(Mark One) | |
R | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2013 | |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
Commission File Number | Exact Name of Registrant as specified in its charter | State or Other Jurisdiction of Incorporation or Organization | IRS Employer Identification Number | |||
1-9936 | EDISON INTERNATIONAL | California | 95-4137452 | |||
1-2313 | SOUTHERN CALIFORNIA EDISON COMPANY | California | 95-1240335 |
EDISON INTERNATIONAL | SOUTHERN CALIFORNIA EDISON COMPANY | |
2244 Walnut Grove Avenue (P.O. Box 976) Rosemead, California 91770 (Address of principal executive offices) | 2244 Walnut Grove Avenue (P.O. Box 800) Rosemead, California 91770 (Address of principal executive offices) | |
(626) 302-2222 (Registrant's telephone number, including area code) | (626) 302-1212 (Registrant's telephone number, including area code) |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of "accelerated filer," "large accelerated filer," and "smaller reporting company" in Rule 12b-12 of the Exchange Act. (Check One): | ||||
Edison International | Large Accelerated Filer þ | Accelerated Filer ¨ | Non-accelerated Filer ¨ | Smaller Reporting Company ¨ |
Southern California Edison Company | Large Accelerated Filer ¨ | Accelerated Filer ¨ | Non-accelerated Filer þ | Smaller Reporting Company ¨ |
Common Stock outstanding as of April 26, 2013: | ||
Edison International | 325,811,206 shares | |
Southern California Edison Company | 434,888,104 shares |
Environmental Remediation | ||||
2012 Form 10-K | Edison International's and SCE's combined Annual Report on Form 10-K for the year-ended December 31, 2012 | |
APS | Arizona Public Service Company | |
ARO(s) | asset retirement obligation(s) | |
BACT | best available control technology | |
Bankruptcy Code | Chapter 11 of the United States Bankruptcy Code | |
Bankruptcy Court | United States Bankruptcy Court for the Northern District of Illinois, Eastern Division | |
Bcf | billion cubic feet | |
CAA | Clean Air Act | |
CAISO | California Independent System Operator | |
CARB | California Air Resources Board | |
CDWR | California Department of Water Resources | |
CEC | California Energy Commission | |
CPUC | California Public Utilities Commission | |
CRRs | congestion revenue rights | |
DOE | U.S. Department of Energy | |
EME | Edison Mission Energy | |
EMG | Edison Mission Group Inc. | |
EPS | earnings per share | |
ERRA | energy resource recovery account | |
FASB | Financial Accounting Standards Board | |
FERC | Federal Energy Regulatory Commission | |
FIP(s) | federal implementation plan(s) | |
Four Corners | coal fueled electric generating facility located in Farmington, New Mexico in which SCE holds a 48% ownership interest | |
GAAP | generally accepted accounting principles | |
GHG | greenhouse gas | |
GRC | general rate case | |
GWh | gigawatt-hours | |
IRS | Internal Revenue Service | |
ISO | Independent System Operator | |
kWh(s) | kilowatt-hour(s) | |
MD&A | Management's Discussion and Analysis of Financial Condition and Results of Operations in this report | |
MHI | Mitsubishi Heavy Industries, Inc. | |
Mohave | two coal fueled electric generating facilities that no longer operate located in Clark County, Nevada in which SCE holds a 56% ownership interest | |
Moody's | Moody's Investors Service | |
MW | megawatts | |
MWh | megawatt-hours | |
NAAQS | national ambient air quality standards | |
NERC | North American Electric Reliability Corporation | |
Ninth Circuit | U.S. Court of Appeals for the Ninth Circuit | |
NRC | Nuclear Regulatory Commission |
NSR | New Source Review | |
Palo Verde | large pressurized water nuclear electric generating facility located near Phoenix, Arizona in which SCE holds a 15.8% ownership interest | |
