- Third-quarter 2024 GAAP EPS of $1.33; Core EPS of $1.51
- Significant progress in resolving legacy wildfires: Settlement agreement reached on TKM; cost recovery application on Woolsey Fire filed with CPUC
- Narrows 2024 core EPS guidance to $4.80-$5.00
- Reiterates long-term core EPS growth rate targets of 5%-7% for 2021-2025 and 5%-7% for 2025-2028
ROSEMEAD, Calif.–(BUSINESS WIRE)–Edison International (NYSE: EIX) today reported third-quarter net income of $516 million, or $1.33 per share, compared to net income of $155 million, or $0.40 per share, in the third quarter of last year. As adjusted, third-quarter core earnings were $582 million, or $1.51 per share, compared to core earnings of $531 million, or $1.38 per share, in the third quarter of last year.
Southern California Edison’s third-quarter 2024 core earnings per share (EPS) increased year over year, primarily due to higher revenue authorized in Track 4 of SCE’s 2021 General Rate Case and an increase in the authorized rate of return resulting from the cost of capital adjustment mechanism. This was partially offset by higher interest expense.
Edison International Parent and Other’s third quarter core loss per share was in line with the same period last year.
“With strong year-to-date performance, we are confident in narrowing our 2024 core EPS guidance,” said Pedro J. Pizarro, president and CEO of Edison International. “Our team has achieved remarkable success over the last several years managing unprecedented climate challenges, making our operations more resilient and positioning us strongly for the growth ahead.”
Pizarro added, “SCE continues to demonstrate its ability to navigate the regulatory landscape and is in the final stages of two key proceedings, which will solidify our financial outlook through 2028. Capital investment enabled by SCE’s General Rate Case is the driver for the growth and customer benefits necessary to ensure the grid is reliable, resilient and ready to achieve the clean energy transition.”
Edison International uses core earnings internally for financial planning and 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 to reconcile core earnings to basic GAAP earnings.
2024 Earnings Guidance
The company narrowed its earnings guidance range for 2024 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information and assumptions.
|
2024 Earnings Guidance |
2024 Earnings Guidance |
||||||||||||||
|
as of July 25, 2024 |
as of Oct. 29, 2024 |
||||||||||||||
|
Low |
High |
Low |
High |
||||||||||||
|
EIX Basic EPS |
$ |
3.49 |
$ |
3.79 |
$ |
3.37 |
$ |
3.57 |
|||||||
|
Less: Non-core Items* |
(1.26 |
) |
(1.26 |
) |
(1.43 |
) |
(1.43 |
) |
|||||||
|
EIX Core EPS |
$ |
4.75 |
$ |
5.05 |
$ |
4.80 |
$ |
5.00 |
|||||||
* There were ($551) million, or ($1.43) per share, of non-core items recorded for the nine months ending Sept. 30, 2024. Basic EIX EPS guidance only incorporates non-core items to Sept. 30, 2024.
Third-Quarter 2024 Earnings Conference Call and Webcast Details
|
When: |
Tuesday, Oct. 29, 1:30-2:30 p.m. (PDT) |
|
|
Telephone Numbers: |
1-888-673-9780 (U.S.) and 1-312-470-0178 (Int’l) — Passcode: Edison |
|
|
Telephone Replay: |
1-800-685-6667 (U.S.) and 1-203-369-3864 (Int’l) — Passcode: 9413 |
|
|
Telephone replay available through Nov. 11 at 6 p.m. (PST) |
||
|
Webcast: |
Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation and Form 10-Q 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, focused on 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 delivering electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Trio (formerly Edison Energy), a portfolio of nonregulated competitive businesses providing integrated sustainability and energy advisory services to large commercial, industrial and institutional organizations in North America and Europe.
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 release 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 release, 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, timely or at all, including uninsured wildfire-related and debris flow-related costs (including amounts paid for self-insured retention and co-insurance), costs incurred to mitigate the risk of utility equipment causing future wildfires, and increased costs due to supply chain constraints, inflation and rising interest rates;
- impact of affordability of customer rates on SCE’s ability to execute its strategy, including the impact of affordability on the regulatory approval of operations and maintenance expenses, and proposed capital investment projects;
- ability of SCE to implement its operational and strategic plans, including its Wildfire Mitigation Plan and capital investment 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;
- ability of SCE to obtain safety certifications from the Office of Energy Infrastructure Safety of the California Natural Resources Agency (“OEIS”);
- 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 California Public Utilities Commission (“CPUC”) interpretation of and actions under AB 1054, including its interpretation of the prudency standard clarified by AB 1054;
- 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;
- 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;
- 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 CPUC, the Federal Energy Regulatory Commission, and the United States Nuclear Regulatory Commission and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, approval of regulatory proceeding settlements, 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;
- potential for penalties or disallowances for non-compliance with applicable laws and regulations, including fines, penalties and disallowances related to wildfires where SCE’s equipment is alleged to be associated with ignition;
- 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, worker and public safety issues, property damage, rotating outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs;
- 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;
- 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
- actions by credit rating agencies to downgrade Edison International or SCE’s credit ratings or to place those ratings on negative watch or negative outlook.
