Consolidated Statements of Inco
Consolidated Statements of Income (USD $) | |||
In Millions | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 |
CONSOLIDATED STATEMENTS OF INCOME | |||
Operating revenue | $9,965 | $11,248 | $10,233 |
Fuel | 721 | 1,400 | 1,191 |
Purchased power | 2,751 | 3,845 | 3,235 |
Operation and maintenance | 3,154 | 3,013 | 2,838 |
Depreciation, decommissioning and amortization | 1,178 | 1,114 | 1,011 |
Property and other taxes | 244 | 232 | 217 |
Gain on sale of assets | (1) | (9) | |
Total operating expenses | 8,047 | 9,595 | 8,492 |
Operating income | 1,918 | 1,653 | 1,741 |
Interest income | 11 | 22 | 44 |
Other income | 160 | 101 | 89 |
Interest expense - net of amounts capitalized | (420) | (407) | (429) |
Other expenses | (49) | (123) | (45) |
Income before income taxes | 1,620 | 1,246 | 1,400 |
Income tax expense | 249 | 342 | 337 |
Net income | 1,371 | 904 | 1,063 |
Less: Net income attributable to noncontrolling interests | 94 | 170 | 305 |
Dividends on preferred and preference stock not subject to mandatory redemption | 51 | 51 | 51 |
Net income available for common stock | $1,226 | $683 | $707 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (USD $) | |||
In Millions | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Net income | $1,371 | $904 | $1,063 |
Pension and postretirement benefits other than pensions: | |||
Net gain (loss) arising during period | (7) | 2 | (3) |
Amortization of net gain (loss) included in net income | 2 | (2) | 2 |
Prior service cost arising during period | 1 | ||
Comprehensive income | 1,366 | 905 | 1,062 |
Less: Comprehensive income attributable to noncontrolling interests | 94 | 170 | 305 |
Comprehensive income attributable to SCE | $1,272 | $735 | $757 |
Consolidated Balance Sheets
Consolidated Balance Sheets (USD $) | ||
In Millions | Dec. 31, 2009
| Dec. 31, 2008
|
ASSETS | ||
Cash and equivalents | $462 | $1,611 |
Short-term investments | 9 | 3 |
Receivables, less allowances of $53 and $39 for uncollectible accounts at respective dates | 719 | 703 |
Accrued unbilled revenue | 347 | 328 |
Inventory | 337 | 365 |
Derivative assets | 160 | 157 |
Regulatory assets | 120 | 605 |
Deferred income taxes | 78 | 147 |
Other current assets | 97 | 283 |
Total current assets | 2,329 | 4,202 |
Nonutility property - less accumulated depreciation of $744 and $765 at respective dates | 324 | 953 |
Nuclear decommissioning trusts | 3,140 | 2,524 |
Other investments | 67 | 68 |
Total investments and other assets | 3,531 | 3,545 |
Utility plant, at original cost: | ||
Transmission and distribution | 22,214 | 20,006 |
Generation | 2,667 | 1,819 |
Accumulated depreciation | (5,921) | (5,570) |
Construction work in progress | 2,701 | 2,454 |
Nuclear fuel, at amortized cost | 305 | 260 |
Total utility plant | 21,966 | 18,969 |
Derivative assets | 187 | 74 |
Regulatory assets | 4,139 | 5,414 |
Other long-term assets | 322 | 364 |
Total long-term assets | 4,648 | 5,852 |
Total assets | 32,474 | 32,568 |
LIABILITIES AND EQUITY | ||
Short-term debt | 1,893 | |
Current portion of long-term debt | 250 | 150 |
Accounts payable | 1,058 | 948 |
Accrued taxes | 9 | 340 |
Accrued interest | 162 | 153 |
Customer deposits | 238 | 227 |
Book overdrafts | 224 | 224 |
Derivative liabilities | 102 | 156 |
Regulatory liabilities | 367 | 1,111 |
Other current liabilities | 637 | 572 |
Total current liabilities | 3,047 | 5,774 |
Long-term debt | 6,490 | 6,212 |
Deferred income taxes | 3,651 | 2,918 |
Deferred investment tax credits | 97 | 101 |
Customer advances | 119 | 137 |
Derivative liabilities | 496 | 738 |
Pensions and benefits | 1,681 | 2,485 |
Asset retirement obligations | 3,198 | 3,007 |
Regulatory liabilities | 3,328 | 2,481 |
Other deferred credits and other long-term liabilities | 1,652 | 902 |
Total deferred credits and other liabilities | 14,222 | 12,769 |
Total liabilities | 23,759 | 24,755 |
Commitments and contingencies (Note 6) | ||
Common stock, no par value (560,000,000 shares authorized; 434,888,104 shares issued and outstanding at each date) | 2,168 | 2,168 |
Additional paid-in capital | 551 | 532 |
Accumulated other comprehensive loss | (19) | (14) |
Retained earnings | 4,746 | 3,827 |
Total common shareholder's equity | 7,446 | 6,513 |
Preferred and preference stock not subject to mandatory redemption | 920 | 920 |
Noncontrolling interests | 349 | 380 |
Total equity | 8,715 | 7,813 |
Total liabilities and equity | $32,474 | $32,568 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | ||
In Millions, except Share data | Dec. 31, 2009
| Dec. 31, 2008
|
CONSOLIDATED BALANCE SHEETS | ||
Receivables, allowance for uncollectible accounts (in dollars) | $53 | $39 |
Nonutility property, accumulated depreciation (in dollars) | $744 | $765 |
Common stock, no par value (in dollars per share) | $0 | $0 |
Common stock, shares authorized (in shares) | 560,000,000 | 560,000,000 |
Common stock, shares issued (in shares) | 434,888,104 | 434,888,104 |
Common stock, shares outstanding (in shares) | 434,888,104 | 434,888,104 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (USD $) | |||
In Millions | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 |
Cash flows from operating activities: | |||
Net income | $1,371 | $904 | $1,063 |
Adjustments to reconcile to net cash provided by operating activities: | |||
Depreciation, decommissioning and amortization | 1,178 | 1,114 | 1,011 |
Regulatory impacts of net nuclear decommissioning trust earnings (reflected in accumulated depreciation) | 158 | (10) | 143 |
Other amortization | 109 | 97 | 95 |
Stock-based compensation | 13 | 18 | 18 |
Deferred income taxes and investment tax credits | 574 | 131 | (111) |
Changes in operating assets and liabilities: | |||
Receivables | (9) | 14 | 214 |
Inventory | 28 | (74) | (51) |
Margin and collateral deposits-net of collateral received | 63 | (16) | 6 |
Other current assets | 149 | (35) | (201) |
Accounts payable | 43 | (127) | 42 |
Accrued taxes | (331) | 298 | 61 |
Book overdrafts | 20 | 64 | |
Other current liabilities | 26 | (18) | (12) |
Derivative assets and liabilities - net | (413) | 634 | (87) |
Regulatory assets and liabilities - net | 1,457 | (2,946) | 679 |
Other assets | 48 | 275 | (156) |
Other liabilities | (395) | 1,343 | 195 |
Net cash provided by operating activities | 4,069 | 1,622 | 2,973 |
Cash flows from financing activities: | |||
Long-term debt issued | 750 | 1,500 | |
