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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Edison International | NYSE:EIX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.12 | 0.17% | 72.09 | 72.68 | 71.77 | 72.50 | 500,083 | 18:19:04 |
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(Mark One)
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☑
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended
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March 31, 2020
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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Commission
File Number
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Exact Name of Registrant
as specified in its charter
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State or Other Jurisdiction of
Incorporation or Organization
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IRS Employer
Identification Number
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1-9936
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EDISON INTERNATIONAL
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California
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95-4137452
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1-2313
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SOUTHERN CALIFORNIA EDISON COMPANY
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California
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95-1240335
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EDISON INTERNATIONAL
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SOUTHERN CALIFORNIA EDISON COMPANY
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2244 Walnut Grove Avenue
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2244 Walnut Grove Avenue
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(P.O. Box 976)
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(P.O. Box 800)
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Rosemead,
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California
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91770
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Rosemead,
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California
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91770
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(Address of principal executive offices)
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(Address of principal executive offices)
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(626)
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302-2222
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(626)
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302-1212
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(Registrant's telephone number, including area code)
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(Registrant's telephone number, including area code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, no par value
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EIX
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NYSE
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LLC
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Cumulative Preferred Stock, 4.08% Series
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SCEpB
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NYSE American LLC
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Cumulative Preferred Stock, 4.24% Series
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SCEpC
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NYSE American LLC
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Cumulative Preferred Stock, 4.32% Series
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SCEpD
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NYSE American LLC
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Cumulative Preferred Stock, 4.78% Series
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SCEpE
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NYSE American LLC
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:
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Common Stock outstanding as of April 27, 2020:
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Edison International
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363,560,677 shares
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Southern California Edison Company
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434,888,104 shares
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SEC Form 10-Q Reference Number
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Part I, Item 2
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Part I, Item 3
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Part I, Item 1
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Note 5. Debt and Credit Agreements
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Part I, Item 4
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Part II, Item 1
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Part II, Item 1A
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Part II, Item 6
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2017/2018 Wildfire/Mudslide Events
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the Thomas Fire, the Koenigstein Fire, the Montecito Mudslides and the Woolsey Fire, collectively
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2019 Form 10-K
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Edison International's and SCE's combined Annual Report on Form 10-K for the year ended December 31, 2019
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AB 1054
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California Assembly Bill 1054, executed by the Governor of California on July 12, 2019
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AB 1054 Excluded Capital Expenditures
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approximately $1.6 billion in wildfire risk mitigation capital expenditures that SCE will exclude from the equity portion of SCE's rate base as required under AB 1054
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AB 1054 Liability Cap
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a cap on the aggregate requirement to reimburse the Wildfire Insurance Fund over a trailing three calendar year period which applies if certain conditions are met and is equal to 20% of the equity portion of the utility's transmission and distribution rate base in the year of the applicable prudency determination
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ARO(s)
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asset retirement obligation(s)
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Bcf
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billion cubic feet
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BRRBA
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Base Revenue Requirement Balancing Account
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CAISO
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California Independent System Operator
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CAL FIRE
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California Department of Forestry and Fire Protection
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CCAs
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Community Choice Aggregators which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses
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COVID-19
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Coronavirus disease 2019
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CPUC
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California Public Utilities Commission
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CSRP
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Customer Service Re-platform, a SCE project to implement a new customer service system
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DERs
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distributed energy resources
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Edison Energy
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Edison Energy, LLC, a wholly-owned subsidiary of Edison Energy Group that advises and provides energy solutions to large energy users
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Edison Energy Group
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Edison Energy Group, Inc., a wholly-owned subsidiary of Edison International, is a holding company for subsidiaries engaged in competitive businesses that provide energy services to commercial and industrial customers
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EME
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Edison Mission Energy
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Electric Service Provider
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an entity that offers electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs
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ERRA
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Energy Resource Recovery Account
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FERC
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Federal Energy Regulatory Commission
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FERC 2018 Settlement Period
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January 1, 2018 through November 11, 2019
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FHPMA
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Fire Hazard Prevention Memorandum Account
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Fitch
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Fitch Ratings, Inc.
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GAAP
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generally accepted accounting principles
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GHG
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greenhouse gas
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GRC
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general rate case
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GS&RP
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Grid Safety and Resiliency Program
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GWh
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gigawatt-hours
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Joint Proxy Statement
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Edison International's and SCE's definitive Proxy Statement filed with the SEC in connection with Edison International's and SCE's Annual Shareholders' Meeting held on April 23, 2020
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Koenigstein Fire
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a wind-driven fire that originated near Koenigstein Road in the City of Santa Paula in Ventura County on December 4, 2017
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kV
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unit of electrical potential equal to 1000 volts
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MD&A
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Management's Discussion and Analysis of Financial Condition and Results
of Operations
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Montecito Mudslides
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the mudslides and flooding in Montecito, Santa Barbara County, that occurred in
January 2018
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Moody's
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Moody's Investors Service, Inc.
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NEM
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net energy metering
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NERC
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North American Electric Reliability Corporation
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NRC
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Nuclear Regulatory Commission
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PABA
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Portfolio Allocation Balancing Account
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Palo Verde
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nuclear electric generating facility located near Phoenix, Arizona in which SCE holds a 15.8% ownership interest
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PBOP(s)
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postretirement benefits other than pension(s)
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PCIA
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Power Charge Indifference Adjustment
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PG&E
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Pacific Gas & Electric Company
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ROE
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return on common equity
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RPS
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Renewables portfolio standard
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S&P
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Standard & Poor's Financial Services LLC
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San Onofre
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retired nuclear generating facility located in south San Clemente, California in which SCE holds a 78.21% ownership interest
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SCE
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Southern California Edison Company, a wholly-owned subsidiary of Edison International
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SDG&E
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San Diego Gas & Electric
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SEC
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U.S. Securities and Exchange Commission
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SED
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Safety and Enforcement Division of the CPUC
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SoCalGas
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Southern California Gas Company
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SoCore Energy
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SoCore Energy LLC, a former subsidiary of Edison Energy Group that was sold in
April 2018
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TAMA
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Tax Accounting Memorandum Account
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Tax Reform
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Tax Cuts and Jobs Act signed into law on December 22, 2017
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Thomas Fire
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a wind-driven fire that originated in the Anlauf Canyon area Ventura County on December 4, 2017
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TOU
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Time-Of-Use
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US EPA
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U.S. Environmental Protection Agency
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VCFD
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The Ventura County Fire Department
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WEMA
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Wildfire Expense Memorandum Account
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WMP
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a wildfire mitigation plan required to be filed every three years under AB 1054 to describe a utility's plans to construct, operate, and maintain electrical lines and equipment that will help minimize the risk of catastrophic wildfires caused by such electrical lines and equipment
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Wildfire Insurance Fund
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The insurance fund established under AB 1054
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Woolsey Fire
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a wind-driven fire that originated in Ventura County in November 2018
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•
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ability of SCE to recover its costs through regulated rates, including costs related to uninsured wildfire-related and mudslide-related liabilities, 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;
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•
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ability of SCE to implement its WMP, including effectively implementing Public Safety Power Shut-Offs when appropriate;
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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;
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risks associated with AB 1054 effectively mitigating the significant risk 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 SCE's ability to maintain a valid safety certification, SCE's ability to recover uninsured wildfire-related costs from the Wildfire Insurance Fund, the longevity of the Wildfire Insurance Fund, and the CPUC's interpretation of and actions under AB 1054, including their interpretation of the new prudency standard established under AB 1054;
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•
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decisions and other actions by the CPUC, the FERC, the NRC and other regulatory and legislative authorities, including decisions and actions related to determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and mudslide-related costs, issuance of SCE's wildfire safety certification, wildfire mitigation efforts, and delays in regulatory and legislative actions;
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•
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ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms;
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•
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risks associated with the decommissioning of San Onofre, including those related to public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel, delays, contractual disputes, and cost overruns;
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•
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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;
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•
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extreme weather-related incidents and other natural disasters (including earthquakes and events caused, or exacerbated, by climate change, such as wildfires), which could cause, among other things, public safety issues, property damage and operational issues;
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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;
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•
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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 CCAs and Electric Service Providers;
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•
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risks inherent in SCE's transmission and distribution infrastructure 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 CAISO's transmission plans, and governmental approvals;
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•
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risks associated with the operation of transmission and distribution assets and power generating facilities, including public and employee 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;
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•
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actions by credit rating agencies to downgrade Edison International or SCE's credit ratings or to place those ratings on negative watch or outlook;
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•
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changes in tax laws and regulations, at both the state and federal levels, or changes in the application of those laws, that could affect recorded deferred tax assets and liabilities and effective tax rate;
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•
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changes in future taxable income, or changes in tax law, that would limit Edison International's and SCE's realization of expected net operating loss and tax credit carryover benefits prior to expiration;
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•
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changes in the fair value of investments and other assets;
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•
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changes in interest rates and rates of inflation, including escalation rates (which may be adjusted by public utility regulators);
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•
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governmental, statutory, regulatory, or administrative changes or initiatives affecting the electricity industry, including the market structure rules applicable to each market adopted by the NERC, CAISO, Western Electricity Council, and similar regulatory bodies in adjoining regions, and changes in California's environmental priorities that lessen the importance the state places on GHG reduction;
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•
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availability and creditworthiness of counterparties and the resulting effects on liquidity in the power and fuel markets and/or the ability of counterparties to pay amounts owed in excess of collateral provided in support of their obligations;
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•
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cost and availability of labor, equipment and materials;
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•
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potential for penalties or disallowance for non-compliance with applicable laws and regulations;
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•
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cost of fuel for generating facilities and related transportation, which could be impacted by, among other things, disruption of natural gas storage facilities, to the extent not recovered through regulated rate cost escalation provisions or balancing accounts; and
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•
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ability of Edison International to develop competitive businesses, manage new business risks, and recover and earn a return on its investment in newly developed or acquired businesses.
