ 255 | $ 193 |
Utility property, plant and equipment, accumulated depreciation | 11,650 | 11,407 |
Nonutility property, plant and equipment, accumulated depreciation | 103 | 98 |
Receivables, allowances for uncollectible accounts, Long term | $ 99 | $ 116 |
Preferred stock, shares authorized | 50,000,000 | |
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 | 380,901,110 | 380,378,145 |
Common stock, shares outstanding | 380,901,110 | 380,378,145 |
Series A | ||
Preferred stock, shares issued | 1,250,000 | |
Preferred stock, shares outstanding | 1,250,000 | |
Series B | ||
Preferred stock, shares issued | 750,000 | |
Preferred stock, shares outstanding | 750,000 | |
SCE | ||
Receivables, allowances for uncollectible accounts | $ 254 | $ 193 |
Utility property, plant and equipment, accumulated depreciation | 11,650 | 11,407 |
Nonutility property, plant and equipment, accumulated depreciation | 92 | 88 |
Receivables, allowances for uncollectible accounts, Long term | $ 99 | $ 116 |
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 | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 136 | $ 290 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Depreciation and amortization | 624 | 542 |
Allowance for equity during construction | (30) | (35) |
Deferred income taxes | (55) | (37) |
Wildfire Insurance Fund amortization expense | 53 | 53 |
Other | 11 | 11 |
Nuclear decommissioning trusts | (34) | (52) |
Changes in operating assets and liabilities: | ||
Receivables | 130 | 15 |
Inventory | (14) | (12) |
Accounts payable | (84) | (151) |
Tax receivables and payables | 54 | 178 |
Other current assets and liabilities | 5 | (168) |
Regulatory assets and liabilities, net | 259 | (70) |
Wildfire-related insurance receivable | (96) | 105 |
Wildfire-related claims | (196) | (618) |
Other noncurrent assets and liabilities | 29 | 21 |
Net cash provided by operating activities | 792 | 72 |
Cash flows from financing activities: | ||
Long-term debt issued, plus premium and net of discount and issuance costs | 1,713 | 1,223 |
Long-term debt repaid | (365) | (490) |
Short-term debt issued | 305 | |
Short-term debt repaid | (518) | (327) |
Common stock issued | 4 | 15 |
Preferred stock issued, net | 1,237 | |
Commercial paper repayments, net of borrowing | (306) | (180) |
Dividends and distribution to noncontrolling interests | (32) | (32) |
Common stock dividends paid | (262) | (247) |
Preferred stock dividends paid | (46) | |
Other | 17 | 7 |
Net cash provided by financing activities | 205 | 1,511 |
Cash flows from investing activities: | ||
Capital expenditures | (1,207) | (1,358) |
Proceeds from sale of nuclear decommissioning trust investments | 867 | 1,270 |
Purchases of nuclear decommissioning trust investments | (833) | (1,218) |
Other | 16 | 24 |
Net cash used in investing activities | (1,157) | (1,282) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (160) | 301 |
Cash, cash equivalents and restricted cash at beginning of period | 394 | 89 |
Cash, cash equivalents and restricted cash at end of period | 234 | 390 |
SCE | ||
Cash flows from operating activities: | ||
Net income | 173 | 323 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Depreciation and amortization | 622 | 540 |
Allowance for equity during construction | (30) | (35) |
Deferred income taxes | (40) | (25) |
Wildfire Insurance Fund amortization expense | 53 | 53 |
Other | 6 | 8 |
Nuclear decommissioning trusts | (34) | (52) |
Changes in operating assets and liabilities: | ||
Receivables | 130 | 16 |
Inventory | (14) | (12) |
Accounts payable | (79) | (154) |
Tax receivables and payables | 36 | 178 |
Other current assets and liabilities | 5 | (166) |
Regulatory assets and liabilities, net | 259 | (70) |
Wildfire-related insurance receivable | (96) | 42 |
Wildfire-related claims | (196) | (618) |
Other noncurrent assets and liabilities | 32 | 20 |
Net cash provided by operating activities | 827 | 48 |
Cash flows from financing activities: | ||
Long-term debt issued, plus premium and net of discount and issuance costs | 1,713 | 1,223 |
Long-term debt repaid | (365) | (490) |
Short-term debt issued | 305 | |
Short-term debt repaid | (518) | (327) |
Capital contributions from Edison International Parent | 900 | |
Commercial paper repayments, net of borrowing | (306) | (51) |
Dividends paid | (357) | (357) |
Other | 4 | 1 |
Net cash provided by financing activities | 171 | 1,204 |
Cash flows from investing activities: | ||
Capital expenditures | (1,207) | (1,357) |
Proceeds from sale of nuclear decommissioning trust investments | 867 | 1,270 |
Purchases of nuclear decommissioning trust investments | (833) | (1,218) |
Other | 14 | 23 |
Net cash used in investing activities | (1,159) | (1,282) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (161) | (30) |
Cash, cash equivalents and restricted cash at beginning of period | 280 | 56 |
Cash, cash equivalents and restricted cash at end of period | $ 119 | $ 26 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Premium and net of discount and issuance costs | $ 20 | $ 15 |
SCE | ||
Premium and net of discount and issuance costs | $ 20 | $ 15 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 1. Organization and Basis of Presentation Edison International is the ultimate parent holding company of Southern California Edison Company ("SCE") and Edison Energy, LLC ("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 integrated decarbonization and 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, 2021 (the "2021 Form 10-K"). This quarterly report should be read in conjunction with the financial statements and notes included in the 2021 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 period ended March 31, 2022 are not necessarily indicative of the operating results for the full year. The December 31, 2021 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 March 31, December 31, March 31, December 31, (in millions) 2022 2021 2022 2021 Money market funds $ 167 $ 329 $ 63 $ 230 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. The following table sets forth the cash, cash equivalents and restricted cash included in the consolidated statements of cash flows: March 31, December 31, (in millions) 2022 2021 Edison International: Cash and cash equivalents $ 231 $ 390 Short-term restricted cash 1 3 4 Total cash, cash equivalents and restricted cash $ 234 $ 394 SCE: Cash and cash equivalents $ 119 $ 279 Short-term restricted cash 1 — 1 Total cash, cash equivalents and restricted cash $ 119 $ 280 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 collectibility and current economic trends, including unemployment rates and any likelihood of recession for the region. At March 31, 2022, this included the estimated impacts of the COVID-19 pandemic. The following table sets forth the changes in allowance for uncollectible accounts for SCE: Three months ended Three months ended March 31, 2022 March 31, 2021 (in millions) Customers All others Total Customers All others Total Beginning balance $ 293 $ 16 $ 309 ³ $ 175 $ 13 $ 188 Plus: current period provision for uncollectible accounts Included in operation and maintenance expenses in earning activities 1 13 7 20 6 4 10 Included in operation and maintenance expenses in cost-recovery activities 2 38 — 38 32 — 32 Deferred to regulatory memorandum accounts 3 — 3 2 — 2 Less: write-offs, net of recoveries 10 7 17 5 1 6 Ending balance $ 337 $ 16 $ 353 ³ $ 210 $ 16 $ 226 1 Earning activities is one of SCE's disaggregated revenue sources. See Note 7 for further details. 2 Cost-recovery activities is one of SCE's disaggregated revenue sources. See Note 7 for further details. This portion of costs from the allowance for uncollectible expenses is recovered through the residential uncollectibles balancing account. 3 Approximately $99 million and $116 million of allowance for uncollectible accounts are included in "Long-term account receivables" on Edison International's and SCE's consolidated balance sheets as of March 31, 2022 and December 31, 2021, respectively. 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 13 for further information. EPS attributable to Edison International common shareholders was computed as follows: Three months ended March 31, (in millions, except per-share amounts) 2022 2021 Basic earnings per share: Net income attributable to common shareholders $ 84 $ 259 Net income available to common shareholders $ 84 $ 259 Weighted average common shares outstanding 381 379 Basic earnings per share $ 0.22 $ 0.68 Diluted earnings per share: Net income attributable to common shareholders $ 84 $ 259 Net income available to common shareholders $ 84 $ 259 Net income available to common shareholders and assumed conversions $ 84 $ 259 Weighted average common shares outstanding 381 379 Incremental shares from assumed conversions 1 1 Adjusted weighted average shares – diluted 382 380 Diluted earnings per share $ 0.22 $ 0.68 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 6,533,558 and 11,412,075 shares of common stock for the three months ended March 31, 2022 and 2021, respectively were outstanding, but were not included in the computation of diluted earnings per share because the effect would have been antidilutive. Revenue Recognition Regulatory Proceedings Cost of Capital In August 2021, SCE filed an application with the CPUC for authority to establish its authorized cost of capital for utility operations for 2022 and to reset the related annual cost of capital mechanism that can adjust authorized cost of capital between SCE's cost of capital proceedings based on changes in Moody's utility bond rate index. In the absence of a decision SCE is continuing to recognize revenue based on its pre-2022 cost of capital, subject to refund. If the CPUC ultimately finds that the cost of capital mechanism adjustment should have been implemented effective January 1, 2022, revenue recorded in the first quarter would be reduced by approximately $43 million. FERC 2022 Formula Rate Update In November 2021, SCE filed its 2022 annual update with the FERC with the proposed rates effective January 1, 2022, subject to settlement procedures and refund. SCE requested an increase in SCE's transmission revenue requirement of $326 million or 30% higher than amounts included in the 2021 annual rates. Pending resolution of the FERC formula rate proceedings, SCE recognized revenue in the first quarter of 2022 based on the FERC formula rate, subject to refund. New Accounting Guidance Accounting Guidance Adopted In November 2021, the FASB issued an accounting standards update to require business entities that account for transactions with a government by analogizing to a grant or contribution accounting model to make certain annual disclosures. Edison International and SCE have adopted this standard on January 1, 2022 using the prospective adoption approach. The adoption of this standard did not have a material impact on Edison International's and SCE's annual disclosure. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Consolidated Statements of Changes in Equity | Note 2. The following table provides Edison International's changes in equity for the three months ended March 31, 2022: 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, 2021 $ 1,977 $ 6,071 $ (54) $ 7,894 $ 15,888 $ 1,901 $ 17,789 Net income — — — 110 110 26 136 Other comprehensive income — — 2 — 2 — 2 Common stock issued, net of issuance cost — 12 — — 12 — 12 Common stock dividends declared ($0.7000 per share) — — — (267) (267) — (267) Preferred stock dividend declared ($26.875 per share for Series A and $17.08333 per share for Series B) — — — (21) (21) — (21) Dividends to noncontrolling interests ($11.160 - $35.936 per share for preference stock) — — — — — (26) (26) Noncash stock-based compensation — 7 — — 7 — 7 Balance at March 31, 2022 $ 1,977 $ 6,090 $ (52) $ 7,716 $ 15,731 $ 1,901 $ 17,632 The following table provides Edison International's changes in equity for the three months ended March 31, 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 The following table provides SCE's changes in equity for the three months ended March 31, 2022: 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, 2021 $ 1,945 $ 2,168 $ 7,033 $ (32) $ 8,721 $ 19,835 Net income — — — — 173 173 Other comprehensive income — — — 1 — 1 Dividends declared on common stock ($0.7473 per share) — — — — (325) (325) Dividends on preference stock ($11.160 - $35.937 per share) — — — — (26) (26) Stock-based compensation — — (9) — — (9) Noncash stock-based compensation — — 4 — (1) 3 Balance at March 31, 2022 $ 1,945 $ 2,168 $ 7,028 $ (31) $ 8,542 $ 19,652 The following table provides SCE's changes in equity for the three months ended March 31, 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 declared 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 |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2022 | |
Variable Interest Entities | |
Variable Interest Entities | Note 3. A VIE is defined as a legal entity that meets one of two conditions: (1) the equity owners do not have sufficient equity at risk, or (2) the holders of the equity investment at risk, as a group, lack any of the following three characteristics: decision-making rights, the obligation to absorb losses or the right to receive the expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The primary beneficiary is required to consolidate the VIE. Commercial and operating activities are generally the factors that most significantly impact the economic performance of such VIEs. Commercial and operating activities include construction, operation and maintenance, fuel procurement, dispatch and compliance with regulatory and contractual requirements. Variable Interest in VIEs that are 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. In February 2022 and 2021, SCE Recovery Funding LLC issued $533 million and $338 million of securitized bonds, respectively, 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. March 31, December 31, (in millions) 2022 2021 Other current assets $ 27 $ 19 Regulatory assets: Non-current 849 325 Regulatory liabilities: Current (8) (14) Current portion of long-term debt (21) (14) Other current liabilities (5) (1) Long-term debt 1 (837) (314) 1 The bondholders have no recourse to SCE. Variable Interest in VIEs that are not Consolidated Power Purchase Agreements SCE has PPAs that are classified as variable interests in VIEs, including agreements through which SCE provides the natural gas to fuel the plants, fixed price contracts for renewable energy, and resource adequacy agreements that, upon the seller's election, include the purchase of energy at fixed prices. SCE has concluded that it is not the primary beneficiary of these VIEs since it does not control the commercial and operating activities of these entities. Since payments for capacity are the primary source of income, the most significant economic activity for these VIEs is the operation and maintenance of the power plants. As of the balance sheet date, the carrying amount of assets and liabilities in SCE's consolidated balance sheet that relate to involvement with VIEs that are not consolidated 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 2021 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 3,645 MW and 3,916 MW at March 31, 2022 and 2021, respectively, and the amounts that SCE paid to these projects were $106 million and $159 million for the three months ended March 31, 2022 and 2021, 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 March 31, 2022 and December 31, 2021 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 March 31, (in millions) Trust II Trust III Trust IV Trust V Trust VI 2022 Dividend income $ 5 $ 4 $ 4 $ 4 $ 6 Dividend distributions 5 4 4 4 6 2021 Dividend income $ 5 $ 4 $ 4 $ 4 $ 6 Dividend distributions 5 4 4 4 6 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Measurements | |
