XML 40 R29.htm IDEA: XBRL DOCUMENT v3.22.2.2
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2022
Fair Value Measurements  
Fair Value by Level within the Fair Value Hierarchy

    

September 30, 2022

Netting

 and 

 

(in millions)

    

Level 1

    

Level 2

    

Level 3

    

Collateral1

    

Total

Assets at fair value

Derivative contracts

$

$

15

$

55

$

(16)

$

54

Money market funds and other

 

4

22

 

 

 

26

Nuclear decommissioning trusts:

 

 

 

  

 

  

 

Stocks2

 

1,465

 

 

 

 

1,465

Fixed Income3

 

839

 

1,255

 

 

 

2,094

Short-term investments, primarily cash equivalents

 

203

 

112

 

 

 

315

Subtotal of nuclear decommissioning trusts4

 

2,507

 

1,367

 

 

 

3,874

Total assets

 

2,511

 

1,404

 

55

 

(16)

 

3,954

Liabilities at fair value

 

  

 

  

 

  

 

  

 

  

Derivative contracts

 

 

38

 

2

 

(40)

 

Total liabilities

 

 

38

 

2

 

(40)

 

Net assets

$

2,511

$

1,366

$

53

$

24

$

3,954

    

December 31, 2021

Netting

 and 

 

(in millions)

    

Level 1

    

Level 2

    

Level 3

    

Collateral1

    

Total

Assets at fair value

Derivative contracts

$

$

26

$

49

$

(31)

$

44

Money market funds and other

 

230

 

23

 

 

 

253

Nuclear decommissioning trusts:

 

  

 

  

 

  

 

  

 

  

Stocks2

 

1,972

 

 

 

 

1,972

Fixed Income3

 

1,083

 

1,607

 

 

 

2,690

Short-term investments, primarily cash equivalents

 

102

 

125

 

 

 

227

Subtotal of nuclear decommissioning trusts4

 

3,157

 

1,732

 

 

 

4,889

Total assets

 

3,387

 

1,781

 

49

 

(31)

 

5,186

Liabilities at fair value

 

  

 

  

 

  

 

  

 

  

Derivative contracts

 

 

42

 

5

 

(47)

 

Total liabilities

 

 

42

 

5

 

(47)

 

Net assets

$

3,387

$

1,739

$

44

$

16

$

5,186

1Represents the netting of assets and liabilities under master netting agreements and cash collateral.
2Approximately 75% SCE's equity investments were in companies located in the United States at both September 30, 2022 and December 31, 2021.
3Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $46 million and $30 million at September 30, 2022 and December 31, 2021, respectively.
4Excludes net payables of $51 million and $19 million at September 30, 2022 and December 31, 2021, 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 level 3 fair value changes

    

Three months ended

    

Nine months ended

September 30, 

September 30, 

(in millions)

2022

2021

2022

2021

Fair value of net assets at beginning of period

$

32

$

67

$

44

$

108

Sales

(1)

(1)

(7)

(2)

Settlements

 

(25)

 

(30)

 

(54)

 

(46)

Total realized/unrealized gains1,2

 

47

 

69

 

70

 

45

Fair value of net assets at end of period

$

53

$

105

$

53

$

105

1Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities.
2There were no material transfers into or out of Level 3 during 2022 and 2021.
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, 2022

$

55

$

2

 

Auction prices

 

CAISO CRR auction prices

 

$(6.28) - $43.32

$

0.72

December 31, 2021

 

49

 

5

 

Auction prices

 

CAISO CRR auction prices

 

$(18.87) - $43.03

1.46

Long-term debt fair value

    

September 30, 2022

    

December 31, 2021

Carrying 

Fair 

Carrying 

Fair 

(in millions)

    

Value1

    

Value2

    

Value1

    

Value2

Edison International

$

27,320

$

23,434

$

25,247

$

27,718

SCE

 

24,182

 

20,399

 

22,110

 

24,375

1Carrying value is net of debt issuance costs.
2The fair value of Edison International's and SCE's short-term and long-term debt is classified as Level 2.