Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | EDISON INTERNATIONAL | |
Entity Central Index Key | 827052 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 325,811,206 | |
Southern California Edison | ||
Document And Entity Information [Abstract] | ||
Entity Registrant Name | SOUTHERN CALIFORNIA EDISON CO | |
Entity Central Index Key | 92103 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 434,888,104 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Total operating revenue | $2,512 | $2,926 |
Purchased power and fuel | 786 | 1,143 |
Operation and maintenance | 636 | 726 |
Depreciation, decommissioning and amortization | 463 | 410 |
Property and other taxes | 89 | 85 |
Impairment and other charges | 0 | 231 |
Total operating expenses | 1,974 | 2,595 |
Operating income | 538 | 331 |
Interest and other income | 39 | 23 |
Interest expense | -143 | -141 |
Other expenses | -10 | -8 |
Income from continuing operations before income taxes | 424 | 205 |
Income tax expense (benefit) | 106 | -19 |
Income from continuing operations | 318 | 224 |
Loss from discontinued operations, net of tax | 0 | -22 |
Net income | 318 | 202 |
Preferred and preference stock dividend requirements of utility | 28 | 26 |
Other noncontrolling interests | -9 | 0 |
Net income attributable to Edison International common shareholders | 299 | 176 |
Amounts attributable to Edison International common shareholders: | ||
Income from continuing operations, net of tax | 299 | 198 |
Loss from discontinued operations, net of tax | 0 | -22 |
Net income attributable to Edison International common shareholders | 299 | 176 |
Basic earnings (loss) per common share attributable to Edison International common shareholders: | ||
Weighted-average shares of common stock outstanding (in shares) | 326 | 326 |
Continuing operations (in dollars per share) | $0.92 | $0.61 |
Discontinued operations (in dollars per share) | $0 | ($0.07) |
Total (in dollars per share) | $0.92 | $0.54 |
Diluted earnings (loss) per common share attributable to Edison International common shareholders: | ||
Weighted-average shares of common stock outstanding, including effect of dilutive securities (in shares) | 329 | 329 |
Continuing operations (in dollars per share) | $0.91 | $0.61 |
Discontinued operations (in dollars per share) | $0 | ($0.07) |
Total (in dollars per share) | $0.91 | $0.54 |
Dividends declared per common share (in dollars per share) | $0.42 | $0.36 |
Southern California Edison | ||
Total operating revenue | 2,508 | 2,924 |
Purchase power and fuel | 786 | 1,143 |
Operation and maintenance | 621 | 713 |
Depreciation, decommissioning and amortization | 463 | 410 |
Property and other taxes | 88 | 85 |
Impairment and other charges | 0 | 231 |
Total operating expenses | 1,958 | 2,582 |
Operating income | 550 | 342 |
Interest and other income | 33 | 23 |
Interest expense | -136 | -136 |
Other expenses | -7 | -7 |
Income from continuing operations before income taxes | 440 | 222 |
Income tax expense (benefit) | 107 | -12 |
Income from continuing operations | 333 | 234 |
Net income | 333 | 234 |
Preferred and preference stock dividend requirements of utility | 28 | 26 |
Net income attributable to Edison International common shareholders | 305 | 208 |
Amounts attributable to Edison International common shareholders: | ||
Net income attributable to Edison International common shareholders | $305 | $208 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $318 | $202 |
Pension and postretirement benefits other than pensions: | ||
Net loss arising during the period plus amortization included in net income | -1 | 2 |
Other comprehensive income (loss), net of tax | -1 | 2 |
Comprehensive income | 317 | 204 |
Less: Comprehensive income attributable to noncontrolling interests | 19 | 26 |
Comprehensive income attributable to Edison International | 298 | 178 |
Southern California Edison | ||
Net income | 333 | 234 |
Pension and postretirement benefits other than pensions: | ||
Net loss arising during the period plus amortization included in net income | 1 | 1 |
Other comprehensive income (loss), net of tax | 1 | 1 |
Comprehensive income | $334 | $235 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets [Abstract] | ||
Cash and cash equivalents | $115 | $132 |
Receivables, less allowances of $67 and $68 for uncollectible accounts at respective dates | 752 | 790 |
Accrued unbilled revenue | 636 | 632 |
Inventory | 290 | 281 |
Derivative assets | 94 | 102 |
Regulatory assets | 1,152 | 1,254 |
Deferred income taxes | 359 | 452 |
Other current assets | 382 | 376 |
Total current assets | 3,780 | 4,019 |
Nuclear decommissioning trusts | 4,896 | 4,799 |
Other investments | 217 | 207 |
Total investments | 5,113 | 5,006 |
Utility property, plant and equipment, less accumulated depreciation and amortization of $8,372 and $8,132 at respective dates | 33,249 | 32,859 |
Nonutility property, plant and equipment, less accumulated depreciation of $78 and $76 at respective dates dates (Edison International) and $76 and $75 at respective dates (Southern California Edison) | 123 | 122 |
Total property, plant and equipment | 33,372 | 32,981 |
Derivative assets | 212 | 219 |
Regulatory assets | 7,737 | 7,612 |
Other long-term assets | 364 | 349 |
Total long-term assets | 8,313 | 8,180 |
Total assets | 50,578 | 50,186 |
LIABILITIES AND EQUITY | ||
Short-term debt | 936 | 1,291 |
Current portion of long-term debt | 504 | 504 |
Accounts payable | 1,203 | 1,580 |
Accrued taxes | 118 | 81 |
Customer deposits | 228 | 221 |
Derivative liabilities | 185 | 196 |
Regulatory liabilities | 435 | 401 |
Other current liabilities | 962 | 1,205 |
Total current liabilities | 4,571 | 5,479 |
Long-term debt | 11,133 | 10,234 |
Deferred income taxes and credits | 7,415 | 7,313 |
Derivative liabilities | 1,107 | 1,052 |
Pensions and benefits | 2,176 | 2,155 |
Asset retirement obligations | 2,824 | 2,821 |
Regulatory liabilities | 5,972 | 5,889 |
Other deferred credits and other long-term liabilities | 2,279 | 2,255 |
Total deferred credits and other liabilities | 21,773 | 21,485 |
Total liabilities | 37,477 | 37,198 |
Commitments and contingencies (Note 11) | ||
Redeemable noncontrolling interest | 3 | 6 |
Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date) and (560,000,000 shares authorized; 434,888,104 shares issued and outstanding at each date for SCE) | 2,460 | 2,445 |
Accumulated other comprehensive loss | -59 | -58 |
Retained earnings | 8,675 | 8,573 |
Total common shareholders' equity | 11,076 | 10,960 |
Noncontrolling interests - preferred and preference stock of utility | 2,022 | 2,022 |
Total equity | 13,098 | 12,982 |
Total liabilities and equity | 50,578 | 50,186 |
Southern California Edison | ||
Assets [Abstract] | ||
Cash and cash equivalents | 36 | 38 |
Receivables, less allowances of $67 and $68 for uncollectible accounts at respective dates | 732 | 749 |
Accrued unbilled revenue | 636 | 632 |
Inventory | 282 | 275 |
Derivative assets | 94 | 102 |
Regulatory assets | 1,152 | 1,254 |
Other current assets | 400 | 390 |
Total current assets | 3,332 | 3,440 |
Nuclear decommissioning trusts | 4,896 | 4,799 |
Other investments | 164 | 158 |
Total investments | 5,060 | 4,957 |
Utility property, plant and equipment, less accumulated depreciation and amortization of $8,372 and $8,132 at respective dates | 33,249 | 32,859 |
Nonutility property, plant and equipment, less accumulated depreciation of $78 and $76 at respective dates dates (Edison International) and $76 and $75 at respective dates (Southern California Edison) | 69 | 69 |
Total property, plant and equipment | 33,318 | 32,928 |
Derivative assets | 212 | 219 |
Regulatory assets | 7,737 | 7,612 |
Other long-term assets | 314 | 300 |
Total long-term assets | 8,263 | 8,131 |
Total assets | 49,973 | 49,456 |
LIABILITIES AND EQUITY | ||
Short-term debt | 297 | 667 |
Current portion of long-term debt | 300 | 300 |
Accounts payable | 1,211 | 1,556 |
Accrued taxes | 133 | 87 |
Customer deposits | 228 | 221 |
Derivative liabilities | 185 | 196 |
Regulatory liabilities | 435 | 401 |
Deferred income taxes | 278 | 209 |
Other current liabilities | 965 | 1,183 |
Total current liabilities | 4,032 | 4,820 |
Long-term debt | 10,523 | 9,624 |
Deferred income taxes and credits | 8,390 | 8,288 |
Derivative liabilities | 1,107 | 1,052 |
Pensions and benefits | 1,681 | 1,672 |
Asset retirement obligations | 2,823 | 2,819 |
Regulatory liabilities | 5,972 | 5,889 |
Other deferred credits and other long-term liabilities | 2,013 | 2,010 |
Total deferred credits and other liabilities | 21,986 | 21,730 |
Total liabilities | 36,541 | 36,174 |
Commitments and contingencies (Note 11) | ||
Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date) and (560,000,000 shares authorized; 434,888,104 shares issued and outstanding at each date for SCE) | 2,168 | 2,168 |
Additional paid-in capital | 631 | 618 |
Accumulated other comprehensive loss | -27 | -28 |
Retained earnings | 8,590 | 8,454 |
Total common shareholders' equity | 11,362 | 11,212 |
Noncontrolling interests - preferred and preference stock of utility | 2,070 | 2,070 |
Total equity | 13,432 | 13,282 |
Total liabilities and equity | $49,973 | $49,456 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Receivables, allowances for uncollectible accounts (in dollars) | $67 | $68 |
Utility property, plant and equipment, accumulated depreciation (in dollars) | 8,372 | 8,132 |
Nonutility property, plant and equipment, accumulated depreciation (in dollars) | 78 | 76 |
Common stock, no par value (in dollars per share) | $0 | $0 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares issued | 325,811,206 | 325,811,206 |
Common stock, shares outstanding | 325,811,206 | 325,811,206 |
Southern California Edison | ||
Receivables, allowances for uncollectible accounts (in dollars) | 67 | 68 |
Utility property, plant and equipment, accumulated depreciation (in dollars) | 8,372 | 8,132 |
Nonutility property, plant and equipment, accumulated depreciation (in dollars) | $76 | $75 |
Common stock, no par value (in dollars per share) | $0 | $0 |
Common stock, shares authorized | 560,000,000 | 560,000,000 |
Common stock, shares issued | 434,888,104 | 434,888,104 |
Common stock, shares outstanding | 434,888,104 | 434,888,104 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $318 | $202 |
Less: loss from discontinued operations | 0 | -22 |
Income from continuing operations | 318 | 224 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Depreciation, decommissioning and amortization | 485 | 432 |
Allowance for equity during construction | -21 | -13 |
Impairment and other charges | 0 | 231 |
Deferred income taxes and investment tax credits | 72 | -6 |
Other | 5 | 4 |
Changes in operating assets and liabilities: | ||
Receivables | 31 | 112 |
Inventory | -10 | -12 |
Accounts payable | 63 | -63 |
Prepaid and accrued taxes | 38 | 65 |
Other current assets and liabilities | -229 | -145 |
Derivative assets and liabilities, net | -10 | -46 |
Regulatory assets and liabilities, net | 193 | -331 |
Nuclear decommissioning trusts | 29 | 96 |
Other noncurrent assets and liabilities | 0 | 17 |
Net cash provided by operating activities | 964 | 565 |
Cash flows from financing activities: | ||
Long-term debt issued, net of premium, discount, and issuance costs of $13 and $1 at respective dates (Edison International) and $13 for the period ending March 31, 2015 (Southern California Edison) | 1,287 | -1 |
Long-term debt matured or repurchased | -419 | -2 |
Preference stock issued, net | 0 | 270 |
Short-term debt financing, net | -355 | 401 |
Cash contribution from redeemable noncontrolling interest | 6 | 0 |
Dividends to noncontrolling interests | -34 | -30 |
Dividends paid | -136 | -116 |
Other | -36 | -42 |
Net cash provided by financing activities | 313 | 480 |
Cash flows from investing activities: | ||
Capital expenditures | -1,268 | -940 |
Proceeds from sale of nuclear decommissioning trust investments | 2,853 | 1,502 |
Purchases of nuclear decommissioning trust investments | -2,889 | -1,603 |
Other | 10 | -1 |
Net cash used in investing activities | -1,294 | -1,042 |
Net (decrease) increase in cash and cash equivalents | -17 | 3 |
Cash and cash equivalents at beginning of period | 132 | 146 |
Cash and cash equivalents at end of period | 115 | 149 |
Southern California Edison | ||
Cash flows from operating activities: | ||
Net income | 333 | 234 |
Income from continuing operations | 333 | 234 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Depreciation, decommissioning and amortization | 483 | 432 |
Allowance for equity during construction | -21 | -13 |
Impairment and other charges | 0 | 231 |
Deferred income taxes and investment tax credits | 67 | -12 |
Other | 3 | 3 |
Changes in operating assets and liabilities: | ||
Receivables | 18 | 111 |
Inventory | -7 | -7 |
Accounts payable | 52 | -55 |
Prepaid and accrued taxes | 43 | 54 |
Other current assets and liabilities | -205 | -134 |
Derivative assets and liabilities, net | -10 | -46 |
Regulatory assets and liabilities, net | 193 | -331 |
Nuclear decommissioning trusts | 29 | 96 |
Other noncurrent assets and liabilities | -12 | 25 |
Net cash provided by operating activities | 966 | 588 |
Cash flows from financing activities: | ||
Long-term debt issued, net of premium, discount, and issuance costs of $13 and $1 at respective dates (Edison International) and $13 for the period ending March 31, 2015 (Southern California Edison) | 1,287 | 0 |
Long-term debt matured or repurchased | -419 | -2 |
Preference stock issued, net | 0 | 270 |
Short-term debt financing, net | -370 | 229 |
Dividends paid | -181 | -30 |
Other | 3 | -22 |
Net cash provided by financing activities | 320 | 445 |
Cash flows from investing activities: | ||
Capital expenditures | -1,266 | -939 |
Proceeds from sale of nuclear decommissioning trust investments | 2,853 | 1,502 |
Purchases of nuclear decommissioning trust investments | -2,889 | -1,603 |
Other | 14 | -1 |
Net cash used in investing activities | -1,288 | -1,041 |
Net (decrease) increase in cash and cash equivalents | -2 | -8 |
Cash and cash equivalents at beginning of period | 38 | 54 |
Cash and cash equivalents at end of period | $36 | $46 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Premiums Discounts and Issuance Costs of Long Term Debt | $13 | $1 |
Southern California Edison | ||
Premiums Discounts and Issuance Costs of Long Term Debt | $13 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |||||||||||||||||||||||
Organization and Basis of Presentation | ||||||||||||||||||||||||
Edison International is the parent holding company of Southern California Edison Company ("SCE"). SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. Edison International is also the parent company of Edison Energy, a company that holds interests in subsidiaries that are engaged in competitive businesses related to the delivery or use of electricity. Such competitive business activities are currently not material to report as a separate business segment. These combined notes to the consolidated financial statements apply to both Edison International and SCE unless otherwise described. Edison International's consolidated financial statements include the accounts of Edison International, SCE and other wholly owned and controlled subsidiaries. References to Edison International refer to the consolidated group of Edison International and its subsidiaries. References to Edison International Parent and Other refer to Edison International Parent and its nonutility subsidiaries. SCE's consolidated financial statements include the accounts of SCE and its wholly owned and controlled subsidiaries. All intercompany transactions have been eliminated from the consolidated financial statements. | ||||||||||||||||||||||||
Edison International's and SCE's significant accounting policies were described in Note 1 of "Notes to Consolidated Financial Statements" included in the 2014 Form 10-K. This quarterly report should be read in conjunction with the financial statements and notes included in the 2014 Form 10-K. | ||||||||||||||||||||||||
In the opinion of management, all adjustments, consisting of recurring accruals, have been made that are necessary to fairly state the consolidated financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States of America for the periods covered by this quarterly report on Form 10-Q. The results of operations for the three-month period ended March 31, 2015 are not necessarily indicative of the operating results for the full year. | ||||||||||||||||||||||||
The December 31, 2014 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. | ||||||||||||||||||||||||
Revision to Consolidated Statements of Cash Flow | ||||||||||||||||||||||||
The consolidated statements of cash flows of Edison International and SCE for the three months ended March 31, 2014 were revised to correct an error in the amount of purchases of nuclear decommissioning trust investments and in the amount attributable to the nuclear decommissioning trusts in the operating activities section of the consolidated statements of cash flows. The revisions had no impact on the consolidated balance sheet, statements of income, comprehensive income, changes in equity or on the net change in cash and cash equivalents. Management believes the revisions do not have a material impact on the prior period financial statements. The following table presents the cash flow statement effects related to the revision for the three months ended March 31, 2014: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
(in millions) | As Reported | Adjustment | As Revised | As Reported | Adjustment | As Revised | ||||||||||||||||||
Nuclear decommissioning trusts | $ | 29 | $ | 67 | $ | 96 | $ | 29 | $ | 67 | $ | 96 | ||||||||||||
Total cash provided by operating activities | 498 | 67 | 565 | 521 | 67 | 588 | ||||||||||||||||||
Purchases of nuclear decommissioning trust investments | (1,536 | ) | (67 | ) | (1,603 | ) | (1,536 | ) | (67 | ) | (1,603 | ) | ||||||||||||
Total cash used in investing activities | (975 | ) | (67 | ) | (1,042 | ) | (974 | ) | (67 | ) | (1,041 | ) | ||||||||||||
Cash Equivalents | ||||||||||||||||||||||||
Cash equivalents included investments in money market funds. Generally, the carrying value of cash equivalents equals the fair value, as these investments have original maturities of three months or less. The cash equivalents were as follows: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
(in millions) | March 31, | December 31, 2014 | March 31, | December 31, 2014 | ||||||||||||||||||||
2015 | 2015 | |||||||||||||||||||||||
Money market funds | $ | 35 | $ | 35 | $ | 5 | $ | 5 | ||||||||||||||||
Cash is temporarily invested until required for check clearing. Checks issued, but not yet paid by the financial institution, are reclassified from cash to accounts payable at the end of each reporting period as follows: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
(in millions) | March 31, | December 31, 2014 | March 31, | December 31, 2014 | ||||||||||||||||||||
2015 | 2015 | |||||||||||||||||||||||
Book balances reclassified to accounts payable | $ | 121 | $ | 180 | $ | 121 | $ | 177 | ||||||||||||||||
Inventory | ||||||||||||||||||||||||
Inventory is primarily composed of materials, supplies and spare parts, and stated at the lower of cost or market, cost being determined by the average cost method. | ||||||||||||||||||||||||
San Onofre Impairment and Other Charges | ||||||||||||||||||||||||
As discussed in Note 1 of "Notes to Consolidated Financial Statements" included in the 2014 Form 10-K, in March 2014, SCE entered into a settlement agreement with The Utility Reform Network ("TURN"), the CPUC's Office of Ratepayer Advocates ("ORA"), SDG&E, the Coalition of California Utility Employees, and Friends of the Earth (together, the "Settling Parties") related to the regulatory proceedings for San Onofre. SCE recorded a pre-tax charge of approximately $231 million (approximately $96 million after-tax) in the first quarter of 2014. | ||||||||||||||||||||||||
In September 2014, SCE and the Settling Parties entered into an Amended and Restated Settlement Agreement (the "San Onofre OII Settlement Agreement") which was approved by the CPUC on November 20, 2014. As a result of these developments, SCE revised the pre-tax charge to $163 million (approximately $72 million after-tax) in the fourth quarter of 2014. Including amounts previously recorded in 2013, the total impact of the San Onofre OII Settlement Agreement was a pre-tax charge of $738 million (approximately $437 million after-tax). | ||||||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||||
Edison International computes earnings per common share ("EPS") using the two-class method, which is an earnings allocation formula that determines EPS for each class of common stock and participating security. Edison International's participating securities are stock-based compensation awards payable in common shares, including performance shares and restricted stock units, which earn dividend equivalents on an equal basis with common shares once the awards are vested. EPS attributable to Edison International common shareholders was computed as follows: | ||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||
(in millions, except per-share amounts) | 2015 | 2014 | ||||||||||||||||||||||
Basic earnings per share – continuing operations: | ||||||||||||||||||||||||
Income from continuing operations attributable to common shareholders | $ | 299 | $ | 198 | ||||||||||||||||||||
Participating securities dividends | — | — | ||||||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 299 | $ | 198 | ||||||||||||||||||||
Weighted average common shares outstanding | 326 | 326 | ||||||||||||||||||||||
Basic earnings per share – continuing operations | $ | 0.92 | $ | 0.61 | ||||||||||||||||||||
Diluted earnings per share – continuing operations: | ||||||||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 299 | $ | 198 | ||||||||||||||||||||
Income impact of assumed conversions | — | — | ||||||||||||||||||||||
Income from continuing operations available to common shareholders and assumed conversions | $ | 299 | $ | 198 | ||||||||||||||||||||
Weighted average common shares outstanding | 326 | 326 | ||||||||||||||||||||||
Incremental shares from assumed conversions | 3 | 3 | ||||||||||||||||||||||
Adjusted weighted average shares – diluted | 329 | 329 | ||||||||||||||||||||||
Diluted earnings per share – continuing operations | $ | 0.91 | $ | 0.61 | ||||||||||||||||||||
In addition to the participating securities discussed above, Edison International also may award stock options which are payable in common shares and are included in the diluted earnings per share calculation. Stock option awards to purchase 79,394 and 2,050,449 shares of common stock for the three months ended March 31, 2015 and 2014, respectively, were outstanding, but were not included in the computation of diluted earnings per share because the exercise price of the awards was greater than the average market price of the common shares during the respective periods and, therefore, the effect would have been antidilutive. | ||||||||||||||||||||||||
