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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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June 30, 2019
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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 July 23, 2019:
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Edison International
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325,811,206 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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Southern California Wildfires and Mudslides
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Part I, Item 3
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Part I, Item 1
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Note 5. Debt and Equity Financing
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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 2
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Part II, Item 5
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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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2018 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, 2018
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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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AFUDC
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allowance for funds used during construction
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ALJ
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administrative law judge
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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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bonus depreciation
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Federal tax deduction of a percentage of the qualifying property placed in service during periods permitted under tax laws
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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 Advocates
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CPUC's Public Advocates Office (formerly known as the Office of Ratepayer Advocates or ORA)
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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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Commission on Catastrophic Wildfire Cost and Recovery
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Commission on Catastrophic Wildfire Cost and Recovery established by the California Governor’s Office of Planning and Research as required by California Senate Bill 901
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CPUC
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California Public Utilities Commission
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December 2017 Wildfires
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several wind-driven wildfires, including the Thomas Fire and the Koenigstein Fire, that occurred in December 2017 and impacted portions of SCE's service territory
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DERs
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distributed energy resources
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DOE
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U.S. Department of Energy
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DRP
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Distributed Resources Plan
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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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EME Settlement Agreement
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Settlement Agreement by and among Edison Mission Energy, Edison International and the Consenting Noteholders identified therein, dated February 18, 2014
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Electric Service Provider
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an entity that offers electric power and ancillary services to customers that take final delivery of electric power and do not resell the power
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ERRA
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Energy Resource Recovery Account
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FASB
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Financial Accounting Standards Board
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FERC
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Federal Energy Regulatory Commission
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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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HLBV
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hypothetical liquidation at book value
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IRS
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Internal Revenue Service
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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 25, 2019
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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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Liability Cap
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If the insurance fund allowed under AB 1054 is established, and subject to certain other conditions, a cap on the aggregate requirement to reimburse the insurance fund over a trailing three calendar year period equal to 20% of the equity portion of the utility’s transmission and distribution rate base in the year of the prudency determination
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MD&A
|
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Management's Discussion and Analysis of Financial Condition and Results
of Operations in this report
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MHI
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Mitsubishi Heavy Industries, Inc. and related companies
|
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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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MW
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megawatts
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MWdc
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megawatts measured for solar projects representing the accumulated peak capacity of all the solar modules
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NDCTP
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Nuclear Decommissioning Cost Triennial Proceeding
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NEIL
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Nuclear Electric Insurance Limited
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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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NOL
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net operating loss
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NRC
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Nuclear Regulatory Commission
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OII
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Order Instituting Investigation
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OII Parties
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SCE, SDG&E, The Alliance for Nuclear Responsibility, The California Large Energy Consumers Association, California State University, Citizens Oversight dba Coalition to Decommission San Onofre, the Coalition of California Utility Employees, the Direct Access Customer Coalition, Ruth Henricks, Cal Advocates, TURN, and Women's Energy Matters, all of whom are parties to the Revised San Onofre Settlement Agreement
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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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Prior San Onofre Settlement Agreement
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San Onofre OII Settlement Agreement by and among TURN, Cal Advocates, SDG&E, the Coalition of California Utility Employees, and Friends of the Earth, dated November 20, 2014
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Revised San Onofre
Settlement Agreement
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Revised San Onofre OII Settlement Agreement among OII Parties, dated January 30, 2018 and modified on August 2, 2018
|
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ROE
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return on common equity
|
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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
|
|
Tax Cuts and Jobs Act signed into law on December 22, 2017
|
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Thomas Fire
|
|
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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TURN
|
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The Utility Reform Network
|
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US EPA
|
|
U.S. Environmental Protection Agency
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VCFD
|
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The Ventura County Fire Department
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WMP
|
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a wildfire mitigation plan required to be filed every three years under California Assembly Bill 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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Woolsey Fire
|
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a wind-driven fire that originated in Ventura County in November 2018
|
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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 and capital spending incurred prior to formal regulatory approval;
|
|
•
|
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 a substantial cause, including the ability of SCE and SDG&E to raise the funds required to make initial contributions to the insurance fund under AB 1054, SCE's ability to maintain a valid safety certification, SCE's ability to recover uninsured wildfire-related costs from the wildfire fund established under AB 1054, and the CPUC's interpretation of and actions under AB 1054;
|
|
•
|
decisions and other actions by the CPUC, the FERC, the NRC and other regulatory authorities, including decisions and actions related to determinations of authorized rates of return or return on equity, the GS&RP application, the recoverability of wildfire-related and mudslide-related costs, and delays in regulatory actions;
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•
|
ability of Edison International or SCE to borrow funds and access the bank and capital markets on reasonable terms;
|
|
•
|
actions by credit rating agencies to downgrade Edison International or SCE's credit ratings or to place those ratings on negative watch or outlook;
|
|
•
|
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;
|
|
•
|
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;
|
|
•
|
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;
|
|
•
|
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;
|
|
•
|
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;
|
|
•
|
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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•
|
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;
|
|
•
|
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;
|
|
•
|
changes in the fair value of investments and other assets;
|
|
•
|
changes in interest rates and rates of inflation, including escalation rates (which may be adjusted by public utility regulators);
|
|
•
|
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;
|
|
•
|
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;
|
|
•
|
cost and availability of labor, equipment and materials;
|
|
•
|
potential for penalties or disallowance for non-compliance with applicable laws and regulations; and
|
|
•
|
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.
|
|
•
|
An impairment charge of $170 million ($123 million after-tax) recorded in 2019 for SCE related to disallowed historical capital expenditures in SCE's 2018 GRC final decision.
|
|
•
|
Income tax benefits of $69 million recorded in 2019 for SCE related 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. The resolution determined that customers are only entitled to excess deferred taxes which were included when setting rates and other deferred tax re-measurement belongs to shareholders.
|
|
•
|
Loss of $63 million ($46 million after-tax) recorded in 2018 for Edison International Parent and Other related to sale of SoCore Energy in April 2018.
|
|
(in millions)
|
2019
|
2020
|
Total
2019 – 2020
|
||||||
|
Distribution
|
$
|
3,224
|
|
$
|
3,162
|
|
$
|
6,386
|
|
|
Transmission
|
792
|
|
852
|
|
1,644
|
|
|||
|
Generation
|
201
|
|
215
|
|
416
|
|
|||
|
Subtotal
|
4,217
|
|
4,229
|
|
8,446
|
|
|||
|
Estimated wildfire mitigation-related capital expenditures1
|
387
|
|
500 – 700
|
|
887 – 1,087
|
|
|||
|
Total estimated capital expenditures
|
$
|
4,604
|
|
$4,729 – $4,929
|
|
$9,333 – $9,533
|
|
||
|
(in millions)
|
2018
|
2019
|
2020
|
||||||
|
Rate base for expected capital expenditures
|
$
|
28,456
|
|
$
|
30,678
|
|
$
|
33,416
|
|
|
•
|
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.
|
|
(in millions)
|
2017 Authorized Revenue
|
|
Adjustments
|
|
2018 Revenue Recognized in Form 10-K
|
|
2018
Test Year Authorized Revenue
|
|
Adjustment to 2018 Revenue recorded in 2019
|
|
||||||||||
|
Authorized revenue
|
$
|
5,640
|
|
|
$
|
(235
|
)
|
|
$
|
5,405
|
|
|
$
|
5,116
|
|
|
$
|
(289
|
)
|
1
|
|
Cost of service:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operation and maintenance
|
1,931
|
|
|
(11
|
)
|
|
1,920
|
|
|
1,582
|
|
|
(338
|
)
|
2
|
|||||
|
Depreciation
|
1,575
|
|
|
59
|
|
|
1,634
|
|
|
1,579
|
|
|
(55
|
)
|
3
|
|||||
|
Property and payroll taxes
|
285
|
|
|
9
|
|
|
294
|
|
|
315
|
|
|
21
|
|
|
|||||
|
Income taxes
|
257
|
|
|
(287
|
)
|
|
(30
|
)
|
|
(19
|
)
|
|
11
|
|
|
|||||
|
Authorized return
|
1,592
|
|
|
(5
|
)
|
|
1,587
|
|
|
1,659
|
|
|
72
|
|
|
|||||
|
Total authorized revenue
|
$
|
5,640
|
|
|
$
|
(235
|
)
|
|
$
|
5,405
|
|
|
$
|
5,116
|
|
|
$
|
(289
|
)
|
|
|
1
|
The change in authorized revenue in the Test Year is comprised of $129 million in earnings activities and $160 million in cost recovery activities.
|
|
2
|
Authorized revenue for operation and maintenance costs decreased due to:
|
|
•
|
$178 million reduction for earnings activities primarily from SCE's initiatives to improve operational efficiency, which has resulted in lower forecasted costs than included in the 2017 authorized amounts.
|
|
•
|
$160 million reduction in cost-recovery activities, which do not impact earnings, primarily for medical and employee benefit costs.
|
|
|
Three months ended June 30, 2019
|
Three months ended June 30, 2018
|
||||||||||||||||
|
(in millions)
|
Earning
Activities |
Cost-
Recovery Activities |
Total
Consolidated |
Earning Activities
|
Cost-Recovery Activities
|
Total Consolidated
|
||||||||||||
|
Operating revenue
|
$
|
1,537
|
|
$
|
1,263
|
|
$
|
2,800
|
|
$
|
1,535
|
|
$
|
1,268
|
|
$
|
2,803
|
|
|
Purchased power and fuel
|
—
|
|
1,135
|
|
1,135
|
|
—
|
|
1,112
|
|
1,112
|
|
||||||
|
Operation and maintenance
|
425
|
|
146
|
|
571
|
|
512
|
|
182
|
|
694
|
|
||||||
|
Depreciation and amortization
|
320
|
|
—
|
|
320
|
|
462
|
|
—
|
|
462
|
|
||||||
|
Property and other taxes
|
93
|
|
—
|
|
93
|
|
97
|
|
—
|
|
97
|
|
||||||
|
Impairment and other
|
170
|
|
—
|
|
170
|
|
—
|
|
—
|
|
—
|
|
||||||
|
Other operating income
|
(2
|
)
|
—
|
|
(2
|
)
|
(1
|
)
|
—
|
|
(1
|
)
|
||||||
|
Total operating expenses
|
1,006
|
|
1,281
|
|
2,287
|
|
1,070
|
|
1,294
|
|
2,364
|
|
||||||
|
Operating income
|
531
|
|
(18
|
)
|
513
|
|
465
|
|
(26
|
)
|
439
|
|
||||||
|
Interest expense
|
(187
|
)
|
(1
|
)
|
(188
|
)
|
(162
|
)
|
(2
|
)
|
(164
|
)
|
||||||
|
Other income and expense
|
37
|
|
19
|
|
56
|
|
22
|
|
28
|
|
50
|
|
||||||
|
Income before income taxes
|
381
|
|
—
|
|
381
|
|
325
|
|
—
|
|
325
|
|
||||||
|
Income tax benefit
|
(68
|
)
|
—
|
|
(68
|
)
|
(2
|
)
|
—
|
|
(2
|
)
|
||||||
|
Net income
|
449
|
|
—
|
|
449
|
|
327
|
|
—
|
|
327
|
|
||||||
|
Preferred and preference stock dividend requirements
|
30
|
|
—
|
|
30
|
|
30
|
|
—
|
|
30
|
|
||||||
|
Net income available for common stock
|
$
|
419
|
|
$
|
—
|
|
$
|
419
|
|
$
|
297
|
|
$
|
—
|
|
$
|
297
|
|
|
Net income available for common stock
|
|
|
$
|
419
|
|
|
|
$
|
297
|
|
||||||||
|
Less: Non-core earnings
|
|
|
(123
|
)
|
|
|
—
|
|
||||||||||
|
Core earnings1
|
|
|
$
|
542
|
|
|
|
$
|
297
|
|
||||||||
|
1
|
See use of non-GAAP financial measures in "Management Overview—Highlights of Operating Results."
|
|
•
|
Higher operating revenue of $2 million primarily due to the following:
|
|
•
|
A decrease in CPUC-related revenue of $4 million primarily due to the adoption of the 2018 GRC final decision. SCE recorded a reduction in revenue of $67 million in the second quarter of 2019 comprised of a decrease of $129 million attributable to the Test Year, as discussed above, partially offset by a $62 million increase attributable to 2019. The remaining change is primarily due to SCE recording revenue in 2019 based on the 2018 final GRC decision in comparison to recording revenue in 2018 based on 2017 authorized revenue, adjusted as discussed above.