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•
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A charge of $84 million ($60 million after-tax) recorded in 2020 from the amortization of SCE's contributions to the Wildfire Insurance Fund. See "Notes to Consolidated Financial Statements— Note 12. Commitments and Contingencies" for further information.
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•
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An income tax benefit of $18 million and income tax expense of $3 million recorded in 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.
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•
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Income tax benefits of $69 million recorded in 2019 for SCE related to changes in the allocation of deferred tax
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•
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Earning activities – representing revenue authorized by the CPUC and FERC, which is intended to provide SCE a reasonable opportunity to recover its costs and earn a return on its net investment in generation, transmission and distribution assets. The annual revenue requirements are comprised of authorized operation and maintenance costs, depreciation, taxes and a return consistent with the capital structure. Also, included in earnings activities are revenue or penalties related to incentive mechanisms, other operating revenue, and regulatory charges or disallowances.
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•
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Cost-recovery activities – representing CPUC- and FERC- authorized balancing accounts, which allow for recovery of specific project or program costs, subject to reasonableness review or compliance with upfront standards. Cost-recovery activities include rates which provide recovery, subject to reasonableness review of, among other things, fuel costs, purchased power costs, public purpose related-program costs (including energy efficiency and demand-side management programs) and certain operation and maintenance expenses. SCE earns no return on these activities.
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Three months ended March 31, 2020
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Three months ended March 31, 2019
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(in millions)
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Earning
Activities |
Cost-
Recovery Activities |
Total
Consolidated |
Earning
Activities |
Cost-
Recovery Activities |
Total
Consolidated |
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Operating revenue
|
$
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1,741
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$
|
1,039
|
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$
|
2,780
|
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$
|
1,550
|
|
$
|
1,266
|
|
$
|
2,816
|
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Purchased power and fuel
|
2
|
|
926
|
|
928
|
|
—
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|
1,005
|
|
1,005
|
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Operation and maintenance
|
717
|
|
142
|
|
859
|
|
589
|
|
280
|
|
869
|
|
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Wildfire insurance fund expense
|
84
|
|
—
|
|
84
|
|
—
|
|
—
|
|
—
|
|
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Depreciation and amortization
|
483
|
|
—
|
|
483
|
|
480
|
|
—
|
|
480
|
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Property and other taxes
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110
|
|
—
|
|
110
|
|
109
|
|
—
|
|
109
|
|
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Other operating income
|
—
|
|
—
|
|
—
|
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(5
|
)
|
—
|
|
(5
|
)
|
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Total operating expenses
|
1,396
|
|
1,068
|
|
2,464
|
|
1,173
|
|
1,285
|
|
2,458
|
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Operating income (loss)
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345
|
|
(29
|
)
|
316
|
|
377
|
|
(19
|
)
|
358
|
|
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Interest expense
|
(194
|
)
|
—
|
|
(194
|
)
|
(178
|
)
|
—
|
|
(178
|
)
|
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Other income
|
23
|
|
29
|
|
52
|
|
19
|
|
19
|
|
38
|
|
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Income before income taxes
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174
|
|
—
|
|
174
|
|
218
|
|
—
|
|
218
|
|
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Income tax benefit
|
(75
|
)
|
—
|
|
(75
|
)
|
(105
|
)
|
—
|
|
(105
|
)
|
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Net income
|
249
|
|
—
|
|
249
|
|
323
|
|
—
|
|
323
|
|
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Preferred and preference stock dividend requirements
|
30
|
|
—
|
|
30
|
|
30
|
|
—
|
|
30
|
|
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Net income available for common stock
|
$
|
219
|
|
$
|
—
|
|
$
|
219
|
|
$
|
293
|
|
$
|
—
|
|
$
|
293
|
|
Net income available for common stock
|
|
|
$
|
219
|
|
|
|
$
|
293
|
|
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Less: Non-core (expense)/income
|
|
|
(42
|
)
|
|
|
72
|
|
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Core earnings1
|
|
|
$
|
261
|
|
|
|
$
|
221
|
|
1
|
See use of non-GAAP financial measures in "Management Overview—Highlights of Operating Results."
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•
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Higher operating revenue of $191 million primarily due to the following:
|
•
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An increase in CPUC-related revenue of $166 million primarily due the adoption of the 2018 GRC final decision. This increase is due to SCE recording revenue in 2020 based on the 2018 GRC final decision in comparison to recording revenue in the first quarter of 2019 based on 2017 adjusted authorized revenue.
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•
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An increase in FERC-related revenue of $23 million primarily due to favorable earnings from a higher proportion of equity in SCE's actual capital structure used in setting FERC rates, higher FERC rate base and higher operating costs subject to balancing account treatment.
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•
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Higher operation and maintenance costs of $128 million primarily due to:
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•
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Increased expenses of $66 million due to higher vegetation management costs and other wildfire mitigation costs, partially offset by lower inspection and preventative maintenance costs. Vegetation management costs were higher in 2020 due to higher prevailing wages required by California Senate Bill 247 and increased scope of work.
|
•
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Higher wildfire insurance expenses of $20 million due to the authorization to recover certain 2018 wildfire insurance expenses reducing expenses in the first quarter of 2019.
|
•
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Higher employee benefit expenses of $20 million resulting primarily from the payout of 2019 short-term incentive compensation.
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•
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Other increased expenses of $35 million primarily due to higher expense from the allowance for doubtful accounts primarily due to the COVID-19 pandemic, higher workers' compensation costs and expenses subject to balancing account treatment.
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•
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Higher wildfire insurance fund expense of $84 million for amortization of contributions to the Wildfire Insurance Fund for insurance protection. See "Management Overview—Southern California Wildfires and Mudslides" for further information.
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•
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Higher interest expense of $16 million primarily due to increased borrowings.
|
•
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Lower income tax benefit of $30 million primarily due to the absence of 2019 income tax benefits of $69 million related to changes in the allocation of deferred tax re-measurement between customers and shareholders, partially offset by 2020 income tax benefits of $18 million due to re-measurement of uncertain tax positions related to the 2010 – 2012 California state tax filings currently under audit and lower pre-tax income.
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•
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Lower purchased power and fuel costs of $79 million driven by lower power and gas prices, lower load related to energy efficiency and customer departures to CCAs and lower charges from contract amendments, partially offset by lower congestion revenue right credits. In addition, CAISO issued invoices that revised FERC tariffs for interest costs associated with scheduling coordinator activities. This resulted in a generation surcharge of $59 million reflected as an additional purchased power expense and a transmission refund of $66 million as a reduction in operation and maintenance expense.
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•
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Lower operation and maintenance costs of $138 million driven by the authorization to recover 2018 wildfire insurance costs that had been deferred as regulatory assets increasing expenses in 2019, the CAISO refund of $66 million mentioned above and lower transmission access charges.
|
•
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Higher other income of $10 million primarily driven by higher net periodic benefit income related to the non-service cost components for SCE's other post-retirement benefit plans. See "Notes to Consolidated Financial Statements—Note 9. Compensation and Benefit Plans" for further information.
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Three months ended March 31,
|
||||||
(in millions)
|
|
2020
|
|
2019
|
||||
Edison Energy Group and subsidiaries
|
|
$
|
(2
|
)
|
|
$
|
(3
|
)
|
Corporate expenses and other subsidiaries
|
|
34
|
|
|
12
|
|
||
Total Edison International Parent and Other
|
|
$
|
(36
|
)
|
|
$
|
(15
|
)
|
|
|
Moody's
|
Fitch
|
S&P
|
Long-term Issuer Credit Rating
|
|
Baa2
|
BBB-
|
BBB
|
Outlook
|
|
Stable
|
Stable
|
Stable
|
(in millions)
|
|
|
||
Collateral posted as of March 31, 20201
|
|
$
|
228
|
|
Incremental collateral requirements for purchase power and fuel contracts resulting from a potential downgrade of SCE's credit rating to below investment grade2
|
|
39
|
|
|
Incremental collateral requirements for purchase power and fuel contracts resulting from adverse market price movement3
|
|
23
|
|
|
Posted and potential collateral requirements
|
|
$
|
290
|
|
1
|
Net collateral provided to counterparties and other brokers consisted of $176 million in letters of credit and surety bonds and $52 million of cash collateral, of which $30 million was offset against net derivative liabilities and $22 million was reflected in "Other current assets" on the consolidated balance sheets.
|
2
|
Power and fuel contract counterparties may also institute new collateral requirements, applicable to future transactions, at the time of a downgrade not reflected above. Furthermore, SCE may also be required to post up to $50 million in collateral in connection with its environmental remediation obligations, within 120 days of the end of the fiscal year in which the downgrade occurs.
|
3
|
Incremental collateral requirements were based on potential changes in SCE's forward positions as of March 31, 2020 due to adverse market price movements over the remaining lives of existing power contracts using a 95% confidence level.
