EX-99.1 2 exhibit991pressrelease3q12.htm EXHIBIT 99.1 PRESS RELEASE DATED 11-1-2012 Exhibit991PressRelease3Q12

Exhibit 99.1


FOR IMMEDIATE RELEASE
    
Media relations contact:
Charles Coleman (626) 302-7982
            
Investor relations contact
Scott Cunningham (626) 302-2540



Edison International Reports Third Quarter 2012 Results

ROSEMEAD, Calif., November 1, 2012 – Edison International (NYSE: EIX) today reported third quarter 2012 basic earnings of $0.58 per share, compared to basic earnings of $1.31 per share in the same quarter last year. Third quarter 2012 core earnings were $0.72 per share, compared to core earnings of $1.26 per share in the third quarter of 2011.

The decrease in earnings was primarily related to losses at Edison Mission Group (EMG) and to a delay in the California Public Utilities Commission (CPUC) final decision on Southern California Edison’s (SCE) 2012 General Rate Case. SCE incurred higher costs in the quarter to support its ongoing infrastructure investment programs, while the increased revenues to support these investment programs are pending the rate case decision from California regulators.

“SCE’s third quarter results reflect the delay in receiving a final rate case decision from California regulators, as well as severance and continued inspection and repair costs related to the San Onofre Nuclear Generating Station,” said Ted Craver, chairman and chief executive officer of Edison International. “A final rate case decision is an important part of moving forward with SCE’s capital program to invest in California’s electric infrastructure and provide safe, reliable, and affordable power.”

Third Quarter Earnings Detail

SCE’s third quarter 2012 basic and core earnings were $1.11 per share compared to $1.25 per share in the third quarter of 2011. The core earnings decrease was primarily due to a delay in the 2012 General Rate Case decision as higher depreciation and interest expenses are not being recovered in currently authorized revenue, and to higher costs at San Onofre Nuclear Generating Station. These include $(0.09) per share of incremental steam generator inspection and repair costs and $(0.06) per share in severance costs, which are both included in core earnings. These costs were partially offset by other operating and maintenance cost reductions. The General Rate Case revenue requirement ultimately adopted by the CPUC will be retroactive to January 1, 2012.




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Edison International Reports Third Quarter 2012 Financial Results
Page 2 of 13


EMG’s third quarter 2012 basic losses were $(0.42) per share compared to earnings of $0.10 per share in the third quarter of 2011. Core losses were $(0.28) per share compared to earnings of $0.05 per share in the same quarter last year. Third quarter losses increased primarily due to lower average realized energy and capacity prices, reduced generation, and higher fuel prices partially offset by lower planned maintenance costs and depreciation at Midwest Generation, decreased earnings from natural gas-fired projects, and lower income tax benefits. Non-core items for both quarters included the results for Homer City, which were classified as discontinued operations beginning in the third quarter of 2012. Homer City losses from discontinued operations during the third quarter of 2012 were $(0.24) per share, including an impairment charge of $(0.21) per share, compared to earnings of $0.05 per share in the prior-year period. Non-core items also included a gain of $0.09 per share on the sale of an Edison Capital lease interest in a power plant.

Edison International parent company and other reported a third quarter 2012 basic and core losses of $(0.11) per share compared to $(0.04) per share in the same period last year. Losses increased primarily due to higher consolidated state income taxes of $(0.09) per share.

Year-to-Date Earnings Summary

Edison International reported basic earnings of $1.09 per share for the nine-month period ending September 30, 2012, compared to $2.46 per share for the same period last year. Core earnings for the first nine months of 2012 were $1.40 per share compared to $2.47 per share in the same period last year.

Year-to-Date Earnings Detail

SCE’s year-to-date 2012 basic and core earnings were $2.26 per share compared to $2.57 per share for the same period last year. The core earnings decrease was primarily due to the delay in the 2012 General Rate Case decision and the higher costs at the San Onofre Nuclear Generating Station. The higher costs include $(0.17) per share of incremental steam generator inspection and repair costs and the $(0.06) per share in severance costs. These costs were partially offset by other operation and maintenance cost reductions. The General Rate Case revenue requirement ultimately adopted by the CPUC will be retroactive to January 1, 2012.