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 March 31, 2022 and December 31, 2021, nonperformance risk was not material for Edison International and SCE. Assets and liabilities are categorized into a three-level fair value hierarchy based on valuation inputs used to determine fair value. Level 1 – The fair value of Edison International's and SCE's Level 1 assets and liabilities is determined using unadjusted quoted prices in active markets that are available at the measurement date for identical assets and liabilities. This level includes exchange-traded equity securities, U.S. treasury securities, mutual funds, and money market funds. Level 2 – Edison International's and SCE's Level 2 assets and liabilities include fixed income securities, primarily consisting of U.S. government and agency bonds, municipal bonds and corporate bonds, and over-the-counter derivatives. The fair value of fixed income securities is determined using a market approach by obtaining quoted prices for similar assets and liabilities in active markets and inputs that are observable, either directly or indirectly, for substantially the full term of the instrument. The fair value of SCE's over-the-counter derivative contracts is determined using an income approach. SCE uses standard pricing models to determine the net present value of estimated future cash flows. Inputs to the pricing models include forward published or posted clearing prices from an exchange (Intercontinental Exchange) for similar instruments and discount rates. A primary price source that best represents trade activity for each market is used to develop observable forward market prices in determining the fair value of these positions. Broker quotes, prices from exchanges, or comparison to executed trades are used to validate and corroborate the primary price source. These price quotations reflect mid-market prices (average of bid and ask) and are obtained from sources believed to provide the most liquid market for the commodity. Level 3 – The fair value of SCE's Level 3 assets and liabilities is determined using the income approach through various models and techniques that require significant unobservable inputs. This level includes derivative contracts that trade infrequently such as congestion revenue rights ("CRRs"). Edison International Parent and Other does not have any Level 3 assets and liabilities. Assumptions are made in order to value derivative contracts in which observable inputs are not available. In circumstances where fair value cannot be verified with observable market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. Modeling methodologies, inputs, and techniques are reviewed and assessed as markets continue to develop and more pricing information becomes available and the fair value is adjusted when it is concluded that a change in inputs or techniques would result in a new valuation that better reflects the fair value of those derivative contracts. See Note 6 for a discussion of derivative instruments. SCE The following table sets forth assets and liabilities of SCE that were accounted for at fair value by level within the fair value hierarchy: March 31, 2022 Netting and (in millions) Level 1 Level 2 Level 3 Collateral 1 Total Assets at fair value Derivative contracts $ — $ 57 $ 43 $ (37) $ 63 Money market funds and other 63 22 — — 85 Nuclear decommissioning trusts: Stocks 2 1,879 — — — 1,879 Fixed Income 3 977 1,528 — — 2,505 Short-term investments, primarily cash equivalents 81 84 — — 165 Subtotal of nuclear decommissioning trusts 4 2,937 1,612 — — 4,549 Total assets 3,000 1,691 43 (37) 4,697 Liabilities at fair value Derivative contracts — 14 4 (18) — Total liabilities — 14 4 (18) — Net assets $ 3,000 $ 1,677 $ 39 $ (19) $ 4,697 December 31, 2021 Netting and (in millions) Level 1 Level 2 Level 3 Collateral 1 Total Assets at fair value Derivative contracts $ — $ 26 $ 49 $ (31) $ 44 Money market funds and other 230 23 — — 253 Nuclear decommissioning trusts: Stocks 2 1,972 — — — 1,972 Fixed Income 3 1,083 1,607 — — 2,690 Short-term investments, primarily cash equivalents 102 125 — — 227 Subtotal of nuclear decommissioning trusts 4 3,157 1,732 — — 4,889 Total assets 3,387 1,781 49 (31) 5,186 Liabilities at fair value Derivative contracts — 42 5 (47) — Total liabilities — 42 5 (47) — Net assets $ 3,387 $ 1,739 $ 44 $ 16 $ 5,186 1 Represents the netting of assets and liabilities under master netting agreements and cash collateral. 2 Approximately 75% SCE's equity investments were in companies located in the United States at both March 31, 2022 and December 31, 2021, respectively. 3 Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $37 million and $30 million at March 31, 2022 and December 31, 2021, respectively. 4 Excludes net payables of $22 million and $19 million at March 31, 2022 and December 31, 2021, respectively, which consist of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases. Edison International Parent and Other Edison International Parent and Other assets measured at fair value and classified as Level 1 consisted of $9 million and $12 million in equity investments as of March 31, 2022 and December 31, 2021, respectively and money market funds of $104 million and $99 million at March 31, 2022 and December 31, 2021, respectively, and classified as Level 2 consisted of short-term investments of $3 million and $6 million at March 31, 2022 and December 31, 2021, 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 March 31, (in millions) 2022 2021 Fair value of net assets at beginning of period $ 44 $ 108 Settlements (3) (14) Total realized/unrealized losses 1,2 (2) (3) Fair value of net assets at end of period $ 39 $ 91 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 2022 and 2021. 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 March 31, 2022 $ 43 $ 4 Auction prices CAISO CRR auction prices $(18.87) - $43.03 $ 1.36 December 31, 2021 49 5 Auction prices CAISO CRR auction prices $(18.87) - $43.03 1.46 Level 3 Fair Value Uncertainty For CRRs, increases or decreases in CAISO auction prices would result in higher or lower fair value, respectively. Nuclear Decommissioning Trusts SCE's nuclear decommissioning trust investments include equity securities, U.S. treasury securities, and other fixed income securities. Equity and treasury securities are classified as Level 1 as fair value is determined by observable market prices in active or highly liquid and transparent markets. The remaining fixed income securities are classified as Level 2. 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: March 31, 2022 December 31, 2021 Carrying Fair Carrying Fair (in millions) Value 1 Value 2 Value 1 Value 2 Edison International $ 26,084 $ 26,046 $ 25,247 $ 27,718 SCE 22,945 22,842 22,110 24,375 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 | 3 Months Ended |
Mar. 31, 2022 | |
Debt and Credit Agreements | |
Debt and Credit Agreements | Note 5. Long-Term Debt In January 2022, SCE issued $500 million of 2.75% first and refunding mortgage bonds due in 2032 and $700 million of 3.45% first and refunding mortgage bonds due in 2052. The proceeds were used to finance or refinance eligible sustainable projects. Senior Secured Recovery Bonds In February 2022, SCE Recovery Funding LLC issued $533 million of Senior Secured Recovery Bonds, Series 2022-A, in three tranches ("Recovery Bonds") and used the proceeds to acquire Recovery Property. The three tranches of Recovery Bonds consisted of $100 million, 1.98% with final maturity in 2030; $305 million, 2.94% with final maturity in 2044; and $128 million, 3.24% with final maturity in 2048. 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 March 31, 2022: (in millions, except for rates) Execution Termination Secured Overnight Financing Rate ("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, 3 $ 1,500 $ — $ — $ 1,500 Total Edison International Parent: $ 1,500 $ — $ — $ 1,500 SCE June 2019 May 2025 108 Support commercial paper borrowings and general corporate purposes 2, 3 $ 3,350 $ 295 $ 202 $ 2,853 Total SCE: $ 3,350 $ 295 $ 202 $ 2,853 Total Edison International: $ 4,850 $ 295 $ 202 $ 4,353 1 At March 31, 2022 Edison International Parent did no t have any outstanding commercial paper. 2 At March 31, 2022 SCE had $295 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 0.82% . 3 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. Debt Financing Subsequent to March 31, 2022 In April 2022, Edison International Parent borrowed $600 million under a term loan agreement due in April 2023 that bears interest at either an adjusted term SOFR plus 0.70% or a base rate with no applicable margin. Edison International expects to use the proceeds for general corporate purposes. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments | |
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 the major credit rating agencies that have credit ratings for SCE, 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 March 31, 2022 and December 31, 2021, 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 March 31, 2022, SCE would be required to post less than $1 million of collateral, most 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: March 31, 2022 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 $ 95 $ 5 $ 100 $ 17 $ 1 $ 18 $ 82 Gross amounts offset in the consolidated balance sheets (17) (1) (18) (17) (1) (18) — Cash collateral posted 3 (19) — (19) — — — (19) Net amounts presented in the consolidated balance sheets $ 59 $ 4 $ 63 $ — $ — $ — $ 63 December 31, 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 $ 70 $ 6 $ 76 $ 46 $ 2 $ 48 $ 28 Gross amounts offset in the consolidated balance sheets (30) (2) (32) (30) (2) (32) — Cash collateral posted 3 — — — (16) — (16) 16 Net amounts presented in the consolidated balance sheets $ 40 $ 4 $ 44 $ — $ — $ — $ 44 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 March 31, 2022, SCE received $21 million of cash, of which $19 million was offset against derivative assets and $2 million was reflected in "Other current liabilities" on the consolidated balance sheets. At December 31, 2021, SCE posted $65 million of cash, of which $16 million was offset against derivative liabilities and $49 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 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 March 31, (in millions) 2022 2021 Realized (losses) gains $ (19) $ 112 Unrealized gains (losses) 53 (6) 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 March 31, 2022 December 31, 2021 Electricity options, swaps and forwards GWh 899 1,869 Natural gas options, swaps and forwards Bcf 47 58 Congestion revenue rights GWh 30,813 33,216 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2022 | |
Revenue | |
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 March 31, 2022 Three months ended March 31, 2021 Cost- Cost- Earning Recovery Total Earning Recovery Total (in millions) Activities Activities Consolidated Activities Activities Consolidated Revenue from contracts with customers 1,2 $ 1,985 $ 1,375 $ 3,360 $ 1,704 $ 1,195 $ 2,899 Alternative revenue programs and other operating revenue 3 282 319 601 63 (9) 54 Total operating revenue $ 2,267 $ 1,694 $ 3,961 $ 1,767 $ 1,186 $ 2,953 1 In the absence of a decision on SCE’s August 2021 cost of capital application, SCE is continuing to recognize revenue based on its pre-2022 cost of capital, subject to refund. In the absence of a 2021 GRC decision, SCE recognized CPUC revenue in the first quarter of 2021 based on the 2020 authorized revenue requirement until SCE received the final 2021 GRC decision in the third quarter of 2021. 2 At March 31, 2022 and December 31, 2021, SCE's receivables related to contracts from customers were $2.2 billion and $2.3 billion, respectively, which include accrued unbilled revenue of $743 million and $794 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 for a period of 30 years. SCE recognized the entire proceeds as deferred revenue and will amortize deferred revenue 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 March 31, 2022, the deferred revenue is $391 million, of which $13 million and $378 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 March 31, 2022, SCE has recognized revenue of $3 million. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Taxes [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: Edison International SCE Three months ended March 31, (in millions) 2022 2021 2022 2021 Income from operations before income taxes $ 81 $ 254 $ 133 $ 299 Provision for income tax at federal statutory rate of 21% 17 53 28 63 (Decrease) increase in income tax from: Items presented with related state income tax, net: State tax, net of federal benefit (17) (7) (13) (4) Property-related (45) (83) (45) (83) Other (10) 1 (10) — Total income tax benefit $ (55) $ (36) $ (40) $ (24) Effective tax rate (67.9) % (14.2) % (30.1) % (8.0) % 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 – 2021 and 2013 – 2021, respectively. |
Compensation and Benefit Plans
Compensation and Benefit Plans | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Compensation and Benefit Plans | Note 9. Pension Plans Net periodic pension expense components are: Three months ended March 31, (in millions) 2022 2021 Edison International: Service cost $ 30 $ 34 Non-service cost (benefit) Interest cost 27 26 Expected return on plan assets (57) (56) Amortization of net loss 1 1 3 Regulatory adjustment 2 4 Total non-service benefit 2 $ (27) $ (23) Total expense recognized $ 3 $ 11 SCE: Service cost $ 29 $ 33 Non-service cost (benefit) Interest cost 25 24 Expected return on plan assets (54) (53) Amortization of net loss 1 1 2 Regulatory adjustment 2 4 Total non-service benefit 2 $ (26) $ (23) Total expense recognized $ 3 $ 10 1 Includes the amount of net loss reclassified from other comprehensive loss. The amount reclassified for Edison International and SCE was $2 million and $1 million respectively, for the three months ended March 31, 2022. The amount reclassified for Edison International and SCE was $3 million and $2 million, respectively, for the three months ended March 31, 2021. 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 March 31, (in millions) 2022 2021 Service cost $ 8 $ 10 Non-service cost (benefit) Interest cost 14 14 Expected return on plan assets (24) (27) Amortization of net gain (12) (8) Regulatory adjustment 14 11 Total non-service benefit 1 $ (8) $ (10) Total expense $ — $ — 1 Included in "Other income" on Edison International ' s and SCE ' s consolidated statement of income . |
Investments
Investments | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, December 31, March 31, December 31, (in millions) Maturity Dates 2022 2021 2022 2021 Stocks — * * $ 1,879 $ 1,972 Municipal bonds 2057 $ 872 $ 875 955 1,033 Government and agency securities 2067 1,023 1,095 1,092 1,212 Corporate bonds 2070 415 386 458 446 Short-term investments and receivables/payables 1 One-year 134 199 143 207 Total $ 2,444 $ 2,555 $ 4,527 $ 4,870 * Not applicable 1 Short-term investments include $11 million and $37 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by April 1, 2022 and January 3, 2022 as of March 31, 2022 and December 31, 2021, 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 March 31, 2022 and December 31, 2021, respectively. Trust assets are used to pay income taxes arising from trust investing activity. Deferred tax liabilities related to net unrealized gains were $434 million and $517 million at March 31, 2022 and December 31, 2021, respectively. Accordingly, the fair value of trust assets available to pay future decommissioning costs, net of deferred income taxes, totaled $4.1 billion and $4.4 billion at March 31, 2022 and December 31, 2021, respectively. The following table summarizes the gains and losses for the trust investments: Three months ended March 31, (in millions) 2022 2021 Gross realized gains $ 15 $ 111 Gross realized losses 16 12 Net unrealized (losses) gains for equity securities (100) 18 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. As of March 31, 2022 and December 31, 2021, these investments consist of $10 million and $12 million of marketable securities, respectively, and $3 million of equity investments without readily determinable fair values for both periods (included as "Other investments" on Edison International's consolidated balance sheets). The unrealized loss for equity investments held is $2 million for the three months ended March 31, 2022, recorded as "Other income" on Edison International's consolidated statement of income. There were no unrealized gains or losses for equity investments for the three months ended March 31, 2021. For further information, see Note 4 and Note 15. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
