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Compensation and Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Pension and Other Postretirement Benefits |
Schedule of Employee Savings Plan Employer Contributions | The 401(k) defined contribution savings plan is designed to supplement employees' retirement income. The employer contributions were as follows:
| Edison International |  | SCE
(in millions) | Years ended December 31,
2024 | $ | 136 |  |  | $ | 134 |
2023 | 121 |  |  | 119 |
2022 | 103 |  |  | 101 |
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) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Stock-based compensation expense 1: |  |  |  |  |  |  |  |  |  |  |
Stock options | $ | 13 |  | $ | 12 |  |  | $ | 13 |  |  | $ | 7 |  | $ | 6 |  |  | $ | 7 |
Performance shares | 21 |  | 15 |  |  | 13 |  |  | 10 |  | 8 |  |  | 6 |
Restricted stock units | 21 |  | 17 |  |  | 14 |  |  | 15 |  | 12 |  |  | 9 |
Other | 2 |  | 2 |  |  | 2 |  |  | — |  | — |  |  | — |
Total stock-based compensation expense | $ | 57 |  | $ | 46 |  |  | $ | 42 |  |  | $ | 32 |  | $ | 26 |  |  | $ | 22 |
Income tax benefits related to stock-based compensation expense | $ | 23 |  | $ | 7 |  |  | $ | 9 |  |  | $ | 14 |  | $ | 5 |  |  | $ | 5 |
1 Reflected in "Operation and maintenance" on Edison International's and SCE's consolidated statements of income.
Schedule of Black-Sholes Option-Pricing Model Assumptions | The Black-Scholes option-pricing model requires various assumptions noted in the following table:
| Years ended December 31,
| 2024 | 2023 | 2022
Expected terms (in years) | 4.7 | 4.8 | 5.0
Risk-free interest rate | 3.7% - 4.5% | 3.6% - 4.7% | 1.6% - 4.1%
Expected dividend yield | 3.6% - 4.7% | 4.2% - 4.7% | 4.0% - 5.0%
Weighted average expected dividend yield | 4.7% | 4.2% | 4.0%
Expected volatility | 23.6% - 30.4% | 29.0% - 29.6% | 27.8% - 28.6%
Weighted average volatility | 30.3% | 29.1% | 27.8%
Summary of Stock Options Activity | The following is a summary of the status of Edison International's stock options:
|  |  | Weighted Average |  |
| Shares |  | Exercise Price |  | Remaining Contractual Term (years) |  | Aggregate Intrinsic Value (in millions)
Edison International: |  |  |  |  |  |  |
Outstanding at December 31, 2023 | 11,418,243 |  | $ | 64.30 |  |  |  |  |
Granted | 749,968 |  | 66.70 |  |  |  |  |
Forfeited or expired | (107,158) |  | 71.89 |  |  |  |  |
Exercised 1 | (3,417,478) |  | 64.49 |  |  |  |  |
Outstanding at December 31, 2024 | 8,643,575 |  | 64.33 |  |  | 5.01 |  |
Exercisable and expected to vest at December 31, 2024 | 8,438,864 |  | 64.40 |  |  | 4.95 |  | $ | 130 |
Exercisable at December 31, 2024 | 6,651,227 |  | $ | 64.79 |  |  | 4.19 |  | $ | 100 |
SCE: |  |  |  |  |  |  |
Outstanding at December 31, 2023 | 5,192,275 |  | $ | 64.22 |  |  |  |  |
Granted | 390,760 |  | 66.82 |  |  |  |  |
Forfeited or expired | (98,077) |  | 71.44 |  |  |  |  |
Exercised 1 | (1,892,980) |  | 64.49 |  |  |  |  |
Affiliate transfers, net | 14,472 |  | 64.22 |  |  |  |  |
Outstanding at December 31, 2024 | 3,606,450 |  | 64.18 |  |  | 5.27 |  |
Exercisable and expected to vest at December 31,2024 | 3,508,129 |  | 64.25 |  |  | 5.21 |  | $ | 55 |
Exercisable at December 31, 2024 | 2,609,173 |  | $ | 64.66 |  |  | 4.33 |  | $ | 40 |
1 Edison International and SCE recognized tax benefits of $13 million and $7 million, respectively, from stock options exercised in 2024.