EMG’s year-to-date 2012 basic losses were $(1.02) per share compared to basic losses of $(0.05) per share in the prior-year period. Core losses were $(0.71) per share compared to core losses of $(0.04) per share in the same period last year. Year-to-date core losses increased primarily due to lower average realized energy and capacity prices, reduced generation, and higher fuel prices partially offset by lower planned maintenance costs and depreciation at Midwest Generation, decreased earnings from natural gas-fired projects, and higher income taxes. Non-core items for both periods included the results for Homer City, which were classified as discontinued operations beginning in the third quarter of 2012. Year-to-date losses from discontinued operations were $(0.40) per share, including the third quarter impairment charge of $(0.21) per share. Non-core items for this period also included the $0.09 per share gain on the sale of an Edison Capital lease interest in a power plant.


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Edison International Reports Third Quarter 2012 Financial Results
Page 3 of 13


Edison International parent company and other basic and core losses in the first nine months of 2012 were $(0.15) per share compared to basic and core losses of $(0.06) per share in the first nine months of 2011. Losses increased primarily due higher consolidated state income taxes of $(0.09) per share.

About Edison International

Edison International, through its subsidiaries, is a generator and distributor of electric power and an investor in infrastructure and energy assets, including renewable energy. Headquartered in Rosemead, Calif., Edison International is the parent company of Southern California Edison, one of the nation’s largest electric utilities, and Edison Mission Group, a competitive power generation business.


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Edison International Reports Third Quarter 2012 Financial Results
Page 4 of 13



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) by principal operating subsidiary internally for financial planning and for analysis of performance. We also use core earnings and core EPS by principal operating subsidiary when communicating with analysts and investors regarding our earnings results and outlook to facilitate comparisons of the Company’s performance from period to period. Financial measures referred to net income, basic EPS, core earnings, or core EPS also applies to the description of 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 GAAP earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. GAAP earnings refer to net income attributable to Edison International common shareholders or attributable to the common shareholders of each subsidiary. Core earnings are reconciled to GAAP earnings in the attached tables. EPS by principal operating subsidiary is based on the principal operating subsidiaries’ net income attributable to the common shareholders of each operating subsidiary, respectively, and Edison International’s weighted average outstanding common shares. The impact of participating securities (vested stock options that earn dividend equivalents that may participate in undistributed earnings with common stock) for each principal operating subsidiary is not material to each principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which we refer to as EIX parent company and other. EIX core EPS and core EPS by principal operating subsidiary are reconciled to basic EPS.

Risk Disclosure Statement

Forward-looking statements about the financial outlook for Edison International and its subsidiaries are included in this news release. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. Important factors that could cause different results are discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Edison International’s 2011 Form 10-K, and most recent Form 10-Q and other reports filed with the Securities and Exchange Commission which are available at: www.edisoninvestor.com. These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances.

Reminder: Edison International Will Hold a Conference Call Today

When:            Thursday, November 1, 2012, 2:00 p.m. (Pacific Daylight Time)
Telephone Numbers:    1-800-369-2198 (US) and 1-773-756-4618 (Int'l) - Passcode: Edison
Telephone Replay:    1-800-294-5087 (US) and 1-402-220-9780 (Int’l) - Passcode: 468529
Telephone replay available through November 9, 2012
Webcast:        www.edisoninvestor.com


Edison International Reports Third Quarter 2012 Financial Results
Page 5 of 13


Summary Financial Schedules

Third Quarter Basic Earnings (Loss) Per Share


 
Quarter Ended September 30,
 
Earnings (Loss) Per Common Share
 
 
Attributable to Edison International (Unaudited)
2012

2011

Change

SCE
$
1.11

$
1.25

$
(0.14
)
EMG
(0.19
)
0.05

(0.24
)
EIX parent company and other
(0.11
)
(0.04
)
(0.07
)
EIX earnings (loss) from continuing operations
0.81

