Exhibit 99.1
| FOR IMMEDIATE RELEASE | Media relations contact: | |
Charles Coleman, (626) 302-7982
Investor relations contact: Scott Cunningham, (626) 302-2540 |
Edison International Reports Fourth Quarter and Full Year 2009 Earnings
ROSEMEAD, Calif., Mar. 1, 2010 – Edison International (NYSE: EIX) today reported fourth quarter 2009 basic earnings of $0.65 per share, compared to $0.66 per share in the same quarter last year. Fourth quarter 2009 core earnings were $0.59 per share compared to $0.66 per share in the fourth quarter of 2008. The decline is largely attributable to lower earnings at Edison Mission Group (EMG), partially offset by higher operating results at Southern California Edison (SCE). Core earnings exclude discontinued operations and other non-core items as discussed below.
“Despite a difficult economy, our 2009 performance was solid, and we are pleased we were able to achieve earnings above the high end of our earnings guidance range,” said Theodore F. Craver, Jr., chairman and chief executive officer of Edison International.
Fourth Quarter Earnings Detail
SCE’s fourth quarter 2009 basic earnings were $0.53 per share compared to $0.43 per share in the fourth quarter 2008. Core earnings were $0.51 per share compared to $0.43 per share in the same quarter last year. This increase was primarily due to higher operating income associated with the California Public Utilities Commission (CPUC) and Federal Energy Regulatory Commission (FERC) General Rate Case (GRC) decisions, partially offset by higher income taxes. Fourth quarter 2009 non-core results include $0.02 per share from revised interest costs related to the global tax settlement with the Internal Revenue Service (IRS).
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Note: Basic earnings or losses per share refer to basic earnings or losses per common share attributable to Edison International throughout this release. Core earnings is a non-GAAP financial measure. See Reconciliation of Core Earnings to Basic Earnings and Reconciliation of Core Earnings Guidance to Basic Earnings Guidance.
Edison International Reports Fourth Quarter 2009 Financial Results
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EMG’s fourth quarter 2009 basic earnings were $0.17 per share compared to $0.25 per share in the fourth quarter of 2008. Core earnings were $0.13 per share compared to $0.25 per share in the same quarter last year. Core earnings declined primarily from lower energy prices at merchant coal-fired projects, lower trading income and lower results at Edison Capital, partially offset by lower income taxes. Core earnings included unrealized gains on hedge contracts of $0.03 per share in the fourth quarter of 2009 and $0.04 per share in the fourth quarter of 2008. Core results in 2008 included a $0.04 charge to cancel a contract to supply natural gas turbines. Fourth quarter 2009 non-core items include $0.04 per share from the global tax settlement with the IRS, reflecting the revised interest costs discussed above.
Edison International parent company and other reported a fourth quarter 2009 loss of $0.05 per share compared to a $0.02 per share loss in the fourth quarter 2008. Earnings declined primarily from higher income tax expenses.
Full Year Earnings Summary
Edison International reported 2009 basic earnings of $2.59 per share compared to $3.69 per share in 2008. Core earnings for 2009 were $3.25 per share compared to $3.84 per share in 2008. Non-core items in 2009 include $0.78 per share loss related to the global tax settlement with the IRS and the associated termination of Edison Capital’s cross-border leveraged leases, a $0.14 per share non-cash accounting benefit at SCE from the transfer of its Mountainview power plant to utility rate base and a $0.02 per share loss from discontinued operations at EMG.
Full Year Earnings Detail
SCE’s basic earnings in 2009 were $3.76 per share compared to $2.10 per share in 2008. Core earnings for 2009 were $2.68 per share compared to $2.25 per share in 2008. The increase in core earnings was primarily due to higher operating income associated with the CPUC and FERC GRC decisions, partially offset by higher income taxes. In addition, core earnings were favorably impacted from lower than planned financings during the year, primarily from cash received for tax-related timing differences and other benefits. SCE’s 2009 core earnings exclude a $0.94 per share benefit from the global tax settlement, a $0.14 per share benefit from the transfer of the Mountainview power plant to utility rate base and SCE’s 2008 core earnings exclude the $0.15 per share charge from the CPUC’s performance-based ratemaking decision.
