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 Second Quarter 2011 Financial Results
ROSEMEAD, Calif., August 4, 2011 – Edison International (NYSE: EIX) today reported second quarter 2011 basic earnings of $0.54 per share, compared to $1.05 per share in the same quarter last year. The second quarter of 2010 included a gain of $0.43 per share related to a tax settlement. The impacts of the settlement, including state taxes and related lease terminations, were non-core items in the company’s quarterly and year-to-date results.
Excluding non-core items and discontinued operations, core earnings in the second quarter of 2011 were $0.54 per share compared to $0.62 per share in the second quarter of 2010. Core earnings declined primarily due to lower income at Southern California Edison (SCE) as rate base growth was more than offset by tax benefits recorded in the second quarter of 2010 from a change in tax accounting.
“Our second quarter and year-to-date earnings performance is fully consistent with our 2011 earnings guidance,” said Ted Craver, chairman and chief executive officer of Edison International, “and we now see full-year 2011 earnings at the high end of our guidance range.”
Second Quarter Earnings Detail
SCE’s second quarter 2011 basic earnings were $0.65 per share compared to $0.92 per share in the second quarter last year. Second quarter 2011 core earnings were $0.65 per share compared to $0.75 per share in the prior-year period. Core earnings decreased as rate base growth was more than offset by a $0.12 per share benefit in the second quarter of 2010 from a change in tax accounting for asset removal costs primarily related to SCE’s infrastructure replacement program.
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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 Second Quarter 2011 Financial Results
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EMG’s second quarter 2011 basic losses were $(0.09) per share compared to basic earnings of $0.08 per share in the second quarter of 2010. Core losses were $(0.09) per share compared to core losses of $(0.10) per share in the second quarter of 2010. Comparisons reflect higher trading revenue and a project distribution, which were largely offset by lower realized energy prices and higher plant maintenance and outage costs.
Edison International parent company and other second quarter 2011 basic losses were $(0.02) per share compared to basic earnings of $0.05 per share in the prior-year period. Core losses were $(0.02) per share in the second quarter of 2011 compared to core losses of $(0.03) per share in the second quarter of 2010. Non-core items in the second quarter of 2010 included tax settlement impacts at Edison International as well as SCE and EMG.
Year-to-Date Earnings Summary
Edison International reported basic earnings of $1.15 per share for the six-month period ending June 30, 2011, compared to $1.77 per share for the same period last year. Core earnings for the first six months of 2011 were $1.16 per share compared to $1.44 per share for the first half of 2010.
Year-to-Date Earnings Detail
SCE’s basic earnings were $1.33 per share compared to $1.43 per share for the same period last year. Core earnings were $1.33 per share compared to $1.38 per share in the same period of 2010. Core earnings decreased as rate base growth was more than offset by higher income tax expense reflecting the 2010 change in tax accounting.
EMG’s basic losses were $(0.16) per share compared to basic earnings of $0.32 per share in the prior-year period. Core losses were $(0.15) per share compared to core earnings of $0.12 per share in the first half of 2010. The decrease in core earnings reflects Homer City outages, lower realized energy prices, and higher plant maintenance costs.
Edison International parent company and other basic losses in the first half of 2011 were $(0.02) per share compared to basic earnings of $0.02 per share in the first half of 2010. Core losses were $(0.02) per share in the 2011 period compared to core losses of $(0.06) in the 2010 period. Non-core items in the 2010 period included tax settlement impacts at Edison International as well as SCE and EMG.
2011 Earnings Guidance
Edison International reaffirmed its 2011 core earnings guidance of $2.60 to $2.90 per share and its basic earnings per share guidance to reflect year-to-date non-core items. See the risk disclosure statement on page 4 and the financial teleconference presentation accompanying the company’s earnings conference call for further information.