1.26

(0.45
)
EIX earnings(loss) from discontinued operations
(0.23
)
0.05

(0.28
)
EIX basic earnings (loss)1
$
0.58

$
1.31

$
(0.73
)
EIX diluted earnings (loss)
$
0.58

$
1.30

$
(0.72
)
1
The impact of participating securities on the per share amounts is included in EIX parent company and other and was zero per share for both quarters.


Third Quarter Reconciliation of Core Earnings (Loss) Per Share
to Basic Earnings (Loss) Per Share


 
Quarter Ended September 30,
 
Earnings (Loss) Per Common Share
 
 
Attributable to Edison International (Unaudited)
2012

2011

Change

Core Earnings (Loss)1
 
 
 
SCE
$
1.11

$
1.25

$
(0.14
)
EMG
(0.28
)
0.05

(0.33
)
EIX parent company and other
(0.11
)
(0.04
)
(0.07
)
EIX core earnings (loss)
0.72

1.26

(0.54
)
Non-core items
 
 
 
EMG – Sale of Beaver Valley lease interest
0.09

--

0.09

Earnings (loss) from discontinued operations
 
 
 
EMG – Homer City2
(0.24
)
0.05

(0.29
)
EMG – Other
0.01

--

0.01

Total non-core items
(0.14
)
0.05

(0.19
)
EIX basic earnings (loss)
$
0.58

$
1.31

$
(0.73
)
1
See Use of Non-GAAP Financial Measures on page 4. The impact of participating securities on the per share amounts is included in EIX parent company and other and was zero per share for both quarters.
2
Beginning in the third quarter of 2012, Homer City met the definition of a discontinued operation and was classified separately in EME's consolidated statement of operations. Results included an impairment charge of $(0.21) per share.


Edison International Reports Third Quarter 2012 Financial Results
Page 6 of 13


Third Quarter Basic Earnings (Loss)


 
Quarter Ended September 30,
 
Earnings (Loss) (in millions)
 
 
Attributable to Edison International (Unaudited)
2012

2011

Change

SCE
$
363

$
406

$
(43
)
EMG
(61
)
18

(79
)
EIX parent company and other
(36
)
(13
)
(23
)
EIX earnings (loss) from continuing operations
266

411

(145
)
EIX earnings(loss) from discontinued operations
(76
)
15

(91
)
EIX basic earnings (loss)
$
190

$
426

$
(236
)



Third Quarter Reconciliation of Core Earnings (Loss) to Basic Earnings (Loss)

 
Quarter Ended September 30,
 
Earnings (Loss) (in millions)
 
 
Attributable to Edison International (Unaudited)
2012

2011

Change

Core Earnings (Loss)1
 
 
 
SCE
$
363

$
406

$
(43
)
EMG
(92
)
18

(110
)
EIX parent company and other
(36
)
(13
)
(23
)
EIX core earnings (loss)
235

411

(176
)
Non-core items
 
 
 
EMG – Sale of Beaver Valley lease interest
31

--

31

Earnings (loss) from discontinued operations
 
 
 
EMG – Homer City2
(79
)
15

(94
)
EMG – Other
3

--

3

Total non-core items
(45
)
15

(60
)
EIX basic earnings (loss)
$
190

$
426

$
(236
)
1
See Use of Non-GAAP Financial Measures on page 4.
2
Beginning in the third quarter of 2012, Homer City met the definition of a discontinued operation and was classified separately in EME's consolidated statement of operations. Results included an after tax impairment charge of $68 million.


