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 Third Quarter 2010 Results;
Increases 2010 Earnings Guidance
ROSEMEAD, Calif., Oct. 29, 2010 – Edison International (NYSE: EIX) today reported third quarter 2010 basic earnings of $1.56 per share compared to $1.23 per share in the same quarter last year. Excluding non-core items and discontinued operations, third quarter 2010 core earnings were $1.46 per share compared to $1.09 per share in the third quarter of 2009. The core earnings increase is attributable to higher results at both Southern California Edison (SCE) and Edison Mission Group (EMG).
“Both of our companies delivered solid earnings growth this quarter,” said Theodore F. Craver, Jr., chairman and chief executive officer of Edison International. “Given our strong year-to-date performance, we’ve increased our full-year earnings guidance accordingly,” Craver added. The company raised its 2010 core earnings guidance range from $3.15 to $3.45 per share to $3.45 to $3.60 per share.
Third Quarter Earnings Detail
SCE’s third quarter 2010 basic earnings were $1.21 per share compared to $1.06 per share in the third quarter of 2009. Core earnings were $1.08 per share compared to $0.92 per share in the same quarter last year. The increase in core earnings was primarily due to higher authorized revenue to support rate base growth and higher capitalized financing costs. Non-core items included a $0.13 per share benefit in the third quarter of 2010 from final resolution of interest charges related to a California Franchise Tax Board settlement and a $0.14 per share benefit in the third quarter of 2009 related to transferring a power plant to rate base.
EMG’s third quarter 2010 basic earnings were $0.34 per share compared to $0.19 per share in the third quarter of 2009. Core earnings were $0.37 per share compared to $0.19 per share in the same quarter last year. Core earnings increased due to higher operating revenues from Midwest Generation and Homer City primarily from higher average realized energy prices, higher capacity revenues, and a gain from the sale of bankruptcy claims. Non-core items in the third quarter of 2010 included a $0.03 per share charge related to the California tax settlement and discontinued operations.
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Note: GAAP earnings and losses refer to net income or losses attributable to Edison International throughout this release. Core earnings is a non-GAAP financial measure. See Reconciliation of Core Earnings to GAAP Earnings and Reconciliation of Core Earnings Per Share Guidance to Basic Earnings Per Share Guidance.
Edison International Reports Third Quarter 2010 Financial Results
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Edison International parent company and other reported third quarter 2010 earnings of $0.01 per share compared to a $0.02 per share loss in the third quarter of 2009. Earnings in the third quarter of 2010 were mainly due to consolidated income tax benefits.
Year-to-Date Earnings Summary
Edison International reported basic earnings of $3.33 per share for the nine-month period ending September 30, 2010, compared to $1.94 per share for the same period last year. Core earnings for the first nine months of 2010 were $2.90 per share compared to $2.66 per share for the same period in 2009. Non-core items were a $0.43 per share benefit in the 2010 period compared to a $0.72 per share loss in the 2009 period, both primarily related to tax settlements.
Year-to-Date Earnings Detail
SCE’s year-to-date basic earnings through September 30, 2010 were $2.63 per share compared to $3.23 per share in the same period last year. Core earnings for the first nine months of 2010 were $2.45 per share compared to $2.17 per share for the same period in 2009. The increase reflects higher authorized revenue to support rate base growth, lower income tax expense, and higher capitalized financing costs. The year-to-date increase was partially offset by higher operating expenses that continue to reflect the impact of curtailed spending in the prior year period due to the timing of the 2009 general rate case decision. The year-to-date lower tax expense includes a change in method of tax accounting for asset removal costs primarily related to SCE’s infrastructure replacement program. Non-core items in the 2010 period included a $0.30 per share benefit from tax settlements and a $0.12 per share charge related to the tax impact of health care legislation. Non-core items in 2009 included a $0.92 per share benefit from the tax settlement and a $0.14 per share benefit related to transferring a power plant to rate base.
EMG’s year-to-date basic earnings were $0.66 per share compared to a loss of $1.38 per share in the same period last year. Year-to-date core earnings were $0.49 per share compared to $0.55 per share in the 2009 period. EMG’s core earnings were lower primarily from higher plant maintenance costs in 2010 due to scheduled outages at EMG’s merchant power plants, partially offset by higher energy trading revenues. Non-core items included a $0.16 per share benefit from tax settlements and a $0.01 per share benefit from discontinued operations in the 2010 period and a $1.93 per share charge primarily related to lease terminations and the tax settlement in the 2009 period.
