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Debt and Credit Agreements | 12 Months Ended
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Dec. 31, 2021
Debt and Credit Agreements |
Debt and Credit Agreements | Note 5.Debt and Credit Agreements Long-Term Debt The following table summarizes long-term debt (rates and terms are as of December 31, 2021) of Edison International and SCE: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(in millions) |  | 2021 |  | 2020
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 | ​ |  | (700) | ​ |  | —
Unamortized debt discount/premium and issuance costs, net | ​ |  | (13) | ​ |  | (17)
Total Edison International Parent and Other | ​ |  | 2,437 | ​ |  | 3,133
SCE: | ​ |  |  | ​ |  |
First and refunding mortgage bonds: | ​ |  |  | ​ |  |
2022 – 2051 (0.70% to 6.05%) | ​ |  | 20,314 | ​ |  | 16,843
Pollution-control bonds: | ​ |  | ​ | ​ |  |
2023 – 2035 (1.45% to 2.63%) | ​ |  | 752 | ​ |  | 135
Debentures and notes: | ​ |  |  | ​ |  |
2029 – 2053 (5.06% to 6.65%) | ​ |  | 306 | ​ |  | 306
Senior secured recovery bonds1: | ​ | ​ | ​ | ​ | ​ | ​
2033 – 2045 (0.86% to 2.51%) | ​ | ​ | 333 | ​ | ​ | —
Other long-term debt2 | ​ | ​ | 518 | ​ | ​ | 324
Current portion of long-term debt | ​ |  | (377) | ​ |  | (1,029)
Unamortized debt discount/premium and issuance costs, net | ​ |  | (113) | ​ |  | (80)
Total SCE | ​ |  | 21,733 | ​ |  | 16,499
Total Edison International | ​ | $ | 24,170 | ​ | $ | 19,632
1 | The senior secured recovery bonds are payable only from and secured by the Recovery Property at SCE Recovery Funding LLC, and 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. For further details, see Note 3.
2 | Amounts represent short-term obligations refinanced on a long-term basis subsequent to the balance sheet dates. For further details, see "Debt Financing Subsequent to December 31, 2021."
Edison International and SCE long-term debt maturities over the next five years are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Edison |  | ​
(in millions) |  | International |  | SCE
2022 | ​ | $ | 1,077 | ​ | $ | 377
2023 | ​ |  | 2,598 | ​ |  | 2,198
2024 | ​ |  | 2,063 | ​ |  | 1,563
2025 | ​ |  | 1,314 | ​ |  | 914
2026 | ​ |  | 364 | ​ |  | 364
​ 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, 2021, SCE's debt to total capitalization ratio was 0.55 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, 2021, Edison International consolidated debt to total capitalization ratio was 0.61 to 1. Credit Agreements and Short-Term Debt The following table summarizes the status of the credit facilities at December 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in millions, except for rates)
Execution | ​ | Termination | ​ | Secured Overnight Financing Rate ("SOFR") | ​ | ​ | ​ | ​ | ​ | Outstanding | ​ | Outstanding | ​ | Amount
date | ​ | date | ​ | plus (bps) | ​ | Use of proceeds |  | Commitment |  | borrowings |  | letters of credit |  | available
Edison International Parent
June 2019 | ​ | May 2025 | ​ | 128 | ​ | Support commercial paper borrowings and general corporate purposes1, 3 | ​ | $ | 1,500 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,500
Total Edison International Parent: | $ | 1,500 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,500
SCE
June 2019 | ​ | May 2025 | ​ | 108 | ​ | Support commercial paper borrowings and general corporate purposes2, 3 | ​ | $ | 3,350 | ​ | $ | 601 | ​ | $ | 195 | ​ | $ | 2,554
Total SCE: | $ | 3,350 | ​ | $ | 601 | ​ | $ | 195 | ​ | $ | 2,554
Total Edison International: | $ | 4,850 | ​ | $ | 601 | ​ | $ | 195 | ​ | $ | 4,054
1 | At December 31, 2021 Edison International Parent did no t have any outstanding commercial paper. 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%.
2 | At December 31, 2021 and December 31, 2020, SCE had $601 million and $725 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 0.45% and 0.43%, respectively.
3 | 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 2021, SCE borrowed $1.2 billion under a term loan agreement due in May 2022 with a variable interest rate based on SOFR plus 0.60%. SCE used the proceeds to repay outstanding indebtedness and to finance certain capital projects related to wildfire mitigation that meet the green loan principles set forth by international loan market organizations including the Loan Syndications and Trading Association. Additionally, in 2021, SCE issued $475 million of SOFR plus 0.35% first and refunding mortgage bonds, and $550 million of SOFR plus 0.47% first and refunding mortgage bonds, both due in 2022. The proceeds were used to partially repay floating rate first mortgage bonds due in 2021, commercial paper borrowings and for general corporate purposes. Debt Financing Subsequent to December 31, 2021 In January 2022, SCE issued $500 million of 2.75% first and refunding mortgage bonds due in 2032 and $700 million of 3.45% first and refunding mortgage bonds due in 2052. The proceeds of these issuances were used to finance or refinance eligible sustainable projects. In February 2022, SCE Recovery Funding LLC issued $533 million of senior secured recovery bonds, Series 2022-A, in three tranches of $100 million, 1.98% due 2030, $305 million, 2.94% due 2044, and $128 million, 3.24% due 2048 and used the proceeds to acquire SCE's right, title and interest in and to the Recovery Property. SCE used the proceeds it received from the sale of Recovery Property to reimburse itself for previously incurred AB 1054 Excluded Capital Expenditures, including partial repayment of the term loan due in May 2022 as discussed above. ​

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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