EMG’s basic loss in 2009 was $1.21 per share compared to basic earnings of $1.72 per share in 2008. Core earnings in 2009 were $0.68 per share compared to $1.72 per share in 2008. The decrease in core earnings reflects lower income from merchant coal and gas-fired projects driven by lower energy prices, as well as lower trading income and lower earnings at Edison Capital. Core earnings included unrealized gains on hedge contracts of $0.11 per share in 2009 and gains of $0.03 per share in 2008. Core results for 2008 included $0.03 per share for the favorable buy-out of a coal contract, and a $0.04 per share charge for a natural gas turbine supply agreement cancellation. EMG’s 2009 core earnings exclude losses of $1.87 per share from the global tax settlement and a loss of $0.02 per share from discontinued operations.
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Edison International Reports Fourth Quarter 2009 Financial Results
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Edison International parent company and other basic earnings in 2009 were $0.04 per share compared to a loss of $0.13 per share in 2008. Core losses for 2009 were $0.11 per share compared to $0.13 per share in 2008. Core losses in 2009 exclude a $0.15 per share benefit related to the global tax settlement.
2010 Earnings Guidance
The company announced its 2010 basic and core earnings guidance range of $3.15 to $3.45 per share. See the risk disclosure statement on page 4 and the presentation accompanying the company’s conference call for further information.
Reconciliation of Core Earnings Guidance to Basic Earnings Guidance1
Core Earnings Per Share1 | 2010 Earnings Guidance | |
EIX core earnings | $3.15 – $3.45 | |
Non-Core Items | – | |
EIX basic earnings | $3.15 – $3.45 | |
Midpoint of 2010 core guidance by business element: | ||
SCE | $2.80 | |
EMG | 0.62 | |
EIX parent company and other | (0.12) | |
Total | $3.30 | |
| 1 | See Use of Non-GAAP Financial Measures on page 4. Basic earnings per share refer to basic earnings per common share attributable to Edison International common shareholders. The expected impact of participating securities is $(0.01) per share and is included in EIX parent company and other. |
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, California, 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 and parent company to Edison Mission Energy and Edison Capital.
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Edison International Reports Fourth Quarter 2009 Financial Results
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Appendix
Use of Non-GAAP Financial Measures, Conference Call Information,
Risk Disclosure Statement and Financial Schedules
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 earnings per share (EPS) by principal operating subsidiary internally for financial planning and for analysis of performance. We also use core earnings and 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.
Core earnings is a non-GAAP financial measure and may not be comparable to those of other companies. Core earnings are defined as earnings attributable to common shareholders less income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Core earnings are reconciled to basic earnings in the attached tables. EPS by principal operating subsidiary is based on the principal operating subsidiary 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.
Reminder: Edison International Will Hold a Conference Call Today
Today, Edison International will hold a conference call to discuss its fourth quarter 2009 financial results at 8 a.m. (Pacific Standard Time). Two-way participation in the telephone call is limited to financial analysts and investors, while all other interested parties are invited to participate in a simultaneous webcast at www.edisoninvestor.com. A presentation accompanying management’s comments on the conference call will be available on the web site as well at www.edisoninvestor.com. The domestic call-in number is (888) 889-2168 and the number for international callers is (773) 681-5951. The ID is “Edison”. In addition to the live simulcast, the webcast will remain posted at www.edisoninvestor.com and telephone replays will be available through March 8, 2010 at the following numbers: (800) 388-1959 for callers in the United States and (402) 998-1133 for international callers. The replay passcode is 80709.