Additional information about risks and uncertainties is contained in Edison International and SCE’s most recent combined Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent Quarterly Report(s) on Form 10-Q filed with the Securities and Exchange commission, including the “Risk Factors” sections. Readers are urged to read this entire release as well as the most recent Form 10-K and Form 10-Q (including information incorporated by reference), 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.
|
Third Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share |
|||||||||||||||||||||||
|
Three months ended |
Nine months ended |
||||||||||||||||||||||
|
September 30, |
September 30, |
||||||||||||||||||||||
|
2024 |
2023 |
Change |
2024 |
2023 |
Change |
||||||||||||||||||
|
Earnings (loss) per share available to Edison International |
|||||||||||||||||||||||
|
SCE |
$ |
1.56 |
$ |
0.62 |
$ |
0.94 |
$ |
3.09 |
$ |
2.69 |
$ |
0.40 |
|||||||||||
|
Edison International Parent and Other |
(0.23 |
) |
(0.22 |
) |
(0.01 |
) |
(0.64 |
) |
(0.55 |
) |
(0.09 |
) |
|||||||||||
|
Edison International |
1.33 |
0.40 |
0.93 |
2.45 |
2.14 |
0.31 |
|||||||||||||||||
|
Less: Non-core items |
|||||||||||||||||||||||
|
SCE |
(0.18 |
) |
(0.98 |
) |
0.80 |
(1.43 |
) |
(1.43 |
) |
– |
|||||||||||||
|
Edison International Parent and Other |
— |
— |
— |
— |
0.09 |
(0.09 |
) |
||||||||||||||||
|
Total non-core items |
(0.18 |
) |
(0.98 |
) |
0.80 |
(1.43 |
) |
(1.34 |
) |
(0.09 |
) |
||||||||||||
|
Core earnings (loss) per share |
|||||||||||||||||||||||
|
SCE |
1.74 |
1.60 |
0.14 |
4.52 |
4.12 |
0.40 |
|||||||||||||||||
|
Edison International Parent and Other |
(0.23 |
) |
(0.22 |
) |
(0.01 |
) |
(0.64 |
) |
(0.64 |
) |
— |
||||||||||||
|
Edison International |
$ |
1.51 |
$ |
1.38 |
$ |
0.13 |
$ |
3.88 |
$ |
3.48 |
$ |
0.40 |
|||||||||||
Note: Diluted earnings were $1.32 and $0.40 per share for the three months ended September 30, 2024 and 2023, respectively. Diluted earnings were $2.44 and $2.13 per share for the nine months ended September 30, 2024 and 2023, respectively.
|
Third Quarter Reconciliation of Basic Earnings Per Share to Core Earnings (in millions) |
|||||||||||||||||||||||
|
Three months ended |
Nine months ended |
||||||||||||||||||||||
|
September 30, |
September 30, |
||||||||||||||||||||||
|
(in millions) |
2024 |
2023 |
Change |
2024 |
2023 |
Change |
|||||||||||||||||
|
Net income (loss) available to Edison International |
|||||||||||||||||||||||
|
SCE |
$ |
602 |
$ |
239 |
$ |
363 |
$ |
1,190 |
$ |
1,029 |
$ |
161 |
|||||||||||
|
Edison International Parent and Other |
(86 |
) |
(84 |
) |
(2 |
) |
(246 |
) |
(210 |
) |
(36 |
) |
|||||||||||
|
Edison International |
516 |
155 |
361 |
944 |
819 |
125 |
|||||||||||||||||
|
Less: Non-core items |
|||||||||||||||||||||||
|
SCE1,2,3,4,5,6,7 |
(65 |
) |
(374 |
) |
309 |
(549 |
) |
(549 |
) |
— |
|||||||||||||
|
Edison International Parent and Other8 |
(1 |
) |
(2 |
) |
1 |
(2 |
) |
33 |
(35 |
) |
|||||||||||||
|
Total non-core items |
(66 |
) |
(376 |
) |
310 |
(551 |
) |
(516 |
) |
(35 |
) |
||||||||||||
|
Core earnings (loss) |
|||||||||||||||||||||||
|
SCE |
667 |
613 |
54 |
1,739 |
1,578 |
161 |
|||||||||||||||||
|
Edison International Parent and Other |
(85 |
) |
(82 |
) |
(3 |
) |
(244 |
) |
(243 |
) |
(1 |
) |
|||||||||||
|
Edison International |
$ |
582 |
$ |
531 |
$ |
51 |
$ |
1,495 |
$ |
1,335 |
$ |
160 |
|||||||||||
|
1 |
