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Compensation and Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Pension and Other Postretirement Benefits  
Schedule of Employee Savings Plan Employer Contributions
The 401(k) defined contribution savings plan is designed to supplement employees' retirement income. The employer contributions were as follows:
Edison
International		SCE
(in millions)Years ended December 31,
2024$136 $134 
2023121 119 
2022103 101 
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
The following table summarizes total expense and tax benefits associated with stock-based compensation:
Edison InternationalSCE
Years ended December 31,
(in millions)202420232022202420232022
Stock-based compensation expense1:
Stock options$13$12 $13 $7$6 $7 
Performance shares2115 13 108 6 
Restricted stock units2117 14 1512 9 
Other22 2 —— — 
Total stock-based compensation expense$57$46 $42 $32$26 $22 
Income tax benefits related to stock-based compensation expense$23$7 $9 $14$5 $5 
1Reflected in "Operation and maintenance" on Edison International's and SCE's consolidated statements of income.
Schedule of Black-Sholes Option-Pricing Model Assumptions The Black-Scholes option-pricing model requires various assumptions noted in the following table:
Years ended December 31,
202420232022
Expected terms (in years)4.74.85.0
Risk-free interest rate
3.7% - 4.5%
3.6% - 4.7%
1.6% - 4.1%
Expected dividend yield
3.6% - 4.7%
4.2% - 4.7%
4.0% - 5.0%
Weighted average expected dividend yield4.7%4.2%4.0%
Expected volatility
23.6% - 30.4%
29.0% - 29.6%
27.8% - 28.6%
Weighted average volatility30.3%29.1%27.8%
Summary of Stock Options Activity
The following is a summary of the status of Edison International's stock options:
Weighted Average
SharesExercise
Price		Remaining
Contractual
Term (years)		Aggregate
Intrinsic Value
(in millions)
Edison International:
Outstanding at December 31, 202311,418,243$64.30 
Granted749,96866.70 
Forfeited or expired(107,158)71.89 
Exercised1
(3,417,478)64.49 
Outstanding at December 31, 20248,643,57564.33 5.01
Exercisable and expected to vest at December 31, 20248,438,86464.40 4.95$130 
Exercisable at December 31, 20246,651,227$64.79 4.19$100 
SCE:
Outstanding at December 31, 20235,192,275$64.22 
Granted390,76066.82 
Forfeited or expired(98,077)71.44 
Exercised1
(1,892,980)64.49 
Affiliate transfers, net14,47264.22 
Outstanding at December 31, 20243,606,45064.18 5.27
Exercisable and expected to vest at December 31,20243,508,12964.25 5.21$55 
Exercisable at December 31, 20242,609,173$64.66 4.33$40 
1Edison International and SCE recognized tax benefits of $13 million and $7 million, respectively, from stock options exercised in 2024.
Schedule of Unrecognized Compensation Expense
At December 31, 2024, total unrecognized compensation cost related to stock options and the weighted average period the cost is expected to be recognized are as follows:
Edison InternationalSCE
Unrecognized compensation cost, net of expected forfeitures (in millions)$7 $4 
Weighted average period (in years)1.31.3
Schedule of Supplemental Data on Stock-based Compensation
The following is a summary of supplemental data on stock options:
Edison InternationalSCE
Years ended December 31,
(in millions, except per award amounts)202420232022202420232022
Weighted average grant date fair value per option granted$13.32 $12.69 $9.92 $13.36 $12.71 $9.92 
Fair value of options vested14 8 8 7 7 5 
Value of options exercised45 14 17 25 11 12 
Summary of Nonvested Share Activity
The following is a summary of the status of Edison International's nonvested performance shares:
Equity Awards
SharesWeighted Average
Fair Value
Edison International:
Nonvested at December 31, 2023496,841$71.93
Granted276,83872.21
Forfeited(5,872)72.57
Vested(249,287)67.90
Nonvested at December 31, 2024518,520$74.01
SCE:
Nonvested at December 31, 2023249,091$71.99
Granted144,33972.37
Forfeited(5,282)72.23
Vested(123,197)67.73
Affiliate transfers, net2371.99
Nonvested at December 31, 2024264,974$74.17
Summary of Nonvested Restricted Stock Units Activity
The following is a summary of the status of Edison International's nonvested restricted stock units:
Edison InternationalSCE
SharesWeighted Average
Grant Date
Fair Value		SharesWeighted Average
Grant Date
Fair Value
Nonvested at December 31, 2023892,412$61.19 645,549$61.17 
Granted325,50166.88 233,11266.88 
Forfeited(22,886)65.24 (18,908)65.34 
Vested(318,579)55.71 (238,921)55.89 
Affiliate transfers, net—— (105)61.17 
Nonvested at December 31, 2024876,448$65.19 620,727$65.22 
Pension Plan  
Pension and Other Postretirement Benefits  
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
Information on pension plan assets and benefit obligations is shown below.