Long-term debt issuance costs | (11) | (20) | (1) |
Long-term debt repaid | (154) | (3) | (207) |
Bonds repurchased | (219) | (212) | (37) |
Preferred stock redeemed | (7) | ||
Rate reduction notes repaid | (246) | ||
Short-term debt financing - net | (1,893) | 1,393 | 500 |
Stock-based compensation - net | 4 | (15) | (51) |
Distributions to noncontrolling interest | (125) | (236) | (210) |
Dividends paid | (351) | (376) | (186) |
Net cash provided (used) by financing activities | (1,999) | 2,024 | (438) |
Cash flows from investing activities: | |||
Capital expenditures | (2,999) | (2,267) | (2,286) |
Proceeds from sale of nuclear decommissioning trust investments | 2,217 | 3,130 | 3,697 |
Purchases of nuclear decommissioning trust investments and other | (2,416) | (3,137) | (3,830) |
Sales of short-term investments | 1 | 7,069 | |
Purchases of short-term investments | (7) | (3) | (7,069) |
Restricted cash | 56 | ||
Customer advances for construction and other investments | (15) | (10) | (3) |
Net cash used by investing activities | (3,219) | (2,287) | (2,366) |
Net increase (decrease) in cash and equivalents | (1,149) | 1,359 | 169 |
Cash and equivalents, beginning of year | 1,611 | 252 | 83 |
Cash and equivalents, end of year | $462 | $1,611 | $252 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (USD $) | |||
In Millions | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 |
Changes in Equity | |||
Balance | $7,813 | $7,603 | $6,727 |
Net income | 1,371 | 904 | 1,063 |
Adoption of accounting guidance for uncertainty in income taxes | 213 | ||
Other comprehensive income (loss) | (5) | 1 | (1) |
Dividends declared on common stock | (300) | (400) | (100) |
Dividends declared on preferred and preference stock not subject to mandatory redemption | (51) | (51) | (51) |
Preferred stock redeemed, net of gain | (7) | ||
Distributions to noncontrolling interest | (125) | (236) | (210) |
Stock-based compensation - net | 4 | (15) | (51) |
Noncash stock-based compensation and other | 8 | 14 | 13 |
Balance | 8,715 | 7,813 | 7,603 |
Common Stock | |||
Changes in Equity | |||
Balance | 2,168 | 2,168 | 2,168 |
Balance | 2,168 | 2,168 | 2,168 |
Additional Paid-in Capital | |||
Changes in Equity | |||
Balance | 532 | 507 | 383 |
Preferred stock redeemed, net of gain | 2 | ||
Stock-based compensation - net | 7 | 4 | 28 |
Noncash stock-based compensation and other | 12 | 19 | 18 |
Change in classification of shares purchased to settle performance shares | 78 | ||
Balance | 551 | 532 | 507 |
Accumulated Other Comprehensive Income (Loss) | |||
Changes in Equity | |||
Balance | (14) | (15) | (14) |
Other comprehensive income (loss) | (5) | 1 | (1) |
Balance | (19) | (14) | (15) |
Retained Earnings | |||
Changes in Equity | |||
Balance | 3,827 | 3,568 | 2,910 |
Net income | 1,277 | 734 | 758 |
Adoption of accounting guidance for uncertainty in income taxes | 213 | ||
Dividends declared on common stock | (300) | (400) | (100) |
Dividends declared on preferred and preference stock not subject to mandatory redemption | (51) | (51) | (51) |
Stock-based compensation - net | (3) | (19) | (79) |
Noncash stock-based compensation and other | (4) | (5) | (5) |
Change in classification of shares purchased to settle performance shares | (78) | ||
Balance | 4,746 | 3,827 | 3,568 |
Preferred and Preference Stock | |||
Changes in Equity | |||
Balance | 920 | 929 | 929 |
Preferred stock redeemed, net of gain | (9) | ||
Balance | 920 | 920 | 929 |
Noncontrolling Interests | |||
Changes in Equity | |||
Balance | 380 | 446 | 351 |
Net income | 94 | 170 | 305 |
Distributions to noncontrolling interest | (125) | (236) | (210) |
Balance | $349 | $380 | $446 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | |
12 Months Ended
Dec. 31, 2009 | |
Notes to Consolidated Financial Statements | |
Summary of Significant Accounting Policies | Note1. Summary of Significant Accounting Policies SCE is a rate-regulated electric utility that supplies electric energy to a 50,000 square-mile area of central, coastal and southern California. SCE is a wholly-owned subsidiary of Edison International. Basis of Presentation The consolidated financial statements include SCE, its subsidiaries and VIEs for which SCE is the primary beneficiary. Effective March31, 2004, SCE began consolidating four cogeneration projects in accordance with authoritative guidance for VIEs. Intercompany transactions have been eliminated. SCE's accounting policies conform to accounting principles generally accepted in the United States of America, including the accounting principles for rate-regulated enterprises, which reflect the rate-making policies of the CPUC and the FERC. SCE applies authoritative guidance for rate-regulated enterprises to the portion of its operations in which regulators set rates at levels intended to recover the estimated costs of providing service, plus a return on capital. Due to timing and other differences in the collection of operating revenue, these principles allow an incurred cost that would otherwise be charged to expense by a nonregulated entity to be capitalized as a regulatory asset if it is probable that the cost is recoverable through future rates; and conversely the principles allow recording of a regulatory liability for amounts collected in rates to recover costs expected to be incurred in the future or amounts collected in excess of costs incurred. See Note11 for composition of regulatory assets and liabilities. Financial statements prepared in conformity with accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingency assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. SCE has performed an evaluation of subsequent events through the date the financial statements were issued. SCE's outstanding common stock is owned entirely by its parent company, Edison International. AFUDC AFUDC represents the estimated cost of debt and equity funds that finance utility-plant construction. Currently, AFUDC debt and equity is capitalized during certain plant construction and reported in interest expense and other income, respectively. AFUDC is recovered in rates through depreciation expense over the useful life of the related asset. AFUDC-equity represents a method to compensate SCE for the estimated cost of equity used to finance utility plant additions and is recorded as part of construction in progress. AFUDC equity was $116million in 2009, $54million in 2008 and $46million in 2007. AFUDC debt was $32million in 2009, $27million in 2008 and $24million in 2007. In 2007, FERC issued an order granting ROE incentive adders, recovery of the ROE and incentive adders during the construction phase (referred to as CWIP) and recovery of abandoned plant costs for three of SCE's tran |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | |
12 Months Ended
Dec. 31, 2009 | |
Notes to Consolidated Financial Statements | |
Derivative Instruments and Hedging Activities | Note2. Derivative Instruments and Hedging Activities SCE uses derivative financial instruments to manage financial exposure on its investments and fluctuations in commodity prices and interest rates. SCE manages these risks in part by entering into interest rate swap, cap and lock agreements, and forward commodity transactions, including options, swaps and futures. SCE is exposed to credit loss in the event of nonperformance by counterparties. To mitigate credit risk from counterparties, 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 SCE is exposed to commodity price risk which represents the potential impact that can be caused by a change in the market value of a particular commodity. SCE's hedging program reduces ratepayer exposure to variability in market prices related to SCE's power and gas activities. SCE recovers its related hedging costs through the ERRA balancing account and as a result, exposure to commodity price is not expected to impact earnings, but may impact cash flows. SCE's electricity price exposure arises from energy purchased and sold in the MRTU market as a result of differences between SCE's load requirements versus the amount of energy delivered from its generating facilities, existing bilateral contracts and CDWR contracts allocated to SCE. Approximately 37% of SCE's purchased power supply is subject to natural gas price volatility. SCE's natural gas price exposure arises from purchasing natural gas for generation at Mountainview and peaker plants, bilateral contracts where pricing is based on natural gas prices (this includes contract energy prices for most renewable QFs which are based on the monthly index price of natural gas delivered at the southern California border), and power contracts in which SCE has agreed to provide the natural gas needed for generation, referred to as tolling arrangements. Natural Gas and Electricity Price Risk SCE's hedging program reduces ratepayer exposure to variability in market prices. As part of this program, SCE enters into energy options, swaps, forward arrangements, tolling arrangements, and congestion revenue rights (CRRs). These transactions are pre-approved by the CPUC or executed in compliance with CPUC-approved procurement plans. In addition, SCE's risk management committee regularly reviews and evaluates exposure and approves transactions. Notional Volumes of Derivative Instruments The following table summarizes the notional volumes of derivatives used for hedging activities at December31, 2009: Commodity Unit of Measure Economic Hedges Electricity options, swaps and forward arrangements MWh 14,868,034 Natural gas options, swaps and forward arrangements Bcf 266 Congestion revenue rights1 MWh 195,367,422 Tolling arrangements2 MWh 116,398,216 1 In September 2007 and November 2008, the CAISO allocated CRRs for the period April 2009 through December 2017 based on SCE's load requirements. In ad |
Liabilities and Lines of Credit
Liabilities and Lines of Credit | |
12 Months Ended
Dec. 31, 2009 | |
Notes to Consolidated Financial Statements | |
Liabilities and Lines of Credit | Note3. Liabilities and Lines of Credit Long-Term Debt Almost all SCE properties are subject to a trust indenture lien. SCE has pledged first and refunding mortgage bonds as collateral for borrowed funds obtained from certain pollution-control bonds issued by government agencies. SCE used these proceeds to finance construction of pollution-control facilities. SCE has a debt covenant that requires a debt to total capitalization ratio be met. At December31, 2009, SCE was in compliance with this debt covenant. Bondholders have limited discretion in redeeming certain pollution-control bonds, and SCE has arranged with securities dealers to remarket or purchase them if necessary. The following table summarizes long-term debt (rates and terms are as of December31, 2009): December31, (in millions) 2009 2008 First and refunding mortgage bonds: 20142039 (4.15% to 6.05% and variable) $ 5,475 $ 4,875 Pollution-control bonds: 20152035 (2.9% to 5.55% and variable) 1,196 1,196 Bonds repurchased (468 ) (249 ) Debentures and notes: 20102053 (5.06% to 7.625%) 557 557 Long-term debt due within one year (250 ) (150 ) Unamortized debt discount net (20 ) (17 ) Total $ 6,490 $ 6,212 Long-term debt maturities and sinking-fund requirements for the next five years are: 2010$250million; 2011 zero; 2012zero; 2013 zero; and 2014 $1.05billion. In late 2007 and early 2008, SCE purchased in the secondary market its auction rate bonds, totaling $249million, and converted the issue from an auction-based reset process to a variable rate structure. In 2009, SCE purchased two issues of its tax-exempt bonds totaling $219million that were subject to remarketing and also converted those issues to a variable rate structure. SCE continues to hold the bonds which remain outstanding and have not been retired or cancelled. Short-Term Debt Short-term debt is generally used to finance fuel inventories, balancing account under-collections and general, temporary cash requirements including power purchase payments. At December31, 2009, the outstanding short-term debt was zero. At December31, 2008, the outstanding short-term debt was $1.89billion at a weighted-average interest rate of 0.67%. This short-term debt was supported by a $2.5billion credit line. Credit Agreements On March17, 2009, SCE entered into a new $500million 364-day revolving credit facility, terminating on March16, 2010. The additional liquidity provided by the facility will be used to support SCE's ongoing power procurement-related needs. In June 2009, SCE amended its $2.5billion five-year credit facility to remove a subsidiary of Lehman Brothers Holdings as a lender which resulted in a reduction of the total commitment under the facility to $2.4billion. This credit facility matures in February 2013 and provides four one-year options to extend by mutual consent. The following table summarizes the status of SCE's credit facilities at December31, 2009: (in millions) Credit Facilities Commitment $ 2,894 Outstanding borrowings |