Risk Disclosure Statement
Statements contained in this news release about future performance, including, without limitation, earnings guidance, asset and rate base growth, load growth, capital investments 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. Important factors that could cause different results are discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis” in Edison International’s most recent Form 10-K and other reports filed with the Securities and Exchange Commission and are available on our Web site 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.
Edison International Reports Fourth Quarter 2009 Financial Results
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Summary Financial Schedules
Fourth Quarter Basic Earnings Per Share
Earnings (Loss) Per Common Share Attributable to Edison International (Unaudited) | Quarter Ended December 31, | Change | ||||||||||
| 2009 | 2008 | |||||||||||
SCE | $ | 0.53 | $ | 0.43 | $ | 0.10 | ||||||
EMG | 0.17 | 0.25 | (0.08 | ) | ||||||||
EIX parent company and other | (0.05 | ) | (0.02 | ) | (0.03 | ) | ||||||
EIX earnings from continuing operations | 0.65 | 0.66 | (0.01 | ) | ||||||||
EIX earnings from discontinued operations | — | — | — | |||||||||
EIX basic earnings1 | $ | 0.65 | $ | 0.66 | $ | (0.01 | ) | |||||
EIX diluted earnings | $ | 0.65 | $ | 0.66 | $ | (0.01 | ) | |||||
| 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 the quarter ended December 31, 2009 and $(0.01) per share for the quarter ended December 31, 2008. |
Fourth Quarter Reconciliation of Core Earnings Per Share to Basic Earnings Per Share
Earnings (Loss) Per Common Share Attributable to Edison International (Unaudited) | Quarter Ended December 31, | Change | ||||||||||
| 2009 | 2008 | |||||||||||
Core Earnings1 | ||||||||||||
SCE | $ | 0.51 | $ | 0.43 | $ | 0.08 | ||||||
EMG | 0.13 | 0.25 | (0.12 | ) | ||||||||
EIX parent company and other | (0.05 | ) | (0.02 | ) | (0.03 | ) | ||||||
EIX core earnings | 0.59 | 0.66 | (0.07 | ) | ||||||||
Non-core items | ||||||||||||
Global tax settlement | ||||||||||||
SCE | 0.02 | — | 0.02 | |||||||||
EMG | 0.04 | — | 0.04 | |||||||||
Total non-core items | 0.06 | — | 0.06 | |||||||||
EIX basic earnings1 | $ | 0.65 | $ | 0.66 | $ | (0.01 | ) | |||||
| 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 the quarter ended December 31, 2009 and $(0.01) per share for the quarter ended December 31, 2008. |
Edison International Reports Fourth Quarter 2009 Financial Results
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Fourth Quarter Basic Earnings
Earnings (Loss) (in millions) Attributable to Edison International (Unaudited) | Quarter Ended December 31, | |||||||||||
| 2009 | 2008 | Change | ||||||||||
SCE | $ | 172 | $ | 141 | $ | 31 | ||||||
EMG | 56 | 81 | (25 | ) | ||||||||
EIX parent company and other | (15 | ) | (5 | ) | (10 | ) | ||||||
EIX earnings from continuing operations | 213 | 217 | (4 | ) | ||||||||
EIX earnings (loss) from discontinued operations | (1 | ) | — | (1 | ) | |||||||
EIX basic earnings | $ | 212 | $ | 217 | $ | (5 | ) | |||||
Fourth Quarter Reconciliation of Core Earnings to Basic Earnings
Earnings (Loss) (in millions) Attributable to Edison International (Unaudited) | Quarter Ended December 31, | |||||||||||
