Company: SCE-PL
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000827052-25-000074
Chunk: 16

Company: SOUTHERN CALIFORNIA EDISON Co
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 16
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 (20)Noncash stock-based compensation— — 7 — — 7 Balance at March 31, 2024$2,495 $2,168 $8,433 $(11)$8,012 $21,097 Net income— — — — 572 572 Dividends declared on common stock ($0.8278 per share)— — — — (360)(360)Dividends declared on preference stock ($17.927 - $54.8223 per share)— — — — (43)(43)Stock-based compensation— — (6)— — (6)Noncash stock-based compensation— — 7 — — 7 Preference stock issued350 — (5)— — 345 Preference stock redeemed(350)— 6 — (6)(350)Balance at June 30, 2024$2,495 $2,168 $8,435 $(11)$8,175 $21,262 

Note 3.  Variable Interest EntitiesA VIE is defined as a legal entity that meets any of the following conditions: (1) the total equity investment at risk is not sufficient to fund the entity's activities without additional subordinated financial support, (2) the equity holders as a group, lack any of the following characteristics: the power to direct activities that most significantly impact the entity's economic performance, substantive voting rights, the obligation to absorb losses, or the right to receive the expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The primary beneficiary is required to consolidate the VIE. Commercial and operating activities are generally the factors that most significantly impact the economic performance of such VIEs.

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Variable Interest in VIEs that are ConsolidatedSCE Recovery Funding LLC is a bankruptcy remote, wholly owned special purpose subsidiary of SCE, formed for the purpose of issuing securitized bonds related to SCE's AB 1054 Excluded Capital Expenditures. This entity is a VIE because its equity investment is insufficient to support its operations. The most significant activity of SCE Recovery Funding LLC is to service the