Edison InternationalSCE
Years ended December 31,
(in millions)2024202320242023
Change in projected benefit obligation
Projected benefit obligation at beginning of year$3,647 $3,524 $3,278 $3,159 
Service cost103 101 99 97 
Interest cost175 180 157 162 
Actuarial (gain) loss(59)96 (47)82 
Benefits paid(230)(254)(198)(222)
Projected benefit obligation at end of year$3,636 $3,647 $3,289 $3,278 
Change in plan assets
Fair value of plan assets at beginning of year$3,609 $3,462 $3,415 $3,275 
Actual return on plan assets192 369 182 349 
Employer contributions37 32 17 13 
Benefits paid(230)(254)(198)(222)
Fair value of plan assets at end of year3,608 3,609 3,416 3,415 
(Underfunded)/Overfunded status at end of year$(28)$(38)$127 $137 
Amounts recognized in the consolidated balance sheets consist of 1:
Long-term assets$166 $169 $137 $149 
Current liabilities(27)(30)(1)(2)
Long-term liabilities(167)(177)(9)(10)
$(28)$(38)$127 $137 
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss
$8 $21 $13 $8 
Amounts recognized as a regulatory liability(146)(159)(133)(159)
Accumulated benefit obligation at end of year$3,508 $3,495 $3,172 $3,136 
Pension plans with plan assets in excess of an accumulated benefit obligation:
Projected benefit obligation3,636 3,647 3,289 3,278 
Accumulated benefit obligation3,508 3,495 3,172 3,136 
Fair value of plan assets3,608 3,609 3,416 3,415 
Weighted average assumptions used to determine obligations at end of year:
Discount rate5.56%5.04%5.56%5.04%
Rate of compensation increase4.00%4.00%4.00%4.00%
1The SCE liability excludes a long-term payable due to Edison International Parent of $88 million and $94 million at December 31, 2024 and 2023, respectively, related to certain SCE postretirement benefit obligations transferred to Edison International Parent.
Summary of Expense Components for Plans
Net periodic pension expense components are:
Edison InternationalSCE
Years ended December 31,
(in millions)202420232022202420232022
Service cost$103 $101 $120 $101 $99 $118 
Non-service cost (benefit)
Interest cost175 180 111 162 166 101 
Expected return on plan assets(232)(214)(227)(219)(202)(215)
Settlement costs— — 4 — — 4 
Amortization of prior service cost— — — — — — 
Amortization of net loss4 3 5 2 2 2 
Regulatory adjustment(23)(47)6 (22)(47)6 
Total non-service benefit1
(76)(78)(101)(77)(81)(102)
Total expense$27 $23 $19 $24 $18 $16 
1Included in "Other income" on Edison International's and SCE's consolidated income statements. For further details, see Note 16.
Schedule of Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Other changes in pension plan assets and benefit obligations recognized in other comprehensive income:
Edison InternationalSCE
Years ended December 31,
(in millions)202420232022202420232022
Net (gain) loss$(9)$6 $(45)$(2)$6 $(24)
Settlement charges— — (4)— — (4)
Amortization of net gain(4)(2)(8)(2)(2)(5)
Total (gain) loss recognized in other comprehensive income(13)4 (57)(4)4 (33)
Total recognized in expense and other comprehensive income$14 $27 $(38)$20 $22 $(17)
Schedule of Assumptions Used
Edison International and SCE used the following weighted average assumptions to determine pension expense:
Years ended December 31,
202420232022
Discount rate5.04 %5.36 %2.75 %
Rate of compensation increase4.00 %4.00 %4.00 %
Expected long-term return on plan assets6.75 %6.50 %5.50 %
Interest crediting rate for cash balance account1:
Starting rate5.54 %5.86 %3.12 %
Ultimate rate5.54 %5.86 %4.50 %
Year ultimate rate is reached202420232026
1Edison International and SCE were using a graduated assumption for interest crediting rate for cash balance account, where current interest rate gradually increased to an ultimate rate at a certain year. Starting 2023, Edison International and SCE changed to use single interest crediting rate assumption to determine the pension expense for cash balance account.