New Accounting Guidance | ||||||||||||||||||||||||
Accounting Guidance Not Yet Adopted | ||||||||||||||||||||||||
On May 28, 2014, the FASB issued an accounting standards update on revenue recognition including enhanced disclosures. Under the new standard, revenue is recognized when (or as) a good or service is transferred to the customer and the customer obtains control of the good or service. Edison International and SCE are currently evaluating this new guidance which is effective January 1, 2017 and cannot determine the impact of this standard at this time. | ||||||||||||||||||||||||
On April 7, 2015, the FASB issued an accounting standards update that will require debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts. Currently, these costs are presented as a deferred charge asset. Edison International and SCE will adopt this guidance in the first quarter of 2016. The adoption of this accounting standards update is not expected to have a material impact on Edison International's and SCE's consolidated financial statements. | ||||||||||||||||||||||||
On April 15 2015, the FASB issued an accounting standard update on fees paid by a customer for software licenses. This new standard provides guidance about whether a cloud computing arrangement includes a software license which may be capitalized in certain circumstances. If a cloud computing arrangement does not include a software license, then the arrangement should be accounted for as a service contract. Edison International and SCE are currently evaluating this guidance, which is effective January 1, 2016, and expects this new standard will not have a material impact on the consolidated financial statements. |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Statement of Stockholders' Equity [Abstract] | ||||||||||||||||||||||||
Consolidated Statements of Changes in Equity | Consolidated Statements of Changes in Equity | |||||||||||||||||||||||
The following table provides Edison International's changes in equity for the three months ended March 31, 2015: | ||||||||||||||||||||||||
Equity Attributable to Common Shareholders | Noncontrolling Interests | |||||||||||||||||||||||
(in millions, except per-share amounts) | Common | Accumulated | Retained | Subtotal | Preferred | Total | ||||||||||||||||||
Stock | Other | Earnings | and | Equity | ||||||||||||||||||||
Comprehensive Loss | Preference | |||||||||||||||||||||||
Stock | ||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 2,445 | $ | (58 | ) | $ | 8,573 | $ | 10,960 | $ | 2,022 | $ | 12,982 | |||||||||||
Net income | — | — | 299 | 299 | 28 | 327 | ||||||||||||||||||
Other comprehensive loss | — | (1 | ) | — | (1 | ) | — | (1 | ) | |||||||||||||||
Common stock dividends declared ($0.4175 per share) | — | — | (136 | ) | (136 | ) | — | (136 | ) | |||||||||||||||
Dividends to noncontrolling interests | — | — | — | — | (28 | ) | (28 | ) | ||||||||||||||||
Stock-based compensation | 9 | — | (61 | ) | (52 | ) | — | (52 | ) | |||||||||||||||
Non-cash stock-based compensation | 6 | — | — | 6 | — | 6 | ||||||||||||||||||
Balance at March 31, 2015 | $ | 2,460 | $ | (59 | ) | $ | 8,675 | $ | 11,076 | $ | 2,022 | $ | 13,098 | |||||||||||
The following table provides Edison International's changes in equity for the three months ended March 31, 2014: | ||||||||||||||||||||||||
Equity Attributable to Common Shareholders | Noncontrolling Interests | |||||||||||||||||||||||
(in millions, except per-share amounts) | Common | Accumulated | Retained | Subtotal | Preferred | Total | ||||||||||||||||||
Stock | Other | Earnings | and | Equity | ||||||||||||||||||||
Comprehensive | Preference | |||||||||||||||||||||||
Loss | Stock | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 2,403 | $ | (13 | ) | $ | 7,548 | $ | 9,938 | $ | 1,753 | $ | 11,691 | |||||||||||
Net income | — | — | 176 | 176 | 26 | 202 | ||||||||||||||||||
Other comprehensive income | — | 2 | — | 2 | — | 2 | ||||||||||||||||||
Common stock dividends declared ($0.3550 per share) | — | — | (116 | ) | (116 | ) | — | (116 | ) | |||||||||||||||
Dividends to noncontrolling interests | — | — | — | — | (26 | ) | (26 | ) | ||||||||||||||||
Stock-based compensation | 9 | — | (50 | ) | (41 | ) | — | (41 | ) | |||||||||||||||
Non-cash stock-based compensation | 5 | — | 15 | 20 | — | 20 | ||||||||||||||||||
Issuance of preference stock | — | — | — | — | 270 | 270 | ||||||||||||||||||
Balance at March 31, 2014 | $ | 2,417 | $ | (11 | ) | $ | 7,573 | $ | 9,979 | $ | 2,023 | $ | 12,002 | |||||||||||
The following table provides SCE's changes in equity for the three months ended March 31, 2015: | ||||||||||||||||||||||||
Equity Attributable to Edison International | ||||||||||||||||||||||||
(in millions) | Common | Additional | Accumulated | Retained | Preferred | Total | ||||||||||||||||||
Stock | Paid-in | Other | Earnings | and | Equity | |||||||||||||||||||
Capital | Comprehensive Loss | Preference | ||||||||||||||||||||||
Stock | ||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 2,168 | $ | 618 | $ | (28 | ) | $ | 8,454 | $ | 2,070 | $ | 13,282 | |||||||||||
Net income | — | — | — | 333 | — | 333 | ||||||||||||||||||
Other comprehensive income | — | — | 1 | — | — | 1 | ||||||||||||||||||
Dividends declared on common stock | — | — | — | (147 | ) | — | (147 | ) | ||||||||||||||||
Dividends declared on preferred and preference stock | — | — | — | (28 | ) | — | (28 | ) | ||||||||||||||||
Stock-based compensation | — | 9 | — | (22 | ) | — | (13 | ) | ||||||||||||||||
Non-cash stock-based compensation | — | 4 | — | — | — | 4 | ||||||||||||||||||
Balance at March 31, 2015 | $ | 2,168 | $ | 631 | $ | (27 | ) | $ | 8,590 | $ | 2,070 | $ | 13,432 | |||||||||||
The following table provides SCE's changes in equity for the three months ended March 31, 2014: | ||||||||||||||||||||||||
Equity Attributable to Edison International | ||||||||||||||||||||||||
(in millions) | Common | Additional | Accumulated | Retained | Preferred | Total | ||||||||||||||||||
Stock | Paid-in | Other | Earnings | and | Equity | |||||||||||||||||||
Capital | Comprehensive | Preference | ||||||||||||||||||||||
Loss | Stock | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 2,168 | $ | 592 | $ | (11 | ) | $ | 7,594 | $ | 1,795 | $ | 12,138 | |||||||||||
Net income | — | — | — | 234 | — | 234 | ||||||||||||||||||
Other comprehensive income | — | — | 1 | — | — | 1 | ||||||||||||||||||
Dividends declared on common stock | — | — | — | (126 | ) | — | (126 | ) | ||||||||||||||||
Dividends declared on preferred and preference stock | — | — | — | (26 | ) | — | (26 | ) | ||||||||||||||||
Stock-based compensation | — | 9 | — | (31 | ) | — | (22 | ) | ||||||||||||||||
Non-cash stock-based compensation | — | 2 | — | 10 | — | 12 | ||||||||||||||||||
Issuance of preference stock | — | (5 | ) | — | — | 275 | 270 | |||||||||||||||||
Balance at March 31, 2014 | $ | 2,168 | $ | 598 | $ | (10 | ) | $ | 7,655 | $ | 2,070 | $ | 12,481 | |||||||||||
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Variable Interest Entities Disclosure [Abstract] | |||||||||||||
Variable Interest Entities | Variable Interest Entities | ||||||||||||
A VIE is defined as a legal entity that meets one of two conditions: (1) the equity owners do not have sufficient equity at risk, or (2) the holders of the equity investment at risk, as a group, lack any of the following three characteristics: decision-making rights, the obligation to absorb losses, or the right to receive the expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The primary beneficiary is required to consolidate the VIE. A subsidiary of Edison International is the primary beneficiary of an entity that owns rooftop solar projects. Commercial and operating activities are generally the factors that most significantly impact the economic performance of such VIEs. Commercial and operating activities include construction, operation and maintenance, fuel procurement, dispatch and compliance with regulatory and contractual requirements. | |||||||||||||
Variable Interest in VIEs that are not Consolidated | |||||||||||||
Power Purchase Contracts | |||||||||||||
SCE has power purchase agreements ("PPAs") that are classified as variable interests in VIEs, including tolling agreements through which SCE provides the natural gas to fuel the plants and contracts with qualifying facilities ("QFs") that contain variable pricing provisions based on the price of natural gas. SCE has concluded that it is not the primary beneficiary of these VIEs since it does not control the commercial and operating activities of these entities. Since payments for capacity are the primary source of income, the most significant economic activity for these VIEs is the operation and maintenance of the power plants. | |||||||||||||
As of the balance sheet date, the carrying amount of assets and liabilities in SCE's consolidated balance sheet that relate to its involvement with VIEs result from amounts due under the PPAs or the fair value of those derivative contracts. Under these contracts, SCE recovers the costs incurred through demonstration of compliance with its CPUC-approved long-term power procurement plans. SCE has no residual interest in the entities and has not provided or guaranteed any debt or equity support, liquidity arrangements, performance guarantees or other commitments associated with these contracts other than the purchase commitments described in Note 11 of the 2014 Form 10-K. As a result, there is no significant potential exposure to loss to SCE from its variable interest in these VIEs. The aggregate contracted capacity dedicated to SCE from these VIE projects was 4,125 MW and 5,641 MW at March 31, 2015 and 2014, respectively, and the amounts that SCE paid to these projects were $103 million and $125 million for the three months ended March 31, 2015 and 2014, respectively. These amounts are recoverable in customer rates, subject to reasonableness review. | |||||||||||||
Unconsolidated Trusts of SCE | |||||||||||||
SCE Trust I, Trust II and Trust III were formed in 2012, 2013 and 2014, respectively, for the exclusive purpose of issuing the 5.625%, 5.10% and 5.75% trust preference securities, respectively ("trust securities"). The trusts are VIEs. SCE has concluded that it is not the primary beneficiary of these VIEs as it does not have the obligation to absorb the expected losses or the right to receive the expected residual returns of the trusts. SCE Trust I, Trust II and Trust III issued trust securities in the face amount of $475 million, $400 million and $275 million, respectively, (cumulative, liquidation amount of $25 per share) to the public and $10,000 of common stock each to SCE. The trusts invested the proceeds of these trust securities in Series F, Series G and Series H Preference Stock issued by SCE in the principal amounts of $475 million, $400 million and $275 million (cumulative, $2,500 per share liquidation value), respectively, which have substantially the same payment terms as the respective trust securities. | |||||||||||||
The Series F, Series G and Series H Preference Stock and the corresponding trust securities do not have a maturity date. Upon any redemption of any shares of the Series F, Series G or Series H Preference Stock, a corresponding dollar amount of trust securities will be redeemed by the applicable trust. The applicable trust will make distributions at the same rate and on the same dates on the applicable series of trust securities when and if the SCE board of directors declares and makes dividend payments on the Series F, Series G or Series H Preference Stock. The applicable trust will use any dividends it receives on the Series F, Series G or Series H Preference Stock to make its corresponding distributions on the applicable series of trust securities. If SCE does not make a dividend payment to any of these trusts, SCE would be prohibited from paying dividends on its common stock. SCE has fully and unconditionally guaranteed the payment of the trust securities and trust distributions, if and when SCE pays dividends on the Series F, Series G and Series H Preference Stock. | |||||||||||||
The Trust I, Trust II and Trust III balance sheets as of March 31, 2015 and December 31, 2014, consisted of investments of $475 million, $400 million and $275 million in the Series F, Series G and Series H Preference Stock, respectively, $475 million, $400 million and $275 million of trust securities, respectively, and $10,000 each of common stock. | |||||||||||||
The following table provides a summary of the trusts' income statements: | |||||||||||||
Three months ended March 31, | |||||||||||||
(in millions) | Trust I | Trust II | Trust III | ||||||||||
2015 | |||||||||||||
Dividend income | $ | 7 | $ | 5 | $ | 4 | |||||||
Dividend distributions | 7 | 5 | 4 | ||||||||||
2014 | |||||||||||||
Dividend income | $ | 7 | $ | 5 | $ | 1 | |||||||
Dividend distributions | 7 | 5 | 1 | ||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (referred to as an "exit price"). Fair value of an asset or liability considers assumptions that market participants would use in pricing the asset or liability, including assumptions about nonperformance risk. As of March 31, 2015 and December 31, 2014, nonperformance risk was not material for Edison International and SCE. | ||||||||||||||||||||
Assets and liabilities are categorized into a three-level fair value hierarchy based on valuation inputs used to determine fair value. | ||||||||||||||||||||
Level 1 – The fair value of Edison International's and SCE's Level 1 assets and liabilities is determined using unadjusted quoted prices in active markets that are available at the measurement date for identical assets and liabilities. This level includes exchange-traded equity securities, U.S. treasury securities, mutual funds and money market funds. | ||||||||||||||||||||
Level 2 – Edison International and SCE's Level 2 assets and liabilities include fixed income securities primarily consisting of U.S. government and agency bonds, municipal bonds and corporate bonds, and over-the-counter derivatives. The fair value of fixed income securities is determined using a market approach by obtaining quoted prices for similar assets and liabilities in active markets and inputs that are observable, either directly or indirectly, for substantially the full term of the instrument. | ||||||||||||||||||||
The fair value of SCE's over-the-counter derivative contracts is determined using an income approach. SCE uses standard pricing models to determine the net present value of estimated future cash flows. Inputs to the pricing models include forward published or posted clearing prices from exchanges (New York Mercantile Exchange and Intercontinental Exchange) for similar instruments and discount rates. A primary price source that best represents trade activity for each market is used to develop observable forward market prices in determining the fair value of these positions. Broker quotes, prices from exchanges or comparison to executed trades are used to validate and corroborate the primary price source. These price quotations reflect mid-market prices (average of bid and ask) and are obtained from sources believed to provide the most liquid market for the commodity. | ||||||||||||||||||||
Level 3 – The fair value of SCE's Level 3 assets and liabilities is determined using the income approach through various models and techniques that require significant unobservable inputs. This level includes over-the-counter options, tolling arrangements and derivative contracts that trade infrequently such as congestion revenue rights ("CRRs") and long-term power agreements. Edison International Parent and Other does not have any Level 3 assets and liabilities. | ||||||||||||||||||||
Assumptions are made in order to value derivative contracts in which observable inputs are not available. Changes in fair value are based on changes to forward market prices, including extrapolation of short-term observable inputs into forecasted prices for illiquid forward periods. In circumstances where fair value cannot be verified with observable market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. Modeling methodologies, inputs and techniques are reviewed and assessed as markets continue to develop and more pricing information becomes available and the fair value is adjusted when it is concluded that a change in inputs or techniques would result in a new valuation that better reflects the fair value of those derivative contracts. | ||||||||||||||||||||
SCE | ||||||||||||||||||||
The following table sets forth assets and liabilities of SCE that were accounted for at fair value by level within the fair value hierarchy: | ||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||
and | ||||||||||||||||||||
Collateral1 | ||||||||||||||||||||
Assets at fair value | ||||||||||||||||||||
Derivative contracts | $ | — | $ | — | $ | 306 | $ | — | $ | 306 | ||||||||||
Other | 34 | — | — | — | 34 | |||||||||||||||
Nuclear decommissioning trusts: | ||||||||||||||||||||
Stocks2 | 2,074 | — | — | — | 2,074 | |||||||||||||||
Fixed Income3 | 1,027 | 1,651 | — | — | 2,678 | |||||||||||||||
Short-term investments, primarily cash equivalents | 44 | 98 | — | — | 142 | |||||||||||||||
Subtotal of nuclear decommissioning trusts4 | 3,145 | 1,749 | — | — | 4,894 | |||||||||||||||
Total assets | 3,179 | 1,749 | 306 | — | 5,234 | |||||||||||||||
Liabilities at fair value | ||||||||||||||||||||
Derivative contracts | — | 81 | 1,282 | (71 | ) | 1,292 | ||||||||||||||
Total liabilities | — | 81 | 1,282 | (71 | ) | 1,292 | ||||||||||||||
Net assets (liabilities) | $ | 3,179 | $ | 1,668 | $ | (976 | ) | $ | 71 | $ | 3,942 | |||||||||
December 31, 2014 | ||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||
and | ||||||||||||||||||||
Collateral1 | ||||||||||||||||||||
Assets at fair value | ||||||||||||||||||||
Derivative contracts | $ | — | $ | — | $ | 321 | $ | — | $ | 321 | ||||||||||
Other | 33 | — | — | — | 33 | |||||||||||||||
Nuclear decommissioning trusts: | ||||||||||||||||||||
Stocks2 | 2,031 | — | — | — | 2,031 | |||||||||||||||
Fixed Income3 | 703 | 1,350 | — | — | 2,053 | |||||||||||||||
Short-term investments, primarily cash equivalents | 606 | 166 | — | — | 772 | |||||||||||||||
Subtotal of nuclear decommissioning trusts4 | 3,340 | 1,516 | — | — | 4,856 | |||||||||||||||
Total assets | 3,373 | 1,516 | 321 | — | 5,210 | |||||||||||||||
Liabilities at fair value | ||||||||||||||||||||
Derivative contracts | — | 86 | 1,223 | (61 | ) | 1,248 | ||||||||||||||
Total liabilities | — | 86 | 1,223 | (61 | ) | 1,248 | ||||||||||||||
Net assets (liabilities) | $ | 3,373 | $ | 1,430 | $ | (902 | ) | $ | 61 | $ | 3,962 | |||||||||
1 | Represents the netting of assets and liabilities under master netting agreements and cash collateral across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level. | |||||||||||||||||||
2 | Approximately 72% and 73% of SCE's equity investments were located in the United States at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||
3 | Includes corporate bonds, which were diversified and included collateralized mortgage obligations and other asset backed securities of $161 million and $49 million at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||
4 | Excludes net receivables of $2 million and net payables of $57 million at March 31, 2015 and December 31, 2014, which consist of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases. | |||||||||||||||||||
Edison International | ||||||||||||||||||||
Edison International assets measured at fair value consisted of money market funds of $35 million at both March 31, 2015 and December 31, 2014 classified as Level 1. | ||||||||||||||||||||
SCE Fair Value of Level 3 | ||||||||||||||||||||
The following table sets forth a summary of changes in SCE's fair value of Level 3 net derivative assets and liabilities: | ||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
(in millions) | 2015 | 2014 | ||||||||||||||||||
Fair value of net liabilities at beginning of period | $ | (902 | ) | $ | (805 | ) | ||||||||||||||
Total realized/unrealized gains (losses): | ||||||||||||||||||||
Included in regulatory assets and liabilities1 | (74 | ) | 31 | |||||||||||||||||
Purchases | — | 7 | ||||||||||||||||||
Settlements | — | (6 | ) | |||||||||||||||||
Fair value of net liabilities at end of period | $ | (976 | ) | $ | (773 | ) | ||||||||||||||
Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period | $ | (96 | ) | $ | 22 | |||||||||||||||
1 | Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities. | |||||||||||||||||||
Edison International and SCE recognize the fair value for transfers in and transfers out of each level at the end of each reporting period. There were no transfers between any levels during 2015 and 2014. | ||||||||||||||||||||
Valuation Techniques Used to Determine Fair Value | ||||||||||||||||||||
The process of determining fair value is the responsibility of SCE's risk management department, which reports to SCE's chief financial officer. This department obtains observable and unobservable inputs through broker quotes, exchanges and internal valuation techniques that use both standard and proprietary models to determine fair value. Each reporting period, the risk and finance departments collaborate to determine the appropriate fair value methodologies and classifications for each derivative. Inputs are validated for reasonableness by comparison against prior prices, other broker quotes and volatility fluctuation thresholds. Inputs used and valuations are reviewed period-over-period and compared with market conditions to determine reasonableness. | ||||||||||||||||||||
The following table sets forth SCE's valuation techniques and significant unobservable inputs used to determine fair value for significant Level 3 assets and liabilities: | ||||||||||||||||||||
Fair Value (in millions) | Significant | Range | ||||||||||||||||||
Assets | Liabilities | Valuation Technique(s) | Unobservable Input | (Weighted Average) | ||||||||||||||||
Congestion revenue rights | ||||||||||||||||||||
March 31, 2015 | $ | 297 | $ | — | Market simulation model | Load forecast | 7,630 MW - 25,431 MW | |||||||||||||
Power prices1 | $1.65 - $109.95 | |||||||||||||||||||
Gas prices2 | $3.65 - $6.53 | |||||||||||||||||||
31-Dec-14 | 317 | — | Market simulation model | Load forecast | 7,630 MW - 25,431 MW | |||||||||||||||
Power prices1 | $1.65 - $109.95 | |||||||||||||||||||
Gas prices2 | $3.65 - $6.53 | |||||||||||||||||||
Tolling | ||||||||||||||||||||
March 31, 2015 | 9 | 1,275 | Option model | Volatility of gas prices | 16% - 40% (20%) | |||||||||||||||
Volatility of power prices | 26% - 37% (30%) | |||||||||||||||||||
Power prices | $28.00 - $54.80 ($40.10) | |||||||||||||||||||
31-Dec-14 | 4 | 1,175 | Option model | Volatility of gas prices | 13% - 53% (20%) | |||||||||||||||
Volatility of power prices | 25% - 42% (30%) | |||||||||||||||||||
Power prices | $30.60 - $61.40 ($44.60) | |||||||||||||||||||
1 | Prices are in dollars per megawatt-hour. | |||||||||||||||||||
2 | Prices are in dollars per million British thermal units. | |||||||||||||||||||
Level 3 Fair Value Sensitivity | ||||||||||||||||||||
