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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2020
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, 2020 |  |  |  | December 31, 2019 |  |
(in millions) |  | Carrying Value1 |  | Fair Value2 |  | Carrying Value1 |  | Fair Value2
Edison International |  | $ | 19,987 |  |  | $ | 22,313 |  |  | $ | 18,343 |  |  | $ | 20,137 |
SCE |  | 16,855 |  |  | 18,995 |  |  | 15,211 |  |  | 16,892 |
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, 2020 |  |  |  |  |  |  |  |
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Netting and Collateral1 |  | Total
Assets at fair value |  |  |  |  |  |  |  |  |
Derivative contracts | $ | — |  |  | $ | 26 |  |  | $ | 30 |  |  | $ | (8) |  |  | $ | 48 |
Money market funds and other | 1 |  |  | 23 |  |  | — |  |  | — |  |  | 24 |
Nuclear decommissioning trusts: |  |  |  |  |  |  |  |  |
Stocks2 | 1,753 |  |  | — |  |  | — |  |  | — |  |  | 1,753 |
Fixed Income3 | 518 |  |  | 2,133 |  |  | — |  |  | — |  |  | 2,651 |
Short-term investments, primarily cash equivalents | 377 |  |  | 45 |  |  | — |  |  | — |  |  | 422 |
Subtotal of nuclear decommissioning trusts4 | 2,648 |  |  | 2,178 |  |  | — |  |  | — |  |  | 4,826 |
Total assets | 2,649 |  |  | 2,227 |  |  | 30 |  |  | (8) |  |  | 4,898 |
Liabilities at fair value |  |  |  |  |  |  |  |  |
Derivative contracts | — |  |  | 6 |  |  | 2 |  |  | (8) |  |  | — |
Total liabilities | — |  |  | 6 |  |  | 2 |  |  | (8) |  |  | — |
Net assets | $ | 2,649 |  |  | $ | 2,221 |  |  | $ | 28 |  |  | $ | — |  |  | $ | 4,898 |
| December 31, 2019 |  |  |  |  |  |  |  |
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Netting and Collateral1 |  | Total
Assets at fair value |  |  |  |  |  |  |  |  |
Derivative contracts | $ | — |  |  | $ | 19 |  |  | $ | 83 |  |  | $ | (15) |  |  | $ | 87 |
Money market funds and other | 4 |  |  | 14 |  |  | — |  |  | — |  |  | 18 |
Nuclear decommissioning trusts: |  |  |  |  |  |  |  |  |
Stocks2 | 1,765 |  |  | — |  |  | — |  |  | — |  |  | 1,765 |
Fixed Income3 | 738 |  |  | 2,024 |  |  | — |  |  | — |  |  | 2,762 |
Short-term investments, primarily cash equivalents | 98 |  |  | 48 |  |  | — |  |  | — |  |  | 146 |
Subtotal of nuclear decommissioning trusts4 | 2,601 |  |  | 2,072 |  |  | — |  |  | — |  |  | 4,673 |
Total assets | 2,605 |  |  | 2,105 |  |  | 83 |  |  | (15) |  |  | 4,778 |
Liabilities at fair value |  |  |  |  |  |  |  |  |
Derivative contracts | — |  |  | 11 |  |  | 5 |  |  | (15) |  |  | 1 |
Total liabilities | — |  |  | 11 |  |  | 5 |  |  | (15) |  |  | 1 |
Net assets | $ | 2,605 |  |  | $ | 2,094 |  |  | $ | 78 |  |  | $ | — |  |  | $ | 4,777 |
1 Represents the netting of assets and liabilities under master netting agreements and cash collateral. 2 Approximately 72% of SCE's equity investments were in companies located in the United States at September 30, 2020 and December 31, 2019. 3 Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $31 million and $46 million at September 30, 2020 and December 31, 2019, respectively. 4 Excludes net payables of $176 million and $111 million at September 30, 2020 and December 31, 2019, respectively, which consist of payables and receivables related to SCE's pending securities purchases and sales as well as interest and dividend receivables.
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) |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  |  |  |  |  |  |  |  |  |  |
Fair value of net assets at beginning of period |  | $ | 34 |  |  | $ | 63 |  |  | $ | 78 |  |  | $ | 141 |  |  |  |  |  |  |  |  |  |  |  |
Total realized/unrealized losses1 |  | (6) |  |  | — |  |  | (50) |  |  | (78) |  |  |  |  |  |  |  |  |  |  |  |
Fair value of net assets at end of period2 |  | 28 |  |  | 63 |  |  | 28 |  |  | 63 |  |  |  |  |  |  |  |  |  |  |  |
Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period |  | $ | 13 |  |  | $ | 30 |  |  | $ | 8 |  |  | $ | 27 |  |  |  |  |  |  |  |  |  |  |  |
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 2020 and 2019.
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) |  |  | Valuation | Significant |  | Weighted
| Assets |  | Liabilities | Technique | Unobservable Input | Range | Average
Congestion revenue rights |  |  |  |  |  |  |
September 30, 2020 | $ | 30 |  |  | $ | 2 |  | Auction prices | CAISO CRR auction prices | $(7.72) - $9.91 | $1.72
December 31, 2019 | 83 |  |  | 5 |  | Auction prices | CAISO CRR auction prices | (3.59) - 25.32 | 1.97

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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 assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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