NEWS| 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 2012 Results
ROSEMEAD, Calif., Feb. 26, 2013 – Edison International (NYSE: EIX) today reported fourth quarter and full-year results, as summarized below.
Fourth Quarter and Full-Year Results Summary
Quarter Ended December 31, | Year Ended December 31, | |||||
| Per Share | 2012 | 2011 | 2012 | 2011 | ||
| Basic earnings from continuing operations | $2.42 | $0.68 | $4.61 | $3.20 | ||
| Basic earnings (loss) from discontinued operations | (4.07) | (3.25) | (5.17) | (3.31) | ||
| Basic earnings (loss) | $(1.65) | $(2.57) | $(0.56) | $(0.11) | ||
| Core earnings | $1.79 | $0.79 | $3.92 | $3.31 | ||
Note: Basic losses include results from Edison Mission Energy.
Core Earnings Summary
The increase in core earnings in the fourth quarter and full-year was driven by the implementation of Southern California Edison’s (SCE) 2012 General Rate Case, which was approved by the California Public Utilities Commission in November 2012.
“These strong results demonstrate Southern California Edison's ongoing ability to deliver rate base growth and cost management during an extended period of rate case uncertainty,” said Ted Craver, chairman and chief executive officer of Edison International. “Looking ahead, success in providing our customers with safe, reliable and affordable electricity provides the foundation for sustainable growth in earnings and dividends.”
Fourth Quarter Earnings Detail
Southern California Edison’s (SCE) fourth quarter 2012 basic earnings were $2.56 per share compared to $0.76 per share in the fourth quarter of 2011. Core earnings were $1.85 per share compared to fourth quarter 2011 core earnings of $0.76 per share. The core earnings increase was primarily due to implementation of SCE’s 2012 General Rate Case which allowed SCE to recover its revenue requirement retroactive to January 1, 2012, and record certain tax benefits. The fourth quarter 2012 results also include rate base growth and solid operating results, offset by severance costs as SCE continues to optimize its cost structure and minimize impacts on customer rates. Non-core items included a benefit from regulatory treatment of repair deductions for tax purposes during 2009 – 2011 as adopted in the 2012 General Rate Case.
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Note: Basic earnings and losses refer to net income or losses attributable to Edison International common shareholders throughout this release. Core earnings is a non-GAAP financial measure. See Reconciliation of Core Earnings to Basic Earnings.
Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results
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Effective December 17, 2012, Edison International no longer consolidates the earnings and losses of Edison Mission Energy (EME) or its subsidiaries due to EME and certain of its subsidiaries filing voluntary petitions for relief under Chapter 11 of the Bankruptcy Code. EME and those subsidiaries in Chapter 11 proceedings retain control of their assets and are authorized to operate their businesses as debtors-in-possession under the jurisdiction of the Bankruptcy Court. Edison International has recorded a full impairment of the investment in EME as a result of the deconsolidation of EME, recognition of losses previously deferred in accumulated other comprehensive income, a provision for losses from the EME bankruptcy, and estimated tax impacts related to the expected future tax deconsolidation and separation of EME from Edison International. The aggregate impact of these matters resulted in an after tax charge of $3.86 per share during the fourth quarter of 2012. Including EME quarterly earnings through the date of bankruptcy filing, the fourth quarter loss was $4.07 per share.
Edison International parent company and other reported a fourth quarter 2012 basic loss from continuing operations of $(0.14) per share compared to a $(0.08) per share loss from continuing operations in the fourth quarter of 2011. Core losses were $(0.06) per share compared to core earnings of $0.03 per in the same period last year. The decrease in core earnings was primarily due to changes in income taxes and higher operating expenses.
Full-Year Earnings Detail
SCE’s basic earnings in 2012 were $4.81 per share compared to $3.33 per share in 2011. Core earnings were $4.10 per share compared to $3.33 per share in 2011. The increase in core earnings was primarily due to rate base growth, solid operating results and lower income taxes, offset by inspection and repair costs related to outages at the San Onofre Nuclear Generating Station and severance costs, as SCE continues to optimize its cost structure and minimize impacts on customer rates.
