Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 15, 2024 | Jun. 30, 2023 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 1-9936 | ||
Entity Registrant Name | EDISON INTERNATIONAL | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Tax Identification Number | 95-4137452 | ||
Entity Address, Address Line One | 2244 Walnut Grove Avenue | ||
Entity Address, Address Line Two | (P.O. Box 976) | ||
Entity Address, City or Town | Rosemead, | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 91770 | ||
City Area Code | (626) | ||
Local Phone Number | 302-2222 | ||
Title of 12(b) Security | Common Stock, no par value | ||
Trading Symbol | EIX | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 26.6 | ||
Entity Common Stock, Shares Outstanding | 384,524,276 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Firm ID | 238 | ||
Auditor Location | Los Angeles, California | ||
Entity Central Index Key | 0000827052 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
SCE | |||
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 1-2313 | ||
Entity Registrant Name | SOUTHERN CALIFORNIA EDISON COMPANY | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Tax Identification Number | 95-1240335 | ||
Entity Address, Address Line One | 2244 Walnut Grove Avenue | ||
Entity Address, Address Line Two | (P.O. Box 800) | ||
Entity Address, City or Town | Rosemead, | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 91770 | ||
City Area Code | (626) | ||
Local Phone Number | 302-1212 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 434,888,104 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Firm ID | 238 | ||
Auditor Location | Los Angeles, California | ||
Entity Central Index Key | 0000092103 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating revenue | $ 16,338 | $ 17,220 | $ 14,905 |
Purchased power and fuel | 5,486 | 6,375 | 5,540 |
Operation and maintenance | 4,138 | 4,724 | 3,645 |
Wildfire-related claims, net of insurance recoveries | 667 | 1,313 | 1,276 |
Wildfire Insurance Fund expense | 213 | 214 | 215 |
Depreciation and amortization | 2,635 | 2,561 | 2,218 |
Property and other taxes | 571 | 501 | 465 |
Impairment, net of other operating income | 1 | 49 | 69 |
Total operating expenses | 13,711 | 15,737 | 13,428 |
Operating income | 2,627 | 1,483 | 1,477 |
Interest expense | (1,612) | (1,169) | (925) |
Other income, net | 500 | 348 | 237 |
Income before income taxes | 1,515 | 662 | 789 |
Income tax expense (benefit) | 108 | (162) | (136) |
Net income | 1,407 | 824 | 925 |
Less: Preference stock dividend requirements of SCE | 123 | 107 | 106 |
Less: Preferred and preference stock dividend requirements | 87 | 105 | 60 |
Net income available for common stock | $ 1,197 | $ 612 | $ 759 |
Basic earnings per share: | |||
Weighted average shares of common stock outstanding | 383 | 381 | 380 |
Basic earnings per common share attributable to Edison International common shareholders | $ 3.12 | $ 1.61 | $ 2 |
Diluted earnings per share: | |||
Weighted average shares of common stock outstanding, including effect of dilutive securities | 385 | 383 | 380 |
Diluted earnings per common share attributable to Edison International common shareholders | $ 3.11 | $ 1.60 | $ 2 |
SCE | |||
Operating revenue | $ 16,275 | $ 17,172 | $ 14,874 |
Purchased power and fuel | 5,486 | 6,375 | 5,540 |
Operation and maintenance | 4,071 | 4,659 | 3,588 |
Wildfire-related claims, net of insurance recoveries | 665 | 1,305 | 1,276 |
Wildfire Insurance Fund expense | 213 | 214 | 215 |
Depreciation and amortization | 2,633 | 2,559 | 2,216 |
Property and other taxes | 566 | 497 | 462 |
Impairment, net of other operating income | 1 | 50 | 67 |
Total operating expenses | 13,635 | 15,659 | 13,364 |
Operating income | 2,640 | 1,513 | 1,510 |
Interest expense | (1,356) | (1,005) | (791) |
Other income, net | 497 | 337 | 233 |
Income before income taxes | 1,781 | 845 | 952 |
Income tax expense (benefit) | 184 | (109) | 17 |
Net income | 1,597 | 954 | 935 |
Less: Preferred and preference stock dividend requirements | 123 | 107 | 106 |
Net income available for common stock | $ 1,474 | $ 847 | $ 829 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 1,407 | $ 824 | $ 925 |
Other comprehensive (loss) income, net of tax: | |||
Pension and postretirement benefits other than pensions | (1) | 43 | 15 |
Foreign currency translation adjustments | 3 | ||
Other comprehensive income, net of tax | 2 | 43 | 15 |
Comprehensive income | 1,409 | 867 | 940 |
Less: Comprehensive income attributable to noncontrolling interests | 123 | 107 | 106 |
Comprehensive income attributable to Edison International | 1,286 | 760 | 834 |
SCE | |||
Net income | 1,597 | 954 | 935 |
Other comprehensive (loss) income, net of tax: | |||
Pension and postretirement benefits other than pensions | (4) | 24 | 9 |
Other comprehensive income, net of tax | (4) | 24 | 9 |
Comprehensive income | $ 1,593 | $ 978 | $ 944 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 345 | $ 914 |
Receivables, less allowances of $360 and $347 for uncollectible accounts at respective dates | 2,016 | 1,695 |
Accrued unbilled revenue | 742 | 641 |
Inventory | 527 | 474 |
Prepaid expenses | 112 | 248 |
Regulatory assets | 2,524 | 2,497 |
Wildfire Insurance Fund contributions | 204 | 204 |
Other current assets | 341 | 397 |
Total current assets | 6,811 | 7,070 |
Nuclear decommissioning trusts | 4,173 | 3,948 |
Other investments | 54 | 55 |
Total investments | 4,227 | 4,003 |
Utility property, plant and equipment, less accumulated depreciation and amortization | 55,877 | 53,274 |
Nonutility property, plant and equipment, less accumulated depreciation at respective dates | 207 | 212 |
Total property, plant and equipment | 56,084 | 53,486 |
Regulatory assets | 8,897 | 8,181 |
Wildfire Insurance Fund contributions | 1,951 | 2,155 |
Operating lease right-of-use assets | 1,221 | 1,442 |
Long-term insurance receivables | 501 | 465 |
Other long-term assets | 2,066 | 1,239 |
Total long-term assets | 14,636 | 13,482 |
Total assets | 81,758 | 78,041 |
LIABILITIES AND EQUITY | ||
Short-term debt | 1,077 | 2,015 |
Current portion of long-term debt | 2,697 | 2,614 |
Accounts payable | 1,983 | 2,359 |
Wildfire-related claims | 30 | 121 |
Customer deposits | 177 | 167 |
Regulatory liabilities | 763 | 964 |
Current portion of operating lease liabilities | 120 | 506 |
Other current liabilities | 1,751 | 1,601 |
Total current liabilities | 8,598 | 10,347 |
Long-term debt | 30,316 | 27,025 |
Deferred income taxes and credits | 6,672 | 6,149 |
Pensions and benefits | 415 | 422 |
Asset retirement obligations | 2,666 | 2,754 |
Regulatory liabilities | 9,420 | 8,211 |
Operating lease liabilities | 1,101 | 936 |
Wildfire-related claims | 1,368 | 1,687 |
Other deferred credits and other long-term liabilities | 3,258 | 2,988 |
Total deferred credits and other liabilities | 24,900 | 23,147 |
Total liabilities | 63,814 | 60,519 |
Commitments and contingencies (Note 12) | ||
Preferred / preference stock outstanding value | 1,673 | 1,978 |
Common stock, no par value, including additional paid-in capital | 6,338 | 6,200 |
Accumulated other comprehensive loss | (9) | (11) |
Retained earnings | 7,499 | 7,454 |
Total Edison International's shareholders' equity | 15,501 | 15,621 |
Noncontrolling interests - preference stock of SCE | 2,443 | 1,901 |
Total equity | 17,944 | 17,522 |
Total liabilities and equity | 81,758 | 78,041 |
SCE Recovery Funding LLC | ||
ASSETS | ||
Other current assets | 53 | 45 |
Regulatory assets | 1,558 | 834 |
LIABILITIES AND EQUITY | ||
Current portion of long-term debt | 47 | 29 |
Regulatory liabilities | 34 | 33 |
Other current liabilities | 6 | 4 |
Long-term debt | 1,515 | 809 |
SCE | ||
ASSETS | ||
Cash and cash equivalents | 214 | 766 |
Receivables, less allowances of $360 and $347 for uncollectible accounts at respective dates | 1,981 | 1,675 |
Accrued unbilled revenue | 741 | 638 |
Inventory | 527 | 474 |
Prepaid expenses | 111 | 292 |
Regulatory assets | 2,524 | 2,497 |
Wildfire Insurance Fund contributions | 204 | 204 |
Other current assets | 331 | 384 |
Total current assets | 6,633 | 6,930 |
Nuclear decommissioning trusts | 4,173 | 3,948 |
Other investments | 38 | 36 |
Total investments | 4,211 | 3,984 |
Utility property, plant and equipment, less accumulated depreciation and amortization | 55,877 | 53,274 |
Nonutility property, plant and equipment, less accumulated depreciation at respective dates | 201 | 206 |
Total property, plant and equipment | 56,078 | 53,480 |
Regulatory assets | 8,897 | 8,181 |
Wildfire Insurance Fund contributions | 1,951 | 2,155 |
Operating lease right-of-use assets | 1,214 | 1,433 |
Other long-term assets | 1,987 | 1,171 |
Total long-term assets | 14,561 | 13,413 |
Total assets | 81,483 | 77,807 |
LIABILITIES AND EQUITY | ||
Short-term debt | 831 | 925 |
Current portion of long-term debt | 2,197 | 2,214 |
Accounts payable | 1,966 | 2,351 |
Wildfire-related claims | 30 | 121 |
Customer deposits | 177 | 167 |
Regulatory liabilities | 763 | 964 |
Current portion of operating lease liabilities | 118 | 505 |
Other current liabilities | 1,713 | 1,578 |
Total current liabilities | 7,795 | 8,825 |
Long-term debt | 26,297 | 24,044 |
Deferred income taxes and credits | 8,126 | 7,545 |
Pensions and benefits | 105 | 105 |
Asset retirement obligations | 2,666 | 2,754 |
Regulatory liabilities | 9,420 | 8,211 |
Operating lease liabilities | 1,096 | 928 |
Wildfire-related claims | 1,368 | 1,687 |
Other deferred credits and other long-term liabilities | 3,206 | 2,919 |
Total deferred credits and other liabilities | 25,987 | 24,149 |
Total liabilities | 60,079 | 57,018 |
Commitments and contingencies (Note 12) | ||
Preferred / preference stock outstanding value | 2,495 | 1,945 |
Common stock, no par value, including additional paid-in capital | 2,168 | 2,168 |
Additional paid-in capital | 8,446 | 8,441 |
Accumulated other comprehensive loss | (12) | (8) |
Retained earnings | 8,307 | 8,243 |
Total equity | 21,404 | 20,789 |
Total liabilities and equity | 81,483 | 77,807 |
SCE | Nonrelated party | ||
ASSETS | ||
Long-term insurance receivables | 157 | 139 |
SCE | Affiliate | ||
ASSETS | ||
Long-term insurance receivables | 355 | 334 |
SCE | SCE Recovery Funding LLC | ||
ASSETS | ||
Regulatory assets | 1,558 | 834 |
LIABILITIES AND EQUITY | ||
Long-term debt | $ 1,515 | $ 809 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables, allowances for uncollectible accounts | $ 360 | $ 347 |
Utility property, plant and equipment, accumulated depreciation | 12,910 | 12,260 |
Nonutility property, plant and equipment, accumulated depreciation | 114 | 106 |
Regulatory assets: non-current | 8,897 | 8,181 |
Long-term debt | $ 30,316 | $ 27,025 |
Preferred stock, shares authorized | 50,000,000 | 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 | 383,924,912 | 382,208,498 |
Common stock, shares outstanding | 383,924,912 | 382,208,498 |
SCE Recovery Funding LLC | ||
Regulatory assets: non-current | $ 1,558 | $ 834 |
Long-term debt | $ 1,515 | $ 809 |
Series A | ||
Preferred stock, shares issued | 1,159,317 | 1,250,000 |
Preferred stock, shares outstanding | 1,159,317 | 1,250,000 |
Series B | ||
Preferred stock, shares issued | 532,454 | 750,000 |
Preferred stock, shares outstanding | 532,454 | 750,000 |
SCE | ||
Receivables, allowances for uncollectible accounts | $ 360 | $ 347 |
Utility property, plant and equipment, accumulated depreciation | 12,910 | 12,260 |
Nonutility property, plant and equipment, accumulated depreciation | 100 | 94 |
Regulatory assets: non-current | 8,897 | 8,181 |
Long-term debt | $ 26,297 | $ 24,044 |
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 |
SCE | SCE Recovery Funding LLC | ||
Regulatory assets: non-current | $ 1,558 | $ 834 |
Long-term debt | $ 1,515 | $ 809 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 1,407 | $ 824 | $ 925 |
Adjustments to reconcile to net cash provided by operating activities: | |||
Depreciation and amortization | 2,721 | 2,633 | 2,288 |
Allowance for equity during construction | (157) | (137) | (118) |
Impairment and other expense | 1 | 54 | 71 |
Deferred income taxes | 108 | (177) | 43 |
Wildfire Insurance Fund amortization expense | 213 | 214 | 215 |
Other | 57 | 75 | 38 |
Nuclear decommissioning trusts | (180) | (123) | (256) |
Proceeds from Morongo Transmission LLC | 400 | ||
Contributions to Wildfire Insurance Fund | (95) | (95) | (95) |
Changes in operating assets and liabilities: | |||
Receivables | (349) | (252) | (514) |
Inventory | (63) | (58) | (21) |
Accounts payable | (408) | 367 | 138 |
Tax receivables and payables | 9 | 18 | 13 |
Other current assets and liabilities | 185 | 207 | (321) |
Derivative assets and liabilities, net | (174) | 115 | (12) |
Regulatory assets and liabilities, net | 576 | (51) | (720) |
Wildfire-related insurance receivable | (36) | (390) | 708 |
Wildfire-related claims | (410) | (56) | (2,648) |
Other noncurrent assets and liabilities | (4) | 48 | (123) |
Net cash provided by operating activities | 3,401 | 3,216 | 11 |
Cash flows from financing activities: | |||
Long-term debt issued, net of discount and issuance costs | 5,121 | 5,971 | 5,412 |
Long-term debt repaid | (2,498) | (1,085) | (1,037) |
Short-term debt issued | 1,076 | 1,000 | 2,654 |
Short-term debt repaid | (2,407) | (1,543) | (2,255) |
Common stock issued | 20 | 13 | 32 |
Preferred and preference stock issued, net of issuance cost | 542 | 1,977 | |
Preferred stock repurchased | (289) | ||
Commercial paper borrowing (repayments), net | 1,102 | (317) | (254) |
Dividends and distribution to noncontrolling interests | (117) | (110) | (106) |
Common stock dividends paid | (1,112) | (1,050) | (988) |
Preferred stock dividends paid | (108) | (99) | (35) |
Other | 117 | 101 | 45 |
Net cash provided by financing activities | 1,447 | 2,881 | 5,445 |
Cash flows from investing activities: | |||
Capital expenditures | (5,448) | (5,778) | (5,505) |
Proceeds from sale of nuclear decommissioning trust investments | 4,597 | 4,177 | 3,961 |
Purchases of nuclear decommissioning trust investments | (4,417) | (4,054) | (3,705) |
Other | 35 | 81 | 98 |
Net cash used in investing activities | (5,233) | (5,574) | (5,151) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (385) | 523 | 305 |
Cash, cash equivalents and restricted cash at beginning of year | 917 | 394 | 89 |
Cash, cash equivalents and restricted cash at end of year | 532 | 917 | 394 |
SCE | |||
Cash flows from operating activities: | |||
Net income | 1,597 | 954 | 935 |
Adjustments to reconcile to net cash provided by operating activities: | |||
Depreciation and amortization | 2,710 | 2,626 | 2,280 |
Allowance for equity during construction | (157) | (137) | (118) |
Impairment and other expense | 1 | 50 | 67 |
Deferred income taxes | 179 | (111) | 62 |
Wildfire Insurance Fund amortization expense | 213 | 214 | 215 |
Other | 33 | 59 | 28 |
Nuclear decommissioning trusts | (180) | (123) | (256) |
Proceeds from Morongo Transmission LLC | 400 | ||
Contributions to Wildfire Insurance Fund | (95) | (95) | (95) |
Changes in operating assets and liabilities: | |||
Receivables | (336) | (245) | (513) |
Inventory | (63) | (58) | (21) |
Accounts payable | (413) | 366 | 131 |
Tax receivables and payables | 4 | (1) | 31 |
Other current assets and liabilities | 220 | 150 | (321) |
Derivative assets and liabilities, net | (174) | 115 | (12) |
Regulatory assets and liabilities, net | 576 | (51) | (720) |
Wildfire-related insurance receivable | (39) | (398) | 708 |
Wildfire-related claims | (410) | (56) | (2,648) |
Other noncurrent assets and liabilities | 15 | 60 | 5 |
Net cash provided by operating activities | 3,681 | 3,319 | 158 |
Cash flows from financing activities: | |||
Long-term debt issued, net of discount and issuance costs | 3,588 | 5,032 | 5,411 |
Long-term debt repaid | (2,098) | (385) | (1,037) |
Short-term debt issued | 706 | 2,654 | |
Short-term debt repaid | (1,051) | (1,543) | (2,255) |
Capital contributions from Edison International Parent | 1,400 | 1,633 | |
Preferred and preference stock issued, net of issuance cost | 542 | ||
Commercial paper borrowing (repayments), net | 963 | (406) | (124) |
Common stock dividends paid | (1,400) | (1,300) | (975) |
Preferred stock dividends paid | (117) | (110) | (106) |
Other | 49 | 36 | 17 |
Net cash provided by financing activities | 1,182 | 2,724 | 5,218 |
Cash flows from investing activities: | |||
Capital expenditures | (5,446) | (5,776) | (5,503) |
Proceeds from sale of nuclear decommissioning trust investments | 4,597 | 4,177 | 3,961 |
Purchases of nuclear decommissioning trust investments | (4,417) | (4,054) | (3,705) |
Other | 35 | 96 | 95 |
Net cash used in investing activities | (5,231) | (5,557) | (5,152) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (368) | 486 | 224 |
Cash, cash equivalents and restricted cash at beginning of year | 766 | 280 | 56 |
Cash, cash equivalents and restricted cash at end of year | $ 398 | $ 766 | $ 280 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Premium and net of discount and issuance costs | $ 54 | $ 62 | $ 43 |
SCE | |||
Premium and net of discount and issuance costs | $ 37 | $ 51 | $ 43 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Preferred stock SCE | Preferred stock | Common Stock, Including APIC | Common stock SCE | Additional Paid-in Capital SCE | Accumulated Other Comprehensive Loss SCE | Accumulated Other Comprehensive Loss | Retained Earnings SCE | Retained Earnings | Equity Attributable to Common Shareholders | Noncontrolling Interest | SCE | Total |
Beginning balance at Dec. 31, 2020 | $ 1,945 | $ 5,962 | $ 2,168 | $ 5,387 | $ (41) | $ (69) | $ 9,191 | $ 8,155 | $ 14,048 | $ 1,901 | $ 18,650 | $ 15,949 | |
Increase (decrease) in Stockholders' Equity | |||||||||||||
Net income | 935 | 819 | 819 | 106 | 935 | 925 | |||||||
Other comprehensive income (loss) | 9 | 15 | 15 | 9 | 15 | ||||||||
Capital contribution from Edison International Parent | 1,633 | 1,633 | |||||||||||
Common stock issued | 71 | 71 | 71 | ||||||||||
Preference stock issued, net of issuance cost | $ 1,977 | 1,977 | 1,977 | ||||||||||
Common stock dividends declared | (1,300) | (1,021) | (1,021) | (1,300) | (1,021) | ||||||||
Preferred stock dividend declared | (106) | (60) | (60) | (106) | (60) | ||||||||
Dividends to noncontrolling interests | (106) | (106) | |||||||||||
Stock-based compensation | (7) | (7) | |||||||||||
Noncash stock-based compensation | 38 | 20 | 1 | 1 | 39 | 21 | 39 | ||||||
Ending Balance at Dec. 31, 2021 | 1,945 | 1,977 | 6,071 | 2,168 | 7,033 | (32) | (54) | 8,721 | 7,894 | 15,888 | 1,901 | 19,835 | 17,789 |
Increase (decrease) in Stockholders' Equity | |||||||||||||
Net income | 954 | 717 | 717 | 107 | 954 | 824 | |||||||
Other comprehensive income (loss) | 24 | 43 | 43 | 24 | 43 | ||||||||
Capital contribution from Edison International Parent | 1,400 | 1,400 | |||||||||||
Common stock issued | 87 | 87 | 87 | ||||||||||
Common stock dividends declared | (1,325) | (1,083) | (1,083) | (1,325) | (1,083) | ||||||||
Preferred stock dividend declared | (107) | (74) | (74) | (107) | (74) | ||||||||
Dividends to noncontrolling interests | (107) | (107) | |||||||||||
Stock-based compensation | (14) | (14) | |||||||||||
Noncash stock-based compensation | 42 | 22 | 42 | 22 | 42 | ||||||||
Other | 1 | 1 | 1 | ||||||||||
Ending Balance at Dec. 31, 2022 | 1,945 | 1,978 | 6,200 | 2,168 | 8,441 | (8) | (11) | 8,243 | 7,454 | 15,621 | 1,901 | 20,789 | 17,522 |
Increase (decrease) in Stockholders' Equity | |||||||||||||
Net income | 1,597 | 1,284 | 1,284 | 123 | 1,597 | 1,407 | |||||||
Other comprehensive income (loss) | (4) | 2 | 2 | (4) | 2 | ||||||||
Common stock issued | 92 | 92 | 92 | ||||||||||
Preference stock issued, net of issuance cost | 550 | (8) | 542 | 542 | 542 | ||||||||
Common stock dividends declared | (1,410) | (1,147) | (1,147) | (1,410) | (1,147) | ||||||||
Preferred stock dividend declared | (123) | (108) | (108) | (123) | (108) | ||||||||
Dividends to noncontrolling interests | (123) | (123) | |||||||||||
Stock-based compensation | (13) | (13) | |||||||||||
Noncash stock-based compensation | 46 | 26 | 46 | 26 | 46 | ||||||||
Preferred stock repurchased | (305) | 16 | (289) | (289) | |||||||||
Ending Balance at Dec. 31, 2023 | $ 2,495 | $ 1,673 | $ 6,338 | $ 2,168 | $ 8,446 | $ (12) | $ (9) | $ 8,307 | $ 7,499 | $ 15,501 | $ 2,443 | $ 21,404 | $ 17,944 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends declared per common share (in dollars per share) | $ 2.9925 | $ 2.8375 | $ 2.6875 |
Series A | |||
Preferred stock dividends (in dollars per share) | 53.75 | 53.75 | 43.5972 |
Series B | |||
Preferred stock dividends (in dollars per share) | 50 | 42.08333 | 6.8056 |
Minimum | Noncontrolling Interest | |||
Preferred stock dividends (in dollars per share) | 96.823 | 65.1098 | 62.50 |
Maximum | Noncontrolling Interest | |||
Preferred stock dividends (in dollars per share) | 143.75 | 143.75 | 143.75 |
SCE | |||
Dividends declared per common share (in dollars per share) | 3.2422 | 3.0468 | 2.9893 |
SCE | Minimum | |||
Preferred stock dividends (in dollars per share) | 96.823 | 65.1098 | 62.50 |
SCE | Maximum | |||
Preferred stock dividends (in dollars per share) | $ 143.75 | $ 143.75 | $ 143.75 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
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"). 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 is a global energy advisory firm providing integrated sustainability and energy solutions to commercial, industrial and institutional 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 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 controlled subsidiaries and a variable interest entity, SCE Recovery Funding LLC, of which SCE is the primary beneficiary. All intercompany transactions have been eliminated from the consolidated financial statements. Edison International's and SCE's accounting policies conform to accounting principles generally accepted in the United States of America ("GAAP"), including the accounting principles for rate-regulated enterprises, which reflect the ratemaking policies of the California Public Utility Commission ("CPUC") and the Federal Energy Regulatory Commission ("FERC"). SCE applies authoritative guidance for rate-regulated enterprises to the portion of its operations in which regulators set rates at levels intended to recover the estimated costs of providing service, plus a return on net investments in assets, or rate base. Regulators may also impose certain penalties or grant certain incentives. Due to timing and other differences in the collection of electric utility revenue, these accounting principles require an incurred cost that would otherwise be charged to expense by a non-regulated entity to be capitalized as a regulatory asset if it is probable that the cost is recoverable through future rates; and conversely the accounting principles require recording of a regulatory liability for amounts collected in rates to recover costs expected to be incurred in the future or amounts collected in excess of costs incurred and refundable to customers. In addition, SCE recognizes revenue and regulatory assets from alternative revenue programs, which enables the utility to adjust future rates in response to past activities or completed events, if certain criteria are met. SCE assesses, at the end of each reporting period, whether regulatory assets are probable of future recovery. See Note 11 for composition of regulatory assets and liabilities. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Certain prior year amounts have been conformed to the current year's presentation, including the separate presentation of derivative assets and liabilities on Edison International's and SCE's consolidated statements of cash flows and the aggregation of significant components in the net regulatory balancing and memorandum accounts table in Note 11. Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of investments in money market funds. Generally, the carrying value of cash equivalents equals the fair value, as these investments have original maturities of three months or less. The cash equivalents were as follows: Edison International SCE December 31, (in millions) 2023 2022 2023 2022 Money market funds $ 199 $ 784 $ 78 $ 647 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: December 31, (in millions) 2023 2022 Edison International: Cash and cash equivalents $ 345 $ 914 Short-term restricted cash 1 35 3 Long-term restricted cash 2 152 — Total cash, cash equivalents and restricted cash $ 532 $ 917 SCE: Cash and cash equivalents $ 214 $ 766 Short-term restricted cash 1 33 — Long-term restricted cash 2 151 — Total cash, cash equivalents and restricted cash $ 398 $ 766 1 Includes SCE Recovery Funding LLC's restricted cash for payments of senior secured recovery bonds and is reflected in "Other current assets" on Edison International's and SCE's consolidated balance sheets. 2 The SCE amount represents cash collected for customer-funded wildfire self-insurance and is reflected in "Other long-term assets" on Edison International's and SCE's consolidated balance sheets. See Note 12 for further information . 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. The following table sets forth the changes in allowance for uncollectible accounts for SCE: (in millions) Customers All others Total Balance at December 31, 2020 $ 175 $ 13 $ 188 Current period provision for uncollectible accounts 1 124 11 135 Write-offs, net of recoveries (6) (8) (14) Balance at December 31, 2021 $ 293 $ 16 $ 309 Current period provision for uncollectible accounts 1 111 11 122 Write-offs, net of recoveries (70) (7) (77) Balance at December 31, 2022² $ 334 $ 20 $ 354 Current period provision for uncollectible accounts 1 109 6 115 Write-offs, net of recoveries (96) (9) (105) Balance at December 31, 2023² $ 347 $ 17 $ 364 1 This includes $78 million, $40 million and $91 million of incremental costs for the years ended December 31, 2023, 2022 and 2021, respectively, which were probable of recovery from customers and recorded as regulatory assets. 2 Approximately $4 million and $7 million of allowance for uncollectible accounts are included in "Other long-term assets" on SCE's consolidated balance sheets as of December 31, 2023 and December 31, 2022, respectively. Inventory SCE's inventory is primarily composed of materials, supplies and spare parts, and generally stated at weighted average cost. Edison Carrier Solutions SCE operates commercial telecommunications service under the name of Edison Carrier Solutions ("ECS"), leveraging the temporarily available capacity of SCE's telecommunications network. As technology evolves, management is implementing strategic shifts in ECS services, including potential disposition of assets and ceasing to offer certain wire data services. ECS has notified affected customers of its intent to discontinue certain services over time and gave customers the option to discontinue those services. As a result of customer cancellations in the second quarter of 2023, materials and supplies inventory supporting data services are expected to be sold instead of placed into service and have been written-down to net realizable value, resulting in a charge of $13 million ($9 million after-tax). Labor and other costs of $4 million previously recorded as construction work in progress for projects no longer probable of completion were also expensed in the period. Emission Allowances and Energy Credits SCE is allocated greenhouse gas ("GHG") allowances annually which it is then required to sell into quarterly auctions. GHG proceeds from the auctions are recorded as a regulatory liability to be refunded to customers. SCE purchases GHG allowances in quarterly auctions or from counterparties to satisfy its GHG emission compliance obligations and recovers such costs of GHG allowances from customers. GHG allowances held for use are classified as "Other current assets" on the consolidated balance sheets and are stated, similar to an inventory method, at the lower of weighted average cost or market. SCE will evaluate GHG allowances for impairment upon a triggering event that would indicate SCE might not recover the full cost of an allowance. SCE had GHG allowances held for use of $128 million and $87 million at December 31, 2023 and 2022, respectively. GHG emission obligations were $117 million and $55 million at December 31, 2023 and 2022, respectively, and are classified as "Other current liabilities" on the consolidated balance sheets. SCE is allocated low carbon fuel standard ("LCFS") credits which it sells to market participants. Proceeds from the sales, net of selling fees and program administration expenses, are recorded in a balancing account to be refunded to eligible customers. SCE's net proceeds from the sale of these LCFS credits were $248 million and $218 million and are classified as "Regulatory liabilities" on the consolidated balance sheets at December 31, 2023 and 2022, respectively. Property, Plant and Equipment SCE plant additions, including replacements and betterments, are capitalized. Direct material and labor and indirect costs such as construction overhead, administrative and general costs, employee benefits, and property taxes are capitalized as part of plant additions. The CPUC authorizes a capitalization rate for each of the indirect costs which are allocated to each project based on either labor or total costs. Estimated useful lives authorized by the CPUC in the 2021 General Rate Case ("GRC") and weighted average useful lives of SCE's property, plant and equipment, are as follows: Weighted Average Estimated Useful Lives Useful Lives Generation plant 10 years to 54 years 39 years Distribution plant 20 years to 67 years 50 years Transmission plant 30 years to 65 years 54 years General plant and other 5 years to 60 years 20 years Depreciation of utility property, plant and equipment is computed on a straight-line, remaining-life basis. SCE's depreciation expense was $2.5 billion, $2.5 billion and $2.0 billion for 2023, 2022 and 2021, respectively. Depreciation expense stated as a percent of average original cost of depreciable utility plant was, on a composite basis, 4.1%, 4.2% and 3.7% for 2023, 2022 and 2021, respectively. The original costs of retired property are charged to accumulated depreciation. See Note 2 for further information. Nuclear fuel for the Palo Verde Nuclear Generating Station ("Palo Verde") is recorded as utility plant (nuclear fuel in the fabrication and installation phase is recorded as construction in progress) in accordance with CPUC ratemaking procedures. Palo Verde nuclear fuel is amortized using the units of production method. Allowance for funds used during construction ("AFUDC") represents the estimated cost of debt and equity funds that finance utility-plant construction and is capitalized during certain plant construction. AFUDC is recovered in rates through depreciation expense over the useful life of the related asset. AFUDC equity represents a method to compensate SCE for the estimated cost of equity used to finance utility plant additions and is recorded as part of construction in progress. AFUDC equity was $157 million, $137 million and $118 million in 2023, 2022 and 2021, respectively, and is reflected in "Other income" on the consolidated statements of income. AFUDC debt was $74 million, $53 million and $50 million in 2023, 2022 and 2021, respectively and is reflected as a reduction of "Interest expense" on the consolidated statements of income. Major Maintenance Major maintenance costs for SCE's facilities and equipment are expensed as incurred. Impairment of Long-Lived Assets Impairments of long-lived assets are evaluated based on a review of estimated future cash flows expected to be generated whenever events or changes in circumstances indicate that the carrying amount of such investments or assets may not be recoverable. If the carrying amount of a long-lived asset exceeds expected future cash flows, undiscounted and without interest charges, an impairment loss is recognized in the amount of the excess of fair value over the carrying amount. Fair value is determined via market, cost and income-based valuation techniques, as appropriate. Accounting principles for rate-regulated enterprises also require recognition of an impairment loss if it becomes probable that the regulated utility will abandon a plant investment, or if it becomes probable that the cost of a recently completed plant will be disallowed, either directly or indirectly, for ratemaking purposes and a reasonable estimate of the disallowance amount can be made. In September 2022, the CPUC approved the settlement agreement between SCE and The Utility Reform Network for SCE's Customer Service Re-platform proceeding filed in 2021 for expenditures incurred through April 2021. As a result of the settlement agreement, SCE recorded a $47 million ($34 million after-tax) impairment of property, plant and equipment, reflected in "Impairment, net of other operating income" in the consolidated statements of income. In August 2021, as a result of adoption of the 2021 GRC, SCE recorded $79 million ($47 million after-tax) in impairment charges related to disallowed capital expenditures of pole replacements the CPUC determined were performed prematurely in 2021. The impairment is included in "Impairment, net of other operating income" in the consolidated statements of income. Initial and annual contributions to the wildfire insurance fund established pursuant to California Assembly Bill 1054 (the "Wildfire Insurance Fund" and "AB 1054") Edison International and SCE accounted for the contributions to the Wildfire Insurance Fund similarly to prepaid insurance. No period of coverage was provided in AB 1054, therefore expense is being allocated to periods ratably based on an estimated period of coverage. At December 31, 2023 and 2022, Edison International and SCE had a $2.0 billion and a $2.2 billion long-term asset, respectively, as well as a $204 million current asset for both years, reflected as "Wildfire Insurance Fund contributions" in their consolidated balance sheets for the initial $2.4 billion contribution made during 2019 and the present value of annual contributions SCE committed to make to the Wildfire Insurance Fund, reduced by amortization. At December 31, 2023 and 2022, long-term liabilities of $450 million and $536 million, respectively, have been reflected in "Other deferred credits and other long-term liabilities" for the present value of unpaid contributions. Contributions were discounted to the present value using US treasury interest rates at the date SCE committed to participate in the Wildfire Insurance Fund. In 2023 and 2022, the asset was amortized based on an estimated period of coverage of 15 years. All expenses related to the contributions are being reflected in "Wildfire Insurance Fund Expense" in the consolidated statements of income. Changes in the estimated period of coverage provided by the Wildfire Insurance Fund could lead to material changes in future expense recognition. In estimating the period of coverage, Edison International and SCE used Monte Carlo simulations based on historical data from wildfires caused by electrical utility equipment to estimate expected losses, using nine years (2014 – 2022) of available historical data in 2023 and eight years (2014 – 2021) of available historical data in 2022. The details of the operation of the Wildfire Insurance Fund and estimates related to claims by SCE, Pacific Gas & Electric Company ("PG&E"), and San Diego Gas & Electric ("SDG&E") against the fund have been applied to the expected loss simulations to estimate the period of coverage of the fund. The most sensitive inputs to the estimated period of coverage are the expected frequency of wildfire events caused by investor-owned utility electrical equipment and the estimated costs associated with those forecasted events. Edison International and SCE reassesses the period of coverage of the fund at least annually in January each year, or upon claims being made from the fund for catastrophic wildfires. Based on information available in January of 2024 regarding catastrophic wildfires during 2023, SCE reassessed its estimate of the life of the Wildfire Insurance Fund. After incorporating 2023 expected losses into the historical data for the Monte Carlo Edison International and SCE will assess the Wildfire Insurance Fund contribution assets for impairment in the event that a participating utility's electrical equipment is found to be the substantial cause of a catastrophic wildfire, based on the ability of SCE to benefit from the coverage provided by the Wildfire Insurance Fund in an amount equal to the recorded assets. Nuclear Decommissioning and Asset Retirement Obligations The fair value of a liability for an asset retirement obligation ("ARO") is recorded in the period in which it is incurred, including a liability for the fair value of a conditional ARO, if the fair value can be reasonably estimated even though uncertainty exists about the timing and/or method of settlement. When an ARO liability is initially recorded, SCE capitalizes the cost by increasing the carrying amount of the related long-lived asset. For each subsequent period, the liability is increased for accretion expense and the capitalized cost is depreciated over the useful life of the related asset. SCE has not recorded an ARO for assets that are expected to operate indefinitely or where SCE cannot estimate a settlement date (or range of potential settlement dates). As such, ARO liabilities are not recorded for certain retirement activities, including certain hydroelectric facilities. The following table summarizes the changes in SCE's ARO liability: December 31, (in millions) 2023 2022 Beginning balance $ 2,754 $ 2,772 Accretion 1 144 143 Revisions (3) 28 Liabilities settled (229) (189) Ending balance $ 2,666 $ 2,754 1 An ARO represents the present value of a future obligation. Accretion is an increase in the liability to account for the time value of money resulting from discounting. AROs related to decommissioning of SCE's nuclear power facilities are based on site-specific studies conducted as part of each Nuclear Decommissioning Cost Triennial Proceeding ("NDCTP") conducted before the CPUC. Revisions of an ARO are established for updated site-specific decommissioning cost estimates. The ARO for decommissioning SCE's San Onofre Nuclear Generating Station ("San Onofre") and Palo Verde nuclear power facilities is $2.2 billion as of December 31, 2023. The liability to decommission SCE's nuclear power facilities is based on a 2020 decommissioning study, filed as part of the 2021 NDCTP, for San Onofre Unit 1, 2 and 3 and a 2019 decommissioning study for Palo Verde, with revisions to the cost estimate in 2020. SCE records an ARO regulatory liability as a result of timing differences between the recognition of costs and the recovery of costs through the ratemaking process. For further information, see Note 11. Decommissioning of San Onofre Unit 1 began in 1999 and the transfer of spent nuclear fuel from Unit 1 to dry cask storage in the Independent Spent Fuel Storage Installation ("ISFSI") 1 was completed in 2005. Major decommissioning work for Unit 1 has been completed except for certain underground work. Decommissioning of San Onofre Units 2 and 3 began in June 2013 and the transfer of spent nuclear fuel from San Onofre Units 2 and 3 to dry cask storage in the two ISFSIs was completed in August 2020. In August 2020, SCE commenced, and is currently conducting, major decommissioning activities in accordance with the terms of the Coastal Developmental Permit for San Onofre Units 2 and 3. Decommissioning costs, which are recovered through customer rates over the term of each nuclear facility's operating license, are recorded as a component of depreciation expense, with a corresponding credit to the ARO regulatory liability. Due to regulatory recovery of SCE's nuclear decommissioning expense, prudently incurred costs for nuclear decommissioning activities do not affect SCE's earnings. Amortization of the ARO asset (included within the unamortized nuclear investment) and accretion of the ARO liability are deferred as decreases to the ARO regulatory liability account, resulting in no impact on earnings. SCE has collected in rates amounts for the future decommissioning of its nuclear assets and has placed those amounts in independent trusts. Amounts collected in rates in excess of the ARO liability are classified as regulatory liabilities. Changes in the estimated costs, timing of decommissioning or the assumptions underlying these estimates could cause material revisions to the estimated total cost to decommission. SCE currently estimates that it will spend approximately $6.1 billion through 2080 to decommission its nuclear facilities. This estimate is based on SCE's decommissioning cost methodology used for ratemaking purposes, escalated at rates ranging from 2.2% to 7.5% (depending on the cost element) annually. These costs are expected to be funded from independent decommissioning trusts. SCE estimates annual after-tax earnings on the decommissioning funds of 3.1% to 6.1% dependent on asset class. If the assumed return on trust assets is not earned or costs escalate at higher rates, SCE expects that additional funds needed for decommissioning will be recoverable through future rates, subject to a reasonableness review. See Note 10 for further information. Due to regulatory recovery of SCE's nuclear decommissioning expense, prudently incurred costs for nuclear decommissioning activities do not affect SCE's earnings. SCE's nuclear decommissioning costs are subject to CPUC review through the triennial regulatory proceedings. SCE's nuclear decommissioning trust investments primarily consist of fixed income investments that are classified as available-for-sale and equity investments. Due to regulatory mechanisms, investment earnings and realized gains and losses have no impact on earnings. Unrealized gains and losses on decommissioning trust funds, including impairment, increase or decrease the trust assets and the related regulatory asset or liability and have no impact on electric utility revenue or decommissioning expense. SCE reviews each fixed income security for impairment on the last day of each month. If the fair value on the last day of the month is less than the amortized cost for that security, SCE impairs the disclosed amortized cost. If the fair value is greater or less than the carrying value for that security at the time of sale, SCE recognizes a related realized gain or loss, respectively. Deferred Financing Costs Debt premium, discount and issuance expenses incurred in connection with obtaining financing are deferred and amortized over the life of each debt issue. These deferred amounts are recorded as an offset to long-term debt. See Note 5 for further details. Under CPUC ratemaking procedures, SCE's debt reacquisition expenses are amortized over the remaining life of the reacquired debt, or if refinanced, the life of the new debt. The unamortized losses on reacquired debt are reflected as long-term "Regulatory assets" in the consolidated balance sheets. See Note 11 for further details. Amortization of deferred financing costs charged to interest expense is as follows: Edison International SCE Years ended December 31, (in millions) 2023 2022 2021 2023 2022 2021 Amortization of deferred financing costs charged to interest expense $ 39 $ 37 $ 34 $ 32 $ 31 $ 29 Revenue Recognition Revenue is recognized by Edison International and SCE when a performance obligation to transfer control of the promised goods is satisfied or when services are rendered to customers. This typically occurs when electricity is delivered to customers, which includes amounts for services rendered but unbilled at the end of a reporting period. SCE's Revenue from Contracts with Customers Provision of Electricity SCE principally generates revenue through supplying and delivering electricity to its customers. Rates charged to customers are based on tariff rates, approved by the CPUC and FERC. Starting with SCE's 2021 GRC, revenue is authorized through quadrennial GRC proceedings, which are intended to provide SCE a reasonable opportunity to recover its costs and earn a return on its CPUC-jurisdictional rate base. The CPUC sets an annual revenue requirement for the base year and the remaining three years are set by a methodology established in the GRC proceeding. As described above, SCE also earns revenue, with no return, to recover costs for power procurement, certain wildfire related expenses and other activities. Revenue is authorized by the FERC through a formula rate which is intended to provide SCE a reasonable opportunity to recover transmission capital and operating costs that are prudently incurred, including a return on its FERC-jurisdictional rate base. Under the operation of the formula rate, transmission revenue is updated to actual cost of service annually. For SCE's electricity sales for both residential and non-residential customers, SCE satisfies the performance obligation of delivering electricity over time as the customers simultaneously receive and consume the delivered electricity. Energy sales are typically on a month-to-month implied contract for transmission, distribution and generation services. Revenue is recognized over time as the energy is supplied and delivered to customers and the respective revenue is billed and paid on a monthly basis. CPUC and FERC rates decouple authorized revenue from the volume of electricity sales and the price of energy procured so that SCE receives revenue equal to amounts authorized by the relevant regulatory agencies. As a result, the volume of electricity sold to customers and specific customer classes does not have a direct impact on SCE's financial results. See Note 7 for further information on SCE's revenue. Sales and Use Taxes SCE bills certain sales and use taxes levied by state or local governments to its customers. Included in these sales and use taxes are franchise fees, which SCE pays to various municipalities (based on contracts with these municipalities) in order to operate within the limits of the municipality. SCE bills these franchise fees to its customers based on a CPUC-authorized rate. These franchise fees, which are required to be paid regardless of SCE's ability to collect from the customer, are accounted for on a gross basis. SCE's franchise fees billed to customers were $168 million, $172 million and $147 million for the years ended December 31, 2023, 2022 and 2021, respectively. When SCE acts as an agent for sales and use tax, the taxes are accounted for on a net basis. Amounts billed to and collected from customers for these taxes are remitted to the taxing authorities and are not recognized as electric utility revenue. SCE's Alternative Revenue Programs The CPUC and FERC have authorized additional, alternative revenue programs which adjust billings for the effects of broad external factors or provide for additional billings if the utility achieves certain objectives. These alternative revenue programs allow SCE to recover costs that SCE has been authorized to pass on to customers, including costs of certain capital and operations and maintenance activities, costs to purchase electricity and natural gas, and to fund public purpose, demand response, and customer energy efficiency programs, and earn a reasonable return. In general, revenue is recognized for these alternative revenue programs at the time the costs are incurred, or at the time when specific events permitting billing of the additional revenues have been completed. SCE begins recognizing revenues for these programs when a program has been established by an order from either the CPUC or FERC that allows for automatic adjustment of future rates, the amount of revenue for the period is objectively determinable and probable of recovery and the revenue will be collected within 24 months following the end of the annual period. Power Purchase Agreements SCE enters into power purchase agreements ("PPAs") in the normal course of business. A power purchase agreement may be considered a variable interest in a variable interest entity ("VIE"). If SCE is the primary beneficiary in the VIE, SCE is required to consolidate the VIE. None of SCE's PPAs resulted in consolidation at December 31, 2023 and 2022. See Note 3 for further discussion of PPAs that are considered variable interests. A PPA may also contain a lease for accounting purposes. See "Leases" below and Note 12 and Note 13 for further discussion of SCE's PPAs. A PPA that does not contain a lease may be classified as a derivative which is recorded at fair value on the consolidated balance sheets, unless the PPA is eligible for an election to designate as a normal purchase or sale, which is accounted for on an accrual basis as an executory contract. PPAs that do not meet the above classifications are accounted for on an accrual basis. Derivative Instruments SCE records derivative instruments on its consolidated balance sheets as either assets or liabilities measured at fair value unless otherwise exempted from derivative treatment as normal purchases or sales. The normal purchases and sales exception requires, among other things, physical delivery in quantities expected to be used or sold over a reasonable period in the normal course of business. Realized gains and losses from SCE's derivative instruments are expected to be recovered from or refunded to customers through regulatory mechanisms and, therefore, SCE's fair value changes have no impact on purchased power expense or earnings. SCE does not use hedge accounting for derivative transactions due to regulatory accounting treatment. Where SCE's derivative instruments are subject to a master netting agreement and certain criteria are met, SCE presents its derivative assets and liabilities on a net basis on its consolidated balance sheets. In addition, derivative positions are offset against margin and cash collateral deposits. The results of derivative activities are recorded as part of cash flows from operating activities on the consolidated statements of cash flows. See Note 6 for further information on derivative instruments. Leases A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified assets for a period of time in exchange for consideration. An entity controls the use when it has a right to obtain substantially all of the benefits from the use of the asset and has the right to direct the use. SCE determines if an arrangement is a lease at contract inception. For all classes of underlying assets, except battery storage assets where each component is separately accounted for, SCE accounts for lease and non-lease components as a single lease component. Lease liabilities are recognized based on the present value of the lease payments over the lease term at the commencement date. SCE calculates and uses the rate implicit in the lease if the information is readily available or if not available, SCE uses its incremental borrowing rate in determining the present value of lease payments. Incremental borrowing rates are comprised of underlying risk-free rates and secured credit spreads relative to first |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment | |
Property, Plant and Equipment | Note 2. SCE's utility property, plant and equipment included in the consolidated balance sheets is composed of the following: December 31, (in millions) 2023 2022 Distribution $ 34,573 $ 32,754 Transmission 18,526 18,106 Generation 3,593 3,880 General plant and other 6,383 6,121 Accumulated depreciation (12,910) (12,260) 50,165 48,601 Construction work in progress 5,590 4,551 Nuclear fuel, at amortized cost 122 122 Total utility property, plant and equipment $ 55,877 $ 53,274 Capitalized Software Costs SCE capitalizes costs incurred during the application development stage of internal use software projects to property, plant and equipment. SCE amortizes capitalized software costs ratably over their useful lives, primarily 5 Jointly Owned Utility Projects SCE owns undivided interests in transmission and generating assets for which each participant provides its own financing. SCE's proportionate share of these assets is reflected in the consolidated balance sheets and included in the above table. SCE's proportionate share of expenses for each project is reflected in the consolidated statements of income. The following is SCE's investment in each asset as of December 31, 2023: Construction Plant in Work in Accumulated Nuclear Fuel Ownership (in millions) Service Progress Depreciation (at amortized cost) Total Interest Transmission systems: Eldorado $ 355 $ 123 $ (63) $ — $ 415 76 % Pacific Intertie 356 3 (90) — 269 50 % Generating station: Palo Verde (nuclear) 2,211 58 (1,670) 122 721 16 % Total $ 2,922 $ 184 $ (1,823) $ 122 $ 1,405 In addition to the jointly owned assets in the table above, SCE has ownership interests in jointly owned power poles with other companies. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
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. SCE Recovery Funding LLC has issued a total of $1.6 billion of securitized bonds. The proceeds were used 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 ("Recovery Property"), associated with the AB 1054 Excluded Capital Expenditures, 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. December 31, (in millions) 2023 2022 Other current assets $ 53 $ 45 Regulatory assets: non-current 1,558 834 Regulatory liabilities: current 34 33 Current portion of long-term debt 1 47 29 Other current liabilities 6 4 Long-term debt 1 1,515 809 1 The bondholders have no recourse to SCE. The long-term debt balance is net of unamortized debt issuance costs. 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, which SCE does not perform. As of the balance sheet date, the carrying amount of assets and liabilities included 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. 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 3,343 megawatts ("MW") and 3,907 MW at December 31, 2023 and 2022, respectively, and the amounts that SCE paid to these projects were $528 million and $608 million for the years ended December 31, 2023 and 2022, 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, Trust VI and Trust VII were utilized in 2013, 2014, 2015, 2016, 2017 and 2023, respectively, for the exclusive purpose of issuing the 5.10%, 5.75%, 5.375%, 5.45%, 5.00% and 7.50% 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, Trust VI and Trust VII issued to the public trust securities in the face amounts of $400 million, $275 million, $325 million, $300 million, $475 million and $550 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, Series L and Series M Preference Stock issued by SCE in the principal amounts of $400 million, $275 million, $325 million, $300 million, $475 million and $550 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, Series L and Series M 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, Series L or Series M Preference Stock, a corresponding dollar amount of trust securities will be redeemed by the applicable trust (see Note 14 for further information). The applicable trust will make distributions at the same rate and on the same dates on the applicable series of trust securities if and when the SCE board of directors declares and makes dividend payments on the related Preference Stock. The applicable trust will use any dividends it receives on the related Preference Stock to make its corresponding distributions on the applicable series of trust securities. If SCE does not make a dividend payment to any of these trusts, SCE would be prohibited from paying dividends on its common stock. SCE has fully and unconditionally guaranteed the payment of the trust securities and trust distributions, if and when SCE pays dividends on the related Preference Stock. The Trust VII balance sheet as of December 31, 2023, consisted of investments of $550 million in the Series M Preference Stock, $550 million of trust securities and $10,000 of common stock. The Trust II, Trust III, Trust IV, Trust V and Trust VI balance sheets as of December 31, 2023 and 2022, 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: Years ended December 31, (in millions) Trust II Trust III Trust IV Trust V Trust VI Trust VII 2023 Dividend income $ 11 $ 16 $ 17 $ 16 $ 24 $ 4 Dividend distributions 11 16 17 16 24 4 2022 Dividend income $ 11 $ 16 $ 17 $ 16 $ 24 $ — Dividend distributions 11 16 17 16 24 — 2021 Dividend income $ 20 $ 16 $ 17 $ 16 $ 24 $ — Dividend distributions 20 16 17 16 24 — |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023 and 2022, 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 commodity 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 commodity 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 – This level includes congestion revenue rights ("CRRs"), which are derivative contracts that trade infrequently with significant unobservable inputs (CAISO CRR auction prices). SCE employs a market valuation approach of utilizing historical CRR prices as a proxy for forward prices. Edison International Parent and Other does not have any Level 3 assets and liabilities. Assumptions are made in order to value derivative contracts in which observable inputs are not available. In circumstances where fair value cannot be verified with observable market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. Modeling methodologies, inputs, and techniques are reviewed and assessed as markets continue to develop and more pricing information becomes available and the fair value is adjusted when it is concluded that a change in inputs or techniques would result in a new valuation that better reflects the fair value of those derivative contracts. See Note 6 for a discussion of derivative instruments. SCE The following table sets forth assets and liabilities of SCE that were accounted for at fair value by level within the fair value hierarchy: December 31, 2023 Netting and (in millions) Level 1 Level 2 Level 3 Collateral 1 Total Assets at fair value Derivative contracts $ — $ 3 $ 91 $ (3) $ 91 Money market funds and other 78 22 — — 100 Nuclear decommissioning trusts: Stocks 2 1,658 — — — 1,658 Fixed Income 3 923 1,421 — — 2,344 Short-term investments, primarily cash equivalents 169 104 — — 273 Subtotal of nuclear decommissioning trusts 4 2,750 1,525 — — 4,275 Total assets 2,828 1,550 91 (3) 4,466 Liabilities at fair value Derivative contracts — 77 — (77) — Total liabilities — 77 — (77) — Net assets $ 2,828 $ 1,473 $ 91 $ 74 $ 4,466 December 31, 2022 Netting and (in millions) Level 1 Level 2 Level 3 Collateral 1 Total Assets at fair value Derivative contracts $ — $ 392 $ 67 $ (218) $ 241 Money market funds and other 647 22 — — 669 Nuclear decommissioning trusts: Stocks 2 1,610 — — — 1,610 Fixed Income 3 941 1,281 — — 2,222 Short-term investments, primarily cash equivalents 137 64 — — 201 Subtotal of nuclear decommissioning trusts 4 2,688 1,345 — — 4,033 Total assets 3,335 1,759 67 (218) 4,943 Liabilities at fair value Derivative contracts — 116 4 (119) 1 Total liabilities — 116 4 (119) 1 Net assets $ 3,335 $ 1,643 $ 63 $ (99) $ 4,942 1 Represents the netting of assets and liabilities under master netting agreements and cash collateral. 2 Approximately 75% and 74% of SCE's equity investments were in companies located in the United States at December 31, 2023 and 2022, respectively. 3 Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities of $106 million and $49 million at December 31, 2023 and 2022, respectively. 4 Excludes net payables of $102 million and $85 million at December 31, 2023 and 2022, respectively, which consist of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases. 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: Years ended December 31, (in millions) 2023 2022 Fair value of net assets at beginning of period $ 63 $ 44 Sales (1) (8) Settlements (40) (54) Total realized/unrealized gains 1 69 81 Fair value of net assets at end of period $ 91 $ 63 1 Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities. There were no material transfers into or out of Level 3 during 2023 and 2022. The following table sets forth the significant unobservable inputs used to determine fair value for Level 3 assets and liabilities: Fair Value Significant Weighted (in millions) Unobservable Range Average Assets Liabilities Input (per MWh) (per MWh) Congestion revenue rights December 31, 2023 $ 91 $ — CAISO CRR auction prices $(6.44) - $16,574.36 $ 2.74 December 31, 2022 67 4 CAISO CRR auction prices (7.91) - 3,856.67 1.64 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. The fair value of these financial instruments is based on evaluated prices that reflect significant observable market information such as reported trades, actual trade information of similar securities, benchmark yields, broker/dealer quotes, issuer spreads, bids, offers and relevant credit information. There are no securities classified as Level 3 in the nuclear decommissioning trusts. SCE's investment policies and CPUC requirements place limitations on the types and investment grade ratings of the securities that may be held by the nuclear decommissioning trust funds. These policies restrict the trust from holding alternative investments and limit the trust funds' exposures to investments in highly illiquid markets. With respect to equity and fixed income securities, the trustee obtains prices from third-party pricing services which SCE is able to independently corroborate as described below. The trustee monitors prices supplied by pricing services, including reviewing prices against defined parameters' tolerances and performs research and resolves variances beyond the set parameters. SCE corroborates the fair values of securities by comparison to other market-based price sources obtained by SCE's investment managers. Differences outside established thresholds are followed-up with the trustee and resolved. For each reporting period, SCE reviews the trustee determined fair value hierarchy and overrides the trustee level classification when appropriate. See Note 10 for more information on nuclear decommissioning trusts. Edison International Parent and Other Edison International Parent and Other assets measured at fair value and classified as Level 1 consisted of money market funds of $121 million and $137 million at December 31, 2023 and 2022, respectively, and equity investments of $5 million at December 31, 2022. Assets measured at fair value and classified as Level 2 consisted of short-term investments of $2 million at both December 31, 2023 and 2022. There are no securities classified as Level 3 for Edison International Parent and Other. Fair Value of Debt Recorded at Carrying Value The carrying value and fair value of Edison International's and SCE's long-term debt (including current portion of long-term debt) are as follows: December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair (in millions) Value 1 Value 2 Value 1 Value 2 Edison International $ 33,013 $ 31,315 $ 29,639 $ 26,824 SCE 28,494 26,712 26,258 23,469 1 2 . |
Debt and Credit Agreements
Debt and Credit Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Debt and Credit Agreements | |
Debt and Credit Agreements | Note 5. Long-Term Debt The following table summarizes long-term debt (rates and terms are as of December 31, 2023) of Edison International and SCE: December 31, (in millions) 2023 2022 Edison International Parent and Other: Debentures and notes: 2024 – 2054 (3.55% to 8.13%) $ 4,550 $ 3,400 Current portion of long-term debt (500) (400) Unamortized debt discount/premium and issuance costs, net (31) (19) Total Edison International Parent and Other 4,019 2,981 SCE: First and refunding mortgage bonds: 2024 – 2053 (0.98% to 6.05%) 24,700 23,900 Pollution-control bonds: 2028 – 2035 (1.45% to 4.50%) 752 752 Debentures and notes: 2029 – 2053 (5.06% to 6.65%) 306 306 Senior secured recovery bonds 1 2028 – 2047 (0.86% to 5.11%) 1,579 849 Other long-term debt 2 1,322 600 Current portion of long-term debt (2,197) (2,214) Unamortized debt discount/premium and issuance costs, net (165) (149) Total SCE 26,297 24,044 Total Edison International $ 30,316 $ 27,025 1 The senior secured recovery bonds are payable only from and secured by the Recovery Property at SCE Recovery Funding LLC, and 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. For further details, see Note 3. 2 Subsequent to December 31, 2023, SCE issued first and refunding mortgage bonds which were used to partially pay down its commercial paper balance, see "Debt Financing Subsequent to December 31, 2023" for more information. Accordingly, SCE included the pay down amount of $722 million in other long-term debt. In addition, 2023 and 2022 amounts both include a term loan due in 2024 with an interest rate of adjusted term secured overnight financing rate ("SOFR") plus 0.90% . Edison International and SCE long-term debt maturities over the next five years are as follows: Edison (in millions) International SCE 2024 $ 2,697 $ 2,197 2025 2,049 1,249 2026 800 800 2027 2,001 1,401 2028 2,942 1,792 Liens and Security Interests Almost all of SCE's properties are subject to a trust indenture lien. SCE has pledged first and refunding mortgage bonds as collateral for borrowed funds obtained from pollution-control bonds issued by government agencies. SCE has a debt covenant that requires a debt to total capitalization ratio to be less than or equal to 0.65 to 1. At December 31, 2023, SCE's debt to total capitalization ratio was 0.56 to 1 and was in compliance with all other financial covenants that affect access to capital. Edison International Parent's credit facility requires a consolidated debt to total capitalization ratio as defined in the applicable agreements of less than or equal to 0.70 to 1. At December 31, 2023, Edison International consolidated debt to total capitalization ratio was 0.63 to 1. Credit Agreements and Short-Term Debt The following table summarizes the status of the credit facilities at December 31, 2023: (in millions, except for rates) Borrower Termination Date SOFR plus (bps) Commitment Outstanding borrowings Outstanding letters of credit Amount available Edison International Parent 1, 3 May 2027 128 $ 1,500 $ 246 $ — $ 1,254 SCE 2, 3 May 2027 108 3,350 1,558 29 1,763 Total Edison International $ 4,850 $ 1,804 $ 29 $ 3,017 1 At December 31, 2023 and December 31, 2022, Edison International Parent had $246 million and $90 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 5.82% and 4.92% , respectively. 2 At December 31, 2023 and December 31, 2022, SCE had $1,554 million and $195 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 5.82% and 5.20% , respectively. 3 The credit facilities have two additional one-year extension options. 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. Uncommitted Letters of Credit In October 2023, SCE entered into agreements with certain lenders for bilateral unsecured standby letters of credit ("SBLC") with a total capacity of $625 million that is uncommitted and supported by reimbursement agreements. The SBLCs are not subject to any collateral or security requirements. At December 31, 2023, SCE had $53 million in standby letters of credit outstanding under these agreements, which expire in 2024. The unused capacity under these agreements was $572 million. Debt Financing Subsequent to December 31, 2023 In January 2024, SCE issued $500 million of 4.875% first and refunding mortgage bonds due in 2027 and $900 million of 5.20% first and refunding mortgage bonds due in 2034. The proceeds were used to fund the payment of wildfire claims and related expenses above the amount of expected insurance proceeds, repay commercial paper borrowings and for general corporate purposes. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments | |
Derivative Instruments | Note 6. 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 plants, Peaker plants and 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 and natural gas or selling excess power and natural gas. In addition, SCE would be exposed to the risk of non-payment of accounts receivable, primarily related to the sales of excess power and natural gas 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 was less than $1 million as of December 31, 2023 and 2022, for which SCE posted no collateral and collateral of $24 million to its counterparties for its outstanding payables as of December 31, 2023, and 2022, respectively. If the credit-risk-related contingent features underlying these agreements were triggered on December 31, 2023, SCE would be required to post $5 million of collateral, most of which is related to outstanding payables. Fair Value of Derivative Instruments SCE presents its derivative assets and liabilities, recorded at fair value, on a net basis on its consolidated balance sheets when subject to master netting agreements or similar agreements. Derivative positions are also offset against margin and cash collateral deposits. In addition, SCE has provided collateral in the form of letters of credit. Collateral requirements can vary depending upon the level of unsecured credit extended by counterparties, changes in market prices relative to contractual commitments and other factors. See Note 4 for a discussion of fair value of derivative instruments. The following table summarizes the gross and net fair values of SCE's commodity derivative instruments: December 31, 2023 Derivative Assets Derivative Liabilities (in millions) Short-Term 1 Short-Term 2 Commodity derivative contracts Gross amounts recognized $ 94 $ 77 Gross amounts offset in the consolidated balance sheets (3) (3) Cash collateral posted — (74) Net amounts presented in the consolidated balance sheets $ 91 $ — December 31, 2022 Derivative Assets Derivative Liabilities (in millions) Short-Term 1 Short-Term 2 Commodity derivative contracts Gross amounts recognized $ 459 $ 120 Gross amounts offset in the consolidated balance sheets (119) (119) Cash collateral received (99) — Net amounts presented in the consolidated balance sheets $ 241 $ 1 1 Included in "Other current assets" on SCE's consolidated balance sheets. 2 Included in "Other current liabilities" on SCE's consolidated balance sheets. At December 31, 2023, SCE posted and accrued $121 million of cash collateral, of which $74 million was offset against derivative liabilities and $47 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 the 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 SCE's consolidated statements of cash flows. The following table summarizes the gains/(losses) of SCE's economic hedging activity: Years ended December 31, (in millions) 2023 2022 2021 Realized $ (14) $ 178 $ 200 Unrealized (322) 310 (75) Notional Volumes of Derivative Instruments The following table summarizes the notional volumes of derivatives used for SCE's economic hedging activities: Economic Hedges Unit of December 31, Commodity Measure 2023 2022 Electricity options, swaps and forwards Gigawatt hours 3,494 1,022 Natural gas options, swaps and forwards Billion cubic feet 31 42 Congestion revenue rights Gigawatt hours 35,011 44,028 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
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 a 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 a 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: Years ended December 31, 2023 2022 2021 Cost- Cost- Cost- Earning Recovery Total Earning Recovery Total Earning Recovery Total (in millions) Activities Activities Consolidated Activities Activities Consolidated Activities Activities Consolidated Revenues from contracts with customers 1 $ 8,598 8,422 $ 17,020 $ 8,327 8,433 16,760 $ 7,523 $ 6,824 $ 14,347 Alternative revenue programs and other operating revenue 2 414 (1,159) (745) 681 (269) 412 349 178 527 Total operating revenue $ 9,012 $ 7,263 $ 16,275 $ 9,008 $ 8,164 $ 17,172 $ 7,872 $ 7,002 $ 14,874 1 At December 31, 2023 and 2022, SCE's receivables related to contracts from customers were $ 2.5 billion and $2.3 billion, which included accrued unbilled revenue of $ 741 million and $638 million, respectively. 2 Includes differences between revenues from contracts with customers and authorized levels for certain CPUC and FERC revenues. Deferred Revenue As of December 31, 2023, SCE has deferred revenue of $368 million related to the sale of the use of transfer capability of West of Devers transmission line, of which $13 million and $355 million are included in "Other current liabilities" and "Other deferred credits and other long-term liabilities," respectively, on SCE's consolidated balance sheets. The deferred revenue is amortized straight-line over a period of 30 years starting 2021. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Income Taxes | Note 8. Current and Deferred Taxes The components of income tax expense (benefit) by location of taxing jurisdiction are: Edison International SCE Years ended December 31, (in millions) 2023 2022 2021 2023 2022 2021 Current: Federal $ — $ 2 $ — $ — $ — $ — State — 13 (179) 5 2 (45) — 15 (179) 5 2 (45) Deferred: Federal 101 (103) 83 149 (44) 83 State 7 (74) (40) 30 (67) (21) 108 (177) 43 179 (111) 62 Total $ 108 $ (162) $ (136) $ 184 $ (109) $ 17 The components of net accumulated deferred income tax liability are: Edison International SCE December 31, (in millions) 2023 2022 2023 2022 Deferred tax assets: Property $ 894 $ 859 $ 877 $ 840 Wildfire-related 1 356 458 354 457 Nuclear decommissioning trust assets in excess of nuclear ARO liability 380 321 380 321 Loss and credit carryforwards 2 3,486 3,479 2,103 2,157 Regulatory balances 626 641 626 641 Pension and postretirement benefits other than pensions, net 127 130 25 26 Leases 345 406 345 406 Other 159 162 147 135 Sub-total 6,373 6,456 4,857 4,983 Less: valuation allowance 3 17 39 — — Total 6,356 6,417 4,857 4,983 Deferred tax liabilities: Property 10,627 10,091 10,611 10,078 Regulatory balances 1,450 1,462 1,450 1,462 Nuclear decommissioning trust assets 380 321 380 321 Leases 345 406 345 406 Other 187 225 158 200 Total 12,989 12,505 12,944 12,467 Accumulated deferred income tax liability, net 4 $ 6,633 $ 6,088 $ 8,087 $ 7,484 1 Relates to estimated losses accrual for wildfire-related claims, net of expected recoveries from insurance and FERC customers, and contributions to the Wildfire Insurance Fund. For further information, see Note 12 and Note 1. 2 As of December 31, 2023, unrecognized tax benefits of $363 million and $299 million for Edison International and SCE, respectively, are presented net against the deferred tax asset for the loss and tax credit carryforwards. As of December 31, 2022, the unrecognized tax benefits netted against deferred tax assets and tax credit carryforwards were $310 million and $254 million for Edison International and SCE, respectively. 3 As of December 31, 2023, Edison International has recorded $17 million valuation allowance on deferred tax assets. The $17 million valuation allowance is related to non-California state net operating loss carryforwards which are expected to expire before being utilized. As of December 31, 2022, the valuation allowance on deferred tax assets which are estimated to expire before being utilized for Edison International includes $35 million for non-California state net operating loss carryforwards, $4 million for California capital losses generated from sale of SoCore Energy in 2018. 4 Included in "Deferred income taxes and credits" on the consolidated balance sheets. Net Operating Loss and Tax Credit Carryforwards The amounts of net operating loss and tax credit carryforwards (after-tax) are as follows: Edison International SCE December 31, 2023 Loss Credit Loss Credit (in millions) Carryforwards Carryforwards Carryforwards Carryforwards Expire in 2024 $ 7 $ — $ 7 $ — Expire between 2025 to 2028 22 — 22 — Expire between 2029 to 2043 1,714 471 862 63 No expiration date 1 1,625 10 1,448 — Total $ 3,368 $ 481 $ 2,339 $ 63 1 Under the Tax Cut and Jobs Act signed into law on December 22, 2017 ("Tax Reform"), net operating losses generated after December 31, 2017 can carryforward indefinitely. Edison International consolidates for federal income tax purposes, but not for financial accounting purposes, a group of wind projects referred to as Capistrano Wind. The amount of net operating loss and tax credit carryforwards recognized as part of deferred income taxes includes $106 million and $121 million related to Capistrano Wind for 2023 and 2022, respectively. The tax attributes not utilized as of December 31, 2023 will be available for the Edison International consolidated group to utilize in the future. When the remaining Capistrano tax attributes are used in the future by Edison International, payments will be made to those entities under a tax allocation agreement. Under the tax allocation agreement, Edison International has recorded a corresponding liability as part of other long-term liabilities related to its obligation to make payments to Capistrano Wind when these tax benefits are realized. Effective Tax Rate The table below provides a reconciliation of income tax expense computed at the federal statutory income tax rate to the income tax provision: Edison International SCE Years ended December 31, (in millions) 2023 2022 2021 2023 2022 2021 Income from operations before income taxes $ 1,515 $ 662 $ 789 $ 1,781 $ 845 $ 952 Provision for income tax at federal statutory rate of 21% 318 139 166 374 177 200 (Decrease) increase in income tax from: State tax, net of federal income tax effect 3 (70) (47) 23 (57) (33) Property-related (205) (219) (233) (205) (219) (233) Change related to uncertain tax position 1 — — (147) — — (37) Wildfire related charges 2 — — 31 — — 31 Average rate assumption method ("ARAM") adjustment 3 — — 87 — — 87 Corporate-owned life insurance cash surrender value (8) (9) (8) (8) (9) (8) Other — (3) 15 — (1) 10 Total income tax expense (benefit) $ 108 $ (162) $ (136) $ 184 $ (109) $ 17 Effective tax rate 7.1 % (24.5) % (17.2) % 10.3 % (12.9) % 1.8 % 1 In 2021, Edison International and SCE recognized tax benefits related to a settlement with the California Franchise Tax Board ("FTB") for tax years 2007 – 2012. 2 Relates to the non-tax deductible portions of the SED Agreement (as defined in Note 12). See Note 12 for further discussion under 2017/2018 Wildfire/Mudslide Events. 3 In July 2021, SCE received the IRS response to its private letter ruling request, regarding the scope of the deferred tax normalization requirements and the computations required to comply with the average rate assumption method. As a result, SCE's estimate changed and a cumulative true-up of $87 million reduction in tax benefits was recorded in the third quarter of 2021, for the period of January 1, 2018 to June 30, 2021. The 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. Accounting for Uncertainty in Income Taxes Authoritative guidance related to accounting for uncertainty in income taxes requires an enterprise to recognize, in its financial statements, the best estimate of the impact of a tax position by determining if the weight of available evidence indicates it is more likely than not, based solely on the technical merits, that the position will be sustained upon examination. The guidance requires the disclosure of all unrecognized tax benefits, which includes both the reserves recorded for tax positions on filed tax returns and the unrecognized portion of affirmative claims. Unrecognized Tax Benefits The following table provides a reconciliation of unrecognized tax benefits: Edison International SCE (in millions) 2023 2022 2021 2023 2022 2021 Balance at January 1, $ 646 $ 613 $ 679 $ 374 $ 340 $ 320 Tax positions taken during the current year: Increases 65 54 53 65 54 53 Tax positions taken during a prior year: Increases 13 — 3 4 — 1 Decreases 1 (294) (21) (118) (25) (20) (29) Settlements with taxing authorities 2 — — (4) — — (5) Balance at December 31, $ 430 $ 646 $ 613 $ 418 $ 374 $ 340 1 The Edison International decrease in 2023 was mainly related to a write-off of a reserve for a claim related to the Edison Mission Energy bankruptcy. See the discussion in "Tax Disputes" for more information. The decrease in 2021 was related to re-measurement as a result of a settlement with the FTB for tax years 2007 – 2012. 2 In 2021, Edison International reached a settlement with the FTB for tax years 2007 – 2012. As of December 31, 2023, if recognized, $80 million of unrecognized tax benefits would impact Edison International's effective tax rate and $68 million of the unrecognized tax benefits would impact SCE's effective tax rate. Tax Disputes In 2020, Edison International recorded favorable tax positions in connection with the Edison Mission Energy bankruptcy that were fully reserved. Based on information identified during the 2nd quarter of 2023, the Company wrote off the total claim and related reserve in the amount of $268 million. Tax years that remain open for examination by the IRS and FTB are 2020 – 2022 and 2013 – 2022, respectively. Accrued Interest and Penalties The total amount of accrued interest and penalties related to income tax liabilities are: Edison International SCE December 31, (in millions) 2023 2022 2023 2022 Accrued interest and penalties $ — $ — $ 28 $ 23 The net after-tax interest and penalties recognized in income tax (benefit) expense are: Edison International SCE Years ended December 31, (in millions) 2023 2022 2021 2023 2022 2021 Net after-tax interest and penalties tax (benefit) expense $ — $ — $ (41) $ 4 $ 2 $ (2) |
Compensation and Benefit Plans
Compensation and Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Compensation and Benefit Plans | |
Compensation and Benefit Plans | Note 9. Employee Savings Plan The 401(k) defined contribution savings plan is designed to supplement employees' retirement income. The employer contributions were as follows: Edison International SCE (in millions) Years ended December 31, 2023 $ 121 $ 119 2022 103 101 2021 97 96 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. Employees hired by the participating companies on or after December 31, 2017 are no longer eligible to participate in the pension plan. In lieu of that, an additional non-contributory employer contribution is deposited into the Edison 401(k) Savings Plan. SCE recognizes pension expense for its nonexecutive plan as calculated by the actuarial method used for ratemaking. The expected contributions (all by the employer) for Edison International and SCE are approximately $45 million and $13 million, respectively, for the year ending December 31, 2024. The majority of annual contributions made by SCE to its pension plans are anticipated to be recovered through CPUC-approved regulatory mechanisms. The funded position of Edison International's pension is sensitive to changes in market conditions. Changes in overall interest rate levels significantly affect the company's liabilities, while assets held in the various trusts established to fund Edison International's pension are affected by movements in the equity and bond markets. Due to SCE's regulatory recovery treatment, unrealized losses equal to the unfunded status are recorded to a regulatory asset and unrealized gains equal to the funded status are recorded to a regulatory liability. See Note 11 for further information. Information on pension plan assets and benefit obligations is shown below. Edison International SCE Years ended December 31, (in millions) 2023 2022 2023 2022 Change in projected benefit obligation Projected benefit obligation at beginning of year $ 3,524 $ 4,171 $ 3,159 $ 3,694 Service cost 101 120 97 115 Interest cost 180 111 162 97 Actuarial loss (gain) 96 (589) 82 (503) Benefits paid (254) (289) (222) (244) Projected benefit obligation at end of year $ 3,647 $ 3,524 $ 3,278 $ 3,159 Change in plan assets Fair value of plan assets at beginning of year $ 3,462 $ 4,296 $ 3,275 $ 4,061 Actual return (loss) on plan assets 369 (575) 349 (544) Employer contributions 32 30 13 2 Benefits paid (254) (289) (222) (244) Fair value of plan assets at end of year 3,609 3,462 3,415 3,275 (Underfunded)/Overfunded status at end of year $ (38) $ (62) $ 137 $ 116 Amounts recognized in the consolidated balance sheets consist of 1 Long-term assets $ 169 $ 139 $ 149 $ 128 Current liabilities (30) (26) (2) (2) Long-term liabilities (177) (175) (10) (10) $ (38) $ (62) $ 137 $ 116 Amounts recognized in accumulated other comprehensive loss consist of: Net loss 1 $ 21 17 8 8 Amounts recognized as a regulatory liability (159) (139) (159) (139) Accumulated benefit obligation at end of year $ 3,495 $ 3,401 $ 3,136 $ 3,049 Pension plans with plan assets in excess of an accumulated benefit obligation: Projected benefit obligation 3,647 3,524 3,278 3,159 Accumulated benefit obligation 3,495 3,401 3,136 3,049 Fair value of plan assets 3,609 3,462 3,415 3,275 Weighted average assumptions used to determine obligations at end of year: Discount rate 5.04 % 5.36 % 5.04 % 5.36 % Rate of compensation increase 4.00 % 4.00 % 4.00 % 4.00 % 1 The SCE liability excludes a long-term payable due to Edison International Parent of $94 million and $93 million at December 31, 2023 and 2022, respectively, related to certain SCE postretirement benefit obligations transferred to Edison International Parent. SCE's accumulated other comprehensive loss of $8 million at both December 31, 2023 and 2022, excludes net losses of $8 million and $3 million related to these benefits, respectively. For Edison International and SCE, respectively, the 2023 actuarial losses are primarily related to $96 million and $92 million in losses from a decrease of 32 basis points in the discount rate (from 5.36% as of December 31, 2022 to 5.04% as of December 31, 2023). For Edison International and SCE, respectively, the 2022 actuarial gains are primarily related to $1.0 billion and $929 million in gains from an increase in the discount rate (from 2.75% as of December 31, 2021 to 5.36% as of December 31, 2022), partially offset by $456 million and $430 million in losses from economic assumption and experience. Net periodic pension expense components are: Edison International SCE Years ended December 31, (in millions) 2023 2022 2021 2023 2022 2021 Service cost $ 101 $ 120 $ 130 $ 99 $ 118 $ 127 Non-service cost (benefit) Interest cost 180 111 103 166 101 95 Expected return on plan assets (214) (227) (222) (202) (215) (211) Settlement costs — 4 — — 4 — Amortization of prior service cost — — 1 — — 1 Amortization of net loss 3 5 11 2 2 7 Regulatory adjustment (47) 6 25 (47) 6 25 Total non-service benefit 1 (78) (101) (82) (81) (102) (83) Total expense $ 23 $ 19 $ 48 $ 18 $ 16 $ 44 1 Included in "Other income" on Edison International's and SCE's consolidated income statements. For further details, see Note 16. Other changes in pension plan assets and benefit obligations recognized in other comprehensive income: Edison International SCE Years ended December 31, (in millions) 2023 2022 2021 2023 2022 2021 Net loss (gain) $ 6 $ (45) $ (10) $ 6 $ (24) $ (5) Settlement charges — (4) — — (4) — Amortization of net loss (2) (8) (11) (2) (5) (7) Total loss (gain) recognized in other comprehensive income 4 (57) (21) 4 (33) (12) Total recognized in expense and other comprehensive income $ 27 $ (38) $ 27 $ 22 $ (17) $ 32 In accordance with authoritative guidance on rate-regulated enterprises, SCE records amortization of net gains and losses into regulatory assets and liabilities instead of charges and credits to other comprehensive income for the portion of SCE's postretirement benefit plans that are recoverable in utility rates. Edison International and SCE used the following weighted average assumptions to determine pension expense: Years ended December 31, 2023 2022 2021 Discount rate 5.36 % 2.75 % 2.38 % Rate of compensation increase 4.00 % 4.00 % 4.00 % Expected long-term return on plan assets 6.50 % 5.50 % 5.50 % Interest crediting rate for cash balance account 1 Starting rate 5.86 % 3.12 % 3.03 % Ultimate rate 5.86 % 4.50 % 4.50 % Year ultimate rate is reached 2023 2026 2025 1 Edison International and SCE were using a graduated assumption for interest crediting rate for cash balance account, where current interest rate gradually increased to an ultimate rate at a certain year. Starting 2023, Edison International and SCE changed to use single interest crediting rate assumption to determine the pension expense for cash balance account. The following benefit payments, which reflect service rendered and expected future service, are expected to be paid: Edison (in millions) International SCE 2024 $ 325 $ 279 2025 319 279 2026 332 290 2027 320 284 2028 314 281 2029 – 2033 1,447 1,308 Postretirement Benefits Other Than Pensions ("PBOP(s)") Employees hired prior to December 31, 2017 who are retiring at or after age 55 with at least 10 years of service may be eligible for postretirement healthcare benefits. Eligibility for a company contribution toward the cost of these benefits in retirement depends on a number of factors, including the employee's years of service, age, hire date, and retirement date. Employees hired on or after December 31, 2017 are no longer eligible for retiree healthcare benefits. In lieu of those benefits, Edison International will provide a health reimbursement account of $200 per month available only after meeting certain age and service year requirements. Under the terms of the Edison International Welfare Benefit Plan ("PBOP Plan"), each participating employer (Edison International or its participating subsidiaries) is responsible for the costs and expenses of PBOP Plan benefits with respect to its employees and former employees that exceed the participants' share of contributions. A participating employer may terminate the PBOP Plan benefits with respect to its employees and former employees, as may SCE (as PBOP Plan sponsor), and, accordingly, the participants' PBOP Plan benefits are not vested benefits. There are no expected contributions for PBOP benefits for the year ended December 31, 2024. Annual contributions related to SCE employees made to SCE plans are anticipated to be recovered through CPUC-approved regulatory mechanisms and are expected to be, at a minimum, equal to the total annual expense for these plans. SCE has three voluntary employees' beneficiary association trusts ("VEBA Trusts") that can only be used to pay for retiree health care benefits of SCE and its subsidiaries. Once funded into the VEBA Trusts, neither SCE nor Edison International can subsequently recover remaining amounts in the VEBA Trusts. Participants of the PBOP Plan do not have a beneficial interest in the VEBA Trusts. The VEBA Trust assets are sensitive to changes in market conditions. Changes in overall interest rate levels significantly affect the company's liabilities, while assets held in the various trusts established to fund Edison International's other postretirement benefits are affected by movements in the equity and bond markets. Due to SCE's regulatory recovery treatment, the funded status is offset by a regulatory liability. Information on PBOP Plan assets and benefit obligations is shown below: Edison International SCE Years ended December 31, (in millions) 2023 2022 2023 2022 Change in benefit obligation Benefit obligation at beginning of year $ 1,331 $ 1,904 $ 1,323 $ 1,895 Service cost 20 34 20 34 Interest cost 67 56 67 55 Actuarial gain (567) (598) (563) (596) Plan participants' contributions 28 29 28 29 Benefits paid (106) (94) (106) (94) Benefit obligation at end of year $ 773 $ 1,331 $ 769 $ 1,323 Change in plan assets Fair value of plan assets at beginning of year $ 2,187 $ 2,772 $ 2,187 $ 2,772 Actual return on assets 162 (527) 162 (527) Employer contributions 4 7 4 7 Plan participants' contributions 28 29 28 29 Benefits paid (106) (94) (106) (94) Fair value of plan assets at end of year 2,275 2,187 2,275 2,187 Overfunded status at end of year $ 1,502 $ 856 $ 1,506 $ 864 Amounts recognized in the consolidated balance sheets consist of: Long-term assets $ 1,506 $ 871 $ 1,506 $ 871 Current liabilities — (8) — (7) Long-term liabilities (4) (7) — — $ 1,502 $ 856 $ 1,506 $ 864 Amounts recognized in accumulated other comprehensive loss consist of: Net gain $ (5) $ (2) $ — $ — Amounts recognized as a regulatory liability (1,505) (867) (1,505) (867) Weighted average assumptions used to determine obligations at end of year: Discount rate 5.06 % 5.43 % 5.06 % 5.43 % Assumed health care cost trend rates: Rate assumed for following year 6.50 % 6.75 % 6.50 % 6.75 % Ultimate rate 5.00 % 5.00 % 5.00 % 5.00 % Year ultimate rate reached 2029 2029 2029 2029 For Edison International and SCE, the 2023 actuarial gains are primarily related to $553 million and $550 million in gains from the change in postretirement medical carrier and retiree medical delivery mechanism effective in 2024, respectively. For Edison International and SCE, the 2022 actuarial gains are primarily related to $546 million and $543 million in gains from an increase in the discount rate (from 2.95% as of December 31, 2021 to 5.43% as of December 31, 2022), respectively. Net periodic PBOP expense components are: Edison International SCE Years ended December 31, (in millions) 2023 2022 2021 2023 2022 2021 Service cost $ 20 $ 34 $ 40 $ 20 $ 34 $ 40 Non-service cost (benefit) Interest cost 67 56 52 67 55 52 Expected return on plan assets (107) (97) (106) (107) (97) (106) Amortization of prior service cost (1) (2) (1) (1) (2) (1) Amortization of net gain (50) (45) (35) (50) (45) (36) Regulatory adjustment 71 55 51 71 55 51 Total non-service benefit 1 (20) (33) (39) (20) (34) (40) Total expense $ — $ 1 $ 1 $ — $ — $ — 1 Included in "Other income" on Edison International's and SCE's consolidated income statements. For further details, see Note 16. In accordance with authoritative guidance on rate-regulated enterprises, SCE records amortization of net gains and losses to regulatory assets and liabilities instead of charges and credits to other comprehensive income (loss) for the portion of SCE's postretirement benefit plans that are recoverable in utility rates. Edison International and SCE used the following weighted average assumptions to determine PBOP expense: Years ended December 31, 2023 2022 2021 Discount rate 5.43 % 2.95 % 2.67 % Expected long-term return on plan assets 5.00 % 3.50 % 4.00 % Assumed health care cost trend rates: Current year 6.75 % 6.25 % 6.50 % Ultimate rate 5.00 % 5.00 % 5.00 % Year ultimate rate reached 2029 2029 2029 The following benefit payments (net of plan participants' contributions) are expected to be paid: Edison (in millions) International SCE 2024 $ 48 $ 48 2025 49 48 2026 49 49 2027 53 53 2028 54 53 2029 – 2033 276 275 Plan Assets Description of Pension and Postretirement Benefits Other than Pensions Investment Strategies The investment of plan assets is overseen by a fiduciary investment committee. Plan assets are invested using a combination of asset classes and may have active and passive investment strategies within asset classes. Target allocations for 2023 pension plan assets were 19.2% for U.S. equities, 10.8% for non-U.S. equities, 55% for fixed income and 15% for opportunistic and/or alternative investments. Target allocations for 2023 PBOP plan assets (except for Represented VEBA which is 95% for fixed income and 5% for U.S. and non-U.S. equities) are 29% for U.S. and non-U.S. equities, 65% for fixed income and 6% for opportunistic and/or alternative investments. Edison International employs multiple investment management firms. Investment managers within each asset class cover a range of investment styles and approaches. Risk is managed through diversification among multiple asset classes, managers, styles and securities. Plan asset classes and individual manager performances are measured against targets. Edison International also monitors the stability of its investment managers' organizations. Allowable investment types under CPUC investment guidelines include: ● United States equities: common and preferred stocks of large, medium, and small companies which are predominantly United States-based. ● Non-United States equities: equity securities issued by companies domiciled outside the United States and in depository receipts which represent ownership of securities of non-United States companies. ● Fixed income: fixed income securities issued or guaranteed by the United States government, non-United States governments, government agencies and instrumentalities including municipal bonds, mortgage backed securities and corporate debt obligations. A portion of the fixed income positions may be held in debt securities that are below investment grade. ● Opportunistic, alternative and other investments: Opportunistic investments in short to intermediate term market opportunities. Investments may have fixed income and/or equity characteristics and may be either liquid or illiquid. Alternative investments are limited partnerships that invest in non-publicly traded entities. Other investments are diversified among multiple asset classes such as global equity, fixed income currency and commodities markets. Investments are made in liquid or illiquid instruments within and across markets. The investment returns are expected to approximate the plans' expected investment returns. Asset class portfolio weights are permitted to range within plus or minus 5%. Where approved by the fiduciary investment committee, futures contracts are used for portfolio rebalancing and to reallocate portfolio cash positions. Where authorized, a few of the plans' investment managers employ limited use of derivatives, including futures contracts, options, options on futures and interest rate swaps in place of direct investment in securities to gain efficient exposure to markets. Derivatives are not used to leverage the plans or any portfolios. Determination of the Expected Long-Term Rate of Return on Assets The overall expected long-term rate of return on assets assumption is based on the long-term target asset allocation for plan assets and capital markets return forecasts for asset classes employed. A portion of the PBOP trust asset returns is subject to taxation, so the expected long-term rate of return for these assets is determined on an after-tax basis. Capital Markets Return Forecasts Edison International's capital markets return forecast methodologies primarily use a combination of historical market data, current market conditions, proprietary forecasting expertise, complex models to develop asset class return forecasts and a building block approach. The forecasts are developed using variables such as real risk-free interest, inflation and asset class specific risk premiums. For equities, the risk premium is based on an assumed average equity risk premium of 5% over cash. The forecasted return on private equity and opportunistic investments are estimated at a 4% premium above public equity, reflecting a premium for higher volatility and lower liquidity. For fixed income, the risk premium is based on a comprehensive modeling of credit spreads. Fair Value of Plan Assets The PBOP Plan and the Southern California Edison Company Retirement Plan Trust assets include investments in equity securities, U.S. treasury securities, other fixed-income securities, common/collective funds, mutual funds, other investment entities, foreign exchange and interest rate contracts, and partnership/joint ventures. Equity securities, U.S. treasury securities, mutual and money market funds are classified as Level 1 as fair value is determined by observable, unadjusted quoted market prices in active or highly liquid and transparent markets. The fair value of the underlying investments in equity mutual funds are based on stock-exchange prices. The fair value of the underlying investments in fixed-income mutual funds and other fixed income securities including municipal bonds are based on evaluated prices that reflect significant observable market information such as reported trades, actual trade information of similar securities, benchmark yields, broker/dealer quotes, issuer spreads, bids, offers and relevant credit information. Foreign exchange and interest rate contracts are classified as Level 2 because the values are based on observable prices but are not traded on an exchange. Futures contracts trade on an exchange and therefore are classified as Level 1. No investment is classified as Level 3 as of December 31, 2023 and 2022. Common/collective funds and partnerships are measured at fair value using the net asset value per share ("NAV") and have not been classified in the fair value hierarchy. Other investment entities are valued similarly to common/collective funds and are therefore classified as NAV. The Level 1 registered investment companies are either mutual or money market funds. The remaining funds in this category are readily redeemable and classified as NAV and are discussed further at note 8 to the pension plan trust investments table below. Edison International reviews the process/procedures of both the pricing services and the trustee to gain an understanding of the inputs/assumptions and valuation techniques used to price each asset type/class. The trustee and Edison International's validation procedures for pension and PBOP equity and fixed income securities are the same as the nuclear decommissioning trusts. For further discussion, see Note 4. The values of Level 1 mutual and money market funds are publicly quoted. The trustees obtain the values of common/collective and other investment funds from the fund managers. The values of partnerships are based on partnership valuation statements updated for cash flows. SCE's investment managers corroborate the trustee fair values. Pension Plan The following table sets forth the investments for Edison International and SCE that were accounted for at fair value as of December 31, 2023 and December 31, 2022, respectively, by asset class and level within the fair value hierarchy: December 31, 2023 (in millions) Level 1 Level 2 NAV 1 Total U.S. government and agency securities 2 $ 256 $ 352 $ — $ 608 Corporate stocks 3 176 5 — 181 Corporate bonds 4 — 1,057 — 1,057 Common/collective funds 5 — — 584 584 Partnerships/joint ventures 6 — — 657 657 Other investment entities 7 — — 58 58 Registered investment companies 8 212 — 153 365 Interest-bearing cash 10 — — 10 Other — 46 8 54 Total $ 654 $ 1,460 $ 1,460 $ 3,574 Receivables and payables, net 35 Combined net plan assets available for benefits 3,609 SCE's share of net plan assets $ 3,415 December 31, 2022 (in millions) Level 1 Level 2 NAV 1 Total U.S. government and agency securities 2 $ 281 $ 293 $ — $ 574 Corporate stocks 3 227 3 — 230 Corporate bonds 4 — 973 — 973 Common/collective funds 5 — — 658 658 Partnerships/joint ventures 6 — — 613 613 Other investment entities 7 — — 63 63 Registered investment companies 8 206 — 159 365 Interest-bearing cash 14 — — 14 Other — 48 7 55 Total $ 728 $ 1,317 $ 1,500 $ 3,545 Receivables and payables, net (83) Combined net plan assets available for benefits 3,462 SCE's share of net plan assets $ 3,275 1 These investments are measured at fair value using the net asset value per share practical expedient and have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the net plan assets available for benefits. 