| 2009 | 2008 | Change | ||||||||||
Core Earnings1 | ||||||||||||
SCE | $ | 167 | $ | 141 | $ | 26 | ||||||
EMG | 42 | 81 | (39 | ) | ||||||||
EIX parent company and other | (15 | ) | (5 | ) | (10 | ) | ||||||
EIX core earnings | 194 | 217 | (23 | ) | ||||||||
Non-core items | ||||||||||||
Global tax settlement | ||||||||||||
SCE | 5 | — | 5 | |||||||||
EMG | 14 | — | 14 | |||||||||
EMG – discontinued operations | (1 | ) | — | (1 | ) | |||||||
Total non-core items | 18 | — | 18 | |||||||||
EIX basic earnings | $ | 212 | $ | 217 | $ | (5 | ) | |||||
| 1 | See Use of Non-GAAP Financial Measures on page 4. |
Edison International Reports Fourth Quarter 2009 Financial Results
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Full-Year Basic Earnings Per Share
Earnings (Loss) Per Common Share Attributable to Edison International (Unaudited) | Year Ended December 31, | |||||||||||
| 2009 | 2008 | Change | ||||||||||
SCE | $ | 3.76 | $ | 2.10 | $ | 1.66 | ||||||
EMG | (1.19 | ) | 1.72 | (2.91 | ) | |||||||
EIX parent company and other | 0.04 | (0.13 | ) | 0.17 | ||||||||
EIX earnings from continuing operations | 2.61 | 3.69 | (1.08 | ) | ||||||||
EIX loss from discontinued operations | (0.02 | ) | — | (0.02 | ) | |||||||
EIX basic earnings1 | $ | 2.59 | $ | 3.69 | $ | (1.10 | ) | |||||
EIX diluted earnings | $ | 2.58 | $ | 3.68 | $ | (1.10 | ) | |||||
| 1 | The impact of participating securities is included in EIX parent company and other and was $(0.01) per share for 2009 and $(0.05) per share for 2008. |
Full-Year Reconciliation of Core Earnings Per Share to Basic Earnings Per Share
Earnings (Loss) Per Common Share Attributable to Edison International (Unaudited) | Year Ended December 31, | |||||||||||
| 2009 | 2008 | Change | ||||||||||
Core Earnings1 | ||||||||||||
SCE | $ | 2.68 | $ | 2.25 | $ | 0.43 | ||||||
EMG | 0.68 | 1.72 | (1.04 | ) | ||||||||
EIX parent company and other | (0.11 | ) | (0.13 | ) | 0.02 | |||||||
EIX core earnings | 3.25 | 3.84 | (0.59 | ) | ||||||||
Non-core items | ||||||||||||
SCE – regulatory items | 0.14 | (0.15 | ) | 0.29 | ||||||||
Global tax settlement | ||||||||||||
SCE | 0.94 | — | 0.94 | |||||||||
EMG | (1.87 | ) | — | (1.87 | ) | |||||||
EIX parent company and other | 0.15 | — | 0.15 | |||||||||
EMG – discontinued operations | (0.02 | ) | — | (0.02 | ) | |||||||
Total non-core items | (0.66 | ) | (0.15 | ) | (0.51 | ) | ||||||
EIX basic earnings1 | $ | 2.59 | $ | 3.69 | $ | (1.10 | ) | |||||
| 1 | See Use of Non-GAAP Financial Measures on page 4. The impact of participating securities is included in EIX parent company and other and was $(0.01) per share for 2009 and $(0.05) per share for 2008. |
Edison International Reports Fourth Quarter 2009 Financial Results
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Full-Year Basic Earnings
Earnings (Loss) (in millions) Attributable to Edison International (Unaudited) | Year Ended December 31, | |||||||||||
| 2009 | 2008 | Change | ||||||||||
SCE | $ | 1,226 | $ | 683 | $ | 543 | ||||||
EMG | (388 | ) | 561 | (949 | ) | |||||||
EIX parent company and other | 18 | (29 | ) | 47 | ||||||||
EIX earnings from continuing operations | 856 | 1,215 | (359 | ) | ||||||||
EIX loss from discontinued operations | (7 | ) | — | (7 | ) | |||||||