Edison International parent company and other reported basic earnings through September 30, 2010 of $0.04 per share compared to basic earnings of $0.09 per share in the same period last year. Core losses were $0.04 per share in the 2010 period and $0.06 per share in the 2009 period, with the improvement due primarily to consolidated income tax benefits.
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Edison International Reports Third Quarter 2010 Financial Results
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2010 Earnings Guidance
Edison International increased its 2010 core earnings guidance range from $3.15 to $3.45 per share to $3.45 to $3.60 per share. The company also updated its basic earnings per share guidance to reflect the increase in core guidance and year-to-date non-core items. See the risk disclosure statement on page 4 and the presentation accompanying the company’s conference call for further information.
Reconciliation of 2010 Core Earnings Per Share Guidance to
2010 Basic Earnings Per Share Guidance1
Per Share | August 5, 2010 Earnings Guidance | October 29, 2010 Updated Earnings Guidance | ||||||
EIX core earnings1 | $ | 3.15 – $3.45 | $ | 3.45 – $3.60 | ||||
Non-Core Items: | ||||||||
SCE – Tax impact of health care legislation | $ | (0.12 | ) | $ | (0.12 | ) | ||
Tax settlements | 0.43 | 0.54 | ||||||
EMG – Earnings from discontinued operations | 0.02 | 0.01 | ||||||
EIX basic earnings | $ | 3.48 – $3.78 | $ | 3.88 – $4.03 | ||||
Midpoint of 2010 core guidance by business element: | ||||||||
SCE | $ | 2.80 | $ | 3.00 | ||||
EMG | 0.62 | 0.62 | ||||||
EIX parent company and other | (0.12 | ) | (0.09 | ) | ||||
Total | $ | 3.30 | $ | 3.53 | ||||
| 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 Third Quarter 2010 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 and core earnings per share are defined as GAAP earnings and basic earnings per share 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.
Reminder: Edison International Will Hold a Conference Call Today
Today, Edison International will hold a conference call to discuss its third quarter 2010 financial results at 8 a.m. (Pacific Daylight 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 website as well at www.edisoninvestor.com. The domestic call-in number is (800) 369-2198 and the number for international callers is (773) 756-4618. The pass code is “Edison”. In addition to the live simulcast, the webcast will remain posted at www.edisoninvestor.com and telephone replays will be available through November 5, 2010 at the following numbers: (866) 463-4177 for callers in the United States and (203) 369-1385 for international callers. The replay passcode is 80709.
Risk Disclosure Statement
Statements contained in this news release about future performance, including, without limitation, earnings, 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 2009 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 Third Quarter 2010 Financial Results
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Summary Financial Schedules
Third Quarter Basic Earnings Per Share
Per Share (Unaudited) | Quarter Ended September 30, | |||||||||||
| 2010 | 2009 | Change | ||||||||||
SCE | $ | 1.21 | $ | 1.06 | $ | 0.15 | ||||||
EMG | 0.35 | 0.19 | 0.16 | |||||||||
EIX parent company and other | 0.01 | (0.02 | ) | 0.03 | ||||||||
EIX earnings from continuing operations | 1.57 | 1.23 | 0.34 | |||||||||
EIX loss from discontinued operations | (0.01 | ) | — | (0.01 | ) | |||||||
EIX basic earnings1 | $ | 1.56 | $ | 1.23 | $ | 0.33 | ||||||
EIX diluted earnings | $ | 1.56 | $ | 1.22 | $ | 0.34 | ||||||