2 Level 1 U.S. government and agency securities are U.S. treasury bonds and notes. Level 2 primarily relates to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. 3 Corporate stocks are diversified. At both December 31, 2023 and 2022, performance for actively managed separate accounts is primarily benchmarked against the Russell Indexes ( 36% ) and Morgan Stanley Capital International (MSCI) index ( 64% ). 4 Corporate bonds are diversified. At December 31, 2023 and 2022, respectively, this category includes $78 million and $67 million for collateralized mortgage obligations and other asset backed securities. 5 The common/collective assets are invested in equity index funds that seek to track performance of the Standard and Poor's 500 Index ( 41% at both December 31, 2023 and 2022). In addition, at December 31, 2023 and 2022, respectively, 40% and 46% of the assets in this category are in index funds which seek to track performance in the MSCI All Country World Index ex-US and 16% and 11% of this category are in a non-index U.S. equity fund, which is actively managed. 6 At December 31, 2023 and 2022, respectively, 74% and 76% are invested in private equity funds with investment strategies that include branded consumer products and clean technology companies, 17% and 18% are invested in ABS including distressed mortgages and commercial and residential loans, 5% and 2% are invested in a broad range of financial assets in all global markets. 7 At December 31, 2023 and 2022, respectively, 68% and 64% are invested in domestic mortgage backed securities and 32% and 36% in high yield debt securities, respectively. 8 At December 31, 2023 and 2022, respectively, 57% and 56% are invested in Level 1 corporate bond funds, 13% and 21% in a fixed income fund used for cash management and 28% and 22% in a US equity fund, respectively. At December 31, 2023 and 2022, respectively, approximately 62% and 61% of the publicly traded equity investments, including equities in the common/collective funds, were located in the United States. Postretirement Benefits Other than Pensions The following table sets forth the VEBA Trust assets for Edison International and SCE that were accounted for at fair value as of December 31, 2023 and December 31, 2022, respectively, by asset class and level within the fair value hierarchy: December 31, 2023 (in millions) Level 1 Level 2 NAV 1 Total U.S. government and agency securities 2 $ 569 $ 84 $ — $ 653 Corporate stocks 3 85 2 — 87 Corporate notes and bonds 4 — 1,064 — 1,064 Common/collective funds 5 — — 222 222 Partnerships 6 — — 124 124 Registered investment companies 7 47 — — 47 Interest bearing cash — 29 — 29 Other 8 2 70 — 72 Total $ 703 $ 1,249 $ 346 $ 2,298 Receivables and payables, net (23) Net plan assets available for benefits 2,275 December 31, 2022 (in millions) Level 1 Level 2 NAV 1 Total U.S. government and agency securities 2 $ 222 $ 304 $ — $ 526 Corporate stocks 3 103 2 — 105 Corporate notes and bonds 4 — 860 — 860 Common/collective funds 5 — — 413 413 Partnerships 6 — — 119 119 Registered investment companies 7 55 — — 55 Interest bearing cash — 56 — 56 Other 8 — 59 — 59 Total $ 380 $ 1,281 $ 532 $ 2,193 Receivables and payables, net (6) Net plan assets available for benefits $ 2,187 1 These investments are measured at fair value using the net asset value per share practical expedient and have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the net plan assets available for benefits. 2 Level 1 U.S. government and agency securities are U.S. treasury bonds and notes. Level 2 primarily relates to the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association. 3 Corporate stock performance for actively managed separate accounts is primarily benchmarked against the Russell Indexes ( 74% and 73% for 2023 and 2022, respectively) and the MSCI All Country World Index ( 26% and 27% for 2023 and 2022, respectively). 4 Corporate notes and bonds are diversified and include approximately $237 million and $150 million for commercial collateralized mortgage obligations and other asset backed securities at December 31, 2023 and 2022, respectively. 5 At December 31, 2023 and 2022, respectively, 45% and 53% of the common/collective assets are invested in index funds which seek to track performance in the MSCI All Country World Investable Market Index, 40% and 27% are invested in a non-index U.S. equity fund which is actively managed. The remaining assets in this category are primarily invested in a fixed income fund. 6 At December 31, 2023 and 2022, respectively, 65% and 63% of the partnerships are invested in private equity and venture capital funds. Investment strategies for these funds include branded consumer products, clean and information technology and healthcare. Of the remaining partnerships category, 28% and 31% are invested in asset backed securities including distressed mortgages, distressed companies and commercial and residential loans and debt and equity of banks, 7% and 6% are invested in a broad range of financial assets in all global markets. 7 At December 31, 2023 and 2022, respectively, registered investment companies were primarily invested in a money market fund ( 70% and 75% ) and exchange rate traded funds which seek to track performance of MSCI Emerging Market Index, Russell 2000 Index and international small cap equities ( 30% and 25% ) 8 Other includes $58 million and $53 million of municipal securities at December 31, 2023 and 2022, respectively . At December 31, 2023 and 2022, respectively, approximately 78% and 70% of the publicly traded equity investments, including equities in the common/collective funds, were located in the United States. Stock-Based Compensation Edison International maintains a shareholder-approved incentive plan (the "2007 Performance Incentive Plan") that includes stock-based compensation. The maximum number of shares of Edison International's common stock authorized to be issued or transferred pursuant to awards under the 2007 Performance Incentive Plan, as amended, is approximately 71 million shares. As of December 31, 2023, Edison International had approximately 13 million shares remaining available for new award grants under its stock-based compensation plans. The following table summarizes total expense and tax benefits associated with stock-based compensation: Edison International SCE Years ended December 31, (in millions) 2023 2022 2021 2023 2022 2021 Stock-based compensation expense 1 Stock options $ 12 $ 13 $ 16 $ 6 $ 7 $ 8 Performance shares 15 13 9 8 6 4 Restricted stock units 17 14 12 12 9 8 Other 2 2 2 — — — Total stock-based compensation expense $ 46 $ 42 $ 39 $ 26 $ 22 $ 20 Income tax benefits related to stock-based compensation expense $ 7 $ 9 $ 4 $ 5 $ 5 $ 3 1 Reflected in "Operation and maintenance" on Edison International's and SCE's consolidated statements of income. Stock Options Under the 2007 Performance Incentive Plan, Edison International has granted stock options at exercise prices equal to the closing price at the grant date. Edison International may grant stock options and other awards related to, or with a value derived from, its common stock to directors and certain employees. Options generally expire 10 years after the grant date and vest over a period of three The fair value for each option granted was determined as of the grant date using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires various assumptions noted in the following table: Years ended December 31, 2023 2022 2021 Expected terms (in years) 4.8 5.0 5.4 Risk-free interest rate 3.6%-4.7% 1.6% - 4.1% 1.1% - 1.3% Expected dividend yield 4.2% -4.7% 4.0% - 5.0% 4.1% - 4.8% Weighted average expected dividend yield 4.2% 4.0% 4.5% Expected volatility 29.0% - 29.6% 27.8% - 28.6% 26.9% - 27.1% Weighted average volatility 29.1% 27.8% 26.9% The expected term represents the period of time for which the options are expected to be outstanding and is primarily based on historical exercise and post-vesting cancellation experience and stock price history. The risk-free interest rate for periods within the contractual life of the option is based on a zero-coupon U.S. Treasury STRIPS (separate trading of registered interest and principal of securities) whose maturity corresponds to the option's expected term on the measurement date. Expected volatility is based on the historical volatility of Edison International's common stock for the length of the option's expected term for |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments | |
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 on fair value of the trust investments): Amortized Costs Fair Values Longest December 31, December 31, December 31, December 31, (in millions) Maturity Dates 2023 2022 2023 2022 Municipal bonds 2067 $ 636 $ 672 $ 757 $ 754 Government and agency securities 2073 1,072 1,025 1,186 1,091 Corporate bonds 2072 361 351 401 377 Short-term investments and receivables/payables 1 One-year 164 110 171 116 Total debt securities and other $ 2,233 $ 2,158 2,515 2,338 Equity securities 1,658 1,610 Total 2 $ 4,173 $ 3,948 1 Short-term investments include $38 million and $41 million of repurchase agreements payable by financial institutions which earn interest, were fully and 97% secured by U.S. Treasury securities and mature by January 2, 2024 and January 3, 2023 as of December 31, 2023 and 2022, respectively. 2 Represents amounts before reduction for deferred tax liabilities on net unrealized gains of $380 million and $321 million as of December 31, 2023 and 2022, respectively. Trust fund earnings (based on specific identification) increase the trust fund balance and the ARO regulatory liability. Unrealized holding gains, net of losses, were $1.8 billion and $1.6 billion at December 31, 2023 and 2022, respectively. The following table summarizes the gains and losses for the trust investments: Years ended December 31, (in millions) 2023 2022 2021 Gross realized gains $ 323 $ 150 $ 339 Gross realized losses (73) (127) (24) Net unrealized gains/(losses) for equity securities 103 (369) 103 Due to regulatory mechanisms, changes in the assets of the trusts from income or loss items do not materially affect earnings. Edison International Parent and Other's Investments Edison International Parent and Other hold strategic investments in companies focused on developing electric technologies and services, included as "Other investments" on Edison International's consolidated balance sheets. As of December 31, 2023 and December 31, 2022, these investments include $12 million of equity investments without readily determinable fair values. For information on fair value and unrealized gains/(losses) of marketable securities, see Note 4 and Note 16, respectively. The equity investments without readily determinable fair values balances included cumulative upward adjustments of $9 million, resulting primarily from values determined by additional capital infusions, at both December 31, 2023 and 2022. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Assets and Liabilities | |
Regulatory Assets and Liabilities | Note 11. Regulatory Assets and Liabilities Included in SCE's regulatory assets and liabilities are regulatory balancing accounts. CPUC-authorized balancing account mechanisms require SCE to refund or recover any differences between forecasted and actual costs. The CPUC has authorized balancing accounts for specified costs or programs such as fuel, purchased power, demand-side management programs, wildfire related costs, nuclear decommissioning and public purpose programs. Certain of these balancing accounts include a return on rate base of 7.44% and 7.68% in 2023 and 2022, respectively. The CPUC authorizes the use of a balancing account to recover from or refund to customers differences in revenue resulting from actual and forecasted electricity sales. Amounts included in regulatory assets and liabilities are generally recorded with corresponding offsets to the applicable income statement accounts. Regulatory Assets SCE's regulatory assets included on the consolidated balance sheets are: December 31, (in millions) 2023 2022 Current: Regulatory balancing and memorandum accounts $ 2,502 $ 2,400 Power contracts — 71 Other 22 26 Total current 2,524 2,497 Long-term: Deferred income taxes 5,533 5,178 Unamortized investments, net of accumulated amortization 110 113 Unamortized losses on reacquired debt 99 109 Regulatory balancing and memorandum accounts 1,257 1,589 Environmental remediation 226 241 Recovery assets 1,558 834 Other 114 117 Total long-term 8,897 8,181 Total regulatory assets $ 11,421 $ 10,678 In accordance with the accounting standards applicable to rate-regulated enterprises, SCE defers costs as regulatory assets that are probable of future recovery from customers and has recorded regulatory assets for these incremental costs at December 31, 2023. While SCE believes such costs are probable of future recovery, there is no assurance that SCE will collect all amounts currently deferred as regulatory assets. SCE's regulatory assets related to power contracts primarily represent the pre-existing fair value of derivative contracts that were designated as normal purchases and normal sales contracts after the contract execution date. The liabilities for these power contracts were fully amortized as of December 31, 2023. For further information, see Note 1. SCE's regulatory assets related to deferred income taxes represent tax benefits passed through to customers. The CPUC requires SCE to flow through certain deferred income tax benefits to customers by reducing electricity rates, thereby deferring recovery of such amounts to future periods. Based on current regulatory ratemaking and income tax laws, SCE expects to recover its regulatory assets related to deferred income taxes over the life of the assets that give rise to the accumulated deferred income taxes, approximately from 1 to 60 years. For further information, see Note 8. SCE has long-term unamortized investments which include nuclear assets related to Palo Verde and the beyond the meter program. Nuclear assets related to Palo Verde and the beyond the meter program are expected to be recovered by 2046 and 2031, respectively, and both earned returns of 7.44% and 7.68% in 2023 and 2022, respectively. SCE's net regulatory asset related to its unamortized losses on reacquired debt will be recovered over the original amortization period of the reacquired debt over periods ranging from 10 to 40 years or the life of the new issuance if the debt is refunded or refinanced. SCE's regulatory assets related to environmental remediation represent a portion of the costs incurred at certain sites that SCE is allowed to recover through customer rates. See "Environmental Remediation" discussed in Note 12. Recovery assets represent the balance associated with the Recovery Property and prudently incurred financing costs securitized with issuance of the associated bond. The recovery period is until 2047, when the bonds and interest are paid in full. For further details, see Note 3. Regulatory Liabilities SCE's regulatory liabilities included on the consolidated balance sheets are: December 31, (in millions) 2023 2022 Current: Regulatory balancing and memorandum accounts $ 704 $ 584 Energy derivatives 16 338 Other 43 42 Total current 763 964 Long-term: Costs of removal 2,635 2,589 Deferred income taxes 2,211 2,250 Recoveries in excess of ARO liabilities 1,498 1,231 Regulatory balancing and memorandum accounts 1,395 1,116 Pension and other postretirement benefits 1,664 1,007 Other 17 18 Total long-term 9,420 8,211 Total regulatory liabilities $ 10,183 $ 9,175 SCE's regulatory liabilities related to energy derivatives are primarily an offset to unrealized gains on derivatives. SCE's regulatory liabilities related to costs of removal represent differences between asset removal costs recorded and amounts collected in rates for those costs. SCE's regulatory liabilities include excess deferred income taxes resulting from statutory income tax rate changes. The regulatory liabilities are generally expected to be refunded to customers over the lives of the assets and liabilities that gave rise to the deferred income taxes. SCE's regulatory liabilities related to recoveries in excess of ARO liabilities represents the cumulative differences between ARO expenses and amounts collected in rates primarily for the decommissioning of the SCE's nuclear generation facilities. Decommissioning costs recovered through rates are primarily placed in nuclear decommissioning trusts. This regulatory liability also represents the deferral of realized and unrealized gains and losses on the nuclear decommissioning trust investments. See Note 10 for further discussion. SCE's regulatory liabilities related to pension and other post-retirement plans represent the net overfunded status of the plans. This amount is expected to be amortized over the expected future service of the employees (subject to regulatory adjustment) or refunded to ratepayers at the termination or completion of the plan. See "Pension Plans and Postretirement Benefits Other than Pensions" discussion in Note 9. Net Regulatory Balancing and Memorandum Accounts Balancing accounts track amounts that the CPUC or FERC have authorized for recovery. Balancing account over and under collections represent differences between cash collected in current rates for specified forecasted costs and such costs that are actually incurred. Undercollections are recorded as regulatory balancing account assets. Overcollections are recorded as regulatory balancing account liabilities. With some exceptions, SCE seeks to adjust rates on an annual basis or at other designated times to recover or refund the balances recorded in its balancing accounts. Memorandum accounts are authorized to track costs for potential future recovery. Regulatory balancing and memorandum accounts that SCE does not expect to collect or refund in the next 12 months are reflected in the long-term section of the consolidated balance sheets. Regulatory balancing and memorandum accounts that do not have the right of offset are presented gross in the consolidated balance sheets. Under and over collections in balancing accounts and amounts recorded in memorandum accounts typically accrue interest based on a three-month commercial paper rate published by the Federal Reserve. The following table summarizes the significant components of regulatory balancing and memorandum accounts included in the above tables of regulatory assets and liabilities: December 31, (in millions) 2023 2022 Asset (liability) Energy procurement related costs $ 397 $ 1,104 Public purpose and energy efficiency (1,736) (1,577) GRC related balancing accounts 1 1,361 1,034 Wildfire risk mitigation and insurance 2 1,169 1,168 Wildfire and drought restoration 3 417 352 COVID-19 costs 16 67 Other 36 141 Assets, net of liabilities $ 1,660 $ 2,289 1 The GRC related balancing accounts primarily consist of the base revenue requirement balancing account ("BRRBA"), the vegetation management balancing account ("VMBA"), the Wildfire Risk Mitigation balancing account ("WRMBA") and the risk management balancing account ("RMBA"). The 2021 GRC decision approved the establishment of the VMBA to track vegetation management expenses up to 115% of amounts authorized, the WRMBA to track the costs of SCE's Wildfire Covered Conductor Program up to 110% of amounts authorized and the RMBA to track the authorized costs of wildfire insurance. If spending is less than authorized, SCE will refund those amounts to customers. If spending is within the specified threshold, if any, for each balancing account, SCE will recover those costs from customers. Amounts above the specified threshold, or above amounts authorized if a higher threshold was not established, for each balancing account may be eligible for deferral to wildfire risk mitigation and insurance accounts. 2 The wildfire risk mitigation and insurance 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 was 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 related to the post-2018 wildfires that SCE believes are probable of recovery. See Note 12 for further details. The Wildfire Mitigation Plan Memorandum Account 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 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. 3 The wildfire and drought restoration regulatory assets represent restoration costs that are recorded in a Catastrophic Event Memorandum Account. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies. | |
Commitments and Contingencies | Note 12. Power Purchase Agreements SCE entered into various agreements to purchase power, electric capacity and other energy products. At December 31, 2023, the undiscounted future expected minimum payments for the SCE PPAs (primarily related to renewable energy contracts), which were approved by the CPUC and met other critical contract provisions (including completion of major milestones for construction), were as follows: (in millions) Total 2024 $ 2,862 2025 2,917 2026 2,732 2027 2,477 2028 2,261 Thereafter 17,115 Total future commitments 1 $ 30,364 1 Certain power purchase agreements are treated as operating leases. For further discussion, see Note 13. Includes long-term lease contracts commencing in 2024 with total future minimum lease payments of $69 million. Additionally, as of December 31, 2023, SCE has executed contracts that have not met the critical contract provisions that would increase contractual obligations by $40 million in 2024, $89 million in 2025, $225 million in 2026, $386 million in 2027, $386 million in 2028 and $5,752 million thereafter, if all critical contract provisions are completed. Costs incurred for PPAs were $4.5 billion in 2023, $5.1 billion in 2022 and $4.7 billion in 2021, which include costs associated with contracts with terms of less than one year. Other Commitments The following summarizes the estimated minimum future commitments for SCE's other commitments: (in millions) 2024 2025 2026 2027 2028 Thereafter Total Other contractual obligations $ 49 $ 36 $ 38 $ 32 $ 33 $ 161 $ 349 Costs incurred for other commitments were $60 million in 2023, $58 million in 2022 and $62 million in 2021. Other commitments include fuel supply contracts for Palo Verde which require payment only if the fuel is made available for purchase. Also included are commitments related to maintaining reliability and expanding SCE's transmission and distribution system. The table above does not include asset retirement obligations, which are discussed in Note 1. Indemnities Edison International and SCE have various financial and performance guarantees and indemnity agreements which are issued in the normal course of business. Edison International and SCE have agreed to provide indemnifications through contracts entered into in the normal course of business. These are primarily indemnifications against adverse litigation outcomes in connection with underwriting agreements, 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 California has experienced unprecedented weather conditions in recent years due to climate change and wildfires in SCE's territory, including those where SCE's equipment has been alleged to be associated with the fire's ignition, have caused loss of life and substantial damage in recent years. 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. In addition, SCE's equipment has been, and may further be, alleged to be associated with other wildfires that have originated in Southern California. Liability Overview The extent of legal 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. While investigations into the cause of a wildfire event are conducted by one or more fire agencies, fire agency findings do not determine legal causation of or assign legal liability for a wildfire event. Final determinations of legal causation and liability for wildfire events, including determinations of whether SCE was negligent, would only be made during lengthy and complex litigation processes and settlements may be reached before determinations of legal liability are ever made. Even when investigations are still pending or legal 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. 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. 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," and collectively with the Thomas Fire and the Koenigstein Fire, “TKM”) 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 but not officially confirmed. The Thomas Fire, the Koenigstein Fire, the Montecito Mudslides and the Woolsey Fire are each referred to as a "2017/2018 Wildfire/Mudslide Event," and, collectively, referred to as the "2017/2018 Wildfire/Mudslide Events." Management’s fourth quarter 2023 review of its loss estimates for remaining alleged and potential claims related to the 2017/ Wildfire/Mudslide Events included a review of information obtained from settling claims in the 2017/2018 Wildfire/Mudslide Events litigations through the filing of this Annual Report. As a result of management's fourth quarter 2023 review, a $65 million increase in estimated losses for the 2017/2018 Wildfire/Mudslide Events as of December 31, 2023 was recorded. A majority of the increase was driven by a single settlement outcome that was higher than expected. SCE recorded expected recoveries through FERC electric rates of $4 million against the charge. The resulting net charge to earnings was $61 million ( $44 million after-tax). As of December 31, 2023, SCE had paid $8.7 billion under executed settlements, had $78 million to be paid under executed settlements, including $62 million to be paid under the SED Agreement (as defined below), and had $637 million of estimated related to the 2017/2018 Wildfire/Mudslide Events. The estimated losses for the 2017/2018 Wildfire/Mudslide Events do not include an estimate of potential As of the filing of this report, SCE has not concluded that losses related to funds disbursed by Cal OES are probable. Edison International and SCE may incur a material loss in excess of amounts accrued in connection with the remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events. Due to the number of uncertainties and possible outcomes related to the 2017/2018 Wildfire/Mudslide Events litigation, Edison International and SCE cannot estimate the upper end of the range of reasonably possible losses that may be incurred. 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 The CPUC and FERC may not allow SCE to recover uninsured losses through electric rates if it is determined that such losses were not prudently incurred. SCE will seek rate recovery of prudently incurred losses and related costs realized in connection with the 2017/2018 Wildfire/Mudslide Events in excess of available insurance, other than for any obligations under the SED Agreement (as defined below). 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 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 believes that it is likely that its equipment was not associated with the ignition of the Thomas Fire. 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. 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 by or contributed to 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. As of February 15, 2024, in addition to the outstanding claims of approximately 1,500 individual plaintiffs, there were alleged and potential claims of certain public entity plaintiffs, including Cal OES and Cal Fire, outstanding. 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 April 2022, following a stipulated judgment entered against SCE in the TKM litigation, SCE filed an appeal related to inverse condemnation in the California Court of Appeal. 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 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 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 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 February 15, 2024, SCE has also entered into settlements with approximately 12,000 individual plaintiffs in the 2017/2018 Wildfire/Mudslide Events litigation. In 2023, 2022 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 $876 million, $1.7 billion and $1.7 billion, respectively, to those individual plaintiffs. In the first, second, third and fourth quarters of 2023, 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 $148 million, $278 million, $316 million and $134 million, respectively, to those individual plaintiffs. The statutes of limitations for individual plaintiffs in the 2017/2018 Wildfire/Mudslide Events have expired. 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 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 Agreement provides that SCE may, on a permanent basis, exclude from its ratemaking capital structure any after-tax charges to equity or debt borrowed to finance costs incurred under the SED Agreement. The SED Agreement also imposes other obligations on SCE, including reporting requirements and safety-focused studies. SCE's obligations under the SED Agreement commenced on August 15, 2022, when CPUC approval of the SED Agreement became 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 Management's 2023 reviews of its loss estimates for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events included a review of information obtained from settling claims in the 2017/2018 Wildfire/Mudslide Events litigations, including higher than expected costs to settle claims. Management’s review also included a review of information obtained regarding the nature of claims remaining in the 2017/2018 Wildfire/Mudslide Events litigations. As a result of management's reviews during 2023, SCE recorded a $630 million increase in estimated losses for the 2017/2018 Wildfire/Mudslide Events during the year. At December 31, 2023 and December 31, 2022, Edison International's and SCE's consolidated balance sheets included fixed payments to be made under executed settlement agreements and accrued estimated losses of $715 million and $1.1 billion, respectively, for claims related to the 2017/2018 Wildfire/Mudslide Events. The following table presents changes in estimated losses since December 31, 2022: (in millions) Balance at December 31, 2022 1 $ 1,119 Increase in accrued estimated losses 630 Amounts paid (1,034) Balance at December 31, 2023 2 $ 715 1 At December 31, 2022, $121 million in current liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets consisted of $65 million of settlements executed and $56 million of short term payables under the SED Agreement in connection with the 2017/2018 Wildfire/Mudslide Events. At December 31, 2022, the $1,687 million included in deferred credits and other liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets included 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 $934 million, $64 million of long term payables under the SED Agreement and other wildfire-related claims estimates of $689 million. 2 At December 31, 2023, $30 million in current liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets consisted of $16 million of settlements executed and $14 million of short term payables under the SED Agreement in connection with the 2017/2018 Wildfire/Mudslide Events. At December 31, 2023, the $1,368 million included in deferred credits and other liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets included 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 $637 million, $48 million of long term payables under the SED Agreement and estimated losses related to other wildfires of $683 million. For the years-ended December 31, 2023 and 2022, Edison International's and SCE's consolidated statements of income included charges for the estimated losses, net of expected recoveries from insurance and FERC customers, related to the 2017/2018 Wildfire/Mudslide Events claims as follows: Years ended December 31, (in millions) 2023 2022 Charge for wildfire-related claims $ 630 $ 1,296 Expected revenue from FERC customers (37) (76) Total pre-tax charge 593 1,220 Income tax benefit (165) (341) Total after-tax charge $ 428 $ 879 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. In total, through December 31, 2023, SCE has accrued estimated losses of $9.4 billion, has paid or is obligated to pay approximately $8.8 billion in settlements, including $62 million to be paid under the SED Agreement, and has recovered $2.0 billion from its insurance carriers in relation to the claims related to the 2017/2018 Wildfire/Mudslide Events. Recovery of SCE's 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 claims related costs is San Diego Gas & Electric's ("SDG&E") requests for cost recovery related to 2007 wildfire activity, where the FERC allowed recovery of all FERC-jurisdictional wildfire claims related costs while the CPUC rejected recovery of all CPUC-jurisdictional wildfire claims 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 August 2023, SCE filed an application ("TKM Application") with the CPUC to seek rate recovery of $2.4 billion of prudently incurred losses related to the Thomas Fire, the Koenigstein Fire and the Montecito Mudslides, consisting of $2.0 billion of uninsured claims and $0.4 billion of associated costs, including legal fees and financing costs. The TKM Application seeks recovery of amounts paid as of July 31, 2023. In the application, SCE proposed a true-up process for claims payments made after that date, and associated costs. 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 $413 million within the FERC balancing account. This was the FERC portion of the total estimated losses accrued. As of December 31, 2023, collections have reduced the regulatory assets remaining in the FERC balancing account to $37 million. SCE will continue to evaluate the probability of recovery of FERC-jurisdictional wildfire and mudslide related costs based on available evidence, including any FERC decisions to allow or disallow recovery of FERC-jurisdictional wildfire related costs based on a state regulator's decision on whether to permit recovery of related costs. As of December 31, 2023, SCE has $172 million in assets recorded in property, plant and equipment in relation to restoration costs related to the 2017/2018 Wildfire/Mudslide Events. These assets would be impaired if the restoration costs are permanently disallowed by the CPUC in cost recovery proceedings. In its TKM Application, SCE is seeking capital recovery of approximately $65 million in restoration costs related to the Thomas and Koenigstein Fires. SCE expects to seek to recover the costs incurred for reconstructing its system and restoring service to structures that were damaged or destroyed by the Woolsey Fire in the future. Other 2017/2018 Wildfires In addition to the Thomas, Koenigstein and Woolsey Fires, there were several other wildfires ignited in 2017 and 2018 that impacted portions of SCE's service territory (the wildfires that originated in Southern California in 2017 or 2018, other than the Thomas, Koenigstein and Woolsey Fires, where SCE's equipment has been and may be further alleged to be associated with the fire's ignition are referred to collectively as the "Other 2017/2018 Wildfires"). Numerous claims related to the have been initiated against SCE. The SED is also conducting investigations with respect to some Other 2017/2018 Wildfires. As of December 31, 2023, Edison International and SCE had not accrued material charges for the Other 2017/2018 Wildfires. 2017 Creek Fire The Creek Fire originated near Sylmar in Los Angeles County in December 2017 and burned approximately 16,000 acres, destroyed an estimated 123 structures, damaged an estimated 81 structures, and resulted in 3 civilian injuries. While the United States Forest Service’s ("USFS") report of investigation concludes that the Lo |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Leases | Note 13. Leases as Lessee SCE enters into various agreements to purchase power, electric capacity and other energy products that may be accounted for as leases when SCE has dispatch rights that determine when and how a plant runs. SCE also leases property and equipment primarily related to vehicles, office space and other equipment. The terms of the lease contracts included in the table below are primarily 15 to 20 years for PPA leases, 3 to 72 years for office leases, and 5 to 13 years for the remaining other operating leases. Finance leases are immaterial to the periods presented. The following table summarizes SCE's future lease payments for operating leases as of December 31, 2023: PPA Operating Other Operating (in millions) Leases 1 Leases 2 2024 $ 111 $ 55 2025 99 50 2026 89 46 2027 84 41 2028 84 36 Thereafter 782 111 Total lease payments 1,249 339 Amount representing interest 302 72 Lease liabilities $ 947 $ 267 1 Excludes expected purchases from most renewable energy contracts, which do not meet the definition of a lease payment since renewable power generation is contingent on external factors. 2 Excludes escalation clauses based on consumer price or other indices and residual value guarantees that are not considered probable at the commencement date of the lease. The timing of SCE's recognition of the lease expense conforms to ratemaking treatment for SCE's recovery of the cost of electricity and is included in purchased power for operating leases. The following table summarizes the components of SCE's lease expense: Years ended December 31, (in millions) 2023 2022 2021 PPA leases: Operating lease cost $ 503 $ 580 $ 305 Variable lease cost 1 2,277 2,661 2,098 Short term lease cost — — 539 Total PPA lease cost 2,780 3,241 2,942 Other operating leases cost 56 52 47 Total lease cost $ 2,836 $ 3,293 $ 2,989 1 Includes lease costs from renewable energy contracts where payments are based on contingent external factors such as wind, hydro and solar power generation. Other information related to leases was as follows: Years ended December 31, (in millions, except lease term and discount rate) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from: PPA operating leases $ 503 $ 580 $ 305 Other operating leases 55 50 45 ROU assets obtained in exchange for lease obligations: PPA operating leases $ 226 $ 20 $ 1,084 Other operating leases 69 76 71 Weighted average remaining lease term (in years): PPA operating leases 13.37 9.42 8.16 Other operating leases 9.56 10.38 11.14 Weighted average discount rate: PPA operating leases 4.30 % 2.95 % 2.43 % Other operating leases 4.22 % 3.78 % 3.34 % Leases as Lessor SCE also enters into operating leases to rent certain land and facilities as a lessor. These leases primarily have terms that range from 15 to 65 years. During the years ended December 31, 2023, 2022 and 2021, SCE recognized lease income of $17 million, $18 million and $16 million, respectively, which is included in operating revenue on the consolidated statements of income. At December 31, 2023, the undiscounted cash flow expected to be received from lease payments for the remaining years is as follows: (in millions) 2024 $ 13 2025 12 2026 8 2027 8 2028 7 Thereafter 124 Total $ 172 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity | |
Equity | Note 14. 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 year ended December 31, 2023, 1,151,964 shares of common stock were issued as stock compensation awards for net cash receipts of $58 million, 259,109 shares of new common stock were issued in lieu of distributing $18 million to shareholders opting to receive dividend payments in the form of additional common stock, 144,200 shares of common stock were purchased by employees through the 401(k) defined contribution savings plan for net cash receipts of $10 million, 105,218 shares of common stock were issued to employees through voluntary cash purchases for net cash receipts of $7 million and 55,923 shares of common stock were issued to employees through the ESPP for net cash receipts of $4 million . During the year ended December 31, 2022, 1,253,049 shares of common stock were issued as stock compensation awards for net cash receipts of $57 million, 273,642 shares of new common stock were issued in lieu of distributing $18 million to shareholders opting to receive dividend payments in the form of additional common stock, 157,000 shares of common stock were purchased by employees through the 401(k) defined contribution savings plan for net cash receipts of $10 million as dividend payments, 109,750 shares of common stock were issued to employees through voluntary cash purchases for net cash receipts of $7 million and 36,912 shares of common stock were issued to employees through the ESPP for net cash receipts of $2 million . As of December 31, 2023, Edison International had not issued any shares through its "at-the-market" ("ATM") program established in August 2022. Under the ATM program, Edison International may sell shares of its common stock having an aggregate sales price of up to $500 million. Edison International has no obligation to sell the remaining shares available under the ATM program. Preferred Stock As of December 31, 2023, Edison International has 1,159,317 shares of 5.375% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series A ("Series A Preferred Stock") and 532,454 shares of 5.00% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series B ("Series B Preferred Stock") outstanding, each with a liquidation value of $1,000 per share. The dividends are payable on a semi-annual basis and will be reset every five years beginning on March 15, 2026 and March 15, 2027, for Series A Preferred Stock and Series B Preferred Stock, respectively, to equal the then-current five-year U.S. Treasury rate plus a spread. In November 2023, Edison International, through a tender offer, repurchased 61,497 shares of its Series A Preferred Stock and 84,223 shares of its Series B Preferred Stock for an average price of $925 and $904 per share, respectively, including accrued and unpaid dividends. The aggregate amount paid was $57 million for Series A Preferred Stock and $76 million for Series B Preferred Stock. In December 2023, Edison International repurchased 29,186 shares of its Series A Preferred Stock and 133,323 shares of its Series B Preferred Stock on the open market for an average price of $971 and $955 per share, respectively, including accrued and unpaid dividends. The aggregate amount paid was $28 million for Series A Preferred Stock and $127 million for Series B Preferred Stock. Edison International recognized a total net gain of $16 million from the tender offer and open market repurchases, reflected in "Preferred stock dividend requirements of Edison International" on the consolidated statements of income. Edison International may, at its option, redeem its preferred stock in whole or in part during certain periods of time prior to each of the dividend reset dates at a price equal to $1,000 per share plus any accumulated and unpaid dividends. Edison International may also, at its option, redeem the preferred stocks in whole but not in part at a price equal to $1,020 per share plus any accumulated and unpaid dividends within a certain period of time following any change in the criteria rating agencies use that would have adverse effects on the equity credit attributed by rating agencies to the preferred stocks. The preferred stocks rank senior to Edison International's common stock with respect to dividends rights and distribution rights upon liquidation. The preferred stocks are not subject to any mandatory sinking fund, retirement fund, purchase fund or other similar provisions. Holders of the shares of the preferred stocks do not have the right to require Edison International to repurchase or redeem shares of the preferred stocks. Preferred and Preference Stock of Utility SCE's authorized shares are: $100 cumulative preferred – 12 million shares, $25 cumulative preferred – 24 million shares and preference with no par value – 50 million shares. There were no preferred shares issued or outstanding in the years ended December 31, 2023 and 2022. Shares of SCE's preference stock rank senior to SCE's common stock with respect to dividend rights and distribution rights upon liquidation. 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. SCE's outstanding preference shares are not subject to mandatory redemption and there is no sinking fund requirement for redemptions or repurchases of preference shares. There are no dividends in arrears for the preference shares. The following table summarizes preference stocks (dividends declared per share are for 2023): Redemption Dividends Shares Price Declared December 31, (in millions, except shares and per share amounts) Outstanding per Share per Share 2023 2022 No par value: 3-month LIBOR+4.199% Series E (cumulative) 350,000 $ 1,000.00 $ 96.823 $ 350 $ 350 5.10% Series G (cumulative) 88,004 2,500.00 127.500 220 220 5.75% Series H (cumulative) 110,004 2,500.00 143.750 275 275 5.375% Series J (cumulative) 130,004 2,500.00 134.375 325 325 5.45% Series K (cumulative) 120,004 2,500.00 136.250 300 300 5.00% Series L (cumulative) 190,004 2,500.00 125.000 475 475 7.50% Series M (cumulative) 220,004 2,500.00 — 550 — SCE's preference stock 2,495 1,945 Less: issuance costs (52) (44) Edison International's preference stock of utility $ 2,443 $ 1,901 Shares of Series E, G and L preference stock issued in 2012, 2013 and 2017, respectively, may be redeemed at par, in whole or in part. Series E dividends are payable at a floating rate from and including February 1, 2022. Shares of Series H, J, K, and M preference stock, issued in 2014, 2015, 2016, and 2023, respectively, may be redeemed at par, in whole, but not in part, at any time prior to March 15, 2024, September 15, 2025, March 15, 2026, and November 22, 2028, respectively, if certain changes in tax or investment company law or interpretation (or applicable rating agency equity credit criteria for Series L and M only) occur and certain other conditions are satisfied. On or after March 15, 2024, September 15, 2025, March 15, 2026, and November 22, 2028, SCE may redeem the Series H, J, K, and M shares, respectively, at par, in whole or in part. For shares of Series H, J and K preference stock, distributions will accrue and be payable at a floating rate from and including March 15, 2024, September 15, 2025 and March 15, 2026, respectively. Shares of Series G, H, J, K, L, and M preference stock were issued to SCE Trust II, SCE Trust III, SCE Trust IV, SCE Trust V, SCE Trust VI, and SCE Trust VII, respectively, special purpose entities formed to issue trust securities as discussed in Note 3. The proceeds from the issuance of the Series M preference shares in 2023 were used to repay commercial paper borrowings and/or for general corporate purposes. No preference stocks were redeemed in the years ended December 31, 2023 and 2022. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Loss | |
Accumulated Other Comprehensive Loss | Note 15. The changes in accumulated other comprehensive loss, net of tax, consist of: Edison International SCE Years ended December 31, (in millions) 2023 2022 2023 2022 Beginning balance $ (11) $ (54) $ (8) $ (32) Pension and PBOP: Other comprehensive (loss) income before reclassifications (2) 35 (5) 17 Reclassified from accumulated other comprehensive loss 1 1 8 1 7 Foreign currency translation adjustments 3 — — — Change 2 43 (4) 24 Ending Balance $ (9) $ (11) $ (12) $ (8) 1 . |
