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Edison International Reports Fourth Quarter and Full-Year 2022 Results

  • Fourth Quarter 2022 GAAP earnings per share of $1.09; Core EPS of $1.15
  • Full-Year 2022 GAAP EPS of $1.61; Core EPS of $4.63
  • Edison International declares quarterly dividend of $0.7375 per share; annualized rate of $2.95 per share
  • EIX initiates 2023 EPS guidance of $4.55–4.85
  • EIX reiterates long-term EPS growth rate target of 5%-7% for 2021-2025

Edison International (NYSE: EIX) today reported fourth quarter 2022 net income of $415 million, or $1.09 per share, compared to net income of $523 million, or $1.38 per share, in the fourth quarter of 2021. As adjusted, fourth quarter 2022 core earnings were $437 million, or $1.15 per share, compared to core earnings of $440 million, or $1.16 per share, in the fourth quarter of 2021.

Southern California Edison’s fourth quarter 2022 core earnings per share (EPS) increased year over year, primarily due to higher California Public Utilities Commission (CPUC)-related revenue due to the escalation mechanism as set forth in the 2021 General Rate Case (GRC) final decision, partially offset by higher depreciation expense from increased plant balance and higher net interest expense related to higher rates.

Edison International Parent and Other’s fourth quarter 2022 core loss per share increased year over year, primarily due to higher interest expense and higher corporate expense.

“Edison International posted strong results for 2022, with core EPS in the upper end of our initial guidance range,” said Pedro J. Pizarro, president and CEO of Edison International. “SCE continued its tremendous progress in making its communities safer by reducing wildfire risk. SCE’s approach is differentiated by the speed of its infrastructure hardening, and the utility recently completed its 4,400th mile of covered conductor.”

Pizarro added, “The support for economywide electrification continues to grow nationally and here in California. Rapid electrification expansion sharpens the continued need to make significant grid investments that support California’s leading role in building a carbon-free economy.”

Full-Year Earnings

For 2022, Edison International reported net income of $612 million, or $1.61 per share, compared to $759 million, or $2.00 per share, for 2021. As adjusted, Edison International’s core earnings were $1,765 million, or $4.63 per share, compared to $1,741 million, or $4.59 per share, in 2021.

SCE’s full-year core EPS was higher, primarily due to higher CPUC-related revenue due to the escalation mechanism as set forth in the 2021 GRC final decision along with return on rate base approved in applications related to wildfire mitigation capital expenditures and the Customer Service Re-Platform project. These were partially offset by higher operating and maintenance expenses, higher depreciation expense from increased plant balance and higher interest expense.

Edison International Parent and Other’s full-year loss per share increased primarily due to higher preferred dividends.

Edison International uses core earnings internally for financial planning and for analysis of performance. Core earnings are also used when communicating with investors and analysts regarding Edison International’s earnings results to facilitate comparisons of the company's performance from period to period. Please see the attached tables for a reconciliation of core earnings to basic GAAP earnings.

2023 Earnings Guidance

The company announced its earnings guidance range for 2023 as summarized in the following chart. See page 14 of the presentation accompanying the company’s conference call for further information and assumptions.

 

 

 

 

 

 

 

 

 

 

2023 Earnings Guidance

 

 

 

as of Feb. 23, 2023

 

 

 

Low

 

High

 

EIX Basic EPS

 

$

4.55

 

$

4.85

 

Less: Non-core Items

 

 

 

 

 

EIX Core EPS

 

$

4.55

 

$

4.85

 

Edison International and Southern California Edison Declare Dividends

Today, the board of directors of Edison International declared a quarterly common stock dividend of $0.7375 per share, payable on April 30, 2023, to shareholders of record on March 31, 2023. They also declared dividends on preferred stock. Additionally, the board of directors of Southern California Edison Company today declared dividends on preference stock. For more information, please see the related news release at www.edisoninvestor.com.

Fourth Quarter and Full-Year 2022 Earnings Conference Call and Webcast Details

 

 

 

When:

Thursday, Feb. 23, 2023, 1:30-2:30 p.m. (Pacific time)

Telephone Numbers:

1-888-673-9780 (US) and 1-312-470-0178 (Int'l) — Passcode: Edison

Telephone Replay:

 

1-800-839-1334 (US) and 1-203-369-3831 (Int’l) — Passcode: 3491

Telephone replay available through March 10, 2023 at 6 p.m. (Pacific time)

Webcast:

www.edisoninvestor.com

Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation and Form 10-K to the company’s investor relations website. These materials are available at www.edisoninvestor.com.

