Commission File Number | Exact Name of Registrant as specified in its charter | State or Other Jurisdiction of Incorporation or Organization | IRS Employer Identification Number | |||
1-9936 | EDISON INTERNATIONAL | California | 95-4137452 | |||
1-2313 | SOUTHERN CALIFORNIA EDISON COMPANY | California | 95-1240335 |
2244 Walnut Grove Avenue (P.O. Box 976) Rosemead, California 91770 (Address of principal executive offices) | 2244 Walnut Grove Avenue (P.O. Box 800) Rosemead, California 91770 (Address of principal executive offices) | |
(626) 302-2222 (Registrant's telephone number, including area code) | (626) 302-1212 (Registrant's telephone number, including area code) |
Item 2.02 | Results of Operations and Financial Condition |
Item 7.01 | Regulation FD Disclosure |
Item 9.01 | Financial Statements and Exhibits |
(d) | Exhibits |
EDISON INTERNATIONAL | |
(Registrant) | |
/s/ Aaron D. Moss | |
Aaron D. Moss | |
Vice President and Controller |
SOUTHERN CALIFORNIA EDISON COMPANY | |
(Registrant) | |
/s/ Connie J. Erickson | |
Connie J. Erickson | |
Vice President and Controller |
Exhibit No. | Description |
99.1 | Edison International Press Release dated February 21, 2017 |
99.2 | Edison International Fourth Quarter and Full-Year 2016 Financial Results Conference Call Prepared Remarks dated February 21, 2017 |
99.3 | Edison International Fourth Quarter and Full-Year 2016 Financial Results Conference Call Presentation dated February 21, 2017 |
NEWS | ||
Low | Midpoint | High | |
SCE | $4.39 | ||
EIX Parent & Other | (0.25) | ||
EIX Basic EPS | $4.04 | $4.14 | $4.24 |
Less: Non-Core Items | - | - | - |
EIX Core EPS | $4.04 | $4.14 | $4.24 |
• | 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 the 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 cost allocation, including the potential movement of costs to certain customers, caused by the ability of cities, counties and certain other public agencies to generate and/or purchase electricity for their local residents and businesses, along with 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 the construction of 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, and cost overruns. |
Three months ended December 31, | Years ended December 31, | ||||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||||
Earnings (loss) per share attributable to Edison International | |||||||||||||||||||||||
Continuing operations | |||||||||||||||||||||||
SCE | $ | 1.04 | $ | (0.25 | ) | $ | 1.29 | $ | 4.22 | $ | 3.06 | $ | 1.16 | ||||||||||
Edison International Parent and Other | (0.02 | ) | 0.03 | (0.05 | ) | (0.23 | ) | (0.04 | ) | (0.19 | ) | ||||||||||||
Discontinued operations | 0.04 | (0.02 | ) | 0.06 | 0.03 | 0.11 | (0.08 | ) | |||||||||||||||
Edison International | 1.06 | (0.24 | ) | 1.30 | 4.02 | 3.13 | 0.89 | ||||||||||||||||
Less: Non-core items | |||||||||||||||||||||||
SCE | — | (1.14 | ) | 1.14 | — | (1.14 | ) | 1.14 | |||||||||||||||
Edison International Parent and Other | — | 0.04 | (0.04 | ) | 0.02 | 0.06 | (0.04 | ) | |||||||||||||||
Discontinued operations | 0.04 | (0.02 | ) | 0.06 | 0.03 | 0.11 | (0.08 | ) | |||||||||||||||
Total non-core items | 0.04 | (1.12 | ) | 1.16 | 0.05 | (0.97 | ) | 1.02 | |||||||||||||||
Core earnings (losses) | |||||||||||||||||||||||
SCE | 1.04 | 0.89 | 0.15 | 4.22 | 4.20 | 0.02 | |||||||||||||||||
Edison International Parent and Other | (0.02 | ) | (0.01 | ) | (0.01 | ) | (0.25 | ) | (0.10 | ) | (0.15 | ) | |||||||||||
