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Edison International Reports Third Quarter 2021 Results

  • Third Quarter 2021 GAAP loss per share of $0.90; Core EPS of $1.69
  • EIX and SCE revise best estimate of total potential losses from 2017/2018 Wildfire/Mudslide Events to $7.5 billion; $5.3 billion has been resolved and $2.2 billion remains to be resolved
  • SCE executes agreement with CPUC Safety and Enforcement Division (SED) to resolve enforcement actions related to the 2017/2018 Wildfire/Mudslide Events
  • EIX narrows 2021 EPS guidance to $4.42–4.52. Also reiterates long-term EPS growth rate target of 5–7%

Edison International (NYSE: EIX) today reported third quarter 2021 net loss of $341 million, or $0.90 per share, compared to net loss of $288 million, or $0.76 per share, in the third quarter of 2020. As adjusted, third quarter 2021 core earnings were $644 million, or $1.69 per share, compared to core earnings of $632 million, or $1.67 per share, in the third quarter of 2020.

Southern California Edison’s (SCE) third quarter 2021 core earnings per share increased year-over-year primarily due to higher revenue from the 2021 General Rate Case (GRC) final decision and higher Federal Energy Regulatory Commission revenue, partially offset by increased wildfire mitigation expenses due to the timing of regulatory deferrals in the third quarter of 2020.

In August 2021, the California Public Utilities Commission (CPUC) approved a final decision on track 1 of the 2021 GRC. The revenue requirements in the 2021 GRC final decision are retroactive to January 1, 2021. SCE recorded the prior period impact of the 2021 GRC final decision in the third quarter of 2021, which increased core EPS by $0.35.

SCE's non-core loss during the quarter was primarily attributable to a pre-tax charge of $1.2 billion recorded for 2017/2018 Wildfire/Mudslide Events claims and expenses, net of expected recoveries from FERC customers.

This charge is described further below and for additional information, the company also provided a frequently asked questions (FAQ) document, which can be accessed here.

Edison International Parent and Other's third quarter 2021 loss per share increased year-over-year primarily due to higher preferred dividends as a result of a preferred equity issuance in 2021.

“SCE continues to make solid progress in the execution of its Wildfire Mitigation Plan, including the installation of 2,500 miles of covered conductor to date. These ongoing mitigation actions combined with the PSPS Action Plan strengthen our confidence in SCE’s overall improved risk profile with respect to wildfires,” said Pedro J. Pizarro, president and CEO of Edison International. “Considering physical mitigation measures, operational practices, and the use of PSPS, SCE estimates that it has reduced the probability of losses from catastrophic wildfires by 55 to 65%, relative to pre-2018 levels.”

Pizarro added, “Ensuring reliability is essential to the transition to a clean energy economy. Looking forward to summer 2022, SCE’s recently announced 535 MW utility-owned storage investment is a material increase in capacity to mitigate the risk of statewide customer outages caused by extreme weather events and continued drought conditions.”

Edison International uses core earnings, which is a non-GAAP financial measure that adjusts for significant discrete items that management does not consider representative of ongoing earnings. Edison International management believes that core earnings provide more meaningful comparisons of performance from period to period. Please see the attached tables for a reconciliation of core earnings to basic GAAP earnings.

2017/2018 Wildfire/Mudslide Events Update

In October 2021, SCE and the SED executed an agreement (the “SED Agreement”), subject to CPUC approval, to resolve the SED’s investigations into the 2017/2018 Wildfire/Mudslide Events and three other 2017 wildfires for, among other things, aggregate costs of $550 million. The $550 million in costs is comprised of a $110 million fine to be paid to the State of California General Fund, $65 million of shareholder-funded safety measures, and an agreement by SCE to waive its right to seek cost recovery in CPUC-jurisdictional rates for $375 million of third-party uninsured claims payments. The SED Agreement also imposes other obligations on SCE, including reporting requirements and safety-focused studies. In the SED Agreement, SCE did not admit imprudence, negligence or liability with respect to the 2017/2018 Wildfire/Mudslide Events or the three other 2017 wildfires.

During the quarter, EIX and SCE increased the estimated losses for the 2017/2018 Wildfire Mudslide Events by $1.3 billion, reflecting the review of information obtained as a result of achieving key milestones in the litigation process, including settlement activity to date. The estimated losses for the 2017/2018 Wildfire/Mudslide Events as of September 30, 2021, reflect the impact of the SED Agreement. After giving effect to all settlements entered into through September 30, 2021, Edison International and SCE's best estimate of expected losses for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events was $2.2 billion.