PBOP(s) | postretirement benefits other than pension(s) | |
Petition Date | December 17, 2012 (date on which EME and certain of its wholly-owned subsidiaries filed for protection under Chapter 11 of the Bankruptcy Code) | |
PG&E | Pacific Gas & Electric Company | |
PSD | Prevention of Significant Deterioration | |
QF(s) | qualifying facility(ies) | |
ROE | return on equity | |
S&P | Standard & Poor's Ratings Services | |
San Onofre | large pressurized water nuclear electric generating facility located in south San Clemente, California in which SCE holds a 78.21% ownership interest | |
SCE | Southern California Edison Company | |
SCR | selective catalytic reduction equipment | |
SDG&E | San Diego Gas & Electric | |
SEC | U.S. Securities and Exchange Commission | |
SED | Safety and Enforcement Division of the CPUC, formerly known as the Consumer Protection and Safety Division or CPSD | |
Settlement Transaction | Certain transactions related to EME's Chapter 11 bankruptcy filing that the parties to the Support Agreement have by virtue of that agreement agreed to further document and support | |
Support Agreement | Transaction Support Agreement dated as of December 16, 2012 by and among Edison Mission Energy, Edison International and the Noteholders named therein | |
US EPA | U.S. Environmental Protection Agency | |
VIE(s) | variable interest entity(ies) |
Consolidated Statements of Income | Edison International | ||||||
Three months ended March 31, | |||||||
(in millions, except per-share amounts, unaudited) | 2013 | 2012 | |||||
Operating revenue | $ | 2,632 | $ | 2,415 | |||
Fuel | 73 | 77 | |||||
Purchased power | 780 | 615 | |||||
Operation and maintenance | 873 | 946 | |||||
Depreciation, decommissioning and amortization | 414 | 388 | |||||
Total operating expenses | 2,140 | 2,026 | |||||
Operating income | 492 | 389 | |||||
Interest and other income | 34 | 34 | |||||
Interest expense | (131 | ) | (126 | ) | |||
Other expenses | (11 | ) | (10 | ) | |||
Income from continuing operations before income taxes | 384 | 287 | |||||
Income tax expense | 98 | 91 | |||||
Income from continuing operations | 286 | 196 | |||||
Income (loss) from discontinued operations, net of tax | 12 | (84 | ) | ||||
Net income | 298 | 112 | |||||
Dividends on preferred and preference stock of utility | 27 | 19 | |||||
Net income attributable to Edison International common shareholders | $ | 271 | $ | 93 | |||
Amounts attributable to Edison International common shareholders: | |||||||
Income from continuing operations, net of tax | $ | 259 | $ | 177 | |||
Income (loss) from discontinued operations, net of tax | 12 | (84 | ) | ||||
Net income attributable to Edison International common shareholders | $ | 271 | $ | 93 | |||
Basic earnings (loss) per common share attributable to Edison International common shareholders: | |||||||
Weighted-average shares of common stock outstanding | 326 | 326 | |||||
Continuing operations | $ | 0.79 | $ | 0.54 | |||
Discontinued operations | 0.04 | (0.26 | ) | ||||
Total | $ | 0.83 | $ | 0.28 | |||
Diluted earnings (loss) per common share attributable to Edison International common shareholders: | |||||||
Weighted-average shares of common stock outstanding, including effect of dilutive securities | 329 | 329 | |||||
Continuing operations | $ | 0.78 | $ | 0.54 | |||
Discontinued operations | 0.04 | (0.26 | ) | ||||
Total | $ | 0.82 | $ | 0.28 | |||
Dividends declared per common share | $ | 0.3375 | $ | 0.325 |
Consolidated Statements of Comprehensive Income | Edison International | |||||||
Three months ended March 31, | ||||||||
(in millions, unaudited) | 2013 | 2012 | ||||||
Net income | $ | 298 | $ | 112 | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Pension and postretirement benefits other than pensions: | ||||||||