Schedule of Unrecognized Compensation Expense | At December 31, 2024, 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) | $ | 7 |  |  | $ | 4 |
Weighted average period (in years) | 1.3 |  | 1.3
Schedule of 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) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Weighted average grant date fair value per option granted | $ | 13.32 |  |  | $ | 12.69 |  |  | $ | 9.92 |  |  | $ | 13.36 |  |  | $ | 12.71 |  |  | $ | 9.92 |
Fair value of options vested | 14 |  |  | 8 |  |  | 8 |  |  | 7 |  |  | 7 |  |  | 5 |
Value of options exercised | 45 |  |  | 14 |  |  | 17 |  |  | 25 |  |  | 11 |  |  | 12 |
Summary of Nonvested Share Activity | The following is a summary of the status of Edison International's nonvested performance shares:
| Equity Awards
| Shares |  | Weighted Average Fair Value
Edison International: |  |  |
Nonvested at December 31, 2023 | 496,841 |  | $ | 71.93
Granted | 276,838 |  | 72.21
Forfeited | (5,872) |  | 72.57
Vested | (249,287) |  | 67.90
Nonvested at December 31, 2024 | 518,520 |  | $ | 74.01
SCE: |  |  |
Nonvested at December 31, 2023 | 249,091 |  | $ | 71.99
Granted | 144,339 |  | 72.37
Forfeited | (5,282) |  | 72.23
Vested | (123,197) |  | 67.73
Affiliate transfers, net | 23 |  | 71.99
Nonvested at December 31, 2024 | 264,974 |  | $ | 74.17
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
| Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
Nonvested at December 31, 2023 | 892,412 |  | $ | 61.19 |  |  | 645,549 |  | $ | 61.17 |
Granted | 325,501 |  | 66.88 |  |  | 233,112 |  | 66.88 |
Forfeited | (22,886) |  | 65.24 |  |  | (18,908) |  | 65.34 |
Vested | (318,579) |  | 55.71 |  |  | (238,921) |  | 55.89 |
Affiliate transfers, net | — |  | — |  |  | (105) |  | 61.17 |
Nonvested at December 31, 2024 | 876,448 |  | $ | 65.19 |  |  | 620,727 |  | $ | 65.22 |
Pension Plan |
Pension and Other Postretirement Benefits |
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | Information on pension plan assets and benefit obligations is shown below.
| Edison International |  | SCE
| Years ended December 31,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Change in projected benefit obligation |  |  |  |  |  |  |
Projected benefit obligation at beginning of year | $ | 3,647 |  |  | $ | 3,524 |  |  | $ | 3,278 |  |  | $ | 3,159 |
Service cost | 103 |  |  | 101 |  |  | 99 |  |  | 97 |
Interest cost | 175 |  |  | 180 |  |  | 157 |  |  | 162 |
Actuarial (gain) loss | (59) |  |  | 96 |  |  | (47) |  |  | 82 |
Benefits paid | (230) |  |  | (254) |  |  | (198) |  |  | (222) |
Projected benefit obligation at end of year | $ | 3,636 |  |  | $ | 3,647 |  |  | $ | 3,289 |  |  | $ | 3,278 |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 3,609 |  |  | $ | 3,462 |  |  | $ | 3,415 |  |  | $ | 3,275 |
Actual return on plan assets | 192 |  |  | 369 |  |  | 182 |  |  | 349 |
Employer contributions | 37 |  |  | 32 |  |  | 17 |  |  | 13 |
Benefits paid | (230) |  |  | (254) |  |  | (198) |  |  | (222) |
Fair value of plan assets at end of year | 3,608 |  |  | 3,609 |  |  | 3,416 |  |  | 3,415 |
(Underfunded)/Overfunded status at end of year | $ | (28) |  |  | $ | (38) |  |  | $ | 127 |  |  | $ | 137 |
Amounts recognized in the consolidated balance sheets consist of 1: |  |  |  |  |  |  |
Long-term assets | $ | 166 |  |  | $ | 169 |  |  | $ | 137 |  |  | $ | 149 |
Current liabilities | (27) |  |  | (30) |  |  | (1) |  |  | (2) |
Long-term liabilities | (167) |  |  | (177) |  |  | (9) |  |  | (10) |
| $ | (28) |  |  | $ | (38) |  |  | $ | 127 |  |  | $ | 137 |
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |  |  |  |
Net loss | $ | 8 |  |  | $ | 21 |  |  | $ | 13 |  |  | $ | 8 |
Amounts recognized as a regulatory liability | (146) |  |  | (159) |  |  | (133) |  |  | (159) |
Accumulated benefit obligation at end of year | $ | 3,508 |  |  | $ | 3,495 |  |  | $ | 3,172 |  |  | $ | 3,136 |
Pension plans with plan assets in excess of an accumulated benefit obligation: |  |  |  |  |  |  |
Projected benefit obligation | 3,636 |  |  | 3,647 |  |  | 3,289 |  |  | 3,278 |
Accumulated benefit obligation | 3,508 |  |  | 3,495 |  |  | 3,172 |  |  | 3,136 |
Fair value of plan assets | 3,608 |  |  | 3,609 |  |  | 3,416 |  |  | 3,415 |
Weighted average assumptions used to determine obligations at end of year: |  |  |  |  |  |  |
Discount rate | 5.56% |  | 5.04% |  | 5.56% |  | 5.04%
Rate of compensation increase | 4.00% |  | 4.00% |  | 4.00% |  | 4.00%
1The SCE liability excludes a long-term payable due to Edison International Parent of $88 million and $94 million at December 31, 2024 and 2023, respectively, related to certain SCE postretirement benefit obligations transferred to Edison International Parent.