Edison International parent company and other reported 2012 basic losses from continuing operations of $(0.20) per share compared to basic losses from continuing operations of $(0.13) per share in 2011. Core losses were $(0.18) per share compared to ($0.02) per share last year. The increase in core losses was due to changes in income taxes and higher operating expenses in 2012.
2013 Earnings Guidance
The company announced 2013 basic and core earnings guidance of $3.45 to $3.65 per share. It has assumed no non-core items in its guidance. There is no expected impact of participating securities. See the risk disclosure statement in the Appendix and the presentation accompanying the company’s conference call for further information.
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 Fourth Quarter and Full-Year 2012 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, and other reports 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: Tuesday, February 26, 2013, 2:00 p.m. (Pacific Standard Time)
Telephone Numbers: 1-800-369-2198 (US) and 1-773-756-4618 (Int'l) - Passcode: Edison
Telephone Replay: 1-866-489-8055 (US) and 1-203-369-1680 (Int’l) - Passcode: 468529
Telephone replay available through March 6, 2013
Webcast: www.edisoninvestor.com
The prepared remarks made on the conference call by Ted Craver, chairman and chief executive officer of Edison International will be available at www.edisoninvestor.com.
Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results
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Summary Financial Schedules
Fourth Quarter Basic Earnings (Loss) Per Share
| Quarter Ended December 31, | |||||
Earnings (Loss) Per Share Attributable to Edison International | 2012 | 2011 | Change | ||
| SCE | $2.56 | $0.76 | $1.80 | ||
| EIX parent & other | (0.14) | (0.08) | (0.06) | ||
| Earnings (loss) from continuing operations | 2.42 | 0.68 | 1.74 | ||
Earnings (loss) from discontinued operations1 | (4.07) | (3.25) | (0.82) | ||
Basic earnings (loss)2 | $(1.65) | $(2.57) | $0.92 | ||
| Diluted earnings (loss) | $(1.64) | $(2.56) | $0.92 | ||
| 1 | Results for Edison Mission Energy reported as non-core discontinued operations for both periods. |
| 2 | The impact of participating securities on the per share amounts is included in EIX parent & other and was zero per share for both quarters. |
Fourth Quarter Reconciliation of Core Earnings (Loss) Per Share
to Basic Earnings (Loss) Per Share
| Quarter Ended December 31, | ||||||
Earnings (Loss) Per Share Attributable to Edison International | 2012 | 2011 | Change | |||
Core earnings (loss)1,2 | ||||||
| SCE | $1.85 | $0.76 | $1.09 | |||
| EIX parent & other | (0.06) | 0.03 | (0.09) | |||
| Core earnings | 1.79 | 0.79 | 1.00 | |||
| Non-core items | ||||||
SCE – Income tax repair deduction (2009-2011) EIX parent & other – Consolidated deferred tax impacts related to EME changes EIX parent & other – Write-down of net investment in aircraft leases | 0.71 (0.08) — | — (0.06) (0.05) | 0.71 (0.02) 0.05 | |||
| Earnings (loss) from discontinued operations | ||||||
| EIX parent & other | (4.07) | (3.25) | (0.82) | |||
| Total non-core items | (3.44) | (3.36) | (0.08) | |||
Basic earnings (loss)1 | $(1.65) | $(2.57) | $0.92 | |||
| 1 | See Use of Non-GAAP Financial Measures in Appendix. The impact of participating securities on the per share amounts is included in EIX parent & other and was zero per share for both periods. |
