Company: SCE-PL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000827052-25-000022
Chunk: 248

Company: SOUTHERN CALIFORNIA EDISON Co
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1A
Chunk 248
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 and Tax Credit CarryforwardsThe amounts of net operating loss and tax credit carryforwards (after-tax) are as follows:Edison InternationalSCEDecember 31, 2024(in millions)LossCarryforwardsCreditCarryforwardsLossCarryforwardsCreditCarryforwardsExpire in 2025$7 $— $7 $— Expire between 2026 to 202928 — 12 — Expire between 2030 to 20441,719 699 786 290 No expiration date11,623 24 1,448 26 Total$3,377 $723 $2,253 $316 1Under the Tax Cut and Jobs Act signed into law on December 22, 2017 ("Tax Reform"), net operating losses generated after December 31, 2017 can carryforward indefinitely.Edison International consolidates for federal income tax purposes, but not for financial accounting purposes, a group of wind projects referred to as Capistrano Wind. The amount of net operating loss and tax credit carryforwards recognized as part of deferred income taxes includes $107 million and $106 million related to Capistrano Wind for 2024 and 2023, respectively. The tax attributes not utilized as of December 31, 2024 will be available for the Edison International consolidated group to utilize in the future. When the remaining Capistrano tax attributes are used in the future by Edison International, payments will be made to those entities under a tax allocation agreement. Under the tax allocation agreement, Edison International has recorded a corresponding liability as part of other long-term liabilities related to its obligation to make payments to Capistrano Wind when these tax benefits are realized.Effective Tax RateThe table below provides a reconciliation of income tax expense computed at the federal statutory income tax rate to the income tax provision:Edison InternationalSCEYears ended December 31,(in millions)202420232022202420232022Income from operations before income taxes$1,563 $1,515 $662 $1,914 $1,781 $845 Provision for income tax at federal statutory rate of 21%328 318 139 402 374 177 (Decrease) increase in income tax from:State tax, net of federal income tax effect(24)3 (70)— 23 (57)Property-related(279)(205)(219)(279)(205)(