|
|
•
|
An increase of $6 million in FERC and other operating revenue primarily due to higher operating costs subject to balancing account treatment and higher revenue due to a change in estimate under the FERC formula rate mechanism, partially offset by lower other operating revenue due to rate adjustments implemented in the second quarter of 2019.
|
|
•
|
Lower operation and maintenance costs of $87 million primarily due to the timing of regulatory deferrals related to wildfire insurance and wildfire mitigation costs and the impact of the adoption of the 2018 GRC final decision primarily due to a change in capitalization rates, partially offset by higher vegetation management costs.
|
|
•
|
Lower depreciation and amortization expense of $142 million primarily due to the change in depreciation rates and the impact of disallowed historical capital expenditures from the adoption of the 2018 GRC final decision.
|
|
•
|
Higher impairment and other of approximately $170 million related to the disallowed historical capital expenditures discussed above.
|
|
•
|
Higher interest expense of $25 million primarily due to increased borrowings and higher interest on balancing account overcollections.
|
|
•
|
Higher other income and expense of $15 million primarily due to higher equity AFUDC.
|
|
•
|
Higher income tax benefits of $66 million primarily as a result of the adoption of the 2018 GRC final decision primarily due to tax benefits on property-related items.
|
|
•
|
Higher purchased power and fuel costs of $23 million primarily driven by lower congestion revenue right credits, higher charges from contract terminations and the absence of settlement funds received in 2018 related to the California energy crisis, partially offset by lower load and capacity costs related to customer departures to CCAs and cooler weather.
|
|
•
|
Lower operation and maintenance costs of $36 million primarily driven by lower employee-related expenses subject to balancing accounts and less spending on customer service programs, partially offset by higher transmission access charges.
|
|
•
|
Lower other income and expense of $9 million primarily driven by lower 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.
|
|
|
Six months ended June 30, 2019
|
Six months ended June 30, 2018
|
||||||||||||||||
|
(in millions)
|
Earning
Activities |
Cost-
Recovery Activities |
Total
Consolidated |
Earning Activities
|
Cost-Recovery Activities
|
Total Consolidated
|
||||||||||||
|
Operating revenue
|
$
|
3,087
|
|
$
|
2,529
|
|
$
|
5,616
|
|
$
|
3,048
|
|
$
|
2,309
|
|
$
|
5,357
|
|
|
Purchased power and fuel
|
—
|
|
2,140
|
|
2,140
|
|
—
|
|
2,038
|
|
2,038
|
|
||||||
|
Operation and maintenance
|
1,014
|
|
426
|
|
1,440
|
|
1,021
|
|
324
|
|
1,345
|
|
||||||
|
Depreciation and amortization
|
800
|
|
—
|
|
800
|
|
921
|
|
—
|
|
921
|
|
||||||
|
Property and other taxes
|
202
|
|
—
|
|
202
|
|
202
|
|
—
|
|
202
|
|
||||||
|
Impairment and other
|
166
|
|
—
|
|
166
|
|
—
|
|
—
|
|
—
|
|
||||||
|
Other operating income
|
(3
|
)
|
—
|
|
(3
|
)
|
(2
|
)
|
—
|
|
(2
|
)
|
||||||
|
Total operating expenses
|
2,179
|
|
2,566
|
|
4,745
|
|
2,142
|
|
2,362
|
|
4,504
|
|
||||||
|
Operating income
|
908
|
|
(37
|
)
|
871
|
|
906
|
|
(53
|
)
|
853
|
|
||||||
|
Interest expense
|
(365
|
)
|
(1
|
)
|
(366
|
)
|
(317
|
)
|
(2
|
)
|
(319
|
)
|
||||||
|
Other income and expense
|
56
|
|
38
|
|
94
|
|
46
|
|
55
|
|
101
|
|
||||||
|
Income before income taxes
|
599
|
|
—
|
|
599
|
|
635
|
|
—
|
|
635
|
|
||||||
|
Income tax benefit
|
(173
|
)
|
—
|
|
(173
|
)
|
(8
|
)
|
—
|
|
(8
|
)
|
||||||
|
Net income
|
772
|
|
—
|
|
772
|
|
643
|
|
—
|
|
643
|
|
||||||
|
Preferred and preference stock dividend requirements
|
60
|
|
—
|
|
60
|
|
60
|
|
—
|
|
60
|
|
||||||
|
Net income available for common stock
|
$
|
712
|
|
$
|
—
|
|
$
|
712
|
|
$
|
583
|
|
$
|
—
|
|
$
|
583
|
|
|
Net income available for common stock
|
|
|
$
|
712
|
|
|
|
$
|
583
|
|
||||||||
|
Less: Non-core earnings
|
|
|
(51
|
)
|
|
|
—
|
|
||||||||||
|
Core earnings1
|
|
|
$
|
763
|
|
|
|
$
|
583
|
|
||||||||
|
1
|
See use of non-GAAP financial measures in "Management Overview—Highlights of Operating Results."
|
|
•
|
Higher operating revenue of $39 million primarily due to the following:
|
|
•
|
An increase in CPUC-related revenue of $21 million primarily due to the adoption of the 2018 GRC final decision. SCE recorded a reduction in revenue of $67 million in the second quarter of 2019 comprised of a decrease of $129 million attributable to the Test Year, as discussed above, partially offset by a $62 million increase attributable to 2019. The remaining change is primarily due to SCE recording revenue in 2019 based on the 2018 final GRC decision in comparison to recording revenue in 2018 based on 2017 authorized revenue adjusted as discussed above.
|
|
•
|
An increase of $18 million in FERC revenue primarily due to higher operating costs subject to balancing account treatment and higher revenue due to a change in estimate under the FERC formula rate mechanism, partially offset by lower other operating revenue due to rate adjustments implemented in the second quarter of 2019.
|
|
•
|
Lower operation and maintenance costs of $7 million primarily due to the timing of regulatory deferral and cost recovery of wildfire insurance expenses and the impact of the adoption of the 2018 GRC final decision primarily due to a change in capitalization rates, offset by higher wildfire mitigation costs and vegetation management.
|
|
•
|
Lower depreciation and amortization expense of $121 million primarily due to the change in depreciation rates and the impact of disallowed historical capital expenditures from the adoption of the 2018 GRC final decision.
|
|
•
|
Higher impairment and other of $166 million primarily related to the disallowed historical capital expenditures discussed above.
|
|
•
|
Higher interest expense of $48 million primarily due to increased borrowings and higher interest on balancing account overcollections.
|
|
•
|
Higher other income and expense of $10 million primarily due to higher equity AFUDC.
|
|
•
|
Higher income tax benefits of $165 million primarily due to higher income tax benefits of $80 million as a result of the adoption of the 2018 GRC final decision primarily due to tax benefits on property-related items and the impact of tax expense on lower pre-tax income.
|
|
•
|
Higher purchased power and fuel costs of $102 million primarily driven by lower congestion revenue right credits, higher charges from contract terminations and the absence of settlement funds received in 2018 related to the California energy crisis, partially offset by lower load and capacity costs related to customer departures to CCAs and cooler weather.
|
|
•
|
Higher operation and maintenance costs of $102 million primarily driven by the authorization to recover 2018 wildfire insurance costs that had been deferred as regulatory assets and higher transmission access charges, partially offset by lower employee-related expenses subject to balancing accounts.
|
|
•
|
Lower other income and expense of $17 million primarily driven by lower 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.
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(in millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Edison Energy Group and subsidiaries
|
|
$
|
(1
|
)
|
|
$
|
(3
|
)
|
|
$
|
(4
|
)
|
|
$
|
(55
|
)
|
|
Corporate expenses and other subsidiaries
|
|
(26
|
)
|
|
(18
|
)
|
|
(38
|
)
|
|
(34
|
)
|
||||
|
Total Edison International Parent and Other
|
|
$
|
(27
|
)
|
|
$
|
(21
|
)
|
|
$
|
(42
|
)
|
|
$
|
(89
|
)
|
|
|
|
Moody's
|
Fitch
|
S&P
|
|
Credit Rating
|
|
Baa2
|
BBB-
|
BBB
|
|
Outlook
|
|
Negative
|
Negative
|
Watch Negative
|
|
2
|
If SCE's credit rating falls below investment grade, existing power and energy procurement contracts would require $15 million of incremental collateral. Counterparties may also institute new collateral requirements, applicable to future transactions, at the time of a downgrade. 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 June 30, 2019 due to adverse market price movements over the remaining lives of existing power contracts using a 95% confidence level.
|
|
|
|
Moody's
|
Fitch
|
S&P
|
|
Credit Rating
|
|
Baa3
|
BBB-
|
BBB
|
|
Outlook
|
|
Negative
|
Negative
|
Watch Negative
|
|
|
Six months ended June 30,
|
||||||
|
(in millions)
|
2019
|
|
2018
|
||||
|
Net cash provided by operating activities
|
$
|
673
|
|
|
$
|
1,312
|
|
|
Net cash provided by financing activities
|
1,467
|
|
|
247
|
|
||
|
Net cash used in investing activities
|
(2,135
|
)
|
|
(2,048
|
)
|
||
|
Net increase (decrease) in cash, cash equivalents and restricted cash
|
$
|
5
|
|
|
$
|
(489
|
)
|
|
|
Six months ended June 30,
|
|
Change in cash flows
|
||||||||
|
(in millions)
|
2019
|
|
2018
|
|
2019/2018
|
||||||
|
Net income
|
$
|
772
|
|
|
$
|
643
|
|
|
|
||
|
Non-cash items1
|
784
|
|
|
1,066
|
|
|
|
||||
|
Subtotal
|
$
|
1,556
|
|
|
$
|
1,709
|
|
|
$
|
(153
|
)
|
|
Changes in cash flow resulting from working capital2
|
(235
|
)
|
|
(507
|
)
|
|
272
|
|
|||
|
Regulatory assets and liabilities
|
(543
|
)
|
|
204
|
|
|
(747
|
)
|
|||
|
Other noncurrent assets and liabilities3
|
(105
|
)
|
|
(94
|
)
|
|
(11
|
)
|
|||
|
Net cash provided by operating activities
|
$
|
673
|
|
|
$
|
1,312
|
|
|
$
|
(639
|
)
|
|
1
|
Non-cash items include depreciation and amortization, allowance for equity during construction, impairment and other, deferred income taxes and investment tax credits, and other.
|
|
2
|
Changes in working capital items include receivables, inventory, accounts payable, tax receivables and payables, and other current assets and liabilities.
|
|
•
|
BRRBA overcollections decreased by $166 million primarily due to an authorization to recover $107 million of premiums related to a wildfire insurance policy purchased in 2017, lower sales than forecasted in rates and refunds of prior overcollections (including incremental tax benefits), partially offset by distribution revenue previously collected from customers in 2019 and 2018 that will be refunded as part of SCE's 2018 GRC final decision.
|
|
•
|
The portfolio allocation balancing account was established in May 2019 to determine and pro-ratably recover from responsible bundled service and departing load customers the “above-market” costs of all generation resources that are eligible for cost recovery. Net undercollections for ERRA, the portfolio allocation balancing account and the new system generation program were $698 million and $741 million at June 30, 2019 and December 31, 2018, respectively. Net undercollections decreased $43 million primarily due to an increase in cash due to recovery of prior ERRA undercollections and generation revenue previously collected from customers in 2019 and 2018 that will be refunded as part of SCE's 2018 GRC final decision, partially offset by lower sales than forecasted in rates, higher than forecasted power and gas prices experienced in 2019, and charges from CPUC-authorized contract terminations.
|
|
•
|
Undercollections of $97 million related to fire risk mitigation costs in excess of the amounts authorized in the revenue requirement.
|
|
•
|
Decrease in overcollections of approximately $360 million due to the elimination of the regulatory liability that was established to record adjustments associated with the delay in the 2018 GRC decision. In May 2019, the CPUC approved the final decision in SCE's 2018 GRC, resulting in a reduction to revenue that will be refunded to customers, as discussed in BRRBA and the portfolio allocation balancing account above.
|
|
•
|
BRRBA overcollections increased by $300 million during the first six months of 2018 primarily due to a $263 million reclassification of 2017 incremental tax benefits from TAMA to BRRBA (to be refunded in 2019) and higher sales than forecasted in rates, partially offset by a refund of 2016 incremental tax benefits.
|
|
•
|
Higher cash due to $125 million of overcollections for the public purpose and energy efficiency programs resulting from lower program spending.