About Edison International

Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison Company, a utility that delivers electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Edison Energy LLC, a global energy advisory firm engaged in the business of providing integrated decarbonization and energy solutions to commercial, industrial and institutional customers.

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) internally for financial planning and for analysis of performance of Edison International and Southern California Edison. We also use core earnings and core EPS when communicating with analysts and investors regarding our earnings results to facilitate comparisons of the Company’s performance from period to period. Financial measures referred to as net income, basic EPS, core earnings, or core EPS also apply 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 basic 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. Basic earnings and losses refer to net income or losses attributable to Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested awards that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which is included in Edison International Parent and Other.

Safe Harbor Statement

Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this presentation, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results include, but are not limited to the:

  • ability of SCE to recover its costs through regulated rates, including uninsured wildfire-related and debris flow-related costs, costs incurred to mitigate the risk of utility equipment causing future wildfires, costs incurred as a result of the COVID-19 pandemic, and increased costs due to supply chain constraints, inflation and rising interest rates;
  • ability of SCE to implement its Wildfire Mitigation Plan and capital program;
  • risks of regulatory or legislative restrictions that would limit SCE's ability to implement operational measures to mitigate wildfire risk, including Public Safety Power Shutoff ("PSPS") and fast curve settings, when conditions warrant or would otherwise limit SCE's operational practices relative to wildfire risk mitigation;
  • risks associated with SCE implementing PSPS, including regulatory fines and penalties, claims for damages and reputational harm;
  • ability of SCE to maintain a valid safety certification;
  • ability of Edison International and SCE to obtain sufficient insurance at a reasonable cost, including insurance relating to wildfire-related claims, and to recover the costs of such insurance or, in the event liabilities exceed insured amounts, the ability to recover uninsured losses (including amounts paid for self-insured retention and co-insurance) from customers or other parties;
  • extreme weather-related incidents (including events caused, or exacerbated, by climate change, such as wildfires, debris flows, flooding, droughts, high wind events and extreme heat events) and other natural disasters (such as earthquakes), which could cause, among other things, public safety issues, property damage, rotating outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs;
  • risk that California Assembly Bill 1054 ("AB 1054") does not effectively mitigate the significant exposure faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial cause, including the longevity of the Wildfire Insurance Fund and the CPUC's interpretation of and actions under AB 1054, including its interpretation of the prudency standard clarified by AB 1054;
  • ability of Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers;
  • decisions and other actions by the California Public Utilities Commission, the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and debris flow-related costs, issuance of SCE's wildfire safety certification, wildfire mitigation efforts, approval and implementation of electrification programs, and delays in executive, regulatory and legislative actions;
  • cost and availability of labor, equipment and materials, including as a result of supply chain constraints and inflation;
  • ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms;
  • risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel and other radioactive material, delays, contractual disputes, and cost overruns;
  • pandemics, such as COVID-19, and other events that cause regional, statewide, national or global disruption, which could impact, among other things, Edison International's and SCE's business, operations, cash flows, liquidity and/or financial results and cause Edison International and SCE to incur unanticipated costs;
  • physical security of Edison International's and SCE's critical assets and personnel and the cybersecurity of Edison International's and SCE's critical information technology systems for grid control, and business, employee and customer data;
  • risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as Community Choice Aggregators ("CCA," which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs) ;
  • risks inherent in SCE's capital investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, contractor performance, changes in the California Independent System Operator's transmission plans, and governmental approvals; and
  • risks associated with the operation of electrical facilities, including worker and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts.

Additional information about risks and uncertainties, including more detail about the factors described in this release, is contained throughout this release and in the 2022 Form 10-K, including the "Risk Factors" sections. Readers are urged to read this entire release including information incorporated by reference, as well as the 2022 Form 10-K, and carefully consider the risks, uncertainties, and other factors that affect Edison International's and SCE's businesses. Edison International and SCE post or provide direct links (i) to certain SCE and other parties' regulatory filings and documents with the CPUC and the FERC and certain agency rulings and notices in open proceedings in a section titled "SCE Regulatory Highlights," (ii) to certain documents and information related to Southern California wildfires which may be of interest to investors in a section titled "Southern California Wildfires," and (iii) to presentations, documents and other information that may be of interest to investors in a section titled "Presentations and Updates" at www.edisoninvestor.com in order to publicly disseminate such information.

