v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 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:
March 31, 2026
(in millions)Level 1Level 2Level 3
Netting
and
Collateral1
Total
Assets at fair value
Derivative contracts$— $1 $18 $(1)$18 
Money market funds and other15 67 — — 82 
Nuclear decommissioning trusts:
Stocks2
1,848 — — — 1,848 
Fixed Income3
874 1,601 — — 2,475 
Short-term investments, primarily cash equivalents168 38 — — 206 
Subtotal of nuclear decommissioning trusts4
2,890 1,639 — — 4,529 
Total assets2,905 1,707 18 (1)4,629 
Liabilities at fair value
Derivative contracts— 35 — (35)— 
Total liabilities— 35 — (35)— 
Net assets $2,905 $1,672 $18 $34 $4,629 
December 31, 2025
(in millions)Level 1Level 2Level 3
Netting
and
Collateral1
Total
Assets at fair value
Derivative contracts$— $— $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 March 31, 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 $58 million and $60 million at March 31, 2026 and December 31, 2025, respectively.
4Excludes net payables of $72 million and $251 million at March 31, 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 March 31,
(in millions)20262025
Fair value of net assets at beginning of period$48 $212 
Settlements(11)(10)
Total realized/unrealized losses1
(19)(46)
Fair value of net assets at end of period$18 $156 
1Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities.
Schedule of Significant Unobservable Inputs Used to Determine Fair Value for Level 3
The following table sets forth the significant unobservable inputs used to determine fair value for Level 3 assets and liabilities:
Fair Value
(in millions)		Significant
Unobservable
Input		Range
($ per MWh)		Weighted
Average
($ per MWh)
AssetsLiabilities
March 31, 2026
CRRs$16 $— CAISO CRR auction prices
$(5.28) - $543.10
$13.74 
Fin Toll arrangements2 — Hourly Forecast Power Prices
(0.27) - 38.90
13.35 
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:
March 31, 2026December 31, 2025
(in millions)
Carrying
Value1
Fair
Value2
Carrying
Value1
Fair
Value2
Edison International$40,307 $37,660 $37,998 $35,721 
SCE34,945 32,200 33,183 30,744 
1Carrying value is net of debt issuance costs.
2The fair value of long-term debt is classified as Level 2.