This settlement and revised best estimate of potential losses do not change EIX’s previous disclosed 2021 financing plan. Edison International continues to anticipate issuing securities with up to $1 billion of equity content to support its investment grade credit ratings.

2021 Earnings Guidance

The company narrowed its earnings guidance range for 2021 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021 Earnings Guidance

 

2021 Earnings Guidance

 

 

as of September 16, 2021

 

as of November 2, 2021

 

 

Low

 

High

 

Low

 

High

EIX Basic EPS

 

$

4.21

 

 

$

4.41

 

 

$

1.62

 

 

$

1.72

 

Less: Non-core Items*

 

 

(0.21

)

 

 

(0.21

)

 

 

(2.80

)

 

 

(2.80

)

EIX Core EPS

 

$

4.42

 

 

$

4.62

 

 

$

4.42

 

 

$

4.52

 

* There were ($1.07) billion, or ($2.80) per share of non-core items recorded for the nine months ended September 30, 2021, calculated based on an assumed weighted average share count for 2021. Basic EIX EPS guidance only incorporates non-core items to September 30, 2021.

Third Quarter 2021 Earnings Conference Call and Webcast Details

 

 

 

When:

 

Tuesday, November 2, 2021, 1:30 p.m. (Pacific Time)

Telephone Numbers:

 

1-888-673-9780 (US) and 1-312-470-0178 (Int'l) - Passcode: Edison

Telephone Replay:

 

1-866-429-9466 (US) and 1-203-369-0920 (Int’l) - Passcode: 6891

 

 

Telephone replay available through November 16, 2021

Webcast:

 

www.edisoninvestor.com

Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation, and Form 10-Q to the company's investor relations website. These materials are available at www.edisoninvestor.com.

About Edison International

Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison Company, a utility that delivers electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Edison Energy, a global energy advisory company delivering comprehensive, data-driven energy solutions to commercial and industrial users to meet their cost, sustainability and risk goals.

Appendix

Use of Non-GAAP Financial Measures

Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in the United States and represent the company’s earnings as reported to the Securities and Exchange Commission. Our management uses core earnings and core earnings per share (EPS) internally for financial planning and for analysis of performance of Edison International and Southern California Edison. We also use core earnings and core EPS when communicating with analysts and investors regarding our earnings results to facilitate comparisons of the Company’s performance from period to period. Financial measures referred to as net income, basic EPS, core earnings, or core EPS also apply to the description of earnings or earnings per share.

Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Basic earnings and losses refer to net income or losses attributable to Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested awards that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which is included in Edison International Parent and Other.

Safe Harbor Statement

Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this presentation, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results include, but are not limited to the:

  • ability of SCE to recover its costs through regulated rates, including uninsured wildfire-related and debris flow-related costs, costs incurred to mitigate the risk of utility equipment causing future wildfires, costs incurred to implement SCE's new customer service system and costs incurred as a result of the COVID-19 pandemic;
  • ability of SCE to implement its Wildfire Mitigation Plan and capital program;
  • risks of regulatory or legislative restrictions that would limit SCE’s ability to implement Public Safety Power Shutoff (“PSPS”) when conditions warrant or would otherwise limit SCE’s operational PSPS practices;
  • risks associated with implementing PSPS, including regulatory fines and penalties, claims for damages and reputational harm;
  • ability of SCE to maintain a valid safety certification;
  • ability to obtain sufficient insurance at a reasonable cost, including insurance relating to SCE's nuclear facilities and wildfire-related claims, and to recover the costs of such insurance or, in the event liabilities exceed insured amounts, the ability to recover uninsured losses from customers or other parties;
  • extreme weather-related incidents (including events caused, or exacerbated, by climate change, such as wildfires, debris flows, droughts, high wind events and extreme heat events) and other natural disasters (such as earthquakes), which could cause, among other things, public safety issues, property damage, operational issues (such as rotating outages and issues due to damaged infrastructure), PSPS activations and unanticipated costs;
  • risk that California Assembly Bill 1054 (“AB 1054”) does not effectively mitigate the significant exposure faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial cause, including the longevity of the Wildfire Insurance Fund and the CPUC's interpretation of and actions under AB 1054, including its interpretation of the prudency standard established under AB 1054;
  • ability of SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers;
  • decisions and other actions by the California Public Utilities Commission, the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and debris flow-related costs, issuance of SCE's wildfire safety certification, wildfire mitigation efforts, and delays in executive, regulatory and legislative actions;
  • ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms;
  • risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel, delays, contractual disputes, and cost overruns;
  • pandemics, such as COVID-19, and other events that cause regional, statewide, national or global disruption, which could impact, among other things, Edison International's and SCE's business, operations, cash flows, liquidity and/or financial results and cause Edison International and SCE to incur unanticipated costs;
  • physical security of Edison International's and SCE's critical assets and personnel and the cybersecurity of Edison International's and SCE's critical information technology systems for grid control, and business, employee and customer data;
  • risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as Community Choice Aggregators (“CCA,” which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs);
  • risks inherent in SCE's capital investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, power curtailment costs (payments due under power contracts in the event there is insufficient transmission to enable acceptance of power delivery), changes in the California Independent System Operator’s transmission plans, and governmental approvals; and
  • risks associated with the operation of electrical facilities, including worker and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts.