|
|
•
|
Higher cash of $91 million due to cash collected for San Onofre under the Prior San Onofre Settlement Agreement.
|
|
•
|
Higher cash reflected in regulatory liabilities of approximately $176 million primarily due to the delay in the 2018 GRC decision. Amounts billed to customers during the first six months of 2018 were based on the 2017 authorized GRC revenue requirement, however, the amount of revenue recognized was 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 was established to record any associated adjustments.
|
|
•
|
TAMA overcollections decreased by $263 million due to a reclassification from TAMA to BRRBA to refund customers as discussed above.
|
|
•
|
Lower cash due to $162 million of undercollections related to the timing of greenhouse gas auction revenue and climate credit refunds to customers.
|
|
|
Six months ended June 30,
|
||||||
|
(in millions)
|
2019
|
|
2018
|
||||
|
Issuances of first and refunding mortgage bonds, net of discount and issuance costs
|
$
|
1,087
|
|
|
$
|
1,872
|
|
|
Capital contribution from Edison International Parent
|
1,200
|
|
|
—
|
|
||
|
Long-term debt matured
|
(41
|
)
|
|
(198
|
)
|
||
|
Short-term debt repayments, net of borrowings and discount
|
(508
|
)
|
|
(940
|
)
|
||
|
Payments of common stock dividends to Edison International
|
(200
|
)
|
|
(424
|
)
|
||
|
Payments of preferred and preference stock dividends
|
(60
|
)
|
|
(60
|
)
|
||
|
Other
|
(11
|
)
|
|
(3
|
)
|
||
|
Net cash provided by financing activities
|
$
|
1,467
|
|
|
$
|
247
|
|
|
|
Six months ended June 30,
|
||||||
|
(in millions)
|
2019
|
|
2018
|
||||
|
Net cash used in operating activities:
|
|
|
|
||||
|
Net earnings from nuclear decommissioning trust investments
|
$
|
37
|
|
|
$
|
5
|
|
|
SCE's decommissioning costs
|
(98
|
)
|
|
(71
|
)
|
||
|
Net cash provided by investing activities:
|
|
|
|
||||
|
Proceeds from sale of investments
|
2,440
|
|
|
1,770
|
|
||
|
Purchases of investments
|
(2,368
|
)
|
|
(1,697
|
)
|
||
|
Net cash impact
|
$
|
11
|
|
|
$
|
7
|
|
|
|
Six months ended June 30,
|
||||||
|
(in millions)
|
2019
|
|
2018
|
||||
|
Net cash used in operating activities
|
$
|
(75
|
)
|
|
$
|
(95
|
)
|
|
Net cash provided by (used in) financing activities
|
184
|
|
|
(501
|
)
|
||
|
Net cash (used in) provided by investing activities
|
(1
|
)
|
|
60
|
|
||
|
Net increase (decrease) in cash and cash equivalents
|
$
|
108
|
|
|
$
|
(536
|
)
|
|
|
Six months ended June 30,
|
||||||
|
(in millions)
|
2019
|
|
2018
|
||||
|
Dividends paid to Edison International common shareholders
|
$
|
(399
|
)
|
|
$
|
(394
|
)
|
|
Dividends received from SCE
|
200
|
|
|
424
|
|
||
|
Capital contribution to SCE
|
(1,200
|
)
|
|
—
|
|
||
|
Payment for stock-based compensation, net of receipt from stock option exercises
|
(10
|
)
|
|
(7
|
)
|
||
|
Issuance of long-term debt, net of discount and issuance costs
|
595
|
|
|
530
|
|
||
|
Issuance of term loan
|
1,000
|
|
|
—
|
|
||
|
Short-term debt repayments, net of borrowings and discount
|
(1
|
)
|
|
(1,091
|
)
|
||
|
Other
|
(1
|
)
|
|
37
|
|
||
|
Net cash provided by (used in) financing activities
|
$
|
184
|
|
|
$
|
(501
|
)
|
|
|
June 30, 2019
|
||||||||||
|
(in millions)
|
Exposure2
|
|
Collateral
|
|
Net Exposure
|
||||||
|
S&P Credit Rating1
|
|
|
|
|
|
||||||
|
A+ or higher
|
$
|
63
|
|
|
$
|
—
|
|
|
$
|
63
|
|
|
A, BBB + and BBB
|
1
|
|
|
(1
|
)
|
|
—
|
|
|||
|
|
$
|
64
|
|
|
$
|
(1
|
)
|
|
$
|
63
|
|
|
1
|
SCE assigns a credit rating based on the lower of a counterparty's S&P or Moody's rating. For ease of reference, the above table uses the S&P classifications to summarize risk, but reflects the lower of the credit ratings from S&P or Moody's.
|
|
2
|
Exposure excludes amounts related to contracts classified as normal purchases and sales and non-derivative contractual commitments that are not recorded on the consolidated balance sheets, except for any related net accounts receivable.
|
|
Consolidated Statements of Income
|
|
Edison International
|
|
|||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(in millions, except per-share amounts, unaudited)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Total operating revenue
|
|
$
|
2,812
|
|
|
$
|
2,815
|
|
|
$
|
5,636
|
|
|
$
|
5,379
|
|
|
Purchased power and fuel
|
|
1,135
|
|
|
1,112
|
|
|
2,140
|
|
|
2,038
|
|
||||
|
Operation and maintenance
|
|
595
|
|
|
719
|
|
|
1,477
|
|
|
1,394
|
|
||||
|
Depreciation and amortization
|
|
321
|
|
|
463
|
|
|
801
|
|
|
925
|
|
||||
|
Property and other taxes
|
|
93
|
|
|
97
|
|
|
203
|
|
|
204
|
|
||||
|
Impairment and other
|
|
170
|
|
|
5
|
|
|
166
|
|
|
71
|
|
||||
|
Other operating income
|
|
(2
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(3
|
)
|
||||
|
Total operating expenses
|
|
2,312
|
|
|
2,395
|
|
|
4,784
|
|
|
4,629
|
|
||||
|
Operating income
|
|
500
|
|
|
420
|
|
|
852
|
|
|
750
|
|
||||
|
Interest expense
|
|
(211
|
)
|
|
(180
|
)
|
|
(405
|
)
|
|
(350
|
)
|
||||
|
Other income and expense
|
|
55
|
|
|
49
|
|
|
93
|
|
|
100
|
|
||||
|
Income from continuing operations before income taxes
|
|
344
|
|
|
289
|
|
|
540
|
|
|
500
|
|
||||
|
Income tax benefit
|
|
(78
|
)
|
|
(9
|
)
|
|
(190
|
)
|
|
(40
|
)
|
||||
|
Income from continuing operations
|
|
422
|
|
|
298
|
|
|
730
|
|
|
540
|
|
||||
|
Net income
|
|
422
|
|
|
298
|
|
|
730
|
|
|
540
|
|
||||
|
Preferred and preference stock dividend requirements of SCE
|
|
30
|
|
|
30
|
|
|
60
|
|
|
60
|
|
||||
|
Other noncontrolling interests
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(14
|
)
|
||||
|
Net income attributable to Edison International common shareholders
|
|
$
|
392
|
|
|
$
|
276
|
|
|
$
|
670
|
|
|
$
|
494
|
|
|
Amounts attributable to Edison International common shareholders:
|
|
|
|
|
|
|
|
|
||||||||
|
Income from continuing operations, net of tax
|
|
$
|
392
|
|
|
$
|
276
|
|
|
$
|
670
|
|
|
$
|
494
|
|
|
Net income attributable to Edison International common shareholders
|
|
$
|
392
|
|
|
$
|
276
|
|
|
$
|
670
|
|
|
$
|
494
|
|
|
Basic earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted-average shares of common stock outstanding
|
|
326
|
|
|
326
|
|
|
326
|
|
|
326
|
|
||||
|
Continuing operations
|
|
$
|
1.20
|
|
|
$
|
0.85
|
|
|
$
|
2.05
|
|
|
$
|
1.52
|
|
|
Basic earnings per common share attributable to Edison International common shareholders
|
|
$
|
1.20
|
|
|
$
|
0.85
|
|
|
$
|
2.05
|
|
|
$
|
1.52
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted-average shares of common stock outstanding, including effect of dilutive securities
|
|
327
|
|
|
327
|
|
|
327
|
|
|
327
|
|
||||
|
Continuing operations
|
|
$
|
1.20
|
|
|
$
|
0.84
|
|
|
$
|
2.05
|
|
|
$
|
1.51
|
|
|
Diluted earnings per common share attributable to Edison International common shareholders
|
|
$
|
1.20
|
|
|
$
|
0.84
|
|
|
$
|
2.05
|
|
|
$
|
1.51
|
|
|
Consolidated Statements of Comprehensive Income
|
|
|
|
|
|
Edison International
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(in millions, unaudited)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Net income
|
|
$
|
422
|
|
|
$
|
298
|
|
|
$
|
730
|
|
|
$
|
540
|
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
||||||||
|
Pension and postretirement benefits other than pensions:
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of net loss included in net income
|
|
1
|
|
|
2
|
|
|
3
|
|
|
4
|
|
||||
|
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
||||
|
Other comprehensive income (loss), net of tax
|
|
1
|
|
|
2
|
|
|
3
|
|
|
(1
|
)
|
||||
|
Comprehensive income
|
|
423
|
|
|
300
|
|
|
733
|
|
|
539
|
|
||||
|
Less: Comprehensive income attributable to noncontrolling interests
|
|
30
|
|
|
22
|
|
|
60
|
|
|
46
|
|
||||
|
Comprehensive income attributable to Edison International
|
|
$
|
393
|
|
|
$
|
278
|
|
|
$
|
673
|
|
|
$
|
493
|
|
|
Consolidated Statements of Cash Flows
|
|
Edison International
|
|
|||||
|
|
|
|
||||||
|
|
|
Six months ended June 30,
|
||||||
|
(in millions, unaudited)
|
|
2019
|
|
2018
|
||||
|
Cash flows from operating activities:
|
|
|
|
|
||||
|
Net income
|
|
$
|
730
|
|
|
$
|
540
|
|
|
Adjustments to reconcile to net cash provided by operating activities:
|
|
|
|
|
||||
|
Depreciation and amortization
|
|
837
|
|
|
1,074
|
|
||
|
Allowance for equity during construction
|
|
(49
|
)
|
|
(44
|
)
|
||
|
Impairment and other
|
|
166
|
|
|
71
|
|
||
|
Deferred income taxes and investment tax credits
|
|
(182
|
)
|
|
(5
|
)
|
||
|
Other
|
|
13
|
|
|
35
|
|
||
|
Nuclear decommissioning trusts
|
|
(72
|
)
|
|
(73
|
)
|
||
|
Changes in operating assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
(72
|
)
|
|
(58
|
)
|
||
|
Inventory
|
|
(49
|
)
|
|
(14
|
)
|
||
|
Accounts payable
|
|
221
|
|
|
(4
|
)
|
||
|
Tax receivables and payables
|
|
65
|
|
|
90
|
|
||
|
Other current assets and liabilities
|
|
(423
|
)
|
|
(533
|
)
|
||
|
Regulatory assets and liabilities, net
|
|
(543
|
)
|
|
204
|
|
||
|
Other noncurrent assets and liabilities
|
|
(44
|
)
|
|
(66
|
)
|
||
|
Net cash provided by operating activities
|
|
598
|
|
|
1,217
|
|
||
|
Cash flows from financing activities:
|
|
|
|
|
||||
|
Long-term debt issued, net of discount and issuance costs of $18 and $33 for the respective periods
|
|
1,682
|
|
|
2,417
|
|
||
|
Term loan issued
|
|
1,000
|
|
|
—
|
|
||
|
Long-term debt matured
|
|
(41
|
)
|
|
(213
|
)
|
||
|
Short-term debt financing, net
|
|
(509
|
)
|
|
(2,031
|
)
|
||
|
Payments for stock-based compensation
|
|
(48
|
)
|
|
(21
|
)
|
||
|
Receipts from stock option exercises
|
|
25
|
|
|
9
|
|
||
|
Dividends to noncontrolling interests
|
|
(60
|
)
|
|
(60
|
)
|
||
|
Dividends paid
|
|
(399
|
)
|
|
(394
|
)
|
||
|
Other
|
|
1
|
|
|
39
|
|
||
|
Net cash provided by (used in) financing activities
|
|
1,651
|
|
|
(254
|
)
|
||
|
Cash flows from investing activities:
|
|
|
|
|
||||
|
Capital expenditures
|
|
(2,235
|
)
|
|
(2,159
|
)
|
||
|
Proceeds from sale of nuclear decommissioning trust investments
|
|
2,440
|
|
|
1,770
|
|
||
|
Purchases of nuclear decommissioning trust investments
|
|
(2,368
|
)
|
|
(1,697
|
)
|
||
|
Proceeds from sale of SoCore Energy, net of cash acquired by buyer
|
|
—
|
|
|
78
|
|
||
|
Other
|
|
27
|
|
|
20
|
|
||
|
Net cash used in investing activities
|
|
(2,136
|
)
|
|
(1,988
|
)
|
||
|
Net increase (decrease) in cash, cash equivalents and restricted cash
|
|
113
|
|
|
(1,025