EIX basic earnings | $ | 849 | $ | 1,215 | $ | (366 | ) | |||||
Full-Year Reconciliation of Core Earnings to Basic Earnings
Earnings (Loss) (in millions) Attributable to Edison International (Unaudited) | Year Ended December 31, | |||||||||||
| 2009 | 2008 | Change | ||||||||||
Core Earnings1 | ||||||||||||
SCE | $ | 874 | $ | 732 | $ | 142 | ||||||
EMG | 222 | 561 | (339 | ) | ||||||||
EIX parent company and other | (32 | ) | (29 | ) | (3 | ) | ||||||
EIX core earnings | 1,064 | 1,264 | (200 | ) | ||||||||
Non-core items | ||||||||||||
SCE – regulatory items | 46 | (49 | ) | 95 | ||||||||
Global tax settlement | ||||||||||||
SCE | 306 | — | 306 | |||||||||
EMG | (610 | ) | — | (610 | ) | |||||||
EIX parent company and other | 50 | — | 50 | |||||||||
EMG – discontinued operations | (7 | ) | — | (7 | ) | |||||||
Total non-core items | (215 | ) | (49 | ) | (166 | ) | ||||||
EIX basic earnings | $ | 849 | $ | 1,215 | $ | (366 | ) | |||||
| 1 | See Use of Non-GAAP Financial Measures on page 4. |
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Edison International Reports Fourth Quarter 2009 Financial Results
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Consolidated Statements of Income | Edison International |
| Quarter Ended December 31, | Year Ended December 31, | |||||||||||||||
(in millions, except per-share amounts) | 2009 | 2008 | 2009 | 2008 | ||||||||||||
Electric utility | $ | 2,433 | $ | 2,551 | $ | 9,959 | $ | 11,246 | ||||||||
Nonutility power generation | 614 | 664 | 2,374 | 2,808 | ||||||||||||
Financial services and other | 3 | 13 | 28 | 58 | ||||||||||||
Total operating revenue | 3,050 | 3,228 | 12,361 | 14,112 | ||||||||||||
Fuel | 397 | 421 | 1,517 | 2,147 | ||||||||||||
Purchased power | 595 | 793 | 2,751 | 3,845 | ||||||||||||
Operation and maintenance | 1,252 | 1,180 | 4,387 | 4,288 | ||||||||||||
Depreciation, decommissioning and amortization | 365 | 338 | 1,418 | 1,313 | ||||||||||||
Lease terminations and other | 2 | 30 | 890 | (44 | ) | |||||||||||
Total operating expenses | 2,611 | 2,762 | 10,963 | 11,549 | ||||||||||||
Operating income | 439 | 466 | 1,398 | 2,563 | ||||||||||||
Interest and dividend income | 3 | 18 | 32 | 62 | ||||||||||||
Equity in income from partnerships and unconsolidated subsidiaries – net | 9 | (9 | ) | 42 | 31 | |||||||||||
Other income | 40 | 35 | 171 | 113 | ||||||||||||
Interest expense – net of amounts capitalized | (175 | ) | (190 | ) | (732 | ) | (700 | ) | ||||||||
Other expense | (18 | ) | (10 | ) | (57 | ) | (125 | ) | ||||||||
Income from continuing operations before income taxes | 298 | 310 | 854 | 1,944 | ||||||||||||
Income tax expense (benefit) | 71 | 75 | (98 | ) | 596 | |||||||||||
Income from continuing operations | 227 | 235 | 952 | 1,348 | ||||||||||||
Loss from discontinued operations – net of tax | (1 | ) | — | (7 | ) | — | ||||||||||
Net income | 226 | 235 | 945 | 1,348 | ||||||||||||
Less: Net income attributable to noncontrolling interests | 14 | 18 | 96 | 133 | ||||||||||||
Net income attributable to Edison International common shareholders | $ | 212 | $ | 217 | $ | 849 | $ | 1,215 | ||||||||
Amounts attributable to Edison International common shareholders: | ||||||||||||||||
Income from continuing operations, net of tax | $ | 213 | $ | 217 | $ | 856 | $ | 1,215 | ||||||||
