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Debt and Credit Agreements
 12 Months Ended
Dec. 31, 2013
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, 2013) of Edison International and SCE:
 
December 31,
(in millions)
2013
 
2012
Edison International Parent and Other:
 
 
 
Debentures and notes:
 
 
 
2017 (3.75%)
$
400

 
$
400

Other long-term debt
4

 
4

Current portion of long-term debt
(1
)
 
—

Unamortized debt discount, net
—

 
(1
)
Total Edison International Parent and Other
403

 
403

SCE:
 
 
 
First and refunding mortgage bonds:
 
 
 
2014 – 2043 (3.5% to 6.05% and floating)
8,975

 
7,775

Pollution-control bonds:
 
 
 
2028 – 2035 (1.375% to 5.0% and variable)
939

 
939

Bonds repurchased
(161
)
 
(161
)
Debentures and notes:
 
 
 
2029 – 2053 (5.06% to 6.65%)
307

 
307

Current portion of long-term debt
(600
)
 
—

Unamortized debt discount, net
(38
)
 
(32
)
Total SCE
9,422

 
8,828

Total Edison International
$
9,825

 
$
9,231


Edison International and SCE long-term debt maturities over the next five years are the following:
(in millions)
Edison International
 
SCE
2014
$
601

 
$
600

2015
300

 
300

2016
401

 
400

2017
400

 
—

2018
400

 
400


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 be met. At December 31, 2013, SCE was in compliance with this debt covenant.
Credit Agreements and Short-Term Debt
The following table summarizes the status of the credit facilities at December 31, 2013:
(in millions)
Edison International Parent
 
SCE
Commitment
$
1,250

 
$
2,750

Outstanding borrowings
(34
)
 
(175
)
Outstanding letters of credit
—

 
(116
)
Amount available
$
1,216

 
$
2,459


In 2013, SCE and Edison International Parent amended their credit facilities to extend the maturity dates to July 2018 for $2.75 billion and $1.25 billion, respectively. The credit facility for SCE is generally used to support commercial paper and letters of credit issued for procurement-related collateral requirements, balancing account undercollections and for general corporate purposes, including working capital requirements to support operations and capital expenditures. Borrowings under Edison International Parent's credit facility are used for general corporate purposes.
At December 31, 2013, SCE's outstanding commercial paper was $175 million at a weighted-average interest rate of 0.24%. The commercial paper was supported by the $2.75 billion multi-year revolving credit facility. At December 31, 2013, letters of credit issued under SCE's credit facility aggregated $116 million and are scheduled to expire in twelve months or less. At December 31, 2012, the outstanding commercial paper was $175 million at a weighted-average interest rate of 0.37%.
At December 31, 2013, Edison International Parent's outstanding commercial paper was $34 million at a weighted-average interest rate of 0.55%. This commercial paper was supported by the $1.25 billion multi-year revolving credit facility. At December 31, 2012, Edison International Parent had no outstanding short-term debt.
Financing Subsequent to December 31, 2013
In January 2014, SCE issued $300 million of floating rate first and refunding mortgage bonds due in 2015. The proceeds from this bond were used for working capital to fund the ERRA balancing account undercollections.