Includes charges for 2017/2018 Wildfire/Mudslide Events claims and related legal expenses, net of expected FERC recoveries of $7 million ($5 million after-tax) and $459 million ($330 million after-tax) for the three months ended September 30, 2024 and 2023, respectively, and $485 million ($349 million after-tax) and $560 million ($404 million after-tax) for the nine months ended September 30, 2024 and 2023, respectively. |
|
2 |
Includes charges for Other Wildfires claims and related legal expenses, net of expected insurance and regulatory recoveries of $3 million ($2 million after-tax) and $7 million ($5 million after-tax) for the three months ended September 30, 2024 and 2023, respectively, and $124 million ($90 million after-tax) and $7 million ($5 million after-tax) for the nine months ended September 30, 2024 and 2023, respectively. |
|
3 |
Includes amortization of SCE’s Wildfire Insurance Fund expenses of $36 million ($26 million after-tax) and $54 million ($39 million after-tax) for the three months ended September 30, 2024 and 2023, respectively, and $109 million ($78 million after-tax) and $159 million ($114 million after-tax) for the nine months ended September 30, 2024 and 2023, respectively. |
|
4 |
Severance costs of $44 million ($32 million after-tax), net of expected FERC recovery, recorded in the third quarter of 2024 due to current and probable reductions in workforce. |
|
5 |
Includes a charge of $30 million ($21 million after-tax) for a disallowance related to the 2021 NDCTP for the nine months ended September 30, 2023. |
| 6 |
Includes an insurance recovery of $10 million ($7 million after-tax) related to settlement of an employment litigation matter for the nine months ended September 30, 2023. |
| 7 |
Includes a charge of $17 million ($12 million after-tax) related to customer cancellations of certain ECS data services for the nine months ended September 30, 2023. |
| 8 |
Includes expected wildfire claims of $(1) million ($(1) million after-tax) and $(3) million ($(2) million after-tax) insured by EIS for the three months ended September 30, 2024 and 2023, respectively, and expected wildfire claims of $(2) million ($(2) million after-tax) insured by EIS and net earnings of $42 million ($33 million after-tax) related to customer revenues for an EIS insurance contract offset by expected wildfire claims insured by EIS for the nine months ended September 30, 2024 and 2023, respectively. |
|
Consolidated Statements of Income |
Edison International |
||||||||||||||
|
Three months ended |
Nine months ended |
||||||||||||||
|
September 30, |
September 30, |
||||||||||||||
|
(in millions, except per-share amounts) |
2024 |
2023 |
2024 |
2023 |
|||||||||||
|
Operating revenue |
$ |
5,201 |
$ |
4,702 |
$ |
13,615 |
$ |
12,632 |
|||||||
|
Purchased power and fuel |
1,898 |
1,988 |
4,140 |
4,453 |
|||||||||||
|
Operation and maintenance |
1,393 |
882 |
3,995 |
3,207 |
|||||||||||
|
Wildfire-related claims, net of insurance recoveries |
1 |
482 |
616 |
578 |
|||||||||||
|
Wildfire Insurance Fund expense |
36 |
54 |
109 |
159 |
|||||||||||
|
Depreciation and amortization |
710 |
665 |
2,138 |
1,971 |
|||||||||||
|
Property and other taxes |
168 |
139 |
477 |
428 |
|||||||||||
|
Total operating expenses |
4,206 |
4,210 |
11,475 |
10,796 |
|||||||||||
|
Operating income |
995 |
492 |
2,140 |
1,836 |
|||||||||||
|
Interest expense |
(477 |
) |
(433 |
) |
(1,401 |
) |
(1,186 |
) |
|||||||
|
Other income, net |
127 |
130 |
413 |
377 |
|||||||||||
|
Income before income taxes |
645 |
189 |
1,152 |
1,027 |
|||||||||||
|
Income tax expense (benefit) |
68 |
(23 |
) |
14 |
41 |
||||||||||
|
Net income |
577 |
212 |
1,138 |
986 |
|||||||||||
|
Less: Net income attributable to noncontrolling interests – preference stock of SCE |
39 |
30 |
129 |
88 |
|||||||||||
|
