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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Sources of income (loss) before income taxes | Edison International's sources of income (loss) before income taxes are:
|  | Years ended December 31,
(in millions) |  | 2014 |  | 2013 |  | 2012
Income from continuing operations before income taxes |  | $ | 1,979 |  |  | $ | 1,221 |  |  | $ | 1,861 |
Discontinued operations before income taxes |  | (525 | ) |  | — |  |  | (2,235 | )
Income (loss) before income tax |  | $ | 1,454 |  |  | $ | 1,221 |  |  | $ | (374 | )
Components of income tax expense (benefit) by location of taxing jurisdiction | The components of income tax expense (benefit) by location of taxing jurisdiction are:
| Edison International |  | SCE
| Years ended December 31,
(in millions) | 2014 |  | 2013 |  | 2012 |  | 2014 |  | 2013 |  | 2012
Current: |  |  |  |  |  |  |  |  |  |  |
Federal | $ | (99 | ) |  | $ | (97 | ) |  | $ | — |  |  | $ | (89 | ) |  | $ | (119 | ) |  | $ | — |
State | 20 |  |  | (9 | ) |  | — |  |  | 101 |  |  | (19 | ) |  | 50 |
| (79 | ) |  | (106 | ) |  | — |  |  | 12 |  |  | (138 | ) |  | 50 |
Deferred: |  |  |  |  |  |  |  |  |  |  |
Federal | 454 |  |  | 317 |  |  | 132 |  |  | 476 |  |  | 345 |  |  | 136 |
State | 68 |  |  | 31 |  |  | 135 |  |  | (14 | ) |  | 72 |  |  | 28 |
| 522 |  |  | 348 |  |  | 267 |  |  | 462 |  |  | 417 |  |  | 164 |
Total continuing operations | 443 |  |  | 242 |  |  | 267 |  |  | 474 |  |  | 279 |  |  | 214 |
Discontinued operations 1 | (710 | ) |  | (36 | ) |  | (549 | ) |  | — |  |  | — |  |  | — |
Total | $ | (267 | ) |  | $ | 206 |  |  | $ | (282 | ) |  | $ | 474 |  |  | $ | 279 |  |  | $ | 214 |
Components of net accumulated deferred income tax liability | The components of net accumulated deferred income tax liability are:
| Edison International |  | SCE
| December 31,
(in millions) | 2014 |  | 2013 |  | 2014 |  | 2013
Deferred tax assets: |  |  |  |  |  |  |
Property and software related | $ | 572 |  |  | $ | 523 |  |  | $ | 571 |  |  | $ | 523 |
Nuclear decommissioning trust assets in excess of nuclear ARO liability | 441 |  |  | 569 |  |  | 441 |  |  | 569 |
Loss and credit carryforwards | 1,657 |  |  | 2,228 |  |  | 205 |  |  | 427 |
Regulatory balancing accounts | 18 |  |  | 139 |  |  | 18 |  |  | 139 |
Pension and PBOPs | 510 |  |  | 283 |  |  | 321 |  |  | 105 |
Other | 582 |  |  | 712 |  |  | 445 |  |  | 544 |
Sub-total | 3,780 |  |  | 4,454 |  |  | 2,001 |  |  | 2,307 |
Less valuation allowance | 29 |  |  | 1,380 |  |  | — |  |  | — |
Total | 3,751 |  |  | 3,074 |  |  | 2,001 |  |  | 2,307 |
Deferred tax liabilities: |  |  |  |  |  |  |
Property-related | 8,709 |  |  | 7,879 |  |  | 8,699 |  |  | 7,869 |
Capitalized software costs | 285 |  |  | 318 |  |  | 285 |  |  | 318 |
Regulatory balancing accounts | 577 |  |  | 625 |  |  | 577 |  |  | 625 |
Nuclear decommissioning trust assets | 441 |  |  | 569 |  |  | 441 |  |  | 569 |
PBOPs | 227 |  |  | 6 |  |  | 227 |  |  | 6 |
Other | 274 |  |  | 497 |  |  | 171 |  |  | 393 |
Total | 10,513 |  |  | 9,894 |  |  | 10,400 |  |  | 9,780 |
Accumulated deferred income tax liability, net | $ | 6,762 |  |  | $ | 6,820 |  |  | $ | 8,399 |  |  | $ | 7,473 |
Classification of accumulated deferred income taxes, net: |  |  |  |  |  |  |
Included in deferred credits and other liabilities | $ | 7,214 |  |  | $ | 7,241 |  |  | $ | 8,190 |  |  | $ | 7,737 |
Included in current liabilities (assets) | (452 | ) |  | (421 | ) |  | 209 |  |  | (264 | )
Summary of Tax Credit Carryforwards | The amounts of loss and credit carryforwards (after-tax) are as follows:
| Edison International |  | SCE
| December 31, 2014
(in millions) | Loss Carryforwards |  | Credit Carryforwards |  | Loss Carryforwards |  | Credit Carryforwards
2015 to 2019 | $ | 3 |  |  | $ | — |  |  | $ | 14 |  |  | $ | — |
2020 to 2033 | 1,213 |  |  | 405 |  |  | 132 |  |  | 39 |
No expiration date | — |  |  | 36 |  |  | — |  |  | 20 |
Total | $ | 1,216 |  |  | $ | 441 |  |  | $ | 146 |  |  | $ | 59 |
Reconciliation of income tax expense | The table below provides a reconciliation of income tax expense computed at the federal statutory income tax rate to the income tax provision:
| Edison International |  | SCE
| Years ended December 31,
(in millions) | 2014 |  | 2013 |  | 2012 |  | 2014 |  | 2013 |  | 2012
Income from continuing operations before income taxes | $ | 1,979 |  |  | $ | 1,221 |  |  | $ | 1,861 |  |  | $ | 2,039 |  |  | $ | 1,279 |  |  | $ | 1,874 |
