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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Measurements |
Fair Value by Level within the Fair Value Hierarchy | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Netting | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ |
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Collateral1 |  | Total
Assets at fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative contracts | ​ | $ | — | ​ | $ | 7 | ​ | $ | 82 | ​ | $ | (10) | ​ | $ | 79
Money market funds and other | ​ |  | 10 | ​ | ​ | 22 | ​ | ​ | — | ​ | ​ | — |  | ​ | 32
Nuclear decommissioning trusts: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​
Stocks2 | ​ |  | 1,741 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — |  | ​ | 1,741
Fixed Income3 | ​ |  | 877 | ​ | ​ | 1,640 | ​ | ​ | — | ​ | ​ | — |  | ​ | 2,517
Short-term investments, primarily cash equivalents | ​ |  | 55 | ​ | ​ | 52 | ​ | ​ | — | ​ | ​ | — |  | ​ | 107
Subtotal of nuclear decommissioning trusts4 | ​ |  | 2,673 | ​ |  | 1,692 | ​ |  | — | ​ |  | — |  | ​ | 4,365
Total assets | ​ |  | 2,683 | ​ |  | 1,721 | ​ |  | 82 | ​ |  | (10) |  | ​ | 4,476
Liabilities at fair value | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  |  | ​ |
Derivative contracts | ​ |  | — | ​ | ​ | 107 | ​ | ​ | 3 | ​ | ​ | (110) |  | ​ | —
Total liabilities | ​ |  | — | ​ |  | 107 | ​ |  | 3 | ​ |  | (110) |  | ​ | —
Net assets | ​ | $ | 2,683 | ​ | $ | 1,614 | ​ | $ | 79 | ​ | $ | 100 | ​ | $ | 4,476
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Netting | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ |
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Collateral1 |  | ​ | Total
Assets at fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative contracts | ​ | $ | — | ​ | $ | 3 | ​ | $ | 91 | ​ | $ | (3) | ​ | $ | 91
Money market funds and other | ​ |  | 78 | ​ |  | 22 | ​ |  | — | ​ |  | — | ​ |  | 100
Nuclear decommissioning trusts: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Stocks2 | ​ |  | 1,658 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 1,658
Fixed Income3 | ​ |  | 923 | ​ |  | 1,421 | ​ |  | — | ​ |  | — | ​ |  | 2,344
Short-term investments, primarily cash equivalents | ​ |  | 169 | ​ |  | 104 | ​ |  | — | ​ |  | — | ​ |  | 273
Subtotal of nuclear decommissioning trusts4 | ​ |  | 2,750 | ​ |  | 1,525 | ​ |  | — | ​ |  | — | ​ |  | 4,275
Total assets | ​ |  | 2,828 | ​ |  | 1,550 | ​ |  | 91 | ​ |  | (3) | ​ |  | 4,466
Liabilities at fair value | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivative contracts | ​ |  | — | ​ |  | 77 | ​ |  | — | ​ |  | (77) | ​ |  | —
Total liabilities | ​ |  | — | ​ |  | 77 | ​ |  | — | ​ |  | (77) | ​ |  | —
Net assets | ​ | $ | 2,828 | ​ | $ | 1,473 | ​ | $ | 91 | ​ | $ | 74 | ​ | $ | 4,466
1 | Represents the netting of assets and liabilities under master netting agreements and cash collateral.
2 | Approximately 76% and 75% SCE's equity investments were in companies located in the United States at June 30, 2024 and December 31, 2023, respectively.
3 | Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $112 million and $106 million at June 30, 2024 and December 31, 2023, respectively.
4 | Excludes net payables of $73 million and $102 million at June 30, 2024 and December 31, 2023, 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 June 30, | ​ | Six months ended June 30, | ​
(in millions) | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023 | ​
Fair value of net assets at beginning of period | ​ | $ | 80 | ​ | $ | 47 | ​ | $ | 91 | ​ | $ | 63 | ​
Sales | ​ | ​ | — | ​ | ​ | (1) | ​ | ​ | — | ​ | ​ | (1) | ​
Settlements | ​ |  | 4 | ​ |  | (12) | ​ |  | 4 | ​ |  | (24) | ​
Total realized/unrealized losses1 | ​ |  | (5) | ​ |  | (22) | ​ |  | (16) | ​ |  | (26) | ​
Fair value of net assets at end of period | ​ | $ | 79 | ​ | $ | 12 | ​ | $ | 79 | ​ | $ | 12 | ​
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 | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ |  | ​ |  | ​
June 30, 2024 | ​ | $ | 82 | ​ | $ | 3 |  | CAISO CRR auction prices |  | ($12.38) - $17,972.06 | ​ | $ | 4.55
December 31, 2023 | ​ |  | 91 | ​ |  | — |  | CAISO CRR auction prices |  | (6.44) - 16,574.36 | ​ | ​ | 2.74
Long-term debt fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2024 |  | December 31, 2023
​ | ​ | Carrying | ​ | Fair | ​ | Carrying | ​ | Fair
(in millions) |  | Value1 |  | Value2 |  | Value1 |  | Value2
Edison International | ​ | $ | 34,797 | ​ | $ | 32,091 | ​ | $ | 33,013 | ​ | $ | 31,315
SCE | ​ |  | 29,777 | ​ |  | 27,013 | ​ |  | 28,494 | ​ |  | 26,712
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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