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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2022
Fair Value Measurements |
Fair Value by Level within the Fair Value Hierarchy | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Netting | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ |
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Collateral1 |  | Total
Assets at fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative contracts | ​ | $ | — | ​ | $ | 26 | ​ | $ | 37 | ​ | $ | (31) | ​ | $ | 32
Money market funds and other | ​ |  | 4 | ​ | ​ | 22 | ​ |  | — | ​ |  | — |  | ​ | 26
Nuclear decommissioning trusts: | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |  |  | ​ | ​
Stocks2 | ​ |  | 1,548 | ​ |  | — | ​ |  | — | ​ |  | — |  | ​ | 1,548
Fixed Income3 | ​ |  | 942 | ​ |  | 1,339 | ​ |  | — | ​ |  | — |  | ​ | 2,281
Short-term investments, primarily cash equivalents | ​ |  | 167 | ​ |  | 80 | ​ |  | — | ​ |  | — |  | ​ | 247
Subtotal of nuclear decommissioning trusts4 | ​ |  | 2,657 | ​ |  | 1,419 | ​ |  | — | ​ |  | — |  | ​ | 4,076
Total assets | ​ |  | 2,661 | ​ |  | 1,467 | ​ |  | 37 | ​ |  | (31) |  | ​ | 4,134
Liabilities at fair value | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  |  | ​ |
Derivative contracts | ​ |  | — | ​ |  | 64 | ​ |  | 5 | ​ |  | (69) |  | ​ | —
Total liabilities | ​ |  | — | ​ |  | 64 | ​ |  | 5 | ​ |  | (69) |  | ​ | —
Net assets | ​ | $ | 2,661 | ​ | $ | 1,403 | ​ | $ | 32 | ​ | $ | 38 | ​ | $ | 4,134
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Netting | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ |
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Collateral1 |  | ​ | Total
Assets at fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative contracts | ​ | $ | — | ​ | $ | 26 | ​ | $ | 49 | ​ | $ | (31) | ​ | $ | 44
Money market funds and other | ​ |  | 230 | ​ |  | 23 | ​ |  | — | ​ |  | — | ​ |  | 253
Nuclear decommissioning trusts: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Stocks2 | ​ |  | 1,972 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 1,972
Fixed Income3 | ​ |  | 1,083 | ​ |  | 1,607 | ​ |  | — | ​ |  | — | ​ |  | 2,690
Short-term investments, primarily cash equivalents | ​ |  | 102 | ​ |  | 125 | ​ |  | — | ​ |  | — | ​ |  | 227
Subtotal of nuclear decommissioning trusts4 | ​ |  | 3,157 | ​ |  | 1,732 | ​ |  | — | ​ |  | — | ​ |  | 4,889
Total assets | ​ |  | 3,387 | ​ |  | 1,781 | ​ |  | 49 | ​ |  | (31) | ​ |  | 5,186
Liabilities at fair value | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivative contracts | ​ |  | — | ​ |  | 42 | ​ |  | 5 | ​ |  | (47) | ​ |  | —
Total liabilities | ​ |  | — | ​ |  | 42 | ​ |  | 5 | ​ |  | (47) | ​ |  | —
Net assets | ​ | $ | 3,387 | ​ | $ | 1,739 | ​ | $ | 44 | ​ | $ | 16 | ​ | $ | 5,186
1 | Represents the netting of assets and liabilities under master netting agreements and cash collateral.
2 | Approximately 74% and 75% SCE's equity investments were in companies located in the United States at June 30, 2022 and December 31, 2021, respectively.
3 | Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $46 million and $30 million at June 30, 2022 and December 31, 2021, respectively.
4 | Excludes net payables of $37 million and $19 million at June 30, 2022 and December 31, 2021, respectively, which consist of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases.
Summary of level 3 fair value changes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three months ended |  | Six months ended
​ | ​ | June 30, | ​ | June 30,
(in millions) | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021
Fair value of net assets at beginning of period | ​ | $ | 39 | ​ | $ | 91 | ​ | $ | 44 | ​ | $ | 108
Sales | ​ | ​ | (6) | ​ | ​ | (1) | ​ | ​ | (6) | ​ | ​ | (1)
Settlements | ​ |  | (26) | ​ |  | (2) | ​ |  | (29) | ​ |  | (16)
Total realized/unrealized gain (losses) 1,2 | ​ |  | 25 | ​ |  | (21) | ​ |  | 23 | ​ |  | (24)
Fair value of net assets at end of period | ​ | $ | 32 | ​ | $ | 67 | ​ | $ | 32 | ​ | $ | 67
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 2022 and 2021.
Valuation techniques and significant inputs | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair Value | ​ | ​ | ​ | Significant | ​ | ​ | ​ | Weighted
​ | ​ | (in millions) | ​ | Valuation | ​ | Unobservable | ​ | Range | ​ | Average
​ |  | Assets |  | Liabilities |  | Technique |  | Input |  | (per MWh) |  | (per MWh)
Congestion revenue rights | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​
June 30, 2022 | ​ | $ | 37 | ​ | $ | 5 |  | Auction prices |  | CAISO CRR auction prices |  | $(18.87) - $306.31 | ​ | $ | 1.48
December 31, 2021 | ​ |  | 49 | ​ |  | 5 |  | Auction prices |  | CAISO CRR auction prices |  | $(18.87) - $43.03 | ​ | ​ | 1.46
Long-term debt fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2022 |  | December 31, 2021
​ | ​ | Carrying | ​ | Fair | ​ | Carrying | ​ | Fair
(in millions) |  | Value1 |  | Value2 |  | Value1 |  | Value2
Edison International | ​ | $ | 27,318 | ​ | $ | 24,917 | ​ | $ | 25,247 | ​ | $ | 27,718
SCE | ​ |  | 24,178 | ​ |  | 21,810 | ​ |  | 22,110 | ​ |  | 24,375
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.

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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=123874694&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=123874694&loc=d3e19207-110258 + Details
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