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Charles Coleman (626) 302-7982
Investor relations contact
Scott Cunningham (626) 302-2540
Edison International Reports Third Quarter 2012 Results
ROSEMEAD, Calif., November 1, 2012 – Edison International (NYSE: EIX) today reported third quarter 2012 basic earnings of $0.58 per share, compared to basic earnings of $1.31 per share in the same quarter last year. Third quarter 2012 core earnings were $0.72 per share, compared to core earnings of $1.26 per share in the third quarter of 2011.
The decrease in earnings was primarily related to losses at Edison Mission Group (EMG) and to a delay in the California Public Utilities Commission (CPUC) final decision on Southern California Edison’s (SCE) 2012 General Rate Case. SCE incurred higher costs in the quarter to support its ongoing infrastructure investment programs, while the increased revenues to support these investment programs are pending the rate case decision from California regulators.
“SCE’s third quarter results reflect the delay in receiving a final rate case decision from California regulators, as well as severance and continued inspection and repair costs related to the San Onofre Nuclear Generating Station,” said Ted Craver, chairman and chief executive officer of Edison International. “A final rate case decision is an important part of moving forward with SCE’s capital program to invest in California’s electric infrastructure and provide safe, reliable, and affordable power.”
Third Quarter Earnings Detail
SCE’s third quarter 2012 basic and core earnings were $1.11 per share compared to $1.25 per share in the third quarter of 2011. The core earnings decrease was primarily due to a delay in the 2012 General Rate Case decision as higher depreciation and interest expenses are not being recovered in currently authorized revenue, and to higher costs at San Onofre Nuclear Generating Station. These include $(0.09) per share of incremental steam generator inspection and repair costs and $(0.06) per share in severance costs, which are both included in core earnings. These costs were partially offset by other operating and maintenance cost reductions. The General Rate Case revenue requirement ultimately adopted by the CPUC will be retroactive to January 1, 2012.
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Edison International Reports Third Quarter 2012 Financial Results
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EMG’s third quarter 2012 basic losses were $(0.42) per share compared to earnings of $0.10 per share in the third quarter of 2011. Core losses were $(0.28) per share compared to earnings of $0.05 per share in the same quarter last year. Third quarter losses increased primarily due to lower average realized energy and capacity prices, reduced generation, and higher fuel prices partially offset by lower planned maintenance costs and depreciation at Midwest Generation, decreased earnings from natural gas-fired projects, and lower income tax benefits. Non-core items for both quarters included the results for Homer City, which were classified as discontinued operations beginning in the third quarter of 2012. Homer City losses from discontinued operations during the third quarter of 2012 were $(0.24) per share, including an impairment charge of $(0.21) per share, compared to earnings of $0.05 per share in the prior-year period. Non-core items also included a gain of $0.09 per share on the sale of an Edison Capital lease interest in a power plant.
Edison International parent company and other reported a third quarter 2012 basic and core losses of $(0.11) per share compared to $(0.04) per share in the same period last year. Losses increased primarily due to higher consolidated state income taxes of $(0.09) per share.
Year-to-Date Earnings Summary
Edison International reported basic earnings of $1.09 per share for the nine-month period ending September 30, 2012, compared to $2.46 per share for the same period last year. Core earnings for the first nine months of 2012 were $1.40 per share compared to $2.47 per share in the same period last year.
Year-to-Date Earnings Detail
SCE’s year-to-date 2012 basic and core earnings were $2.26 per share compared to $2.57 per share for the same period last year. The core earnings decrease was primarily due to the delay in the 2012 General Rate Case decision and the higher costs at the San Onofre Nuclear Generating Station. The higher costs include $(0.17) per share of incremental steam generator inspection and repair costs and the $(0.06) per share in severance costs. These costs were partially offset by other operation and maintenance cost reductions. The General Rate Case revenue requirement ultimately adopted by the CPUC will be retroactive to January 1, 2012.