|
)
|
||
|
Cash, cash equivalents and restricted cash at beginning of period
|
|
152
|
|
|
1,132
|
|
||
|
Cash, cash equivalents and restricted cash at end of period
|
|
$
|
265
|
|
|
$
|
107
|
|
|
Consolidated Statements of Income
|
Southern California Edison Company
|
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(in millions, unaudited)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Operating revenue
|
|
$
|
2,800
|
|
|
$
|
2,803
|
|
|
$
|
5,616
|
|
|
$
|
5,357
|
|
|
Purchased power and fuel
|
|
1,135
|
|
|
1,112
|
|
|
2,140
|
|
|
2,038
|
|
||||
|
Operation and maintenance
|
|
571
|
|
|
694
|
|
|
1,440
|
|
|
1,345
|
|
||||
|
Depreciation and amortization
|
|
320
|
|
|
462
|
|
|
800
|
|
|
921
|
|
||||
|
Property and other taxes
|
|
93
|
|
|
97
|
|
|
202
|
|
|
202
|
|
||||
|
Impairment and other
|
|
170
|
|
|
—
|
|
|
166
|
|
|
—
|
|
||||
|
Other operating income
|
|
(2
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(2
|
)
|
||||
|
Total operating expenses
|
|
2,287
|
|
|
2,364
|
|
|
4,745
|
|
|
4,504
|
|
||||
|
Operating income
|
|
513
|
|
|
439
|
|
|
871
|
|
|
853
|
|
||||
|
Interest expense
|
|
(188
|
)
|
|
(164
|
)
|
|
(366
|
)
|
|
(319
|
)
|
||||
|
Other income and expense
|
|
56
|
|
|
50
|
|
|
94
|
|
|
101
|
|
||||
|
Income before income taxes
|
|
381
|
|
|
325
|
|
|
599
|
|
|
635
|
|
||||
|
Income tax benefit
|
|
(68
|
)
|
|
(2
|
)
|
|
(173
|
)
|
|
(8
|
)
|
||||
|
Net income
|
|
449
|
|
|
327
|
|
|
772
|
|
|
643
|
|
||||
|
Less: Preferred and preference stock dividend requirements
|
|
30
|
|
|
30
|
|
|
60
|
|
|
60
|
|
||||
|
Net income available for common stock
|
|
$
|
419
|
|
|
$
|
297
|
|
|
$
|
712
|
|
|
$
|
583
|
|
|
Consolidated Statements of Comprehensive Income
|
|
Southern California Edison Company
|
|
||||||||||
|
|
|
|
|
|
|
||||||||
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||
|
(in millions, unaudited)
|
2019
|
2018
|
|
2019
|
2018
|
||||||||
|
Net income
|
$
|
449
|
|
$
|
327
|
|
|
$
|
772
|
|
$
|
643
|
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||||
|
Pension and postretirement benefits other than pensions:
|
|
|
|
|
|
||||||||
|
Amortization of net loss included in net income
|
1
|
|
1
|
|
|
2
|
|
3
|
|
||||
|
Other
|
—
|
|
—
|
|
|
—
|
|
(5
|
)
|
||||
|
Other comprehensive income (loss), net of tax
|
1
|
|
1
|
|
|
2
|
|
(2
|
)
|
||||
|
Comprehensive income
|
$
|
450
|
|
$
|
328
|
|
|
$
|
774
|
|
$
|
641
|
|
|
Consolidated Balance Sheets
|
Southern California Edison Company
|
|
(in millions, unaudited)
|
June 30,
2019 |
|
December 31, 2018
|
||||
|
ASSETS
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
26
|
|
|
$
|
21
|
|
|
Receivables, less allowances of $49 and $51 for uncollectible accounts at respective dates
|
780
|
|
|
711
|
|
||
|
Accrued unbilled revenue
|
562
|
|
|
482
|
|
||
|
Inventory
|
331
|
|
|
282
|
|
||
|
Income tax receivables
|
211
|
|
|
312
|
|
||
|
Prepaid expenses
|
406
|
|
|
144
|
|
||
|
Derivative assets
|
55
|
|
|
171
|
|
||
|
Regulatory assets
|
1,294
|
|
|
1,133
|
|
||
|
Other current assets
|
96
|
|
|
69
|
|
||
|
Total current assets
|
3,761
|
|
|
3,325
|
|
||
|
Nuclear decommissioning trusts
|
4,421
|
|
|
4,120
|
|
||
|
Other investments
|
67
|
|
|
45
|
|
||
|
Total investments
|
4,488
|
|
|
4,165
|
|
||
|
Utility property, plant and equipment, less accumulated depreciation and amortization of $9,743 and $9,566 at respective dates
|
42,329
|
|
|
41,269
|
|
||
|
Nonutility property, plant and equipment, less accumulated depreciation of $77 at both dates
|
81
|
|
|
75
|
|
||
|
Total property, plant and equipment
|
42,410
|
|
|
41,344
|
|
||
|
Regulatory assets
|
5,469
|
|
|
5,380
|
|
||
|
Operating lease right-of-use assets
|
738
|
|
|
—
|
|
||
|
Long-term insurance receivable due from affiliate
|
1,000
|
|
|
1,000
|
|
||
|
Other long-term assets
|
1,371
|
|
|
1,360
|
|
||
|
Total long-term assets
|
8,578
|
|
|
7,740
|
|
||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
Total assets
|
$
|
59,237
|
|
|
$
|
56,574
|
|
|
Consolidated Balance Sheets
|
Southern California Edison Company
|
|
(in millions, except share amounts, unaudited)
|
June 30,
2019 |
|
December 31, 2018
|
||||
|
LIABILITIES AND EQUITY
|
|
|
|
||||
|
Short-term debt
|
$
|
213
|
|
|
$
|
720
|
|
|
Current portion of long-term debt
|
79
|
|
|
79
|
|
||
|
Accounts payable
|
1,577
|
|
|
1,519
|
|
||
|
Accrued interest
|
257
|
|
|
212
|
|
||
|
Customer deposits
|
302
|
|
|
299
|
|
||
|
Regulatory liabilities
|
767
|
|
|
1,532
|
|
||
|
Current portion of operating lease liabilities
|
107
|
|
|
—
|
|
||
|
Power purchase contracts
|
208
|
|
|
205
|
|
||
|
Other current liabilities
|
497
|
|
|
580
|
|
||
|
Total current liabilities
|
4,007
|
|
|
5,146
|
|
||
|
Long-term debt
|
13,946
|
|
|
12,892
|
|
||
|
Deferred income taxes and credits
|
6,184
|
|
|
5,898
|
|
||
|
Pensions and benefits
|
430
|
|
|
433
|
|
||
|
Asset retirement obligations
|
3,016
|
|
|
3,031
|
|
||
|
Regulatory liabilities
|
8,685
|
|
|
8,329
|
|
||
|
Operating lease liabilities
|
631
|
|
|
—
|
|
||
|
Wildfire-related claims
|
4,669
|
|
|
4,669
|
|
||
|
Other deferred credits and other long-term liabilities
|
2,177
|
|
|
2,391
|
|
||
|
Total deferred credits and other liabilities
|
25,792
|
|
|
24,751
|
|
||
|
Total liabilities
|
43,745
|
|
|
42,789
|
|
||
|
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
|
1,886
|
|
|
680
|
|
||
|
Accumulated other comprehensive loss
|
(26
|
)
|
|
(23
|
)
|
||
|
Retained earnings
|
9,219
|
|
|
8,715
|
|
||
|
Total equity
|
15,492
|
|
|
13,785
|
|
||
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
Total liabilities and equity
|
$
|
59,237
|
|
|
$
|
56,574
|
|
|
Consolidated Statements of Cash Flows
|
Southern California Edison Company
|
|
|
|
Six months ended June 30,
|
||||||
|
(in millions, unaudited)
|
|
2019
|
|
2018
|
||||
|
Cash flows from operating activities:
|
|
|
|
|
||||
|
Net income
|
|
$
|
772
|
|
|
$
|
643
|
|
|
Adjustments to reconcile to net cash provided by operating activities:
|
|
|
|
|
||||
|
Depreciation and amortization
|
|
834
|
|
|
1,069
|
|
||
|
Allowance for equity during construction
|
|
(49
|
)
|
|
(44
|
)
|
||
|
Impairment and other
|
|
166
|
|
|
—
|
|
||
|
Deferred income taxes and investment tax credits
|
|
(175
|
)
|
|
12
|
|
||
|
Other
|
|
8
|
|
|
29
|
|
||
|
Nuclear decommissioning trusts
|
|
(72
|
)
|
|
(73
|
)
|
||
|
Changes in operating assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
(80
|
)
|
|
(67
|
)
|
||
|
Inventory
|
|
(49
|
)
|
|
(15
|
)
|
||
|
Accounts payable
|
|
212
|
|
|
(35
|
)
|
||
|
Tax receivables and payables
|
|
103
|
|
|
(9
|
)
|
||
|
Other current assets and liabilities
|
|
(421
|
)
|
|
(381
|
)
|
||
|
Regulatory assets and liabilities, net
|
|
(543
|
)
|
|
204
|
|
||
|
Other noncurrent assets and liabilities
|
|
(33
|
)
|
|
(21
|
)
|
||
|
Net cash provided by operating activities
|
|
673
|
|
|
1,312
|
|
||
|
Cash flows from financing activities:
|
|
|
|
|
||||
|
Long-term debt issued, net of discount and issuance costs of $13 and $28 for the respective periods
|
|
1,087
|
|
|
1,872
|
|
||
|
Long-term debt matured
|
|
(41
|
)
|
|
(198
|
)
|
||
|
Capital contribution from Edison International Parent
|
|
1,200
|
|
|
—
|
|
||
|
Short-term debt financing, net
|
|
(508
|
)
|
|
(940
|
)
|
||
|
Payments for stock-based compensation
|
|
(29
|
)
|
|
(8
|
)
|
||
|
Receipts from stock option exercises
|
|
16
|
|
|
3
|
|
||
|
Dividends paid
|
|
(260
|
)
|
|
(484
|
)
|
||
|
Other
|
|
2
|
|
|
2
|
|
||
|
Net cash provided by financing activities
|
|
1,467
|
|
|
247
|
|
||
|
Cash flows from investing activities:
|
|
|
|
|
||||
|
Capital expenditures
|
|
(2,234
|
)
|
|
(2,141
|
)
|
||
|
Proceeds from sale of nuclear decommissioning trust investments
|
|
2,440
|
|
|
1,770
|
|
||
|
Purchases of nuclear decommissioning trust investments
|
|
(2,368
|
)
|
|
(1,697
|
)
|
||
|
Other
|
|
27
|
|
|
20
|
|
||
|
Net cash used in investing activities
|
|
(2,135
|
)
|
|
(2,048
|
)
|
||
|
Net increase (decrease) in cash, cash equivalents and restricted cash
|
|
5
|
|
|
(489
|
)
|
||
|
Cash, cash equivalents and restricted cash at beginning of period
|
|
22
|
|
|
515
|
|
||
|
Cash, cash equivalents and restricted cash at end of period
|
|
$
|
27
|
|
|
$
|
26
|
|
|
|
|
Edison International
|
|
SCE
|
||||||||||||
|
(in millions)
|
|
June 30,
2019 |
|
December 31, 2018
|
|
June 30,
2019 |
|
December 31, 2018
|
||||||||
|
Money market funds
|
|
$
|
219
|
|
|
$
|
116
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
|
|
Edison International
|
|
SCE
|
||||||||||||
|
(in millions)
|
|
June 30,
2019 |
|
December 31, 2018
|
|
June 30,
2019 |
|
December 31, 2018
|
||||||||
|
Book balances reclassified to accounts payable
|
|
$
|
43
|
|
|
$
|
65
|
|
|
$
|
43
|
|
|
$
|
65
|
|
|
(in millions)
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
Edison International:
|
|
|
|
|
||||
|
Cash and cash equivalents
|
|
$
|
257
|
|
|
$
|
144
|
|
|
Short-term restricted cash1
|
|
8
|
|
|
8
|
|
||
|
Total cash, cash equivalents, and restricted cash
|
|
$
|
265
|
|
|
$
|
152
|
|
|
SCE:
|
|
|
|
|
||||
|
Cash and cash equivalents
|
|
$
|
26
|
|
|
$
|
21
|
|
|
Short-term restricted cash1
|
|
1
|
|
|
1
|
|
||
|
Total cash, cash equivalents, and restricted cash
|
|
$
|
27
|
|
|
$
|
22
|
|
|
1
|
Reflected in "Other current assets" on Edison International's and SCE's consolidated balance sheets.
|
|
•
|
An increase to earnings of $131 million from the application of the decision to revenue, depreciation expense and income tax expense. Depreciation expense decreased as a result of lower authorized depreciation rates. An increase in the authorized revenue requirement for income tax expenses offsets income tax expenses recognized during 2018 and the first quarter of 2019. The reduction of revenue of $265 million reflects $289 million of lower authorized revenue related to 2018 and $24 million of higher authorized revenue in 2019. The reduction in revenue contributes to a refund to customers of $554 million which SCE recorded as a regulatory liability as of June 30, 2019. SCE expects to refund these amounts to customers through December 2020.
|
|
•
|
An impairment of utility property, plant and equipment of $170 million ($123 million after-tax) related to disallowed historical capital expenditures, primarily the write-off of specific pole replacements the CPUC determined were performed prematurely.