Other Income, Net
Other Income, Net | 12 Months Ended |
Dec. 31, 2023 | |
Other Income, Net | |
Other Income, Net | Note 16. Other income net of expenses is as follows: Years ended December 31, (in millions) 2023 2022 2021 SCE other income (expense): Equity allowance for funds used during construction $ 157 $ 137 $ 118 Increase in cash surrender value of life insurance policies and life insurance benefits 37 42 40 Interest income 261 80 3 Net periodic benefit income – non-service components 100 136 123 Civic, political and related activities and donations (42) (42) (39) Other (16) (16) (12) Total SCE other income, net 497 337 233 Other income (expense) of Edison International Parent and Other: Net (losses) gains on equity securities (3) 1 3 Interest income and other 6 10 1 Total Edison International other income, net $ 500 $ 348 $ 237 |
Supplemental Cash Flows Informa
Supplemental Cash Flows Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flows Information | |
Supplemental Cash Flows Information | Note 17. Supplemental cash flows information is: Edison International SCE Years ended December 31, (in millions) 2023 2022 2021 2023 2022 2021 Cash payments (receipts): Interest, net of amounts capitalized $ 1,401 $ 1,001 $ 887 $ 1,155 $ 864 $ 760 Income taxes, net — (49) (88) — (49) (88) Non-cash financing and investing activities: Dividends declared but not paid: Common stock 299 282 266 360 350 325 Preference stock of SCE 9 8 11 9 8 11 Details of debt exchange: Pollution-control bonds redeemed (2.625%) (135) — — (135) — — Pollution-control bonds remarketed (4.50%) 135 — — 135 — — SCE's accrued capital expenditures at December 31, 2023, 2022 and 2021 were $680 million, $652 million and $668 million, respectively. Accrued capital expenditures will be included as an investing activity in the consolidated statements of cash flow in the period paid. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions | |
Related-Party Transactions | Note 18. Related-Party Transactions Edison International and SCE provide and receive various services to and from its subsidiaries and affiliates. Services provided to Edison International by SCE are priced at fully loaded cost (i.e., direct cost of good or service and allocation of overhead cost). Specified administrative services performed by Edison International or SCE employees, such as payroll and employee benefit programs, are shared among all affiliates of Edison International. Costs are allocated based on one of the following formulas: percentage of time worked, equity in investment and advances, number of employees, or multi-factor (operating revenue, operating expenses, total assets and number of employees). Edison International allocates various corporate administrative and general costs to SCE and other subsidiaries using established allocation factors. For the year ended December 31, 2023, SCE did not purchase wildfire liability insurance from EIS, except for a policy ending on June 30, 2023, which was purchased in the previous year. For the years ended December 31, 2022 and 2021, SCE purchased wildfire liability insurance for premiums of $273 million and $185 million, respectively, from EIS. EIS fully reinsured the exposure for these policies through the commercial reinsurance market, with reinsurance limits and premiums equal to those of the insurance purchased by SCE, except for a contract for a premium of $93 million for the 12 months ending June 30, 2023 under which EIS provided insurance protection to SCE. SCE recorded the premium as insurance expense and recorded an equal amount of revenue due to customer funding through regulatory cost recovery mechanisms, therefore there was no earnings impact on SCE's consolidated statements of income. EIS recorded the premium as insurance revenue. On the Edison International consolidated statements of income, the EIS insurance revenue is eliminated with SCE's insurance expense, therefore the SCE customer revenues increased the earnings of Edison International. The amount of insurance expense and corresponding revenue was $44 million for the year ended December 31, 2023. 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: December 31, (in millions) 2023 2022 Prepaid insurance 1 $ — $ 106 Long-term insurance receivable due from affiliate 355 334 1 Reflected in "Prepaid expenses" on SCE's consolidated balance sheets. The expense for wildfire-related insurance premiums paid to EIS were $132 million, $213 million, and $192 million for the years ended December 31, 2023, 2022, and 2021, respectively. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Parent | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule I - Condensed Financial Information of Parent | SCHEDULES SUPPLEMENTING FINANCIAL STATEMENTS EDISON INTERNATIONAL SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT CONDENSED BALANCE SHEETS December 31, (in millions) 2023 2022 Assets: Cash and cash equivalents $ 1 $ 4 Other current assets 441 447 Total current assets 442 451 Investments in subsidiaries 20,026 19,922 Deferred income taxes 700 626 Other long-term assets 58 62 Total assets $ 21,226 $ 21,061 Liabilities and equity: Short-term debt $ 246 $ 1,090 Current portion of long-term debt 500 400 Other current liabilities 598 575 Total current liabilities 1,344 2,065 Long-term debt 4,019 2,981 Other long-term liabilities 362 394 Total equity 15,501 15,621 Total liabilities and equity $ 21,226 $ 21,061 EDISON INTERNATIONAL SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT CONDENSED STATEMENTS OF INCOME For the Years Ended December 31, 2023, 2022 and 2021 (in millions) 2023 2022 2021 Interest income from affiliates $ 2 $ 3 $ — Operating, interest and other expenses 299 209 176 Loss before equity in earnings of subsidiaries (297) (206) (176) Equity in earnings of subsidiaries 1,498 867 956 Income before income taxes 1,201 661 780 Income tax benefit (83) (56) (39) Net income 1,284 717 819 Preferred stock dividend requirements of Edison International 87 105 60 Net income available to Edison International common shareholders $ 1,197 $ 612 $ 759 CONDENSED STATEMENTS OF COMPREHENSIVE INCOME For the Years Ended December 31, 2023, 2022 and 2021 (in millions) 2023 2022 2021 Net income $ 1,284 $ 717 $ 819 Other comprehensive income, net of tax 2 43 15 Comprehensive income $ 1,286 $ 760 $ 834 EDISON INTERNATIONAL SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2023, 2022 and 2021 (in millions) 2023 2022 2021 Net cash provided by operating activities $ 1,148 $ 1,133 $ 817 Cash flows from financing activities: Long-term debt issued 1,549 945 — Long-term debt issuance costs (16) (6) — Long-term debt repaid (400) (700) — Short-term debt issued 370 1,000 — Short-term debt repaid (1,356) — — Common stock issued 20 13 32 Preferred stock issued — — 1,977 Preferred stock repurchased (289) — — Payable due to affiliates (3) (14) (13) Commercial paper borrowing (repayments), net 139 89 (130) Payments for stock-based compensation (5) (8) (3) Receipts for stock-based compensation 71 72 31 Common stock dividends paid (1,112) (1,050) (988) Preferred stock dividends paid (108) (99) (35) Net cash (used in) provided by financing activities (1,140) 242 871 Cash flows from investing activities: Capital contributions to affiliate (15) (1,426) (1,639) Dividends from affiliate 4 3 — Net cash used in investing activities: (11) (1,423) (1,639) Net (decrease) increase in cash and cash equivalents (3) (48) 49 Cash and cash equivalents, beginning of year 4 52 3 Cash and cash equivalents, end of year $ 1 $ 4 $ 52 Note 1. Basis of Presentation The accompanying condensed financial statements of Edison International Parent should be read in conjunction with the consolidated financial statements and notes thereto of Edison International and subsidiaries ("Registrant") included in this Form 10-K. Edison International Parent's significant accounting policies are consistent with those of the Registrant, SCE and other wholly owned and controlled subsidiaries. Dividends Received Edison International Parent received cash dividends from SCE of $1.4 billion, $1.3 billion and $975 million in 2023, 2022 and 2021, respectively. Dividend Restrictions CPUC holding company rules require that SCE's dividend policy be established by SCE's Board of Directors on the same basis as if SCE were a stand-alone utility company, and that the capital requirements of SCE, as deemed to be necessary to meet SCE's electricity service obligations, shall receive first priority from the Boards of Directors of both Edison International and SCE. In addition, the CPUC regulates SCE's capital structure which limits the dividends it may pay to its shareholders. The common equity component of SCE's CPUC authorized capital structure is 52% on a weighted average basis over the Capital Structure Compliance Period. The CPUC authorized capital structure differs from the capital structure calculated based on GAAP due to certain exclusions allowed by CPUC, including the impact of SCE's contributions to the Wildfire Insurance Fund under AB 1054. In August 2023, the CPUC issued a decision on SCE's application to the CPUC for an extension of the waiver of compliance with its equity ratio requirement that allows SCE to exclude from its equity ratio calculations (i) net charges accrued in connection with the 2017/2018 Wildfire/Mudslide Events and (ii) debt issued for the purpose of paying claims, and associated expenses, related to the 2017/2018 Wildfire/Mudslide Events up to an amount equal to the net charges accrued in connection with the 2017/2018 Wildfire/Mudslide Events. Under the decision, effective as of the beginning of the new cost of capital cycle on January 1, 2023, the CPUC also authorized SCE to exclude from its equity ratio calculations debt that exceeds the net charges accrued in connection with the 2017/2018 Wildfire/Mudslide Events due to the timing difference between the wildfire claims payment and the realization of the cash tax benefits. The temporary exclusion will lapse on August 31, 2025 or when determinations regarding cost recovery for the 2017/2018 Wildfire/Mudslide Events are made, whichever comes earlier. If the CPUC has not made determinations regarding cost recovery by August 31, 2025, SCE is permitted to file another application for a waiver of compliance with its equity ratio requirement. While the exclusion is in place, SCE is required to notify the CPUC if an adverse financial event reduces SCE's spot equity ratio by more than one percent from the level most recently filed with the CPUC in the proceeding. The last spot equity ratio SCE filed with the CPUC in the proceeding did not exclude the then $1.8 billion net charge and was 45.2% as of December 31, 2018 (at the time the common equity component of SCE's CPUC authorized capital structure was required to remain at or above 48% on a weighted average basis over the applicable 37-month period). SCE's spot equity ratio on December 31, 2018 would have been 48.7% had the $1.8 billion net charge at December 31, 2018 been excluded, therefore SCE will notify the CPUC if its spot ratio drops below 47.7% in any quarter. For further information, see "Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides." Note 2. Debt and Equity Financing Long-Term Debt At December 31, 2023, Edison International Parent had $500 million of 3.55% senior notes due in 2024, $400 million of 4.95% senior notes and $400 million of 4.70% senior notes due in 2025, $600 million of 5.75% senior notes due in 2027, $550 million of 4.125% senior notes and $600 million of 5.25% senior notes due in 2028, $550 million 6.95% senior notes due in 2029, $500 million of 8.125% junior subordinated notes due in 2053 and $450 million of 7.875% junior subordinated notes due in 2054. Credit Agreements and Short-Term Debt The following table summarizes the status of the credit facility at December 31, 2023: (in millions) Commitment $ 1,500 Outstanding borrowings 246 Amount available $ 1,254 In May 2023, Edison International Parent amended its revolving credit facility to extend the termination date to May 2027, with two additional one-year extension options. The aggregate maximum principal amount under the Edison International Parent revolving credit facility may be increased up to $2.0 billion, provided that additional lender commitments are obtained. The debt covenant in Edison International Parent's credit facility requires a consolidated debt to total capitalization ratio of less than or equal to 0.70 to 1. At December 31, 2023, Edison International's consolidated debt to total capitalization ratio was 0.63 to 1. 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 twelve months ended December 31, 2023, 1,151,964 shares of common stock were issued as stock compensation awards for net cash receipts of $58 million, 259,109 shares of new common stock were issued in lieu of distributing $18 million to shareholders opting to receive dividend payments in the form of additional common stock, 144,200 shares of common stock were purchased by employees through the 401(k) defined contribution savings plan for net cash receipts of $10 million, 105,218 shares of common stock were issued to employees through voluntary cash purchases for net cash receipts of $7 million and 55,923 shares of common stock were issued to employees through the ESPP for net cash receipts of $4 million. During the twelve months ended December 31, 2022, 1,253,049 shares of common stock were issued as stock compensation awards for net cash receipts of $57 million, 273,642 shares of new common stock were issued in lieu of distributing $18 million to shareholders opting to receive dividend payments in the form of additional common stock, 157,000 shares of common stock were purchased by employees through the 401(k) defined contribution savings plan for net cash receipts of $10 million as dividend payments, 109,750 shares of common stock were issued to employees through voluntary cash purchases for net cash receipts of $7 million and 36,912 shares of common stock were issued to employees through the ESPP for net cash receipts of $2 million. As of December 31, 2023, Edison International had not issued any shares through its "at-the-market"("ATM") program established in August 2022. Under the ATM program, Edison International may sell shares of its common stock having an aggregate sales price of up to $500 million. Edison International has no obligation to sell the remaining available shares available under the ATM program. Preferred Stock As of December 31, 2023, Edison International has 1,159,317 shares of 5.375% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series A ("Series A Preferred Stock") and 532,454 shares of 5.00% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series B ("Series B Preferred Stock") outstanding, each with a liquidation value of $1,000 per share. The dividends are payable on a semi-annual basis and will be reset every five years beginning on March 15, 2026 and March 15, 2027, for Series A Preferred Stock and Series B Preferred Stock, respectively, to equal the then-current five-year U.S. Treasury rate plus a spread. In November 2023, Edison International, through a tender offer, repurchased 61,497 shares of its Series A Preferred Stock and 84,223 shares of its Series B Preferred Stock for an average price of $925 and $904 per share, respectively, including accrued and unpaid dividends. The aggregate amount paid was $57 million for Series A Preferred Stock and $76 million for Series B Preferred Stock. In December 2023, Edison International repurchased 29,186 shares of its Series A Preferred Stock and 133,323 shares of its Series B Preferred Stock on the open market for an average price of $971 and $955 per share, respectively, including accrued and unpaid dividends. The aggregate amount paid was $28 million for Series A Preferred Stock and $127 million for Series B Preferred Stock. Edison International recognized a total net gain of $16 million from the tender offer and open market repurchases, reflected in "Preferred stock dividend requirements of Edison International" on the condensed statements of income. Edison International may, at its option, redeem its preferred stock in whole or in part during certain periods of time prior to each of the dividend reset dates at a price equal to $1,000 per share plus any accumulated and unpaid dividends. Edison International may also, at its option, redeem the preferred stocks in whole but not in part at a price equal to $1,020 per share plus any accumulated and unpaid dividends within a certain period of time following any change in the criteria rating agencies use that would have adverse effects on the equity credit attributed by rating agencies to the preferred stocks. The preferred stocks rank senior to Edison International's common stock with respect to dividends rights and distribution rights upon liquidation. The preferred stocks are not subject to any mandatory sinking fund, retirement fund, purchase fund or other similar provisions. Holders of the shares of the preferred stocks do not have the right to require Edison International to repurchase or redeem shares of the preferred stocks. Note 3. Related-Party Transactions Edison International's Parent expense from services provided by SCE was $2 million in 2023, $2 million in 2022 and $2 million in 2021. Edison International Parent's interest expense from loans due to affiliates was $2 million in 2023, $3 million in 2022 and $5 million in 2021. Edison International Parent had current related-party receivables of $400 million and $389 million and current related-party payables of $185 million and $166 million at December 31, 2023 and 2022, respectively. Edison International Parent had long-term related-party receivables of $8 million at December 31, 2022, and long-term related-party payables of $112 million and $130 million at December 31, 2023 and 2022, respectively. Note 4. Contingencies For a discussion of material contingencies see "Notes to Consolidated Financial Statements—Note 8. Income Taxes" and "—Note 12. Commitments and Contingencies." |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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"). 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 is a global energy advisory firm providing integrated sustainability and energy solutions to commercial, industrial and institutional 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 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 controlled subsidiaries and a variable interest entity, SCE Recovery Funding LLC, of which SCE is the primary beneficiary. All intercompany transactions have been eliminated from the consolidated financial statements. Edison International's and SCE's accounting policies conform to accounting principles generally accepted in the United States of America ("GAAP"), including the accounting principles for rate-regulated enterprises, which reflect the ratemaking policies of the California Public Utility Commission ("CPUC") and the Federal Energy Regulatory Commission ("FERC"). SCE applies authoritative guidance for rate-regulated enterprises to the portion of its operations in which regulators set rates at levels intended to recover the estimated costs of providing service, plus a return on net investments in assets, or rate base. Regulators may also impose certain penalties or grant certain incentives. Due to timing and other differences in the collection of electric utility revenue, these accounting principles require an incurred cost that would otherwise be charged to expense by a non-regulated entity to be capitalized as a regulatory asset if it is probable that the cost is recoverable through future rates; and conversely the accounting principles require recording of a regulatory liability for amounts collected in rates to recover costs expected to be incurred in the future or amounts collected in excess of costs incurred and refundable to customers. In addition, SCE recognizes revenue and regulatory assets from alternative revenue programs, which enables the utility to adjust future rates in response to past activities or completed events, if certain criteria are met. SCE assesses, at the end of each reporting period, whether regulatory assets are probable of future recovery. See Note 11 for composition of regulatory assets and liabilities. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Certain prior year amounts have been conformed to the current year's presentation, including the separate presentation of derivative assets and liabilities on Edison International's and SCE's consolidated statements of cash flows and the aggregation of significant components in the net regulatory balancing and memorandum accounts table in Note 11. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of investments in money market funds. Generally, the carrying value of cash equivalents equals the fair value, as these investments have original maturities of three months or less. The cash equivalents were as follows: Edison International SCE December 31, (in millions) 2023 2022 2023 2022 Money market funds $ 199 $ 784 $ 78 $ 647 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: December 31, (in millions) 2023 2022 Edison International: Cash and cash equivalents $ 345 $ 914 Short-term restricted cash 1 35 3 Long-term restricted cash 2 152 — Total cash, cash equivalents and restricted cash $ 532 $ 917 SCE: Cash and cash equivalents $ 214 $ 766 Short-term restricted cash 1 33 — Long-term restricted cash 2 151 — Total cash, cash equivalents and restricted cash $ 398 $ 766 1 Includes SCE Recovery Funding LLC's restricted cash for payments of senior secured recovery bonds and is reflected in "Other current assets" on Edison International's and SCE's consolidated balance sheets. 2 The SCE amount represents cash collected for customer-funded wildfire self-insurance and is reflected in "Other long-term assets" on Edison International's and SCE's consolidated balance sheets. See Note 12 for further information . |
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. The following table sets forth the changes in allowance for uncollectible accounts for SCE: (in millions) Customers All others Total Balance at December 31, 2020 $ 175 $ 13 $ 188 Current period provision for uncollectible accounts 1 124 11 135 Write-offs, net of recoveries (6) (8) (14) Balance at December 31, 2021 $ 293 $ 16 $ 309 Current period provision for uncollectible accounts 1 111 11 122 Write-offs, net of recoveries (70) (7) (77) Balance at December 31, 2022² $ 334 $ 20 $ 354 Current period provision for uncollectible accounts 1 109 6 115 Write-offs, net of recoveries (96) (9) (105) Balance at December 31, 2023² $ 347 $ 17 $ 364 1 This includes $78 million, $40 million and $91 million of incremental costs for the years ended December 31, 2023, 2022 and 2021, respectively, which were probable of recovery from customers and recorded as regulatory assets. 2 Approximately $4 million and $7 million of allowance for uncollectible accounts are included in "Other long-term assets" on SCE's consolidated balance sheets as of December 31, 2023 and December 31, 2022, respectively. |
Inventory | Inventory SCE's inventory is primarily composed of materials, supplies and spare parts, and generally stated at weighted average cost. Edison Carrier Solutions SCE operates commercial telecommunications service under the name of Edison Carrier Solutions ("ECS"), leveraging the temporarily available capacity of SCE's telecommunications network. As technology evolves, management is implementing strategic shifts in ECS services, including potential disposition of assets and ceasing to offer certain wire data services. ECS has notified affected customers of its intent to discontinue certain services over time and gave customers the option to discontinue those services. As a result of customer cancellations in the second quarter of 2023, materials and supplies inventory supporting data services are expected to be sold instead of placed into service and have been written-down to net realizable value, resulting in a charge of $13 million ($9 million after-tax). Labor and other costs of $4 million previously recorded as construction work in progress for projects no longer probable of completion were also expensed in the period. |
Edison Carrier Solutions | Edison Carrier Solutions SCE operates commercial telecommunications service under the name of Edison Carrier Solutions ("ECS"), leveraging the temporarily available capacity of SCE's telecommunications network. As technology evolves, management is implementing strategic shifts in ECS services, including potential disposition of assets and ceasing to offer certain wire data services. ECS has notified affected customers of its intent to discontinue certain services over time and gave customers the option to discontinue those services. As a result of customer cancellations in the second quarter of 2023, materials and supplies inventory supporting data services are expected to be sold instead of placed into service and have been written-down to net realizable value, resulting in a charge of $13 million ($9 million after-tax). Labor and other costs of $4 million previously recorded as construction work in progress for projects no longer probable of completion were also expensed in the period. |
Emission Allowances and Energy Credits | Emission Allowances and Energy Credits SCE is allocated greenhouse gas ("GHG") allowances annually which it is then required to sell into quarterly auctions. GHG proceeds from the auctions are recorded as a regulatory liability to be refunded to customers. SCE purchases GHG allowances in quarterly auctions or from counterparties to satisfy its GHG emission compliance obligations and recovers such costs of GHG allowances from customers. GHG allowances held for use are classified as "Other current assets" on the consolidated balance sheets and are stated, similar to an inventory method, at the lower of weighted average cost or market. SCE will evaluate GHG allowances for impairment upon a triggering event that would indicate SCE might not recover the full cost of an allowance. SCE had GHG allowances held for use of $128 million and $87 million at December 31, 2023 and 2022, respectively. GHG emission obligations were $117 million and $55 million at December 31, 2023 and 2022, respectively, and are classified as "Other current liabilities" on the consolidated balance sheets. SCE is allocated low carbon fuel standard ("LCFS") credits which it sells to market participants. Proceeds from the sales, net of selling fees and program administration expenses, are recorded in a balancing account to be refunded to eligible customers. SCE's net proceeds from the sale of these LCFS credits were $248 million and $218 million and are classified as "Regulatory liabilities" on the consolidated balance sheets at December 31, 2023 and 2022, respectively. |
Property, Plant and Equipment | Property, Plant and Equipment SCE plant additions, including replacements and betterments, are capitalized. Direct material and labor and indirect costs such as construction overhead, administrative and general costs, employee benefits, and property taxes are capitalized as part of plant additions. The CPUC authorizes a capitalization rate for each of the indirect costs which are allocated to each project based on either labor or total costs. Estimated useful lives authorized by the CPUC in the 2021 General Rate Case ("GRC") and weighted average useful lives of SCE's property, plant and equipment, are as follows: Weighted Average Estimated Useful Lives Useful Lives Generation plant 10 years to 54 years 39 years Distribution plant 20 years to 67 years 50 years Transmission plant 30 years to 65 years 54 years General plant and other 5 years to 60 years 20 years Depreciation of utility property, plant and equipment is computed on a straight-line, remaining-life basis. SCE's depreciation expense was $2.5 billion, $2.5 billion and $2.0 billion for 2023, 2022 and 2021, respectively. Depreciation expense stated as a percent of average original cost of depreciable utility plant was, on a composite basis, 4.1%, 4.2% and 3.7% for 2023, 2022 and 2021, respectively. The original costs of retired property are charged to accumulated depreciation. See Note 2 for further information. Nuclear fuel for the Palo Verde Nuclear Generating Station ("Palo Verde") is recorded as utility plant (nuclear fuel in the fabrication and installation phase is recorded as construction in progress) in accordance with CPUC ratemaking procedures. Palo Verde nuclear fuel is amortized using the units of production method. Allowance for funds used during construction ("AFUDC") represents the estimated cost of debt and equity funds that finance utility-plant construction and is capitalized during certain plant construction. AFUDC is recovered in rates through depreciation expense over the useful life of the related asset. AFUDC equity represents a method to compensate SCE for the estimated cost of equity used to finance utility plant additions and is recorded as part of construction in progress. AFUDC equity was $157 million, $137 million and $118 million in 2023, 2022 and 2021, respectively, and is reflected in "Other income" on the consolidated statements of income. AFUDC debt was $74 million, $53 million and $50 million in 2023, 2022 and 2021, respectively and is reflected as a reduction of "Interest expense" on the consolidated statements of income. Major Maintenance Major maintenance costs for SCE's facilities and equipment are expensed as incurred. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Impairments of long-lived assets are evaluated based on a review of estimated future cash flows expected to be generated whenever events or changes in circumstances indicate that the carrying amount of such investments or assets may not be recoverable. If the carrying amount of a long-lived asset exceeds expected future cash flows, undiscounted and without interest charges, an impairment loss is recognized in the amount of the excess of fair value over the carrying amount. Fair value is determined via market, cost and income-based valuation techniques, as appropriate. Accounting principles for rate-regulated enterprises also require recognition of an impairment loss if it becomes probable that the regulated utility will abandon a plant investment, or if it becomes probable that the cost of a recently completed plant will be disallowed, either directly or indirectly, for ratemaking purposes and a reasonable estimate of the disallowance amount can be made. In September 2022, the CPUC approved the settlement agreement between SCE and The Utility Reform Network for SCE's Customer Service Re-platform proceeding filed in 2021 for expenditures incurred through April 2021. As a result of the settlement agreement, SCE recorded a $47 million ($34 million after-tax) impairment of property, plant and equipment, reflected in "Impairment, net of other operating income" in the consolidated statements of income. In August 2021, as a result of adoption of the 2021 GRC, SCE recorded $79 million ($47 million after-tax) in impairment charges related to disallowed capital expenditures of pole replacements the CPUC determined were performed prematurely in 2021. The impairment is included in "Impairment, net of other operating income" in the consolidated statements of income. |
Initial and annual contributions to the wildfire insurance fund established pursuant to California Assembly Bill 1054 (the "Wildfire Insurance Fund" and "AB 1054") | Initial and annual contributions to the wildfire insurance fund established pursuant to California Assembly Bill 1054 (the "Wildfire Insurance Fund" and "AB 1054") Edison International and SCE accounted for the contributions to the Wildfire Insurance Fund similarly to prepaid insurance. No period of coverage was provided in AB 1054, therefore expense is being allocated to periods ratably based on an estimated period of coverage. At December 31, 2023 and 2022, Edison International and SCE had a $2.0 billion and a $2.2 billion long-term asset, respectively, as well as a $204 million current asset for both years, reflected as "Wildfire Insurance Fund contributions" in their consolidated balance sheets for the initial $2.4 billion contribution made during 2019 and the present value of annual contributions SCE committed to make to the Wildfire Insurance Fund, reduced by amortization. At December 31, 2023 and 2022, long-term liabilities of $450 million and $536 million, respectively, have been reflected in "Other deferred credits and other long-term liabilities" for the present value of unpaid contributions. Contributions were discounted to the present value using US treasury interest rates at the date SCE committed to participate in the Wildfire Insurance Fund. In 2023 and 2022, the asset was amortized based on an estimated period of coverage of 15 years. All expenses related to the contributions are being reflected in "Wildfire Insurance Fund Expense" in the consolidated statements of income. Changes in the estimated period of coverage provided by the Wildfire Insurance Fund could lead to material changes in future expense recognition. In estimating the period of coverage, Edison International and SCE used Monte Carlo simulations based on historical data from wildfires caused by electrical utility equipment to estimate expected losses, using nine years (2014 – 2022) of available historical data in 2023 and eight years (2014 – 2021) of available historical data in 2022. The details of the operation of the Wildfire Insurance Fund and estimates related to claims by SCE, Pacific Gas & Electric Company ("PG&E"), and San Diego Gas & Electric ("SDG&E") against the fund have been applied to the expected loss simulations to estimate the period of coverage of the fund. The most sensitive inputs to the estimated period of coverage are the expected frequency of wildfire events caused by investor-owned utility electrical equipment and the estimated costs associated with those forecasted events. Edison International and SCE reassesses the period of coverage of the fund at least annually in January each year, or upon claims being made from the fund for catastrophic wildfires. Based on information available in January of 2024 regarding catastrophic wildfires during 2023, SCE reassessed its estimate of the life of the Wildfire Insurance Fund. After incorporating 2023 expected losses into the historical data for the Monte Carlo Edison International and SCE will assess the Wildfire Insurance Fund contribution assets for impairment in the event that a participating utility's electrical equipment is found to be the substantial cause of a catastrophic wildfire, based on the ability of SCE to benefit from the coverage provided by the Wildfire Insurance Fund in an amount equal to the recorded assets. |
Nuclear Decommissioning and Asset Retirement Obligations | Nuclear Decommissioning and Asset Retirement Obligations The fair value of a liability for an asset retirement obligation ("ARO") is recorded in the period in which it is incurred, including a liability for the fair value of a conditional ARO, if the fair value can be reasonably estimated even though uncertainty exists about the timing and/or method of settlement. When an ARO liability is initially recorded, SCE capitalizes the cost by increasing the carrying amount of the related long-lived asset. For each subsequent period, the liability is increased for accretion expense and the capitalized cost is depreciated over the useful life of the related asset. SCE has not recorded an ARO for assets that are expected to operate indefinitely or where SCE cannot estimate a settlement date (or range of potential settlement dates). As such, ARO liabilities are not recorded for certain retirement activities, including certain hydroelectric facilities. The following table summarizes the changes in SCE's ARO liability: December 31, (in millions) 2023 2022 Beginning balance $ 2,754 $ 2,772 Accretion 1 144 143 Revisions (3) 28 Liabilities settled (229) (189) Ending balance $ 2,666 $ 2,754 1 An ARO represents the present value of a future obligation. Accretion is an increase in the liability to account for the time value of money resulting from discounting. AROs related to decommissioning of SCE's nuclear power facilities are based on site-specific studies conducted as part of each Nuclear Decommissioning Cost Triennial Proceeding ("NDCTP") conducted before the CPUC. Revisions of an ARO are established for updated site-specific decommissioning cost estimates. The ARO for decommissioning SCE's San Onofre Nuclear Generating Station ("San Onofre") and Palo Verde nuclear power facilities is $2.2 billion as of December 31, 2023. The liability to decommission SCE's nuclear power facilities is based on a 2020 decommissioning study, filed as part of the 2021 NDCTP, for San Onofre Unit 1, 2 and 3 and a 2019 decommissioning study for Palo Verde, with revisions to the cost estimate in 2020. SCE records an ARO regulatory liability as a result of timing differences between the recognition of costs and the recovery of costs through the ratemaking process. For further information, see Note 11. Decommissioning of San Onofre Unit 1 began in 1999 and the transfer of spent nuclear fuel from Unit 1 to dry cask storage in the Independent Spent Fuel Storage Installation ("ISFSI") 1 was completed in 2005. Major decommissioning work for Unit 1 has been completed except for certain underground work. Decommissioning of San Onofre Units 2 and 3 began in June 2013 and the transfer of spent nuclear fuel from San Onofre Units 2 and 3 to dry cask storage in the two ISFSIs was completed in August 2020. In August 2020, SCE commenced, and is currently conducting, major decommissioning activities in accordance with the terms of the Coastal Developmental Permit for San Onofre Units 2 and 3. Decommissioning costs, which are recovered through customer rates over the term of each nuclear facility's operating license, are recorded as a component of depreciation expense, with a corresponding credit to the ARO regulatory liability. Due to regulatory recovery of SCE's nuclear decommissioning expense, prudently incurred costs for nuclear decommissioning activities do not affect SCE's earnings. Amortization of the ARO asset (included within the unamortized nuclear investment) and accretion of the ARO liability are deferred as decreases to the ARO regulatory liability account, resulting in no impact on earnings. SCE has collected in rates amounts for the future decommissioning of its nuclear assets and has placed those amounts in independent trusts. Amounts collected in rates in excess of the ARO liability are classified as regulatory liabilities. Changes in the estimated costs, timing of decommissioning or the assumptions underlying these estimates could cause material revisions to the estimated total cost to decommission. SCE currently estimates that it will spend approximately $6.1 billion through 2080 to decommission its nuclear facilities. This estimate is based on SCE's decommissioning cost methodology used for ratemaking purposes, escalated at rates ranging from 2.2% to 7.5% (depending on the cost element) annually. These costs are expected to be funded from independent decommissioning trusts. SCE estimates annual after-tax earnings on the decommissioning funds of 3.1% to 6.1% dependent on asset class. If the assumed return on trust assets is not earned or costs escalate at higher rates, SCE expects that additional funds needed for decommissioning will be recoverable through future rates, subject to a reasonableness review. See Note 10 for further information. Due to regulatory recovery of SCE's nuclear decommissioning expense, prudently incurred costs for nuclear decommissioning activities do not affect SCE's earnings. SCE's nuclear decommissioning costs are subject to CPUC review through the triennial regulatory proceedings. SCE's nuclear decommissioning trust investments primarily consist of fixed income investments that are classified as available-for-sale and equity investments. Due to regulatory mechanisms, investment earnings and realized gains and losses have no impact on earnings. Unrealized gains and losses on decommissioning trust funds, including impairment, increase or decrease the trust assets and the related regulatory asset or liability and have no impact on electric utility revenue or decommissioning expense. SCE reviews each fixed income security for impairment on the last day of each month. If the fair value on the last day of the month is less than the amortized cost for that security, SCE impairs the disclosed amortized cost. If the fair value is greater or less than the carrying value for that security at the time of sale, SCE recognizes a related realized gain or loss, respectively. |
Deferred Financing Costs | Deferred Financing Costs Debt premium, discount and issuance expenses incurred in connection with obtaining financing are deferred and amortized over the life of each debt issue. These deferred amounts are recorded as an offset to long-term debt. See Note 5 for further details. Under CPUC ratemaking procedures, SCE's debt reacquisition expenses are amortized over the remaining life of the reacquired debt, or if refinanced, the life of the new debt. The unamortized losses on reacquired debt are reflected as long-term "Regulatory assets" in the consolidated balance sheets. See Note 11 for further details. Amortization of deferred financing costs charged to interest expense is as follows: Edison International SCE Years ended December 31, (in millions) 2023 2022 2021 2023 2022 2021 Amortization of deferred financing costs charged to interest expense $ 39 $ 37 $ 34 $ 32 $ 31 $ 29 |
Revenue Recognition | Revenue Recognition Revenue is recognized by Edison International and SCE when a performance obligation to transfer control of the promised goods is satisfied or when services are rendered to customers. This typically occurs when electricity is delivered to customers, which includes amounts for services rendered but unbilled at the end of a reporting period. SCE's Revenue from Contracts with Customers Provision of Electricity SCE principally generates revenue through supplying and delivering electricity to its customers. Rates charged to customers are based on tariff rates, approved by the CPUC and FERC. Starting with SCE's 2021 GRC, revenue is authorized through quadrennial GRC proceedings, which are intended to provide SCE a reasonable opportunity to recover its costs and earn a return on its CPUC-jurisdictional rate base. The CPUC sets an annual revenue requirement for the base year and the remaining three years are set by a methodology established in the GRC proceeding. As described above, SCE also earns revenue, with no return, to recover costs for power procurement, certain wildfire related expenses and other activities. Revenue is authorized by the FERC through a formula rate which is intended to provide SCE a reasonable opportunity to recover transmission capital and operating costs that are prudently incurred, including a return on its FERC-jurisdictional rate base. Under the operation of the formula rate, transmission revenue is updated to actual cost of service annually. For SCE's electricity sales for both residential and non-residential customers, SCE satisfies the performance obligation of delivering electricity over time as the customers simultaneously receive and consume the delivered electricity. Energy sales are typically on a month-to-month implied contract for transmission, distribution and generation services. Revenue is recognized over time as the energy is supplied and delivered to customers and the respective revenue is billed and paid on a monthly basis. CPUC and FERC rates decouple authorized revenue from the volume of electricity sales and the price of energy procured so that SCE receives revenue equal to amounts authorized by the relevant regulatory agencies. As a result, the volume of electricity sold to customers and specific customer classes does not have a direct impact on SCE's financial results. See Note 7 for further information on SCE's revenue. Sales and Use Taxes SCE bills certain sales and use taxes levied by state or local governments to its customers. Included in these sales and use taxes are franchise fees, which SCE pays to various municipalities (based on contracts with these municipalities) in order to operate within the limits of the municipality. SCE bills these franchise fees to its customers based on a CPUC-authorized rate. These franchise fees, which are required to be paid regardless of SCE's ability to collect from the customer, are accounted for on a gross basis. SCE's franchise fees billed to customers were $168 million, $172 million and $147 million for the years ended December 31, 2023, 2022 and 2021, respectively. When SCE acts as an agent for sales and use tax, the taxes are accounted for on a net basis. Amounts billed to and collected from customers for these taxes are remitted to the taxing authorities and are not recognized as electric utility revenue. SCE's Alternative Revenue Programs The CPUC and FERC have authorized additional, alternative revenue programs which adjust billings for the effects of broad external factors or provide for additional billings if the utility achieves certain objectives. These alternative revenue programs allow SCE to recover costs that SCE has been authorized to pass on to customers, including costs of certain capital and operations and maintenance activities, costs to purchase electricity and natural gas, and to fund public purpose, demand response, and customer energy efficiency programs, and earn a reasonable return. In general, revenue is recognized for these alternative revenue programs at the time the costs are incurred, or at the time when specific events permitting billing of the additional revenues have been completed. SCE begins recognizing revenues for these programs when a program has been established by an order from either the CPUC or FERC that allows for automatic adjustment of future rates, the amount of revenue for the period is objectively determinable and probable of recovery and the revenue will be collected within 24 months following the end of the annual period. |
Power Purchase Agreements | Power Purchase Agreements SCE enters into power purchase agreements ("PPAs") in the normal course of business. A power purchase agreement may be considered a variable interest in a variable interest entity ("VIE"). If SCE is the primary beneficiary in the VIE, SCE is required to consolidate the VIE. None of SCE's PPAs resulted in consolidation at December 31, 2023 and 2022. See Note 3 for further discussion of PPAs that are considered variable interests. A PPA may also contain a lease for accounting purposes. See "Leases" below and Note 12 and Note 13 for further discussion of SCE's PPAs. A PPA that does not contain a lease may be classified as a derivative which is recorded at fair value on the consolidated balance sheets, unless the PPA is eligible for an election to designate as a normal purchase or sale, which is accounted for on an accrual basis as an executory contract. PPAs that do not meet the above classifications are accounted for on an accrual basis. |
Derivatives Instruments | Derivative Instruments SCE records derivative instruments on its consolidated balance sheets as either assets or liabilities measured at fair value unless otherwise exempted from derivative treatment as normal purchases or sales. The normal purchases and sales exception requires, among other things, physical delivery in quantities expected to be used or sold over a reasonable period in the normal course of business. Realized gains and losses from SCE's derivative instruments are expected to be recovered from or refunded to customers through regulatory mechanisms and, therefore, SCE's fair value changes have no impact on purchased power expense or earnings. SCE does not use hedge accounting for derivative transactions due to regulatory accounting treatment. Where SCE's derivative instruments are subject to a master netting agreement and certain criteria are met, SCE presents its derivative assets and liabilities on a net basis on its consolidated balance sheets. In addition, derivative positions are offset against margin and cash collateral deposits. The results of derivative activities are recorded as part of cash flows from operating activities on the consolidated statements of cash flows. See Note 6 for further information on derivative instruments. |
Leases | Leases A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified assets for a period of time in exchange for consideration. An entity controls the use when it has a right to obtain substantially all of the benefits from the use of the asset and has the right to direct the use. SCE determines if an arrangement is a lease at contract inception. For all classes of underlying assets, except battery storage assets where each component is separately accounted for, SCE accounts for lease and non-lease components as a single lease component. Lease liabilities are recognized based on the present value of the lease payments over the lease term at the commencement date. SCE calculates and uses the rate implicit in the lease if the information is readily available or if not available, SCE uses its incremental borrowing rate in determining the present value of lease payments. Incremental borrowing rates are comprised of underlying risk-free rates and secured credit spreads relative to first mortgage bonds with like tenors of lease term durations. Lease right-of-use ("ROU") assets are based on the liability, subject to adjustments, such as lease incentives. The ROU assets also include any lease payments made at or before the commencement date. SCE excludes variable lease payments in measuring lease assets and lease liabilities. SCE's lease terms include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. SCE elected to exclude from the balance sheet short-term leases of one year or less. SCE enters into power purchase agreements that may contain leases. This occurs when a power purchase agreement designates a specific power plant, SCE obtains substantially all of the economic benefits from the use of the plant and has the right to direct the use of the plant. SCE also enters into a number of agreements to lease property and equipment in the normal course of business, primarily related to vehicles, office space and other equipment. See Note 13 for further information on leases. Edison International Parent and Other's leases primarily relate to Edison Energy, which are immaterial to Edison International. |