|
|
|
Moody's
|
Fitch
|
S&P
|
Long-term Issuer Credit Rating
|
|
Baa3
|
BBB-
|
BBB
|
Outlook
|
|
Stable
|
Stable
|
Stable
|
|
Three months ended March 31,
|
||||||
(in millions)
|
2020
|
|
2019
|
||||
Net cash provided by operating activities
|
$
|
334
|
|
|
$
|
247
|
|
Net cash provided by financing activities
|
1,368
|
|
|
1,063
|
|
||
Net cash used in investing activities
|
(1,274
|
)
|
|
(986
|
)
|
||
Net increase in cash, cash equivalents and restricted cash
|
$
|
428
|
|
|
$
|
324
|
|
|
Three months ended March 31,
|
|
Change in cash flows
|
||||||||
(in millions)
|
2020
|
|
2019
|
|
2020/2019
|
||||||
Net income
|
$
|
249
|
|
|
$
|
323
|
|
|
|
||
Non-cash items1
|
535
|
|
|
370
|
|
|
|
||||
Subtotal
|
784
|
|
|
693
|
|
|
$
|
91
|
|
||
Changes in cash flow resulting from working capital2
|
(107
|
)
|
|
(271
|
)
|
|
164
|
|
|||
Regulatory assets and liabilities
|
(372
|
)
|
|
(96
|
)
|
|
(276
|
)
|
|||
Other noncurrent assets and liabilities3
|
29
|
|
|
(79
|
)
|
|
108
|
|
|||
Net cash provided by operating activities
|
$
|
334
|
|
|
$
|
247
|
|
|
$
|
87
|
|
1
|
Non-cash items include depreciation and amortization, allowance for equity during construction, impairment and other, deferred income taxes, Wildfire Insurance Fund amortization expenses and other.
|
2
|
Changes in working capital items include receivables, inventory, accounts payable, tax receivables and payables, and other current assets and liabilities.
|
3
|
Includes changes in wildfire-related insurance receivables. Also includes nuclear decommissioning trusts. See "Nuclear Decommissioning Activities" below for further information.
|
•
|
Net undercollections of BRRBA were $101 million at March 31, 2020, compared to net overcollections of $328 million at December 31, 2019. Net undercollections increased by $429 million primarily due to refunds of prior overcollections (including incremental tax benefits and overcollections of distribution revenue that are being refunded over an 18-month period, starting in July 2019, as part of SCE's 2018 GRC final decision) and current year undercollections due to lower than forecasted sales volumes.
|
•
|
Additional undercollections of $79 million related to wildfire-related expenses that are probable of future recovery from customers, including wildfire risk mitigation costs, insurance premiums, service restoration and damage repair costs. See "Notes to Consolidated Financial Statements—Note 11. Regulatory Assets and Liabilities" for further information.
|
•
|
Higher cash due to $110 million of overcollections related to the timing of receiving GHG auction revenue and low carbon fuel standard credit sales, and the related refunds and rebates to eligible customers. SCE is accelerating the semi-annual payment of California climate credits to customers, normally made in the fourth quarter, into the second quarter of 2020 pursuant to an April 2020 CPUC decision.
|
•
|
Net undercollections for ERRA, PABA and the New System Generation Balancing Account decreased by $45 million primarily due to recovery of prior ERRA undercollections, partially offset by lower sales than forecasted in rates in ERRA, refunds of prior overcollections from the New System Generation Balancing Account and refund of 2019 and 2018
|
•
|
BRRBA overcollections decreased by $346 million primarily due to a $163 million reclassification from the pole loading balancing account to BRRBA to recover 2017 undercollections, authorization to recover $107 million of premiums related to a wildfire insurance policy purchased in 2017, lower sales than forecasted in rates and a refund of prior TAMA overcollections.
|
•
|
Net undercollections for ERRA and the new system generation program were $831 million and $741 million at March 31, 2019 and December 31, 2018, respectively. Net undercollections increased $90 million primarily due to higher than forecasted power and gas prices experienced in 2019, partially offset by an increase in cash due to recovery of prior ERRA undercollections.
|
•
|
Net overcollections for TAMA and pole loading balancing account were $128 million at March 31, 2019 compared to net undercollections of $28 million at December 31, 2018. Net overcollections increased by $156 million primarily due to a $163 million reclassification from the pole loading balancing account to BRRBA as discussed above.
|
•
|
Higher cash due to $104 million of overcollections for the public purpose and energy efficiency programs resulting from lower program spending.
|
•
|
Higher cash from increased regulatory liabilities of approximately $90 million primarily due to the delay in the 2018 GRC decision. Amounts billed to customers during first three months of 2019 were based on the 2017 authorized GRC revenue requirement, however, the amount of revenue recognized has been adjusted mainly for the July 2017 cost of capital decision and Tax Reform pending the outcome of the 2018 GRC and therefore, a regulatory liability has been established to record any associated adjustments.
|
|
Three months ended March 31,
|
||||||
(in millions)
|
2020
|
|
2019
|
||||
Issuances of first and refunding mortgage bonds, net of discount and issuance costs
|
$
|
1,719
|
|
|
$
|
1,087
|
|
Issuance of term loan
|
475
|
|
|
750
|
|
||
Capital contribution from Edison International Parent
|
269
|
|
|
—
|
|
||
Long-term debt matured
|
(40
|
)
|
|
(40
|
)
|
||
Short-term debt repayments, net of borrowings and discount
|
(550
|
)
|
|
(691
|
)
|
||
Payments of common stock dividends to Edison International
|
(469
|
)
|
|
—
|
|
||
Payments of preferred and preference stock dividends
|
(36
|
)
|
|
(36
|
)
|
||
Other
|
—
|
|
|
(7
|
)
|
||
Net cash provided by financing activities
|
$
|
1,368
|
|
|
$
|
1,063
|
|
|
Three months ended March 31,
|
||||||
(in millions)
|
2020
|
|
2019
|
||||
Net cash used in operating activities:
|
|
|
|
||||
Net earnings from nuclear decommissioning trust investments
|
$
|
27
|
|
|
$
|
27
|
|
SCE's decommissioning costs
|
(43
|
)
|
|
(73
|
)
|
||
Net cash provided by investing activities:
|
|
|
|
||||
Proceeds from sale of investments
|
1,407
|
|
|
1,208
|
|
||
Purchases of investments
|
(1,421
|
)
|
|
(1,135
|
)
|
||
Net cash impact
|
$
|
(30
|
)
|
|
$
|
27
|
|
|
Three months ended March 31,
|
||||||
(in millions)
|
2020
|
|
2019
|
||||
Net cash used in operating activities
|
$
|
(19
|
)
|
|
$
|
(37
|
)
|
Net cash provided by (used in) financing activities
|
863
|
|
|
(54
|
)
|
||
Net cash used in investing activities
|
(4
|
)
|
|
—
|
|
||
Net increase (decrease) in cash and cash equivalents
|
$
|
840
|
|
|
$
|
(91
|
)
|
•
|
$19 million and $37 million cash outflow from operating activities in 2020 and 2019, respectively, primarily due to payments relating to interest and operating costs.
|
|
Three months ended March 31,
|
||||||
(in millions)
|
2020
|
|
2019
|
||||
Dividends paid to Edison International common shareholders
|
$
|
(226
|
)
|
|
$
|
(200
|
)
|
Dividends received from SCE
|
469
|
|
|
—
|
|
||
Capital contribution to SCE
|
(269
|
)
|
|
—
|
|
||
Issuance of common stock
|
74
|
|
|
—
|
|
||
Issuance of term loan
|
800
|
|
|
—
|
|
||
Short-term debt borrowings, net of repayments and discount
|
—
|
|
|
153
|
|
||
Other
|
15
|
|
|
(7
|
)
|
||
Net cash provided by (used in) financing activities
|
$
|
863
|
|
|
$
|
(54
|
)
|
Consolidated Statements of Income
|
|
Edison International
|
|
|||||
|
|
|
||||||
|
|
Three months ended March 31,
|
||||||
(in millions, except per-share amounts, unaudited)
|
|
2020
|
|
2019
|
||||
Total operating revenue
|
|
$
|
2,790
|
|
|
$
|
2,824
|
|
Purchased power and fuel
|
|
928
|
|
|
1,005
|
|
||
Operation and maintenance
|
|
881
|
|
|
882
|
|
||
Wildfire Insurance Fund expense
|
|
84
|
|
|
—
|
|
||
Depreciation and amortization
|
|
484
|
|
|
480
|
|
||
Property and other taxes
|
|
111
|
|
|
110
|
|
||
Other operating income
|
|
—
|
|
|
(5
|
)
|
||
Total operating expenses
|
|
2,488
|
|
|
2,472
|
|
||
Operating income
|
|
302
|
|
|
352
|
|
||
Interest expense
|
|
(225
|
)
|
|
(194
|
)
|
||
Other income
|
|
52
|
|
|
38
|
|
||
Income before taxes
|
|
129
|
|
|
196
|
|
||
Income tax benefit
|
|
(84
|
)
|
|
(112
|
)
|
||