Net loss arising during the period, net of income tax benefit of $4 for the three months ended March 31, 2013 | (2 | ) | — | |||||
Amortization of net loss included in net income, net of income tax expense of $1 and $4 for the three months ended March 31, 2013 and 2012, respectively | 2 | 7 | ||||||
Unrealized gain (loss) on derivatives qualified as cash flow hedges: | ||||||||
Unrealized holding gain arising during the period, net of income tax expense of $17 for the three months ended March 31, 2012 | — | 25 | ||||||
Reclassification adjustments included in net income, net of income tax benefit of $8 for the three months ended March 31, 2012 | — | (11 | ) | |||||
Other comprehensive income, net of tax | — | 21 | ||||||
Comprehensive income | 298 | 133 | ||||||
Less: Comprehensive income attributable to noncontrolling interests | 27 | 19 | ||||||
Comprehensive income attributable to Edison International | $ | 271 | $ | 114 |
Consolidated Balance Sheets | Edison International | |||||||
(in millions, unaudited) | March 31, 2013 | December 31, 2012 | ||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 115 | $ | 170 | ||||
Receivables, less allowances of $67 and $75 for uncollectible accounts at respective dates | 797 | 762 | ||||||
Accrued unbilled revenue | 403 | 550 | ||||||
Inventory | 351 | 340 | ||||||
Prepaid taxes | 26 | 22 | ||||||
Derivative assets | 111 | 129 | ||||||
Margin and collateral deposits | 10 | 8 | ||||||
Regulatory assets | 672 | 572 | ||||||
Other current assets | 185 | 119 | ||||||
Total current assets | 2,670 | 2,672 | ||||||
Nuclear decommissioning trusts | 4,246 | 4,048 | ||||||
Investments in unconsolidated affiliates | 2 | 2 | ||||||
Other investments | 199 | 184 | ||||||
Total investments | 4,447 | 4,234 | ||||||
Utility property, plant and equipment, less accumulated depreciation of $7,662 and $7,424 at respective dates | 30,673 | 30,200 | ||||||
Nonutility property, plant and equipment, less accumulated depreciation of $126 and $123 at respective dates | 72 | 73 | ||||||
Total property, plant and equipment | 30,745 | 30,273 | ||||||
Derivative assets | 81 | 85 | ||||||
Restricted deposits | 4 | 4 | ||||||
Regulatory assets | 6,518 | 6,422 | ||||||
Other long-term assets | 690 | 704 | ||||||
Total long-term assets | 7,293 | 7,215 | ||||||
Total assets | $ | 45,155 | $ | 44,394 |
Consolidated Balance Sheets | Edison International | |||||||
(in millions, except share amounts, unaudited) | March 31, 2013 | December 31, 2012 | ||||||
LIABILITIES AND EQUITY | ||||||||
Short-term debt | $ | 420 | $ | 175 | ||||
Current portion of long-term debt | 800 | — | ||||||
Accounts payable | 1,100 | 1,423 | ||||||
Accrued taxes | 134 | 61 | ||||||
Accrued interest | 126 | 176 | ||||||
Customer deposits | 196 | 193 | ||||||
Derivative liabilities | 107 | 126 | ||||||
Regulatory liabilities | 443 | 536 | ||||||
Deferred income taxes | 174 | 64 | ||||||
Other current liabilities | 779 | 990 | ||||||
Total current liabilities | 4,279 | 3,744 | ||||||
Long-term debt | 8,829 | 9,231 | ||||||
Deferred income taxes | 6,289 | 6,127 | ||||||
Deferred investment tax credits | 103 | 104 | ||||||
Customer advances | 150 | 149 | ||||||
Derivative liabilities | 1,014 | 939 | ||||||
Pensions and benefits | 2,610 | 2,614 | ||||||
Asset retirement obligations | 2,824 | 2,782 | ||||||
Regulatory liabilities | 5,470 | 5,214 | ||||||
Other deferred credits and other long-term liabilities | 2,278 | 2,299 | ||||||
Total deferred credits and other liabilities | 20,738 | 20,228 | ||||||
Total liabilities | 33,846 | 33,203 | ||||||
Commitments and contingencies (Note 9) | ||||||||
Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date) | 2,380 | 2,373 | ||||||
Accumulated other comprehensive loss | (87 | ) | (87 | ) | ||||
