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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2013
Fair Value Disclosures [Abstract]  
Fair Value by Level
The following table sets forth assets and liabilities of SCE that were accounted for at fair value by level within the fair value hierarchy:
 
December 31, 2013
(in millions)
Level 1
 
Level 2
 
Level 3
 
Netting
and
Collateral1
 
Total
Assets at fair value
 
 
 
 
 
 
 
 
 
Derivative contracts
$
—

 
$
11

 
$
372

 
$
(10
)
 
$
373

Other
39

 
—

 
—

 
—

 
39

Nuclear decommissioning trusts:
 
 
 
 
 
 
 
 
 
Stocks2
2,208

 
—

 
—

 
—

 
2,208

Fixed income3
841

 
1,102

 
—

 
—

 
1,943

Short-term investments, primarily cash equivalents
331

 
—

 
—

 
—

 
331

Subtotal of nuclear decommissioning trusts4
3,380

 
1,102

 
—

 
—

 
4,482

Total assets
3,419

 
1,113

 
372

 
(10
)
 
4,894

Liabilities at fair value
 
 
 
 
 
 
 
 
 
Derivative contracts
—

 
37

 
1,177

 
(20
)
 
1,194

Total liabilities
—

 
37

 
1,177

 
(20
)
 
1,194

Net assets (liabilities)
$
3,419

 
$
1,076

 
$
(805
)
 
$
10

 
$
3,700

 
December 31, 2012
(in millions)
Level 1
 
Level 2
 
Level 3
 
Netting
and
Collateral1
 
Total
Assets at fair value
 
 
 
 
 
 
 
 
 
Derivative contracts
$
—

 
$
8

 
$
221

 
$
(15
)
 
$
214

Other
13

 
—

 
—

 
—

 
13

Nuclear decommissioning trusts:
 

 
 

 
 

 
 

 
 

Stocks2
2,271

 
—

 
—

 
—

 
2,271

Fixed income3
477

 
1,180

 
—

 
—

 
1,657

Short-term investments, primarily cash equivalents
121

 
—

 
—

 
—

 
121

Subtotal of nuclear decommissioning trusts4
2,869

 
1,180

 
—

 
—

 
4,049

Total assets
2,882

 
1,188

 
221

 
(15
)
 
4,276

Liabilities at fair value
 
 
 
 
 
 
 
 
 
Derivative contracts
—

 
115

 
1,012

 
(62
)
 
1,065

Total liabilities
—

 
115

 
1,012

 
(62
)
 
1,065

Net assets (liabilities)
$
2,882

 
$
1,073

 
$
(791
)
 
$
47

 
$
3,211

1 
Represents the netting of assets and liabilities under master netting agreements and cash collateral across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level.
2 
Approximately 70% and 66% of SCE's equity investments were located in the United States at December 31, 2013 and 2012, respectively.
3 
Includes corporate bonds, which were diversified and included collateralized mortgage obligations and other asset backed securities of $47 million and $56 million at December 31, 2013 and 2012, respectively.
4 
Excludes net receivables of $12 million at December 31, 2013 and net payables of $1 million at December 31, 2012, which consist of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases.
Summary of Changes in Fair Value of Level 3 Net Derivative Assets and Liabilities
The following table sets forth a summary of changes in SCE's fair value of Level 3 net derivative assets and liabilities:
 
 
December 31,
(in millions)
 
2013
 
2012
Fair value of net liabilities at beginning of period
 
$
(791
)
 
$
(754
)
Total realized/unrealized gains (losses):
 
 
 
 
Included in regulatory assets and liabilities1
 
23

 
(70
)
Purchases
 
65

 
104

Settlements
 
(102
)
 
(71
)
Fair value of net liabilities at end of period
 
$
(805
)
 
$
(791
)
Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period
 
$
33

 
$
(119
)

1 
Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities.
Valuation Techniques and Significant Unobservable Inputs Used to Determine Fair Value for Level 3 Assets and Liabilities
The following table sets forth SCE's valuation techniques and significant unobservable inputs used to determine fair value for significant Level 3 assets and liabilities:
 
Fair Value (in millions)
 
Significant
Range
 
Assets
 
Liabilities
Valuation Technique(s)
Unobservable Input
(Weighted Average)
Congestion revenue rights
 
 
 
December 31, 2013
$
366

 
$
—

Market simulation model
Load forecast
7,603 MW - 24,896MW
 
 
 
 
 
Power prices
$(9.86) - $108.56
 
 
 
 
 
Gas prices
$3.50 - $7.10
December 31, 2012
186

 
—

Market simulation model
Load forecast
7,597 MW - 26,612 MW
 
 
 
 
 
Power prices
$(13.90) - $226.75
 
 
 
 
 
Gas prices
$2.95 - $7.78
Tolling
 
 
 
 
 
 
December 31, 2013
5

 
1,175

Option model
Volatility of gas prices
16% - 35% (21%)
 
 
 
 
 
Volatility of power prices
25% - 45% (30%)
 
 
 
 
 
Power prices
$38.00 - $63.90 ($47.40)
December 31, 2012
4

 
1,005

Option model
Volatility of gas prices
17% - 36% (22%)
 
 
 
 
 
Volatility of power prices
26% - 64% (29%)
 
 
 
 
 
Power prices
$35.00 - $84.10 ($55.40)
Carrying Amounts and Fair Values of Long-term Debt, Including Current Portion
The carrying value and fair value of Edison International and SCE's long-term debt:
 
December 31, 2013
 
December 31, 2012
(in millions)
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Edison International
$
10,426

 
$
11,084

 
$
9,231

 
$
10,944

SCE
10,022

 
10,656

 
8,828

 
10,505