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Debt and Credit Agreements
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Debt and Credit Agreements Debt and Credit Agreements
Long-Term Debt
The following table summarizes long-term debt (rates and terms are as of December 31, 2020) of Edison International and SCE:
December 31,
(in millions)20202019
Edison International Parent and Other:
Debentures and notes:
2022 – 2028 (2.40% to 5.75%)
$3,150 $3,150 
Current portion of long-term debt— (400)
Unamortized debt discount/premium and issuance costs, net(17)(18)
Total Edison International Parent and Other3,133 2,732 
SCE:
First and refunding mortgage bonds:  
2022 – 2050 (1.20% to 6.05%)
16,843 14,272 
Pollution-control bonds:
2023 (2.63%)
135 752 
Debentures and notes:
2029 – 2053 (5.06% to 6.65%)
306 306 
Other long-term debt 1:
324 — 
Current portion of long-term debt(1,029)(79)
Unamortized debt discount/premium and issuance costs, net(80)(119)
Total SCE16,499 15,132 
Total Edison International$19,632 $17,864 
1Subsequent to December 31, 2020, SCE issued first and refunding mortgage bonds which were used to partially pay down its commercial paper balance, see "Debt Financing Subsequent to December 31, 2020" for more information. Accordingly, SCE included the pay down amount of $324 million in other long-term debt.
Edison International and SCE long-term debt maturities over the next five years are as follows:
(in millions)Edison International SCE
2021$1,029 $1,029 
20221,064 364 
20231,435 1,035 
2024500 — 
20251,300 900 
Liens and Security Interests
Almost all of SCE's properties are subject to a trust indenture lien. SCE has pledged first and refunding mortgage bonds as collateral for borrowed funds obtained from pollution-control bonds issued by government agencies. SCE has a debt covenant that requires a debt to total capitalization ratio to be less than or equal to 0.65 to 1. At December 31, 2020, SCE's debt to total capitalization ratio was 0.51 to 1 and was in compliance with all other financial covenants that affect access to capital. Edison International Parent's credit facility requires a consolidated debt to total capitalization ratio as defined in the applicable agreements of less than or equal to 0.70 to 1. At December 31, 2020, Edison International consolidated debt to total capitalization ratio was 0.59 to 1.
Credit Agreements and Short-Term Debt
The following table summarizes the status of the credit facilities at December 31, 2020:
(in millions, except for rates)
Execution dateTermination dateLIBOR plus (bps)Use of proceedsCommitmentOutstanding borrowingsOutstanding letters of creditAmount available
Edison International Parent
June 2019May 2024128 
Support commercial paper borrowings and general corporate purposes 1, 4
$1,500 $130 $— $1370 
Total Edison International Parent:$1,500 $130 $— $1,370 
SCE
March 2020March 202165
Finance a portion of the AB 1054 Capital Expenditures 2
$800 $495 $— $305 
May 2020May 2021150Undercollections related to COVID-19 and general corporate purposes1,500 — — 1,500
June 2019May 2024108 
Support commercial paper borrowings and general corporate purposes 3, 4
3,000 725 159 2,116
Total SCE:$5,300 $1,220 $159 $3,921 
Total Edison International:$6,800 $1,350 $159 $5,291 
1At December 31, 2020 Edison International Parent had $130 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 0.42%. At December 31, 2019 Edison International Parent did not have any outstanding commercial paper.
2This credit facility may be extended for two 364-day periods, at the lenders' discretion. The aggregate maximum principal amount may be increased up to $1.1 billion provided that additional lender commitments are obtained.
3At December 31, 2020 and December 31, 2019, SCE had $725 million and $550 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 0.43% and 2.24%, respectively. As of December 31, 2020, $324 million outstanding commercial paper was classified as long-term debt due to subsequent refinancing. See "Debt Financing Subsequent to December 31, 2020" for more information.
4The aggregate maximum principal amount under the SCE and Edison International Parent revolving credit facilities may be increased up to $4.0 billion and $2.0 billion, respectively, provided that additional lender commitments are obtained.
Term loan and other short-term debt
The following table summarizes the status of SCE's term loan and other short-term debt as of December 31, 2020:
(in millions, except for rates)
Issuance DateMaturityLIBOR plus (bps)Use of ProceedsIssuance Amount
Term loan
March 2020March 202160Fund a portion of the AB 1054 Excluded Capital Expenditures$475 
Floating rate first and refunding mortgage bonds
December 2020December 202127Partial repayment of AB 1054 credit facility and commercial paper borrowings and for general corporate purposes900 
In March 2020, Edison International Parent borrowed $800 million under a term loan agreement due in March 2021 with a variable interest rate based on LIBOR plus 1.125%. The proceeds were used for general corporate purposes. In May 2020, Edison International repaid the outstanding balance of the term loan using the proceeds from issuance of common stock in a registered direct offering. Refer to Note 14 for details of the common stock issuance.
Debt Financing Subsequent to December 31, 2020
In January 2021, SCE issued $750 million of 2.95% first and refunding mortgage bonds due in 2051 and $150 million of 2.25% first and refunding mortgage bonds due in 2030. The proceeds were primarily used to repay SCE's commercial paper borrowings and for general corporate purposes.