| 2 | Results for Edison Mission Energy reported as non-core discontinued operations for both periods. |
Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results
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Fourth Quarter Basic Earnings (Loss)
| Quarter Ended December 31, | |||||
Earnings (Loss) (in millions) Attributable to Edison International | 2012 | 2011 | Change | ||
| SCE | $833 | $247 | $586 | ||
| EIX parent & other | (46) | (26) | (20) | ||
| Earnings (loss) from continuing operations | 787 | 221 | 566 | ||
Earnings (loss) from discontinued operations1 | (1,326) | (1,060) | (266) | ||
| Basic earnings (loss) | $(539) | $(839) | $300 | ||
| 1 | Results for Edison Mission Energy reported as non-core discontinued operations for both periods. |
Fourth Quarter Reconciliation of Core Earnings (Loss) to Basic Earnings (Loss)
| Quarter Ended December 31, | |||||
Earnings (Loss) (in millions) Attributable to Edison International | 2012 | 2011 | Change | ||
Core earnings (loss)1,2 | |||||
| SCE | $602 | $247 | $355 | ||
| EIX parent & other | (20) | 9 | (29) | ||
| Core earnings | 582 | 256 | 326 | ||
| Non-core items | |||||
SCE – Income tax repair deduction (2009-2011) EIX parent & other – Consolidated deferred tax related to EME changes EIX parent & other – Write-down of net investment in aircraft leases | 231 (26) — | — (19) (16) | 231 (7) 16 | ||
| Earnings (loss) from discontinued operations | |||||
| EIX parent & other | (1,326) | (1,060) | (266) | ||
| Total non-core items | (1,121) | (1,095) | (26) | ||
| Basic earnings (loss) | $(539) | $(839) | $300 | ||
| 1 | See Use of Non-GAAP Financial Measures in Appendix. |
| 2 | Results for Edison Mission Energy reported as non-core discontinued operations for both periods. |
Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results
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Full-Year Basic Earnings (Loss) Per Share
| Year Ended December 31, | |||||
Earnings (Loss) Per Share Attributable to Edison International | 2012 | 2011 | Change | ||
| SCE | $4.81 | $3.33 | $1.48 | ||
| EIX parent & other | (0.20) | (0.13) | (0.07) | ||
| Earnings (loss) from continuing operations | 4.61 | 3.20 | 1.41 | ||
Earnings (loss) from discontinued operations1 | (5.17) | (3.31) | (1.86) | ||
Basic earnings (loss)2 | $(0.56) | $(0.11) | $(0.45) | ||
| Diluted earnings (loss) | $(0.56) | $(0.11) | $(0.45) | ||
| 1 | Results for Edison Mission Energy reported as non-core discontinued operations for both periods. |
| 2 | The impact of participating securities is included in EIX parent & other and was zero per share for both periods. |
Full-Year Reconciliation of Core Earnings (Loss) Per Share
to Basic Earnings (Loss) Per Share
| Year Ended December 31, | |||||
Earnings (Loss) Per Share Attributable to Edison International | 2012 | 2011 | Change | ||
Core earnings (loss)1,2 | |||||
| SCE | $4.10 | $3.33 | $0.77 | ||
| EIX parent & other | (0.18) | (0.02) | (0.16) | ||
| Core earnings | 3.92 | 3.31 | 0.61 | ||
| Non-core items | |||||
SCE – Income tax repair deduction (2009-2011) EIX parent & other – Consolidated deferred tax related to EME changes EIX parent & other – Gain on sale of Beaver Valley lease interest EIX parent & other – Write-down of net investment in aircraft leases | 0.71 (0.11) 0.09 — | — (0.06) — (0.05) | 0.71 (0.05) 0.09 0.05 | ||
| Earnings (loss) from discontinued operations | |||||
| EIX parent & other | (5.17) | (3.31) | (1.86) | ||
| Total non-core items | (4.48) | (3.42) | (1.06) | ||