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: March 31, December 31, (in millions) 2022 2021 Current: Regulatory balancing and memorandum accounts $ 1,771 $ 1,591 Power contracts 171 168 Other 19 19 Total current 1,961 1,778 Long-term: Deferred income taxes, net of liabilities 4,856 4,770 Power contracts 50 71 Unamortized investments, net of accumulated amortization 113 114 Unamortized loss on reacquired debt 118 121 Regulatory balancing and memorandum accounts 1,661 1,897 Environmental remediation 245 242 Recovery assets 1 849 325 Other 116 120 Total long-term 8,008 7,660 Total regulatory assets $ 9,969 $ 9,438 1 Represents the balance associated with the AB 1054 Excluded Capital Expenditures related Recovery Properties and prudently incurred financing costs securitized with issuance of the associated bond. For further details, see Note 3. Regulatory Liabilities SCE's regulatory liabilities included on the consolidated balance sheets are: March 31, December 31, (in millions) 2022 2021 Current: Regulatory balancing and memorandum accounts $ 603 $ 553 Energy derivatives 78 25 Other 20 25 Total current 701 603 Long-term: Costs of removal 2,694 2,552 Re-measurement of deferred taxes 2,302 2,315 Recoveries in excess of ARO liabilities 1 1,760 2,155 Regulatory balancing and memorandum accounts 825 648 Pension and other postretirement benefits 1,286 1,281 Other — 30 Total long-term 8,867 8,981 Total regulatory liabilities $ 9,568 $ 9,584 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: March 31, December 31, (in millions) 2022 2021 Asset (liability) Energy resource recovery account $ 102 $ 759 Portfolio allocation balancing account 459 (183) New system generation balancing account 16 73 Public purpose programs and energy efficiency programs (1,287) (1,066) Base revenue requirement balancing account 1,360 849 GRC wildfire mitigation balancing accounts 1 63 12 Residential uncollectibles balancing account 38 — Greenhouse gas auction revenue and low carbon fuel standard revenue (393) (298) FERC balancing accounts 26 55 Wildfire and drought restoration accounts 2 305 299 Wildfire-related memorandum accounts 3 1,034 1,456 COVID-19-related memorandum accounts 97 94 Customer service re-platform memorandum account 4 159 128 Tax accounting memorandum account and pole loading balancing account 144 171 Excess bond and power charge balancing account 5 (144) — Other 25 (62) Asset $ 2,004 $ 2,287 1 The 2021 GRC decision approved the establishment of the vegetation management balancing account ("VMBA") to track vegetation management expenses up to 115% of amounts authorized, the Wildfire Risk Mitigation balancing account ("WRMBA") 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. The amount recorded to these balancing accounts represents the difference between costs tracked in the balancing accounts and authorized revenue for those costs recorded to the base revenue requirement balancing account. 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 The wildfire and drought restoration accounts regulatory assets represent restoration costs that are recorded in a Catastrophic Event Memorandum Account ("CEMA"). 3 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. The Wildfire Mitigation Plan Memorandum Account ("WMPMA") is used to track costs incurred to implement SCE's wildfire mitigation plan that are not currently reflected in SCE's revenue requirements. The Fire Risk Mitigation Memorandum Account ("FRMMA") is used to track costs related to the reduction of fire risk that are incremental to costs approved for recovery in SCE's GRCs that are not tracked in any other wildfire-related memorandum account. The balance also includes vegetation management spending in excess of the 115% threshold for the VMBA described above. 4 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. Expenditures for the CSRP project are subject to reasonableness review by the CPUC. Expenditures for the project were significantly higher than originally projected. 5 This balancing account was established in January 2022 to refund customers for excess California Department of Water Resources (" DWR") bond and power charges. The refund will begin in June 2022 for a 12-month period . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. 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. California has experienced unprecedented weather conditions in recent years due to climate change, and SCE's service territory remains susceptible to additional wildfire activity. Numerous claims related to wildfire events have been initiated against SCE and Edison International. Edison International and SCE have incurred material losses in connection with the 2017/2018 Wildfire/Mudslide Events (defined below), 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, including the 2019/2020 Wildfires (defined below). 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. 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. Recent developments Each reporting period, management reviews its loss estimates for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events. As a result of management’s first quarter 2022 review, including a review of large damage claims presented by a small number of plaintiffs and new lawsuits filed in the Woolsey Fire litigation, a $416 million increase in estimated losses for the 2017/2018 Wildfire/Mudslide Events as of March 31, 2022 was recorded. As a result, Edison International and SCE also recorded expected recoveries through FERC electric rates of against the charge, 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. For instance, SCE will receive additional information with respect to damages claimed, particularly with respect to plaintiffs in the Woolsey litigation, as milestones in the litigation are met. Other factors that can cause actual losses incurred to be higher or lower than estimated include 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. As of March 31, 2022, Edison International and SCE had paid $6.4 billion under executed settlements, had $137 million to be paid under executed settlements and had $1.3 billion of estimated losses for remaining alleged and potential claims and for the SED Agreement (defined below) 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 $155 million on their consolidated balance sheets and had exhausted expected insurance recoveries related to the 2017/2018 Wildfire/Mudslide Events. 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 (defined below) if the CPUC's approval of the SED Agreement becomes final and non-appealable. 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 cannot predict when the VCFD will release its final report regarding the Woolsey Fire. 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") conducted investigations to assess SCE's compliance with applicable rules and regulations in areas impacted by the Thomas, Koenigstein and Woolsey Fires. As discussed below, in October 2021, SCE and the SED executed the SED Agreement (as defined below) to resolve the SED's investigations into the 2017/2018 Wildfire/Mudslide Events. 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 the Woolsey Fire, 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. On October 4, 2018, the Los Angeles 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). 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 March 31, 2022, SCE has also entered into settlements with approximately 7,000 individual plaintiffs in the 2017/2018 Wildfire/Mudslide Events litigation. In 2020 and 2021, 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 and $1.7 billion, respectively, to those individual plaintiffs. Between December 31, 2021 and March 31, 2022, 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 $700 million 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. SED Agreement In October 2021, SCE and the SED executed an agreement (the "SED Agreement") 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. The CPUC approved the SED Agreement in December 2021 and its approval has been legally challenged by The Utility Reform Network (“TURN”). In April 2022, the CPUC denied TURN’s challenge on all but one issue, which now requires the SED to provide the CPUC with its analysis of the factors required to be considered for penalty assessments relative to the SED Agreement. SCE's obligations under the SED Agreement will only commence after CPUC approval of the SED Agreement is final and non-appealable. SCE did not admit imprudence, negligence or liability with respect to the 2017/2018 Wildfire/Mudslide Events in the SED Agreement. Loss Estimates for Third Party Claims and Potential Recoveries from Insurance and through Electric Rates At March 31, 2022 and December 31, 2021, Edison International's and SCE's consolidated balance sheets include fixed payments to be made under executed settlement agreements and accrued estimated losses of $1.4 billion and $1.7 billion, respectively, for the 2017/2018 Wildfire/Mudslide Events. The following table presents changes in estimated losses since December 31, 2021: (in millions) Balance at December 31, 2021 1 $ 1,734 Increase in accrued estimated losses to reflect best estimate 416 Amounts paid (717) Balance at March 31, 2022 2 $ 1,433 1 At December 31, 2021, $131 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 December 31, 2021, the $1,733 million included in deferred credits and other liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets includes Edison International's and SCE's best estimate of expected losses for the 2017/2018 Wildfire/Mudslide Events of $1,603 million and other wildfire-related claims estimates of $130 million. 2 At March 31, 2022, $137 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 March 31, 2022, the $ 1,531 million included in deferred credits and other liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets includes Edison International's and SCE's best estimate of expected losses for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events of $1,296 million and other wildfire-related claims estimates of $235 million. For the three months ended March 31, 2022 and 2021, 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 March 31, (in millions) 2022 2021 Charge for wildfire-related claims $ 416 $ — Expected revenue from FERC customers (26) — Total pre-tax charge 390 — Income tax benefit (109) — Total after-tax charge $ 281 $ — 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. In total, through March 31, 2022, SCE has accrued estimated losses of $7.9 billion, has paid or agreed to pay approximately $6.6 billion in settlements and has recovered $2.0 billion from its insurance carriers in relation to the 2017/2018 Wildfire/Mudslide Events. Recovery of SCE's actual losses realized in connection with the 2017/2018 Wildfire/Mudslide Events in excess of available insurance is subject to approval by regulators. Under accounting standards for rate-regulated enterprises, SCE defers costs as regulatory assets when it concludes that such costs are probable of future recovery in electric rates. SCE utilizes objectively determinable evidence to form its view on probability of future recovery. The only directly comparable precedent in which a California investor-owned utility has sought recovery for uninsured wildfire-related costs is SDG&E's requests for cost recovery related to 2007 wildfire activity, where the FERC allowed recovery of all FERC-jurisdictional wildfire-related costs while the CPUC rejected recovery of all CPUC-jurisdictional wildfire-related costs based on a determination that SDG&E did not meet the CPUC's prudency standard. As a result, while SCE does not agree with the CPUC's decision, it believes that the CPUC's interpretation and application of the prudency standard to SDG&E creates substantial uncertainty regarding how that standard will be applied to an investor-owned utility in wildfire cost-recovery proceedings for fires ignited prior to July 12, 2019. SCE will continue to evaluate the probability of recovery based on available evidence, including judicial, legislative and regulatory decisions, including any CPUC decisions illustrating the interpretation and/or application of the prudency standard when making determinations regarding recovery of uninsured wildfire-related costs. While the CPUC has not made a determination regarding SCE's prudency relative to any of the 2017/2018 Wildfire/Mudslide Events, SCE is unable to conclude, at this time, that uninsured CPUC-jurisdictional wildfire-related costs are probable of recovery through electric rates. SCE would record a regulatory asset at the time it obtains sufficient information to support a conclusion that recovery is probable. In July 2019, SCE filed a CEMA application with the CPUC to seek recovery of, among other things, approximately $60 million of capital expenditures and capital related expenses incurred to restore service to customers and to repair, replace and restore buildings and SCE's facilities damaged or destroyed as a result of six 2017 fires, primarily the Thomas and Koenigstein Fires. In August 2021, the CPUC issued a final decision which denied without prejudice SCE's application to recover a revenue requirement of $8 million for all six 2017 wildfires on the basis that SCE did not demonstrate that it was prudent in relation to the Thomas and Rye fires and had failed to segregate the costs attributable to the other four fires. Of the $8 million revenue requirement that was denied, $6 million was for the Thomas and Rye fires. CAL FIRE has determined that the Thomas and Rye fires were caused by SCE equipment. The decision allows SCE to submit additional applications with the CPUC to recover the costs associated with the Thomas and Rye fires, does not specify a deadline for any such applications, and directs that SCE must prove it was prudent in relation to the Thomas and/or Rye fires, as applicable, in any such future applications. As required by the final decision with respect to the other four fires, SCE filed supplemental testimony in November 2021 segregating the restoration costs attributable to each such fire. As of March 31, 2022, SCE has $184 million in assets recorded in property, plant and equipment in relation to restoration costs related to the 2017/2018 Wildfire/Mudslide Events which may not be recoverable. These assets would be impaired if the restoration costs are Through the operation of its FERC Formula Rate, and based upon the precedent established in SDG&E's recovery of FERC-jurisdictional wildfire-related costs, SCE believes it is probable it will recover its FERC-jurisdictional wildfire and mudslide related costs and has recorded total expected recoveries of $326 million within the FERC balancing account. This was the FERC portion of the total estimated losses accrued. As of March 31, 2022, collections have reduced the regulatory assets remaining in the FERC balancing account to $155 million. 2019/2020 Wildfires Several wildfires significantly impacted portions of SCE's service territory in 2019 and 2020 (the wildfires that originated in Southern California in 2019 and 2020 where SCE's equipment may be alleged to be associated with the fire's ignition are referred to collectively as the "2019/2020 Wildfires"). Edison International and SCE expect that any losses incurred in connection with the 2019/2020 Wildfires will be covered by insurance, subject to self-insured retentions and co-insurance, and expect that any such losses after insurance recoveries will not be material. As of March 31, 2022, Edison International and SCE had estimated losses (established at the lower end of the reasonably estimated range of expected losses) of $229 million, and expected recoveries from insurance of approximately $171 million, reflected on their consolidated balance sheets related to the 2019/2020 Wildfires. One of the 2019/2020 Wildfires, the "Saddle Ridge" Fire, originated in Los Angeles county in October 2019 and burned approximately 9,000 acres, destroyed an estimated 19 structures, damaged an estimated 88 structures, and resulted in injuries to 8 individuals and one fatality. An investigation into the cause of the Saddle Ridge Fire is being led by the Los Angeles Fire Department. Based on pending litigation and without considering insurance recoveries, it is reasonably possible that SCE will incur a material loss in connection with the Saddle Ridge Fire, but the range of possible losses that could be incurred cannot be estimated at this time. SCE has not accrued a charge for potential losses relating to the Saddle Ridge Fire. Another of the 2019/2020 Wildfires, the "Bobcat Fire" was reported in the vicinity of Cogswell Dam in Los Angeles County, California in September 2020. The United States Forest Service ("USFS") has reported that the Bobcat Fire burned approximately 116,000 acres in Los Angeles County, destroyed an estimated 87 homes, 1 commercial property and 83 minor structures, damaged an estimated 28 homes and 19 minor structures, and resulted in injuries to 6 firefighters. In addition, the USFS has estimated suppression costs at $80 million. A camera in the vicinity of Cogswell Dam captured the initial stages of a fire with the first observed smoke approximately six minutes before an SCE circuit in the area experienced an anomaly (a relay). An investigation into the cause of the Bobcat Fire is being led by the USFS, and the USFS has taken a specific section of an SCE overhead conductor in the vicinity of Cogswell Dam into possession as part of its investigation. SCE understands that the USFS has also taken three tree branches in the area into possession. The SED is also conducting an investigation of the Bobcat Fire. SCE has accrued a charge for potential losses relating to the Bobcat Fire. The accrued charge corresponds to the lower end of the reasonably estimated range of expected losses that may be incurred in connection with the Bobcat Fire and is subject to chang |
