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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) by location of taxing jurisdiction are:
| Edison International |  | SCE
| Years ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |  |  |  |  |  |
Federal | $ | 1 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
State | 7 |  |  | — |  |  | 13 |  |  | 48 |  |  | 5 |  |  | 2 |
| 8 |  |  | — |  |  | 15 |  |  | 51 |  |  | 5 |  |  | 2 |
Deferred: |  |  |  |  |  |  |  |  |  |  |
Federal | 59 |  |  | 101 |  |  | (103) |  | 118 |  |  | 149 |  |  | (44) |
State | (50) |  |  | 7 |  |  | (74) |  |  | (49) |  |  | 30 |  |  | (67) |
| 9 |  |  | 108 |  |  | (177) |  | 69 |  |  | 179 |  |  | (111) |
Total | $ | 17 |  |  | $ | 108 |  |  | $ | (162) |  | $ | 120 |  |  | $ | 184 |  |  | $ | (109) |
Components of Net Accumulated Deferred Income Tax Liability | The components of net accumulated deferred income tax liability are:
| Edison International |  | SCE
| December 31,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Deferred tax assets: |  |  |  |  |  |  |
Property | $ | 943 |  |  | $ | 894 |  |  | $ | 929 |  |  | $ | 877 |
Wildfire-related 1 | 254 |  |  | 356 |  |  | 251 |  |  | 354 |
Nuclear decommissioning trust assets in excess of nuclear ARO liability | 373 |  |  | 380 |  |  | 373 |  |  | 380 |
Loss and credit carryforwards 2 | 3,703 |  |  | 3,486 |  |  | 2,242 |  |  | 2,103 |
Regulatory balances | 610 |  |  | 626 |  |  | 610 |  |  | 626 |
Pension and postretirement benefits other than pensions, net | 117 |  |  | 127 |  |  | 21 |  |  | 25 |
Leases | 335 |  |  | 345 |  |  | 335 |  |  | 345 |
Other | 177 |  |  | 159 |  |  | 167 |  |  | 147 |
Sub-total | 6,512 |  |  | 6,373 |  |  | 4,928 |  |  | 4,857 |
Less: valuation allowance 3 | 17 |  |  | 17 |  |  | — |  |  | — |
Total | 6,495 |  |  | 6,356 |  |  | 4,928 |  |  | 4,857 |
Deferred tax liabilities: |  |  |  |  |  |  |
Property | 11,220 |  |  | 10,627 |  |  | 11,202 |  |  | 10,611 |
Regulatory balances | 1,299 |  |  | 1,450 |  |  | 1,299 |  |  | 1,450 |
Nuclear decommissioning trust assets | 373 |  |  | 380 |  |  | 373 |  |  | 380 |
Leases | 335 |  |  | 345 |  |  | 335 |  |  | 345 |
Other | 187 |  |  | 187 |  |  | 155 |  |  | 158 |
Total | 13,414 |  |  | 12,989 |  |  | 13,364 |  |  | 12,944 |
Accumulated deferred income tax liability, net 4 | $ | 6,919 |  |  | $ | 6,633 |  |  | $ | 8,436 |  |  | $ | 8,087 |
1 Relates to estimated losses accrual for wildfire-related claims, net of expected recoveries from insurance and FERC customers, and contributions to the Wildfire Insurance Fund. For further information, see Note 12 and Note 1. 2 As of December 31, 2024, unrecognized tax benefits of $397 million and $327 million for Edison International and SCE, respectively, are presented net against the deferred tax asset for the loss and tax credit carryforwards. As of December 31, 2023, the unrecognized tax benefits netted against deferred tax assets and tax credit carryforwards were $363 million and $299 million for Edison International and SCE, respectively. 3 As of December 31, 2024 and 2023, Edison International has recorded $17 million valuation allowance on deferred tax assets. The $17 million valuation allowance is related to non-California state net operating loss carryforwards which are expected to expire before being utilized. 4 Included in "Deferred income taxes and credits" on the consolidated balance sheets.