Provision for income tax at federal statutory rate of 35% | 693 |  |  | 427 |  |  | 652 |  |  | 714 |  |  | 448 |  |  | 656 |
Increase (decrease) in income tax from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Items presented with related state income tax, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repair deductions | — |  |  | — |  |  | (231 | ) |  | — |  |  | — |  |  | (231 | )
State tax, net of federal benefit | 56 |  |  | 18 |  |  | 108 |  |  | 55 |  |  | 34 |  |  | 54 |
Property-related 1 | (252 | ) |  | (216 | ) |  | (223 | ) |  | (252 | ) |  | (216 | ) |  | (223 | )
Accumulated deferred income tax adjustments | — |  |  | — |  |  | (41 | ) |  | — |  |  | — |  |  | (41 | )
Change related to uncertain tax positions | 5 |  |  | 14 |  |  | 40 |  |  | 12 |  |  | 14 |  |  | 36 |
San Onofre OII settlement | (23 | ) |  | 24 |  |  | — |  |  | (23 | ) |  | 24 |  |  | — |
Other | (36 | ) |  | (25 | ) |  | (38 | ) |  | (32 | ) |  | (25 | ) |  | (37 | )
Total income tax expense from continuing operations | $ | 443 |  |  | $ | 242 |  |  | $ | 267 |  |  | $ | 474 |  |  | $ | 279 |  |  | $ | 214 |
Effective tax rate | 22.4 | % |  | 19.8 | % |  | 14.3 | % |  | 23.2 | % |  | 21.8 | % |  | 11.4 | %
1 | Includes incremental repair benefit recorded in 2012 to 2014. See discussion of repair deductions below.
Reconciliation of unrecognized tax benefits | The following table provides a reconciliation of unrecognized tax benefits for continuing and discontinued operations:
| Edison International |  | SCE
| December 31,
(in millions) | 2014 |  | 2013 |  | 2012 |  | 2014 |  | 2013 |  | 2012
Balance at January 1, | $ | 815 |  |  | $ | 812 |  |  | $ | 631 |  |  | $ | 532 |  |  | $ | 571 |  |  | $ | 373 |
Tax positions taken during the current year: |  |  |  |  |  |  |  |  |  |  |
Increases | 65 |  |  | 19 |  |  | 33 |  |  | 57 |  |  | 22 |  |  | 35 |
Tax positions taken during a prior year: |  |  |  |  |  |  |  |  |  |  |
Increases | 1 |  |  | 43 |  |  | 177 |  |  | — |  |  | 45 |  |  | 169 |
Decreases 1 | (143 | ) |  | (109 | ) |  | (11 | ) |  | (93 | ) |  | (106 | ) |  | (6 | )
Increases (decreases) – deconsolidation of EME 2 | — |  |  | 50 |  |  | (18 | ) |  | — |  |  | — |  |  | — |
Decreases for settlements during the period 3 | (162 | ) |  | — |  |  | — |  |  | (55 | ) |  | — |  |  | — |
Balance at December 31, | $ | 576 |  |  | $ | 815 |  |  | $ | 812 |  |  | $ | 441 |  |  | $ | 532 |  |  | $ | 571 |
1 | Decreases in prior year tax positions relate primarily to re-measurement of uncertain tax positions in connection with the settlement of the 2003 – 2006 IRS audit.
2 | Unrecognized tax benefits of EME have been deconsolidated as a result of the bankruptcy filing by EME, except for tax liabilities for which Edison International and EME are jointly liable under the Internal Revenue Code and applicable state statutes. See Note 15 for further information. During 2013, Edison International increased the amount of unrecognized tax benefits related to the taxable gain on sale of EME’s international assets by approximately $50 million as a result of unfavorable developments during the fourth quarter of 2013.
3 | In the fourth quarter of 2014, Edison International has settled all open tax positions with the IRS for taxable year 2003 through 2006. Edison International has previously made cash deposits which are sufficient to settle all outstanding liabilities for this audit cycle. Total liabilities included tax reserves, previously settled issues and the associated interest and penalties.
Schedule of interest and penalties related to income tax liabilities | The total amount of accrued interest and penalties related to income tax liabilities for continuing and discontinued operations are:
| Edison International |  | SCE
| Years ended December 31,
(in millions) | 2014 |  | 2013 |  | 2014 |  | 2013
Accrued interest and penalties | $ | 338 |  |  | $ | 406 |  |  | $ | 64 |  |  | $ | 88 |
The net after-tax interest and penalties recognized in income tax expense for continuing and discontinued operations are:
| Edison International |  | SCE
| December 31,
(in millions) | 2014 |  | 2013 |  | 2012 |  | 2014 |  | 2013 |  | 2012
Net after-tax interest and penalties tax benefit (expense) | $ | 41 |  |  | $ | (3 | ) |  | $ | (10 | ) |  | $ | 16 |  |  | $ | 2 |  |  | $ | (11 | )

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