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(in millions, except per-share amounts)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Basic earnings per share – continuing operations:
|
|
|
|
|
|
|
|
|
||||||||
|
Income from continuing operations attributable to common shareholders
|
|
$
|
392
|
|
|
$
|
276
|
|
|
$
|
670
|
|
|
$
|
494
|
|
|
Participating securities dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Income from continuing operations available to common shareholders
|
|
$
|
392
|
|
|
$
|
276
|
|
|
$
|
670
|
|
|
$
|
494
|
|
|
Weighted average common shares outstanding
|
|
326
|
|
|
326
|
|
|
326
|
|
|
326
|
|
||||
|
Basic earnings per share – continuing operations
|
|
$
|
1.20
|
|
|
$
|
0.85
|
|
|
$
|
2.05
|
|
|
$
|
1.52
|
|
|
Diluted earnings per share – continuing operations:
|
|
|
|
|
|
|
|
|
||||||||
|
Income from continuing operations attributable to common shareholders
|
|
$
|
392
|
|
|
$
|
276
|
|
|
$
|
670
|
|
|
$
|
494
|
|
|
Participating securities dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Income from continuing operations available to common shareholders
|
|
$
|
392
|
|
|
$
|
276
|
|
|
$
|
670
|
|
|
$
|
494
|
|
|
Income impact of assumed conversions
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Income from continuing operations available to common shareholders and assumed conversions
|
|
$
|
392
|
|
|
$
|
276
|
|
|
$
|
670
|
|
|
$
|
494
|
|
|
Weighted average common shares outstanding
|
|
326
|
|
|
326
|
|
|
326
|
|
|
326
|
|
||||
|
Incremental shares from assumed conversions
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
||||
|
Adjusted weighted average shares – diluted
|
|
327
|
|
|
327
|
|
|
327
|
|
|
327
|
|
||||
|
Diluted earnings per share – continuing operations
|
|
$
|
1.20
|
|
|
$
|
0.84
|
|
|
$
|
2.05
|
|
|
$
|
1.51
|
|
|
|
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
|
|
|
Net income
|
—
|
|
|
—
|
|
|
392
|
|
|
392
|
|
|
30
|
|
|
$
|
422
|
|
|||||
|
Other comprehensive income
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
|
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
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
||||||
|
Noncash stock-based compensation
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||||
|
Balance at June 30, 2019
|
$
|
2,555
|
|
|
$
|
(57
|
)
|
|
$
|
8,222
|
|
|
$
|
10,720
|
|
|
$
|
2,193
|
|
|
$
|
12,913
|
|
|
1
|
Edison International 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 updates on the reclassification of stranded tax effects resulting from Tax Reform. See Note 1 for further information.
|
|
|
Equity Attributable to Common Shareholders
|
|
Noncontrolling Interests
|
|
|
||||||||||||||||||||||
|
(in millions, except per-share amounts)
|
Common
Stock
|
|
Accumulated
Other Comprehensive Loss |
|
Retained
Earnings
|
|
Subtotal
|
|
Other
|
|
Preferred
and
Preference
Stock
|
|
Total
Equity
|
||||||||||||||
|
Balance at December 31, 2017
|
$
|
2,526
|
|
|
$
|
(43
|
)
|
|
$
|
9,188
|
|
|
$
|
11,671
|
|
|
$
|
2
|
|
|
$
|
2,193
|
|
|
$
|
13,866
|
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
218
|
|
|
218
|
|
|
(3
|
)
|
|
30
|
|
|
245
|
|
|||||||
|
Other comprehensive income
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||||
|
Cumulative effect of accounting changes1
|
—
|
|
|
(5
|
)
|
|
10
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|||||||
|
Common stock dividends declared ($0.6050 per share)
|
—
|
|
|
—
|
|
|
(197
|
)
|
|
(197
|
)
|
|
—
|
|
|
—
|
|
|
(197
|
)
|
|||||||
|
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
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|||||||
|
Noncash stock-based compensation
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|||||||
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||||
|
Balance at March 31, 2018
|
$
|
2,531
|
|
|
$
|
(46
|
)
|
|
$
|
9,211
|
|
|
$
|
11,696
|
|
|
$
|
—
|
|
|
$
|
2,193
|
|
|
$
|
13,889
|
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
276
|
|
|
276
|
|
|
(8
|
)
|
|
30
|
|
|
298
|
|
|||||||
|
Other comprehensive income
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||||
|
Contribution from tax equity investor
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|
24
|
|
|||||||
|
Common stock dividends declared ($0.6050 per share)
|
—
|
|
|
—
|
|
|
(197
|
)
|
|
(197
|
)
|
|
—
|
|
|
—
|
|
|
(197
|
)
|
|||||||
|
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
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|||||||
|
Noncash stock-based compensation
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|||||||
|
Deconsolidation of SoCore Energy
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
(15
|
)
|
|||||||
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||||||
|
Balance at June 30, 2018
|
$
|
2,537
|
|
|
$
|
(44
|
)
|
|
$
|
9,286
|
|
|
$
|
11,779
|
|
|
$
|
—
|
|
|
$
|
2,193
|
|
|
$
|
13,972
|
|
|
1
|
Edison International recognized a cumulative effect adjustment to the opening balance of retained earnings and accumulated other comprehensive loss on January 1, 2018 related to the adoption of the accounting standards update on revenue recognition and the measurement of financial instruments.
|
|
(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 and preference stock ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(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
|
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
449
|
|
|
449
|
|
||||||
|
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
|
Capital contribution from Edison International Parent
|
—
|
|
|
—
|
|
|
1,200
|
|
|
—
|
|
|
—
|
|
|
1,200
|
|
||||||
|
Dividends declared on preferred and preference stock ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
(30
|
)
|
||||||
|
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||||
|
Noncash stock-based compensation
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
|
Balance at June 30, 2019
|
$
|
2,245
|
|
|
$
|
2,168
|
|
|
$
|
1,886
|
|
|
$
|
(26
|
)
|
|
$
|
9,219
|
|
|
$
|
15,492
|
|
|
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. See Note 1 for further information.
|
|
(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, 2017
|
$
|
2,245
|
|
|
$
|
2,168
|
|
|
$
|
671
|
|
|
$
|
(19
|
)
|
|
$
|
9,607
|
|
|
$
|
14,672
|
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
316
|
|
|
316
|
|
||||||
|
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||
|
Cumulative effect of accounting change1
|
|
|
|
|
|
|
(5
|
)
|
|
5
|
|
|
—
|
|
|||||||||
|
Dividends declared on common stock ($0.4875 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(212
|
)
|
|
(212
|
)
|
||||||
|
Dividends declared on preferred and preference stock ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
(30
|
)
|
||||||
|
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
||||||
|
Noncash stock-based compensation
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||
|
Balance at March 31, 2018
|
$
|
2,245
|
|
|
$
|
2,168
|
|
|
$
|
673
|
|
|
$
|
(22
|
)
|
|
$
|
9,684
|
|
|
$
|
14,748
|
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
327
|
|
|
327
|
|
||||||
|
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
|
Dividends declared on common stock ($0.2299 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(100
|
)
|
|
(100
|
)
|
||||||
|
Dividends declared on preferred and preference stock ($0.255 - $0.299 per share for preferred stock; $15.625 - $35.936 per share for preference stock)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
(30
|
)
|
||||||
|
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
||||||
|
Noncash stock-based compensation
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
|
Balance at June 30, 2018
|
$
|
2,245
|
|
|
$
|
2,168
|
|
|
$
|
676
|
|
|
$
|
(21
|
)
|
|
$
|
9,878
|
|
|
$
|
14,946
|
|
|
1
|
SCE recognized a cumulative effect adjustment to the opening balance of retained earnings and accumulated other comprehensive loss on January 1, 2018 related to the adoption of the accounting standards update on the measurement of financial instruments.
|
|
|
|
Three months ended June 30,
|
||||||||||||||||||
|
(in millions)
|
|
Trust II
|
|
Trust III
|
|
Trust IV
|
|
Trust V
|
|
Trust VI
|
||||||||||
|
2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Dividend income
|
|
$
|
5
|
|
|
$
|
4
|
|
|
$
|
5
|
|
|
$
|
4
|
|
|
$
|
6
|
|
|
Dividend distributions
|
|
5
|
|
|
4
|
|
|
5
|
|
|
4
|
|
|
6
|
|
|||||
|
2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Dividend income
|
|
$
|
5
|
|
|
$
|
4
|
|
|
$
|
5
|
|
|
$
|
4
|
|
|
$
|
6
|
|
|
Dividend distributions
|
|
5
|
|
|
4
|
|
|
5
|
|
|
4
|
|
|
6
|
|
|||||
|
|
|
Six months ended June 30,
|
||||||||||||||||||
|
(in millions)
|
|
Trust II
|
|
Trust III
|
|
Trust IV
|
|
Trust V
|
|
Trust VI
|
||||||||||
|
2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Dividend income
|
|
$
|
10
|
|
|
$
|
8
|
|
|
$
|
9
|
|
|
$
|
8
|
|
|
$
|
12
|
|
|
Dividend distributions
|
|
10
|
|
|
8
|
|
|
9
|
|
|
8
|
|
|
12
|
|
|||||
|
2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Dividend income
|
|
$
|
10
|
|
|
$
|
8
|
|
|
$
|
9
|
|
|
$
|
8
|
|
|
$
|
12
|
|
|
Dividend distributions
|
|
10
|
|
|
8
|
|
|
9
|
|
|
8
|
|
|
12
|
|
|||||
|
|
June 30, 2019
|
||||||||||||||||||
|
(in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
and
Collateral1
|
|
Total
|
||||||||||
|
Assets at fair value
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Derivative contracts
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
63
|
|
|
$
|
(3
|
)
|
|
$
|
63
|
|
|
Other
|
9
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|||||
|
Nuclear decommissioning trusts:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Stocks2
|
1,611
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,611
|
|
|||||
|
Fixed Income3
|
960
|
|
|
1,821
|
|
|
—
|
|
|
—
|
|
|
2,781
|
|
|||||
|
Short-term investments, primarily cash equivalents
|
79
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|||||
|
Subtotal of nuclear decommissioning trusts4
|
2,650
|
|
|
1,842
|
|
|
—
|
|
|
—
|
|
|
4,492
|
|
|||||
|
Total assets
|
2,659
|
|
|
1,866
|
|
|
63
|
|
|
(3
|
)
|
|
4,585
|
|
|||||
|
Liabilities at fair value
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Derivative contracts
|
—
|
|
|
34
|
|
|
—
|
|
|
(30
|
)
|
|
4
|
|
|||||
|
Total liabilities
|
—
|
|
|
34
|
|
|
—
|
|
|
(30
|
)
|
|
4
|
|
|||||
|
Net assets
|
$
|
2,659
|
|
|
$
|
1,832
|
|
|
$
|
63
|
|
|
$
|
27
|
|
|
$
|
4,581
|
|
|
|
December 31, 2018
|
||||||||||||||||||
|
(in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
and
Collateral1
|
|
Total
|
||||||||||
|
Assets at fair value
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Derivative contracts
|
$
|
—
|
|
|
$
|
32
|
|
|
$
|
141
|
|
|
$
|
—
|
|
|
$
|
173
|
|
|
Other
|
9
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|||||
|
Nuclear decommissioning trusts:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Stocks2
|
1,382
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,382
|
|
|||||
|
Fixed Income3
|
1,001
|
|
|
1,665
|
|
|
—
|
|
|
—
|
|
|
2,666
|
|
|||||
|
Short-term investments, primarily cash equivalents
|
120
|
|
|
95
|
|
|
—
|
|
|
—
|
|
|
215
|
|
|||||
|
Subtotal of nuclear decommissioning trusts4
|
2,503
|
|
|
1,760
|
|
|
—
|
|
|
—
|
|
|
4,263
|
|
|||||
|
Total assets
|
2,512
|
|
|
1,813
|
|
|
141
|
|
|
—
|
|
|
4,466
|
|
|||||
|
Liabilities at fair value
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Derivative contracts
|
—
|
|
|
13
|
|
|
—
|
|
|
(7
|
)
|
|
6
|
|
|||||
|
Total liabilities
|
—
|
|
|
13
|
|
|
—
|
|
|
(7
|
)
|
|
6
|
|
|||||
|
Net assets
|
$
|
2,512
|
|
|
$
|
1,800
|
|
|
$
|
141
|
|
|
$
|
7
|
|
|
$
|
4,460
|
|
|
1
|
Represents the netting of assets and liabilities under master netting agreements and cash collateral.
