 | NEWS | |
FOR IMMEDIATE RELEASE
Media relations contact:
Charles Coleman, (626) 302-7982
Investor relations contact:
Scott Cunningham, (626) 302-2540
Edison International Reports Second Quarter 2013 Results
ROSEMEAD, Calif., Aug. 1, 2013 – Edison International (NYSE: EIX) today reported second quarter results, as summarized below.
Second Quarter and Year-to-Date Results Summary
Three Months Ended June 30, | Six Months Ended June 30, | |||||
| Per Share | 2013 | 2012 | 2013 | 2012 | ||
| Basic earnings (loss) from continuing operations | $(0.33) | $0.56 | $0.47 | $1.10 | ||
| Basic earnings (loss) from discontinued operations | 0.04 | (0.33) | 0.07 | (0.59) | ||
| Basic earnings (loss) | $(0.29) | $0.23 | $0.54 | $0.51 | ||
| Core earnings | $0.79 | $0.56 | $1.57 | $1.10 | ||
Note: See Use of Non-GAAP Financial Measures in Appendix.
“As in the first quarter, strong operating results from Southern California Edison reflect higher authorized investment in our electric grid infrastructure, good cost management, and favorable tax benefits,” said Ted Craver, chairman and chief executive officer of Edison International. “These results are consistent with the updated Edison International earnings guidance that we provided in June and that we reaffirmed today.”
Second Quarter Earnings Detail
Southern California Edison's (SCE) second quarter 2013 basic losses were $(0.28) per share compared to earnings of $0.59 per share in the second quarter of 2012, and includes an impairment charge of $1.12 per share related to the early retirement of San Onofre Nuclear Generating Station (SONGS) Units 2 and 3.
SCE's second quarter 2013 core earnings, excluding the SONGS impairment charge, were $0.84 per share compared to $0.59 per share in the second quarter of 2012. The core earnings increase was primarily due to the timing of the 2012 General Rate Case (GRC) which was approved by the California Public Utilities Commission (CPUC) in November 2012, lower operating expenses, and tax benefits, offset by severance costs.
Edison International parent company and other reported second quarter 2013 basic and core losses from continuing operations of $(0.05) per share compared to $(0.03) per share in the second quarter of 2012. The decrease in core earnings was mainly due to consolidated taxes.
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Edison International Reports Second Quarter 2013 Financial Results
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Year-to-Date Earnings Summary
Edison International reported basic earnings of $0.54 per share for the year-to-date period ending June 30, 2013, compared to $0.51 per share for the same period last year. Core earnings for the first six months of 2013 were $1.57 per share compared to $1.10 per share for the first half of 2012.
Year-to-Date Earnings Detail
SCE's year-to-date 2013 basic earnings were $0.51 per share, including the second quarter SONGS impairment charge of $1.12 per share, compared to $1.14 per share for the same period last year.
SCE's year-to-date core earnings were $1.63 per share compared to $1.14 per share for the same period last year. The core earnings increase was primarily due to the timing of finalizing SCE's 2012 General Rate Case, lower operating expenses, and tax benefits from incremental repair deductions, partially offset by severance costs. The increased return on rate base growth was offset by the lower authorized return on equity.
Edison International parent company and other reported year-to-date 2013 basic losses from continuing operations of $(0.04) per share compared to $(0.04) per share in the same period in 2012. Core losses from continuing operations in the year-to-date period of 2013 were $(0.06) per share compared to $(0.04) per share in the same period in 2012. The decrease in core earnings for the year-to-date period in 2013 was mainly due to consolidated taxes.
2013 Earnings Guidance
The company reaffirmed its 2013 core earnings guidance of $3.25 to $3.45 per share and updated its basic earnings guidance to $2.22 to $2.42 per share. See the risk disclosure statement in the Appendix and the presentation accompanying the company’s conference call for further information.