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. Readers should review future reports filed by Edison International and SCE with the SEC.

Fourth Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

Year ended

 

 

 

 

 

December 31,

 

 

 

 

December 31,

 

 

 

 

 

2022

 

 

2021

 

 

Change

 

2022

 

 

2021

 

 

Change

Earnings (Losses) per share attributable to Edison International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

$

1.26

 

 

$

1.21

 

 

$

0.05

 

 

$

2.23

 

 

$

2.18

 

 

$

0.05

 

Edison International Parent and Other

 

 

(0.17

)

 

 

0.17

 

 

 

(0.34

)

 

 

(0.62

)

 

 

(0.18

)

 

 

(0.44

)

Edison International

 

 

1.09

 

 

 

1.38

 

 

 

(0.29

)

 

 

1.61

 

 

 

2.00

 

 

 

(0.39

)

Less: Non-core items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

 

(0.10

)

 

 

(0.13

)

 

 

0.03

 

 

 

(3.10

)

 

 

(2.94

)

 

 

(0.16

)

Edison International Parent and Other

 

 

0.04

 

 

 

0.35

 

 

 

(0.31

)

 

 

0.08

 

 

 

0.35

 

 

 

(0.27

)

Total non-core items

 

 

(0.06

)

 

 

0.22

 

 

 

(0.28

)

 

 

(3.02

)

 

 

(2.59

)

 

 

(0.43

)

Core earnings (losses) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

 

1.36

 

 

 

1.34

 

 

 

0.02

 

 

 

5.33

 

 

 

5.12

 

 

 

0.21

 

Edison International Parent and Other

 

 

(0.21

)

 

 

(0.18

)

 

 

(0.03

)

 

 

(0.70

)

 

 

(0.53

)

 

 

(0.17

)

Edison International

 

$

1.15

 

 

$

1.16

 

 

$

(0.01

)

 

$

4.63

 

 

$

4.59

 

 

$

0.04

 

 

Note: Diluted earnings were $1.08 and $1.37 per share for the three months ended December 31, 2022 and 2021, respectively. Diluted earnings were $1.60 and $2.00 per share for the twelve months ended December 31, 2022 and 2021, respectively.

Fourth Quarter Reconciliation of Basic Earnings Per Share to Core Earnings (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

Year ended

 

 

 

 

 

December 31,

 

 

 

 

December 31,

 

 

 

(in millions)

 

2022

 

 

2021

 

 

Change

 

2022

 

 

2021

 

 

Change

Net income (loss) attributable to Edison International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

$

478

 

 

$

458

 

 

$

20

 

 

$

847

 

 

$

829

 

 

$

18

 

Edison International Parent and Other

 

 

(63

)

 

 

65

 

 

 

(128

)

 

 

(235

)

 

 

(70

)

 

 

(165

)

Edison International

 

 

415

 

 

 

523

 

 

 

(108

)

 

 

612

 

 

 

759

 

 

 

(147

)

Less: Non-core items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE1,2,3,4,5,6,7,8,9,10,11

 

 

(40

)

 

 

(49

)

 

 

9

 

 

 

(1,182

)

 

 

(1,114

)

 

 

(68

)

Edison International Parent and Other

 

 

18

 

 

 

132

 

 

 

(114

)

 

 

29

 

 

 

132

 

 

 

(103

)

Total non-core items

 

 

(22

)

 

 

83

 

 

 

(105

)

 

 

(1,153

)

 

 

(982

)

 

 

(171

)

Core earnings (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

 

518

 

 

 

507

 

 

 

11

 

 

 

2,029

 

 

 

1,943

 

 

 

86

 

Edison International Parent and Other

 

 

(81

)

 

 

(67

)

 

 

(14

)

 

 

(264

)

 

 

(202

)

 

 

(62

)

Edison International

 

$

437

 

 

$

440

 

 

$

(3

)

 

$

1,765

 

 

$

1,741

 

 

$

24

 

1

Includes charges for 2017/2018 Wildfire/Mudslide Events claims and expenses, net of expected recoveries from FERC customers of $11 million ($8 million after-tax) and $14 million ($10 million after-tax) recorded for the three months ended December 31, 2022 and 2021, respectively and $1.2 billion ($899 million after-tax) and $1.2 billion ($919 million after-tax) for the twelve months ended December 31, 2022 and 2021, respectively.