Congestion Revenue Rights | ||||||||||||||||||||
For CRRs, where SCE is the buyer, generally increases (decreases) in forecasted load in isolation would result in increases (decreases) to the fair value. In general, an increase (decrease) in electricity and gas prices at illiquid locations tends to result in increases (decreases) to fair value; however, changes in electricity and gas prices in opposite directions may have varying results on fair value. | ||||||||||||||||||||
Tolling Arrangements | ||||||||||||||||||||
The fair values of SCE's tolling arrangements contain intrinsic value and time value. Intrinsic value is the difference between the market price and strike price of the underlying commodity. Time value is made up of several components, including volatility, time to expiration, and interest rates. The option model for tolling arrangements reflects plant specific information such as operating and start-up costs. | ||||||||||||||||||||
For tolling arrangements where SCE is the buyer, increases in volatility of the underlying commodity prices would result in increases to fair value as it represents greater price movement risk. As power and gas prices increase, the fair value of tolling arrangements tends to increase. The valuation of tolling arrangements is also impacted by the correlation between gas and power prices. As the correlation increases, the fair value of tolling arrangements tends to decline. | ||||||||||||||||||||
Nuclear Decommissioning Trusts | ||||||||||||||||||||
SCE's nuclear decommissioning trust investments include equity securities, U.S. treasury securities and other fixed income securities. Equity and treasury securities are classified as Level 1 as fair value is determined by observable market prices in active or highly liquid and transparent markets. The remaining fixed income securities are classified as Level 2. The fair value of these financial instruments is based on evaluated prices that reflect significant observable market information such as reported trades, actual trade information of similar securities, benchmark yields, broker/dealer quotes, issuer spreads, bids, offers and relevant credit information. | ||||||||||||||||||||
Fair Value of Debt Recorded at Carrying Value | ||||||||||||||||||||
The carrying value and fair value of Edison International's and SCE's long-term debt (including current portion of long-term debt) are as follows: | ||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||
(in millions) | Carrying | Fair | Carrying | Fair | ||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||
SCE | $ | 10,823 | $ | 12,601 | $ | 9,924 | $ | 11,479 | ||||||||||||
Edison International | 11,637 | 13,440 | 10,738 | 12,319 | ||||||||||||||||
The fair value of Edison International and SCE's short-term and long-term debt is classified as Level 2 and is based on evaluated prices that reflect significant observable market information such as reported trades, actual trade information of similar securities, benchmark yields, broker/dealer quotes of new issue prices and relevant credit information. | ||||||||||||||||||||
The carrying value of Edison International's and SCE's trade receivables and payables, other investments, and short-term debt approximates fair value. |
Debt_and_Credit_Agreements
Debt and Credit Agreements | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt and Credit Agreements | Debt and Credit Agreements |
Credit Agreements and Short-Term Debt | |
SCE and Edison International Parent have multi-year revolving credit facilities of $2.75 billion and $1.25 billion, respectively, which both expire in July 2019. The credit facility for SCE is generally used to support commercial paper borrowings and letters of credit issued for procurement-related collateral requirements, balancing account undercollections and for general corporate purposes, including working capital requirements to support operations and capital expenditures. Edison International Parent's credit facility is used to support commercial paper borrowings and for general corporate purposes. | |
At March 31, 2015, SCE's outstanding commercial paper was $297 million at a weighted-average interest rate of 0.34%. At March 31, 2015, letters of credit issued under SCE's credit facility aggregated $128 million and are scheduled to expire in twelve months or less. At December 31, 2014, the outstanding commercial paper was $367 million at a weighted-average interest rate of 0.40%. | |
At March 31, 2015, Edison International Parent's outstanding commercial paper was $625 million at a weighted-average interest rate of 0.57%. At December 31, 2014, the outstanding commercial paper was $619 million at a weighted-average interest rate of 0.45%. | |
Project Financing | |
During 2014, indirect subsidiaries of Edison International entered into a $31.6 million non-recourse debt financing to support investment in approximately 35 megawatts of solar rooftop projects. The financing is required to be converted to a 7-year term loan during 2015, subject to meeting specified conditions. As of March 31, 2015, there was $14.3 million outstanding under this financing at a weighted average interest rate of 2.67% which is currently classified as short-term debt. | |
Long-Term Debt | |
During the first quarter of 2015, SCE issued $550 million of 1.845% amortizing first and refunding mortgage bonds due in 2022, $325 million of 2.4% first and refunding mortgage bonds due in 2022, and $425 million of 3.6% first and refunding mortgage bonds due in 2045. The proceeds from these bonds were used to repay outstanding debt and for general corporate purposes. The $550 million amortizing first and refunding mortgage bonds and the $325 million of first and refunding mortgage bonds have been designated as a financing of the San Onofre regulatory asset. |
Derivative_Instruments
Derivative Instruments | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments | ||||||||||||||||||||||||||||
Derivative financial instruments are used to manage exposure to commodity price risk. These risks are managed in part by entering into forward commodity transactions, including options, swaps and futures. To mitigate credit risk from counterparties in the event of nonperformance, master netting agreements are used whenever possible and counterparties may be required to pledge collateral depending on the creditworthiness of each counterparty and the risk associated with the transaction. | |||||||||||||||||||||||||||||
Commodity Price Risk | |||||||||||||||||||||||||||||
Commodity price risk represents the potential impact that can be caused by a change in the market value of a particular commodity. SCE's electricity price exposure arises from energy purchased from and sold to wholesale markets as a result of differences between SCE's load requirements and the amount of energy delivered from its generating facilities and power purchase agreements. SCE's natural gas price exposure arises from natural gas purchased for the Mountainview power plant and peaker plants, QF contracts where pricing is based on a monthly natural gas index and power purchase agreements in which SCE has agreed to provide the natural gas needed for generation, referred to as tolling arrangements. | |||||||||||||||||||||||||||||
Credit and Default Risk | |||||||||||||||||||||||||||||
Credit and default risk represent the potential impact that can be caused if a counterparty were to default on its contractual obligations and SCE would be exposed to spot markets for buying replacement power or selling excess power. In addition, SCE would be exposed to the risk of non-payment of accounts receivable, primarily related to the sales of excess power and realized gains on derivative instruments. | |||||||||||||||||||||||||||||
Certain power contracts contain master netting agreements or similar agreements, which generally allow counterparties subject to the agreement to setoff amounts when certain criteria are met, such as in the event of default. The objective of netting is to reduce credit exposure. Additionally, to reduce SCE's risk exposures counterparties may be required to pledge collateral depending on the creditworthiness of each counterparty and the risk associated with the transaction. | |||||||||||||||||||||||||||||
Certain power contracts contain a provision that requires SCE to maintain an investment grade rating from each of the major credit rating agencies, referred to as a credit-risk-related contingent feature. If SCE's credit rating were to fall below investment grade, SCE may be required to post additional collateral to cover derivative liabilities and the related outstanding payables. The net fair value of all derivative liabilities with these credit-risk-related contingent features was $8 million and $53 million as of March 31, 2015 and December 31, 2014, respectively. SCE has posted $10 million at March 31, 2015 and $13 million at December 31, 2014 to its counterparties at the respective dates for its derivative liabilities and related outstanding payables. If the credit-risk-related contingent features underlying these agreements were triggered on March 31, 2015, SCE would be required to post $28 million of additional collateral of which $21 million is related to outstanding payables that are net of collateral already posted. | |||||||||||||||||||||||||||||
Fair Value of Derivative Instruments | |||||||||||||||||||||||||||||
SCE presents its derivative assets and liabilities on a net basis on its consolidated balance sheets when subject to master netting agreements or similar agreements. Derivative positions are offset against margin and cash collateral deposits. In addition, SCE has provided collateral in the form of letters of credit. Collateral requirements can vary depending upon the level of unsecured credit extended by counterparties, changes in market prices relative to contractual commitments and other factors. See Note 4 for a discussion of fair value of derivative instruments. The following table summarizes the gross and net fair values of SCE's commodity derivative instruments: | |||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||
(in millions) | Short-Term | Long-Term | Subtotal | Short-Term | Long-Term | Subtotal | Net | ||||||||||||||||||||||
Liability | |||||||||||||||||||||||||||||
Commodity derivative contracts | |||||||||||||||||||||||||||||
Gross amounts recognized | $ | 97 | $ | 212 | $ | 309 | $ | 259 | $ | 1,107 | $ | 1,366 | $ | 1,057 | |||||||||||||||
Gross amounts offset in the consolidated balance sheets | (3 | ) | — | (3 | ) | (3 | ) | — | (3 | ) | — | ||||||||||||||||||
Cash collateral posted1 | — | — | — | (71 | ) | — | (71 | ) | (71 | ) | |||||||||||||||||||
Net amounts presented in the consolidated balance sheets | $ | 94 | $ | 212 | $ | 306 | $ | 185 | $ | 1,107 | $ | 1,292 | $ | 986 | |||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||
(in millions) | Short-Term | Long-Term | Subtotal | Short-Term | Long-Term | Subtotal | Net | ||||||||||||||||||||||
Liability | |||||||||||||||||||||||||||||
Commodity derivative contracts | |||||||||||||||||||||||||||||
Gross amounts recognized | $ | 104 | $ | 219 | $ | 323 | $ | 259 | $ | 1,052 | $ | 1,311 | $ | 988 | |||||||||||||||
Gross amounts offset in the consolidated balance sheets | (2 | ) | — | (2 | ) | (2 | ) | — | (2 | ) | — | ||||||||||||||||||
Cash collateral posted1 | — | — | — | (61 | ) | — | (61 | ) | (61 | ) | |||||||||||||||||||
Net amounts presented in the consolidated balance sheets | $ | 102 | $ | 219 | $ | 321 | $ | 196 | $ | 1,052 | $ | 1,248 | $ | 927 | |||||||||||||||
1 | In addition, at both March 31, 2015 and December 31, 2014, SCE had posted $36 million of collateral that is not offset against derivative liabilities and is reflected in "Other current assets" on the consolidated balance sheets. | ||||||||||||||||||||||||||||
Income Statement Impact of Derivative Instruments | |||||||||||||||||||||||||||||
SCE recognizes realized gains and losses on derivative instruments as purchased power expense and expects that such gains or losses will be part of the purchase power costs recovered from customers. As a result, realized gains and losses do not affect earnings, but may temporarily affect cash flows. Due to expected future recovery from customers, unrealized gains and losses are recorded as regulatory assets and liabilities and therefore also do not affect earnings. The results of derivative activities and related regulatory offsets are recorded in cash flows from operating activities in the consolidated statements of cash flows. | |||||||||||||||||||||||||||||
The following table summarizes the components of SCE's economic hedging activity: | |||||||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | |||||||||||||||||||||||||||
Realized losses | $ | (36 | ) | $ | (37 | ) | |||||||||||||||||||||||
Unrealized (losses) gains | (69 | ) | 52 | ||||||||||||||||||||||||||
Notional Volumes of Derivative Instruments | |||||||||||||||||||||||||||||
The following table summarizes the notional volumes of derivatives used for SCE hedging activities: | |||||||||||||||||||||||||||||
Unit of | Economic Hedges | ||||||||||||||||||||||||||||
Commodity | Measure | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||
Electricity options, swaps and forwards | GWh | 3,044 | 3,618 | ||||||||||||||||||||||||||
Natural gas options, swaps and forwards | Bcf | 62 | 83 | ||||||||||||||||||||||||||
Congestion revenue rights | GWh | 112,090 | 122,859 | ||||||||||||||||||||||||||
Tolling arrangements | GWh | 77,684 | 79,989 | ||||||||||||||||||||||||||
Income_Taxes
Income Taxes | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Income Taxes | Income Taxes | |||||||||||||||
Effective Tax Rate | ||||||||||||||||
The table below provides a reconciliation of income tax expense computed at the federal statutory income tax rate to the income tax provision: | ||||||||||||||||
Edison International | SCE | |||||||||||||||
Three months ended March 31, | ||||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Income from continuing operations before income taxes | $ | 424 | $ | 205 | $ | 440 | $ | 222 | ||||||||
Provision for income tax at federal statutory rate of 35% | 148 | 71 | 154 | 78 | ||||||||||||
Increase (decrease) in income tax from: | ||||||||||||||||
State tax, net of federal benefit | 11 | 1 | 14 | 1 | ||||||||||||
Property-related | (60 | ) | (51 | ) | (60 | ) | (51 | ) | ||||||||
Change related to uncertain tax positions | 15 | 7 | 10 | 7 | ||||||||||||
San Onofre OII settlement | — | (40 | ) | — | (40 | ) | ||||||||||
Other | (8 | ) | (7 | ) | (11 | ) | (7 | ) | ||||||||
Total income tax expense (benefit) from continuing operations | $ | 106 | $ | (19 | ) | $ | 107 | $ | (12 | ) | ||||||
Effective tax rate | 25 | % | (9.3 | )% | 24.3 | % | (5.4 | )% | ||||||||
The CPUC requires flow-through ratemaking treatment for the current tax benefit arising from certain property-related and other temporary differences which reverse over time. Flow-through items reduce current authorized revenue requirements in SCE's rate cases and result in a regulatory asset for recovery of deferred income taxes in future periods. The difference between the authorized amounts in SCE's rate cases and the recorded flow-through items also result in increases or decreases in regulatory assets with a corresponding impact on the effective tax rate to the extent that recorded deferred amounts are expected to be recovered in future rates. The accounting treatment for these temporary differences results in recording regulatory assets and liabilities for amounts that would otherwise be recorded to deferred income tax expense. It is reasonably possible that by the end of 2015, unrecognized tax benefits may decrease by approximately $96 million due to a change in estimate of tax positions subject to flow-through regulatory treatment. | ||||||||||||||||
Property-related items include recognition of income tax benefits from repair deductions for income tax purposes. | ||||||||||||||||
Tax Disputes | ||||||||||||||||
Tax Years 2007 – 2009 | ||||||||||||||||
The IRS examination phase of tax years 2007 through 2009 was completed during the first quarter of 2013. Edison International received a Revenue Agent Report from the IRS on February 28, 2013 which included a proposed adjustment to disallow a component of SCE's percentage repair allowance deduction (similar to the 2003 – 2006 tax years). The proposed adjustment to disallow a component of SCE's percentage repair allowance deduction, if sustained, would result in a federal tax liability of approximately $77 million, including interest through March 31, 2015. Edison International has tentatively reached an agreement with the IRS regarding SCE’s percentage repair allowance deduction, which if finalized, would result in a federal tax liability of approximately $16 million, including interest through March 31, 2015. | ||||||||||||||||
Tax Years 2010 – 2012 | ||||||||||||||||
A Revenue Agent Report from the IRS is expected to be received from the examination phase of tax years 2010 through 2012 within the next six months. After receipt of the Revenue Agent Report, SCE expects to update its assessment of uncertain tax positions. |
Compensation_and_Benefit_Plans
Compensation and Benefit Plans | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||
Compensation and Benefit Plans | Compensation and Benefit Plans | |||||||||||||||
Pension Plans | ||||||||||||||||
Edison International made contributions of $4 million during the three months ended March 31, 2015, which includes contributions of $1 million by SCE. Edison International expects to make contributions of $117 million during the remainder of 2015, which includes $91 million from SCE. Annual contributions made by SCE to most of SCE's pension plans are anticipated to be recovered through CPUC-approved regulatory mechanisms, pending the outcome of the 2015 GRC decision. Annual contributions to these plans are expected to be, at a minimum, equal to the related annual expense. | ||||||||||||||||
Pension expense components for continuing operations are: | ||||||||||||||||
Edison International | SCE | |||||||||||||||
Three months ended March 31, | ||||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Service cost | $ | 35 | $ | 30 | $ | 35 | $ | 29 | ||||||||
Interest cost | 41 | 45 | 38 | 44 | ||||||||||||
Expected return on plan assets | (57 | ) | (57 | ) | (53 | ) | (56 | ) | ||||||||
Amortization of prior service cost | 1 | 1 | 1 | 1 | ||||||||||||
Amortization of net loss1 | 9 | 1 | 7 | — | ||||||||||||
Expense under accounting standards | $ | 29 | $ | 20 | $ | 28 | $ | 18 | ||||||||
Regulatory adjustment | (1 | ) | 31 | (1 | ) | 31 | ||||||||||
Total expense recognized | $ | 28 | $ | 51 | $ | 27 | $ | 49 | ||||||||
1 | Includes the amount of net loss reclassified from other comprehensive loss. The amount reclassified for Edison International and SCE was $3 million and $2 million, respectively, for the three months ended March 31, 2015, and $2 million and $1 million, respectively, for the three months ended March 31, 2014. | |||||||||||||||
Postretirement Benefits Other Than Pensions | ||||||||||||||||
Edison International made contributions of $15 million during the three months ended March 31, 2015 and expects to make contributions of $44 million during the remainder of 2015, substantially all of which are expected to be made by SCE. Annual contributions made to SCE plans are anticipated to be recovered through CPUC-approved regulatory mechanisms and are expected to be, at a minimum, equal to the total annual expense for these plans, pending the outcome of the 2015 GRC decision. Benefits under these plans, with some exceptions, are generally unvested and subject to change. Under the terms of the Edison International Health and Welfare Plan ("PBOP Plan") each participating employer (Edison International or its participating subsidiaries) is responsible for the costs and expenses of all PBOP benefits with respect to its employees and former employees. A participating employer may terminate the PBOP benefits with respect to its employees and former employees, as may SCE (as Plan sponsor), and, accordingly, the participants' PBOP benefits are not vested benefits. | ||||||||||||||||
PBOP expense components for continuing operations are: | ||||||||||||||||
Edison International | SCE | |||||||||||||||
Three months ended March 31, | ||||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Service cost | $ | 12 | $ | 11 | $ | 12 | $ | 11 | ||||||||
Interest cost | 29 | 27 | 28 | 27 | ||||||||||||
Expected return on plan assets | (28 | ) | (28 | ) | (28 | ) | (28 | ) | ||||||||
Amortization of prior service credit | (3 | ) | (9 | ) | (3 | ) | (9 | ) | ||||||||
Amortization of net loss | 6 | — | 6 | — | ||||||||||||
Total expense | $ | 16 | $ | 1 | $ | 15 | $ | 1 | ||||||||
Workforce Reductions | ||||||||||||||||
In 2012, SCE commenced multiple efforts to reduce its workforce in order to reflect SCE's strategic direction to optimize its cost structure, moderate customer rate increases and align its cost structure with its peers. In addition, in June 2013, SCE announced plans to permanently retire San Onofre, which resulted in additional workforce reductions. During the second quarter of 2014, SCE increased the estimated impact for workforce reductions related to transferring certain information technology activities to third parties. Through March 31, 2015, SCE's share of estimated cash severance for all of these workforce reductions totaled $215 million. The following table provides a summary of changes in the accrued severance liability associated with these reductions: | ||||||||||||||||
(in millions) | ||||||||||||||||
Balance at January 1, 2015 | $ | 35 | ||||||||||||||
Additions | — | |||||||||||||||
Payments | (23 | ) | ||||||||||||||
Balance at March 31, 2015 | $ | 12 | ||||||||||||||
The liability presented in the table above is reflected in "Other current liabilities" on the consolidated balance sheets. The severance costs are included in "Operation and maintenance" on the consolidated income statements. |
Other_Investments
Other Investments | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Regulated Entity, Other Assets, Noncurrent [Abstract] | ||||||||||||||||||
Other Investments | Other Investments | |||||||||||||||||
Nuclear Decommissioning Trusts | ||||||||||||||||||
Future decommissioning costs related to SCE's nuclear assets are expected to be funded from independent decommissioning trusts. | ||||||||||||||||||
The following table sets forth amortized cost and fair value of the trust investments: | ||||||||||||||||||
Longest | Amortized Cost | Fair Value | ||||||||||||||||
Maturity | ||||||||||||||||||
(in millions) | Dates | March 31, | December 31, | March 31, | December 31, 2014 | |||||||||||||
2015 | 2014 | 2015 | ||||||||||||||||
Stocks | — | $ | 544 | $ | 524 | $ | 2,074 | $ | 2,031 | |||||||||
Municipal bonds | 2054 | 679 | 681 | 826 | 822 | |||||||||||||
U.S. government and agency securities | 2045 | 1,127 | 777 | 1,207 | 836 | |||||||||||||
Corporate bonds | 2057 | 585 | 346 | 645 | 395 | |||||||||||||