Basic earnings (loss)1 | $(0.56) | $(0.11) | $(0.45) | ||
| 1 | See Use of Non-GAAP Financial Measures in Appendix. The impact of participating securities is included in EIX parent & other and was zero per share for both periods. |
| 2 | Results for Edison Mission Energy reported as non-core discontinued operations for both periods. |
Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results
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Full-Year Basic Earnings (Loss)
| Year Ended December 31, | |||||
Earnings (Loss) (in millions) Attributable to Edison International | 2012 | 2011 | Change | ||
| SCE | $1,569 | $1,085 | $484 | ||
| EIX parent & other | (66) | (44) | (22) | ||
| Earnings (loss) from continuing operations | 1,503 | 1,041 | 462 | ||
Earnings (loss) from discontinued operations1 | (1,686) | (1,078) | (608) | ||
| Basic earnings (loss) | $(183) | $(37) | $(146) | ||
| 1 | Results for Edison Mission Energy reported as non-core discontinued operations for both periods. |
Full-Year Reconciliation of Core Earnings (Loss) to Basic Earnings (Loss)
| Year Ended December 31, | |||||
Earnings (Loss) (in millions) Attributable to Edison International | 2012 | 2011 | Change | ||
Core earnings (loss)1,2 | |||||
| SCE | $1,338 | $1,085 | $253 | ||
| EIX parent & other | (60) | (9) | (51) | ||
| Core earnings | 1,278 | 1,076 | 202 | ||
| Non-core items | |||||
SCE – Income tax repair deduction (2009-2011) EIX parent & other – Consolidated deferred tax related to EME changes EIX parent & other – Gain on sale of Beaver Valley lease interest EIX parent & other – Write-down of net investment in aircraft leases | 231 (37) 31 — | — (19) — (16) | 231 (18) 31 16 | ||
| Earnings (loss) from discontinued operations | |||||
| EIX parent & other | (1,686) | (1,078) | (608) | ||
| Total non-core items | (1,461) | (1,113) | (348) | ||
| Basic earnings (loss) | $(183) | $(37) | $(146) | ||
| 1 | See Use of Non-GAAP Financial Measures on in Appendix. |
| 2 | Results for Edison Mission Energy reported as non-core discontinued operations for both periods. |
Edison International Reports Fourth Quarter and Full-Year 2012 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) | 2012 | 2011 | 2012 | 2011 | |||||||||||
| Electric utility | $ | 3,057 | $ | 2,513 | $ | 11,848 | $ | 10,574 | |||||||
| Other | 3 | 4 | 14 | 14 | |||||||||||
| Total operating revenue | 3,060 | 2,517 | 11,862 | 10,588 | |||||||||||
| Fuel | 88 | 98 | 308 | 367 | |||||||||||
| Purchased power | 782 | 568 | 3,831 | 2,989 | |||||||||||
| Operation and maintenance | 1,013 | 1,017 | 3,904 | 3,718 | |||||||||||
| Depreciation, decommissioning and amortization | 375 | 368 | 1,562 | 1,427 | |||||||||||
| (Gain) loss on sale of assets, disallowances and other | 37 | 26 | (28 | ) | 26 | ||||||||||
| Total operating expenses | 2,295 | 2,077 | 9,577 | 8,527 | |||||||||||
| Operating income | 765 | 440 | 2,285 | 2,061 | |||||||||||
| Interest and dividend income | 4 | (2 | ) | 10 | 6 | ||||||||||
| Equity in income from unconsolidated affiliates, net | 1 | 1 | 1 | — | |||||||||||
| Other income | 34 | 35 | 138 | 141 | |||||||||||
| Interest expense | (131 | ) | (125 | ) | (521 | ) | (485 | ) | |||||||
| Other expenses | (15 | ) | (18 | ) | (52 | ) | (55 | ) | |||||||
| Income from continuing operations before income taxes | 658 | 331 | 1,861 | 1,668 | |||||||||||
| Income tax expense | (154 | ) | 95 | 267 | 568 | ||||||||||
| Income from continuing operations | 812 | 236 | 1,594 | 1,100 | |||||||||||