Net income
|
|
213
|
|
|
308
|
|
||
Preferred and preference stock dividend requirements of SCE
|
|
30
|
|
|
30
|
|
||
Net income attributable to Edison International common shareholders
|
|
$
|
183
|
|
|
$
|
278
|
|
Basic earnings per share:
|
|
|
|
|
||||
Weighted average shares of common stock outstanding
|
|
363
|
|
|
326
|
|
||
Basic earnings per common share attributable to Edison International common shareholders
|
|
$
|
0.50
|
|
|
$
|
0.85
|
|
Diluted earnings per share:
|
|
|
|
|
||||
Weighted average shares of common stock outstanding, including effect of dilutive securities
|
|
364
|
|
|
327
|
|
||
Diluted earnings per common share attributable to Edison International common shareholders
|
|
$
|
0.50
|
|
|
$
|
0.85
|
|
Consolidated Statements of Comprehensive Income
|
|
Edison International
|
|
|||||
|
|
|
|
|
||||
|
|
Three months ended March 31,
|
||||||
(in millions, unaudited)
|
|
2020
|
|
2019
|
||||
Net income
|
|
$
|
213
|
|
|
$
|
308
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
||||
Pension and postretirement benefits other than pensions:
|
|
|
|
|
||||
Amortization of net loss included in net income
|
|
2
|
|
|
2
|
|
||
Other comprehensive income, net of tax
|
|
2
|
|
|
2
|
|
||
Comprehensive income
|
|
215
|
|
|
310
|
|
||
Less: Comprehensive income attributable to noncontrolling interests
|
|
30
|
|
|
30
|
|
||
Comprehensive income attributable to Edison International
|
|
$
|
185
|
|
|
$
|
280
|
|
Consolidated Statements of Cash Flows
|
|
Edison International
|
|
|||||
|
|
|
||||||
|
|
Three months ended March 31,
|
||||||
(in millions, unaudited)
|
|
2020
|
|
2019
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
213
|
|
|
$
|
308
|
|
Adjustments to reconcile to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
501
|
|
|
498
|
|
||
Allowance for equity during construction
|
|
(21
|
)
|
|
(17
|
)
|
||
Deferred income taxes
|
|
(58
|
)
|
|
(114
|
)
|
||
Wildfire Insurance Fund amortization expense
|
|
84
|
|
|
—
|
|
||
Other
|
|
23
|
|
|
1
|
|
||
Nuclear decommissioning trusts
|
|
14
|
|
|
(73
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Receivables
|
|
(30
|
)
|
|
9
|
|
||
Inventory
|
|
1
|
|
|
(30
|
)
|
||
Accounts payable
|
|
(129
|
)
|
|
31
|
|
||
Tax receivables and payables
|
|
31
|
|
|
82
|
|
||
Other current assets and liabilities
|
|
41
|
|
|
(381
|
)
|
||
Regulatory assets and liabilities, net
|
|
(372
|
)
|
|
(96
|
)
|
||
Wildfire-related insurance receivable
|
|
58
|
|
|
—
|
|
||
Other noncurrent assets and liabilities
|
|
(41
|
)
|
|
(8
|
)
|
||
Net cash provided by operating activities
|
|
315
|
|
|
210
|
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Long-term debt issued, net of premium, discount and issuance costs of $19 and $(13) for the respective periods
|
|
1,719
|
|
|
1,087
|
|
||
Long-term debt repaid
|
|
(40
|
)
|
|
(40
|
)
|
||
Term loan issued
|
|
1,275
|
|
|
750
|
|
||
Common stock issued
|
|
74
|
|
|
—
|
|
||
Short-term debt financing, net
|
|
(550
|
)
|
|
(538
|
)
|
||
Payments for stock-based compensation
|
|
(3
|
)
|
|
(41
|
)
|
||
Receipts from stock option exercises
|
|
13
|
|
|
22
|
|
||
Dividends and distribution to noncontrolling interests
|
|
(36
|
)
|
|
(36
|
)
|
||
Dividends paid
|
|
(226
|
)
|
|
(200
|
)
|
||
Other
|
|
5
|
|
|
5
|
|
||
Net cash provided by financing activities
|
|
2,231
|
|
|
1,009
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Capital expenditures
|
|
(1,268
|
)
|
|
(1,074
|
)
|
||
Proceeds from sale of nuclear decommissioning trust investments
|
|
1,407
|
|
|
1,208
|
|
||
Purchases of nuclear decommissioning trust investments
|
|
(1,421
|
)
|
|
(1,135
|
)
|
||
Other
|
|
4
|
|
|
15
|
|
||
Net cash used in investing activities
|
|
(1,278
|
)
|
|
(986
|
)
|
||
Net increase in cash, cash equivalents and restricted cash
|
|
1,268
|
|
|
233
|
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
|
70
|
|
|
152
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
|
$
|
1,338
|
|
|
$
|
385
|
|
Consolidated Statements of Income
|
Southern California Edison Company
|
|
||||||
|
|
|
||||||
|
|
Three months ended March 31,
|
||||||
(in millions, unaudited)
|
|
2020
|
|
2019
|
||||
Operating revenue
|
|
$
|
2,780
|
|
|
$
|
2,816
|
|
Purchased power and fuel
|
|
928
|
|
|
1,005
|
|
||
Operation and maintenance
|
|
859
|
|
|
869
|
|
||
Wildfire Insurance Fund expense
|
|
84
|
|
|
—
|
|
||
Depreciation and amortization
|
|
483
|
|
|
480
|
|
||
Property and other taxes
|
|
110
|
|
|
109
|
|
||
Other operating income
|
|
—
|
|
|
(5
|
)
|
||
Total operating expenses
|
|
2,464
|
|
|
2,458
|
|
||
Operating income
|
|
316
|
|
|
358
|
|
||
Interest expense
|
|
(194
|
)
|
|
(178
|
)
|
||
Other income
|
|
52
|
|
|
38
|
|
||
Income before taxes
|
|
174
|
|
|
218
|
|
||
Income tax benefit
|
|
(75
|
)
|
|
(105
|
)
|
||
Net income
|
|
249
|
|
|
323
|
|
||
Less: Preferred and preference stock dividend requirements
|
|
30
|
|
|
30
|
|
||
Net income available for common stock
|
|
$
|
219
|
|
|
$
|
293
|
|
Consolidated Statements of Comprehensive Income
|
Southern California Edison Company
|
|
||||||
|
|
|
|
|
||||
|
|
Three months ended March 31,
|
||||||
(in millions, unaudited)
|
|
2020
|
|
2019
|
||||
Net income
|
|
$
|
249
|
|
|
$
|
323
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
||||
Pension and postretirement benefits other than pensions:
|
|
|
|
|
||||
Amortization of net loss included in net income
|
|
2
|
|
|
1
|
|
||
Other comprehensive income, net of tax
|
|
2
|
|
|
1
|
|
||
Comprehensive income
|
|
$
|
251
|
|
|
$
|
324
|
|
Consolidated Balance Sheets
|
Southern California Edison Company
|
(in millions, unaudited)
|
March 31,
2020 |
|
December 31, 2019
|
||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
451
|
|
|
$
|
24
|
|
Receivables, less allowances of $60 and $49 for uncollectible accounts at respective dates
|
785
|
|
|
777
|
|
||
Accrued unbilled revenue
|
409
|
|
|
488
|
|
||
Inventory
|
363
|
|
|
364
|
|
||
Income tax receivables
|
158
|
|
|
148
|
|
||
Prepaid expenses
|
158
|
|
|
213
|
|
||
Derivative assets
|
51
|
|
|
81
|
|
||
Regulatory assets
|
1,225
|
|
|
1,009
|
|
||
Wildfire Insurance Fund contributions
|
323
|
|
|
323
|
|
||
Other current assets
|
114
|
|
|
103
|
|
||
Total current assets
|
4,037
|
|
|
3,530
|
|
||
Nuclear decommissioning trusts
|
4,267
|
|
|
4,562
|
|
||
Other investments
|
55
|
|
|
46
|
|
||
Total investments
|
4,322
|
|
|
4,608
|
|
||
Utility property, plant and equipment, less accumulated depreciation and amortization of $10,147 and $9,958 at respective dates
|
44,733
|
|
|
44,198
|
|
||
Nonutility property, plant and equipment, less accumulated depreciation of $81 and $80 at respective dates
|
82
|
|
|
83
|
|
||
Total property, plant and equipment
|
44,815
|
|
|
44,281
|
|
||
Regulatory assets
|
6,294
|
|
|
6,088
|
|
||
Wildfire Insurance Fund contributions
|
2,687
|
|
|
2,767
|
|
||
Operating lease right-of-use assets
|
679
|
|
|
689
|
|
||
Long-term insurance receivables due from affiliate
|
803
|
|
|
803
|
|
||
Other long-term assets
|
1,434
|
|
|
1,507
|
|
||
Total long-term assets
|
11,897
|
|
|
11,854
|
|
||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
Total assets
|
$
|
65,071
|
|
|
$
|
64,273
|
|
Consolidated Balance Sheets
|
Southern California Edison Company
|
(in millions, except share amounts, unaudited)
|
March 31,
2020 |
|
December 31, 2019
|
||||
LIABILITIES AND EQUITY
|
|
|
|
||||
Short-term debt
|
$
|
475
|
|
|
$
|
550
|
|
Current portion of long-term debt
|
901
|
|
|
79
|
|
||
Accounts payable
|
1,454
|
|
|
1,779
|
|
||
Customer deposits
|
298
|
|
|
302
|
|
||
Regulatory liabilities
|
764
|
|
|
972
|
|
||
Current portion of operating lease liabilities
|
73
|
|
|
79
|
|
||
Other current liabilities
|
1,193
|
|
|
1,298
|
|
||
Total current liabilities
|
5,158
|
|
|
5,059
|
|
||
Long-term debt
|
15,991
|
|
|
15,132
|
|
||
Deferred income taxes and credits
|
6,559
|
|
|
6,451
|
|
||
Pensions and benefits
|
228
|
|
|
237
|
|
||
Asset retirement obligations
|
3,027
|
|
|
3,029
|
|
||
Regulatory liabilities
|
8,113
|
|
|
8,385
|
|
||
Operating lease liabilities
|
606
|
|
|
610
|
|
||
Wildfire-related claims
|
4,568
|
|
|
4,568
|
|
||