Short-term investments and receivables/payables1 | One-year | 139 | 692 | 144 | 715 | |||||||||||||
Total | $ | 3,074 | $ | 3,020 | $ | 4,896 | $ | 4,799 | ||||||||||
1 | Short-term investments include $92 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by April 2, 2015. | |||||||||||||||||
Trust fund earnings (based on specific identification) increase the trust fund balance and the ARO regulatory liability. Proceeds from sales of securities (which are reinvested) were $2.9 billion and $1.5 billion for the three months ended March 31, 2015 and 2014, respectively. Unrealized holding gains, net of losses, were $1.8 billion and $1.8 billion at March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||
The following table sets forth a summary of changes in the fair value of the trust: | ||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||
(in millions) | 2015 | 2014 | ||||||||||||||||
Balance at beginning of period | $ | 4,799 | $ | 4,494 | ||||||||||||||
Gross realized gains | 27 | 10 | ||||||||||||||||
Gross realized losses | (2 | ) | — | |||||||||||||||
Unrealized gains, net | 44 | 62 | ||||||||||||||||
Other-than-temporary impairments | (4 | ) | (3 | ) | ||||||||||||||
Interest and dividends | 28 | 28 | ||||||||||||||||
Contributions | 7 | 5 | ||||||||||||||||
Income taxes | — | (7 | ) | |||||||||||||||
Administrative expenses and other | (3 | ) | (2 | ) | ||||||||||||||
Balance at end of period | $ | 4,896 | $ | 4,587 | ||||||||||||||
Trust assets are used to pay income taxes as the Trust files separate income taxes returns from SCE. Deferred income taxes related to unrealized gains at March 31, 2015 were $448 million. Accordingly, the fair value of Trust assets available to pay future decommissioning costs, net of deferred income taxes, totaled $4.4 billion at March 31, 2015. Due to regulatory mechanisms, changes in assets of the trusts from income items have no impact on operating revenue or earnings. |
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ||||||||
Regulatory Assets and Liabilities | Regulatory Assets and Liabilities | |||||||
Regulatory Assets | ||||||||
SCE's regulatory assets included on the consolidated balance sheets are: | ||||||||
(in millions) | March 31, | December 31, | ||||||
2015 | 2014 | |||||||
Current: | ||||||||
Regulatory balancing accounts | $ | 957 | $ | 1,088 | ||||
Energy derivatives | 167 | 159 | ||||||
Other | 28 | 7 | ||||||
Total current | 1,152 | 1,254 | ||||||
Long-term: | ||||||||
Deferred income taxes, net | 3,506 | 3,405 | ||||||
Pensions and other postretirement benefits | 1,214 | 1,218 | ||||||
Energy derivatives | 910 | 850 | ||||||
Unamortized investments, net | 235 | 255 | ||||||
San Onofre | 1,246 | 1,288 | ||||||
Unamortized loss on reacquired debt | 214 | 201 | ||||||
Regulatory balancing accounts | 49 | 44 | ||||||
Other | 363 | 351 | ||||||
Total long-term | 7,737 | 7,612 | ||||||
Total regulatory assets | $ | 8,889 | $ | 8,866 | ||||
Regulatory Liabilities | ||||||||
SCE's regulatory liabilities included on the consolidated balance sheets are: | ||||||||
(in millions) | March 31, | December 31, | ||||||
2015 | 2014 | |||||||
Current: | ||||||||
Regulatory balancing accounts | $ | 384 | $ | 380 | ||||
Other1 | 51 | 21 | ||||||
Total current | 435 | 401 | ||||||
Long-term: | ||||||||
Costs of removal | 2,810 | 2,826 | ||||||
Recoveries in excess of ARO liabilities2 | 2,013 | 1,956 | ||||||
Regulatory balancing accounts | 1,091 | 1,083 | ||||||
Other | 58 | 24 | ||||||
Total long-term | 5,972 | 5,889 | ||||||
Total regulatory liabilities | $ | 6,407 | $ | 6,290 | ||||
1 | During the first quarter of 2015, SCE recognized revenue from CPUC activities largely based on 2014 authorized base revenue requirements included in customer rates. SCE deferred $36 million of the 2014 authorized base revenue requirement allocated to the first quarter related to incremental repair deductions pending the outcome of the 2015 GRC. | |||||||
2 | Represents the cumulative differences between ARO expenses and amounts collected in rates primarily for the decommissioning of the SCE's nuclear generation facilities. Decommissioning costs recovered through rates are primarily placed in nuclear decommissioning trusts. This regulatory liability also represents the deferral of realized and unrealized gains and losses on the nuclear decommissioning trust investments (see Note 9). | |||||||
Net Regulatory Balancing Accounts | ||||||||
The following table summarizes the significant components of regulatory balancing accounts included in the above tables of regulatory assets and liabilities: | ||||||||
(in millions) | March 31, | December 31, | ||||||
2015 | 2014 | |||||||
Asset (liability) | ||||||||
Energy resource recovery account | $ | 683 | $ | 1,028 | ||||
New system generation balancing account | (63 | ) | 35 | |||||
Public purpose programs and energy efficiency programs | (851 | ) | (874 | ) | ||||
Base rate recovery balancing account | 67 | (5 | ) | |||||
Greenhouse gas auction revenue | (218 | ) | (182 | ) | ||||
FERC balancing accounts | (9 | ) | (32 | ) | ||||
Generator settlements | — | (197 | ) | |||||
Other | (78 | ) | (104 | ) | ||||
Liability | $ | (469 | ) | $ | (331 | ) |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Third-Party Power Purchase Agreements | |
During the three months ended March 31, 2015, SCE had new power procurement contracts with additional commitments estimated to be: $6 million for remainder of 2015, $34 million for 2016, $117 million for 2017, $166 million for 2018, $204 million for 2019 and $1.9 billion for the period remaining thereafter. | |
Indemnities | |
Edison International and SCE have various financial and performance guarantees and indemnity agreements which are issued in the normal course of business. | |
Edison International and SCE have provided indemnifications through contracts entered into in the normal course of business. These are primarily indemnifications against adverse litigation outcomes in connection with underwriting agreements, and indemnities for specified environmental liabilities and income taxes with respect to assets sold. Edison International's and SCE's obligations under these agreements may or may not be limited in terms of time and/or amount, and in some instances Edison International and SCE may have recourse against third parties. Edison International and SCE have not recorded a liability related to these indemnities. The overall maximum amount of the obligations under these indemnifications cannot be reasonably estimated. | |
SCE has indemnified the City of Redlands, California in connection with Mountainview's California Energy Commission permit for cleanup or associated actions related to groundwater contaminated by perchlorate due to the disposal of filter cake at the City's solid waste landfill. The obligations under this agreement are not limited to a specific time period or subject to a maximum liability. SCE has not recorded a liability related to this indemnity. | |
Contingencies | |
In addition to the matters disclosed in these Notes, Edison International and SCE are involved in other legal, tax and regulatory proceedings before various courts and governmental agencies regarding matters arising in the ordinary course of business. Edison International and SCE believe the outcome of these other proceedings will not, individually or in the aggregate, materially affect its results of operations or liquidity. | |
San Onofre Related Matters | |
Replacement steam generators were installed at San Onofre in 2010 and 2011. On January 31, 2012, a leak suddenly occurred in one of the heat transfer tubes in San Onofre's Unit 3 steam generators. The Unit was safely taken off-line and subsequent inspections revealed excessive tube wear. Unit 2 was off-line for a planned outage when areas of unexpected tube wear were also discovered. On June 6, 2013, SCE decided to permanently retire Units 2 and 3. | |
Settlement of San Onofre CPUC Proceedings | |
In November 2014, the CPUC approved the San Onofre OII Settlement Agreement that SCE had entered into with TURN, the ORA, SDG&E, the Coalition of California Utility Employees, and Friends of the Earth. The San Onofre OII Settlement Agreement resolved the CPUC's OII and related proceedings regarding the Steam Generator Replacement Project at San Onofre and the related outage and subsequent shutdown of San Onofre. The San Onofre OII Settlement Agreement does not affect proceedings related to recoveries from third parties described below, but does describe how shareholders and customers will share any potential recoveries. | |
A federal lawsuit challenging the CPUC's authority to permit rate recovery of San Onofre costs and an application to the CPUC for rehearing of its decision approving the San Onofre OII Settlement Agreement were filed in November and December 2014, respectively. On April 16, 2015, a ruling was issued dismissing the federal lawsuit with prejudice. | |
In February 2015, SCE filed in the OII proceeding a Late-Filed Notice of Ex Parte Communication regarding a meeting in March 2013 between an SCE senior executive and the president of the CPUC, both of whom have since retired from their respective positions. In response, the Alliance for Nuclear Responsibility, one of the intervenors in the OII, filed an application requesting that the CPUC institute an investigation into whether sanctions should be imposed on SCE in connection with the ex parte communication. The application requests that the CPUC order SCE to produce all ex parte communications between SCE and the CPUC or its staff since January 31, 2012 and all internal SCE unprivileged communications that discuss such ex parte communications. | |
On April 14, 2015, the OII ALJs ordered SCE to produce unprivileged documents pertaining to oral and written communications regarding regarding the possible settlement of the OII proceeding between any SCE employee and CPUC decision makers. SCE's response is due on April 29, 2015. | |
On April 17, 2015, ORA and TURN issued press releases asking the CPUC to impose penalties on SCE in connection with the ex parte communication. ORA recommended penalties in the amount of $648 million, representing ORA's calculation of the difference in ratepayer value between ORA's initial negotiating position in the SONGS OII and the approved settlement. TURN did not recommend a penalty amount. Neither party asked the CPUC to reopen the settlement. TURN stated that, based on SCE's response to the OII ALJs' April 14, 2015 order, it may seek a reopening of the OII proceeding. On April 27, 2015, the Alliance for Nuclear Responsibility filed a petition to modify the CPUC’s decision approving the San Onofre OII Settlement Agreement due to the ex parte communication. The petition seeks the reversal of the decision approving the San Onofre OII Settlement Agreement and reinstatement of the OII proceeding. | |
SCE cannot predict the outcome of these proceedings. | |
NRC Proceedings | |
In February 2015, the NRC issued a proposed decision resolving the review of SCE's compliance with the license amendment regulatory process related to the RSGs by an NRC Staff Petition Review Board by finding the issue to be moot, given the permanent cessation of operation of San Onofre. In March 2015, the NRC issued a lessons learned report in which it restated earlier NRC inspection findings that SCE properly concluded that the replacement steam generators at San Onofre did not require a formal license amendment prior to installation using a common NRC process for replacement components. | |
Certain anti-nuclear groups and individual members of Congress have alleged that SCE knew of deficiencies in the steam generators when they were installed or otherwise did not correctly follow NRC requirements for the design and installation of the replacement steam generators, something which SCE has vigorously denied, and have called for investigations, including by the Department of Justice. SCE cannot predict when or whether ongoing proceedings by the NRC will be completed or whether inquiries by other government agencies will be initiated. | |
NEIL Insurance Claims | |
San Onofre carries accidental property damage and carried accidental outage insurance issued by Nuclear Electric Insurance Limited ("NEIL") and has placed NEIL on notice of claims under both policies. The NEIL policies have a number of exclusions and limitations that NEIL may assert reduce or eliminate coverage (such as a limitation under which benefits may be reduced by up to 90% for periods following a planned shutdown), and SCE may choose to challenge NEIL's application of any such exclusions and limitations. Through August 30, 2014, the San Onofre owners had submitted approximately $433 million in claims (SCE's share of which is approximately $339 million) under the accidental outage insurance. These claims continue to be under review and are subject to revision and updating over time. The accidental outage insurance at San Onofre has been canceled prospectively as a result of the permanent retirement. SCE has not submitted a proof of loss under the accidental property damage insurance but reserves the right to do so. The parties are continuing discussions. SCE may challenge any reduction or denial of coverage that results from any coverage determination by NEIL. No amounts have been recognized in SCE's financial statements, pending NEIL's response to the San Onofre owners’ claims. | |
Under the San Onofre OII Settlement Agreement, recoveries from NEIL, if any, will first be applied to reimburse costs incurred in pursuing such recoveries, including litigation costs. To the extent SCE's share of recoveries from NEIL exceeds such costs, recoveries under the accidental outage insurance will be allocated 95% to customers and 5% to SCE and all other NEIL recoveries will be allocated 82.5% to customers and 17.5% to SCE. SCE customers' portion of amounts recovered from NEIL would be distributed to SCE customers via a credit to SCE's ERRA account. | |
MHI Claims | |
SCE is also pursuing claims against Mitsubishi Heavy Industries, Ltd. and a related company ("MHI"), which designed and supplied the RSGs. MHI warranted the RSGs for an initial period of 20 years from acceptance and is contractually obligated to repair or replace defective items with dispatch and to pay specified damages for certain repairs. MHI's stated liability under the purchase agreement is limited to $138 million and excludes consequential damages, defined to include "the cost of replacement power;" however, limitations in the contract are subject to applicable exceptions both in the contract and under law. SCE has advised MHI that it believes one or more of such exceptions apply and that MHI's liability is not limited to $138 million. MHI has advised SCE that it disagrees. In October 2013 SCE sent MHI a formal request for binding arbitration under the auspices of the International Chamber of Commerce in accordance with the purchase contract seeking damages for all losses. In the request for arbitration, SCE alleges contract and tort claims and seeks at least $4 billion in damages on behalf of itself and its customers and in its capacity as Operating Agent for San Onofre. MHI has denied any liability and has asserted counterclaims for $41 million, for which SCE has denied any liability. Each of the other San Onofre owners sued MHI, alleging claims arising from MHI's supplying the faulty steam generators. These litigation claims have been stayed pending the arbitration. The other owners (SDG&E and Riverside) have been added as additional claimants in the arbitration. | |
SCE, on behalf of itself and the other San Onofre owners, has submitted seven invoices to MHI totaling $149 million for steam generator repair costs incurred through April 30, 2013. MHI paid the first invoice of $45 million, while reserving its right to challenge it and subsequently rejected a portion of the first invoice and has not paid further invoices, claiming further documentation is required, which SCE disputes. SCE recorded its share of the invoice paid (approximately $35 million) as a reduction of repair and inspection costs in 2012. | |
Under the San Onofre OII Settlement Agreement, recoveries from MHI (including amounts paid by MHI under the first invoice), if any, will first be applied to reimburse costs incurred in pursuing such recoveries, including litigation costs. To the extent SCE's share of recoveries from MHI exceed such costs, they will be allocated 50% to customers and 50% to SCE. | |
The first $282 million of SCE's customers' portion of such recoveries from MHI will be distributed to customers via a credit to a sub-account of SCE's Base Revenue Requirement Balancing Account ("BRRBA"), reducing revenue requirements from customers. Amounts in excess of the first $282 million distributable to SCE customers will reduce SCE's regulatory asset represented by the unamortized balance of investment in San Onofre base plant, reducing the revenue requirement needed to amortize such investment. The amortization period, however, will be unaffected. Any additional amounts received after the regulatory asset is recovered will be applied to the BRRBA. | |
The San Onofre OII Settlement Agreement provides the utilities with the discretion to resolve the NEIL and MHI disputes without CPUC approval or review, but the utilities are obligated to use their best efforts to inform the CPUC of any settlement or other resolution of these disputes to the extent this is possible without compromising any aspect of the resolution. SCE and SDG&E have also agreed to allow the CPUC to review the documentation of any final resolution of the NEIL and MHI disputes and the litigation costs incurred in pursuing claims against NEIL and MHI to ensure they are not exorbitant in relation to the recovery obtained. There is no assurance that there will be any recoveries from NEIL or MHI or that if there are recoveries, that they will equal or exceed the costs incurred to pursue them. | |
Environmental Remediation | |
SCE records its environmental remediation liabilities when site assessments and/or remedial actions are probable and a range of reasonably likely cleanup costs can be estimated. SCE reviews its sites and measures the liability quarterly, by assessing a range of reasonably likely costs for each identified site using currently available information, including existing technology, presently enacted laws and regulations, experience gained at similar sites, and the probable level of involvement and financial condition of other potentially responsible parties. These estimates include costs for site investigations, remediation, operation and maintenance, monitoring and site closure. Unless there is a single probable amount, SCE records the lower end of this reasonably likely range of costs (reflected in "Other long-term liabilities") at undiscounted amounts as timing of cash flows is uncertain. | |
At March 31, 2015, SCE's recorded estimated minimum liability to remediate its 19 identified material sites (sites in which the upper end of the range of the costs is at least $1 million) was $116 million, including $84 million related to San Onofre. In addition to these sites, SCE also has 39 immaterial sites for which the total minimum recorded liability was $4 million. Of the $120 million total environmental remediation liability for SCE, $116 million has been recorded as a regulatory asset. SCE expects to recover $30 million through an incentive mechanism that allows SCE to recover 90% of its environmental remediation costs at certain sites (SCE may request to include additional sites) and $86 million through a mechanism that allows SCE to recover 100% of the costs incurred at certain sites through customer rates. SCE's identified sites include several sites for which there is a lack of currently available information, including the nature and magnitude of contamination, and the extent, if any, that SCE may be held responsible for contributing to any costs incurred for remediating these sites. Thus, no reasonable estimate of cleanup costs can be made for these sites. | |
The ultimate costs to clean up SCE's identified sites may vary from its recorded liability due to numerous uncertainties inherent in the estimation process, such as: the extent and nature of contamination; the scarcity of reliable data for identified sites; the varying costs of alternative cleanup methods; developments resulting from investigatory studies; the possibility of identifying additional sites; and the time periods over which site remediation is expected to occur. SCE believes that, due to these uncertainties, it is reasonably possible that cleanup costs at the identified material sites and immaterial sites could exceed its recorded liability by up to $158 million and $7 million, respectively. The upper limit of this range of costs was estimated using assumptions least favorable to SCE among a range of reasonably possible outcomes. | |
SCE expects to clean up and mitigate its identified sites over a period of up to 30 years. Remediation costs for each of the next five years are expected to range from $5 million to $23 million. Costs incurred were $1 million for both the three months ended March 31, 2015 and 2014. | |
Based upon the CPUC's regulatory treatment of environmental remediation costs incurred at SCE, SCE believes that costs ultimately recorded will not materially affect its results of operations, financial position or cash flows. There can be no assurance, however, that future developments, including additional information about existing sites or the identification of new sites, will not require material revisions to estimates. | |
Nuclear Insurance | |
SCE is a member of NEIL, a mutual insurance company owned by entities with nuclear facilities. NEIL provides insurance for nuclear property damage, including damages caused by acts of terrorism up to specified limits, and for accidental outages for active facilities. The amount of nuclear property damage insurance purchased for San Onofre and Palo Verde exceeds the minimum federal requirement of $1.06 billion. If NEIL losses at any nuclear facility covered by the arrangement were to exceed the accumulated funds for these insurance programs, SCE could be assessed retrospective premium adjustments of up to approximately $52 million per year. | |
Federal law limits public offsite liability claims for bodily injury and property damage from a nuclear incident to the amount of available financial protection, which is currently approximately $13.6 billion. Based on its ownership interests, SCE could be required to pay a maximum of approximately $255 million per nuclear incident. However, it would have to pay no more than approximately $38 million per incident in any one year. | |
For more information on insurance coverage, see Note 11 in the 2014 Form 10-K. | |
Wildfire Insurance | |