Income Taxes
Income Taxes | |
12 Months Ended
Dec. 31, 2009 | |
Notes to Consolidated Financial Statements | |
Income Taxes | Note4. Income Taxes The components of income tax expense from continuing operations by location of taxing jurisdiction are: Years Ended December31, (in millions) 2009 2008 2007 Current: Federal $ (82 ) $ 53 $ 295 State 173 43 94 91 96 389 Deferred: Federal 200 232 (31 ) State (42 ) 14 (21 ) 158 246 (52 ) Total $ 249 $ 342 $ 337 The components of the net accumulated deferred income tax liability are: December31, (in millions) 2009 2008 Deferred tax assets: Property and software related $ 630 $ 497 Regulatory balancing accounts 229 436 Unrealized gains and losses 315 70 Decommissioning 173 168 Pensions and PBOPs 213 203 Other 507 439 Total $ 2,067 $ 1,813 Deferred tax liabilities: Property-related $ 4,371 $ 3,493 Capitalized software costs 286 231 Regulatory balancing accounts 257 433 Unrealized gains and losses 315 70 Decommissioning 155 148 Other 256 209 Total $ 5,640 $ 4,584 Accumulated deferred income tax liability net $ 3,573 $ 2,771 Classification of accumulated deferred income taxes net: Included in deferred credits and other liabilities $ 3,651 $ 2,918 Included in total current assets $ 78 $ 147 The federal statutory income tax rate is reconciled to the effective tax rate from continuing operations, net of income attributable to non-controlling interests, as follows: Years Ended December31, 2009 2008 2007 Federal statutory rate 35.0% 35.0% 35.0% State tax net of federal benefit 4.4 3.5 4.4 Property-related (4.2 ) (6.1 ) (1.0 ) Tax reserve adjustments 2.0 0.7 (4.8 ) ESOP dividend payment (0.7 ) (0.9 ) (0.8 ) Global tax settlement (20.3 ) Other 0.1 (0.4 ) (2.0 ) Effective tax rate 16.3% 31.8% 30.8% The effective tax rate of 16.3% in 2009 included benefits related to both the Global Settlement and recognition of additional AFUDC equity resulting from the transfer of the Mountainview power plant to utility rate base. The effective tax rate of 31.8% in 2008 included higher software deductions resulting from the implementation of SAP. The effective tax rate of 30.8% in 2007 includes reductions in liabilities for uncertain tax positions to reflect both the progress made in an administrative appeals process with the IRS related to the income tax treatment of certain costs associated with environmental remediation and to reflect a settlement of state tax audit issues. The CPUC requires flow-through rate-making treatment for the current tax benefit arising from certain property-related and other temporary differences, which reverse over time. The accounting treatment for these temporary differences |
Compensation and Benefit Plans
Compensation and Benefit Plans | |
12 Months Ended
Dec. 31, 2009 | |
Notes to Consolidated Financial Statements | |
Compensation and Benefit Plans | Note5. Compensation and Benefit Plans Employee Savings Plan SCE has a 401(k) defined contribution savings plan designed to supplement employees' retirement income. The plan received employer contributions of $70million in 2009, $65million in 2008 and $61million in 2007. Pension Plans and Postretirement Benefits Other Than Pensions Pension Plans Noncontributory defined benefit pension plans (some with cash balance features) cover most employees meeting minimum service requirements. SCE recognizes pension expense for its nonexecutive plan as calculated by the actuarial method used for ratemaking. The expected contributions (all by the employer) are approximately $81million for the year ended December31, 2010. Volatile market conditions have affected the value of SCE's trusts established to fund its future long-term pension benefits. The market value of the investments (reflecting investment returns, contributions and benefit payments) within the plan trusts declined 35% during 2008. This reduction in the value of plan assets resulted in a change in the pension plan funding status from overfunded to underfunded and will also result in increased future expense and increased future contributions. Improved market conditions in 2009 partially offset the impacts of the 2008 market conditions. Changes in the plan's funded status also affect the assets and liabilities recorded on the consolidated balance sheet. Due to SCE's regulatory recovery treatment, the recognition of the funded status is offset by regulatory liabilities and assets. In the 2009 GRC, SCE requested recovery of and continued balancing account treatment for amounts contributed to these trusts. The Pension Protection Act of 2006 establishes new minimum funding standards and restricts plans underfunded by more than 20% from providing lump-sum distributions and adopting amendments that increase plan liabilities. Information on plan assets and benefit obligations is shown below: Years Ended December31, (in millions) 2009 2008 Change in projected benefit obligation Projected benefit obligation at beginning of year $ 3,175 $ 3,106 Service cost 107 104 Interest cost 191 184 Amendments 21 Actuarial gain 57 (2 ) Benefits paid (162 ) (217 ) Projected benefit obligation at end of year $ 3,389 $ 3,175 Change in plan assets Fair value of plan assets at beginning of year $ 2,238 $ 3,459 Actual return (loss) on plan assets 551 (1,059 ) Employer contributions 99 55 Benefits paid (162 ) (217 ) Fair value of plan assets at end of year $ 2,726 $ 2,238 Funded status at end of year $ (663 ) $ (937 ) Amounts recognized in the consolidated balance sheets: Current liabilities $ (5 ) $ (5 ) Long-term liabilities (658 ) (932 ) $ (663 ) $ (937 ) Amounts recognized in accumulated other comprehensive loss consist of: Prior service cost $ $ 1 Net loss 31 23 $ 31 $ 24 |
Commitments and Contingencies
Commitments and Contingencies | |
12 Months Ended
Dec. 31, 2009 | |
Notes to Consolidated Financial Statements | |