| 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 September 30, 2010 and $(0.01) per share for the quarter ended September 30, 2009. |
Third Quarter Reconciliation of Core Earnings Per Share to Basic Earnings Per Share
Per Share (Unaudited) | Quarter Ended September 30, | |||||||||||||||||||
| 2010 | 2009 | Change | ||||||||||||||||||
Core Earnings1 | ||||||||||||||||||||
SCE | $ | 1.08 | $ | 0.92 | $ | 0.16 | ||||||||||||||
EMG | 0.37 | 0.19 | 0.18 | |||||||||||||||||
EIX parent company and other | 0.01 | (0.02 | ) | 0.03 | ||||||||||||||||
EIX core earnings |
| 1.46 | 1.09 | 0.37 | ||||||||||||||||
Non-core items | ||||||||||||||||||||
SCE – regulatory items |
| — | 0.14 | (0.14 | ) | |||||||||||||||
Overall tax settlement |
| 0.11 | — | 0.11 | ||||||||||||||||
| 2010 | 2009 | |||||||||||||||||||
SCE | $ | 0.13 | $ | — | ||||||||||||||||
EMG | (0.02 | ) | — | |||||||||||||||||
EIX parent company and other | — | — | ||||||||||||||||||
EMG – discontinued operations |
| (0.01 | ) | — | (0.01 | ) | ||||||||||||||
Total non-core items |
| 0.10 | 0.14 | (0.04 | ) | |||||||||||||||
EIX basic earnings1 |
| $ | 1.56 | $ | 1.23 | $ | 0.33 | |||||||||||||
| 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 September 30, 2010 and $(0.01) per share for the quarter ended September 30, 2009. |
Edison International Reports Third Quarter 2010 Financial Results
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Third Quarter GAAP Earnings
| Quarter Ended September 30, | ||||||||||||
(In Millions) (Unaudited) | 2010 | 2009 | Change | |||||||||
SCE | $ | 394 | $ | 346 | $ | 48 | ||||||
EMG | 114 | 61 | 53 | |||||||||
EIX parent company and other | 6 | (3 | ) | 9 | ||||||||
EIX earnings from continuing operations | 514 | 404 | 110 | |||||||||
EIX loss from discontinued operations | (4 | ) | (1 | ) | (3 | ) | ||||||
EIX basic earnings | $ | 510 | $ | 403 | $ | 107 | ||||||
Third Quarter Reconciliation of Core Earnings to GAAP Earnings
| Quarter Ended September 30, | ||||||||||||||||||||
(In Millions) (Unaudited) | 2010 | 2009 | Change | |||||||||||||||||
Core Earnings1 | ||||||||||||||||||||
SCE |
| $ | 352 | $ | 300 | $ | 52 | |||||||||||||
EMG |
| 120 | 61 | 59 | ||||||||||||||||
EIX parent company and other |
| 5 | (3 | ) | 8 | |||||||||||||||
EIX core earnings |
| 477 | 358 | 119 | ||||||||||||||||
Non-core items | ||||||||||||||||||||
SCE – regulatory items |
| — | 46 | (46 | ) | |||||||||||||||
Overall tax settlement |
| 37 | — | 37 | ||||||||||||||||
| 2010 | 2009 | |||||||||||||||||||
SCE | $ | 42 | $ | — | ||||||||||||||||
EMG | (6 | ) | — | |||||||||||||||||
EIX parent company and other | 1 | — | ||||||||||||||||||
EMG – discontinued operations |
| (4 | ) | (1 | ) | (3 | ) | |||||||||||||
Total non-core items |
| 33 | 45 | (12 | ) | |||||||||||||||
EIX basic earnings |
| $ | 510 | $ | 403 | $ | 107 | |||||||||||||
| 1 | See Use of Non-GAAP Financial Measures on page 4. |
Edison International Reports Third Quarter 2010 Financial Results
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Year-to-Date Basic Earnings Per Share
| Year-to-Date September 30, | ||||||||||||
Per Share (Unaudited) | 2010 | 2009 | Change | |||||||||
SCE | $ | 2.63 | $ | 3.23 | $ | (0.60 | ) | |||||
EMG | 0.65 | (1.37 | ) | 2.02 | ||||||||
EIX parent company and other | 0.04 | 0.09 | (0.05 | ) | ||||||||
EIX earnings from continuing operations | 3.32 | 1.95 | 1.37 | |||||||||
EIX earnings (loss) from discontinued operations | 0.01 | (0.01 | ) | 0.02 | ||||||||
EIX basic earnings1 | $ | 3.33 | $ | 1.94 | $ | 1.39 | ||||||
EIX diluted earnings | $ | 3.31 | $ | 1.94 | $ | 1.37 | ||||||