Equity
Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity | |
Equity | Note 13. Equity Common Stock Issuances 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 March 31, 2022, 390,969 shares of common stock were issued as stock compensation awards for net cash receipts of $11 million, 71,815 shares of new common stock were issued in lieu of distributing $4 million to shareholders opting to receive dividend payments in the form of additional common stock, 40,000 shares of common stock were issued to employees through the 401(k) defined contribution savings plan for net cash receipts of $3 million as dividend payments and 14,269 shares of common stock were issued to employees through the Employee Stock Purchase Plan for net cash receipts of $1 million. In February 2022, Edison International terminated its "at-the-market" ("ATM") program established in May 2019. Edison International did not issue any shares during the first quarter of 2022 through the ATM program. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 14. Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss, net of tax, consist of: Edison International SCE Three months ended March 31, (in millions) 2022 2021 2022 2021 Beginning balance $ (54) $ (69) $ (32) $ (41) Pension and PBOP – net loss: Reclassified from accumulated other comprehensive loss 1 2 2 1 2 Change 2 2 1 2 Ending Balance $ (52) $ (67) $ (31) $ (39) 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 | 3 Months Ended |
Mar. 31, 2022 | |
Other Income [Abstract] | |
Other Income | Note 15. Other Income Other income net of expenses is as follows: Three months ended March 31, (in millions) 2022 2021 SCE other income (expense): Equity allowance for funds used during construction $ 30 $ 35 Increase in cash surrender value of life insurance policies and life insurance benefits 16 10 Interest income 3 — Net periodic benefit income – non-service components 34 33 Civic, political and related activities and donations (9) (4) Other (3) (2) Total SCE other income 71 72 Other income (expense) of Edison International Parent and Other: Net loss on equity securities (2) — Other (1) — Total Edison International other income $ 68 $ 72 |
Supplemental Cash Flows Informa
Supplemental Cash Flows Information | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flows Information | Note 16. Supplemental Cash Flows Information Supplemental cash flows information is: Edison International SCE Three months ended March 31, (in millions) 2022 2021 2022 2021 Cash payments (receipts): Interest, net of amounts capitalized $ 275 $ 263 $ 253 $ 241 Income taxes, net (60) (87) (42) (87) Non-cash financing and investing activities: Dividends declared but not paid: Common stock 267 251 325 — Preference stock of SCE 4 — 4 — SCE's accrued capital expenditures at March 31, 2022 and 2021 were $728 million and $503 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 | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Note 17. Related-Party Transactions SCE has previously purchased wildfire liability insurance from Edison Insurance Services, Inc. ("EIS"), a wholly-owned subsidiary of Edison International. The related-party transactions included in SCE's consolidated balance sheets for wildfire-related insurance purchased from EIS and related expected insurance recoveries were as follows: March 31, December 31, (in millions) 2022 2021 Prepaid insurance 1 $ 26 $ 52 Long-term insurance receivable due from affiliate 76 — 1 Reflected in "Prepaid expenses" on SCE's consolidated balance sheets. The expense for wildfire-related insurance premiums paid to EIS was $39 million and $43 million for the three months ended March 31, 2022 and 2021, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Accounting Policies | |
Organization and Basis of Presentation | Organization and Basis of Presentation Edison International is the ultimate parent holding company of Southern California Edison Company ("SCE") and Edison Energy, LLC ("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 integrated decarbonization and 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, 2021 (the "2021 Form 10-K"). This quarterly report should be read in conjunction with the financial statements and notes included in the 2021 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 period ended March 31, 2022 are not necessarily indicative of the operating results for the full year. The December 31, 2021 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 March 31, December 31, March 31, December 31, (in millions) 2022 2021 2022 2021 Money market funds $ 167 $ 329 $ 63 $ 230 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. The following table sets forth the cash, cash equivalents and restricted cash included in the consolidated statements of cash flows: March 31, December 31, (in millions) 2022 2021 Edison International: Cash and cash equivalents $ 231 $ 390 Short-term restricted cash 1 3 4 Total cash, cash equivalents and restricted cash $ 234 $ 394 SCE: Cash and cash equivalents $ 119 $ 279 Short-term restricted cash 1 — 1 Total cash, cash equivalents and restricted cash $ 119 $ 280 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 collectibility and current economic trends, including unemployment rates and any likelihood of recession for the region. At March 31, 2022, this included the estimated impacts of the COVID-19 pandemic. The following table sets forth the changes in allowance for uncollectible accounts for SCE: Three months ended Three months ended March 31, 2022 March 31, 2021 (in millions) Customers All others Total Customers All others Total Beginning balance $ 293 $ 16 $ 309 ³ $ 175 $ 13 $ 188 Plus: current period provision for uncollectible accounts Included in operation and maintenance expenses in earning activities 1 13 7 20 6 4 10 Included in operation and maintenance expenses in cost-recovery activities 2 38 — 38 32 — 32 Deferred to regulatory memorandum accounts 3 — 3 2 — 2 Less: write-offs, net of recoveries 10 7 17 5 1 6 Ending balance $ 337 $ 16 $ 353 ³ $ 210 $ 16 $ 226 1 Earning activities is one of SCE's disaggregated revenue sources. See Note 7 for further details. 2 Cost-recovery activities is one of SCE's disaggregated revenue sources. See Note 7 for further details. This portion of costs from the allowance for uncollectible expenses is recovered through the residential uncollectibles balancing account. 3 Approximately $99 million and $116 million of allowance for uncollectible accounts are included in "Long-term account receivables" on Edison International's and SCE's consolidated balance sheets as of March 31, 2022 and December 31, 2021, respectively. |
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 13 for further information. EPS attributable to Edison International common shareholders was computed as follows: Three months ended March 31, (in millions, except per-share amounts) 2022 2021 Basic earnings per share: Net income attributable to common shareholders $ 84 $ 259 Net income available to common shareholders $ 84 $ 259 Weighted average common shares outstanding 381 379 Basic earnings per share $ 0.22 $ 0.68 Diluted earnings per share: Net income attributable to common shareholders $ 84 $ 259 Net income available to common shareholders $ 84 $ 259 Net income available to common shareholders and assumed conversions $ 84 $ 259 Weighted average common shares outstanding 381 379 Incremental shares from assumed conversions 1 1 Adjusted weighted average shares – diluted 382 380 Diluted earnings per share $ 0.22 $ 0.68 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 6,533,558 and 11,412,075 shares of common stock for the three months ended March 31, 2022 and 2021, respectively were outstanding, but were not included in the computation of diluted earnings per share because the effect would have been antidilutive. |
Revenue Recognition | Revenue Recognition Regulatory Proceedings Cost of Capital In August 2021, SCE filed an application with the CPUC for authority to establish its authorized cost of capital for utility operations for 2022 and to reset the related annual cost of capital mechanism that can adjust authorized cost of capital between SCE's cost of capital proceedings based on changes in Moody's utility bond rate index. In the absence of a decision SCE is continuing to recognize revenue based on its pre-2022 cost of capital, subject to refund. If the CPUC ultimately finds that the cost of capital mechanism adjustment should have been implemented effective January 1, 2022, revenue recorded in the first quarter would be reduced by approximately $43 million. FERC 2022 Formula Rate Update In November 2021, SCE filed its 2022 annual update with the FERC with the proposed rates effective January 1, 2022, subject to settlement procedures and refund. SCE requested an increase in SCE's transmission revenue requirement of $326 million or 30% higher than amounts included in the 2021 annual rates. Pending resolution of the FERC formula rate proceedings, SCE recognized revenue in the first quarter of 2022 based on the FERC formula rate, subject to refund. |
New Accounting Guidance | New Accounting Guidance Accounting Guidance Adopted In November 2021, the FASB issued an accounting standards update to require business entities that account for transactions with a government by analogizing to a grant or contribution accounting model to make certain annual disclosures. Edison International and SCE have adopted this standard on January 1, 2022 using the prospective adoption approach. The adoption of this standard did not have a material impact on Edison International's and SCE's annual disclosure. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Accounting Policies | |
Cash Equivalents | The cash equivalents were as follows: Edison International SCE March 31, December 31, March 31, December 31, (in millions) 2022 2021 2022 2021 Money market funds $ 167 $ 329 $ 63 $ 230 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. |
Cash, Cash Equivalents and Restricted Cash | March 31, December 31, (in millions) 2022 2021 Edison International: Cash and cash equivalents $ 231 $ 390 Short-term restricted cash 1 3 4 Total cash, cash equivalents and restricted cash $ 234 $ 394 SCE: Cash and cash equivalents $ 119 $ 279 Short-term restricted cash 1 — 1 Total cash, cash equivalents and restricted cash $ 119 $ 280 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 March 31, 2022 March 31, 2021 (in millions) Customers All others Total Customers All others Total Beginning balance $ 293 $ 16 $ 309 ³ $ 175 $ 13 $ 188 Plus: current period provision for uncollectible accounts Included in operation and maintenance expenses in earning activities 1 13 7 20 6 4 10 Included in operation and maintenance expenses in cost-recovery activities 2 38 — 38 32 — 32 Deferred to regulatory memorandum accounts 3 — 3 2 — 2 Less: write-offs, net of recoveries 10 7 17 5 1 6 Ending balance $ 337 $ 16 $ 353 ³ $ 210 $ 16 $ 226 1 Earning activities is one of SCE's disaggregated revenue sources. See Note 7 for further details. 2 Cost-recovery activities is one of SCE's disaggregated revenue sources. See Note 7 for further details. This portion of costs from the allowance for uncollectible expenses is recovered through the residential uncollectibles balancing account. 3 Approximately $99 million and $116 million of allowance for uncollectible accounts are included in "Long-term account receivables" on Edison International's and SCE's consolidated balance sheets as of March 31, 2022 and December 31, 2021, respectively. |
EPS Attributable to Edison International Common Shareholders | Three months ended March 31, (in millions, except per-share amounts) 2022 2021 Basic earnings per share: Net income attributable to common shareholders $ 84 $ 259 Net income available to common shareholders $ 84 $ 259 Weighted average common shares outstanding 381 379 Basic earnings per share $ 0.22 $ 0.68 Diluted earnings per share: Net income attributable to common shareholders $ 84 $ 259 Net income available to common shareholders $ 84 $ 259 Net income available to common shareholders and assumed conversions $ 84 $ 259 Weighted average common shares outstanding 381 379 Incremental shares from assumed conversions 1 1 Adjusted weighted average shares – diluted 382 380 Diluted earnings per share $ 0.22 $ 0.68 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule of Capitalization, Equity [Line Items] | |
Schedule of Changes in Equity | The following table provides Edison International's changes in equity for the three months ended March 31, 2022: 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, 2021 $ 1,977 $ 6,071 $ (54) $ 7,894 $ 15,888 $ 1,901 $ 17,789 Net income — — — 110 110 26 136 Other comprehensive income — — 2 — 2 — 2 Common stock issued, net of issuance cost — 12 — — 12 — 12 Common stock dividends declared ($0.7000 per share) — — — (267) (267) — (267) Preferred stock dividend declared ($26.875 per share for Series A and $17.08333 per share for Series B) — — — (21) (21) — (21) Dividends to noncontrolling interests ($11.160 - $35.936 per share for preference stock) — — — — — (26) (26) Noncash stock-based compensation — 7 — — 7 — 7 Balance at March 31, 2022 $ 1,977 $ 6,090 $ (52) $ 7,716 $ 15,731 $ 1,901 $ 17,632 The following table provides Edison International's changes in equity for the three months ended March 31, 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 |
SCE | |
Schedule of Capitalization, Equity [Line Items] | |
Schedule of Changes in Equity | The following table provides SCE's changes in equity for the three months ended March 31, 2022: 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, 2021 $ 1,945 $ 2,168 $ 7,033 $ (32) $ 8,721 $ 19,835 Net income — — — — 173 173 Other comprehensive income — — — 1 — 1 Dividends declared on common stock ($0.7473 per share) — — — — (325) (325) Dividends on preference stock ($11.160 - $35.937 per share) — — — — (26) (26) Stock-based compensation — — (9) — — (9) Noncash stock-based compensation — — 4 — (1) 3 Balance at March 31, 2022 $ 1,945 $ 2,168 $ 7,028 $ (31) $ 8,542 $ 19,652 The following table provides SCE's changes in equity for the three months ended March 31, 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 declared 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 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Variable Interest Entities | |
Summary VIE balance sheet impact | March 31, December 31, (in millions) 2022 2021 Other current assets $ 27 $ 19 Regulatory assets: Non-current 849 325 Regulatory liabilities: Current (8) (14) Current portion of long-term debt (21) (14) Other current liabilities (5) (1) Long-term debt 1 (837) (314) 1 The bondholders have no recourse to SCE. |
Summary of the Trusts' Income Statements | Three months ended March 31, (in millions) Trust II Trust III Trust IV Trust V Trust VI 2022 Dividend income $ 5 $ 4 $ 4 $ 4 $ 6 Dividend distributions 5 4 4 4 6 2021 Dividend income $ 5 $ 4 $ 4 $ 4 $ 6 Dividend distributions 5 4 4 4 6 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Measurements | |
