Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value by Level within the Fair Value Hierarchy

	September 30, 2021
							Netting
							and
(in millions)	Level 1		Level 2		Level 3		Collateral1		Total
Assets at fair value
Derivative contracts	$	—	$	128	$	113	$	(97)	$	144
Money market funds and other		438		23		—		—		461
Nuclear decommissioning trusts:
Stocks2		1,820		—		—		—		1,820
Fixed Income3		1,084		1,603		—		—		2,687
Short-term investments, primarily cash equivalents		171		138		—		—		309
Subtotal of nuclear decommissioning trusts4		3,075		1,741		—		—		4,816
Total assets		3,513		1,892		113		(97)		5,421
Liabilities at fair value
Derivative contracts		—		3		8		(11)		—
Total liabilities		—		3		8		(11)		—
Net assets	$	3,513	$	1,889	$	105	$	(86)	$	5,421

	December 31, 2020
							Netting
							and
(in millions)	Level 1		Level 2		Level 3		Collateral1			Total
Assets at fair value
Derivative contracts	$	—	$	6	$	120	$	(18)	$	108
Money market funds and other		39		23		—		—		62
Nuclear decommissioning trusts:
Stocks2		1,908		—		—		—		1,908
Fixed Income3		519		2,113		—		—		2,632
Short-term investments, primarily cash equivalents		447		52		—		—		499
Subtotal of nuclear decommissioning trusts4		2,874		2,165		—		—		5,039
Total assets		2,913		2,194		120		(18)		5,209
Liabilities at fair value
Derivative contracts		—		10		12		(22)		—
Total liabilities		—		10		12		(22)		—
Net assets	$	2,913	$	2,184	$	108	$	4	$	5,209

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

2 Approximately 73% and 71% of SCE's equity investments were in companies located in the United States at September 30, 2021 and December 31, 2020, respectively.

3 Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $30 million and $29 million at September 30, 2021 and December 31, 2020, respectively.

4 Excludes net payables of $47 million and $206 million at September 30, 2021 and December 31, 2020, respectively, which consist of payables and receivables related to SCE's pending securities purchases and sales as well as interest and dividend receivables.

Summary of level 3 fair value changes

	Three months ended				Nine months ended
	September 30,				September 30,
(in millions)	2021		2020		2021		2020
Fair value of net assets at beginning of period	$	67	$	34	$	108	$	78
Purchases		—		1		—		8
Sales		(1)		(1)		(2)		(5)
Settlements		(30)		(69)		(46)		(95)
Total realized/unrealized losses 1,2		69		63		45		42
Fair value of net assets at end of period	$	105	$	28	$	105	$	28

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 2021 and 2020.

Valuation techniques and significant inputs

	Fair Value					Significant		Weighted
	(in millions)				Valuation	Unobservable	Range	Average
	Assets		Liabilities		Technique	Input	(per MWh)	(per MWh)
Congestion revenue rights
September 30, 2021	$	113	$	8	Auction prices	CAISO CRR auction prices	$(6.89) - $64.56	$	1.84
December 31, 2020		120		12	Auction prices	CAISO CRR auction prices	(9.67) - 300.47		2.75

Long-term debt fair value

	September 30, 2021				December 31, 2020
	Carrying		Fair		Carrying		Fair
(in millions)	Value1		Value2		Value1		Value2
Edison International	$	24,118	$	26,389	$	20,337	$	23,824
SCE		20,981		23,018		17,204		20,365

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.