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|
(Mark One)
|
|
R
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended June 30, 2013
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from to
|
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
|
EDISON INTERNATIONAL
|
|
SOUTHERN CALIFORNIA EDISON COMPANY
|
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)
|
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of "accelerated filer," "large accelerated filer," and "smaller reporting company" in Rule 12b-12 of the Exchange Act. (Check One):
|
||||
Edison International
|
Large Accelerated Filer
þ
|
Accelerated Filer
¨
|
Non-accelerated Filer
¨
|
Smaller Reporting Company
¨
|
Southern California Edison Company
|
Large Accelerated Filer
¨
|
Accelerated Filer
¨
|
Non-accelerated Filer
þ
|
Smaller Reporting Company
¨
|
|
|
|
|
|
Common Stock outstanding as of July 30, 2013:
|
|
|
Edison International
|
|
325,811,206 shares
|
Southern California Edison Company
|
|
434,888,104 shares
|
|
|
|
|
|
|
|
||||
|
||||
|
||||
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||||
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|
|
|
|
|||
|
|
|
||
|
|
|
||
|
||||
|
||||
|
||||
|
Income (Loss) from Discontinued Operations
(Net of Tax)
|
|||
|
||||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
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|
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|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
2012 Form 10-K
|
|
Edison International's and SCE's combined Annual Report on Form 10-K for the year-ended December 31, 2012
|
APS
|
|
Arizona Public Service Company
|
ARO(s)
|
|
asset retirement obligation(s)
|
BACT
|
|
best available control technology
|
Bankruptcy Code
|
|
Chapter 11 of the United States Bankruptcy Code
|
Bankruptcy Court
|
|
United States Bankruptcy Court for the Northern District of Illinois, Eastern Division
|
Bcf
|
|
billion cubic feet
|
CAA
|
|
Clean Air Act
|
CAISO
|
|
California Independent System Operator
|
CARB
|
|
California Air Resources Board
|
CDWR
|
|
California Department of Water Resources
|
CEC
|
|
California Energy Commission
|
CPUC
|
|
California Public Utilities Commission
|
CRRs
|
|
congestion revenue rights
|
DOE
|
|
U.S. Department of Energy
|
EME
|
|
Edison Mission Energy
|
EMG
|
|
Edison Mission Group Inc.
|
EPS
|
|
earnings per share
|
ERRA
|
|
energy resource recovery account
|
FASB
|
|
Financial Accounting Standards Board
|
FERC
|
|
Federal Energy Regulatory Commission
|
FIP(s)
|
|
federal implementation plan(s)
|
Four Corners
|
|
coal fueled electric generating facility located in Farmington, New Mexico in
which SCE holds a 48% ownership interest
|
GAAP
|
|
generally accepted accounting principles
|
GHG
|
|
greenhouse gas
|
GRC
|
|
general rate case
|
GWh
|
|
gigawatt-hours
|
IRS
|
|
Internal Revenue Service
|
ISO
|
|
Independent System Operator
|
kWh(s)
|
|
kilowatt-hour(s)
|
MD&A
|
|
Management's Discussion and Analysis of Financial Condition and Results
of Operations in this report
|
MHI
|
|
Mitsubishi Heavy Industries, Inc.
|
Mohave
|
|
two coal fueled electric generating facilities that have been decommissioned and site remediated located in Clark County, Nevada in which SCE holds a 56% ownership interest
|
Moody's
|
|
Moody's Investors Service
|
MW
|
|
megawatts
|
MWh
|
|
megawatt-hours
|
NAAQS
|
|
national ambient air quality standards
|
NERC
|
|
North American Electric Reliability Corporation
|
Ninth Circuit
|
|
U.S. Court of Appeals for the Ninth Circuit
|
NRC
|
|
Nuclear Regulatory Commission
|
NSR
|
|
New Source Review
|
Palo Verde
|
|
large pressurized water nuclear electric generating facility located near
Phoenix, Arizona in which SCE holds a 15.8% ownership interest
|
PBOP(s)
|
|
postretirement benefits other than pension(s)
|
Petition Date
|
|
December 17, 2012 (date on which EME and certain of its wholly-owned subsidiaries filed for protection under Chapter 11 of the Bankruptcy Code)
|
PG&E
|
|
Pacific Gas & Electric Company
|
PSD
|
|
Prevention of Significant Deterioration
|
QF(s)
|
|
qualifying facility(ies)
|
ROE
|
|
return on equity
|
S&P
|
|
Standard & Poor's Ratings Services
|
San Onofre
|
|
large pressurized water nuclear electric generating facility located in south
San Clemente, California in which SCE holds a 78.21% ownership interest
|
SCE
|
|
Southern California Edison Company
|
SCR
|
|
selective catalytic reduction equipment
|
SDG&E
|
|
San Diego Gas & Electric
|
SEC
|
|
U.S. Securities and Exchange Commission
|
SED
|
|
Safety and Enforcement Division of the CPUC, formerly known as the Consumer Protection and Safety Division or CPSD
|
Settlement Transaction
|
|
Certain transactions related to EME's Chapter 11 bankruptcy filing that the parties to the Support Agreement have by virtue of that agreement agreed to further document and support
|
Support Agreement
|
|
Transaction Support Agreement dated as of December 16, 2012 by and among Edison Mission Energy, Edison International and the Noteholders named therein
|
US EPA
|
|
U.S. Environmental Protection Agency
|
VIE(s)
|
|
variable interest entity(ies)
|
Consolidated Statements of Income
|
Edison International
|
|
|||||||||||||
|
|
|
|
||||||||||||
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in millions, except per-share amounts, unaudited)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Operating revenue
|
$
|
3,046
|
|
|
$
|
2,653
|
|
|
$
|
5,678
|
|
|
$
|
5,068
|
|
Fuel
|
81
|
|
|
61
|
|
|
154
|
|
|
138
|
|
||||
Purchased power
|
1,076
|
|
|
822
|
|
|
1,855
|
|
|
1,437
|
|
||||
Operation and maintenance
|
967
|
|
|
951
|
|
|
1,840
|
|
|
1,899
|
|
||||
Depreciation, decommissioning and amortization
|
418
|
|
|
400
|
|
|
832
|
|
|
788
|
|
||||
Asset impairment and other
|
575
|
|
|
(1
|
)
|
|
575
|
|
|
—
|
|
||||
Total operating expenses
|
3,117
|
|
|
2,233
|
|
|
5,256
|
|
|
4,262
|
|
||||
Operating income (loss)
|
(71
|
)
|
|