Reconciliation of 2013 Core Earnings Guidance to
Basic Earnings Guidance
| 2013 Earnings Guidance as of 6/7/13 | 2013 Earnings Guidance as of 8/1/13 | |
| SCE | $3.50 | $3.50 |
| EIX Parent & Other | (0.15) | (0.15) |
| EIX Core EPS | $3.25 - $3.45 | $3.25 - $3.45 |
| Non-core Items | (1.24) - (0.86) | (1.03) |
| EIX Basic EPS | $2.01 - $2.59 | $2.22 - $2.42 |
Note: See Use of Non-GAAP Financial Measures in Appendix. Non-core items from year-to-date period only.
About Edison International
Edison International (NYSE:EIX), 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.
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Edison International Reports Second Quarter 2013 Financial Results
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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. 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 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 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 stock options 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 EIX parent & other.
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 2012 Form 10-K, most recent Form 10-Q, and other reports and presentations 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, August 1, 2013, 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: 1-800-925-1773 (US) and 1-402-220-3092 (Int’l) - Passcode: 468529
Telephone replay available through August 12, 2013
Webcast: www.edisoninvestor.com
Edison International Reports Second Quarter 2013 Financial Results
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Summary Financial Schedules
Second Quarter Basic Earnings (Loss) Per Share
| Three Months Ended June 30, | |||||
Earnings (Loss) Per Share Attributable to Edison International | 2013 | 2012 | Change | ||
| SCE | $(0.28) | $0.59 | $(0.87) | ||
| EIX parent & other | (0.05) | (0.03) | (0.02) | ||
| Earnings from continuing operations | (0.33) | 0.56 | $(0.89) | ||
| Earnings (loss) from discontinued operations | 0.04 | (0.33) | $0.37 | ||
| Basic earnings | $(0.29) | $0.23 | $(0.52) | ||
| Diluted earnings | $(0.29) | $0.22 | $(0.51) | ||
Note: Results for Edison Mission Energy reported as non-core discontinued operations for both periods.
Second Quarter Reconciliation of Core Earnings (Loss) Per Share
to Basic Earnings (Loss) Per Share
| Three Months Ended June 30, | |||||||||
Earnings Per Share Attributable to Edison International | 2013 | 2012 | Change | ||||||
| Core earnings (loss) | |||||||||
| SCE | $0.84 | $0.59 | $0.25 | ||||||
| EIX parent & other | (0.05) | (0.03) | (0.02) | ||||||
| Core earnings | 0.79 | 0.56 | 0.23 | ||||||
| Non-core items | |||||||||
| SCE - SONGS impairment | (1.12 | ) | — | (1.12 | ) | ||||
| EIX parent & other | — | — | — | ||||||
| Earnings (loss) from discontinued operations | 0.04 | (0.33) | 0.37 | ||||||
| Total non-core items | (1.08) | (0.33) | (0.75) | ||||||
| Basic earnings | $(0.29) | $0.23 | $(0.52) | ||||||
Note: See Use of Non-GAAP Financial Measures in Appendix. Results for Edison Mission Energy reported as non-core discontinued operations for both periods.
Edison International Reports Second Quarter 2013 Financial Results
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Second Quarter Basic Earnings (Loss)
| Three Months Ended June 30, | |||||
Earnings (Loss) (in millions) Attributable to Edison International | 2013 | 2012 | Change | ||
| SCE | $(91) | $191 | $(282) | ||
| EIX parent & other | (15) | (8) | (7) | ||
| Earnings from continuing operations | (106) | 183 | (289) | ||
| Earnings (loss) from discontinued operations | 12 | (109) | 121 | ||
| Basic earnings | $(94) | $74 | $(168) | ||
Note: Results for Edison Mission Energy reported as non-core discontinued operations for both periods.
