FOR IMMEDIATE RELEASE
Investor relations contact:
Sam Ramraj, (626) 302-2540
Media relations contact:
Charles Coleman, (626) 302-7982
Edison International Reports Third Quarter 2017 Results; Increases Guidance
ROSEMEAD, Calif., October 30, 2017 - Edison International (NYSE: EIX) today reported third quarter 2017 net income of $470 million, or $1.44 per share, compared to $421 million, or $1.29 per share, in the third quarter of 2016. There was no impact from non-core items in the third quarter 2017 and third quarter 2016 results.
Southern California Edison's (SCE) third quarter 2017 net income increased by $30 million, or $0.09 per share, from the third quarter 2016 primarily due to the escalation mechanism set forth in the 2015 General Rate Case (GRC) decision.
Edison International Parent and Other’s third quarter 2017 earnings from continuing operations increased by $19 million, or $0.06 per share, compared to third quarter 2016. The increase was primarily related to higher income tax benefits resulting from net operating loss carrybacks from the filing of the 2016 tax returns in 2017.
"Based on the continued strong performance at SCE and tax benefits we have received throughout the year, we have increased Edison International's 2017 earnings per share guidance range to $4.27-$4.37," said Pedro Pizarro, president and chief executive officer of Edison International. "We will strengthen and grow our business and lead the transformation of the industry by focusing on opportunities in clean energy, efficient electrification, a modernized and more reliable grid, and enabling customers’ technology choices."
Year-to-Date Earnings
For the nine months ended September 30, 2017, Edison International reported net income of $1.1 billion, or $3.41 per share, compared to $982 million, or $3.01 per share, during the same period in 2016. Edison International’s core earnings were $1.1 billion, or $3.41 per share, compared to $978 million, or $3.00 per share, in the year-to-date period in 2016.
SCE’s net income for the nine months ended September 30, 2017 increased $73 million, or $0.23 per share, from the same period in 2016, primarily related to an increase in revenue from the escalation mechanism set forth in the 2015 GRC decision and lower operation and maintenance expenses, partially offset by a reduction in CPUC revenue related to prior overcollections and higher net financing costs.
Edison International Parent and Other’s losses from continuing operations for the nine months ended September 30, 2017 decreased by $54 million, or $0.17 per share, compared to the same period in 2016. Total core losses for the year-to-date period in 2017 decreased by $58 million, or $0.18 per share, compared to the same period in 2016. The decrease in core losses is primarily related to higher income tax benefits resulting from: stock option exercises, net operating loss carrybacks from the filing of the 2016 tax returns in 2017, and the 2017 settlement of federal income tax audits for 2007 - 2012.
Edison International Reports Third Quarter 2017 Financial Results
Page 2 of 9
Edison International's non-core items for the nine months ended September 30, 2017 included income of $1
million compared to income of $5 million, or $0.01 per share, for the same period in 2016 primarily related to losses (net of distributions) allocated to tax equity investors under the HLBV accounting method. Additionally, during the nine months ended September 30, 2016, Edison International recorded $1 million of losses from discontinued operations.
Edison International uses core earnings, which is a non-GAAP financial measure that adjusts for significant
discrete items that management does not consider representative of ongoing earnings. Edison International
management believes that core earnings provide more meaningful comparisons of performance from period to
period. Please see the attached tables for a reconciliation of core earnings to basic GAAP earnings.
2017 Earnings Guidance Increased
The company increased its earnings guidance for 2017 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information including key guidance assumptions.
2017 Earnings Guidance
|
| | | | | | | |
| | 2017 Earnings Guidance | | 2017 Earnings Guidance |
| | as of July 27, 2017 | | as of October 30, 2017 |
| | Low | Mid | High | | Low | Mid | High |
| EIX Basic EPS | $4.13 | $4.23 | $4.33 | | $4.27 | $4.32 | $4.37 |
| Less: Non-core Items* | - | - | - | | - | - | - |
| EIX Core EPS | $4.13 | $4.23 | $4.33 | | $4.27 | $4.32 | $4.37 |
* There were $1 million of non-core items recorded for the nine months ended September 30, 2017.