Commitments and Contingencies | Note6. Commitments and Contingencies Lease Commitments In the ordinary course of business, SCE enters into various agreements to purchase power, resource capacity, and environmental attributes. SCE evaluates these agreements under authoritative accounting literature to determine whether such agreements contain a lease. Unit specific contracts in which SCE takes virtually all of the output of a facility are generally considered to be leases. Based on authoritative accounting guidance for leases, SCE then classifies each lease as capital or operating. As of December31, 2009, SCE recorded three power purchase agreements as capital leases. Gross capital leases reflected in "Utility plant" on the consolidated balance sheets were $248million and $25million at December31, 2009 and 2008, respectively. The asset carrying amount, net of amortization, was $235million and $16million at December31, 2009 and 2008, respectively. The related obligations were reflected on the consolidated balance sheets in "Other current liabilities" and "Other deferred credits and other long-term liabilities." The following summarizes the estimated remaining commitments for noncancelable operating leases and all contracts that meet the requirements for capital leases: (in millions) Operating Leases Power Contracts Operating Leases Other Capital Leases 2010 $ 728 $ 51 $ 37 2011 770 48 33 2012 691 42 33 2013 793 37 33 2014 699 27 33 Thereafter 8,116 74 489 Total future commitments $ 11,797 $ 279 $ 658 Amount representing executory costs (144 ) Amount representing interest (279 ) Net commitments $ 11,797 $ 279 $ 235 Operating lease expense was $405million in 2009, $375million in 2008 and $336million in 2007. The timing of SCE's recognition of the lease expense conforms to the ratemaking treatment for SCE's recovery of the cost of electricity. The amounts above do not include payments related to CDWR purchases for the benefit of SCE's customers, as SCE is acting as an agent for the CDWR. Both capital and operating leases have varying terms, provisions and expiration dates. There were no sublease rentals and the contingent rentals for capital leases were less than $1million for both 2009 and 2008. Nuclear Decommissioning Commitment SCE has collected in rates amounts for the future costs of removal of its nuclear assets, and has placed those amounts in independent trusts. The liability to decommission SCE's nuclear power facilities is $3.1billion as of December31, 2009, based on site-specific studies performed in 2005 for San Onofre and Palo Verde. Changes in the estimated costs, timing of decommissioning or the assumptions underlying these estimates could cause material revisions to the estimated total cost to decommission. SCE estimates that it will spend approximately $11.5billion through 2049 to decommission its active nuclear facilities. This estimate is based on SCE's decommissioning cost methodology used for rate-making purposes, escalated at rates ranging from |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | |
12 Months Ended
Dec. 31, 2009 | |
Notes to Consolidated Financial Statements | |
Accumulated Other Comprehensive Income | Note7. Accumulated Other Comprehensive Income SCE's accumulated other comprehensive income consists of: (in millions) Pension and PBOP Net(Gain) Loss Pension and PBOP Prior ServiceCost Accumulated Other Comprehensive Income(Loss) Balance at December31, 2007 $ (14 ) $ (1 ) $ (15 ) Change for 2008 1 1 Balance at December31, 2008 (13 ) (1 ) (14 ) Change for 2009 (5 ) (5 ) Balance at December31, 2009 $ (18 ) $ (1 ) $ (19 ) |
Property and Plant
Property and Plant | |
12 Months Ended
Dec. 31, 2009 | |
Notes to Consolidated Financial Statements | |
Property and Plant | Note8. Property and Plant Nonutility Property Nonutility property included in the consolidated balance sheets is comprised of: December31, (in millions) 2009 2008 Furniture and equipment $ 3 $ 5 Building, plant and equipment 1,034 1,681 Land (including easements) 28 30 Construction in progress 3 2 1,068 1,718 Accumulated provision for depreciation (744 ) (765 ) Nonutility propertynet $ 324 $ 953 On March12, 2009, the CPUC issued a final decision in SCE's 2009 GRC, authorizing the transfer of the Mountainview power plant to utility rate base. SCE received FERC and other necessary approvals, and on July1, 2009, terminated the FERC-approved power-purchase agreement between Mountainview Power Company,LLC and SCE, and transferred assets and liabilities valued at $680million and $173million, respectively. The transfer resulted in a $603million increase in SCE's utility plant (primarily generation plant) with a corresponding decrease in nonutility property (primarily building, plant and equipment). In addition, SCE recognized a one time, non-cash accounting benefit of approximately $46million primarily resulting from the establishment of regulatory assets to recognize differences in the accounting treatment for non-regulated and rate-regulated entities mainly related to AFUDC equity. There was no economic impact to customers from this change as compared to the FERC-approved power-purchase agreement; as these amounts would have been recognized over the life of that agreement and have no impact on cash flows. Asset Retirement Obligations In 2003, SCE recorded the fair value of its liability for legal AROs, which are primarily related to the decommissioning of SCE's nuclear power facilities. SCE capitalized the initial costs of the ARO into a nuclear-related ARO regulatory asset and also recorded an ARO regulatory liability as a result of timing differences between the recognition of costs and the recovery of the costs through the rate-making process. SCE has collected in rates amounts for the future cost of removal of its nuclear assets and has placed those amounts in independent trusts. For a further discussion about nuclear decommissioning trusts see "Nuclear Decommissioning Commitment" in Note6 and "Nuclear Decommissioning Trusts" in Note10. A reconciliation of the changes in the ARO liability is as follows: (in millions) 2009 2008 2007 Beginning balance $ 3,007 $ 2,877 $ 2,749 Accretion expense 186 175 168 Revisions 6 (10 ) 3 Liabilities settled (1 ) (35 ) (43 ) Ending balance $ 3,198 $ 3,007 $ 2,877 The ARO liability as of December31, 2009 includes an ARO liability of $3.1billion related to nuclear decommissioning. |
Supplemental Cash Flows Informa
Supplemental Cash Flows Information | |
12 Months Ended
Dec. 31, 2009 | |
Notes to Consolidated Financial Statements | |
Supplemental Cash Flows Information | Note9. Supplemental Cash Flows Information The following is SCE's supplemental cash flows information: YearsEndedDecember31, (in millions) 2009 2008 2007 Cash payments(receipts) for interest and taxes: Interestnet of amounts capitalized $ 352 $ 303 $ 292 Tax payments(refunds)net (658 ) 251 299 Noncash investing and financing activities: Details of obligation under capital leases: Capital lease purchased $ (223 ) $ $ (10 ) Capital lease obligation issued 223 10 Dividends declared but not paid: Common stock $ 100 $ 100 $ 25 Preferred and preference stock not subject to mandatory redemption 13 13 13 |