Additional information about risks and uncertainties, including more detail about the factors described in this report, is contained throughout this report and in the 2020 Form 10-K, including the "Risk Factors" section. Readers are urged to read this entire report, including information incorporated by reference, as well as the 2020 Form 10-K, and carefully consider the risks, uncertainties, and other factors that affect Edison International's and SCE's businesses. Edison International and SCE post or provide direct links (i) to certain SCE and other parties' regulatory filings and documents with the CPUC and the FERC and certain agency rulings and notices in open proceedings in a section titled "SCE Regulatory Highlights," (ii) to certain documents and information related to Southern California wildfires which may be of interest to investors in a section titled "Southern California Wildfires," and (iii) to presentations, documents and other information that may be of interest to investors in a section title "Presentations" at www.edisoninvestor.com in order to publicly disseminate such information.

These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Readers should review future reports filed by Edison International and SCE with the SEC.

Third Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

Nine months ended

 

 

 

 

 

September 30,

 

 

 

 

September 30,

 

 

 

 

 

2021

 

2020

 

Change

 

2021

 

2020

 

 

Change

(Loss) earnings per share attributable to Edison International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

$

(0.75

)

 

$

(0.70

)

 

$

(0.05

)

 

$

0.98

 

 

$

0.90

 

 

$

0.08

 

Edison International Parent and Other

 

 

(0.15

)

 

 

(0.06

)

 

 

(0.09

)

 

 

(0.36

)

 

 

(0.33

)

 

 

(0.03

)

Edison International

 

 

(0.90

)

 

 

(0.76

)

 

 

(0.14

)

 

 

0.62

 

 

 

0.57

 

 

 

0.05

 

Less: Non-core items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

 

(2.59

)

 

 

(2.43

)

 

 

(0.16

)

 

 

(2.81

)

 

 

(2.69

)

 

 

(0.12

)

Edison International Parent and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.07

)

 

 

0.07

 

Total non-core items

 

 

(2.59

)

 

 

(2.43

)

 

 

(0.16

)

 

 

(2.81

)

 

 

(2.76

)

 

 

(0.05

)

Core earnings (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

 

1.84

 

 

 

1.73

 

 

 

0.11

 

 

 

3.79

 

 

 

3.59

 

 

 

0.20

 

Edison International Parent and Other

 

 

(0.15

)

 

 

(0.06

)

 

 

(0.09

)

 

 

(0.36

)

 

 

(0.26

)

 

 

(0.10

)

Edison International

 

$

1.69

 

 

$

1.67

 

 

$

0.02

 

 

$

3.43

 

 

$

3.33

 

 

$

0.10

 

 

Note: Diluted (loss) earnings were $(0.90) and $(0.76) per share for the three months ended September 30, 2021 and 2020, respectively, and $0.62 and $0.57 per share for the nine months ended September 30, 2021 and 2020, respectively.