Retained earnings | 7,262 | 7,146 | ||||||
Total Edison International's common shareholders' equity | 9,555 | 9,432 | ||||||
Preferred and preference stock of utility | 1,754 | 1,759 | ||||||
Total noncontrolling interests | 1,754 | 1,759 | ||||||
Total equity | 11,309 | 11,191 | ||||||
Total liabilities and equity | $ | 45,155 | $ | 44,394 |
Consolidated Statements of Cash Flows | Edison International | |||||||
Three months ended March 31, | ||||||||
(in millions, unaudited) | 2013 | 2012 | ||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 298 | $ | 112 | ||||
Less: Income (loss) from discontinued operations | 12 | (84 | ) | |||||
Income from continuing operations | 286 | 196 | ||||||
Adjustments to reconcile to net cash provided by operating activities: | ||||||||
Depreciation, decommissioning and amortization | 414 | 388 | ||||||
Regulatory impacts of net nuclear decommissioning trust earnings | 25 | 77 | ||||||
Other amortization and other | 17 | 19 | ||||||
Stock-based compensation | 6 | 8 | ||||||
Deferred income taxes and investment tax credits | 174 | 30 | ||||||
Proceeds from U.S. treasury grants | — | 29 | ||||||
Changes in operating assets and liabilities: | ||||||||
Receivables | (38 | ) | 88 | |||||
Inventory | (11 | ) | 10 | |||||
Margin and collateral deposits, net of collateral received | (2 | ) | (1 | ) | ||||
Prepaid taxes | (5 | ) | 11 | |||||
Other current assets | 82 | 17 | ||||||
Accounts payable | (65 | ) | (47 | ) | ||||
Accrued taxes | 60 | 170 | ||||||
Other current liabilities | (255 | ) | (302 | ) | ||||
Derivative assets and liabilities, net | 79 | 273 | ||||||
Regulatory assets and liabilities, net | (199 | ) | (254 | ) | ||||
Other assets | (13 | ) | (9 | ) | ||||
Other liabilities | (49 | ) | 72 | |||||
Operating cash flows from continuing operations | 506 | 775 | ||||||
Operating cash flows from discontinued operations, net | — | (98 | ) | |||||
Net cash provided by operating activities | 506 | 677 | ||||||
Cash flows from financing activities: | ||||||||
Long-term debt issued | 398 | 395 | ||||||
Long-term debt issuance costs | (4 | ) | (4 | ) | ||||
Long-term debt repaid | (1 | ) | (2 | ) | ||||
Preference stock issued, net | 387 | 345 | ||||||
Preference stock redeemed | (400 | ) | — | |||||
Short-term debt financing, net | 245 | (86 | ) | |||||
Settlements of stock-based compensation, net | (32 | ) | (22 | ) | ||||
Dividends to noncontrolling interests | (30 | ) | (14 | ) | ||||
Dividends paid | (110 | ) | (106 | ) | ||||
Financing cash flows from continuing operations | 453 | 506 | ||||||
Financing cash flows from discontinued operations, net | — | 279 | ||||||
Net cash provided by financing activities | $ | 453 | $ | 785 |
Consolidated Statements of Cash Flows | Edison International | |||||||
Three months ended March 31, | ||||||||
(in millions, unaudited) | 2013 | 2012 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | $ | (979 | ) | $ | (1,189 | ) | ||
Proceeds from sale of nuclear decommissioning trust investments | 435 | 602 | ||||||
Purchases of nuclear decommissioning trust investments and other | (466 | ) | (684 | ) | ||||
Other investments and customer advances for construction | (4 | ) | (3 | ) | ||||
Investing cash flows from continuing operations | (1,014 | ) | (1,274 | ) | ||||
Investing cash flows from discontinued operations, net | — | (174 | ) | |||||
Net cash used by investing activities | (1,014 | ) | (1,448 | ) | ||||
Net (decrease) increase in cash and cash equivalents | (55 | ) | 14 | |||||
Cash and cash equivalents at beginning of period | 170 | 1,469 | ||||||
Cash and cash equivalents at end of period | 115 | 1,483 | ||||||
Cash and cash equivalents from discontinued operations | — | 1,300 | ||||||
Cash and cash equivalents from continuing operations | $ | 115 | $ | 183 |
