v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
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, 2026
(in millions)Level 1Level 2Level 3
Netting
and
Collateral1
Total
Assets at fair value
Derivative contracts$— $1 $15 $(1)$15 
Money market funds and other45 17 — — 62 
Nuclear decommissioning trusts:
Stocks2
2,163 — — — 2,163 
Fixed income3
844 1,655 — — 2,499 
Short-term investments, primarily cash equivalents138 87 — — 225 
Subtotal of nuclear decommissioning trusts4
3,145 1,742 — — 4,887 
Total assets3,190 1,760 15 (1)4,964 
Liabilities at fair value
Derivative contracts— 46 — (46)— 
Total liabilities— 46 — (46)— 
Net assets $3,190 $1,714 $15 $45 $4,964 
December 31, 2025
(in millions)Level 1Level 2Level 3
Netting
and
Collateral1
Total
Assets at fair value
Derivative contracts$— $— $48 $— $48 
Money market funds and other34 22 — — 56 
Nuclear decommissioning trusts:
Stocks2
1,909 — — — 1,909 
Fixed income3
981 1,665 — — 2,646 
Short-term investments, primarily cash equivalents191 40 — — 231 
Subtotal of nuclear decommissioning trusts4
3,081 1,705 — — 4,786 
Total assets3,115 1,727 48 — 4,890 
Liabilities at fair value
Derivative contracts— 57 — (57)— 
Total liabilities— 57 — (57)— 
Net assets$3,115 $1,670 $48 $57 $4,890 
1Represents the netting of assets and liabilities under master netting agreements and cash collateral.
2Approximately 70% and 71% of SCE's equity investments were in companies located in the United States at June 30, 2026 and December 31, 2025, respectively.
3Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $64 million and $60 million at June 30, 2026 and December 31, 2025, respectively.
4Excludes net payables of $103 million and $251 million at June 30, 2026 and December 31, 2025, 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)2026202520262025
Fair value of net assets at beginning of period$18 $156 $48 $212 
Settlements(12)(4)(23)(14)
Total realized/unrealized gains (losses)1
9 27 (10)(19)
Fair value of net assets at end of period$15 $179 $15 $179 
1Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities.
Schedule of Significant Unobservable Inputs Used to Determine Fair Value for Level 3
The following table sets forth the significant unobservable inputs used to determine fair value for Level 3 assets:
Fair Value
(in millions)		Significant
Unobservable
Input		Range
($ per MWh)		Weighted
Average
($ per MWh)
Assets
June 30, 2026
CRRs$10 CAISO CRR auction prices
$(7.47) - $74.14
$15.28 
Fin Toll arrangements5 Hourly Forecast Power Prices
11.88 - 120.97
42.19 
December 31, 2025
CRRs$43 CAISO CRR auction prices
$(5.28) - $14,484.70
$8.39 
Fin Toll arrangements5 Hourly Forecast Power Prices
0.00 - 97.04
42.16 
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, 2026December 31, 2025
(in millions)
Carrying
Value1
Fair
Value2
Carrying
Value1
Fair
Value2
Edison International$40,882 $38,166 $37,998 $35,721 
SCE35,021 32,220 33,183 30,744 
1Carrying value is net of debt issuance costs.
2The fair value of long-term debt is classified as Level 2.