XML 54 R38.htm IDEA: XBRL DOCUMENT
v3.22.4

Compensation and Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Pension and Other Postretirement Benefits |
Employee Savings Plan Employer Contributions |
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Edison | ​ | ​ | ​
​ | ​ | International |  | SCE
(in millions) |  | Years ended December 31,
2022 | ​ | $ | 103 | ​ | $ | 101
2021 | ​ |  | 97 | ​ |  | 96
2020 | ​ |  | 93 | ​ |  | 92
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table summarizes total expense and tax benefits associated with stock-based compensation:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Edison International | ​ | SCE
​ | ​ | Years ended December 31,
(in millions) |  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Stock-based compensation expense1: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​ |  | ​ |  |  | ​ |
Stock options | ​ | $ | 13 | ​ | $ | 16 | ​ | $ | 15 | ​ | $ | 7 | ​ | $ | 8 | ​ | $ | 7
Performance shares | ​ |  | 13 | ​ |  | 9 | ​ |  | 5 | ​ |  | 6 | ​ |  | 4 | ​ |  | 2
Restricted stock units | ​ |  | 14 | ​ |  | 12 | ​ |  | 8 | ​ |  | 9 | ​ |  | 8 | ​ |  | 4
Other | ​ |  | 2 | ​ |  | 2 | ​ |  | 1 | ​ |  | — | ​ |  | — | ​ |  | —
Total stock-based compensation expense | ​ | $ | 42 | ​ | $ | 39 | ​ | $ | 29 | ​ | $ | 22 | ​ | $ | 20 | ​ | $ | 13
Income tax benefits related to stock-based compensation expense | ​ | $ | 9 | ​ | $ | 4 | ​ | $ | 4 | ​ | $ | 5 | ​ | $ | 3 | ​ | $ | 3
1 | Reflected in "Operation and maintenance" on Edison International's and SCE's consolidated statements of income.
Black-Sholes Option-Pricing Model Assumptions |
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ |  | 2022 |  | 2021 |  | 2020
Expected terms (in years) |  | 5.0 |  | 5.4 |  | 5.2
Risk-free interest rate |  | 1.6% - 4.1% | ​ | 1.1% - 1.3% | ​ | 0.4% - 0.6%
Expected dividend yield |  | 4.0% - 5.0% | ​ | 4.1% - 4.8% | ​ | 4.2% - 5.0%
Weighted average expected dividend yield |  | 4.0% | ​ | 4.5% | ​ | 4.7%
Expected volatility |  | 27.8% - 28.6% | ​ | 26.9% - 27.1% | ​ | 24.9% - 26.9%
Weighted average volatility |  | 27.8% | ​ | 26.9% | ​ | 25.0%
Summary of Stock Options Activity | The following is a summary of the status of Edison International's stock options:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Remaining |  | Aggregate
​ | ​ | ​ | ​ | Exercise | ​ | Contractual | ​ | Intrinsic Value
​ | ​ | Shares | ​ | Price |  | Term (years) |  | (in millions)
Edison International: |  |  |  | ​ |  |  |  |  | ​ |
Outstanding at December 31, 2021 |  | 12,354,826 | ​ | $ | 62.78 |  |  |  | ​ |
Granted |  | 909,504 | ​ |  | 63.67 |  |  |  | ​ |
Forfeited or expired |  | (223,836) | ​ |  | 64.89 |  |  |  | ​ |
Exercised1 |  | (1,156,938) | ​ |  | 54.16 |  |  |  | ​ |
Outstanding at December 31, 2022 |  | 11,883,556 | ​ |  | 63.64 |  | 5.43 |  | ​ |
Vested and expected to vest at December 31, 2022 |  | 11,538,210 | ​ |  | 63.73 |  | 5.35 | ​ | $ | 30
Exercisable at December 31, 2022 |  | 8,074,165 | ​ | $ | 64.94 |  | 4.31 | ​ | $ | 17
SCE: |  |  | ​ |  |  |  |  | ​ |  |
Outstanding at December 31, 2021 |  | 6,180,154 | ​ | $ | 62.03 |  |  | ​ |  |
Granted |  | 470,852 | ​ |  | 63.51 |  |  | ​ |  |
Forfeited or expired |  | (143,235) | ​ |  | 64.83 |  |  | ​ |  |
Exercised1 |  | (810,294) | ​ |  | 53.78 |  |  | ​ |  |
Affiliate transfers, net |  | 100,155 | ​ |  | 66.09 |  |  | ​ |  |
Outstanding at December 31, 2022 |  | 5,797,632 | ​ |  | 63.31 |  | 5.45 | ​ |  |
Vested and expected to vest at December 31, 2022 |  | 5,620,440 | ​ |  | 63.40 |  | 5.38 | ​ | $ | 17
Exercisable at December 31, 2022 |  | 3,849,057 | ​ | $ | 64.64 |  | 4.28 | ​ | $ | 9
1 | Edison International and SCE recognized tax benefits of $5 million and $3 million, respectively, from stock options exercised in 2022.
