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Edison International Reports Second Quarter 2022 Results

  • Second Quarter 2022 GAAP earnings per share of $0.63; Core EPS of $0.94
  • Installed more than 3,500 circuit miles of covered conductor to-date, just 3.5 years after initiating program
  • Reaffirms 2022 EPS guidance of $4.40–4.70. Also reiterates long-term EPS growth rate target of 5–7%

Edison International (NYSE: EIX) today reported second quarter 2022 net income of $241 million, or $0.63 per share, compared to net income of $318 million, or $0.84 per share, in the second quarter of 2021. As adjusted, second quarter 2022 core earnings were $357 million, or $0.94 per share, compared to core earnings of $356 million, or $0.94 per share, in the second quarter of 2021.

Southern California Edison’s (SCE) second quarter 2022 core earnings per share (EPS) increased year-over-year, primarily due to the adoption of the 2021 General Rate Case final decision in the third quarter of 2021, partially offset by higher operation and maintenance expenses.

Edison International Parent and Other's second quarter 2022 loss per share increased year-over-year primarily due to higher preferred dividends and unrealized losses on investment in 2022 compared to unrealized gains in 2021.

“SCE has made tremendous progress in wildfire mitigation, achieving a significant grid hardening milestone of replacing over 3,500 circuit miles of bare wire with covered conductor in just over three and a half years,” said Pedro J. Pizarro, president and CEO of Edison International. “Further, the utility plans to continue its current pace of installing about 1,200 miles per year of covered conductor for the next couple of years. I am confident that SCE’s covered conductor program has and will continue to substantially improve safety for customers.”

Pizarro added, “Investing in wildfire risk mitigation is a core component in adapting to climate change. We also have a continuing focus on sustainability, since this underlies the company’s strategy. I’m proud of the meaningful progress we make every year to advance our clean energy strategy and provide value to our stakeholders. One highlight is that SCE has the lowest system average rate among the large California IOUs, primarily due to more than a decade of committed focus on operational excellence and cost management.”

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

2022 Earnings Guidance

The company reaffirmed its earnings guidance range for 2022 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information and assumptions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022 Earnings Guidance

 

2022 Earnings Guidance

 

 

as of May 3, 2022

 

as of July 28, 2022

 

 

Low

 

High

 

Low

 

High

EIX Basic EPS

 

$

3.55

 

 

$

3.85

 

 

$

3.25

 

 

$

3.55

 

Less: Non-core Items*

 

 

(0.85

)

 

 

(0.85

)

 

 

(1.15

)

 

 

(1.15

)

EIX Core EPS

 

$

4.40

 

 

$

4.70

 

 

$

4.40

 

 

$

4.70

 

 

* There were ($439) million, or ($1.15) per share of non-core items recorded for the six months ended June 30, 2022, calculated based on an assumed weighted average share count for 2022. Basic EIX EPS guidance only incorporates non-core items to June 30, 2022.

Second Quarter 2022 Earnings Conference Call and Webcast Details

 

 

 

When:

Thursday, July 28, 2022, 1:30 – 2:30 p.m. (Pacific Time)

Telephone Numbers:

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

Telephone Replay:

 

1-866-430-4723 (US) and 1-203-369-0925 (Int’l) - Passcode: 4276

Telephone replay available through August 12, 2022 at 6:00 p.m. (Pacific Time)

Webcast:

www.edisoninvestor.com

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

About Edison International

Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison Company, a utility that delivers electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Edison Energy LLC, a global energy advisory firm engaged in the business of providing integrated decarbonization and energy solutions to commercial, industrial and institutional customers.

Appendix

Use of Non-GAAP Financial Measures

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

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

Safe Harbor Statement

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

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

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

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

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

 

 

Three months ended

 

 

 

 

Six months ended

 

 

 

 

 

June 30,

 

 

 

 

June 30,

 

 

 

 

 

2022

 

2021

 

Change

 

2022

 

2021

 

Change

Earnings (loss) per share attributable to Edison International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

$

0.79

 

 

$

0.95

 

 

$

(0.16

)

 

$

1.18

 

 

$

1.73

 

 

$

(0.55

)

Edison International Parent and Other

 

 

(0.16

)

 

 

(0.11

)

 

 

(0.05

)

 

 

(0.33

)

 

 

(0.21

)

 

 

(0.12

)

Edison International

 

 

0.63

 

 

 

0.84

 

 

 

(0.21

)

 

 

0.85

 

 

 

1.52

 

 

 

(0.67

)

Less: Non-core items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

 

(0.31

)

 

 

(0.10

)

 

 

(0.21

)

 

 

(1.15

)

 

 

(0.21

)

 

 

(0.94

)

