Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value by Level within 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, 2024
(in millions)	Level 1		Level 2		Level 3		Netting and Collateral1		Total
Assets at fair value
Derivative contracts	$	—	$	1	$	212	$	(1)	$	212
Other	—		22		—		—		22
Nuclear decommissioning trusts:
Stocks2	1,631		—		—		—		1,631
Fixed Income3	975		1,618		—		—		2,593
Short-term investments, primarily cash equivalents	128		39		—		—		167
Subtotal of nuclear decommissioning trusts4	2,734		1,657		—		—		4,391
Total assets	2,734		1,680		212		(1)		4,625
Liabilities at fair value
Derivative contracts	—		47		—		(47)		—
Total liabilities	—		47		—		(47)		—
Net assets	$	2,734	$	1,633	$	212	$	46	$	4,625

	December 31, 2023
(in millions)	Level 1		Level 2		Level 3		Netting and Collateral1		Total
Assets at fair value
Derivative contracts	$	—	$	3	$	91	$	(3)	$	91
Money market funds and other	78		22		—		—		100
Nuclear decommissioning trusts:
Stocks2	1,658		—		—		—		1,658
Fixed Income3	923		1,421		—		—		2,344
Short-term investments, primarily cash equivalents	169		104		—		—		273
Subtotal of nuclear decommissioning trusts4	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

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

2Approximately 75% of SCE's equity investments were in companies located in the United States at December 31, 2024 and 2023.

3Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities of $94 million and $106 million at December 31, 2024 and 2023, respectively.

4Excludes net payables of $105 million and $102 million at December 31, 2024 and 2023, 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)	2024		2023
Fair value of net assets at beginning of period	$	91	$	63
Sales	(1)		(1)
Settlements	14		(40)
Total realized/unrealized gains, net of losses1	108		69
Fair value of net assets at end of period	$	212	$	91

1Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities.

Schedule of Valuation Techniques and Significant Inputs

The following table sets forth the significant unobservable inputs used to determine fair value for Level 3 CRR assets and liabilities:

	Fair Value (in millions)				Significant Unobservable Input	Range (per MWh)	Weighted Average (per MWh)
	Assets		Liabilities
December 31, 2024	$	212	$	—	CAISO CRR auction prices	$(4.64) - $50,048.16	$	27.20
December 31, 2023	91		—		CAISO CRR auction prices	(6.44) - 16,574.36	2.74

Schedule of 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, 2024				December 31, 2023
(in millions)	Carrying Value1		Fair Value2		Carrying Value1		Fair Value2
Edison International	$	35,583	$	33,160	$	33,013	$	31,315
SCE	30,515		27,994		28,494		26,712

1Carrying value is net of debt issuance costs.

2The fair value of long-term debt is classified as Level 2.