Summary of Expense Components for Plans | Net periodic pension expense components are:
| Edison International |  | SCE
| Years ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Service cost | $ | 103 |  |  | $ | 101 |  |  | $ | 120 |  |  | $ | 101 |  |  | $ | 99 |  |  | $ | 118 |
Non-service cost (benefit) |  |  |  |  |  |  |  |  |  |  |
Interest cost | 175 |  |  | 180 |  |  | 111 |  |  | 162 |  |  | 166 |  |  | 101 |
Expected return on plan assets | (232) |  |  | (214) |  |  | (227) |  |  | (219) |  |  | (202) |  |  | (215) |
Settlement costs | — |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | 4 |
Amortization of prior service cost | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of net loss | 4 |  |  | 3 |  |  | 5 |  |  | 2 |  |  | 2 |  |  | 2 |
Regulatory adjustment | (23) |  |  | (47) |  |  | 6 |  |  | (22) |  |  | (47) |  |  | 6 |
Total non-service benefit 1 | (76) |  |  | (78) |  |  | (101) |  |  | (77) |  |  | (81) |  |  | (102) |
Total expense | $ | 27 |  |  | $ | 23 |  |  | $ | 19 |  |  | $ | 24 |  |  | $ | 18 |  |  | $ | 16 |
1 Included in "Other income" on Edison International's and SCE's consolidated income statements. For further details, see Note 16.
Schedule of 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) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Net (gain) loss | $ | (9) |  |  | $ | 6 |  |  | $ | (45) |  |  | $ | (2) |  |  | $ | 6 |  |  | $ | (24) |
Settlement charges | — |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | (4) |
Amortization of net gain | (4) |  |  | (2) |  |  | (8) |  |  | (2) |  |  | (2) |  |  | (5) |
Total (gain) loss recognized in other comprehensive income | (13) |  |  | 4 |  |  | (57) |  |  | (4) |  |  | 4 |  |  | (33) |
Total recognized in expense and other comprehensive income | $ | 14 |  |  | $ | 27 |  |  | $ | (38) |  |  | $ | 20 |  |  | $ | 22 |  |  | $ | (17) |
Schedule of Assumptions Used | Edison International and SCE used the following weighted average assumptions to determine pension expense:
| Years ended December 31,
| 2024 | 2023 | 2022
Discount rate | 5.04 | % | 5.36 | % | 2.75 | %
Rate of compensation increase | 4.00 | % | 4.00 | % | 4.00 | %
Expected long-term return on plan assets | 6.75 | % | 6.50 | % | 5.50 | %
Interest crediting rate for cash balance account 1: |  |  |
Starting rate | 5.54 | % | 5.86 | % | 3.12 | %
Ultimate rate | 5.54 | % | 5.86 | % | 4.50 | %
Year ultimate rate is reached | 2024 | 2023 | 2026
1 Edison International and SCE were using a graduated assumption for interest crediting rate for cash balance account, where current interest rate gradually increased to an ultimate rate at a certain year. Starting 2023, Edison International and SCE changed to use single interest crediting rate assumption to determine the pension expense for cash balance account.