Loss from discontinued operations, net of tax | (1 | ) | — | (7 | ) | — | ||||||||||
Net income attributable to Edison International common shareholders | $ | 212 | $ | 217 | $ | 849 | $ | 1,215 | ||||||||
Basic earnings per common share attributable to Edison International common shareholders: | ||||||||||||||||
Weighted-average shares of common stock outstanding | 326 | 326 | 326 | 326 | ||||||||||||
Continuing operations | $ | 0.65 | $ | 0.66 | $ | 2.61 | $ | 3.69 | ||||||||
Discontinued operations | — | — | (0.02 | ) | — | |||||||||||
Total | $ | 0.65 | $ | 0.66 | $ | 2.59 | $ | 3.69 | ||||||||
Diluted earnings per common share attributable to Edison International common shareholders: | ||||||||||||||||
Weighted-average shares of common stock outstanding, including effect of dilutive securities | 328 | 328 | 327 | 329 | ||||||||||||
Continuing operations | $ | 0.65 | $ | 0.66 | $ | 2.60 | $ | 3.68 | ||||||||
Discontinued operations | — | — | (0.02 | ) | — | |||||||||||
Total | $ | 0.65 | $ | 0.66 | $ | 2.58 | $ | 3.68 | ||||||||
Dividends declared per common share | $ | 0.315 | $ | 0.310 | $ | 1.245 | $ | 1.225 | ||||||||
Edison International Reports Fourth Quarter 2009 Financial Results
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Consolidated Balance Sheets | Edison International |
| December 31, | ||||||||
(in millions) | 2009 | 2008 | ||||||
ASSETS | ||||||||
Cash and equivalents | $ | 1,673 | $ | 3,916 | ||||
Short-term investments | 10 | 7 | ||||||
Receivables, less allowances of $53 and $39 for uncollectible accounts at respective dates | 1,017 | 1,006 | ||||||
Accrued unbilled revenue | 347 | 328 | ||||||
Inventory | 533 | 553 | ||||||
Derivative assets | 357 | 327 | ||||||
Restricted cash | 69 | 3 | ||||||
Margin and collateral deposits | 125 | 105 | ||||||
Regulatory assets | 120 | 605 | ||||||
Deferred income taxes | 3 | 104 | ||||||
Other current assets | 176 | 399 | ||||||
Total current assets | 4,430 | 7,353 | ||||||
Competitive power generation and other property – less accumulated depreciation of $2,231 and $2,019 at respective dates | 5,147 | 5,374 | ||||||
Nuclear decommissioning trusts | 3,140 | 2,524 | ||||||
Investments in partnerships and unconsolidated subsidiaries | 216 | 229 | ||||||
Investments in leveraged leases | 160 | 2,467 | ||||||
Other investments | 91 | 89 | ||||||
Total investments and other assets | 8,754 | 10,683 | ||||||
Utility plant, at original cost: | ||||||||
Transmission and distribution | 22,214 | 20,006 | ||||||
Generation | 2,667 | 1,819 | ||||||
Accumulated depreciation | (5,921 | ) | (5,570 | ) | ||||
Construction work in progress | 2,701 | 2,454 | ||||||
Nuclear fuel, at amortized cost | 305 | 260 | ||||||
Total utility plant | 21,966 | 18,969 | ||||||
Derivative assets | 268 | 244 | ||||||
Restricted deposits | 43 | 43 | ||||||
Rent payments in excess of levelized rent expense under plant operating leases | 1,038 | 878 | ||||||
Regulatory assets | 4,139 | 5,414 | ||||||
Other long-term assets | 806 | 1,031 | ||||||
Total long-term assets | 6,294 | 7,610 | ||||||
Total assets | $ | 41,444 | $ | 44,615 | ||||
Edison International Reports Fourth Quarter 2009 Financial Results
