Company: SCE-PL
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000827052-25-000043
Chunk: 98

Company: SOUTHERN CALIFORNIA EDISON Co
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 7
Chunk 98
---
 millions)20252024Edison International:Income (loss) from operations before income taxes$1,940 $(61)Provision for income tax at federal statutory rate of 21%407 (13)Increase (decrease) in income tax from:State tax, net of federal tax effect109 (37)Property-related(58)(55)Other(10)(8)Total income tax expense (benefit)$448 $(113)Effective tax rate23.1 %185.2 %SCE:Income from operations before income taxes$2,089 $22 Provision for income tax at federal statutory rate of 21%439 5 Increase (decrease) in income tax from:State tax, net of federal tax effect117 (31)Property-related(58)(55)Other(10)(3)Total income tax expense (benefit)$488 $(84)Effective tax rate23.3 %(381.8)%The CPUC requires flow-through ratemaking treatment for the current tax benefit arising from certain property-related and other temporary differences which reverse over time. Flow-through items reduce current authorized revenue requirements in SCE's rate cases and result in a regulatory asset for recovery of deferred income taxes in future periods. The difference between the authorized amounts as determined in SCE's rate cases, adjusted for balancing and memorandum account activities, and the recorded flow-through items also result in increases or decreases in regulatory assets with a corresponding impact on the effective tax rate to the extent that recorded deferred amounts are expected to be recovered in future rates. For further information, see Note 11.Tax DisputesThe tax years that remain open for examination by the IRS and the California Franchise Tax Board are 2021 – 2023, and 2013 – 2018 & 2020 – 2023, respectively.

39

Note 9.  Compensation and Benefit PlansPension PlansNet periodic pension expense components are:Three months ended March 31,(in millions)20252024Edison International:Service cost$23 $24 Non-service cost (benefit)Interest cost48 44 Expected return on plan assets(58)(59)Amortization of net loss1— 1 Regulatory adjustment(7)(5)Total non-service benefit2$(17)$(19)Total expense$6 $5 SCE:Service cost$23 $24 Non-service cost (benefit)Interest cost44 40