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Edison International Reports Second Quarter 2011 Financial Results
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Reconciliation of Core Earnings Guidance to
Basic Earnings Guidance1
Core Earnings Per Share1 | May 2, 2011 2011 Earnings Guidance | August 4, 2011 2011 Earnings Guidance | ||||||
EIX core earnings | $ 2.60 – $ 2.90 | $ 2.60 – $ 2.90 | ||||||
Non-Core Items2 | (0.01) | (0.01) | ||||||
EIX basic earnings per share | $ 2.59 – $ 2.89 | $ 2.59 - $ 2.89 | ||||||
Midpoint of 2011 core guidance by business segment: | ||||||||
SCE | $ 3.08 | $ 3.08 | ||||||
EMG | (0.19) | (0.19) | ||||||
EIX parent company and other | (0.14) | (0.14) | ||||||
Total | $ 2.75 | $ 2.75 | ||||||
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. |
2 | Represents results of discontinued operations for the first three months and six months of 2011, respectively. |
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.
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Edison International Reports Second Quarter 2011 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 (core 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 losses or losses per share.
Core earnings is a non-GAAP financial measure 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” in Edison International’s 2010 Form 10-K, most recent Form 10-Q, and other reports filed with the Securities and Exchange Commission which are available at: www.edison.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 4, 2011, 8:00 a.m. (Pacific Daylight Time) | |
Telephone Numbers: | 1-800-369-2198 (US) and 1-773-756-4618 (Int’l) - Passcode: Edison | |
Telephone Replay: | 1-800-873-1933 (US) and 1-203-369-3374 (Int’l) - Passcode: 468529 | |
Webcast: | www.edison.com |
Edison International Reports Second Quarter 2011 Financial Results
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Summary Financial Schedules
Second Quarter Basic Earnings Per Share
Quarter Ended June 30, | ||||||
Per Share (Unaudited) | 2011 | 2010 | Change | |||
SCE | $ 0.65 | $ 0.92 | $ (0.27) | |||
EMG | (0.09) | 0.08 | (0.17) | |||
EIX parent company and other | (0.02) | 0.05 | (0.07) | |||
EIX earnings from continuing operations | 0.54 | 1.05 | (0.51) | |||
EIX loss from discontinued operations | — | — | — | |||
EIX basic earnings1 | $ 0.54 | $ 1.05 | $ (0.51) | |||
EIX diluted earnings | $ 0.54 | $ 1.05 | $ (0.51) | |||
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 June 30, 2011 and $(0.01) per share for the quarter ended June 30, 2010. |
Second Quarter Reconciliation of Core Earnings Per Share to Basic Earnings Per Share
Quarter Ended June 30, | ||||||||||||
Per Share (Unaudited) | 2011 | 2010 | Change | |||||||||
Core Earnings1 | ||||||||||||
SCE | $ 0.65 | $ 0.75 | $ (0.10) | |||||||||
EMG | (0.09) | (0.10) | 0.01 | |||||||||
EIX parent company and other | (0.02) | (0.03) | 0.01 | |||||||||
EIX core earnings | 0.54 | 0.62 | (0.08) | |||||||||
Non-core items | ||||||||||||
Overall tax settlement | — | 0.43 | (0.43) | |||||||||
2011 | 2010 | |||||||||||
SCE | $ — | $ 0.17 | ||||||||||
EMG | — | 0.18 | ||||||||||
EIX parent company and other | — | 0.08 | ||||||||||
EMG – discontinued operations | — | — | — | |||||||||
Total non-core items | — | 0.43 | (0.43) | |||||||||
EIX basic earnings1 | $ 0.54 | $ 1.05 | $ (0.51) | |||||||||
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 June 30, 2011 and $(0.01) per share for the quarter ended June 30, 2010. |
Edison International Reports Second Quarter 2011 Financial Results
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Second Quarter GAAP Earnings (Loss)
Quarter Ended June 30, | ||||||||||||
(In Millions) (Unaudited) | 2011 | 2010 | Change | |||||||||