420
|
|
|
422
|
|
|
806
|
|
||||
Interest and other income
|
34
|
|
|
40
|
|
|
63
|
|
|
73
|
|
||||
Interest expense
|
(133
|
)
|
|
(134
|
)
|
|
(265
|
)
|
|
(260
|
)
|
||||
Other expenses
|
(14
|
)
|
|
(19
|
)
|
|
(21
|
)
|
|
(26
|
)
|
||||
Income (loss) from continuing operations before income taxes
|
(184
|
)
|
|
307
|
|
|
199
|
|
|
593
|
|
||||
Income tax expense (benefit)
|
(102
|
)
|
|
100
|
|
|
(4
|
)
|
|
192
|
|
||||
Income (loss) from continuing operations
|
(82
|
)
|
|
207
|
|
|
203
|
|
|
401
|
|
||||
Income (loss) from discontinued operations, net of tax
|
12
|
|
|
(109
|
)
|
|
24
|
|
|
(193
|
)
|
||||
Net income (loss)
|
(70
|
)
|
|
98
|
|
|
227
|
|
|
208
|
|
||||
Dividends on preferred and preference stock of utility
|
24
|
|
|
23
|
|
|
51
|
|
|
41
|
|
||||
Other noncontrolling interests
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Net income (loss) attributable to Edison International common shareholders
|
$
|
(94
|
)
|
|
$
|
74
|
|
|
$
|
176
|
|
|
$
|
167
|
|
Amounts attributable to Edison International common shareholders:
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations, net of tax
|
$
|
(106
|
)
|
|
$
|
183
|
|
|
$
|
152
|
|
|
$
|
360
|
|
Income (loss) from discontinued operations, net of tax
|
12
|
|
|
(109
|
)
|
|
24
|
|
|
(193
|
)
|
||||
Net income (loss) attributable to Edison International common shareholders
|
$
|
(94
|
)
|
|
$
|
74
|
|
|
$
|
176
|
|
|
$
|
167
|
|
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
|
$
|
(0.33
|
)
|
|
$
|
0.56
|
|
|
$
|
0.47
|
|
|
$
|
1.10
|
|
Discontinued operations
|
0.04
|
|
|
(0.33
|
)
|
|
0.07
|
|
|
(0.59
|
)
|
||||
Total
|
$
|
(0.29
|
)
|
|
$
|
0.23
|
|
|
$
|
0.54
|
|
|
$
|
0.51
|
|
Diluted earnings (loss) per common share attributable to Edison International common shareholders:
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares of common stock outstanding, including effect of dilutive securities
|
326
|
|
|
334
|
|
|
329
|
|
|
333
|
|
||||
Continuing operations
|
$
|
(0.33
|
)
|
|
$
|
0.55
|
|
|
$
|
0.47
|
|
|
$
|
1.08
|
|
Discontinued operations
|
0.04
|
|
|
(0.33
|
)
|
|
0.07
|
|
|
(0.58
|
)
|
||||
Total
|
$
|
(0.29
|
)
|
|
$
|
0.22
|
|
|
$
|
0.54
|
|
|
$
|
0.50
|
|
Dividends declared per common share
|
$
|
0.3375
|
|
|
$
|
0.325
|
|
|
$
|
0.6750
|
|
|
$
|
0.650
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Consolidated Statements of Comprehensive Income
|
Edison International
|
|
|||||||||||||
|
|
|
|
||||||||||||
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in millions, unaudited)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Net income (loss)
|
$
|
(70
|
)
|
|
$
|
98
|
|
|
$
|
227
|
|
|
$
|
208
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Pension and postretirement benefits other than pensions:
|
|
|
|
|
|
|
|
||||||||
Net loss arising during the period, net of income tax benefit of $2 for the three months June 30, 2012 and $4 and $2 for the six months ended June 30, 2013 and 2012, respectively
|
—
|
|
|
(4
|
)
|
|
(2
|
)
|
|
(3
|
)
|
||||
Amortization of net loss included in net income, net of income tax expense of $1 for both the three months ended June 30, 2013 and 2012 and $2 and $5 for the six months ended June 30, 2013 and 2012, respectively
|
5
|
|
|
3
|
|
|
7
|
|
|
9
|
|
||||
Unrealized loss on derivatives qualified as cash flow hedges:
|
|
|
|
|
|
|
|
||||||||
Unrealized holding loss arising during the period, net of income tax benefit of $19 for the three months and $2 for the six months ended June 30, 2012, respectively
|
—
|
|
|
(28
|
)
|
|
—
|
|
|
(3
|
)
|
||||
Reclassification adjustments included in net income, net of income tax benefit of $6 for the three months and $13 for the six months ended June 30, 2012, respectively
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(20
|
)
|
||||
Other comprehensive income (loss), net of tax
|
5
|
|
|
(38
|
)
|
|
5
|
|
|
(17
|
)
|
||||
Comprehensive income (loss)
|
(65
|
)
|
|
60
|
|
|
232
|
|
|
191
|
|
||||
Less: Comprehensive income attributable to noncontrolling interests
|
24
|
|
|
24
|
|
|
51
|
|
|
41
|
|
||||
Comprehensive income (loss) attributable to Edison International
|
$
|
(89
|
)
|
|
$
|
36
|
|
|
$
|
181
|
|
|
$
|
150
|
|
Consolidated Balance Sheets
|
|
Edison International
|
|
|||||
|
|
|
|
|
|
|
||
(in millions, unaudited)
|
|
June 30,
2013 |
|
December 31,
2012 |
||||
ASSETS
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
148
|
|
|
$
|
170
|
|
Receivables, less allowances of $66 and $75 for uncollectible accounts at respective dates
|
|
815
|
|
|
762
|
|
||
Accrued unbilled revenue
|
|
741
|
|
|
550
|
|
||
Inventory
|
|
267
|
|
|
340
|
|
||
Prepaid taxes
|
|
27
|
|
|
22
|
|
||
Derivative assets
|
|
91
|
|
|
129
|
|
||
Margin and collateral deposits
|
|
8
|
|
|
8
|
|
||
Regulatory assets
|
|
803
|
|
|
572
|
|
||
Other current assets
|
|
122
|
|
|
119
|
|
||
Total current assets
|
|
3,022
|
|
|
2,672
|
|
||
Nuclear decommissioning trusts
|
|
4,181
|
|
|
4,048
|
|
||
Investments in unconsolidated affiliates
|
|
2
|
|
|
2
|
|
||
Other investments
|
|
194
|
|
|
184
|
|
||
Total investments
|
|
4,377
|
|
|
4,234
|
|
||
Utility property, plant and equipment, less accumulated depreciation of $7,578 and $7,424 at respective dates
|
|
29,301
|
|
|
30,200
|
|
||
Nonutility property, plant and equipment, less accumulated depreciation of $69 and $123 at respective dates
|
|
75
|
|
|
73
|
|
||
Total property, plant and equipment
|
|
29,376
|
|
|
30,273
|
|
||
Derivative assets
|
|
73
|
|
|
85
|
|
||
Restricted deposits
|
|
4
|
|
|
4
|
|
||
Regulatory assets
|
|
7,494
|
|
|
6,422
|
|
||
Other long-term assets
|
|
681
|
|
|
704
|
|
||
Total long-term assets
|
|
8,252
|
|
|
7,215
|
|
||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Total assets
|
|
$
|
45,027
|
|
|
$
|
44,394
|
|
Consolidated Balance Sheets
|
|
Edison International
|
|
|||||
|
|
|
|
|
||||
(in millions, except share amounts, unaudited)
|
|
June 30,
2013 |
|
December 31,
2012 |