Schedule of Unrecognized Compensation Expense | At December 31, 2022, total unrecognized compensation cost related to stock options and the weighted average period the cost is expected to be recognized are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Edison International |  | SCE
Unrecognized compensation cost, net of expected forfeitures (in millions) | ​ | $ | 12 | ​ | $ | 6
Weighted average period (in years) | ​ |  | 1.8 | ​ |  | 1.8
​
Supplemental Data on Stock-based Compensation | The following is a summary of supplemental data on stock options:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Edison International | ​ | SCE
​ | ​ | Years ended December 31,
(in millions, except per award amounts) |  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Weighted average grant date fair value per option granted | ​ | $ | 9.92 | ​ | $ | 7.26 | ​ | $ | 8.18 | ​ | $ | 9.92 | ​ | $ | 7.30 | ​ | $ | 8.16
Fair value of options vested | ​ |  | 8 | ​ |  | 3 | ​ |  | 2 | ​ |  | 5 | ​ |  | 3 | ​ |  | 2
Value of options exercised | ​ |  | 17 | ​ |  | 8 | ​ |  | 9 | ​ |  | 12 | ​ |  | 6 | ​ |  | 7
​
Summary of Nonvested Share Activity | The following is a summary of the status of Edison International's nonvested performance shares:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Equity Awards
​ |  | ​ |  | Weighted Average
​ | ​ | Shares | ​ | Fair Value
Edison International: |  |  |  | ​ |
Nonvested at December 31, 2021 |  | 262,808 | ​ | $ | 61.92
Granted |  | 265,916 | ​ | ​ | 67.88
Forfeited |  | (17,643) | ​ | ​ | 64.68
Vested |  | (108,251) | ​ | ​ | 67.55
Nonvested at December 31, 2022 |  | 402,830 | ​ | $ | 64.22
SCE: |  |  | ​ |  |
Nonvested at December 31, 2021 |  | 137,807 | ​ | $ | 61.50
Granted |  | 138,254 | ​ | ​ | 67.74
Forfeited |  | (12,565) | ​ | ​ | 65.60
Vested |  | (54,487) | ​ | ​ | 67.37
Affiliate transfers, net |  | 1,064 | ​ |  | 59.25
Nonvested at December 31, 2022 |  | 210,073 | ​ | $ | 63.93
​
Summary of Nonvested Restricted Stock Units Activity | The following is a summary of the status of Edison International's nonvested restricted stock units:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Edison International | ​ | SCE
​ |  | ​ |  | Weighted Average |  | ​ |  | Weighted Average
​ | ​ | ​ | ​ | Grant Date | ​ | ​ | ​ | Grant Date
​ | ​ | Shares |  | Fair Value | ​ | Shares |  | Fair Value
Nonvested at December 31, 2021 |  | 546,155 | ​ | $ | 59.44 |  | 344,932 | ​ | $ | 58.45
Granted |  | 298,558 | ​ | ​ | 63.58 | ​ | 218,721 | ​ | ​ | 63.58
Forfeited |  | (24,780) | ​ | ​ | 60.42 | ​ | (19,073) | ​ | ​ | 60.37
Vested |  | (121,751) | ​ | ​ | 62.76 | ​ | (62,034) | ​ | ​ | 62.91
Affiliate transfers, net |  | — | ​ |  | — |  | 5,789 | ​ |  | 57.64
Nonvested at December 31, 2022 |  | 698,182 | ​ | $ | 60.60 |  | 488,335 | ​ | $ | 60.13
Pension Plans |
Pension and Other Postretirement Benefits |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | Information on pension plan assets and benefit obligations for continuing and discontinued operations is shown below.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Edison International | ​ | SCE |
​ | ​ | Years ended December 31, | ​
(in millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021 | ​