Edison International Reports Third Quarter 2012 Financial Results
Page 7 of 13



Year-to-Date Basic Earnings (Loss) Per Share


 
Year-to-Date September 30,
 
Earnings (Loss) Per Common Share
 
 
Attributable to Edison International (Unaudited)
2012

2011

Change

SCE
$
2.26

$
2.57

$
(0.31
)
EMG
(0.62
)
(0.04
)
(0.58
)
EIX parent company and other
(0.15
)
(0.06
)
(0.09
)
EIX earnings (loss) from continuing operations
1.49

2.47

(0.98
)
EIX earnings(loss) from discontinued operations
(0.40
)
(0.01
)
(0.39
)
EIX basic earnings (loss)1
$
1.09

$
2.46

$
(1.37
)
EIX diluted earnings (loss)
$
1.09

$
2.45

$
(1.36
)
1
The impact of participating securities on the per share amounts is included in EIX parent company and other and was zero per share for both periods.


Year-to-Date Reconciliation of Core Earnings (Loss) Per Share
to Basic Earnings (Loss) Per Share


 
Year-to-Date September 30,
 
Earnings (Loss) Per Common Share
 
 
Attributable to Edison International (Unaudited)
2012

2011

Change

Core Earnings (Loss)1
 
 
 
SCE
$
2.26

$
2.57

$
(0.31
)
EMG
(0.71
)
(0.04
)
(0.67
)
EIX parent company and other
(0.15
)
(0.06
)
(0.09
)
EIX core earnings (loss)
1.40

2.47

(1.07
)
Non-core items
 
 
 
EMG – Sale of Beaver Valley interest
0.09

--

0.09

Earnings (loss) from discontinued operations
 
 
 
EMG – Homer City2
(0.40
)
--

(0.40
)
EMG – Other
--

(0.01
)
0.01

Total non-core items
(0.31
)
(0.01
)
(0.3
)
EIX basic earnings (loss)
$
1.09

$
2.46

$
(1.37
)
1
See Use of Non-GAAP Financial Measures on page 4.
2
Beginning in the third quarter of 2012, Homer City met the definition of a discontinued operation and was classified separately in EME's consolidated statement of operations. Results included an impairment charge of $(0.21) per share from quarter ended September 30, 2012.


Edison International Reports Third Quarter 2012 Financial Results
Page 8 of 13


Year-to-Date Basic Earnings (Loss)


 
Year-to-Date September 30,
 
Earnings (Loss) (in millions)
 
 
Attributable to Edison International (Unaudited)
2012

2011

Change

SCE
$
736

$
838

$
(102
)
EMG
(202
)
(14
)
(188
)
EIX parent company and other
(48
)
(19
)
(29
)
EIX earnings (loss) from continuing operations
486

805

(319
)
EIX earnings(loss) from discontinued operations
(129
)
(3
)
(126
)
EIX basic earnings (loss)1
$
357

$
802

$
(445
)



Year-to-Date Reconciliation of Core Earnings (Loss) to Basic Earnings (Loss)

 
Year-to-Date September 30,
 
Earnings (Loss) (in millions)
 
 
Attributable to Edison International (Unaudited)
2012

2011

Change

Core Earnings (Loss)1
 
 
 
SCE
$
736

$
838

$
(102
)
EMG
(233
)
(14
)
(219
)
EIX parent company and other
(48
)
(19
)
(29
)
EIX core earnings (loss)
455

805

(350
)
Non-core items
 
 
 
EMG – Sale of Beaver Valley interest
31

--

31

Earnings (loss) from discontinued operations
 
 
 
EMG – Homer City2
(131
)
--

(131
)
EMG – Other
2

(3
)
5

Total non-core items
(98
)
(3
)
(95
)
EIX basic earnings (loss)
$
357

$
802

$
(445
)
1
See Use of Non-GAAP Financial Measures on page 4.
2
Beginning in the third quarter of 2012, Homer City met the definition of a discontinued operation and was classified separately in EME's consolidated statement of operations. Results included an after tax impairment charge of $68 million from quarter ended September 30, 2012.




