Compensation and Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Pension and Other Postretirement Benefits

Employee Savings Plan Employer Contributions

	Edison
	International		SCE
(in millions)	Years ended December 31,
2023	$	121	$	119
2022		103		101
2021		97		96

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

	Edison International						SCE
	Years ended December 31,
(in millions)	2023		2022		2021		2023		2022		2021
Stock-based compensation expense1:
Stock options	$	12	$	13	$	16	$	6	$	7	$	8
Performance shares		15		13		9		8		6		4
Restricted stock units		17		14		12		12		9		8
Other		2		2		2		—		—		—
Total stock-based compensation expense	$	46	$	42	$	39	$	26	$	22	$	20
Income tax benefits related to stock-based compensation expense	$	7	$	9	$	4	$	5	$	5	$	3

1 Reflected in "Operation and maintenance" on Edison International's and SCE's consolidated statements of income.

Black-Sholes Option-Pricing Model Assumptions

	Years ended December 31,
	2023	2022	2021
Expected terms (in years)	4.8	5.0	5.4
Risk-free interest rate	3.6%-4.7%	1.6% - 4.1%	1.1% - 1.3%
Expected dividend yield	4.2% -4.7%	4.0% - 5.0%	4.1% - 4.8%
Weighted average expected dividend yield	4.2%	4.0%	4.5%
Expected volatility	29.0% - 29.6%	27.8% - 28.6%	26.9% - 27.1%
Weighted average volatility	29.1%	27.8%	26.9%

Summary of Stock Options Activity

		Weighted Average
				Remaining	Aggregate
		Exercise		Contractual	Intrinsic Value
	Shares	Price		Term (years)	(in millions)
Edison International:
Outstanding at December 31, 2022	11,883,556	$	63.64
Granted	766,167		64.71
Forfeited or expired	(129,716)		65.61
Exercised1	(1,101,764)		57.36
Outstanding at December 31, 2023	11,418,243		64.30	4.89
Vested and expected to vest at December 31, 2023	11,183,196		64.40	4.83	$	88
Exercisable at December 31, 2023	8,642,764	$	65.24	4.03	$	63
SCE:
Outstanding at December 31, 2022	5,797,632	$	63.31
Granted	393,304		64.81
Forfeited or expired	(110,560)		66.28
Exercised1	(857,922)		58.07
Affiliate transfers, net	(30,179)		63.35
Outstanding at December 31, 2023	5,192,275		64.22	5.04
Vested and expected to vest at December 31, 2023	5,072,830		64.34	4.97	$	41
Exercisable at December 31, 2023	3,808,466	$	65.31	4.11	$	28

1 Edison International and SCE recognized tax benefits of $4 million and $3 million, respectively, from stock options exercised in 2023.

Schedule of Unrecognized Compensation Expense

	Edison International		SCE
Unrecognized compensation cost, net of expected forfeitures (in millions)	$	10	$	5
Weighted average period (in years)		1.5		1.5

Supplemental Data on Stock-based Compensation

	Edison International						SCE
	Years ended December 31,
(in millions, except per award amounts)	2023		2022		2021		2023		2022		2021
Weighted average grant date fair value per option granted	$	12.69	$	9.92	$	7.26	$	12.71	$	9.92	$	7.30
Fair value of options vested		8		8		3		7		5		3
Value of options exercised		14		17		8		11		12		6

Summary of Nonvested Share Activity

	Equity Awards
		Weighted Average
	Shares	Fair Value
Edison International:
Nonvested at December 31, 2022	402,830	$	64.22
Granted	255,883		76.00
Forfeited	(20,738)		69.32
Vested	(141,134)		57.71
Nonvested at December 31, 2023	496,841	$	71.93
SCE:
Nonvested at December 31, 2022	210,073	$	63.93
Granted	131,318		76.18
Forfeited	(14,758)		69.16
Vested	(76,108)		57.68
Affiliate transfers, net	(1,434)		62.85
Nonvested at December 31, 2023	249,091	$	71.99

Summary of Nonvested Restricted Stock Units Activity

	Edison International			SCE
		Weighted Average			Weighted Average
		Grant Date			Grant Date
	Shares	Fair Value		Shares	Fair Value
Nonvested at December 31, 2022	698,182	$	60.60	488,335	$	60.13
Granted	324,469		64.84	231,446		64.92
Forfeited	(21,965)		61.73	(15,371)		61.86
Vested	(108,274)		68.16	(55,488)		67.57
Affiliate transfers, net	—		—	(3,373)		60.05
Nonvested at December 31, 2023	892,412	$	61.19	645,549	$	61.17