| Income (loss) from discontinued operations, net of tax | (1,326 | ) | (1,060 | ) | (1,686 | ) | (1,078 | ) | |||||||
| Net income (loss) | (514 | ) | (824 | ) | (92 | ) | 22 | ||||||||
| Dividends on preferred and preference stock of utility | 25 | 15 | 91 | 59 | |||||||||||
| Net income (loss) attributable to Edison International common shareholders | $ | (539 | ) | $ | (839 | ) | $ | (183 | ) | $ | (37 | ) | |||
| Amounts attributable to Edison International common shareholders: | |||||||||||||||
| Income from continuing operations, net of tax | $ | 787 | $ | 221 | $ | 1,503 | $ | 1,041 | |||||||
| Income (loss) from discontinued operations, net of tax | (1,326 | ) | (1,060 | ) | (1,686 | ) | (1,078 | ) | |||||||
| Net income (loss) attributable to Edison International common shareholders | (539 | ) | (839 | ) | $ | (183 | ) | $ | (37 | ) | |||||
| 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 | $ | 2.42 | $ | 0.68 | $ | 4.61 | $ | 3.20 | |||||||
| Discontinued operations | (4.07 | ) | (3.25 | ) | (5.17 | ) | (3.31 | ) | |||||||
| Total | $ | (1.65 | ) | $ | (2.57 | ) | $ | (0.56 | ) | $ | (0.11 | ) | |||
| Diluted earnings (loss) per common share attributable to Edison International common shareholders: | |||||||||||||||
| Weighted-average shares of common stock outstanding, including effect of dilutive securities | 329 | 329 | 330 | 329 | |||||||||||
| Continuing operations | $ | 2.39 | $ | 0.66 | $ | 4.55 | $ | 3.17 | |||||||
| Discontinued operations | (4.03 | ) | (3.22 | ) | (5.11 | ) | (3.28 | ) | |||||||
| Total | $ | (1.64 | ) | $ | (2.56 | ) | $ | (0.56 | ) | $ | (0.11 | ) | |||
| Dividends declared per common share | $ | 0.3375 | $ | 0.325 | $ | 1.3125 | $ | 1.285 | |||||||
Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results
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| Consolidated Balance Sheets | Edison International | |||||||
| December 31, | ||||||||
| (in millions) | 2012 | 2011 | ||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 170 | $ | 169 | ||||
| Receivables, less allowances of $75 for uncollectible accounts at both dates | 762 | 768 | ||||||
| Accrued unbilled revenue | 550 | 519 | ||||||
| Inventory | 340 | 350 | ||||||
| Prepaid taxes | 22 | 88 | ||||||
| Derivative assets | 129 | 65 | ||||||
| Margin and collateral deposits | 8 | 17 | ||||||
| Regulatory assets | 572 | 494 | ||||||
| Other current assets | 119 | 73 | ||||||
| Assets of discontinued operations | — | 1,941 | ||||||
| Total current assets | 2,672 | 4,484 | ||||||
| Nuclear decommissioning trusts | 4,048 | 3,592 | ||||||
| Investments in unconsolidated affiliates | 2 | 2 | ||||||
| Other investments | 184 | 211 | ||||||
| Total investments | 4,234 | 3,805 | ||||||
| Utility property, plant and equipment, less accumulated depreciation of $7,424 and $6,894 at respective dates | 30,200 | 27,569 | ||||||
| Nonutility property, plant and equipment, less accumulated depreciation of $123 and $113 at respective dates | 73 | 75 | ||||||
| Total property, plant and equipment | 30,273 | 27,644 | ||||||
| Derivative assets | 85 | 70 | ||||||
| Restricted deposits | 4 | 3 | ||||||
| Regulatory assets | 6,422 | 5,466 | ||||||
| Other long-term assets | 704 | 486 | ||||||
| Total long-term assets | 7,215 | 6,025 | ||||||
| Assets of discontinued operations | — | 6,081 | ||||||
| Total assets | $ | 44,394 | $ | 48,039 | ||||
Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results