Edison International Reports Third Quarter 2012 Financial Results
Page 9 of 13


Consolidated Statements of Income
 
 
 
Edison International
 
 
 
 
 
 
 
 
Three months ended
September 30,
 
Nine months ended
September 30,
(in millions, except per-share amounts, unaudited)
 
2012
 
2011
 
2012
 
2011
Electric utility
 
$
3,730

 
$
3,385

 
$
8,791

 
$
8,060

Competitive power generation
 
340

 
437

 
1,009

 
1,277

Total operating revenue
 
4,070

 
3,822

 
9,800

 
9,337

Fuel
 
270

 
272

 
678

 
671

Purchased power
 
1,612

 
1,264

 
3,049

 
2,422

Operation and maintenance
 
1,152

 
1,071

 
3,450

 
3,325

Depreciation, decommissioning and amortization
 
465

 
430

 
1,389

 
1,272

(Gain) loss on sale of assets and other
 
(65
)
 
—

 
(60
)
 
8

Total operating expenses
 
3,434

 
3,037

 
8,506

 
7,698

Operating income
 
636

 
785

 
1,294

 
1,639

Interest and dividend income
 
3

 
4

 
19

 
38

Equity in income from unconsolidated affiliates, net
 
25

 
56

 
42

 
68

Other income
 
37

 
27

 
105

 
110

Interest expense
 
(214
)
 
(203
)
 
(643
)
 
(600
)
Other expenses
 
(10
)
 
(11
)
 
(36
)
 
(37
)
Income from continuing operations before income taxes
 
477

 
658

 
781

 
1,218

Income tax expense
 
181

 
232

 
217

 
370

Income from continuing operations
 
296

 
426

 
564

 
848

Income (loss) from discontinued operations, net of tax
 
(76
)
 
15

 
(129
)
 
(3
)
Net income
 
220

 
441

 
435

 
845

Dividends on preferred and preference stock of utility
 
25

 
15

 
66

 
44

Other noncontrolling interests
 
5

 
—

 
12

 
(1
)
Net income attributable to Edison International common shareholders
 
$
190

 
$
426

 
$
357

 
$
802

Amounts attributable to Edison International common shareholders:
 
 
 
 
 
 
 
 
Income from continuing operations, net of tax
 
$
266

 
$
411

 
$
486

 
$
805

Income (loss) from discontinued operations, net of tax
 
(76
)
 
15

 
(129
)
 
(3
)
Net income attributable to Edison International common shareholders
 
$
190

 
$
426

 
$
357

 
$
802

Basic earnings (loss) per common share attributable to Edison International common shareholders:
 
 
 
 
 
 
 
 
Weighted-average shares of common stock outstanding
 
326

 
326

 
326

 
326

Continuing operations
 
$
0.81

 
$
1.26

 
$
1.49

 
$
2.47

Discontinued operations
 
(0.23
)
 
0.05

 
(0.40
)
 
(0.01
)
Total
 
$
0.58

 
$
1.31

 
$
1.09

 
$
2.46

Diluted earnings (loss) per common share attributable to Edison International common shareholders:
 
 
 
 
 
 
 
 
Weighted-average shares of common stock outstanding, including effect of dilutive securities
 
329

 
329

 
328

 
329

Continuing operations
 
$
0.81

 
$
1.25

 
$
1.48

 
$
2.46

Discontinued operations
 
(0.23
)
 
0.05

 
(0.39
)
 
(0.01
)
Total
 
$
0.58

 
$
1.30

 
$
1.09

 
$
2.45

Dividends declared per common share
 
$
0.325

 
$
0.320

 
$
0.975

 
$
0.960



Edison International Reports Third Quarter 2012 Financial Results
Page 10 of 13


Consolidated Balance Sheets
 
Edison International
 
 
 
 
 
 
(in millions, unaudited)
 
September 30,
2012
 
December 31,
2011
ASSETS
 
 
 