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Consolidated Balance Sheets | Edison International |
| December 31, | ||||||
(in millions, except share amounts) | 2009 | 2008 | ||||
LIABILITIES AND EQUITY | ||||||
Short-term debt | $ | 85 | $ | 2,143 | ||
Current portion of long-term debt | 377 | 174 | ||||
Accounts payable | 1,123 | 1,031 | ||||
Accrued taxes | 186 | 590 | ||||
Accrued interest | 196 | 187 | ||||
Customer deposits | 238 | 228 | ||||
Book overdrafts | 224 | 224 | ||||
Derivative liabilities | 107 | 178 | ||||
Regulatory liabilities | 367 | 1,111 | ||||
Other current liabilities | 884 | 831 | ||||
Total current liabilities | 3,787 | 6,697 | ||||
Long-term debt | 10,437 | 10,950 | ||||
Deferred income taxes | 4,334 | 5,717 | ||||
Deferred investment tax credits | 102 | 109 | ||||
Customer advances | 119 | 137 | ||||
Derivative liabilities | 529 | 776 | ||||
Pensions and benefits | 2,061 | 2,860 | ||||
Asset retirement obligations | 3,241 | 3,042 | ||||
Regulatory liabilities | 3,328 | 2,481 | ||||
Other deferred credits and other long-term liabilities | 2,500 | 1,137 | ||||
Total deferred credits and other liabilities | 16,214 | 16,259 | ||||
Total liabilities | 30,438 | 33,906 | ||||
Commitments and contingencies | ||||||
Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date) | 2,304 | 2,272 | ||||
Accumulated other comprehensive income | 37 | 167 | ||||
Retained earnings | 7,500 | 7,078 | ||||
Total Edison International’s common shareholders’ equity | 9,841 | 9,517 | ||||
Noncontrolling interests | 258 | 285 | ||||
Preferred and preference stock of utility not subject to mandatory redemption | 907 | 907 | ||||
Total equity | 11,006 | 10,709 | ||||
Total liabilities and equity | $ | 41,444 | $ | 44,615 | ||
Edison International Reports Fourth Quarter 2009 Financial Results
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Consolidated Statements of Cash Flows | Edison International |
| Years Ended December 31, | ||||||||||||
(in millions) | 2009 | 2008 | 2007 | |||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 945 | $ | 1,348 | $ | 1,305 | ||||||
Loss from discontinued operations | 7 | — | 2 | |||||||||
Income from continuing operations | 952 | 1,348 | 1,307 | |||||||||
Adjustments to reconcile to net cash provided by operating activities: | ||||||||||||
Depreciation, decommissioning and amortization | 1,418 | 1,313 | 1,181 | |||||||||
Regulatory impacts of net nuclear decommissioning trust earnings (reflected in accumulated depreciation) | 158 | (10 | ) | 143 | ||||||||
Other amortization | 120 | 106 | 111 | |||||||||
Lease terminations and other | 888 | (44 | ) | 3 | ||||||||
Stock-based compensation | 22 | 34 | 37 | |||||||||
Equity in income from partnerships and unconsolidated subsidiaries – net | (42 | ) | (31 | ) | (75 | ) | ||||||
Distributions and dividends from unconsolidated entities | 31 | (8 | ) | 33 | ||||||||
Deferred income taxes and investment tax credits | (1,457 | ) | 207 | (39 | ) | |||||||
Income from leveraged leases | (14 | ) | (51 | ) | (49 | ) | ||||||
Loss on early extinguishment of debt | — | — | 241 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Receivables | 80 | 128 | 8 | |||||||||
Inventory | 20 | (114 | ) | (41 | ) | |||||||
Restricted cash | (69 | ) | — | — | ||||||||