Edison International | $ | 1.02 | $ | 0.88 | $ | 0.14 | $ | 3.97 | $ | 4.10 | $ | (0.13 | ) |
Three months ended December 31, | Years ended December 31, | ||||||||||||||||||||||
(in millions) | 2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||||||||||
Net income (loss) attributable to Edison International | |||||||||||||||||||||||
Continuing operations | |||||||||||||||||||||||
SCE | $ | 339 | $ | (80 | ) | $ | 419 | $ | 1,376 | $ | 998 | $ | 378 | ||||||||||
Edison International Parent and Other | (7 | ) | 9 | (16 | ) | (77 | ) | (13 | ) | (64 | ) | ||||||||||||
Discontinued operations | 13 | (8 | ) | 21 | 12 | 35 | (23 | ) | |||||||||||||||
Edison International | 345 | (79 | ) | 424 | 1,311 | 1,020 | 291 | ||||||||||||||||
Less: Non-core items | |||||||||||||||||||||||
SCE | — | (370 | ) | 370 | — | (370 | ) | 370 | |||||||||||||||
Edison International Parent and Other | — | 12 | (12 | ) | 5 | 19 | (14 | ) | |||||||||||||||
Discontinued operations | 13 | (8 | ) | 21 | 12 | 35 | (23 | ) | |||||||||||||||
Total non-core items | 13 | (366 | ) | 379 | 17 | (316 | ) | 333 | |||||||||||||||
Core earnings (losses) | |||||||||||||||||||||||
SCE | 339 | 290 | 49 | 1,376 | 1,368 | 8 | |||||||||||||||||
Edison International Parent and Other | (7 | ) | (3 | ) | (4 | ) | (82 | ) | (32 | ) | (50 | ) | |||||||||||
Edison International | $ | 332 | $ | 287 | $ | 45 | $ | 1,294 | $ | 1,336 | $ | (42 | ) |
Consolidated Statements of Income | Edison International | ||||||||||||||
Quarters ended December 31, | Years ended December 31, | ||||||||||||||
(in millions, except per-share amounts) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Total operating revenue | $ | 2,884 | $ | 2,341 | $ | 11,869 | $ | 11,524 | |||||||
Purchased power and fuel | 951 | 618 | 4,527 | 4,266 | |||||||||||
Operation and maintenance | 779 | 830 | 2,868 | 2,990 | |||||||||||
Depreciation, decommissioning and amortization | 504 | 467 | 2,007 | 1,919 | |||||||||||
Property and other taxes | 84 | 81 | 354 | 336 | |||||||||||
Impairment and other charges | — | 5 | 21 | 5 | |||||||||||
Total operating expenses | 2,318 | 2,001 | 9,777 | 9,516 | |||||||||||
Operating income | 566 | 340 | 2,092 | 2,008 | |||||||||||
Interest and other income | 27 | 58 | 123 | 174 | |||||||||||
Interest expense | (150 | ) | (136 | ) | (581 | ) | (555 | ) | |||||||
Other expenses | (17 | ) | (18 | ) | (44 | ) | (59 | ) | |||||||
Income from continuing operations before income taxes | 426 | 244 | 1,590 | 1,568 | |||||||||||
Income tax expense | 63 | 291 | 177 | 486 | |||||||||||
Income (loss) from continuing operations | 363 | (47 | ) | 1,413 | 1,082 | ||||||||||
Income (loss) from discontinued operations, net of tax | 13 | (8 | ) | 12 | 35 | ||||||||||
Net income (loss) | 376 | (55 | ) | 1,425 | 1,117 | ||||||||||
Preferred and preference stock dividend requirements of utility | 31 | 29 | 123 | 113 | |||||||||||
Other noncontrolling interests | — | (5 | ) | (9 | ) | (16 | ) | ||||||||
Net income (loss) attributable to Edison International common shareholders | $ | 345 | $ | (79 | ) | $ | 1,311 | $ | 1,020 | ||||||
Amounts attributable to Edison International common shareholders: | |||||||||||||||
Income (loss) from continuing operations, net of tax | $ | 332 | $ | (71 | ) | $ | 1,299 | $ | 985 | ||||||
Income (loss) from discontinued operations, net of tax | 13 | (8 | ) | 12 | 35 | ||||||||||
Net income (loss) attributable to Edison International common shareholders | $ | 345 | $ | (79 | ) | $ | 1,311 | $ | 1,020 | ||||||