2

Includes amortization of SCE’s contribution to the Wildfire Insurance Fund of $54 million ($39 million after-tax) for both the three months ended December 31, 2022 and 2021 and $214 million ($154 million after-tax) and $215 million ($155 million after-tax) for the twelve months ended December 31, 2022 and 2021, respectively.

3

Includes gains of $10 million ($7 million after-tax) from SCE's sale of San Onofre nuclear fuel for the three months ended December 31, 2022 and for both the twelve months ended December 31, 2022 and 2021.

4

Includes a charge of $81 million ($64 million after-tax) related to the Presiding Officer's Decision ("POD") in September 2022 on SCE's Upstream Lighting Program for the twelve months ended December 31, 2022.

5

Includes an impairment charge of $47 million ($34 million after-tax) related to SCE's CSRP settlement agreement filed with the CPUC in June 2022 for the twelve months ended December 31, 2022.

6

Includes an impairment charge of $17 million ($12 million after-tax) related to historical capital expenditures disallowed in SCE's GRC track 3 final decision for the twelve months ended December 31, 2022.

7

Includes a charge of $23 million ($16 million after-tax) related to settlement of an employment litigation matter, net of estimated insurance recoveries for the twelve months ended December 31, 2022.

8

Includes a charge of $14 million ($10 million after-tax) related to organizational realignment services for the twelve months ended December 31, 2022.

9

Includes an impairment charge of $79 million ($47 million after-tax) related to disallowed historical capital expenditures in SCE's 2021 GRC final decision for the twelve months ended December 31, 2021.

10

Includes net earnings related to customer revenues for EIS insurance contract, net of estimated wildfire-related claims insured by EIS of $23 million ($18 million after-tax) and $24 million ($17 million after-tax) for the three months ended December 31, 2022 and 2021, respectively and $36 million ($29 million after-tax) and $24 million ($17 million after-tax) for the twelve months ended December 31, 2022 and 2021, respectively.

11

Includes an income tax benefit of $115 million for Edison International Parent and Other related to the settlement of the 2007 ‒2012 California tax audits with the California Franchise Tax Board ("FTB") for the twelve months ended December 31, 2021.

 

 

 

 

 

 

 

 

Consolidated Statements of Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended

 

 

December 31,

(in millions, except per-share amounts)

 

2022

 

 

2021

 

Total operating revenue

 

$

17,220

 

 

$

14,905

 

Purchased power and fuel

 

 

6,375

 

 

 

5,540

 

Operation and maintenance

 

 

4,724

 

 

 

3,645

 

Wildfire-related claims, net of insurance recoveries

 

 

1,313

 

 

 

1,276

 

Wildfire Insurance Fund expense

 

 

214

 

 

 

215

 

Depreciation and amortization

 

 

2,561

 

 

 

2,218

 

Property and other taxes

 

 

501

 

 

 

465

 

Impairment, net of other (income)

 

 

54

 

 

 

71

 

Gain on sale of lease interest and other operating income

 

 

(5

)

 

 

(2

)

Total operating expenses

 

 

15,737

 

 

 

13,428

 

Operating income

 

 

1,483

 

 

 

1,477

 

Interest expense

 

 

(1,169

)

 

 

(925

)

Other income

 

 

348

 

 

 

237

 

Income before income taxes

 

 

662

 

 

 

789

 

Income tax benefit

 

 

(162

)

 

 

(136

)

Net income

 

 

824

 

 

 

925

 

Less: Preference stock dividend requirements of SCE

 

 

107

 

 

 

106

 

Preferred stock dividend requirement of Edison International

 

 

105

 

 

 

60

 

Net income attributable to Edison International common shareholders

 

$

612

 

 

$

759

 

Basic earnings per share:

 

 

 

 

 

 

Weighted average shares of common stock outstanding

 

 

381

 

 

 

380

 

Basic earnings per common share attributable to Edison International common shareholders

 

$

1.61

 

 

$

2.00

 

Diluted earnings per share:

 

 

 

 

 

 

Weighted average shares of common stock outstanding, including effect of dilutive securities

 

 

383

 

 

 

380

 

Diluted earnings per common share attributable to Edison International common shareholders