Stock-Based Compensation | Stock-Based Compensation Stock options, performance shares, deferred stock units and restricted stock units have been granted under Edison International's long-term incentive compensation programs. For equity awards that are settled in common stock, Edison International either issues new common stock, or uses a third party to purchase shares from the market and deliver such shares for the settlement of the awards. Stock options, performance shares, deferred stock units and restricted stock units are settled in common stock. For awards that are otherwise settled entirely in common stock, Edison International substitutes cash awards to the extent necessary to satisfy applicable tax withholding obligations or government levies. Stock-based compensation expense is recognized, net of estimated forfeitures, on a straight-line basis over the requisite service period based on estimated fair values. For equity awards paid in common stock, fair value is determined at the grant date. For equity awards that have market conditions defined in the grants, expense is recognized based on grant date fair value if the requisite service period is fulfilled. However, with respect to the portion of the performance shares payable in common stock that are subject to financial performance conditions defined in the grants, the number of performance shares expected to be earned is subject to revision and updated at each reporting period, with a related adjustment to compensation expense. For awards granted to retirement-eligible participants, stock compensation expense is recognized on a prorated basis over the initial year. For awards granted to participants who become eligible for retirement during the requisite service period, stock compensation expense is recognized over the period between the date of grant and the date the participant first becomes eligible for retirement. Edison International and SCE estimate the number of awards that are expected to vest rather than account for forfeitures when they occur. Share-based payments may create a permanent difference between the amount of compensation expense recognized for book and tax purposes. The tax impact of this permanent difference is recognized in earnings in the period it is created. See Note 9 for further information. Employee Stock Purchase Plan The Edison International Employee Stock Purchase Plan ("ESPP"), effective beginning July 2021, allows eligible employees to make purchases of Edison International's common stock. The maximum aggregate numbers of shares that may be issued under the ESPP is 3,000,000 shares. Eligible employees may authorize payroll deductions of between 1% and 10% of their compensation, up to a maximum of $25,000, to purchase shares of common stock at 97% of the market price on the last day of each six months offering period. The ESPP is considered noncompensatory and stock issuances under the ESPP are recorded directly in equity. |
Dividends | SCE Dividends CPUC holding company rules require that SCE's dividend policy be established by SCE's Board of Directors on the same basis as if SCE were a stand-alone utility company, and that the capital requirements of SCE, as deemed to be necessary to meet SCE's electricity service obligations, shall receive first priority from the Boards of Directors of both Edison International and SCE. In addition, the CPUC regulates SCE's capital structure which limits the dividends it may pay to its shareholders. The common equity component of SCE's CPUC authorized capital structure is 52% on a weighted average basis over the January 1, 2023 to December 31, 2025 compliance period ("Capital Structure Compliance Period"). The CPUC authorized capital structure differs from the capital structure calculated based on GAAP due to certain exclusions allowed by CPUC, including the impact of SCE's contributions to the Wildfire Insurance Fund under AB 1054. In August 2023, the CPUC issued a decision on SCE's application to the CPUC for an extension of the waiver of compliance with its equity ratio requirement that allows SCE to exclude from its equity ratio calculations (i) net charges accrued in connection with the 2017/2018 Wildfire/Mudslide Events and (ii) debt issued for the purpose of paying claims, and associated expenses, related to the 2017/2018 Wildfire/Mudslide Events up to an amount equal to the net charges accrued in connection with the 2017/2018 Wildfire/Mudslide Events. Under the decision, effective as of the beginning of the new cost of capital cycle on January 1, 2023, the CPUC also authorized SCE to exclude from its equity ratio calculations debt that exceeds the net charges accrued in connection with the 2017/2018 Wildfire/Mudslide Events due to the timing difference between the wildfire claims payment and the realization of the cash tax benefits. The temporary exclusion will lapse on August 31, 2025 or when determinations regarding cost recovery for the 2017/2018 Wildfire/Mudslide Events are made, whichever comes earlier. If the CPUC has not made determinations regarding cost recovery by August 31, 2025, SCE is permitted to file another application for a waiver of compliance with its equity ratio requirement. While the exclusion is in place, SCE is required to notify the CPUC if an adverse financial event reduces SCE's spot equity ratio by more than one percent from the level most recently filed with the CPUC in the proceeding. The last spot equity ratio SCE filed with the CPUC in the proceeding did not exclude the then $1.8 billion net charge and was 45.2% as of December 31, 2018 (at the time the common equity component of SCE's CPUC authorized capital structure was required to remain at or above 48% on a weighted average basis over the applicable 37-month period). SCE's spot equity ratio on December 31, 2018 would have been 48.7% had the $1.8 billion net charge at December 31, 2018 been excluded, therefore SCE will notify the CPUC if its spot ratio drops below 47.7% in any quarter. For further information, see "Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides." SCE monitors its compliance with the CPUC's equity ratio requirement based on the weighted average of the common equity component of SCE's CPUC authorized capital structure over the Capital Structure Compliance Period using its actual capital structure from the beginning of the Capital Structure Compliance Period through the reporting date together with forecasted performance and expected financing activities for the remainder of the Capital Structure Compliance Period. SCE expects to be compliant with its CPUC authorized capital structure at the end of the Capital Structure Compliance Period. SCE's ability to declare and pay common dividends may be restricted under the terms of its outstanding series of preference stock. For further information see As a California corporation, SCE's ability to pay dividends is also governed by the California General Corporation Law. California law requires that for a dividend to be declared: (a) retained earnings must equal or exceed the proposed dividend, or (b) immediately after the dividend is made, the value of the corporation's assets must exceed the value of its liabilities plus amounts required to be paid, if any, in order to liquidate stock senior to the shares receiving the dividend. Additionally, a California corporation may not declare a dividend if it is, or as a result of the dividend would be, likely to be unable to meet its liabilities as they mature. Prior to declaring dividends, SCE's Board of Directors evaluates available information, including when applicable, information pertaining to the 2017/2018 Wildfire/Mudslide Events, to ensure that the California law requirements for the declarations are met. On February 22, 2024, SCE declared a dividend to Edison International of $360 million. The timing and amount of future dividends are also dependent on a number of other factors including SCE's requirements to fund other obligations and capital expenditures, and its ability to access the capital markets and generate operating cash flows and earnings. If SCE incurs significant costs related to catastrophic wildfires and is unable to recover such costs through insurance, the Wildfire Insurance Fund (for fires after July 12, 2019), or from customers or is unable to access capital markets on reasonable terms, SCE may be limited in its ability to pay future dividends to Edison International and its preference shareholders. Edison International Dividend In December 2023, Edison International declared a 5.8% increase to the annual dividend rate from $2.95 per share to $3.12 per share. On February 22, 2024, Edison International declared a dividend of $0.78 per share to be paid on April 30, 2024. |
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 9 and Note 14 for further information. EPS attributable to Edison International common shareholders was computed as follows: Years ended December 31, (in millions, except per-share amounts) 2023 2022 2021 Basic earnings per share: Net income attributable to common shareholders $ 1,197 $ 612 $ 759 Net income available to common shareholders $ 1,197 $ 612 $ 759 Weighted average common shares outstanding 383 381 380 Basic earnings per share $ 3.12 $ 1.61 $ 2.00 Diluted earnings per share: Net income attributable to common shareholders $ 1,197 $ 612 $ 759 Net income available to common shareholders $ 1,197 $ 612 $ 759 Income impact of assumed conversions 1 1 1 Net income available to common shareholders and assumed conversions $ 1,198 $ 613 $ 760 Weighted average common shares outstanding 383 381 380 Incremental shares from assumed conversions 2 2 — Adjusted weighted average shares – diluted 385 383 380 Diluted earnings per share $ 3.11 $ 1.60 $ 2.00 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 3,771,766, 5,839,549 and 10,239,501, of common stock for the years ended December 31, 2023, 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. |
Income Taxes | Income Taxes Edison International and SCE estimate their income taxes for each jurisdiction in which they operate. This involves estimating current period tax expense along with assessing temporary differences resulting from the differing treatment of items (such as depreciation) for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in the consolidated balance sheets. Income tax expense includes the current tax liability from operations and the change in deferred income taxes during the year. Interest income, interest expense, and penalties associated with income taxes are generally reflected in "Income tax expense (benefit)" on the consolidated statements of income. Edison International's eligible subsidiaries are included in Edison International's consolidated federal income tax and combined state tax returns. Edison International has tax-allocation and payment agreements with certain of its subsidiaries. Pursuant to an income tax-allocation agreement approved by the CPUC, SCE's tax liability is computed as if it filed its federal and state income tax returns on a separate return basis. |
New Accounting Guidance | New Accounting Guidance Accounting Guidance Adopted No material accounting standards were adopted in 2023. Accounting Guidance Not Yet Adopted In November 2023, the FASB issued an accounting standards update to enhance the disclosures related to public entities' reportable segments. The new guidance requires an entity with only one reportable segment to include all the required segment disclosures. The guidance will be effective for annual disclosures for the year ended December 31, 2024 and subsequent interim periods with early adoption permitted. The guidance is applied retrospectively to all periods presented in the financial statements. Edison International and SCE have one reportable segment and are currently evaluating the impact of any increased segment disclosures. In December 2023, the FASB issued an accounting standards update requiring public entities to provide more disclosures primarily related to the income tax rate reconciliation and income taxes paid. The guidance also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The guidance is effective January 1, 2025 with early adoption permitted. The guidance is applied prospectively. Edison International and SCE are currently evaluating the impact of the new guidance. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies | |
Cash Equivalents | The cash equivalents were as follows: Edison International SCE December 31, (in millions) 2023 2022 2023 2022 Money market funds $ 199 $ 784 $ 78 $ 647 |
Cash, Cash Equivalents and Restricted Cash | The following table sets forth the cash, cash equivalents and restricted cash included in the consolidated statements of cash flows: December 31, (in millions) 2023 2022 Edison International: Cash and cash equivalents $ 345 $ 914 Short-term restricted cash 1 35 3 Long-term restricted cash 2 152 — Total cash, cash equivalents and restricted cash $ 532 $ 917 SCE: Cash and cash equivalents $ 214 $ 766 Short-term restricted cash 1 33 — Long-term restricted cash 2 151 — Total cash, cash equivalents and restricted cash $ 398 $ 766 1 Includes SCE Recovery Funding LLC's restricted cash for payments of senior secured recovery bonds and is reflected in "Other current assets" on Edison International's and SCE's consolidated balance sheets. 2 The SCE amount represents cash collected for customer-funded wildfire self-insurance and is reflected in "Other long-term assets" on Edison International's and SCE's consolidated balance sheets. See Note 12 for further information . |
Changes in Allowance for Uncollectible Accounts | The following table sets forth the changes in allowance for uncollectible accounts for SCE: (in millions) Customers All others Total Balance at December 31, 2020 $ 175 $ 13 $ 188 Current period provision for uncollectible accounts 1 124 11 135 Write-offs, net of recoveries (6) (8) (14) Balance at December 31, 2021 $ 293 $ 16 $ 309 Current period provision for uncollectible accounts 1 111 11 122 Write-offs, net of recoveries (70) (7) (77) Balance at December 31, 2022² $ 334 $ 20 $ 354 Current period provision for uncollectible accounts 1 109 6 115 Write-offs, net of recoveries (96) (9) (105) Balance at December 31, 2023² $ 347 $ 17 $ 364 1 This includes $78 million, $40 million and $91 million of incremental costs for the years ended December 31, 2023, 2022 and 2021, respectively, which were probable of recovery from customers and recorded as regulatory assets. 2 Approximately $4 million and $7 million of allowance for uncollectible accounts are included in "Other long-term assets" on SCE's consolidated balance sheets as of December 31, 2023 and December 31, 2022, respectively. |
Property, plant and equipment useful lives | Estimated useful lives authorized by the CPUC in the 2021 General Rate Case ("GRC") and weighted average useful lives of SCE's property, plant and equipment, are as follows: Weighted Average Estimated Useful Lives Useful Lives Generation plant 10 years to 54 years 39 years Distribution plant 20 years to 67 years 50 years Transmission plant 30 years to 65 years 54 years General plant and other 5 years to 60 years 20 years |
Reconciliation of the Changes in ARO Liability | The following table summarizes the changes in SCE's ARO liability: December 31, (in millions) 2023 2022 Beginning balance $ 2,754 $ 2,772 Accretion 1 144 143 Revisions (3) 28 Liabilities settled (229) (189) Ending balance $ 2,666 $ 2,754 1 An ARO represents the present value of a future obligation. Accretion is an increase in the liability to account for the time value of money resulting from discounting. |
Amortization of Deferred Financing Costs | Amortization of deferred financing costs charged to interest expense is as follows: Edison International SCE Years ended December 31, (in millions) 2023 2022 2021 2023 2022 2021 Amortization of deferred financing costs charged to interest expense $ 39 $ 37 $ 34 $ 32 $ 31 $ 29 |
EPS Attributable to Edison International Common Shareholders | EPS attributable to Edison International common shareholders was computed as follows: Years ended December 31, (in millions, except per-share amounts) 2023 2022 2021 Basic earnings per share: Net income attributable to common shareholders $ 1,197 $ 612 $ 759 Net income available to common shareholders $ 1,197 $ 612 $ 759 Weighted average common shares outstanding 383 381 380 Basic earnings per share $ 3.12 $ 1.61 $ 2.00 Diluted earnings per share: Net income attributable to common shareholders $ 1,197 $ 612 $ 759 Net income available to common shareholders $ 1,197 $ 612 $ 759 Income impact of assumed conversions 1 1 1 Net income available to common shareholders and assumed conversions $ 1,198 $ 613 $ 760 Weighted average common shares outstanding 383 381 380 Incremental shares from assumed conversions 2 2 — Adjusted weighted average shares – diluted 385 383 380 Diluted earnings per share $ 3.11 $ 1.60 $ 2.00 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment | |
Schedule of Property, Plant, and Equipment | SCE's utility property, plant and equipment included in the consolidated balance sheets is composed of the following: December 31, (in millions) 2023 2022 Distribution $ 34,573 $ 32,754 Transmission 18,526 18,106 Generation 3,593 3,880 General plant and other 6,383 6,121 Accumulated depreciation (12,910) (12,260) 50,165 48,601 Construction work in progress 5,590 4,551 Nuclear fuel, at amortized cost 122 122 Total utility property, plant and equipment $ 55,877 $ 53,274 |
Schedule of Jointly Owned Utility Projects | The following is SCE's investment in each asset as of December 31, 2023: Construction Plant in Work in Accumulated Nuclear Fuel Ownership (in millions) Service Progress Depreciation (at amortized cost) Total Interest Transmission systems: Eldorado $ 355 $ 123 $ (63) $ — $ 415 76 % Pacific Intertie 356 3 (90) — 269 50 % Generating station: Palo Verde (nuclear) 2,211 58 (1,670) 122 721 16 % Total $ 2,922 $ 184 $ (1,823) $ 122 $ 1,405 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entities | |
Summary of SCE Recovery Funding LLC on balance sheets | December 31, (in millions) 2023 2022 Other current assets $ 53 $ 45 Regulatory assets: non-current 1,558 834 Regulatory liabilities: current 34 33 Current portion of long-term debt 1 47 29 Other current liabilities 6 4 Long-term debt 1 1,515 809 1 The bondholders have no recourse to SCE. The long-term debt balance is net of unamortized debt issuance costs. |
Summary of the Trusts' Income Statements | The following table provides a summary of the trusts' income statements: Years ended December 31, (in millions) Trust II Trust III Trust IV Trust V Trust VI Trust VII 2023 Dividend income $ 11 $ 16 $ 17 $ 16 $ 24 $ 4 Dividend distributions 11 16 17 16 24 4 2022 Dividend income $ 11 $ 16 $ 17 $ 16 $ 24 $ — Dividend distributions 11 16 17 16 24 — 2021 Dividend income $ 20 $ 16 $ 17 $ 16 $ 24 $ — Dividend distributions 20 16 17 16 24 — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Measurements | |
Fair Value by Level within the Fair Value Hierarchy | December 31, 2023 Netting and (in millions) Level 1 Level 2 Level 3 Collateral 1 Total Assets at fair value Derivative contracts $ — $ 3 $ 91 $ (3) $ 91 Money market funds and other 78 22 — — 100 Nuclear decommissioning trusts: Stocks 2 1,658 — — — 1,658 Fixed Income 3 923 1,421 — — 2,344 Short-term investments, primarily cash equivalents 169 104 — — 273 Subtotal of nuclear decommissioning trusts 4 2,750 1,525 — — 4,275 Total assets 2,828 1,550 91 (3) 4,466 Liabilities at fair value Derivative contracts — 77 — (77) — Total liabilities — 77 — (77) — Net assets $ 2,828 $ 1,473 $ 91 $ 74 $ 4,466 December 31, 2022 Netting and (in millions) Level 1 Level 2 Level 3 Collateral 1 Total Assets at fair value Derivative contracts $ — $ 392 $ 67 $ (218) $ 241 Money market funds and other 647 22 — — 669 Nuclear decommissioning trusts: Stocks 2 1,610 — — — 1,610 Fixed Income 3 941 1,281 — — 2,222 Short-term investments, primarily cash equivalents 137 64 — — 201 Subtotal of nuclear decommissioning trusts 4 2,688 1,345 — — 4,033 Total assets 3,335 1,759 67 (218) 4,943 Liabilities at fair value Derivative contracts — 116 4 (119) 1 Total liabilities — 116 4 (119) 1 Net assets $ 3,335 $ 1,643 $ 63 $ (99) $ 4,942 1 Represents the netting of assets and liabilities under master netting agreements and cash collateral. 2 Approximately 75% and 74% of SCE's equity investments were in companies located in the United States at December 31, 2023 and 2022, respectively. 3 Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities of $106 million and $49 million at December 31, 2023 and 2022, respectively. 4 Excludes net payables of $102 million and $85 million at December 31, 2023 and 2022, 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 | The following table sets forth a summary of changes in SCE's fair value of Level 3 net derivative assets and liabilities: Years ended December 31, (in millions) 2023 2022 Fair value of net assets at beginning of period $ 63 $ 44 Sales (1) (8) Settlements (40) (54) Total realized/unrealized gains 1 69 81 Fair value of net assets at end of period $ 91 $ 63 1 Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities. There were no material transfers into or out of Level 3 during 2023 and 2022. |
Valuation techniques and significant inputs | The following table sets forth the significant unobservable inputs used to determine fair value for Level 3 assets and liabilities: Fair Value Significant Weighted (in millions) Unobservable Range Average Assets Liabilities Input (per MWh) (per MWh) Congestion revenue rights December 31, 2023 $ 91 $ — CAISO CRR auction prices $(6.44) - $16,574.36 $ 2.74 December 31, 2022 67 4 CAISO CRR auction prices (7.91) - 3,856.67 1.64 |
Long-term debt fair value | The carrying value and fair value of Edison International's and SCE's long-term debt (including current portion of long-term debt) are as follows: December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair (in millions) Value 1 Value 2 Value 1 Value 2 Edison International $ 33,013 $ 31,315 $ 29,639 $ 26,824 SCE 28,494 26,712 26,258 23,469 1 2 . |
Debt and Credit Agreements (Tab
Debt and Credit Agreements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt and Credit Agreements | |
Long-term Debt | December 31, (in millions) 2023 2022 Edison International Parent and Other: Debentures and notes: 2024 – 2054 (3.55% to 8.13%) $ 4,550 $ 3,400 Current portion of long-term debt (500) (400) Unamortized debt discount/premium and issuance costs, net (31) (19) Total Edison International Parent and Other 4,019 2,981 SCE: First and refunding mortgage bonds: 2024 – 2053 (0.98% to 6.05%) 24,700 23,900 Pollution-control bonds: 2028 – 2035 (1.45% to 4.50%) 752 752 Debentures and notes: 2029 – 2053 (5.06% to 6.65%) 306 306 Senior secured recovery bonds 1 2028 – 2047 (0.86% to 5.11%) 1,579 849 Other long-term debt 2 1,322 600 Current portion of long-term debt (2,197) (2,214) Unamortized debt discount/premium and issuance costs, net (165) (149) Total SCE 26,297 24,044 Total Edison International $ 30,316 $ 27,025 1 The senior secured recovery bonds are payable only from and secured by the Recovery Property at SCE Recovery Funding LLC, and 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. For further details, see Note 3. 2 Subsequent to December 31, 2023, SCE issued first and refunding mortgage bonds which were used to partially pay down its commercial paper balance, see "Debt Financing Subsequent to December 31, 2023" for more information. Accordingly, SCE included the pay down amount of $722 million in other long-term debt. In addition, 2023 and 2022 amounts both include a term loan due in 2024 with an interest rate of adjusted term secured overnight financing rate ("SOFR") plus 0.90% . |
Schedule of First and Refunding Mortgage Bonds | Edison International and SCE long-term debt maturities over the next five years are as follows: Edison (in millions) International SCE 2024 $ 2,697 $ 2,197 2025 2,049 1,249 2026 800 800 2027 2,001 1,401 2028 2,942 1,792 |
Summary for Status of Credit Facilities | (in millions, except for rates) Borrower Termination Date SOFR plus (bps) Commitment Outstanding borrowings Outstanding letters of credit Amount available Edison International Parent 1, 3 May 2027 128 $ 1,500 $ 246 $ — $ 1,254 SCE 2, 3 May 2027 108 3,350 1,558 29 1,763 Total Edison International $ 4,850 $ 1,804 $ 29 $ 3,017 1 At December 31, 2023 and December 31, 2022, Edison International Parent had $246 million and $90 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 5.82% and 4.92% , respectively. 2 At December 31, 2023 and December 31, 2022, SCE had $1,554 million and $195 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 5.82% and 5.20% , respectively. 3 The credit facilities have two additional one-year extension options. 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) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments | |
Schedule of derivatives financial position | December 31, 2023 Derivative Assets Derivative Liabilities (in millions) Short-Term 1 Short-Term 2 Commodity derivative contracts Gross amounts recognized $ 94 $ 77 Gross amounts offset in the consolidated balance sheets (3) (3) Cash collateral posted — (74) Net amounts presented in the consolidated balance sheets $ 91 $ — December 31, 2022 Derivative Assets Derivative Liabilities (in millions) Short-Term 1 Short-Term 2 Commodity derivative contracts Gross amounts recognized $ 459 $ 120 Gross amounts offset in the consolidated balance sheets (119) (119) Cash collateral received (99) — Net amounts presented in the consolidated balance sheets $ 241 $ 1 1 Included in "Other current assets" on SCE's consolidated balance sheets. 2 Included in "Other current liabilities" on SCE's consolidated balance sheets. |
Schedule of gains/(losses) of SCE's economic hedging activity | The following table summarizes the gains/(losses) of SCE's economic hedging activity: Years ended December 31, (in millions) 2023 2022 2021 Realized $ (14) $ 178 $ 200 Unrealized (322) 310 (75) |
Schedule of notional volumes of derivatives | The following table summarizes the notional volumes of derivatives used for SCE's economic hedging activities: Economic Hedges Unit of December 31, Commodity Measure 2023 2022 Electricity options, swaps and forwards Gigawatt hours 3,494 1,022 Natural gas options, swaps and forwards Billion cubic feet 31 42 Congestion revenue rights Gigawatt hours 35,011 44,028 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue | |
Summary of Revenue | The following table is a summary of SCE's revenue: Years ended December 31, 2023 2022 2021 Cost- Cost- Cost- Earning Recovery Total Earning Recovery Total Earning Recovery Total (in millions) Activities Activities Consolidated Activities Activities Consolidated Activities Activities Consolidated Revenues from contracts with customers 1 $ 8,598 8,422 $ 17,020 $ 8,327 8,433 16,760 $ 7,523 $ 6,824 $ 14,347 Alternative revenue programs and other operating revenue 2 414 (1,159) (745) 681 (269) 412 349 178 527 Total operating revenue $ 9,012 $ 7,263 $ 16,275 $ 9,008 $ 8,164 $ 17,172 $ 7,872 $ 7,002 $ 14,874 1 At December 31, 2023 and 2022, SCE's receivables related to contracts from customers were $ 2.5 billion and $2.3 billion, which included accrued unbilled revenue of $ 741 million and $638 million, respectively. 2 Includes differences between revenues from contracts with customers and authorized levels for certain CPUC and FERC revenues. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) by location of taxing jurisdiction are: Edison International SCE Years ended December 31, (in millions) 2023 2022 2021 2023 2022 2021 Current: Federal $ — $ 2 $ — $ — $ — $ — State — 13 (179) 5 2 (45) — 15 (179) 5 2 (45) Deferred: Federal 101 (103) 83 149 (44) 83 State 7 (74) (40) 30 (67) (21) 108 (177) 43 179 (111) 62 Total $ 108 $ (162) $ (136) $ 184 $ (109) $ 17 |
Components of Net Accumulated Deferred Income Tax Liability | Edison International SCE December 31, (in millions) 2023 2022 2023 2022 Deferred tax assets: Property $ 894 $ 859 $ 877 $ 840 Wildfire-related 1 356 458 354 457 Nuclear decommissioning trust assets in excess of nuclear ARO liability 380 321 380 321 Loss and credit carryforwards 2 3,486 3,479 2,103 2,157 Regulatory balances 626 641 626 641 Pension and postretirement benefits other than pensions, net 127 130 25 26 Leases 345 406 345 406 Other 159 162 147 135 Sub-total 6,373 6,456 4,857 4,983 Less: valuation allowance 3 17 39 — — Total 6,356 6,417 4,857 4,983 Deferred tax liabilities: Property 10,627 10,091 10,611 10,078 Regulatory balances 1,450 1,462 1,450 1,462 Nuclear decommissioning trust assets 380 321 380 321 Leases 345 406 345 406 Other 187 225 158 200 Total 12,989 12,505 12,944 12,467 Accumulated deferred income tax liability, net 4 $ 6,633 $ 6,088 $ 8,087 $ 7,484 1 Relates to estimated losses accrual for wildfire-related claims, net of expected recoveries from insurance and FERC customers, and contributions to the Wildfire Insurance Fund. For further information, see Note 12 and Note 1. 2 As of December 31, 2023, unrecognized tax benefits of $363 million and $299 million for Edison International and SCE, respectively, are presented net against the deferred tax asset for the loss and tax credit carryforwards. As of December 31, 2022, the unrecognized tax benefits netted against deferred tax assets and tax credit carryforwards were $310 million and $254 million for Edison International and SCE, respectively. 3 As of December 31, 2023, Edison International has recorded $17 million valuation allowance on deferred tax assets. The $17 million valuation allowance is related to non-California state net operating loss carryforwards which are expected to expire before being utilized. As of December 31, 2022, the valuation allowance on deferred tax assets which are estimated to expire before being utilized for Edison International includes $35 million for non-California state net operating loss carryforwards, $4 million for California capital losses generated from sale of SoCore Energy in 2018. 4 Included in "Deferred income taxes and credits" on the consolidated balance sheets. |
Summary of Net Operating Loss and Tax Credit Carryforwards | The amounts of net operating loss and tax credit carryforwards (after-tax) are as follows: Edison International SCE December 31, 2023 Loss Credit Loss Credit (in millions) Carryforwards Carryforwards Carryforwards Carryforwards Expire in 2024 $ 7 $ — $ 7 $ — Expire between 2025 to 2028 22 — 22 — Expire between 2029 to 2043 1,714 471 862 63 No expiration date 1 1,625 10 1,448 — Total $ 3,368 $ 481 $ 2,339 $ 63 1 Under the Tax Cut and Jobs Act signed into law on December 22, 2017 ("Tax Reform"), net operating losses generated after December 31, 2017 can carryforward indefinitely. |
Summary of reconciliation of income tax expense | Edison International SCE Years ended December 31, (in millions) 2023 2022 2021 2023 2022 2021 Income from operations before income taxes $ 1,515 $ 662 $ 789 $ 1,781 $ 845 $ 952 Provision for income tax at federal statutory rate of 21% 318 139 166 374 177 200 (Decrease) increase in income tax from: State tax, net of federal income tax effect 3 (70) (47) 23 (57) (33) Property-related (205) (219) (233) (205) (219) (233) Change related to uncertain tax position 1 — — (147) — — (37) Wildfire related charges 2 — — 31 — — 31 Average rate assumption method ("ARAM") adjustment 3 — — 87 — — 87 Corporate-owned life insurance cash surrender value (8) (9) (8) (8) (9) (8) Other — (3) 15 — (1) 10 Total income tax expense (benefit) $ 108 $ (162) $ (136) $ 184 $ (109) $ 17 Effective tax rate 7.1 % (24.5) % (17.2) % 10.3 % (12.9) % 1.8 % 1 In 2021, Edison International and SCE recognized tax benefits related to a settlement with the California Franchise Tax Board ("FTB") for tax years 2007 – 2012. 2 Relates to the non-tax deductible portions of the SED Agreement (as defined in Note 12). See Note 12 for further discussion under 2017/2018 Wildfire/Mudslide Events. 3 In July 2021, SCE received the IRS response to its private letter ruling request, regarding the scope of the deferred tax normalization requirements and the computations required to comply with the average rate assumption method. As a result, SCE's estimate changed and a cumulative true-up of $87 million reduction in tax benefits was recorded in the third quarter of 2021, for the period of January 1, 2018 to June 30, 2021. |
Reconciliation of Unrecognized Tax Benefits | The following table provides a reconciliation of unrecognized tax benefits: Edison International SCE (in millions) 2023 2022 2021 2023 2022 2021 Balance at January 1, $ 646 $ 613 $ 679 $ 374 $ 340 $ 320 Tax positions taken during the current year: Increases 65 54 53 65 54 53 Tax positions taken during a prior year: Increases 13 — 3 4 — 1 Decreases 1 (294) (21) (118) (25) (20) (29) Settlements with taxing authorities 2 — — (4) — — (5) Balance at December 31, $ 430 $ 646 $ 613 $ 418 $ 374 $ 340 1 The Edison International decrease in 2023 was mainly related to a write-off of a reserve for a claim related to the Edison Mission Energy bankruptcy. See the discussion in "Tax Disputes" for more information. The decrease in 2021 was related to re-measurement as a result of a settlement with the FTB for tax years 2007 – 2012. 2 In 2021, Edison International reached a settlement with the FTB for tax years 2007 – 2012. |
Schedule of Interest and Penalties Related to Income Tax Liabilities | The total amount of accrued interest and penalties related to income tax liabilities are: Edison International SCE December 31, (in millions) 2023 2022 2023 2022 Accrued interest and penalties $ — $ — $ 28 $ 23 The net after-tax interest and penalties recognized in income tax (benefit) expense are: Edison International SCE Years ended December 31, (in millions) 2023 2022 2021 2023 2022 2021 Net after-tax interest and penalties tax (benefit) expense $ — $ — $ (41) $ 4 $ 2 $ (2) |
Compensation and Benefit Plans
Compensation and Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Pension and Other Postretirement Benefits | |
Employee Savings Plan Employer Contributions | Edison International SCE (in millions) Years ended December 31, 2023 $ 121 $ 119 2022 103 101 2021 97 96 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Edison International SCE Years ended December 31, (in millions) 2023 2022 2021 2023 2022 2021 Stock-based compensation expense 1 Stock options $ 12 $ 13 $ 16 $ 6 $ 7 $ 8 Performance shares 15 13 9 8 6 4 Restricted stock units 17 14 12 12 9 8 Other 2 2 2 — — — Total stock-based compensation expense $ 46 $ 42 $ 39 $ 26 $ 22 $ 20 Income tax benefits related to stock-based compensation expense $ 7 $ 9 $ 4 $ 5 $ 5 $ 3 1 Reflected in "Operation and maintenance" on Edison International's and SCE's consolidated statements of income. |
Black-Sholes Option-Pricing Model Assumptions | Years ended December 31, 2023 2022 2021 Expected terms (in years) 4.8 5.0 5.4 Risk-free interest rate 3.6%-4.7% 1.6% - 4.1% 1.1% - 1.3% Expected dividend yield 4.2% -4.7% 4.0% - 5.0% 4.1% - 4.8% Weighted average expected dividend yield 4.2% 4.0% 4.5% Expected volatility 29.0% - 29.6% 27.8% - 28.6% 26.9% - 27.1% Weighted average volatility 29.1% 27.8% 26.9% |
Summary of Stock Options Activity | Weighted Average Remaining Aggregate Exercise Contractual Intrinsic Value Shares Price Term (years) (in millions) Edison International: Outstanding at December 31, 2022 11,883,556 $ 63.64 Granted 766,167 64.71 Forfeited or expired (129,716) 65.61 Exercised 1 (1,101,764) 57.36 Outstanding at December 31, 2023 11,418,243 64.30 4.89 Vested and expected to vest at December 31, 2023 11,183,196 64.40 4.83 $ 88 Exercisable at December 31, 2023 8,642,764 $ 65.24 4.03 $ 63 SCE: Outstanding at December 31, 2022 5,797,632 $ 63.31 Granted 393,304 64.81 Forfeited or expired (110,560) 66.28 Exercised 1 (857,922) 58.07 Affiliate transfers, net (30,179) 63.35 Outstanding at December 31, 2023 5,192,275 64.22 5.04 Vested and expected to vest at December 31, 2023 5,072,830 64.34 4.97 $ 41 Exercisable at December 31, 2023 3,808,466 $ 65.31 4.11 $ 28 1 Edison International and SCE recognized tax benefits of $4 million and $3 million, respectively, from stock options exercised in 2023. |
Schedule of Unrecognized Compensation Expense | Edison International SCE Unrecognized compensation cost, net of expected forfeitures (in millions) $ 10 $ 5 Weighted average period (in years) 1.5 1.5 |
Supplemental Data on Stock-based Compensation | Edison International SCE Years ended December 31, (in millions, except per award amounts) 2023 2022 2021 2023 2022 2021 Weighted average grant date fair value per option granted $ 12.69 $ 9.92 $ 7.26 $ 12.71 $ 9.92 $ 7.30 Fair value of options vested 8 8 3 7 5 3 Value of options exercised 14 17 8 11 12 6 |
Summary of Nonvested Share Activity | Equity Awards Weighted Average Shares Fair Value Edison International: Nonvested at December 31, 2022 402,830 $ 64.22 Granted 255,883 76.00 Forfeited (20,738) 69.32 Vested (141,134) 57.71 Nonvested at December 31, 2023 496,841 $ 71.93 SCE: Nonvested at December 31, 2022 210,073 $ 63.93 Granted 131,318 76.18 Forfeited (14,758) 69.16 Vested (76,108) 57.68 Affiliate transfers, net (1,434) 62.85 Nonvested at December 31, 2023 249,091 $ 71.99 |
Summary of Nonvested Restricted Stock Units Activity | Edison International SCE Weighted Average Weighted Average Grant Date Grant Date Shares Fair Value Shares Fair Value Nonvested at December 31, 2022 698,182 $ 60.60 488,335 $ 60.13 Granted 324,469 64.84 231,446 64.92 Forfeited (21,965) 61.73 (15,371) 61.86 Vested (108,274) 68.16 (55,488) 67.57 Affiliate transfers, net — — (3,373) 60.05 Nonvested at December 31, 2023 892,412 $ 61.19 645,549 $ 61.17 |
Pension Plans | |
Pension and Other Postretirement Benefits | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | Edison International SCE Years ended December 31, (in millions) 2023 2022 2023 2022 Change in projected benefit obligation Projected benefit obligation at beginning of year $ 3,524 $ 4,171 $ 3,159 $ 3,694 Service cost 101 120 97 115 Interest cost 180 111 162 97 Actuarial loss (gain) 96 (589) 82 (503) Benefits paid (254) (289) (222) (244) Projected benefit obligation at end of year $ 3,647 $ 3,524 $ 3,278 $ 3,159 Change in plan assets Fair value of plan assets at beginning of year $ 3,462 $ 4,296 $ 3,275 $ 4,061 Actual return (loss) on plan assets 369 (575) 349 (544) Employer contributions 32 30 13 2 Benefits paid (254) (289) (222) (244) Fair value of plan assets at end of year 3,609 3,462 3,415 3,275 (Underfunded)/Overfunded status at end of year $ (38) $ (62) $ 137 $ 116 Amounts recognized in the consolidated balance sheets consist of 1 Long-term assets $ 169 $ 139 $ 149 $ 128 Current liabilities (30) (26) (2) (2) Long-term liabilities (177) (175) (10) (10) $ (38) $ (62) $ 137 $ 116 Amounts recognized in accumulated other comprehensive loss consist of: Net loss 1 $ 21 17 8 8 Amounts recognized as a regulatory liability (159) (139) (159) (139) Accumulated benefit obligation at end of year $ 3,495 $ 3,401 $ 3,136 $ 3,049 Pension plans with plan assets in excess of an accumulated benefit obligation: Projected benefit obligation 3,647 3,524 3,278 3,159 Accumulated benefit obligation 3,495 3,401 3,136 3,049 Fair value of plan assets 3,609 3,462 3,415 3,275 Weighted average assumptions used to determine obligations at end of year: Discount rate 5.04 % 5.36 % 5.04 % 5.36 % Rate of compensation increase 4.00 % 4.00 % 4.00 % 4.00 % 1 The SCE liability excludes a long-term payable due to Edison International Parent of $94 million and $93 million at December 31, 2023 and 2022, respectively, related to certain SCE postretirement benefit obligations transferred to Edison International Parent. SCE's accumulated other comprehensive loss of $8 million at both December 31, 2023 and 2022, excludes net losses of $8 million and $3 million related to these benefits, respectively. |
Summary of expense components for plans | Edison International SCE Years ended December 31, (in millions) 2023 2022 2021 2023 2022 2021 Service cost $ 101 $ 120 $ 130 $ 99 $ 118 $ 127 Non-service cost (benefit) Interest cost 180 111 103 166 101 95 Expected return on plan assets (214) (227) (222) (202) (215) (211) Settlement costs — 4 — — 4 — Amortization of prior service cost — — 1 — — 1 Amortization of net loss 3 5 11 2 2 7 Regulatory adjustment (47) 6 25 (47) 6 25 Total non-service benefit 1 (78) (101) (82) (81) (102) (83) Total expense $ 23 $ 19 $ 48 $ 18 $ 16 $ 44 1 Included in "Other income" on Edison International's and SCE's consolidated income statements. For further details, see Note 16. |
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | Edison International SCE Years ended December 31, (in millions) 2023 2022 2021 2023 2022 2021 Net loss (gain) $ 6 $ (45) $ (10) $ 6 $ (24) $ (5) Settlement charges — (4) — — (4) — Amortization of net loss (2) (8) (11) (2) (5) (7) Total loss (gain) recognized in other comprehensive income 4 (57) (21) 4 (33) (12) Total recognized in expense and other comprehensive income $ 27 $ (38) $ 27 $ 22 $ (17) $ 32 |
Schedule of Assumptions Used | Years ended December 31, 2023 2022 2021 Discount rate 5.36 % 2.75 % 2.38 % Rate of compensation increase 4.00 % 4.00 % 4.00 % Expected long-term return on plan assets 6.50 % 5.50 % 5.50 % Interest crediting rate for cash balance account 1 Starting rate 5.86 % 3.12 % 3.03 % Ultimate rate 5.86 % 4.50 % 4.50 % Year ultimate rate is reached 2023 2026 2025 1 Edison International and SCE were using a graduated assumption for interest crediting rate for cash balance account, where current interest rate gradually increased to an ultimate rate at a certain year. Starting 2023, Edison International and SCE changed to use single interest crediting rate assumption to determine the pension expense for cash balance account. |
Schedule of Expected Benefit Payments | Edison (in millions) International SCE 2024 $ 325 $ 279 2025 319 279 2026 332 290 2027 320 284 2028 314 281 2029 – 2033 1,447 1,308 |
Schedule of Pension Plan Assets by Hierarchy Levels | December 31, 2023 (in millions) Level 1 Level 2 NAV 1 Total U.S. government and agency securities 2 $ 256 $ 352 $ — $ 608 Corporate stocks 3 176 5 — 181 Corporate bonds 4 — 1,057 — 1,057 Common/collective funds 5 — — 584 584 Partnerships/joint ventures 6 — — 657 657 Other investment entities 7 — — 58 58 Registered investment companies 8 212 — 153 365 Interest-bearing cash 10 — — 10 Other — 46 8 54 Total $ 654 $ 1,460 $ 1,460 $ 3,574 Receivables and payables, net 35 Combined net plan assets available for benefits 3,609 SCE's share of net plan assets $ 3,415 December 31, 2022 (in millions) Level 1 Level 2 NAV 1 Total U.S. government and agency securities 2 $ 281 $ 293 $ — $ 574 Corporate stocks 3 227 3 — 230 Corporate bonds 4 — 973 — 973 Common/collective funds 5 — — 658 658 Partnerships/joint ventures 6 — — 613 613 Other investment entities 7 — — 63 63 Registered investment companies 8 206 — 159 365 Interest-bearing cash 14 — — 14 Other — 48 7 55 Total $ 728 $ 1,317 $ 1,500 $ 3,545 Receivables and payables, net (83) Combined net plan assets available for benefits 3,462 SCE's share of net plan assets $ 3,275 1 These investments are measured at fair value using the net asset value per share practical expedient and have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the net plan assets available for benefits. 2 Level 1 U.S. government and agency securities are U.S. treasury bonds and notes. Level 2 primarily relates to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. 3 Corporate stocks are diversified. At both December 31, 2023 and 2022, performance for actively managed separate accounts is primarily benchmarked against the Russell Indexes ( 36% ) and Morgan Stanley Capital International (MSCI) index ( 64% ). 4 Corporate bonds are diversified. At December 31, 2023 and 2022, respectively, this category includes $78 million and $67 million for collateralized mortgage obligations and other asset backed securities. 5 The common/collective assets are invested in equity index funds that seek to track performance of the Standard and Poor's 500 Index ( 41% at both December 31, 2023 and 2022). In addition, at December 31, 2023 and 2022, respectively, 40% and 46% of the assets in this category are in index funds which seek to track performance in the MSCI All Country World Index ex-US and 16% and 11% of this category are in a non-index U.S. equity fund, which is actively managed. 6 At December 31, 2023 and 2022, respectively, 74% and 76% are invested in private equity funds with investment strategies that include branded consumer products and clean technology companies, 17% and 18% are invested in ABS including distressed mortgages and commercial and residential loans, 5% and 2% are invested in a broad range of financial assets in all global markets. 7 At December 31, 2023 and 2022, respectively, 68% and 64% are invested in domestic mortgage backed securities and 32% and 36% in high yield debt securities, respectively. 8 At December 31, 2023 and 2022, respectively, 57% and 56% are invested in Level 1 corporate bond funds, 13% and 21% in a fixed income fund used for cash management and 28% and 22% in a US equity fund, respectively. |
Postretirement Benefits Other Than Pensions | |
Pension and Other Postretirement Benefits | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | Edison International SCE Years ended December 31, (in millions) 2023 2022 2023 2022 Change in benefit obligation Benefit obligation at beginning of year $ 1,331 $ 1,904 $ 1,323 $ 1,895 Service cost 20 34 20 34 Interest cost 67 56 67 55 Actuarial gain (567) (598) (563) (596) Plan participants' contributions 28 29 28 29 Benefits paid (106) (94) (106) (94) Benefit obligation at end of year $ 773 $ 1,331 $ 769 $ 1,323 Change in plan assets Fair value of plan assets at beginning of year $ 2,187 $ 2,772 $ 2,187 $ 2,772 Actual return on assets 162 (527) 162 (527) Employer contributions 4 7 4 7 Plan participants' contributions 28 29 28 29 Benefits paid (106) (94) (106) (94) Fair value of plan assets at end of year 2,275 2,187 2,275 2,187 Overfunded status at end of year $ 1,502 $ 856 $ 1,506 $ 864 Amounts recognized in the consolidated balance sheets consist of: Long-term assets $ 1,506 $ 871 $ 1,506 $ 871 Current liabilities — (8) — (7) Long-term liabilities (4) (7) — — $ 1,502 $ 856 $ 1,506 $ 864 Amounts recognized in accumulated other comprehensive loss consist of: Net gain $ (5) $ (2) $ — $ — Amounts recognized as a regulatory liability (1,505) (867) (1,505) (867) Weighted average assumptions used to determine obligations at end of year: Discount rate 5.06 % 5.43 % 5.06 % 5.43 % Assumed health care cost trend rates: Rate assumed for following year 6.50 % 6.75 % 6.50 % 6.75 % Ultimate rate 5.00 % 5.00 % 5.00 % 5.00 % Year ultimate rate reached 2029 2029 2029 2029 |
Summary of expense components for plans | Edison International SCE Years ended December 31, (in millions) 2023 2022 2021 2023 2022 2021 Service cost $ 20 $ 34 $ 40 $ 20 $ 34 $ 40 Non-service cost (benefit) Interest cost 67 56 52 67 55 52 Expected return on plan assets (107) (97) (106) (107) (97) (106) Amortization of prior service cost (1) (2) (1) (1) (2) (1) Amortization of net gain (50) (45) (35) (50) (45) (36) Regulatory adjustment 71 55 51 71 55 51 Total non-service benefit 1 (20) (33) (39) (20) (34) (40) Total expense $ — $ 1 $ 1 $ — $ — $ — |
Schedule of Assumptions Used | Years ended December 31, 2023 2022 2021 Discount rate 5.43 % 2.95 % 2.67 % Expected long-term return on plan assets 5.00 % 3.50 % 4.00 % Assumed health care cost trend rates: Current year 6.75 % 6.25 % 6.50 % Ultimate rate 5.00 % 5.00 % 5.00 % Year ultimate rate reached 2029 2029 2029 |