EMG’s year-to-date 2012 basic losses were $(1.02) per share compared to basic losses of $(0.05) per share in the prior-year period. Core losses were $(0.71) per share compared to core losses of $(0.04) per share in the same period last year. Year-to-date core losses increased primarily due to lower average realized energy and capacity prices, reduced generation, and higher fuel prices partially offset by lower planned maintenance costs and depreciation at Midwest Generation, decreased earnings from natural gas-fired projects, and higher income taxes. Non-core items for both periods included the results for Homer City, which were classified as discontinued operations beginning in the third quarter of 2012. Year-to-date losses from discontinued operations were $(0.40) per share, including the third quarter impairment charge of $(0.21) per share. Non-core items for this period also included the $0.09 per share gain on the sale of an Edison Capital lease interest in a power plant.
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Edison International Reports Third Quarter 2012 Financial Results
Page 3 of 13
Edison International parent company and other basic and core losses in the first nine months of 2012 were $(0.15) per share compared to basic and core losses of $(0.06) per share in the first nine months of 2011. Losses increased primarily due higher consolidated state income taxes of $(0.09) per share.
About Edison International
Edison International, through its subsidiaries, is a generator and distributor of electric power and an investor in infrastructure and energy assets, including renewable energy. Headquartered in Rosemead, Calif., Edison International is the parent company of Southern California Edison, one of the nation’s largest electric utilities, and Edison Mission Group, a competitive power generation business.
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Edison International Reports Third Quarter 2012 Financial Results
Page 4 of 13
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) by principal operating subsidiary internally for financial planning and for analysis of performance. We also use core earnings and core EPS by principal operating subsidiary when communicating with analysts and investors regarding our earnings results and outlook to facilitate comparisons of the Company’s performance from period to period. Financial measures referred to net income, basic EPS, core earnings, or core EPS also applies 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 GAAP 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. GAAP earnings refer to net income attributable to Edison International common shareholders or attributable to the common shareholders of each subsidiary. Core earnings are reconciled to GAAP earnings in the attached tables. EPS by principal operating subsidiary is based on the principal operating subsidiaries’ net income attributable to the common shareholders of each operating subsidiary, respectively, and Edison International’s weighted average outstanding common shares. The impact of participating securities (vested stock options that earn dividend equivalents that may participate in undistributed earnings with common stock) for each principal operating subsidiary is not material to each principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which we refer to as EIX parent company and other. EIX core EPS and core EPS by principal operating subsidiary are reconciled to basic EPS.
Risk Disclosure Statement