Fair Value Measurements
Fair Value Measurements | |
12 Months Ended
Dec. 31, 2009 | |
Notes to Consolidated Financial Statements | |
Fair Value Measurements | Note10. 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 for a liability should reflect the entity's non-performance risk. Fair value is determined using a hierarchy to prioritize the inputs to valuation models. The hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets and liabilities (Level1 measurements) and the lowest priority to unobservable inputs (Level3 measurements). The three levels of the fair value hierarchy are: Level1Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities; Level2Pricing inputs that include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the derivative instrument; and Level3Prices or valuations that require inputs that are both significant to the fair value measurements and unobservable. SCE's assets and liabilities carried at fair value primarily consist of derivative contracts, SCE nuclear decommissioning trust investments and money market funds. Derivative contracts primarily relate to power and gas and include contracts for forward physical sales and purchases, options and forward price swaps which settle only on a financial basis (including futures contracts). Derivative contracts can be exchange traded or over-the-counter traded. The fair value of derivative contracts takes into account quoted market prices, time value of money, volatility of the underlying commodities, and other factors. Derivatives that are exchange traded in active markets for identical assets or liabilities are classified as Level1. SCE's Level2 derivatives primarily consist of financial natural gas swaps, fixed float swaps, and natural gas physical trades for which SCE obtains the applicable Henry Hub and basis forward market prices from the New York Mercantile Exchange and Intercontinental Exchange. Level3 includes the majority of SCE's derivatives, including over-the-counter options, bilateral contracts, capacity contracts, and QF contracts. The fair value of these SCE derivatives is determined using uncorroborated non-binding broker quotes (from one or more brokers) and models which may require SCE to extrapolate short-term observable inputs in order to calculate fair value. Broker quotes are obtained from several brokers and compared against each other for reasonableness. SCE has Level3 fixed float swaps for which SCE obtains the applicable Henry Hub and basis forward market prices from the New York Mercantile Exchange. However, these swaps have contract terms that extend beyond observable market data and the unobservable inputs incorporated in the fair value determination are considered significant compared to the overall swap's fair value. Level3 also includes derivatives that trade infrequently (such as CRRs in the California market and |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | |
12 Months Ended
Dec. 31, 2009 | |
Notes to Consolidated Financial Statements | |
Regulatory Assets and Liabilities | Note11. Regulatory Assets and Liabilities Included in SCE's regulatory assets and liabilities are regulatory balancing accounts. Sales balancing accounts accumulate differences between recorded operating revenue and revenue SCE is authorized to collect through rates. Cost balancing accounts accumulate differences between recorded costs and costs SCE is authorized to recover through rates. Under-collections are recorded as regulatory balancing account assets. Over-collections are recorded as regulatory balancing account liabilities. SCE's regulatory balancing accounts accumulate balances until they are refunded to or received from SCE's customers through authorized rate adjustments. Primarily all of SCE's balancing accounts can be classified as one of the following types: generation-revenue related, distribution-revenue related, generation-cost related, distribution-cost related, transmission-cost related or public purpose and other cost related. Balancing account under-collections and over-collections accrue interest based on a three-month commercial paper rate published by the Federal Reserve. Income tax effects on all balancing account changes are deferred. Amounts included in regulatory assets and liabilities are generally recorded with corresponding offsets to the applicable income statement accounts. Regulatory Assets Regulatory assets included on the consolidated balance sheets are: December31, (inmillions) 2009 2008 Current: Regulatory balancing accounts $ 94 $ 455 Energy derivatives 25 138 Other 1 12 $ 120 $ 605 Long-term: Regulatory balancing accounts $ 43 $ 29 Deferred income taxes net 1,561 1,337 ARO 224 Unamortized nuclear investment net 340 375 Nuclear-related ARO investment net 258 278 Unamortized coal plant investment net 73 79 Unamortized loss on reacquired debt 287 309 Pensions and other postretirement benefits 1,014 1,882 Energy derivatives 357 723 Environmental remediation 36 40 Other 170 138 $ 4,139 $ 5,414 Total Regulatory Assets $ 4,259 $ 6,019 SCE's regulatory asset related to energy derivatives is primarily an offset to unrealized losses on recorded derivatives. Based on current regulatory ratemaking and income tax laws, SCE expects to recover its net regulatory assets related to income taxes over the life of the assets that give rise to the accumulated deferred income taxes. SCE's regulatory asset related to the ARO represents timing differences between the recognition of AROs in accordance with generally accepted accounting principles and the amounts recognized for rate-making purposes. SCE's nuclear-related regulatory assets related to SanOnofre are expected to be recovered by 2022. SCE's nuclear-related regulatory assets related to Palo Verde are expected to be recovered by 2027. SCE's net regulatory asset related to its unamortized coal plant investment is being recovered through June2016. Although SCE's unamortized nuclear and c |
Other Income and Expenses
Other Income and Expenses | |
12 Months Ended
Dec. 31, 2009 | |
Notes to Consolidated Financial Statements | |
