Regulatory Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Regulatory Assets and Liabilities Disclosure [Abstract]

Schedule of Regulatory Assets

SCE's regulatory assets included on the consolidated balance sheets are:

	December 31,
(in millions)	2024		2023
Current:
Regulatory balancing and memorandum accounts	$	2,723	$	2,502
Other	25		22
Total current	2,748		2,524
Long-term:
Deferred income taxes	5,982		5,533
Unamortized investments, net of accumulated amortization	115		110
Unamortized losses on reacquired debt	88		99
Regulatory balancing and memorandum accounts	867		1,257
Environmental remediation	222		226
Recovery assets	1,512		1,558
Other	100		114
Total long-term	8,886		8,897
Total regulatory assets	$	11,634	$	11,421

Schedule of Regulatory Liabilities

SCE's regulatory liabilities included on the consolidated balance sheets are:

	December 31,
(in millions)	2024		2023
Current:
Regulatory balancing and memorandum accounts	$	1,144	$	704
Energy derivatives	165		16
Other	38		43
Total current	1,347		763
Long-term:
Costs of removal	2,520		2,635
Deferred income taxes	2,163		2,211
Recoveries in excess of ARO liabilities	1,748		1,498
Regulatory balancing and memorandum accounts	2,023		1,395
Pension and other postretirement benefits	1,690		1,664
Other	15		17
Total long-term	10,159		9,420
Total regulatory liabilities	$	11,506	$	10,183

Schedule of Regulatory Balancing Accounts

The following table summarizes the significant components of regulatory balancing and memorandum accounts included in the above tables of regulatory assets and liabilities:

	December 31,
(in millions)	2024		2023
Asset (liability)
Energy procurement related costs	$	(97)	$	397
Public purpose and energy efficiency	(1,708)		(1,736)
GRC related balancing accounts1	976		1,361
FERC related balancing accounts	125		(211)
Wildfire risk mitigation and insurance2	741		1,169
Wildfire and drought restoration3	238		417
Tax accounting memorandum account	(40)		108
Other	188		155
Assets, net of liabilities	$	423	$	1,660

1The GRC related balancing accounts primarily consist of the base revenue requirement balancing account ("BRRBA"), the vegetation management balancing account ("VMBA"), the Wildfire Risk Mitigation balancing account ("WRMBA") and the risk management balancing account ("RMBA").

The 2021 GRC decision approved the establishment of the VMBA to track vegetation management expenses up to 115% of amounts authorized, the WRMBA to track the costs of SCE's Wildfire Covered Conductor Program up to 110% of amounts authorized and the RMBA to track the authorized costs of wildfire insurance. If spending is less than authorized, SCE will refund those amounts to customers. If spending is within the specified threshold, if any, for each balancing account, SCE will recover those costs from customers. Amounts above the specified threshold, or above amounts authorized if a higher threshold was not established, for each balancing account may be eligible for deferral to wildfire risk mitigation and insurance accounts.

2The wildfire risk mitigation and insurance regulatory assets represent wildfire-related costs that are probable of future recovery from customers, subject to a reasonableness review. The Fire Hazard Prevention Memorandum Account was used to track costs related to fire safety and to implement fire prevention corrective action measures in extreme and very high fire threat areas. The Wildfire Expense Memorandum Account ("WEMA") is used to track incremental wildfire insurance costs and uninsured wildfire-related financing, legal and claims costs related to the Other Wildfire Events that SCE believes are probable of recovery. See Note 12 for further details. The Wildfire Mitigation Plan Memorandum Account is used to track costs incurred to implement SCE's wildfire mitigation plan that are not currently reflected in SCE's revenue requirements. The Fire Risk Mitigation Memorandum Account is used to track costs related to the reduction of fire risk that are incremental to costs approved for recovery in SCE's GRCs that are not tracked in any other wildfire-related memorandum account. The balance also includes vegetation management spending in excess of the 115% threshold for the VMBA described above.

3The wildfire and drought restoration regulatory assets represent restoration costs that are recorded in a Catastrophic Event Memorandum Account.