A Note on 2016 Results
In March 2016, the Financial Accounting Standards Board issued a new accounting standard for employee share-based payments. Edison International adopted this accounting standard during the fourth quarter of 2016, effective January 1, 2016. Under this new standard, share-based payments may create a permanent difference between the amount of compensation expense recognized for book and tax purposes. The tax impact of this permanent difference is recognized in earnings in the period it is created. 2016 earnings were updated to reflect the implementation of the accounting standard for share-based payments effective January 1, 2016. See the Third Quarter Reconciliation tables below and the presentation accompanying the company’s conference call for further information.
About Edison International
Edison International (NYSE:EIX), through its subsidiaries, is a generator and distributor of electric power, as well as a provider of energy services and technologies, including renewable energy. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison, one of the nation’s largest electric utilities. Edison International is also the parent company of Edison Energy Group, a portfolio of competitive businesses that provide commercial and industrial customers with energy management and procurement services and distributed solar generation. Edison Energy Group companies are independent from Southern California Edison.
Edison International Reports Third Quarter 2017 Financial Results
Page 3 of 9
Appendix
Use of Non-GAAP Financial Measures
Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in the United States and represent the company’s earnings as reported to the Securities and Exchange Commission. Our management uses core earnings and core earnings per share (EPS) internally for financial planning and for analysis of performance of Edison International and Southern California Edison. We also use core earnings and core EPS when communicating with analysts and investors regarding our earnings results to facilitate comparisons of the Company’s performance from period to period. Financial measures referred to as net income, basic EPS, core earnings, or core EPS also apply to the description of earnings or earnings per share.
Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Basic earnings and losses refer to net income or losses attributable to Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested awards that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which is included in Edison International Parent and Other.
Safe Harbor Statement
Statements contained in this release about future performance, including, without limitation, operating results, rate base growth, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. Important factors that could cause different results include, but are not limited to the:
| |
| • | ability of SCE to recover its costs in a timely manner from its customers through regulated rates, including costs related to San Onofre and proposed spending on grid modernization; |
| |
| • | decisions and other actions by the CPUC, the FERC, the NRC and other regulatory authorities, including determinations of authorized rates of return or return on equity, approval of proposed spending on grid modernization, the outcome of San Onofre CPUC proceedings, and delays in regulatory actions; |
| |
| • | risks associated with higher rates for utility bundled service customers, caused by the authority of cities, counties and certain other public agencies to generate and/or purchase electricity for their local residents and businesses (known as Community Choice Aggregation or CCA), and other possible customer bypass or departure due to increased adoption of distributed energy resources or technological advancements in the generation, storage, transmission, distribution and use of electricity, and supported by public policy, government regulations and incentives; |
| |
| • | risks inherent in SCE’s transmission and distribution infrastructure investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, power curtailment costs (payments due under power contracts in the event there is insufficient transmission to enable acceptance of power delivery), and governmental approvals; |
| |
| • | ability to obtain sufficient insurance, including insurance relating to SCE's nuclear facilities and wildfire-related liability, and to recover the costs of such insurance or in the absence of insurance the ability to recover uninsured losses; and |
| |
| • | risks associated with the decommissioning of San Onofre, including those related to public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel, and cost overruns. |
Other important factors are discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis” in Edison International’s Form 10-K, most recent Form 10-Q, and other reports filed with the Securities and Exchange Commission, which are available on our website: www.edisoninvestor.com. These filings also provide
Edison International Reports Third Quarter 2017 Financial Results
Page 4 of 9
additional information on historical and other factual data contained in this news release. Edison International and SCE also routinely post or provide direct links to presentations, documents and other information that may be of interest to investors at www.edisoninvestor.com (Events and Presentations) in order to publicly disseminate such information.
These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances.