| �� | ||||||||||||
| 1 | The impact of participating securities is included in EIX parent company and other and was $(0.01) per share for the year-to-date period ended September 30, 2010 and $(0.01) per share for the year-to-date period ended September 30, 2009. |
Year-to-Date Reconciliation of Core Earnings Per Share to Basic Earnings Per Share
| Year-to-date September 30, | ||||||||||||||||||||
Per Share (Unaudited) | 2010 | 2009 | Change | |||||||||||||||||
Core Earnings1 | ||||||||||||||||||||
SCE |
| $ | 2.45 | $ | 2.17 | $ | 0.28 | |||||||||||||
EMG |
| 0.49 | 0.55 | (0.06 | ) | |||||||||||||||
EIX parent company and other |
| (0.04 | ) | (0.06 | ) | 0.02 | ||||||||||||||
EIX core earnings |
| 2.90 | 2.66 | 0.24 | ||||||||||||||||
Non-core items | ||||||||||||||||||||
SCE – tax impacts of health care legislation |
| (0.12 | ) | — | (0.12 | ) | ||||||||||||||
SCE – regulatory items |
| — | 0.14 | (0.14 | ) | |||||||||||||||
Overall tax settlement |
| 0.54 | (0.85 | ) | 1.39 | |||||||||||||||
| 2010 | 2009 | |||||||||||||||||||
SCE | $ | 0.30 | $ | 0.92 | ||||||||||||||||
EMG | 0.16 | (1.92 | ) | |||||||||||||||||
EIX parent company and other | 0.08 | 0.15 | ||||||||||||||||||
EMG – discontinued operations |
| 0.01 | (0.01 | ) | 0.02 | |||||||||||||||
Total non-core items |
| 0.43 | (0.72 | ) | 1.15 | |||||||||||||||
EIX basic earnings1 |
| $ | 3.33 | $ | 1.94 | $ | 1.39 | |||||||||||||
| 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 the year-to-date period ended September 30, 2010 and $(0.01) per share for year-to-date period ended September 30, 2009. |
Edison International Reports Third Quarter 2010 Financial Results
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Year-to-Date GAAP Earnings
| Year-to-Date September 30, | ||||||||||||
(In Millions) (Unaudited) | 2010 | 2009 | Change | |||||||||
SCE | $ | 858 | $ | 1,053 | $ | (195 | ) | |||||
EMG | 210 | (445 | ) | 655 | ||||||||
EIX parent company and other | 18 | 34 | (16 | ) | ||||||||
EIX earnings from continuing operations | 1,086 | 642 | 444 | |||||||||
EIX earnings (loss) from discontinued operations | 4 | (5 | ) | 9 | ||||||||
EIX basic earnings | $ | 1,090 | $ | 637 | $ | 453 | ||||||
Year-to-Date Reconciliation of Core Earnings to GAAP Earnings
| Year-to-Date September 30, | ||||||||||||||||||||
(In Millions) (Unaudited) | 2010 | 2009 | Change | |||||||||||||||||
Core Earnings1 | ||||||||||||||||||||
SCE |
| $ | 802 | $ | 707 | $ | 95 | |||||||||||||
EMG |
| 158 | 179 | (21 | ) | |||||||||||||||
EIX parent company and other |
| (10 | ) | (16 | ) | 6 | ||||||||||||||
EIX core earnings |
| 950 | 870 | 80 | ||||||||||||||||
Non-core items | ||||||||||||||||||||
SCE – tax impacts of health care legislation |
| (39 | ) | — | (39 | ) | ||||||||||||||
SCE – regulatory items |
| — | 46 | (46 | ) | |||||||||||||||
Overall tax settlement |
| 175 | (274 | ) | 449 | |||||||||||||||
| 2010 | 2009 | |||||||||||||||||||
SCE | $ | 95 | $ | 300 | ||||||||||||||||
EMG | 52 | (624 | ) | |||||||||||||||||
EIX parent company and other | 28 | 50 | ||||||||||||||||||
EMG – discontinued operations |
| 4 | (5 | ) | 9 | |||||||||||||||
Total non-core items |
| 140 | (233 | ) | 373 | |||||||||||||||
EIX basic earnings |
| $ | 1,090 | $ | 637 | $ | 453 | |||||||||||||
| 1 | See Use of Non-GAAP Financial Measures on page 4. |
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Edison International Reports Third Quarter 2010 Financial Results
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| Consolidated Statements of Income | Edison International | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions, except per-share amounts) | 2010 | 2009 | 2010 | 2009 | ||||||||||||