||||
LIABILITIES AND EQUITY
|
|
|
|
|
||||
Short-term debt
|
|
$
|
853
|
|
|
$
|
175
|
|
Current portion of long-term debt
|
|
800
|
|
|
—
|
|
||
Accounts payable
|
|
1,288
|
|
|
1,423
|
|
||
Accrued taxes
|
|
33
|
|
|
61
|
|
||
Accrued interest
|
|
199
|
|
|
176
|
|
||
Customer deposits
|
|
199
|
|
|
193
|
|
||
Derivative liabilities
|
|
140
|
|
|
126
|
|
||
Regulatory liabilities
|
|
493
|
|
|
536
|
|
||
Deferred income taxes
|
|
79
|
|
|
64
|
|
||
Other current liabilities
|
|
804
|
|
|
990
|
|
||
Total current liabilities
|
|
4,888
|
|
|
3,744
|
|
||
Long-term debt
|
|
8,830
|
|
|
9,231
|
|
||
Deferred income taxes
|
|
6,304
|
|
|
6,127
|
|
||
Deferred investment tax credits
|
|
102
|
|
|
104
|
|
||
Customer advances
|
|
134
|
|
|
149
|
|
||
Derivative liabilities
|
|
1,027
|
|
|
939
|
|
||
Pensions and benefits
|
|
2,234
|
|
|
2,614
|
|
||
Asset retirement obligations
|
|
3,322
|
|
|
2,782
|
|
||
Regulatory liabilities
|
|
4,836
|
|
|
5,214
|
|
||
Other deferred credits and other long-term liabilities
|
|
2,242
|
|
|
2,299
|
|
||
Total deferred credits and other liabilities
|
|
20,201
|
|
|
20,228
|
|
||
Total liabilities
|
|
33,919
|
|
|
33,203
|
|
||
Commitments and contingencies (Note 12)
|
|
|
|
|
|
|
||
Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date)
|
|
2,388
|
|
|
2,373
|
|
||
Accumulated other comprehensive loss
|
|
(82
|
)
|
|
(87
|
)
|
||
Retained earnings
|
|
7,049
|
|
|
7,146
|
|
||
Total Edison International's common shareholders' equity
|
|
9,355
|
|
|
9,432
|
|
||
Preferred and preference stock of utility
|
|
1,753
|
|
|
1,759
|
|
||
Total noncontrolling interests
|
|
1,753
|
|
|
1,759
|
|
||
Total equity
|
|
11,108
|
|
|
11,191
|
|
||
Total liabilities and equity
|
|
$
|
45,027
|
|
|
$
|
44,394
|
|
Consolidated Statements of Cash Flows
|
|
Edison International
|
|
|||||
|
|
|
||||||
|
|
Six months ended June 30,
|
||||||
(in millions, unaudited)
|
|
2013
|
|
2012
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
227
|
|
|
$
|
208
|
|
Less: Income (loss) from discontinued operations
|
|
24
|
|
|
(193
|
)
|
||
Income from continuing operations
|
|
203
|
|
|
401
|
|
||
Adjustments to reconcile to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation, decommissioning and amortization
|
|
832
|
|
|
788
|
|
||
Regulatory impacts of net nuclear decommissioning trust earnings
|
|
161
|
|
|
114
|
|
||
Other amortization and other
|
|
33
|
|
|
34
|
|
||
Asset impairment
|
|
575
|
|
|
—
|
|
||
Stock-based compensation
|
|
12
|
|
|
16
|
|
||
Deferred income taxes and investment tax credits
|
|
85
|
|
|
11
|
|
||
Proceeds from U.S. treasury grants
|
|
—
|
|
|
29
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Receivables
|
|
(47
|
)
|
|
10
|
|
||
Inventory
|
|
73
|
|
|
15
|
|
||
Margin and collateral deposits, net of collateral received
|
|
(67
|
)
|
|
(3
|
)
|
||
Prepaid taxes
|
|
(5
|
)
|
|
98
|
|
||
Other current assets
|
|
(190
|
)
|
|
(204
|
)
|
||
Accounts payable
|
|
88
|
|
|
27
|
|
||
Accrued taxes
|
|
(33
|
)
|
|
(15
|
)
|
||
Other current liabilities
|
|
(98
|
)
|
|
(83
|
)
|
||
Derivative assets and liabilities, net
|
|
152
|
|
|
(79
|
)
|
||
Regulatory assets and liabilities, net
|
|
(11
|
)
|
|
252
|
|
||
Other assets
|
|
(27
|
)
|
|
(19
|
)
|
||
Other liabilities
|
|
(475
|
)
|
|
122
|
|
||
Operating cash flows from continuing operations
|
|
1,261
|
|
|
1,514
|
|
||
Operating cash flows from discontinued operations, net
|
|
—
|
|
|
(354
|
)
|
||
Net cash provided by operating activities
|
|
1,261
|
|
|
1,160
|
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Long-term debt issued
|
|
398
|
|
|
395
|
|
||
Long-term debt issuance costs
|
|
(4
|
)
|
|
(4
|
)
|
||
Long-term debt repaid
|
|
(3
|
)
|
|
(3
|
)
|
||
Bonds remarketed, net
|
|
195
|
|
|
—
|
|
||
Bonds purchased
|
|
(196
|
)
|
|
—
|
|
||
Preference stock issued, net
|
|
387
|
|
|
805
|
|
||
Preference stock redeemed
|
|
(400
|
)
|
|
(75
|
)
|
||
Short-term debt financing, net
|
|
678
|
|
|
(121
|
)
|
||
Settlements of stock-based compensation, net
|
|
(37
|
)
|
|
(30
|
)
|
||
Dividends to noncontrolling interests
|
|
(52
|
)
|
|
(29
|
)
|
||
Dividends paid
|
|
(220
|
)
|
|
(212
|
)
|
||
Financing cash flows from continuing operations
|
|
746
|
|
|
726
|
|
||
Financing cash flows from discontinued operations, net
|
|
—
|
|
|
300
|
|
||
Net cash provided by financing activities
|
|
$
|
746
|
|
|
$
|
1,026
|
|
Consolidated Statements of Cash Flows
|
|
Edison International
|
|
|||||
|
|
|
||||||
|
|
Six months ended June 30,
|
||||||
(in millions, unaudited)
|
|
2013
|
|
2012
|
||||
Cash flows from investing activities:
|
|
|
|
|
||||
Capital expenditures
|
|
$
|
(1,834
|
)
|
|
$
|
(2,125
|
)
|
Proceeds from sale of nuclear decommissioning trust investments
|
|
1,956
|
|
|
1,097
|
|
||
Purchases of nuclear decommissioning trust investments and other
|
|
(2,128
|
)
|
|
(1,222
|
)
|
||
Customer advances for construction and other investments
|
|
(23
|
)
|
|
7
|
|
||
Investing cash flows from continuing operations
|
|
(2,029
|
)
|
|
(2,243
|
)
|
||
Investing cash flows from discontinued operations, net
|
|
—
|
|
|
(237
|
)
|
||
Net cash used by investing activities
|
|
(2,029
|
)
|
|
(2,480
|
)
|
||
Net decrease in cash and cash equivalents
|
|
(22
|
)
|
|
(294
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
170
|
|
|
1,469
|
|
||
Cash and cash equivalents at end of period
|
|
148
|
|
|
1,175
|
|
||
Cash and cash equivalents from discontinued operations
|
|
—
|
|
|
1,009
|
|
||
Cash and cash equivalents from continuing operations
|
|
$
|
148
|
|
|
$
|
166
|
|
Consolidated Statements of Income
|
Southern California Edison Company
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in millions, unaudited)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Operating revenue
|
|
$
|
3,045
|
|
|
$
|
2,651
|
|
|
$
|
5,674
|
|
|
$
|
5,063
|
|
Fuel
|
|
81
|
|
|
61
|
|
|
154
|
|
|
138
|
|
||||
Purchased power
|
|
1,076
|
|
|
822
|
|
|