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 | $ | 1.02 | $ | (0.22 | ) | $ | 3.99 | $ | 3.02 | ||||||
Discontinued operations | 0.04 | (0.02 | ) | 0.03 | 0.11 | ||||||||||
Total | $ | 1.06 | $ | (0.24 | ) | $ | 4.02 | $ | 3.13 | ||||||
Diluted earnings (loss) per common share attributable to Edison International common shareholders: | |||||||||||||||
Weighted-average shares of common stock outstanding, including effect of dilutive securities | 330 | 328 | 330 | 329 | |||||||||||
Continuing operations | $ | 1.01 | $ | (0.22 | ) | $ | 3.94 | $ | 2.99 | ||||||
Discontinued operations | 0.04 | (0.02 | ) | 0.03 | 0.11 | ||||||||||
Total | $ | 1.05 | $ | (0.24 | ) | $ | 3.97 | $ | 3.10 | ||||||
Dividends declared per common share | $ | 0.5425 | $ | 0.4800 | $ | 1.9825 | $ | 1.7325 |
Consolidated Balance Sheets | Edison International | |||||||
December 31, | ||||||||
(in millions) | 2016 | 2015 | ||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 96 | $ | 161 | ||||
Receivables, less allowances of $62 for uncollectible accounts at both dates | 714 | 771 | ||||||
Accrued unbilled revenue | 370 | 565 | ||||||
Inventory | 239 | 267 | ||||||
Derivative assets | 73 | 79 | ||||||
Regulatory assets | 350 | 560 | ||||||
Other current assets | 281 | 251 | ||||||
Total current assets | 2,123 | 2,654 | ||||||
Nuclear decommissioning trusts | 4,242 | 4,331 | ||||||
Other investments | 83 | 203 | ||||||
Total investments | 4,325 | 4,534 | ||||||
Utility property, plant and equipment, less accumulated depreciation and amortization of $9,000 and $8,548 at respective dates | 36,806 | 34,945 | ||||||
Nonutility property, plant and equipment, less accumulated depreciation of $99 and $85 at respective dates | 194 | 140 | ||||||
Total property, plant and equipment | 37,000 | 35,085 | ||||||
Derivative assets | 1 | 84 | ||||||
Regulatory assets | 7,455 | 7,512 | ||||||
Other long-term assets | 415 | 360 | ||||||
Total long-term assets | 7,871 | 7,956 | ||||||
Total assets | $ | 51,319 | $ | 50,229 |
Consolidated Balance Sheets | Edison International | |||||||
December 31, | ||||||||
(in millions, except share amounts) | 2016 | 2015 | ||||||
LIABILITIES AND EQUITY | ||||||||
Short-term debt | $ | 1,307 | $ | 695 | ||||
Current portion of long-term debt | 981 | 295 | ||||||
Accounts payable | 1,342 | 1,310 | ||||||
Accrued taxes | 50 | 72 | ||||||
Customer deposits | 269 | 242 | ||||||
Derivative liabilities | 216 | 218 | ||||||
Regulatory liabilities | 756 | 1,128 | ||||||
Other current liabilities | 991 | 967 | ||||||
Total current liabilities | 5,912 | 4,927 | ||||||
Long-term debt | 10,175 | 10,883 | ||||||
Deferred income taxes and credits | 8,327 | 7,480 | ||||||
Derivative liabilities | 941 | 1,100 | ||||||
Pensions and benefits | 1,354 | 1,759 | ||||||
Asset retirement obligations | 2,590 | 2,764 | ||||||
Regulatory liabilities | 5,726 | 5,676 | ||||||
Other deferred credits and other long-term liabilities | 2,102 | 2,246 | ||||||
Total deferred credits and other liabilities | 21,040 | 21,025 | ||||||
Total liabilities | 37,127 | 36,835 | ||||||
Commitments and contingencies | ||||||||
Redeemable noncontrolling interest | 5 | 6 | ||||||
Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at respective dates) | 2,505 | 2,484 | ||||||
Accumulated other comprehensive loss | (53 | ) | (56 | ) | ||||
Retained earnings | 9,544 | 8,940 | ||||||