Preferred stock dividend requirements of Edison International |
22 |
27 |
65 |
79 |
|||||||||||
|
Net income available to Edison International common shareholders |
$ |
516 |
155 |
$ |
944 |
819 |
|||||||||
|
Basic earnings per share: |
|||||||||||||||
|
Weighted average shares of common stock outstanding |
387 |
383 |
386 |
383 |
|||||||||||
|
Basic earnings per common share available to Edison International common shareholders |
$ |
1.33 |
0.40 |
$ |
2.45 |
$ |
2.14 |
||||||||
|
Diluted earnings per share: |
|||||||||||||||
|
Weighted average shares of common stock outstanding, including effect of dilutive securities |
390 |
385 |
388 |
385 |
|||||||||||
|
Diluted earnings per common share available to Edison International common shareholders |
$ |
1.32 |
0.40 |
$ |
2.44 |
$ |
2.13 |
||||||||
|
Consolidated Balance Sheets |
Edison International |
||||
|
September 30, |
December 31, |
||||
|
(in millions) |
2024 |
2023 |
|||
|
ASSETS |
|||||
|
Cash and cash equivalents |
$ |
200 |
$ |
345 |
|
|
Receivables, less allowances of $341 and $360 for uncollectible accounts at respective dates |
2,780 |
2,016 |
|||
|
Accrued unbilled revenue |
1,202 |
742 |
|||
|
Inventory |
533 |
527 |
|||
|
Prepaid expenses |
104 |
112 |
|||
|
Regulatory assets |
2,168 |
2,524 |
|||
|
Wildfire Insurance Fund contributions |
138 |
204 |
|||
|
Other current assets |
319 |
341 |
|||
|
Total current assets |
7,444 |
6,811 |
|||
|
Nuclear decommissioning trusts |
4,424 |
4,173 |
|||
|
Other investments |
50 |
54 |
|||
|
Total investments |
4,474 |
4,227 |
|||
|
Utility property, plant and equipment, less accumulated depreciation and amortization of $13,833 and $12,910 at respective dates |
58,092 |
55,877 |
|||
|
Nonutility property, plant and equipment, less accumulated depreciation of $122 and $114 at respective dates |
206 |
207 |
|||
|
Total property, plant and equipment |
58,298 |
56,084 |
|||
|
Regulatory assets (include $1,524 and $1,558 related to a Variable Interest Entity “VIE” at respective dates) |
8,660 |
8,897 |
|||
|
Wildfire Insurance Fund contributions |
1,913 |
1,951 |
|||
|
Operating lease right-of-use assets |
1,180 |
1,221 |
|||
|
Long-term insurance receivables |
386 |
501 |
|||
|
Other long-term assets |
2,394 |
2,066 |
|||
|
Total long-term assets |
14,533 |
14,636 |
|||
|
Total assets |
$ |
84,749 |
$ |
81,758 |
|
|
Consolidated Balance Sheets |
Edison International |
||||||
|
September 30, |
December 31, |
||||||
|
(in millions, except share amounts) |
2024 |
2023 |
|||||
|
LIABILITIES AND EQUITY |
|||||||
|
Short-term debt |
$ |
568 |
$ |
1,077 |
|||
|
Current portion of long-term debt |
2,548 |
2,697 |
|||||
|
Accounts payable |
2,185 |
1,983 |
|||||
|
Wildfire-related claims |
39 |
30 |
|||||
|
Customer deposits |
452 |
390 |
|||||
|
Regulatory liabilities |
874 |
763 |
|||||
|
Current portion of operating lease liabilities |
124 |
120 |
|||||
|
Other current liabilities |
1,717 |
1,538 |
|||||
|
Total current liabilities |
8,507 |
8,598 |
|||||
|
Long-term debt (include $1,492 and $1,515 related to VIEs at respective dates) |
32,303 |
30,316 |
|||||
|
Deferred income taxes and credits |
6,967 |
6,672 |
|||||
|
Pensions and benefits |
403 |
415 |
|||||
|
Asset retirement obligations |
2,531 |
2,666 |
|||||
|
Regulatory liabilities |
10,310 |
9,420 |
|||||
|
Operating lease liabilities |
1,056 |
1,101 |
|||||
|
Wildfire-related claims |
1,055 |
1,368 |
|||||
|
Other deferred credits and other long-term liabilities |
3,510 |
3,258 |
|||||
|
Total deferred credits and other liabilities |
25,832 |
24,900 |
|||||
|
Total liabilities |
66,642 |
63,814 |
|||||
|