1,855
|
|
|
1,437
|
|
||||
Operation and maintenance
|
|
879
|
|
|
866
|
|
|
1,665
|
|
|
1,717
|
|
||||
Depreciation, decommissioning and amortization
|
|
417
|
|
|
399
|
|
|
832
|
|
|
788
|
|
||||
Property and other taxes
|
|
72
|
|
|
73
|
|
|
151
|
|
|
156
|
|
||||
Asset impairment
|
|
575
|
|
|
—
|
|
|
575
|
|
|
—
|
|
||||
Total operating expenses
|
|
3,100
|
|
|
2,221
|
|
|
5,232
|
|
|
4,236
|
|
||||
Operating income (loss)
|
|
(55
|
)
|
|
430
|
|
|
442
|
|
|
827
|
|
||||
Interest and other income
|
|
30
|
|
|
38
|
|
|
61
|
|
|
70
|
|
||||
Interest expense
|
|
(127
|
)
|
|
(127
|
)
|
|
(253
|
)
|
|
(249
|
)
|
||||
Other expenses
|
|
(14
|
)
|
|
(19
|
)
|
|
(21
|
)
|
|
(26
|
)
|
||||
Income (loss) before income taxes
|
|
(166
|
)
|
|
322
|
|
|
229
|
|
|
622
|
|
||||
Income tax expense (benefit)
|
|
(99
|
)
|
|
108
|
|
|
13
|
|
|
208
|
|
||||
Net income (loss)
|
|
(67
|
)
|
|
214
|
|
|
216
|
|
|
414
|
|
||||
Less: Dividends on preferred and preference stock
|
|
24
|
|
|
23
|
|
|
51
|
|
|
41
|
|
||||
Net income (loss) available for common stock
|
|
$
|
(91
|
)
|
|
$
|
191
|
|
|
$
|
165
|
|
|
$
|
373
|
|
Consolidated Statements of Comprehensive Income
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in millions, unaudited)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Net income (loss)
|
|
$
|
(67
|
)
|
|
$
|
214
|
|
|
$
|
216
|
|
|
$
|
414
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Pension and postretirement benefits other than pensions:
|
|
|
|
|
|
|
|
|
||||||||
Net loss arising the during period, net of income tax benefit of $3 for the three months ended June 30, 2012 and $3 for both the six months ended June 30, 2013 and 2012
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|
(4
|
)
|
||||
Amortization of net loss included in net income, net of income tax expense of $1 for both the three months ended June 30, 2013 and 2012 and $2 and $3 for the six months ended June 30, 2013 and 2012, respectively
|
|
2
|
|
|
1
|
|
|
3
|
|
|
4
|
|
||||
Other comprehensive income (loss), net of tax
|
|
2
|
|
|
(3
|
)
|
|
(1
|
)
|
|
—
|
|
||||
Comprehensive income (loss)
|
|
$
|
(65
|
)
|
|
$
|
211
|
|
|
$
|
215
|
|
|
$
|
414
|
|
Consolidated Balance Sheets
|
Southern California Edison Company
|
(in millions, unaudited)
|
|
June 30,
2013 |
|
December 31, 2012
|
||||
ASSETS
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
49
|
|
|
$
|
45
|
|
Receivables, less allowances of $66 and $75 for uncollectible accounts at respective dates
|
|
768
|
|
|
755
|
|
||
Accrued unbilled revenue
|
|
741
|
|
|
550
|
|
||
Inventory
|
|
267
|
|
|
340
|
|
||
Prepaid taxes
|
|
22
|
|
|
48
|
|
||
Derivative assets
|
|
91
|
|
|
129
|
|
||
Regulatory assets
|
|
803
|
|
|
572
|
|
||
Other current assets
|
|
129
|
|
|
123
|
|
||
Total current assets
|
|
2,870
|
|
|
2,562
|
|
||
Nuclear decommissioning trusts
|
|
4,181
|
|
|
4,048
|
|
||
Other investments
|
|
127
|
|
|
116
|
|
||
Total investments
|
|
4,308
|
|
|
4,164
|
|
||
Utility property, plant and equipment, less accumulated depreciation of $7,578 and $7,424 at respective dates
|
|
29,301
|
|
|
30,200
|
|
||
Nonutility property, plant and equipment, less accumulated depreciation of $63 and $117 at respective dates
|
|
73
|
|
|
70
|
|
||
Total property, plant and equipment
|
|
29,374
|
|
|
30,270
|
|
||
Derivative assets
|
|
73
|
|
|
85
|
|
||
Regulatory assets
|
|
7,494
|
|
|
6,422
|
|
||
Other long-term assets
|
|
531
|
|
|
531
|
|
||
Total long-term assets
|
|
8,098
|
|
|
7,038
|
|
||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
Total assets
|
|
$
|
44,650
|
|
|
$
|
44,034
|
|
Consolidated Balance Sheets
|
Southern California Edison Company
|
(in millions, except share amounts, unaudited)
|
|
June 30,
2013 |
|
December 31, 2012
|
||||
LIABILITIES AND EQUITY
|
|
|
|
|
||||
Short-term debt
|
|
$
|
828
|
|
|
$
|
175
|
|
Current portion of long-term debt
|
|
800
|
|
|
—
|
|
||
Accounts payable
|
|
1,264
|
|
|
1,297
|
|
||
Accrued taxes
|
|
36
|
|
|
72
|
|
||
Accrued interest
|
|
194
|
|
|
172
|
|
||
Customer deposits
|
|
199
|
|
|
193
|
|
||
Derivative liabilities
|
|
140
|
|
|
126
|
|
||
Regulatory liabilities
|
|
493
|
|
|
536
|
|
||
Deferred income taxes
|
|
79
|
|
|
81
|
|
||
Other current liabilities
|
|
663
|
|
|
861
|
|
||
Total current liabilities
|
|
4,696
|
|
|
3,513
|
|
||
Long-term debt
|
|
8,427
|
|
|
8,828
|
|
||
Deferred income taxes
|
|
6,819
|
|
|
6,669
|
|
||
Deferred investment tax credits
|
|
102
|
|
|
104
|
|
||
Customer advances
|
|
134
|
|
|
149
|
|
||
Derivative liabilities
|
|
1,027
|
|
|
939
|
|
||
Pensions and benefits
|
|
1,727
|
|
|
2,245
|
|
||
Asset retirement obligations
|
|
3,322
|
|
|
2,782
|
|
||
Regulatory liabilities
|
|
4,836
|
|
|
5,214
|
|
||
Other deferred credits and other long-term liabilities
|
|
1,928
|
|
|
1,848
|
|
||
Total deferred credits and other liabilities
|
|
19,895
|
|
|
19,950
|
|
||
Total liabilities
|
|
33,018
|
|
|
32,291
|
|
||
Commitments and contingencies (Note 12)
|
|
|
|
|
|
|
||
Common stock, no par value (560,000,000 shares authorized; 434,888,104 shares issued and outstanding at each date)
|
|
2,168
|
|
|
2,168
|
|
||
Additional paid-in capital
|
|
584
|
|
|
581
|
|
||
Accumulated other comprehensive loss
|
|
(30
|
)
|
|
(29
|
)
|
||
Retained earnings
|
|
7,115
|
|
|
7,228
|
|
||
Total common shareholder's equity
|
|
9,837
|
|
|
9,948
|
|
||
Preferred and preference stock
|
|
1,795
|
|
|
1,795
|
|
||
Total equity
|
|
11,632
|
|
|
11,743
|
|
||
Total liabilities and equity
|
|
$
|
44,650
|
|
|
$
|
44,034
|
|
Consolidated Statements of Cash Flows
|
Southern California Edison Company
|
|
|
Six months ended June 30,
|
||||||
(in millions, unaudited)
|
|
2013
|
|
2012
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
216
|
|
|
$
|
414
|
|
Adjustments to reconcile to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation, decommissioning and amortization
|
|
832
|
|
|
788
|
|
||
Regulatory impacts of net nuclear decommissioning trust earnings
