Equity

9 Months Ended

Sep. 30, 2023

Equity

Equity

Note 13. Equity

Common Stock Issuances

As of September 30, 2023, Edison International had not issued any shares through its "at-the-market" ("ATM") program established in August 2022. Under the ATM program, Edison International may sell shares of its common stock having an aggregate sales price of up to $500 million. Edison International has no obligation to sell the remaining shares available under the ATM program.

Edison International continued to settle its ongoing common stock requirements of various internal programs through issuance of new common stock. During the three months ended September 30, 2023, 204,724 shares of common stock were issued as stock compensation awards for net cash receipts of $11 million, 61,922 shares of new common stock were issued in lieu of distributing $4 million to shareholders opting to receive dividend payments in the form of additional common stock, 20,400 shares of common stock were issued to employees through the 401(k) defined contribution savings plan for net cash receipts of $1 million as dividend payments and 29,442 shares of common stock were issued to employees through the Employee Stock Purchase Plan for net cash receipts of $2 million.

During the nine months ended September 30, 2023, 1,013,203 shares of common stock were issued as stock compensation awards for net cash receipts of $50 million, 189,927 shares of new common stock were issued in lieu of distributing $13 million to shareholders opting to receive dividend payments in the form of additional common stock, 90,400 shares of common stock were issued to employees through the 401(k) defined contribution savings plan for net cash receipts of $6 million as dividend payments, 55,923 shares of common stock were issued to employees through the Employee Stock Purchase Plan for net cash receipts of $4 million and 9,905 shares of common stock were issued to employees through voluntary cash purchases for net cash receipts of $1 million.

Offer to Purchase Outstanding Preferred Stock Subsequent to September 30, 2023

On October 11, 2023, Edison International commenced a tender offer to purchase its outstanding 5.00% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series B ("Series B Preferred Stock") and its 5.375% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series A ("Series A Preferred Stock") for a maximum aggregate purchase price in cash of up to $750 million, plus accrued dividends. The consideration for the securities tendered and accepted for purchase will equal $895 per $1,000 liquidation preference of Series B Preferred Stock and $915 per $1,000 liquidation preference of Series A Preferred Stock, plus, in each case, accrued dividends. The tender offer will expire on November 8, 2023. For further information about Series A Preferred Stock and Series B Preferred Stock, see "Notes to Consolidated Financial Statements—Note 14. Equity" in the 2022 Form 10-K.