Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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:

	March 31, 2025
(in millions)	Level 1		Level 2		Level 3		Netting and Collateral1		Total
Assets at fair value
Derivative contracts	$	—	$	8	$	156	$	(9)	$	155
Money market funds and other	913		22		—		—		935
Nuclear decommissioning trusts:
Stocks2	1,575		—		—		—		1,575
Fixed Income3	971		1,693		—		—		2,664
Short-term investments, primarily cash equivalents	101		28		—		—		129
Subtotal of nuclear decommissioning trusts4	2,647		1,721		—		—		4,368
Total assets	3,560		1,751		156		(9)		5,458
Liabilities at fair value
Derivative contracts	—		22		—		(22)		—
Total liabilities	—		22		—		(22)		—
Net assets	$	3,560	$	1,729	$	156	$	13	$	5,458

	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

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

2Approximately 73% and 75% of SCE's equity investments were in companies located in the United States at March 31, 2025 and December 31, 2024, respectively.

3Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $65 million and $94 million at March 31, 2025 and December 31, 2024, respectively.

4Excludes net payables of $137 million and $105 million at March 31, 2025 and December 31, 2024, respectively, which consist of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases.

Schedule 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:

	Three months ended March 31,
(in millions)	2025		2024
Fair value of net assets at beginning of period	$	212	$	91
Settlements	(10)		—
Total realized/unrealized losses, net of gains1	(46)		(11)
Fair value of net assets at end of period	$	156	$	80

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

	Fair Value (in millions)				Significant Unobservable Input	Range ($ per MWh)	Weighted Average ($ per MWh)
	Assets		Liabilities
March 31, 2025	$	156	$	—	CAISO CRR auction prices	($7.39) - $50,048.16	$	28.09
December 31, 2024	212		—		CAISO CRR auction prices	(4.64) - 50,048.16	27.20

Schedule of Long-Term Debt Fair Value

	March 31, 2025				December 31, 2024
(in millions)	Carrying Value1		Fair Value2		Carrying Value1		Fair Value2
Edison International	$	38,386	$	35,460	$	35,583	$	33,160
SCE	32,777		29,863		30,515		27,994

1Carrying value is net of debt issuance costs.

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