|
|
161
|
|
|
114
|
|
||
Other amortization
|
|
35
|
|
|
37
|
|
||
Asset impairment
|
|
575
|
|
|
—
|
|
||
Stock-based compensation
|
|
7
|
|
|
8
|
|
||
Deferred income taxes and investment tax credits
|
|
50
|
|
|
250
|
|
||
Proceeds from U.S. treasury grants
|
|
—
|
|
|
29
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Receivables
|
|
(12
|
)
|
|
11
|
|
||
Inventory
|
|
73
|
|
|
15
|
|
||
Margin and collateral deposits, net of collateral received
|
|
(67
|
)
|
|
(3
|
)
|
||
Prepaid taxes
|
|
26
|
|
|
3
|
|
||
Other current assets
|
|
(192
|
)
|
|
(203
|
)
|
||
Accounts payable
|
|
96
|
|
|
28
|
|
||
Accrued taxes
|
|
(36
|
)
|
|
(14
|
)
|
||
Other current liabilities
|
|
(102
|
)
|
|
(79
|
)
|
||
Derivative assets and liabilities, net
|
|
152
|
|
|
(72
|
)
|
||
Regulatory assets and liabilities, net
|
|
(11
|
)
|
|
245
|
|
||
Other assets
|
|
(12
|
)
|
|
(21
|
)
|
||
Other liabilities
|
|
(466
|
)
|
|
(39
|
)
|
||
Net cash provided by operating activities
|
|
1,325
|
|
|
1,511
|
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Long-term debt issued
|
|
398
|
|
|
395
|
|
||
Long-term debt issuance costs
|
|
(4
|
)
|
|
(4
|
)
|
||
Long-term debt repaid
|
|
(3
|
)
|
|
(3
|
)
|
||
Bonds remarketed, net
|
|
195
|
|
|
—
|
|
||
Bonds purchased
|
|
(196
|
)
|
|
—
|
|
||
Preference stock issued, net
|
|
387
|
|
|
805
|
|
||
Preference stock redeemed
|
|
(400
|
)
|
|
(75
|
)
|
||
Short-term debt financing, net
|
|
653
|
|
|
(125
|
)
|
||
Settlements of stock-based compensation, net
|
|
(34
|
)
|
|
(20
|
)
|
||
Dividends paid
|
|
(292
|
)
|
|
(261
|
)
|
||
Net cash provided by financing activities
|
|
704
|
|
|
712
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Capital expenditures
|
|
(1,834
|
)
|
|
(2,125
|
)
|
||
Proceeds from sale of nuclear decommissioning trust investments
|
|
1,956
|
|
|
1,097
|
|
||
Purchases of nuclear decommissioning trust investments and other
|
|
(2,128
|
)
|
|
(1,222
|
)
|
||
Customer advances for construction and other investments
|
|
(19
|
)
|
|
11
|
|
||
Net cash used by investing activities
|
|
(2,025
|
)
|
|
(2,239
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
|
4
|
|
|
(16
|
)
|
||
Cash and cash equivalents, beginning of period
|
|
45
|
|
|
57
|
|
||
Cash and cash equivalents, end of period
|
|
$
|
49
|
|
|
$
|
41
|
|
|
Edison International
|
|
SCE
|
||||||||||||
(in millions)
|
June 30,
2013 |
|
December 31, 2012
|
|
June 30,
2013 |
|
December 31, 2012
|
||||||||
Money market funds
|
$
|
72
|
|
|
$
|
107
|
|
|
$
|
10
|
|
|
$
|
5
|
|
|
Edison International
|
|
SCE
|
||||||||||||
(in millions)
|
June 30,
2013 |
|
December 31, 2012
|
|
June 30,
2013 |
|
December 31, 2012
|
||||||||
Cash reclassified to accounts payable
|
$
|
160
|
|
|
$
|
247
|
|
|
$
|
158
|
|
|
$
|
242
|
|
(in millions)
|
June 30,
2013 |
|
December 31, 2012
|
||||
Materials, supplies and spare parts
|
$
|
244
|
|
|
$
|
319
|
|
Fuel
|
23
|
|
|
21
|
|
||
Total inventory
|
$
|
267
|
|
|
$
|
340
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in millions)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Basic earnings per share – continuing operations:
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations available to common shareholders
|
$
|
(106
|
)
|
|
$
|
183
|
|
|
$
|
152
|
|
|
$
|
360
|
|
Weighted average common shares outstanding
|
326
|
|
|
326
|
|
|
326
|
|
|
326
|
|
||||
Basic earnings per share – continuing operations
|
$
|
(0.33
|
)
|
|
$
|
0.56
|
|
|
$
|
0.47
|
|
|
$
|
1.10
|
|
Diluted earnings per share – continuing operations:
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations available to common shareholders
|
$
|
(106
|
)
|
|
$
|
183
|
|
|
$
|
152
|
|
|
$
|
360
|
|
Income impact of assumed conversions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Income (loss) from continuing operations available to common shareholders and assumed conversions
|
$
|
(106
|
)
|
|
$
|
183
|
|
|
$
|
152
|
|
|
$
|
360
|
|
Weighted average common shares outstanding
|
326
|
|
|
326
|
|
|
326
|
|
|
326
|
|
||||
Incremental shares from assumed conversions
|
—
|
|
1
|
8
|
|
|
3
|
|
|
7
|
|
||||
Adjusted weighted average shares – diluted
|
326
|
|
|
334
|
|
|
329
|
|
|
333
|
|
||||
Diluted earnings per share – continuing operations
|
$
|
(0.33
|
)
|
|
$
|
0.55
|
|
|
$
|
0.47
|
|
|
$
|
1.08
|
|
1
|
Due to a loss for the three months ended June 30, 2013, there were no incremental shares in the computation because such shares would be considered antidilutive.
|
(in millions)
|
June 30,
2013 |
|
December 31,
2012 |
||||
Beginning balance
|
$
|
2,782
|
|
|
$
|
2,610
|
|
Accretion expense
|
85
|
|
|
161
|
|
||
Revisions
|
455
|
|
|
12
|
|
||
Liabilities settled
|
—
|
|
|
(1
|
)
|
||
Ending balance
|
$
|
3,322
|
|
|
$
|
2,782
|
|
|
Equity Attributable to Edison International
|
|
Noncontrolling Interests
|
|
|
||||||||||||||||||
(in millions)
|
Common
Stock
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Retained
Earnings
|
|
Subtotal
|
|
Preferred
and
Preference
Stock
|
|
Total
Equity
|
||||||||||||
Balance at December 31, 2012
|
$
|
2,373
|
|
|
$
|
(87
|
)
|
|
$
|
7,146
|
|
|
$
|
9,432
|
|
|
$
|
1,759
|
|
|
$
|
11,191
|
|
Net income
|
—
|
|
|
—
|
|
|
176
|
|
|
176
|
|
|
51
|
|
|
227
|
|
||||||
Other comprehensive income
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||||
Common stock dividends declared ($0.675 per share)
|
—
|
|
|
—
|
|
|
(220
|
)
|
|
(220
|
)
|
|
—
|
|
|
(220
|
)
|
||||||
Dividends, distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51
|
)
|
|
(51
|
)
|
||||||
Stock-based compensation and other
|
3
|
|
|
—
|
|
|
(40
|
)
|
|
(37
|
)
|
|
—
|
|
|
(37
|
)
|
||||||
Noncash stock-based compensation and other
|
12
|
|
|
—
|
|
|
(5
|
)
|
|
7
|
|
|
(1
|
)
|
|
6
|
|
||||||
Issuance of preference stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
387
|
|
|
387
|
|
||||||
Redemption of preference stock
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
(8