SCE | $ 211 | $ 301 | $ (90) | |||||||||
EMG | (30) | 26 | (56) | |||||||||
EIX parent company and other | (4) | 16 | (20) | |||||||||
EIX earnings from continuing operations | 177 | 343 | (166) | |||||||||
EIX earnings (loss) from discontinued operations | (1) | 1 | (2) | |||||||||
EIX GAAP earnings | $ 176 | $ 344 | $ (168) | |||||||||
Second Quarter Reconciliation of Core Earnings to GAAP Earnings (Loss)
| ||||||||||||
Quarter Ended June 30, | ||||||||||||
(In Millions) (Unaudited) | 2011 | 2010 | Change | |||||||||
Core Earnings1 | ||||||||||||
SCE | $ 211 | $ 248 | $ (37) | |||||||||
EMG | (30) | (32) | 2 | |||||||||
EIX parent company and other | (4) | (11) | 7 | |||||||||
EIX core earnings | 177 | 205 | (28) | |||||||||
Non-core items | ||||||||||||
Overall tax settlement | — | 138 | (138) | |||||||||
2011 | 2010 | |||||||||||
SCE | $ — | $ 53 | ||||||||||
EMG | — | 58 | ||||||||||
EIX parent company and other | — | 27 | ||||||||||
EMG – discontinued operations | (1) | 1 | (2) | |||||||||
Total non-core items | (1) | 139 | (140) | |||||||||
EIX GAAP earnings | $ 176 | $ 344 | $ (168) | |||||||||
1 | See Use of Non-GAAP Financial Measures on page 4. |
Edison International Reports Second Quarter 2011 Financial Results
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Year-to-Date Basic Earnings Per Share
Year-to-Date June 30, | ||||||||||||
Per Share (Unaudited) | 2011 | 2010 | Change | |||||||||
SCE | $ 1.33 | $ 1.43 | $ (0.10) | |||||||||
EMG | (0.15) | 0.30 | (0.45) | |||||||||
EIX parent company and other | (0.02) | 0.02 | (0.04) | |||||||||
EIX earnings from continuing operations | 1.16 | 1.75 | (0.59) | |||||||||
EIX earnings (loss) from discontinued operations | (0.01) | 0.02 | (0.03) | |||||||||
EIX basic earnings1 | $ 1.15 | $ 1.77 | $ (0.62) | |||||||||
EIX diluted earnings | $ 1.15 | $ 1.77 | $ (0.62) | |||||||||
1 The impact of participating securities is included in EIX parent company and other and was zero per share for the year-to-date ended June 30, 2011 and $(0.01) per share for the year-to-date ended June 30, 2010. | ||||||||||||
Year-to-Date Reconciliation of Core Earnings Per Share to Basic Earnings Per Share | ||||||||||||
Year-to-date June 30, | ||||||||||||
Per Share (Unaudited) | 2011 | 2010 | Change | |||||||||
Core Earnings1 | ||||||||||||
SCE | $ 1.33 | $ 1.38 | $ (0.05) | |||||||||
EMG | (0.15) | 0.12 | (0.27) | |||||||||
EIX parent company and other | (0.02) | (0.06) | 0.04 | |||||||||
EIX core earnings | 1.16 | 1.44 | (0.28) | |||||||||
Non-core items | ||||||||||||
SCE – tax impacts of health care legislation | — | (0.12) | 0.12 | |||||||||
Overall tax settlement | — | 0.43 | (0.43) | |||||||||
2011 | 2010 | |||||||||||
SCE | $ — | $ 0.17 | ||||||||||
EMG | — | 0.18 | ||||||||||
EIX parent company and other | — | 0.08 | ||||||||||
EMG – discontinued operations | (0.01) | 0.02 | (0.03) | |||||||||
Total non-core items | (0.01) | 0.33 | (0.34) | |||||||||
EIX basic earnings1 | $ 1.15 | $ 1.77 | $ (0.62) | |||||||||
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 zero per share for the year-to-date ended June 30, 2011 and $(0.01) per share for the year-to-date ended June 30, 2010. |
Edison International Reports Second Quarter 2011 Financial Results
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Year-to-Date GAAP Earnings
Year-to-Date June 30, | ||||||||||||
(In Millions) (Unaudited) | 2011 | 2010 | Change | |||||||||
SCE | $ 433 | $ 465 | $ (32) | |||||||||
EMG | (48) | 96 | (144) | |||||||||
EIX parent company and other | (6) | 11 | (17) | |||||||||
EIX earnings from continuing operations | 379 | 572 | (193) | |||||||||
EIX earnings (loss) from discontinued operations | (3) | 8 | (11) | |||||||||