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| Consolidated Balance Sheets | Edison International | |||||||
| December 31, | ||||||||
| (in millions, except share amounts) | 2012 | 2011 | ||||||
| LIABILITIES AND EQUITY | ||||||||
| Short-term debt | $ | 175 | $ | 429 | ||||
| Accounts payable | 1,423 | 1,321 | ||||||
| Accrued taxes | 61 | 49 | ||||||
| Accrued interest | 176 | 172 | ||||||
| Customer deposits | 193 | 199 | ||||||
| Derivative liabilities | 126 | 266 | ||||||
| Regulatory liabilities | 536 | 670 | ||||||
| Deferred income taxes | 64 | 89 | ||||||
| Other current liabilities | 990 | 794 | ||||||
| Liabilities of discontinued operations | — | 359 | ||||||
| Total current liabilities | 3,744 | 4,348 | ||||||
| Long-term debt | 9,231 | 8,834 | ||||||
| Deferred income taxes | 6,127 | 5,065 | ||||||
| Deferred investment tax credits | 104 | 84 | ||||||
| Customer advances | 149 | 138 | ||||||
| Derivative liabilities | 939 | 456 | ||||||
| Pensions and benefits | 2,614 | 2,715 | ||||||
| Asset retirement obligations | 2,782 | 2,610 | ||||||
| Regulatory liabilities | 5,214 | 4,670 | ||||||
| Other deferred credits and other long-term liabilities | 2,299 | 1,839 | ||||||
| Total deferred credits and other liabilities | 20,228 | 17,577 | ||||||
| Liabilities of discontinued operations | — | 6,194 | ||||||
| Total liabilities | 33,203 | 36,953 | ||||||
| Commitments and contingencies | ||||||||
| Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date) | 2,373 | 2,360 | ||||||
| Accumulated other comprehensive loss | (87 | ) | (139 | ) | ||||
| Retained earnings | 7,146 | 7,834 | ||||||
| Total Edison International's common shareholders' equity | 9,432 | 10,055 | ||||||
| Preferred and preference stock of utility | 1,759 | 1,029 | ||||||
| Other noncontrolling interests | — | 2 | ||||||
| Total noncontrolling interests | 1,759 | 1,031 | ||||||
| Total equity | 11,191 | 11,086 | ||||||
| Total liabilities and equity | $ | 44,394 | $ | 48,039 | ||||
Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results
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| Consolidated Statements of Cash Flows | Edison International | |||||||||||
| Years ended December 31, | ||||||||||||
| (in millions) | 2012 | 2011 | 2010 | |||||||||
| Cash flows from operating activities: | ||||||||||||
| Net income (loss) | $ | (92 | ) | $ | 22 | $ | 1,308 | |||||
| Less: Income (loss) from discontinued operations | (1,686 | ) | (1,078 | ) | 164 | |||||||
| Income from continuing operations | 1,594 | 1,100 | 1,144 | |||||||||
| Adjustments to reconcile to net cash provided by operating activities: | ||||||||||||
| Depreciation, decommissioning and amortization | 1,562 | 1,427 | 1,274 | |||||||||
| Regulatory impacts of net nuclear decommissioning trust earnings | 192 | 146 | 189 | |||||||||
| Other amortization | 72 | 133 | 106 | |||||||||
| (Gain) loss on sale of assets, disallowances and other | (29 | ) | 21 | 2 | ||||||||
| Stock-based compensation | 33 | 26 | 24 | |||||||||
| Equity in income from unconsolidated affiliates | (1 | ) | — | (2 | ) | |||||||
| Distributions from unconsolidated affiliates | — | — | 1 | |||||||||
| Deferred income taxes and investment tax credits | 141 | 708 | 966 | |||||||||
| Income from leveraged leases | (5 | ) | (5 | ) | (5 | ) | ||||||
| Proceeds from U.S. treasury grants | 68 | — | — | |||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Receivables | (13 | ) | (46 | ) | (195 | ) | ||||||
| Inventory | 10 | (18 | ) | (11 | ) | |||||||