| (Unaudited) | ||||||||||||||||
Electric utility | $ | 3,097 | $ | 3,068 | $ | 7,502 | $ | 7,529 | ||||||||
Competitive power generation | 691 | 596 | 1,838 | 1,781 | ||||||||||||
Total operating revenue | 3,788 | 3,664 | 9,340 | 9,310 | ||||||||||||
Fuel | 328 | 406 | 877 | 1,120 | ||||||||||||
Purchased power | 1,118 | 1,032 | 2,337 | 2,155 | ||||||||||||
Operation and maintenance | 1,102 | 1,093 | 3,285 | 3,136 | ||||||||||||
Depreciation, decommissioning and amortization | 378 | 365 | 1,127 | 1,053 | ||||||||||||
Lease terminations and other | — | — | 2 | 888 | ||||||||||||
Total operating expenses | 2,926 | 2,896 | 7,628 | 8,352 | ||||||||||||
Operating income | 862 | 768 | 1,712 | 958 | ||||||||||||
Interest and dividend income | 4 | 2 | 27 | 29 | ||||||||||||
Equity in income from partnerships and unconsolidated subsidiaries – net | 62 | 35 | 101 | 34 | ||||||||||||
Other income | 33 | 74 | 103 | 131 | ||||||||||||
Interest expense – net of amounts capitalized | (175 | ) | (187 | ) | (518 | ) | (556 | ) | ||||||||
Other expenses | (12 | ) | (16 | ) | (39 | ) | (41 | ) | ||||||||
Income from continuing operations before income taxes | 774 | 676 | 1,386 | 555 | ||||||||||||
Income tax expense (benefit) | 247 | 232 | 261 | (169 | ) | |||||||||||
Income from continuing operations | 527 | 444 | 1,125 | 724 | ||||||||||||
Income (loss) from discontinued operations – net of tax | (4 | ) | (1 | ) | 4 | (5 | ) | |||||||||
Net income | 523 | 443 | 1,129 | 719 | ||||||||||||
Less: Net income attributable to noncontrolling interests | 13 | 40 | 39 | 82 | ||||||||||||
Net income attributable to Edison International common shareholders | $ | 510 | $ | 403 | $ | 1,090 | $ | 637 | ||||||||
Amounts attributable to Edison International common shareholders: | ||||||||||||||||
Income from continuing operations, net of tax | $ | 514 | $ | 404 | $ | 1,086 | $ | 642 | ||||||||
Income (loss) from discontinued operations, net of tax | (4 | ) | (1 | ) | 4 | (5 | ) | |||||||||
Net income attributable to Edison International common shareholders | $ | 510 | $ | 403 | $ | 1,090 | $ | 637 | ||||||||
Basic earnings per common share attributable to Edison International common shareholders: | ||||||||||||||||
Weighted-average shares of common stock outstanding | 326 | 326 | 326 | 326 | ||||||||||||
Continuing operations | $ | 1.57 | $ | 1.23 | $ | 3.32 | $ | 1.95 | ||||||||
Discontinued operations | (0.01 | ) | — | 0.01 | (0.01 | ) | ||||||||||
Total | $ | 1.56 | $ | 1.23 | $ | 3.33 | $ | 1.94 | ||||||||
Diluted earnings per common share attributable to Edison International common shareholders: | ||||||||||||||||
Weighted-average shares of common stock outstanding, including effect of dilutive securities | 328 | 329 | 328 | 328 | ||||||||||||
Continuing operations | $ | 1.57 | $ | 1.22 | $ | 3.30 | $ | 1.95 | ||||||||
Discontinued operations | (0.01 | ) | — | 0.01 | (0.01 | ) | ||||||||||
Total | $ | 1.56 | $ | 1.22 | $ | 3.31 | $ | 1.94 | ||||||||
Dividends declared per common share | $ | 0.315 | $ | 0.310 | $ | 0.945 | $ | 0.930 | ||||||||
Edison International Reports Third Quarter 2010 Financial Results
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| Consolidated Balance Sheets | Edison International | |||||||
(in millions) | September 30, 2010 | December 31, 2009 | ||||||
| (Unaudited) | ||||||||
ASSETS | ||||||||
Cash and equivalents | $ | 2,009 | $ | 1,673 | ||||
Short-term investments | 4 | 10 | ||||||
Receivables, less allowances of $59 and $53 for uncollectible accounts at respective dates | 1,075 | 1,017 | ||||||