Pension Plans

Pension and Other Postretirement Benefits

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

	Edison International						SCE
	Years ended December 31,
(in millions)	2023			2022			2023			2022
Change in projected benefit obligation
Projected benefit obligation at beginning of year	$	3,524		$	4,171		$	3,159		$	3,694
Service cost		101			120			97			115
Interest cost		180			111			162			97
Actuarial loss (gain)		96			(589)			82			(503)
Benefits paid		(254)			(289)			(222)			(244)
Projected benefit obligation at end of year	$	3,647		$	3,524		$	3,278		$	3,159
Change in plan assets
Fair value of plan assets at beginning of year	$	3,462		$	4,296		$	3,275		$	4,061
Actual return (loss) on plan assets		369			(575)			349			(544)
Employer contributions		32			30			13			2
Benefits paid		(254)			(289)			(222)			(244)
Fair value of plan assets at end of year		3,609			3,462			3,415			3,275
(Underfunded)/Overfunded status at end of year	$	(38)		$	(62)		$	137		$	116
Amounts recognized in the consolidated balance sheets consist of 1:
Long-term assets	$	169		$	139		$	149		$	128
Current liabilities		(30)			(26)			(2)			(2)
Long-term liabilities		(177)			(175)			(10)			(10)
	$	(38)		$	(62)		$	137		$	116
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss1	$	21			17			8			8
Amounts recognized as a regulatory liability		(159)			(139)			(159)			(139)
Accumulated benefit obligation at end of year	$	3,495		$	3,401		$	3,136		$	3,049
Pension plans with plan assets in excess of an accumulated benefit obligation:
Projected benefit obligation		3,647			3,524			3,278			3,159
Accumulated benefit obligation		3,495			3,401			3,136			3,049
Fair value of plan assets		3,609			3,462			3,415			3,275
Weighted average assumptions used to determine obligations at end of year:
Discount rate		5.04	%		5.36	%		5.04	%		5.36	%
Rate of compensation increase		4.00	%		4.00	%		4.00	%		4.00	%

1 The SCE liability excludes a long-term payable due to Edison International Parent of $94 million and $93 million at December 31, 2023 and 2022, respectively, related to certain SCE postretirement benefit obligations transferred to Edison International Parent. SCE's accumulated other comprehensive loss of $8 million at both December 31, 2023 and 2022, excludes net losses of $8 million and $3 million related to these benefits, respectively.

Summary of expense components for plans

	Edison International						SCE
	Years ended December 31,
(in millions)	2023		2022		2021		2023		2022		2021
Service cost	$	101	$	120	$	130	$	99	$	118	$	127
Non-service cost (benefit)
Interest cost		180		111		103		166		101		95
Expected return on plan assets		(214)		(227)		(222)		(202)		(215)		(211)
Settlement costs		—		4		—		—		4		—
Amortization of prior service cost		—		—		1		—		—		1
Amortization of net loss		3		5		11		2		2		7
Regulatory adjustment		(47)		6		25		(47)		6		25
Total non-service benefit1		(78)		(101)		(82)		(81)		(102)		(83)
Total expense	$	23	$	19	$	48	$	18	$	16	$	44

1 Included in "Other income" on Edison International's and SCE's consolidated income statements. For further details, see Note 16.

Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

	Edison International						SCE
	Years ended December 31,
(in millions)	2023		2022		2021		2023		2022		2021
Net loss (gain)	$	6	$	(45)	$	(10)	$	6	$	(24)	$	(5)
Settlement charges		—		(4)		—		—		(4)		—
Amortization of net loss		(2)		(8)		(11)		(2)		(5)		(7)
Total loss (gain) recognized in other comprehensive income		4		(57)		(21)		4		(33)		(12)
Total recognized in expense and other comprehensive income	$	27	$	(38)	$	27	$	22	$	(17)	$	32

Schedule of Assumptions Used

	Years ended December 31,
	2023		2022		2021
Discount rate	5.36	%	2.75	%	2.38	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%
Expected long-term return on plan assets	6.50	%	5.50	%	5.50	%
Interest crediting rate for cash balance account1
Starting rate	5.86	%	3.12	%	3.03	%
Ultimate rate	5.86	%	4.50	%	4.50	%
Year ultimate rate is reached	2023		2026		2025

1 Edison International and SCE were using a graduated assumption for interest crediting rate for cash balance account, where current interest rate gradually increased to an ultimate rate at a certain year. Starting 2023, Edison International and SCE changed to use single interest crediting rate assumption to determine the pension expense for cash balance account.