Second Quarter Reconciliation of Core Earnings (Loss) to Basic Earnings (Loss)
| Three Months Ended June 30, | ||||||||
Earnings (in millions) Attributable to Edison International | 2013 | 2012 | Change | |||||
| Core earnings (loss) | ||||||||
| SCE | $274 | $191 | $83 | |||||
| EIX parent & other | (15) | (8) | (7) | |||||
| Core earnings | 259 | 183 | 76 | |||||
| Non-core items | ||||||||
| SCE - SONGS impairment | (365 | ) | — | (365 | ) | |||
| EIX parent & other | — | — | — | |||||
| Earnings (loss) from discontinued operations | 12 | (109) | 121 | |||||
| Total non-core items | (353) | (109) | (244) | |||||
| Basic earnings | $(94) | $74 | $(168) | |||||
Note: See Use of Non-GAAP Financial Measures in Appendix. Results for Edison Mission Energy reported as non-core discontinued operations for both periods.
Edison International Reports Second Quarter 2013 Financial Results
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Year-to-Date Basic Earnings Per Share
| Six Months Ended June 30, | |||||
Earnings (Loss) Per Share Attributable to Edison International | 2013 | 2012 | Change | ||
| SCE | $0.51 | $1.14 | $(0.63) | ||
| EIX parent & other | (0.04) | (0.04) | 0.00 | ||
| Earnings from continuing operations | 0.47 | 1.10 | $(0.63) | ||
| Earnings (loss) from discontinued operations | 0.07 | (0.59) | $0.66 | ||
| Basic earnings | $0.54 | $0.51 | $0.03 | ||
| Diluted earnings | $0.54 | $0.50 | $0.04 | ||
Note: Results for Edison Mission Energy reported as non-core discontinued operations for both periods.
Year-to-Date Reconciliation of Core Earnings Per Share
to Basic Earnings Per Share
| Six Months Ended June 30, | |||||||||
Earnings Per Share Attributable to Edison International | 2013 | 2012 | Change | ||||||
| Core earnings (loss) | |||||||||
| SCE | $1.63 | $1.14 | $0.49 | ||||||
| EIX parent & other | (0.06) | (0.04) | (0.02) | ||||||
| Core earnings | 1.57 | 1.10 | 0.47 | ||||||
| Non-core items | |||||||||
| SCE - SONGS impairment | (1.12 | ) | — | (1.12 | ) | ||||
| EIX parent & other | 0.02 | — | 0.02 | ||||||
| Earnings (loss) from discontinued operations | 0.07 | (0.59) | 0.66 | ||||||
| Total non-core items | (1.03) | (0.59) | (0.44) | ||||||
| Basic earnings | $0.54 | $0.51 | $0.03 | ||||||
Note: See Use of Non-GAAP Financial Measures in Appendix. Results for Edison Mission Energy reported as non-core discontinued operations for both periods.
Edison International Reports Second Quarter 2013 Financial Results
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Year-to-Date Basic Earnings
| Six Months Ended June 30, | |||||
Earnings (Loss) (in millions) Attributable to Edison International | 2013 | 2012 | Change | ||
| SCE | $165 | $373 | $(208) | ||
| EIX parent & other | (13) | (13) | 0 | ||
| Earnings from continuing operations | 152 | 360 | (208) | ||
| Earnings (loss) from discontinued operations | 24 | (193) | 217 | ||
| Basic earnings | $176 | $167 | $9 | ||
Note: Results for Edison Mission Energy reported as non-core discontinued operations for both periods.
Year-to-Date Reconciliation of Core Earnings to Basic Earnings
| Six Months Ended June 30, | ||||||||
Earnings (in millions) Attributable to Edison International | 2013 | 2012 | Change | |||||
| Core earnings (loss) | ||||||||
| SCE | $530 | $373 | $157 | |||||
| EIX parent & other | (20) | (13) | (7) | |||||
| Core earnings | 510 | 360 | 150 | |||||
| Non-core items | ||||||||
| SCE - SONGS impairment | (365 | ) | — | (365 | ) | |||
| EIX parent & other | 7 | — | 7 | |||||
| Earnings (loss) from discontinued operations | 24 | (193) | 217 | |||||
| Total non-core items | (334) | (193) | (141) | |||||
| Basic earnings | $176 | $167 | $9 | |||||
Note: See Use of Non-GAAP Financial Measures in Appendix. Results for Edison Mission Energy reported as non-core discontinued operations for both periods.