 
Cash and cash equivalents
 
$
1,080

 
$
1,390

Receivables, less allowances of $75 for uncollectible accounts at both dates
 
1,167

 
908

Accrued unbilled revenue
 
787

 
519

Inventory
 
508

 
519

Prepaid taxes
 
36

 
88

Derivative assets
 
76

 
106

Restricted cash and cash equivalents
 
116

 
103

Margin and collateral deposits
 
88

 
58

Regulatory assets
 
250

 
494

Deferred income taxes
 
231

 
—

Other current assets
 
94

 
92

Assets of discontinued operations
 
61

 
207

Total current assets
 
4,494

 
4,484

Nuclear decommissioning trusts
 
3,997

 
3,592

Investments in unconsolidated affiliates
 
544

 
525

Other investments
 
189

 
211

Total investments
 
4,730

 
4,328

Utility property, plant and equipment, less accumulated depreciation of $7,378 and $6,894 at respective dates
 
29,314

 
27,569

Competitive power generation and other property, plant and equipment, less accumulated depreciation of $1,616 and $1,408 at respective dates
 
4,544

 
4,547

Total property, plant and equipment
 
33,858

 
32,116

Derivative assets
 
117

 
131

Restricted deposits
 
89

 
25

Rent payments in excess of levelized rent expense under plant operating leases
 
855

 
760

Regulatory assets
 
5,677

 
5,466

Other long-term assets
 
725

 
684

Total long-term assets
 
7,463

 
7,066

Assets of discontinued operations
 
—

 
45

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
 
$
50,545

 
$
48,039



Edison International Reports Third Quarter 2012 Financial Results
Page 11 of 13


Consolidated Balance Sheets
 
Edison International
 
 
 
 
 
 
(in millions, except share amounts, unaudited)
 
September 30,
2012
 
December 31,
2011
LIABILITIES AND EQUITY
 
 
 
 
Short-term debt
 
$
429

 
$
429

Current portion of long-term debt
 
565

 
57

Accounts payable
 
1,257

 
1,397

Accrued taxes
 
105

 
52

Accrued interest
 
207

 
205

Customer deposits
 
193

 
199

Derivative liabilities
 
109

 
268

Regulatory liabilities
 
493

 
670

Deferred income taxes
 
—

 
91

Other current liabilities
 
855

 
953

Liabilities of discontinued operations
 
61

 
27

Total current liabilities
 
4,274

 
4,348

Long-term debt
 
13,708

 
13,689

Deferred income taxes
 
5,745

 
5,396

Deferred investment tax credits
 
108

 
89

Customer advances
 
149

 
138

Derivative liabilities
 
717

 
547

Pensions and benefits
 
2,884

 
2,912

Asset retirement obligations
 
2,804

 
2,680

Regulatory liabilities
 
5,249

 
4,670

Other deferred credits and other long-term liabilities
 
2,887

 
2,475

Total deferred credits and other liabilities
 
20,543

 
18,907

Liabilities of discontinued operations
 
—

 
9

Total liabilities
 
38,525

 
36,953

Commitments and contingencies
 
 
 
 
Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date)
 
2,385

 
2,360

Accumulated other comprehensive loss
 
(168
)
 
(139
)
Retained earnings
 
7,806

 
7,834

Total Edison International's common shareholders' equity
 
10,023

 
10,055

Preferred and preference stock of utility
 
1,759

 
1,029

Other noncontrolling interests
 
238

 
2

Total noncontrolling interests
 
1,997

 
1,031

Total equity
 
12,020

 
11,086

Total liabilities and equity
 
$
50,545

 
$
48,039




Edison International Reports Third Quarter 2012 Financial Results
Page 12 of 13


Consolidated Statements of Cash Flows
 
Edison International
 
 
 
Nine months ended
September 30,
(in millions, unaudited)
 
2012
 
2011
Cash flows from operating activities:
 
 
 
 
Net income
 
$
435

 
$
845

Adjustments to reconcile to net cash provided by operating activities:
 
 
 
 
Depreciation, decommissioning and amortization
 
1,389

 
1,272

Regulatory impacts of net nuclear decommissioning trust earnings
 
147

 
131

Other amortization
 
73

 
112

Gain on sale of assets and other
 
(60
)
 
6

Stock-based compensation
 
28

 
22

Equity in income from unconsolidated affiliates
 
(42
)
 
(68
)
Distributions from unconsolidated affiliates
 
15

 
52

Deferred income taxes and investment tax credits
 
(20
)
 
373

Income from leveraged leases
 
(4
)
 
(4
)
Proceeds from U.S. treasury grants
 
73

 
310

Changes in operating assets and liabilities:
 
 
 
 
Receivables
 
(293
)
 
(205
)
Inventory
 
11

 
(25
)
Margin and collateral deposits, net of collateral received
 
(31
)
 
6

Prepaid taxes
 
52

 
318

Other current assets
 
(264
)
 
(321
)
Rent payments in excess of levelized rent expense
 
(95
)
 
(96
)
Accounts payable
 
347

 
178

Accrued taxes
 
61

 
76

Other current liabilities
 
(87
)
 
(189
)
Derivative assets and liabilities, net
 
(8
)
 
137

Regulatory assets and liabilities, net
 
210

 
(73
)
Other assets
 
(30
)
 
(20
)
Other liabilities
 
256

 
1

Operating cash flows from continuing operations
 
2,163

 
2,838

Operating cash flows from discontinued operations, net
 
(5
)
 
(14
)
Net cash provided by operating activities
 
2,158

 
2,824

Cash flows from financing activities:
 
 
 
 
Long-term debt issued
 
549

 
686

Long-term debt issuance costs
 
(12
)
 
(24
)
Long-term debt repaid
 
(36
)
 
(97
)
Bonds purchased
 
—

 
(86
)
Preference stock issued, net
 
804

 
123

Preference stock redeemed
 
(75
)
 
—

Short-term debt financing, net
 
(10
)
 
573

Settlements of stock-based compensation, net
 
(45
)
 
(14
)
Cash contributions from noncontrolling interests
 
238

 
—

Dividends and distributions to noncontrolling interests
 
(75
)
 
(43
)
Dividends paid
 
(318
)
 
(313
)
Net cash provided by financing activities from continuing operations
 
$
1,020

 
$
805



Edison International Reports Third Quarter 2012 Financial Results
Page 13 of 13


Consolidated Statements of Cash Flows
 
Edison International
 
 
 
Nine months ended
September 30,
(in millions, unaudited)
 
2012
 
2011
Cash flows from investing activities:
 
 
 
 
Capital expenditures
 
$
(3,371
)
 
$
(3,481
)
Purchase of interest in acquired companies
 
—

 
(3
)
Proceeds from sale of nuclear decommissioning trust investments
 
1,525

 
2,108

Purchases of nuclear decommissioning trust investments and other
 
(1,689
)
 
(2,254
)
Proceeds from sale of interest in project, net
 
107

 
—

Proceeds from partnerships and unconsolidated subsidiaries, net of investment
 
7

 
6

Restricted deposits and restricted cash and cash equivalents
 
(75
)
 
4

Customer advances for construction and other investments
 
3

 
(4
)
Investing cash flows from continuing operations
 
(3,493
)
 
(3,624
)
Investing cash flows from discontinued operations, net
 
(19
)
 
(10
)
Net cash used by investing activities
 
(3,512
)
 
(3,634
)
Net (decrease) increase in cash and cash equivalents from continuing operations
 
(310
)
 
19

Cash and cash equivalents at beginning of period from continuing operations
 
1,390

 
1,261

Cash and cash equivalents at end of period from continuing operations
 
$
1,080

 
$
1,280

 
 
 
 
 
Net decrease in cash and cash equivalents from discontinued operations
 
$
(24
)
 
$
(24
)
Cash and cash equivalents at beginning of period from discontinued operations
 
79

 
128

Cash and cash equivalents at end of period from discontinued operations
 
$
55

 
$
104