Schedule of Expected Benefit Payments

	Edison
(in millions)	International		SCE
2024	$	325	$	279
2025		319		279
2026		332		290
2027		320		284
2028		314		281
2029 – 2033		1,447		1,308

Schedule of Pension Plan Assets by Hierarchy Levels

	December 31, 2023
(in millions)	Level 1		Level 2		NAV1		Total
U.S. government and agency securities2	$	256	$	352	$	—	$	608
Corporate stocks3		176		5		—		181
Corporate bonds4		—		1,057		—		1,057
Common/collective funds5		—		—		584		584
Partnerships/joint ventures6		—		—		657		657
Other investment entities7		—		—		58		58
Registered investment companies8		212		—		153		365
Interest-bearing cash		10		—		—		10
Other		—		46		8		54
Total	$	654	$	1,460	$	1,460	$	3,574
Receivables and payables, net								35
Combined net plan assets available for benefits								3,609
SCE's share of net plan assets							$	3,415

	December 31, 2022
(in millions)	Level 1		Level 2		NAV1		Total
U.S. government and agency securities2	$	281	$	293	$	—	$	574
Corporate stocks3		227		3		—		230
Corporate bonds4		—		973		—		973
Common/collective funds5		—		—		658		658
Partnerships/joint ventures6		—		—		613		613
Other investment entities7		—		—		63		63
Registered investment companies8		206		—		159		365
Interest-bearing cash		14		—		—		14
Other		—		48		7		55
Total	$	728	$	1,317	$	1,500	$	3,545
Receivables and payables, net								(83)
Combined net plan assets available for benefits								3,462
SCE's share of net plan assets							$	3,275

1 These investments are measured at fair value using the net asset value per share practical expedient and have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the net plan assets available for benefits.

2 Level 1 U.S. government and agency securities are U.S. treasury bonds and notes. Level 2 primarily relates to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.

3 Corporate stocks are diversified. At both December 31, 2023 and 2022, performance for actively managed separate accounts is primarily benchmarked against the Russell Indexes (36%) and Morgan Stanley Capital International (MSCI) index (64%).

4 Corporate bonds are diversified. At December 31, 2023 and 2022, respectively, this category includes $78 million and $67 million for collateralized mortgage obligations and other asset backed securities.

5 The common/collective assets are invested in equity index funds that seek to track performance of the Standard and Poor's 500 Index (41% at both December 31, 2023 and 2022). In addition, at December 31, 2023 and 2022, respectively, 40% and 46% of the assets in this category are in index funds which seek to track performance in the MSCI All Country World Index ex-US and 16% and 11% of this category are in a non-index U.S. equity fund, which is actively managed.

6 At December 31, 2023 and 2022, respectively, 74% and 76% are invested in private equity funds with investment strategies that include branded consumer products and clean technology companies, 17% and 18% are invested in ABS including distressed mortgages and commercial and residential loans, 5% and 2% are invested in a broad range of financial assets in all global markets.

7 At December 31, 2023 and 2022, respectively, 68% and 64% are invested in domestic mortgage backed securities and 32% and 36% in high yield debt securities, respectively.

8 At December 31, 2023 and 2022, respectively, 57% and 56% are invested in Level 1 corporate bond funds, 13% and 21% in a fixed income fund used for cash management and 28% and 22% in a US equity fund, respectively.

Postretirement Benefits Other Than Pensions

Pension and Other Postretirement Benefits

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

	Edison International						SCE
	Years ended December 31,
(in millions)	2023			2022			2023			2022
Change in benefit obligation
Benefit obligation at beginning of year	$	1,331		$	1,904		$	1,323		$	1,895
Service cost		20			34			20			34
Interest cost		67			56			67			55
Actuarial gain		(567)			(598)			(563)			(596)
Plan participants' contributions		28			29			28			29
Benefits paid		(106)			(94)			(106)			(94)
Benefit obligation at end of year	$	773		$	1,331		$	769		$	1,323
Change in plan assets
Fair value of plan assets at beginning of year	$	2,187		$	2,772		$	2,187		$	2,772
Actual return on assets		162			(527)			162			(527)
Employer contributions		4			7			4			7
Plan participants' contributions		28			29			28			29
Benefits paid		(106)			(94)			(106)			(94)
Fair value of plan assets at end of year		2,275			2,187			2,275			2,187
Overfunded status at end of year	$	1,502		$	856		$	1,506		$	864
Amounts recognized in the consolidated balance sheets consist of:
Long-term assets	$	1,506		$	871		$	1,506		$	871
Current liabilities		—			(8)			—			(7)
Long-term liabilities		(4)			(7)			—			—
	$	1,502		$	856		$	1,506		$	864
Amounts recognized in accumulated other comprehensive loss consist of:
Net gain	$	(5)		$	(2)		$	—		$	—
Amounts recognized as a regulatory liability		(1,505)			(867)			(1,505)			(867)
Weighted average assumptions used to determine obligations at end of year:
Discount rate		5.06	%		5.43	%		5.06	%		5.43	%
Assumed health care cost trend rates:
Rate assumed for following year		6.50	%		6.75	%		6.50	%		6.75	%
Ultimate rate		5.00	%		5.00	%		5.00	%		5.00	%
Year ultimate rate reached		2029			2029			2029			2029