Edison International Reports Second Quarter 2013 Financial Results
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| Consolidated Statements of Income | Edison International | ||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| (in millions, except per-share amounts, unaudited) | 2013 | 2012 | 2013 | 2012 | |||||||||||
| Operating revenue | $ | 3,046 | $ | 2,653 | $ | 5,678 | $ | 5,068 | |||||||
| Fuel | 81 | 61 | 154 | 138 | |||||||||||
| Purchased power | 1,076 | 822 | 1,855 | 1,437 | |||||||||||
| Operation and maintenance | 967 | 951 | 1,840 | 1,899 | |||||||||||
| Depreciation, decommissioning and amortization | 418 | 400 | 832 | 788 | |||||||||||
| Asset impairment and other | 575 | (1 | ) | 575 | — | ||||||||||
| Total operating expenses | 3,117 | 2,233 | 5,256 | 4,262 | |||||||||||
| Operating income (loss) | (71 | ) | 420 | 422 | 806 | ||||||||||
| Interest and other income | 34 | 40 | 63 | 73 | |||||||||||
| Interest expense | (133 | ) | (134 | ) | (265 | ) | (260 | ) | |||||||
| Other expenses | (14 | ) | (19 | ) | (21 | ) | (26 | ) | |||||||
| Income (loss) from continuing operations before income taxes | (184 | ) | 307 | 199 | 593 | ||||||||||
| Income tax expense (benefit) | (102 | ) | 100 | (4 | ) | 192 | |||||||||
| Income (loss) from continuing operations | (82 | ) | 207 | 203 | 401 | ||||||||||
| Income (loss) from discontinued operations, net of tax | 12 | (109 | ) | 24 | (193 | ) | |||||||||
| Net income (loss) | (70 | ) | 98 | 227 | 208 | ||||||||||
| Dividends on preferred and preference stock of utility | 24 | 23 | 51 | 41 | |||||||||||
| Other noncontrolling interests | — | 1 | — | — | |||||||||||
| Net income (loss) attributable to Edison International common shareholders | $ | (94 | ) | $ | 74 | $ | 176 | $ | 167 | ||||||
| Amounts attributable to Edison International common shareholders: | |||||||||||||||
| Income (loss) from continuing operations, net of tax | $ | (106 | ) | $ | 183 | $ | 152 | $ | 360 | ||||||
| Income (loss) from discontinued operations, net of tax | 12 | (109 | ) | 24 | (193 | ) | |||||||||
| Net income (loss) attributable to Edison International common shareholders | $ | (94 | ) | $ | 74 | $ | 176 | $ | 167 | ||||||
| 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 | $ | (0.33 | ) | $ | 0.56 | $ | 0.47 | $ | 1.10 | ||||||
| Discontinued operations | 0.04 | (0.33 | ) | 0.07 | (0.59 | ) | |||||||||
| Total | $ | (0.29 | ) | $ | 0.23 | $ | 0.54 | $ | 0.51 | ||||||
| Diluted earnings (loss) per common share attributable to Edison International common shareholders: | |||||||||||||||
| Weighted-average shares of common stock outstanding, including effect of dilutive securities | 326 | 334 | 329 | 333 | |||||||||||
| Continuing operations | $ | (0.33 | ) | $ | 0.55 | $ | 0.47 | $ | 1.08 | ||||||
| Discontinued operations | 0.04 | (0.33 | ) | 0.07 | (0.58 | ) | |||||||||
| Total | $ | (0.29 | ) | $ | 0.22 | $ | 0.54 | $ | 0.50 | ||||||
| Dividends declared per common share | $ | 0.3375 | $ | 0.325 | $ | 0.6750 | $ | 0.650 | |||||||
Edison International Reports Second Quarter 2013 Financial Results
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| Consolidated Balance Sheets | Edison International | |||||||
| (in millions, unaudited) | June 30, 2013 | December 31, 2012 | ||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 148 | $ | 170 | ||||
| Receivables, less allowances of $66 and $75 for uncollectible accounts at respective dates | 815 | 762 | ||||||
| Accrued unbilled revenue | 741 | 550 | ||||||