Fair Value by Level within the Fair Value Hierarchy | March 31, 2022 Netting and (in millions) Level 1 Level 2 Level 3 Collateral 1 Total Assets at fair value Derivative contracts $ — $ 57 $ 43 $ (37) $ 63 Money market funds and other 63 22 — — 85 Nuclear decommissioning trusts: Stocks 2 1,879 — — — 1,879 Fixed Income 3 977 1,528 — — 2,505 Short-term investments, primarily cash equivalents 81 84 — — 165 Subtotal of nuclear decommissioning trusts 4 2,937 1,612 — — 4,549 Total assets 3,000 1,691 43 (37) 4,697 Liabilities at fair value Derivative contracts — 14 4 (18) — Total liabilities — 14 4 (18) — Net assets $ 3,000 $ 1,677 $ 39 $ (19) $ 4,697 December 31, 2021 Netting and (in millions) Level 1 Level 2 Level 3 Collateral 1 Total Assets at fair value Derivative contracts $ — $ 26 $ 49 $ (31) $ 44 Money market funds and other 230 23 — — 253 Nuclear decommissioning trusts: Stocks 2 1,972 — — — 1,972 Fixed Income 3 1,083 1,607 — — 2,690 Short-term investments, primarily cash equivalents 102 125 — — 227 Subtotal of nuclear decommissioning trusts 4 3,157 1,732 — — 4,889 Total assets 3,387 1,781 49 (31) 5,186 Liabilities at fair value Derivative contracts — 42 5 (47) — Total liabilities — 42 5 (47) — Net assets $ 3,387 $ 1,739 $ 44 $ 16 $ 5,186 1 Represents the netting of assets and liabilities under master netting agreements and cash collateral. 2 Approximately 75% SCE's equity investments were in companies located in the United States at both March 31, 2022 and December 31, 2021, respectively. 3 Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $37 million and $30 million at March 31, 2022 and December 31, 2021, respectively. 4 Excludes net payables of $22 million and $19 million at March 31, 2022 and December 31, 2021, respectively, which consist of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases. |
Summary of level 3 fair value changes | Three months ended March 31, (in millions) 2022 2021 Fair value of net assets at beginning of period $ 44 $ 108 Settlements (3) (14) Total realized/unrealized losses 1,2 (2) (3) Fair value of net assets at end of period $ 39 $ 91 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 2022 and 2021. |
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 March 31, 2022 $ 43 $ 4 Auction prices CAISO CRR auction prices $(18.87) - $43.03 $ 1.36 December 31, 2021 49 5 Auction prices CAISO CRR auction prices $(18.87) - $43.03 1.46 |
Long-term debt fair value | March 31, 2022 December 31, 2021 Carrying Fair Carrying Fair (in millions) Value 1 Value 2 Value 1 Value 2 Edison International $ 26,084 $ 26,046 $ 25,247 $ 27,718 SCE 22,945 22,842 22,110 24,375 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) | 3 Months Ended |
Mar. 31, 2022 | |
Debt and Credit Agreements | |
Summary for Status of Credit Facilities | (in millions, except for rates) Execution Termination Secured Overnight Financing Rate ("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, 3 $ 1,500 $ — $ — $ 1,500 Total Edison International Parent: $ 1,500 $ — $ — $ 1,500 SCE June 2019 May 2025 108 Support commercial paper borrowings and general corporate purposes 2, 3 $ 3,350 $ 295 $ 202 $ 2,853 Total SCE: $ 3,350 $ 295 $ 202 $ 2,853 Total Edison International: $ 4,850 $ 295 $ 202 $ 4,353 1 At March 31, 2022 Edison International Parent did no t have any outstanding commercial paper. 2 At March 31, 2022 SCE had $295 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 0.82% . 3 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) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments | |
Schedule of derivative assets financial position | March 31, 2022 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 $ 95 $ 5 $ 100 $ 17 $ 1 $ 18 $ 82 Gross amounts offset in the consolidated balance sheets (17) (1) (18) (17) (1) (18) — Cash collateral posted 3 (19) — (19) — — — (19) Net amounts presented in the consolidated balance sheets $ 59 $ 4 $ 63 $ — $ — $ — $ 63 December 31, 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 $ 70 $ 6 $ 76 $ 46 $ 2 $ 48 $ 28 Gross amounts offset in the consolidated balance sheets (30) (2) (32) (30) (2) (32) — Cash collateral posted 3 — — — (16) — (16) 16 Net amounts presented in the consolidated balance sheets $ 40 $ 4 $ 44 $ — $ — $ — $ 44 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 March 31, 2022, SCE received $21 million of cash, of which $19 million was offset against derivative assets and $2 million was reflected in "Other current liabilities" on the consolidated balance sheets. At December 31, 2021, SCE posted $65 million of cash, of which $16 million was offset against derivative liabilities and $49 million was reflected in "Other current assets" on the consolidated balance sheets. |
Components of Economic Hedging Activity | Three months ended March 31, (in millions) 2022 2021 Realized (losses) gains $ (19) $ 112 Unrealized gains (losses) 53 (6) |
Notional Volumes of Derivative Instruments | Unit of Economic Hedges Commodity Measure March 31, 2022 December 31, 2021 Electricity options, swaps and forwards GWh 899 1,869 Natural gas options, swaps and forwards Bcf 47 58 Congestion revenue rights GWh 30,813 33,216 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue | |
Summary of Revenue | Three months ended March 31, 2022 Three months ended March 31, 2021 Cost- Cost- Earning Recovery Total Earning Recovery Total (in millions) Activities Activities Consolidated Activities Activities Consolidated Revenue from contracts with customers 1,2 $ 1,985 $ 1,375 $ 3,360 $ 1,704 $ 1,195 $ 2,899 Alternative revenue programs and other operating revenue 3 282 319 601 63 (9) 54 Total operating revenue $ 2,267 $ 1,694 $ 3,961 $ 1,767 $ 1,186 $ 2,953 1 In the absence of a decision on SCE’s August 2021 cost of capital application, SCE is continuing to recognize revenue based on its pre-2022 cost of capital, subject to refund. In the absence of a 2021 GRC decision, SCE recognized CPUC revenue in the first quarter of 2021 based on the 2020 authorized revenue requirement until SCE received the final 2021 GRC decision in the third quarter of 2021. 2 At March 31, 2022 and December 31, 2021, SCE's receivables related to contracts from customers were $2.2 billion and $2.3 billion, respectively, which include accrued unbilled revenue of $743 million and $794 million, respectively. 3 Includes differences between amounts billed and authorized levels for both the CPUC and FERC. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Taxes [Abstract] | |
Reconciliation of Income Tax Expense | Edison International SCE Three months ended March 31, (in millions) 2022 2021 2022 2021 Income from operations before income taxes $ 81 $ 254 $ 133 $ 299 Provision for income tax at federal statutory rate of 21% 17 53 28 63 (Decrease) increase in income tax from: Items presented with related state income tax, net: State tax, net of federal benefit (17) (7) (13) (4) Property-related (45) (83) (45) (83) Other (10) 1 (10) — Total income tax benefit $ (55) $ (36) $ (40) $ (24) Effective tax rate (67.9) % (14.2) % (30.1) % (8.0) % |
Compensation and Benefit Plans
Compensation and Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Pension Plans | |
Pension and Other Postretirement Benefits | |
Expense Components for Plans | Three months ended March 31, (in millions) 2022 2021 Edison International: Service cost $ 30 $ 34 Non-service cost (benefit) Interest cost 27 26 Expected return on plan assets (57) (56) Amortization of net loss 1 1 3 Regulatory adjustment 2 4 Total non-service benefit 2 $ (27) $ (23) Total expense recognized $ 3 $ 11 SCE: Service cost $ 29 $ 33 Non-service cost (benefit) Interest cost 25 24 Expected return on plan assets (54) (53) Amortization of net loss 1 1 2 Regulatory adjustment 2 4 Total non-service benefit 2 $ (26) $ (23) Total expense recognized $ 3 $ 10 1 Includes the amount of net loss reclassified from other comprehensive loss. The amount reclassified for Edison International and SCE was $2 million and $1 million respectively, for the three months ended March 31, 2022. The amount reclassified for Edison International and SCE was $3 million and $2 million, respectively, for the three months ended March 31, 2021. 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 March 31, (in millions) 2022 2021 Service cost $ 8 $ 10 Non-service cost (benefit) Interest cost 14 14 Expected return on plan assets (24) (27) Amortization of net gain (12) (8) Regulatory adjustment 14 11 Total non-service benefit 1 $ (8) $ (10) Total expense $ — $ — 1 Included in "Other income" on Edison International ' s and SCE ' s consolidated statement of income . |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments [Abstract] | |
Amortized Cost and Fair Value of the Trust Investments | Amortized Cost Fair Value Longest March 31, December 31, March 31, December 31, (in millions) Maturity Dates 2022 2021 2022 2021 Stocks — * * $ 1,879 $ 1,972 Municipal bonds 2057 $ 872 $ 875 955 1,033 Government and agency securities 2067 1,023 1,095 1,092 1,212 Corporate bonds 2070 415 386 458 446 Short-term investments and receivables/payables 1 One-year 134 199 143 207 Total $ 2,444 $ 2,555 $ 4,527 $ 4,870 * Not applicable 1 Short-term investments include $11 million and $37 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by April 1, 2022 and January 3, 2022 as of March 31, 2022 and December 31, 2021, respectively. |
Summary of gains and losses | Three months ended March 31, (in millions) 2022 2021 Gross realized gains $ 15 $ 111 Gross realized losses 16 12 Net unrealized (losses) gains for equity securities (100) 18 |
Regulatory Assets and Liabili_2
Regulatory Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory assets | March 31, December 31, (in millions) 2022 2021 Current: Regulatory balancing and memorandum accounts $ 1,771 $ 1,591 Power contracts 171 168 Other 19 19 Total current 1,961 1,778 Long-term: Deferred income taxes, net of liabilities 4,856 4,770 Power contracts 50 71 Unamortized investments, net of accumulated amortization 113 114 Unamortized loss on reacquired debt 118 121 Regulatory balancing and memorandum accounts 1,661 1,897 Environmental remediation 245 242 Recovery assets 1 849 325 Other 116 120 Total long-term 8,008 7,660 Total regulatory assets $ 9,969 $ 9,438 1 Represents the balance associated with the AB 1054 Excluded Capital Expenditures related Recovery Properties and prudently incurred financing costs securitized with issuance of the associated bond. For further details, see Note 3. |
Regulatory liabilities | March 31, December 31, (in millions) 2022 2021 Current: Regulatory balancing and memorandum accounts $ 603 $ 553 Energy derivatives 78 25 Other 20 25 Total current 701 603 Long-term: Costs of removal 2,694 2,552 Re-measurement of deferred taxes 2,302 2,315 Recoveries in excess of ARO liabilities 1 1,760 2,155 Regulatory balancing and memorandum accounts 825 648 Pension and other postretirement benefits 1,286 1,281 Other — 30 Total long-term 8,867 8,981 Total regulatory liabilities $ 9,568 $ 9,584 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 | March 31, December 31, (in millions) 2022 2021 Asset (liability) Energy resource recovery account $ 102 $ 759 Portfolio allocation balancing account 459 (183) New system generation balancing account 16 73 Public purpose programs and energy efficiency programs (1,287) (1,066) Base revenue requirement balancing account 1,360 849 GRC wildfire mitigation balancing accounts 1 63 12 Residential uncollectibles balancing account 38 — Greenhouse gas auction revenue and low carbon fuel standard revenue (393) (298) FERC balancing accounts 26 55 Wildfire and drought restoration accounts 2 305 299 Wildfire-related memorandum accounts 3 1,034 1,456 COVID-19-related memorandum accounts 97 94 Customer service re-platform memorandum account 4 159 128 Tax accounting memorandum account and pole loading balancing account 144 171 Excess bond and power charge balancing account 5 (144) — Other 25 (62) Asset $ 2,004 $ 2,287 1 The 2021 GRC decision approved the establishment of the vegetation management balancing account ("VMBA") to track vegetation management expenses up to 115% of amounts authorized, the Wildfire Risk Mitigation balancing account ("WRMBA") 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. The amount recorded to these balancing accounts represents the difference between costs tracked in the balancing accounts and authorized revenue for those costs recorded to the base revenue requirement balancing account. 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 The wildfire and drought restoration accounts regulatory assets represent restoration costs that are recorded in a Catastrophic Event Memorandum Account ("CEMA"). 3 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. The Wildfire Mitigation Plan Memorandum Account ("WMPMA") is used to track costs incurred to implement SCE's wildfire mitigation plan that are not currently reflected in SCE's revenue requirements. The Fire Risk Mitigation Memorandum Account ("FRMMA") is used to track costs related to the reduction of fire risk that are incremental to costs approved for recovery in SCE's GRCs that are not tracked in any other wildfire-related memorandum account. The balance also includes vegetation management spending in excess of the 115% threshold for the VMBA described above. 4 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. Expenditures for the CSRP project are subject to reasonableness review by the CPUC. Expenditures for the project were significantly higher than originally projected. 5 This balancing account was established in January 2022 to refund customers for excess California Department of Water Resources (" DWR") bond and power charges. The refund will begin in June 2022 for a 12-month period . |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contingency Accruals and Changes | (in millions) Balance at December 31, 2021 1 $ 1,734 Increase in accrued estimated losses to reflect best estimate 416 Amounts paid (717) Balance at March 31, 2022 2 $ 1,433 1 At December 31, 2021, $131 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 December 31, 2021, the $1,733 million included in deferred credits and other liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets includes Edison International's and SCE's best estimate of expected losses for the 2017/2018 Wildfire/Mudslide Events of $1,603 million and other wildfire-related claims estimates of $130 million. 2 At March 31, 2022, $137 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 March 31, 2022, the $ 1,531 million included in deferred credits and other liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets includes Edison International's and SCE's best estimate of expected losses for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events of $1,296 million and other wildfire-related claims estimates of $235 million. For the three months ended March 31, 2022 and 2021, 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 March 31, (in millions) 2022 2021 Charge for wildfire-related claims $ 416 $ — Expected revenue from FERC customers (26) — Total pre-tax charge 390 — Income tax benefit (109) — Total after-tax charge $ 281 $ — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The changes in accumulated other comprehensive loss, net of tax, consist of: Edison International SCE Three months ended March 31, (in millions) 2022 2021 2022 2021 Beginning balance $ (54) $ (69) $ (32) $ (41) Pension and PBOP – net loss: Reclassified from accumulated other comprehensive loss 1 2 2 1 2 Change 2 2 1 2 Ending Balance $ (52) $ (67) $ (31) $ (39) 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) | 3 Months Ended |
Mar. 31, 2022 | |
Other Income [Abstract] | |
Summary of Other Income | Three months ended March 31, (in millions) 2022 2021 SCE other income (expense): Equity allowance for funds used during construction $ 30 $ 35 Increase in cash surrender value of life insurance policies and life insurance benefits 16 10 Interest income 3 — Net periodic benefit income – non-service components 34 33 Civic, political and related activities and donations (9) (4) Other (3) (2) Total SCE other income 71 72 Other income (expense) of Edison International Parent and Other: Net loss on equity securities (2) — Other (1) — Total Edison International other income $ 68 $ 72 |
Supplemental Cash Flows Infor_2
Supplemental Cash Flows Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Supplemental Cash Flows Information | Edison International SCE Three months ended March 31, (in millions) 2022 2021 2022 2021 Cash payments (receipts): Interest, net of amounts capitalized $ 275 $ 263 $ 253 $ 241 Income taxes, net (60) (87) (42) (87) Non-cash financing and investing activities: Dividends declared but not paid: Common stock 267 251 325 — Preference stock of SCE 4 — 4 — |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related-Party Transactions | March 31, December 31, (in millions) 2022 2021 Prepaid insurance 1 $ 26 $ 52 Long-term insurance receivable due from affiliate 76 — 1 Reflected in "Prepaid expenses" on SCE's consolidated balance sheets. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Organization (Details) | 3 Months Ended |