Forward-looking statements about the financial outlook for Edison International and its subsidiaries are included in this news release. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. Important factors that could cause different results are discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Edison International’s 2011 Form 10-K, and most recent Form 10-Q and other reports filed with the Securities and Exchange Commission which are available at: www.edisoninvestor.com. 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.
Reminder: Edison International Will Hold a Conference Call Today
When: Thursday, November 1, 2012, 2:00 p.m. (Pacific Daylight Time)
Telephone Numbers: 1-800-369-2198 (US) and 1-773-756-4618 (Int'l) - Passcode: Edison
Telephone Replay: 1-800-294-5087 (US) and 1-402-220-9780 (Int’l) - Passcode: 468529
Telephone replay available through November 9, 2012
Webcast: www.edisoninvestor.com
Edison International Reports Third Quarter 2012 Financial Results
Page 5 of 13
Summary Financial Schedules
Third Quarter Basic Earnings (Loss) Per Share
|
| | | | | | | | | |
| | Quarter Ended September 30, | |
| Earnings (Loss) Per Common Share | | |
| Attributable to Edison International (Unaudited) | 2012 |
| 2011 |
| Change |
|
| SCE | $ | 1.11 |
| $ | 1.25 |
| $ | (0.14 | ) |
| EMG | (0.19 | ) | 0.05 |
| (0.24 | ) |
| EIX parent company and other | (0.11 | ) | (0.04 | ) | (0.07 | ) |
| EIX earnings (loss) from continuing operations | 0.81 |
| 1.26 |
| (0.45 | ) |
| EIX earnings(loss) from discontinued operations | (0.23 | ) | 0.05 |
| (0.28 | ) |
EIX basic earnings (loss)1 | $ | 0.58 |
| $ | 1.31 |
| $ | (0.73 | ) |
| EIX diluted earnings (loss) | $ | 0.58 |
| $ | 1.30 |
| $ | (0.72 | ) |
| |
| 1 | The impact of participating securities on the per share amounts is included in EIX parent company and other and was zero per share for both quarters. |
Third Quarter Reconciliation of Core Earnings (Loss) Per Share
to Basic Earnings (Loss) Per Share
|
| | | | | | | | | |
| | Quarter Ended September 30, | |
| Earnings (Loss) Per Common Share | | |
| Attributable to Edison International (Unaudited) | 2012 |
| 2011 |
| Change |
|
Core Earnings (Loss)1 | | | |
| SCE | $ | 1.11 |
| $ | 1.25 |
| $ | (0.14 | ) |
| EMG | (0.28 | ) | 0.05 |
| (0.33 | ) |
| EIX parent company and other | (0.11 | ) | (0.04 | ) | (0.07 | ) |
| EIX core earnings (loss) | 0.72 |
| 1.26 |
| (0.54 | ) |
| Non-core items | | | |
| EMG – Sale of Beaver Valley lease interest | 0.09 |
| -- |
| 0.09 |
|
| Earnings (loss) from discontinued operations | | | |
EMG – Homer City2 | (0.24 | ) | 0.05 |
| (0.29 | ) |
| EMG – Other | 0.01 |
| -- |
| 0.01 |
|
| Total non-core items | (0.14 | ) | 0.05 |
| (0.19 | ) |
| EIX basic earnings (loss) | $ | 0.58 |
| $ | 1.31 |
| $ | (0.73 | ) |
| |
| 1 | See Use of Non-GAAP Financial Measures on page 4. The impact of participating securities on the per share amounts is included in EIX parent company and other and was zero per share for both quarters. |
| |
| 2 | Beginning in the third quarter of 2012, Homer City met the definition of a discontinued operation and was classified separately in EME's consolidated statement of operations. Results included an impairment charge of $(0.21) per share. |
Edison International Reports Third Quarter 2012 Financial Results
Page 6 of 13
Third Quarter Basic Earnings (Loss)
|
| | | | | | | | | |
| | Quarter Ended September 30, | |
| Earnings (Loss) (in millions) | | |
| Attributable to Edison International (Unaudited) | 2012 |
| 2011 |
| Change |
|
| SCE | $ | 363 |
| $ | 406 |
| $ | (43 | ) |