Schedule of Expected Benefit Payments
The following benefit payments, which reflect service rendered and expected future service, are expected to be paid:
(in millions)Edison
International		SCE
2025$332$291
2026344301
2027338304
2028332299
2029324294
2030 – 20341,4961,370
Schedule of Pension Plan Assets by Hierarchy Levels
The following table sets forth the investments for Edison International and SCE that were accounted for at fair value as of December 31, 2024 and 2023, respectively, by asset class and level within the fair value hierarchy:
December 31, 2024
(in millions)Level 1Level 2
NAV1
Total
U.S. government and agency securities2
$244 $353 $— $597 
Corporate stocks3
148 4 — 152 
Corporate bonds4
— 1,084 — 1,084 
Common/collective funds5
— — 652 652 
Partnerships/joint ventures6
— — 680 680 
Other investment entities7
— — 58 58 
Registered investment companies8
238 — 142 380 
Interest-bearing cash14 — — 14 
Other— 57 8 65 
Total$644 $1,498 $1,540 $3,682 
Receivables and payables, net(74)
Combined net plan assets available for benefits3,608 
SCE's share of net plan assets$3,416 

December 31, 2023
(in millions)Level 1Level 2
NAV1
Total
U.S. government and agency securities2
$256 $352 $— $608 
Corporate stocks3
176 5 — 181 
Corporate bonds4
— 1,057 — 1,057 
Common/collective funds5
— — 584 584 
Partnerships/joint ventures6
— — 657 657 
Other investment entities7
— — 58 58 
Registered investment companies8
212 — 153 365 
Interest-bearing cash10 — — 10 
Other— 46 8 54 
Total$654 $1,460 $1,460 $3,574 
Receivables and payables, net35 
Combined net plan assets available for benefits3,609 
SCE's share of net plan assets$3,415 
1These investments are measured at fair value using the net asset value per share practical expedient and have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the net plan assets available for benefits.
2Level 1 U.S. government and agency securities are U.S. treasury bonds and notes. Level 2 primarily relates to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.
3Corporate stocks are diversified. At December 31, 2024 and 2023, respectively, performance for actively managed separate accounts is primarily benchmarked against the Russell Indexes (33% and 36%) and Morgan Stanley Capital International (MSCI) index (67% and 64%).
4Corporate bonds are diversified. At December 31, 2024 and 2023, respectively, this category includes $77 million and $78 million for collateralized mortgage obligations and other asset backed securities.
5The common/collective assets are invested in equity index funds that seek to track performance of the Standard and Poor's 500 Index (38% and 41% at December 31, 2024 and 2023). In addition, at December 31, 2024 and 2023, respectively, 38% and 40% of the assets in this category are in index funds which seek to track performance in the MSCI All Country World Index ex-US and 19% and 16% of this category are in a non-index U.S. equity fund, which is actively managed.
6At December 31, 2024 and 2023, respectively, 69% and 74% are invested in private equity funds with investment strategies that include branded consumer products and clean technology companies, 16% and 17% are invested in ABS including distressed mortgages and commercial and residential loans, 9% and zero are invested in fixed income securities, and 5% are invested in a broad range of financial assets in all global markets at both December 31, 2024 and 2023.
7At December 31, 2024 and 2023, respectively, 70% and 68% are invested in domestic mortgage backed securities and 30% and 32% in high yield debt securities.
8At December 31, 2024 and 2023, respectively, 56% and 57% are invested in Level 1 corporate bond funds, 10% and 13% in a fixed income fund used for cash management, and 34% and 28% in a US equity fund.
Other Postretirement Benefits Plan  
Pension and Other Postretirement Benefits  
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
Information on PBOP Plan assets and benefit obligations is shown below:
Edison InternationalSCE
Years ended December 31,
(in millions)2024202320242023
Change in benefit obligation
Benefit obligation at beginning of year$773 $1,331 $769 $1,323 
Service cost14 20 14 20 
Interest cost38 67 38 67 
Change in plan provisions23 — 23 — 
Actuarial gain(34)(567)(34)(563)
Plan participants' contributions26 28 26 28 
Benefits paid(99)(106)(99)(106)
Benefit obligation at end of year$741 $773 $737 $769 
Change in plan assets
Fair value of plan assets at beginning of year$2,275 $2,187 $2,275 $2,187 
Actual return on assets78 162 78 162 
Employer contributions1 4 1 4 
Plan participants' contributions26 28 26 28 
Benefits paid(99)(106)(99)(106)
Fair value of plan assets at end of year2,281 2,275 2,281 2,275 
Overfunded status at end of year$1,540 $1,502 $1,544 $1,506 
Amounts recognized in the consolidated balance sheets consist of:
Long-term assets$1,544 $1,506 $1,544 $1,506 
Current liabilities(1)— — — 
Long-term liabilities(3)(4)— — 
$1,540 $1,502 $1,544 $1,506 
Amounts recognized in accumulated other comprehensive loss consist of:
Net gain$(4)$(5)$— $— 
Amounts recognized as a regulatory liability(1,544)(1,505)(1,544)(1,505)
Weighted average assumptions used to determine obligations at end of year:
Discount rate5.60 %5.06 %5.60 %5.06 %
Assumed health care cost trend rates:
Rate assumed for following year6.25 %6.50 %6.25 %6.50 %
Ultimate rate5.00 %5.00 %5.00 %5.00 %
Year ultimate rate reached2029202920292029
Summary of Expense Components for Plans
Net periodic PBOP expense components are:
Edison InternationalSCE
Years ended December 31,
(in millions)202420232022202420232022
Service cost$14 $20 $34 $14 $20 $34 
Non-service cost (benefit)
Interest cost38 67 56 38 67 55 
Expected return on plan assets(113)(107)(97)(113)(107)(97)
Amortization of prior service cost(1)(1)(2)(1)(1)(2)
Amortization of net gain(95)(50)(45)(95)(50)(45)
Regulatory adjustment157 71 55 157 71 55 
Total non-service benefit1
(14)(20)(33)(14)(20)(34)
Total expense$— $— $1 $— $— $— 
1Included in "Other income" on Edison International's and SCE's consolidated income statements. For further details, see Note 16.