Mar. 31, 2022mi² | |
Electric Utility | 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 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Money market funds | $ 167 | $ 329 | ||
Cash and cash equivalents | 231 | 390 | ||
Short-term restricted cash | 3 | 4 | ||
Total cash, cash equivalents, and restricted cash | 234 | 394 | $ 390 | $ 89 |
SCE | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Money market funds | 63 | 230 | ||
Cash and cash equivalents | 119 | 279 | ||
Short-term restricted cash | 1 | |||
Total cash, cash equivalents, and restricted cash | $ 119 | $ 280 | $ 26 | $ 56 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Allowance) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for long-term uncollectible accounts | $ 99 | $ 116 | |
SCE | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 309 | $ 188 | |
Included in operation and maintenance expenses in earning activities | 20 | 10 | |
Included in operation and maintenance expenses in cost-recovery activities | 38 | 32 | |
Deferred to regulatory memorandum accounts | 3 | 2 | |
Less: write-offs, net of recoveries | 17 | 6 | |
Ending balance | 353 | 226 | |
Allowance for long-term uncollectible accounts | 99 | $ 116 | |
SCE | Customers | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 293 | 175 | |
Included in operation and maintenance expenses in earning activities | 13 | 6 | |
Included in operation and maintenance expenses in cost-recovery activities | 38 | 32 | |
Deferred to regulatory memorandum accounts | 3 | 2 | |
Less: write-offs, net of recoveries | 10 | 5 | |
Ending balance | 337 | 210 | |
SCE | All others | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 16 | 13 | |
Included in operation and maintenance expenses in earning activities | 7 | 4 | |
Less: write-offs, net of recoveries | 7 | 1 | |
Ending balance | $ 16 | $ 16 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (EPS) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Basic earnings per share: | ||
Net income attributable to common shareholders | $ 84 | $ 259 |
Net income available to common shareholders | $ 84 | $ 259 |
Weighted average common shares outstanding (in shares) | 381,000,000 | 379,000,000 |
Basic earnings per share (in dollars per share) | $ 0.22 | $ 0.68 |
Diluted earnings per share: | ||
Net income attributable to common shareholders | $ 84 | $ 259 |
Net income available to common shareholders | 84 | 259 |
Net income available to common shareholders and assumed conversions | $ 84 | $ 259 |
Weighted average common shares outstanding (in shares) | 381,000,000 | 379,000,000 |
Incremental shares from assumed conversions (in shares) | 1,000,000 | 1,000,000 |
Adjusted weighted average shares - diluted (in shares) | 382,000,000 | 380,000,000 |
Diluted earnings per share (in dollars per share) | $ 0.22 | $ 0.68 |
Stock Compensation Plan | ||
Diluted earnings per share: | ||
Antidilutive awards excluded from earnings per share (in shares) | 6,533,558 | 11,412,075 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Revenue) (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Nov. 30, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | |
SCE | |||
Public Utilities, General Disclosures [Line Items] | |||
Revenue not yet approved | $ 43 | ||
Requested increase (decrease) revenue requirement | $ 214 | ||
2022 Formula Rate | |||
Public Utilities, General Disclosures [Line Items] | |||
Requested increase (decrease) revenue requirement | $ 326 | ||
Requested increase (decrease) revenue requirement (as a percent) | 30.00% |
Consolidated Statements of Ch_3
Consolidated Statements of Changes in Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $ 17,789 | $ 15,949 |
Net income | 136 | 290 |
Other comprehensive income (loss) | 2 | 2 |
Common stock issued, net of issuance cost | 12 | 21 |
Preferred stock issued, net of issuance cost | 1,237 | |
Common stock dividends declared | (267) | (251) |
Preferred stock dividend declared | (21) | (4) |
Dividends to noncontrolling interests | (26) | (27) |
Noncash stock-based compensation | 7 | 6 |
Ending balance | $ 17,632 | $ 17,223 |
Dividends declared per common share (in dollars per share) | $ 0.7000 | $ 0.6625 |
Preferred stock dividends (in dollars per share) | $ 3.434 | |
Series A | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Preferred stock dividends (in dollars per share) | 26.875 | |
Series B | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Preferred stock dividends (in dollars per share) | $ 17.08333 | |
Preferred stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $ 1,977 | |
Preferred stock issued, net of issuance cost | $ 1,237 | |
Ending balance | 1,977 | 1,237 |
Common Stock, Including APIC | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 6,071 | 5,962 |
Common stock issued, net of issuance cost | 12 | 21 |
Noncash stock-based compensation | 7 | 6 |
Ending balance | 6,090 | 5,989 |
Accumulated Other Comprehensive Loss | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (54) | (69) |
Other comprehensive income (loss) | 2 | 2 |
Ending balance | (52) | (67) |
Retained Earnings | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 7,894 | 8,155 |
Net income | 110 | 263 |
Common stock dividends declared | (267) | (251) |
Preferred stock dividend declared | (21) | (4) |
Ending balance | 7,716 | 8,163 |
Equity Attributable to Common Shareholders | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 15,888 | 14,048 |
Net income | 110 | 263 |
Other comprehensive income (loss) | 2 | 2 |
Common stock issued, net of issuance cost | 12 | 21 |
Preferred stock issued, net of issuance cost | 1,237 | |
Common stock dividends declared | (267) | (251) |
Preferred stock dividend declared | (21) | (4) |
Noncash stock-based compensation | 7 | 6 |
Ending balance | 15,731 | 15,322 |
Noncontrolling Interest | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 1,901 | 1,901 |
Net income | 26 | 27 |
Dividends to noncontrolling interests | (26) | (27) |
Ending balance | $ 1,901 | $ 1,901 |
Noncontrolling Interest | Minimum | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Preference stock dividends (in dollars per share) | $ 11.160 | $ 15.625 |
Noncontrolling Interest | Maximum | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Preference stock dividends (in dollars per share) | $ 35.936 | $ 35.936 |
SCE | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $ 19,835 | $ 18,650 |
Net income | 173 | 323 |
Other comprehensive income (loss) | 1 | 2 |
Capital contribution from Edison International Parent | 900 | |
Common stock dividends declared | (325) | (325) |
Preferred stock dividend declared | (26) | (27) |
Stock-based compensation | (9) | (4) |
Noncash stock-based compensation | 3 | 3 |
Ending balance | $ 19,652 | $ 19,522 |
Dividends declared per common share (in dollars per share) | $ 0.7473 | $ 0.7473 |
SCE | Minimum | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Preference stock dividends (in dollars per share) | 11.160 | 15.625 |
SCE | Maximum | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Preference stock dividends (in dollars per share) | $ 35.937 | $ 35.936 |
SCE | Preferred stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $ 1,945 | $ 1,945 |
Ending balance | 1,945 | 1,945 |
SCE | Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 2,168 | 2,168 |
Ending balance | 2,168 | 2,168 |
SCE | Additional Paid-in Capital | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 7,033 | 5,387 |
Capital contribution from Edison International Parent | 900 | |
Stock-based compensation | (9) | (4) |
Noncash stock-based compensation | 4 | 3 |
Ending balance | 7,028 | 6,286 |
SCE | Accumulated Other Comprehensive Loss | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (32) | (41) |
Other comprehensive income (loss) | 1 | 2 |
Ending balance | (31) | (39) |
SCE | Retained Earnings | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 8,721 | 9,191 |
Net income | 173 | 323 |
Common stock dividends declared | (325) | (325) |
Preferred stock dividend declared | (26) | (27) |
Noncash stock-based compensation | (1) | |
Ending balance | $ 8,542 | $ 9,162 |
Variable Interest Entities (Rec
Variable Interest Entities (Recovery Funding) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Feb. 28, 2022 | Dec. 31, 2021 | Feb. 28, 2021 |
Variable Interest Entity [Line Items] | ||||
Other current assets | $ 130 | $ 249 | ||
Regulatory assets: Non-current | 8,008 | 7,660 | ||
Regulatory liabilities: Current | (701) | (603) | ||
Current portion of long-term debt | (1,117) | (1,077) | ||
Other current liabilities | (1,581) | (1,667) | ||
Long-term debt | (24,967) | (24,170) | ||
SCE Recovery Funding LLC | ||||
Variable Interest Entity [Line Items] | ||||
Other current assets | 27 | 19 | ||
Regulatory assets: Non-current | 849 | 325 | ||
Regulatory liabilities: Current | (8) | (14) | ||
Current portion of long-term debt | (21) | (14) | ||
Other current liabilities | (5) | (1) | ||
Long-term debt | (837) | (314) | ||
SCE | ||||
Variable Interest Entity [Line Items] | ||||
Other current assets | 123 | 222 | ||
Regulatory assets: Non-current | 8,008 | 7,660 | ||
Regulatory liabilities: Current | (701) | (603) | ||
Current portion of long-term debt | (17) | (377) | ||
Other current liabilities | (1,571) | (1,631) | ||
Long-term debt | (22,928) | (21,733) | ||
SCE | Series 2022-A senior secured recovery bonds | ||||
Variable Interest Entity [Line Items] | ||||
Debt | $ 533 | |||
SCE | Series 2021-A senior secured recovery bonds | ||||
Variable Interest Entity [Line Items] | ||||
Debt | $ 338 | |||
SCE | SCE Recovery Funding LLC | ||||
Variable Interest Entity [Line Items] | ||||
Regulatory assets: Non-current | 849 | 325 | ||
Long-term debt | $ (837) | $ (314) |
Variable Interest Entities (Tru
Variable Interest Entities (Trusts) (Details) - SCE - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | ||||||||
Common stock | $ 2,168,000,000 | $ 2,168,000,000 | ||||||
Trust Securities [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Liquidation value (in dollars per share) | $ 2,500 | |||||||
Variable Interest Entity, Not Primary Beneficiary | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Liquidation value (in dollars per share) | $ 25 | |||||||
Common stock | 10,000 | $ 10,000 | 10,000 | |||||
Power Purchase Agreement | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Amount of related party transaction | 106,000,000 | $ 159,000,000 | ||||||
Trust II | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Liquidation preference | $ 400,000,000 | |||||||
Trust II | Trust Securities [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Liquidation preference | 220,000,000 | 220,000,000 | ||||||
Trust II | 5.10% Series G Preferred Stock | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Security dividend rate, (as a percent) | 5.10% | |||||||
Liquidation preference | 220,000,000 | $ 400,000,000 | 220,000,000 | |||||
Trust III | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Liquidation preference | $ 275,000,000 | |||||||
Trust III | Trust Securities [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Liquidation preference | 275,000,000 | 275,000,000 | ||||||
Trust III | 5.75% Series H Preferred Stock | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Security dividend rate, (as a percent) | 5.75% | |||||||
Liquidation preference | 275,000,000 | $ 275,000,000 | 275,000,000 | |||||
Trust IV | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Liquidation preference | $ 325,000,000 | |||||||
Trust IV | Trust Securities [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Liquidation preference | 325,000,000 | 325,000,000 | ||||||
Trust IV | 5.375% Series J Preferred Stock | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Security dividend rate, (as a percent) | 5.375% | |||||||
Liquidation preference | 325,000,000 | $ 325,000,000 | 325,000,000 | |||||
Trust V | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Liquidation preference | $ 300,000,000 | |||||||
Trust V | Trust Securities [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Liquidation preference | 300,000,000 | 300,000,000 | ||||||
Trust V | 5.45% Series K Preferred Stock | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Security dividend rate, (as a percent) | 5.45% | |||||||
Liquidation preference | 300,000,000 | $ 300,000,000 | 300,000,000 | |||||
Trust VI | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Liquidation preference | $ 475,000,000 | |||||||
Trust VI | Trust Securities [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Liquidation preference | 475,000,000 | 475,000,000 | ||||||
Trust VI | 5.00% Series L Preferred Stock | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Security dividend rate, (as a percent) | 5.00% | |||||||
Liquidation preference | $ 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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Trust II | ||
Variable Interest Entity [Line Items] | ||
Dividend income | $ 5 | $ 5 |
Dividend distributions | 5 | |
Trust III | ||
Variable Interest Entity [Line Items] | ||
Dividend income | 4 | 4 |
Dividend distributions | 4 | |
Trust IV | ||
Variable Interest Entity [Line Items] | ||
Dividend income | 4 | 4 |
Dividend distributions | 4 | |
Trust V | ||
Variable Interest Entity [Line Items] | ||
Dividend income | 4 | 4 |
Dividend distributions | 4 | |
Trust VI | ||
Variable Interest Entity [Line Items] | ||
Dividend income | $ 6 | 6 |
Dividend distributions | $ 6 |
Fair Value Measurements (Hierar
Fair Value Measurements (Hierarchy) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Assets at fair value | ||
Nuclear decommissioning trusts | $ 4,527 | $ 4,870 |
SCE | ||
Assets at fair value | ||
Nuclear decommissioning trusts | $ 4,527 | $ 4,870 |
Liabilities at fair value | ||
Percentage of equity investments located in the United States (as a percent) | 75.00% | 75.00% |
Collateralized mortgage obligations and other asset backed securities | $ 37 | $ 30 |
Payables, net, related to investments | 22 | 19 |
SCE | Fair Value, Measurements, Recurring | ||
Assets at fair value | ||
Derivative contracts | 63 | 44 |
Netting and Collateral | (37) | (31) |
Money market funds and other | 85 | 253 |
Nuclear decommissioning trusts | 4,549 | 4,889 |
Total assets | 4,697 | 5,186 |
Liabilities at fair value | ||
Derivative contracts | 0 | |
Netting and Collateral | (18) | (47) |
Total liabilities | 0 | |
Net assets | 4,697 | 5,186 |
Netting and Collateral, Total | (19) | 16 |
SCE | Fair Value, Measurements, Recurring | Level 1 | ||
Assets at fair value | ||
Derivative contracts | 0 | |
Money market funds and other | 63 | 230 |
Nuclear decommissioning trusts | 2,937 | 3,157 |
Total assets | 3,000 | 3,387 |
Liabilities at fair value | ||
Derivative contracts | 0 | |
Total liabilities | 0 | |
Net assets | 3,000 | 3,387 |
SCE | Fair Value, Measurements, Recurring | Level 2 | ||
Assets at fair value | ||
Derivative contracts | 57 | 26 |
Money market funds and other | 22 | 23 |
Nuclear decommissioning trusts | 1,612 | 1,732 |
Total assets | 1,691 | 1,781 |
Liabilities at fair value | ||
Derivative contracts | 14 | 42 |
Total liabilities | 14 | 42 |
Net assets | 1,677 | 1,739 |
SCE | Fair Value, Measurements, Recurring | Level 3 | ||
Assets at fair value | ||
Derivative contracts | 43 | 49 |
Money market funds and other | 0 | |
Nuclear decommissioning trusts | 0 | |
Total assets | 43 | 49 |
Liabilities at fair value | ||
Derivative contracts | 4 | 5 |
Total liabilities | 4 | 5 |
Net assets | 39 | 44 |
SCE | Fair Value, Measurements, Recurring | Stocks | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 1,879 | 1,972 |
SCE | Fair Value, Measurements, Recurring | Stocks | Level 1 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 1,879 | 1,972 |
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 | 2,505 | 2,690 |
SCE | Fair Value, Measurements, Recurring | Fixed Income | Level 1 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 977 | 1,083 |
SCE | Fair Value, Measurements, Recurring | Fixed Income | Level 2 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 1,528 | 1,607 |
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 | 165 | 227 |