Schedule of Expected Benefit Payments | The following benefit payments, which reflect service rendered and expected future service, are expected to be paid:
(in millions) | Edison International |  | SCE
2025 | $ | 332 |  | $ | 291
2026 | 344 |  | 301
2027 | 338 |  | 304
2028 | 332 |  | 299
2029 | 324 |  | 294
2030 – 2034 | 1,496 |  | 1,370
Schedule of Pension Plan Assets by Hierarchy Levels | The following table sets forth the investments for Edison International and SCE that were accounted for at fair value as of December 31, 2024 and 2023, respectively, by asset class and level within the fair value hierarchy:
| December 31, 2024
(in millions) | Level 1 |  | Level 2 |  | NAV 1 |  | Total
U.S. government and agency securities 2 | $ | 244 |  |  | $ | 353 |  |  | $ | — |  |  | $ | 597 |
Corporate stocks 3 | 148 |  |  | 4 |  |  | — |  |  | 152 |
Corporate bonds 4 | — |  |  | 1,084 |  |  | — |  |  | 1,084 |
Common/collective funds 5 | — |  |  | — |  |  | 652 |  |  | 652 |
Partnerships/joint ventures 6 | — |  |  | — |  |  | 680 |  |  | 680 |
Other investment entities 7 | — |  |  | — |  |  | 58 |  |  | 58 |
Registered investment companies 8 | 238 |  |  | — |  |  | 142 |  |  | 380 |
Interest-bearing cash | 14 |  |  | — |  |  | — |  |  | 14 |
Other | — |  |  | 57 |  |  | 8 |  |  | 65 |
Total | $ | 644 |  |  | $ | 1,498 |  |  | $ | 1,540 |  |  | $ | 3,682 |
Receivables and payables, net |  |  |  |  |  |  | (74) |
Combined net plan assets available for benefits |  |  |  |  |  |  | 3,608 |
SCE's share of net plan assets |  |  |  |  |  |  | $ | 3,416 |
| December 31, 2023
(in millions) | Level 1 |  | Level 2 |  | NAV 1 |  | Total
U.S. government and agency securities 2 | $ | 256 |  |  | $ | 352 |  |  | $ | — |  |  | $ | 608 |
Corporate stocks 3 | 176 |  |  | 5 |  |  | — |  |  | 181 |
Corporate bonds 4 | — |  |  | 1,057 |  |  | — |  |  | 1,057 |
Common/collective funds 5 | — |  |  | — |  |  | 584 |  |  | 584 |
Partnerships/joint ventures 6 | — |  |  | — |  |  | 657 |  |  | 657 |
Other investment entities 7 | — |  |  | — |  |  | 58 |  |  | 58 |
Registered investment companies 8 | 212 |  |  | — |  |  | 153 |  |  | 365 |
Interest-bearing cash | 10 |  |  | — |  |  | — |  |  | 10 |
Other | — |  |  | 46 |  |  | 8 |  |  | 54 |
Total | $ | 654 |  |  | $ | 1,460 |  |  | $ | 1,460 |  |  | $ | 3,574 |
Receivables and payables, net |  |  |  |  |  |  | 35 |
Combined net plan assets available for benefits |  |  |  |  |  |  | 3,609 |
SCE's share of net plan assets |  |  |  |  |  |  | $ | 3,415 |
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, 2024 and 2023, respectively, performance for actively managed separate accounts is primarily benchmarked against the Russell Indexes (33% and 36%) and Morgan Stanley Capital International (MSCI) index (67% and 64%). 4 Corporate bonds are diversified. At December 31, 2024 and 2023, respectively, this category includes $77 million and $78 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 (38% and 41% at December 31, 2024 and 2023). In addition, at December 31, 2024 and 2023, respectively, 38% and 40% 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 19% and 16% of this category are in a non-index U.S. equity fund, which is actively managed. 6 At December 31, 2024 and 2023, respectively, 69% and 74% are invested in private equity funds with investment strategies that include branded consumer products and clean technology companies, 16% and 17% are invested in ABS including distressed mortgages and commercial and residential loans, 9% and zero are invested in fixed income securities, and 5% are invested in a broad range of financial assets in all global markets at both December 31, 2024 and 2023. 7 At December 31, 2024 and 2023, respectively, 70% and 68% are invested in domestic mortgage backed securities and 30% and 32% in high yield debt securities. 8At December 31, 2024 and 2023, respectively, 56% and 57% are invested in Level 1 corporate bond funds, 10% and 13% in a fixed income fund used for cash management, and 34% and 28% in a US equity fund.