|
)
|
|
(392
|
)
|
|
(400
|
)
|
||||||
Balance at June 30, 2013
|
$
|
2,388
|
|
|
$
|
(82
|
)
|
|
$
|
7,049
|
|
|
$
|
9,355
|
|
|
$
|
1,753
|
|
|
$
|
11,108
|
|
|
Equity Attributable to Edison International
|
|
Noncontrolling Interests
|
|
|
||||||||||||||||||||||
(in millions)
|
Common
Stock
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Retained
Earnings
|
|
Subtotal
|
|
Other
|
|
Preferred
and
Preference
Stock
|
|
Total
Equity
|
||||||||||||||
Balance at December 31, 2011
|
$
|
2,360
|
|
|
$
|
(139
|
)
|
|
$
|
7,834
|
|
|
$
|
10,055
|
|
|
$
|
2
|
|
|
$
|
1,029
|
|
|
$
|
11,086
|
|
Net income
|
—
|
|
|
—
|
|
|
167
|
|
|
167
|
|
|
—
|
|
|
41
|
|
|
208
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
(17
|
)
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|||||||
Contributions from noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
238
|
|
|
—
|
|
|
238
|
|
|||||||
Transfer of assets to Capistrano Wind Partners
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|||||||
Common stock dividends declared ($0.65 per share)
|
—
|
|
|
—
|
|
|
(212
|
)
|
|
(212
|
)
|
|
—
|
|
|
—
|
|
|
(212
|
)
|
|||||||
Dividends, distributions to noncontrolling interests and other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
|
(41
|
)
|
|||||||
Stock-based compensation and other
|
15
|
|
|
—
|
|
|
(56
|
)
|
|
(41
|
)
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
|||||||
Noncash stock-based compensation and other
|
17
|
|
|
—
|
|
|
(2
|
)
|
|
15
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|||||||
Issuance of preference stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
805
|
|
|
805
|
|
|||||||
Redemption of preference stock
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(74
|
)
|
|
(75
|
)
|
|||||||
Balance at June 30, 2012
|
$
|
2,371
|
|
|
$
|
(156
|
)
|
|
$
|
7,730
|
|
|
$
|
9,945
|
|
|
$
|
240
|
|
|
$
|
1,760
|
|
|
$
|
11,945
|
|
|
Equity Attributable to SCE
|
|
|
|
|
||||||||||||||||||
(in millions)
|
Common
Stock |
|
Additional
Paid-in Capital |
|
Accumulated
Other Comprehensive Loss |
|
Retained
Earnings |
|
Preferred
and Preference Stock |
|
Total
Equity |
||||||||||||
Balance at December 31, 2012
|
$
|
2,168
|
|
|
$
|
581
|
|
|
$
|
(29
|
)
|
|
$
|
7,228
|
|
|
$
|
1,795
|
|
|
$
|
11,743
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
216
|
|
|
—
|
|
|
216
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(240
|
)
|
|
—
|
|
|
(240
|
)
|
||||||
Dividends declared on preferred and preference stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(51
|
)
|
|
—
|
|
|
(51
|
)
|
||||||
Stock-based compensation and other
|
—
|
|
|
1
|
|
|
—
|
|
|
(35
|
)
|
|
—
|
|
|
(34
|
)
|
||||||
Noncash stock-based compensation and other
|
—
|
|
|
7
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
12
|
|
||||||
Issuance of preference stock
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
400
|
|
|
387
|
|
||||||
Redemption of preference stock
|
—
|
|
|
8
|
|
|
—
|
|
|
(8
|
)
|
|
(400
|
)
|
|
(400
|
)
|
||||||
Balance at June 30, 2013
|
$
|
2,168
|
|
|
$
|
584
|
|
|
$
|
(30
|
)
|
|
$
|
7,115
|
|
|
$
|
1,795
|
|
|
$
|
11,632
|
|
|
Equity Attributable to SCE
|
|
|
|
|
||||||||||||||||||
(in millions)
|
Common
Stock |
|
Additional
Paid-in Capital |
|
Accumulated
Other Comprehensive Loss |
|
Retained
Earnings |
|
Preferred
and Preference Stock |
|
Total
Equity |
||||||||||||
Balance at December 31, 2011
|
$
|
2,168
|
|
|
$
|
596
|
|
|
$
|
(24
|
)
|
|
$
|
6,173
|
|
|
$
|
1,045
|
|
|
$
|
9,958
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
414
|
|
|
—
|
|
|
414
|
|
||||||
Dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(233
|
)
|
|
—
|
|
|
(233
|
)
|
||||||
Dividends declared on preferred and preference stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
|
—
|
|
|
(41
|
)
|
||||||
Stock-based compensation and other
|
—
|
|
|
10
|
|
|
—
|
|
|
(30
|
)
|
|
—
|
|
|
(20
|
)
|
||||||
Noncash stock-based compensation and other
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
||||||
Issuance of preference stock
|
—
|
|
|
(20
|
)
|
|
—
|
|
|
—
|
|
|
825
|
|
|
805
|
|
||||||
Redemption of preference stock
|
—
|
|
|
1
|
|
|
—
|
|
|
(1
|
)
|
|
(75
|
)
|
|
(75
|
)
|
||||||
Balance at June 30, 2012
|
$
|
2,168
|
|
|
$
|
595
|
|
|
$
|
(24
|
)
|
|
$
|
6,282
|
|
|
$
|
1,795
|
|
|
$
|
10,816
|
|
|
June 30, 2013
|
||||||||||||||||||
(in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
and
Collateral
1
|
|
Total
|
||||||||||
Assets at Fair Value
|
|
|
|
|
|
|
|
|
|
||||||||||
Money market funds
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10
|
|
Mutual funds
|
28
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|||||
Derivative contracts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Congestion Revenue Rights
|
—
|
|
|
—
|
|
|
137
|
|
|
—
|
|
|
137
|
|
|||||
Electricity
|
—
|
|
|
—
|
|
|
17
|
|
|
(10
|
)
|
|
7
|
|
|||||
Natural gas
|
—
|
|
|
13
|
|
|
—
|
|
|
(1
|
)
|
|
12
|
|
|||||
Tolling
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|||||
Subtotal of derivative contracts
|
—
|
|
|
13
|
|
|
162
|
|
|
(11
|
)
|
|
164
|
|
|||||
Long-term disability plan
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|||||
Nuclear decommissioning trusts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Stocks
2
|
2,085
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,085
|
|
|||||
U.S. government and agency securities
|
881
|
|
|
144
|
|
|
—
|
|
|
—
|
|
|
1,025
|
|
|||||
Municipal bonds
|
—
|
|
|
592
|
|
|
—
|
|
|
—
|
|
|
592
|
|
|||||
Corporate bonds
3
|
—
|
|
|
347
|
|
|
—
|
|
|
—
|
|
|
347
|
|
|||||
Short-term investments, primarily cash equivalents
4
|
168
|
|
|
112
|
|
|
—
|
|
|
—
|
|
|
280
|
|
|||||
Subtotal of nuclear decommissioning trusts
|
3,134
|
|
|
1,195
|
|
|
—
|
|
|
—
|
|
|
4,329
|
|
|||||
Total assets
|
3,180
|
|
|
1,208
|
|
|
162
|
|
|
(11
|
)
|
|
4,539
|
|
|||||
Liabilities at Fair Value
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative contracts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Electricity