SCE | Fair Value, Measurements, Recurring | Short-term investments, primarily cash equivalents | Level 1 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 81 | 102 |
SCE | Fair Value, Measurements, Recurring | Short-term investments, primarily cash equivalents | Level 2 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 84 | $ 125 |
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) - Edison International Parent and Other - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Level 1 | ||
Fair Value | ||
Equity investments fair value | $ 9 | $ 12 |
Money market funds fair value | 104 | 99 |
Level 2 | ||
Fair Value | ||
Short-tern investments fair value | $ 3 | $ 6 |
Fair Value Measurements (Level
Fair Value Measurements (Level 3) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Fair Value Disclosures Level 3 [Roll Forward] | |||
Transfers into or out of Level 3 | $ 0 | $ 0 | |
SCE | Level 3 | |||
Fair Value Disclosures Level 3 [Roll Forward] | |||
Fair value of net assets at beginning of period | 44 | $ 108 | 108 |
Settlements | (3) | (14) | |
Total realized/unrealized losses | (2) | (3) | |
Fair value of net assets at end of period | $ 39 | $ 91 | $ 44 |
Fair Value Measurements (Leve_2
Fair Value Measurements (Level 3 Inputs) (Details) - SCE - Level 3 - Congestion revenue rights (GWh) - Auction prices $ in Millions | Mar. 31, 2022USD ($)$ / MWh | Dec. 31, 2021USD ($) |
Quantitative Information About Level 3 Measurements [Line Items] | ||
Fair Value, Assets | $ 43 | $ 49 |
Fair Value, Liabilities | $ 4 | $ 5 |
Minimum | ||
Quantitative Information About Level 3 Measurements [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | (18.87) | (18.87) |
Maximum | ||
Quantitative Information About Level 3 Measurements [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 43.03 | 43.03 |
Weighted Average | ||
Quantitative Information About Level 3 Measurements [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 1.36 | 1.46 |
Fair Value Measurements (Debt)
Fair Value Measurements (Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value of Long-Term Debt Recorded at Carrying Value | ||
Carrying Value | $ 26,084 | $ 25,247 |
Fair Value | 26,046 | 27,718 |
SCE | ||
Fair Value of Long-Term Debt Recorded at Carrying Value | ||
Carrying Value | 22,945 | 22,110 |
Fair Value | $ 22,842 | $ 24,375 |
Debt and Credit Agreements (Rec
Debt and Credit Agreements (Recovery and Term) (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Apr. 30, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Feb. 28, 2021 | |
SCE | 2.75% first and refunding mortgage bonds due 2032 | ||||
Debt Instrument [Line Items] | ||||
Debt, face amount | $ 500 | |||
Interest rate on debt (as a percent) | 2.75% | |||
SCE | 3.45% first and refunding mortgage bonds due 2052 | ||||
Debt Instrument [Line Items] | ||||
Debt, face amount | $ 700 | |||
Interest rate on debt (as a percent) | 3.45% | |||
SCE | Series 2022-A senior secured recovery bonds | ||||
Debt Instrument [Line Items] | ||||
Debt, face amount | $ 533 | |||
SCE | Recovery Bonds, 1.98% due 2030 | ||||
Debt Instrument [Line Items] | ||||
Debt, face amount | $ 100 | |||
Interest rate on debt (as a percent) | 1.98% | |||
SCE | Recovery Bonds, 2.94% due 2044 | ||||
Debt Instrument [Line Items] | ||||
Debt, face amount | $ 305 | |||
Interest rate on debt (as a percent) | 2.94% | |||
SCE | Recovery Bonds, 3.24% due 2048 | ||||
Debt Instrument [Line Items] | ||||
Debt, face amount | $ 128 | |||
Interest rate on debt (as a percent) | 3.24% | |||
SCE | Series 2021-A senior secured recovery bonds | ||||
Debt Instrument [Line Items] | ||||
Debt, face amount | $ 338 | |||
Edison International Parent and Other | 0.70% term loan due April 2023 | ||||
Debt Instrument [Line Items] | ||||
Debt, face amount | $ 600 | |||
Edison International Parent and Other | 0.70% term loan due April 2023 | SOFR | ||||
Debt Instrument [Line Items] | ||||
Basis points | 0.70% |
Debt and Credit Agreements (Cre
Debt and Credit Agreements (Credit Facilities) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2021 | |
Line of Credit Facility [Line Items] | ||
Commitment | $ 4,850 | |
Outstanding borrowings | 295 | |
Outstanding letters of credit | 202 | |
Amount available | 4,353 | |
Edison International Parent and Other | ||
Line of Credit Facility [Line Items] | ||
Commitment | 1,500 | |
Amount available | 1,500 | |
Edison International Parent and Other | Multi-year credit facilities | ||
Line of Credit Facility [Line Items] | ||
Commitment | 1,500 | |
Amount available | $ 1,500 | |
Contingent maximum available borrowing | $ 2,000 | |
Edison International Parent and Other | Multi-year credit facilities | SOFR | ||
Line of Credit Facility [Line Items] | ||
Basis points | 1.28% | |
Edison International Parent and Other | Multi-year credit facilities | Commercial paper | ||
Line of Credit Facility [Line Items] | ||
Outstanding borrowings | $ 0 | |
SCE | ||
Line of Credit Facility [Line Items] | ||
Commitment | 3,350 | |
Outstanding borrowings | 295 | |
Outstanding letters of credit | 202 | |
Amount available | 2,853 | |
SCE | Multi-year credit facilities | ||
Line of Credit Facility [Line Items] | ||
Commitment | 3,350 | |
Outstanding borrowings | 295 | |
Outstanding letters of credit | 202 | |
Amount available | $ 2,853 | |
Contingent maximum available borrowing | $ 4,000 | |
SCE | Multi-year credit facilities | SOFR | ||
Line of Credit Facility [Line Items] | ||
Basis points | 1.08% | |
SCE | Multi-year credit facilities | Commercial paper | ||
Line of Credit Facility [Line Items] | ||
Outstanding borrowings | $ 295 | |
Weighted average interest rate (as a percent) | 0.82% |
Derivative Instruments (Derivat
Derivative Instruments (Derivative) (Details) - SCE - Derivatives with contingent features - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives | ||
Aggregate fair value of all derivative liabilities with credit-risk-related contingent features | $ 1 | $ 1 |
Posted collateral | 0 | $ 0 |
Potential amount of collateral to be posted if contingencies triggered | $ 1 |
Derivative Instruments (Balance
Derivative Instruments (Balance Sheet) (Details) - SCE - Commodity derivative contracts - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative Assets | ||
Gross amounts recognized | $ 100 | $ 76 |
Gross amounts offset in the consolidated balance sheets | (18) | (32) |
Cash collateral posted | (19) | 0 |
Net amounts presented in the consolidated balance sheets | 63 | 44 |
Cash collateral received for asset | 21 | |
Derivative Liabilities | ||
Gross amounts recognized | 18 | 48 |
Gross amounts offset in the consolidated balance sheets | (18) | (32) |
Cash collateral posted | 0 | (16) |
Net amounts presented in the consolidated balance sheets | 0 | 0 |
Cash collateral posted for liability | 65 | |
Net Asset | ||
Gross amounts recognized | 82 | 28 |
Gross amounts offset in the consolidated balance sheets | 0 | 0 |
Netting and Collateral, Total | (19) | 16 |
Net amounts presented in the consolidated balance sheets | 63 | 44 |
Other Current Assets | ||
Derivative Assets | ||
Gross amounts recognized | 95 | 70 |
Gross amounts offset in the consolidated balance sheets | (17) | (30) |
Cash collateral posted | (19) | 0 |
Net amounts presented in the consolidated balance sheets | 59 | 40 |
Cash collateral received for asset | 2 | |
Derivative Liabilities | ||
Cash collateral posted for liability | 49 | |
Other long-term assets | ||
Derivative Assets | ||
Gross amounts recognized | 5 | 6 |
Gross amounts offset in the consolidated balance sheets | (1) | (2) |
Cash collateral posted | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 4 | 4 |
Other Current Liabilities | ||
Derivative Liabilities | ||
Gross amounts recognized | 17 | 46 |
Gross amounts offset in the consolidated balance sheets | (17) | (30) |
Cash collateral posted | 0 | (16) |
Net amounts presented in the consolidated balance sheets | 0 | 0 |
Other long-term liabilities | ||
Derivative Liabilities | ||
Gross amounts recognized | 1 | 2 |
Gross amounts offset in the consolidated balance sheets | (1) | (2) |
Cash collateral posted | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 0 | 0 |
Derivative | ||
Derivative Assets | ||
Cash collateral received for asset | $ 19 | |
Derivative Liabilities | ||
Cash collateral posted for liability | $ 16 |
Derivative Instruments (Hedging
Derivative Instruments (Hedging Activities) (Details) - SCE - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized (losses) gains | $ (19) | $ 112 |
Unrealized gains (losses) | $ 53 | $ (6) |
Derivative Instruments (Notiona
Derivative Instruments (Notional Values) (Details) - SCE | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022GWhBcfe | Dec. 31, 2021GWhBcfe | |
Electricity options, swaps and forwards (GWh) | ||
Derivatives | ||
Notional volumes of derivative instruments | 899 | 1,869 |
Natural gas options, swaps and forwards (Bcf) | ||
Derivatives | ||
Notional volumes of derivative instruments | Bcfe | 47 | 58 |
Congestion revenue rights (GWh) | ||
Derivatives | ||
Notional volumes of derivative instruments | 30,813 | 33,216 |
Revenue (Summary) (Details)
Revenue (Summary) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenue | |||
Total operating revenue | $ 3,968 | $ 2,960 | |
SCE | |||
Revenue | |||
Revenue from contracts with customers | 3,360 | 2,899 | |
Alternative revenue programs and other operating revenue | 601 | 54 | |
Total operating revenue | 3,961 | 2,953 | |
Receivables from contracts with customers | 2,200 | $ 2,300 | |
Accrued unbilled revenues | 743 | $ 794 | |
SCE | Earning Activities | |||
Revenue | |||
Revenue from contracts with customers | 1,985 | 1,704 | |
Alternative revenue programs and other operating revenue | 282 | 63 | |
Total operating revenue | 2,267 | 1,767 | |
SCE | Cost- Recovery Activities | |||
Revenue | |||
Revenue from contracts with customers | 1,375 | 1,195 | |
Alternative revenue programs and other operating revenue | 319 | (9) | |
Total operating revenue | $ 1,694 | $ 1,186 |
Revenue (Deferred) (Details)
Revenue (Deferred) (Details) - SCE - West of Devers - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Jul. 31, 2021 | Mar. 31, 2022 | |
Revenue | ||
Proceeds from Morongo Transmission LLC | $ 400 | |
Annual revenue to be recognized | $ 13 | |
Deferred revenue balance | $ 391 | |
Deferred revenue current | 13 | |
Deferred revenue non-current | 378 | |
Revenue recognized | $ 3 |
Income Taxes (Rate Reconciliati
Income Taxes (Rate Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Line Items] | ||
Statutory tax rate (as a percent) | 21.00% | |
Income from operations before income taxes | $ 81 | $ 254 |
Provision for income tax at federal statutory rate of 21% | 17 | 53 |
(Decrease) increase in income tax from: | ||
State tax, net of federal benefit | (17) | (7) |
Property-related | (45) | (83) |
Other | (10) | 1 |
Total income tax benefit | $ (55) | $ (36) |
Effective tax rate (as a percent) | (67.90%) | (14.20%) |
SCE | ||
Income Tax Disclosure [Line Items] | ||
Income from operations before income taxes | $ 133 | $ 299 |
Provision for income tax at federal statutory rate of 21% | 28 | 63 |
(Decrease) increase in income tax from: | ||
State tax, net of federal benefit | (13) | (4) |
Property-related | (45) | (83) |
Other | (10) | |
Total income tax benefit | $ (40) | $ (24) |
Effective tax rate (as a percent) | (30.10%) | (8.00%) |
Compensation and Benefit Plan_2
Compensation and Benefit Plans (Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Non-service cost (benefit) | ||
Reclassed from other comprehensive loss | $ 2 | $ 3 |
Pension Plans | ||
Pension and Other Postretirement Benefits | ||
Service cost | 30 | 34 |
Non-service cost (benefit) | ||
Interest cost | 27 | 26 |
Expected return on plan assets | (57) | (56) |
Amortization of net (gain) loss | 1 | 3 |
Regulatory adjustment | 2 | 4 |
Total non-service benefit | (27) | (23) |
Total expense recognized | 3 | 11 |
Postretirement Benefits Other Than Pensions | ||
Pension and Other Postretirement Benefits | ||
Service cost | 8 | 10 |
Non-service cost (benefit) | ||
Interest cost | 14 | 14 |
Expected return on plan assets | (24) | (27) |
Amortization of net (gain) loss | (12) | (8) |
Regulatory adjustment | 14 | 11 |
Total non-service benefit | (8) | (10) |
SCE | ||
Non-service cost (benefit) | ||
Total non-service benefit | (34) | (33) |
Reclassed from other comprehensive loss | 1 | 2 |
SCE | Pension Plans | ||
Pension and Other Postretirement Benefits | ||
Service cost | 29 | 33 |
Non-service cost (benefit) | ||
Interest cost | 25 | 24 |
Expected return on plan assets | (54) | (53) |
Amortization of net (gain) loss | 1 | 2 |
Regulatory adjustment | 2 | 4 |
Total non-service benefit | (26) | (23) |
Total expense recognized | $ 3 | $ 10 |
Investments (Trust Value) (Deta
Investments (Trust Value) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value | ||
Fair Value | $ 4,527 | $ 4,870 |
Repurchase agreements | ||
Fair Value | ||
Fair Value | 11 | 37 |
SCE | ||
Fair Value | ||
Amortized Cost | 2,444 | 2,555 |
Fair Value | 4,527 | 4,870 |
SCE | Municipal bonds | ||
Fair Value | ||
Amortized Cost | 872 | 875 |
SCE | Government and agency securities | ||
Fair Value | ||
Amortized Cost | 1,023 | 1,095 |
SCE | Corporate bonds | ||
Fair Value | ||
Amortized Cost | 415 | 386 |
SCE | Short-term investments and receivables/payables | ||
Fair Value | ||
Amortized Cost | 134 | 199 |
SCE | Fair Value, Measurements, Recurring | ||
Fair Value | ||
Fair Value | 4,549 | 4,889 |
SCE | Fair Value, Measurements, Recurring | Stocks | ||
Fair Value | ||
Fair Value | 1,879 | 1,972 |
SCE | Fair Value, Measurements, Recurring | Municipal bonds | ||
Fair Value | ||
Fair Value | 955 | 1,033 |
SCE | Fair Value, Measurements, Recurring | Government and agency securities | ||
Fair Value | ||
Fair Value | 1,092 | 1,212 |
SCE | Fair Value, Measurements, Recurring | Corporate bonds | ||
Fair Value | ||
Fair Value | 458 | 446 |
SCE | Fair Value, Measurements, Recurring | Short-term investments and receivables/payables | ||
Fair Value | ||
Fair Value | $ 143 | $ 207 |
Investments (Trust Info) (Detai
Investments (Trust Info) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Investment Holdings [Line Items] | ||
Nuclear decommissioning trusts, net of deferred tax | $ 4,100 | |
SCE | ||
Investment Holdings [Line Items] | ||
Cumulative unrealized holding gains, net of losses | 1,900 | $ 2,100 |
Deferred income taxes related to unrealized gains | $ 434 | 517 |
Nuclear decommissioning trusts, net of deferred tax | $ 4,400 |
Investments (Trust gain loss) (
Investments (Trust gain loss) (Details) - SCE - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investment Holdings [Line Items] | ||
Gross realized gains | $ 15 | $ 111 |
Gross realized losses | 16 | 12 |
Net unrealized (losses) gains for equity securities | $ (100) | $ 18 |
Investments (Other) (Details)
Investments (Other) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Investments [Abstract] | |||
Marketable securities | $ 10 | $ 12 | |
Equity investments without readily determinable fair values | 3 | $ 3 | |
Unrealized gain (loss) | $ (2) | $ 0 |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities (Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Regulatory Assets [Line Items] | ||
Current regulatory assets | $ 1,961 | $ 1,778 |
Regulatory assets: Non-current | 8,008 | 7,660 |
SCE | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 1,961 | 1,778 |
Regulatory assets: Non-current | 8,008 | 7,660 |
Total regulatory assets | 9,969 | 9,438 |
SCE | Regulatory balancing accounts | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 1,771 | 1,591 |
Regulatory assets: Non-current | 1,661 | 1,897 |
SCE | Power contracts | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 171 | 168 |
Regulatory assets: Non-current | 50 | 71 |
SCE | Deferred income taxes, net of liabilities | ||
Regulatory Assets [Line Items] | ||
Regulatory assets: Non-current | 4,856 | 4,770 |
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 | 118 | 121 |
SCE | Environmental remediation | ||
Regulatory Assets [Line Items] | ||
Regulatory assets: Non-current | 245 | 242 |
SCE | Recovery assets | ||
Regulatory Assets [Line Items] | ||
Regulatory assets: Non-current | 849 | 325 |
SCE | Other regulatory assets or liabilities | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 19 | 19 |
Regulatory assets: Non-current | $ 116 | $ 120 |
Regulatory Assets and Liabili_4
Regulatory Assets and Liabilities (Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | $ 701 | $ 603 |