|
|
2
|
Approximately 71% of SCE's equity investments were in companies located in the United States at both June 30, 2019 and December 31, 2018.
|
|
3
|
Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities of $67 million at both June 30, 2019 and December 31, 2018.
|
|
4
|
Excludes net payables of $71 million and $143 million at June 30, 2019 and December 31, 2018, respectively, which consist of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases.
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(in millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Fair value of net assets at beginning of period
|
|
$
|
95
|
|
|
$
|
81
|
|
|
$
|
141
|
|
|
$
|
101
|
|
|
Total realized/unrealized losses1
|
|
(32
|
)
|
|
(29
|
)
|
|
(78
|
)
|
|
(49
|
)
|
||||
|
Fair value of net assets at end of period2
|
|
$
|
63
|
|
|
$
|
52
|
|
|
$
|
63
|
|
|
$
|
52
|
|
|
Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period
|
|
$
|
(7
|
)
|
|
$
|
7
|
|
|
$
|
(3
|
)
|
|
$
|
7
|
|
|
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 2019 and 2018.
|
|
|
Fair Value (in millions)
|
|
Significant
|
Range
|
||||||
|
|
Assets
|
|
Liabilities
|
Valuation Technique(s)
|
Unobservable Input
|
(Weighted Average)
|
||||
|
Congestion revenue rights
|
|
|
|
|
|
|||||
|
June 30, 2019
|
$
|
63
|
|
|
$
|
—
|
|
Auction prices
|
CAISO CRR auction prices
|
$(7.02) - $41.52 ($1.23)
|
|
December 31, 2018
|
141
|
|
|
—
|
|
Auction prices
|
CAISO CRR auction prices
|
$(7.41) - $41.52 ($1.62)
|
||
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
(in millions)
|
|
Carrying
Value1
|
|
Fair
Value2
|
|
Carrying
Value1
|
|
Fair
Value2
|
||||||||
|
Edison International
|
|
$
|
16,362
|
|
|
$
|
17,386
|
|
|
$
|
14,711
|
|
|
$
|
14,844
|
|
|
SCE
|
|
14,025
|
|
|
15,046
|
|
|
12,971
|
|
|
13,180
|
|
||||
|
1
|
Carrying value is net of debt issuance costs.
|
|
|
|
June 30, 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
|
|
$
|
58
|
|
|
$
|
8
|
|
|
$
|
66
|
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
34
|
|
|
$
|
32
|
|
|
Gross amounts offset in the consolidated balance sheets
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|||||||
|
Cash collateral posted3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27
|
)
|
|
—
|
|
|
(27
|
)
|
|
27
|
|
|||||||
|
Net amounts presented in the consolidated balance sheets
|
|
$
|
55
|
|
|
$
|
8
|
|
|
$
|
63
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
59
|
|
|
|
|
December 31, 2018
|
|
|
||||||||||||||||||||||||
|
|
|
Derivative Assets
|
|
Derivative Liabilities
|
|
Net
Assets |
||||||||||||||||||||||
|
(in millions)
|
|
Short-Term
|
|
Long-Term1
|
|
Subtotal
|
|
Short-Term2
|
|
Long-Term
|
|
Subtotal
|
|
|||||||||||||||
|
Commodity derivative contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Gross amounts recognized
|
|
$
|
171
|
|
|
$
|
2
|
|
|
$
|
173
|
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
13
|
|
|
$
|
160
|
|
|
Gross amounts offset in the consolidated balance sheets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Cash collateral posted
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
|
7
|
|
|||||||
|
Net amounts presented in the consolidated balance sheets
|
|
$
|
171
|
|
|
$
|
2
|
|
|
$
|
173
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
167
|
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(in millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Realized gains (losses)
|
|
$
|
(2
|
)
|
|
$
|
(8
|
)
|
|
$
|
30
|
|
|
$
|
(20
|
)
|
|
Unrealized losses
|
|
(78
|
)
|
|
(12
|
)
|
|
(128
|
)
|
|
(26
|
)
|
||||
|
|
|
|
|
Economic Hedges
|
||||
|
Commodity
|
|
Unit of Measure
|
|
June 30, 2019
|
|
December 31, 2018
|
||
|
Electricity options, swaps and forwards
|
|
GWh
|
|
4,750
|
|
|
2,786
|
|
|
Natural gas options, swaps and forwards
|
|
Bcf
|
|
28
|
|
|
20
|
|
|
Congestion revenue rights
|
|
GWh
|
|
30,247
|
|
|
54,453
|
|
|
•
|
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 June 30, 2019
|
Three months ended June 30, 2018
|
||||||||||||||||
|
(in millions)
|
Earning
Activities |
Cost-
Recovery Activities |
Total
Consolidated |
Earning Activities
|
Cost-Recovery Activities
|
Total Consolidated
|
||||||||||||
|
Revenues from contracts with customers1,2,3
|
$
|
1,532
|
|
$
|
767
|
|
$
|
2,299
|
|
$
|
1,534
|
|
$
|
1,146
|
|
$
|
2,680
|
|
|
Alternative revenue programs and other operating revenue4
|
5
|
|
496
|
|
501
|
|
1
|
|
122
|
|
123
|
|
||||||
|
Total operating revenue
|
$
|
1,537
|
|
$
|
1,263
|
|
$
|
2,800
|
|
$
|
1,535
|
|
$
|
1,268
|
|
$
|
2,803
|
|
|
|
Six months ended June 30, 2019
|
Six months ended June 30, 2018
|
||||||||||||||||
|
(in millions)
|
Earning
Activities |
Cost-
Recovery Activities |
Total
Consolidated |
Earning Activities
|
Cost-Recovery Activities
|
Total Consolidated
|
||||||||||||
|
Revenues from contracts with customers1,2,3
|
$
|
3,034
|
|
$
|
1,724
|
|
$
|
4,758
|
|
$
|
3,070
|
|
$
|
2,338
|
|
$
|
5,408
|
|
|
Alternative revenue programs and other operating revenue4
|
53
|
|
805
|
|
858
|
|
(22
|
)
|
(29
|
)
|
(51
|
)
|
||||||
|
Total operating revenue
|
$
|
3,087
|
|
$
|
2,529
|
|
$
|
5,616
|
|
$
|
3,048
|
|
$
|
2,309
|
|
$
|
5,357
|
|
|
1
|
In the absence of a 2018 GRC decision, SCE recognized CPUC revenue in 2018 and the three months ended March 31, 2019 based on the 2017 authorized revenue requirement adjusted mainly for the July 2017 cost of capital decision and Tax Reform. SCE recorded the impact of the 2018 GRC final decision in the second quarter of 2019, including a $265 million reduction in revenue. The 2018 GRC final decision results in 2018 and 2019 base rate revenue requirements of $5.116 billion and $5.451 billion, respectively. For further information, see Note 1.
|
|
2
|
At June 30, 2019 and December 31, 2018, SCE's receivables related to contracts from customers were $1.2 billion and $1.1 billion, respectively, which include accrued unbilled revenue of $562 million and $482 million, respectively.
|
|
3
|
Includes SCE's franchise fees billed to customers of $25 million and $29 million for the three months ended June 30, 2019 and 2018, respectively, and $53 million and $57 million for the six months ended June 30, 2019 and 2018, respectively.
|
|
4
|
Includes differences between amounts billed and authorized levels for both CPUC and FERC.
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Edison International:
|
|
|
|
|
|
|
|
||||||||
|
Income from continuing operations before income taxes
|
$
|
344
|
|
|
$
|
289
|
|
|
$
|
540
|
|
|
$
|
500
|
|
|
Provision for income tax at federal statutory rate of 21%
|
72
|
|
|
61
|
|
|
113
|
|
|
105
|
|
||||
|
Increase in income tax from:
|
|
|
|
|
|
|
|
|
|
||||||
|
State tax, net of federal benefit
|
2
|
|
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
||||
|
Property-related
|
(74
|
)
|
|
(69
|
)
|
|
(143
|
)
|
|
(138
|
)
|
||||
|
Shared-based compensation
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
||||
|
2018 GRC Final Decision
|
(80
|
)
|
|
—
|
|
|
(80
|
)
|
|
—
|
|
||||
|
Deferred tax re-measurement1
|
—
|
|
|
—
|
|
|
(69
|
)
|
|
—
|
|
||||
|
Other
|
2
|
|
|
(1
|
)
|
|
(4
|
)
|
|
(2
|
)
|
||||
|
Total income tax benefit from continuing operations
|
$
|
(78
|
)
|
|
$
|
(9
|
)
|
|
$
|
(190
|
)
|
|
$
|
(40
|
)
|
|
Effective tax rate
|
(22.7
|
)%
|
|
(3.1
|
)%
|
|
(35.2
|
)%
|
|
(8.0
|
)%
|
||||
|
SCE:
|
|
|
|
|
|
|
|
||||||||
|
Income from continuing operations before income taxes
|
$
|
381
|
|
|
$
|
325
|
|
|
$
|
599
|
|
|
$
|
635
|
|
|
Provision for income tax at federal statutory rate of 21%
|
80
|
|
|
68
|
|
|
126
|
|
|
133
|
|
||||
|
Increase in income tax from:
|
|
|
|
|
|
|
|
|
|
||||||
|
State tax, net of federal benefit
|
3
|
|
|
3
|
|
|
(2
|
)
|
|
4
|
|
||||
|
Property-related
|
(74
|
)
|
|
(69
|
)
|
|
(143
|
)
|
|
(138
|
)
|
||||
|
Shared-based compensation
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
||||
|
2018 GRC Final Decision
|
(80
|
)
|
|
—
|
|
|
(80
|
)
|
|
—
|
|
||||
|
Deferred tax re-measurement1
|
—
|
|
|
—
|
|
|
(69
|
)
|
|
—
|
|
||||
|
Other
|
3
|
|
|
(4
|
)
|
|
(3
|
)
|
|
(7
|
)
|
||||
|
Total income tax benefit from continuing operations
|
$
|
(68
|
)
|
|
$
|
(2
|
)
|
|
$
|
(173
|
)
|
|
$
|
(8
|
)
|
|
Effective tax rate
|
(17.8
|
)%
|
|
(0.6
|
)%
|
|
(28.9
|
)%
|
|
(1.3
|
)%
|
||||
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Edison International:
|
|
|
|
|
|
|
|
||||||||
|
Service cost
|
$
|
32
|
|
|
$
|
32
|
|
|
$
|
64
|
|
|
$
|
64
|
|
|
Non-service cost (benefit)
|
|
|
|
|
|
|
|
||||||||
|
Interest cost
|
39
|
|
|
35
|
|
|
78
|
|
|
70
|
|
||||
|
Expected return on plan assets
|
(52
|
)
|
|
(56
|
)
|
|
(104
|
)
|
|
(113
|
)
|
||||
|
Amortization of prior service cost
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||
|
Amortization of net loss1
|
2
|
|
|
2
|
|
|
4
|
|
|
4
|
|
||||
|
Regulatory adjustment
|
(4
|
)
|
|
3
|
|
|
(8
|
)
|
|
5
|
|
||||
|
Total non-service benefit2
|
$
|
(14
|
)
|
|
$
|
(16
|
)
|
|
$
|
(29
|
)
|
|
$
|
(33
|
)
|
|
Total expense recognized
|
$
|
18
|
|
|
$
|
16
|
|
|
$
|
35
|
|
|
$
|
31
|
|
|
SCE:
|
|
|
|
|
|
|
|
||||||||
|
Service cost
|
$
|
31
|
|
|
$
|
31
|
|
|
$
|
62
|
|
|
$
|
62
|
|
|
Non-service cost (benefit)
|
|
|
|
|
|
|
|
||||||||
|
Interest cost
|
36
|
|
|
32
|
|
|
71
|
|
|
64
|
|
||||
|
Expected return on plan assets
|
(49
|
)
|
|
(54
|
)
|
|
(98
|
)
|
|
(107
|
)
|
||||
|
Amortization of prior service cost
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||
|
Amortization of net loss1
|
2
|
|
|
2
|
|
|
3
|
|
|
3
|
|
||||
|
Regulatory adjustment
|
(4
|
)
|
|
3
|
|
|
(8
|
)
|
|
5
|
|
||||
|
Total non-service benefit2
|
$
|
(14
|
)
|
|
$
|
(17
|
)
|
|
$
|
(31
|
)
|
|
$
|
(34
|
)
|
|
Total expense recognized
|
$
|
17
|
|
|
$
|
14
|
|
|
$
|
31
|
|
|
$
|
28
|
|
|
1
|
Includes the amount of net loss reclassified from other comprehensive loss. The amount reclassified for Edison International and SCE was $2 million and $2 million, respectively, for the three months ended June 30, 2019, and $4 million and $3 million, respectively, for the six months ended June 30, 2019. The amount reclassified for Edison International and SCE was $2 million and $2 million, respectively, for the three months ended June 30, 2018, and $4 million and $3 million, respectively, for the six months ended June 30, 2018.