Accrued unbilled revenue | 612 | 347 | ||||||
Inventory | 547 | 533 | ||||||
Derivative assets | 174 | 357 | ||||||
Restricted cash | 15 | 69 | ||||||
Margin and collateral deposits | 91 | 125 | ||||||
Regulatory assets | 404 | 120 | ||||||
Other current assets | 110 | 179 | ||||||
Total current assets | 5,041 | 4,430 | ||||||
Competitive power generation and other property – less accumulated depreciation of $1,794 and $2,231 at respective dates | 5,265 | 5,147 | ||||||
Nuclear decommissioning trusts | 3,347 | 3,140 | ||||||
Investments in partnerships and unconsolidated subsidiaries | 581 | 216 | ||||||
Other investments | 251 | 251 | ||||||
Total investments and other assets | 9,444 | 8,754 | ||||||
Utility plant, at original cost: | ||||||||
Transmission and distribution | 23,747 | 22,214 | ||||||
Generation | 2,731 | 2,667 | ||||||
Accumulated depreciation | (6,097 | ) | (5,921 | ) | ||||
Construction work in progress | 3,020 | 2,701 | ||||||
Nuclear fuel, at amortized cost | 340 | 305 | ||||||
Total utility plant | 23,741 | 21,966 | ||||||
Derivative assets | 266 | 268 | ||||||
Restricted deposits | 44 | 43 | ||||||
Rent payments in excess of levelized rent expense under plant operating leases | 1,186 | 1,038 | ||||||
Regulatory assets | 5,227 | 4,139 | ||||||
Other long-term assets | 617 | 806 | ||||||
Total long-term assets | 7,340 | 6,294 | ||||||
Total assets | $ | 45,566 | $ | 41,444 | ||||
Edison International Reports Third Quarter 2010 Financial Results
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| Consolidated Balance Sheets | Edison International | |||||||
(in millions, except share amounts) | September 30, 2010 | December 31, 2009 | ||||||
| (Unaudited) | ||||||||
LIABILITIES AND EQUITY | ||||||||
Short-term debt | $ | 98 | $ | 85 | ||||
Current portion of long-term debt | 43 | 377 | ||||||
Accounts payable | 1,228 | 1,347 | ||||||
Accrued taxes | 163 | 186 | ||||||
Accrued interest | 200 | 196 | ||||||
Customer deposits | 224 | 238 | ||||||
Derivative liabilities | 231 | 107 | ||||||
Regulatory liabilities | 804 | 367 | ||||||
Other current liabilities | 896 | 884 | ||||||
Total current liabilities | 3,887 | 3,787 | ||||||
Long-term debt | 12,117 | 10,437 | ||||||
Deferred income taxes | 4,896 | 4,334 | ||||||
Deferred investment tax credits | 103 | 102 | ||||||
Customer advances | 114 | 119 | ||||||
Derivative liabilities | 1,330 | 529 | ||||||
Pensions and benefits | 2,143 | 2,061 | ||||||
Asset retirement obligations | 3,372 | 3,241 | ||||||
Regulatory liabilities | 3,663 | 3,328 | ||||||
Other deferred credits and other long-term liabilities | 2,395 | 2,500 | ||||||
Total deferred credits and other liabilities | 18,016 | 16,214 | ||||||
Total liabilities | 34,020 | 30,438 | ||||||
Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date) | 2,325 | 2,304 | ||||||
Accumulated other comprehensive income | 26 | 37 | ||||||
Retained earnings | 8,283 | 7,500 | ||||||
Total Edison International’s common shareholders’ equity | 10,634 | 9,841 | ||||||
Noncontrolling interests | 5 | 258 | ||||||
Preferred and preference stock of utility not subject to mandatory redemption | 907 | 907 | ||||||
Total equity | 11,546 | 11,006 | ||||||
Total liabilities and equity | $ | 45,566 | $ | 41,444 | ||||
Edison International Reports Third Quarter 2010 Financial Results
Page 12 of 13
| Consolidated Statements of Cash Flows | Edison International | |||||||
| Nine Months Ended September 30, | ||||||||
| 2010 | 2009 | |||||||
| (Unaudited) | ||||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 1,129 | $ | 719 | ||||
Less: Income (loss) from discontinued operations | 4 | (5 | ) | |||||