Edison International Parent and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-core items

 

 

(0.31

)

 

 

(0.10

)

 

 

(0.21

)

 

 

(1.15

)

 

 

(0.21

)

 

 

(0.94

)

Core earnings (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

 

1.10

 

 

 

1.05

 

 

 

0.05

 

 

 

2.33

 

 

 

1.94

 

 

 

0.39

 

Edison International Parent and Other

 

 

(0.16

)

 

 

(0.11

)

 

 

(0.05

)

 

 

(0.33

)

 

 

(0.21

)

 

 

(0.12

)

Edison International

 

$

0.94

 

 

$

0.94

 

 

$

 

 

$

2.00

 

 

$

1.73

 

 

$

0.27

 

 

Note: Diluted earnings were $0.63 and $0.84 per share for the three months ended June 30, 2022 and 2021, respectively. Diluted earnings were $0.85 and $1.52 per share for the six months ended June 30, 2022 and 2021, respectively.

 

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

 

 

Three months ended

 

 

 

 

Six months ended

 

 

 

 

 

June 30,

 

 

 

 

June 30,

 

 

 

(in millions)

 

2022

 

2021

 

Change

 

2022

 

2021

 

Change

Net income (loss) attributable to Edison International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

$

302

 

 

$

359

 

 

$

(57

)

 

$

449

 

 

$

655

 

 

$

(206

)

Edison International Parent and Other

 

 

(61

)

 

 

(41

)

 

 

(20

)

 

 

(124

)

 

 

(78

)

 

 

(46

)

Edison International

 

 

241

 

 

 

318

 

 

 

(77

)

 

 

325

 

 

 

577

 

 

 

(252

)

Less: Non-core items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE1,2,3,4,5,6,7

 

 

(116

)

 

 

(38

)

 

 

(78

)

 

 

(439

)

 

 

(80

)

 

 

(359

)

Edison International Parent and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-core items

 

 

(116

)

 

 

(38

)

 

 

(78

)

 

 

(439

)

 

 

(80

)

 

 

(359

)

Core earnings (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

 

418

 

 

 

397

 

 

 

21

 

 

 

888

 

 

 

735

 

 

 

153

 

Edison International Parent and Other

 

 

(61

)

 

 

(41

)

 

 

(20

)

 

 

(124

)

 

 

(78

)

 

 

(46

)

Edison International

 

$

357

 

 

$

356

 

 

$

1

 

 

$

764

 

 

$

657

 

 

$

107

 

1

Includes amortization of SCE’s Wildfire Insurance Fund expenses of $53 million ($38 million after tax) and $54 million ($39 million after tax) for the three months ended June 30, 2022 and 2021, respectively. It also includes $106 million ($76 million after tax) and $107 million ($77 million after tax) for the six months ended June 30, 2022 and 2021, respectively.

2

Includes charges for 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries of $8 million ($6 million after tax) and $9 million ($6 million after tax) recorded for the three months ended June 30, 2022 and 2021, respectively. Includes charges of $404 million ($291 million after tax) and $14 million ($10 million after tax) for the six months ended June 30, 2022 and 2021, respectively.

3

Includes GRC track 3 impairment of $17 million ($12 million after tax) for both the three months ended and the six months ended June 30, 2022.

4

Includes CSRP impairment of $47 million ($34 million after tax) for both the three months ended and the six months ended June 30, 2022.

5

Includes charge for employment litigation matter, net of recoveries, of $23 million ($16 million after tax) for both the three months ended and the six months ended June 30, 2022.

6

Includes organizational realignment charge of $14 million ($10 million after tax) for both the three months ended and the six months ended June 30, 2022.

7

Includes gain from sale of San Onofre nuclear fuel of $10 million ($7 million after tax) for both the three months ended and the six months ended June 30, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Income

 

Edison International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

June 30,

 

June 30,

(in millions, except per-share amounts)

 

2022

 

2021

 

2022

 

2021

Total operating revenue

 

$

4,008

 

 

$

3,315

 

 

$

7,976

 

 

$

6,275

 

Purchased power and fuel

 

 

1,304

 

 

 

1,283

 

 

 

2,341

 

 

 

2,296

 

Operation and maintenance

 

 

1,361

 

 

 

754

 

 

 

2,848

 

 

 

1,595

 

Wildfire-related claims, net of insurance recoveries

 

 

2

 

 

 

 

 

 

427

 

 

 

3

 

Wildfire Insurance Fund expense

 

 

53

 

 

 

54

 

 

 

106

 

 

 

107

 

Depreciation and amortization

 

 

601

 

 

 

533

 

 

 

1,184

 

 

 

1,058

 

Property and other taxes

 

 

120

 

 