Long-term regulatory liabilities | 8,867 | 8,981 |
SCE | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 701 | 603 |
Long-term regulatory liabilities | 8,867 | 8,981 |
Total regulatory liabilities | 9,568 | 9,584 |
SCE | Revenue subject to refund | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 603 | 553 |
Long-term regulatory liabilities | 825 | 648 |
SCE | Energy derivatives | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 78 | 25 |
SCE | Costs of removal | ||
Regulatory Liabilities [Line Items] | ||
Long-term regulatory liabilities | 2,694 | 2,552 |
SCE | Re-measurement of deferred taxes | ||
Regulatory Liabilities [Line Items] | ||
Long-term regulatory liabilities | 2,302 | 2,315 |
SCE | Recoveries in excess of ARO liabilities | ||
Regulatory Liabilities [Line Items] | ||
Long-term regulatory liabilities | 1,760 | 2,155 |
SCE | Pension and other postretirement benefits | ||
Regulatory Liabilities [Line Items] | ||
Long-term regulatory liabilities | 1,286 | 1,281 |
SCE | Other regulatory assets or liabilities | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | $ 20 | 25 |
Long-term regulatory liabilities | $ 30 |
Regulatory Assets and Liabili_5
Regulatory Assets and Liabilities (Balancing Accounts) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Regulatory Assets and Liabilities | ||
Percentage of vegetation management | 115.00% | |
Percentage of Wildfire Covered Conductor Program | 110.00% | |
SCE | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | $ 2,004 | $ 2,287 |
SCE | Energy resource recovery account | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | 102 | 759 |
SCE | Portfolio allocation balancing account | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | 459 | (183) |
SCE | New system generation balancing account | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | 16 | 73 |
SCE | Public purpose programs and energy efficiency programs | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | (1,287) | (1,066) |
SCE | Base revenue requirement balancing account | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | 1,360 | 849 |
SCE | GRC wildfire mitigation balancing accounts | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | 63 | 12 |
SCE | Residential uncollectibles balancing account | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | 38 | |
SCE | Greenhouse gas auction revenue and low carbon fuel standard revenue | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | (393) | (298) |
SCE | FERC balancing accounts | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | 26 | 55 |
SCE | Wildfire and drought restoration accounts | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | 305 | 299 |
SCE | Wildfire expense memorandum account | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | 1,034 | 1,456 |
SCE | COVID 19-related memorandum accounts | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | 97 | 94 |
SCE | Customer service re-platform memorandum account | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | 159 | 128 |
SCE | Tax accounting memorandum account and pole loading balancing account | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | 144 | 171 |
SCE | Excess Bond and Power Charge Balancing Account | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | (144) | |
SCE | Other balancing account | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | $ 25 | $ (62) |
Commitments and Contingencies_2
Commitments and Contingencies (Wildfires and Mudslides) (Details) - SCE $ in Millions | 1 Months Ended | ||||
Sep. 30, 2020USD ($)aitemindividual | Oct. 31, 2019aitemindividual | Nov. 30, 2018aitemindividual | Jan. 31, 2018individualitem | Dec. 04, 2017aindividualitem | |
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 | ||||
Bobcat fire | |||||
Loss Contingencies [Line Items] | |||||
Acres burned | a | 116,000 | ||||
Number of injured firefighters | individual | 6 | ||||
Estimated fire suppression costs | $ | $ 80 | ||||
Bobcat fire | Homes | |||||
Loss Contingencies [Line Items] | |||||
Structures destroyed | 87 | ||||
Structures damaged | 28 | ||||
Bobcat fire | Commercial property | |||||
Loss Contingencies [Line Items] | |||||
Structures destroyed | 1 | ||||
Bobcat fire | Minor structures | |||||
Loss Contingencies [Line Items] | |||||
Structures destroyed | 83 | ||||
Structures damaged | 19 | ||||
December 2017 Wildfires | |||||
Loss Contingencies [Line Items] | |||||
Acres burned | a | 280,000 | ||||
Structures destroyed | 1,343 | ||||
Fatalities | individual | 2 | ||||
November 2018 Wildfires | |||||
Loss Contingencies [Line Items] | |||||
Acres burned | a | 100,000 | ||||
Structures destroyed | 1,643 | ||||
Structures damaged | 364 | ||||
Fatalities | individual | 3 | ||||
Additional fatalities | individual | 4 | ||||
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 | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Oct. 31, 2021USD ($) | Jan. 31, 2021$ / claim | Oct. 31, 2020USD ($)$ / claim | Apr. 30, 2021USD ($) | Mar. 31, 2022USD ($)plaintiff | Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
2017/2018 Wildfire/Mudslide Events | ||||||||
Loss Contingencies [Line Items] | ||||||||
Increase in accrued estimated losses to reflect best estimate | $ 416 | |||||||
Expected revenue from FERC customers | 26 | |||||||
Total pre-tax charge | 390 | |||||||
Total after-tax charge | 281 | |||||||
Payments | 717 | |||||||
Charge for wildfire-related claims | 1,433 | $ 1,734 | ||||||
2017/2018 Wildfire/Mudslide Events | Settled Litigation | ||||||||
Loss Contingencies [Line Items] | ||||||||
Charge for wildfire-related claims | 137 | |||||||
2017/2018 Wildfire/Mudslide Events | Pending Litigation | ||||||||
Loss Contingencies [Line Items] | ||||||||
Charge for wildfire-related claims | 1,300 | |||||||
2017/2018 Wildfire/Mudslide Events | Aggregate | ||||||||
Loss Contingencies [Line Items] | ||||||||
Payments | 6,400 | |||||||
2019/2020 Wildfires | ||||||||
Loss Contingencies [Line Items] | ||||||||
Charge for wildfire-related claims | 229 | |||||||
Expected insurance recoveries | 171 | |||||||
SCE | ||||||||
Loss Contingencies [Line Items] | ||||||||
Regulatory Assets | 9,969 | 9,438 | ||||||
SCE | 2017/2018 Wildfire/Mudslide Events | ||||||||
Loss Contingencies [Line Items] | ||||||||
Regulatory Assets | 155 | |||||||
SCE | 2017/2018 Wildfire/Mudslide Events | SED Settlement | ||||||||
Loss Contingencies [Line Items] | ||||||||
Charge for wildfire-related claims | $ 550 | |||||||
Third-party uninsured claims cost recovery waiver | 375 | 375 | ||||||
Fine to State | 110 | |||||||
Shareholder-funded safety measures costs | $ 65 | |||||||
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] | ||||||||
Payments | $ 700 | $ 1,700 | $ 300 | |||||
Number of plaintiffs | plaintiff | 7,000 | |||||||
SCE | 2017/2018 Wildfire/Mudslide Events | Aggregate | ||||||||
Loss Contingencies [Line Items] | ||||||||
Increase in accrued estimated losses to reflect best estimate | $ 7,900 | |||||||
SCE | November 2018 Wildfires | Woolsey Subrogation Settlement | ||||||||
Loss Contingencies [Line Items] | ||||||||
Payments | $ 2,200 | |||||||
Payment agreement for each dollar of claim | $ / claim | 0.67 |
Commitments and Contingencies_4
Commitments and Contingencies (Wildfire loss accrual) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Loss Contingency Accrual [Roll Forward] | ||
Wildfire-related claims, current | $ 137 | $ 131 |
Wildfire-related claims, non-current | 1,531 | 1,733 |
2017/2018 Wildfire/Mudslide Events | ||
Loss Contingency Accrual [Roll Forward] | ||
Beginning balance | 1,734 | |
Increase in accrued estimated losses to reflect best estimate | 416 | |
Amounts paid | (717) | |
Ending balance | 1,433 | 1,734 |
Wildfire-related claims, non-current | 1,296 | 1,603 |
Other Wildfire Related Claims | ||
Loss Contingency Accrual [Roll Forward] | ||
Wildfire-related claims, non-current | 235 | 130 |
SCE | ||
Loss Contingency Accrual [Roll Forward] | ||
Wildfire-related claims, current | 137 | 131 |
Wildfire-related claims, non-current | $ 1,531 | $ 1,733 |
Commitments and Contingencies_5
Commitments and Contingencies (Wildfire loss expense) (Details) - 2017/2018 Wildfire/Mudslide Events $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Loss Contingencies [Line Items] | |
Charge for wildfire-related claims | $ 416 |
Expected revenue from FERC customers | (26) |
Total pre-tax charge | 390 |
Income tax benefit | (109) |
Total after-tax charge | $ 281 |
Commitments and Contingencies_6
Commitments and Contingencies (Wildfire Insurance Coverage) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Aug. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | Dec. 31, 2021 | Jul. 31, 2019 | |
Loss Contingencies [Line Items] | |||||
Wildfire insurance expense | $ 425 | ||||
SCE | |||||
Loss Contingencies [Line Items] | |||||
Wildfire insurance coverage | $ 1,000 | ||||
Self insurance | 50 | ||||
Regulatory assets | 9,969 | 9,438 | |||
Co-insurance | 75 | ||||
Coverage net | 875 | ||||
Wildfire insurance expense | $ 450 | ||||
Revenue requirement wildfire insurance expense | $ 460 | ||||
Requested increase (decrease) revenue requirement | $ 214 | ||||
SCE | Wildfire insurance costs | |||||
Loss Contingencies [Line Items] | |||||
Requested increase (decrease) revenue requirement | $ 204 | ||||
2017/2018 Wildfire/Mudslide Events | |||||
Loss Contingencies [Line Items] | |||||
Increase in accrued estimated losses to reflect best estimate | 416 | ||||
2017/2018 Wildfire/Mudslide Events | SCE | |||||
Loss Contingencies [Line Items] | |||||
Wildfire insurance coverage | 1,000 | ||||
Self insurance | 10 | ||||
Restoration capital expenditures | $ 60 | ||||
Denied rate increase | 8 | ||||
Potential impairment | 184 | ||||
Expected FERC cumulative recoveries | 326 | ||||
Regulatory assets | 155 | ||||
2017/2018 Wildfire/Mudslide Events | SCE | Aggregate | |||||
Loss Contingencies [Line Items] | |||||
Increase in accrued estimated losses to reflect best estimate | 7,900 | ||||
Litigation settlement | 6,600 | ||||
Insurance settlements and recoveries | 2,000 | ||||
November 2018 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_7
Commitments and Contingencies (Environmental Remediation) (Details) - SCE $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($)site | Mar. 31, 2021USD ($) | |
Jointly Owned Utility Plant Interests [Line Items] | ||
Recorded estimated minimum liability | $ 264 | |
Environmental remediation regulatory assets | 245 | |
Expected recovery from incentive mechanism | $ 38 | |
Expected recovery from incentive mechanism (percent) | 90.00% | |
Recovery through customer rates | $ 207 | |
Recovery through customer rates (percent) | 100.00% | |
Environmental remediation expense | $ 2 | $ 2 |
Clean up (period) | 40 years | |
Expected remediation costs, low end of range | $ 7 | |
Expected remediation costs, high end of range | $ 26 | |
Material sites | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Identified remediation sites (number) | site | 26 | |
Minimum estimated liability | $ 1 | |
Recorded estimated minimum liability | 260 | |
Cost may exceed liability | 117 | |
Material sites | San Onofre | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Recorded estimated minimum liability | $ 168 | |
Immaterial sites | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Identified remediation sites (number) | site | 14 | |
Recorded estimated minimum liability | $ 4 | |
Cost may exceed liability | $ 9 |
Commitments and Contingencies_8
Commitments and Contingencies (Nuclear) (Details) - SCE $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Loss Contingencies [Line Items] | |
Limit on retroactive premium adjustments assessment, per year | $ 30 |
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 |
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 |
Commitments and Contingencies_9
Commitments and Contingencies (Upstream Lighting Program) (Details) - Upstream Lighting Program - USD ($) $ in Millions | 1 Months Ended | 24 Months Ended | 36 Months Ended | |
Mar. 31, 2021 | Jan. 31, 2021 | Dec. 31, 2018 | Dec. 31, 2019 | |
Loss Contingencies [Line Items] | ||||
Incentives paid to manufacturers | $ 91 | |||
Incentives received | $ 3.5 | |||
Incentives receivable | $ 1.3 | |||
CPUC requested award refund | $ 33 | |||
Requested manufacturer incentives refund | 92 | |||
Fines | $ 140 | |||
Remedy offered | $ 21 |
Equity (Issuances) (Details)
Equity (Issuances) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)shares | |
401(K) | |
Class of Stock [Line Items] | |
Stock issued (in shares) | shares | 40,000 |
Proceeds received, net of offering costs | $ | $ 3 |
Internal Programs Employee Stock Purchase Plan | |
Class of Stock [Line Items] | |
Stock issued (in shares) | shares | 14,269 |
Proceeds received, net of offering costs | $ | $ 1 |
Stock compensation awards | |
Class of Stock [Line Items] | |
Stock issued (in shares) | shares | 390,969 |
Proceeds received, net of offering costs | $ | $ 11 |
In lieu of dividend payment | |
Class of Stock [Line Items] | |
Stock issued (in shares) | shares | 71,815 |
Proceeds received, net of offering costs | $ | $ 4 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 17,789 | $ 15,949 |
Pension and PBOP - net loss: | ||
Other comprehensive income, net of tax | 2 | 2 |
Ending balance | 17,632 | 17,223 |
Accumulated Other Comprehensive Loss | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (54) | (69) |
Pension and PBOP - net loss: | ||
Other comprehensive income, net of tax | 2 | 2 |
Ending balance | (52) | (67) |
Accumulated Defined Benefit Plans Adjustment | ||
Pension and PBOP - net loss: | ||
Reclassified from accumulated other comprehensive loss | 2 | 2 |
Other comprehensive income, net of tax | 2 | 2 |
SCE | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 19,835 | 18,650 |
Pension and PBOP - net loss: | ||
Other comprehensive income, net of tax | 1 | 2 |
Ending balance | 19,652 | 19,522 |
SCE | Accumulated Other Comprehensive Loss | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (32) | (41) |
Pension and PBOP - net loss: | ||
Other comprehensive income, net of tax | 1 | 2 |
Ending balance | (31) | (39) |
SCE | Accumulated Defined Benefit Plans Adjustment | ||
Pension and PBOP - net loss: | ||
Reclassified from accumulated other comprehensive loss | 1 | 2 |
Other comprehensive income, net of tax | $ 1 | $ 2 |
Other Income (Details)
Other Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other Income And Expense [Line Items] | ||
Total other income and (expenses) | $ 68 | $ 72 |
SCE | ||
Other Income And Expense [Line Items] | ||
Equity allowance for funds used during construction | 30 | 35 |
Increase in cash surrender value of life insurance policies and life insurance benefits | 16 | 10 |
Interest income | 3 | |
Net periodic benefit income - non-service components | 34 | 33 |
Civic, political and related activities and donations | (9) | (4) |
Other income and (expenses) | (3) | (2) |
Total other income and (expenses) | 71 | $ 72 |
Edison International Parent and Other | ||
Other Income And Expense [Line Items] | ||
Net loss on equity securities | (2) | |
Other income and (expenses) | $ (1) |
Supplemental Cash Flows Infor_3
Supplemental Cash Flows Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash payments (receipts): | ||
Interest, net of amounts capitalized | $ 275 | $ 263 |
Income taxes, net | (60) | (87) |
Common Stock | ||
Non-cash financing and investing activities: | ||
Dividends declared but not paid | 267 | 251 |
Preferred stock | ||
Non-cash financing and investing activities: | ||
Dividends declared but not paid | 4 | 0 |
SCE | ||
Cash payments (receipts): | ||
Interest, net of amounts capitalized | 253 | 241 |
Income taxes, net | (42) | (87) |
Non-cash financing and investing activities: | ||
Accrued capital expenditures | 728 | 503 |
SCE | Common Stock | ||
Non-cash financing and investing activities: | ||
Dividends declared but not paid | 325 | 0 |
SCE | Preferred stock | ||
Non-cash financing and investing activities: | ||
Dividends declared but not paid | $ 4 | $ 0 |
Related-Party Transactions (Det
Related-Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Wildfire insurance expense | $ 425 | ||
SCE | |||
Related Party Transaction [Line Items] | |||
Wildfire insurance expense | 450 | ||
SCE | Wildfire liability insurance | Wholly-owned subsidiary | |||
Related Party Transaction [Line Items] | |||
Prepaid Insurance | $ 26 | $ 52 | |
Long-term insurance receivables due from affiliate | 76 | ||
Wildfire insurance expense | $ 39 | $ 43 |