Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020				December 31, 2019
(in millions)	Carrying Value1		Fair Value2		Carrying Value1		Fair Value2
Edison International	$	20,337	$	23,824	$	18,343	$	20,137
SCE	17,204		20,365		15,211		16,892

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, 2020
(in millions)	Level 1		Level 2		Level 3		Netting and Collateral1		Total
Assets at fair value
Derivative contracts	$	—	$	6	$	120	$	(18)	$	108
Other	39		23		—		—		62
Nuclear decommissioning trusts:
Stocks2	1,908		—		—		—		1,908
Fixed Income3	519		2,113		—		—		2,632
Short-term investments, primarily cash equivalents	447		52		—		—		499
Subtotal of nuclear decommissioning trusts4	2,874		2,165		—		—		5,039
Total assets	2,913		2,194		120		(18)		5,209
Liabilities at fair value
Derivative contracts	—		10		12		(22)		—
Total liabilities	—		10		12		(22)		—
Net assets	$	2,913	$	2,184	$	108	$	4	$	5,209

	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

1    Represents the netting of assets and liabilities under master netting agreements and cash collateral.

2    Approximately 71% and 72% of SCE's equity investments were located in the United States at December 31, 2020 and 2019, respectively.

3    Includes corporate bonds, which were diversified and included collateralized mortgage obligations and other asset backed securities of $29 million and $46 million at December 31, 2020 and 2019, respectively.

4    Excludes net payables of $206 million and $111 million at December 31, 2020 and 2019, 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)	2020		2019
Fair value of net assets at beginning of period	$	78	$	141
Purchases	8		6
Sales	(5)		(5)
Settlements	(117)		(60)
Total realized/unrealized gains (losses) 1,2	144		(4)
Fair value of net assets at end of period	$	108	$	78

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 2020 and 2019.

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 (per MWh)	Weighted Average (per MWh)
	Assets		Liabilities		Valuation Technique	Unobservable Input
Congestion revenue rights
December 31, 2020	$	120	$	12	Auction prices	CAISO CRR auction clearing prices	$(9.67) - $300.47	$2.75
December 31, 2019	83		5		Auction prices	CAISO CRR auction clearing prices	(3.59) - 25.32	1.97