Reminder: Edison International Will Hold a Conference Call Today
When: Monday, October 30, 2017, 1:30 p.m. (Pacific Time)
Telephone Numbers: 1-888-673-9780 (US) and 1-312-470-0178 (Int'l) - Passcode: Edison
Telephone Replay: 1-866-430-5848 (US) and 1-203-369-0934 (Int’l) - Passcode: 4219
Telephone replay available through November 13, 2017
Webcast: www.edisoninvestor.com
Edison International Reports Third Quarter 2017 Financial Results
Page 5 of 9
Third Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended September 30, | | | | Nine months ended September 30, | | |
| | 2017 | | 20161 | | Change | | 2017 | | 2016 | | Change |
| Earnings (loss) per share attributable to Edison International | | | | | | | | |
| Continuing operations | | | | | | | | | | | |
| SCE | $ | 1.43 |
| | $ | 1.34 |
| | $ | 0.09 |
| | $ | 3.44 |
| | $ | 3.21 |
| | $ | 0.23 |
|
| Edison International Parent and Other | 0.01 |
| | (0.05 | ) | | 0.06 |
| | (0.03 | ) | | (0.20 | ) | | 0.17 |
|
| Discontinued operations | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Edison International | 1.44 |
| | 1.29 |
| | 0.15 |
| | 3.41 |
| | 3.01 |
| | 0.40 |
|
| Less: Non-core items | | | | | | | | | | | |
| SCE | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Edison International Parent and Other | — |
| | — |
| | — |
| | — |
| | 0.01 |
| | (0.01 | ) |
| Discontinued operations | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Total non-core items | — |
| | — |
| | — |
| | — |
| | 0.01 |
| | (0.01 | ) |
| Core earnings (losses) | | | | | | | | | | | |
| SCE | 1.43 |
| | 1.34 |
| | 0.09 |
| | 3.44 |
| | 3.21 |
| | 0.23 |
|
| Edison International Parent and Other | 0.01 |
| | (0.05 | ) | | 0.06 |
| | (0.03 | ) | | (0.21 | ) | | 0.18 |
|
| Edison International | $ | 1.44 |
| | $ | 1.29 |
| | $ | 0.15 |
| | $ | 3.41 |
| | $ | 3.00 |
| | $ | 0.41 |
|
Note: Diluted earnings were $1.43 and $1.27 per share for the three months ended September 30, 2017 and 2016, respectively, and $3.38 and $2.98 per share for the nine months ended September 30, 2017 and 2016, respectively.
Third Quarter Reconciliation of Basic Earnings to Core Earnings (in millions) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended September 30, | | | | Nine months ended September 30, | | |
| (in millions) | 2017 | | 20161 | | Change | | 2017 | | 20161 | | Change |
| Net income (loss) attributable to Edison International | | | | | | | | |
| Continuing operations | | | | | | | | | | | |
| SCE | $ | 465 |
| | $ | 435 |
| | $ | 30 |
| | $ | 1,121 |
| | $ | 1,048 |
| | $ | 73 |
|
| Edison International Parent and Other | 5 |
| | (14 | ) | | 19 |
| | (11 | ) | | (65 | ) | | 54 |
|
| Discontinued operations | — |
| | — |
| | — |
| | — |
| | (1 | ) | | 1 |
|
| Edison International | 470 |
| | 421 |
| | 49 |
| | 1,110 |
| | 982 |
| | 128 |
|
| Less: Non-core items | | | | | | | | | | | |
| SCE | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Edison International Parent and Other | — |
| | — |
| | — |
| | 1 |
| | 5 |
| | (4 | ) |
| Discontinued operations | — |
| | — |
| | — |
| | — |
| | (1 | ) | | 1 |
|
| Total non-core items | — |
| | — |
| | — |
| | 1 |
| | 4 |
| | (3 | ) |
| Core earnings (losses) | | | | | | | | | | | |
| SCE | 465 |
| | 435 |
| | 30 |
| | 1,121 |
| | 1,048 |
| | 73 |
|
| Edison International Parent and Other | 5 |
| | (14 | ) | | 19 |
| | (12 | ) | | (70 | ) | | 58 |
|
| Edison International | $ | 470 |
| | $ | 421 |
| | $ | 49 |
| | $ | 1,109 |
| | $ | 978 |
| | $ | 131 |
|
1 In the 2016 Form 10-K, 2016 earnings were updated to reflect the implementation of the accounting standard for share-based payments effective January 1, 2016. Previously reported 2016 net income and core earnings for the three months ended September 30, 2016 were $419 million, or $1.29 per share, respectively. Previously reported 2016 net income for the nine months ended September 30, 2016 was $965 million, or $2.96 per share, and core earnings were $961 million, or $2.95 per share.
