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Derivative Instruments (Tables) - Southern California Edison | 3 Months Ended
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Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
Fair Value of Derivative Asset Instruments | The following table summarizes the gross and net fair values of SCE's commodity derivative instruments:
|  | March 31, 2020 |  |
|  | Derivative Assets |  | Derivative Liabilities |  | Net Assets
(in millions) |  | Short-Term |  | Long-Term 1 |  | Subtotal |  | Short-Term 2 |  | Long-Term |  | Subtotal |
Commodity derivative contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 57 |  |  | $ | 1 |  |  | $ | 58 |  |  | $ | 55 |  |  | $ | — |  |  | $ | 55 |  |  | $ | 3 |
Gross amounts offset in the consolidated balance sheets |  | (6 | ) |  | — |  |  | (6 | ) |  | (6 | ) |  | — |  |  | (6 | ) |  | — |
Cash collateral posted 3 |  | — |  |  | — |  |  | — |  |  | (30 | ) |  | — |  |  | (30 | ) |  | 30 |
Net amounts presented in the consolidated balance sheets |  | $ | 51 |  |  | $ | 1 |  |  | $ | 52 |  |  | $ | 19 |  |  | $ | — |  |  | $ | 19 |  |  | $ | 33 |
|  | December 31, 2019 |  |
|  | Derivative Assets |  | Derivative Liabilities |  | Net Assets
(in millions) |  | Short-Term |  | Long-Term 1 |  | Subtotal |  | Short-Term 2 |  | Long-Term |  | Subtotal |
Commodity derivative contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 94 |  |  | $ | 8 |  |  | $ | 102 |  |  | $ | 14 |  |  | $ | 2 |  |  | $ | 16 |  |  | $ | 86 |
Gross amounts offset in the consolidated balance sheets |  | (13 | ) |  | (2 | ) |  | (15 | ) |  | (13 | ) |  | (2 | ) |  | (15 | ) |  | — |
Cash collateral posted 3 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in the consolidated balance sheets |  | $ | 81 |  |  | $ | 6 |  |  | $ | 87 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 86 |
1 | Included in "Other long-term assets" on Edison International's and SCE's consolidated balance sheets.
2 | Included in "Other current liabilities" on Edison International's and SCE's consolidated balance sheets.
3 At March 31, 2020, SCE posted $52 million of cash, of which $30 million was offset against net derivative liabilities and $22 million was reflected in "Other current assets" on the consolidated balance sheets. At December 31, 2019, SCE posted $24 million of cash, which was not offset against net derivative liabilities and was reflected in "Other current assets" on the consolidated balance sheets.
Fair Value of Derivative Liabilities Instruments | The following table summarizes the gross and net fair values of SCE's commodity derivative instruments:
|  | March 31, 2020 |  |
|  | Derivative Assets |  | Derivative Liabilities |  | Net Assets
(in millions) |  | Short-Term |  | Long-Term 1 |  | Subtotal |  | Short-Term 2 |  | Long-Term |  | Subtotal |
Commodity derivative contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 57 |  |  | $ | 1 |  |  | $ | 58 |  |  | $ | 55 |  |  | $ | — |  |  | $ | 55 |  |  | $ | 3 |
Gross amounts offset in the consolidated balance sheets |  | (6 | ) |  | — |  |  | (6 | ) |  | (6 | ) |  | — |  |  | (6 | ) |  | — |
Cash collateral posted 3 |  | — |  |  | — |  |  | — |  |  | (30 | ) |  | — |  |  | (30 | ) |  | 30 |
Net amounts presented in the consolidated balance sheets |  | $ | 51 |  |  | $ | 1 |  |  | $ | 52 |  |  | $ | 19 |  |  | $ | — |  |  | $ | 19 |  |  | $ | 33 |
|  | December 31, 2019 |  |
|  | Derivative Assets |  | Derivative Liabilities |  | Net Assets
(in millions) |  | Short-Term |  | Long-Term 1 |  | Subtotal |  | Short-Term 2 |  | Long-Term |  | Subtotal |
Commodity derivative contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 94 |  |  | $ | 8 |  |  | $ | 102 |  |  | $ | 14 |  |  | $ | 2 |  |  | $ | 16 |  |  | $ | 86 |
Gross amounts offset in the consolidated balance sheets |  | (13 | ) |  | (2 | ) |  | (15 | ) |  | (13 | ) |  | (2 | ) |  | (15 | ) |  | — |
Cash collateral posted 3 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in the consolidated balance sheets |  | $ | 81 |  |  | $ | 6 |  |  | $ | 87 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 86 |
1 | Included in "Other long-term assets" on Edison International's and SCE's consolidated balance sheets.
2 | Included in "Other current liabilities" on Edison International's and SCE's consolidated balance sheets.
3 At March 31, 2020, SCE posted $52 million of cash, of which $30 million was offset against net derivative liabilities and $22 million was reflected in "Other current assets" on the consolidated balance sheets. At December 31, 2019, SCE posted $24 million of cash, which was not offset against net derivative liabilities and was reflected in "Other current assets" on the consolidated balance sheets.
Summarization of Economic Hedging Activities | The following table summarizes the components of SCE's economic hedging activity:
|  | Three months ended March 31,
(in millions) |  | 2020 |  | 2019
Realized (losses) gains |  | $ | (44 | ) |  | $ | 32 |
Unrealized losses |  | (83 | ) |  | (50 | )
Notional Volumes of Derivative Instruments | The following table summarizes the notional volumes of derivatives used for SCE's economic hedging activities:
|  |  |  | Economic Hedges
Commodity |  | Unit of Measure |  | March 31, 2020 |  | December 31, 2019
Electricity options, swaps and forwards |  | GWh |  | 4,469 |  |  | 3,155 |
Natural gas options, swaps and forwards |  | Bcf |  | 50 |  |  | 43 |
Congestion revenue rights |  | GWh |  | 40,736 |  |  | 48,170 |

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