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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Carrying Amounts and Fair Values of Long-term Debt, Including Current Portion
The carrying value and fair value of Edison International's and SCE's long-term debt (including current portion of long-term debt) are as follows:
 
December 31, 2019
 
December 31, 2018
(in millions)
Carrying
Value1
 
Fair
Value2
 
Carrying
Value1
 
Fair
Value2
Edison International
$
18,343

 
$
20,137

 
$
14,711

 
$
14,844

SCE
15,211

 
16,892

 
12,971

 
13,180

1  
Carrying value is net of debt issuance costs.
2 
The fair value of Edison International's and SCE's long-term debt is classified as Level 2.
SCE  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value by Level with in the Fair Value Hierarchy
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, 2019
(in millions)
Level 1
 
Level 2
 
Level 3
 
Netting
and
Collateral1
 
Total
Assets at fair value
 
 
 
 
 
 
 
 
 
Derivative contracts
$
—

 
$
19

 
$
83

 
$
(15
)
 
$
87

Other
4

 
14

 
—

 
—

 
18

Nuclear decommissioning trusts:
 
 
 
 
 
 
 
 
 
Stocks2
1,765

 
—

 
—

 
—

 
1,765

Fixed Income3
738

 
2,024

 
—

 
—

 
2,762

Short-term investments, primarily cash equivalents
98

 
48

 
—

 
—

 
146

Subtotal of nuclear decommissioning trusts4
2,601

 
2,072

 
—

 
—

 
4,673

Total assets
2,605

 
2,105

 
83

 
(15
)
 
4,778

Liabilities at fair value
 
 
 
 
 
 
 
 
 
Derivative contracts
—

 
11

 
5

 
(15
)
 
1

Total liabilities
—

 
11

 
5

 
(15
)
 
1

Net assets
$
2,605

 
$
2,094

 
$
78

 
$
—

 
$
4,777

 
December 31, 2018
(in millions)
Level 1
 
Level 2
 
Level 3
 
Netting
and
Collateral1
 
Total
Assets at fair value
 
 
 
 
 
 
 
 
 

Derivative contracts
$
—

 
$
32

 
$
141

 
$
—

 
$
173

Other
9

 
21

 
—

 
—

 
30

Nuclear decommissioning trusts:
 
 
 
 
 
 
 
 
 
Stocks2
1,382

 
—

 
—

 
—

 
1,382

Fixed Income3
1,001

 
1,665

 
—

 
—

 
2,666

Short-term investments, primarily cash equivalents
120

 
95

 
—

 
—

 
215

Subtotal of nuclear decommissioning trusts4
2,503

 
1,760

 
—

 
—

 
4,263

Total assets
2,512

 
1,813

 
141

 
—

 
4,466

Liabilities at fair value
 
 
 
 
 
 
 
 
 
Derivative contracts
—

 
13

 
—

 
(7
)
 
6

Total liabilities
—

 
13

 
—

 
(7
)
 
6

Net assets
$
2,512

 
$
1,800

 
$
141

 
$
7

 
$
4,460

1 
Represents the netting of assets and liabilities under master netting agreements and cash collateral.
2 
Approximately 72% and 71% of SCE's equity investments were located in the United States at December 31, 2019 and 2018, respectively.
3 
Includes corporate bonds, which were diversified and included collateralized mortgage obligations and other asset backed securities of $46 million and $67 million at December 31, 2019 and 2018, respectively.
4 
Excludes net payables of $111 million and $143 million at December 31, 2019 and 2018, 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 Changes in Fair Value of Level 3 Net Derivative Assets and Liabilities
The following table sets forth a summary of changes in SCE's fair value of Level 3 net derivative assets and liabilities:
 
 
December 31,
(in millions)
 
2019
 
2018
Fair value of net assets at beginning of period
 
$
141

 
$
101

Total realized/unrealized (losses) gains:
 
 
 
 
Included in regulatory assets and liabilities1
 
(63
)
 
40

Fair value of net assets at end of period2
 
78

 
141

Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period
 
$
62

 
$
138


1 
Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities.
2 
There were no material transfers into or out of Level 3 during 2019 and 2018
Valuation Techniques and Significant Unobservable Inputs Used to Determine Fair Value for Level 3 Assets and Liabilities
The following table sets forth SCE's valuation techniques and significant unobservable inputs used to determine fair value for significant Level 3 assets and liabilities:
 
Fair Value (in millions)
 
Significant
Range
Weighted Average
 
Assets
 
Liabilities
Valuation Technique
Unobservable Input
Congestion revenue rights
 
 
 
 
December 31, 2019
$
83

 
$
5

Auction prices
CAISO CRR auction clearing prices
$(3.59) - $25.32
$1.97
December 31, 2018
141

 
—

Auction prices
CAISO CRR auction clearing prices
$(7.41) - $41.52
$1.62