EIX GAAP earnings | $ 376 | $ 580 | $ (204) | |||||||||
Year-to-Date Reconciliation of Core Earnings to GAAP Earnings | ||||||||||||
Year-to-Date June 30, | ||||||||||||
(In Millions) (Unaudited) | 2011 | 2010 | Change | |||||||||
Core Earnings1 | ||||||||||||
SCE | $ 433 | $ 451 | $ (18) | |||||||||
EMG | (48) | 38 | (86) | |||||||||
EIX parent company and other | (6) | (16) | 10 | |||||||||
EIX core earnings | 379 | 473 | (94) | |||||||||
Non-core items | ||||||||||||
SCE – tax impacts of health care legislation | — | (39) | 39 | |||||||||
Overall tax settlement | — | 138 | (138) | |||||||||
2011 | 2010 | |||||||||||
SCE | $ — | $ 53 | ||||||||||
EMG | — | 58 | ||||||||||
EIX parent company and other | — | 27 | ||||||||||
EMG – discontinued operations | (3) | 8 | (11) | |||||||||
Total non-core items | (3) | 107 | (110) | |||||||||
EIX GAAP earnings | $ 376 | $ 580 | $ (204) | |||||||||
1 | See Use of Non-GAAP Financial Measures on page 4. |
Edison International Reports Second Quarter 2011 Financial Results
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Edison International
Consolidated Statements of Income
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(in millions, except per-share amounts, unaudited) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Electric utility | $ | 2,445 | $ | 2,246 | $ | 4,676 | $ | 4,405 | ||||||||
Competitive power generation | 538 | 495 | 1,090 | 1,147 | ||||||||||||
Total operating revenue | 2,983 | 2,741 | 5,766 | 5,552 | ||||||||||||
Fuel | 256 | 254 | 515 | 549 | ||||||||||||
Purchased power | 649 | 612 | 1,158 | 1,220 | ||||||||||||
Operations and maintenance | 1,263 | 1,144 | 2,412 | 2,183 | ||||||||||||
Depreciation, decommissioning and amortization | 435 | 380 | 852 | 749 | ||||||||||||
Total operating expenses | 2,603 | 2,390 | 4,937 | 4,701 | ||||||||||||
Operating income | 380 | 351 | 829 | 851 | ||||||||||||
Interest and dividend income | 30 | 4 | 34 | 23 | ||||||||||||
Equity in income from unconsolidated affiliates – net | 18 | 20 | 12 | 39 | ||||||||||||
Other income | 42 | 36 | 83 | 70 | ||||||||||||
Interest expense | (203) | (175) | (398) | (343) | ||||||||||||
Other expenses | (13) | (16) | (25) | (28) | ||||||||||||
Income from continuing operations before income taxes | 254 | 220 | 535 | 612 | ||||||||||||
Income tax expense (benefit) | 62 | (136) | 127 | 14 | ||||||||||||
Income from continuing operations | 192 | 356 | 408 | 598 | ||||||||||||
Income (loss) from discontinued operations – net of tax | (1) | 1 | (3) | 8 | ||||||||||||
Net income | 191 | 357 | 405 | 606 | ||||||||||||
Dividends on preferred and preference stock of utility | 15 | 13 | 29 | 26 | ||||||||||||
Net income attributable to Edison International common shareholders | $ | 176 | $ | 344 | $ | 376 | $ | 580 | ||||||||
Amounts attributable to Edison International common shareholders: | ||||||||||||||||
Income from continuing operations, net of tax | $ | 177 | $ | 343 | $ | 379 | $ | 572 | ||||||||
Income (loss) from discontinued operations, net of tax | (1) | 1 | (3) | 8 | ||||||||||||
Net income attributable to Edison International common shareholders | $ | 176 | $ | 344 | $ | 376 | $ | 580 | ||||||||
Basic earnings per common share attributable to Edison International common shareholders: | ||||||||||||||||
Weighted-average shares of common stock outstanding | 326 | 326 | 326 | 326 | ||||||||||||
Continuing operations | $ | 0.54 | $ | 1.05 | $ | 1.16 | $ | 1.75 | ||||||||
Discontinued operations | — | — | (0.01) | 0.02 | ||||||||||||
Total | $ | 0.54 | $ | 1.05 | $ | 1.15 | $ | 1.77 | ||||||||
Diluted earnings per common share attributable to Edison International common shareholders: | ||||||||||||||||