Third Quarter Reconciliation of Basic Earnings Per Share to Core Earnings (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

Nine months ended

 

 

 

 

 

September 30,

 

 

 

 

September 30,

 

 

 

(in millions)

 

2021

 

2020

 

Change

 

2021

 

2020

 

Change

Net (loss) income attributable to Edison International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

$

(284

)

 

$

(264

)

 

$

(20

)

 

$

371

 

 

$

336

 

 

$

35

 

Edison International Parent and Other

 

 

(57

)

 

 

(24

)

 

 

(33

)

 

 

(135

)

 

 

(123

)

 

 

(12

)

Edison International

 

 

(341

)

 

 

(288

)

 

 

(53

)

 

 

236

 

 

 

213

 

 

 

23

 

Less: Non-core items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE1,2,3,4,5

 

 

(985

)

 

 

(920

)

 

 

(65

)

 

 

(1,065

)

 

 

(994

)

 

 

(71

)

Edison International Parent and Other3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28

)

 

 

28

 

Total non-core items

 

 

(985

)

 

 

(920

)

 

 

(65

)

 

 

(1,065

)

 

 

(1,022

)

 

 

(43

)

Core earnings (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

 

701

 

 

 

656

 

 

 

45

 

 

 

1,436

 

 

 

1,330

 

 

 

106

 

Edison International Parent and Other

 

 

(57

)

 

 

(24

)

 

 

(33

)

 

 

(135

)

 

 

(95

)

 

 

(40

)

Edison International

 

$

644

 

 

$

632

 

 

$

12

 

 

$

1,301

 

 

$

1,235

 

 

$

66

 

 

1

Includes charges of $54 million ($39 million after-tax) and $161 million ($116 million after-tax) for the quarter and year-ended September 30, 2021, respectively, and $85 million ($61 million after-tax) and $252 million ($181 million after-tax) for the quarter and year-ended September 30, 2020, respectively, from the amortization of SCE's contributions to the Wildfire Insurance Fund.

2

Includes charges of $1.2 billion ($899 million after-tax) and $1.2 billion ($909 million after-tax) for the quarter and year-ended September 30, 2021, respectively, and $1.2 billion ($880 million after-tax) and $1.2 billion ($889 million after-tax) for the quarter and year-ended September 30, 2020, respectively, for SCE's 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries.

3

Includes income tax benefit of $18 million and income tax expense of $3 million recorded in the first quarter of 2020 for SCE and Edison International Parent and Other, respectively, due to re-measurement of uncertain tax positions related to the 2010 – 2012 California state tax filings currently under audit.

4

Includes gains of $10 million ($7 million after-tax) recorded in the second quarter of 2021, and $28 million ($21 million after-tax) and $80 million ($58 million after-tax) for the quarter and year-ended September 30, 2020, respectively, for SCE's sale of San Onofre nuclear fuel.

5

Includes an impairment charge of $79 million ($47 million after-tax) recorded in the third quarter of 2021 related to disallowed historical capital expenditures in SCE's 2021 GRC final decision.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Income

 

Edison International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

September 30,

 

September 30,

(in millions, except per-share amounts, unaudited)

 

2021

 

2020

 

2021

 

2020

Total operating revenue

 

$

5,299

 

 

$

4,644

 

 

$

11,574

 

 

$

10,421

 

Purchased power and fuel

 

 

2,088

 

 

 

1,817

 

 

 

4,384

 

 

 

3,813

 

Operation and maintenance

 

 

1,222

 

 

 

1,248

 

 

 

2,817

 

 

 

2,885

 

Wildfire-related claims, net of insurance recoveries

 

 

1,273

 

 

 

1,297

 

 

 

1,276

 

 

 

1,303

 

Wildfire Insurance Fund expense

 

 

54

 

 

 

85

 

 

 

161

 

 

 

252

 

Depreciation and amortization

 

 

599

 

 

 

490

 

 

 

1,657

 

 

 

1,463

 

Property and other taxes

 

 

113

 

 

 

114

 

 

 

356

 

 

 

328

 

Impairment and other expense (income)

 

 

78

 

 

 

(28

)

 

 

67

 

 

 

(46

)

Total operating expenses

 

 

5,427

 

 

 

5,023

 

 

 

10,718

 

 

 

9,998

 

Operating (loss) income

 

 

(128

)

 

 

(379

)

 

 

856

 

 

 

423

 

Interest expense

 

 

(245

)

 

 

(222

)

 

 

(694

)

 

 

(676

)

Other income

 

 

47

 

 

 

84

 

 

 

195

 

 

 

217

 

(Loss) income before income taxes

 

 

(326

)

 

 

(517

)

 

 

357

 

 

 

(36

)

Income tax (benefit) expense

 

 

(29

)

 

 

(275

)

 

 

3

 

 

 

(355

)