| EMG | (61 | ) | 18 |
| (79 | ) |
| EIX parent company and other | (36 | ) | (13 | ) | (23 | ) |
| EIX earnings (loss) from continuing operations | 266 |
| 411 |
| (145 | ) |
| EIX earnings(loss) from discontinued operations | (76 | ) | 15 |
| (91 | ) |
| EIX basic earnings (loss) | $ | 190 |
| $ | 426 |
| $ | (236 | ) |
Third Quarter Reconciliation of Core Earnings (Loss) to Basic Earnings (Loss)
|
| | | | | | | | | |
| | Quarter Ended September 30, | |
| Earnings (Loss) (in millions) | | |
| Attributable to Edison International (Unaudited) | 2012 |
| 2011 |
| Change |
|
Core Earnings (Loss)1 | | | |
| SCE | $ | 363 |
| $ | 406 |
| $ | (43 | ) |
| EMG | (92 | ) | 18 |
| (110 | ) |
| EIX parent company and other | (36 | ) | (13 | ) | (23 | ) |
| EIX core earnings (loss) | 235 |
| 411 |
| (176 | ) |
| Non-core items | | | |
| EMG – Sale of Beaver Valley lease interest | 31 |
| -- |
| 31 |
|
| Earnings (loss) from discontinued operations | | | |
EMG – Homer City2 | (79 | ) | 15 |
| (94 | ) |
| EMG – Other | 3 |
| -- |
| 3 |
|
| Total non-core items | (45 | ) | 15 |
| (60 | ) |
| EIX basic earnings (loss) | $ | 190 |
| $ | 426 |
| $ | (236 | ) |
| |
| 1 | See Use of Non-GAAP Financial Measures on page 4. |
| |
| 2 | Beginning in the third quarter of 2012, Homer City met the definition of a discontinued operation and was classified separately in EME's consolidated statement of operations. Results included an after tax impairment charge of $68 million. |
Edison International Reports Third Quarter 2012 Financial Results
Page 7 of 13
Year-to-Date Basic Earnings (Loss) Per Share
|
| | | | | | | | | |
| | Year-to-Date September 30, | |
| Earnings (Loss) Per Common Share | | |
| Attributable to Edison International (Unaudited) | 2012 |
| 2011 |
| Change |
|
| SCE | $ | 2.26 |
| $ | 2.57 |
| $ | (0.31 | ) |
| EMG | (0.62 | ) | (0.04 | ) | (0.58 | ) |
| EIX parent company and other | (0.15 | ) | (0.06 | ) | (0.09 | ) |
| EIX earnings (loss) from continuing operations | 1.49 |
| 2.47 |
| (0.98 | ) |
| EIX earnings(loss) from discontinued operations | (0.40 | ) | (0.01 | ) | (0.39 | ) |
EIX basic earnings (loss)1 | $ | 1.09 |
| $ | 2.46 |
| $ | (1.37 | ) |
| EIX diluted earnings (loss) | $ | 1.09 |
| $ | 2.45 |
| $ | (1.36 | ) |
| |
| 1 | The impact of participating securities on the per share amounts is included in EIX parent company and other and was zero per share for both periods. |
Year-to-Date Reconciliation of Core Earnings (Loss) Per Share
to Basic Earnings (Loss) Per Share
|
| | | | | | | | | |
| | Year-to-Date September 30, | |
| Earnings (Loss) Per Common Share | | |
| Attributable to Edison International (Unaudited) | 2012 |
| 2011 |
| Change |
|
Core Earnings (Loss)1 | | | |
| SCE | $ | 2.26 |
| $ | 2.57 |
| $ | (0.31 | ) |
| EMG | (0.71 | ) | (0.04 | ) | (0.67 | ) |
| EIX parent company and other | (0.15 | ) | (0.06 | ) | (0.09 | ) |
| EIX core earnings (loss) | 1.40 |
| 2.47 |
| (1.07 | ) |
| Non-core items | | | |
| EMG – Sale of Beaver Valley interest | 0.09 |
| -- |
| 0.09 |
|
| Earnings (loss) from discontinued operations | | | |
EMG – Homer City2 | (0.40 | ) | -- |
| (0.40 | ) |
| EMG – Other | -- |
| (0.01 | ) | 0.01 |
|
| Total non-core items | (0.31 | ) | (0.01 | ) | (0.3 | ) |
| EIX basic earnings (loss) | $ | 1.09 |
| $ | 2.46 |
| $ | (1.37 | ) |
| |
| 1 | See Use of Non-GAAP Financial Measures on page 4. |
| |
| 2 | Beginning in the third quarter of 2012, Homer City met the definition of a discontinued operation and was classified separately in EME's consolidated statement of operations. Results included an impairment charge of $(0.21) per share from quarter ended September 30, 2012. |