Change in projected benefit obligation |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Projected benefit obligation at beginning of year | ​ | $ | 4,171 | ​ | $ | 4,476 | ​ | $ | 3,694 | ​ | $ | 3,984 | ​
Service cost | ​ |  | 120 | ​ |  | 130 | ​ |  | 115 | ​ |  | 126 | ​
Interest cost | ​ |  | 111 | ​ |  | 103 | ​ |  | 97 | ​ |  | 92 | ​
Actuarial gain | ​ |  | (589) | ​ |  | (245) | ​ |  | (503) | ​ |  | (246) | ​
Benefits paid | ​ |  | (289) | ​ |  | (293) | ​ |  | (244) | ​ |  | (262) | ​
Projected benefit obligation at end of year | ​ | $ | 3,524 | ​ | $ | 4,171 | ​ | $ | 3,159 | ​ | $ | 3,694 | ​
Change in plan assets | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Fair value of plan assets at beginning of year | ​ | $ | 4,296 | ​ | $ | 4,171 | ​ | $ | 4,061 | ​ | $ | 3,940 | ​
Actual return on plan assets | ​ |  | (575) | ​ |  | 368 | ​ |  | (544) | ​ |  | 348 | ​
Employer contributions | ​ |  | 30 | ​ |  | 50 | ​ |  | 2 | ​ |  | 35 | ​
Benefits paid | ​ |  | (289) | ​ |  | (293) | ​ |  | (244) | ​ |  | (262) | ​
Fair value of plan assets at end of year | ​ |  | 3,462 | ​ |  | 4,296 | ​ |  | 3,275 | ​ |  | 4,061 | ​
Funded status at end of year | ​ | $ | (62) | ​ | $ | 125 | ​ | $ | 116 | ​ | $ | 367 | ​
Amounts recognized in the consolidated balance sheets consist of 1: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Long-term assets | ​ | $ | 139 | ​ | $ | 384 | ​ | $ | 128 | ​ | $ | 384 | ​
Current liabilities | ​ |  | (26) | ​ |  | (26) | ​ |  | (2) | ​ |  | (2) | ​
Long-term liabilities | ​ |  | (175) | ​ |  | (233) | ​ |  | (10) | ​ |  | (15) | ​
​ | ​ | $ | (62) | ​ | $ | 125 | ​ | $ | 116 | ​ | $ | 367 | ​
Amounts recognized in accumulated other comprehensive loss consist of: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Net loss1 | ​ | $ | 17 | ​ |  | 74 | ​ |  | 8 | ​ |  | 12 | ​
Amounts recognized as a regulatory liability | ​ | ​ | (139) | ​ |  | (395) | ​ |  | (139) | ​ |  | (395) | ​
Accumulated benefit obligation at end of year | ​ | $ | 3,401 | ​ | $ | 3,947 | ​ | $ | 3,049 | ​ | $ | 3,491 | ​
Pension plans with plan assets in excess of an accumulated benefit obligation: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Projected benefit obligation | ​ |  | 3,524 | ​ |  | 4,171 | ​ |  | 3,159 | ​ |  | 3,694 | ​
Accumulated benefit obligation | ​ |  | 3,401 | ​ |  | 3,947 | ​ |  | 3,049 | ​ |  | 3,491 | ​
Fair value of plan assets | ​ |  | 3,462 | ​ |  | 4,296 | ​ |  | 3,275 | ​ |  | 4,061 | ​
Weighted average assumptions used to determine obligations at end of year: | ​ |  | ​ | ​ |  |  | ​ |  | ​ | ​ |  |  | ​
Discount rate | ​ |  | 5.36 | % |  | 2.75 | % |  | 5.36 | % |  | 2.75 | %
Rate of compensation increase | ​ |  | 4.00 | % |  | 4.00 | % |  | 4.00 | % |  | 4.00 | %
1 | The SCE liability excludes a long-term payable due to Edison International Parent of $93 million and $132 million at December 31, 2022 and 2021, respectively, related to certain SCE postretirement benefit obligations transferred to Edison International Parent. SCE's accumulated other comprehensive loss of $8 million and $12 million at December 31, 2022 and 2021, excludes net losses of $3 million and $32 million related to these benefits, respectively.