Schedule of Pension Plan Assets by Hierarchy Levels | Edison (in millions) International SCE 2024 $ 48 $ 48 2025 49 48 2026 49 49 2027 53 53 2028 54 53 2029 – 2033 276 275 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | December 31, 2023 (in millions) Level 1 Level 2 NAV 1 Total U.S. government and agency securities 2 $ 569 $ 84 $ — $ 653 Corporate stocks 3 85 2 — 87 Corporate notes and bonds 4 — 1,064 — 1,064 Common/collective funds 5 — — 222 222 Partnerships 6 — — 124 124 Registered investment companies 7 47 — — 47 Interest bearing cash — 29 — 29 Other 8 2 70 — 72 Total $ 703 $ 1,249 $ 346 $ 2,298 Receivables and payables, net (23) Net plan assets available for benefits 2,275 December 31, 2022 (in millions) Level 1 Level 2 NAV 1 Total U.S. government and agency securities 2 $ 222 $ 304 $ — $ 526 Corporate stocks 3 103 2 — 105 Corporate notes and bonds 4 — 860 — 860 Common/collective funds 5 — — 413 413 Partnerships 6 — — 119 119 Registered investment companies 7 55 — — 55 Interest bearing cash — 56 — 56 Other 8 — 59 — 59 Total $ 380 $ 1,281 $ 532 $ 2,193 Receivables and payables, net (6) Net plan assets available for benefits $ 2,187 1 These investments are measured at fair value using the net asset value per share practical expedient and have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the net plan assets available for benefits. 2 Level 1 U.S. government and agency securities are U.S. treasury bonds and notes. Level 2 primarily relates to the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association. 3 Corporate stock performance for actively managed separate accounts is primarily benchmarked against the Russell Indexes ( 74% and 73% for 2023 and 2022, respectively) and the MSCI All Country World Index ( 26% and 27% for 2023 and 2022, respectively). 4 Corporate notes and bonds are diversified and include approximately $237 million and $150 million for commercial collateralized mortgage obligations and other asset backed securities at December 31, 2023 and 2022, respectively. 5 At December 31, 2023 and 2022, respectively, 45% and 53% of the common/collective assets are invested in index funds which seek to track performance in the MSCI All Country World Investable Market Index, 40% and 27% are invested in a non-index U.S. equity fund which is actively managed. The remaining assets in this category are primarily invested in a fixed income fund. 6 At December 31, 2023 and 2022, respectively, 65% and 63% of the partnerships are invested in private equity and venture capital funds. Investment strategies for these funds include branded consumer products, clean and information technology and healthcare. Of the remaining partnerships category, 28% and 31% are invested in asset backed securities including distressed mortgages, distressed companies and commercial and residential loans and debt and equity of banks, 7% and 6% are invested in a broad range of financial assets in all global markets. 7 At December 31, 2023 and 2022, respectively, registered investment companies were primarily invested in a money market fund ( 70% and 75% ) and exchange rate traded funds which seek to track performance of MSCI Emerging Market Index, Russell 2000 Index and international small cap equities ( 30% and 25% ) 8 Other includes $58 million and $53 million of municipal securities at December 31, 2023 and 2022, respectively . |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments | |
Summary of amortized cost and fair value of the trust investments | Amortized Costs Fair Values Longest December 31, December 31, December 31, December 31, (in millions) Maturity Dates 2023 2022 2023 2022 Municipal bonds 2067 $ 636 $ 672 $ 757 $ 754 Government and agency securities 2073 1,072 1,025 1,186 1,091 Corporate bonds 2072 361 351 401 377 Short-term investments and receivables/payables 1 One-year 164 110 171 116 Total debt securities and other $ 2,233 $ 2,158 2,515 2,338 Equity securities 1,658 1,610 Total 2 $ 4,173 $ 3,948 1 Short-term investments include $38 million and $41 million of repurchase agreements payable by financial institutions which earn interest, were fully and 97% secured by U.S. Treasury securities and mature by January 2, 2024 and January 3, 2023 as of December 31, 2023 and 2022, respectively. 2 Represents amounts before reduction for deferred tax liabilities on net unrealized gains of $380 million and $321 million as of December 31, 2023 and 2022, respectively. |
Summary of gains and losses | Years ended December 31, (in millions) 2023 2022 2021 Gross realized gains $ 323 $ 150 $ 339 Gross realized losses (73) (127) (24) Net unrealized gains/(losses) for equity securities 103 (369) 103 |
Regulatory Assets and Liabili_2
Regulatory Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Assets and Liabilities | |
Regulatory assets | December 31, (in millions) 2023 2022 Current: Regulatory balancing and memorandum accounts $ 2,502 $ 2,400 Power contracts — 71 Other 22 26 Total current 2,524 2,497 Long-term: Deferred income taxes 5,533 5,178 Unamortized investments, net of accumulated amortization 110 113 Unamortized losses on reacquired debt 99 109 Regulatory balancing and memorandum accounts 1,257 1,589 Environmental remediation 226 241 Recovery assets 1,558 834 Other 114 117 Total long-term 8,897 8,181 Total regulatory assets $ 11,421 $ 10,678 |
Regulatory liabilities | December 31, (in millions) 2023 2022 Current: Regulatory balancing and memorandum accounts $ 704 $ 584 Energy derivatives 16 338 Other 43 42 Total current 763 964 Long-term: Costs of removal 2,635 2,589 Deferred income taxes 2,211 2,250 Recoveries in excess of ARO liabilities 1,498 1,231 Regulatory balancing and memorandum accounts 1,395 1,116 Pension and other postretirement benefits 1,664 1,007 Other 17 18 Total long-term 9,420 8,211 Total regulatory liabilities $ 10,183 $ 9,175 |
Schedule of Regulatory Balancing Accounts | December 31, (in millions) 2023 2022 Asset (liability) Energy procurement related costs $ 397 $ 1,104 Public purpose and energy efficiency (1,736) (1,577) GRC related balancing accounts 1 1,361 1,034 Wildfire risk mitigation and insurance 2 1,169 1,168 Wildfire and drought restoration 3 417 352 COVID-19 costs 16 67 Other 36 141 Assets, net of liabilities $ 1,660 $ 2,289 1 The GRC related balancing accounts primarily consist of the base revenue requirement balancing account ("BRRBA"), the vegetation management balancing account ("VMBA"), the Wildfire Risk Mitigation balancing account ("WRMBA") and the risk management balancing account ("RMBA"). The 2021 GRC decision approved the establishment of the VMBA to track vegetation management expenses up to 115% of amounts authorized, the WRMBA to track the costs of SCE's Wildfire Covered Conductor Program up to 110% of amounts authorized and the RMBA to track the authorized costs of wildfire insurance. If spending is less than authorized, SCE will refund those amounts to customers. If spending is within the specified threshold, if any, for each balancing account, SCE will recover those costs from customers. Amounts above the specified threshold, or above amounts authorized if a higher threshold was not established, for each balancing account may be eligible for deferral to wildfire risk mitigation and insurance accounts. 2 The wildfire risk mitigation and insurance 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 was 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 related to the post-2018 wildfires that SCE believes are probable of recovery. See Note 12 for further details. The Wildfire Mitigation Plan Memorandum Account 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 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. 3 The wildfire and drought restoration regulatory assets represent restoration costs that are recorded in a Catastrophic Event Memorandum Account. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies | |
Summary of undiscounted expected payments for PPA | (in millions) Total 2024 $ 2,862 2025 2,917 2026 2,732 2027 2,477 2028 2,261 Thereafter 17,115 Total future commitments 1 $ 30,364 1 Certain power purchase agreements are treated as operating leases. For further discussion, see Note 13. Includes long-term lease contracts commencing in 2024 with total future minimum lease payments of $69 million. |
Summary of Certain Future Other Commitments | The following summarizes the estimated minimum future commitments for SCE's other commitments: (in millions) 2024 2025 2026 2027 2028 Thereafter Total Other contractual obligations $ 49 $ 36 $ 38 $ 32 $ 33 $ 161 $ 349 |
2017/2018 Wildfire/Mudslide Events | |
Commitments and Contingencies | |
Schedule of Contingency Accruals and Changes | (in millions) Balance at December 31, 2022 1 $ 1,119 Increase in accrued estimated losses 630 Amounts paid (1,034) Balance at December 31, 2023 2 $ 715 1 At December 31, 2022, $121 million in current liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets consisted of $65 million of settlements executed and $56 million of short term payables under the SED Agreement in connection with the 2017/2018 Wildfire/Mudslide Events. At December 31, 2022, the $1,687 million included in deferred credits and other liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets included 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 $934 million, $64 million of long term payables under the SED Agreement and other wildfire-related claims estimates of $689 million. 2 At December 31, 2023, $30 million in current liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets consisted of $16 million of settlements executed and $14 million of short term payables under the SED Agreement in connection with the 2017/2018 Wildfire/Mudslide Events. At December 31, 2023, the $1,368 million included in deferred credits and other liabilities, wildfire-related claims, on Edison International's and SCE's consolidated balance sheets included 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 $637 million, $48 million of long term payables under the SED Agreement and estimated losses related to other wildfires of $683 million. For the years-ended December 31, 2023 and 2022, Edison International's and SCE's consolidated statements of income included charges for the estimated losses, net of expected recoveries from insurance and FERC customers, related to the 2017/2018 Wildfire/Mudslide Events claims as follows: Years ended December 31, (in millions) 2023 2022 Charge for wildfire-related claims $ 630 $ 1,296 Expected revenue from FERC customers (37) (76) Total pre-tax charge 593 1,220 Income tax benefit (165) (341) Total after-tax charge $ 428 $ 879 |
Post-2018 Wildfires | |
Commitments and Contingencies | |
Schedule of Contingency Accruals and Changes | The following table presents changes in estimated losses since December 31, 2022: (in millions) Balance at December 31, 2022 $ 682 Increase in accrued estimated losses 184 Amounts paid (190) Balance at December 31, 2023 $ 676 For the years-ended December 31, 2023 and 2022, Edison International's and SCE's consolidated statements of income included charges for the estimated losses (established at the low end of the estimated range of reasonably possible losses) Years ended December 31, (in millions) 2023 2022 Edison International: Charge for wildfire-related claims 1 $ 184 $ 572 Expected insurance recoveries 2 (147) (390) Expected revenue from CPUC and FERC customers (2) (162) Total pre-tax charge 35 20 Income tax benefit (10) (6) Total after-tax charge $ 25 $ 14 Years ended December 31, (in millions) 2023 2022 SCE: Charge for wildfire-related claims 1 $ 184 $ 572 Expected insurance recoveries (149) (399) Expected revenue from CPUC and FERC customers (2) (162) Total pre-tax charge 33 11 Income tax benefit (9) (3) Total after-tax charge $ 24 $ 8 1 Includes estimated co-insurance payments recorded as operations and maintenance expense. 2 In the third quarter of 2023 and 2022, Edison Insurance Services, Inc. ("EIS"), a wholly-owned subsidiary of Edison International, incurred $3 million and $9 million insurance expenses, respectively. These amounts were included in the insurance recovery of SCE but were excluded from that of Edison International. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Summary of Finance Lease Payments | The following table summarizes SCE's future lease payments for operating leases as of December 31, 2023: PPA Operating Other Operating (in millions) Leases 1 Leases 2 2024 $ 111 $ 55 2025 99 50 2026 89 46 2027 84 41 2028 84 36 Thereafter 782 111 Total lease payments 1,249 339 Amount representing interest 302 72 Lease liabilities $ 947 $ 267 1 Excludes expected purchases from most renewable energy contracts, which do not meet the definition of a lease payment since renewable power generation is contingent on external factors. 2 Excludes escalation clauses based on consumer price or other indices and residual value guarantees that are not considered probable at the commencement date of the lease. |
Summary of Lease Expense Components | Years ended December 31, (in millions) 2023 2022 2021 PPA leases: Operating lease cost $ 503 $ 580 $ 305 Variable lease cost 1 2,277 2,661 2,098 Short term lease cost — — 539 Total PPA lease cost 2,780 3,241 2,942 Other operating leases cost 56 52 47 Total lease cost $ 2,836 $ 3,293 $ 2,989 1 Includes lease costs from renewable energy contracts where payments are based on contingent external factors such as wind, hydro and solar power generation. Other information related to leases was as follows: Years ended December 31, (in millions, except lease term and discount rate) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from: PPA operating leases $ 503 $ 580 $ 305 Other operating leases 55 50 45 ROU assets obtained in exchange for lease obligations: PPA operating leases $ 226 $ 20 $ 1,084 Other operating leases 69 76 71 Weighted average remaining lease term (in years): PPA operating leases 13.37 9.42 8.16 Other operating leases 9.56 10.38 11.14 Weighted average discount rate: PPA operating leases 4.30 % 2.95 % 2.43 % Other operating leases 4.22 % 3.78 % 3.34 % |
Schedule of Undiscounted Cash Flow Expected from Lease Payments | (in millions) 2024 $ 13 2025 12 2026 8 2027 8 2028 7 Thereafter 124 Total $ 172 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity | |
Schedule of Preferred Stock and Preference Stock | The following table summarizes preference stocks (dividends declared per share are for 2023): Redemption Dividends Shares Price Declared December 31, (in millions, except shares and per share amounts) Outstanding per Share per Share 2023 2022 No par value: 3-month LIBOR+4.199% Series E (cumulative) 350,000 $ 1,000.00 $ 96.823 $ 350 $ 350 5.10% Series G (cumulative) 88,004 2,500.00 127.500 220 220 5.75% Series H (cumulative) 110,004 2,500.00 143.750 275 275 5.375% Series J (cumulative) 130,004 2,500.00 134.375 325 325 5.45% Series K (cumulative) 120,004 2,500.00 136.250 300 300 5.00% Series L (cumulative) 190,004 2,500.00 125.000 475 475 7.50% Series M (cumulative) 220,004 2,500.00 — 550 — SCE's preference stock 2,495 1,945 Less: issuance costs (52) (44) Edison International's preference stock of utility $ 2,443 $ 1,901 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Loss | |
Components of Accumulated Other Comprehensive Loss | The changes in accumulated other comprehensive loss, net of tax, consist of: Edison International SCE Years ended December 31, (in millions) 2023 2022 2023 2022 Beginning balance $ (11) $ (54) $ (8) $ (32) Pension and PBOP: Other comprehensive (loss) income before reclassifications (2) 35 (5) 17 Reclassified from accumulated other comprehensive loss 1 1 8 1 7 Foreign currency translation adjustments 3 — — — Change 2 43 (4) 24 Ending Balance $ (9) $ (11) $ (12) $ (8) 1 . |
Other Income, Net (Tables)
Other Income, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income, Net | |
Summary of Other Income, Net | Other income net of expenses is as follows: Years ended December 31, (in millions) 2023 2022 2021 SCE other income (expense): Equity allowance for funds used during construction $ 157 $ 137 $ 118 Increase in cash surrender value of life insurance policies and life insurance benefits 37 42 40 Interest income 261 80 3 Net periodic benefit income – non-service components 100 136 123 Civic, political and related activities and donations (42) (42) (39) Other (16) (16) (12) Total SCE other income, net 497 337 233 Other income (expense) of Edison International Parent and Other: Net (losses) gains on equity securities (3) 1 3 Interest income and other 6 10 1 Total Edison International other income, net $ 500 $ 348 $ 237 |
Supplemental Cash Flows Infor_2
Supplemental Cash Flows Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flows Information | |
Summary of Supplemental Cash Flows Information | Supplemental cash flows information is: Edison International SCE Years ended December 31, (in millions) 2023 2022 2021 2023 2022 2021 Cash payments (receipts): Interest, net of amounts capitalized $ 1,401 $ 1,001 $ 887 $ 1,155 $ 864 $ 760 Income taxes, net — (49) (88) — (49) (88) Non-cash financing and investing activities: Dividends declared but not paid: Common stock 299 282 266 360 350 325 Preference stock of SCE 9 8 11 9 8 11 Details of debt exchange: Pollution-control bonds redeemed (2.625%) (135) — — (135) — — Pollution-control bonds remarketed (4.50%) 135 — — 135 — — |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions | |
Schedule of Related-Party Transactions | December 31, (in millions) 2023 2022 Prepaid insurance 1 $ — $ 106 Long-term insurance receivable due from affiliate 355 334 1 Reflected in "Prepaid expenses" on SCE's consolidated balance sheets. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Organization) (Details) | 12 Months Ended |
Dec. 31, 2023 mi² | |
SCE | |
Organization | |
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 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Restricted Cash and Cash Equivalents | ||||
Money market funds | $ 199 | $ 784 | ||
Cash and cash equivalents | 345 | 914 | ||
Short-term restricted cash | $ 35 | $ 3 | ||
Restricted Cash, Current, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current | ||
Long-term restricted cash | $ 152 | |||
Restricted Cash, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | ||
Total cash, cash equivalents, and restricted cash | $ 532 | $ 917 | $ 394 | $ 89 |
SCE | ||||
Restricted Cash and Cash Equivalents | ||||
Money market funds | 78 | 647 | ||
Cash and cash equivalents | 214 | 766 | ||
Short-term restricted cash | $ 33 | $ 0 | ||
Restricted Cash, Current, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current | ||
Long-term restricted cash | $ 151 | |||
Restricted Cash, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | ||
Total cash, cash equivalents, and restricted cash | $ 398 | $ 766 | $ 280 | $ 56 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Allowance) (Details) - SCE - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Credit Loss Roll Forward | |||
Beginning balance | $ 354 | $ 309 | $ 188 |
Current period provision for uncollectible accounts | 115 | 122 | 135 |
Write-offs, net of recoveries | (105) | (77) | (14) |
Ending balance | 364 | 354 | 309 |
Recovery from customers, incremental costs | 78 | 40 | 91 |
Allowance for long-term credit losses | 4 | 7 | |
Customers | |||
Credit Loss Roll Forward | |||
Beginning balance | 334 | 293 | 175 |
Current period provision for uncollectible accounts | 109 | 111 | 124 |
Write-offs, net of recoveries | (96) | (70) | (6) |
Ending balance | 347 | 334 | 293 |
All others | |||
Credit Loss Roll Forward | |||
Beginning balance | 20 | 16 | 13 |
Current period provision for uncollectible accounts | 6 | 11 | 11 |
Write-offs, net of recoveries | (9) | (7) | (8) |
Ending balance | $ 17 | $ 20 | $ 16 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Disposal) (Details) - Edison Carrier Solutions - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2023 | |
Discontinue | ||
Materials and supplies impairment | $ 13 | |
Materials and supplies impairment, after tax | $ 9 | |
Construction work in progress write down | $ 4 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Emissions) (Details) - SCE - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Significant Accounting Policies [Line Items] | ||
GHG allowances | $ 128 | $ 87 |
GHG emission obligations | 117 | 55 |
Regulatory liabilities | 10,183 | 9,175 |
LCFS net sales proceeds | ||
Significant Accounting Policies [Line Items] | ||
Regulatory liabilities | $ 248 | $ 218 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (PPE) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Aug. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||||
Impairment and other expense | $ 1 | $ 54 | $ 71 | ||
SCE | |||||
Property, Plant and Equipment [Line Items] | |||||
Depreciation | $ 2,500 | $ 2,500 | $ 2,000 | ||
Depreciation expense based on cost (as a percent) | 4.10% | 4.20% | 3.70% | ||
AFUDC equity capitalized during construction | $ 157 | $ 137 | $ 118 | ||
Impairment and other expense | $ 47 | $ 79 | 1 | 50 | 67 |
Asset impairment, net of tax | $ 34 | $ 47 | |||
SCE | Other income. | |||||
Property, Plant and Equipment [Line Items] | |||||
AFUDC equity capitalized during construction | 157 | 137 | 118 | ||
SCE | Interest expense | |||||
Property, Plant and Equipment [Line Items] | |||||
AFUDC debt capitalized during construction | $ 74 | $ 53 | $ 50 | ||
SCE | Generation plant | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 10 years | ||||
SCE | Generation plant | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 54 years | ||||
SCE | Generation plant | Weighted Average | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 39 years | ||||
SCE | Distribution plant | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 20 years | ||||
SCE | Distribution plant | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 67 years | ||||
SCE | Distribution plant | Weighted Average | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 50 years | ||||
SCE | Transmission plant | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 30 years | ||||
SCE | Transmission plant | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 65 years | ||||
SCE | Transmission plant | Weighted Average | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 54 years | ||||
SCE | General plant and other | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 5 years | ||||
SCE | General plant and other | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 60 years | ||||
SCE | General plant and other | Weighted Average | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 20 years |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Prepaid Insurance) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
Redeemable Noncontrolling Interest [Line Items] | |||||
Wildfire Insurance Fund contributions, noncurrent | $ 1,951 | $ 2,155 | |||
Wildfire Insurance Fund contributions, current | 204 | 204 | |||
Wildfire Insurance Fund contributions | $ 95 | $ 95 | $ 95 | ||
Measurement Input | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Historical term used in estimate | 10 years | 9 years | 8 years | ||
Wildfire Insurance Fund | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Wildfire Insurance Fund contributions, noncurrent | $ 2,000 | $ 2,200 | |||
Wildfire Insurance Fund contributions, current | 204 | 204 | |||
Wildfire Insurance Fund contributions | $ 2,400 | ||||
Wildfire Insurance Fund liability, noncurrent | $ 450 | $ 536 | |||
Insurance fund contribution amortization period | 20 years | 15 years | 15 years | ||
SCE | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Wildfire Insurance Fund contributions, noncurrent | $ 1,951 | $ 2,155 | |||
Wildfire Insurance Fund contributions, current | 204 | 204 | |||
Wildfire Insurance Fund contributions | $ 95 | $ 95 | $ 95 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies (Nuclear Decommissioning) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Asset Retirement Obligation, Roll Forward | ||
Beginning balance | $ 2,754 | |
Ending balance | 2,666 | $ 2,754 |
SCE | ||
Asset Retirement Obligation, Roll Forward | ||
Beginning balance | 2,754 | 2,772 |
Accretion | 144 | 143 |
Revisions | (3) | 28 |
Liabilities settled | (229) | (189) |
Ending balance | 2,666 | $ 2,754 |
SCE | Palo Verde and San Onofre Units | ||
Asset Retirement Obligation, Roll Forward | ||
Ending balance | 2,200 | |
Estimated cost to decommission nuclear facilities | $ 6,100 | |
Decommissioning cost escalated rates, low end (percent) | 2.20% | |
Decommissioning cost escalated rates, high end (percent) | 7.50% | |
Estimated annual net of tax earnings, low end (percent) | 3.10% | |
Estimated annual net of tax earnings, high end (percent) | 6.10% |
Summary of Significant Accou_12
Summary of Significant Accounting Policies (Deferred Financing) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Regulatory Assets | |||
Amortization of deferred financing costs charged to interest expense | $ 39 | $ 37 | $ 34 |
SCE | |||
Regulatory Assets | |||
Amortization of deferred financing costs charged to interest expense | $ 32 | $ 31 | $ 29 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies (Revenue) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SCE | |||
Public Utilities, General Disclosures [Line Items] | |||
Franchise fees billed to customers | $ 168 | $ 172 | $ 147 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies (ESPP) (Details) - USD ($) | 1 Months Ended | |
Jul. 31, 2021 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized (in shares) | 71,000,000 | |
ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized (in shares) | 3,000,000 | |
Maximum payroll deduction | $ 25,000 | |
Purchase price based on market (as a percent) | 97% | |
ESPP | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Payroll deductions (as a percent) | 1% | |
ESPP | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Payroll deductions (as a percent) | 10% |
Summary of Significant Accou_15
Summary of Significant Accounting Policies (Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Feb. 22, 2024 | Dec. 31, 2023 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2023 | |
Significant Accounting Policies [Line Items] | |||||
Dividend increase (decrease) (as a percent) | 5.80% | ||||
Dividends (in dollars per share) | $ 0.78 | $ 3.12 | $ 2.95 | ||
Minimum | |||||
Significant Accounting Policies [Line Items] | |||||
Dividend target payout ratio | 45% | ||||
Maximum | |||||
Significant Accounting Policies [Line Items] | |||||
Dividend target payout ratio | 55% | ||||
SCE | |||||
Significant Accounting Policies [Line Items] | |||||
Weighted-average equity component authorization (as a percent) | 52% | 48% | 45.20% | ||
Wildfire related charge incurred after tax | $ 1,800 | ||||
Weighted-average common equity component authorization period | 37 months | ||||
Weighted-average common equity component of total capitalization percent (below) | 48.70% | ||||
Spot rate equity ratio | 47.70% | ||||
Waiver threshold percent | 47.70% | ||||
Dividends | $ 360 | ||||
SCE | Minimum | |||||
Significant Accounting Policies [Line Items] | |||||
Weighted-average equity component authorization (as a percent) | 48% |
Summary of Significant Accou_16
Summary of Significant Accounting Policies (EPS) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic earnings (loss) per share: | |||
Net income (loss) | $ 1,197 | $ 612 | $ 759 |
Weighted average common shares outstanding (in shares) | 383,000,000 | 381,000,000 | 380,000,000 |
Basic earnings (loss) per share (in dollars per share) | $ 3.12 | $ 1.61 | $ 2 |
Diluted earnings (loss) per share: | |||
Net income (loss) | $ 1,197 | $ 612 | $ 759 |
Income impact of assumed conversions | 1 | 1 | 1 |
Net income (loss) available to common shareholders and assumed conversions | $ 1,198 | $ 613 | $ 760 |
Weighted average common shares outstanding (in shares) | 383,000,000 | 381,000,000 | 380,000,000 |
Incremental shares from assumed conversions (in shares) | 2,000,000 | 2,000,000 | 0 |
Adjusted weighted average shares - diluted (in shares) | 385,000,000 | 383,000,000 | 380,000,000 |
Diluted earnings (loss) per share (in dollars per share) | $ 3.11 | $ 1.60 | $ 2 |
Antidilutive awards excluded from earnings per share (in shares) | 3,771,766 | 5,839,549 | 10,239,501 |
Summary of Significant Accou_17
Summary of Significant Accounting Policies (New Accounting Guidance) (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Summary of Significant Accounting Policies | |
Number of reportable segment | 1 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Schedule) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | $ (12,910) | $ (12,260) |
Total utility property, plant and equipment | 55,877 | 53,274 |
SCE | ||
Property, Plant and Equipment [Line Items] | ||
Distribution | 34,573 | 32,754 |
Transmission | 18,526 | 18,106 |
Generation | 3,593 | 3,880 |
General plant and other | 6,383 | 6,121 |
Accumulated depreciation | (12,910) | (12,260) |
Total utility property, plant and equipment, Gross | 50,165 | 48,601 |
Construction work in progress | 5,590 | 4,551 |
Nuclear fuel, at amortized cost | 122 | 122 |
Total utility property, plant and equipment | $ 55,877 | $ 53,274 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Textual) (Details) - SCE - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Capitalized software costs | $ 2,100 | $ 2,000 | |
Capitalized software, accumulated amortization | 900 | 700 | |
Capitalized software, amortization expense | 358 | $ 344 | $ 311 |
Capitalized software, estimated amortization year 1 | 359 | ||
Capitalized software, estimated amortization year 2 | 317 | ||
Capitalized software, estimated amortization year 3 | 253 | ||
Capitalized software, estimated amortization year 4 | 168 | ||
Capitalized software, estimated amortization year 5 | $ 61 | ||
Capitalized software costs | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 5 years | ||
Capitalized software costs | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 7 years |
Property, Plant and Equipment_4
Property, Plant and Equipment (Jointly Owned Utility Projects) (Details) - SCE - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Jointly Owned Utility Plant Interests [Line Items] | ||
Nuclear Fuel (at amortized cost) | $ 122 | $ 122 |
Eldorado | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Plant in Service | 355 | |
Construction Work in Progress | 123 | |
Accumulated Depreciation | (63) | |
Nuclear Fuel (at amortized cost) | 0 | |
Net Book Value | $ 415 | |
Ownership Interest | 76% | |
Pacific Intertie | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Plant in Service | $ 356 | |
Construction Work in Progress | 3 | |
Accumulated Depreciation | (90) | |
Nuclear Fuel (at amortized cost) | 0 | |
Net Book Value | $ 269 | |
Ownership Interest | 50% | |
Palo Verde (nuclear) | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Plant in Service | $ 2,211 | |
Construction Work in Progress | 58 | |
Accumulated Depreciation | (1,670) | |
Nuclear Fuel (at amortized cost) | 122 | |
Net Book Value | $ 721 | |
Ownership Interest | 16% | |
Total | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Plant in Service | $ 2,922 | |
Construction Work in Progress | 184 | |
Accumulated Depreciation | (1,823) | |
Nuclear Fuel (at amortized cost) | 122 | |
Net Book Value | $ 1,405 |
Variable Interest Entities (Rec
Variable Interest Entities (Recovery Funding) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity | ||
Other current assets | $ 341 | $ 397 |
Regulatory assets: non-current | 8,897 | 8,181 |
Regulatory liabilities: current | 763 | 964 |
Current portion of long-term debt | 2,697 | 2,614 |
Other current liabilities | 1,751 | 1,601 |
Long-term debt | 30,316 | 27,025 |
SCE Recovery Funding LLC | ||
Variable Interest Entity | ||
Other current assets | 53 | 45 |
Regulatory assets: non-current | 1,558 | 834 |
Regulatory liabilities: current | 34 | 33 |
Current portion of long-term debt | 47 | 29 |
Other current liabilities | 6 | 4 |
Long-term debt | 1,515 | 809 |
SCE | ||
Variable Interest Entity | ||
Other current assets | 331 | 384 |
Regulatory assets: non-current | 8,897 | 8,181 |
Regulatory liabilities: current | 763 | 964 |
Current portion of long-term debt | 2,197 | 2,214 |
Other current liabilities | 1,713 | 1,578 |
Long-term debt | 26,297 | 24,044 |
SCE | SCE Recovery Funding LLC | ||
Variable Interest Entity | ||
Debt carrying amount | 1,600 | |
Regulatory assets: non-current | 1,558 | 834 |
Long-term debt | $ 1,515 | $ 809 |
Variable Interest Entities (Tru
Variable Interest Entities (Trusts) (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Trust VII | Trust Securities [Member] | |||||||
Variable Interest Entity | |||||||
Investments | $ 550,000,000 | ||||||
SCE | Trust Securities [Member] | |||||||
Variable Interest Entity | |||||||
Liquidation value (in dollars per share) | $ 2,500 | ||||||
SCE | 5.10% Series G Preferred Stock | |||||||
Variable Interest Entity | |||||||
Security dividend rate, (as a percent) | 5.10% | 5.10% | |||||
SCE | 5.75% Series H Preferred Stock | |||||||
Variable Interest Entity | |||||||
Security dividend rate, (as a percent) | 5.75% | 5.75% | |||||
SCE | 5.375% Series J Preferred Stock | |||||||
Variable Interest Entity | |||||||
Security dividend rate, (as a percent) | 5.375% | 5.375% | |||||
SCE | 5.45% Series K Preferred Stock | |||||||
Variable Interest Entity | |||||||
Security dividend rate, (as a percent) | 5.45% | 5.45% | |||||
SCE | 5.00% Series L Preferred Stock | |||||||
Variable Interest Entity | |||||||
Security dividend rate, (as a percent) | 5% | 5% | |||||
SCE | 7.50% Series M Preferred Stock | |||||||
Variable Interest Entity | |||||||
Security dividend rate, (as a percent) | 7.50% | 7.50% | |||||
SCE | Variable Interest Entity, Not Primary Beneficiary | |||||||
Variable Interest Entity | |||||||
Liquidation value (in dollars per share) | $ 25 | ||||||
Common stock | $ 10,000 | $ 10,000 | $ 10,000 | ||||
SCE | Power Purchase Agreement | |||||||
Variable Interest Entity | |||||||
Amounts paid to VIEs | 528,000,000 | 608,000,000 | |||||
SCE | Trust II | |||||||
Variable Interest Entity | |||||||
Liquidation preference | $ 400,000,000 | ||||||
SCE | Trust II | Trust Securities [Member] | |||||||
Variable Interest Entity | |||||||
Investments | 220,000,000 | 220,000,000 | |||||
SCE | Trust II | 5.10% Series G Preferred Stock | |||||||
Variable Interest Entity | |||||||
Security dividend rate, (as a percent) | 5.10% | ||||||
Liquidation preference | $ 400,000,000 | ||||||
Investments | 220,000,000 | 220,000,000 | |||||
SCE | Trust III | |||||||
Variable Interest Entity | |||||||
Liquidation preference | $ 275,000,000 | ||||||
SCE | Trust III | Trust Securities [Member] | |||||||
Variable Interest Entity | |||||||
Investments | 275,000,000 | 275,000,000 | |||||
SCE | Trust III | 5.75% Series H Preferred Stock | |||||||
Variable Interest Entity | |||||||
Security dividend rate, (as a percent) | 5.75% | ||||||
Liquidation preference | $ 275,000,000 | ||||||
Investments | 275,000,000 | 275,000,000 | |||||
SCE | Trust IV | |||||||
Variable Interest Entity | |||||||
Liquidation preference | $ 325,000,000 | ||||||
SCE | Trust IV | Trust Securities [Member] | |||||||
Variable Interest Entity | |||||||
Investments | 325,000,000 | 325,000,000 | |||||
SCE | Trust IV | 5.375% Series J Preferred Stock | |||||||
Variable Interest Entity | |||||||
Security dividend rate, (as a percent) | 5.375% | ||||||
Liquidation preference | $ 325,000,000 | ||||||
Investments | 325,000,000 | 325,000,000 | |||||
SCE | Trust V | |||||||
Variable Interest Entity | |||||||
Liquidation preference | $ 300,000,000 | ||||||
SCE | Trust V | Trust Securities [Member] | |||||||
Variable Interest Entity | |||||||
Investments | 300,000,000 | 300,000,000 | |||||
SCE | Trust V | 5.45% Series K Preferred Stock | |||||||
Variable Interest Entity | |||||||
Security dividend rate, (as a percent) | 5.45% | ||||||
Liquidation preference | $ 300,000,000 | ||||||
Investments | 300,000,000 | 300,000,000 | |||||
SCE | Trust VI | |||||||
Variable Interest Entity | |||||||
Liquidation preference | $ 475,000,000 | ||||||
SCE | Trust VI | Trust Securities [Member] | |||||||
Variable Interest Entity | |||||||
Investments | 475,000,000 | 475,000,000 | |||||
SCE | Trust VI | 5.00% Series L Preferred Stock | |||||||
Variable Interest Entity | |||||||
Security dividend rate, (as a percent) | 5% | ||||||
Liquidation preference | $ 475,000,000 | ||||||
Investments | 475,000,000 | $ 475,000,000 | |||||
SCE | Trust VII | |||||||
Variable Interest Entity | |||||||
Liquidation preference | 550,000,000 | ||||||
Common stock | $ 10,000 | ||||||
SCE | Trust VII | 7.50% Series M Preferred Stock | |||||||
Variable Interest Entity | |||||||
Security dividend rate, (as a percent) | 7.50% | ||||||
Liquidation preference | $ 550,000,000 | ||||||
Investments | $ 550,000,000 |
Variable Interest Entities (Inc
Variable Interest Entities (Income Statement) (Details) - SCE - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Trust II | |||
Variable Interest Entity | |||
Dividend income | $ 11 | $ 11 | $ 20 |
Dividend distributions | 11 | 11 | 20 |
Trust III | |||
Variable Interest Entity | |||
Dividend income | 16 | 16 | 16 |
Dividend distributions | 16 | 16 | 16 |
Trust IV | |||
Variable Interest Entity | |||
Dividend income | 17 | 17 | 17 |
Dividend distributions | 17 | 17 | 17 |
Trust V | |||
Variable Interest Entity | |||
Dividend income | 16 | 16 | 16 |
Dividend distributions | 16 | 16 | 16 |
Trust VI | |||
Variable Interest Entity | |||
Dividend income | 24 | 24 | 24 |
Dividend distributions | 24 | $ 24 | $ 24 |
Trust VII | |||
Variable Interest Entity | |||
Dividend income | 4 | ||
Dividend distributions | $ 4 |
Fair Value Measurements (Hierar
Fair Value Measurements (Hierarchy) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets at fair value | ||
Nuclear decommissioning trusts | $ 4,173 | $ 3,948 |
SCE | ||
Assets at fair value | ||
Nuclear decommissioning trusts | $ 4,173 | $ 3,948 |
Liabilities at fair value | ||
Percentage of equity investments located in the United States (as a percent) | 75% | 74% |
Collateralized mortgage obligations and other asset backed securities | $ 106 | $ 49 |
Receivable (payables), net, related to investments | (102) | (85) |
SCE | Fair Value, Measurements, Recurring | ||
Assets at fair value | ||
Netting and Collateral | (3) | (218) |
Derivative contracts, net | 91 | 241 |
Money market funds and other | 100 | 669 |
Nuclear decommissioning trusts | 4,275 | 4,033 |
Total assets | 4,466 | 4,943 |
Liabilities at fair value | ||
Netting and Collateral | (77) | (119) |
Derivative contracts, net | 0 | 1 |
Total liabilities | 0 | 1 |
Net assets | 4,466 | 4,942 |
Netting and Collateral, Total | 74 | (99) |
SCE | Fair Value, Measurements, Recurring | Level 1 | ||
Assets at fair value | ||
Derivative contracts | 0 | |
Money market funds and other | 78 | 647 |
Nuclear decommissioning trusts | 2,750 | 2,688 |
Total assets | 2,828 | 3,335 |
Liabilities at fair value | ||
Derivative contracts | 0 | |
Total liabilities | 0 | |
Net assets | 2,828 | 3,335 |
SCE | Fair Value, Measurements, Recurring | Level 2 | ||
Assets at fair value | ||
Derivative contracts | 3 | 392 |
Money market funds and other | 22 | 22 |
Nuclear decommissioning trusts | 1,525 | 1,345 |
Total assets | 1,550 | 1,759 |
Liabilities at fair value | ||
Derivative contracts | 77 | 116 |
Total liabilities | 77 | 116 |
Net assets | 1,473 | 1,643 |
SCE | Fair Value, Measurements, Recurring | Level 3 | ||
Assets at fair value | ||
Derivative contracts | 91 | 67 |
Money market funds and other | 0 | |
Nuclear decommissioning trusts | 0 | |
Total assets | 91 | 67 |
Liabilities at fair value | ||
Derivative contracts | 0 | 4 |
Total liabilities | 0 | 4 |
Net assets | 91 | 63 |
SCE | Fair Value, Measurements, Recurring | Equity securities | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 1,658 | 1,610 |
SCE | Fair Value, Measurements, Recurring | Equity securities | Level 1 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 1,658 | 1,610 |
SCE | Fair Value, Measurements, Recurring | Equity securities | Level 2 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 0 | |
SCE | Fair Value, Measurements, Recurring | Equity securities | Level 3 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 0 | |
SCE | Fair Value, Measurements, Recurring | Fixed Income | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 2,344 | 2,222 |
SCE | Fair Value, Measurements, Recurring | Fixed Income | Level 1 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 923 | 941 |
SCE | Fair Value, Measurements, Recurring | Fixed Income | Level 2 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 1,421 | 1,281 |
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 | 273 | 201 |
SCE | Fair Value, Measurements, Recurring | Short-term investments, primarily cash equivalents | Level 1 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 169 | 137 |
SCE | Fair Value, Measurements, Recurring | Short-term investments, primarily cash equivalents | Level 2 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | 104 | $ 64 |
SCE | Fair Value, Measurements, Recurring | Short-term investments, primarily cash equivalents | Level 3 | ||
Assets at fair value | ||
Nuclear decommissioning trusts | $ 0 |
Fair Value Measurements (Level
Fair Value Measurements (Level 3) (Details) - SCE - Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Disclosures Level 3 | ||
Fair value of net assets at beginning of period | $ 63 | $ 44 |
Sales | (1) | (8) |
Settlements | (40) | (54) |
Total realized/unrealized (losses)/gains | 69 | 81 |
Fair value of net assets at end of period | $ 91 | $ 63 |
Fair Value Measurements (Leve_2
Fair Value Measurements (Level 3 Inputs) (Details) - SCE - Level 3 - Congestion revenue rights (GWh) - Auction prices $ in Millions | Dec. 31, 2023 USD ($) $ / MWh | Dec. 31, 2022 USD ($) $ / MWh |
Quantitative Information About Level 3 Measurements [Line Items] | ||
Fair value, Level 3 assets | $ | $ 91 | $ 67 |
Fair value, Level 3 liabilities | $ | $ 4 | |
Minimum | ||
Quantitative Information About Level 3 Measurements [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | (6.44) | (7.91) |
Maximum | ||
Quantitative Information About Level 3 Measurements [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 16,574.36 | 3,856.67 |
Weighted Average | ||
Quantitative Information About Level 3 Measurements [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 2.74 | 1.64 |
Fair Value Measurements (Parent
Fair Value Measurements (Parent) (Details) - Edison International Parent and Other - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Level 1 | ||
Fair Value | ||
Equity investments fair value | $ 5 | |
Money market funds fair value | $ 121 | 137 |
Level 2 | ||
Fair Value | ||
Short-term investments fair value | 2 | $ 2 |
Level 3 | ||
Fair Value | ||
Short-term investments fair value | $ 0 |
Fair Value Measurements (Debt)
Fair Value Measurements (Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value of Long-Term Debt Recorded at Carrying Value | ||
Carrying Value | $ 33,013 | $ 29,639 |
Fair Value | 31,315 | 26,824 |
SCE | ||
Fair Value of Long-Term Debt Recorded at Carrying Value | ||
Carrying Value | 28,494 | 26,258 |
Fair Value | $ 26,712 | $ 23,469 |
Debt and Credit Agreements (Lon
Debt and Credit Agreements (Long-term Debt) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt | ||
Current portion of long-term debt | $ (2,697) | $ (2,614) |
Long-term debt | 30,316 | 27,025 |
Edison International Parent and Other | ||
Debt | ||
Current portion of long-term debt | (500) | (400) |
Unamortized debt discount/premium and issuance costs, net | (31) | (19) |
Long-term debt | 4,019 | 2,981 |
Edison International Parent and Other | Debentures and notes | ||
Debt | ||
Long-term debt | $ 4,550 | 3,400 |
Edison International Parent and Other | Debentures and notes | Minimum | ||
Debt | ||
Interest rate on debt (as a percent) | 3.55% | |
Edison International Parent and Other | Debentures and notes | Maximum | ||
Debt | ||
Interest rate on debt (as a percent) | 8.13% | |
SCE | ||
Debt | ||
Current portion of long-term debt | $ (2,197) | (2,214) |
Unamortized debt discount/premium and issuance costs, net | (165) | (149) |
Long-term debt | 26,297 | 24,044 |
SCE | Debentures and notes | ||
Debt | ||
Long-term debt | $ 306 | 306 |
SCE | Debentures and notes | Minimum | ||
Debt | ||
Interest rate on debt (as a percent) | 5.06% | |
SCE | Debentures and notes | Maximum | ||
Debt | ||
Interest rate on debt (as a percent) | 6.65% | |
SCE | First and refunding mortgage bonds | ||
Debt | ||
Long-term debt | $ 24,700 | 23,900 |
SCE | First and refunding mortgage bonds | Minimum | ||
Debt | ||
Interest rate on debt (as a percent) | 0.98% | |
SCE | First and refunding mortgage bonds | Maximum | ||
Debt | ||
Interest rate on debt (as a percent) | 6.05% | |
SCE | Pollution-control bonds | ||
Debt | ||
Long-term debt | $ 752 | 752 |
SCE | Pollution-control bonds | Minimum | ||
Debt | ||
Interest rate on debt (as a percent) | 1.45% | |
SCE | Pollution-control bonds | Maximum | ||
Debt | ||
Interest rate on debt (as a percent) | 4.50% | |
SCE | Senior secured recovery bonds | ||
Debt | ||
Long-term debt | $ 1,579 | 849 |
SCE | Senior secured recovery bonds | Minimum | ||
Debt | ||
Interest rate on debt (as a percent) | 0.86% | |
SCE | Senior secured recovery bonds | Maximum | ||
Debt | ||
Interest rate on debt (as a percent) | 5.11% | |
SCE | Other long-term debt | ||
Debt | ||
Long-term debt | $ 1,322 | $ 600 |
Other long-term debt | $ 722 | |
SCE | Other long-term debt | Secured Overnight Financing Rate ("SOFR") | ||
Debt | ||
Variable rate on debt (as a percent) | 0.90% | 0.90% |
Debt and Credit Agreements (Mat
Debt and Credit Agreements (Maturities) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
2024 | $ 2,697 |
2025 | 2,049 |
2026 | 800 |
2027 | 2,001 |
2028 | 2,942 |
SCE | |
Debt Instrument [Line Items] | |
2024 | 2,197 |
2025 | 1,249 |
2026 | 800 |
2027 | 1,401 |
2028 | $ 1,792 |
Debt and Credit Agreements (Cre
Debt and Credit Agreements (Credit Facilities) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Oct. 31, 2023 USD ($) | |
Line of Credit Facility | |||
Commitment | $ 4,850 | ||
Outstanding borrowings | 1,804 | ||
Outstanding letters of credit | 29 | ||
Amount available | $ 3,017 | ||
Edison International Parent and Other | |||
Line of Credit Facility | |||
Covenant debt to total capitalization ratio | 0.70 | ||
Actual debt to capitalization ratio | 0.63 | ||
Edison International Parent and Other | Multi-year credit facilities | |||
Line of Credit Facility | |||
Commitment | $ 1,500 | ||
Outstanding borrowings | 246 | ||
Amount available | 1,254 | ||
Contingent maximum available borrowing | $ 2,000 | ||
Edison International Parent and Other | Multi-year credit facilities | Secured Overnight Financing Rate ("SOFR") | |||
Line of Credit Facility | |||
Variable rate on debt (as a percent) | 1.28% | ||
Edison International Parent and Other | Multi-year credit facilities | Commercial paper | |||
Line of Credit Facility | |||
Outstanding borrowings | $ 246 | $ 90 | |
Weighted average interest rate (as a percent) | 5.82% | 4.92% | |
SCE | |||
Line of Credit Facility | |||
Covenant debt to total capitalization ratio | 0.65 | ||
Actual debt to capitalization ratio | 0.56 | ||
SCE | Multi-year credit facilities | |||
Line of Credit Facility | |||
Commitment | $ 3,350 | ||
Outstanding borrowings | 1,558 | ||
Outstanding letters of credit | 29 | ||
Amount available | 1,763 | ||
Contingent maximum available borrowing | $ 4,000 | ||
SCE | Multi-year credit facilities | Secured Overnight Financing Rate ("SOFR") | |||
Line of Credit Facility | |||
Variable rate on debt (as a percent) | 1.08% | ||
SCE | Multi-year credit facilities | Commercial paper | |||
Line of Credit Facility | |||
Outstanding borrowings | $ 1,554 | $ 195 | |
Weighted average interest rate (as a percent) | 5.82% | 5.20% | |
SCE | Other long-term debt | Secured Overnight Financing Rate ("SOFR") | |||
Line of Credit Facility | |||
Variable rate on debt (as a percent) | 0.90% | 0.90% | |
SCE | Standby letters of credit | |||
Line of Credit Facility | |||
Commitment | $ 625 | ||
Unused capacity | $ 572 | ||
Outstanding letters of credit | $ 53 |
Debt and Credit Agreements (Rec
Debt and Credit Agreements (Recovery and Term) (Details) - USD ($) $ in Millions | Jan. 31, 2024 | Dec. 31, 2023 |
Debt | ||
Outstanding borrowings | $ 1,804 | |
SCE | 4.875% first and refunding mortgage bonds due in 2027 | ||
Debt | ||
Debt, face amount | $ 500 | |
Interest rate on debt (as a percent) | 4.875% | |
SCE | 5.20% first and refunding mortgage bonds due in 2034 | ||
Debt | ||
Debt, face amount | $ 900 | |
Interest rate on debt (as a percent) | 5.20% |
Derivative Instruments (Derivat
Derivative Instruments (Derivative) (Details) - SCE - Derivatives with contingent features - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives | ||
Aggregate fair value of all derivative liabilities with credit-risk-related contingent features | $ 1 | $ 1 |
Posted collateral | 0 | $ 24 |
Potential amount of collateral to be posted if contingencies triggered | $ 5 |
Derivative Instruments (Balance
Derivative Instruments (Balance Sheet) (Details) - SCE - Commodity derivative contracts - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Liabilities | ||
Cash collateral posted for liability | $ 121 | |
Other Current Assets | ||
Derivative Assets | ||
Gross amounts recognized | 94 | $ 459 |
Gross amounts offset in the consolidated balance sheets | (3) | (119) |
Cash collateral posted/received | 0 | (99) |
Net amounts presented in the consolidated balance sheets | 91 | 241 |
Derivative Liabilities | ||
Cash collateral not offset against liability | 47 | |
Other Current Liabilities | ||
Derivative Liabilities | ||
Gross amounts recognized | 77 | 120 |
Gross amounts offset in the consolidated balance sheets | (3) | (119) |
Cash collateral posted/received | (74) | 0 |
Net amounts presented in the consolidated balance sheets | $ 0 | $ 1 |
Derivative Instruments (Hedging
Derivative Instruments (Hedging Activities) (Details) - SCE - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized | $ (14) | $ 178 | $ 200 |
Unrealized | $ (322) | $ 310 | $ (75) |
Derivative Instruments (Notiona
Derivative Instruments (Notional Values) (Details) - SCE | 12 Months Ended | |
Dec. 31, 2023 GWh Bcfe | Dec. 31, 2022 Bcfe GWh | |
Electricity options, swaps and forwards (GWh) | ||
Derivatives | ||
Notional volumes of derivative instruments | 3,494 | 1,022 |
Natural gas options, swaps and forwards (Bcf) | ||
Derivatives | ||
Notional volumes of derivative instruments | Bcfe | 31 | 42 |
Congestion revenue rights (GWh) | ||
Derivatives | ||
Notional volumes of derivative instruments | 35,011 | 44,028 |
Revenue (Summary) (Details)
Revenue (Summary) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | |||
Total operating revenue | $ 16,338 | $ 17,220 | $ 14,905 |
SCE | |||
Revenue | |||
Revenue from contracts with customers | 17,020 | 16,760 | 14,347 |
Alternative revenue programs and other operating revenue | (745) | 412 | 527 |
Total operating revenue | 16,275 | 17,172 | 14,874 |
Receivables from contracts with customers | 2,500 | 2,300 | |
Accrued unbilled revenues | 741 | 638 | |
SCE | Earning Activities | |||
Revenue | |||
Revenue from contracts with customers | 8,598 | 8,327 | 7,523 |
Alternative revenue programs and other operating revenue | 414 | 681 | 349 |
Total operating revenue | 9,012 | 9,008 | 7,872 |
SCE | Cost- Recovery Activities | |||
Revenue | |||
Revenue from contracts with customers | 8,422 | 8,433 | 6,824 |
Alternative revenue programs and other operating revenue | (1,159) | (269) | 178 |
Total operating revenue | $ 7,263 | $ 8,164 | $ 7,002 |
Revenue (Deferred) (Details)
