Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of derivatives financial position


	December 31, 2021
	Derivative Assets						Derivative Liabilities
(in millions)	Short-Term¹		Long-Term²		Subtotal		Short-Term		Long-Term		Subtotal		Net Assets
Commodity derivative contracts
Gross amounts recognized	$	70	$	6	$	76	$	46	$	2	$	48	$	28
Gross amounts offset in the consolidated balance sheets		(30)		(2)		(32)		(30)		(2)		(32)		—
Cash collateral posted³		—		—		—		(16)		—		(16)		16
Net amounts presented in the consolidated balance sheets	$	40	$	4	$	44	$	—	$	—	$	—	$	44


	December 31, 2020
	Derivative Assets						Derivative Liabilities
(in millions)	Short-Term¹		Long-Term²		Subtotal		Short-Term		Long-Term		Subtotal		Net Assets
Commodity derivative contracts
Gross amounts recognized	$	103	$	23	$	126	$	16	$	6	$	22	$	104
Gross amounts offset in the consolidated balance sheets		(12)		(6)		(18)		(12)		(6)		(18)		—
Cash collateral posted³		—		—		—		(4)		—		(4)		4
Net amounts presented in the consolidated balance sheets	$	91	$	17	$	108	$	—	$	—	$	—	$	108

1	Included in "Other current assets" on Edison International's and SCE's consolidated balance sheets.

2	Included in "Other long-term assets" on Edison International's and SCE's consolidated balance sheets.

At December 31, 2021, SCE posted $65 million of cash, of which $16 million was offset against derivative liabilities and $49 million was reflected in "Other current assets" on the consolidated balance sheets. At December 31, 2020, SCE posted $17 million of cash, of which $4 million was offset against derivative liabilities and $13 million was reflected in "Other current assets" on the consolidated balance sheets.

Components of Economic Hedging Activity

The following table summarizes the components of SCE's economic hedging activity:


		Years ended December 31,
(in millions)		2021		2020		2019
Realized gains (losses)	$	200	$	87	$	(7)
Unrealized (losses) gains		(75)		17		(74)

Notional Volumes of Derivative Instruments

The following table summarizes the notional volumes of derivatives used for SCE economic hedging activities:


		Economic Hedges
	Unit of	December 31,
Commodity	Measure	2021	2020
Electricity options, swaps and forwards	GWh	1,869	1,581
Natural gas options, swaps and forwards	Bcf	58	34
Congestion revenue rights	GWh	33,216	41,151