Compensation and Benefit Plans

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Compensation and Benefit Plans

Note 9.Compensation and Benefit Plans

Pension Plans

Net periodic pension expense components are:

	Three months ended				Six months ended
	June 30,				June 30,
(in millions)	2022		2021		2022		2021
Edison International:
Service cost	$	30	$	34	$	60	$	68
Non-service cost (benefit)
Interest cost		27		26		54		52
Expected return on plan assets		(57)		(56)		(114)		(112)
Settlement costs1		3		—		3		—
Amortization of net loss2		1		3		2		6
Regulatory adjustment		2		4		4		8
Total non-service benefit3	$	(24)	$	(23)	$	(51)	$	(46)
Total expense recognized	$	6	$	11	$	9	$	22
SCE:
Service cost	$	29	$	33	$	58	$	66
Non-service cost (benefit)
Interest cost		25		24		50		48
Expected return on plan assets		(54)		(53)		(108)		(106)
Settlement costs1		3		—		3		—
Amortization of net loss2		1		2		2		4
Regulatory adjustment		2		4		4		8
Total non-service benefit3	$	(23)	$	(23)	$	(49)	$	(46)
Total expense recognized	$	6	$	10	$	9	$	20

1 Under GAAP, a settlement is recorded when lump-sum payments exceed estimated annual service and interest costs. Lump sum payments made in 2022 to SCE executives retiring in 2021 from the Executive Retirement Plan exceeded the estimated service and interest costs, resulting in a partial settlement of that plan. A settlement loss of approximately $3 million ($2 million after-tax) was recorded at SCE in the second quarter of 2022.

2 Includes the amount of net loss reclassified from other comprehensive loss. The amount reclassified for Edison International and SCE was $2 million and $1 million, respectively, for the three months ended June 30, 2022 and $4 million and $2 million, respectively, for the six months ended June 30, 2022. The amount reclassified for Edison International and SCE was $3 million and $2 million, respectively, for the three months ended June 30, 2021 and $6 million and $4 million, respectively, for the six months ended June 30, 2021.

3 Included in "Other income" on Edison International's and SCE's consolidated statements of income.

Postretirement Benefits Other Than Pensions ("PBOP")

Net periodic PBOP expense components for Edison International and SCE are:

	Three months ended				Six months ended
	June 30,				June 30,
(in millions)	2022		2021		2022		2021
Service cost	$	8	$	10	$	16	$	20
Non-service cost (benefit)
Interest cost		14		14		28		28
Expected return on plan assets		(24)		(27)		(48)		(54)
Amortization of net gain		(12)		(8)		(24)		(16)
Regulatory adjustment		14		11		28		22
Total non-service benefit1	$	(8)	$	(10)	$	(16)	$	(20)
Total expense	$	—	$	—	$	—	$	—

1 Included in "Other income" on Edison International's and SCE's consolidated statements of income.