Edison International Reports Third Quarter 2017 Financial Results
Page 6 of 9
|
| | | | | | | | | | | | | | | |
| Consolidated Statements of Income | Edison International | |
| | | | | | | | |
| | Three months ended September 30, | | Nine months ended September 30, |
| (in millions, except per-share amounts, unaudited) | 2017 | | 2016 | | 2017 | | 2016 |
| Operating revenue | $ | 3,672 |
| | $ | 3,767 |
| | $ | 9,100 |
| | $ | 8,985 |
|
| Purchased power and fuel | 1,783 |
| | 1,719 |
| | 3,742 |
| | 3,576 |
|
| Operation and maintenance | 713 |
| | 740 |
| | 2,016 |
| | 2,090 |
|
| Depreciation and amortization | 524 |
| | 521 |
| | 1,535 |
| | 1,504 |
|
| Property and other taxes | 98 |
| | 92 |
| | 284 |
| | 269 |
|
| Impairment charges | — |
|
| — |
|
| 22 |
|
| — |
|
| Other operating (income) and expenses | (7 | ) | | — |
| | (8 | ) | | 21 |
|
| Total operating expenses | 3,111 |
| | 3,072 |
| | 7,591 |
| | 7,460 |
|
| Operating income | 561 |
| | 695 |
| | 1,509 |
| | 1,525 |
|
| Interest and other income | 42 |
| | 32 |
| | 111 |
| | 97 |
|
| Interest expense | (162 | ) | | (147 | ) | | (473 | ) | | (431 | ) |
| Other expenses | (9 | ) | | (9 | ) | | (28 | ) | | (29 | ) |
| Income from continuing operations before income taxes | 432 |
| | 571 |
| | 1,119 |
| | 1,162 |
|
| Income tax (benefit) expense | (69 | ) | | 120 |
| | (83 | ) | | 96 |
|
| Income from continuing operations | 501 |
| | 451 |
| | 1,202 |
| | 1,066 |
|
| Income from discontinued operations, net of tax | — |
| | — |
| | — |
| | (1 | ) |
| Net income | 501 |
| | 451 |
| | 1,202 |
| | 1,065 |
|
| Preferred and preference stock dividend requirements of SCE | 32 |
| | 31 |
| | 94 |
| | 92 |
|
| Other noncontrolling interests | (1 | ) | | (1 | ) | | (2 | ) | | (9 | ) |
| Net income attributable to Edison International common shareholders | $ | 470 |
| | $ | 421 |
| | $ | 1,110 |
| | $ | 982 |
|
| Amounts attributable to Edison International common shareholders: | | | | | | | |
| Income from continuing operations, net of tax | $ | 470 |
| | $ | 421 |
| | $ | 1,110 |
| | $ | 983 |
|
| Income from discontinued operations, net of tax | — |
| | — |
| | — |
| | (1 | ) |
| Net income attributable to Edison International common shareholders | $ | 470 |
| | $ | 421 |
| | $ | 1,110 |
| | $ | 982 |
|
| Basic earnings per common share attributable to Edison International common shareholders: | | | | | | | |
| Weighted-average shares of common stock outstanding | 326 |
| | 326 |
| | 326 |
| | 326 |
|
| Continuing operations | $ | 1.44 |
| | $ | 1.29 |
| | $ | 3.41 |
| | $ | 3.01 |
|
| Discontinued operations | — |
| | — |
| | — |
| | — |
|
| Total | $ | 1.44 |
| | $ | 1.29 |
| | $ | 3.41 |
| | $ | 3.01 |
|
| Diluted earnings per common share attributable to Edison International common shareholders: | | | | | | | |
| Weighted-average shares of common stock outstanding, including effect of dilutive securities | 328 |
| | 330 |
| | 329 |
| | 330 |
|
| Continuing operations | $ | 1.43 |
| | $ | 1.27 |
| | $ | 3.38 |
| | $ | 2.98 |
|
| Discontinued operations | — |
| | — |
| | — |
| | — |
|
| Total | $ | 1.43 |