Edison International Reports Third Quarter 2012 Financial Results
Page 8 of 13
Year-to-Date Basic Earnings (Loss)
|
| | | | | | | | | |
| | Year-to-Date September 30, | |
| Earnings (Loss) (in millions) | | |
| Attributable to Edison International (Unaudited) | 2012 |
| 2011 |
| Change |
|
| SCE | $ | 736 |
| $ | 838 |
| $ | (102 | ) |
| EMG | (202 | ) | (14 | ) | (188 | ) |
| EIX parent company and other | (48 | ) | (19 | ) | (29 | ) |
| EIX earnings (loss) from continuing operations | 486 |
| 805 |
| (319 | ) |
| EIX earnings(loss) from discontinued operations | (129 | ) | (3 | ) | (126 | ) |
EIX basic earnings (loss)1 | $ | 357 |
| $ | 802 |
| $ | (445 | ) |
Year-to-Date Reconciliation of Core Earnings (Loss) to Basic Earnings (Loss)
|
| | | | | | | | | |
| | Year-to-Date September 30, | |
| Earnings (Loss) (in millions) | | |
| Attributable to Edison International (Unaudited) | 2012 |
| 2011 |
| Change |
|
Core Earnings (Loss)1 | | | |
| SCE | $ | 736 |
| $ | 838 |
| $ | (102 | ) |
| EMG | (233 | ) | (14 | ) | (219 | ) |
| EIX parent company and other | (48 | ) | (19 | ) | (29 | ) |
| EIX core earnings (loss) | 455 |
| 805 |
| (350 | ) |
| Non-core items | | | |
| EMG – Sale of Beaver Valley interest | 31 |
| -- |
| 31 |
|
| Earnings (loss) from discontinued operations | | | |
EMG – Homer City2 | (131 | ) | -- |
| (131 | ) |
| EMG – Other | 2 |
| (3 | ) | 5 |
|
| Total non-core items | (98 | ) | (3 | ) | (95 | ) |
| EIX basic earnings (loss) | $ | 357 |
| $ | 802 |
| $ | (445 | ) |
| |
| 1 | See Use of Non-GAAP Financial Measures on page 4. |
| |
| 2 | Beginning in the third quarter of 2012, Homer City met the definition of a discontinued operation and was classified separately in EME's consolidated statement of operations. Results included an after tax impairment charge of $68 million from quarter ended September 30, 2012. |
Edison International Reports Third Quarter 2012 Financial Results
Page 9 of 13
|
| | | | | | | | | | | | | | | | |
| Consolidated Statements of Income | | | | Edison International | |
| | | | | |
| | | Three months ended
September 30, | | Nine months ended
September 30, |
| (in millions, except per-share amounts, unaudited) | | 2012 | | 2011 | | 2012 | | 2011 |
| Electric utility | | $ | 3,730 |
| | $ | 3,385 |
| | $ | 8,791 |
| | $ | 8,060 |
|
| Competitive power generation | | 340 |
| | 437 |
| | 1,009 |
| | 1,277 |
|
| Total operating revenue | | 4,070 |
| | 3,822 |
| | 9,800 |
| | 9,337 |
|
| Fuel | | 270 |
| | 272 |
| | 678 |
| | 671 |
|
| Purchased power | | 1,612 |
| | 1,264 |
| | 3,049 |
| | 2,422 |
|
| Operation and maintenance | | 1,152 |
| | 1,071 |
| | 3,450 |
| | 3,325 |
|
| Depreciation, decommissioning and amortization | | 465 |
| | 430 |
| | 1,389 |
| | 1,272 |
|
| (Gain) loss on sale of assets and other | | (65 | ) | | — |
| | (60 | ) | | 8 |
|
| Total operating expenses | | 3,434 |
| | 3,037 |
| | 8,506 |
| | 7,698 |
|
| Operating income | | 636 |
| | 785 |
| | 1,294 |
| | 1,639 |
|
| Interest and dividend income | | 3 |
| | 4 |
| | 19 |
| | 38 |
|
| Equity in income from unconsolidated affiliates, net | | 25 |
| | 56 |
| | 42 |
| | 68 |
|
| Other income | | 37 |
| | 27 |
| | 105 |
| | 110 |
|
| Interest expense | | (214 | ) | | (203 | ) | | (643 | ) | | (600 | ) |
| Other expenses | | (10 | ) | | (11 | ) | | (36 | ) | | (37 | ) |
| Income from continuing operations before income taxes | | 477 |
| | 658 |
| | 781 |
| | 1,218 |
|
| Income tax expense | | 181 |