Other deferred credits and other long-term liabilities
|
2,775
|
|
|
2,975
|
|
||
Total deferred credits and other liabilities
|
25,876
|
|
|
26,255
|
|
||
Total liabilities
|
47,025
|
|
|
46,446
|
|
||
Commitments and contingencies (Note 12)
|
|
|
|
|
|
||
Preferred and preference stock
|
2,245
|
|
|
2,245
|
|
||
Common stock, no par value (560,000,000 shares authorized; 434,888,104 shares issued and outstanding at respective dates)
|
2,168
|
|
|
2,168
|
|
||
Additional paid-in capital
|
4,207
|
|
|
3,939
|
|
||
Accumulated other comprehensive loss
|
(37
|
)
|
|
(39
|
)
|
||
Retained earnings
|
9,463
|
|
|
9,514
|
|
||
Total equity
|
18,046
|
|
|
17,827
|
|
||
|
|
|
|
|
|
||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
Total liabilities and equity
|
$
|
65,071
|
|
|
$
|
64,273
|
|
Consolidated Statements of Cash Flows
|
Southern California Edison Company
|
|
|
Three months ended March 31,
|
||||||
(in millions, unaudited)
|
|
2020
|
|
2019
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
249
|
|
|
$
|
323
|
|
Adjustments to reconcile to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
499
|
|
|
497
|
|
||
Allowance for equity during construction
|
|
(21
|
)
|
|
(17
|
)
|
||
Deferred income taxes
|
|
(47
|
)
|
|
(109
|
)
|
||
Wildfire Insurance Fund amortization expense
|
|
84
|
|
|
—
|
|
||
Other
|
|
20
|
|
|
(1
|
)
|
||
Nuclear decommissioning trusts
|
|
14
|
|
|
(73
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Receivables
|
|
(30
|
)
|
|
5
|
|
||
Inventory
|
|
1
|
|
|
(30
|
)
|
||
Accounts payable
|
|
(156
|
)
|
|
37
|
|
||
Tax receivables and payables
|
|
35
|
|
|
83
|
|
||
Other current assets and liabilities
|
|
43
|
|
|
(366
|
)
|
||
Regulatory assets and liabilities, net
|
|
(372
|
)
|
|
(96
|
)
|
||
Wildfire-related insurance receivable
|
|
58
|
|
|
—
|
|
||
Other noncurrent assets and liabilities
|
|
(43
|
)
|
|
(6
|
)
|
||
Net cash provided by operating activities
|
|
334
|
|
|
247
|
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Long-term debt issued, net of premium, discount and issuance costs of $19 and $(13) for the respective periods
|
|
1,719
|
|
|
1,087
|
|
||
Long-term debt repaid
|
|
(40
|
)
|
|
(40
|
)
|
||
Term loan issued
|
|
475
|
|
|
750
|
|
||
Capital contributions from Edison International Parent
|
|
269
|
|
|
—
|
|
||
Short-term debt financing, net
|
|
(550
|
)
|
|
(691
|
)
|
||
Payments for stock-based compensation
|
|
(5
|
)
|
|
(26
|
)
|
||
Receipts from stock option exercises
|
|
—
|
|
|
14
|
|
||
Dividends paid
|
|
(505
|
)
|
|
(36
|
)
|
||
Other
|
|
5
|
|
|
5
|
|
||
Net cash provided by financing activities
|
|
1,368
|
|
|
1,063
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Capital expenditures
|
|
(1,267
|
)
|
|
(1,074
|
)
|
||
Proceeds from sale of nuclear decommissioning trust investments
|
|
1,407
|
|
|
1,208
|
|
||
Purchases of nuclear decommissioning trust investments
|
|
(1,421
|
)
|
|
(1,135
|
)
|
||
Other
|
|
7
|
|
|
15
|
|
||
Net cash used in investing activities
|
|
(1,274
|
)
|
|
(986
|
)
|
||
Net increase in cash, cash equivalents and restricted cash
|
|
428
|
|
|
324
|
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
|
24
|
|
|
22
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
|
$
|
452
|
|
|
$
|
346
|
|
|
|
Edison International
|
|
SCE
|
||||||||||||
(in millions)
|
|
March 31,
2020 |
|
December 31, 2019
|
|
March 31,
2020 |
|
December 31, 2019
|
||||||||
Money market funds
|
|
$
|
1,305
|
|
|
$
|
31
|
|
|
$
|
427
|
|
|
$
|
—
|
|
|
|
Edison International
|
|
SCE
|
||||||||||||
(in millions)
|
|
March 31,
2020 |
|
December 31, 2019
|
|
March 31,
2020 |
|
December 31, 2019
|
||||||||
Book balances reclassified to accounts payable
|
|
$
|
60
|
|
|
$
|
75
|
|
|
$
|
60
|
|
|
$
|
74
|
|
(in millions)
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Edison International:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
1,337
|
|
|
$
|
68
|
|
Short-term restricted cash1
|
|
1
|
|
|
2
|
|
||
Total cash, cash equivalents, and restricted cash
|
|
$
|
1,338
|
|
|
$
|
70
|
|
SCE:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
451
|
|
|
$
|
24
|
|
Short-term restricted cash1
|
|
1
|
|
|
—
|
|
||
Total cash, cash equivalents, and restricted cash
|
|
$
|
452
|
|
|
$
|
24
|
|
1
|
Reflected in "Other current assets" on Edison International's and SCE's consolidated balance sheets.
|
|
|
Three months ended March 31,
|
||||||
(in millions, except per-share amounts)
|
|
2020
|
|
2019
|
||||
Basic earnings per share:
|
|
|
|
|
||||
Net income attributable to common shareholders
|
|
$
|
183
|
|
|
$
|
278
|
|
Participating securities dividends
|
|
—
|
|
|
—
|
|
||
Net income available to common shareholders
|
|
$
|
183
|
|
|
$
|
278
|
|
Weighted average common shares outstanding
|
|
363
|
|
|
326
|
|
||
Basic earnings per share
|
|
$
|
0.50
|
|
|
$
|
0.85
|
|
Diluted earnings per share:
|
|
|
|
|
||||
Net income attributable to common shareholders
|
|
$
|
183
|
|
|
$
|
278
|
|
Participating securities dividends
|
|
—
|
|
|
—
|
|
||
Net income available to common shareholders
|
|
$
|
183
|
|
|
$
|
278
|
|
Income impact of assumed conversions
|
|
—
|
|
|
—
|
|
||
Net income available to common shareholders and assumed conversions
|
|
$
|
183
|
|
|
$
|
278
|
|
Weighted average common shares outstanding
|
|
363
|
|
|
326
|
|
||
Incremental shares from assumed conversions
|
|
1
|
|
|
1
|
|
||
Adjusted weighted average shares – diluted
|
|
364
|
|
|
327
|
|
||
Diluted earnings per share
|
|
$
|
0.50
|
|
|
$
|
0.85
|
|
|
Equity Attributable to Common Shareholders
|
|
Noncontrolling Interests
|
|
|
||||||||||||||||||
(in millions, except per share amounts)
|
Common
Stock
|
|
Accumulated
Other Comprehensive Loss |
|
Retained
Earnings
|
|
Subtotal
|
|
Preferred
and
Preference
Stock
|
|
Total
Equity
|
||||||||||||
Balance at December 31, 2019
|
$
|
4,990
|
|
|
$
|
(69
|
)
|
|
$
|
8,382
|
|
|
$
|
13,303
|
|
|
$
|
2,193
|
|
|
$
|
15,496
|
|
Net income
|
—
|
|
|
—
|
|
|
183
|
|
|
183
|
|
|
30
|
|
|
213
|
|
||||||
Other comprehensive income
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||
Common stock issued, net of issuance cost
|
88
|
|
|
—
|
|
|
—
|
|
|
88
|
|
|
—
|
|
|
88
|
|
||||||
Common stock dividends declared ($0.6375 per share)
|
—
|
|
|
—
|
|
|
(232
|
)
|
|
(232
|
)
|
|
—
|
|
|
(232
|
)
|
||||||
Dividends to noncontrolling interests ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
(30
|
)
|
||||||
Noncash stock-based compensation
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
||||||
Balance at March 31, 2020
|
$
|
5,085
|
|
|
$
|
(67
|
)
|
|
$
|
8,333
|
|
|
$
|
13,351
|
|
|
$
|
2,193
|
|
|
$
|
15,544
|
|
|
Equity Attributable to Common Shareholders
|
|
Noncontrolling Interests
|
|
|
||||||||||||||||||
(in millions, except per share amounts)
|
Common
Stock
|
|
Accumulated
Other Comprehensive Loss |
|
Retained
Earnings
|
|
Subtotal
|
|
Preferred
and
Preference
Stock
|
|
Total
Equity
|
||||||||||||
Balance at December 31, 2018
|
$
|
2,545
|
|
|
$
|
(50
|
)
|
|
$
|
7,964
|
|
|
$
|
10,459
|
|
|
$
|
2,193
|
|
|
$
|
12,652
|
|
Net income
|
—
|
|
|
—
|
|
|
278
|
|
|
278
|
|
|
30
|
|
|
308
|
|
||||||
Other comprehensive income
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||
Cumulative effect of accounting changes1
|
—
|
|
|
(10
|
)
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Common stock dividends declared ($0.6125 per share)
|
—
|
|
|
—
|
|
|
(200
|
)
|
|
(200
|
)
|
|
—
|
|
|
(200
|
)
|
||||||
Dividends to noncontrolling interests ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
(30
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
(18
|
)
|
|
—
|
|
|
(18
|
)
|
||||||
Noncash stock-based compensation
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||||
Balance at March 31, 2019
|
$
|
2,550
|
|
|
$
|
(58
|
)
|
|
$
|
8,034
|
|
|
$
|
10,526
|
|
|
$
|
2,193
|
|
|
$
|
12,719
|
|
1
|
Edison International recognized a cumulative effect adjustment to the opening balance of retained earnings and accumulated other comprehensive loss on January 1, 2019 related to the adoption of the accounting standards update on the reclassification of stranded tax effects resulting from Tax Cuts and Jobs Act ("Tax Reform.")