Other Income and Expenses | Note12. Other Income and Expenses Other income and expenses are as follows: Years ended December31, (inmillions) 2009 2008 2007 AFUDC $ 116 $ 54 $ 46 Increase in cash surrender value of life insurance policies 23 24 23 Energy settlement 9 3 4 Other 12 20 16 Total other income $ 160 $ 101 $ 89 Various penalties $ $ 59 $ 5 Civic, political and related activities and donations 28 34 25 Other 21 30 15 Total other expenses $ 49 $ 123 $ 45 |
Jointly Owned Utility Projects
Jointly Owned Utility Projects | |
12 Months Ended
Dec. 31, 2009 | |
Notes to Consolidated Financial Statements | |
Jointly Owned Utility Projects | Note13. Jointly Owned Utility Projects SCE owns interests in several generating stations and transmission systems for which each participant provides its own financing. SCE's proportionate share of expenses for each project is included in the consolidated statements of income. The following is SCE's investment in each project as of December31, 2009: (inmillions) Investment in Facility Accumulated Depreciation and Amortization Ownership Interest Transmission systems: Eldorado $ 73 $ 13 60 % Pacific Intertie 182 62 50 % Generating stations: Four Corners Units4 and 5 (coal) 580 477 48 % Mohave (coal) 351 303 56 % Palo Verde (nuclear) 1,858 1,527 16 % SanOnofre (nuclear) 5,131 4,075 78 % Total $ 8,175 $ 6,457 All of Mohave and a portion of SanOnofre and Palo Verde are included in regulatory assets on the consolidated balance sheets see Note11. Mohave ceased operations on December31, 2005. In December2006, SCE acquired the City of Anaheim's approximately 3% ownership interest of SanOnofre Units2 and 3. |
Variable Interest Entities
Variable Interest Entities | |
12 Months Ended
Dec. 31, 2009 | |
Notes to Consolidated Financial Statements | |
Variable Interest Entities | Note14. Variable Interest Entities As of December31, 2009, the FASB authoritative guidance defines a variable interest entity as a legal entity whose equity owners do not have sufficient equity at risk or a controlling financial interest in the entity. This guidance identifies the primary beneficiary as the variable interest holder that absorbs a majority of expected losses; if no variable interest holder meets this criterion, then it is the variable interest holder that receives a majority of the expected residual returns. The primary beneficiary is required to consolidate the variable interest entity unless specific exceptions or exclusions are met. SCE uses variable interest entities to conduct its business as described below. Projects or Entities that are Consolidated SCE has variable interests in contracts with certain QFs that contain variable contract pricing provisions based on the price of natural gas. Four of these contracts are with entities that are partnerships owned in part by a related party, EME. SCE has determined that it is the primary beneficiary of these four variable interest entities and therefore consolidates these projects. In determining that SCE was the primary beneficiary, SCE considered the term of the contract, percentage of plant capacity, pricing, and other variable interests. SCE performed a quantitative assessment which included the analysis of the expected losses and expected residual returns of the entity by using the various estimated projected cash flow scenarios associated with the assets and activities of that entity. The quantitative analysis provided sufficient evidence to determine that SCE was the primary beneficiary absorbing a majority of the entity's expected losses, receiving a majority of the entity's expected residual returns, or both. Project Capacity Termination Date1 EME Ownership Kern River 300MW June2011 50 % Midway-Sunset 225MW May2009 50 % Sycamore 300MW December2007 50 % Watson 385MW December2007 49 % 1 As mandated by the CPUC, Midway-Sunset, Sycamore Cogeneration and Watson sell electricity to SCE under an extension of their prior power purchase agreements, with revised pricing. On September28, 2009, Midway-Sunset entered into a power purchase agreement with PGE, that expires in 2016, for which CPUC approval is pending. Sycamore Cogeneration entered into a new steam supply agreement with Chevron North America Exploration and Production Company that expires in 2013. These four projects do not have any third party debt outstanding. SCE has no investment in, nor obligation to provide support to, these entities other than its requirement to make contract payments. Any profit or loss generated by these entities will not affect SCE's income statement. Any liabilities of these projects are nonrecourse to SCE. See Note16 for carrying value and classification of the VIEs' assets and liabilities. Entities with Unavailable Financial Information SCE also has seven other contracts with QFs that contain variable pricing provisions based on the price of natural gas and are potential VIEs. SCE mig |
Preferred and Preference Stock
Preferred and Preference Stock Not Subject to Mandatory Redemption | |
12 Months Ended
Dec. 31, 2009 | |
Notes to Consolidated Financial Statements | |
Preferred and Preference Stock Not Subject to Mandatory Redemption | Note15. Preferred and Preference Stock Not Subject to Mandatory Redemption SCE's authorized shares are: $100 cumulative preferred 12million shares, $25 cumulative preferred 24million shares and preference with no par value 50million shares. There are no dividends in arrears for the preferred stock or preference shares. Shares of SCE's preferred stock have liquidation and dividend preferences over shares of SCE's common stock and preference stock. All cumulative preferred stock is redeemable. When preferred shares are redeemed, the premiums paid, if any, are charged to common equity. No preferred stock not subject to mandatory redemption was issued or redeemed in the years ended December31, 2009 and 2008. In January2008, SCE repurchased 350,000 shares of 4.08% cumulative preferred stock at a price of $19.50 per share. There is no sinking fund requirement for redemptions or repurchases of preferred stock. Shares of SCE's preference stock rank junior to all of the preferred stock and senior to all common stock. Shares of SCE's preference stock are not convertible into shares of any other class or series of SCE's capital stock or any other security. The preference shares are noncumulative and have a $100 liquidation value. There is no sinking fund for the redemption or repurchase of the preference shares. Preferred stock and preference stock not subject to mandatory redemption is: December31, (inmillions, except per-share amounts) Shares Outstanding Redemption Price 2009 2008 Cumulative preferred stock $25 par value: 4.08% Series 650,000 $ 25.50 $ 16 $ 16 4.24% Series 1,200,000 25.80 30 30 4.32% Series 1,653,429 28.75 41 41 4.78% Series 1,296,769 25.80 33 33 Preference stock No par value: 5.349% SeriesA 4,000,000 $ 100.00 400 400 6.125% SeriesB 2,000,000 100.00 200 200 6.00% SeriesC 2,000,000 100.00 200 200 $ 920 $ 920 The SeriesA preference stock, issued in 2005, may not be redeemed prior to April30, 2010. After April30, 2010, SCE may, at its option, redeem the shares in whole or in part and the dividend rate may be adjusted. The SeriesB preference stock, issued in 2005, may not be redeemed prior to September30, 2010. After September30, 2010, SCE may, at its option, redeem the shares in whole or in part. The SeriesC preference stock, issued in 2006, may not be redeemed prior to January31, 2011. After January31, 2011, SCE may, at its option, redeem the shares in whole or in part. No preference stock not subject to mandatory redemption was redeemed in the last three years. |
Business Segments
Business Segments | |
12 Months Ended
Dec. 31, 2009 | |
Notes to Consolidated Financial Statements | |
Business Segments | Note16. Business Segments SCE's reportable business segments include the rate-regulated electric utility segment and the VIEs segment. The VIEs are gas-fired power plants that sell both electricity and steam. The VIE segment consists of non-rate-regulated entities (all in California). SCE's management has no control over the resources allocated to the VIE segment and does not make decisions about its performance. Additional details on the VIE segment are shown in Note14. SCE's consolidated balance sheet captions impacted by VIE activities are presented below: (inmillions) Electric Utility VIEs Eliminations SCE December31, 2009 Cash and equivalents $ 370 $ 92 $ $ 462 Accounts receivable net 689 62 (32 ) 719 Inventory 321 16 337 Other current assets 94 3 97 Nonutility property net of accumulated depreciation 71 253 324 Other long-term assets 318 4 322 Total assets $ 32,076 $ 430 $ (32 ) $ 32,474 Accounts payable 1,031 59 (32 ) 1,058 Other current liabilities 632 5 637 Asset retirement obligations 3,181 17 3,198 Noncontrolling interest 349 349 Total liabilities and equity $ 32,076 $ 430 $ (32 ) $ 32,474 December31, 2008 Cash and equivalents $ 1,522 $ 89 $ $ 1,611 Accounts receivable net 679 63 (39 ) 703 Inventory 346 19 365 Other current assets 279 4 283 Nonutility property net of accumulated depreciation 671 282 953 Other long-term assets 363 1 364 Total assets $ 32,149 $ 458 $ (39 ) $ 32,568 Accounts payable 926 61 (39 ) 948 Other current liabilities 570 2 572 Asset retirement obligations 2,992 15 3,007 Noncontrolling interest 380 380 Total liabilities and equity $ 32,149 $ 458 $ (39 ) $ 32,568 SCE's consolidated statements of income, by business segment, are presented below: (inmillions) Electric Utility VIEs Eliminations1 SCE Year Ended December31, 2009 Operating revenue $ 9,746 $ 589 $ (370 ) $ 9,965 Fuel 353 368 721 Purchased power 3,121 (370 ) 2,751 Operation and maintenance 3,060 94 3,154 Depreciation, decommissioning and amortization 1,145 33 1,178 Property and other taxes 244 244 Gain on sale of assets (1 ) (1 ) Total operating expenses 7,922 495 (370 ) 8,047 Operating income 1,824 94 1,918 Interest income 11 11 Other income 160 160 Interest expense net of amounts capitalized (420 ) (420 ) Other expenses (49 ) (49 ) Income before income taxes 1,526 94 1,620 Income tax expense (249 ) |
Quarterly Financial Data
Quarterly Financial Data (Unaudited) | |
12 Months Ended
Dec. 31, 2009 | |
Notes to Consolidated Financial Statements | |
Quarterly Financial Data (Unaudited) | Note17. Quarterly Financial Data (Unaudited) (inmillions) Total Fourth Third Second First 2009 Operating revenue $ 9,965 $ 2,434 $ 3,069 $ 2,273 $ 2,189 Operating income 1,918 361 696 423 441 Net income 1,371 189 415 534 233 Net income available for common stock 1,226 172 346 499 208 Common dividends declared 300 100 100 100 2008 Operating revenue $ 11,248 $ 2,551 $ 3,468 $ 2,850 $ 2,379 Operating income 1,653 316 663 331 345 Net income 904 163 342 221 179 Net income available for common stock 683 141 235 157 150 Common dividends declared 400 100 100 100 100 Due to the seasonal nature of SCE's business, a significant amount of revenue and earnings are recorded in the third quarter of each year. As a result of rounding, the total of the four quarters does not always equal the amount for the year. In 2009, SCE recorded a benefit of $306million, after tax, related to the Global Settlement. |
SCHEDULE II VALUATION AND QUALI
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | |
12 Months Ended
Dec. 31, 2009 | |
Schedule II Valuation and Qualifying Accounts | |
Schedule II Valuation and Qualifying Accounts | Southern California Edison Company SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS For the Year Ended December31, 2009 Additions (in millions) Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Uncollectible accounts Customers $ 28.4 $ 28.7 $ $ 23.2 $ 33.9 All other 10.3 20.6 11.9 19.0 Total $ 38.7 $ 49.3 $ $ 35.1 (a) $ 52.9 (a) Accounts written off, net. Southern California Edison Company SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS For the Year Ended December31, 2008 Additions (in millions) Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Uncollectible accounts Customers $ 20.6 $ 28.7 $ $ 20.9 $ 28.4 All other 13.9 8.2 11.8 10.3 Total $ 34.5 $ 36.9 $ $ 32.7 (a) $ 38.7 (a) Accounts written off, net. Southern California Edison Company SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS For the Year Ended December31, 2007 Additions (in millions) Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Uncollectible accounts Customers $ 18.4 $ 19.5 $ $ 17.3 $ 20.6 All other 10.1 9.0 5.2 13.9 Total $ 28.5 $ 28.5 $ $ 22.5 (a) $ 34.5 (a) Accounts written off, net. |
Document and Entity Information
Document and Entity Information (USD $) | |||
12 Months Ended
Dec. 31, 2009 | Feb. 22, 2010
| Jun. 30, 2009
| |
Document and Entity Information | |||
Entity Registrant Name | SOUTHERN CALIFORNIA EDISON CO | ||
Entity Central Index Key | 0000092103 | ||
Document Type | 10-K | ||
Document Period End Date | 2009-12-31 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $0 | ||
Entity Common Stock, Shares Outstanding | 434,888,104 |