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Schedule I - Condensed Financial Information of Parent
12 Months Ended
Dec. 31, 2016
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
 
December 31,
(in millions)
2016
 
2015
Assets:
 
 
 
Cash and cash equivalents
$
6

 
$
7

Other current assets
261

 
259

Total current assets
267

 
266

Investments in subsidiaries
13,459

 
12,696

Deferred income taxes
646

 
626

Other long-term assets
108

 
110

Total assets
$
14,480

 
$
13,698

Liabilities and equity:
 
 
 
Short-term debt
$
539

 
$
646

Current portion of long-term debt
400

 
214

Other current liabilities
484

 
368

Total current liabilities
1,423

 
1,228

Long-term debt
397

 
398

Other long-term liabilities
664

 
704

Total equity
11,996

 
11,368

Total liabilities and equity
$
14,480

 
$
13,698

EDISON INTERNATIONAL
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT
CONDENSED STATEMENTS OF INCOME
For the Years Ended December 31, 2016, 2015 and 2014
(in millions)
2016
 
2015
 
2014
Interest income from affiliates
$
6

 
$
3

 
$
3

Operating expenses and interest expense
86

 
78

 
94

Loss before equity in earnings of subsidiaries
(80
)
 
(75
)
 
(91
)
Equity in earnings of subsidiaries
1,337

 
1,025

 
1,482

Income before income taxes
1,257

 
950

 
1,391

Income tax benefit
(42
)
 
(35
)
 
(36
)
Income from continuing operations
1,299

 
985

 
1,427

Income from discontinued operations, net of tax
12

 
35

 
185

Net income
$
1,311

 
$
1,020

 
$
1,612


CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
For the Years Ended December 31, 2016, 2015 and 2014
(in millions)
2016
 
2015
 
2014
Net income
$
1,311

 
$
1,020

 
$
1,612

Other comprehensive income (loss), net of tax
3

 
2

 
(45
)
Comprehensive income
$
1,314

 
$
1,022

 
$
1,567

EDISON INTERNATIONAL
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT
CONDENSED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2016, 2015 and 2014
(in millions)
2016
 
2015
 
2014
Net cash provided by (used in) operating activities
$
493

 
$
641

 
$
(73
)
Cash flows from financing activities:
 
 
 
 
 
Long-term debt issued
400

 

 

Long-term debt issuance costs
(3
)
 

 

Payable due to affiliates
34

 
54

 
66

Short-term debt financing, net
(108
)
 
26

 
584

Settlements of stock-based compensation, net
(44
)
 
(42
)
 
(24
)
Dividends paid
(626
)
 
(544
)
 
(463
)
Net cash (used in) provided by financing activities
(347
)
 
(506
)
 
163

Capital contributions to affiliate
(147
)
 
(30
)
 
(35
)
Loans to affiliate

 
(106
)
 
(60
)
Net cash used in investing activities:
(147
)
 
(136
)
 
(95
)
Net decrease in cash and cash equivalents
(1
)
 
(1
)
 
(5
)
Cash and cash equivalents, beginning of year
7

 
8

 
13

Cash and cash equivalents, end of year
$
6

 
$
7

 
$
8

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:
(in millions)
 
Commitment
$
1,250

Outstanding borrowings
(538
)
Amount available
$
712

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."