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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2014
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 and SCE's long-term debt (including current portion of long-term debt) are as follows:
|  | June 30, 2014 |  | December 31, 2013
(in millions) |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
SCE |  | $ | 10,423 |  |  | $ | 11,675 |  |  | $ | 10,022 |  |  | $ | 10,656 |
Edison International |  | 10,826 |  |  | 12,106 |  |  | 10,426 |  |  | 11,084 |
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:
| June 30, 2014
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Netting and Collateral 1 |  | Total
Assets at fair value |  |  |  |  |  |  |  |  |
Derivative contracts | $ | — |  |  | $ | — |  |  | $ | 310 |  |  | $ | — |  |  | $ | 310 |
Other | 32 |  |  | — |  |  | — |  |  | — |  |  | 32 |
Nuclear decommissioning trusts: |  |  |  |  |  |  |  |  |
Stocks 2 | 2,332 |  |  | — |  |  | — |  |  | — |  |  | 2,332 |
Fixed Income 3 | 710 |  |  | 1,373 |  |  | — |  |  | — |  |  | 2,083 |
Short-term investments, primarily cash equivalents | 320 |  |  | 25 |  |  | — |  |  | — |  |  | 345 |
Subtotal of nuclear decommissioning trusts 4 | 3,362 |  |  | 1,398 |  |  | — |  |  | — |  |  | 4,760 |
Total assets | 3,394 |  |  | 1,398 |  |  | 310 |  |  | — |  |  | 5,102 |
Liabilities at fair value |  |  |  |  |  |  |  |  |
Derivative contracts | — |  |  | 14 |  |  | 1,188 |  |  | (7 | ) |  | 1,195 |
Total liabilities | — |  |  | 14 |  |  | 1,188 |  |  | (7 | ) |  | 1,195 |
Net assets (liabilities) | $ | 3,394 |  |  | $ | 1,384 |  |  | $ | (878 | ) |  | $ | 7 |  |  | $ | 3,907 |
| December 31, 2013
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Netting and Collateral 1 |  | Total
Assets at fair value |  |  |  |  |  |  |  |  |
Derivative contracts | $ | — |  |  | $ | 11 |  |  | $ | 372 |  |  | $ | (10 | ) |  | $ | 373 |
Other | 39 |  |  | — |  |  | — |  |  | — |  |  | 39 |
Nuclear decommissioning trusts: |  |  |  |  |  |  |  |  |
Stocks 2 | 2,208 |  |  | — |  |  | — |  |  | — |  |  | 2,208 |
Fixed Income 3 | 841 |  |  | 1,102 |  |  | — |  |  | — |  |  | 1,943 |
Short-term investments, primarily cash equivalents | 331 |  |  | — |  |  | — |  |  | — |  |  | 331 |
Subtotal of nuclear decommissioning trusts 4 | 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 |
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% of SCE's equity investments were located in the United States at both June 30, 2014 and December 31, 2013.
3 | At June 30, 2014 and December 31, 2013, SCE's corporate bonds were diversified and included collateralized mortgage obligations and other asset backed securities of $61 million and $47 million, respectively.
4 | Excludes net payables of $20 million and net receivables of $12 million at June 30, 2014 and December 31, 2013, respectively, 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 June 30, |  | Six months ended June 30,
(in millions) |  | 2014 |  | 2013 |  | 2014 |  | 2013
Fair value of net liabilities at beginning of period |  | $ | (773 | ) |  | $ | (882 | ) |  | $ | (805 | ) |  | $ | (791 | )
Total realized/unrealized gains (losses): |  |  |  |  |  |  |  |
Included in regulatory assets and liabilities 1 |  | (108 | ) |  | (76 | ) |  | (77 | ) |  | (158 | )
Purchases |  | 8 |  |  | 20 |  |  | 15 |  |  | 38 |
Settlements |  | (5 | ) |  | (29 | ) |  | (11 | ) |  | (56 | )
Fair value of net liabilities at end of period |  | $ | (878 | ) |  | $ | (967 | ) |  | $ | (878 | ) |  | $ | (967 | )
Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period |  | $ | (116 | ) |  | $ | (43 | ) |  | $ | (84 | ) |  | $ | (125 | )
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 |  |  |  |  |  |
June 30, 2014 | $ | 310 |  |  | $ | — |  | Market simulation model | Load forecast | 7,603 MW - 24,896 MW
|  |  |  |  | Power prices | $(9.86) - $108.56
|  |  |  |  | Gas prices | $3.50 - $7.10
December 31, 2013 | 366 |  |  | — |  | Market simulation model | Load forecast | 7,603 MW - 24,896 MW
|  |  |  |  | Power prices | $(9.86) - $108.56
|  |  |  |  | Gas prices | $3.50 - $7.10
Tolling |  |  |  |  |  |
June 30, 2014 | 2 |  |  | 1,185 |  | Option model | Volatility of gas prices | 13% - 31% (17%)
|  |  |  |  | Volatility of power prices | 26% - 57% (32%)
|  |  |  |  | Power prices | $37.20 - $70.20 ($49.50)
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)

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- Definition Tabular disclosure of the fair value measurement of assets and liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets and liabilities) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets and liabilities) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset and liabilities. + References No definition available. + Details
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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13476-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 + Details
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