Expense Components for Plans | Net periodic pension expense components are:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Edison International | ​ | SCE
​ | Years ended December 31,
(in millions) | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Service cost | $ | 120 | ​ | $ | 130 | ​ | $ | 121 | ​ | $ | 118 | ​ | $ | 127 | ​ | $ | 119
Non-service cost (benefit) |  | ​ | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |
Interest cost |  | 111 | ​ |  | 103 | ​ |  | 124 | ​ |  | 101 | ​ |  | 95 | ​ |  | 114
Expected return on plan assets |  | (227) | ​ |  | (222) | ​ |  | (215) | ​ |  | (215) | ​ |  | (211) | ​ |  | (203)
Settlement costs |  | 4 | ​ |  | — | ​ |  | — | ​ |  | 4 | ​ |  | — | ​ |  | —
Amortization of prior service cost |  | — | ​ |  | 1 | ​ |  | 2 | ​ |  | — | ​ |  | 1 | ​ |  | 1
Amortization of net loss |  | 5 | ​ |  | 11 | ​ |  | 10 | ​ |  | 2 | ​ |  | 7 | ​ |  | 7
Regulatory adjustment |  | 6 | ​ |  | 25 | ​ |  | 16 | ​ |  | 6 | ​ |  | 25 | ​ |  | 16
Total non-service benefit1 |  | (101) | ​ |  | (82) | ​ |  | (63) | ​ |  | (102) | ​ |  | (83) | ​ |  | (65)
Total expense recognized | $ | 19 | ​ | $ | 48 | ​ | $ | 58 | ​ | $ | 16 | ​ | $ | 44 | ​ | $ | 54
​
1 | Included in "Other income" on Edison International's and SCE's consolidated income statements. For further details, see Note 16.
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | Other changes in pension plan assets and benefit obligations recognized in other comprehensive income:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Edison International | ​ | SCE
​ | ​ | Years ended December 31,
(in millions) |  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Net (gain) loss | ​ | $ | (45) | ​ | $ | (10) | ​ | $ | 11 | ​ | $ | (24) | ​ | $ | (5) | ​ | $ | 9
Settlement charges | ​ |  | (4) | ​ |  | — | ​ |  | — | ​ |  | (4) | ​ |  | — | ​ |  | —
Amortization of net loss | ​ |  | (8) | ​ |  | (11) | ​ |  | (10) | ​ |  | (5) | ​ |  | (7) | ​ |  | (7)
Total (gain) loss recognized in other comprehensive income | ​ |  | (57) | ​ |  | (21) | ​ |  | 1 | ​ |  | (33) | ​ |  | (12) | ​ |  | 2
Total recognized in expense and other comprehensive income | ​ | $ | (38) | ​ | $ | 27 | ​ | $ | 59 | ​ | $ | (17) | ​ | $ | 32 | ​ | $ | 56
​
Schedule of Assumptions Used | Edison International and SCE used the following weighted average assumptions to determine pension expense:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31, |
​ |  | 2022 |  | 2021 |  | 2020 |
Discount rate |  | 2.75 | % | 2.38 | % | 3.11 | %
Rate of compensation increase |  | 4.00 | % | 4.00 | % | 4.10 | %
Expected long-term return on plan assets |  | 5.50 | % | 5.50 | % | 6.00 | %
Interest crediting rate for cash balance account | ​ | ​ | ​ | ​ | ​ | ​ | ​
Starting rate | ​ | 3.12 | % | 3.03 | % | 3.61 | %
Ultimate rate | ​ | 4.50 | % | 4.50 | % | 5.00 | %
Year ultimate rate is reached | ​ | 2026 | ​ | 2025 | ​ | 2025 | ​
​
Schedule of Expected Benefit Payments | The following benefit payments, which reflect service rendered and expected future service, are expected to be paid:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Edison | ​ | ​ | ​
(in millions) | ​ | International |  | SCE
2023 | ​ | $ | 310 | ​ | $ | 269
2024 | ​ |  | 314 | ​ |  | 274
2025 | ​ |  | 313 | ​ |  | 276
2026 | ​ |  | 321 | ​ |  | 282
2027 | ​ |  | 308 | ​ |  | 276
2028 – 2032 | ​ |  | 1,428 | ​ |  | 1,291
​
Schedule of Pension Plan Assets by Hierarchy Levels | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022
(in millions) |  | Level 1 |  | Level 2 |  | NAV1 |  | Total