Net (loss) income

 

 

(297

)

 

 

(242

)

 

 

354

 

 

 

319

 

Preferred and preference stock dividend requirements of SCE

 

 

27

 

 

 

46

 

 

 

80

 

 

 

106

 

Preferred stock dividend requirement of Edison International

 

 

17

 

 

 

 

 

 

38

 

 

 

 

Net (loss) income attributable to Edison International common shareholders

 

$

(341

)

 

$

(288

)

 

$

236

 

 

$

213

 

Basic (loss) earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding

 

 

380

 

 

 

378

 

 

 

380

 

 

 

371

 

Basic (loss) earnings per common share attributable to Edison International common shareholders

 

$

(0.90

)

 

$

(0.76

)

 

$

0.62

 

 

$

0.57

 

Diluted (loss) earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding, including effect of dilutive securities

 

 

380

 

 

 

378

 

 

 

380

 

 

 

372

 

Diluted (loss) earnings per common share attributable to Edison International common shareholders

 

$

(0.90

)

 

$

(0.76

)

 

$

0.62

 

 

$

0.57

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets

 

Edison International

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

(in millions, unaudited)

 

2021

 

2020

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

524

 

$

87

Receivables, less allowances of $245 and $188 for uncollectible accounts at respective dates

 

 

1,612

 

 

1,130

Accrued unbilled revenue

 

 

1,122

 

 

521

Insurance receivable

 

 

 

 

708

Income tax receivables

 

 

 

 

68

Inventory

 

 

412

 

 

405

Prepaid expenses

 

 

327

 

 

281

Regulatory assets

 

 

1,553

 

 

1,314

Wildfire Insurance Fund contributions

 

 

204

 

 

323

Other current assets

 

 

274

 

 

224

Total current assets

 

 

6,028

 

 

5,061

Nuclear decommissioning trusts

 

 

4,769

 

 

4,833

Marketable securities

 

 

13

 

 

Other investments

 

 

35

 

 

53

Total investments

 

 

4,817

 

 

4,886

Utility property, plant and equipment, less accumulated depreciation and amortization of $11,093 and $10,681 at respective dates

 

 

49,561

 

 

47,653

Nonutility property, plant and equipment, less accumulated depreciation of $98 and $94 at respective dates

 

 

193

 

 

186

Total property, plant and equipment

 

 

49,754

 

 

47,839

Receivables, less allowances of $93 uncollectible accounts at September 30, 2021

 

 

106

 

 

Regulatory assets (includes $329 at September 30, 2021 related to Variable Interest Entities "VIEs")

 

 

7,386

 

 

7,120

Wildfire Insurance Fund contributions

 

 

2,410

 

 

2,443

Operating lease right-of-use assets

 

 

1,532

 

 

1,088

Long-term insurance receivable

 

 

76

 

 

75

Other long-term assets

 

 

914

 

 

860

Total long-term assets

 

 

12,424

 

 

11,586

 

 

 

 

 

 

 

Total assets

 

$

73,023

 

$

69,372

 

 

 

 

 

 

 

 

Consolidated Balance Sheets

 

Edison International

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

(in millions, except share amounts, unaudited)

 

2021

 

2020

LIABILITIES AND EQUITY

 

 

 

 

 

 

Short-term debt

 

$

3,042

 

 

$

2,398

 

Current portion of long-term debt

 

 

776

 

 

 

1,029

 

Accounts payable

 

 

2,039

 

 

 

1,980

 

Wildfire-related claims

 

 

84

 

 

 

2,231

 

Customer deposits

 

 

200

 

 

 

243

 

Regulatory liabilities

 

 

583

 

 

 

569

 

Current portion of operating lease liabilities

 

 

355

 

 

 

215

 

Other current liabilities

 

 

1,883

 

 

 

1,612

 

Total current liabilities

 

 

8,962

 

 

 

10,277

 

Long-term debt (Includes $320 at September 30, 2021 related to VIEs)

 

 

23,342

 

 

 

19,632

 

Deferred income taxes and credits

 

 

5,524

 

 

 

5,368

 

Pensions and benefits

 

 

531

 

 

 

563

 

Asset retirement obligations

 

 

2,739

 

 

 

2,930

 

Regulatory liabilities

 

 

8,584

 

 

 

8,589

 

Operating lease liabilities

 

 

1,177

 

 

 

873

 

Wildfire-related claims

 

 