| | $ | 1.27 |
| | $ | 3.38 |
| | $ | 2.98 |
|
| Dividends declared per common share | $ | 0.5425 |
| | $ | 0.4800 |
| | $ | 1.6275 |
| | $ | 1.4400 |
|
Edison International Reports Third Quarter 2017 Financial Results
Page 7 of 9
|
| | | | | | | |
| Consolidated Balance Sheets | Edison International | |
| | | | |
| (in millions, unaudited) | September 30,
2017 | | December 31,
2016 |
| ASSETS | | | |
| Cash and cash equivalents | $ | 117 |
| | $ | 96 |
|
| Receivables, less allowances of $55 and $62 for uncollectible accounts at respective dates | 1,105 |
| | 714 |
|
| Accrued unbilled revenue | 352 |
| | 370 |
|
| Inventory | 229 |
| | 239 |
|
| Prepaid taxes | 179 |
| | 1 |
|
| Derivative assets | 36 |
| | 73 |
|
| Regulatory assets | 445 |
| | 350 |
|
| Other current assets | 295 |
| | 280 |
|
| Total current assets | 2,758 |
| | 2,123 |
|
| Nuclear decommissioning trusts | 4,415 |
| | 4,242 |
|
| Other investments | 72 |
| | 83 |
|
| Total investments | 4,487 |
| | 4,325 |
|
| Utility property, plant and equipment, less accumulated depreciation and amortization of $9,173 and $9,000 at respective dates | 37,666 |
| | 36,806 |
|
| Nonutility property, plant and equipment, less accumulated depreciation of $109 and $99 at respective dates | 295 |
| | 194 |
|
| Total property, plant and equipment | 37,961 |
| | 37,000 |
|
| Regulatory assets | 8,028 |
| | 7,455 |
|
| Other long-term assets | 358 |
| | 416 |
|
| Total long-term assets | 8,386 |
| | 7,871 |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Total assets | $ | 53,592 |
| | $ | 51,319 |
|
Edison International Reports Third Quarter 2017 Financial Results
Page 8 of 9
|
| | | | | | | |
| Consolidated Balance Sheets | Edison International | |
| | | | |
| (in millions, except share amounts, unaudited) | September 30,
2017 | | December 31,
2016 |
| LIABILITIES AND EQUITY | | | |
| Short-term debt | $ | 908 |
| | $ | 1,307 |
|
| Current portion of long-term debt | 583 |
| | 981 |
|
| Accounts payable | 1,104 |
| | 1,342 |
|
| Accrued taxes | 90 |
| | 50 |
|
| Customer deposits | 276 |
| | 269 |
|
| Derivative liabilities | 3 |
| | 216 |
|
| Regulatory liabilities | 1,281 |
| | 756 |
|
| Other current liabilities | 1,164 |
| | 991 |
|
| Total current liabilities | 5,409 |
| | 5,912 |
|
| Long-term debt | 11,638 |
| | 10,175 |
|
| Deferred income taxes and credits | 9,141 |
| | 8,327 |
|
| Derivative liabilities | — |
| | 941 |
|
| Pensions and benefits | 1,378 |
| | 1,354 |
|
| Asset retirement obligations | 2,682 |
| | 2,590 |
|
| Regulatory liabilities | 5,858 |
| | 5,726 |
|
| Other deferred credits and other long-term liabilities | 2,863 |
| | 2,102 |
|
| Total deferred credits and other liabilities | 21,922 |
| | 21,040 |
|
| Total liabilities | 38,969 |
| | 37,127 |
|
| Commitments and contingencies | | | |
| Redeemable noncontrolling interest | 13 |
| | 5 |
|
| Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at respective dates) | 2,520 |
| | 2,505 |
|
| Accumulated other comprehensive loss | (48 | ) | | (53 | ) |
| Retained earnings | 9,944 |
| | 9,544 |
|
| Total Edison International's common shareholders' equity | 12,416 |