Weighted-average shares of common stock outstanding, including effect of dilutive securities | 329 | 327 | 328 | 327 | ||||||||||||
Continuing operations | $ | 0.54 | $ | 1.05 | $ | 1.16 | $ | 1.75 | ||||||||
Discontinued operations | — | — | (0.01) | 0.02 | ||||||||||||
Total | $ | 0.54 | $ | 1.05 | $ | 1.15 | $ | 1.77 | ||||||||
Dividends declared per common share | $ | 0.320 | $ | 0.315 | $ | 0.640 | $ | 0.630 |
Edison International Reports Second Quarter 2011 Financial Results
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Edison International
Consolidated Balance Sheets
(in millions, unaudited) | June 30, 2011 | December 31, 2010 | ||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 945 | $ | 1,389 | ||||
Receivables, less allowances of $87 and $85 for uncollectible accounts at respective dates | 1,018 | 931 | ||||||
Accrued unbilled revenue | 619 | 442 | ||||||
Inventory | 589 | 568 | ||||||
Prepaid taxes | 356 | 390 | ||||||
Derivative assets | 117 | 133 | ||||||
Restricted cash | 11 | 2 | ||||||
Margin and collateral deposits | 65 | 65 | ||||||
Regulatory assets | 469 | 378 | ||||||
Other current assets | 148 | 124 | ||||||
Total current assets | 4,337 | 4,422 | ||||||
Nuclear decommissioning trusts | 3,657 | 3,480 | ||||||
Investments in unconsolidated affiliates | 552 | 559 | ||||||
Other investments | 231 | 223 | ||||||
Total investments | 4,440 | 4,262 | ||||||
Utility property, plant and equipment, less accumulated depreciation of $6,486 and $6,319 at respective dates | 25,847 | 24,778 | ||||||
Competitive power generation and other property, plant and equipment, less accumulated depreciation of $2,009 and $1,865 at respective dates | 5,613 | 5,406 | ||||||
Total property, plant and equipment | 31,460 | 30,184 | ||||||
Derivative assets | 242 | 437 | ||||||
Restricted deposits | 27 | 47 | ||||||
Rent payments in excess of levelized rent expense under plant operating leases | 1,288 | 1,187 | ||||||
Regulatory assets | 4,690 | 4,347 | ||||||
Other long-term assets | 591 | 644 | ||||||
Total long-term assets | 6,838 | 6,662 | ||||||
Total assets | $ | 47,075 | $ | 45,530 |
Edison International Reports Second Quarter 2011 Financial Results
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Edison International
Consolidated Balance Sheets
(in millions, except share amounts, unaudited) | June 30, 2011 | December 31, 2010 | ||||||
LIABILITIES AND EQUITY | ||||||||
Short-term debt | $ | 388 | $ | 115 | ||||
Current portion of long-term debt | 53 | 48 | ||||||
Accounts payable | 1,110 | 1,362 | ||||||
Accrued taxes | 33 | 52 | ||||||
Accrued interest | 225 | 205 | ||||||
Customer deposits | 208 | 217 | ||||||
Derivative liabilities | 238 | 217 | ||||||
Regulatory liabilities | 820 | 738 | ||||||
Other current liabilities | 807 | 998 | ||||||
Total current liabilities | 3,882 | 3,952 | ||||||
Long-term debt | 12,956 | 12,371 | ||||||
Deferred income taxes | 5,819 | 5,625 | ||||||
Deferred investment tax credits | 132 | 122 | ||||||
Customer advances | 121 | 112 | ||||||
Derivative liabilities | 580 | 468 | ||||||
Pensions and benefits | 2,306 | 2,260 | ||||||
Asset retirement obligations | 2,616 | 2,561 | ||||||
Regulatory liabilities | 4,759 | 4,524 | ||||||
Other deferred credits and other long-term liabilities | 2,147 | 2,041 | ||||||
Total deferred credits and other liabilities | 18,480 | 17,713 | ||||||
Total liabilities | 35,318 | 34,036 | ||||||
Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date) | 2,347 | 2,331 | ||||||
Accumulated other comprehensive loss | (97) | (76) | ||||||
Retained earnings | 8,476 | 8,328 | ||||||
Total Edison International’s common shareholders’ equity | 10,726 | 10,583 | ||||||
Preferred and preference stock of utility | 1,029 | 907 | ||||||
Other noncontrolling interests | 2 | 4 | ||||||