 

$

1.60

 

 

$

2.00

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets

 

Edison International

 

 

 

 

 

 

 

 

 

December 31,

(in millions)

 

2022

 

2021

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

914

 

$

390

Receivables, less allowances of $347 and $193 for uncollectible accounts at respective dates

 

 

1,695

 

 

1,398

Accrued unbilled revenue

 

 

641

 

 

794

Inventory

 

 

474

 

 

420

Prepaid expenses

 

 

248

 

 

258

Regulatory assets

 

 

2,497

 

 

1,778

Wildfire Insurance Fund contributions

 

 

204

 

 

204

Other current assets

 

 

397

 

 

249

Total current assets

 

 

7,070

 

 

5,491

Nuclear decommissioning trusts

 

 

3,948

 

 

4,870

Marketable securities

 

 

5

 

 

12

Other investments

 

 

50

 

 

39

Total investments

 

 

4,003

 

 

4,921

Utility property, plant and equipment, less accumulated depreciation and amortization of $12,260 and $11,407 at respective dates

 

 

53,274

 

 

50,497

Nonutility property, plant and equipment, less accumulated depreciation of $106 and $98 at respective dates

 

 

212

 

 

203

Total property, plant and equipment

 

 

53,486

 

 

50,700

Receivables, less allowances of $7 and $116 for uncollectible accounts at respective dates

 

 

2

 

 

122

Regulatory assets (include $834 and $325 related to Variable Interest Entities "VIEs" at respective dates)

 

 

8,181

 

 

7,660

Wildfire Insurance Fund contributions

 

 

2,155

 

 

2,359

Operating lease right-of-use assets

 

 

1,442

 

 

1,932

Long-term insurance receivables

 

 

465

 

 

75

Other long-term assets

 

 

1,237

 

 

1,485

Total long-term assets

 

 

13,482

 

 

13,633

 

 

 

 

 

 

 

Total assets

 

$

78,041

 

$

74,745

 

 

 

 

 

 

 

 

Consolidated Balance Sheets

 

Edison International

 

 

 

 

 

 

 

 

 

December 31,

(in millions, except share amounts)

 

2022

 

 

2021

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Short-term debt

 

$

2,015

 

 

$

2,354

 

Current portion of long-term debt

 

 

2,614

 

 

 

1,077

 

Accounts payable

 

 

2,359

 

 

 

2,002

 

Wildfire-related claims

 

 

121

 

 

 

131

 

Customer deposits

 

 

167

 

 

 

193

 

Regulatory liabilities

 

 

964

 

 

 

603

 

Current portion of operating lease liabilities

 

 

506

 

 

 

582

 

Other current liabilities

 

 

1,601

 

 

 

1,667

 

Total current liabilities

 

 

10,347

 

 

 

8,609

 

Long-term debt (include $809 and $314 related to VIEs at respective dates)

 

 

27,025

 

 

 

24,170

 

Deferred income taxes and credits

 

 

6,149

 

 

 

5,740

 

Pensions and benefits

 

 

422

 

 

 

496

 

Asset retirement obligations

 

 

2,754

 

 

 

2,772

 

Regulatory liabilities

 

 

8,211

 

 

 

8,981

 

Operating lease liabilities

 

 

936

 

 

 

1,350

 

Wildfire-related claims

 

 

1,687

 

 

 

1,733

 

Other deferred credits and other long-term liabilities

 

 

2,988

 

 

 

3,105

 

Total deferred credits and other liabilities

 

 

23,147

 

 

 

24,177

 

Total liabilities

 

 

60,519

 

 

 

56,956

 

Commitments and contingencies

 

 

 

 

 

 

Preferred stock (50,000,000 shares authorized; 1,250,000 shares of Series A and 750,000 shares of Series B issued and outstanding at respective dates)

 

 

1,978

 

 

 

1,977

 

Common stock, no par value (800,000,000 shares authorized; 382,208,498 and 380,378,145 shares issued and outstanding at respective dates)

 

 

6,200

 

 

 

6,071

 

Accumulated other comprehensive loss

 

 

(11

)

 

 

(54

)

Retained earnings

 

 

7,454

 

 

 

7,894

 

Total Edison International's shareholders' equity

 

 

15,621

 

 

 

15,888

 

Noncontrolling interests – preference stock of SCE

 

 

1,901

 

 

 