|
—
|
|
|
2
|
|
|
6
|
|
|
(1
|
)
|
|
7
|
|
|||||
Natural gas
|
—
|
|
|
68
|
|
|
—
|
|
|
(31
|
)
|
|
37
|
|
|||||
Tolling
|
—
|
|
|
—
|
|
|
1,123
|
|
|
—
|
|
|
1,123
|
|
|||||
Subtotal of derivative contracts
|
—
|
|
|
70
|
|
|
1,129
|
|
|
(32
|
)
|
|
1,167
|
|
|||||
Total liabilities
|
—
|
|
|
70
|
|
|
1,129
|
|
|
(32
|
)
|
|
1,167
|
|
|||||
Net assets (liabilities)
|
$
|
3,180
|
|
|
$
|
1,138
|
|
|
$
|
(967
|
)
|
|
$
|
21
|
|
|
$
|
3,372
|
|
|
December 31, 2012
|
||||||||||||||||||
(in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
and
Collateral
1
|
|
Total
|
||||||||||
Assets at Fair Value
|
|
|
|
|
|
|
|
|
|
||||||||||
Money market funds
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
Derivative contracts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Congestion Revenue Rights
|
—
|
|
|
—
|
|
|
186
|
|
|
—
|
|
|
186
|
|
|||||
Electricity
|
—
|
|
|
—
|
|
|
31
|
|
|
(13
|
)
|
|
18
|
|
|||||
Natural gas
|
—
|
|
|
8
|
|
|
—
|
|
|
(2
|
)
|
|
6
|
|
|||||
Tolling
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|||||
Subtotal of derivative contracts
|
—
|
|
|
8
|
|
|
221
|
|
|
(15
|
)
|
|
214
|
|
|||||
Long-term disability plan
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|||||
Nuclear decommissioning trusts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Stocks
2
|
2,271
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,271
|
|
|||||
Municipal bonds
|
—
|
|
|
644
|
|
|
—
|
|
|
—
|
|
|
644
|
|
|||||
U.S. government and agency securities
|
477
|
|
|
126
|
|
|
—
|
|
|
—
|
|
|
603
|
|
|||||
Corporate bonds
3
|
—
|
|
|
410
|
|
|
—
|
|
|
—
|
|
|
410
|
|
|||||
Short-term investments, primarily cash equivalents
4
|
121
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
121
|
|
|||||
Subtotal of nuclear decommissioning trusts
|
2,869
|
|
|
1,180
|
|
|
—
|
|
|
—
|
|
|
4,049
|
|
|||||
Total assets
|
2,882
|
|
|
1,188
|
|
|
221
|
|
|
(15
|
)
|
|
4,276
|
|
|||||
Liabilities at Fair Value
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative contracts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Electricity
|
—
|
|
|
2
|
|
|
5
|
|
|
(2
|
)
|
|
5
|
|
|||||
Natural gas
|
—
|
|
|
113
|
|
|
2
|
|
|
(60
|
)
|
|
55
|
|
|||||
Tolling
|
—
|
|
|
—
|
|
|
1,005
|
|
|
—
|
|
|
1,005
|
|
|||||
Subtotal of derivative contracts
|
—
|
|
|
115
|
|
|
1,012
|
|
|
(62
|
)
|
|
1,065
|
|
|||||
Total liabilities
|
—
|
|
|
115
|
|
|
1,012
|
|
|
(62
|
)
|
|
1,065
|
|
|||||
Net assets (liabilities)
|
$
|
2,882
|
|
|
$
|
1,073
|
|
|
$
|
(791
|
)
|
|
$
|
47
|
|
|
$
|
3,211
|
|
1
|
Represents the netting of assets and liabilities under master netting agreements and cash collateral across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level.
|
2
|
Approximately
70%
and
66%
of SCE's equity investments were located in the United States at
June 30, 2013
and
December 31, 2012
, respectively.
|
3
|
At
June 30, 2013
and
December 31, 2012
, SCE's corporate bonds were diversified and included collateralized mortgage obligations and other asset backed securities of
$58 million
and
$56 million
, respectively.
|
4
|
Excludes net payables of
$148 million
and
$1 million
at
June 30, 2013
and
December 31, 2012
, respectively, of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases.
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in millions)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Fair value of net liabilities at beginning of period
|
|
$
|
(882
|
)
|
|
$
|
(1,097
|
)
|
|
$
|
(791
|
)
|
|
$
|
(754
|
)
|
Total realized/unrealized gains (losses):
|
|
|
|
|
|
|
|
|
||||||||
Included in regulatory assets and liabilities
1
|
|
(76
|
)
|
|
341
|
|
|
(158
|
)
|
|
(23
|
)
|
||||
Purchases
|
|
20
|
|
|
29
|
|
|
38
|
|
|
50
|
|
||||
Settlements
|
|
(29
|
)
|
|
(12
|
)
|
|
(56
|
)
|
|
(12
|
)
|
||||
Fair value of net liabilities at end of period
|
|
$
|
(967
|
)
|
|
$
|
(739
|
)
|
|
$
|
(967
|
)
|
|
$
|
(739
|
)
|
Change during the period in unrealized losses related to assets and liabilities held at the end of the period
|
|
$
|
(43
|
)
|
|
$
|
335
|
|
|
$
|
(125
|
)
|
|
$
|
(8
|
)
|
1
|
Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities.
|
|
Fair Value (in millions)
|
|
Significant
|
Range
|
||||||
June 30, 2013
|
Assets
|
|
Liabilities
|
Valuation Technique(s)
|
Unobservable Input
|
(Weighted Average)
|
||||
Electricity:
|
|
|
|
|
|
|
||||
Options
|
$
|
22
|
|
|
$
|
7
|
|
Option model
|
Volatility of gas prices
|
23% - 32% (29%)
|
|
|
|
|
|
Volatility of power prices
|
28% - 81% (44%)
|
||||
|
|
|
|
|
Power prices
|
$45.20 - $55.50 ($49.60)
|
||||
Forwards
|
1
|
|
|
5
|
|
Discounted cash flow
|
Power prices
|
$23.90 - $49.30 ($40.20)
|
||
CRRs
|
137
|
|
|
—
|
|
Market simulation model
|
Load forecast
|
7,597 MW - 26,612 MW
|
||
|
|
|
|
|
Power prices
|
$(13.90) - $226.75
|
||||
|
|
|
|
|
Gas prices
|
$2.95 - $7.78
|
||||
Tolling
|
8
|
|
|
1,123
|
|
Option model
|
Volatility of gas prices
|
15% - 32% (20%)
|
||
|
|
|
|
|
Volatility of power prices
|
25% - 81% (29%)
|
||||
|
|
|
|
|
Power prices
|
$39.70 - $71.20 ($51.90)
|
||||
Netting
|
(6
|
)
|
|
(6
|
)
|
|
|
|
||
Total derivative contracts
|
$
|
162
|
|
|
$
|
1,129
|
|
|
|
|
|
Fair Value (in millions)
|
|
Significant
|
Range
|
||||||
December 31, 2012
|
Assets
|
|
Liabilities
|
Valuation Technique(s)
|
Unobservable Input
|
(Weighted Average)
|
||||
Electricity:
|
|
|
|
|
|
|
||||
Options
|
$
|
40
|
|
|
$
|
12
|
|
Option model
|
Volatility of gas prices
|
25% - 36% (33%)
|
|
|
|
|
|
Volatility of power prices
|
29% - 64% (42%)
|
||||
|
|
|
|
|
Power prices
|
$41.70 - $59.20 ($47.00)
|
||||
Forwards
|
2
|
|
|
4
|
|
Discounted cash flow
|
Power prices
|
$23.10 - $44.90 ($31.10)
|
||
CRRs
|
186
|
|
|
—
|
|
Market simulation model
|
Load forecast
|
7,597 MW - 26,612 MW
|
||
|
|
|
|
|
Power prices
|
$(13.90) - $226.75
|
||||
|
|
|
|
|
Gas prices
|
$2.95 - $7.78
|
||||
Gas options
|
—
|
|
|
2
|
|
Option model
|