| Margin and collateral deposits, net of collateral received | 38 | 7 | 2 | |||||||||
| Prepaid taxes | 156 | 29 | (251 | ) | ||||||||
| Other current assets | (76 | ) | (88 | ) | (98 | ) | ||||||
| Accounts payable | 14 | 45 | 2 | |||||||||
| Accrued taxes | 33 | 5 | (127 | ) | ||||||||
| Other current liabilities | 152 | (32 | ) | 125 | ||||||||
| Derivative assets and liabilities, net | 262 | 382 | (62 | ) | ||||||||
| Regulatory assets and liabilities, net | (314 | ) | (1,080 | ) | 278 | |||||||
| Other assets | (222 | ) | (128 | ) | (62 | ) | ||||||
| Other liabilities | 304 | 649 | (427 | ) | ||||||||
| Operating cash flows from continuing operations | 3,971 | 3,281 | 2,873 | |||||||||
| Operating cash flows from discontinued operations, net | (637 | ) | 625 | 604 | ||||||||
| Net cash provided by operating activities | 3,334 | 3,906 | 3,477 | |||||||||
| Cash flows from financing activities: | ||||||||||||
| Long-term debt issued | 395 | 896 | 1,535 | |||||||||
| Long-term debt issuance costs | (4 | ) | (9 | ) | (19 | ) | ||||||
| Long-term debt repaid | (6 | ) | (14 | ) | (348 | ) | ||||||
| Bonds purchased | — | (86 | ) | — | ||||||||
| Preference stock issued, net | 804 | 123 | — | |||||||||
| Preference stock redeemed | (75 | ) | — | — | ||||||||
| Short-term debt financing, net | (264 | ) | 410 | (66 | ) | |||||||
| Settlements of stock-based compensation, net | (68 | ) | (15 | ) | (13 | ) | ||||||
| Dividends to noncontrolling interests | (82 | ) | (59 | ) | (52 | ) | ||||||
| Dividends paid | (424 | ) | (417 | ) | (411 | ) | ||||||
| Financing cash flows from continuing operations | 276 | 829 | 626 | |||||||||
| Financing cash flows from discontinued operations, net | 374 | 278 | 427 | |||||||||
| Net cash provided by financing activities | $ | 650 | $ | 1,107 | $ | 1,053 | ||||||
Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results
Page 12 of 12
| Consolidated Statements of Cash Flows | Edison International | |||||||||||
| Years ended December 31, | ||||||||||||
| (in millions) | 2012 | 2011 | 2010 | |||||||||
| Cash flows from investing activities: | ||||||||||||
| Capital expenditures | $ | (4,149 | ) | $ | (4,122 | ) | $ | (3,780 | ) | |||
| Proceeds from sale of nuclear decommissioning trust investments | 2,122 | 2,773 | 1,432 | |||||||||
| Purchases of nuclear decommissioning trust investments and other | (2,337 | ) | (2,940 | ) | (1,651 | ) | ||||||
| Proceeds from sale of interest in project, net | 114 | — | — | |||||||||
| Proceeds from partnerships and unconsolidated subsidiaries, net of investment | (4 | ) | 5 | 18 | ||||||||
| Customer advances for construction and other investments | 8 | 29 | 10 | |||||||||
| Effect of deconsolidation of variable interest entities | — | — | (92 | ) | ||||||||
| Investing cash flows from continuing operations | (4,246 | ) | (4,255 | ) | (4,063 | ) | ||||||
| Investing cash flows from discontinued operations, net | (1,037 | ) | (678 | ) | (751 | ) | ||||||
| Net cash used by investing activities | (5,283 | ) | (4,933 | ) | (4,814 | ) | ||||||
| Net (decrease) increase in cash and cash equivalents | (1,299 | ) | 80 | (284 | ) | |||||||
| Cash and cash equivalents at beginning of year | 1,469 | 1,389 | 1,673 | |||||||||
| Cash and cash equivalents at end of year | 170 | 1,469 | 1,389 | |||||||||
| Cash and cash equivalents from discontinued operations | — | 1,300 | 1,075 | |||||||||
| Cash and cash equivalents from continuing operations | $ | 170 | $ | 169 | $ | 314 | ||||||