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Service cost
|
$
|
8
|
|
|
$
|
10
|
|
|
$
|
16
|
|
|
$
|
19
|
|
|
Non-service cost (benefit)
|
|
|
|
|
|
|
|
||||||||
|
Interest cost
|
21
|
|
|
21
|
|
|
42
|
|
|
42
|
|
||||
|
Expected return on plan assets
|
(28
|
)
|
|
(30
|
)
|
|
(56
|
)
|
|
(60
|
)
|
||||
|
Amortization of prior service cost
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
|
Amortization of net gain
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
||||
|
Regulatory adjustment
|
6
|
|
|
—
|
|
|
12
|
|
|
—
|
|
||||
|
Total non-service cost benefit1
|
$
|
(2
|
)
|
|
$
|
(10
|
)
|
|
$
|
(4
|
)
|
|
$
|
(19
|
)
|
|
Total expense
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
—
|
|
|
|
Longest
Maturity
Dates
|
|
Amortized Cost
|
|
Fair Value
|
||||||||||||
|
(in millions)
|
|
June 30,
2019 |
|
December 31,
2018 |
|
June 30,
2019 |
|
December 31, 2018
|
|||||||||
|
Stocks
|
—
|
|
*
|
|
|
*
|
|
|
$
|
1,611
|
|
|
$
|
1,381
|
|
||
|
Municipal bonds
|
2057
|
|
$
|
624
|
|
|
$
|
665
|
|
|
762
|
|
|
767
|
|
||
|
U.S. government and agency securities
|
2067
|
|
1,184
|
|
|
1,193
|
|
|
1,326
|
|
|
1,288
|
|
||||
|
Corporate bonds
|
2068
|
|
621
|
|
|
573
|
|
|
693
|
|
|
611
|
|
||||
|
Short-term investments and receivables/payables1
|
One-year
|
|
27
|
|
|
70
|
|
|
29
|
|
|
73
|
|
||||
|
Total
|
|
|
$
|
2,456
|
|
|
$
|
2,501
|
|
|
$
|
4,421
|
|
|
$
|
4,120
|
|
|
*
|
Equity investments are measured at fair value.
|
|
1
|
Short-term investments include $14 million and $71 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by July 1, 2019 and January 2, 2019 as of June 30, 2019 and December 31, 2018, respectively.
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Gross realized gains
|
$
|
22
|
|
|
$
|
26
|
|
|
$
|
45
|
|
|
$
|
87
|
|
|
Gross realized loss
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(10
|
)
|
||||
|
Net unrealized gains (losses) for equity securities
|
38
|
|
|
(5
|
)
|
|
206
|
|
|
(68
|
)
|
||||
|
(in millions)
|
June 30,
2019 |
|
December 31,
2018 |
||||
|
Current:
|
|
|
|
||||
|
Regulatory balancing accounts
|
$
|
987
|
|
|
$
|
814
|
|
|
Power contracts
|
285
|
|
|
305
|
|
||
|
Other
|
22
|
|
|
14
|
|
||
|
Total current
|
1,294
|
|
|
1,133
|
|
||
|
Long-term:
|
|
|
|
||||
|
Deferred income taxes, net of liabilities
|
3,800
|
|
|
3,589
|
|
||
|
Pensions and other postretirement benefits
|
278
|
|
|
271
|
|
||
|
Power contracts
|
561
|
|
|
700
|
|
||
|
Unamortized investments, net of accumulated amortization
|
113
|
|
|
118
|
|
||
|
Unamortized loss on reacquired debt
|
148
|
|
|
153
|
|
||
|
Regulatory balancing accounts
|
346
|
|
|
360
|
|
||
|
Environmental remediation
|
132
|
|
|
134
|
|
||
|
Other
|
91
|
|
|
55
|
|
||
|
Total long-term
|
5,469
|
|
|
5,380
|
|
||
|
Total regulatory assets
|
$
|
6,763
|
|
|
$
|
6,513
|
|
|
(in millions)
|
June 30,
2019 |
|
December 31,
2018 |
||||
|
Current:
|
|
|
|
||||
|
Regulatory balancing accounts
|
$
|
728
|
|
|
$
|
1,080
|
|
|
Energy derivatives
|
24
|
|
|
158
|
|
||
|
2018 GRC1
|
—
|
|
|
274
|
|
||
|
Other
|
15
|
|
|
20
|
|
||
|
Total current
|
767
|
|
|
1,532
|
|
||
|
Long-term:
|
|
|
|
||||
|
Cost of removal
|
2,737
|
|
|
2,769
|
|
||
|
Re-measurement of deferred taxes2
|
2,530
|
|
|
2,776
|
|
||
|
Recoveries in excess of ARO liabilities3
|
1,454
|
|
|
1,130
|
|
||
|
Regulatory balancing accounts
|
1,591
|
|
|
1,344
|
|
||
|
Other postretirement benefits
|
194
|
|
|
185
|
|
||
|
Other
|
179
|
|
|
125
|
|
||
|
Total long-term
|
8,685
|
|
|
8,329
|
|
||
|
Total regulatory liabilities
|
$
|
9,452
|
|
|
$
|
9,861
|
|
|
1
|
During 2018, SCE recorded CPUC revenue based on the 2017 authorized revenue requirement adjusted for the July 2017 cost of capital decision and Tax Reform pending the outcome of the 2018 GRC. SCE recorded regulatory liabilities associated with these adjustments. In May 2019, these regulatory liabilities were reversed due to the adoption of 2018 GRC final decision. For further information, see Note 1.
|
|
2
|
SCE decreased its regulatory liability and recorded an income tax benefit of $69 million during the first six months of 2019 related to changes in the allocation of deferred tax re-measurement between customers and shareholders. For further information, see Note 8.
|
|
(in millions)
|
June 30,
2019 |
|
December 31,
2018 |
||||
|
Asset (liability)
|
|
|
|
||||
|
Energy resource recovery account
|
$
|
636
|
|
|
$
|
815
|
|
|
Portfolio allocation balancing account1
|
143
|
|
|
—
|
|
||
|
New system generation balancing account
|
(81
|
)
|
|
(74
|
)
|
||
|
Public purpose programs and energy efficiency programs
|
(1,285
|
)
|
|
(1,200
|
)
|
||
|
Tax accounting memorandum account and pole loading balancing account2
|
(19
|
)
|
|
28
|
|
||
|
Base revenue requirement balancing account3
|
(462
|
)
|
|
(628
|
)
|
||
|
DOE litigation memorandum account
|
(70
|
)
|
|
(69
|
)
|
||
|
Greenhouse gas auction revenue and low carbon fuel standard revenue
|
(102
|
)
|
|
(81
|
)
|
||
|
FERC balancing accounts
|
(88
|
)
|
|
(180
|
)
|
||
|
Catastrophic event memorandum account
|
92
|
|
|
144
|
|
||
|
Wildfire expense memorandum account
|
122
|
|
|
128
|
|
||
|
Fire risk mitigation memorandum account4
|
97
|
|
|
—
|
|
||
|
Other
|
31
|
|
|
(133
|
)
|
||
|
Liability
|
$
|
(986
|
)
|
|
$
|
(1,250
|
)
|
|
1
|
In May 2019, the CPUC approved a portfolio allocation balancing account to determine and pro-ratably recover from responsible bundled service and departing load customers the “above-market” costs of all generation resources that are eligible for cost recovery.
|
|
2
|
The 2018 GRC final decision approved changes to expand the use of the two-way TAMA. The expanded TAMA will track revenue differences resulting from changes in income tax expense caused by net revenue changes, mandatory or elective tax law changes, tax accounting changes, tax procedural changes, or tax policy changes during the 2018 GRC period.
|
|
(in millions)
|
PPA Operating Leases1,2
|
|
Other Operating Leases3
|
|
PPA Finance Leases1
|
||||||
|
2019
|
$
|
58
|
|
|
$
|
21
|
|
|
$
|
1
|
|
|
2020
|
70
|
|
|
33
|
|
|
1
|
|
|||
|
2021
|
48
|
|
|
27
|
|
|
1
|
|
|||
|
2022
|
48
|
|
|
22
|
|
|
2
|
|
|||
|
2023
|
47
|
|
|
17
|
|
|
2
|
|
|||
|
Thereafter
|
536
|
|
|
104
|
|
|
9
|
|
|||
|
Total lease payments
|
$
|
807
|
|
|
$
|
224
|
|
|
$
|
16
|
|
|
Amount representing interest4
|
232
|
|
|
61
|
|
|
6
|
|
|||
|
Lease liabilities
|
$
|
575
|
|
|
$
|
163
|
|
|
$
|
10
|
|
|
(in millions)
|
PPA Operating Leases1
|
|
Other Operating Leases3
|
|
PPA Capital Leases1
|
||||||
|
2019
|
$
|
148
|
|
|
$
|
42
|
|
|
$
|
5
|
|
|
2020
|
124
|
|
|
31
|
|
|
6
|
|
|||
|
2021
|
103
|
|
|
27
|
|
|
6
|
|
|||
|
2022
|
79
|
|
|
22
|
|
|
6
|
|
|||
|
2023
|
47
|
|
|
17
|
|
|
5
|
|
|||
|
Thereafter
|
536
|
|
|
101
|
|
|
66
|
|
|||
|
Total lease payments
|
$
|
1,037
|
|
|
$
|
240
|
|
|
$
|
94
|
|
|
Amount representing executory costs
|
|
|
|
|
(25
|
)
|
|||||
|
Amount representing interest
|
|
|
|
|
(33
|
)
|
|||||
|
Net commitments
|
|
|
|
|
$
|
36
|
|
||||
|
1
|
Excludes expected purchases from most renewable energy contracts, which do not meet the definition of a lease payment since renewable power generation is contingent on external factors.
|
|
2
|
During the second quarter of 2019, SCE amended three power contracts that resulted in a $161 million reduction in ROU assets and lease liabilities as these contracts no longer qualify as leases.
|
|
3
|
Excludes escalation clauses based on consumer price or other indices and residual value guarantees that are not considered probable at the commencement date of the lease.
|
|
4
|
Lease payments are discounted to their present value using SCE's incremental borrowing rates.