|
(in millions, except per share amounts)
|
Preferred
and Preference Stock |
|
Common
Stock |
|
Additional
Paid-in Capital |
|
Accumulated
Other Comprehensive Loss |
|
Retained
Earnings |
|
Total
Equity |
||||||||||||
Balance at December 31, 2019
|
$
|
2,245
|
|
|
$
|
2,168
|
|
|
$
|
3,939
|
|
|
$
|
(39
|
)
|
|
$
|
9,514
|
|
|
$
|
17,827
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
249
|
|
|
249
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||
Capital contribution from Edison International Parent
|
—
|
|
|
—
|
|
|
269
|
|
|
—
|
|
|
—
|
|
|
269
|
|
||||||
Dividends declared on common stock ($0.6185 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(269
|
)
|
|
(269
|
)
|
||||||
Dividends declared on preferred stock ($0.255 - $0.299 per share) and preference stock ($15.625 - $35.936 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
(30
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
||||||
Noncash stock-based compensation
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
(1
|
)
|
|
3
|
|
||||||
Balance at March 31, 2020
|
$
|
2,245
|
|
|
$
|
2,168
|
|
|
$
|
4,207
|
|
|
$
|
(37
|
)
|
|
$
|
9,463
|
|
|
$
|
18,046
|
|
(in millions, except per share amounts)
|
Preferred
and Preference Stock |
|
Common
Stock |
|
Additional
Paid-in Capital |
|
Accumulated
Other Comprehensive Loss |
|
Retained
Earnings |
|
Total
Equity |
||||||||||||
Balance at December 31, 2018
|
$
|
2,245
|
|
|
$
|
2,168
|
|
|
$
|
680
|
|
|
$
|
(23
|
)
|
|
$
|
8,715
|
|
|
$
|
13,785
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
323
|
|
|
323
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
Cumulative effect of accounting change1
|
|
|
|
|
|
|
(5
|
)
|
|
5
|
|
|
—
|
|
|||||||||
Dividends declared on common stock ($0.4599 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(200
|
)
|
|
(200
|
)
|
||||||
Dividends declared on preferred stock ($0.255 - $0.299 per share) and preference stock ($15.625 - $35.936 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
(30
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
(12
|
)
|
||||||
Noncash stock-based compensation
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
Balance at March 31, 2019
|
$
|
2,245
|
|
|
$
|
2,168
|
|
|
$
|
683
|
|
|
$
|
(27
|
)
|
|
$
|
8,801
|
|
|
$
|
13,870
|
|
1
|
SCE recognized a cumulative effect adjustment to the opening balance of retained earnings and accumulated other comprehensive loss on January 1, 2019 related to the adoption of the accounting standards update on the reclassification of stranded tax effects resulting from Tax Reform.
|
|
|
Three months ended March 31,
|
||||||||||||||||||
(in millions)
|
|
Trust II
|
|
Trust III
|
|
Trust IV
|
|
Trust V
|
|
Trust VI
|
||||||||||
2020
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividend income
|
|
$
|
5
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
6
|
|
Dividend distributions
|
|
5
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
6
|
|
|||||
2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividend income
|
|
$
|
5
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
6
|
|
Dividend distributions
|
|
5
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
6
|
|
|
March 31, 2020
|
||||||||||||||||||
(in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
and
Collateral1
|
|
Total
|
||||||||||
Assets at fair value
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative contracts
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
54
|
|
|
$
|
(6
|
)
|
|
$
|
52
|
|
Money market funds and other
|
431
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
445
|
|
|||||
Nuclear decommissioning trusts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Stocks2
|
1,393
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,393
|
|
|||||
Fixed Income3
|
569
|
|
|
2,209
|
|
|
—
|
|
|
—
|
|
|
2,778
|
|
|||||
Short-term investments, primarily cash equivalents
|
198
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
200
|
|
|||||
Subtotal of nuclear decommissioning trusts4
|
2,160
|
|
|
2,211
|
|
|
—
|
|
|
—
|
|
|
4,371
|
|
|||||
Total assets
|
2,591
|
|
|
2,229
|
|
|
54
|
|
|
(6
|
)
|
|
4,868
|
|
|||||
Liabilities at fair value
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative contracts
|
—
|
|
|
53
|
|
|
2
|
|
|
(36
|
)
|
|
19
|
|
|||||
Total liabilities
|
—
|
|
|
53
|
|
|
2
|
|
|
(36
|
)
|
|
19
|
|
|||||
Net assets
|
$
|
2,591
|
|
|
$
|
2,176
|
|
|
$
|
52
|
|
|
$
|
30
|
|
|
$
|
4,849
|
|
|
December 31, 2019
|
||||||||||||||||||
(in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
and
Collateral1
|
|
Total
|
||||||||||
Assets at fair value
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative contracts
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
83
|
|
|
$
|
(15
|
)
|
|
$
|
87
|
|
Money market funds and other
|
4
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|||||
Nuclear decommissioning trusts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Stocks2
|
1,765
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,765
|
|
|||||
Fixed Income3
|
738
|
|
|
2,024
|
|
|
—
|
|
|
—
|
|
|
2,762
|
|
|||||
Short-term investments, primarily cash equivalents
|
98
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|
146
|
|
|||||
Subtotal of nuclear decommissioning trusts4
|
2,601
|
|
|
2,072
|
|
|
—
|
|
|
—
|
|
|
4,673
|
|
|||||
Total assets
|
2,605
|
|
|
2,105
|
|
|
83
|
|
|
(15
|
)
|
|
4,778
|
|
|||||
Liabilities at fair value
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative contracts
|
—
|
|
|
11
|
|
|
5
|
|
|
(15
|
)
|
|
1
|
|
|||||
Total liabilities
|
—
|
|
|
11
|
|
|
5
|
|
|
(15
|
)
|
|
1
|
|
|||||
Net assets
|
$
|
2,605
|
|
|
$
|
2,094
|
|
|
$
|
78
|
|
|
$
|
—
|
|
|
$
|
4,777
|
|
1
|
Represents the netting of assets and liabilities under master netting agreements and cash collateral.
|
2
|
Approximately 73% and 72% of SCE's equity investments were in companies located in the United States at March 31, 2020 and December 31, 2019, respectively.
|
3
|
Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $31 million and $46 million at March 31, 2020 and December 31, 2019, respectively.
|
4
|
Excludes net payables of $104 million and $111 million at March 31, 2020 and December 31, 2019, respectively, which consist of payables and receivables related to SCE's pending securities purchases and sales as well as interest and dividend receivables.
|
|
|
Three months ended March 31,
|
||||||
(in millions)
|
|
2020
|
|
2019
|
||||
Fair value of net assets at beginning of period
|
|
$
|
78
|
|
|
$
|
141
|
|
Total realized/unrealized losses1
|
|
(26
|
)
|
|
(46
|
)
|
||
Fair value of net assets at end of period2
|
|
52
|
|
|
95
|
|
||
Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period
|
|
$
|
(6
|
)
|
|
$
|
(2
|
)
|
1
|
Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities.
|
2
|
There were no material transfers into or out of Level 3 during 2020 and 2019.
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||
(in millions)
|
|
Carrying
Value1
|
|
Fair
Value2
|
|
Carrying
Value1
|
|
Fair
Value2
|
||||||||
Edison International
|
|
$
|
20,026
|
|
|
$
|
21,169
|
|
|
$
|
18,343
|
|
|
$
|
20,137
|
|
SCE
|
|
16,892
|
|
|
18,062
|
|
|
15,211
|
|
|
16,892
|
|
1
|
Carrying value is net of debt issuance costs.
|
2
|
The fair value of Edison International's and SCE's short-term and long-term debt is classified as Level 2.
|
|
|
March 31, 2020
|
|
|
||||||||||||||||||||||||
|
|
Derivative Assets
|
|
Derivative Liabilities
|
|
Net
Assets |
||||||||||||||||||||||
(in millions)
|
|
Short-Term
|
|
Long-Term1
|
|
Subtotal
|
|
Short-Term2
|
|
Long-Term
|
|
Subtotal
|
|
|||||||||||||||
Commodity derivative contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross amounts recognized
|
|
$
|
57
|
|
|
$
|
1
|
|
|
$
|
58
|
|
|
$
|
55
|
|
|
$
|
—
|
|
|
$
|
55
|
|
|
$
|
3
|
|
Gross amounts offset in the consolidated balance sheets
|
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|||||||
Cash collateral posted3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
—
|
|
|
(30
|
)
|
|
30
|
|
|||||||
Net amounts presented in the consolidated balance sheets
|
|
$
|
51
|
|
|
$
|
1
|
|
|
$
|
52
|
|
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
33
|
|
|
|
December 31, 2019
|
|
|
||||||||||||||||||||||||
|
|
Derivative Assets
|
|
Derivative Liabilities
|
|
Net
Assets |
||||||||||||||||||||||
(in millions)
|
|
Short-Term
|
|
Long-Term1
|
|
Subtotal
|
|
Short-Term2
|
|
Long-Term
|
|
Subtotal
|
|
|||||||||||||||
Commodity derivative contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross amounts recognized
|
|
$
|
94
|
|
|
$
|
8
|
|
|
$
|
102
|
|
|
$
|
14
|
|
|
$
|
2
|
|
|
$
|
16
|
|
|
$
|
86
|
|
Gross amounts offset in the consolidated balance sheets
|
|
(13
|
)
|
|
(2
|
)
|
|
(15
|
)
|
|
(13
|
)
|
|
(2
|
)
|
|
(15
|
)
|
|
—
|
|
|||||||
Cash collateral posted3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Net amounts presented in the consolidated balance sheets
|
|
$
|
81
|
|
|
$
|
6
|
|
|
$
|
87
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
86
|
|
1
|
Included in "Other long-term assets" on Edison International's and SCE's consolidated balance sheets.
|
2
|
Included in "Other current liabilities" on Edison International's and SCE's consolidated balance sheets.