Consolidated Statements of Income | Southern California Edison Company |
Three months ended March 31, | ||||||||
(in millions, unaudited) | 2013 | 2012 | ||||||
Operating revenue | $ | 2,629 | $ | 2,412 | ||||
Fuel | 73 | 77 | ||||||
Purchased power | 780 | 615 | ||||||
Operation and maintenance | 785 | 851 | ||||||
Depreciation, decommissioning and amortization | 414 | 389 | ||||||
Property and other taxes | 79 | 83 | ||||||
Total operating expenses | 2,131 | 2,015 | ||||||
Operating income | 498 | 397 | ||||||
Interest and other income | 32 | 33 | ||||||
Interest expense | (125 | ) | (121 | ) | ||||
Other expenses | (10 | ) | (9 | ) | ||||
Income before income taxes | 395 | 300 | ||||||
Income tax expense | 112 | 99 | ||||||
Net income | 283 | 201 | ||||||
Less: Dividends on preferred and preference stock | 27 | 19 | ||||||
Net income available for common stock | $ | 256 | $ | 182 |
Consolidated Statements of Comprehensive Income | ||||||||
Three months ended March 31, | ||||||||
(in millions, unaudited) | 2013 | 2012 | ||||||
Net income | $ | 283 | $ | 201 | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Pension and postretirement benefits other than pensions: | ||||||||
Net loss arising during the period, net of income tax benefit of $3 for the three months ended March 31, 2013 | (4 | ) | — | |||||
Amortization of net loss included in net income, net of income tax expense of $1 and $3 for the three months ended March 31, 2013 and 2012, respectively | 1 | 3 | ||||||
Other comprehensive income (loss), net of tax | (3 | ) | 3 | |||||
Comprehensive income | $ | 280 | $ | 204 |
Consolidated Balance Sheets | Southern California Edison Company |
(in millions, unaudited) | March 31, 2013 | December 31, 2012 | ||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 27 | $ | 45 | ||||
Receivables, less allowances of $67 and $75 for uncollectible accounts at respective dates | 754 | 755 | ||||||
Accrued unbilled revenue | 403 | 550 | ||||||
Inventory | 351 | 340 | ||||||
Prepaid taxes | 30 | 48 | ||||||
Derivative assets | 111 | 129 | ||||||
Regulatory assets | 672 | 572 | ||||||
Other current assets | 194 | 123 | ||||||
Total current assets | 2,542 | 2,562 | ||||||
Nuclear decommissioning trusts | 4,246 | 4,048 | ||||||
Other investments | 125 | 116 | ||||||
Total investments | 4,371 | 4,164 | ||||||
Utility property, plant and equipment, less accumulated depreciation of $7,662 and $7,424 at respective dates | 30,673 | 30,200 | ||||||
Nonutility property, plant and equipment, less accumulated depreciation of $120 and $117 at respective dates | 70 | 70 | ||||||
Total property, plant and equipment | 30,743 | 30,270 | ||||||
Derivative assets | 81 | 85 | ||||||
Regulatory assets | 6,518 | 6,422 | ||||||
Other long-term assets | 537 | 531 | ||||||
Total long-term assets | 7,136 | 7,038 | ||||||
Total assets | $ | 44,792 | $ | 44,034 |
Consolidated Balance Sheets | Southern California Edison Company |
(in millions, except share amounts, unaudited) | March 31, 2013 | December 31, 2012 | ||||||
LIABILITIES AND EQUITY | ||||||||
Short-term debt | $ | 404 | $ | 175 | ||||
Current portion of long-term debt | 800 | — | ||||||
Accounts payable | 1,069 | 1,297 | ||||||
Accrued taxes | 131 | 72 | ||||||
Accrued interest | 125 | 172 | ||||||
Customer deposits | 196 | 193 | ||||||
Derivative liabilities | 107 | 126 | ||||||
Regulatory liabilities | 443 | 536 | ||||||
Deferred income taxes | 174 | 81 | ||||||
Other current liabilities | 654 | 861 | ||||||
Total current liabilities | 4,103 | 3,513 | ||||||
Long-term debt | 8,427 | 8,828 | ||||||
Deferred income taxes | 6,781 | 6,669 | ||||||
Deferred investment tax credits | 103 | 104 | ||||||
Customer advances | 150 | 149 | ||||||
Derivative liabilities | 1,014 | 939 | ||||||