2,308

 

 

 

2,281

 

Other deferred credits and other long-term liabilities

 

 

3,114

 

 

 

2,910

 

Total deferred credits and other liabilities

 

 

23,977

 

 

 

23,514

 

Total liabilities

 

 

56,281

 

 

 

53,423

 

Commitments and contingencies

 

 

 

 

 

 

Preferred stock (50,000,000 shares authorized; 1,250,000 shares issued and outstanding at September 30, 2021)

 

 

1,235

 

 

 

 

Common stock, no par value (800,000,000 shares authorized; 379,887,286 and 378,907,147 shares issued and outstanding at respective dates)

 

 

6,033

 

 

 

5,962

 

Accumulated other comprehensive loss

 

 

(63

)

 

 

(69

)

Retained earnings

 

 

7,636

 

 

 

8,155

 

Total Edison International's shareholders' equity

 

 

14,841

 

 

 

14,048

 

Noncontrolling interests – preference stock of SCE

 

 

1,901

 

 

 

1,901

 

Total equity

 

 

16,742

 

 

 

15,949

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

73,023

 

 

$

69,372

 

 

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows

 

Edison International

 

 

 

 

 

 

 

 

 

Nine months ended September 30,

(in millions, unaudited)

 

2021

 

2020

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

354

 

 

$

319

 

Adjustments to reconcile to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

1,709

 

 

 

1,512

 

Allowance for equity during construction

 

 

(92

)

 

 

(87

)

Impairment and other expense (income)

 

 

67

 

 

 

(46

)

Deferred income taxes

 

 

(1

)

 

 

(344

)

Wildfire Insurance Fund amortization expense

 

 

161

 

 

 

252

 

Other

 

 

34

 

 

 

31

 

Nuclear decommissioning trusts

 

 

(204

)

 

 

(123

)

Proceeds from Morongo Transmission LLC

 

 

400

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Receivables

 

 

(706

)

 

 

(556

)

Inventory

 

 

(10

)

 

 

(24

)

Accounts payable

 

 

282

 

 

 

7

 

Tax receivables and payables

 

 

204

 

 

 

197

 

Other current assets and liabilities

 

 

(716

)

 

 

(311

)

Regulatory assets and liabilities, net

 

 

(484

)

 

 

(1,074

)

Wildfire-related insurance receivable

 

 

707

 

 

 

73

 

Wildfire-related claims

 

 

(2,120

)

 

 

1,267

 

Other noncurrent assets and liabilities

 

 

(1

)

 

 

(22

)

Net cash (used in) provided by operating activities

 

 

(416

)

 

 

1,071

 

Cash flows from financing activities:

 

 

 

 

 

 

Long-term debt issued, plus premium and net of discount and issuance costs of $(40) and $26 for the respective periods

 

 

4,798

 

 

 

2,726

 

Long-term debt repaid

 

 

(1,031

)

 

 

(1,098

)

Short-term debt borrowed

 

 

2,105

 

 

 

1,929

 

Short-term debt repaid

 

 

(1,355

)

 

 

(800

)

Common stock issued

 

 

28

 

 

 

896

 

Preferred stock issued, net

 

 

1,235

 

 

 

 

Preferred and preference stock redeemed

 

 

 

 

 

(308

)

Commercial paper (repayment) borrowing, net

 

 

(435

)

 

 

73

 

Dividends and distribution to noncontrolling interests

 

 

(85

)

 

 

(97

)

Common stock dividends paid

 

 

(741

)

 

 

(691

)

Preferred stock dividends paid

 

 

(35

)

 

 

 

Other

 

 

22

 

 

 

17

 

Net cash provided by financing activities

 

 

4,506

 

 

 

2,647

 

Cash flows from investing activities:

 

 

 

 

 

 

Capital expenditures

 

 

(3,948

)

 

 

(3,897

)

Proceeds from sale of nuclear decommissioning trust investments

 

 

3,218

 

 

 

4,754

 

Purchases of nuclear decommissioning trust investments

 

 

(3,014

)

 

 

(4,631

)

Other

 

 

90

 

 

 

80

 

Net cash used in investing activities

 

 

(3,654

)

 

 

(3,694

)

Net increase in cash, cash equivalents and restricted cash

 

 

436

 

 

 

24

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

89

 

 

 

70

 

Cash, cash equivalents and restricted cash at end of period

 

$

525

 

 

$

94

 

 

 

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