v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value by Level within the Fair Value Hierarchy
The following table sets forth assets and liabilities of SCE that were accounted for at fair value by level within the fair value hierarchy:
June 30, 2025
(in millions)Level 1Level 2Level 3
Netting
and
Collateral1
Total
Assets at fair value
Derivative contracts$— $12 $184 $(17)$179 
Money market funds and other6 22 — — 28 
Nuclear decommissioning trusts:
Stocks2
1,721 — — — 1,721 
Fixed Income3
858 1,706 — — 2,564 
Short-term investments, primarily cash equivalents79 140 — — 219 
Subtotal of nuclear decommissioning trusts4
2,658 1,846 — — 4,504 
Total assets2,664 1,880 184 (17)4,711 
Liabilities at fair value
Derivative contracts— 15 5 (20)— 
Total liabilities— 15 5 (20)— 
Net assets $2,664 $1,865 $179 $3 $4,711 
December 31, 2024
(in millions)Level 1Level 2Level 3
Netting
and
Collateral1
Total
Assets at fair value
Derivative contracts$— $1 $212 $(1)$212 
Other— 22 — — 22 
Nuclear decommissioning trusts:
Stocks2
1,631 — — — 1,631 
Fixed Income3
975 1,618 — — 2,593 
Short-term investments, primarily cash equivalents128 39 — — 167 
Subtotal of nuclear decommissioning trusts4
2,734 1,657 — — 4,391 
Total assets2,734 1,680 212 (1)4,625 
Liabilities at fair value
Derivative contracts— 47 — (47)— 
Total liabilities— 47 — (47)— 
Net assets$2,734 $1,633 $212 $46 $4,625 
1Represents the netting of assets and liabilities under master netting agreements and cash collateral.
2Approximately 72% and 75% of SCE's equity investments were in companies located in the United States at June 30, 2025 and December 31, 2024, respectively.
3Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $62 million and $94 million at June 30, 2025 and December 31, 2024, respectively.
4Excludes net payables of $180 million and $105 million at June 30, 2025 and December 31, 2024, respectively, which consist of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases.
Schedule of Changes in SCE's Fair Value of Level 3
The following table sets forth a summary of changes in SCE's fair value of Level 3 net derivative assets and liabilities:
Three months ended June 30,Six months ended June 30,
(in millions)2025202420252024
Fair value of net assets at beginning of period$156 $80 $212 $91 
Settlements(4)4 (14)4 
Total realized/unrealized gains (losses)1
27 (5)(19)(16)
Fair value of net assets at end of period$179 $79 $179 $79 
1Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities.
Schedule of Significant Unobservable Inputs Used to Determine Fair Value for Level 3
The following table sets forth the significant unobservable inputs used to determine fair value for Level 3 assets and liabilities:
Fair Value
(in millions)		Significant
Unobservable
Input		Range
($ per MWh)		Weighted
Average
($ per MWh)
AssetsLiabilities
June 30, 2025
CRRs$173 $5 CAISO CRR auction prices
$(10.95) - $36,279.67
$42.24 
Fin Toll arrangements11 — Hourly Forecast Power Prices
(2.70) - 174.67
63.00 
December 31, 2024
CRRs$212 $— CAISO CRR auction prices
$(4.64) - $50,048.16
$27.20 
Schedule of Fair Value of Debt Recorded at Carrying Value
The carrying value and fair value of Edison International's and SCE's long-term debt (including the current portion of long-term debt) are as follows:
June 30, 2025December 31, 2024
(in millions)
Carrying
Value1
Fair
Value2
Carrying
Value1
Fair
Value2
Edison International$37,670 $34,369 $35,583 $33,160 
SCE32,458 29,178 30,515 27,994 
1Carrying value is net of debt issuance costs.
2The fair value of long-term debt is classified as Level 2.