Total Edison International's common shareholders' equity | 11,996 | 11,368 | ||||||
Noncontrolling interests – preferred and preference stock of utility | 2,191 | 2,020 | ||||||
Total equity | 14,187 | 13,388 | ||||||
Total liabilities and equity | $ | 51,319 | $ | 50,229 |
Consolidated Statements of Cash Flows | Edison International | |||||||||||
Years ended December 31, | ||||||||||||
(in millions) | 2016 | 2015 | 2014 | |||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 1,425 | $ | 1,117 | $ | 1,721 | ||||||
Less: Income from discontinued operations | 12 | 35 | 185 | |||||||||
Income from continuing operations | 1,413 | 1,082 | 1,536 | |||||||||
Adjustments to reconcile to net cash provided by operating activities: | ||||||||||||
Depreciation, decommissioning and amortization | 2,098 | 2,005 | 1,815 | |||||||||
Allowance for equity during construction | (74 | ) | (87 | ) | (65 | ) | ||||||
Impairment and other charges | — | 5 | 157 | |||||||||
Deferred income taxes and investment tax credits | 190 | 449 | 522 | |||||||||
Other | 20 | (28 | ) | 20 | ||||||||
Nuclear decommissioning trusts | (179 | ) | (428 | ) | 39 | |||||||
EME settlement payments, net of insurance proceeds | (209 | ) | (176 | ) | (225 | ) | ||||||
Changes in operating assets and liabilities: | ||||||||||||
Receivables | 52 | 49 | 64 | |||||||||
Inventory | 8 | 14 | (25 | ) | ||||||||
Accounts payable | 35 | 8 | 14 | |||||||||
Prepaid and accrued taxes | (6 | ) | (28 | ) | (100 | ) | ||||||
Other current assets and liabilities | 211 | (24 | ) | (103 | ) | |||||||
Derivative assets and liabilities, net | 13 | 45 | (40 | ) | ||||||||
Regulatory assets and liabilities, net | (292 | ) | 1,729 | (358 | ) | |||||||
Other noncurrent assets and liabilities | (24 | ) | (106 | ) | (3 | ) | ||||||
Net cash provided by operating activities | 3,256 | 4,509 | 3,248 | |||||||||
Cash flows from financing activities: | ||||||||||||
Long-term debt issued or remarketed, net of discount and issuance costs of $7, $17, and $6 at respective periods | 397 | 1,420 | 494 | |||||||||
Long-term debt matured or repurchased | (220 | ) | (762 | ) | (607 | ) | ||||||
Preference stock issued, net | 294 | 319 | 269 | |||||||||
Preference stock redeemed | (125 | ) | (325 | ) | — | |||||||
Short-term debt financing, net | 611 | (572 | ) | 1,079 | ||||||||
Cash contribution from redeemable noncontrolling interest | — | — | — | |||||||||
Dividends to noncontrolling interests | (123 | ) | (116 | ) | (111 | ) | ||||||
Dividends paid | (626 | ) | (544 | ) | (463 | ) | ||||||
Other | (113 | ) | (8 | ) | (16 | ) | ||||||
Net cash provided by (used in) financing activities | 95 | (588 | ) | 645 | ||||||||
Cash flows from investing activities: | ||||||||||||
Capital expenditures | (3,734 | ) | (4,225 | ) | (3,906 | ) | ||||||
Proceeds from sale of nuclear decommissioning trust investments | 3,212 | 3,506 | 2,617 | |||||||||
Purchases of nuclear decommissioning trust investments | (3,033 | ) | (3,132 | ) | (2,661 | ) | ||||||
Life insurance policy loans proceeds | 140 | — | — | |||||||||
Other | (1 | ) | (41 | ) | 43 | |||||||
Net cash used in investing activities | (3,416 | ) | (3,892 | ) | (3,907 | ) | ||||||
Net (decrease) increase in cash and cash equivalents | (65 | ) | 29 | (14 | ) | |||||||
Cash and cash equivalents at beginning of year | 161 | 132 | 146 | |||||||||
Cash and cash equivalents at end of year | $ | 96 | $ | 161 | $ | 132 |
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