Revenue (Deferred) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | |
Revenue | ||
Proceeds from Morongo Transmission LLC | $ 400 | |
SCE | ||
Revenue | ||
Proceeds from Morongo Transmission LLC | $ 400 | |
SCE | West of Devers | ||
Revenue | ||
Deferred revenue balance | $ 368 | |
Deferred revenue current | 13 | |
Deferred revenue non-current | $ 355 |
Income Taxes (Expense (Benefit)
Income Taxes (Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 0 | $ 2 | $ 0 |
State | 0 | 13 | (179) |
Total current | 0 | 15 | (179) |
Deferred: | |||
Federal | 101 | (103) | 83 |
State | 7 | (74) | (40) |
Total deferred | 108 | (177) | 43 |
Total income tax expense (benefit) | 108 | (162) | (136) |
SCE | |||
Current: | |||
Federal | 0 | 0 | 0 |
State | 5 | 2 | (45) |
Total current | 5 | 2 | (45) |
Deferred: | |||
Federal | 149 | (44) | 83 |
State | 30 | (67) | (21) |
Total deferred | 179 | (111) | 62 |
Total income tax expense (benefit) | $ 184 | $ (109) | $ 17 |
Income Taxes (Deferred Tax Liab
Income Taxes (Deferred Tax Liability) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Property | $ 894 | $ 859 |
Wildfire-related | 356 | 458 |
Nuclear decommissioning trust assets in excess of nuclear ARO liability | 380 | 321 |
Loss and credit carryforwards | 3,486 | 3,479 |
Regulatory balances | 626 | 641 |
Pension and postretirement benefits other than pensions, net | 127 | 130 |
Leases | 345 | 406 |
Other | 159 | 162 |
Sub-total | 6,373 | 6,456 |
Less: valuation allowance | 17 | 39 |
Total | 6,356 | 6,417 |
Deferred tax liabilities: | ||
Property | 10,627 | 10,091 |
Regulatory balances | 1,450 | 1,462 |
Nuclear decommissioning trust assets | 380 | 321 |
Leases | 345 | 406 |
Other | 187 | 225 |
Total | 12,989 | 12,505 |
Accumulated deferred income tax liability, net | 6,633 | 6,088 |
Operating loss carryforwards valuation allowance | 363 | 310 |
Operating loss carryforward | ||
Deferred tax assets: | ||
Less: valuation allowance | 17 | 35 |
Capital loss from sale of SoCore Energy | ||
Deferred tax assets: | ||
Less: valuation allowance | 4 | |
SCE | ||
Deferred tax assets: | ||
Property | 877 | 840 |
Wildfire-related | 354 | 457 |
Nuclear decommissioning trust assets in excess of nuclear ARO liability | 380 | 321 |
Loss and credit carryforwards | 2,103 | 2,157 |
Regulatory balances | 626 | 641 |
Pension and postretirement benefits other than pensions, net | 25 | 26 |
Leases | 345 | 406 |
Other | 147 | 135 |
Sub-total | 4,857 | 4,983 |
Less: valuation allowance | 0 | 0 |
Total | 4,857 | 4,983 |
Deferred tax liabilities: | ||
Property | 10,611 | 10,078 |
Regulatory balances | 1,450 | 1,462 |
Nuclear decommissioning trust assets | 380 | 321 |
Leases | 345 | 406 |
Other | 158 | 200 |
Total | 12,944 | 12,467 |
Accumulated deferred income tax liability, net | 8,087 | 7,484 |
Operating loss carryforwards valuation allowance | $ 299 | $ 254 |
Income Taxes (NOL and Carryforw
Income Taxes (NOL and Carryforwards) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Carryforwards | |||
Loss carryforwards | $ 3,368 | ||
Credit carryforwards | 481 | ||
Deferred tax expense | 108 | $ (177) | $ 43 |
Capistrano Wind | |||
Carryforwards | |||
Deferred tax expense | 106 | 121 | |
Expire in 2024 | |||
Carryforwards | |||
Loss carryforwards | 7 | ||
Credit carryforwards | 0 | ||
Expire between 2025 to 2028 | |||
Carryforwards | |||
Loss carryforwards | 22 | ||
Credit carryforwards | 0 | ||
Expire between 2029 to 2043 | |||
Carryforwards | |||
Loss carryforwards | 1,714 | ||
Credit carryforwards | 471 | ||
No expiration date | |||
Carryforwards | |||
Loss carryforwards | 1,625 | ||
Credit carryforwards | 10 | ||
SCE | |||
Carryforwards | |||
Loss carryforwards | 2,339 | ||
Credit carryforwards | 63 | ||
Deferred tax expense | 179 | $ (111) | $ 62 |
SCE | Expire in 2024 | |||
Carryforwards | |||
Loss carryforwards | 7 | ||
Credit carryforwards | 0 | ||
SCE | Expire between 2025 to 2028 | |||
Carryforwards | |||
Loss carryforwards | 22 | ||
Credit carryforwards | 0 | ||
SCE | Expire between 2029 to 2043 | |||
Carryforwards | |||
Loss carryforwards | 862 | ||
Credit carryforwards | 63 | ||
SCE | No expiration date | |||
Carryforwards | |||
Loss carryforwards | 1,448 | ||
Credit carryforwards | $ 0 |
Income Taxes (Rate Reconciliati
Income Taxes (Rate Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Sep. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Line Items] | |||||
Statutory tax rate (as a percent) | 21% | 21% | 21% | ||
Income from operations before income taxes | $ 1,515 | $ 662 | $ 789 | ||
Provision for income tax at federal statutory rate of 21% | 318 | 139 | 166 | ||
(Decrease) increase in income tax from: | |||||
State tax, net of federal income tax effect | 3 | (70) | (47) | ||
Property-related | (205) | (219) | (233) | ||
Change related to uncertain tax position | (147) | ||||
Wildfire related charges | 31 | ||||
Average rate assumption method ("ARAM") adjustment | 87 | ||||
Corporate-owned life insurance cash surrender value | (8) | (9) | (8) | ||
Other | (3) | 15 | |||
Total income tax expense (benefit) | $ 108 | $ (162) | $ (136) | ||
Effective tax rate | 7.10% | (24.50%) | (17.20%) | ||
Increase (decrease) to previously recorded tax expense | $ 268 | ||||
SCE | |||||
Income Tax Disclosure [Line Items] | |||||
Income from operations before income taxes | $ 1,781 | $ 845 | $ 952 | ||
Provision for income tax at federal statutory rate of 21% | 374 | 177 | 200 | ||
(Decrease) increase in income tax from: | |||||
State tax, net of federal income tax effect | 23 | (57) | (33) | ||
Property-related | (205) | (219) | (233) | ||
Change related to uncertain tax position | (37) | ||||
Wildfire related charges | 31 | ||||
Average rate assumption method ("ARAM") adjustment | $ 87 | 87 | |||
Corporate-owned life insurance cash surrender value | (8) | (9) | (8) | ||
Other | (1) | 10 | |||
Total income tax expense (benefit) | $ 184 | $ (109) | $ 17 | ||
Effective tax rate | 10.30% | (12.90%) | 1.80% |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits | |||
Beginning balance | $ 646 | $ 613 | $ 679 |
Tax positions taken during the current year, Increases | 65 | 54 | 53 |
Tax positions taken during a prior year, Increases | 13 | 3 | |
Tax positions taken during a prior year, decreases | (294) | (21) | (118) |
Settlements with taxing authorities | (4) | ||
Ending balance | 430 | 646 | 613 |
Unrecognized tax benefits that would impact the effective tax rate | 80 | ||
SCE | |||
Reconciliation of Unrecognized Tax Benefits | |||
Beginning balance | 374 | 340 | 320 |
Tax positions taken during the current year, Increases | 65 | 54 | 53 |
Tax positions taken during a prior year, Increases | 4 | 1 | |
Tax positions taken during a prior year, decreases | (25) | (20) | (29) |
Settlements with taxing authorities | (5) | ||
Ending balance | 418 | $ 374 | $ 340 |
Unrecognized tax benefits that would impact the effective tax rate | $ 68 |
Income Taxes (Interest and Pena
Income Taxes (Interest and Penalties) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Line Items] | |||
Net after-tax interest and penalties tax (benefit) expense | $ (41) | ||
SCE | |||
Income Tax Disclosure [Line Items] | |||
Accrued interest and penalties | $ 28 | $ 23 | |
Net after-tax interest and penalties tax (benefit) expense | $ 4 | $ 2 | $ (2) |
Compensation and Benefit Plan_2
Compensation and Benefit Plans (Employee Savings Plan) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plans [Line Items] | |||
Employer contributions | $ 121 | $ 103 | $ 97 |
SCE | |||
Defined Contribution Plans [Line Items] | |||
Employer contributions | $ 119 | $ 101 | $ 96 |
Compensation and Benefit Plan_3
Compensation and Benefit Plans (Plan Assets and Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amounts recognized in the consolidated balance sheets consist of: | |||
Long-term liabilities | $ (415) | $ (422) | |
Assumed health care cost trend rates: | |||
Other deferred credits and other long-term liabilities | 3,258 | 2,988 | |
Pension Plans | |||
Pension and Other Postretirement Benefits | |||
Expected contributions | 45 | 13 | |
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 3,524 | 4,171 | |
Service cost | 101 | 120 | $ 130 |
Interest cost | 180 | 111 | 103 |
Actuarial (gain) loss | 96 | (589) | |
Benefits paid | (254) | (289) | |
Projected benefit obligation at end of year | 3,647 | 3,524 | 4,171 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 3,462 | 4,296 | |
Actual return on plan assets | 369 | (575) | |
Employer contributions | 32 | 30 | |
Benefits paid | (254) | (289) | |
Fair value of plan assets at end of year | 3,609 | 3,462 | $ 4,296 |
(Underfunded)/Overfunded status at end of year | (38) | (62) | |
Amounts recognized in the consolidated balance sheets consist of: | |||
Long-term assets | 169 | 139 | |
Current liabilities | (30) | (26) | |
Long-term liabilities | (177) | (175) | |
Amounts recognized in the consolidated balance sheets | (38) | (62) | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Net gain | 21 | 17 | |
Amounts recognized as a regulatory (liability)/asset | (159) | (139) | |
Accumulated benefit obligation at end of year | 3,495 | 3,401 | |
Pension plans with an accumulated benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 3,647 | 3,524 | |
Accumulated benefit obligation | 3,495 | 3,401 | |
Fair value of plan assets | $ 3,609 | $ 3,462 | |
Weighted average assumptions used to determine obligations at end of year: | |||
Discount rate | 5.04% | 5.36% | 2.75% |
Rate of compensation increase | 4% | 4% | |
Assumed health care cost trend rates: | |||
Ultimate rate | 5.86% | 4.50% | 4.50% |
Gain (loss) from change in discount rate | $ (96) | $ 1,000 | |
Basis points in the discount rate | 0.32 | ||
Gain (loss) from valuation and experience | (456) | ||
Postretirement Benefits Other Than Pensions | |||
Pension and Other Postretirement Benefits | |||
Expected contributions | $ 0 | ||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 1,331 | 1,904 | |
Service cost | 20 | 34 | $ 40 |
Interest cost | 67 | 56 | 52 |
Actuarial (gain) loss | (567) | (598) | |
Plan participants' contributions | 28 | 29 | |
Benefits paid | (106) | (94) | |
Projected benefit obligation at end of year | 773 | 1,331 | 1,904 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 2,187 | 2,772 | |
Actual return on plan assets | 162 | (527) | |
Employer contributions | 4 | 7 | |
Plan participants' contributions | 28 | 29 | |
Benefits paid | (106) | (94) | |
Fair value of plan assets at end of year | 2,275 | 2,187 | $ 2,772 |
(Underfunded)/Overfunded status at end of year | 1,502 | 856 | |
Amounts recognized in the consolidated balance sheets consist of: | |||
Long-term assets | 1,506 | 871 | |
Current liabilities | (8) | ||
Long-term liabilities | (4) | (7) | |
Amounts recognized in the consolidated balance sheets | 1,502 | 856 | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Net gain | (5) | (2) | |
Amounts recognized as a regulatory (liability)/asset | $ (1,505) | $ (867) | |
Weighted average assumptions used to determine obligations at end of year: | |||
Discount rate | 5.06% | 5.43% | 2.95% |
Assumed health care cost trend rates: | |||
Rate assumed for following year | 6.50% | 6.75% | |
Ultimate rate | 5% | 5% | 5% |
Gain (loss) from change in discount rate | $ 553 | $ 546 | |
SCE | |||
Amounts recognized in the consolidated balance sheets consist of: | |||
Long-term liabilities | (105) | (105) | |
Assumed health care cost trend rates: | |||
Other deferred credits and other long-term liabilities | 3,206 | 2,919 | |
SCE | Pension Plans | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 3,159 | 3,694 | |
Service cost | 99 | 118 | $ 127 |
Service cost, excluding certain liabilities | 97 | 115 | |
Interest cost | 166 | 101 | 95 |
Interest cost, excluding certain liabilities | 162 | 97 | |
Actuarial (gain) loss | 82 | (503) | |
Benefits paid | (222) | (244) | |
Projected benefit obligation at end of year | 3,278 | 3,159 | 3,694 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 3,275 | 4,061 | |
Actual return on plan assets | 349 | (544) | |
Employer contributions | 13 | 2 | |
Benefits paid | (222) | (244) | |
Fair value of plan assets at end of year | 3,415 | 3,275 | 4,061 |
(Underfunded)/Overfunded status at end of year | 137 | 116 | |
Amounts recognized in the consolidated balance sheets consist of: | |||
Long-term assets | 149 | 128 | |
Current liabilities | (2) | (2) | |
Long-term liabilities | (10) | (10) | |
Amounts recognized in the consolidated balance sheets | 137 | 116 | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Net gain | 8 | 8 | |
Amounts recognized as a regulatory (liability)/asset | (159) | (139) | |
Accumulated benefit obligation at end of year | 3,136 | 3,049 | |
Pension plans with an accumulated benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 3,278 | 3,159 | |
Accumulated benefit obligation | 3,136 | 3,049 | |
Fair value of plan assets | $ 3,415 | $ 3,275 | |
Weighted average assumptions used to determine obligations at end of year: | |||
Discount rate | 5.04% | 5.36% | |
Rate of compensation increase | 4% | 4% | |
Assumed health care cost trend rates: | |||
Gain (loss) from change in discount rate | $ (92) | $ 929 | |
Gain (loss) from valuation and experience | (430) | ||
SCE | Pension Plans | Edison International | |||
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Net gain | 8 | 3 | |
Assumed health care cost trend rates: | |||
Other deferred credits and other long-term liabilities | 94 | 93 | |
SCE | Postretirement Benefits Other Than Pensions | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 1,323 | 1,895 | |
Service cost | 20 | 34 | 40 |
Interest cost | 67 | 55 | 52 |
Actuarial (gain) loss | (563) | (596) | |
Plan participants' contributions | 28 | 29 | |
Benefits paid | (106) | (94) | |
Projected benefit obligation at end of year | 769 | 1,323 | 1,895 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 2,187 | 2,772 | |
Actual return on plan assets | 162 | (527) | |
Employer contributions | 4 | 7 | |
Plan participants' contributions | 28 | 29 | |
Benefits paid | (106) | (94) | |
Fair value of plan assets at end of year | 2,275 | 2,187 | $ 2,772 |
(Underfunded)/Overfunded status at end of year | 1,506 | 864 | |
Amounts recognized in the consolidated balance sheets consist of: | |||
Long-term assets | 1,506 | 871 | |
Current liabilities | (7) | ||
Amounts recognized in the consolidated balance sheets | 1,506 | 864 | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Amounts recognized as a regulatory (liability)/asset | $ (1,505) | $ (867) | |
Weighted average assumptions used to determine obligations at end of year: | |||
Discount rate | 5.06% | 5.43% | |
Assumed health care cost trend rates: | |||
Rate assumed for following year | 6.50% | 6.75% | |
Ultimate rate | 5% | 5% | |
Gain (loss) from change in discount rate | $ 550 | $ 543 |
Compensation and Benefit Plan_4
Compensation and Benefit Plans (Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plans | |||
Pension and Other Postretirement Benefits | |||
Service cost | $ 101 | $ 120 | $ 130 |
Non-service cost (benefit) | |||
Interest cost | 180 | 111 | 103 |
Expected return on plan assets | (214) | (227) | (222) |
Settlement costs | 4 | ||
Amortization of prior service cost | 1 | ||
Amortization of net loss | 3 | 5 | 11 |
Regulatory adjustment | (47) | 6 | 25 |
Total non-service benefit | (78) | (101) | (82) |
Total expense | 23 | 19 | 48 |
Postretirement Benefits Other Than Pensions | |||
Pension and Other Postretirement Benefits | |||
Service cost | 20 | 34 | 40 |
Non-service cost (benefit) | |||
Interest cost | 67 | 56 | 52 |
Expected return on plan assets | (107) | (97) | (106) |
Amortization of prior service cost | (1) | (2) | (1) |
Amortization of net loss | (50) | (45) | (35) |
Regulatory adjustment | 71 | 55 | 51 |
Total non-service benefit | (20) | (33) | (39) |
Total expense | 1 | 1 | |
SCE | |||
Non-service cost (benefit) | |||
Total non-service benefit | (100) | (136) | (123) |
SCE | Pension Plans | |||
Pension and Other Postretirement Benefits | |||
Service cost | 99 | 118 | 127 |
Non-service cost (benefit) | |||
Interest cost | 166 | 101 | 95 |
Expected return on plan assets | (202) | (215) | (211) |
Settlement costs | 4 | ||
Amortization of prior service cost | 1 | ||
Amortization of net loss | 2 | 2 | 7 |
Regulatory adjustment | (47) | 6 | 25 |
Total non-service benefit | (81) | (102) | (83) |
Total expense | 18 | 16 | 44 |
SCE | Postretirement Benefits Other Than Pensions | |||
Pension and Other Postretirement Benefits | |||
Service cost | 20 | 34 | 40 |
Non-service cost (benefit) | |||
Interest cost | 67 | 55 | 52 |
Expected return on plan assets | (107) | (97) | (106) |
Amortization of prior service cost | (1) | (2) | (1) |
Amortization of net loss | (50) | (45) | (36) |
Regulatory adjustment | 71 | 55 | 51 |
Total non-service benefit | $ (20) | $ (34) | $ (40) |
Compensation and Benefit Plan_5
Compensation and Benefit Plans (OCI) (Details) - Pension Plans - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension and Other Postretirement Benefits | |||
Net loss (gain) | $ 6 | $ (45) | $ (10) |
Settlement charges | (4) | ||
Amortization of net loss | (2) | (8) | (11) |
Total loss (gain) recognized in other comprehensive income | 4 | (57) | (21) |
Total recognized in expense and other comprehensive income | 27 | (38) | 27 |
SCE | |||
Pension and Other Postretirement Benefits | |||
Net loss (gain) | 6 | (24) | (5) |
Settlement charges | (4) | ||
Amortization of net loss | (2) | (5) | (7) |
Total loss (gain) recognized in other comprehensive income | 4 | (33) | (12) |
Total recognized in expense and other comprehensive income | $ 22 | $ (17) | $ 32 |
Compensation and Benefit Plan_6
Compensation and Benefit Plans (Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Postretirement Benefits Other Than Pensions | |||
Pension and Other Postretirement Benefits | |||
Discount rate | 5.43% | 2.95% | 2.67% |
Expected long-term return on plan assets | 5% | 3.50% | 4% |
Assumed health care cost trend rates: | |||
Current year | 6.75% | 6.25% | 6.50% |
Ultimate rate | 5% | 5% | 5% |
Pension Plans | |||
Pension and Other Postretirement Benefits | |||
Discount rate | 5.36% | 2.75% | 2.38% |
Rate of compensation increase | 4% | 4% | 4% |
Expected long-term return on plan assets | 6.50% | 5.50% | 5.50% |
Assumed health care cost trend rates: | |||
Starting rate | 5.86% | 3.12% | 3.03% |
Ultimate rate | 5.86% | 4.50% | 4.50% |
SCE | Postretirement Benefits Other Than Pensions | |||
Assumed health care cost trend rates: | |||
Ultimate rate | 5% | 5% |
Compensation and Benefit Plan_7
Compensation and Benefit Plans (Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Pension Plans | |
Years ended December 31, | |
2024 | $ 325 |
2025 | 319 |
2026 | 332 |
2027 | 320 |
2028 | 314 |
2029 - 2033 | 1,447 |
Postretirement Benefits Other Than Pensions | |
Years ended December 31, | |
2024 | 48 |
2025 | 49 |
2026 | 49 |
2027 | 53 |
2028 | 54 |
2029 - 2033 | 276 |
SCE | Pension Plans | |
Years ended December 31, | |
2024 | 279 |
2025 | 279 |
2026 | 290 |
2027 | 284 |
2028 | 281 |
2029 - 2033 | 1,308 |
SCE | Postretirement Benefits Other Than Pensions | |
Years ended December 31, | |
2024 | 48 |
2025 | 48 |
2026 | 49 |
2027 | 53 |
2028 | 53 |
2029 - 2033 | $ 275 |
Compensation and Benefit Plan_8
Compensation and Benefit Plans (Pension Textual) (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Health reimbursement monthly contribution | $ 200 |
Permissible range of asset class weights (percent) | 5% |
Assumed average equity risk premium (percent) | 5% |
Forecasted return on private equity and opportunistic investments (percent) | 4% |
Pension Plans | US Equities | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target plan asset allocations (percent) | 19.20% |
Pension Plans | Non-US Equities | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target plan asset allocations (percent) | 10.80% |
Pension Plans | Fixed Income | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target plan asset allocations (percent) | 55% |
Pension Plans | Opportunistic Alternative Investments | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target plan asset allocations (percent) | 15% |
Postretirement Benefits Other Than Pensions | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Eligibility age | 55 years |
Service period for eligibility (at least) (years) | 10 years |
Postretirement Benefits Other Than Pensions | Fixed Income | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target plan asset allocations (percent) | 65% |
Postretirement Benefits Other Than Pensions | Opportunistic Alternative Investments | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target plan asset allocations (percent) | 6% |
Postretirement Benefits Other Than Pensions | Global Equities | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target plan asset allocations (percent) | 29% |
Voluntary Employee Beneficiary Association (VEBA) | Non-US Equities | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target plan asset allocations (percent) | 95% |
Voluntary Employee Beneficiary Association (VEBA) | Global Equities | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target plan asset allocations (percent) | 5% |
Compensation and Benefit Plan_9
Compensation and Benefit Plans (Pension Assets Fair Value) (Details) - Pension Plans - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 3,574 | $ 3,545 | |
Receivables and payables, net | 35 | (83) | |
Net plan assets available for benefits | $ 3,609 | $ 3,462 | $ 4,296 |
Publicly traded equity investments located in the US (percent) | 62% | 61% | |
Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 654 | $ 728 | |
Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 1,460 | 1,317 | |
NAV | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 1,460 | 1,500 | |
Government and agency securities | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 608 | 574 | |
Government and agency securities | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 256 | 281 | |
Government and agency securities | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 352 | 293 | |
Government and agency securities | NAV | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | ||
Corporate stocks | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 181 | $ 230 | |
Corporate stocks | Russell Indexes | |||
Pension and Other Postretirement Benefits | |||
Performance percentage benchmark, percentage | 36% | 36% | |
Corporate stocks | MSCI | |||
Pension and Other Postretirement Benefits | |||
Performance percentage benchmark, percentage | 64% | 64% | |
Corporate stocks | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 176 | $ 227 | |
Corporate stocks | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 5 | 3 | |
Corporate stocks | NAV | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | ||
Corporate bonds | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 1,057 | $ 973 | |
Corporate bonds | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 0 | ||
Actual plan asset allocations, percentage | 57% | 56% | |
Corporate bonds | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 1,057 | $ 973 | |
Corporate bonds | NAV | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | ||
Collateralized mortgage obligations and other asset backed securities | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 78 | 67 | |
Common/collective funds | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 584 | $ 658 | |
Common/collective funds | Standard and Poor's 500 | |||
Pension and Other Postretirement Benefits | |||
Performance percentage benchmark, percentage | 41% | 41% | |
Common/collective funds | MSCI all country world index exUS | |||
Pension and Other Postretirement Benefits | |||
Performance percentage benchmark, percentage | 40% | 46% | |
Common/collective funds | Non-index U.S. equity fund | |||
Pension and Other Postretirement Benefits | |||
Performance percentage benchmark, percentage | 16% | 11% | |
Common/collective funds | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 0 | ||
Common/collective funds | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | ||
Common/collective funds | NAV | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 584 | $ 658 | |
Partnerships/joint ventures | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 657 | 613 | |
Actual plan asset allocations, percentage | 17% | ||
Partnerships/joint ventures | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 0 | ||
Partnerships/joint ventures | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | ||
Partnerships/joint ventures | NAV | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 657 | 613 | |
Other investment entities | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 58 | 63 | |
Other investment entities | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | ||
Other investment entities | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | ||
Other investment entities | NAV | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 58 | 63 | |
Registered investment companies | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 365 | 365 | |
Registered investment companies | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 212 | 206 | |
Registered investment companies | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | ||
Registered investment companies | NAV | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 153 | 159 | |
Interest-bearing cash | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 10 | 14 | |
Interest-bearing cash | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 10 | 14 | |
Interest-bearing cash | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | ||
Interest-bearing cash | NAV | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | ||
Other investments | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 54 | 55 | |
Other investments | Level 1 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 0 | ||
Other investments | Level 2 | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | 46 | 48 | |
Other investments | NAV | |||
Pension and Other Postretirement Benefits | |||
Fair value of plan assets | $ 8 | $ 7 | |
Private equity and venture capital funds including branded consumer products, clean and information technology and healthcare | |||
Pension and Other Postretirement Benefits | |||
Actual plan asset allocations, percentage | 74% | 76% | |
Asset backed securities including distressed mortgages | |||
Pension and Other Postretirement Benefits | |||
Actual plan asset allocations, percentage | 18% | ||
Broad range of financial assets in all global markets | |||
Pension and Other Postretirement Benefits | |||
Actual plan asset allocations, percentage | 5% | 2% | |
Domestic mortgage backed securities | |||
Pension and Other Postretirement Benefits | |||
Actual plan asset allocations, percentage | 68% | 64% | |
High yield debt securities | |||
Pension and Other Postretirement Benefits | |||
Actual plan asset allocations, percentage | 32% | 36% | |
Equity Funds | |||
Pension and Other Postretirement Benefits | |||
Actual plan asset allocations, percentage | 28% | 22% | |
Fixed Income Funds | |||
Pension and Other Postretirement Benefits | |||
Actual plan asset allocations, percentage | 13% | 21% | |
SCE | |||
Pension and Other Postretirement Benefits | |||
Net plan assets available for benefits | $ 3,415 | $ 3,275 | $ 4,061 |
Compensation and Benefit Pla_10
Compensation and Benefit Plans (OPEB Assets Fair Value) (Details) - Postretirement Benefits Other Than Pensions - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 2,298 | $ 2,193 | |
Receivables and payables, net | (23) | (6) | |
Net plan assets available for benefits | $ 2,275 | $ 2,187 | $ 2,772 |
Publicly traded equity investments located in the US (percent) | 78% | 70% | |
Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 703 | $ 380 | |
Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 1,249 | 1,281 | |
NAV | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 346 | 532 | |
Government and agency securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 653 | 526 | |
Government and agency securities | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 569 | 222 | |
Government and agency securities | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 84 | 304 | |
Government and agency securities | NAV | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Corporate stocks | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 87 | $ 105 | |
Corporate stocks | Russell Indexes | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Performance percentage benchmark, percentage | 74% | 73% | |
Corporate stocks | MSCI All Country World Index | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Performance percentage benchmark, percentage | 26% | 27% | |
Corporate stocks | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 85 | $ 103 | |
Corporate stocks | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 2 | 2 | |
Corporate stocks | NAV | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Corporate notes and bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 1,064 | 860 | |
Corporate notes and bonds | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Corporate notes and bonds | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 1,064 | 860 | |
Corporate notes and bonds | NAV | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Common/collective funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 222 | $ 413 | |
Common/collective funds | Non-index U.S. equity fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual plan asset allocations, percentage | 40% | 27% | |
Common/collective funds | MSCI All Country World Index Investable Market Index | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual plan asset allocations, percentage | 45% | 53% | |
Common/collective funds | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 | |
Common/collective funds | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Common/collective funds | NAV | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 222 | 413 | |
Partnerships/joint ventures | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 124 | 119 | |
Partnerships/joint ventures | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Partnerships/joint ventures | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Partnerships/joint ventures | NAV | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 124 | 119 | |
Registered investment companies | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 47 | 55 | |
Registered investment companies | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 47 | 55 | |
Registered investment companies | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Registered investment companies | NAV | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Interest-bearing cash | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 29 | 56 | |
Interest-bearing cash | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Interest-bearing cash | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 29 | 56 | |
Interest-bearing cash | NAV | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 72 | 59 | |
Other investments | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 2 | 0 | |
Other investments | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 70 | 59 | |
Other investments | NAV | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Collateralized mortgage obligations and other asset backed securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Receivables and payables, net | $ 237 | $ 150 | |
Private equity and venture capital funds including branded consumer products, clean and information technology and healthcare | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual plan asset allocations, percentage | 65% | 63% | |
Asset backed securities including distressed mortgages | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual plan asset allocations, percentage | 28% | 31% | |
Broad range of financial assets in all global markets | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual plan asset allocations, percentage | 7% | 6% | |
Municipal securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 58 | $ 53 | |
Money Market Fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual plan asset allocations, percentage | 70% | 75% | |
Defined Benefit Plan, Equity Securities, Small Cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual plan asset allocations, percentage | 30% | 25% | |
SCE | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net plan assets available for benefits | $ 2,275 | $ 2,187 | $ 2,772 |
Compensation and Benefit Pla_11
Compensation and Benefit Plans (Expense) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation | |||
Performance incentive plan award (in shares) | 71 | ||
Share-based compensation available for grant (in shares) | 13 | ||
Stock-based compensation expense | $ 46 | $ 42 | $ 39 |
Income tax benefits related to stock-based compensation expense | 7 | 9 | 4 |
Employee Stock Option [Member] | |||
Share-based Compensation | |||
Stock-based compensation expense | 12 | 13 | 16 |
Performance shares | |||
Share-based Compensation | |||
Stock-based compensation expense | 15 | 13 | 9 |
Restricted stock units | |||
Share-based Compensation | |||
Stock-based compensation expense | 17 | 14 | 12 |
Other stock awards | |||
Share-based Compensation | |||
Stock-based compensation expense | 2 | 2 | 2 |
SCE | |||
Share-based Compensation | |||
Stock-based compensation expense | 26 | 22 | 20 |
Income tax benefits related to stock-based compensation expense | 5 | 5 | 3 |
SCE | Employee Stock Option [Member] | |||
Share-based Compensation | |||
Stock-based compensation expense | 6 | 7 | 8 |
SCE | Performance shares | |||
Share-based Compensation | |||
Stock-based compensation expense | 8 | 6 | 4 |
SCE | Restricted stock units | |||
Share-based Compensation | |||
Stock-based compensation expense | 12 | 9 | 8 |
SCE | Other stock awards | |||
Share-based Compensation | |||
Stock-based compensation expense | $ 0 | $ 0 | $ 0 |
Compensation and Benefit Pla_12
Compensation and Benefit Plans (Option Pricing) (Details) - Employee Stock Option [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation | |||
Expiration period | 10 years | ||
Expected terms | 4 years 9 months 18 days | 5 years | 5 years 4 months 24 days |
Risk-free interest rate, minimum | 3.60% | 1.60% | 1.10% |
Risk-free interest rate, maximum | 4.70% | 4.10% | 1.30% |
Expected volatility, minimum | 29% | 27.80% | 26.90% |
Expected volatility, maximum | 29.60% | 28.60% | 27.10% |
Weighted average volatility | 29.10% | 27.80% | 26.90% |
Volatility period | 58 months | 60 months | 64 months |
Minimum | |||
Share-based Compensation | |||
Vesting period | 3 years | ||
Expected dividend yield | 4.20% | 4% | 4.10% |
Maximum | |||
Share-based Compensation | |||
Vesting period | 4 years | ||
Expected dividend yield | 4.70% | 5% | 4.80% |
Weighted Average | |||
Share-based Compensation | |||
Expected dividend yield | 4.20% | 4% | 4.50% |
Compensation and Benefit Pla_13
Compensation and Benefit Plans (Option Activity) (Details) - Employee Stock Option [Member] $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Stock Options | |
Beginning balance (in shares) | shares | 11,883,556 |
Grants (in shares) | shares | 766,167 |
Forfeited or expired (in shares) | shares | (129,716) |
Exercised (in shares) | shares | (1,101,764) |
Ending balance (in shares) | shares | 11,418,243 |
Vested and expected to vest (in shares) | shares | 11,183,196 |
Exercisable (in shares) | shares | 8,642,764 |
Weighted Average Grant Date Fair Value | |
Beginning balance, weighted average exercise price (in dollars per share) | $ / shares | $ 63.64 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | 64.71 |
Forfeited or expired, weighted average exercise price (in dollars per share) | $ / shares | 65.61 |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | 57.36 |
Ending balance, weighted average exercise price (in dollars per share) | $ / shares | 64.30 |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares | 64.40 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 65.24 |
Outstanding, remaining contractual term | 4 years 10 months 20 days |
Vested and expected to vest, remaining contractual term | 4 years 9 months 29 days |
Exercisable, remaining contractual term | 4 years 10 days |
Vested and expected to vest, intrinsic value | $ | $ 88 |
Exercisable, intrinsic value | $ | 63 |
Exercise of option, tax benefit | $ | $ 4 |
SCE | |
Stock Options | |
Beginning balance (in shares) | shares | 5,797,632 |
Grants (in shares) | shares | 393,304 |
Forfeited or expired (in shares) | shares | (110,560) |
Exercised (in shares) | shares | (857,922) |
Transfers, net (in shares) | shares | (30,179) |
Ending balance (in shares) | shares | 5,192,275 |
Vested and expected to vest (in shares) | shares | 5,072,830 |
Exercisable (in shares) | shares | 3,808,466 |
Weighted Average Grant Date Fair Value | |
Beginning balance, weighted average exercise price (in dollars per share) | $ / shares | $ 63.31 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | 64.81 |
Forfeited or expired, weighted average exercise price (in dollars per share) | $ / shares | 66.28 |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | 58.07 |
Affiliate transfers, net, weighted average grant date fair value (in dollars per share) | $ / shares | 63.35 |
Ending balance, weighted average exercise price (in dollars per share) | $ / shares | 64.22 |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares | 64.34 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 65.31 |
Outstanding, remaining contractual term | 5 years 14 days |
Vested and expected to vest, remaining contractual term | 4 years 11 months 19 days |
Exercisable, remaining contractual term | 4 years 1 month 9 days |
Vested and expected to vest, intrinsic value | $ | $ 41 |
Exercisable, intrinsic value | $ | 28 |
Exercise of option, tax benefit | $ | $ 3 |
Compensation and Benefit Pla_14
Compensation and Benefit Plans (Unrecognized Comp) (Details) - Employee Stock Option [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Pension and Other Postretirement Benefits | |
Unrecognized compensation cost, net of expected forfeitures | $ 10 |
Weighted average period | 1 year 6 months |
SCE | |
Pension and Other Postretirement Benefits | |
Unrecognized compensation cost, net of expected forfeitures | $ 5 |
Weighted average period | 1 year 6 months |
Compensation and Benefit Pla_15
Compensation and Benefit Plans (Options Data) (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation | |||
Weighted average grant date fair value per option granted (in dollars per share) | $ 12.69 | $ 9.92 | $ 7.26 |
Fair value of options vested | $ 8 | $ 8 | $ 3 |
Value of options exercised | $ 14 | $ 17 | $ 8 |
SCE | |||
Share-based Compensation | |||
Weighted average grant date fair value per option granted (in dollars per share) | $ 12.71 | $ 9.92 | $ 7.30 |
Fair value of options vested | $ 7 | $ 5 | $ 3 |
Value of options exercised | $ 11 | $ 12 | $ 6 |
Compensation and Benefit Pla_16
Compensation and Benefit Plans (Non Option Activity) (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Performance shares | |
Shares | |
Beginning balance (in shares) | shares | 402,830 |
Granted (in shares) | shares | 255,883 |
Forfeited (in shares) | shares | (20,738) |
Vested (in shares) | shares | (141,134) |
Ending balance (in shares) | shares | 496,841 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 64.22 |
Granted (in dollars per share) | $ / shares | 76 |
Forfeited (in dollars per share) | $ / shares | 69.32 |
Vested (in dollars per share) | $ / shares | 57.71 |
Ending balance (in dollars per share) | $ / shares | $ 71.93 |
Restricted stock units | |
Shares | |
Beginning balance (in shares) | shares | 698,182 |
Granted (in shares) | shares | 324,469 |
Forfeited (in shares) | shares | (21,965) |
Vested (in shares) | shares | (108,274) |
Ending balance (in shares) | shares | 892,412 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 60.60 |
Granted (in dollars per share) | $ / shares | 64.84 |
Forfeited (in dollars per share) | $ / shares | 61.73 |
Vested (in dollars per share) | $ / shares | 68.16 |
Ending balance (in dollars per share) | $ / shares | $ 61.19 |
SCE | Performance shares | |
Shares | |
Beginning balance (in shares) | shares | 210,073 |
Granted (in shares) | shares | 131,318 |
Forfeited (in shares) | shares | (14,758) |
Vested (in shares) | shares | (76,108) |
Affiliate transfers, net (in shares) | shares | (1,434) |
Ending balance (in shares) | shares | 249,091 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 63.93 |
Granted (in dollars per share) | $ / shares | 76.18 |
Forfeited (in dollars per share) | $ / shares | 69.16 |
Vested (in dollars per share) | $ / shares | 57.68 |
Affiliate transfers (in dollars per share) | $ / shares | 62.85 |
Ending balance (in dollars per share) | $ / shares | $ 71.99 |
SCE | Restricted stock units | |
Shares | |
Beginning balance (in shares) | shares | 488,335 |
Granted (in shares) | shares | 231,446 |
Forfeited (in shares) | shares | (15,371) |
Vested (in shares) | shares | (55,488) |
Affiliate transfers, net (in shares) | shares | (3,373) |
Ending balance (in shares) | shares | 645,549 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 60.13 |
Granted (in dollars per share) | $ / shares | 64.92 |
Forfeited (in dollars per share) | $ / shares | 61.86 |
Vested (in dollars per share) | $ / shares | 67.57 |
Affiliate transfers (in dollars per share) | $ / shares | 60.05 |
Ending balance (in dollars per share) | $ / shares | $ 61.17 |
Investments (Trust Value) (Deta
Investments (Trust Value) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value | ||
Fair Values | $ 4,173 | $ 3,948 |
SCE | ||
Fair Value | ||
Fair Values | 4,173 | 3,948 |
Deferred income taxes related to unrealized gains | 380 | 321 |
SCE | Total debt securities and other | ||
Fair Value | ||
Amortized Costs | 2,233 | 2,158 |
Fair Values | 2,515 | 2,338 |
SCE | Municipal bonds | ||
Fair Value | ||
Amortized Costs | 636 | 672 |
Fair Values | 757 | 754 |
SCE | Government and agency securities | ||
Fair Value | ||
Amortized Costs | 1,072 | 1,025 |
Fair Values | 1,186 | 1,091 |
SCE | Corporate bonds | ||
Fair Value | ||
Amortized Costs | 361 | 351 |
Fair Values | 401 | 377 |
SCE | Short-term investments and receivables/payables | ||
Fair Value | ||
Amortized Costs | 164 | 110 |
Fair Values | 171 | 116 |
SCE | Repurchase agreements | ||
Fair Value | ||
Fair Values | $ 38 | $ 41 |
Repurchase agreement secured by US Treasury Securities (as a percent) | 100% | 97% |
SCE | Equity securities | ||
Fair Value | ||
Fair Values | $ 1,658 | $ 1,610 |
SCE | Fair Value, Measurements, Recurring | ||
Fair Value | ||
Fair Values | $ 4,275 | $ 4,033 |
Investments (Trust Info) (Detai
Investments (Trust Info) (Details) - USD ($) $ in Billions | Dec. 31, 2023 | Dec. 31, 2022 |
SCE | ||
Investments | ||
Cumulative unrealized holding gains, net of losses | $ 1.8 | $ 1.6 |
Investments (Trust gain loss) (
Investments (Trust gain loss) (Details) - SCE - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments | |||
Gross realized gains | $ 323 | $ 150 | $ 339 |
Gross realized losses | (73) | (127) | (24) |
Net unrealized gains/(losses) for equity securities | $ 103 | $ (369) | $ 103 |
Investments (Other) (Details)
Investments (Other) (Details) - Edison International Parent and Other - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Investments | ||
Equity investments without readily determinable fair values | $ 12 | $ 12 |
Cumulative upward adjustments investments without readily determinable fair values | $ 9 | $ 9 |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities (Textual) (Details) - SCE | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Regulatory Assets | ||
Regulatory assets related to deferred income taxes, recovery period, low range (in years) | 1 year | 1 year |
Regulatory assets related to deferred income taxes, recovery period, high range (in years) | 60 years | 60 years |
Low end of the range of remaining original amortization (in years) | 10 years | 10 years |
High end of the range of remaining original amortization (in years) | 40 years | 40 years |
Unamortized investments, net of accumulated amortization | ||
Regulatory Assets | ||
Return rate earned on assets included in rate base (as a percent) | 7.44% | 7.68% |
Regulatory Assets and Liabili_4
Regulatory Assets and Liabilities (Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Regulatory Assets | ||
Current regulatory assets | $ 2,524 | $ 2,497 |
Regulatory assets: non-current | 8,897 | 8,181 |
SCE | ||
Regulatory Assets | ||
Current regulatory assets | 2,524 | 2,497 |
Regulatory assets: non-current | 8,897 | 8,181 |
Total regulatory assets | 11,421 | 10,678 |
SCE | Regulatory balancing and memorandum accounts-Assets | ||
Regulatory Assets | ||
Current regulatory assets | 2,502 | 2,400 |
Regulatory assets: non-current | 1,257 | 1,589 |
SCE | Power contracts | ||
Regulatory Assets | ||
Current regulatory assets | 71 | |
SCE | Deferred income taxes | ||
Regulatory Assets | ||
Regulatory assets: non-current | 5,533 | 5,178 |
SCE | Unamortized investments, net of accumulated amortization | ||
Regulatory Assets | ||
Regulatory assets: non-current | 110 | 113 |
SCE | Unamortized losses on reacquired debt | ||
Regulatory Assets | ||
Regulatory assets: non-current | 99 | 109 |
SCE | Environmental remediation | ||
Regulatory Assets | ||
Regulatory assets: non-current | 226 | 241 |
SCE | Recovery assets | ||
Regulatory Assets | ||
Regulatory assets: non-current | 1,558 | 834 |
SCE | Other regulatory assets or liabilities | ||
Regulatory Assets | ||
Current regulatory assets | 22 | 26 |
Regulatory assets: non-current | $ 114 | $ 117 |
Regulatory Assets and Liabili_5
Regulatory Assets and Liabilities (Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Regulatory Liabilities | ||
Current regulatory liabilities | $ 763 | $ 964 |
Long-term regulatory liabilities | 9,420 | 8,211 |
SCE | ||
Regulatory Liabilities | ||
Current regulatory liabilities | 763 | 964 |
Long-term regulatory liabilities | 9,420 | 8,211 |
Total regulatory liabilities | 10,183 | 9,175 |
SCE | Regulatory balancing and memorandum accounts-Liabilities | ||
Regulatory Liabilities | ||
Current regulatory liabilities | 704 | 584 |
Long-term regulatory liabilities | 1,395 | 1,116 |
SCE | Energy derivatives | ||
Regulatory Liabilities | ||
Current regulatory liabilities | 16 | 338 |
SCE | Costs of removal | ||
Regulatory Liabilities | ||
Long-term regulatory liabilities | 2,635 | 2,589 |
SCE | Deferred income taxes | ||
Regulatory Liabilities | ||
Long-term regulatory liabilities | 2,211 | 2,250 |
SCE | Recoveries in excess of ARO liabilities | ||
Regulatory Liabilities | ||
Long-term regulatory liabilities | 1,498 | 1,231 |
SCE | Pension and other postretirement benefits | ||
Regulatory Liabilities | ||
Long-term regulatory liabilities | 1,664 | 1,007 |
SCE | Other regulatory assets or liabilities | ||
Regulatory Liabilities | ||
Current regulatory liabilities | 43 | 42 |
Long-term regulatory liabilities | $ 17 | $ 18 |
Regulatory Assets and Liabili_6
Regulatory Assets and Liabilities (Balancing Accounts) (Details) - SCE - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | $ 1,660 | $ 2,289 |
Energy procurement related costs | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | 397 | 1,104 |
Public purpose and energy efficiency | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | (1,736) | (1,577) |
GRC related balancing accounts | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | 1,361 | 1,034 |
Wildfire risk mitigation and insurance | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | 1,169 | 1,168 |
Wildfire and drought restoration | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | 417 | 352 |
COVID-19 costs | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | 16 | 67 |
Other | ||
Regulatory Assets and Liabilities | ||
Net regulatory assets (liabilities) | $ 36 | $ 141 |
Commitments and Contingencies_2
Commitments and Contingencies (Purchase obligations) (Details) - SCE - Power Purchase Agreement $ in Millions | Dec. 31, 2023 USD ($) |
Long-term Purchase Commitment [Line Items] | |
2024 | $ 2,862 |
2025 | 2,917 |
2026 | 2,732 |
2027 | 2,477 |
2028 | 2,261 |
Thereafter | 17,115 |
Total | $ 30,364 |
Commitments and Contingencies_3
Commitments and Contingencies (Unrecorded) (Details) - SCE - Power Purchase Agreement - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
2024 | $ 40 | ||
2025 | 89 | ||
2026 | 225 | ||
2027 | 386 | ||
2028 | 386 | ||
Thereafter | 5,752 | ||
Long-term lease expense | 69 | ||
Purchase cost | $ 4,500 | $ 5,100 | $ 4,700 |
Commitments and Contingencies_4
Commitments and Contingencies (Accrual roll forward) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Loss contingency accrual roll forward | ||
Wildfire-related claims, current | $ 30 | $ 121 |
Wildfire-related claims, non-current | 1,368 | 1,687 |
2017/2018 Wildfire/Mudslide Events | ||
Loss contingency accrual roll forward | ||
Balance, beginning | 1,119 | |
Increase in accrued estimated losses | 630 | 1,296 |
Amounts paid | (1,034) | |
Balance, end | 715 | 1,119 |
Wildfire-related claims, current | 30 | 121 |
Wildfire-related claims, non-current | 1,368 | 1,687 |
2017/2018 Wildfire/Mudslide Events | SED Settlement | ||
Loss contingency accrual roll forward | ||
Wildfire-related claims, current | 14 | 56 |
Wildfire-related claims, non-current | 48 | 64 |
2017/2018 Wildfire/Mudslide Events | Settled Litigation | ||
Loss contingency accrual roll forward | ||
Wildfire-related claims, current | 16 | 65 |
2017/2018 Wildfire/Mudslide Events | Estimated Losses for Remaining Alleged and Potential Claims | ||
Loss contingency accrual roll forward | ||
Wildfire-related claims, non-current | 637 | 934 |
Other Wildfire Related Claims | ||
Loss contingency accrual roll forward | ||
Wildfire-related claims, non-current | 683 | 689 |
Post-2018 Wildfires | ||
Loss contingency accrual roll forward | ||
Balance, beginning | 682 | |
Increase in accrued estimated losses | 184 | 572 |