Summary of expense components for plans

	Edison International						SCE
	Years ended December 31,
(in millions)	2023		2022		2021		2023		2022		2021
Service cost	$	20	$	34	$	40	$	20	$	34	$	40
Non-service cost (benefit)
Interest cost		67		56		52		67		55		52
Expected return on plan assets		(107)		(97)		(106)		(107)		(97)		(106)
Amortization of prior service cost		(1)		(2)		(1)		(1)		(2)		(1)
Amortization of net gain		(50)		(45)		(35)		(50)		(45)		(36)
Regulatory adjustment		71		55		51		71		55		51
Total non-service benefit1		(20)		(33)		(39)		(20)		(34)		(40)
Total expense	$	—	$	1	$	1	$	—	$	—	$	—

Schedule of Assumptions Used

	Years ended December 31,
	2023		2022		2021
Discount rate	5.43	%	2.95	%	2.67	%
Expected long-term return on plan assets	5.00	%	3.50	%	4.00	%
Assumed health care cost trend rates:
Current year	6.75	%	6.25	%	6.50	%
Ultimate rate	5.00	%	5.00	%	5.00	%
Year ultimate rate reached	2029		2029		2029

Schedule of Pension Plan Assets by Hierarchy Levels

	Edison
(in millions)	International		SCE
2024	$	48	$	48
2025		49		48
2026		49		49
2027		53		53
2028		54		53
2029 – 2033		276		275

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

	December 31, 2023
(in millions)	Level 1		Level 2		NAV1		Total
U.S. government and agency securities2	$	569	$	84	$	—	$	653
Corporate stocks3		85		2		—		87
Corporate notes and bonds4		—		1,064		—		1,064
Common/collective funds5		—		—		222		222
Partnerships6		—		—		124		124
Registered investment companies7		47		—		—		47
Interest bearing cash		—		29		—		29
Other8		2		70		—		72
Total	$	703	$	1,249	$	346	$	2,298
Receivables and payables, net								(23)
Net plan assets available for benefits								2,275

	December 31, 2022
(in millions)	Level 1		Level 2		NAV1		Total
U.S. government and agency securities2	$	222	$	304	$	—	$	526
Corporate stocks3		103		2		—		105
Corporate notes and bonds4		—		860		—		860
Common/collective funds5		—		—		413		413
Partnerships6		—		—		119		119
Registered investment companies7		55		—		—		55
Interest bearing cash		—		56		—		56
Other8		—		59		—		59
Total	$	380	$	1,281	$	532	$	2,193
Receivables and payables, net								(6)
Net plan assets available for benefits							$	2,187

1 These investments are measured at fair value using the net asset value per share practical expedient and have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the net plan assets available for benefits.

2 Level 1 U.S. government and agency securities are U.S. treasury bonds and notes. Level 2 primarily relates to the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association.

3 Corporate stock performance for actively managed separate accounts is primarily benchmarked against the Russell Indexes (74% and 73% for 2023 and 2022, respectively) and the MSCI All Country World Index (26% and 27% for 2023 and 2022, respectively).

4 Corporate notes and bonds are diversified and include approximately $237 million and $150 million for commercial collateralized mortgage obligations and other asset backed securities at December 31, 2023 and 2022, respectively.

5 At December 31, 2023 and 2022, respectively, 45% and 53% of the common/collective assets are invested in index funds which seek to track performance in the MSCI All Country World Investable Market Index, 40% and 27% are invested in a non-index U.S. equity fund which is actively managed. The remaining assets in this category are primarily invested in a fixed income fund.

6 At December 31, 2023 and 2022, respectively, 65% and 63% of the partnerships are invested in private equity and venture capital funds. Investment strategies for these funds include branded consumer products, clean and information technology and healthcare. Of the remaining partnerships category, 28% and 31% are invested in asset backed securities including distressed mortgages, distressed companies and commercial and residential loans and debt and equity of banks, 7% and 6% are invested in a broad range of financial assets in all global markets.

7 At December 31, 2023 and 2022, respectively, registered investment companies were primarily invested in a money market fund (70% and 75%) and exchange rate traded funds which seek to track performance of MSCI Emerging Market Index, Russell 2000 Index and international small cap equities (30% and 25%)

8 Other includes $58 million and $53 million of municipal securities at December 31, 2023 and 2022, respectively.