 

117

 

 

 

246

 

 

 

243

 

Impairment, net of other operating income

 

 

63

 

 

 

(11

)

 

 

61

 

 

 

(11

)

Total operating expenses

 

 

3,504

 

 

 

2,730

 

 

 

7,213

 

 

 

5,291

 

Operating income

 

 

504

 

 

 

585

 

 

 

763

 

 

 

984

 

Interest expense

 

 

(271

)

 

 

(232

)

 

 

(517

)

 

 

(449

)

Other income

 

 

66

 

 

 

76

 

 

 

134

 

 

 

148

 

Income before income taxes

 

 

299

 

 

 

429

 

 

 

380

 

 

 

683

 

Income tax expense (benefit)

 

 

7

 

 

 

68

 

 

 

(48

)

 

 

32

 

Net income

 

 

292

 

 

 

361

 

 

 

428

 

 

 

651

 

Preference stock dividend requirements of SCE

 

 

25

 

 

 

26

 

 

 

51

 

 

 

53

 

Preferred stock dividend requirement of Edison International

 

 

26

 

 

 

17

 

 

 

52

 

 

 

21

 

Net income attributable to Edison International common shareholders

 

$

241

 

 

$

318

 

 

$

325

 

 

$

577

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding

 

 

381

 

 

 

380

 

 

 

381

 

 

 

379

 

Basic earnings per common share attributable to Edison International common shareholders

 

$

0.63

 

 

$

0.84

 

 

$

0.85

 

 

$

1.52

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

383

 

 

 

380

 

 

 

382

 

 

 

380

 

Diluted earnings per common share attributable to Edison International common shareholders

 

$

0.63

 

 

$

0.84

 

 

$

0.85

 

 

$

1.52

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets

 

Edison International

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

(in millions)

 

2022

 

2021

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

122

 

$

390

Receivables, less allowances of $347 and $193 for uncollectible accounts at respective dates

 

 

1,547

 

 

 

1,398

 

Accrued unbilled revenue

 

 

1,096

 

 

 

794

 

Inventory

 

 

438

 

 

 

420

 

Prepaid expenses

 

 

50

 

 

 

258

 

Regulatory assets

 

 

2,030

 

 

 

1,778

 

Wildfire Insurance Fund contributions

 

 

204

 

 

 

204

 

Other current assets

 

 

166

 

 

 

249

 

Total current assets

 

 

5,653

 

 

 

5,491

 

Nuclear decommissioning trusts

 

 

4,039

 

 

 

4,870

 

Marketable securities

 

 

6

 

 

 

12

 

Other investments

 

 

52

 

 

 

39

 

Total investments

 

 

4,097

 

 

 

4,921

 

Utility property, plant and equipment, less accumulated depreciation and amortization of $11,926 and $11,407 at respective dates

 

 

51,485

 

 

 

50,497

 

Nonutility property, plant and equipment, less accumulated depreciation of $106 and $98 at respective dates

 

 

210

 

 

 

203

 

Total property, plant and equipment

 

 

51,695

 

 

 

50,700

 

Receivables, less allowances of $34 and $116 uncollectible accounts at respective dates

 

 

21

 

 

 

122

 

Regulatory assets (includes $845 and $325 related to Variable Interest Entities "VIEs" at respective dates)

 

 

7,854

 

 

 

7,660

 

Wildfire Insurance Fund contributions

 

 

2,258

 

 

 

2,359

 

Operating lease right-of-use assets

 

 

1,751

 

 

 

1,932

 

Long-term insurance receivable

 

 

214

 

 

 

75

 

Other long-term assets

 

 

1,502

 

 

 

1,485

 

Total long-term assets

 

 

13,600

 

 

 

13,633

 

 

 

 

 

 

 

 

Total assets

 

$

75,045

 

 

$

74,745

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets

 

Edison International

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

(in millions, except share amounts)

 

2022

 

2021

LIABILITIES AND EQUITY

 

 

 

 

 

 

Short-term debt

 

$

1,985

 

 

$

2,354

 

Current portion of long-term debt

 

 

2,175

 

 

 

1,077

 

Accounts payable

 

 

2,080

 

 

 

2,002

 

Wildfire-related claims

 

 

86

 

 

 

131

 

Customer deposits

 

 

165

 

 

 

193

 

Regulatory liabilities

 

 

523

 

 

 

603

 

Current portion of operating lease liabilities

 

 

607

 

 

 

582

 

Other current liabilities

 

 

1,641

 

 

 

1,667

 

Total current liabilities

 

 

9,262

 

 

 

8,609

 

Long-term debt (Includes $823 and $314 related to VIEs at respective dates)

 

 

25,143

 

 