Summary of Net Operating Loss and Tax Credit Carryforwards | The amounts of net operating loss and tax credit carryforwards (after-tax) are as follows:
| Edison International |  | SCE
| December 31, 2024
(in millions) | Loss Carryforwards |  | Credit Carryforwards |  | Loss Carryforwards |  | Credit Carryforwards
Expire in 2025 | $ | 7 |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |
Expire between 2026 to 2029 | 28 |  |  | — |  |  | 12 |  |  | — |
Expire between 2030 to 2044 | 1,719 |  |  | 699 |  |  | 786 |  |  | 290 |
No expiration date 1 | 1,623 |  |  | 24 |  |  | 1,448 |  |  | 26 |
Total | $ | 3,377 |  |  | $ | 723 |  |  | $ | 2,253 |  |  | $ | 316 |
1 Under the Tax Cut and Jobs Act signed into law on December 22, 2017 ("Tax Reform"), net operating losses generated after December 31, 2017 can carryforward indefinitely.
Summary of reconciliation of income tax expense | The table below provides a reconciliation of income tax expense computed at the federal statutory income tax rate to the income tax provision:
| Edison International |  | SCE
| Years ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Income from operations before income taxes | $ | 1,563 |  |  | $ | 1,515 |  |  | $ | 662 |  |  | $ | 1,914 |  |  | $ | 1,781 |  |  | $ | 845 |
Provision for income tax at federal statutory rate of 21% | 328 |  |  | 318 |  |  | 139 |  |  | 402 |  |  | 374 |  |  | 177 |
(Decrease) increase in income tax from: |  |  |  |  |  |  |  |  |  |  |
State tax, net of federal income tax effect | (24) |  |  | 3 |  |  | (70) |  |  | — |  |  | 23 |  |  | (57) |
Property-related | (279) |  |  | (205) |  |  | (219) |  |  | (279) |  |  | (205) |  |  | (219) |
Corporate-owned life insurance cash surrender value | (9) |  |  | (8) |  |  | (9) |  |  | (9) |  |  | (8) |  |  | (9) |
Other | 1 |  |  | — |  |  | (3) |  |  | 6 |  |  | — |  |  | (1) |
Total income tax expense (benefit) | $ | 17 |  |  | $ | 108 |  |  | $ | (162) |  |  | $ | 120 |  |  | $ | 184 |  |  | $ | (109) |
Effective tax rate | 1.1 | % |  | 7.1 | % |  | (24.5) | % |  | 6.3 | % |  | 10.3 | % |  | (12.9) | %
Schedule of Reconciliation of Unrecognized Tax Benefits | The following table provides a reconciliation of unrecognized tax benefits:
| Edison International |  | SCE
(in millions) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Balance at January 1, | $ | 430 |  |  | $ | 646 |  |  | $ | 613 |  |  | $ | 418 |  |  | $ | 374 |  |  | $ | 340 |
Tax positions taken during the current year: |  |  |  |  |  |  |  |  |  |  |
Increases | 66 |  |  | 65 |  |  | 54 |  |  | 66 |  |  | 65 |  |  | 54 |
Tax positions taken during a prior year: |  |  |  |  |  |  |  |  |  |  |
Increases | 1 |  |  | 13 |  |  | — |  |  | — |  |  | 4 |  |  | — |
Decreases 1 | (34) |  |  | (294) |  |  | (21) |  |  | (27) |  |  | (25) |  |  | (20) |
Balance at December 31, | $ | 463 |  |  | $ | 430 |  |  | $ | 646 |  |  | $ | 457 |  |  | $ | 418 |  |  | $ | 374 |
1The Edison International decrease in 2023 was mainly related to a write-off of a reserve for a claim related to the Edison Mission Energy bankruptcy.
Schedule of Interest and Penalties Related to Income Tax Liabilities | The total amount of accrued interest and penalties related to income tax liabilities are:
| Edison International |  | SCE
| December 31,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Accrued interest and penalties | $ | — |  |  | $ | — |  |  | $ | 36 |  |  | $ | 28 |
The net after-tax interest and penalties recognized in income tax (benefit) expense are:
| Edison International |  | SCE
| Years ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Net after-tax interest and penalties tax expense | $ | — |  | $ | — |  | $ | — |  |  | $ | 7 |  | $ | 4 |  | $ | 2 |

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