1,901

 

Total equity

 

 

17,522

 

 

 

17,789

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

78,041

 

 

$

74,745

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows

 

Edison International

 

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

(in millions)

 

2022

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net income

 

$

824

 

 

$

925

 

 

$

871

 

Adjustments to reconcile to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

2,633

 

 

 

2,288

 

 

 

2,029

 

Allowance for equity during construction

 

 

(137

)

 

 

(118

)

 

 

(121

)

Impairment and other expense (income)

 

 

54

 

 

 

71

 

 

 

(116

)

Gain on sale of lease interest and other operating income

 

 

(5

)

 

 

(2

)

 

 

(133

)

Deferred income taxes

 

 

(177

)

 

 

43

 

 

 

(296

)

Wildfire Insurance Fund amortization expense

 

 

214

 

 

 

215

 

 

 

336

 

Other

 

 

80

 

 

 

40

 

 

 

36

 

Nuclear decommissioning trusts

 

 

(123

)

 

 

(256

)

 

 

(197

)

Proceeds from Morongo Transmission LLC

 

 

 

 

 

400

 

 

 

 

Contributions to Wildfire Insurance Fund

 

 

(95

)

 

 

(95

)

 

 

(95

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

Receivables

 

 

(252

)

 

 

(514

)

 

 

(283

)

Inventory

 

 

(58

)

 

 

(21

)

 

 

(43

)

Accounts payable

 

 

367

 

 

 

138

 

 

 

87

 

Tax receivables and payables

 

 

18

 

 

 

13

 

 

 

113

 

Other current assets and liabilities

 

 

322

 

 

 

(333

)

 

 

4

 

Regulatory assets and liabilities, net

 

 

(51

)

 

 

(720

)

 

 

(1,799

)

Wildfire-related insurance receivable

 

 

(390

)

 

 

708

 

 

 

932

 

Wildfire-related claims

 

 

(56

)

 

 

(2,648

)

 

 

(56

)

Other noncurrent assets and liabilities

 

 

48

 

 

 

(123

)

 

 

(6

)

Net cash provided by operating activities

 

 

3,216

 

 

 

11

 

 

 

1,263

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Long-term debt issued, plus premium and net of discount and issuance costs of $(62), $(43) and $23 for the respective years

 

 

5,971

 

 

 

5,412

 

 

 

3,073

 

Long-term debt repaid

 

 

(1,085

)

 

 

(1,037

)

 

 

(1,099

)

Short-term debt issued

 

 

1,000

 

 

 

2,654

 

 

 

2,994

 

Short-term debt repaid

 

 

(1,543

)

 

 

(2,255

)

 

 

(1,126

)

Common stock issued

 

 

13

 

 

 

32

 

 

 

912

 

Preferred stock issued, net

 

 

 

 

 

1,977

 

 

 

 

Preferred and preference stock redeemed

 

 

 

 

 

 

 

 

(308

)

Commercial paper borrowing (repayments), net

 

 

(317

)

 

 

(254

)

 

 

304

 

Dividends and distribution to noncontrolling interests

 

 

(110

)

 

 

(106

)

 

 

(118

)

Common stock dividends paid

 

 

(1,050

)

 

 

(988

)

 

 

(928

)

Preferred stock dividends paid

 

 

(99

)

 

 

(35

)

 

 

 

Other

 

 

101

 

 

 

45

 

 

 

23

 

Net cash provided by financing activities

 

 

2,881

 

 

 

5,445

 

 

 

3,727

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(5,778

)

 

 

(5,505

)

 

 

(5,484

)

Proceeds from sale of nuclear decommissioning trust investments

 

 

4,177

 

 

 

3,961

 

 

 

5,927

 

Purchases of nuclear decommissioning trust investments

 

 

(4,054

)

 

 

(3,705

)

 

 

(5,730

)

Other

 

 

81

 

 

 

98

 

 

 

316

 

Net cash used in investing activities

 

 

(5,574

)

 

 

(5,151

)

 

 

(4,971

)

Net increase in cash, cash equivalents and restricted cash

 

 

523

 

 

 

305

 

 

 

19

 

Cash, cash equivalents and restricted cash at beginning of year

 

 

394

 

 

 

89

 

 

 

70

 

Cash, cash equivalents and restricted cash at end of year

 

$

917

 

 

$

394

 

 

$

89

 

 

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