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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Measurements |
Fair Value by Level within the Fair Value Hierarchy | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Netting | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ |
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Collateral1 |  | Total
Assets at fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative contracts | ​ | $ | — | ​ | $ | 5 | ​ | $ | 34 | ​ | $ | (5) | ​ | $ | 34
Money market funds and other | ​ |  | — | ​ | ​ | 22 | ​ | ​ | — | ​ | ​ | — |  | ​ | 22
Nuclear decommissioning trusts: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​
Stocks2 | ​ |  | 1,550 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — |  | ​ | 1,550
Fixed Income3 | ​ |  | 927 | ​ | ​ | 1,339 | ​ | ​ | — | ​ | ​ | — |  | ​ | 2,266
Short-term investments, primarily cash equivalents | ​ |  | 188 | ​ | ​ | 29 | ​ | ​ | — | ​ | ​ | — |  | ​ | 217
Subtotal of nuclear decommissioning trusts4 | ​ |  | 2,665 | ​ |  | 1,368 | ​ |  | — | ​ |  | — |  | ​ | 4,033
Total assets | ​ |  | 2,665 | ​ |  | 1,395 | ​ |  | 34 | ​ |  | (5) |  | ​ | 4,089
Liabilities at fair value | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  |  | ​ |
Derivative contracts | ​ |  | — | ​ | ​ | 45 | ​ | ​ | — | ​ | ​ | (45) |  | ​ | —
Total liabilities | ​ |  | — | ​ |  | 45 | ​ |  | — | ​ |  | (45) |  | ​ | —
Net assets | ​ | $ | 2,665 | ​ | $ | 1,350 | ​ | $ | 34 | ​ | $ | 40 | ​ | $ | 4,089
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Netting | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ |
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Collateral1 |  | ​ | Total
Assets at fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative contracts | ​ | $ | — | ​ | $ | 392 | ​ | $ | 67 | ​ | $ | (218) | ​ | $ | 241
Money market funds and other | ​ |  | 647 | ​ |  | 22 | ​ |  | — | ​ |  | — | ​ |  | 669
Nuclear decommissioning trusts: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Stocks2 | ​ |  | 1,610 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 1,610
Fixed Income3 | ​ |  | 941 | ​ |  | 1,281 | ​ |  | — | ​ |  | — | ​ |  | 2,222
Short-term investments, primarily cash equivalents | ​ |  | 137 | ​ |  | 64 | ​ |  | — | ​ |  | — | ​ |  | 201
Subtotal of nuclear decommissioning trusts4 | ​ |  | 2,688 | ​ |  | 1,345 | ​ |  | — | ​ |  | — | ​ |  | 4,033
Total assets | ​ |  | 3,335 | ​ |  | 1,759 | ​ |  | 67 | ​ |  | (218) | ​ |  | 4,943
Liabilities at fair value | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivative contracts | ​ |  | — | ​ |  | 116 | ​ |  | 4 | ​ |  | (119) | ​ |  | 1
Total liabilities | ​ |  | — | ​ |  | 116 | ​ |  | 4 | ​ |  | (119) | ​ |  | 1
Net assets | ​ | $ | 3,335 | ​ | $ | 1,643 | ​ | $ | 63 | ​ | $ | (99) | ​ | $ | 4,942
1 | Represents the netting of assets and liabilities under master netting agreements and cash collateral.
2 | Approximately 75% and 74% SCE's equity investments were in companies located in the United States at September 30, 2023 and December 31, 2022, respectively.
3 | Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $87 million and $49 million at September 30, 2023 and December 31, 2022, respectively.
4 | Excludes net payables of $90 million and $85 million at September 30, 2023 and December 31, 2022, 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 | ​ | ​ | Nine months ended
​ | ​ | September 30, | ​ | September 30,
(in millions) | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Fair value of net assets at beginning of period | ​ | $ | 12 | ​ | $ | 32 | ​ | $ | 63 | ​ | $ | 44
Sales | ​ | ​ | — | ​ | ​ | (1) | ​ | ​ | (1) | ​ | ​ | (7)
Settlements | ​ |  | (23) | ​ |  | (25) | ​ |  | (47) | ​ |  | (54)
Total realized/unrealized gains1 | ​ |  | 45 | ​ |  | 47 | ​ |  | 19 | ​ |  | 70
Fair value of net assets at end of period | ​ | $ | 34 | ​ | $ | 53 | ​ | $ | 34 | ​ | $ | 53
1 | Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities.
Valuation techniques and significant inputs | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair Value | ​ | Significant | ​ | ​ | ​ | Weighted
​ | ​ | (in millions) | ​ | Unobservable | ​ | Range | ​ | Average
​ |  | Assets |  | Liabilities |  | Input |  | (per MWh) |  | (per MWh)
Congestion revenue rights | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ |  | ​ |  | ​
September 30, 2023 | ​ | $ | 34 | ​ | $ | — |  | CAISO CRR auction prices |  | $(2.86) - $45.78 | ​ | $ | 0.29
December 31, 2022 | ​ |  | 67 | ​ |  | 4 |  | CAISO CRR auction prices |  | (7.91) - 3,856.67 | ​ | ​ | 1.64
Long-term debt fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2023 |  | December 31, 2022
​ | ​ | Carrying | ​ | Fair | ​ | Carrying | ​ | Fair
(in millions) |  | Value1 |  | Value2 |  | Value1 |  | Value2
Edison International | ​ | $ | 32,471 | ​ | $ | 28,700 | ​ | $ | 29,639 | ​ | $ | 26,824
SCE | ​ |  | 28,398 | ​ |  | 24,688 | ​ |  | 26,258 | ​ |  | 23,469
1 | Carrying value is net of debt issuance costs.
2 | The fair value of long-term debt is classified as Level 2.

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