Pensions and benefits | 2,234 | 2,245 | ||||||
Asset retirement obligations | 2,824 | 2,782 | ||||||
Regulatory liabilities | 5,470 | 5,214 | ||||||
Other deferred credits and other long-term liabilities | 1,844 | 1,848 | ||||||
Total deferred credits and other liabilities | 20,420 | 19,950 | ||||||
Total liabilities | 32,950 | 32,291 | ||||||
Commitments and contingencies (Note 9) | ||||||||
Common stock, no par value (560,000,000 shares authorized; 434,888,104 shares issued and outstanding at each date) | 2,168 | 2,168 | ||||||
Additional paid-in capital | 579 | 581 | ||||||
Accumulated other comprehensive loss | (32 | ) | (29 | ) | ||||
Retained earnings | 7,332 | 7,228 | ||||||
Total common shareholder's equity | 10,047 | 9,948 | ||||||
Preferred and preference stock | 1,795 | 1,795 | ||||||
Total equity | 11,842 | 11,743 | ||||||
Total liabilities and equity | $ | 44,792 | $ | 44,034 |
Consolidated Statements of Cash Flows | Southern California Edison Company |
Three months ended March 31, | ||||||||
(in millions, unaudited) | 2013 | 2012 | ||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 283 | $ | 201 | ||||
Adjustments to reconcile to net cash provided by operating activities: | ||||||||
Depreciation, decommissioning and amortization | 414 | 389 | ||||||
Regulatory impacts of net nuclear decommissioning trust earnings | 25 | 77 | ||||||
Other amortization | 18 | 20 | ||||||
Stock-based compensation | 4 | 4 | ||||||
Deferred income taxes and investment tax credits | 150 | 156 | ||||||
Proceeds from U.S. treasury grants | — | 29 | ||||||
Changes in operating assets and liabilities: | ||||||||
Receivables | 1 | 90 | ||||||
Inventory | (11 | ) | 11 | |||||
Margin and collateral deposits, net of collateral received | (2 | ) | (1 | ) | ||||
Prepaid taxes | 18 | (1 | ) | |||||
Other current assets | 79 | 19 | ||||||
Accounts payable | (63 | ) | (53 | ) | ||||
Accrued taxes | 59 | 62 | ||||||
Other current liabilities | (247 | ) | (185 | ) | ||||
Derivative assets and liabilities, net | 79 | 336 | ||||||
Regulatory assets and liabilities, net | (199 | ) | (317 | ) | ||||
Other assets | (15 | ) | (10 | ) | ||||
Other liabilities | (32 | ) | (52 | ) | ||||
Net cash provided by operating activities | 561 | 775 | ||||||
Cash flows from financing activities: | ||||||||
Long-term debt issued | 398 | 395 | ||||||
Long-term debt issuance costs | (4 | ) | (4 | ) | ||||
Long-term debt repaid | (1 | ) | (1 | ) | ||||
Preference stock issued, net | 387 | 345 | ||||||
Preference stock redeemed | (400 | ) | — | |||||
Short-term debt financing, net | 229 | (89 | ) | |||||
Settlements of stock-based compensation, net | (29 | ) | (15 | ) | ||||
Dividends paid | (150 | ) | (131 | ) | ||||
Net cash provided by financing activities | 430 | 500 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (979 | ) | (1,189 | ) | ||||
Proceeds from sale of nuclear decommissioning trust investments | 435 | 602 | ||||||
Purchases of nuclear decommissioning trust investments and other | (466 | ) | (684 | ) | ||||
Customer advances for construction and other investments | 1 | 2 | ||||||
Net cash used by investing activities | (1,009 | ) | (1,269 | ) | ||||
Net (decrease) increase in cash and cash equivalents | (18 | ) | 6 | |||||
Cash and cash equivalents, beginning of period | 45 | 57 | ||||||
Cash and cash equivalents, end of period | $ | 27 | $ | 63 |
Edison International | SCE | ||||||||||||||
(in millions) | March 31, 2013 | December 31, 2012 | March 31, 2013 | December 31, 2012 | |||||||||||
Money market funds | $ | 58 | $ | 107 | $ | 5 | $ | 5 |
Edison International | SCE | ||||||||||||||
(in millions) | March 31, 2013 | December 31, 2012 | March 31, 2013 | December 31, 2012 | |||||||||||
Cash reclassified to accounts payable | $ | 165 | $ | 247 | $ | 165 | $ | 242 |