| | 232 |
| | 217 |
| | 370 |
|
| Income from continuing operations | | 296 |
| | 426 |
| | 564 |
| | 848 |
|
| Income (loss) from discontinued operations, net of tax | | (76 | ) | | 15 |
| | (129 | ) | | (3 | ) |
| Net income | | 220 |
| | 441 |
| | 435 |
| | 845 |
|
| Dividends on preferred and preference stock of utility | | 25 |
| | 15 |
| | 66 |
| | 44 |
|
| Other noncontrolling interests | | 5 |
| | — |
| | 12 |
| | (1 | ) |
| Net income attributable to Edison International common shareholders | | $ | 190 |
| | $ | 426 |
| | $ | 357 |
| | $ | 802 |
|
| Amounts attributable to Edison International common shareholders: | | | | | | | | |
| Income from continuing operations, net of tax | | $ | 266 |
| | $ | 411 |
| | $ | 486 |
| | $ | 805 |
|
| Income (loss) from discontinued operations, net of tax | | (76 | ) | | 15 |
| | (129 | ) | | (3 | ) |
| Net income attributable to Edison International common shareholders | | $ | 190 |
| | $ | 426 |
| | $ | 357 |
| | $ | 802 |
|
| Basic earnings (loss) per common share attributable to Edison International common shareholders: | | | | | | | | |
| Weighted-average shares of common stock outstanding | | 326 |
| | 326 |
| | 326 |
| | 326 |
|
| Continuing operations | | $ | 0.81 |
| | $ | 1.26 |
| | $ | 1.49 |
| | $ | 2.47 |
|
| Discontinued operations | | (0.23 | ) | | 0.05 |
| | (0.40 | ) | | (0.01 | ) |
| Total | | $ | 0.58 |
| | $ | 1.31 |
| | $ | 1.09 |
| | $ | 2.46 |
|
| 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 |
| | 328 |
| | 329 |
|
| Continuing operations | | $ | 0.81 |
| | $ | 1.25 |
| | $ | 1.48 |
| | $ | 2.46 |
|
| Discontinued operations | | (0.23 | ) | | 0.05 |
| | (0.39 | ) | | (0.01 | ) |
| Total | | $ | 0.58 |
| | $ | 1.30 |
| | $ | 1.09 |
| | $ | 2.45 |
|
| Dividends declared per common share | | $ | 0.325 |
| | $ | 0.320 |
| | $ | 0.975 |
| | $ | 0.960 |
|
Edison International Reports Third Quarter 2012 Financial Results
Page 10 of 13
|
| | | | | | | | |
| Consolidated Balance Sheets | | Edison International | |
| | | | | |
| (in millions, unaudited) | | September 30,
2012 | | December 31,
2011 |
| ASSETS | | | | |
| Cash and cash equivalents | | $ | 1,080 |
| | $ | 1,390 |
|
| Receivables, less allowances of $75 for uncollectible accounts at both dates | | 1,167 |
| | 908 |
|
| Accrued unbilled revenue | | 787 |
| | 519 |
|
| Inventory | | 508 |
| | 519 |
|
| Prepaid taxes | | 36 |
| | 88 |
|
| Derivative assets | | 76 |
| | 106 |
|
| Restricted cash and cash equivalents | | 116 |
| | 103 |
|
| Margin and collateral deposits | | 88 |
| | 58 |
|
| Regulatory assets | | 250 |
| | 494 |
|
| Deferred income taxes | | 231 |
| | — |
|
| Other current assets | | 94 |
| | 92 |
|
| Assets of discontinued operations | | 61 |
| | 207 |
|
| Total current assets | | 4,494 |
| | 4,484 |
|
| Nuclear decommissioning trusts | | 3,997 |
| | 3,592 |
|
| Investments in unconsolidated affiliates | | 544 |
| | 525 |
|
| Other investments | | 189 |
| | 211 |
|
| Total investments | | 4,730 |
| | 4,328 |
|
| Utility property, plant and equipment, less accumulated depreciation of $7,378 and $6,894 at respective dates | | 29,314 |
| | 27,569 |
|
| Competitive power generation and other property, plant and equipment, less accumulated depreciation of $1,616 and $1,408 at respective dates | | 4,544 |
| | 4,547 |
|
| Total property, plant and equipment | | 33,858 |
| | 32,116 |
|
| Derivative assets | | 117 |
| | 131 |
|
| Restricted deposits | | 89 |
| | 25 |
|
| Rent payments in excess of levelized rent expense under plant operating leases | | 855 |