| Inventory | 267 | 340 | ||||||
| Prepaid taxes | 27 | 22 | ||||||
| Derivative assets | 91 | 129 | ||||||
| Margin and collateral deposits | 8 | 8 | ||||||
| Regulatory assets | 803 | 572 | ||||||
| Other current assets | 122 | 119 | ||||||
| Total current assets | 3,022 | 2,672 | ||||||
| Nuclear decommissioning trusts | 4,181 | 4,048 | ||||||
| Investments in unconsolidated affiliates | 2 | 2 | ||||||
| Other investments | 194 | 184 | ||||||
| Total investments | 4,377 | 4,234 | ||||||
| Utility property, plant and equipment, less accumulated depreciation of $7,578 and $7,424 at respective dates | 29,301 | 30,200 | ||||||
| Nonutility property, plant and equipment, less accumulated depreciation of $69 and $123 at respective dates | 75 | 73 | ||||||
| Total property, plant and equipment | 29,376 | 30,273 | ||||||
| Derivative assets | 73 | 85 | ||||||
| Restricted deposits | 4 | 4 | ||||||
| Regulatory assets | 7,494 | 6,422 | ||||||
| Other long-term assets | 681 | 704 | ||||||
| Total long-term assets | 8,252 | 7,215 | ||||||
| Total assets | $ | 45,027 | $ | 44,394 | ||||
Edison International Reports Second Quarter 2013 Financial Results
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| Consolidated Balance Sheets | Edison International | |||||||
| (in millions, except share amounts, unaudited) | June 30, 2013 | December 31, 2012 | ||||||
| LIABILITIES AND EQUITY | ||||||||
| Short-term debt | $ | 853 | $ | 175 | ||||
| Current portion of long-term debt | 800 | — | ||||||
| Accounts payable | 1,288 | 1,423 | ||||||
| Accrued taxes | 33 | 61 | ||||||
| Accrued interest | 199 | 176 | ||||||
| Customer deposits | 199 | 193 | ||||||
| Derivative liabilities | 140 | 126 | ||||||
| Regulatory liabilities | 493 | 536 | ||||||
| Deferred income taxes | 79 | 64 | ||||||
| Other current liabilities | 804 | 990 | ||||||
| Total current liabilities | 4,888 | 3,744 | ||||||
| Long-term debt | 8,830 | 9,231 | ||||||
| Deferred income taxes | 6,304 | 6,127 | ||||||
| Deferred investment tax credits | 102 | 104 | ||||||
| Customer advances | 134 | 149 | ||||||
| Derivative liabilities | 1,027 | 939 | ||||||
| Pensions and benefits | 2,234 | 2,614 | ||||||
| Asset retirement obligations | 3,322 | 2,782 | ||||||
| Regulatory liabilities | 4,836 | 5,214 | ||||||
| Other deferred credits and other long-term liabilities | 2,242 | 2,299 | ||||||
| Total deferred credits and other liabilities | 20,201 | 20,228 | ||||||
| Total liabilities | 33,919 | 33,203 | ||||||
| Commitments and contingencies | ||||||||
| Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date) | 2,388 | 2,373 | ||||||
| Accumulated other comprehensive loss | (82 | ) | (87 | ) | ||||
| Retained earnings | 7,049 | 7,146 | ||||||
| Total Edison International's common shareholders' equity | 9,355 | 9,432 | ||||||
| Preferred and preference stock of utility | 1,753 | 1,759 | ||||||
| Total noncontrolling interests | 1,753 | 1,759 | ||||||
| Total equity | 11,108 | 11,191 | ||||||
| Total liabilities and equity | $ | 45,027 | $ | 44,394 | ||||
Edison International Reports Second Quarter 2013 Financial Results
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| Consolidated Statements of Cash Flows | Edison International | |||||||
| Six months ended June 30, | ||||||||
| (in millions, unaudited) | 2013 | 2012 | ||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 227 | $ | 208 | ||||
| Less: Income (loss) from discontinued operations | 24 | (193 | ) | |||||
| Income from continuing operations | 203 | 401 | ||||||