U.S. government and agency securities2 | ​ | $ | 281 | ​ | $ | 293 | ​ | $ | — | ​ | $ | 574
Corporate stocks3 | ​ |  | 227 | ​ | ​ | 3 | ​ |  | — | ​ |  | 230
Corporate bonds4 | ​ |  | — | ​ |  | 973 | ​ |  | — | ​ |  | 973
Common/collective funds5 | ​ |  | — | ​ |  | — | ​ |  | 658 | ​ |  | 658
Partnerships/joint ventures6 | ​ |  | — | ​ |  | — | ​ |  | 613 | ​ |  | 613
Other investment entities7 | ​ |  | — | ​ |  | — | ​ |  | 63 | ​ |  | 63
Registered investment companies8 | ​ |  | 206 | ​ |  | — | ​ |  | 159 | ​ |  | 365
Interest-bearing cash | ​ |  | 14 | ​ |  | — | ​ |  | — | ​ |  | 14
Other | ​ |  | — | ​ |  | 48 | ​ |  | 7 | ​ |  | 55
Total | ​ | $ | 728 | ​ | $ | 1,317 | ​ | $ | 1,500 | ​ | $ | 3,545
Receivables and payables, net | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  | (83)
Combined net plan assets available for benefits | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  | 3,462
SCE's share of net plan assets | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ | $ | 3,275
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2021
(in millions) |  | Level 1 |  | Level 2 |  | NAV1 |  | Total
U.S. government and agency securities2 | ​ | $ | 217 | ​ | $ | 918 | ​ | $ | — | ​ | $ | 1,135
Corporate stocks3 | ​ |  | 466 | ​ |  | 4 | ​ |  | — | ​ |  | 470
Corporate bonds4 | ​ |  | — | ​ |  | 815 | ​ |  | — | ​ |  | 815
Common/collective funds5 | ​ |  | — | ​ |  | — | ​ |  | 964 | ​ |  | 964
Partnerships/joint ventures6 | ​ |  | — | ​ |  | — | ​ |  | 688 | ​ |  | 688
Other investment entities7 | ​ |  | — | ​ |  | — | ​ |  | 110 | ​ |  | 110
Registered investment companies8 | ​ |  | 57 | ​ |  | — | ​ |  | 31 | ​ |  | 88
Interest-bearing cash | ​ |  | 8 | ​ |  | — | ​ |  | — | ​ |  | 8
Other | ​ |  | — | ​ |  | 45 | ​ |  | — | ​ |  | 45
Total | ​ | $ | 748 | ​ | $ | 1,782 | ​ | $ | 1,793 | ​ | $ | 4,323
Receivables and payables, net | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  | (27)
Combined net plan assets available for benefits | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  | 4,296
SCE's share of net plan assets | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ | $ | 4,061
1 | These investments are measured at fair value using the net asset value per share practical expedient and have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the net plan assets available for benefits.
2 | Level 1 U.S. government and agency securities are U.S. treasury bonds and notes. Level 2 primarily relates to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.
3 | Corporate stocks are diversified. At December 31, 2022 and 2021, respectively, performance for actively managed separate accounts is primarily benchmarked against the Russell Indexes (36% and 44%) and Morgan Stanley Capital International (MSCI) index (64% and 56%).
4 | Corporate bonds are diversified. At December 31, 2022 and 2021, respectively, this category includes $67 million and $61 million for collateralized mortgage obligations and other asset backed securities.
5 | The common/collective assets are invested in equity index funds that seek to track performance of the Standard and Poor's 500 Index (41% at both December 31, 2022 and 2021). 10% are invested on Russell 1000 indexes at December 31, 2021. In addition, at December 31, 2022 and 2021, respectively, 46% and 38% of the assets in this category are in index funds which seek to track performance in the MSCI All Country World Index ex-US and 11% and 9% of this category are in non-index U.S. equity fund, which is actively managed.