| | 760 |
|
| Regulatory assets | | 5,677 |
| | 5,466 |
|
| Other long-term assets | | 725 |
| | 684 |
|
| Total long-term assets | | 7,463 |
| | 7,066 |
|
| Assets of discontinued operations | | — |
| | 45 |
|
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Total assets | | $ | 50,545 |
| | $ | 48,039 |
|
Edison International Reports Third Quarter 2012 Financial Results
Page 11 of 13
|
| | | | | | | | |
| Consolidated Balance Sheets | | Edison International | |
| | | | | |
| (in millions, except share amounts, unaudited) | | September 30,
2012 | | December 31,
2011 |
| LIABILITIES AND EQUITY | | | | |
| Short-term debt | | $ | 429 |
| | $ | 429 |
|
| Current portion of long-term debt | | 565 |
| | 57 |
|
| Accounts payable | | 1,257 |
| | 1,397 |
|
| Accrued taxes | | 105 |
| | 52 |
|
| Accrued interest | | 207 |
| | 205 |
|
| Customer deposits | | 193 |
| | 199 |
|
| Derivative liabilities | | 109 |
| | 268 |
|
| Regulatory liabilities | | 493 |
| | 670 |
|
| Deferred income taxes | | — |
| | 91 |
|
| Other current liabilities | | 855 |
| | 953 |
|
| Liabilities of discontinued operations | | 61 |
| | 27 |
|
| Total current liabilities | | 4,274 |
| | 4,348 |
|
| Long-term debt | | 13,708 |
| | 13,689 |
|
| Deferred income taxes | | 5,745 |
| | 5,396 |
|
| Deferred investment tax credits | | 108 |
| | 89 |
|
| Customer advances | | 149 |
| | 138 |
|
| Derivative liabilities | | 717 |
| | 547 |
|
| Pensions and benefits | | 2,884 |
| | 2,912 |
|
| Asset retirement obligations | | 2,804 |
| | 2,680 |
|
| Regulatory liabilities | | 5,249 |
| | 4,670 |
|
| Other deferred credits and other long-term liabilities | | 2,887 |
| | 2,475 |
|
| Total deferred credits and other liabilities | | 20,543 |
| | 18,907 |
|
| Liabilities of discontinued operations | | — |
| | 9 |
|
| Total liabilities | | 38,525 |
| | 36,953 |
|
| Commitments and contingencies | | | | |
| Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date) | | 2,385 |
| | 2,360 |
|
| Accumulated other comprehensive loss | | (168 | ) | | (139 | ) |
| Retained earnings | | 7,806 |
| | 7,834 |
|
| Total Edison International's common shareholders' equity | | 10,023 |
| | 10,055 |
|
| Preferred and preference stock of utility | | 1,759 |
| | 1,029 |
|
| Other noncontrolling interests | | 238 |
| | 2 |
|
| Total noncontrolling interests | | 1,997 |
| | 1,031 |
|
| Total equity | | 12,020 |
| | 11,086 |
|
| Total liabilities and equity | | $ | 50,545 |
| | $ | 48,039 |
|
Edison International Reports Third Quarter 2012 Financial Results
Page 12 of 13
|
| | | | | | | | |
| Consolidated Statements of Cash Flows | | Edison International | |
| | | Nine months ended
September 30, |
| (in millions, unaudited) | | 2012 | | 2011 |
| Cash flows from operating activities: | | | | |
| Net income | | $ | 435 |
| | $ | 845 |
|
| Adjustments to reconcile to net cash provided by operating activities: | | | | |
| Depreciation, decommissioning and amortization | | 1,389 |
| | 1,272 |
|
| Regulatory impacts of net nuclear decommissioning trust earnings | | 147 |
| | 131 |
|
| Other amortization | | 73 |
| | 112 |
|
| Gain on sale of assets and other | | (60 | ) | | 6 |
|
| Stock-based compensation | | 28 |
| | 22 |
|
| Equity in income from unconsolidated affiliates | | (42 | ) | | (68 | ) |
| Distributions from unconsolidated affiliates | | 15 |
| | 52 |
|
| Deferred income taxes and investment tax credits | | (20 | ) | | 373 |
|
| Income from leveraged leases | | (4 | ) | | (4 | ) |
| Proceeds from U.S. treasury grants | | 73 |
| | 310 |
|