 

24,170

 

Deferred income taxes and credits

 

 

5,889

 

 

 

5,740

 

Pensions and benefits

 

 

471

 

 

 

496

 

Asset retirement obligations

 

 

2,837

 

 

 

2,772

 

Regulatory liabilities

 

 

8,376

 

 

 

8,981

 

Operating lease liabilities

 

 

1,144

 

 

 

1,350

 

Wildfire-related claims

 

 

1,169

 

 

 

1,733

 

Other deferred credits and other long-term liabilities

 

 

3,079

 

 

 

3,105

 

Total deferred credits and other liabilities

 

 

22,965

 

 

 

24,177

 

Total liabilities

 

 

57,370

 

 

 

56,956

 

Commitments and contingencies

 

 

 

 

 

 

Preferred stock (50,000,000 shares authorized; 1,250,000 shares of Series A and 750,000 shares of Series B issued and outstanding at respective dates)

 

 

1,977

 

 

 

1,977

 

Common stock, no par value (800,000,000 shares authorized; 381,397,456 and 380,378,145 shares issued and outstanding at respective dates)

 

 

6,129

 

 

 

6,071

 

Accumulated other comprehensive loss

 

 

(48

)

 

 

(54

)

Retained earnings

 

 

7,716

 

 

 

7,894

 

Total Edison International's shareholders' equity

 

 

15,774

 

 

 

15,888

 

Noncontrolling interests – preference stock of SCE

 

 

1,901

 

 

 

1,901

 

Total equity

 

 

17,675

 

 

 

17,789

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

75,045

 

 

$

74,745

 

 

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows

 

Edison International

 

 

 

 

 

 

 

 

 

Six months ended June 30,

(in millions)

 

2022

 

2021

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

428

 

 

$

651

 

Adjustments to reconcile to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

1,216

 

 

 

1,090

 

Allowance for equity during construction

 

 

(61

)

 

 

(60

)

Impairment and other expense (income)

 

 

64

 

 

 

(11

)

Deferred income taxes

 

 

(48

)

 

 

30

 

Wildfire Insurance Fund amortization expense

 

 

106

 

 

 

107

 

Other

 

 

40

 

 

 

11

 

Nuclear decommissioning trusts

 

 

(65

)

 

 

(127

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Receivables

 

 

(81

)

 

 

(293

)

Inventory

 

 

(19

)

 

 

(3

)

Accounts payable

 

 

143

 

 

 

128

 

Tax receivables and payables

 

 

58

 

 

 

91

 

Other current assets and liabilities

 

 

(229

)

 

 

(244

)

Regulatory assets and liabilities, net

 

 

372

 

 

 

(574

)

Wildfire-related insurance receivable

 

 

(139

)

 

 

708

 

Wildfire-related claims

 

 

(609

)

 

 

(2,852

)

Other noncurrent assets and liabilities

 

 

62

 

 

 

(26

)

Net cash provided by (used in) operating activities

 

 

1,238

 

 

 

(1,374

)

Cash flows from financing activities:

 

 

 

 

 

 

Long-term debt issued, plus premium and net of discount and issuance costs of $34 and $36 for the respective periods

 

 

2,949

 

 

 

3,953

 

Long-term debt repaid

 

 

(372

)

 

 

(991

)

Short-term debt issued

 

 

600

 

 

 

2,106

 

Short-term debt repaid

 

 

(993

)

 

 

(1,355

)

Common stock issued

 

 

6

 

 

 

25

 

Preferred stock issued, net

 

 

 

 

 

1,235

 

Commercial paper repayments, net of borrowing

 

 

(497

)

 

 

(656

)

Dividends and distribution to noncontrolling interests

 

 

(57

)

 

 

(53

)

Common stock dividends paid

 

 

(524

)

 

 

(494

)

Preferred stock dividends paid

 

 

(46

)

 

 

 

Other

 

 

53

 

 

 

12

 

Net cash provided by financing activities

 

 

1,119

 

 

 

3,782

 

Cash flows from investing activities:

 

 

 

 

 

 

Capital expenditures

 

 

(2,708

)

 

 

(2,593

)

Proceeds from sale of nuclear decommissioning trust investments

 

 

2,106

 

 

 

2,542

 

Purchases of nuclear decommissioning trust investments

 

 

(2,041

)

 

 

(2,415

)

Other

 

 

15

 

 

 

54

 

Net cash used in investing activities

 

 

(2,628

)

 

 

(2,412

)

Net decrease in cash, cash equivalents and restricted cash

 

 

(271

)

 

 

(4

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

394

 

 

 

89

 

Cash, cash equivalents and restricted cash at end of period

 

$

123

 

 

$

85

 

 

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