Severe wildfires in California have given rise to large damage claims against California utilities for fire-related losses alleged to be the result of the failure of electric and other utility equipment. Invoking a California Court of Appeal decision, plaintiffs pursuing these claims have relied on the doctrine of inverse condemnation, which can impose strict liability (including liability for a claimant's attorneys' fees) for property damage. Prolonged drought conditions in California have also increased the risk of severe wildfire events. On June 1, 2014, Edison International renewed its liability insurance coverage, which included coverage for SCE's wildfire liabilities up to a $547.5 million limit (with a self-insured retention of $10 million per wildfire occurrence). Various coverage limitations within the policies that make up this insurance coverage could result in additional self-insured costs in the event of multiple wildfire occurrences during the policy period (June 1, 2014 to May 31, 2015). SCE also has additional coverage for certain wildfire liabilities of $450 million, which applies when total covered wildfire claims exceed $550 million, through June 14, 2015. SCE may experience coverage reductions and/or increased insurance costs in future years. No assurance can be given that future losses will not exceed the limits of SCE's insurance coverage. | |
Spent Nuclear Fuel | |
Under federal law, the Department of Energy ("DOE") is responsible for the selection and construction of a facility for the permanent disposal of spent nuclear fuel and high-level radioactive waste. The DOE has not met its contractual obligation to accept spent nuclear fuel. Extended delays by the DOE have led to the construction of costly alternatives and associated siting and environmental issues. Currently, both San Onofre and Palo Verde have interim storage for spent nuclear fuel on site sufficient for the current license period. | |
SCE, as operating agent, filed a lawsuit on behalf of the San Onofre owners against the DOE in the Court of Federal Claims seeking damages of approximately $182 million for the DOE's failure to meet its obligation to begin accepting spent nuclear fuel for the period from January 1, 2006 to December 31, 2013. Additional legal action would be necessary to recover damages incurred after December 31, 2013. All damages recovered by SCE are subject to CPUC review as to how these amounts would be distributed among customers, shareholders, or to offset fuel decommissioning or storage costs. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | |||||||||||||||
The changes in accumulated other comprehensive loss, net of tax consist of: | ||||||||||||||||
Edison International | SCE | |||||||||||||||
Three months ended March 31, | ||||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Beginning balance | $ | (58 | ) | $ | (13 | ) | $ | (28 | ) | $ | (11 | ) | ||||
Pension and PBOP – net income (loss): | ||||||||||||||||
Other comprehensive loss before reclassifications | (3 | ) | — | — | — | |||||||||||
Reclassified from accumulated other comprehensive loss1 | 2 | 2 | 1 | 1 | ||||||||||||
Change | (1 | ) | 2 | 1 | 1 | |||||||||||
Ending Balance | $ | (59 | ) | $ | (11 | ) | $ | (27 | ) | $ | (10 | ) | ||||
1 | These items are included in the computation of net periodic pension and PBOP expense. See Note 8 for additional information. |
Interest_and_Other_Income_and_
Interest and Other Income and Other Expenses | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Income and Expenses [Abstract] | |||||||||
Interest and Other Income and Other Expenses | Interest and Other Income and Other Expenses | ||||||||
Interest and other income and other expenses are as follows: | |||||||||
Three months ended March 31, | |||||||||
(in millions) | 2015 | 2014 | |||||||
SCE interest and other income: | |||||||||
Equity allowance for funds used during construction | $ | 21 | $ | 13 | |||||
Increase in cash surrender value of life insurance policies and life insurance benefits | 10 | 7 | |||||||
Interest income | 1 | 2 | |||||||
Other | 1 | 1 | |||||||
Total SCE interest and other income | 33 | 23 | |||||||
Edison International Parent and Other other income | 6 | — | |||||||
Total Edison International interest and other income | $ | 39 | $ | 23 | |||||
SCE other expenses: | |||||||||
Civic, political and related activities and donations | 5 | 5 | |||||||
Other | 2 | 2 | |||||||
Total SCE other expenses | 7 | 7 | |||||||
Edison International Parent and Other other expenses | 3 | 1 | |||||||
Total Edison International other expenses | $ | 10 | $ | 8 | |||||
Discontinued_Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations |
EME Chapter 11 Bankruptcy | |
In December 2012, EME and certain of its wholly-owned subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division. The Amended Plan of Reorganization, including the EME Settlement Agreement, was completed on April 1, 2014 with the sale of substantially all of EME's assets to NRG Energy, Inc. and the transactions called for in the EME Settlement Agreement, including an initial cash payment to the Reorganization Trust of $225 million in April 2014. For further discussion of the EME Settlement Agreement, see the 2014 Form 10-K, "Notes to Consolidated Financial Statements—Note 15." | |
In August 2014, Edison International entered into an amendment of the EME Settlement Agreement that finalized the remaining matters related to the EME Settlement including setting the amount of the two installment payments at $204 million due on September 30, 2015 and $214 million due on September 30, 2016. | |
Loss from discontinued operations, net of tax, was $22 million for the three months ended March 31, 2014. The 2014 loss from discontinued operations resulted from revised estimates of the impact of a tax deconsolidation of EME from Edison International as originally contemplated prior to the EME Settlement. |
Supplemental_Cash_Flows_Inform
Supplemental Cash Flows Information | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||||||
Supplemental Cash Flows Information | Supplemental Cash Flows Information | |||||||||||||||
Supplemental cash flows information for continuing operations is: | ||||||||||||||||
Edison International | SCE | |||||||||||||||
Three months ended March 31, | ||||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Cash payments for interest and taxes: | ||||||||||||||||
Interest, net of amounts capitalized | $ | 152 | $ | 157 | $ | 144 | $ | 149 | ||||||||
Tax payments, net | — | — | 32 | 3 | ||||||||||||
Non-cash financing and investing activities: | ||||||||||||||||
Dividends declared but not paid: | ||||||||||||||||
Common stock | $ | 136 | $ | 116 | $ | 147 | $ | 126 | ||||||||
Preferred and preference stock | 3 | 4 | 3 | 4 | ||||||||||||
SCE's accrued capital expenditures at March 31, 2015 and 2014 were $407 million and $438 million, respectively. Accrued capital expenditures will be included as an investing activity in the consolidated statements of cash flow in the period paid. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation |
Edison International is the parent holding company of Southern California Edison Company ("SCE"). SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. Edison International is also the parent company of Edison Energy, a company that holds interests in subsidiaries that are engaged in competitive businesses related to the delivery or use of electricity. Such competitive business activities are currently not material to report as a separate business segment. These combined notes to the consolidated financial statements apply to both Edison International and SCE unless otherwise described. Edison International's consolidated financial statements include the accounts of Edison International, SCE and other wholly owned and controlled subsidiaries. References to Edison International refer to the consolidated group of Edison International and its subsidiaries. References to Edison International Parent and Other refer to Edison International Parent and its nonutility subsidiaries. SCE's consolidated financial statements include the accounts of SCE and its wholly owned and controlled subsidiaries. All intercompany transactions have been eliminated from the consolidated financial statements. | |
Edison International's and SCE's significant accounting policies were described in Note 1 of "Notes to Consolidated Financial Statements" included in the 2014 Form 10-K. This quarterly report should be read in conjunction with the financial statements and notes included in the 2014 Form 10-K. | |
In the opinion of management, all adjustments, consisting of recurring accruals, have been made that are necessary to fairly state the consolidated financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States of America for the periods covered by this quarterly report on Form 10-Q. The results of operations for the three-month period ended March 31, 2015 are not necessarily indicative of the operating results for the full year. | |
The December 31, 2014 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. | |
Cash Equivalents | Cash Equivalents |
Cash equivalents included investments in money market funds. Generally, the carrying value of cash equivalents equals the fair value, as these investments have original maturities of three months or less. | |
Inventory | Inventory |
Inventory is primarily composed of materials, supplies and spare parts, and stated at the lower of cost or market, cost being determined by the average cost method. | |
Earnings Per Share | Earnings Per Share |
Edison International computes earnings per common share ("EPS") using the two-class method, which is an earnings allocation formula that determines EPS for each class of common stock and participating security. Edison International's participating securities are stock-based compensation awards payable in common shares, including performance shares and restricted stock units, which earn dividend equivalents on an equal basis with common shares once the awards are vested. | |
New Accounting Guidance | New Accounting Guidance |
Accounting Guidance Not Yet Adopted | |
On May 28, 2014, the FASB issued an accounting standards update on revenue recognition including enhanced disclosures. Under the new standard, revenue is recognized when (or as) a good or service is transferred to the customer and the customer obtains control of the good or service. Edison International and SCE are currently evaluating this new guidance which is effective January 1, 2017 and cannot determine the impact of this standard at this time. | |
On April 7, 2015, the FASB issued an accounting standards update that will require debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts. Currently, these costs are presented as a deferred charge asset. Edison International and SCE will adopt this guidance in the first quarter of 2016. The adoption of this accounting standards update is not expected to have a material impact on Edison International's and SCE's consolidated financial statements. | |
On April 15 2015, the FASB issued an accounting standard update on fees paid by a customer for software licenses. This new standard provides guidance about whether a cloud computing arrangement includes a software license which may be capitalized in certain circumstances. If a cloud computing arrangement does not include a software license, then the arrangement should be accounted for as a service contract. Edison International and SCE are currently evaluating this guidance, which is effective January 1, 2016, and expects this new standard will not have a material impact on the consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||
Revision to Consolidated Statement of Cash Flow | The following table presents the cash flow statement effects related to the revision for the three months ended March 31, 2014: | |||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
(in millions) | As Reported | Adjustment | As Revised | As Reported | Adjustment | As Revised | ||||||||||||||||||
Nuclear decommissioning trusts | $ | 29 | $ | 67 | $ | 96 | $ | 29 | $ | 67 | $ | 96 | ||||||||||||
Total cash provided by operating activities | 498 | 67 | 565 | 521 | 67 | 588 | ||||||||||||||||||
Purchases of nuclear decommissioning trust investments | (1,536 | ) | (67 | ) | (1,603 | ) | (1,536 | ) | (67 | ) | (1,603 | ) | ||||||||||||
Total cash used in investing activities | (975 | ) | (67 | ) | (1,042 | ) | (974 | ) | (67 | ) | (1,041 | ) | ||||||||||||
Cash Equivalents | Checks issued, but not yet paid by the financial institution, are reclassified from cash to accounts payable at the end of each reporting period as follows: | |||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
(in millions) | March 31, | December 31, 2014 | March 31, | December 31, 2014 | ||||||||||||||||||||
2015 | 2015 | |||||||||||||||||||||||
Book balances reclassified to accounts payable | $ | 121 | $ | 180 | $ | 121 | $ | 177 | ||||||||||||||||
The cash equivalents were as follows: | ||||||||||||||||||||||||
Edison International | SCE | |||||||||||||||||||||||
(in millions) | March 31, | December 31, 2014 | March 31, | December 31, 2014 | ||||||||||||||||||||
2015 | 2015 | |||||||||||||||||||||||
Money market funds | $ | 35 | $ | 35 | $ | 5 | $ | 5 | ||||||||||||||||
EPS Attributable to Edison International Common Shareholders | EPS attributable to Edison International common shareholders was computed as follows: | |||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||
(in millions, except per-share amounts) | 2015 | 2014 | ||||||||||||||||||||||
Basic earnings per share – continuing operations: | ||||||||||||||||||||||||
Income from continuing operations attributable to common shareholders | $ | 299 | $ | 198 | ||||||||||||||||||||
Participating securities dividends | — | — | ||||||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 299 | $ | 198 | ||||||||||||||||||||
Weighted average common shares outstanding | 326 | 326 | ||||||||||||||||||||||
Basic earnings per share – continuing operations | $ | 0.92 | $ | 0.61 | ||||||||||||||||||||
Diluted earnings per share – continuing operations: | ||||||||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 299 | $ | 198 | ||||||||||||||||||||
Income impact of assumed conversions | — | — | ||||||||||||||||||||||
Income from continuing operations available to common shareholders and assumed conversions | $ | 299 | $ | 198 | ||||||||||||||||||||
Weighted average common shares outstanding | 326 | 326 | ||||||||||||||||||||||
Incremental shares from assumed conversions | 3 | 3 | ||||||||||||||||||||||
Adjusted weighted average shares – diluted | 329 | 329 | ||||||||||||||||||||||
Diluted earnings per share – continuing operations | $ | 0.91 | $ | 0.61 | ||||||||||||||||||||
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||||||||||||||||
Schedule of changes in equity | The following table provides Edison International's changes in equity for the three months ended March 31, 2015: | |||||||||||||||||||||||
Equity Attributable to Common Shareholders | Noncontrolling Interests | |||||||||||||||||||||||
(in millions, except per-share amounts) | Common | Accumulated | Retained | Subtotal | Preferred | Total | ||||||||||||||||||
Stock | Other | Earnings | and | Equity | ||||||||||||||||||||
Comprehensive Loss | Preference | |||||||||||||||||||||||
Stock | ||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 2,445 | $ | (58 | ) | $ | 8,573 | $ | 10,960 | $ | 2,022 | $ | 12,982 | |||||||||||
Net income | — | — | 299 | 299 | 28 | 327 | ||||||||||||||||||
Other comprehensive loss | — | (1 | ) | — | (1 | ) | — | (1 | ) | |||||||||||||||
Common stock dividends declared ($0.4175 per share) | — | — | (136 | ) | (136 | ) | — | (136 | ) | |||||||||||||||
Dividends to noncontrolling interests | — | — | — | — | (28 | ) | (28 | ) | ||||||||||||||||
Stock-based compensation | 9 | — | (61 | ) | (52 | ) | — | (52 | ) | |||||||||||||||
Non-cash stock-based compensation | 6 | — | — | 6 | — | 6 | ||||||||||||||||||
Balance at March 31, 2015 | $ | 2,460 | $ | (59 | ) | $ | 8,675 | $ | 11,076 | $ | 2,022 | $ | 13,098 | |||||||||||
The following table provides Edison International's changes in equity for the three months ended March 31, 2014: | ||||||||||||||||||||||||
Equity Attributable to Common Shareholders | Noncontrolling Interests | |||||||||||||||||||||||
(in millions, except per-share amounts) | Common | Accumulated | Retained | Subtotal | Preferred | Total | ||||||||||||||||||
Stock | Other | Earnings | and | Equity | ||||||||||||||||||||
Comprehensive | Preference | |||||||||||||||||||||||
Loss | Stock | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 2,403 | $ | (13 | ) | $ | 7,548 | $ | 9,938 | $ | 1,753 | $ | 11,691 | |||||||||||
Net income | — | — | 176 | 176 | 26 | 202 | ||||||||||||||||||
Other comprehensive income | — | 2 | — | 2 | — | 2 | ||||||||||||||||||
Common stock dividends declared ($0.3550 per share) | — | — | (116 | ) | (116 | ) | — | (116 | ) | |||||||||||||||
Dividends to noncontrolling interests | — | — | — | — | (26 | ) | (26 | ) | ||||||||||||||||
Stock-based compensation | 9 | — | (50 | ) | (41 | ) | — | (41 | ) | |||||||||||||||
Non-cash stock-based compensation | 5 | — | 15 | 20 | — | 20 | ||||||||||||||||||
Issuance of preference stock | — | — | — | — | 270 | 270 | ||||||||||||||||||
Balance at March 31, 2014 | $ | 2,417 | $ | (11 | ) | $ | 7,573 | $ | 9,979 | $ | 2,023 | $ | 12,002 | |||||||||||
Southern California Edison | ||||||||||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||||||||||||||||
Schedule of changes in equity | The following table provides SCE's changes in equity for the three months ended March 31, 2015: | |||||||||||||||||||||||
Equity Attributable to Edison International | ||||||||||||||||||||||||
(in millions) | Common | Additional | Accumulated | Retained | Preferred | Total | ||||||||||||||||||
Stock | Paid-in | Other | Earnings | and | Equity | |||||||||||||||||||
Capital | Comprehensive Loss | Preference | ||||||||||||||||||||||
Stock | ||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 2,168 | $ | 618 | $ | (28 | ) | $ | 8,454 | $ | 2,070 | $ | 13,282 | |||||||||||
Net income | — | — | — | 333 | — | 333 | ||||||||||||||||||
Other comprehensive income | — | — | 1 | — | — | 1 | ||||||||||||||||||
Dividends declared on common stock | — | — | — | (147 | ) | — | (147 | ) | ||||||||||||||||
Dividends declared on preferred and preference stock | — | — | — | (28 | ) | — | (28 | ) | ||||||||||||||||
Stock-based compensation | — | 9 | — | (22 | ) | — | (13 | ) | ||||||||||||||||
Non-cash stock-based compensation | — | 4 | — | — | — | 4 | ||||||||||||||||||
Balance at March 31, 2015 | $ | 2,168 | $ | 631 | $ | (27 | ) | $ | 8,590 | $ | 2,070 | $ | 13,432 | |||||||||||
The following table provides SCE's changes in equity for the three months ended March 31, 2014: | ||||||||||||||||||||||||
Equity Attributable to Edison International | ||||||||||||||||||||||||
(in millions) | Common | Additional | Accumulated | Retained | Preferred | Total | ||||||||||||||||||
Stock | Paid-in | Other | Earnings | and | Equity | |||||||||||||||||||
Capital | Comprehensive | Preference | ||||||||||||||||||||||
Loss | Stock | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 2,168 | $ | 592 | $ | (11 | ) | $ | 7,594 | $ | 1,795 | $ | 12,138 | |||||||||||
Net income | — | — | — | 234 | — | 234 | ||||||||||||||||||
Other comprehensive income | — | — | 1 | — | — | 1 | ||||||||||||||||||
Dividends declared on common stock | — | — | — | (126 | ) | — | (126 | ) | ||||||||||||||||
Dividends declared on preferred and preference stock | — | — | — | (26 | ) | — | (26 | ) | ||||||||||||||||
Stock-based compensation | — | 9 | — | (31 | ) | — | (22 | ) | ||||||||||||||||
Non-cash stock-based compensation | — | 2 | — | 10 | — | 12 | ||||||||||||||||||
Issuance of preference stock | — | (5 | ) | — | — | 275 | 270 | |||||||||||||||||
Balance at March 31, 2014 | $ | 2,168 | $ | 598 | $ | (10 | ) | $ | 7,655 | $ | 2,070 | $ | 12,481 | |||||||||||
Variable_Interest_Entities_Tru
Variable Interest Entities Trust income (Tables) (Southern California Edison) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Southern California Edison | |||||||||||||
Variable Interest Entity | |||||||||||||
Summary of Trusts' Income Statements | The following table provides a summary of the trusts' income statements: | ||||||||||||
Three months ended March 31, | |||||||||||||
(in millions) | Trust I | Trust II | Trust III | ||||||||||
2015 | |||||||||||||
Dividend income | $ | 7 | $ | 5 | $ | 4 | |||||||
Dividend distributions | 7 | 5 | 4 | ||||||||||
2014 | |||||||||||||
Dividend income | $ | 7 | $ | 5 | $ | 1 | |||||||
Dividend distributions | 7 | 5 | 1 | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||
Carrying Amounts and Fair Values of Long-term Debt, Including Current Portion | The carrying value and fair value of Edison International's and SCE's long-term debt (including current portion of long-term debt) are as follows: | |||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||
(in millions) | Carrying | Fair | Carrying | Fair | ||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||
SCE | $ | 10,823 | $ | 12,601 | $ | 9,924 | $ | 11,479 | ||||||||||||
Edison International | 11,637 | 13,440 | 10,738 | 12,319 | ||||||||||||||||
Southern California Edison | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||
Fair Value by Level | The following table sets forth assets and liabilities of SCE that were accounted for at fair value by level within the fair value hierarchy: | |||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||
and | ||||||||||||||||||||
Collateral1 | ||||||||||||||||||||
Assets at fair value | ||||||||||||||||||||
Derivative contracts | $ | — | $ | — | $ | 306 | $ | — | $ | 306 | ||||||||||
Other | 34 | — | — | — | 34 | |||||||||||||||
Nuclear decommissioning trusts: | ||||||||||||||||||||
Stocks2 | 2,074 | — | — | — | 2,074 | |||||||||||||||
Fixed Income3 | 1,027 | 1,651 | — | — | 2,678 | |||||||||||||||
Short-term investments, primarily cash equivalents | 44 | 98 | — | — | 142 | |||||||||||||||
Subtotal of nuclear decommissioning trusts4 | 3,145 | 1,749 | — | — | 4,894 | |||||||||||||||
Total assets | 3,179 | 1,749 | 306 | — | 5,234 | |||||||||||||||
Liabilities at fair value | ||||||||||||||||||||
Derivative contracts | — | 81 | 1,282 | (71 | ) | 1,292 | ||||||||||||||
Total liabilities | — | 81 | 1,282 | (71 | ) | 1,292 | ||||||||||||||
Net assets (liabilities) | $ | 3,179 | $ | 1,668 | $ | (976 | ) | $ | 71 | $ | 3,942 | |||||||||
December 31, 2014 | ||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||
and | ||||||||||||||||||||
Collateral1 | ||||||||||||||||||||
Assets at fair value | ||||||||||||||||||||
Derivative contracts | $ | — | $ | — | $ | 321 | $ | — | $ | 321 | ||||||||||
Other | 33 | — | — | — | 33 | |||||||||||||||
Nuclear decommissioning trusts: | ||||||||||||||||||||
Stocks2 | 2,031 | — | — | — | 2,031 | |||||||||||||||
Fixed Income3 | 703 | 1,350 | — | — | 2,053 | |||||||||||||||
Short-term investments, primarily cash equivalents | 606 | 166 | — | — | 772 | |||||||||||||||
Subtotal of nuclear decommissioning trusts4 | 3,340 | 1,516 | — | — | 4,856 | |||||||||||||||
Total assets | 3,373 | 1,516 | 321 | — | 5,210 | |||||||||||||||
Liabilities at fair value | ||||||||||||||||||||
Derivative contracts | — | 86 | 1,223 | (61 | ) | 1,248 | ||||||||||||||