Amounts paid | (190) | |
Balance, end | 676 | 682 |
SCE | ||
Loss contingency accrual roll forward | ||
Wildfire-related claims, current | 30 | 121 |
Wildfire-related claims, non-current | 1,368 | 1,687 |
SCE | 2017/2018 Wildfire/Mudslide Events | ||
Loss contingency accrual roll forward | ||
Increase in accrued estimated losses | 630 | |
SCE | 2017/2018 Wildfire/Mudslide Events | SED Settlement | ||
Loss contingency accrual roll forward | ||
Balance, end | 62 | |
SCE | 2017/2018 Wildfire/Mudslide Events | Settled Litigation | ||
Loss contingency accrual roll forward | ||
Balance, end | 78 | |
SCE | 2017/2018 Wildfire/Mudslide Events | Settled Litigation | SED Settlement | ||
Loss contingency accrual roll forward | ||
Balance, end | 62 | |
SCE | 2017/2018 Wildfire/Mudslide Events | Estimated Losses for Remaining Alleged and Potential Claims | ||
Loss contingency accrual roll forward | ||
Balance, end | 637 | |
SCE | Post-2018 Wildfires | ||
Loss contingency accrual roll forward | ||
Increase in accrued estimated losses | $ 184 | $ 572 |
Commitments and Contingencies_5
Commitments and Contingencies (Other commitments) (Details) - SCE - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Commitments [Line Items] | |||
2024 | $ 49 | ||
2025 | 36 | ||
2026 | 38 | ||
2027 | 32 | ||
2028 | 33 | ||
Thereafter | 161 | ||
Total | 349 | ||
Other contractual obligations | |||
Other Commitments [Line Items] | |||
Purchase cost | $ 60 | $ 58 | $ 62 |
Commitments and Contingencies_6
Commitments and Contingencies (Wildfires and Mudslides) (Details) - SCE | 1 Months Ended | ||||||||
Aug. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) a item individual | May 31, 2022 USD ($) a individual item | Sep. 30, 2020 USD ($) a item individual | Dec. 31, 2017 USD ($) a | Oct. 31, 2019 a item individual | Nov. 30, 2018 a item individual | Jan. 31, 2018 item individual | Dec. 04, 2017 a item individual | |
Thomas and Koenigstein Fires and Montecito Mudslides | |||||||||
Commitments and Contingencies | |||||||||
Fire-suppression costs | $ | $ 400,000,000 | ||||||||
December 2017 Wildfires | |||||||||
Commitments and Contingencies | |||||||||
Acres burned | a | 280,000 | ||||||||
Structures destroyed | 1,343 | ||||||||
Fatalities | individual | 2 | ||||||||
November 2018 Wildfires | |||||||||
Commitments and Contingencies | |||||||||
Acres burned | a | 100,000 | ||||||||
Structures destroyed | 1,643 | ||||||||
Structures damaged | 364 | ||||||||
Fatalities | individual | 3 | ||||||||
Additional fatalities | individual | 4 | ||||||||
Montecito Mudslides | |||||||||
Commitments and Contingencies | |||||||||
Structures destroyed | 135 | ||||||||
Structures damaged | 324 | ||||||||
Fatalities | individual | 21 | ||||||||
Additional fatalities | individual | 2 | ||||||||
2017 Creek Fire | |||||||||
Commitments and Contingencies | |||||||||
Acres burned | a | 16,000 | ||||||||
Structures destroyed | $ | 123 | ||||||||
Structures damaged | $ | 81 | ||||||||
Number of Injured | $ | 3 | ||||||||
Fire-suppression costs | $ | $ 40,000,000 | ||||||||
Saddle Ridge Fire | |||||||||
Commitments and Contingencies | |||||||||
Acres burned | a | 9,000 | ||||||||
Structures destroyed | 19 | ||||||||
Structures damaged | 88 | ||||||||
Fatalities | individual | 1 | ||||||||
Number of Injured | individual | 8 | ||||||||
Bobcat fire | |||||||||
Commitments and Contingencies | |||||||||
Acres burned | a | 116,000 | ||||||||
Number of Injured | individual | 6 | ||||||||
Estimated fire suppression costs | $ | $ 80,000,000 | ||||||||
Bobcat fire | Home/Residential | |||||||||
Commitments and Contingencies | |||||||||
Structures destroyed | 87 | ||||||||
Structures damaged | 28 | ||||||||
Bobcat fire | Commercial property | |||||||||
Commitments and Contingencies | |||||||||
Structures destroyed | 1 | ||||||||
Bobcat fire | Minor structures | |||||||||
Commitments and Contingencies | |||||||||
Structures destroyed | 83 | ||||||||
Structures damaged | 19 | ||||||||
Coastal Fire | |||||||||
Commitments and Contingencies | |||||||||
Acres burned | a | 200 | ||||||||
Structures destroyed | 20 | ||||||||
Structures damaged | 11 | ||||||||
Number of Injured | individual | 2 | ||||||||
Estimated fire suppression costs | $ | $ 3,000,000 | ||||||||
Fairview Fire | |||||||||
Commitments and Contingencies | |||||||||
Acres burned | a | 28,000 | ||||||||
Structures destroyed | 22 | ||||||||
Fatalities | individual | 2 | ||||||||
Number of civilian injury | individual | 1 | ||||||||
Number of Injured | individual | 2 | ||||||||
Estimated fire suppression costs | $ | $ 39,000,000 | ||||||||
Fairview Fire | Home/Residential | |||||||||
Commitments and Contingencies | |||||||||
Structures damaged | 5 | ||||||||
Fairview Fire | Minor structures | |||||||||
Commitments and Contingencies | |||||||||
Structures damaged | 17 |
Commitments and Contingencies_7
Commitments and Contingencies (Wildfires) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Feb. 15, 2024 plaintiff USD ($) | Oct. 31, 2021 USD ($) | Apr. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Oct. 31, 2020 USD ($) $ / claim | Dec. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) $ / claim | Dec. 31, 2019 USD ($) | |
2017/2018 Wildfire/Mudslide Events | |||||||||||||
Commitments and Contingencies | |||||||||||||
Increase (decrease) in estimated loss | $ 65,000,000 | ||||||||||||
Expected revenue through electric rates | $ 37,000,000 | $ 76,000,000 | |||||||||||
Total after-tax charge | 428,000,000 | 879,000,000 | |||||||||||
Payments | 1,034,000,000 | ||||||||||||
Charge for wildfire-related claims | 715,000,000 | 715,000,000 | 1,119,000,000 | ||||||||||
Total pre-tax charge | 593,000,000 | 1,220,000,000 | |||||||||||
Increase in accrued estimated losses | 630,000,000 | 1,296,000,000 | |||||||||||
2017/2018 Wildfire/Mudslide Events | Individual Plaintiff Settlements | |||||||||||||
Commitments and Contingencies | |||||||||||||
Number of plaintiffs | plaintiff | 1,500 | ||||||||||||
Post-2018 Wildfires | |||||||||||||
Commitments and Contingencies | |||||||||||||
Expected revenue through electric rates | 2,000,000 | 162,000,000 | |||||||||||
Total after-tax charge | 25,000,000 | 14,000,000 | |||||||||||
Payments | 190,000,000 | ||||||||||||
Charge for wildfire-related claims | 676,000,000 | 676,000,000 | 682,000,000 | ||||||||||
Total pre-tax charge | 35,000,000 | 20,000,000 | |||||||||||
Increase in accrued estimated losses | 184,000,000 | 572,000,000 | |||||||||||
SCE | |||||||||||||
Commitments and Contingencies | |||||||||||||
Regulatory Assets | 11,421,000,000 | 11,421,000,000 | 10,678,000,000 | ||||||||||
SCE | 2017/2018 Wildfire/Mudslide Events | |||||||||||||
Commitments and Contingencies | |||||||||||||
Expected revenue through electric rates | 4,000,000 | ||||||||||||
Total after-tax charge | 44,000,000 | ||||||||||||
Regulatory Assets | 37,000,000 | 37,000,000 | |||||||||||
Total pre-tax charge | 61,000,000 | ||||||||||||
Increase in accrued estimated losses | 630,000,000 | ||||||||||||
SCE | 2017/2018 Wildfire/Mudslide Events | SED Settlement | |||||||||||||
Commitments and Contingencies | |||||||||||||
Charge for wildfire-related claims | $ 550,000,000 | 62,000,000 | 62,000,000 | ||||||||||
Fine to State | 110,000,000 | ||||||||||||
Shareholder-funded safety measures costs | 65,000,000 | ||||||||||||
Third-party uninsured claims cost recovery waiver | $ 375,000,000 | ||||||||||||
SCE | 2017/2018 Wildfire/Mudslide Events | Local Public Entity Settlements | |||||||||||||
Commitments and Contingencies | |||||||||||||
Payments | $ 360,000,000 | ||||||||||||
SCE | 2017/2018 Wildfire/Mudslide Events | TKM Subrogation Settlement | |||||||||||||
Commitments and Contingencies | |||||||||||||
Payments | $ 1,200,000,000 | ||||||||||||
Payment agreement for each dollar of claim | $ / claim | 0.555 | ||||||||||||
SCE | 2017/2018 Wildfire/Mudslide Events | Individual Plaintiff Settlements | |||||||||||||
Commitments and Contingencies | |||||||||||||
Payments | 134,000,000 | $ 316,000,000 | $ 278,000,000 | $ 148,000,000 | 876,000,000 | 1,700,000,000 | $ 1,700,000,000 | ||||||
SCE | 2017/2018 Wildfire/Mudslide Events | Settled Litigation | |||||||||||||
Commitments and Contingencies | |||||||||||||
Charge for wildfire-related claims | 78,000,000 | 78,000,000 | |||||||||||
SCE | 2017/2018 Wildfire/Mudslide Events | Settled Litigation | SED Settlement | |||||||||||||
Commitments and Contingencies | |||||||||||||
Charge for wildfire-related claims | 62,000,000 | 62,000,000 | |||||||||||
SCE | 2017/2018 Wildfire/Mudslide Events | Estimated Losses for Remaining Alleged and Potential Claims | |||||||||||||
Commitments and Contingencies | |||||||||||||
Charge for wildfire-related claims | 637,000,000 | 637,000,000 | |||||||||||
SCE | 2017/2018 Wildfire/Mudslide Events | Aggregate | |||||||||||||
Commitments and Contingencies | |||||||||||||
Expected revenue through electric rates | 413,000,000 | ||||||||||||
Payments | 8,700,000,000 | ||||||||||||
Increase in accrued estimated losses | 9,400,000,000 | ||||||||||||
SCE | November 2018 Wildfires | Woolsey Subrogation Settlement | |||||||||||||
Commitments and Contingencies | |||||||||||||
Payments | $ 2,200,000,000 | $ 2,200,000,000 | |||||||||||
Payment agreement for each dollar of claim | $ / claim | 0.67 | ||||||||||||
SCE | 2017/2018 Wildfire/Mudslide Events, Excluding Certain Litigation | Aggregate | Individual Plaintiff Settlements | |||||||||||||
Commitments and Contingencies | |||||||||||||
Number of plaintiffs | 12,000 | ||||||||||||
SCE | Post-2018 Wildfires | |||||||||||||
Commitments and Contingencies | |||||||||||||
Expected revenue through electric rates | 2,000,000 | 162,000,000 | |||||||||||
Total after-tax charge | 24,000,000 | 8,000,000 | |||||||||||
Regulatory Assets | 154,000,000 | 154,000,000 | |||||||||||
Total pre-tax charge | 33,000,000 | 11,000,000 | |||||||||||
Increase in accrued estimated losses | 184,000,000 | $ 572,000,000 | |||||||||||
Expected insurance recoveries | $ 512,000,000 | 512,000,000 | |||||||||||
SCE | Post-2018 Wildfires | Aggregate | |||||||||||||
Commitments and Contingencies | |||||||||||||
Expected revenue through electric rates | 168,000,000 | ||||||||||||
Total after-tax charge | 65,000,000 | ||||||||||||
Payments | 204,000,000 | ||||||||||||
Increase in accrued estimated losses | 880,000,000 | ||||||||||||
SCE | Post-2018 Wildfires | Aggregate | CPUC | |||||||||||||
Commitments and Contingencies | |||||||||||||
Expected revenue through electric rates | 152,000,000 | ||||||||||||
SCE | Post-2018 Wildfires | Aggregate | FERC | |||||||||||||
Commitments and Contingencies | |||||||||||||
Expected revenue through electric rates | $ 16,000,000 |
Commitments and Contingencies_8
Commitments and Contingencies (Expense summary) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
2017/2018 Wildfire/Mudslide Events | |||
Commitments and Contingencies | |||
Charge for wildfire-related claims | $ 630 | $ 1,296 | |
Expected revenue from CPUC and FERC customers | (37) | (76) | |
Total pre-tax charge | 593 | 1,220 | |
Income tax benefit | (165) | (341) | |
Total after-tax charge | 428 | 879 | |
Post-2018 Wildfires | |||
Commitments and Contingencies | |||
Charge for wildfire-related claims | 184 | 572 | |
Expected insurance recoveries | (147) | (390) | |
Expected revenue from CPUC and FERC customers | (2) | (162) | |
Total pre-tax charge | 35 | 20 | |
Income tax benefit | (10) | (6) | |
Total after-tax charge | 25 | 14 | |
SCE | 2017/2018 Wildfire/Mudslide Events | |||
Commitments and Contingencies | |||
Charge for wildfire-related claims | 630 | ||
Expected revenue from CPUC and FERC customers | $ (4) | ||
Total pre-tax charge | 61 | ||
Total after-tax charge | $ 44 | ||
SCE | Post-2018 Wildfires | |||
Commitments and Contingencies | |||
Charge for wildfire-related claims | 184 | 572 | |
Expected insurance recoveries | (149) | (399) | |
Expected revenue from CPUC and FERC customers | (2) | (162) | |
Total pre-tax charge | 33 | 11 | |
Income tax benefit | (9) | (3) | |
Total after-tax charge | $ 24 | $ 8 |
Commitments and Contingencies_9
Commitments and Contingencies (Wildfire Insurance) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2023 | May 31, 2023 | Dec. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
SCE | |||||||||
Commitments and Contingencies | |||||||||
Wildfire insurance expense | $ 450 | ||||||||
Regulatory assets | $ 11,421 | $ 11,421 | $ 10,678 | ||||||
SCE | Customer-funded self-insurance | |||||||||
Commitments and Contingencies | |||||||||
Rate funded wildfire self-insurance program | $ 150 | ||||||||
Rate funded wildfire self-insurance program future proceeds, assuming no claims | 300 | ||||||||
Wildfire insurance coverage | $ 1,000 | ||||||||
Shareholder contribution on self insurance (as a percent) | 2.50% | ||||||||
Threshold for insurance costs before shareholder contributions | $ 500 | ||||||||
Maximum annual shareholder contribution | 12.5 | ||||||||
Self-insurance fund value | $ 1,000 | ||||||||
SCE | Insurance coverage through June 2023 | |||||||||
Commitments and Contingencies | |||||||||
Wildfire insurance coverage | 1,000 | ||||||||
Self insurance | 100 | ||||||||
Coverage net | 937 | ||||||||
SCE | Insurance coverage through June 2022 | |||||||||
Commitments and Contingencies | |||||||||
Wildfire insurance coverage | $ 1,000 | ||||||||
Self insurance | 100 | ||||||||
Co-insurance limit per policy year | 63 | ||||||||
SCE | Commercial insurance carriers | |||||||||
Commitments and Contingencies | |||||||||
Wildfire insurance expense | 357 | ||||||||
SCE | Commercial insurance carriers | Insurance coverage through June 2023 | |||||||||
Commitments and Contingencies | |||||||||
Coverage net | 835 | ||||||||
SCE | Commercial insurance carriers | Insurance coverage through June 2022 | |||||||||
Commitments and Contingencies | |||||||||
Coverage net | 837 | ||||||||
SCE | Edison Insurance Services-EIS | Insurance coverage through June 2023 | |||||||||
Commitments and Contingencies | |||||||||
Coverage net | $ 102 | ||||||||
SCE | Edison Insurance Services-EIS | Insurance coverage through June 2022 | |||||||||
Commitments and Contingencies | |||||||||
Coverage net | $ 28 | ||||||||
2017/2018 Wildfire/Mudslide Events | |||||||||
Commitments and Contingencies | |||||||||
Charge for wildfire-related claims | 630 | 1,296 | |||||||
Expected revenue through electric rates | 37 | 76 | |||||||
2017/2018 Wildfire/Mudslide Events | SCE | |||||||||
Commitments and Contingencies | |||||||||
Wildfire insurance coverage | 1,000 | ||||||||
Self insurance | 10 | ||||||||
Charge for wildfire-related claims | 630 | ||||||||
Expected revenue through electric rates | 4 | ||||||||
Regulatory assets | 37 | 37 | |||||||
Potential impairment | 172 | ||||||||
2017/2018 Wildfire/Mudslide Events | SCE | Aggregate | |||||||||
Commitments and Contingencies | |||||||||
Charge for wildfire-related claims | 9,400 | ||||||||
Litigation settlement | 8,800 | ||||||||
Insurance recoveries | 2,000 | ||||||||
Expected revenue through electric rates | 413 | ||||||||
November 2018 Wildfires | SCE | |||||||||
Commitments and Contingencies | |||||||||
Wildfire insurance coverage | 1,000 | ||||||||
Self insurance | 10 | ||||||||
Thomas and Koenigstein Fires and Montecito Mudslides | SCE | |||||||||
Commitments and Contingencies | |||||||||
Requested increase (decrease) revenue requirement | $ 2,400 | ||||||||
Loss contingency, Uninsured claims | 2,000 | ||||||||
Legal and other costs | $ 400 | ||||||||
CPUC cost recovery proceedings, capital recovery portion | 65 | 65 | |||||||
Post-2018 Wildfires | |||||||||
Commitments and Contingencies | |||||||||
Charge for wildfire-related claims | 184 | 572 | |||||||
Insurance recoveries | 147 | 390 | |||||||
Expected revenue through electric rates | 2 | 162 | |||||||
Post-2018 Wildfires | Edison Insurance Services-EIS | |||||||||
Commitments and Contingencies | |||||||||
Charge for wildfire-related claims | $ 3 | $ 9 | |||||||
Post-2018 Wildfires | SCE | |||||||||
Commitments and Contingencies | |||||||||
Charge for wildfire-related claims | 184 | 572 | |||||||
Insurance recoveries | 149 | 399 | |||||||
Expected revenue through electric rates | 2 | $ 162 | |||||||
Regulatory assets | 154 | 154 | |||||||
Expected insurance recoveries | $ 512 | 512 | |||||||
Post-2018 Wildfires | SCE | Aggregate | |||||||||
Commitments and Contingencies | |||||||||
Charge for wildfire-related claims | 880 | ||||||||
Insurance recoveries | 622 | ||||||||
Expected revenue through electric rates | $ 168 |
Commitments and Contingencie_10
Commitments and Contingencies (Environmental Remediation) (Details) - SCE $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) site | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Jointly Owned Utility Plant Interests [Line Items] | |||
Recorded estimated minimum liability | $ 247 | ||
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | ||
Environmental remediation regulatory assets | $ 226 | ||
Expected recovery from incentive mechanism | $ 34 | ||
Expected recovery from incentive mechanism (percent) | 90% | ||
Recovery through customer rates | $ 192 | ||
Recovery through customer rates (percent) | 100% | ||
Environmental remediation expense | $ 11 | $ 7 | $ 9 |
Clean up (period) | 40 years | ||
Expected remediation costs, low end of range | $ 12 | ||
Expected remediation costs, high end of range | $ 26 | ||
Material sites | |||
Jointly Owned Utility Plant Interests [Line Items] | |||
Identified remediation sites (number) | site | 24 | ||
Minimum estimated liability | $ 1 | ||
Recorded estimated minimum liability | 244 | ||
Cost may exceed liability | 125 | ||
Material sites | San Onofre | |||
Jointly Owned Utility Plant Interests [Line Items] | |||
Recorded estimated minimum liability | $ 159 | ||
Immaterial sites | |||
Jointly Owned Utility Plant Interests [Line Items] | |||
Identified remediation sites (number) | site | 14 | ||
Recorded estimated minimum liability | $ 3 | ||
Cost may exceed liability | $ 4 |
Commitments and Contingencie_11
Commitments and Contingencies (Nuclear) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 01, 2023 | Dec. 31, 2023 | |
Palo Verde (nuclear) | ||
Commitments and Contingencies | ||
Federal loss limit, bodily injury and property damage from nuclear incident | $ 16,200 | |
San Onofre | ||
Commitments and Contingencies | ||
Federal loss limit, bodily injury and property damage from nuclear incident | 560 | |
SCE | ||
Commitments and Contingencies | ||
Limit on retroactive premium adjustments assessment, per year | 24 | |
Maximum per incident, prior events | 255 | |
Maximum per incident, prior events, annually | 38 | |
SCE | Palo Verde (nuclear) | ||
Commitments and Contingencies | ||
Minimum federal requirement of nuclear property insurance | 1,100 | |
Maximum per incident | 79 | |
Maximum per incident annual | 12 | |
SCE | San Onofre | ||
Commitments and Contingencies | ||
Minimum federal requirement of nuclear property insurance | $ 50 | |
SCE and other owners of San Onofre and Palo Verde | ||
Commitments and Contingencies | ||
Maximum private primary insurance | $ 450 |
Leases (Life) (Details)
Leases (Life) (Details) - SCE | Dec. 31, 2023 |
Power Purchase Agreement | Minimum | |
Leases | |
Operating lease term | 15 years |
Power Purchase Agreement | Maximum | |
Leases | |
Operating lease term | 20 years |
Office Leases | Minimum | |
Leases | |
Operating lease term | 3 years |
Office Leases | Maximum | |
Leases | |
Operating lease term | 72 years |
Other operating leases | Minimum | |
Leases | |
Operating lease term | 5 years |
Other operating leases | Maximum | |
Leases | |
Operating lease term | 13 years |
Leases (Lease Payments) (Detail
Leases (Lease Payments) (Details) - SCE $ in Millions | Dec. 31, 2023 USD ($) |
PPA Operating Leases | |
Operating Leases | |
2024 | $ 111 |
2025 | 99 |
2026 | 89 |
2027 | 84 |
2026 | 84 |
Thereafter | 782 |
Total lease payments | 1,249 |
Amount representing interest | 302 |
Lease liabilities | 947 |
Other operating leases | |
Operating Leases | |
2024 | 55 |
2025 | 50 |
2026 | 46 |
2027 | 41 |
2026 | 36 |
Thereafter | 111 |
Total lease payments | 339 |
Amount representing interest | 72 |
Lease liabilities | $ 267 |
Leases (Lease Expense) (Details
Leases (Lease Expense) (Details) - SCE - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | |||
Total lease cost | $ 2,836 | $ 3,293 | $ 2,989 |
PPA Operating Leases | |||
Leases | |||
Operating lease cost | 503 | 580 | 305 |
Variable lease cost | 2,277 | 2,661 | 2,098 |
Short term lease cost | 539 | ||
Total lease cost | 2,780 | 3,241 | 2,942 |
Other operating leases | |||
Leases | |||
Total lease cost | $ 56 | $ 52 | $ 47 |
Leases (Other Information) (Det
Leases (Other Information) (Details) - SCE - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
PPA Operating Leases | |||
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 503 | $ 580 | $ 305 |
Operating ROU assets obtained in exchange for lease obligations | $ 226 | $ 20 | $ 1,084 |
Weighted average remaining operating lease term (in years) | 13 years 4 months 13 days | 9 years 5 months 1 day | 8 years 1 month 28 days |
Operating leases weighted average discount rate | 4.30% | 2.95% | 2.43% |
Other operating leases | |||
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 55 | $ 50 | $ 45 |
Operating ROU assets obtained in exchange for lease obligations | $ 69 | $ 76 | $ 71 |
Weighted average remaining operating lease term (in years) | 9 years 6 months 21 days | 10 years 4 months 17 days | 11 years 1 month 20 days |
Operating leases weighted average discount rate | 4.22% | 3.78% | 3.34% |
Leases (Lessor) (Details)
Leases (Lessor) (Details) - SCE - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessor | |||
Lease income | $ 17 | $ 18 | $ 16 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | Revenues |
2024 | $ 13 | ||
2025 | 12 | ||
2026 | 8 | ||
2027 | 8 | ||
2028 | 7 | ||
Thereafter | 124 | ||
Total | $ 172 | ||
Minimum | |||
Lessor | |||
Finance lease term | 15 years | ||
Maximum | |||
Lessor | |||
Finance lease term | 65 years |
Equity (Common) (Details)
Equity (Common) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Stock compensation awards | ||
Equity | ||
Stock issued (in shares) | 1,151,964 | 1,253,049 |
Proceeds received, net of offering costs | $ 58 | $ 57 |
In lieu of dividend payment | ||
Equity | ||
Stock issued (in shares) | 259,109 | 273,642 |
Proceeds received, net of offering costs | $ 18 | $ 18 |
401(K) | ||
Equity | ||
Stock issued (in shares) | 144,200 | 157,000 |
Proceeds received, net of offering costs | $ 10 | $ 10 |
Employee Stock Purchase Plan | ||
Equity | ||
Stock issued (in shares) | 55,923 | 36,912 |
Proceeds received, net of offering costs | $ 4 | $ 2 |
Voluntary Cash Purchase | ||
Equity | ||
Stock issued (in shares) | 105,218 | 109,750 |
Proceeds received, net of offering costs | $ 7 | $ 7 |
At-the-market Program (ATM) | ||
Equity | ||
Aggregate sale price | $ 500 |
Equity (Preferred and Preferenc
Equity (Preferred and Preference) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Nov. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Feb. 22, 2024 | |
Equity | |||||
Gain on shares acquired | $ 16 | ||||
Redemption amount (in dollars per share) | $ 1,000 | $ 1,000 | |||
Redemption amount following change in criteria (in dollars per share) | $ 1,020 | $ 1,020 | |||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||
Preference stocks summary | |||||
Dividends (in dollars per share) | $ 3.12 | $ 2.95 | $ 3.12 | $ 0.78 | |
Preferred / preference stock outstanding value | $ 1,673 | $ 1,673 | $ 1,978 | ||
Edison International's preference stock of utility | $ 2,443 | $ 2,443 | $ 1,901 | ||
Preferred stock | |||||
Equity | |||||
Liquidation value (in dollars per share) | $ 1,000 | $ 1,000 | |||
Series A | |||||
Equity | |||||
Preferred stock, dividend rate, (as a percent) | 5.375% | ||||
Shares repurchased | 29,186 | 61,497 | |||
Average price shares acquired (in dollars per share) | $ 971 | $ 925 | |||
Preferred stock current redemption amount | $ 28 | $ 57 | $ 28 | ||
Preferred stock, shares issued | 1,159,317 | 1,159,317 | 1,250,000 | ||
Preference stocks summary | |||||
Preferred Stock, Shares Outstanding | 1,159,317 | 1,159,317 | 1,250,000 | ||
Series B | |||||
Equity | |||||
Preferred stock, dividend rate, (as a percent) | 5% | ||||
Shares repurchased | 133,323 | 84,223 | |||
Average price shares acquired (in dollars per share) | $ 955 | $ 904 | |||
Preferred stock current redemption amount | $ 127 | $ 76 | $ 127 | ||
Preferred stock, shares issued | 532,454 | 532,454 | 750,000 | ||
Preference stocks summary | |||||
Preferred Stock, Shares Outstanding | 532,454 | 532,454 | 750,000 | ||
SCE | |||||
Equity | |||||
Shares repurchased | 0 | 0 | |||
Preference stocks summary | |||||
Preferred / preference stock outstanding value | $ 2,495 | $ 2,495 | $ 1,945 | ||
SCE | Preferred stock | |||||
Equity | |||||
Preferred stock, shares issued | 0 | 0 | |||
Dividends in arrears preferred stock | $ 0 | ||||
Preference stocks summary | |||||
Preferred Stock, Shares Outstanding | 0 | 0 | 0 | ||
Preferred / preference stock outstanding value | $ 2,495 | $ 2,495 | $ 1,945 | ||
Less issuance costs | $ (52) | $ (44) | |||
SCE | Cumulative preferred stock, $100 par value | |||||
Equity | |||||
Preferred stock, shares authorized | 12,000,000 | 12,000,000 | |||
Preferred stock, par value (in dollars per share) | $ 100 | $ 100 | |||
SCE | Cumulative preferred stock $25 par value | |||||
Equity | |||||
Preferred stock, shares authorized | 24,000,000 | 24,000,000 | |||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 | |||
SCE | No par value | |||||
Equity | |||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | |||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 | |||
SCE | Series E Preferred Stock | |||||
Preference stocks summary | |||||
Preferred stock, variable dividend rate, (as a percent) | 4.199% | 4.199% | |||
Preferred Stock, Shares Outstanding | 350,000 | 350,000 | 350,000 | ||
Redemption price (in dollars per share) | $ 1,000 | $ 1,000 | $ 1,000 | ||
Dividends (in dollars per share) | $ 96.823 | $ 96.823 | $ 96.823 | ||
Preferred / preference stock outstanding value | $ 350 | $ 350 | $ 350 | ||
SCE | 5.10% Series G Preferred Stock | |||||
Equity | |||||
Preferred stock, dividend rate, (as a percent) | 5.10% | 5.10% | |||
Preference stocks summary | |||||
Preferred Stock, Shares Outstanding | 88,004 | 88,004 | 88,004 | ||
Redemption price (in dollars per share) | $ 2,500 | $ 2,500 | $ 2,500 | ||
Dividends (in dollars per share) | $ 127.500 | $ 127.500 | $ 127.500 | ||
Preferred / preference stock outstanding value | $ 220 | $ 220 | $ 220 | ||
SCE | 5.75% Series H Preferred Stock | |||||
Equity | |||||
Preferred stock, dividend rate, (as a percent) | 5.75% | 5.75% | |||
Preference stocks summary | |||||
Preferred Stock, Shares Outstanding | 110,004 | 110,004 | |||
Redemption price (in dollars per share) | $ 2,500 | $ 2,500 | $ 2,500 | ||
Dividends (in dollars per share) | $ 143.750 | $ 143.750 | $ 143.750 | ||
Preferred / preference stock outstanding value | $ 275 | $ 275 | $ 275 | ||
SCE | 5.375% Series J Preferred Stock | |||||
Equity | |||||
Preferred stock, dividend rate, (as a percent) | 5.375% | 5.375% | |||
Preference stocks summary | |||||
Preferred Stock, Shares Outstanding | 130,004 | 130,004 | 130,004 | ||
Redemption price (in dollars per share) | $ 2,500 | $ 2,500 | $ 2,500 | ||
Dividends (in dollars per share) | $ 134.375 | $ 134.375 | $ 134.375 | ||
Preferred / preference stock outstanding value | $ 325 | $ 325 | $ 325 | ||
SCE | 5.45% Series K Preferred Stock | |||||
Equity | |||||
Preferred stock, dividend rate, (as a percent) | 5.45% | 5.45% | |||
Preference stocks summary | |||||
Preferred Stock, Shares Outstanding | 120,004 | 120,004 | |||
Redemption price (in dollars per share) | $ 2,500 | $ 2,500 | $ 2,500 | ||
Dividends (in dollars per share) | $ 136.250 | $ 136.250 | $ 136.250 | ||
Preferred / preference stock outstanding value | $ 300 | $ 300 | $ 300 | ||
SCE | 5.00% Series L Preferred Stock | |||||
Equity | |||||
Preferred stock, dividend rate, (as a percent) | 5% | 5% | |||
Preference stocks summary | |||||
Preferred Stock, Shares Outstanding | 190,004 | 190,004 | 190,004 | ||
Redemption price (in dollars per share) | $ 2,500 | $ 2,500 | $ 2,500 | ||
Dividends (in dollars per share) | $ 125 | $ 125 | $ 125 | ||
Preferred / preference stock outstanding value | $ 475 | $ 475 | $ 475 | ||
SCE | 7.50% Series M Preferred Stock | |||||
Equity | |||||
Preferred stock, dividend rate, (as a percent) | 7.50% | 7.50% | |||
Preference stocks summary | |||||
Preferred Stock, Shares Outstanding | 220,004 | 220,004 | 220,004 | ||
Redemption price (in dollars per share) | $ 2,500 | $ 2,500 | $ 2,500 | ||
Preferred / preference stock outstanding value | $ 550 | $ 550 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax | |||
Beginning balance | $ 17,522 | $ 17,789 | $ 15,949 |
Changes in accumulated other comprehensive loss | |||
Other comprehensive income, net of tax | 2 | 43 | 15 |
Ending Balance | 17,944 | 17,522 | 17,789 |
Accumulated Other Comprehensive Loss | |||
AOCI Attributable to Parent, Net of Tax | |||
Beginning balance | (11) | (54) | (69) |
Changes in accumulated other comprehensive loss | |||
Other comprehensive income, net of tax | 2 | 43 | 15 |
Ending Balance | (9) | (11) | (54) |
Accumulated Defined Benefit Plans Adjustment | |||
Changes in accumulated other comprehensive loss | |||
Other comprehensive (loss) income before reclassifications | (2) | 35 | |
Reclassified from accumulated other comprehensive loss1 | 1 | 8 | |
Foreign currency translation adjustments | |||
Changes in accumulated other comprehensive loss | |||
Other comprehensive (loss) income before reclassifications | (3) | ||
SCE | |||
AOCI Attributable to Parent, Net of Tax | |||
Beginning balance | 20,789 | 19,835 | 18,650 |
Changes in accumulated other comprehensive loss | |||
Other comprehensive income, net of tax | (4) | 24 | 9 |
Ending Balance | 21,404 | 20,789 | 19,835 |
SCE | Accumulated Other Comprehensive Loss | |||
AOCI Attributable to Parent, Net of Tax | |||
Beginning balance | (8) | (32) | (41) |
Changes in accumulated other comprehensive loss | |||
Other comprehensive income, net of tax | (4) | 24 | 9 |
Ending Balance | (12) | (8) | $ (32) |
SCE | Accumulated Defined Benefit Plans Adjustment | |||
Changes in accumulated other comprehensive loss | |||
Other comprehensive (loss) income before reclassifications | (5) | 17 | |
Reclassified from accumulated other comprehensive loss1 | $ 1 | $ 7 |
Other Income, Net (Details)
Other Income, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income And Expense | |||
Total other income and (expenses), net | $ 500 | $ 348 | $ 237 |
SCE | |||
Other Income And Expense | |||
Equity allowance for funds used during construction | 157 | 137 | 118 |
Increase in cash surrender value of life insurance policies and life insurance benefits | 37 | 42 | 40 |
Interest income | 261 | 80 | 3 |
Net periodic benefit income - non-service components | 100 | 136 | 123 |
Civic, political and related activities and donations | (42) | (42) | (39) |
Other | (16) | (16) | (12) |
Total other income and (expenses), net | 497 | 337 | 233 |
Edison International Parent and Other | |||
Other Income And Expense | |||
Net (losses) gains on equity securities | (3) | 1 | 3 |
Other | $ 6 | $ 10 | $ 1 |
Supplemental Cash Flows Infor_3
Supplemental Cash Flows Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash payments (receipts): | |||
Interest, net of amounts capitalized | $ 1,401 | $ 1,001 | $ 887 |
Income taxes, net | (49) | (88) | |
Common stock | |||
Non-cash financing and investing activities: | |||
Dividends declared but not paid | 299 | 282 | 266 |
Preferred stock | |||
Non-cash financing and investing activities: | |||
Dividends declared but not paid | 9 | 8 | 11 |
Pollution-control Bonds Redeemed At 2.625% | |||
Non-cash financing and investing activities: | |||
Debt exchange | $ (135) | ||
Interest rate on debt (as a percent) | 2.625% | ||
Pollution-control Bonds Remarketed At 4.50% | |||
Non-cash financing and investing activities: | |||
Debt exchange | $ (135) | ||
Interest rate on debt (as a percent) | 4.50% | ||
SCE | |||
Cash payments (receipts): | |||
Interest, net of amounts capitalized | $ 1,155 | 864 | 760 |
Income taxes, net | (49) | (88) | |
Non-cash financing and investing activities: | |||
Accrued capital expenditures | 680 | 652 | 668 |
SCE | Common stock | |||
Non-cash financing and investing activities: | |||
Dividends declared but not paid | 360 | 350 | 325 |
SCE | Preferred stock | |||
Non-cash financing and investing activities: | |||
Dividends declared but not paid | 9 | $ 8 | $ 11 |
SCE | Pollution-control Bonds Redeemed At 2.625% | |||
Non-cash financing and investing activities: | |||
Debt exchange | (135) | ||
SCE | Pollution-control Bonds Remarketed At 4.50% | |||
Non-cash financing and investing activities: | |||
Debt exchange | $ (135) |
Related-Party Transactions (Det
Related-Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related party transactions | ||||
Long-term insurance receivable due from affiliate | $ 501 | $ 465 | ||
SCE | ||||
Related party transactions | ||||
Wildfire insurance expense | $ 450 | |||
SCE | Wildfire liability insurance | Edison Insurance Services-EIS | ||||
Related party transactions | ||||
Wildfire-related insurance premiums | 0 | 273 | $ 185 | |
Insurance purchased but not reinsured | $ 93 | |||
Insurance income and related expense | 44 | |||
Prepaid insurance | 106 | |||
Long-term insurance receivable due from affiliate | 355 | 334 | ||
Wildfire insurance expense | $ 132 | $ 213 | $ 192 |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information of Parent (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets: | ||||
Cash and cash equivalents | $ 345 | $ 914 | ||
Other current assets | 341 | 397 | ||
Total current assets | 6,811 | 7,070 | ||
Other long-term assets | 2,066 | 1,239 | ||
Total assets | 81,758 | 78,041 | ||
Liabilities and equity: | ||||
Short-term debt | 1,077 | 2,015 | ||
Current portion of long-term debt | 2,697 | 2,614 | ||
Other current liabilities | 1,751 | 1,601 | ||
Total current liabilities | 8,598 | 10,347 | ||
Long-term debt | 30,316 | 27,025 | ||
Other long-term liabilities | 3,258 | 2,988 | ||
Total equity | 17,944 | 17,522 | $ 17,789 | $ 15,949 |
Total liabilities and equity | 81,758 | 78,041 | ||
Condensed Statements of Income: | ||||
Interest income from affiliates | 16,338 | 17,220 | 14,905 | |
Operating, interest and other expenses | 13,711 | 15,737 | 13,428 | |
Operating income | 2,627 | 1,483 | 1,477 | |
Income before income taxes | 1,515 | 662 | 789 | |
Income tax expense (benefit) | 108 | (162) | (136) | |
Net income | 1,407 | 824 | 925 | |
Preferred stock dividend requirements of Edison International | 87 | 105 | 60 | |
Net income available for common stock | 1,197 | 612 | 759 | |
Condensed Statements of Comprehensive Income | ||||
Net income | 1,407 | 824 | 925 | |
Other comprehensive income, net of tax | 2 | 43 | 15 | |
Comprehensive income attributable to Edison International | 1,286 | 760 | 834 | |
Condensed Statements of Cash Flows: | ||||
Net cash provided by operating activities | 3,401 | 3,216 | 11 | |
Cash flows from financing activities: | ||||
Long-term debt issued | 5,121 | 5,971 | 5,412 | |
Long-term debt repaid | (2,498) | (1,085) | (1,037) | |
Short-term debt issued | 1,076 | 1,000 | 2,654 | |
Short-term debt repaid | (2,407) | (1,543) | (2,255) | |
Common stock issued | 20 | 13 | 32 | |
Preferred and preference stock issued, net of issuance cost | 542 | 1,977 | ||
Preferred stock repurchased | (289) | |||
Commercial paper borrowing (repayments), net | 1,102 | (317) | (254) | |
Common stock dividends paid | (1,112) | (1,050) | (988) | |
Preferred stock dividends paid | (108) | (99) | (35) | |
Net cash provided by financing activities | 1,447 | 2,881 | 5,445 | |
Cash flows from investing activities: | ||||
Net cash used in investing activities | (5,233) | (5,574) | (5,151) | |
Net (decrease) increase in cash, cash equivalents and restricted cash | (385) | 523 | 305 | |
Cash, cash equivalents and restricted cash at beginning of year | 917 | 394 | 89 | |
Cash, cash equivalents and restricted cash at end of year | 532 | 917 | 394 | |
Edison International | ||||
Assets: | ||||
Cash and cash equivalents | 1 | 4 | ||
Other current assets | 441 | 447 | ||
Total current assets | 442 | 451 | ||
Investments in subsidiaries | 20,026 | 19,922 | ||
Deferred income taxes | 700 | 626 | ||
Other long-term assets | 58 | 62 | ||
Total assets | 21,226 | 21,061 | ||
Liabilities and equity: | ||||
Short-term debt | 246 | 1,090 | ||
Current portion of long-term debt | 500 | 400 | ||
Other current liabilities | 598 | 575 | ||
Total current liabilities | 1,344 | 2,065 | ||
Long-term debt | 4,019 | 2,981 | ||
Other long-term liabilities | 362 | 394 | ||
Total equity | 15,501 | 15,621 | ||
Total liabilities and equity | 21,226 | 21,061 | ||
Condensed Statements of Income: | ||||
Interest income from affiliates | 2 | 3 | 0 | |
Operating, interest and other expenses | 299 | 209 | 176 | |
Operating income | (297) | (206) | (176) | |
Equity in earnings of subsidiaries | 1,498 | 867 | 956 | |
Income before income taxes | 1,201 | 661 | 780 | |
Income tax expense (benefit) | (83) | (56) | (39) | |
Net income | 1,284 | 717 | 819 | |
Preferred stock dividend requirements of Edison International | 87 | 105 | 60 | |
Net income available for common stock | 1,197 | 612 | 759 | |
Condensed Statements of Comprehensive Income | ||||
Net income | 1,284 | 717 | 819 | |
Other comprehensive income, net of tax | 2 | 43 | 15 | |
Comprehensive income attributable to Edison International | 1,286 | 760 | 834 | |
Condensed Statements of Cash Flows: | ||||
Net cash provided by operating activities | 1,148 | 1,133 | 817 | |
Cash flows from financing activities: | ||||
Long-term debt issued | 1,549 | 945 | 0 | |
Long-term debt issuance costs | (16) | (6) | 0 | |
Long-term debt repaid | (400) | (700) | 0 | |
Short-term debt issued | 370 | 1,000 | 0 | |
Short-term debt repaid | (1,356) | 0 | 0 | |
Common stock issued | 20 | 13 | 32 | |
Preferred and preference stock issued, net of issuance cost | 0 | 0 | 1,977 | |
Preferred stock repurchased | (289) | 0 | 0 | |
Payable due to affiliates | (3) | (14) | (13) | |
Commercial paper borrowing (repayments), net | 139 | 89 | (130) | |
Payments for stock-based compensation | (5) | (8) | (3) | |
Receipts from stock-based compensation | 71 | 72 | 31 | |
Common stock dividends paid | (1,112) | (1,050) | (988) | |
Preferred stock dividends paid | (108) | (99) | (35) | |
Net cash provided by financing activities | (1,140) | 242 | 871 | |
Cash flows from investing activities: | ||||
Capital contributions to affiliate | (15) | (1,426) | (1,639) | |
Dividends from affiliate | 4 | 3 | 0 | |
Net cash used in investing activities | (11) | (1,423) | (1,639) | |
Net (decrease) increase in cash, cash equivalents and restricted cash | (3) | (48) | 49 | |
Cash, cash equivalents and restricted cash at beginning of year | 4 | 52 | 3 | |
Cash, cash equivalents and restricted cash at end of year | $ 1 | $ 4 | $ 52 |
Schedule I - Condensed Financ_3
Schedule I - Condensed Financial Information of Parent (Notes) (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2023 USD ($) $ / shares shares | Nov. 30, 2023 USD ($) shares | Oct. 31, 2023 $ / shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Dec. 31, 2019 | Dec. 31, 2018 USD ($) | May 31, 2023 USD ($) | |
Debt and Credit Agreements | |||||||||
Commitment | $ 4,850 | $ 4,850 | |||||||
Outstanding borrowings | 1,804 | 1,804 | |||||||
Amount available | 3,017 | $ 3,017 | |||||||
Equity | |||||||||
Gain on shares acquired | $ 16 | ||||||||
Redemption amount (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | |||||||
Redemption amount following change in criteria (in dollars per share) | $ / shares | $ 1,020 | $ 1,020 | |||||||
Related Party Transactions | |||||||||
Interest expense from loans due to affiliates | $ 1,612 | $ 1,169 | $ 925 | ||||||
Other current liabilities | $ 1,751 | 1,751 | 1,601 | ||||||
Other deferred credits and other long-term liabilities | $ 3,258 | $ 3,258 | $ 2,988 | ||||||
SCE | |||||||||
Basis of Presentation | |||||||||
Weighted-average equity component authorization (as a percent) | 52% | 48% | 45.20% | ||||||
Weighted-average common equity component authorization period | 37 months | ||||||||
Wildfire related charge incurred after tax | $ 1,800 | ||||||||
Spot rate equity ratio | 47.70% | ||||||||
Waiver threshold percent | 47.70% | ||||||||
Weighted-average common equity component of total capitalization percent | 48.70% | ||||||||
Debt and Credit Agreements | |||||||||
Covenant debt to total capitalization ratio | 0.65 | 0.65 | |||||||
Actual debt to capitalization ratio | 0.56 | 0.56 | |||||||
Equity | |||||||||
Shares repurchased | shares | 0 | 0 | |||||||
Related Party Transactions | |||||||||
Interest expense from loans due to affiliates | $ 1,356 | $ 1,005 | 791 | ||||||
Other current liabilities | $ 1,713 | 1,713 | 1,578 | ||||||
Other deferred credits and other long-term liabilities | 3,206 | 3,206 | $ 2,919 | ||||||
Multi-year credit facilities | SCE | |||||||||
Debt and Credit Agreements | |||||||||
Commitment | 3,350 | 3,350 | |||||||
Outstanding borrowings | 1,558 | 1,558 | |||||||
Amount available | 1,763 | 1,763 | |||||||
Contingent maximum available borrowing | $ 4,000 | $ 4,000 | |||||||
Multi-year credit facilities | SOFR | SCE | |||||||||
Debt and Credit Agreements | |||||||||
Variable rate on debt (as a percent) | 1.08% | ||||||||
Preferred stock | |||||||||
Equity | |||||||||
Liquidation value (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | |||||||
Preferred stock | SCE | |||||||||
Equity | |||||||||
Preferred stock, shares outstanding | shares | 0 | 0 | 0 | ||||||
Series A | |||||||||
Equity | |||||||||
Preferred stock, dividend rate, (as a percent) | 5.375% | ||||||||
Shares repurchased | shares | 29,186 | 61,497 | |||||||
Preferred stock current redemption amount | $ 28 | $ 57 | $ 28 | ||||||
Preferred stock, shares outstanding | shares | 1,159,317 | 1,159,317 | 1,250,000 | ||||||
Series B | |||||||||
Equity | |||||||||
Preferred stock, dividend rate, (as a percent) | 5% | ||||||||
Shares repurchased | shares | 133,323 | 84,223 | |||||||
Preferred stock current redemption amount | $ 127 | $ 76 | $ 127 | ||||||
Preferred stock, shares outstanding | shares | 532,454 | 532,454 | 750,000 | ||||||
At-the-market Program (ATM) | |||||||||
Equity | |||||||||
Aggregate sale price | $ 500 | $ 500 | |||||||
Stock compensation awards | |||||||||
Equity | |||||||||
Stock issued (in shares) | shares | 1,151,964 | 1,253,049 | |||||||
Proceeds received, net of offering costs | $ 58 | $ 57 | |||||||
In lieu of dividend payment | |||||||||
Equity | |||||||||
Stock issued (in shares) | shares | 259,109 | 273,642 | |||||||
Proceeds received, net of offering costs | $ 18 | $ 18 | |||||||
401(K) | |||||||||
Equity | |||||||||
Stock issued (in shares) | shares | 144,200 | 157,000 | |||||||
Proceeds received, net of offering costs | $ 10 | $ 10 | |||||||
Voluntary Cash Purchase | |||||||||
Equity | |||||||||
Stock issued (in shares) | shares | 105,218 | 109,750 | |||||||
Proceeds received, net of offering costs | $ 7 | $ 7 | |||||||
Employee Stock Purchase Plan | |||||||||
Equity | |||||||||
Stock issued (in shares) | shares | 55,923 | 36,912 | |||||||
Proceeds received, net of offering costs | $ 4 | $ 2 | |||||||
Edison International | |||||||||
Basis of Presentation | |||||||||
Cash dividends received from consolidated subsidiaries | $ 1,400 | 1,300 | 975 | ||||||
Debt and Credit Agreements | |||||||||
Covenant debt to total capitalization ratio | 0.70 | 0.70 | |||||||
Actual debt to capitalization ratio | 0.63 | 0.63 | |||||||
Equity | |||||||||
Gain on shares acquired | $ 16 | ||||||||
Redemption amount (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | |||||||
Redemption amount following change in criteria (in dollars per share) | $ / shares | $ 1,020 | $ 1,020 | |||||||
Related Party Transactions | |||||||||
Other current liabilities | $ 598 | $ 598 | 575 | ||||||
Other deferred credits and other long-term liabilities | 362 | 362 | 394 | ||||||
Edison International | Related Party | |||||||||
Related Party Transactions | |||||||||
Expenses from services provided by SCE | 2 | 2 | 2 | ||||||
Interest expense from loans due to affiliates | 2 | 3 | $ 5 | ||||||
Prepaid insurance | 400 | 400 | 389 | ||||||
Other current liabilities | 185 | 185 | 166 | ||||||
Long-term insurance receivables from affiliates | 8 | ||||||||
Other deferred credits and other long-term liabilities | 112 | 112 | $ 130 | ||||||
Edison International | 3.55% Senior note due 2024 | |||||||||
Debt and Credit Agreements | |||||||||
Long-term debt | $ 500 | $ 500 | |||||||
Interest rate on debt (as a percent) | 3.55% | 3.55% | |||||||
Edison International | 4.95% Senior notes due 2025 | |||||||||
Debt and Credit Agreements | |||||||||
Long-term debt | $ 400 | $ 400 | |||||||
Interest rate on debt (as a percent) | 4.95% | 4.95% | |||||||
Edison International | 4.70% Senior notes due 2025 | |||||||||
Debt and Credit Agreements | |||||||||
Long-term debt | $ 400 | $ 400 | |||||||
Interest rate on debt (as a percent) | 4.70% | 4.70% | |||||||
Edison International | 5.75% Senior notes due 2027 | |||||||||
Debt and Credit Agreements | |||||||||
Long-term debt | $ 600 | $ 600 | |||||||
Interest rate on debt (as a percent) | 5.75% | 5.75% | |||||||
Edison International | 4.125% Senior notes due 2028 | |||||||||
Debt and Credit Agreements | |||||||||
Long-term debt | $ 550 | $ 550 | |||||||
Interest rate on debt (as a percent) | 4.125% | 4.125% | |||||||
Edison International | 5.25% Senior Notes due 2028 | |||||||||
Debt and Credit Agreements | |||||||||
Long-term debt | $ 600 | $ 600 | |||||||
Interest rate on debt (as a percent) | 5.25% | 5.25% | |||||||
Edison International | 6.95% senior notes due in 2029 | |||||||||
Debt and Credit Agreements | |||||||||
Long-term debt | $ 550 | $ 550 | |||||||
Interest rate on debt (as a percent) | 6.95% | 6.95% | |||||||
Edison International | 8.125% Junior subordinated notes due 2053 | |||||||||
Debt and Credit Agreements | |||||||||
Long-term debt | $ 500 | $ 500 | |||||||
Interest rate on debt (as a percent) | 8.125% | 8.125% | |||||||
Edison International | 7.875% junior subordinated notes due 2054 | |||||||||
Debt and Credit Agreements | |||||||||
Long-term debt | $ 450 | $ 450 | |||||||
Interest rate on debt (as a percent) | 7.875% | 7.875% | |||||||
Edison International | Multi-year credit facilities | |||||||||
Debt and Credit Agreements | |||||||||
Commitment | $ 1,500 | $ 1,500 | |||||||
Outstanding borrowings | 246 | 246 | |||||||
Amount available | $ 1,254 | $ 1,254 | |||||||
Contingent maximum available borrowing | $ 2,000 | ||||||||
Edison International | Preferred stock | |||||||||
Equity | |||||||||
Liquidation value (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | |||||||
Edison International | Series A | |||||||||
Equity | |||||||||
Preferred stock, dividend rate, (as a percent) | 5.375% | ||||||||
Redemption price (in dollars per share) | $ / shares | $ 971 | $ 925 | $ 971 | ||||||
Shares repurchased | shares | 29,186 | 61,497 | |||||||
Preferred stock current redemption amount | $ 28 | $ 57 | $ 28 | ||||||
Preferred stock, shares outstanding | shares | 1,159,317 | 1,159,317 | |||||||
Edison International | Series B | |||||||||
Equity | |||||||||
Preferred stock, dividend rate, (as a percent) | 5% | ||||||||
Redemption price (in dollars per share) | $ / shares | $ 955 | $ 904 | $ 955 | ||||||
Shares repurchased | shares | 133,323 | 84,223 | |||||||
Preferred stock current redemption amount | $ 127 | $ 76 | $ 127 | ||||||
Preferred stock, shares outstanding | shares | 532,454 | 532,454 | |||||||
Edison International | At-the-market Program (ATM) | |||||||||
Equity | |||||||||
Aggregate sale price | $ 500 | $ 500 | |||||||
Edison International | Stock compensation awards | |||||||||
Equity | |||||||||
Stock issued (in shares) | shares | 1,151,964 | 1,253,049 | |||||||
Proceeds received, net of offering costs | $ 58 | $ 57 | |||||||
Edison International | In lieu of dividend payment | |||||||||
Equity | |||||||||
Stock issued (in shares) | shares | 259,109 | 273,642 | |||||||
Proceeds received, net of offering costs | $ 18 | $ 18 | |||||||
Edison International | 401(K) | |||||||||
Equity | |||||||||
Stock issued (in shares) | shares | 144,200 | 157,000 | |||||||
Proceeds received, net of offering costs | $ 10 | $ 10 | |||||||
Edison International | Voluntary Cash Purchase | |||||||||
Equity | |||||||||
Stock issued (in shares) | shares | 105,218 | 109,750 | |||||||
Proceeds received, net of offering costs | $ 7 | $ 7 | |||||||
Edison International | Employee Stock Purchase Plan | |||||||||
Equity | |||||||||
Stock issued (in shares) | shares | 55,923 | 36,912 | |||||||
Proceeds received, net of offering costs | $ 4 | $ 2 |
Insider Trading Arrangements
Insider Trading Arrangements - J. Andrew Murphy | 3 Months Ended |
Dec. 31, 2023 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On November 3, 2023, J. Andrew Murphy, Chief Executive Officer of Edison Energy, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act for the exercise of stock option awards and sale of up to 199,663 shares of the Edison International’s Common Stock. The exercise price and any withholding taxes due shall be remitted to Edison International from the proceeds of any sale under the trading arrangement. The first date that sales of any shares permitted to be sold under the trading arrangement is the later of: (i) February 2, 2024; and (ii) the earlier of the third business day following the filing of Edison International’s Form 10-K for the year ended December 31, 2023 with the SEC, and March 3, 2024. Subsequent stock option exercises and sales under the trading arrangement may occur on a regular basis until February 27, 2025. |
Name | J. Andrew Murphy |
Title | Chief Executive Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | November 3, 2023 |
Aggregate Available | 199,663 |