Other Postretirement Benefits Plan |
Pension and Other Postretirement Benefits |
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | Information on PBOP Plan assets and benefit obligations is shown below:
| Edison International |  | SCE
| Years ended December 31,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Change in benefit obligation |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 773 |  |  | $ | 1,331 |  |  | $ | 769 |  |  | $ | 1,323 |
Service cost | 14 |  |  | 20 |  |  | 14 |  |  | 20 |
Interest cost | 38 |  |  | 67 |  |  | 38 |  |  | 67 |
Change in plan provisions | 23 |  |  | — |  |  | 23 |  |  | — |
Actuarial gain | (34) |  |  | (567) |  |  | (34) |  |  | (563) |
Plan participants' contributions | 26 |  |  | 28 |  |  | 26 |  |  | 28 |
Benefits paid | (99) |  |  | (106) |  |  | (99) |  |  | (106) |
Benefit obligation at end of year | $ | 741 |  |  | $ | 773 |  |  | $ | 737 |  |  | $ | 769 |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 2,275 |  |  | $ | 2,187 |  |  | $ | 2,275 |  |  | $ | 2,187 |
Actual return on assets | 78 |  |  | 162 |  |  | 78 |  |  | 162 |
Employer contributions | 1 |  |  | 4 |  |  | 1 |  |  | 4 |
Plan participants' contributions | 26 |  |  | 28 |  |  | 26 |  |  | 28 |
Benefits paid | (99) |  |  | (106) |  |  | (99) |  |  | (106) |
Fair value of plan assets at end of year | 2,281 |  |  | 2,275 |  |  | 2,281 |  |  | 2,275 |
Overfunded status at end of year | $ | 1,540 |  |  | $ | 1,502 |  |  | $ | 1,544 |  |  | $ | 1,506 |
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |  |  |  |
Long-term assets | $ | 1,544 |  |  | $ | 1,506 |  |  | $ | 1,544 |  |  | $ | 1,506 |
Current liabilities | (1) |  |  | — |  |  | — |  |  | — |
Long-term liabilities | (3) |  |  | (4) |  |  | — |  |  | — |
| $ | 1,540 |  |  | $ | 1,502 |  |  | $ | 1,544 |  |  | $ | 1,506 |
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |  |  |  |
Net gain | $ | (4) |  |  | $ | (5) |  |  | $ | — |  |  | $ | — |
Amounts recognized as a regulatory liability | (1,544) |  |  | (1,505) |  |  | (1,544) |  |  | (1,505) |
Weighted average assumptions used to determine obligations at end of year: |  |  |  |  |  |  |
Discount rate | 5.60 | % |  | 5.06 | % |  | 5.60 | % |  | 5.06 | %
Assumed health care cost trend rates: |  |  |  |  |  |  |
Rate assumed for following year | 6.25 | % |  | 6.50 | % |  | 6.25 | % |  | 6.50 | %
Ultimate rate | 5.00 | % |  | 5.00 | % |  | 5.00 | % |  | 5.00 | %
Year ultimate rate reached | 2029 |  | 2029 |  | 2029 |  | 2029
Summary of Expense Components for Plans | Net periodic PBOP expense components are:
| Edison International |  | SCE
| Years ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Service cost | $ | 14 |  |  | $ | 20 |  |  | $ | 34 |  |  | $ | 14 |  |  | $ | 20 |  |  | $ | 34 |
Non-service cost (benefit) |  |  |  |  |  |  |  |  |  |  |
Interest cost | 38 |  |  | 67 |  |  | 56 |  |  | 38 |  |  | 67 |  |  | 55 |
Expected return on plan assets | (113) |  |  | (107) |  |  | (97) |  |  | (113) |  |  | (107) |  |  | (97) |
Amortization of prior service cost | (1) |  |  | (1) |  |  | (2) |  |  | (1) |  |  | (1) |  |  | (2) |
Amortization of net gain | (95) |  |  | (50) |  |  | (45) |  |  | (95) |  |  | (50) |  |  | (45) |
Regulatory adjustment | 157 |  |  | 71 |  |  | 55 |  |  | 157 |  |  | 71 |  |  | 55 |
Total non-service benefit 1 | (14) |  |  | (20) |  |  | (33) |  |  | (14) |  |  | (20) |  |  | (34) |
Total expense | $ | — |  |  | $ | — |  |  | $ | 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,
| 2024 | 2023 | 2022
Discount rate | 5.06% | 5.43% | 2.95%
Expected long-term return on plan assets | 4.88% | 5.00% | 3.50%
Assumed health care cost trend rates: |  |  |
Current year | 6.50% | 6.75% | 6.25%
Ultimate rate | 5.00% | 5.00% | 5.00%
Year ultimate rate reached | 2029 | 2029 | 2029