|
3
|
At March 31, 2020, SCE posted $52 million of cash, of which $30 million was offset against net derivative liabilities and $22 million was reflected in "Other current assets" on the consolidated balance sheets. At December 31, 2019, SCE posted $24 million of cash, which was not offset against net derivative liabilities and was reflected in "Other current assets" on the consolidated balance sheets.
|
|
|
Three months ended March 31,
|
||||||
(in millions)
|
|
2020
|
|
2019
|
||||
Realized (losses) gains
|
|
$
|
(44
|
)
|
|
$
|
32
|
|
Unrealized losses
|
|
(83
|
)
|
|
(50
|
)
|
|
|
|
|
Economic Hedges
|
||||
Commodity
|
|
Unit of Measure
|
|
March 31, 2020
|
|
December 31, 2019
|
||
Electricity options, swaps and forwards
|
|
GWh
|
|
4,469
|
|
|
3,155
|
|
Natural gas options, swaps and forwards
|
|
Bcf
|
|
50
|
|
|
43
|
|
Congestion revenue rights
|
|
GWh
|
|
40,736
|
|
|
48,170
|
|
•
|
Earning activities – representing revenue authorized by the CPUC and FERC, which is intended to provide SCE a reasonable opportunity to recover its costs and earn a return on its net investment in generation, transmission and distribution assets. The annual revenue requirements are comprised of authorized operation and maintenance costs, depreciation, taxes and a return consistent with the capital structure. Also, included in earnings activities are revenue or penalties related to incentive mechanisms, other operating revenue, and regulatory charges or disallowances.
|
•
|
Cost-recovery activities – representing CPUC- and FERC- authorized balancing accounts, which allow for recovery of specific project or program costs, subject to reasonableness review or compliance with upfront standards. Cost-recovery activities include rates which provide recovery, subject to reasonableness review of, among other things, fuel costs, purchased power costs, public purpose related-program costs (including energy efficiency and demand-side management programs) and certain operation and maintenance expenses. SCE earns no return on these activities.
|
|
Three months ended March 31, 2020
|
Three months ended March 31, 2019
|
||||||||||||||||
(in millions)
|
Earning
Activities |
Cost-
Recovery Activities |
Total
Consolidated |
Earning Activities
|
Cost-Recovery Activities
|
Total Consolidated
|
||||||||||||
Revenues from contracts with customers1,2
|
$
|
1,624
|
|
$
|
718
|
|
$
|
2,342
|
|
$
|
1,502
|
|
$
|
957
|
|
$
|
2,459
|
|
Alternative revenue programs and other operating revenue3
|
117
|
|
321
|
|
438
|
|
48
|
|
309
|
|
357
|
|
||||||
Total operating revenue
|
$
|
1,741
|
|
$
|
1,039
|
|
$
|
2,780
|
|
$
|
1,550
|
|
$
|
1,266
|
|
$
|
2,816
|
|
1
|
In the absence of a 2018 GRC decision, SCE recognized CPUC revenue in the first quarter of 2019 based on the 2017 authorized revenue requirement adjusted mainly for the July 2017 cost of capital decision and Tax Reform.
|
2
|
At March 31, 2020 and December 31, 2019, SCE's receivables related to contracts from customers were $1.0 billion and $1.1 billion, respectively, which include accrued unbilled revenue of $409 million and $488 million, respectively.
|
3
|
Includes differences between amounts billed and authorized levels for both CPUC and FERC.
|
|
Edison International
|
|
SCE
|
||||||||||||
|
Three months ended March 31,
|
||||||||||||||
(in millions)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Income from operations before income taxes
|
$
|
129
|
|
|
$
|
196
|
|
|
$
|
174
|
|
|
$
|
218
|
|
Provision for income tax at federal statutory rate of 21%
|
27
|
|
|
41
|
|
|
37
|
|
|
46
|
|
||||
Decrease in income tax from:
|
|
|
|
|
|
|
|
|
|||||||
State tax, net of federal benefit
|
(13
|
)
|
|
(7
|
)
|
|
(12
|
)
|
|
(5
|
)
|
||||
Property-related
|
(78
|
)
|
|
(69
|
)
|
|
(78
|
)
|
|
(69
|
)
|
||||
Change related to uncertain tax position1
|
(15
|
)
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
||||
Deferred tax re-measurement2
|
—
|
|
|
(69
|
)
|
|
—
|
|
|
(69
|
)
|
||||
Other
|
(5
|
)
|
|
(8
|
)
|
|
(5
|
)
|
|
(8
|
)
|
||||
Total income tax benefit
|
$
|
(84
|
)
|
|
$
|
(112
|
)
|
|
$
|
(75
|
)
|
|
$
|
(105
|
)
|
Effective tax rate
|
(65.1
|
)%
|
|
(57.1
|
)%
|
|
(43.1
|
)%
|
|
(48.2
|
)%
|
1
|
Primarily relates to the re-measurement of uncertain tax positions related to the 2010 – 2012 California state tax filings currently under audit.
|
2
|
Relates to changes in the allocation of deferred tax re-measurement between customers and shareholders as a result of a CPUC resolution issued in February 2019 to provide guidance on the implementation of Tax Reform. The resolution determined that customers are only entitled to excess deferred taxes which were included when setting rates, while other deferred tax re-measurement belongs to the shareholders.
|
|
|
Three months ended March 31,
|
||||||
(in millions)
|
|
2020
|
|
2019
|
||||
Edison International:
|
|
|
|
|
||||
Service cost
|
|
$
|
31
|
|
|
$
|
32
|
|
Non-service cost (benefit)
|
|
|
|
|
||||
Interest cost
|
|
31
|
|
|
39
|
|
||
Expected return on plan assets
|
|
(54
|
)
|
|
(52
|
)
|
||
Amortization of net loss1
|
|
3
|
|
|
2
|
|
||
Regulatory adjustment
|
|
2
|
|
|
(4
|
)
|
||
Total non-service benefit2
|
|
(18
|
)
|
|
(15
|
)
|
||
Total expense recognized
|
|
$
|
13
|
|
|
$
|
17
|
|
SCE:
|
|
|
|
|
||||
Service cost
|
|
$
|
30
|
|
|
$
|
31
|
|
Non-service cost (benefit)
|
|
|
|
|
||||
Interest cost
|
|
28
|
|
|
35
|
|
||
Expected return on plan assets
|
|
(51
|
)
|
|
(49
|
)
|
||
Amortization of net loss1
|
|
2
|
|
|
1
|
|
||
Regulatory adjustment
|
|
2
|
|
|
(4
|
)
|
||
Total non-service benefit2
|
|
(19
|
)
|
|
(17
|
)
|
||
Total expense recognized
|
|
$
|
11
|
|
|
$
|
14
|
|
1
|
Includes the amount of net loss reclassified from other comprehensive loss. The amount reclassified for Edison International and SCE was $3 million and $2 million respectively, for the three months ended March 31, 2020. The amount reclassified for Edison International and SCE was $2 million and $1 million, respectively, for the three months ended March 31, 2019.
|
2
|
Included in "Other income" on Edison International's and SCE's consolidated statement of income.
|
|
|
Three months ended March 31,
|
||||||
(in millions)
|
|
2020
|
|
2019
|
||||
Service cost
|
|
$
|
9
|
|
|
$
|
8
|
|
Non-service cost (benefit)
|
|
|
|
|
||||
Interest cost
|
|
17
|
|
|
21
|
|
||
Expected return on plan assets
|
|
(30
|
)
|
|
(28
|
)
|
||
Amortization of net gain
|
|
(4
|
)
|
|
(1
|
)
|
||
Regulatory adjustment
|
|
8
|
|
|
6
|
|
||
Total non-service benefit1
|
|
(9
|
)
|
|
(2
|
)
|
||
Total expense
|
|
$
|
—
|
|
|
$
|
6
|
|
|
Longest
Maturity
Dates
|
|
Amortized Cost
|
|
Fair Value
|
||||||||||||
(in millions)
|
|
March 31,
2020 |
|
December 31,
2019 |
|
March 31,
2020 |
|
December 31, 2019
|
|||||||||
Stocks
|
—
|
|
N/A
|
|
|
N/A
|
|
|
$
|
1,393
|
|
|
$
|
1,765
|
|
||
Municipal bonds
|
2057
|
|
$
|
1,063
|
|
|
$
|
822
|
|
|
1,214
|
|
|
970
|
|
||
U.S. government and agency securities
|
2067
|
|
745
|
|
|
996
|
|
|
928
|
|
|
1,115
|
|
||||
Corporate bonds
|
2068
|
|
575
|
|
|
597
|
|
|
636
|
|
|
679
|
|
||||
Short-term investments and receivables/payables1
|
One-year
|
|
91
|
|
|
32
|
|
|
96
|
|
|
33
|
|
||||
Total
|
|
|
$
|
2,474
|
|
|
$
|
2,447
|
|
|
$
|
4,267
|
|
|
$
|
4,562
|
|
1
|
Short-term investments include $56 million and $41 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by April 1, 2020 and January 2, 2020 as of March 31, 2020 and December 31, 2019, respectively.