Total noncontrolling interests | 1,031 | 911 | ||||||
Total equity | 11,757 | 11,494 | ||||||
Total liabilities and equity | $ | 47,075 | $ | 45,530 |
Edison International Reports Second Quarter 2011 Financial Results
Page 12 of 13
Edison International
Consolidated Statements of Cash Flows
Six months ended June 30, | ||||||||
(in millions, unaudited) | 2011 | 2010 | ||||||
Cash flows from operating activities: | ||||||||
Net income | $ 405 | $ 606 | ||||||
Less: Income (loss) from discontinued operations | (3) | 8 | ||||||
Income from continuing operations | 408 | 598 | ||||||
Adjustments to reconcile to net cash provided by operating activities: | ||||||||
Depreciation, decommissioning and amortization | 852 | 749 | ||||||
Regulatory impacts of net nuclear decommissioning trust earnings (reflected in accumulated depreciation) | 75 | 74 | ||||||
Other amortization | 75 | 56 | ||||||
Lease terminations and other | 7 | 2 | ||||||
Stock-based compensation | 15 | 14 | ||||||
Equity in income from unconsolidated affiliates – net | (12) | (39) | ||||||
Distributions from unconsolidated entities | 15 | 39 | ||||||
Deferred income taxes and investment tax credits | 223 | 247 | ||||||
Proceeds from U.S. treasury grants | — | 92 | ||||||
Income from leveraged leases | (3) | (2) | ||||||
Changes in operating assets and liabilities: | ||||||||
Receivables | 64 | 13 | ||||||
Inventory | (21) | (36) | ||||||
Margin and collateral deposits – net of collateral received | 1 | 12 | ||||||
Prepaid taxes | 34 | (167) | ||||||
Other current assets | (189) | (136) | ||||||
Rent payments in excess of levelized rent expense | (101) | (111) | ||||||
Accounts payable | 66 | (114) | ||||||
Accrued taxes | (19) | (69) | ||||||
Other current liabilities | (212) | (164) | ||||||
Derivative assets and liabilities – net | 303 | 806 | ||||||
Regulatory assets and liabilities – net | (260) | (720) | ||||||
Other assets | (38) | (38) | ||||||
Other liabilities | (58) | (152) | ||||||
Operating cash flows from discontinued operations | (3) | 8 | ||||||
Net cash provided by operating activities | 1,222 | 962 | ||||||
Cash flows from financing activities: | ||||||||
Long-term debt issued | 592 | 645 | ||||||
Long-term debt issuance costs | (5) | (19) | ||||||
Long-term debt repaid | (30) | (366) | ||||||
Bonds purchased | (56) | — | ||||||
Preference stock issued – net | 123 | — | ||||||
Short-term debt financing – net | 292 | 410 | ||||||
Settlements of stock-based compensation – net | (13) | (2) | ||||||
Dividends and distributions to noncontrolling interests | (28) | (25) | ||||||
Dividends paid | (209) | (205) | ||||||
Net cash provided by financing activities | $ 666 | $ 438 |
Edison International Reports Second Quarter 2011 Financial Results
Page 13 of 13
Edison International
Consolidated Statements of Cash Flows
Six months ended June 30, | ||||||||
(in millions, unaudited) | 2011 | 2010 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | $ | (2,256) | $ | (2,070) | ||||
Purchase of interest in acquired companies | — | (4) | ||||||
Proceeds from sale of nuclear decommissioning trust investments | 1,146 | 600 | ||||||
Purchases of nuclear decommissioning trust investments and other | (1,230) | (697) | ||||||
Proceeds from partnerships and unconsolidated subsidiaries, net of investment | 5 | 44 | ||||||
Investments in other assets | 3 | 13 | ||||||
Effect of consolidation and deconsolidation of variable interest entities | — | (91) | ||||||
Net cash used by investing activities | (2,332) | (2,205) | ||||||
Net decrease in cash and cash equivalents | (444) | (805) | ||||||
Cash and cash equivalents, beginning of period | 1,389 | 1,673 | ||||||
Cash and cash equivalents, end of period | $ | 945 | $ | 868 |