Total liabilities | — | 86 | 1,223 | (61 | ) | 1,248 | ||||||||||||||
Net assets (liabilities) | $ | 3,373 | $ | 1,430 | $ | (902 | ) | $ | 61 | $ | 3,962 | |||||||||
1 | Represents the netting of assets and liabilities under master netting agreements and cash collateral across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level. | |||||||||||||||||||
2 | Approximately 72% and 73% of SCE's equity investments were located in the United States at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||
3 | Includes corporate bonds, which were diversified and included collateralized mortgage obligations and other asset backed securities of $161 million and $49 million at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||
4 | Excludes net receivables of $2 million and net payables of $57 million at March 31, 2015 and December 31, 2014, which consist of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases. | |||||||||||||||||||
Summary of Changes in Fair Value of Level 3 Net Derivative Assets and Liabilities | The following table sets forth a summary of changes in SCE's fair value of Level 3 net derivative assets and liabilities: | |||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
(in millions) | 2015 | 2014 | ||||||||||||||||||
Fair value of net liabilities at beginning of period | $ | (902 | ) | $ | (805 | ) | ||||||||||||||
Total realized/unrealized gains (losses): | ||||||||||||||||||||
Included in regulatory assets and liabilities1 | (74 | ) | 31 | |||||||||||||||||
Purchases | — | 7 | ||||||||||||||||||
Settlements | — | (6 | ) | |||||||||||||||||
Fair value of net liabilities at end of period | $ | (976 | ) | $ | (773 | ) | ||||||||||||||
Change during the period in unrealized gains and losses related to assets and liabilities held at the end of the period | $ | (96 | ) | $ | 22 | |||||||||||||||
1 | Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities. | |||||||||||||||||||
Valuation Techniques and Significant Unobservable Inputs Used to Determine Fair Value for Level 3 Assets and Liabilities | The following table sets forth SCE's valuation techniques and significant unobservable inputs used to determine fair value for significant Level 3 assets and liabilities: | |||||||||||||||||||
Fair Value (in millions) | Significant | Range | ||||||||||||||||||
Assets | Liabilities | Valuation Technique(s) | Unobservable Input | (Weighted Average) | ||||||||||||||||
Congestion revenue rights | ||||||||||||||||||||
March 31, 2015 | $ | 297 | $ | — | Market simulation model | Load forecast | 7,630 MW - 25,431 MW | |||||||||||||
Power prices1 | $1.65 - $109.95 | |||||||||||||||||||
Gas prices2 | $3.65 - $6.53 | |||||||||||||||||||
31-Dec-14 | 317 | — | Market simulation model | Load forecast | 7,630 MW - 25,431 MW | |||||||||||||||
Power prices1 | $1.65 - $109.95 | |||||||||||||||||||
Gas prices2 | $3.65 - $6.53 | |||||||||||||||||||
Tolling | ||||||||||||||||||||
March 31, 2015 | 9 | 1,275 | Option model | Volatility of gas prices | 16% - 40% (20%) | |||||||||||||||
Volatility of power prices | 26% - 37% (30%) | |||||||||||||||||||
Power prices | $28.00 - $54.80 ($40.10) | |||||||||||||||||||
31-Dec-14 | 4 | 1,175 | Option model | Volatility of gas prices | 13% - 53% (20%) | |||||||||||||||
Volatility of power prices | 25% - 42% (30%) | |||||||||||||||||||
Power prices | $30.60 - $61.40 ($44.60) | |||||||||||||||||||
1 | Prices are in dollars per megawatt-hour. | |||||||||||||||||||
2 | Prices are in dollars per million British thermal units. |
Derivative_Instruments_Tables
Derivative Instruments (Tables) (Southern California Edison) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Southern California Edison | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||||||||||||
Fair Value of Derivative Instruments | The following table summarizes the gross and net fair values of SCE's commodity derivative instruments: | ||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||
(in millions) | Short-Term | Long-Term | Subtotal | Short-Term | Long-Term | Subtotal | Net | ||||||||||||||||||||||
Liability | |||||||||||||||||||||||||||||
Commodity derivative contracts | |||||||||||||||||||||||||||||
Gross amounts recognized | $ | 97 | $ | 212 | $ | 309 | $ | 259 | $ | 1,107 | $ | 1,366 | $ | 1,057 | |||||||||||||||
Gross amounts offset in the consolidated balance sheets | (3 | ) | — | (3 | ) | (3 | ) | — | (3 | ) | — | ||||||||||||||||||
Cash collateral posted1 | — | — | — | (71 | ) | — | (71 | ) | (71 | ) | |||||||||||||||||||
Net amounts presented in the consolidated balance sheets | $ | 94 | $ | 212 | $ | 306 | $ | 185 | $ | 1,107 | $ | 1,292 | $ | 986 | |||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||
(in millions) | Short-Term | Long-Term | Subtotal | Short-Term | Long-Term | Subtotal | Net | ||||||||||||||||||||||
Liability | |||||||||||||||||||||||||||||
Commodity derivative contracts | |||||||||||||||||||||||||||||
Gross amounts recognized | $ | 104 | $ | 219 | $ | 323 | $ | 259 | $ | 1,052 | $ | 1,311 | $ | 988 | |||||||||||||||
Gross amounts offset in the consolidated balance sheets | (2 | ) | — | (2 | ) | (2 | ) | — | (2 | ) | — | ||||||||||||||||||
Cash collateral posted1 | — | — | — | (61 | ) | — | (61 | ) | (61 | ) | |||||||||||||||||||
Net amounts presented in the consolidated balance sheets | $ | 102 | $ | 219 | $ | 321 | $ | 196 | $ | 1,052 | $ | 1,248 | $ | 927 | |||||||||||||||
1 | In addition, at both March 31, 2015 and December 31, 2014, SCE had posted $36 million of collateral that is not offset against derivative liabilities and is reflected in "Other current assets" on the consolidated balance sheets. | ||||||||||||||||||||||||||||
Summarization of Economic Hedging Activities | The following table summarizes the components of SCE's economic hedging activity: | ||||||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | |||||||||||||||||||||||||||
Realized losses | $ | (36 | ) | $ | (37 | ) | |||||||||||||||||||||||
Unrealized (losses) gains | (69 | ) | 52 | ||||||||||||||||||||||||||
Notional Volumes of Derivative Instruments | The following table summarizes the notional volumes of derivatives used for SCE hedging activities: | ||||||||||||||||||||||||||||
Unit of | Economic Hedges | ||||||||||||||||||||||||||||
Commodity | Measure | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||
Electricity options, swaps and forwards | GWh | 3,044 | 3,618 | ||||||||||||||||||||||||||
Natural gas options, swaps and forwards | Bcf | 62 | 83 | ||||||||||||||||||||||||||
Congestion revenue rights | GWh | 112,090 | 122,859 | ||||||||||||||||||||||||||
Tolling arrangements | GWh | 77,684 | 79,989 | ||||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Reconciliation of income tax expense | The table below provides a reconciliation of income tax expense computed at the federal statutory income tax rate to the income tax provision: | |||||||||||||||
Edison International | SCE | |||||||||||||||
Three months ended March 31, | ||||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Income from continuing operations before income taxes | $ | 424 | $ | 205 | $ | 440 | $ | 222 | ||||||||
Provision for income tax at federal statutory rate of 35% | 148 | 71 | 154 | 78 | ||||||||||||
Increase (decrease) in income tax from: | ||||||||||||||||
State tax, net of federal benefit | 11 | 1 | 14 | 1 | ||||||||||||
Property-related | (60 | ) | (51 | ) | (60 | ) | (51 | ) | ||||||||
Change related to uncertain tax positions | 15 | 7 | 10 | 7 | ||||||||||||
San Onofre OII settlement | — | (40 | ) | — | (40 | ) | ||||||||||
Other | (8 | ) | (7 | ) | (11 | ) | (7 | ) | ||||||||
Total income tax expense (benefit) from continuing operations | $ | 106 | $ | (19 | ) | $ | 107 | $ | (12 | ) | ||||||
Effective tax rate | 25 | % | (9.3 | )% | 24.3 | % | (5.4 | )% |
Compensation_and_Benefit_Plans1
Compensation and Benefit Plans (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Pension Plans | ||||||||||||||||
Pension and Other Postretirement Benefits | ||||||||||||||||
Expense Components for Plans | Pension expense components for continuing operations are: | |||||||||||||||
Edison International | SCE | |||||||||||||||
Three months ended March 31, | ||||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Service cost | $ | 35 | $ | 30 | $ | 35 | $ | 29 | ||||||||
Interest cost | 41 | 45 | 38 | 44 | ||||||||||||
Expected return on plan assets | (57 | ) | (57 | ) | (53 | ) | (56 | ) | ||||||||
Amortization of prior service cost | 1 | 1 | 1 | 1 | ||||||||||||
Amortization of net loss1 | 9 | 1 | 7 | — | ||||||||||||
Expense under accounting standards | $ | 29 | $ | 20 | $ | 28 | $ | 18 | ||||||||
Regulatory adjustment | (1 | ) | 31 | (1 | ) | 31 | ||||||||||
Total expense recognized | $ | 28 | $ | 51 | $ | 27 | $ | 49 | ||||||||
1 | Includes the amount of net loss reclassified from other comprehensive loss. The amount reclassified for Edison International and SCE was $3 million and $2 million, respectively, for the three months ended March 31, 2015, and $2 million and $1 million, respectively, for the three months ended March 31, 2014. | |||||||||||||||
Postretirement Benefits Other Than Pensions | ||||||||||||||||
Pension and Other Postretirement Benefits | ||||||||||||||||
Expense Components for Plans | PBOP expense components for continuing operations are: | |||||||||||||||
Edison International | SCE | |||||||||||||||
Three months ended March 31, | ||||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Service cost | $ | 12 | $ | 11 | $ | 12 | $ | 11 | ||||||||
Interest cost | 29 | 27 | 28 | 27 | ||||||||||||
Expected return on plan assets | (28 | ) | (28 | ) | (28 | ) | (28 | ) | ||||||||
Amortization of prior service credit | (3 | ) | (9 | ) | (3 | ) | (9 | ) | ||||||||
Amortization of net loss | 6 | — | 6 | — | ||||||||||||
Total expense | $ | 16 | $ | 1 | $ | 15 | $ | 1 | ||||||||
Southern California Edison | ||||||||||||||||
Workforce Reductions [Abstract] | ||||||||||||||||
Workforce reductions | The following table provides a summary of changes in the accrued severance liability associated with these reductions: | |||||||||||||||
(in millions) | ||||||||||||||||
Balance at January 1, 2015 | $ | 35 | ||||||||||||||
Additions | — | |||||||||||||||
Payments | (23 | ) | ||||||||||||||
Balance at March 31, 2015 | $ | 12 | ||||||||||||||
Other_Investments_Tables
Other Investments (Tables) (Southern California Edison) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Southern California Edison | ||||||||||||||||||
Investment [Line Items] | ||||||||||||||||||
Amortized Cost and Fair Value of the Trust Investments | The following table sets forth amortized cost and fair value of the trust investments: | |||||||||||||||||
Longest | Amortized Cost | Fair Value | ||||||||||||||||
Maturity | ||||||||||||||||||
(in millions) | Dates | March 31, | December 31, | March 31, | December 31, 2014 | |||||||||||||
2015 | 2014 | 2015 | ||||||||||||||||
Stocks | — | $ | 544 | $ | 524 | $ | 2,074 | $ | 2,031 | |||||||||
Municipal bonds | 2054 | 679 | 681 | 826 | 822 | |||||||||||||
U.S. government and agency securities | 2045 | 1,127 | 777 | 1,207 | 836 | |||||||||||||
Corporate bonds | 2057 | 585 | 346 | 645 | 395 | |||||||||||||
Short-term investments and receivables/payables1 | One-year | 139 | 692 | 144 | 715 | |||||||||||||
Total | $ | 3,074 | $ | 3,020 | $ | 4,896 | $ | 4,799 | ||||||||||
1 | Short-term investments include $92 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by April 2, 2015. | |||||||||||||||||
Summary of Changes in the Fair Value of Trust | The following table sets forth a summary of changes in the fair value of the trust: | |||||||||||||||||
Three months ended March 31, | ||||||||||||||||||
(in millions) | 2015 | 2014 | ||||||||||||||||
Balance at beginning of period | $ | 4,799 | $ | 4,494 | ||||||||||||||
Gross realized gains | 27 | 10 | ||||||||||||||||
Gross realized losses | (2 | ) | — | |||||||||||||||
Unrealized gains, net | 44 | 62 | ||||||||||||||||
Other-than-temporary impairments | (4 | ) | (3 | ) | ||||||||||||||
Interest and dividends | 28 | 28 | ||||||||||||||||
Contributions | 7 | 5 | ||||||||||||||||
Income taxes | — | (7 | ) | |||||||||||||||
Administrative expenses and other | (3 | ) | (2 | ) | ||||||||||||||
Balance at end of period | $ | 4,896 | $ | 4,587 | ||||||||||||||
Regulatory_Assets_and_Liabilit1
Regulatory Assets and Liabilities (Tables) (Southern California Edison) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Southern California Edison | ||||||||
Regulatory Assets [Line Items] | ||||||||
Regulatory Assets Included on the Consolidated Balance Sheets | SCE's regulatory assets included on the consolidated balance sheets are: | |||||||
(in millions) | March 31, | December 31, | ||||||
2015 | 2014 | |||||||
Current: | ||||||||
Regulatory balancing accounts | $ | 957 | $ | 1,088 | ||||
Energy derivatives | 167 | 159 | ||||||
Other | 28 | 7 | ||||||
Total current | 1,152 | 1,254 | ||||||
Long-term: | ||||||||
Deferred income taxes, net | 3,506 | 3,405 | ||||||
Pensions and other postretirement benefits | 1,214 | 1,218 | ||||||
Energy derivatives | 910 | 850 | ||||||
Unamortized investments, net | 235 | 255 | ||||||
San Onofre | 1,246 | 1,288 | ||||||
Unamortized loss on reacquired debt | 214 | 201 | ||||||
Regulatory balancing accounts | 49 | 44 | ||||||
Other | 363 | 351 | ||||||
Total long-term | 7,737 | 7,612 | ||||||
Total regulatory assets | $ | 8,889 | $ | 8,866 | ||||
Regulatory Liabilities Included on the Consolidated Balance Sheets | SCE's regulatory liabilities included on the consolidated balance sheets are: | |||||||
(in millions) | March 31, | December 31, | ||||||
2015 | 2014 | |||||||
Current: | ||||||||
Regulatory balancing accounts | $ | 384 | $ | 380 | ||||
Other1 | 51 | 21 | ||||||
Total current | 435 | 401 | ||||||
Long-term: | ||||||||
Costs of removal | 2,810 | 2,826 | ||||||
Recoveries in excess of ARO liabilities2 | 2,013 | 1,956 | ||||||
Regulatory balancing accounts | 1,091 | 1,083 | ||||||
Other | 58 | 24 | ||||||
Total long-term | 5,972 | 5,889 | ||||||
Total regulatory liabilities | $ | 6,407 | $ | 6,290 | ||||
1 | During the first quarter of 2015, SCE recognized revenue from CPUC activities largely based on 2014 authorized base revenue requirements included in customer rates. SCE deferred $36 million of the 2014 authorized base revenue requirement allocated to the first quarter related to incremental repair deductions pending the outcome of the 2015 GRC. | |||||||
2 | Represents the cumulative differences between ARO expenses and amounts collected in rates primarily for the decommissioning of the SCE's nuclear generation facilities. Decommissioning costs recovered through rates are primarily placed in nuclear decommissioning trusts. This regulatory liability also represents the deferral of realized and unrealized gains and losses on the nuclear decommissioning trust investments (see Note 9). | |||||||
Schedule of Regulatory Balancing Accounts | The following table summarizes the significant components of regulatory balancing accounts included in the above tables of regulatory assets and liabilities: | |||||||
(in millions) | March 31, | December 31, | ||||||
2015 | 2014 | |||||||
Asset (liability) | ||||||||
Energy resource recovery account | $ | 683 | $ | 1,028 | ||||
New system generation balancing account | (63 | ) | 35 | |||||
Public purpose programs and energy efficiency programs | (851 | ) | (874 | ) | ||||
Base rate recovery balancing account | 67 | (5 | ) | |||||
Greenhouse gas auction revenue | (218 | ) | (182 | ) | ||||
FERC balancing accounts | (9 | ) | (32 | ) | ||||
Generator settlements | — | (197 | ) | |||||
Other | (78 | ) | (104 | ) | ||||
Liability | $ | (469 | ) | $ | (331 | ) |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||||||
Components of Accumulated Other Comprehensive Loss | The changes in accumulated other comprehensive loss, net of tax consist of: | |||||||||||||||
Edison International | SCE | |||||||||||||||
Three months ended March 31, | ||||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Beginning balance | $ | (58 | ) | $ | (13 | ) | $ | (28 | ) | $ | (11 | ) | ||||
Pension and PBOP – net income (loss): | ||||||||||||||||
Other comprehensive loss before reclassifications | (3 | ) | — | — | — | |||||||||||
Reclassified from accumulated other comprehensive loss1 | 2 | 2 | 1 | 1 | ||||||||||||
Change | (1 | ) | 2 | 1 | 1 | |||||||||||
Ending Balance | $ | (59 | ) | $ | (11 | ) | $ | (27 | ) | $ | (10 | ) | ||||
1 | These items are included in the computation of net periodic pension and PBOP expense. See Note 8 for additional information. |
Interest_and_Other_Income_and_1
Interest and Other Income and Other Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Income and Expenses [Abstract] | |||||||||
Interest and Other Income and Expenses | Interest and other income and other expenses are as follows: | ||||||||
Three months ended March 31, | |||||||||
(in millions) | 2015 | 2014 | |||||||
SCE interest and other income: | |||||||||
Equity allowance for funds used during construction | $ | 21 | $ | 13 | |||||
Increase in cash surrender value of life insurance policies and life insurance benefits | 10 | 7 | |||||||
Interest income | 1 | 2 | |||||||
Other | 1 | 1 | |||||||
Total SCE interest and other income | 33 | 23 | |||||||
Edison International Parent and Other other income | 6 | — | |||||||
Total Edison International interest and other income | $ | 39 | $ | 23 | |||||
SCE other expenses: | |||||||||
Civic, political and related activities and donations | 5 | 5 | |||||||
Other | 2 | 2 | |||||||
Total SCE other expenses | 7 | 7 | |||||||
Edison International Parent and Other other expenses | 3 | 1 | |||||||
Total Edison International other expenses | $ | 10 | $ | 8 | |||||
Supplemental_Cash_Flows_Inform1
Supplemental Cash Flows Information (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||||||
Supplemental Cash Flows Information | Supplemental cash flows information for continuing operations is: | |||||||||||||||
Edison International | SCE | |||||||||||||||
Three months ended March 31, | ||||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Cash payments for interest and taxes: | ||||||||||||||||
Interest, net of amounts capitalized | $ | 152 | $ | 157 | $ | 144 | $ | 149 | ||||||||
Tax payments, net | — | — | 32 | 3 | ||||||||||||
Non-cash financing and investing activities: | ||||||||||||||||
Dividends declared but not paid: | ||||||||||||||||
Common stock | $ | 136 | $ | 116 | $ | 147 | $ | 126 | ||||||||
Preferred and preference stock | 3 | 4 | 3 | 4 | ||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 27 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 |
Summary of Significant Accounting Policies [Line Items] | ||||
Impairment and other charges | $0 | $231 | ||
Southern California Edison | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Impairment and other charges | 0 | 231 | ||
Southern California Edison | Electric Utility | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Supply of electricity, area covered (square mile) | 50,000 | |||
San Onofre | Southern California Edison | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Impairment and other charges | 231 | 163 | 738 | |
Asset impairment net of tax | $96 | $72 | $437 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Revision to Consolidated Statement of Cash Flow (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Allowance for equity during construction | $96 | |
Total cash provided by operating activities | 964 | 565 |
Purchases of nuclear decommissioning trust investments | -2,889 | -1,603 |
Total cash used by investing activities | -1,294 | -1,042 |
As Reported | ||
Allowance for equity during construction | 29 | |
Total cash provided by operating activities | 498 | |
Purchases of nuclear decommissioning trust investments | -1,536 | |
Total cash used by investing activities | -975 | |
Adjustment | ||
Allowance for equity during construction | 67 | |
Total cash provided by operating activities | 67 | |
Purchases of nuclear decommissioning trust investments | -67 | |
Total cash used by investing activities | -67 | |
Southern California Edison | ||
Allowance for equity during construction | 96 | |
Total cash provided by operating activities | 966 | 588 |
Purchases of nuclear decommissioning trust investments | -2,889 | -1,603 |
Total cash used by investing activities | -1,288 | -1,041 |
Southern California Edison | As Reported | ||
Allowance for equity during construction | 29 | |
Total cash provided by operating activities | 521 | |
Purchases of nuclear decommissioning trust investments | -1,536 | |
Total cash used by investing activities | -974 | |
Southern California Edison | Adjustment | ||
Allowance for equity during construction | 67 | |
Total cash provided by operating activities | 67 | |
Purchases of nuclear decommissioning trust investments | -67 | |
Total cash used by investing activities | ($67) |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Cash) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents Items [Line Items] | ||
Maximum maturity period of cash equivalent investments (in months) | 3 months | |
Money market funds | $35 | $35 |
Book balances reclassified to accounts payable | 121 | 180 |
Southern California Edison | ||
Cash and Cash Equivalents Items [Line Items] | ||
Money market funds | 5 | 5 |
Book balances reclassified to accounts payable | $121 | $177 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Earnings Per Share) (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Basic earnings per share b continuing operations: | ||
Income from continuing operations, net of tax | $299 | $198 |
Participating securities dividends | 0 | 0 |
Income from continuing operations available to common shareholders | 299 | 198 |
Weighted average common shares outstanding (in shares) | 326,000,000 | 326,000,000 |
Basic earnings per share b continuing operations (in dollars per share) | $0.92 | $0.61 |
Diluted earnings per share b continuing operations: | ||
Income from continuing operations, net of tax | 299 | 198 |
Income impact of assumed conversions | 0 | 0 |
Income from continuing operations available to common shareholders and assumed conversions | $299 | $198 |
Weighted average common shares outstanding (in shares) | 326,000,000 | 326,000,000 |
Incremental shares from assumed conversions (in shares) | 3,000,000 | 3,000,000 |
Adjusted weighted average shares - diluted (in shares) | 329,000,000 | 329,000,000 |
Diluted earnings per share b continuing operations (in dollars per share) | $0.91 | $0.61 |
Stock-Based Compensation Awards | ||
Diluted earnings per share b continuing operations: | ||
Stock-based compensation awards excluded from the computation of diluted earnings per share (in shares) | 79,394 | 2,050,449 |
Consolidated_Statements_of_Cha2
Consolidated Statements of Changes in Equity (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance, at the beginning of the period | $12,982 | $11,691 |
Net income | 327 | 202 |
Other comprehensive income (loss) | -1 | 2 |
Common stock dividends declared | -136 | -116 |
Dividends to noncontrolling interests | -28 | -26 |
Stock-based compensation | -52 | -41 |
Non-cash stock-based compensation | 6 | 20 |