|
|
Three months ended March 31,
|
||||||
(in millions)
|
2020
|
|
2019
|
||||
Gross realized gains
|
$
|
39
|
|
|
$
|
23
|
|
Gross realized loss
|
2
|
|
|
—
|
|
||
Net unrealized (losses) gains for equity securities
|
(376
|
)
|
|
168
|
|
(in millions)
|
March 31,
2020 |
|
December 31,
2019 |
||||
Current:
|
|
|
|
||||
Regulatory balancing and memorandum accounts
|
$
|
993
|
|
|
$
|
798
|
|
Power contracts
|
210
|
|
|
189
|
|
||
Other
|
22
|
|
|
22
|
|
||
Total current
|
1,225
|
|
|
1,009
|
|
||
Long-term:
|
|
|
|
||||
Deferred income taxes, net of liabilities
|
4,145
|
|
|
4,026
|
|
||
Pensions and other postretirement benefits
|
85
|
|
|
87
|
|
||
Power contracts
|
387
|
|
|
434
|
|
||
Unamortized investments, net of accumulated amortization
|
118
|
|
|
119
|
|
||
Unamortized loss on reacquired debt
|
139
|
|
|
142
|
|
||
Regulatory balancing and memorandum accounts
|
1,129
|
|
|
981
|
|
||
Environmental remediation
|
235
|
|
|
237
|
|
||
Other
|
56
|
|
|
62
|
|
||
Total long-term
|
6,294
|
|
|
6,088
|
|
||
Total regulatory assets
|
$
|
7,519
|
|
|
$
|
7,097
|
|
(in millions)
|
March 31,
2020 |
|
December 31,
2019 |
||||
Current:
|
|
|
|
||||
Regulatory balancing and memorandum accounts
|
$
|
749
|
|
|
$
|
883
|
|
Energy derivatives
|
3
|
|
|
80
|
|
||
Other
|
12
|
|
|
9
|
|
||
Total current
|
764
|
|
|
972
|
|
||
Long-term:
|
|
|
|
||||
Cost of removal
|
2,670
|
|
|
2,674
|
|
||
Re-measurement of deferred taxes
|
2,388
|
|
|
2,424
|
|
||
Recoveries in excess of ARO liabilities1
|
1,245
|
|
|
1,569
|
|
||
Regulatory balancing and memorandum accounts
|
1,356
|
|
|
1,261
|
|
||
Other postretirement benefits
|
420
|
|
|
416
|
|
||
Other
|
34
|
|
|
41
|
|
||
Total long-term
|
8,113
|
|
|
8,385
|
|
||
Total regulatory liabilities
|
$
|
8,877
|
|
|
$
|
9,357
|
|
1
|
Represents the cumulative differences between ARO expenses and amounts collected in rates primarily for the decommissioning of SCE's nuclear generation facilities. Decommissioning costs recovered through rates are primarily placed in nuclear decommissioning trusts. This regulatory liability also represents the deferral of realized and unrealized gains and losses on the nuclear decommissioning trust investments. See Note 10 for further discussion.
|
(in millions)
|
March 31,
2020 |
|
December 31,
2019 |
||||
Asset (liability)
|
|
|
|
||||
Energy resource recovery account
|
$
|
(120
|
)
|
|
$
|
(23
|
)
|
Portfolio allocation balancing account
|
599
|
|
|
537
|
|
||
New system generation balancing account
|
75
|
|
|
85
|
|
||
Public purpose programs and energy efficiency programs
|
(1,330
|
)
|
|
(1,235
|
)
|
||
Tax accounting memorandum account and pole loading balancing account
|
(7
|
)
|
|
17
|
|
||
Base revenue requirement balancing account
|
101
|
|
|
(328
|
)
|
||
DOE litigation memorandum account
|
(35
|
)
|
|
(35
|
)
|
||
Greenhouse gas auction revenue and low carbon fuel standard revenue
|
(234
|
)
|
|
(196
|
)
|
||
FERC balancing accounts
|
(58
|
)
|
|
(127
|
)
|
||
Wildfire-related memorandum accounts1
|
947
|
|
|
868
|
|
||
Other
|
79
|
|
|
72
|
|
||
Asset (liability)
|
$
|
17
|
|
|
$
|
(365
|
)
|
1
|
The wildfire-related memorandum accounts regulatory assets represent wildfire-related costs that are probable of future recovery from customers, subject to a reasonableness review. The Fire Hazard Prevention Memorandum Account ("FHPMA") is used to track costs related to fire safety and to implement fire prevention corrective action measures in extreme and very high fire threat areas. The Catastrophic Event Memorandum Account ("CEMA") is used to track costs related to restoring service and damage repair, upon declaration of disasters by state or federal authorities. The Wildfire Expense Memorandum Account ("WEMA") is used to track incremental wildfire insurance costs and uninsured wildfire-related financing, legal and claims costs. During 2019, the CPUC approved a Wildfire Mitigation Plan memorandum account to track costs incurred to implement SCE's Wildfire Mitigation Plan that are not currently reflected in SCE's revenue requirements, a Grid Safety and Resiliency Program Memorandum Account ("GSRPMA") to track the costs of SCE's GS&RP that are incremental to costs approved for recovery in SCE's 2018 GRC and a fire risk mitigation memorandum account to track costs related to the reduction of fire risk that are incremental to the amount in SCE's any other revenue requirement.
|
|
Edison International
|
|
SCE
|
||||||||||||
|
Three months ended March 31,
|
||||||||||||||
(in millions)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Beginning balance
|
$
|
(69
|
)
|
|
$
|
(50
|
)
|
|
$
|
(39
|
)
|
|
$
|
(23
|
)
|
Pension and PBOP – net loss:
|
|
|
|
|
|
|
|
||||||||
Reclassified from accumulated other comprehensive loss1
|
2
|
|
|
2
|
|
|
2
|
|
|
1
|
|
||||
Other2
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(5
|
)
|
||||
Change
|
2
|
|
|
(8
|
)
|
|
2
|
|
|
(4
|
)
|
||||
Ending Balance
|
$
|
(67
|
)
|
|
$
|
(58
|
)
|
|
$
|
(37
|
)
|
|
$
|
(27
|
)
|
1
|
These items are included in the computation of net periodic pension and PBOP Plan expense. See Note 9 for additional information.
|
2
|
Edison International and SCE recognized cumulative effect adjustments to the opening balance of retained earnings and accumulated other comprehensive loss on January 1, 2019 related to the adoption of the accounting standards update on the reclassification of stranded tax effects resulting from Tax Reform.
|
|
|
Three months ended March 31,
|
||||||
(in millions)
|
|
2020
|
|
2019
|
||||
SCE other income (expense):
|
|
|
|
|
||||
Equity allowance for funds used during construction
|
|
$
|
21
|
|
|
$
|
17
|
|
Increase in cash surrender value of life insurance policies and life insurance benefits
|
|
10
|
|
|
9
|
|
||
Interest income
|
|
9
|
|
|
9
|
|
||
Net periodic benefit income – non-service components
|
|
28
|
|
|
19
|
|
||
Civic, political and related activities and donations
|
|
(11
|
)
|
|
(13
|
)
|
||
Other
|
|
(5
|
)
|
|
(3
|
)
|
||
Total SCE other income
|
|
52
|
|
|
38
|
|
||
Other income (expense) of Edison International Parent and Other:
|
|
|
|
|
||||
Net periodic benefit costs – non-service components
|
|
(1
|
)
|
|
(2
|
)
|
||
Other
|
|
1
|
|
|
2
|
|
||
Total Edison International other income
|
|
$
|
52
|
|
|
$
|
38
|
|
|
Edison International
|
|
SCE
|
||||||||||||
|
Three months ended March 31,
|
||||||||||||||
(in millions)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Cash payments:
|
|
|
|
|
|
|
|
||||||||
Interest, net of amounts capitalized
|
$
|
233
|
|
|
$
|
200
|
|
|
$
|
210
|
|
|
$
|
177
|
|
Income taxes, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Non-cash financing and investing activities:
|
|
|
|
|
|
|
|
||||||||
Dividends declared but not paid:
|
|
|
|
|
|
|
|
||||||||
Common stock
|
232
|
|
|
200
|
|
|
—
|
|
|
200
|
|
||||
Preferred and preference stock
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
(in millions)
|
|
March 31,
2020 |
|
December 31, 2019
|
||||
Long-term insurance receivable due from affiliate
|
|
$
|
803
|
|
|
$
|
803
|
|
Prepaid insurance1
|
|
32
|
|
|
10
|
|
1
|
Reflected in "Prepaid expenses" on SCE's consolidated balance sheets.
|
Exhibit
Number
|
|
Description
|
|
|
|
|
|
|
10.1
|
|
|
|
|
|
10.2
|
|
|
|
|
|
10.3
|
|
|
|
|
|
10.4**
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
101.1
|
|
Financial statements from the quarterly report on Form 10-Q of Edison International for the quarter ended March 31, 2020, filed on April 30, 2020, formatted in XBRL: (i) the Consolidated Statements of Income; (ii) the Consolidated Statements of Comprehensive Income; (iii) the Consolidated Balance Sheets; (iv) the Consolidated Statements of Cash Flows; and (v) the Notes to Consolidated Financial Statements
|
|
|
|
101.2
|
|
Financial statements from the quarterly report on Form 10-Q of Southern California Edison Company for the quarter ended March 31, 2020, filed on April 30, 2020, formatted in XBRL: (i) the Consolidated Statements of Income; (ii) the Consolidated Statements of Comprehensive Income; (iii) the Consolidated Balance Sheets; (iv) the Consolidated Statements of Cash Flows; and (v) the Notes to Consolidated Financial Statements
|
|
|
|
104
|
|
The cover page of this report formatted in Inline XBRL (included as Exhibit 101)
|
|
EDISON INTERNATIONAL
|
|
|
SOUTHERN CALIFORNIA EDISON COMPANY
|
|
|
|
|
|
By:
|
/s/ Aaron D. Moss
|
|
By:
|
/s/ Aaron D. Moss
|
|
Aaron D. Moss
Vice President and Controller
(Duly Authorized Officer and
Principal Accounting Officer)
|
|
|
Aaron D. Moss
Vice President and Controller
(Duly Authorized Officer and
Principal Accounting Officer)
|
|
|
|
|
|
Date:
|
April 30, 2020
|
|
Date:
|
April 30, 2020
|
1 Year Edison Chart |
1 Month Edison Chart |
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