SOUTHERN CALIFORNIA EDISON Co
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 22, 2024
EIX$60.14+1.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
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|---|---|---|
| | | |
| | | Reference Number |
| GLOSSARY | vi | |
| FORWARD-LOOKING STATEMENTS | 1 | |
| MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 4 | Part II, Item 7 |
| MANAGEMENT OVERVIEW | 4 | |
| Highlights of Operating Results | 4 | |
| Electricity Industry Trends | 6 | |
| Track 4 | 8 | |
| 2025 General Rate Case | 8 | |
| Cost of Capital Trigger | 9 | |
| Capital Program | 9 | |
| Southern California Wildfires and Mudslides | 10 | |
| Customer-Funded Self-Insurance | 12 | |
| RESULTS OF OPERATIONS | 13 | |
| Southern California Edison Company | 13 | |
| Years ended December 31, 2023, 2022 and 2021 | 14 | |
| Earning Activities | 14 | |
| Cost-Recovery Activities | 15 | |
| Supplemental Operating Revenue Information | 16 | |
| Income Taxes | 16 | |
| Edison International Parent and Other | 16 | |
| Loss from Operations | 16 | |
| LIQUIDITY AND CAPITAL RESOURCES | 17 | |
| Southern California Edison Company | 17 | |
| Available Liquidity | 17 | |
| Regulatory Proceedings | 18 | |
| Capital Investment Plan | 19 | |
| Decommissioning of San Onofre | 22 | |
| Margin and Collateral Deposits | 23 | |
| Edison International Parent and Other | 24 | |
| Edison International Income Taxes | 25 | |
| Historical Cash Flows | 26 | |
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| Southern California Edison Company | 26 | |
|---|---|---|
| Edison International Parent and Other | 28 | |
| Contractual Obligations and Contingencies | 29 | |
| Contractual Obligations | 29 | |
| Contingencies | 30 | |
| Off-Balance Sheet Arrangements | 30 | |
| MARKET RISK EXPOSURES | 30 | |
| Interest Rate Risk | 30 | |
| Commodity Price Risk | 30 | |
| Investment Price Risk | 31 | |
| Credit Risk | 32 | |
| CRITICAL ACCOUNTING ESTIMATES AND POLICIES | 32 | |
| Accounting for Contingencies | 32 | |
| Rate Regulated Enterprises | 33 | |
| Income Taxes | 35 | |
| Nuclear Decommissioning – Asset Retirement Obligation | 36 | |
| Pensions and Postretirement Benefits Other than Pensions | 37 | |
| Contributions to the Wildfire Insurance Fund | 39 | |
| NEW ACCOUNTING GUIDANCE | 39 | |
| RISK FACTORS | 40 | Part I, Item 1A |
| RISKS RELATING TO EDISON INTERNATIONAL | 40 | |
| RISKS RELATING TO SOUTHERN CALIFORNIA EDISON COMPANY | 40 | |
| Regulatory and Legislative Risks | 40 | |
| Operating Risks | 42 | |
| Financing Risks | 47 | |
| Competitive and Market Risks | 47 | |
| RISKS RELATING TO EDISON INTERNATIONAL AND SOUTHERN CALIFORNIA EDISON COMPANY | 48 | |
| Cybersecurity and Physical Security Risks | 48 | |
| Global and Regional Risks | 50 | |
| QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 50 | Part II, Item 7A |
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | 50 | Part II, Item 8 |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID 238) | 51 | |
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| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID 238) | 55 | |
|---|---|---|
| CONSOLIDATED FINANCIAL STATEMENTS | 58 | |
| Consolidated Statements of Income for Edison International | 58 | |
| Consolidated Statements of Comprehensive Income for Edison International | 59 | |
| Consolidated Balance Sheets for Edison International | 60 | |
| Consolidated Statements of Cash Flows for Edison International | 62 | |
| Consolidated Statements of Changes in Equity for Edison International | 63 | |
| Consolidated Statements of Income for Southern California Edison Company | 65 | |
| Consolidated Statements of Comprehensive Income for Southern California Edison Company | 65 | |
| Consolidated Balance Sheets for Southern California Edison Company | 66 | |
| Consolidated Statements of Cash Flows for Southern California Edison Company | 68 | |