Issuance of preference stock | 270 | |
Balance, at the end of the period | 13,098 | 12,002 |
Dividends declared per common share (in dollars per share) | $0.42 | $0.36 |
Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance, at the beginning of the period | 2,445 | 2,403 |
Net income | 0 | 0 |
Other comprehensive income (loss) | 0 | 0 |
Common stock dividends declared | 0 | 0 |
Dividends to noncontrolling interests | 0 | 0 |
Stock-based compensation | 9 | 9 |
Non-cash stock-based compensation | 6 | 5 |
Issuance of preference stock | 0 | |
Balance, at the end of the period | 2,460 | 2,417 |
Accumulated Other Comprehensive Loss | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance, at the beginning of the period | -58 | -13 |
Net income | 0 | 0 |
Other comprehensive income (loss) | -1 | 2 |
Common stock dividends declared | 0 | 0 |
Dividends to noncontrolling interests | 0 | 0 |
Stock-based compensation | 0 | 0 |
Non-cash stock-based compensation | 0 | 0 |
Issuance of preference stock | 0 | |
Balance, at the end of the period | -59 | -11 |
Retained Earnings | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance, at the beginning of the period | 8,573 | 7,548 |
Net income | 299 | 176 |
Other comprehensive income (loss) | 0 | 0 |
Common stock dividends declared | -136 | -116 |
Dividends to noncontrolling interests | 0 | 0 |
Stock-based compensation | -61 | -50 |
Non-cash stock-based compensation | 0 | 15 |
Issuance of preference stock | 0 | |
Balance, at the end of the period | 8,675 | 7,573 |
Subtotal | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance, at the beginning of the period | 10,960 | 9,938 |
Net income | 299 | 176 |
Other comprehensive income (loss) | -1 | 2 |
Common stock dividends declared | -136 | -116 |
Dividends to noncontrolling interests | 0 | 0 |
Stock-based compensation | -52 | -41 |
Non-cash stock-based compensation | 6 | 20 |
Issuance of preference stock | 0 | |
Balance, at the end of the period | 11,076 | 9,979 |
Preferred and preference stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance, at the beginning of the period | 2,022 | 1,753 |
Net income | 28 | 26 |
Other comprehensive income (loss) | 0 | 0 |
Common stock dividends declared | 0 | 0 |
Dividends to noncontrolling interests | -28 | -26 |
Stock-based compensation | 0 | 0 |
Non-cash stock-based compensation | 0 | 0 |
Issuance of preference stock | 270 | |
Balance, at the end of the period | 2,022 | 2,023 |
Southern California Edison | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance, at the beginning of the period | 13,282 | 12,138 |
Other comprehensive income (loss) | 1 | 1 |
Common stock dividends declared | -147 | -126 |
Dividends declared on preferred and preference stock | -28 | -26 |
Stock-based compensation | -13 | -22 |
Non-cash stock-based compensation | 4 | 12 |
Issuance of preference stock | 270 | |
Balance, at the end of the period | 13,432 | 12,481 |
Southern California Edison | Common stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance, at the beginning of the period | 2,168 | 2,168 |
Net income | 0 | 0 |
Other comprehensive income (loss) | 0 | 0 |
Common stock dividends declared | 0 | 0 |
Dividends declared on preferred and preference stock | 0 | 0 |
Stock-based compensation | 0 | 0 |
Non-cash stock-based compensation | 0 | 0 |
Issuance of preference stock | 0 | |
Balance, at the end of the period | 2,168 | 2,168 |
Southern California Edison | Additional Paid-in Capital | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance, at the beginning of the period | 618 | 592 |
Net income | 0 | 0 |
Other comprehensive income (loss) | 0 | 0 |
Common stock dividends declared | 0 | 0 |
Dividends declared on preferred and preference stock | 0 | 0 |
Stock-based compensation | 9 | 9 |
Non-cash stock-based compensation | 4 | 2 |
Issuance of preference stock | -5 | |
Balance, at the end of the period | 631 | 598 |
Southern California Edison | Accumulated Other Comprehensive Loss | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance, at the beginning of the period | -28 | -11 |
Net income | 0 | 0 |
Other comprehensive income (loss) | 1 | 1 |
Common stock dividends declared | 0 | 0 |
Dividends declared on preferred and preference stock | 0 | 0 |
Stock-based compensation | 0 | 0 |
Non-cash stock-based compensation | 0 | 0 |
Issuance of preference stock | 0 | |
Balance, at the end of the period | -27 | -10 |
Southern California Edison | Retained Earnings | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance, at the beginning of the period | 8,454 | 7,594 |
Net income | 333 | 234 |
Other comprehensive income (loss) | 0 | 0 |
Common stock dividends declared | -147 | -126 |
Dividends declared on preferred and preference stock | -28 | -26 |
Stock-based compensation | -22 | -31 |
Non-cash stock-based compensation | 0 | 10 |
Issuance of preference stock | 0 | |
Balance, at the end of the period | 8,590 | 7,655 |
Southern California Edison | Preferred and preference stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance, at the beginning of the period | 2,070 | 1,795 |
Other comprehensive income (loss) | 0 | 0 |
Common stock dividends declared | 0 | 0 |
Dividends declared on preferred and preference stock | 0 | 0 |
Stock-based compensation | 0 | 0 |
Non-cash stock-based compensation | 0 | 0 |
Issuance of preference stock | 275 | |
Balance, at the end of the period | $2,070 | $2,070 |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (Southern California Edison, Variable Interest Entity, Not Primary Beneficiary, USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
MW | MW | ||
SCE Power Purchase Contracts | |||
Details of projects or entities | |||
Power generating capacity (in megawatts) | 4,125 | 5,641 | |
Payments to unconsolidated VIEs for power purchase contracts | $103,000,000 | $125,000,000 | |
SCE Trust I | |||
Unconsolidated Trust | |||
Dividend income | 7,000,000 | 7,000,000 | |
Dividend distributions | 7,000,000 | 7,000,000 | |
SCE Trust I | Trust Securities | |||
Unconsolidated Trust | |||
Security dividend rate, (as a percent) | 5.63% | ||
Liquidation preference | 475,000,000 | 475,000,000 | |
Liquidation value (in dollars per share) | $25 | ||
Common stock | 10,000 | 10,000 | |
SCE Trust I | Series F Preferred Stock | |||
Unconsolidated Trust | |||
Liquidation preference | 475,000,000 | 475,000,000 | |
Liquidation value (in dollars per share) | $2,500 | ||
SCE Trust II | |||
Unconsolidated Trust | |||
Dividend income | 5,000,000 | 5,000,000 | |
Dividend distributions | 5,000,000 | 5,000,000 | |
SCE Trust II | Trust Securities | |||
Unconsolidated Trust | |||
Security dividend rate, (as a percent) | 5.10% | ||
Liquidation preference | 400,000,000 | 400,000,000 | |
Liquidation value (in dollars per share) | $25 | ||
Common stock | 10,000 | 10,000 | |
SCE Trust II | Series G Preferred Stock | |||
Unconsolidated Trust | |||
Liquidation preference | 400,000,000 | 400,000,000 | |
Liquidation value (in dollars per share) | $2,500 | ||
SCE Trust III | |||
Unconsolidated Trust | |||
Dividend income | 4,000,000 | 1,000,000 | |
Dividend distributions | 4,000,000 | 1,000,000 | |
SCE Trust III | Trust Securities | |||
Unconsolidated Trust | |||
Security dividend rate, (as a percent) | 5.75% | ||
Liquidation preference | 275,000,000 | ||
Liquidation value (in dollars per share) | $25 | ||
Common stock | 10,000 | ||
SCE Trust III | Series H Preferred Stock | |||
Unconsolidated Trust | |||
Liquidation preference | $275,000,000 | ||
Liquidation value (in dollars per share) | $2,500 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value by Level) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||||
Assets at fair value | ||||||
Nuclear decommissioning trusts | $4,896 | $4,799 | ||||
Liabilities at fair value | ||||||
Money market funds | 35 | 35 | ||||
Southern California Edison | ||||||
Assets at fair value | ||||||
Nuclear decommissioning trusts | 4,896 | 4,799 | 4,587 | 4,494 | ||
Liabilities at fair value | ||||||
Percentage of equity investments located in the United States (as a percent) | 72.00% | 73.00% | ||||
Collateralized mortgage obligations and other asset backed securities | 161 | 49 | ||||
Receivables (payables) net related to investments | 2 | -57 | ||||
Money market funds | 5 | 5 | ||||
Southern California Edison | Fair Value, Measurements, Recurring | Level 1 | ||||||
Assets at fair value | ||||||
Derivative contracts | 0 | 0 | ||||
Other | 34 | 33 | ||||
Nuclear decommissioning trusts | 3,145 | [1] | 3,340 | [1] | ||
Total assets | 3,179 | 3,373 | ||||
Liabilities at fair value | ||||||
Derivative contracts | 0 | 0 | ||||
Total liabilities | 0 | 0 | ||||
Net assets (liabilities) | 3,179 | 3,373 | ||||
Southern California Edison | Fair Value, Measurements, Recurring | Level 1 | Stocks | ||||||
Assets at fair value | ||||||
Nuclear decommissioning trusts | 2,074 | [2] | 2,031 | [2] | ||
Southern California Edison | Fair Value, Measurements, Recurring | Level 1 | Fixed income | ||||||
Assets at fair value | ||||||
Nuclear decommissioning trusts | 1,027 | [3] | 703 | [3] | ||
Southern California Edison | Fair Value, Measurements, Recurring | Level 1 | Short-term investments, primarily cash equivalents | ||||||
Assets at fair value | ||||||
Nuclear decommissioning trusts | 44 | 606 | ||||
Southern California Edison | Fair Value, Measurements, Recurring | Level 2 | ||||||
Assets at fair value | ||||||
Derivative contracts | 0 | 0 | ||||
Other | 0 | 0 | ||||
Nuclear decommissioning trusts | 1,749 | [1] | 1,516 | [1] | ||
Total assets | 1,749 | 1,516 | ||||
Liabilities at fair value | ||||||
Derivative contracts | 81 | 86 | ||||
Total liabilities | 81 | 86 | ||||
Net assets (liabilities) | 1,668 | 1,430 | ||||
Southern California Edison | Fair Value, Measurements, Recurring | Level 2 | Stocks | ||||||
Assets at fair value | ||||||
Nuclear decommissioning trusts | 0 | [2] | 0 | [2] | ||
Southern California Edison | Fair Value, Measurements, Recurring | Level 2 | Fixed income | ||||||
Assets at fair value | ||||||
Nuclear decommissioning trusts | 1,651 | [3] | 1,350 | [3] | ||
Southern California Edison | Fair Value, Measurements, Recurring | Level 2 | Short-term investments, primarily cash equivalents | ||||||
Assets at fair value | ||||||
Nuclear decommissioning trusts | 98 | 166 | ||||
Southern California Edison | Fair Value, Measurements, Recurring | Level 3 | ||||||
Assets at fair value | ||||||
Derivative contracts | 306 | 321 | ||||
Other | 0 | 0 | ||||
Nuclear decommissioning trusts | 0 | [1] | 0 | [1] | ||
Total assets | 306 | 321 | ||||
Liabilities at fair value | ||||||
Derivative contracts | 1,282 | 1,223 | ||||
Total liabilities | 1,282 | 1,223 | ||||
Net assets (liabilities) | -976 | -902 | ||||
Southern California Edison | Fair Value, Measurements, Recurring | Level 3 | Stocks | ||||||
Assets at fair value | ||||||
Nuclear decommissioning trusts | 0 | [2] | 0 | [2] | ||
Southern California Edison | Fair Value, Measurements, Recurring | Level 3 | Fixed income | ||||||
Assets at fair value | ||||||
Nuclear decommissioning trusts | 0 | [3] | 0 | [3] | ||
Southern California Edison | Fair Value, Measurements, Recurring | Level 3 | Short-term investments, primarily cash equivalents | ||||||
Assets at fair value | ||||||
Nuclear decommissioning trusts | 0 | 0 | ||||
Southern California Edison | Fair Value, Measurements, Recurring | Netting and Collateral | ||||||
Assets at fair value | ||||||
Derivative contracts | 0 | [4] | 0 | [4] | ||
Other | 0 | [4] | 0 | [4] | ||
Nuclear decommissioning trusts | 0 | [1],[4] | 0 | [1],[4] | ||
Total assets | 0 | [4] | 0 | [4] | ||
Liabilities at fair value | ||||||
Derivative contracts | -71 | [4] | -61 | [4] | ||
Total liabilities | -71 | [4] | -61 | [4] | ||
Net assets (liabilities) | 71 | [4] | 61 | [4] | ||
Southern California Edison | Fair Value, Measurements, Recurring | Netting and Collateral | Stocks | ||||||
Assets at fair value | ||||||
Nuclear decommissioning trusts | 0 | [2],[4] | 0 | [2],[4] | ||
Southern California Edison | Fair Value, Measurements, Recurring | Netting and Collateral | Fixed income | ||||||
Assets at fair value | ||||||
Nuclear decommissioning trusts | 0 | [3],[4] | 0 | [3],[4] | ||
Southern California Edison | Fair Value, Measurements, Recurring | Netting and Collateral | Short-term investments, primarily cash equivalents | ||||||
Assets at fair value | ||||||
Nuclear decommissioning trusts | 0 | [4] | 0 | [4] | ||
Southern California Edison | Fair Value, Measurements, Recurring | Total | ||||||
Assets at fair value | ||||||
Derivative contracts | 306 | 321 | ||||
Other | 34 | 33 | ||||
Nuclear decommissioning trusts | 4,894 | [1] | 4,856 | [1] | ||
Total assets | 5,234 | 5,210 | ||||
Liabilities at fair value | ||||||
Derivative contracts | 1,292 | 1,248 | ||||
Total liabilities | 1,292 | 1,248 | ||||
Net assets (liabilities) | 3,942 | 3,962 | ||||
Southern California Edison | Fair Value, Measurements, Recurring | Total | Stocks | ||||||
Assets at fair value | ||||||
Nuclear decommissioning trusts | 2,074 | [2] | 2,031 | [2] | ||
Southern California Edison | Fair Value, Measurements, Recurring | Total | Fixed income | ||||||
Assets at fair value | ||||||
Nuclear decommissioning trusts | 2,678 | [3] | 2,053 | [3] | ||
Southern California Edison | Fair Value, Measurements, Recurring | Total | Short-term investments, primarily cash equivalents | ||||||
Assets at fair value | ||||||
Nuclear decommissioning trusts | $142 | $772 | ||||
[1] | Excludes net receivables of $2 million and net payables of $57 million at MarchB 31, 2015 and DecemberB 31, 2014, which consist of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases. | |||||
[2] | Approximately 72% and 73% of SCE's equity investments were located in the United States at MarchB 31, 2015 and DecemberB 31, 2014, respectively. | |||||
[3] | Includes corporate bonds, which were diversified and included collateralized mortgage obligations and other asset backed securities of $161 million and $49 million at MarchB 31, 2015 and DecemberB 31, 2014, respectively. | |||||
[4] | Represents the netting of assets and liabilities under master netting agreements and cash collateral across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level. |
Fair_Value_Measurements_Level_
Fair Value Measurements (Level 3 Rollforward) (Details) (Southern California Edison, Level 3, USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Southern California Edison | Level 3 | ||||
Fair Value Disclosures Level 3 [Roll Forward] | ||||
Fair value of net liabilities at beginning of period | ($902) | ($805) | ||
Total realized/unrealized gains (losses): | ||||
Included in regulatory assets and liabilities | -74 | [1] | 31 | [1] |
Purchases | 0 | 7 | ||
Settlements | 0 | -6 | ||
Fair value of net liabilities at end of period | -976 | -773 | ||
Change during the period in unrealized losses related to assets and liabilities held at the end of the period | ($96) | $22 | ||
[1] | Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities. |
Fair_Value_Measurements_Quanti
Fair Value Measurements (Quantitative Information About Level 3 Fair Value Measurements) (Details) (Southern California Edison, Level 3, USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
MW | MW | |||
Congestion revenue rights | Market simulation model | ||||
Quantitative Information About Level 3 Measurements [Line Items] | ||||
Fair Value, Assets | 297 | 317 | ||
Fair Value, Liabilities | 0 | 0 | ||
Congestion revenue rights | Market simulation model | Load Forecast | Minimum | ||||
Quantitative Information About Level 3 Measurements [Line Items] | ||||
Fair value inputs, power units (in megawatts) | 7,630 | 7,630 | ||
Congestion revenue rights | Market simulation model | Load Forecast | Maximum | ||||
Quantitative Information About Level 3 Measurements [Line Items] | ||||
Fair value inputs, power units (in megawatts) | 25,431 | 25,431 | ||
Congestion revenue rights | Market simulation model | Power Prices | Minimum | ||||
Quantitative Information About Level 3 Measurements [Line Items] | ||||
Fair Value Inputs, Price Level ($ per MWh) | 1.65 | [1] | 1.65 | [1] |
Congestion revenue rights | Market simulation model | Power Prices | Maximum | ||||
Quantitative Information About Level 3 Measurements [Line Items] | ||||
Fair Value Inputs, Price Level ($ per MWh) | 109.95 | [1] | 109.95 | [1] |
Congestion revenue rights | Market simulation model | Gas Prices | Minimum | ||||
Quantitative Information About Level 3 Measurements [Line Items] | ||||
Fair Value Inputs, Price Level ($ per MWh) | 3.65 | [2] | 3.65 | [2] |
Congestion revenue rights | Market simulation model | Gas Prices | Maximum | ||||
Quantitative Information About Level 3 Measurements [Line Items] | ||||
Fair Value Inputs, Price Level ($ per MWh) | 6.53 | [2] | 6.53 | [2] |
Tolling | Option model | ||||
Quantitative Information About Level 3 Measurements [Line Items] | ||||
Fair Value, Assets | 9 | 4 | ||
Fair Value, Liabilities | 1,275 | 1,175 | ||
Tolling | Option model | Power Prices | Minimum | ||||
Quantitative Information About Level 3 Measurements [Line Items] | ||||
Fair Value Inputs, Price Level ($ per MWh) | 28 | 30.6 | ||
Expected volatility rate (as a percent) | 26.00% | 25.00% | ||
Tolling | Option model | Power Prices | Maximum | ||||
Quantitative Information About Level 3 Measurements [Line Items] | ||||
Fair Value Inputs, Price Level ($ per MWh) | 54.8 | 61.4 | ||
Expected volatility rate (as a percent) | 37.00% | 42.00% | ||
Tolling | Option model | Power Prices | Weighted Average | ||||
Quantitative Information About Level 3 Measurements [Line Items] | ||||
Fair Value Inputs, Price Level ($ per MWh) | 40.1 | 44.6 | ||
Expected volatility rate (as a percent) | 30.00% | 30.00% | ||
Tolling | Option model | Gas Prices | Minimum | ||||
Quantitative Information About Level 3 Measurements [Line Items] | ||||
Expected volatility rate (as a percent) | 16.00% | 13.00% | ||
Tolling | Option model | Gas Prices | Maximum | ||||
Quantitative Information About Level 3 Measurements [Line Items] | ||||
Expected volatility rate (as a percent) | 40.00% | 53.00% | ||
Tolling | Option model | Gas Prices | Weighted Average | ||||
Quantitative Information About Level 3 Measurements [Line Items] | ||||
Expected volatility rate (as a percent) | 20.00% | 20.00% | ||
[1] | Prices are in dollars per megawatt-hour. | |||
[2] | Prices are in dollars per million British thermal units. |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Value of Long-Term Debt Recorded at Carrying Value) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value of Long-Term Debt Recorded at Carrying Value | ||
Carrying Value | $11,637 | $10,738 |
Fair Value | 13,440 | 12,319 |
Southern California Edison | ||
Fair Value of Long-Term Debt Recorded at Carrying Value | ||
Carrying Value | 10,823 | 9,924 |
Fair Value | $12,601 | $11,479 |
Debt_and_Credit_Agreements_Det
Debt and Credit Agreements (Details) (USD $) | 12 Months Ended | 3 Months Ended |
Dec. 31, 2014 | Mar. 31, 2015 | |
MW | ||
Debt Instrument [Line Items] | ||
Short-term debt | $1,291,000,000 | $936,000,000 |
Non-recourse Solar Rooftop Project Investment Financing [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 2.67% | |
Power generating capacity (in megawatts) | 35 | |
Term of debt instrument | 7 years | |
Debt, current | 14,300,000 | |
Issuance of debt | 31,600,000 | |
Southern California Edison | ||
Debt Instrument [Line Items] | ||
Short-term debt | 667,000,000 | 297,000,000 |
Southern California Edison | First and refunding mortgage bonds | ||
Debt Instrument [Line Items] | ||
Issuance of debt | 550,000,000 | |
Stated interest rate | 1.85% | |
Southern California Edison | First and Refunding Mortgage Bonds Due in 2022 | ||
Debt Instrument [Line Items] | ||
Issuance of debt | 325,000,000 | |
Stated interest rate | 2.40% | |
Southern California Edison | First and Refunding Mortgage Bonds Due in 2045 | ||
Debt Instrument [Line Items] | ||
Issuance of debt | 425,000,000 | |
Stated interest rate | 3.60% | |
Edison International Parent and Other | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Commitment | 1,250,000,000 | |
Weighted average interest rate (as a percent) | 0.45% | 0.57% |
Short-term debt | 619,000,000 | 625,000,000 |
Commercial paper | Southern California Edison | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Commitment | 2,750,000,000 | |
Outstanding borrowings | 367,000,000 | 297,000,000 |
Weighted average interest rate (as a percent) | 0.40% | 0.34% |
Letters of credit | Southern California Edison | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Outstanding letters of credit | $128,000,000 | |
Letters of credit expiration period | 12 months |
Derivative_Instruments_Balance
Derivative Instruments (Balance Sheet Disclosures) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Fair Value of Derivative Instruments | ||||
Short-Term, Derivative Assets | $94 | $102 | ||
Long-Term, Derivative Assets | 212 | 219 | ||
Short-Term, Derivative Liabilities | 185 | 196 | ||
Long-Term, Derivative Liabilities | 1,107 | 1,052 | ||
Southern California Edison | ||||
Fair Value of Derivative Instruments | ||||
Short-Term, Derivative Assets | 94 | 102 | ||
Long-Term, Derivative Assets | 212 | 219 | ||
Short-Term, Derivative Liabilities | 185 | 196 | ||
Long-Term, Derivative Liabilities | 1,107 | 1,052 | ||
Southern California Edison | Electric Utility | Economic hedges | ||||
Derivatives | ||||
Collateral already posted | 10 | 13 | ||
Southern California Edison | Commodity Contracts | Electric Utility | ||||
Fair Value of Derivative Instruments | ||||
Short-Term, Derivative Assets | 94 | 102 | ||
Long-Term, Derivative Assets | 212 | 219 | ||
Derivative Assets, Total | 306 | 321 | ||
Short-Term, Derivative Liabilities | 185 | 196 | ||
Long-Term, Derivative Liabilities | 1,107 | 1,052 | ||
Derivative Liabilities, Total | 1,292 | 1,248 | ||
Net Liability | 986 | 927 | ||
Southern California Edison | Commodity Contracts | Electric Utility | Economic hedges | ||||
Fair Value of Derivative Instruments | ||||
Short-Term, Derivative Assets | 97 | 104 | ||
Long-Term, Derivative Assets | 212 | 219 | ||
Derivative Assets, Total | 309 | 323 | ||
Short-Term, Derivative Liabilities | 259 | 259 | ||
Long-Term, Derivative Liabilities | 1,107 | 1,052 | ||
Derivative Liabilities, Total | 1,366 | 1,311 | ||
Net Liability | 1,057 | 988 | ||
Southern California Edison | Commodity Contracts | Electric Utility | Netting and Collateral | ||||
Fair Value of Derivative Instruments | ||||
Short-Term, Derivative Assets | -3 | -2 | ||
Long-Term, Derivative Assets | 0 | 0 | ||
Derivative Assets, Total | -3 | -2 | ||
Short-Term, Derivative Liabilities | -3 | -2 | ||
Long-Term, Derivative Liabilities | 0 | 0 | ||
Derivative Liabilities, Total | -3 | -2 | ||
Net Liability | 0 | 0 | ||
Southern California Edison | Commodity Contracts | Electric Utility | Cash Collateral Posted | ||||
Fair Value of Derivative Instruments | ||||
Short-Term, Derivative Assets | 0 | [1] | 0 | [1] |
Long-Term, Derivative Assets | 0 | [1] | 0 | [1] |
Derivative Assets, Total | 0 | [1] | 0 | [1] |
Short-Term, Derivative Liabilities | -71 | [1] | -61 | [1] |
Long-Term, Derivative Liabilities | 0 | [1] | 0 | [1] |
