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Leases (Tables) | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
Summary of Finance Lease Payments | The following table summarizes SCE's lease payments for operating and finance leases as of September 30, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | PPA Operating | ​ | Other Operating | ​ | PPA Finance
(in millions) |  | Leases1 |  | Leases2 |  | Leases1
2021 | ​ | $ | 74 | ​ | $ | 10 | ​ | $ | —
2022 | ​ |  | 355 | ​ |  | 38 | ​ |  | 1
2023 | ​ |  | 258 | ​ |  | 31 | ​ |  | 1
2024 | ​ |  | 73 | ​ |  | 26 | ​ |  | —
2025 | ​ |  | 73 | ​ |  | 23 | ​ |  | —
Thereafter | ​ |  | 768 | ​ |  | 119 | ​ |  | 5
Total lease payments | ​ | $ | 1,601 | ​ | $ | 247 | ​ | $ | 7
Amount representing interest3 | ​ |  | 265 | ​ |  | 58 | ​ |  | 4
Lease liabilities | ​ | $ | 1,336 | ​ | $ | 189 | ​ | $ | 3
1 | Excludes expected purchases from most renewable energy contracts, which do not meet the definition of a lease payment since renewable power generation is contingent on external factors.
2 | Excludes escalation clauses based on consumer price or other indices and residual value guarantees that are not considered probable at the commencement date of the lease.
3 | Lease payments are discounted to their present value SCE's incremental borrowing rates.
Summary of Operating Lease Payments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | PPA Operating | ​ | Other Operating | ​ | PPA Finance
(in millions) |  | Leases1 |  | Leases2 |  | Leases1
2021 | ​ | $ | 74 | ​ | $ | 10 | ​ | $ | —
2022 | ​ |  | 355 | ​ |  | 38 | ​ |  | 1
2023 | ​ |  | 258 | ​ |  | 31 | ​ |  | 1
2024 | ​ |  | 73 | ​ |  | 26 | ​ |  | —
2025 | ​ |  | 73 | ​ |  | 23 | ​ |  | —
Thereafter | ​ |  | 768 | ​ |  | 119 | ​ |  | 5
Total lease payments | ​ | $ | 1,601 | ​ | $ | 247 | ​ | $ | 7
Amount representing interest3 | ​ |  | 265 | ​ |  | 58 | ​ |  | 4
Lease liabilities | ​ | $ | 1,336 | ​ | $ | 189 | ​ | $ | 3
1 | Excludes expected purchases from most renewable energy contracts, which do not meet the definition of a lease payment since renewable power generation is contingent on external factors.
2 | Excludes escalation clauses based on consumer price or other indices and residual value guarantees that are not considered probable at the commencement date of the lease.
3 | Lease payments are discounted to their present value SCE's incremental borrowing rates.
Supplemental Balance Sheet Information | Supplemental balance sheet information related to SCE's leases was as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, |  | December 31, | ​
(in millions) | ​ | 2021 |  | 2020 | ​
Operating leases: |  | ​ |  |  | ​ |  | ​
Operating lease right-of-use ("ROU") assets1 | ​ | $ | 1,525 | ​ | $ | 1,085 | ​
Current portion of operating lease liabilities | ​ |  | 355 | ​ |  | 214 | ​
Operating lease liabilities | ​ |  | 1,170 | ​ |  | 871 | ​
Total operating lease liabilities1 | ​ | $ | 1,525 | ​ | $ | 1,085 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance leases included in: | ​ |  |  | ​ |  |  | ​
Utility property, plant and equipment, gross | ​ | $ | 4 | ​ | $ | 4 | ​
Accumulated depreciation | ​ |  | (1) | ​ |  | — | ​
Utility property, plant and equipment, net | ​ | $ | 3 | ​ | $ | 4 | ​
Other current liabilities | ​ | $ | — | ​ | $ | — | ​
Other long-term liabilities | ​ |  | 3 | ​ |  | 4 | ​
Total finance lease liabilities | ​ | $ | 3 | ​ | $ | 4 | ​
1 | During the nine months ended September 30, 2021, three SCE PPA operating lease contracts commenced and one power contract was amended resulting in a total of $610 million additions in ROU assets and lease liabilities.
Summary of Lease Expense Components |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, | ​ | Nine months ended September 30, | ​
(in millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020 | ​
PPA leases: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Operating lease cost | ​ | $ | 136 | ​ | $ | 35 | ​ | $ | 199 | ​ | $ | 74 | ​
Finance lease cost | ​ |  | — | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | 2 | ​
Variable lease cost1 | ​ |  | 893 | ​ | ​ | 676 | ​ | ​ | 2,163 | ​ | ​ | 1,582 | ​
Total PPA lease cost | ​ | $ | 1,029 | ​ | $ | 712 | ​ | $ | 2,362 | ​ | $ | 1,658 | ​
Other operating leases cost | ​ |  | 12 | ​ | ​ | 11 | ​ | ​ | 35 | ​ | ​ | 35 | ​
Total lease cost | ​ | $ | 1,041 | ​ | $ | 723 | ​ | $ | 2,397 | ​ | $ | 1,693 | ​
1 | Includes lease costs from renewable energy contracts where payments are based on contingent external factors such as wind, hydro and solar power generation.
​ Other information related to leases was as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine months ended |  | ​ | Nine months ended |  | ​
(in millions, except lease term and discount rate) |  | September 30, 2021 |  |  | September 30, 2020 |  | ​
Cash paid for amounts included in the measurement of lease liabilities: |  | ​ |  | ​ |  | ​ |  | ​ | ​
Operating cash flows from operating leases |  | ​ |  | ​ |  | ​ |  | ​ | ​
PPA leases | ​ | $ | 199 | ​ | ​ | $ | 74 | ​ | ​
Other leases | ​ |  | 33 | ​ | ​ |  | 33 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
ROU assets obtained in exchange for lease obligations: | ​ |  |  | ​ | ​ |  |  | ​ | ​
PPA operating leases | ​ | $ | 610 | ​ | ​ | $ | 463 | ​ | ​
Other operating leases | ​ |  | 38 | ​ | ​ |  | 42 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average remaining lease term (in years): | ​ |  |  | ​ | ​ |  |  | ​ | ​
Operating leases | ​ |  |  | ​ | ​ |  |  | ​ | ​
PPA leases | ​ |  | 10.26 | ​ | ​ |  | 9.83 | ​ | ​
Other leases | ​ |  | 11.67 | ​ | ​ |  | 12.35 | ​ | ​
PPA Finance leases | ​ |  | 15.92 | ​ | ​ |  | 10.90 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average discount rate: | ​ |  |  | ​ | ​ |  |  | ​ | ​
Operating leases | ​ |  |  | ​ | ​ |  |  | ​ | ​
PPA leases | ​ |  | 2.82 | % | ​ |  | 3.08 | % | ​
Other leases | ​ |  | 3.47 | % | ​ |  | 3.74 | % | ​
PPA Finance leases | ​ |  | 11.29 | % | ​ |  | 8.83 | % | ​

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