Income from continuing operations | 1,125 | 724 | ||||||
Adjustments to reconcile to net cash provided by operating activities: | ||||||||
Depreciation, decommissioning and amortization | 1,127 | 1,053 | ||||||
Regulatory impacts of net nuclear decommissioning trust earnings (reflected in accumulated depreciation) | 106 | 133 | ||||||
Other amortization | 90 | 95 | ||||||
Lease terminations and other | 2 | 888 | ||||||
Stock-based compensation | 20 | 17 | ||||||
Equity in income from partnerships and unconsolidated subsidiaries – net | (101 | ) | (34 | ) | ||||
Distributions and dividends from unconsolidated entities | 76 | 5 | ||||||
Deferred income taxes and investment tax credits | 414 | (1,322 | ) | |||||
Income from leveraged leases | (3 | ) | (13 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Receivables | (184 | ) | (154 | ) | ||||
Inventory | (27 | ) | 4 | |||||
Restricted cash | 53 | (148 | ) | |||||
Margin and collateral deposits – net of collateral received | 32 | (99 | ) | |||||
Other current assets | (244 | ) | (65 | ) | ||||
Rent payments in excess of levelized rent expense | (148 | ) | (161 | ) | ||||
Accounts payable | 28 | 267 | ||||||
Accrued taxes | (23 | ) | (318 | ) | ||||
Other current liabilities | (129 | ) | 9 | |||||
Derivative assets and liabilities – net | 1,079 | (414 | ) | |||||
Regulatory assets and liabilities – net | (530 | ) | 951 | |||||
Proceeds from U.S. Treasury grants | 92 | — | ||||||
Other assets | (42 | ) | (136 | ) | ||||
Other liabilities | (67 | ) | 835 | |||||
Operating cash flows from discontinued operations | 4 | (5 | ) | |||||
Net cash provided by operating activities | 2,750 | 2,112 | ||||||
Cash flows from financing activities: | ||||||||
Long-term debt issued | 1,652 | 939 | ||||||
Long-term debt issuance costs | (35 | ) | (25 | ) | ||||
Long-term debt repaid | (371 | ) | (566 | ) | ||||
Bonds repurchased | — | (219 | ) | |||||
Short-term debt financing – net | 13 | (2,058 | ) | |||||
Settlements of stock-based compensation – net | (7 | ) | 4 | |||||
Cash contributions from noncontrolling interests | — | 2 | ||||||
Dividends and distributions to noncontrolling interests | (39 | ) | (88 | ) | ||||
Dividends paid | (308 | ) | (303 | ) | ||||
Net cash provided (used) by financing activities | $ | 905 | $ | (2,314 | ) | |||
Edison International Reports Third Quarter 2010 Financial Results
Page 13 of 13
| Consolidated Statements of Cash Flows | Edison International | |||||||
| Nine Months Ended September 30, | ||||||||
(in millions) | 2010 | 2009 | ||||||
| (Unaudited) | ||||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | $ | (3,129 | ) | $ | (2,287 | ) | ||
Purchase of interest in acquired companies | (4 | ) | (7 | ) | ||||
Proceeds from termination of leases | — | 1,420 | ||||||
Proceeds from sale of nuclear decommissioning trust investments | 903 | 1,814 | ||||||
Purchases of nuclear decommissioning trust investments and other | (1,036 | ) | (1,977 | ) | ||||
Proceeds from partnerships and unconsolidated subsidiaries, net of investment | 35 | 10 | ||||||
Maturities and sale of short-term investments | 7 | 3 | ||||||
Purchases of short-term investments | (1 | ) | (1 | ) | ||||
Investments in other assets | (3 | ) | (278 | ) | ||||
Effect of consolidation and deconsolidation of variable interest entities | (91 | ) | — | |||||
Net cash used by investing activities | (3,319 | ) | (1,303 | ) | ||||
Net increase (decrease) in cash and equivalents | 336 | (1,505 | ) | |||||
Cash and equivalents, beginning of period | 1,673 | 3,916 | ||||||
Cash and equivalents, end of period | $ | 2,009 | $ | 2,411 | ||||