Schedule of Pension Plan Assets by Hierarchy Levels | The following benefit payments (net of plan participants' contributions) are expected to be paid:
(in millions) | Edison International |  | SCE
2025 | $ | 49 |  |  | $ | 48 |
2026 | 50 |  |  | 50 |
2027 | 54 |  |  | 54 |
2028 | 55 |  |  | 54 |
2029 | 55 |  |  | 55 |
2030 – 2034 | 282 |  |  | 281 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table sets forth the VEBA Trust assets for Edison International and SCE that were accounted for at fair value as of December 31, 2024 and 2023, respectively, by asset class and level within the fair value hierarchy:
| December 31, 2024
(in millions) | Level 1 |  | Level 2 |  | NAV 1 |  | Total
U.S. government and agency securities 2 | $ | 489 |  |  | $ | 51 |  |  | $ | — |  |  | $ | 540 |
Corporate stocks 3 | 81 |  |  | 2 |  |  | — |  |  | 83 |
Corporate notes and bonds 4 | — |  |  | 1,126 |  |  | — |  |  | 1,126 |
Common/collective funds 5 | — |  |  | — |  |  | 235 |  |  | 235 |
Partnerships 6 | — |  |  | — |  |  | 119 |  |  | 119 |
Registered investment companies 7 | 52 |  |  | — |  |  | — |  |  | 52 |
Interest bearing cash | — |  |  | 45 |  |  | — |  |  | 45 |
Other 8 | — |  |  | 95 |  |  | — |  |  | 95 |
Total | $ | 622 |  |  | $ | 1,319 |  |  | $ | 354 |  |  | $ | 2,295 |
Receivables and payables, net |  |  |  |  |  |  | (14) |
Net plan assets available for benefits |  |  |  |  |  |  | $ | 2,281 |
| December 31, 2023
(in millions) | Level 1 |  | Level 2 |  | NAV 1 |  | Total
U.S. government and agency securities 2 | $ | 569 |  |  | $ | 84 |  |  | $ | — |  |  | $ | 653 |
Corporate stocks 3 | 85 |  |  | 2 |  |  | — |  |  | 87 |
Corporate notes and bonds 4 | — |  |  | 1,064 |  |  | — |  |  | 1,064 |
Common/collective funds 5 | — |  |  | — |  |  | 222 |  |  | 222 |
Partnerships 6 | — |  |  | — |  |  | 124 |  |  | 124 |
Registered investment companies 7 | 47 |  |  | — |  |  | — |  |  | 47 |
Interest bearing cash | — |  |  | 29 |  |  | — |  |  | 29 |
Other 8 | 2 |  |  | 70 |  |  | — |  |  | 72 |
Total | $ | 703 |  |  | $ | 1,249 |  |  | $ | 346 |  |  | $ | 2,298 |
Receivables and payables, net |  |  |  |  |  |  | (23) |
Net plan assets available for benefits |  |  |  |  |  |  | $ | 2,275 |
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 (78% and 74% at December 31, 2024 and 2023, respectively) and the MSCI All Country World Index (22% and 26% at December 31, 2024 and 2023, respectively). 4 Corporate notes and bonds are diversified and include approximately $343 million and $237 million for commercial collateralized mortgage obligations and other asset backed securities at December 31, 2024 and 2023, respectively. 5 At December 31, 2024 and 2023, respectively, 47% and 45% of the common/collective assets are invested in index funds which seek to track performance in the MSCI All Country World Investable Market Index, 41% and 40% are invested in a non-index U.S. equity fund which is actively managed. The remaining assets in this category are primarily invested in emerging market fund and fixed income funds. 6 At December 31, 2024 and 2023, respectively, 71% and 65% 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, 22% and 28% are invested in asset backed securities including distressed mortgages, distressed companies and commercial and residential loans and debt and equity of banks; 7% are invested in a broad range of financial assets in all global markets at both December 31, 2024 and 2023. 7 At December 31, 2024 and 2023, respectively, registered investment companies were primarily invested in a money market fund (73% and 70%) and exchange rate traded funds which seek to track performance of MSCI Emerging Market Index, Russell 2000 Index and international small cap equities (27% and 30%). 8 Other includes $52 million and $58 million of municipal securities at December 31, 2024 and 2023, respectively.

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