Schedule of Assumptions Used
Edison International and SCE used the following weighted average assumptions to determine PBOP expense:
Years ended December 31,
202420232022
Discount rate5.06%5.43%2.95%
Expected long-term return on plan assets4.88%5.00%3.50%
Assumed health care cost trend rates:
Current year6.50%6.75%6.25%
Ultimate rate5.00%5.00%5.00%
Year ultimate rate reached202920292029
Schedule of Pension Plan Assets by Hierarchy Levels
The following benefit payments (net of plan participants' contributions) are expected to be paid:
(in millions)Edison
International		SCE
2025$49 $48 
202650 50 
202754 54 
202855 54 
202955 55 
2030 – 2034282 281 
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
The following table sets forth the VEBA Trust assets for Edison International and SCE that were accounted for at fair value as of December 31, 2024 and 2023, respectively, by asset class and level within the fair value hierarchy:
December 31, 2024
(in millions)Level 1Level 2
NAV1
Total
U.S. government and agency securities2
$489 $51 $— $540 
Corporate stocks3
81 2 — 83 
Corporate notes and bonds4
— 1,126 — 1,126 
Common/collective funds5
— — 235 235 
Partnerships6
— — 119 119 
Registered investment companies7
52 — — 52 
Interest bearing cash— 45 — 45 
Other8
— 95 — 95 
Total$622 $1,319 $354 $2,295 
Receivables and payables, net(14)
Net plan assets available for benefits$2,281 
December 31, 2023
(in millions)Level 1Level 2
NAV1
Total
U.S. government and agency securities2
$569 $84 $— $653 
Corporate stocks3
85 2 — 87 
Corporate notes and bonds4
— 1,064 — 1,064 
Common/collective funds5
— — 222 222 
Partnerships6
— — 124 124 
Registered investment companies7
47 — — 47 
Interest bearing cash— 29 — 29 
Other8
2 70 — 72 
Total$703 $1,249 $346 $2,298 
Receivables and payables, net(23)
Net plan assets available for benefits$2,275 
1These investments are measured at fair value using the net asset value per share practical expedient and have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the net plan assets available for benefits.
2Level 1 U.S. government and agency securities are U.S. treasury bonds and notes. Level 2 primarily relates to the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association.
3Corporate stock performance for actively managed separate accounts is primarily benchmarked against the Russell Indexes (78% and 74% at December 31, 2024 and 2023, respectively) and the MSCI All Country World Index (22% and 26% at December 31, 2024 and 2023, respectively).
4Corporate notes and bonds are diversified and include approximately $343 million and $237 million for commercial collateralized mortgage obligations and other asset backed securities at December 31, 2024 and 2023, respectively.
5At December 31, 2024 and 2023, respectively, 47% and 45% of the common/collective assets are invested in index funds which seek to track performance in the MSCI All Country World Investable Market Index, 41% and 40% are invested in a non-index U.S. equity fund which is actively managed. The remaining assets in this category are primarily invested in emerging market fund and fixed income funds.
6At December 31, 2024 and 2023, respectively, 71% and 65% of the partnerships are invested in private equity and venture capital funds. Investment strategies for these funds include branded consumer products, clean and information technology and healthcare. Of the remaining partnerships category, 22% and 28% are invested in asset backed securities including distressed mortgages, distressed companies and commercial and residential loans and debt and equity of banks; 7% are invested in a broad range of financial assets in all global markets at both December 31, 2024 and 2023.
7At December 31, 2024 and 2023, respectively, registered investment companies were primarily invested in a money market fund (73% and 70%) and exchange rate traded funds which seek to track performance of MSCI Emerging Market Index, Russell 2000 Index and international small cap equities (27% and 30%).
8Other includes $52 million and $58 million of municipal securities at December 31, 2024 and 2023, respectively.