| Changes in operating assets and liabilities: | | | | |
| Receivables | | (293 | ) | | (205 | ) |
| Inventory | | 11 |
| | (25 | ) |
| Margin and collateral deposits, net of collateral received | | (31 | ) | | 6 |
|
| Prepaid taxes | | 52 |
| | 318 |
|
| Other current assets | | (264 | ) | | (321 | ) |
| Rent payments in excess of levelized rent expense | | (95 | ) | | (96 | ) |
| Accounts payable | | 347 |
| | 178 |
|
| Accrued taxes | | 61 |
| | 76 |
|
| Other current liabilities | | (87 | ) | | (189 | ) |
| Derivative assets and liabilities, net | | (8 | ) | | 137 |
|
| Regulatory assets and liabilities, net | | 210 |
| | (73 | ) |
| Other assets | | (30 | ) | | (20 | ) |
| Other liabilities | | 256 |
| | 1 |
|
| Operating cash flows from continuing operations | | 2,163 |
| | 2,838 |
|
| Operating cash flows from discontinued operations, net | | (5 | ) | | (14 | ) |
| Net cash provided by operating activities | | 2,158 |
| | 2,824 |
|
| Cash flows from financing activities: | | | | |
| Long-term debt issued | | 549 |
| | 686 |
|
| Long-term debt issuance costs | | (12 | ) | | (24 | ) |
| Long-term debt repaid | | (36 | ) | | (97 | ) |
| Bonds purchased | | — |
| | (86 | ) |
| Preference stock issued, net | | 804 |
| | 123 |
|
| Preference stock redeemed | | (75 | ) | | — |
|
| Short-term debt financing, net | | (10 | ) | | 573 |
|
| Settlements of stock-based compensation, net | | (45 | ) | | (14 | ) |
| Cash contributions from noncontrolling interests | | 238 |
| | — |
|
| Dividends and distributions to noncontrolling interests | | (75 | ) | | (43 | ) |
| Dividends paid | | (318 | ) | | (313 | ) |
| Net cash provided by financing activities from continuing operations | | $ | 1,020 |
| | $ | 805 |
|
Edison International Reports Third Quarter 2012 Financial Results
Page 13 of 13
|
| | | | | | | | |
| Consolidated Statements of Cash Flows | | Edison International | |
| | | Nine months ended
September 30, |
| (in millions, unaudited) | | 2012 | | 2011 |
| Cash flows from investing activities: | | | | |
| Capital expenditures | | $ | (3,371 | ) | | $ | (3,481 | ) |
| Purchase of interest in acquired companies | | — |
| | (3 | ) |
| Proceeds from sale of nuclear decommissioning trust investments | | 1,525 |
| | 2,108 |
|
| Purchases of nuclear decommissioning trust investments and other | | (1,689 | ) | | (2,254 | ) |
| Proceeds from sale of interest in project, net | | 107 |
| | — |
|
| Proceeds from partnerships and unconsolidated subsidiaries, net of investment | | 7 |
| | 6 |
|
| Restricted deposits and restricted cash and cash equivalents | | (75 | ) | | 4 |
|
| Customer advances for construction and other investments | | 3 |
| | (4 | ) |
| Investing cash flows from continuing operations | | (3,493 | ) | | (3,624 | ) |
| Investing cash flows from discontinued operations, net | | (19 | ) | | (10 | ) |
| Net cash used by investing activities | | (3,512 | ) | | (3,634 | ) |
| Net (decrease) increase in cash and cash equivalents from continuing operations | | (310 | ) | | 19 |
|
| Cash and cash equivalents at beginning of period from continuing operations | | 1,390 |
| | 1,261 |
|
| Cash and cash equivalents at end of period from continuing operations | | $ | 1,080 |
| | $ | 1,280 |
|
| | | | | |
| Net decrease in cash and cash equivalents from discontinued operations | | $ | (24 | ) | | $ | (24 | ) |
| Cash and cash equivalents at beginning of period from discontinued operations | | 79 |
| | 128 |
|
| Cash and cash equivalents at end of period from discontinued operations | | $ | 55 |
| | $ | 104 |
|