Margin and collateral deposits – net of collateral received | 30 | (19 | ) | 75 | ||||||||
Other current assets | 202 | (48 | ) | (147 | ) | |||||||
Rent payments in excess of levelized rent expense | (160 | ) | (162 | ) | (160 | ) | ||||||
Accounts payable | 152 | (176 | ) | 28 | ||||||||
Accrued taxes | (402 | ) | 340 | 47 | ||||||||
Book overdrafts | — | 16 | 72 | |||||||||
Other current liabilities | 31 | (39 | ) | (30 | ) | |||||||
Derivative assets and liabilities – net | (581 | ) | 849 | (193 | ) | |||||||
Regulatory assets and liabilities – net | 1,457 | (2,946 | ) | 679 | ||||||||
Other assets | 62 | 224 | (180 | ) | ||||||||
Other liabilities | 154 | 1,344 | 195 | |||||||||
Operating cash flows from discontinued operations | (7 | ) | — | (2 | ) | |||||||
Net cash provided by operating activities | 3,045 | 2,261 | 3,244 | |||||||||
Cash flows from financing activities: | ||||||||||||
Long-term debt issued | 939 | 2,632 | 2,930 | |||||||||
Premiums paid on extinguishment of debt and long-term debt issuance costs | (25 | ) | (21 | ) | (241 | ) | ||||||
Long-term debt repaid | (1,044 | ) | (295 | ) | (3,215 | ) | ||||||
Bonds repurchased | (219 | ) | (212 | ) | (37 | ) | ||||||
Preferred stock redeemed | — | (7 | ) | — | ||||||||
Rate reduction notes repaid | — | — | (246 | ) | ||||||||
Short-term debt financing – net | (2,058 | ) | 1,643 | 500 | ||||||||
Cash contributions from noncontrolling interests | 2 | 12 | — | |||||||||
Stock-based compensation – net | (3 | ) | (26 | ) | (84 | ) | ||||||
Dividends and distributions to noncontrolling interests | (117 | ) | (170 | ) | (157 | ) | ||||||
Dividends paid | (404 | ) | (397 | ) | (378 | ) | ||||||
Net cash provided (used) by financing activities | $ | (2,929 | ) | $ | 3,159 | $ | (928 | ) | ||||
Edison International Reports Fourth Quarter 2009 Financial Results
Page 13 of 13
Consolidated Statements of Cash Flows | Edison International |
| Years Ended December 31, | ||||||||||||
(in millions) | 2009 | 2008 | 2007 | |||||||||
Cash flows from investing activities: | ||||||||||||
Capital expenditures | $ | (3,282 | ) | $ | (2,824 | ) | $ | (2,826 | ) | |||
Purchase of interest in acquired companies | (22 | ) | (19 | ) | (33 | ) | ||||||
Proceeds from termination of leases | 1,420 | — | — | |||||||||
Proceeds from sale of property and interests in projects | 7 | 113 | 2 | |||||||||
Proceeds from sale of nuclear decommissioning trust investments | 2,217 | 3,130 | 3,697 | |||||||||
Purchases of nuclear decommissioning trust investments and other | (2,416 | ) | (3,137 | ) | (3,830 | ) | ||||||
Proceeds from partnerships and unconsolidated subsidiaries, net of investment | 11 | 65 | 42 | |||||||||
Maturities and sale of short-term investments | 4 | 96 | 9,953 | |||||||||
Purchase of short-term investments | (7 | ) | (22 | ) | (9,476 | ) | ||||||
Restricted cash | 4 | 4 | 99 | |||||||||
Investments in other assets | (295 | ) | (351 | ) | (298 | ) | ||||||
Net cash used by investing activities | (2,359 | ) | (2,945 | ) | (2,670 | ) | ||||||
Net increase (decrease) in cash and equivalents | (2,243 | ) | 2,475 | (354 | ) | |||||||
Cash and equivalents, beginning of year | 3,916 | 1,441 | 1,795 | |||||||||
Cash and equivalents, end of year | $ | 1,673 | $ | 3,916 | $ | 1,441 | ||||||