6 | At December 31, 2022 and 2021, respectively, 76% and 62% are invested in private equity funds with investment strategies that include branded consumer products and clean technology companies, 18% and 17% are invested in ABS including distressed mortgages and commercial and residential loans, 2% and 3% are invested in a broad range of financial assets in all global markets. 15% are invested in publicly traded fixed income securities at December 31, 2021.
7 | At December 31, 2022, 64% are invested in domestic mortgage backed securities and 36% in high yield debt securities, respectively. At December 31, 2021, 71% are invested in emerging market equity securities and 20% in domestic mortgage backed securities, respectively.
8 | At December 31, 2022, 56% are invested in Level 1 corporate bond fund, 21% in fixed income fund used for cash management and 22% in US equity fund, respectively. At December 31, 2021, 63% were invested in Level 1 registered investment companies that primarily consisted of a global equity mutual fund which seeks to outperform the MSCI World Total Return Index and 35% on fixed income fund used for cash management.
Postretirement Benefits Other Than Pensions |
Pension and Other Postretirement Benefits |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Edison International | ​ | SCE |
​ | ​ | Years ended December 31, |
(in millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
Change in benefit obligation |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Benefit obligation at beginning of year | ​ | $ | 1,904 | ​ | $ | 2,073 | ​ | $ | 1,895 | ​ | $ | 2,064 | ​
Service cost | ​ |  | 34 | ​ |  | 40 | ​ |  | 34 | ​ |  | 40 | ​
Interest cost | ​ |  | 56 | ​ |  | 52 | ​ |  | 55 | ​ |  | 52 | ​
Actuarial gain | ​ |  | (598) | ​ |  | (190) | ​ |  | (596) | ​ |  | (190) | ​
Plan participants' contributions | ​ |  | 29 | ​ |  | 29 | ​ |  | 29 | ​ |  | 29 | ​
Benefits paid | ​ |  | (94) | ​ |  | (100) | ​ |  | (94) | ​ |  | (100) | ​
Benefit obligation at end of year | ​ | $ | 1,331 | ​ | $ | 1,904 | ​ | $ | 1,323 | ​ | $ | 1,895 | ​
Change in plan assets | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Fair value of plan assets at beginning of year | ​ | $ | 2,772 | ​ | $ | 2,717 | ​ | $ | 2,772 | ​ | $ | 2,717 | ​
Actual return on assets | ​ |  | (527) | ​ |  | 119 | ​ |  | (527) | ​ |  | 119 | ​
Employer contributions | ​ |  | 7 | ​ |  | 7 | ​ |  | 7 | ​ |  | 7 | ​
Plan participants' contributions | ​ |  | 29 | ​ |  | 29 | ​ |  | 29 | ​ |  | 29 | ​
Benefits paid | ​ |  | (94) | ​ |  | (100) | ​ |  | (94) | ​ |  | (100) | ​
Fair value of plan assets at end of year | ​ |  | 2,187 | ​ |  | 2,772 | ​ |  | 2,187 | ​ |  | 2,772 | ​
Funded status at end of year | ​ | $ | 856 | ​ | $ | 868 | ​ | $ | 864 | ​ | $ | 877 | ​
Amounts recognized in the consolidated balance sheets consist of: | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​
Long-term assets | ​ | $ | 871 | ​ | $ | 885 | ​ | $ | 871 | ​ | $ | 885 | ​
Current liabilities | ​ |  | (8) | ​ |  | (8) | ​ |  | (7) | ​ |  | (8) | ​
Long-term liabilities | ​ |  | (7) | ​ |  | (9) | ​ |  | — | ​ |  | — | ​
​ | ​ | $ | 856 | ​ | $ | 868 | ​ | $ | 864 | ​ | $ | 877 | ​
Amounts recognized in accumulated other comprehensive loss consist of: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Net (gain)/loss | ​ | $ | (2) | ​ | $ | 1 | ​ | $ | — | ​ | $ | — | ​
Amounts recognized as a regulatory liability | ​ |  | (867) | ​ |  | (886) | ​ |  | (867) | ​ |  | (886) | ​
Weighted average assumptions used to determine obligations at end of year: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Discount rate | ​ |  | 5.43 | % |  | 2.95 | % |  | 5.43 | % |  | 2.95 | %
Assumed health care cost trend rates: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​
Rate assumed for following year | ​ |  | 6.75 | % |  | 6.25 | % |  | 6.75 | % |  | 6.25 | %
