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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2021
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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2021 |  | December 31, 2020
​ | ​ | Carrying | ​ | Fair | ​ | Carrying | ​ | Fair
(in millions) |  | Value1 |  | Value2 |  | Value1 |  | Value2
Edison International | ​ | $ | 21,074 | ​ | $ | 22,963 | ​ | $ | 20,337 | ​ | $ | 23,824
SCE | ​ |  | 17,940 | ​ |  | 19,558 | ​ |  | 17,204 | ​ |  | 20,365
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.
SCE |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Fair Value by Level with in the Fair Value Hierarchy | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Netting | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ |
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Collateral1 |  | Total
Assets at fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative contracts | ​ | $ | — | ​ | $ | 14 | ​ | $ | 103 | ​ | $ | (18) | ​ | $ | 99
Money market funds and other | ​ |  | 3 | ​ |  | 23 | ​ |  | — | ​ |  | — |  | ​ | 26
Nuclear decommissioning trusts: | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |  |  | ​ | ​
Stocks2 | ​ |  | 1,897 | ​ |  | — | ​ |  | — | ​ |  | — |  | ​ | 1,897
Fixed Income3 | ​ |  | 552 | ​ |  | 1,932 | ​ |  | — | ​ |  | — |  | ​ | 2,484
Short-term investments, primarily cash equivalents | ​ |  | 483 | ​ |  | 71 | ​ |  | — | ​ |  | — |  | ​ | 554
Subtotal of nuclear decommissioning trusts4 | ​ |  | 2,932 | ​ |  | 2,003 | ​ |  | — | ​ |  | — |  | ​ | 4,935
Total assets | ​ |  | 2,935 | ​ |  | 2,040 | ​ |  | 103 | ​ |  | (18) |  | ​ | 5,060
Liabilities at fair value | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  |  | ​ |
Derivative contracts | ​ |  | — | ​ |  | 6 | ​ |  | 12 | ​ |  | (18) |  | ​ | —
Total liabilities | ​ |  | — | ​ |  | 6 | ​ |  | 12 | ​ |  | (18) |  | ​ | —
Net assets | ​ | $ | 2,935 | ​ | $ | 2,034 | ​ | $ | 91 | ​ | $ | — | ​ | $ | 5,060
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Netting | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ |
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Collateral1 |  | ​ | Total
Assets at fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative contracts | ​ | $ | — | ​ | $ | 6 | ​ | $ | 120 | ​ | $ | (18) | ​ | $ | 108
Money market funds and other | ​ |  | 39 | ​ |  | 23 | ​ |  | — | ​ |  | — | ​ |  | 62
Nuclear decommissioning trusts: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Stocks2 | ​ |  | 1,908 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 1,908
Fixed Income3 | ​ |  | 519 | ​ |  | 2,113 | ​ |  | — | ​ |  | — | ​ |  | 2,632
Short-term investments, primarily cash equivalents | ​ |  | 447 | ​ |  | 52 | ​ |  | — | ​ |  | — | ​ |  | 499
Subtotal of nuclear decommissioning trusts4 | ​ |  | 2,874 | ​ |  | 2,165 | ​ |  | — | ​ |  | — | ​ |  | 5,039
Total assets | ​ |  | 2,913 | ​ |  | 2,194 | ​ |  | 120 | ​ |  | (18) | ​ |  | 5,209
Liabilities at fair value | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivative contracts | ​ |  | — | ​ |  | 10 | ​ |  | 12 | ​ |  | (22) | ​ |  | —
Total liabilities | ​ |  | — | ​ |  | 10 | ​ |  | 12 | ​ |  | (22) | ​ |  | —
Net assets | ​ | $ | 2,913 | ​ | $ | 2,184 | ​ | $ | 108 | ​ | $ | 4 | ​ | $ | 5,209
1 | Represents the netting of assets and liabilities under master netting agreements and cash collateral.
2 | Approximately 73% and 71% of SCE’s equity investments were in companies located in the United States at March 31, 2021 and December 31, 2020, respectively.
3 | Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $30 million and $29 million at March 31 ,2021 and December 31, 2020, respectively.
4 | Excludes net payables of $172 million and $206 million at March 31, 2021 and December 31, 2020, 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 | ​
​ | ​ | ​ | ​ | ​ | ​
​ | Three months ended
​ | March 31,
(in millions) | 2021 | ​ | 2020
Fair value of net assets at beginning of period | $ | 108 | ​ | $ | 78
Purchases | ​ | — | ​ | ​ | 7
Sales | ​ | — | ​ | ​ | (1)
Settlements |  | (14) | ​ |  | (20)
Total realized/unrealized losses 1,2 |  | (3) | ​ |  | (12)
Fair value of net assets at end of period | $ | 91 | ​ | $ | 52
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 2021 and 2020.
Valuation Techniques and Significant Unobservable Inputs Used to Determine Fair Value for Level 3 Assets and Liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair Value | ​ | ​ | ​ | Significant | ​ | ​ | ​ | Weighted
​ | ​ | (in millions) | ​ | Valuation | ​ | Unobservable | ​ | Range | ​ | Average
​ |  | Assets |  | Liabilities |  | Technique |  | Input |  | (per MWh) |  | (per MWh)
Congestion revenue rights | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​
March 31, 2021 | ​ | $ | 103 | ​ | $ | 12 |  | Auction prices |  | CAISO CRR auction prices |  | $(3.84) - $300.47 | ​ | $ | 2.68
December 31, 2020 | ​ |  | 120 | ​ |  | 12 |  | Auction prices |  | CAISO CRR auction prices |  | (9.67) - 300.47 | ​ | ​ | 2.75

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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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