Derivative Liabilities, Total | -71 | [1] | -61 | [1] |
Net Liability | -71 | [1] | -61 | [1] |
Other Current Assets | Southern California Edison | Commodity Contracts | ||||
Derivatives | ||||
Collateral already posted | $36 | $36 | ||
[1] | In addition, at both MarchB 31, 2015 and DecemberB 31, 2014, SCE had posted $36 million of collateral that is not offset against derivative liabilities and is reflected in "Other current assets" on the consolidated balance sheets. |
Derivative_Instruments_Notiona
Derivative Instruments (Notional Values) (Details) (Southern California Edison, Electric Utility, Economic hedges) | Mar. 31, 2015 | Dec. 31, 2014 |
GWh | GWh | |
Electricity options, swaps and forwards (GWh) | ||
Derivatives | ||
Notional volumes of derivative instruments | 3,044 | 3,618 |
Natural gas options, swaps and forwards (Bcf) | ||
Derivatives | ||
Notional volumes of derivative instruments | 62 | 83 |
Congestion revenue rights (GWh) | ||
Derivatives | ||
Notional volumes of derivative instruments | 112,090 | 122,859 |
Tolling arrangements (GWh) | ||
Derivatives | ||
Notional volumes of derivative instruments | 77,684 | 79,989 |
Derivative_Instruments_Additio
Derivative Instruments (Additional Disclosures) (Details) (Southern California Edison, USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Electric Utility | Economic hedges | |||
Derivatives | |||
Aggregate fair value of all derivative liabilities with credit-risk-related contingent features | $8 | $53 | |
Collateral already posted | 10 | 13 | |
Potential amount of collateral to be posted if contingencies triggered | 28 | ||
Realized losses | -36 | -37 | |
Unrealized gains (losses) | -69 | 52 | |
Other Current Assets | Commodity Contracts | |||
Derivatives | |||
Collateral already posted | 36 | 36 | |
Payables | Economic hedges | Electric Utility | |||
Derivatives | |||
Potential amount of collateral to be posted if contingencies triggered | $21 |
Income_Taxes_Tax_Rate_Reconcil
Income Taxes (Tax Rate Reconciliation) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Effective Tax Rate | ||
Income from continuing operations before income taxes | $424 | $205 |
Provision for income tax at federal statutory rate of 35% | 148 | 71 |
State tax, net of federal benefit | 11 | 1 |
Property-related | -60 | -51 |
Change related to uncertain tax positions | 15 | 7 |
San Onofre OII settlement | 0 | -40 |
Other | -8 | -7 |
Total income tax expense (benefit) from continuing operations | 106 | -19 |
Effective tax rate | 25.00% | -9.30% |
Federal statutory rate | 35.00% | 35.00% |
Southern California Edison | ||
Effective Tax Rate | ||
Income from continuing operations before income taxes | 440 | 222 |
Provision for income tax at federal statutory rate of 35% | 154 | 78 |
State tax, net of federal benefit | 14 | 1 |
Property-related | -60 | -51 |
Change related to uncertain tax positions | 10 | 7 |
San Onofre OII settlement | 0 | -40 |
Other | -11 | -7 |
Total income tax expense (benefit) from continuing operations | $107 | ($12) |
Effective tax rate | 24.30% | -5.40% |
Federal statutory rate | 35.00% | 35.00% |
Income_Taxes_Textual_Details
Income Taxes (Textual) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Income Tax Disclosure [Line Items] | |
Amount of unrecognized tax benefits expected to decrease by the end of the year | $96 |
Southern California Edison | Tax Years 2007 to 2009 | IRS Examination | Disallowance of Repair Allowance Deduction | |
Income Tax Disclosure [Line Items] | |
Estimated potential future federal tax payment as of the balance sheet date, including interest and penalties, based on a proposed adjustment | 77 |
Federal tax liability | $16 |
Compensation_and_Benefit_Plans2
Compensation and Benefit Plans (Expense Components) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Pension Plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | $35 | $30 | ||
Interest cost | 41 | 45 | ||
Expected return on plan assets | -57 | -57 | ||
Amortization of prior service cost | 1 | 1 | ||
Amortization of net loss | 9 | [1] | 1 | [1] |
Expense under accounting standards | 29 | 20 | ||
Regulatory adjustment | -1 | 31 | ||
Total expense recognized | 28 | 51 | ||
Net loss reclassified | 3 | 2 | ||
Postretirement Benefits Other Than Pensions | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 12 | 11 | ||
Interest cost | 29 | 27 | ||
Expected return on plan assets | -28 | -28 | ||
Amortization of prior service cost | -3 | -9 | ||
Amortization of net loss | 6 | 0 | ||
Expense under accounting standards | 16 | 1 | ||
Southern California Edison | Pension Plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 35 | 29 | ||
Interest cost | 38 | 44 | ||
Expected return on plan assets | -53 | -56 | ||
Amortization of prior service cost | 1 | 1 | ||
Amortization of net loss | 7 | [1] | 0 | [1] |
Expense under accounting standards | 28 | 18 | ||
Regulatory adjustment | -1 | 31 | ||
Total expense recognized | 27 | 49 | ||
Net loss reclassified | 2 | 1 | ||
Southern California Edison | Postretirement Benefits Other Than Pensions | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 12 | 11 | ||
Interest cost | 28 | 27 | ||
Expected return on plan assets | -28 | -28 | ||
Amortization of prior service cost | -3 | -9 | ||
Amortization of net loss | 6 | 0 | ||
Expense under accounting standards | $15 | $1 | ||
[1] | Includes the amount of net loss reclassified from other comprehensive loss. The amount reclassified for Edison International and SCE was $3 million and $2 million, respectively, for the three months ended March 31, 2015, and $2 million and $1B million, respectively, for the three months ended March 31, 2014. |
Compensation_and_Benefit_Plans3
Compensation and Benefit Plans (Workforce Reduction) (Details) (Southern California Edison, Employee severance, USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Southern California Edison | Employee severance | |
Restructuring Reserve [Roll Forward] | |
Balance at January 1, 2015 | $35 |
Additions | 0 |
Payments | -23 |
Balance at March 31, 2015 | $12 |
Compensation_and_Benefit_Plans4
Compensation and Benefit Plans (Textual) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Pension Plans | |
Pension and Other Postretirement Benefits | |
Employer contributions | $4 |
Estimated future contributions in remainder of year | 117 |
Postretirement Benefits Other Than Pensions | |
Pension and Other Postretirement Benefits | |
Employer contributions | 15 |
Estimated future contributions in remainder of year | 44 |
Southern California Edison | Pension Plans | |
Pension and Other Postretirement Benefits | |
Employer contributions | 1 |
Estimated future contributions in remainder of year | 91 |
Employee severance | Southern California Edison | |
Pension and Other Postretirement Benefits | |
Estimated cash severance payments | $215 |
Other_Investments_Amortized_Co
Other Investments (Amortized Cost and Fair Value of Nuclear Decommissioning Trusts) (Details) (Southern California Edison, USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
Nuclear Decommissioning Trusts Disclosures | ||||
Amortized Cost | $3,074 | $3,020 | ||
Fair Value | 4,896 | 4,799 | ||
Stocks | ||||
Nuclear Decommissioning Trusts Disclosures | ||||
Longest Maturity Dates | 0 | |||
Amortized Cost | 544 | 524 | ||
Fair Value | 2,074 | 2,031 | ||
Municipal bonds | ||||
Nuclear Decommissioning Trusts Disclosures | ||||
Longest Maturity Dates | 2054 | |||
Amortized Cost | 679 | 681 | ||
Fair Value | 826 | 822 | ||
U.S. government and agency securities | ||||
Nuclear Decommissioning Trusts Disclosures | ||||
Longest Maturity Dates | 2045 | |||
Amortized Cost | 1,127 | 777 | ||
Fair Value | 1,207 | 836 | ||
Corporate bonds | ||||
Nuclear Decommissioning Trusts Disclosures | ||||
Longest Maturity Dates | 2057 | |||
Amortized Cost | 585 | 346 | ||
Fair Value | 645 | 395 | ||
Short-term investments and receivables/payables | ||||
Fair Value Disclosures: | ||||
Repurchase agreement | 92 | |||
Nuclear Decommissioning Trusts Disclosures | ||||
Longest Maturity Dates | One-year | [1] | ||
Amortized Cost | 139 | [1] | 692 | [1] |
Fair Value | $144 | [1] | $715 | [1] |
[1] | Short-term investments include $92 million of repurchase agreements payable by financial institutions which earn interest, are fully secured by U.S. Treasury securities and mature by April 2, 2015. |
Other_Investments_Summary_of_C
Other Investments (Summary of Changes in Fair Value of the Nuclear Decommissioning Trusts) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Summary Of Changes In The Fair Value [Roll Forward] | |||
Balance at beginning of period | $4,799 | ||
Balance at end of period | 4,896 | 4,799 | |
Southern California Edison | |||
Summary Of Changes In The Fair Value [Roll Forward] | |||
Balance at beginning of period | 4,799 | 4,494 | |
Gross realized gains | 27 | 10 | |
Gross realized losses | -2 | 0 | |
Unrealized gains, net | 44 | 62 | |
Other-than-temporary impairments | -4 | -3 | |
Interest and dividends | 28 | 28 | |
Contributions | 7 | 5 | |
Income taxes | 0 | -7 | |
Administrative expenses and other | -3 | -2 | |
Balance at end of period | $4,896 | $4,587 |
Other_Investments_Textual_Deta
Other Investments (Textual) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Other Investments [Line Items] | |||
Proceeds from sale of securities | $2,853,000,000 | $1,502,000,000 | |
Southern California Edison | |||
Other Investments [Line Items] | |||
Proceeds from sale of securities | 2,853,000,000 | 1,502,000,000 | |
Unrealized holding gains, net of losses | 1,800,000,000 | 1,800,000,000 | |
Deferred income taxes related to unrealized gains | 448,000,000 | ||
Nuclear decommissioning trusts | $4,400,000,000 |
Regulatory_Assets_and_Liabilit2
Regulatory Assets and Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Regulatory Assets | ||||
Regulatory Assets, Current | $1,152 | $1,254 | ||
Regulatory Asset, Long-term | 7,737 | 7,612 | ||
Regulatory Liabilities | ||||
Regulatory Liabilities, Current | 435 | 401 | ||
Regulatory Liabilities, Long-term | 5,972 | 5,889 | ||
Southern California Edison | ||||
Regulatory Assets | ||||
Regulatory Assets, Current | 1,152 | 1,254 | ||
Regulatory Asset, Long-term | 7,737 | 7,612 | ||
Total Regulatory Assets | 8,889 | 8,866 | ||
Regulatory Liabilities | ||||
Regulatory Liabilities, Current | 435 | 401 | ||
Regulatory Liabilities, Long-term | 5,972 | 5,889 | ||
Total Regulatory Liabilities | 6,407 | 6,290 | ||
Southern California Edison | Regulatory balancing accounts | ||||
Regulatory Assets | ||||
Regulatory Assets, Current | 957 | 1,088 | ||
Regulatory Asset, Long-term | 49 | 44 | ||
Southern California Edison | Energy derivatives | ||||
Regulatory Assets | ||||
Regulatory Assets, Current | 167 | 159 | ||
Regulatory Asset, Long-term | 910 | 850 | ||
Southern California Edison | Other | ||||
Regulatory Assets | ||||
Regulatory Assets, Current | 28 | 7 | ||
Regulatory Asset, Long-term | 1,246 | 1,288 | ||
Southern California Edison | Deferred income taxes, net | ||||
Regulatory Assets | ||||
Regulatory Asset, Long-term | 3,506 | 3,405 | ||
Southern California Edison | Pensions and other postretirement benefits | ||||
Regulatory Assets | ||||
Regulatory Asset, Long-term | 1,214 | 1,218 | ||
Southern California Edison | Unamortized investments, net | ||||
Regulatory Assets | ||||
Regulatory Asset, Long-term | 235 | 255 | ||
Southern California Edison | Unamortized loss on reacquired debt | ||||
Regulatory Assets | ||||
Regulatory Asset, Long-term | 214 | 201 | ||
Southern California Edison | Regulatory balancing accounts | ||||
Regulatory Liabilities | ||||
Regulatory Liabilities, Current | 384 | 380 | ||
Regulatory Liabilities, Long-term | 1,091 | 1,083 | ||
Southern California Edison | Other | ||||
Regulatory Assets | ||||
Regulatory Asset, Long-term | 363 | 351 | ||
Regulatory Liabilities | ||||
Regulatory Liabilities, Current | 51 | [1] | 21 | [1] |
Regulatory Liabilities, Long-term | 58 | 24 | ||
Southern California Edison | Costs of removal | ||||
Regulatory Liabilities | ||||
Regulatory Liabilities, Long-term | 2,810 | 2,826 | ||
Southern California Edison | Recoveries in excess of ARO liabilities | ||||
Regulatory Liabilities | ||||
Regulatory Liabilities, Long-term | $2,013 | [2] | $1,956 | [2] |
[1] | During the first quarter of 2015, SCE recognized revenue from CPUC activities largely based on 2014 authorized base revenue requirements included in customer rates. SCE deferred $36 million of the 2014 authorized base revenue requirement allocated to the first quarter related to incremental repair deductions pending the outcome of the 2015 GRC. | |||
[2] | Prices are in dollars per million British thermal units. |
Regulatory_Assets_and_Liabilit3
Regulatory Assets and Liabilities (Regulatory Balancing Accounts) (Details) (Southern California Edison, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Regulatory balancing accounts | Energy resource recovery account | ||
Regulatory Assets and Liabilities | ||
Net liability | $683 | $1,028 |
Regulatory balancing accounts | New system generation balancing account | ||
Regulatory Assets and Liabilities | ||
Net liability | -63 | 35 |
Refunds of excess revenue | Significant Components | ||
Regulatory Assets and Liabilities | ||
Net liability | -469 | -331 |
Refunds of excess revenue | Public purpose programs and energy efficiency programs | ||
Regulatory Assets and Liabilities | ||
Net liability | -851 | -874 |
Refunds of excess revenue | Base rate recovery balancing account | ||
Regulatory Assets and Liabilities | ||
Net liability | 67 | -5 |
Refunds of excess revenue | Greenhouse gas auction revenue | ||
Regulatory Assets and Liabilities | ||
Net liability | -218 | -182 |
Refunds of excess revenue | FERC balancing accounts | ||
Regulatory Assets and Liabilities | ||
Net liability | -9 | -32 |
Refunds of excess revenue | Generator settlements | ||
Regulatory Assets and Liabilities | ||
Net liability | 0 | -197 |
Refunds of excess revenue | Other | ||
Regulatory Assets and Liabilities | ||
Net liability | ($78) | ($104) |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Oct. 31, 2013 | Dec. 31, 2012 | Apr. 17, 2015 | Aug. 31, 2014 | Jun. 01, 2014 | |
Nuclear Insurance | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Federal limit on public liability claims from nuclear incident, approximate | $13,600,000,000 | ||||||
Nuclear Insurance | Other | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
San Bernardino settlement amount | 433,000,000 | ||||||
Southern California Edison | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Damages sought | 182,000,000 | ||||||
Identified material sites for environmental remediation (in number of sites) | 19 | ||||||
Minimum costs to be Identified Site | 1,000,000 | ||||||
Minimum liability for environmental remediation for material sites | 116,000,000 | ||||||
Immaterial sites for environmental remediation (in number of sites) | 39 | ||||||
Total minimum recorded liability for immaterial sites | 4,000,000 | ||||||
Environmental remediation liability | 120,000,000 | ||||||
Regulatory assets related to environmental remediation | 116,000,000 | ||||||
Portion of recorded liability recoverable from incentive mechanism | 30,000,000 | ||||||
Percentage of environmental remediation costs recoverable through an incentive mechanism (as a percent) | 90.00% | ||||||
Liability incurred at majority of the remaining sites through customer rates | 86,000,000 | ||||||
Environmental remediation costs to be recovered (as a percent) | 100.00% | ||||||
Amount that cleanup costs could exceed recorded liability for identified material sites | 158,000,000 | ||||||
Amount that cleanup costs could exceed recorded liability for immaterial sites | 7,000,000 | ||||||
Maximum expected period for cleanup of identified sites (in years) | 30 years | ||||||
Remediation cost estimates (period) | 5 years | ||||||
Expected annual environmental remediation costs, low end of range | 5,000,000 | ||||||
Expected annual environmental remediation costs, high end of range | 23,000,000 | ||||||
Environmental remediation costs | 1,000,000 | 1,000,000 | |||||
Insurance coverage for wildfire liabilities Limit | 450,000,000 | 547,500,000 | |||||
Self insurance retention per wildfire occurrence | 10,000,000 | ||||||
Threshold for wildfire claims (new lines for additional coverage) | 550,000,000 | ||||||
Southern California Edison | Other | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Minimum liability for environmental remediation for material sites | 84,000,000 | ||||||
Southern California Edison | Other | Mitsubishi Heavy Industries Ltd | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Damages sought | 4,000,000,000 | ||||||
Number of invoices for reimbursement | 7 | ||||||
Invoiced amount for reimbursement | 149,000,000 | ||||||
Invoiced amount paid for reimbursement | 45,000,000 | ||||||
Share of invoice paid | 35,000,000 | ||||||
Southern California Edison | Other | Mitsubishi Heavy Industries Ltd | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Ratepayer allocation of recovery from recoveries | 50.00% | ||||||
Entity allocation of recovery from recoveries | 50.00% | ||||||
Ratepayer allocation of recovery from recoveries, initial amount of settlement | 282,000,000 | ||||||
Southern California Edison | Other | Replacement Steam Generators | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Warranty period | 20 years | ||||||
Southern California Edison | Other Insurance Claims | Other | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Ratepayer allocation of recovery from recoveries | 82.50% | ||||||
Entity allocation of recovery from recoveries | 17.50% | ||||||
Southern California Edison | Nuclear Insurance | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Limit on assessment of retrospective premium adjustments, per year, approximate | 52,000,000 | ||||||
Maximum assessment per each nuclear incident | 255,000,000 | ||||||
Maximum yearly assessment per nuclear incident | 38,000,000 | ||||||
Southern California Edison | Nuclear Insurance | Other | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Reduction in policy benefits following retirement of assets | 90.00% | ||||||
San Bernardino settlement amount | 339,000,000 | ||||||
Ratepayer allocation of recovery from recoveries | 95.00% | ||||||
Entity allocation of recovery from recoveries | 5.00% | ||||||
Mitsubishi Heavy Industries Ltd | Other | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Maximum liability per purchase agreement for damages | 138,000,000 | ||||||
Asserted counterclaim | 41,000,000 | ||||||
SCE and other owners of San Onofre and Palo Verde | Nuclear Insurance | San Onofre and Palo Verde | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Loss limit, property damage insurance, federal minimum requirement | 1,060,000,000 | ||||||
Power Purchase Contracts | Southern California Edison | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
2015 additional commitments | 6,000,000 | ||||||
2016 additional commitments | 34,000,000 | ||||||
2017 additional commitments | 117,000,000 | ||||||
2018 additional commitments | 166,000,000 | ||||||
2019 additional commitments | 204,000,000 | ||||||
Additional commitments due after 2019 | 1,900,000,000 | ||||||
Subsequent Event | Southern California Edison | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Damages sought | $648,000,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Increase (Decrease) in Accumulated Other Comprehensive Loss | ||||
Beginning balance | ($58) | |||
Other comprehensive income (loss), net of tax | -1 | 2 | ||
Ending Balance | -59 | |||
Accumulated Defined Benefit Plans Adjustment | ||||
Increase (Decrease) in Accumulated Other Comprehensive Loss | ||||
Beginning balance | -58 | -13 | ||
Other comprehensive loss before reclassifications | -3 | 0 | ||
Reclassified from accumulated other comprehensive income | 2 | [1] | 2 | [1] |
Other comprehensive income (loss), net of tax | -1 | 2 | ||
Ending Balance | -59 | -11 | ||
Southern California Edison | ||||
Increase (Decrease) in Accumulated Other Comprehensive Loss | ||||
Beginning balance | -28 | |||
Other comprehensive income (loss), net of tax | 1 | 1 | ||
Ending Balance | -27 | |||
Southern California Edison | Accumulated Defined Benefit Plans Adjustment | ||||
Increase (Decrease) in Accumulated Other Comprehensive Loss | ||||
Beginning balance | -28 | -11 | ||
Other comprehensive loss before reclassifications | 0 | 0 | ||
Reclassified from accumulated other comprehensive income | 1 | [1] | 1 | [1] |
Other comprehensive income (loss), net of tax | 1 | 1 | ||
Ending Balance | ($27) | ($10) | ||
[1] | These items are included in the computation of net periodic pension and PBOP expense. See Note 8 for additional information. |
Interest_and_Other_Income_and_2
Interest and Other Income and Other Expenses (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
SCE interest and other income: | ||
Interest and other income | $39 | $23 |
SCE other expenses: | ||
Total Edison International other expenses | 10 | 8 |
Southern California Edison | ||
SCE interest and other income: | ||
Equity allowance for funds used during construction | 21 | 13 |
Increase in cash surrender value of life insurance policies | 10 | 7 |
Interest income | 1 | 2 |
Other | 1 | 1 |
Total SCE interest and other income | 33 | 23 |
Interest and other income | 33 | 23 |
SCE other expenses: | ||
Civic, political and related activities and donations | 5 | 5 |
Other | 2 | 2 |
Total SCE other expenses | 7 | 7 |
Total Edison International other expenses | 7 | 7 |
Edison International Parent and Other | ||
SCE interest and other income: | ||
Edison International Parent and Other other income | 6 | 0 |
SCE other expenses: | ||
Edison International Parent and Other other expenses | $3 | $1 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Aug. 31, 2014 | Apr. 30, 2014 |
installment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss from discontinued operations, net of tax | $0 | $22 | ||
Edison Mission Energy | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
EME settlement payments | 225 | |||
Number of payment installments | 2 | |||
First installment payment | 204 | |||
Second installment payment | $214 |
Supplemental_Cash_Flows_Inform2
Supplemental Cash Flows Information (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash payments for interest and taxes: | ||
Interest, net of amounts capitalized | $152 | $157 |
Tax payments (refunds), net | 0 | 0 |
Common stock | ||
Dividends declared but not paid: | ||
Dividends declared but not paid | 136 | 116 |
Preferred and preference stock | ||
Dividends declared but not paid: | ||
Dividends declared but not paid | 3 | 4 |
Southern California Edison | ||
Cash payments for interest and taxes: | ||
Interest, net of amounts capitalized | 144 | 149 |
Tax payments (refunds), net | 32 | 3 |
Dividends declared but not paid: | ||
Accrued capital expenditures | 407 | 438 |
Southern California Edison | Common stock | ||
Dividends declared but not paid: | ||
Dividends declared but not paid | 147 | 126 |
Southern California Edison | Preferred and preference stock | ||
Dividends declared but not paid: | ||
Dividends declared but not paid | $3 | $4 |