| Consolidated Statements of Changes in Equity for Southern California Edison Company | 69 | |
| NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | 70 | |
| Note 1. Summary of Significant Accounting Policies | 70 | |
| Note 2. Property, Plant and Equipment | 82 | |
| Note 3. Variable Interest Entities | 83 | |
| Note 4. Fair Value Measurements | 85 | |
| Note 5. Debt and Credit Agreements | 88 | |
| Note 6. Derivative Instruments | 90 | |
| Note 7. Revenue | 92 | |
| Note 8. Income Taxes | 93 | |
| Note 9. Compensation and Benefit Plans | 98 | |
| Note 10. Investments | 111 | |
| Note 11. Regulatory Assets and Liabilities | 112 | |
| Note 12. Commitments and Contingencies | 115 | |
| Note 13. Leases | 129 | |
| Note 14. Equity | 131 | |
| Note 15. Accumulated Other Comprehensive Loss | 133 | |
| Note 16. Other Income, Net | 134 | |
| Note 17. Supplemental Cash Flows Information | 134 | |
| Note 18. Related-Party Transactions | 134 | |
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| CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE | 135 | Part II, Item 9 |
|---|---|---|
| CONTROLS AND PROCEDURES | 135 | Part II, Item 9A |
| BUSINESS | 136 | Part I, Item 1 |
| CORPORATE STRUCTURE, INDUSTRY AND OTHER INFORMATION | 136 | |
| Subsidiaries of Edison International | 136 | |
| Regulation of Edison International as a Holding Company | 137 | |
| Human Capital | 137 | |
| Insurance | 140 | |
| SOUTHERN CALIFORNIA EDISON COMPANY | 141 | |
| Regulation | 141 | |
| Overview of Ratemaking Process | 143 | |
| Purchased Power and Fuel Supply | 145 | |
| Competition | 147 | |
| Properties | 149 | |
| Seasonality | 150 | |
| SOUTHERN CALIFORNIA WILDFIRES | 150 | |
| Recovery of Wildfire-Related Costs | 150 | |
| Safety Certification and Wildfire Mitigation Plan | 152 | |
| Public Safety Power Shutoffs | 152 | |
| ENVIRONMENTAL CONSIDERATIONS | 153 | |
| Greenhouse Gas Regulation | 153 | |
| Environmental Risks | 154 | |
| UNRESOLVED STAFF COMMENTS | 155 | Part I, Item 1B |
| CYBERSECURITY | 155 | Part I, Item 1C |
| PROPERTIES | 156 | Part I, Item 2 |
| LEGAL PROCEEDINGS | 156 | Part I, Item 3 |
| 2017/2018 Wildfire/Mudslide Events | 156 | |
| Environmental Proceedings | 157 | |
| MINE SAFETY DISCLOSURES | 157 | Part I, Item 4 |
| CERTAIN INFORMATION ABOUT EDISON INTERNATIONAL | 158 | |
| INFORMATION ABOUT OUR EXECUTIVE OFFICERS | 158 | Part I |
| DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE | 158 | Part III, Item 10 |
| EXECUTIVE COMPENSATION | 159 | Part III, Item 11 |
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| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS | 159 | Part III, Item 12 |
|---|---|---|
| CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE | 160 | Part III, Item 13 |
| PRINCIPAL ACCOUNTANT FEES AND SERVICES | 160 | Part III, Item 14 |
| MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES | 161 | Part II, Item 5 |
| Edison International | 161 | |
| Southern California Edison Company | 161 | |
| Purchases of Equity Securities by Edison International and Affiliated Purchasers | 162 | |
| Comparison of Five-Year Cumulative Total Return | 163 | |
| OTHER INFORMATION | 163 | Part II, Item 9BPart II, Item 6 |
| Insider Trading Arrangements | 163 | |
| DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS | 164 | Part II, Item 9C |
| EXHIBITS AND FINANCIAL STATEMENT SCHEDULES | 164 | Part IV, Item 15 |
| EXHIBIT INDEX | 165 | |
| SCHEDULES SUPPLEMENTING FINANCIAL STATEMENTS | 171 | |
| SIGNATURES | 178 | |
This combined Form 10-K is separately filed by Edison International and SCE. Information contained in this document relating to SCE is filed by Edison International and separately by SCE. SCE makes no representation as to information relating to Edison International or its subsidiaries, except as it may relate to SCE and its subsidiaries.
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.