Preferred stock (50,000,000 shares authorized; 1,159,317 and 1,159,317 shares of Series A and 503,454 and 532,454 shares of Series B issued and outstanding at respective dates) |
1,645 |
1,673 |
|||||
|
Common stock, no par value (800,000,000 shares authorized; 387,148,995 and 383,924,912 shares issued and outstanding at respective dates) |
6,538 |
6,338 |
|||||
|
Accumulated other comprehensive loss |
(6 |
) |
(9 |
) |
|||
|
Retained earnings |
7,486 |
7,499 |
|||||
|
Total Edison International’s shareholders’ equity |
15,663 |
15,501 |
|||||
|
Noncontrolling interests – preference stock of SCE |
2,444 |
2,443 |
|||||
|
Total equity |
18,107 |
17,944 |
|||||
|
Total liabilities and equity |
$ |
84,749 |
$ |
81,758 |
|||
|
Consolidated Statements of Cash Flows |
Edison International |
||||||
|
Nine months ended September 30, |
|||||||
|
(in millions) |
2024 |
2023 |
|||||
|
Cash flows from operating activities: |
|||||||
|
Net income |
$ |
1,138 |
$ |
986 |
|||
|
Adjustments to reconcile to net cash provided by operating activities: |
|||||||
|
Depreciation and amortization |
2,183 |
2,034 |
|||||
|
Allowance for equity during construction |
(143 |
) |
(116 |
) |
|||
|
Deferred income taxes |
53 |
||||||
|
Wildfire Insurance Fund amortization expense |
109 |
159 |
|||||
|
Other |
43 |
32 |
|||||
|
Nuclear decommissioning trusts |
(118 |
) |
(94 |
) |
|||
|
Changes in operating assets and liabilities: |
|||||||
|
Receivables |
(847 |
) |
(692 |
) |
|||
|
Inventory |
(9 |
) |
(40 |
) |
|||
|
Accounts payable |
336 |
(186 |
) |
||||
|
Tax receivables and payables |
198 |
127 |
|||||
|
Other current assets and liabilities |
(492 |
) |
(214 |
) |
|||
|
Derivative assets and liabilities, net |
(2 |
) |
(139 |
) |
|||
|
Regulatory assets and liabilities, net |
1,557 |
705 |
|||||
|
Wildfire-related insurance receivable |
115 |
(84 |
) |
||||
|
Wildfire-related claims |
(304 |
) |
(75 |
) |
|||
|
Other noncurrent assets and liabilities |
122 |
90 |
|||||
|
Net cash provided by operating activities |
3,844 |
2,546 |
|||||
|
Cash flows from financing activities: |
|||||||
|
Long-term debt issued, net of discount and issuance costs of $37 and $48 for the respective periods |
4,713 |
4,678 |
|||||
|
Long-term debt repaid |
(2,176 |
) |
(1,867 |
) |
|||
|
Short-term debt issued |
— |
851 |
|||||
|
Short-term debt repaid |
(401 |
) |
(1,944 |
) |
|||
|
Common stock issued |
12 |
16 |
|||||
|
Preferred and preference stock issued, net of issuance cost |
345 |
— |
|||||
|
Preferred and preference stock repurchased or redeemed |
(378 |
) |
— |
||||
|
Commercial paper (repyaments), borrowing, net |
(817 |
) |
74 |
||||
|
Dividends and distribution to noncontrolling interests |
(130 |
) |
(87 |
) |
|||
|
Common stock dividends paid |
(896 |
) |
(833 |
) |
|||
|
Preferred stock dividends paid |
(88 |
) |
(105 |
) |
|||
|
Other |
180 |
97 |
|||||
|
Net cash provided by financing activities |
364 |
880 |
|||||
|
Cash flows from investing activities: |
|||||||
|
Capital expenditures |
(4,211 |
) |
(3,991 |
) |
|||
|
Proceeds from sale of nuclear decommissioning trust investments |
3,558 |
3,223 |
|||||
|
Purchases of nuclear decommissioning trust investments |
(3,488 |
) |
(3,129 |
) |
|||
|
Other |
44 |
3 |
|||||
|
Net cash used in investing activities |
(4,097 |
) |
(3,894 |
) |
|||
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
111 |
(468 |
) |
||||
|
Cash, cash equivalents and restricted cash at beginning of period |
532 |
917 |
|||||
|
Cash, cash equivalents and restricted cash at end of period |
$ |
643 |
$ |
449 |
|||
Contacts
Investor Relations: Sam Ramraj, (626) 302-2540
Media Relations: (626) 302-2255