| Adjustments to reconcile to net cash provided by operating activities: | ||||||||
| Depreciation, decommissioning and amortization | 832 | 788 | ||||||
| Regulatory impacts of net nuclear decommissioning trust earnings | 161 | 114 | ||||||
| Other amortization and other | 33 | 34 | ||||||
| Asset impairment | 575 | — | ||||||
| Stock-based compensation | 12 | 16 | ||||||
| Deferred income taxes and investment tax credits | 85 | 11 | ||||||
| Proceeds from U.S. treasury grants | — | 29 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Receivables | (47 | ) | 10 | |||||
| Inventory | 73 | 15 | ||||||
| Margin and collateral deposits, net of collateral received | (67 | ) | (3 | ) | ||||
| Prepaid taxes | (5 | ) | 98 | |||||
| Other current assets | (190 | ) | (204 | ) | ||||
| Accounts payable | 88 | 27 | ||||||
| Accrued taxes | (33 | ) | (15 | ) | ||||
| Other current liabilities | (98 | ) | (83 | ) | ||||
| Derivative assets and liabilities, net | 152 | (79 | ) | |||||
| Regulatory assets and liabilities, net | (11 | ) | 252 | |||||
| Other assets | (27 | ) | (19 | ) | ||||
| Other liabilities | (475 | ) | 122 | |||||
| Operating cash flows from continuing operations | 1,261 | 1,514 | ||||||
| Operating cash flows from discontinued operations, net | — | (354 | ) | |||||
| Net cash provided by operating activities | 1,261 | 1,160 | ||||||
| Cash flows from financing activities: | ||||||||
| Long-term debt issued | 398 | 395 | ||||||
| Long-term debt issuance costs | (4 | ) | (4 | ) | ||||
| Long-term debt repaid | (3 | ) | (3 | ) | ||||
| Bonds remarketed, net | 195 | — | ||||||
| Bonds purchased | (196 | ) | — | |||||
| Preference stock issued, net | 387 | 805 | ||||||
| Preference stock redeemed | (400 | ) | (75 | ) | ||||
| Short-term debt financing, net | 678 | (121 | ) | |||||
| Settlements of stock-based compensation, net | (37 | ) | (30 | ) | ||||
| Dividends to noncontrolling interests | (52 | ) | (29 | ) | ||||
| Dividends paid | (220 | ) | (212 | ) | ||||
| Financing cash flows from continuing operations | 746 | 726 | ||||||
| Financing cash flows from discontinued operations, net | — | 300 | ||||||
| Net cash provided by financing activities | $ | 746 | $ | 1,026 | ||||
Edison International Reports Second Quarter 2013 Financial Results
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| Consolidated Statements of Cash Flows | Edison International | |||||||
| Six months ended June 30, | ||||||||
| (in millions, unaudited) | 2013 | 2012 | ||||||
| Cash flows from investing activities: | ||||||||
| Capital expenditures | $ | (1,834 | ) | $ | (2,125 | ) | ||
| Proceeds from sale of nuclear decommissioning trust investments | 1,956 | 1,097 | ||||||
| Purchases of nuclear decommissioning trust investments and other | (2,128 | ) | (1,222 | ) | ||||
| Customer advances for construction and other investments | (23 | ) | 7 | |||||
| Investing cash flows from continuing operations | (2,029 | ) | (2,243 | ) | ||||
| Investing cash flows from discontinued operations, net | — | (237 | ) | |||||
| Net cash used by investing activities | (2,029 | ) | (2,480 | ) | ||||
| Net decrease in cash and cash equivalents | (22 | ) | (294 | ) | ||||
| Cash and cash equivalents at beginning of period | 170 | 1,469 | ||||||
| Cash and cash equivalents at end of period | 148 | 1,175 | ||||||
| Cash and cash equivalents from discontinued operations | — | 1,009 | ||||||
| Cash and cash equivalents from continuing operations | $ | 148 | $ | 166 | ||||