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Debt and Credit Agreements | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Debt and Credit Agreements | Note 5.Debt and Credit Agreements Long-Term Debt In January 2021, SCE issued $150 million of 2.25% first and refunding mortgage bonds due in 2030 and $750 million of 2.95% first and refunding mortgage bonds due in 2051. The proceeds were primarily used to repay SCE's commercial paper borrowings and for general corporate purposes. Senior Secured Recovery Bonds In February 2021, SCE Recovery Funding LLC issued $338 million of Senior Secured Recovery Bonds, Series 2021-A, in three tranches ("Recovery Bonds") and used the proceeds to acquire SCE's right, title and interest in and to non-bypassable rates and other charges associated with the AB 1054 Excluded Capital Expenditures to be collected from certain existing and future customers in SCE's service territory ("Recovery Property"). The three tranches of Recovery Bonds consisted of: $138 million, 0.86% with final maturity in 2033; $100 million, 1.94% with final maturity in 2040; and $100 million, 2.51% with final maturity in 2045. The Recovery Bonds are payable only from and secured by the Recovery Property. SCE Recovery Funding LLC is consolidated by SCE for financial reporting purposes, however, the Recovery Bonds do not constitute a debt or other legal obligation of, or interest in, SCE or any of its affiliates, except for SCE Recovery Funding LLC. SCE used the proceeds it received from the sale of Recovery Property to reimburse itself for previously incurred AB 1054 Excluded Capital Expenditures, including the retirement of related debt and financing costs. For further details, see Note 3. Credit Agreements and Short-Term Debt The following table summarizes the status of the credit facilities at March 31, 2021:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in millions, except for rates)
Execution | ​ | Termination | ​ | LIBOR | ​ | ​ | ​ | ​ | ​ | Outstanding | ​ | Outstanding | ​ | Amount
date | ​ | date | ​ | plus (bps) | ​ | Use of proceeds |  | Commitment |  | borrowings |  | letters of credit |  | available
Edison International Parent
June 2019 | ​ | May 2024 | ​ | 128 | ​ | Support commercial paper borrowings and general corporate purposes1, 4 | ​ | $ | 1,500 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,500
Total Edison International Parent: | $ | 1,500 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,500
SCE
March 2020 | ​ | May 2021 | ​ | 65 | ​ | Finance a portion of the AB 1054 Capital Expenditures2 | ​ | $ | 800 | ​ | $ | 800 | ​ | $ | — | ​ | $ | —
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 purposes3, 4 | ​ |  | 3,000 | ​ |  | 674 | ​ |  | 120 | ​ |  | 2,206
Total SCE: | $ | 5,300 | ​ | $ | 1,474 | ​ | $ | 120 | ​ | $ | 3,706
Total Edison International: | $ | 6,800 | ​ | $ | 1,474 | ​ | $ | 120 | ​ | $ | 5,206
1 | At March 31, 2021 Edison International Parent had no outstanding commercial paper.
2 | In February 2021, SCE and the lenders amended the March 2020 credit agreement and have extended the termination date from March 2021 to May 2021. This credit facility may also 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 March 31, 2021 SCE had $674 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 0.32%.
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 In February 2021, SCE and the lenders amended the term loan agreement and extended the termination date from March 2021 to May 2021. Financing Subsequent to March 31, 2021 In April 2021, SCE issued $400 million of Secured Overnight Financing Rate ("SOFR") plus 0.64% first and refunding mortgage bonds due in 2023, $400 million of SOFR plus 0.83% of first and refunding mortgage bonds due in 2024, $350 million of 0.70% first and refunding mortgage bonds due in 2023 and $700 million of 1.10% first and refunding mortgage bonds due in 2024. The proceeds of these issuances were used to fund the payment of wildfire claims exceeding insurance proceeds and repay commercial paper borrowings that were used to fund the payment of wildfire claims, including amounts paid under the Woolsey Subrogation Settlement.

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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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