|
|
(in millions)
|
June 30, 2019
|
||
|
Operating leases:
|
|
||
|
Operating lease ROU assets
|
$
|
738
|
|
|
Current portion of operating lease liabilities
|
107
|
|
|
|
Operating lease liabilities
|
631
|
|
|
|
Total operating lease liabilities
|
$
|
738
|
|
|
|
|
||
|
Finance leases included in:
|
|
||
|
Utility property, plant and equipment, gross
|
$
|
14
|
|
|
Accumulated depreciation
|
(4
|
)
|
|
|
Utility property, plant and equipment, net
|
10
|
|
|
|
Other current liabilities
|
1
|
|
|
|
Other long-term liabilities
|
9
|
|
|
|
Total finance lease liabilities
|
$
|
10
|
|
|
(in millions)
|
Three months ended June 30, 2019
|
|
Six months ended June 30, 2019
|
||||
|
PPA leases:
|
|
|
|
||||
|
Operating lease cost
|
$
|
30
|
|
|
$
|
60
|
|
|
Variable lease cost
|
619
|
|
|
991
|
|
||
|
Total PPA lease cost
|
649
|
|
|
1,051
|
|
||
|
Other operating leases cost
|
12
|
|
|
23
|
|
||
|
Total lease cost
|
$
|
661
|
|
|
$
|
1,074
|
|
|
(in millions, except lease term and discount rate)
|
Six months ended June 30, 2019
|
||
|
Cash paid for amounts included in the measurement of lease liabilities:
|
|
||
|
Operating cash flows from operating leases
|
|
||
|
PPA leases
|
$
|
60
|
|
|
Other leases
|
23
|
|
|
|
|
|
||
|
ROU assets obtained in exchange for lease obligations:
|
|
||
|
Other operating leases
|
15
|
|
|
|
|
|
||
|
Weighted average remaining lease term (in years):
|
|
||
|
Operating leases
|
|
||
|
PPA leases
|
15.58
|
|
|
|
Other leases
|
12.75
|
|
|
|
PPA Finance leases
|
11.92
|
|
|
|
|
|
||
|
Weighted average discount rate:
|
|
||
|
Operating leases
|
|
||
|
PPA leases
|
4.40
|
%
|
|
|
Other leases
|
3.89
|
%
|
|
|
PPA Finance leases
|
8.72
|
%
|
|
|
(in millions)
|
|
||
|
2019
|
$
|
9
|
|
|
2020
|
15
|
|
|
|
2021
|
10
|
|
|
|
2022
|
10
|
|
|
|
2023
|
8
|
|
|
|
Thereafter
|
155
|
|
|
|
Total
|
$
|
207
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Beginning balance
|
$
|
(58
|
)
|
|
$
|
(46
|
)
|
|
$
|
(50
|
)
|
|
$
|
(43
|
)
|
|
Pension and PBOP – net loss:
|
|
|
|
|
|
|
|
||||||||
|
Reclassified from accumulated other comprehensive loss1
|
1
|
|
|
2
|
|
|
3
|
|
|
4
|
|
||||
|
Other2
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(5
|
)
|
||||
|
Change
|
1
|
|
|
2
|
|
|
(7
|
)
|
|
(1
|
)
|
||||
|
Ending Balance
|
$
|
(57
|
)
|
|
$
|
(44
|
)
|
|
$
|
(57
|
)
|
|
$
|
(44
|
)
|
|
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 recognized cumulative effect adjustments to the opening balance of retained earnings and accumulated other comprehensive loss on January 1, 2019 and 2018 related to the adoption of the accounting standards update on the reclassification of stranded tax effects resulting from Tax Reform in 2019 and the measurement of financial instruments in 2018. See Note 1 for further information on the reclassification of stranded tax effects.
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Beginning balance
|
$
|
(27
|
)
|
|
$
|
(22
|
)
|
|
$
|
(23
|
)
|
|
$
|
(19
|
)
|
|
Pension and PBOP – net loss:
|
|
|
|
|
|
|
|
||||||||
|
Reclassified from accumulated other comprehensive loss1
|
1
|
|
|
1
|
|
|
2
|
|
|
3
|
|
||||
|
Other2
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
||||
|
Change
|
1
|
|
|
1
|
|
|
(3
|
)
|
|
(2
|
)
|
||||
|
Ending Balance
|
$
|
(26
|
)
|
|
$
|
(21
|
)
|
|
$
|
(26
|
)
|
|
$
|
(21
|
)
|
|
1
|
These items are included in the computation of net periodic pension and PBOP Plan expense. See Note 9 for additional information.
|
|
2
|
SCE recognized cumulative effect adjustments to the opening balance of retained earnings and accumulated other comprehensive loss on January 1, 2019 and 2018 related to the adoption of the accounting standards update on the reclassification of stranded tax effects resulting from Tax Reform in 2019 and the measurement of financial instruments in 2018. See Note 1 for further information on the reclassification of stranded tax effects.
|
|
|
|
Three months ended June 30,
|
|
|
Six months ended June 30,
|
||||||||||||
|
(in millions)
|
|
2019
|
|
2018
|
|
|
2019
|
|
2018
|
||||||||
|
SCE other income and expense:
|
|
|
|
|
|
|
|
|
|
||||||||
|
Equity allowance for funds used during construction
|
|
$
|
32
|
|
|
$
|
22
|
|
|
|
$
|
49
|
|
|
$
|
44
|
|
|
Increase in cash surrender value of life insurance policies and life insurance benefits
|
|
9
|
|
|
6
|
|
|
|
18
|
|
|
14
|
|
||||
|
Interest income
|
|
7
|
|
|
5
|
|
|
|
16
|
|
|
9
|
|
||||
|
Net periodic benefit income – non-service components
|
|
16
|
|
|
27
|
|
|
|
35
|
|
|
53
|
|
||||
|
Civic, political and related activities and donations
|
|
(8
|
)
|
|
(12
|
)
|
|
|
(21
|
)
|
|
(16
|
)
|
||||
|
Other
|
|
—
|
|
|
2
|
|
|
|
(3
|
)
|
|
(3
|
)
|
||||
|
Total SCE other income and expense
|
|
56
|
|
|
50
|
|
|
|
94
|
|
|
101
|
|
||||
|
Other income and expense of Edison International Parent and Other:
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net periodic benefit costs – non-service components
|
|
—
|
|
|
(1
|
)
|
|
|
(2
|
)
|
|
(1
|
)
|
||||
|
Other
|
|
(1
|
)
|
|
—
|
|
|
|
1
|
|
|
—
|
|
||||
|
Total Edison International other income and expense
|
|
$
|
55
|
|
|
$
|
49
|
|
|
|
$
|
93
|
|
|
$
|
100
|
|
|
|
Edison International
|
|
SCE
|
||||||||||||
|
|
Six months ended June 30,
|
||||||||||||||
|
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Cash payments for interest and taxes:
|
|
|
|
|
|
|
|
||||||||
|
Interest, net of amounts capitalized
|
$
|
301
|
|
|
$
|
254
|
|
|
$
|
268
|
|
|
$
|
233
|
|
|
Tax refunds, net
|
(65
|
)
|
|
(93
|
)
|
|
(101
|
)
|
|
(18
|
)
|
||||
|
Non-cash financing and investing activities:
|
|
|
|
|
|
|
|
||||||||
|
Dividends declared but not paid:
|
|
|
|
|
|
|
|
||||||||
|
Common stock
|
$
|
200
|
|
|
$
|
197
|
|
|
$
|
—
|
|
|
$
|
100
|
|
|
Preferred and preference stock
|
12
|
|
|
12
|
|
|
12
|
|
|
12
|
|
||||
|
(in millions)
|
|
June 30,
2019 |
|
December 31, 2018
|
||||
|
Long-term insurance receivable due from affiliate
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
|
Prepaid insurance1
|
|
74
|
|
|
13
|
|
||
|
Current payables due to affiliate2
|
|
—
|
|
|
4
|
|
||
|
Period
|
(a) Total
Number of Shares
(or Units)
Purchased1
|
|
(b) Average
Price Paid per Share (or Unit)1
|
|
(c) Total
Number of Shares
(or Units)
Purchased
as Part of
Publicly
Announced
Plans or
Programs
|
|
(d) Maximum
Number (or
Approximate
Dollar Value)
of Shares
(or Units) that May
Yet Be Purchased
Under the Plans or
Programs
|
|||||
|
April 1, 2019 to April 30, 2019
|
160,222
|
|
|
|
$
|
63.76
|
|
|
|
—
|
|
—
|
|
May 1, 2019 to May 31, 2019
|
93,451
|
|
|
|
$
|
59.84
|
|
|
|
—
|
|
—
|
|
June 1, 2019 to June 30, 2019
|
169,163
|
|
|
|
$
|
61.54
|
|
|
|
—
|
|
—
|
|
Total
|
422,836
|
|
|
|
$
|
62.00
|
|
|
|
—
|
|
—
|
|
Exhibit
Number
|
|
Description
|
|
|
|
|
|
|
|
|
|
10.1
|
|
|
|
|
|
|
|
10.2**
|
|
|
|
|
|
|
|
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 June 30, 2019, filed on July 25, 2019, 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 June 30, 2019, filed on July 25, 2019, 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
|
|
*
|
Incorporated by reference pursuant to Rule 12b-32.
|
|
**
|
Indicates a management contract or compensatory plan or arrangement, as required by Item 15(a)(3).
|
|
|
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:
|
July 25, 2019
|
|
Date:
|
July 25, 2019
|
|
3.1
|
Overview
|
|
3.2
|
Benefit Features
|
|
3.3
|
Benefit Computation
|
|
3.4
|
Executive Retirement Account Credits
|
|
3.5
|
Vesting
|
|
3.6
|
Adjustment for Final Bonus
|
|
3.7
|
Valuation Date Notional Account
|
|
4.1
|
Primary Payment Election for Plan Years Prior to 2019
|
|
4.2
|
Contingent Payment Elections for Plan Years Prior to 2019
|
|
4.3
|
Changes to Payment Elections
|
|
4.4
|
Small Benefit Exception
|
|
4.5
|
Six-Month Delay in Payment for Specified Employees
|
|
4.6
|
Conflict of Interest Exception, Etc.
|
|
5.1
|
Payment
|
|
5.2
|
Benefit Computation
|
|
7.1
|
Nonassignability
|
|
7.2
|
Unforeseeable Emergency
|
|
7.3
|
No Right to Assets
|
|
7.4
|
Protective Provisions
|
|
7.5
|
Constructive Receipt
|
|
7.6
|
Withholding
|
|
7.7
|
Incapacity
|
|
8.1
|
Plan Interpretation
|
|
8.2
|
Limited Liability
|
|
9.1
|
Authority to Amend or Terminate
|
|
9.2
|
Limitations
|
|
10.1
|
Claims Procedure for Claims Other Than Due to Disability
|
|
10.2
|
Claims Procedure for Claims Due to Disability
|
|
10.3
|
Dispute Arbitration
|
|
11.1
|
Participation in Other Plans
|
|
11.2
|
Relationship to Qualified Plan
|
|
11.3
|
Forfeiture
|
|
11.4
|
Successors
|
|
11.5
|
Trust
|
|
11.6
|
Employment Not Guaranteed
|
|
11.7
|
Gender, Singular and Plural
|
|
11.8
|
Captions
|
|
11.9
|
Validity
|
|
11.10
|
Waiver of Breach
|
|
11.11
|
Applicable Law
|
|
11.12
|
Notice
|
|
11.13
|
ERISA Plan
|
|
11.14
|
Statutes and Regulations
|
|
/s/ PEDRO J. PIZARRO
|
|
PEDRO J. PIZARRO
Chief Executive Officer
|
|
/s/ MARIA RIGATTI
|
|
MARIA RIGATTI
Chief Financial Officer
|
|
/s/ KEVIN M. PAYNE
|
|
KEVIN M. PAYNE
Chief Executive Officer
|
|
/s/ WILLIAM M PETMECKY III
|
|
WILLIAM M. PETMECKY III
Chief Financial Officer
|
|
1.
|
The Quarterly Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and
|
|
2.
|
The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/ PEDRO J. PIZARRO
|
|
PEDRO J. PIZARRO
Chief Executive Officer
Edison International
|
|
|
|
/s/ MARIA RIGATTI
|
|
MARIA RIGATTI
Chief Financial Officer
Edison International
|
|
1.
|
The Quarterly Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and
|
|
2.
|
The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/ KEVIN M. PAYNE
|
|
KEVIN M. PAYNE
Chief Executive Officer
Southern California Edison Company
|
|
|
|
/s/ WILLIAM M. PETMECKY III
|
|
WILLIAM M. PETMECKY III
Chief Financial Officer
Southern California Edison Company
|