Ultimate rate | ​ |  | 5.00 | % |  | 5.00 | % |  | 5.00 | % |  | 5.00 | %
Year ultimate rate reached | ​ |  | 2029 | ​ |  | 2029 | ​ |  | 2029 | ​ |  | 2029 | ​
Expense Components for Plans | Net periodic PBOP expense components are:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Edison International | ​ | SCE
​ | Years ended December 31,
(in millions) | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Service cost | $ | 34 | ​ | $ | 40 | ​ | $ | 38 | ​ | $ | 34 | ​ | $ | 40 | ​ | $ | 37
Non-service cost (benefit) |  | ​ | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |
Interest cost |  | 56 | ​ |  | 52 | ​ |  | 63 | ​ |  | 55 | ​ |  | 52 | ​ |  | 63
Expected return on plan assets |  | (97) | ​ |  | (106) | ​ |  | (119) | ​ |  | (97) | ​ |  | (106) | ​ |  | (119)
Amortization of prior service cost |  | (2) | ​ |  | (1) | ​ |  | (1) | ​ |  | (2) | ​ |  | (1) | ​ |  | (1)
Amortization of net gain |  | (45) | ​ |  | (35) | ​ |  | (29) | ​ |  | (45) | ​ |  | (36) | ​ |  | (29)
Regulatory adjustment |  | 55 | ​ |  | 51 | ​ |  | 49 | ​ |  | 55 | ​ |  | 51 | ​ |  | 49
Total non-service benefit1 |  | (33) | ​ |  | (39) | ​ |  | (37) | ​ |  | (34) | ​ |  | (40) | ​ |  | (37)
Total expense | $ | 1 | ​ | $ | 1 | ​ | $ | 1 | ​ | $ | — | ​ | $ | — | ​ | $ | —
​
1 | Included in "Other income" on Edison International's and SCE's consolidated income statements. For further details, see Note 16.
Schedule of Assumptions Used | Edison International and SCE used the following weighted average assumptions to determine PBOP expense:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31, |
​ |  | 2022 |  | 2021 |  | 2020 |
Discount rate |  | 2.95 | % | 2.67 | % | 3.32 | %
Expected long-term return on plan assets |  | 3.50 | % | 4.00 | % | 4.90 | %
Assumed health care cost trend rates: |  | ​ |  |  |  |  | ​
Current year |  | 6.25 | % | 6.50 | % | 6.50 | %
Ultimate rate |  | 5.00 | % | 5.00 | % | 5.00 | %
Year ultimate rate reached |  | 2029 |  | 2029 |  | 2029 | ​
​
Schedule of Expected Benefit Payments | The following benefit payments (net of plan participants' contributions) are expected to be paid:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Edison | ​ | ​ | ​
(in millions) | ​ | International |  | SCE
2023 | ​ | $ | 78 | ​ | $ | 78
2024 | ​ |  | 81 | ​ |  | 80
2025 | ​ |  | 82 | ​ |  | 82
2026 | ​ |  | 84 | ​ |  | 84
2027 | ​ |  | 86 | ​ |  | 85
2028 – 2032 | ​ |  | 450 | ​ |  | 447
​
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022
(in millions) |  | Level 1 |  | Level 2 |  | NAV1 |  | Total
U.S. government and agency securities2 | ​ | $ | 222 | ​ | $ | 304 | ​ | $ | — | ​ | $ | 526
Corporate stocks3 | ​ |  | 103 | ​ |  | 2 | ​ |  | — | ​ |  | 105
Corporate notes and bonds4 | ​ |  | — | ​ |  | 860 | ​ |  | — | ​ |  | 860
Common/collective funds5 | ​ |  | — | ​ |  | — | ​ |  | 413 | ​ |  | 413
Partnerships6 | ​ |  | — | ​ |  | — | ​ |  | 119 | ​ |  | 119
Registered investment companies7 | ​ |  | 55 | ​ |  | — | ​ |  | — | ​ |  | 55
Interest bearing cash | ​ |  | — | ​ |  | 56 | ​ |  | — | ​ |  | 56
Other8 | ​ |  | — | ​ |  | 59 | ​ |  | — | ​ |  | 59
Total | ​ | $ | 380 | ​ | $ | 1,281 | ​ | $ | 532 | ​ | $ | 2,193
Receivables and payables, net | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  | (6)
Combined net plan assets available for benefits | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  | 2,187
SCE's share of net plan assets | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ | $ | 2,187
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2021
(in millions) |  | Level 1 |  | Level 2 |  | NAV1 |  | Total
U.S. government and agency securities2 | ​ | $ | 813 | ​ | $ | 10 | ​ | $ | — | ​ | $ | 823
Corporate stocks3 | ​ |  | 145 | ​ |  | 3 | ​ |  | — | ​ |  | 148