(in millions) | March 31, 2013 | December 31, 2012 | |||||
Materials, supplies and spare parts | $ | 333 | $ | 319 | |||
Fuel | 18 | 21 | |||||
Total inventory | $ | 351 | $ | 340 |
Three months ended March 31, | |||||||
(in millions) | 2013 | 2012 | |||||
Basic earnings per share – continuing operations: | |||||||
Income from continuing operations available to common shareholders | $ | 259 | $ | 177 | |||
Weighted average common shares outstanding | 326 | 326 | |||||
Basic earnings per share – continuing operations | $ | 0.79 | $ | 0.54 | |||
Diluted earnings per share – continuing operations: | |||||||
Income from continuing operations available to common shareholders | $ | 259 | $ | 177 | |||
Income impact of assumed conversions | — | — | |||||
Income from continuing operations available to common shareholders and assumed conversions | $ | 259 | $ | 177 | |||
Weighted average common shares outstanding | 326 | 326 | |||||
Incremental shares from assumed conversions | 3 | 3 | |||||
Adjusted weighted average shares – diluted | 329 | 329 | |||||
Diluted earnings per share – continuing operations | $ | 0.78 | $ | 0.54 |
Equity Attributable to Edison International | Noncontrolling Interests | ||||||||||||||||||||||
(in millions) | Common Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Subtotal | Preferred and Preference Stock | Total Equity | |||||||||||||||||
Balance at December 31, 2012 | $ | 2,373 | $ | (87 | ) | $ | 7,146 | $ | 9,432 | $ | 1,759 | $ | 11,191 | ||||||||||
Net income | — | — | 271 | 271 | 27 | 298 | |||||||||||||||||
Common stock dividends declared ($0.3375 per share) | — | — | (110 | ) | (110 | ) | — | (110 | ) | ||||||||||||||
Dividends, distributions to noncontrolling interests | — | — | — | — | (27 | ) | (27 | ) | |||||||||||||||
Stock-based compensation and other | 1 | — | (33 | ) | (32 | ) | — | (32 | ) | ||||||||||||||
Noncash stock-based compensation and other | 6 | — | (4 | ) | 2 | — | 2 | ||||||||||||||||
Issuance of preference stock | — | — | — | — | 387 | 387 | |||||||||||||||||
Redemption of preference stock | — | — | (8 | ) | (8 | ) | (392 | ) | (400 | ) | |||||||||||||
Balance at March 31, 2013 | $ | 2,380 | $ | (87 | ) | $ | 7,262 | $ | 9,555 | $ | 1,754 | $ | 11,309 |
Equity Attributable to Edison International | Noncontrolling Interests | ||||||||||||||||||||||||||
(in millions) | Common Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Subtotal | Other | Preferred and Preference Stock | Total Equity | ||||||||||||||||||||
Balance at December 31, 2011 | $ | 2,360 | $ | (139 | ) | $ | 7,834 | $ | 10,055 | $ | 2 | $ | 1,029 | $ | 11,086 | ||||||||||||
Net income | — | — | 93 | 93 | — | 19 | 112 | ||||||||||||||||||||
Other comprehensive income | — | 21 | — | 21 | — | — | 21 | ||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | 238 | — | 238 | ||||||||||||||||||||
Transfer of assets to Capistrano Wind Partners | (50 | ) | — | — | (50 | ) | — | — | (50 | ) | |||||||||||||||||
Common stock dividends declared ($0.325 per share) | — | — | (106 | ) | (106 | ) | — | — | (106 | ) | |||||||||||||||||
Dividends, distributions to noncontrolling interests and other | — | — | — | — | 3 | (19 | ) | (16 | ) | ||||||||||||||||||
Stock-based compensation and other | 8 | — | (36 | ) | (28 | ) | — | — | (28 | ) | |||||||||||||||||
Noncash stock-based compensation and other | 7 | — | (2 | ) | 5 | — | — | 5 | |||||||||||||||||||
Issuance of preference stock | — | — | — | — | — | 345 | 345 | ||||||||||||||||||||
Balance at March 31, 2012 | $ | 2,325 | $ | (118 | ) | $ | 7,783 | $ | 9,990 | $ | 243 | $ | 1,374 | $ | 11,607 |
Equity Attributable to SCE | |||||||||||||||||||||||
(in millions) | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Preferred and Preference Stock | Total Equity | |||||||||||||||||
Balance at December 31, 2012 | $ | 2,168 | $ | 581 | $ | (29 | ) | $ | 7,228 | $ | 1,795 | $ | 11,743 | ||||||||||
Net income | — | — | — | 283 | — | 283 | |||||||||||||||||
Other comprehensive loss | — | — | (3 | ) | — | — | (3 | ) | |||||||||||||||
Dividends declared on common stock | — | — | — | (120 | ) | — | (120 | ) | |||||||||||||||
Dividends declared on preferred and preference stock | — | — | — | (27 | ) | — | (27 | ) | |||||||||||||||
Stock-based compensation and other | — | — | — | (29 | ) | — | (29 | ) | |||||||||||||||
Noncash stock-based compensation and other | — | 3 | — | 5 | — | 8 | |||||||||||||||||
Issuance of preference stock | — | (13 | ) | — | — | 400 | 387 | ||||||||||||||||
Redemption of preference stock | — | 8 | — | (8 | ) | (400 | ) | (400 | ) | ||||||||||||||
Balance at March 31, 2013 | $ | 2,168 | $ | 579 | $ | (32 | ) | $ | 7,332 | $ | 1,795 | $ | 11,842 |
Equity Attributable to SCE | |||||||||||||||||||||||
(in millions) | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Preferred and Preference Stock | Total Equity | |||||||||||||||||
Balance at December 31, 2011 | $ | 2,168 | $ | 596 | $ | (24 | ) | $ | 6,173 | $ | 1,045 | $ | 9,958 | ||||||||||
Net income | — | — | — | 201 | — | 201 | |||||||||||||||||
Other comprehensive income | — | — | 3 | — | — | 3 | |||||||||||||||||
Dividends declared on common stock | — | — | — | (116 | ) | — | (116 | ) | |||||||||||||||
Dividends declared on preferred and preference stock | — | — | — | (19 | ) | — | (19 | ) | |||||||||||||||
Stock-based compensation and other | — | 6 | — | (21 | ) | — | (15 | ) | |||||||||||||||
Noncash stock-based compensation and other | — | 3 | — | 3 | — | 6 | |||||||||||||||||
Issuance of preference stock | — | (5 | ) | — | — | 350 | 345 | ||||||||||||||||
Balance at March 31, 2012 | $ | 2,168 | $ | 600 | $ | (21 | ) | $ | 6,221 | $ | 1,395 | $ | 10,363 |
March 31, 2013 | |||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting and Collateral1 | Total | ||||||||||||||
Assets at Fair Value | |||||||||||||||||||
Money market funds | $ | 5 | $ | — | $ | — | $ | — | $ | 5 | |||||||||
Derivative contracts: | |||||||||||||||||||
Congestion Revenue Rights | — | — | 170 | — | 170 | ||||||||||||||
Electricity | — | 3 | 29 | (14 | ) | 18 | |||||||||||||
Tolling | — | — | 4 | — | 4 | ||||||||||||||
Subtotal of derivative contracts | — | 3 | 203 | (14 | ) | 192 | |||||||||||||
Long-term disability plan | 8 | — | — | — | 8 | ||||||||||||||
Nuclear decommissioning trusts: | |||||||||||||||||||
Stocks2 | 2,468 | — | — | — | 2,468 | ||||||||||||||
U.S. government and agency securities | 571 | 75 | — | — | 646 | ||||||||||||||
Municipal bonds | — | 631 | — | — | 631 | ||||||||||||||
Corporate bonds3 | — | 408 | — | — | 408 | ||||||||||||||
Short-term investments, primarily cash equivalents4 | 81 | — | — | — | 81 | ||||||||||||||
Subtotal of nuclear decommissioning trusts | 3,120 | 1,114 | — | — | 4,234 | ||||||||||||||
Total assets | 3,133 | 1,117 | 203 | (14 | ) | 4,439 | |||||||||||||
Liabilities at Fair Value | |||||||||||||||||||
Derivative contracts: | |||||||||||||||||||
Electricity | — | — | 1 | — | 1 | ||||||||||||||
Natural gas | — | 77 | — | (41 | ) | 36 | |||||||||||||
Tolling | — | — | 1,084 | — | 1,084 | ||||||||||||||
Subtotal of derivative contracts | — | 77 | 1,085 | (41 | ) | 1,121 | |||||||||||||
Total liabilities | — | 77 | 1,085 | (41 | ) | 1,121 | |||||||||||||
Net assets (liabilities) | $ | 3,133 | $ | 1,040 | $ | (882 | ) | $ | 27 | $ | 3,318 |
December 31, 2012 | |||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting and Collateral1 | Total | ||||||||||||||
Assets at Fair Value | |||||||||||||||||||
Money market funds | $ | 5 | $ | — | $ | — | $ | — | $ | 5 | |||||||||
Derivative contracts: |