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Debt and Credit Agreements | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Debt and Credit Agreements | Debt and Credit Agreements Long-Term Debt The following table summarizes long-term debt (rates and terms are as of December 31, 2020) of Edison International and SCE:
| December 31,
(in millions) | 2020 |  | 2019
Edison International Parent and Other: |  |  |
Debentures and notes: |  |  |
2022 – 2028 (2.40% to 5.75%) | $ | 3,150 |  |  | $ | 3,150 |
Current portion of long-term debt | — |  |  | (400) |
Unamortized debt discount/premium and issuance costs, net | (17) |  |  | (18) |
Total Edison International Parent and Other | 3,133 |  |  | 2,732 |
SCE: |  |  |
First and refunding mortgage bonds: |  |  |
2022 – 2050 (1.20% to 6.05%) | 16,843 |  |  | 14,272 |
Pollution-control bonds: |  |  |
2023 (2.63%) | 135 |  |  | 752 |
Debentures and notes: |  |  |
2029 – 2053 (5.06% to 6.65%) | 306 |  |  | 306 |
Other long-term debt 1: | 324 |  |  | — |
Current portion of long-term debt | (1,029) |  |  | (79) |
Unamortized debt discount/premium and issuance costs, net | (80) |  |  | (119) |
Total SCE | 16,499 |  |  | 15,132 |
Total Edison International | $ | 19,632 |  |  | $ | 17,864 |
1 Subsequent to December 31, 2020, SCE issued first and refunding mortgage bonds which were used to partially pay down its commercial paper balance, see "Debt Financing Subsequent to December 31, 2020" for more information. Accordingly, SCE included the pay down amount of $324 million in other long-term debt. Edison International and SCE long-term debt maturities over the next five years are as follows:
(in millions) | Edison International |  | SCE
2021 | $ | 1,029 |  |  | $ | 1,029 |
2022 | 1,064 |  |  | 364 |
2023 | 1,435 |  |  | 1,035 |
2024 | 500 |  |  | — |
2025 | 1,300 |  |  | 900 |
Liens and Security Interests Almost all of SCE's properties are subject to a trust indenture lien. SCE has pledged first and refunding mortgage bonds as collateral for borrowed funds obtained from pollution-control bonds issued by government agencies. SCE has a debt covenant that requires a debt to total capitalization ratio to be less than or equal to 0.65 to 1. At December 31, 2020, SCE's debt to total capitalization ratio was 0.51 to 1 and was in compliance with all other financial covenants that affect access to capital. Edison International Parent's credit facility requires a consolidated debt to total capitalization ratio as defined in the applicable agreements of less than or equal to 0.70 to 1. At December 31, 2020, Edison International consolidated debt to total capitalization ratio was 0.59 to 1. Credit Agreements and Short-Term Debt The following table summarizes the status of the credit facilities at December 31, 2020:
(in millions, except for rates)
Execution date | Termination date | LIBOR plus (bps) | Use of proceeds | Commitment | Outstanding borrowings | Outstanding letters of credit | Amount available
Edison International Parent |
June 2019 | May 2024 | 128 |  | Support commercial paper borrowings and general corporate purposes 1, 4 | $ | 1,500 |  | $ | 130 |  | $ | — |  | $ | 1370 |
Total Edison International Parent: | $ | 1,500 |  | $ | 130 |  | $ | — |  | $ | 1,370 |
SCE |
March 2020 | March 2021 | 65 | Finance a portion of the AB 1054 Capital Expenditures 2 | $ | 800 |  | $ | 495 |  | $ | — |  | $ | 305 |
May 2020 | May 2021 | 150 | Undercollections related to COVID-19 and general corporate purposes | 1,500 |  | — |  | — |  | 1,500
June 2019 | May 2024 | 108 |  | Support commercial paper borrowings and general corporate purposes 3, 4 | 3,000 |  | 725 |  | 159 |  | 2,116
Total SCE: | $ | 5,300 |  | $ | 1,220 |  | $ | 159 |  | $ | 3,921 |
Total Edison International: | $ | 6,800 |  | $ | 1,350 |  | $ | 159 |  | $ | 5,291 |
1 At December 31, 2020 Edison International Parent had $130 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 0.42%. At December 31, 2019 Edison International Parent did not have any outstanding commercial paper. 2 This credit facility may be extended for two 364-day periods, at the lenders' discretion. The aggregate maximum principal amount may be increased up to $1.1 billion provided that additional lender commitments are obtained. 3 At December 31, 2020 and December 31, 2019, SCE had $725 million and $550 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 0.43% and 2.24%, respectively. As of December 31, 2020, $324 million outstanding commercial paper was classified as long-term debt due to subsequent refinancing. See "Debt Financing Subsequent to December 31, 2020" for more information. 4 The aggregate maximum principal amount under the SCE and Edison International Parent revolving credit facilities may be increased up to $4.0 billion and $2.0 billion, respectively, provided that additional lender commitments are obtained. Term loan and other short-term debt The following table summarizes the status of SCE's term loan and other short-term debt as of December 31, 2020:
(in millions, except for rates)
Issuance Date | Maturity | LIBOR plus (bps) | Use of Proceeds | Issuance Amount
Term loan |
March 2020 | March 2021 | 60 | Fund a portion of the AB 1054 Excluded Capital Expenditures | $ | 475 |
Floating rate first and refunding mortgage bonds |
December 2020 | December 2021 | 27 | Partial repayment of AB 1054 credit facility and commercial paper borrowings and for general corporate purposes | 900 |
In March 2020, Edison International Parent borrowed $800 million under a term loan agreement due in March 2021 with a variable interest rate based on LIBOR plus 1.125%. The proceeds were used for general corporate purposes. In May 2020, Edison International repaid the outstanding balance of the term loan using the proceeds from issuance of common stock in a registered direct offering. Refer to Note 14 for details of the common stock issuance. Debt Financing Subsequent to December 31, 2020 In January 2021, SCE issued $750 million of 2.95% first and refunding mortgage bonds due in 2051 and $150 million of 2.25% first and refunding mortgage bonds due in 2030. The proceeds were primarily used to repay SCE's commercial paper borrowings and for general corporate purposes.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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