Corporate notes and bonds4 | ​ |  | — | ​ |  | 997 | ​ |  | — | ​ |  | 997
Common/collective funds5 | ​ |  | — | ​ |  | — | ​ |  | 544 | ​ |  | 544
Partnerships6 | ​ |  | — | ​ |  | — | ​ |  | 107 | ​ |  | 107
Registered investment companies7 | ​ |  | 44 | ​ |  | — | ​ |  | — | ​ |  | 44
Interest bearing cash | ​ |  | — | ​ |  | 51 | ​ |  | — | ​ |  | 51
Other8 | ​ |  | — | ​ |  | 59 | ​ |  | — | ​ |  | 59
Total | ​ | $ | 1,002 | ​ | $ | 1,120 | ​ | $ | 651 | ​ | $ | 2,773
Receivables and payables, net | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (1)
Combined net plan assets available for benefits | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 2,772
SCE's share of net plan assets | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ | $ | 2,772
1 | These investments are measured at fair value using the net asset value per share practical expedient and have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the net plan assets available for benefits.
2 | Level 1 U.S. government and agency securities are U.S. treasury bonds and notes. Level 2 primarily relates to the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association.
3 | Corporate stock performance for actively managed separate accounts is primarily benchmarked against the Russell Indexes (73%) and the MSCI All Country World Index (27%) for both 2022 and 2021.
4 | Corporate notes and bonds are diversified and include approximately $150 million for commercial collateralized mortgage obligations and other asset backed securities at both December 31, 2022 and 2021.
5 | At December 31, 2022 and 2021, respectively, 53% and 65% of the common/collective assets are invested in index funds which seek to track performance in the MSCI All Country World Index Investable Market Index. 27% and 25% are invested in a non-index U.S. equity fund which is actively managed. The remaining assets in this category are primarily invested in fixed income fund and emerging market fund.
6 | At December 31, 2022 and 2021, respectively, 63% and 54% of the partnerships are invested in private equity and venture capital funds. Investment strategies for these funds include branded consumer products, clean and information technology and healthcare. Of the remaining partnerships category, 31% and 35% are invested in asset backed securities including distressed mortgages, distressed companies and commercial and residential loans and debt and equity of banks, 6% and 11% are invested in a broad range of financial assets in all global markets.
7 | At December 31, 2022 and 2021, respectively, registered investment companies were primarily invested in a money market fund (75% and 61%) and exchange rate trade funds which seek to track performance of MSCI Emerging Market Index, Russell 2000 Index and international small cap equities (25% and 39%)
8 | Other includes $53 million and $44 million of municipal securities at December 31, 2022 and 2021, respectively.

X
- Definition Tabular disclosure of supplemental data on stock based compensation. + References No definition available. + Details
Name: | eix_SupplementalDataOnStockBasedCompensationTableTextBlock
Namespace Prefix: | eix_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a)(b)(c) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DefinedBenefitPlanDisclosureLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of defined contribution pension plans or defined contribution other postretirement plans, separately for pension plans and other postretirement benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942 + Details
Name: | us-gaap_DefinedContributionPlanDisclosuresTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_RetirementPlanTypeAxis=us-gaap_PensionPlansDefinedBenefitMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_RetirementPlanTypeAxis=us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |