Schedule I - Condensed Financial Information of Parent |
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule I - Condensed Financial Information of Parent | EDISON INTERNATIONAL SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT CONDENSED BALANCE SHEETS
EDISON INTERNATIONAL SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT CONDENSED STATEMENTS OF INCOME For the Years Ended December 31, 2016, 2015 and 2014
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME For the Years Ended December 31, 2016, 2015 and 2014
EDISON INTERNATIONAL SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2016, 2015 and 2014
Note 1. Basis of Presentation The accompanying condensed financial statements of Edison International Parent should be read in conjunction with the consolidated financial statements and notes thereto of Edison International and subsidiaries ("Registrant") included in this Form 10-K. Edison International's Parent significant accounting policies are consistent with those of the Registrant, SCE and other wholly owned and controlled subsidiaries. Dividends Received Edison International Parent received cash dividends from SCE of $701 million, $758 million and $378 million in 2016, 2015 and 2014, respectively. Dividend Restrictions The CPUC regulates SCE's capital structure which limits the dividends it may pay Edison International. SCE may make distributions to Edison International as long as the common equity component of SCE's capital structure remains at or above the 48% on a 13-month weighted average basis. At December 31, 2016, SCE's 13-month weighted-average common equity component of total capitalization was 50.4% and the maximum additional dividend that SCE could pay to Edison International under this limitation was approximately $585 million, resulting in a restriction on SCE's net assets of $13.9 billion. Note 2. Debt and Credit Agreements Long-Term Debt During the first quarter of 2016, Edison International Parent issued $400 million of 2.95% senior notes due in 2023. The proceeds from these bonds were used to repay commercial paper borrowings and for general corporate purposes. In addition, at December 31, 2016 and 2015, Edison International Parent had 3.75% senior notes outstanding of $400 million, which matures in 2017. Credit Agreements and Short-Term Debt During the third quarter of 2016, Edison International Parent amended the credit facility to extend the maturity date for the $1.25 billion credit facility to July 2021. At December 31, 2016, the outstanding commercial paper was $538 million at a weighted-average interest rate of 0.97%. This short-term debt was supported by the $1.25 billion multi-year revolving credit facility. At December 31, 2015, the outstanding commercial paper was $646 million at a weighted-average interest rate of 0.78%. The following table summarizes the status of the credit facility at December 31, 2016:
The debt covenant in Edison International's credit facility requires a consolidated debt to total capitalization ratio of less than or equal to 0.65 to 1. At December 31, 2016, Edison International's consolidated debt to total capitalization ratio was 0.47 to 1. Note 3. Related-Party Transactions Edison International's Parent expense from services provided by SCE was $3 million annually in 2016, 2015 and 2014. Edison International's Parent interest expense from loans due to affiliates was $3 million in 2016, $6 million in 2015 and $1 million in 2014. Edison International Parent had current related-party receivables of $262 million and $252 million and current related-party payables of $221 million and $149 million at December 31, 2016 and 2015, respectively. Edison International Parent had long-term related-party receivables of $103 million and $105 million at December 31, 2016 and 2015, respectively, and long-term related-party payables of $243 million and $213 million at December 31, 2016 and 2015, respectively. Note 4. Contingencies For a discussion of material contingencies see "Notes to Consolidated Financial Statements—Note 7. Income Taxes," "—Note 11. Commitments and Contingencies." |