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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2019
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's and SCE's long-term debt (including current portion of long-term debt) are as follows:
|  | September 30, 2019 |  | December 31, 2018
(in millions) |  | Carrying Value 1 |  | Fair Value 2 |  | Carrying Value 1 |  | Fair Value 2
Edison International |  | $ | 17,545 |  |  | $ | 19,514 |  |  | $ | 14,711 |  |  | $ | 14,844 |
SCE |  | 15,208 |  |  | 17,081 |  |  | 12,971 |  |  | 13,180 |
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.
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:
| September 30, 2019
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Netting and Collateral 1 |  | Total
Assets at fair value |  |  |  |  |  |  |  |  |
Derivative contracts | $ | — |  |  | $ | 10 |  |  | $ | 70 |  |  | $ | (16 | ) |  | $ | 64 |
Money market fund and other | 50 |  |  | 14 |  |  | — |  |  | — |  |  | 64 |
Nuclear decommissioning trusts: |  |  |  |  |  |  |  |  |
Stocks 2 | 1,619 |  |  | — |  |  | — |  |  | — |  |  | 1,619 |
Fixed Income 3 | 873 |  |  | 1,967 |  |  | — |  |  | — |  |  | 2,840 |
Short-term investments, primarily cash equivalents | 107 |  |  | 50 |  |  | — |  |  | — |  |  | 157 |
Subtotal of nuclear decommissioning trusts 4 | 2,599 |  |  | 2,017 |  |  | — |  |  | — |  |  | 4,616 |
Total assets | 2,649 |  |  | 2,041 |  |  | 70 |  |  | (16 | ) |  | 4,744 |
Liabilities at fair value |  |  |  |  |  |  |  |  |
Derivative contracts | — |  |  | 17 |  |  | 7 |  |  | (24 | ) |  | — |
Total liabilities | — |  |  | 17 |  |  | 7 |  |  | (24 | ) |  | — |
Net assets | $ | 2,649 |  |  | $ | 2,024 |  |  | $ | 63 |  |  | $ | 8 |  |  | $ | 4,744 |
| December 31, 2018
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Netting and Collateral 1 |  | Total
Assets at fair value |  |  |  |  |  |  |  |  |
Derivative contracts | $ | — |  |  | $ | 32 |  |  | $ | 141 |  |  | $ | — |  |  | $ | 173 |
Other | 9 |  |  | 21 |  |  | — |  |  | — |  |  | 30 |
Nuclear decommissioning trusts: |  |  |  |  |  |  |  |  |
Stocks 2 | 1,382 |  |  | — |  |  | — |  |  | — |  |  | 1,382 |
Fixed Income 3 | 1,001 |  |  | 1,665 |  |  | — |  |  | — |  |  | 2,666 |
Short-term investments, primarily cash equivalents | 120 |  |  | 95 |  |  | — |  |  | — |  |  | 215 |
Subtotal of nuclear decommissioning trusts 4 | 2,503 |  |  | 1,760 |  |  | — |  |  | — |  |  | 4,263 |
Total assets | 2,512 |  |  | 1,813 |  |  | 141 |  |  | — |  |  | 4,466 |
Liabilities at fair value |  |  |  |  |  |  |  |  |
Derivative contracts | — |  |  | 13 |  |  | — |  |  | (7 | ) |  | 6 |
Total liabilities | — |  |  | 13 |  |  | — |  |  | (7 | ) |  | 6 |
Net assets | $ | 2,512 |  |  | $ | 1,800 |  |  | $ | 141 |  |  | $ | 7 |  |  | $ | 4,460 |
1 | Represents the netting of assets and liabilities under master netting agreements and cash collateral.
2 | Approximately 72% and 71% of SCE's equity investments were in companies located in the United States at September 30, 2019 and December 31, 2018, respectively.
3 | Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities of $64 million and $67 million at September 30, 2019 and December 31, 2018, respectively.
4 Excludes net payables of $137 million and $143 million at September 30, 2019 and December 31, 2018, 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 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 September 30, |  | Nine months ended September 30,
(in millions) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Fair value of net assets at beginning of period |  | $ | 63 |  |  | $ | 52 |  |  | $ | 141 |  |  | $ | 101 |
Total realized/unrealized losses 1 |  | — |  |  | (21 | ) |  | (78 | ) |  | (70 | )
Fair value of net assets at end of period 2 |  | $ | 63 |  |  | $ | 31 |  |  | $ | 63 |  |  | $ | 31 |
Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period |  | $ | 30 |  |  | $ | 7 |  |  | $ | 27 |  |  | $ | 7 |
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 2019 and 2018.
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 |  |  |  |  |
September 30, 2019 | $ | 70 |  |  | $ | 7 |  | Auction prices | CAISO CRR auction prices | $(3.33) - $11.58 ($0.96)
December 31, 2018 | 141 |  |  | — |  | Auction prices | CAISO CRR auction prices | $(7.41) - $41.52 ($1.62)

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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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