| | 11,996 |
|
Noncontrolling interests – preferred and preference stock of SCE | 2,194 |
| | 2,191 |
|
| Total equity | 14,610 |
| | 14,187 |
|
| | | | |
| | | | |
| | | | |
| Total liabilities and equity | $ | 53,592 |
| | $ | 51,319 |
|
Edison International Reports Third Quarter 2017 Financial Results
Page 9 of 9
|
| | | | | | | |
| Consolidated Statements of Cash Flows | Edison International | |
| | |
| | Nine months ended September 30, |
| (in millions, unaudited) | 2017 | | 2016 |
| Cash flows from operating activities: | | | |
| Net income | $ | 1,202 |
| | $ | 1,065 |
|
| Less: loss from discontinued operations | — |
| | (1 | ) |
| Income from continuing operations | 1,202 |
| | 1,066 |
|
| Adjustments to reconcile to net cash provided by operating activities: | | | |
| Depreciation and amortization | 1,591 |
| | 1,575 |
|
| Allowance for equity during construction | (65 | ) | | (58 | ) |
| Impairment charges | 22 |
| | — |
|
| Deferred income taxes and investment tax credits | 77 |
| | 114 |
|
| Other | 8 |
| | 17 |
|
Nuclear decommissioning trusts
| (117 | ) | | (159 | ) |
| EME settlement payments, net of insurance proceeds | — |
| | (209 | ) |
| Changes in operating assets and liabilities: | | | |
| Receivables | (387 | ) | | (235 | ) |
| Inventory | 10 |
| | (43 | ) |
| Accounts payable | (11 | ) | | 151 |
|
| Prepaid and accrued taxes | (128 | ) | | 56 |
|
| Other current assets and liabilities | (17 | ) | | (68 | ) |
| Derivative assets and liabilities | (24 | ) | | 15 |
|
| Regulatory assets and liabilities | 560 |
| | 189 |
|
| Other noncurrent assets and liabilities | (31 | ) | | 91 |
|
| Net cash provided by operating activities | 2,690 |
| | 2,502 |
|
| Cash flows from financing activities: | | | |
| Long-term debt issued or remarketed, net of premium, discount and issuance costs of $1 and $(3) for respective periods | 2,236 |
| | 397 |
|
| Long-term debt matured or repurchased | (1,182 | ) | | (83 | ) |
| Preference stock issued, net | 463 |
| | 294 |
|
| Preference stock redeemed | (475 | ) | | (125 | ) |
| Short-term debt financing, net | (401 | ) | | 60 |
|
| Payments for stock-based compensation | (365 | ) | | (175 | ) |
| Receipt from stock option exercises | 201 |
| | 102 |
|
| Dividends to noncontrolling interests | (100 | ) | | (98 | ) |
| Dividends paid | (530 | ) | | (469 | ) |
| Other | (23 | ) | | (5 | ) |
| Net cash used in financing activities | (176 | ) | | (102 | ) |
| Cash flows from investing activities: | | | |
| Capital expenditures | (2,660 | ) | | (2,773 | ) |
| Proceeds from sale of nuclear decommissioning trust investments | 3,974 |
| | 2,075 |
|
| Purchases of nuclear decommissioning trust investments | (3,857 | ) | | (1,916 | ) |
| Life insurance policy loan proceeds | 26 |
| | 140 |
|
| Other | 24 |
| | (3 | ) |
| Net cash used in investing activities | (2,493 | ) | | (2,477 | ) |
| Net increase (decrease) in cash and cash equivalents | 21 |
| | (77 | ) |
| Cash and cash equivalents at beginning of period | 96 |
| | 161 |
|
| Cash and cash equivalents at end of period | $ | 117 |
| | $ | 84 |
|
