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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Carrying Amounts and Fair Values of Long-term Debt, Including Current Portion
The carrying value and fair value of Edison International's and SCE's long-term debt (including current portion of long-term debt) are as follows:
 
 
March 31, 2019
 
December 31, 2018
(in millions)
 
Carrying
Value1
 
Fair
Value2
 
Carrying
Value1
 
Fair
Value2
Edison International
 
$
15,762

 
$
16,068

 
$
14,711

 
$
14,844

SCE
 
14,021

 
14,412

 
12,971

 
13,180


1  
Carrying value is net of debt issuance costs.
2 The fair value of Edison International's and SCE's short-term and long-term debt is classified as Level 2.
Southern California Edison  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
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:
 
March 31, 2019
(in millions)
Level 1
 
Level 2
 
Level 3
 
Netting
and
Collateral1
 
Total
Assets at fair value
 
 
 
 
 
 
 
 
 
Derivative contracts
$
—

 
$
17

 
$
95

 
$
(1
)
 
$
111

Money market funds and other
275

 
21

 
—

 
—

 
296

Nuclear decommissioning trusts:
 
 
 
 
 
 
 
 
 
Stocks2
1,550

 
—

 
—

 
—

 
1,550

Fixed Income3
889

 
1,724

 
—

 
—

 
2,613

Short-term investments, primarily cash equivalents
212

 
35

 
—

 
—

 
247

Subtotal of nuclear decommissioning trusts4
2,651

 
1,759

 
—

 
—

 
4,410

Total assets
2,926

 
1,797

 
95

 
(1
)
 
4,817

Liabilities at fair value
 
 
 
 
 
 
 
 
 
Derivative contracts
—

 
2

 
—

 
(1
)
 
1

Total liabilities
—

 
2

 
—

 
(1
)
 
1

Net assets
$
2,926

 
$
1,795

 
$
95

 
$
—

 
$
4,816

 
December 31, 2018
(in millions)
Level 1
 
Level 2
 
Level 3
 
Netting
and
Collateral1
 
Total
Assets at fair value
 
 
 
 
 
 
 
 
 
Derivative contracts
$
—

 
$
32

 
$
141

 
$
—

 
$
173

Other
9

 
21

 
—

 
—

 
30

Nuclear decommissioning trusts:
 
 
 
 
 
 
 
 

Stocks2
1,382

 
—

 
—

 
—

 
1,382

Fixed Income3
1,001

 
1,665

 
—

 
—

 
2,666

Short-term investments, primarily cash equivalents
120

 
95

 
—

 
—

 
215

Subtotal of nuclear decommissioning trusts4
2,503

 
1,760

 
—

 
—

 
4,263

Total assets
2,512

 
1,813

 
141

 
—

 
4,466

Liabilities at fair value
 
 
 
 
 
 
 
 
 
Derivative contracts
—

 
13

 
—

 
(7
)
 
6

Total liabilities
—

 
13

 
—

 
(7
)
 
6

Net assets
$
2,512

 
$
1,800

 
$
141

 
$
7

 
$
4,460

1 
Represents the netting of assets and liabilities under master netting agreements and cash collateral.
2 
Approximately 71% of SCE's equity investments were in companies located in the United States at both March 31, 2019 and December 31, 2018.
3 
Includes corporate bonds, which were diversified and included collateralized mortgage obligations and other asset backed securities of $57 million and $67 million at March 31, 2019 and December 31, 2018, respectively.
4 
Excludes net payables of $119 million and $143 million at March 31, 2019 and December 31, 2018, respectively, 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:
 
 
Three months ended March 31,
(in millions)
 
2019
 
2018
Fair value of net assets at beginning of period
 
$
141

 
$
101

Total realized/unrealized losses1
 
(46
)
 
(20
)
Fair value of net assets at end of period2
 
$
95

 
$
81

Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period
 
$
(2
)
 
$
5


1 
Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities.
2 
There were no material transfers into or out of Level 3 during 2019 and 2018.
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
 
 
 
 
 
March 31, 2019
$
95

 
$
—

Auction prices
CAISO CRR auction prices
$(7.02) - $41.52 ($1.43)
December 31, 2018
141

 
—

Auction prices
CAISO CRR auction prices
$(7.41) - $41.52 ($1.62)