Volatility of gas prices
|
28% - 36% (34%)
|
||
Tolling
|
4
|
|
|
1,005
|
|
Option model
|
Volatility of gas prices
|
17% - 36% (22%)
|
||
|
|
|
|
|
Volatility of power prices
|
26% - 64% (29%)
|
||||
|
|
|
|
|
Power prices
|
$35.00 - $84.10 ($55.40)
|
||||
Netting
|
(11
|
)
|
|
(11
|
)
|
|
|
|
||
Total derivative contracts
|
$
|
221
|
|
|
$
|
1,012
|
|
|
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||
(in millions)
|
Carrying
Value
|
|
Fair
Value
|
|
Carrying
Value
|
|
Fair
Value
|
||||||||
SCE
|
$
|
9,227
|
|
|
$
|
10,168
|
|
|
$
|
8,828
|
|
|
$
|
10,505
|
|
Edison International
|
9,630
|
|
|
10,593
|
|
|
9,231
|
|
|
10,944
|
|
|
|
June 30, 2013
|
|
|
||||||||||||||||||||||||
|
|
Derivative Assets
|
|
Derivative Liabilities
|
|
|
||||||||||||||||||||||
(in millions)
|
|
Short-Term
|
|
Long-Term
|
|
Subtotal
|
|
Short-Term
|
|
Long-Term
|
|
Subtotal
|
|
Net
Liability
|
||||||||||||||
Commodity derivative contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross amounts recognized
|
|
$
|
106
|
|
|
$
|
74
|
|
|
$
|
180
|
|
|
$
|
170
|
|
|
$
|
1,035
|
|
|
$
|
1,205
|
|
|
$
|
1,025
|
|
Gross amounts offset in the consolidated balance sheets
|
|
(15
|
)
|
|
(1
|
)
|
|
(16
|
)
|
|
(15
|
)
|
|
(1
|
)
|
|
(16
|
)
|
|
—
|
|
|||||||
Cash collateral posted
1
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
(7
|
)
|
|
(22
|
)
|
|
(22
|
)
|
|||||||
Net amounts presented in the consolidated balance sheets
|
|
$
|
91
|
|
|
$
|
73
|
|
|
$
|
164
|
|
|
$
|
140
|
|
|
$
|
1,027
|
|
|
$
|
1,167
|
|
|
$
|
1,003
|
|
|
|
December 31, 2012
|
|
|
||||||||||||||||||||||||
|
|
Derivative Assets
|
|
Derivative Liabilities
|
|
|
||||||||||||||||||||||
(in millions)
|
|
Short-Term
|
|
Long-Term
|
|
Subtotal
|
|
Short-Term
|
|
Long-Term
|
|
Subtotal
|
|
Net
Liability
|
||||||||||||||
Commodity derivative contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross amounts recognized
|
|
$
|
151
|
|
|
$
|
91
|
|
|
$
|
242
|
|
|
$
|
186
|
|
|
$
|
954
|
|
|
$
|
1,140
|
|
|
$
|
898
|
|
Gross amounts offset in the consolidated balance sheets
|
|
(22
|
)
|
|
(6
|
)
|
|
(28
|
)
|
|
(22
|
)
|
|
(6
|
)
|
|
(28
|
)
|
|
—
|
|
|||||||
Cash collateral posted
1
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(38
|
)
|
|
(9
|
)
|
|
(47
|
)
|
|
(47
|
)
|
|||||||
Net amounts presented in the consolidated balance sheets
|
|
$
|
129
|
|
|
$
|
85
|
|
|
$
|
214
|
|
|
$
|
126
|
|
|
$
|
939
|
|
|
$
|
1,065
|
|
|
$
|
851
|
|
1
|
In addition, SCE has posted
$8 million
of collateral that is not offset against the derivative liabilities and is reflected in "Other current assets" on both the
June 30, 2013
and
December 31, 2012
consolidated balance sheets.
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in millions)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Realized losses
|
|
$
|
(7
|
)
|
|
$
|
(67
|
)
|
|
$
|
(23
|
)
|
|
$
|
(122
|
)
|
Unrealized gains (losses)
|
|
(64
|
)
|
|
423
|
|
|
(118
|
)
|
|
62
|
|
|
|
Economic Hedges
|
|||
Commodity
|
Unit of Measure
|
June 30,
2013 |
|
December 31, 2012
|
|
Electricity options, swaps and forwards
|
GWh
|
11,460
|
|
|
15,884
|
Natural gas options, swaps and forwards
|
Bcf
|
38
|
|
|
100
|
Congestion revenue rights
|
GWh
|
124,973
|
|
|
149,774
|
Tolling arrangements
|
GWh
|
99,926
|
|
|
101,485
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in millions)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Edison International:
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations before income taxes
|
$
|
(184
|
)
|
|
$
|
307
|
|
|
$
|
199
|
|
|
$
|
593
|
|
Provision for income tax at federal statutory rate of 35%
|
(64
|
)
|
|
107
|
|
|
70
|
|
|
207
|
|
||||
Increase (decrease) in income tax from:
|
|
|
|
|
|
|
|
||||||||
State tax, net of federal benefit
|
(20
|
)
|
|
8
|
|
|
(17
|
)
|
|
14
|
|
||||
Property-related
|
(22
|
)
|
|
(10
|
)
|
|
(64
|
)
|
|
(19
|
)
|
||||
Uncertain tax positions
|
11
|
|
|
—
|
|
|
18
|
|
|
1
|
|
||||
Other
|
(7
|
)
|
|
(5
|
)
|
|
(11
|
)
|
|
(11
|
)
|
||||
Total income tax expense (benefit) from continuing operations
|
$
|
(102
|
)
|
|
$
|
100
|
|
|
$
|
(4
|
)
|
|
$
|
192
|
|
Effective tax rate
|
*
|
|
|
32.6
|
%
|
|
*
|
|
|
32.4
|
%
|
||||
SCE:
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations before income taxes
|
$
|
(166
|
)
|
|
$
|
322
|
|
|
$
|
229
|
|
|
$
|
622
|
|
Provision for income tax at federal statutory rate of 35%
|
(58
|
)
|
|
113
|
|
|
80
|
|
|
218
|
|
||||
Increase (decrease) in income tax from:
|
|
|
|
|
|
|
|
||||||||
State tax, net of federal benefit
|
(23
|
)
|
|
10
|
|
|
(9
|
)
|
|
20
|
|
||||
Property-related
|
(22
|
)
|
|
(10
|
)
|
|
(64
|
)
|
|
(20
|
)
|
||||
Uncertain tax positions
|
11
|
|
|
(1
|
)
|
|
17
|
|
|
—
|
|
||||
Other
|
(7
|
)
|
|
(4
|
)
|
|
(11
|
)
|
|
(10
|
)
|
||||
Total income tax expense (benefit) from continuing operations
|
$
|
(99
|
)
|
|
$
|
108
|
|
|
$
|
13
|
|
|
$
|
208
|
|
Effective tax rate
|
*
|
|
|
33.5
|
%
|
|
5.7
|
%
|
|
33.4
|
%
|
*
|
Not meaningful
|
•
|
A proposed adjustment increasing the taxable gain on the 2004 sale of EME's international assets, which if sustained, would result in a federal tax payment of approximately
$203 million
, including interest and penalties through
June 30, 2013
(the IRS has asserted a
40%
penalty for understatement of tax liability related to this matter).
|
•
|
A proposed adjustment to disallow a component of SCE's repair allowance deduction, which if sustained, would result in a federal tax payment of approximately
$98 million
, including interest through
June 30, 2013
.
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in millions)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Edison International:
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
38
|
|
|
$
|
39
|
|
|
$
|
76
|
|
|
$
|
77
|
|
Interest cost
|
42
|
|
|
45
|
|
|
84
|
|
|
91
|
|
||||
Expected return on plan assets
|
(57
|
)
|
|
(55
|
)
|
|
(114
|
)
|
|
(111
|
)
|
||||
Settlement costs
|
49
|
|
|
—
|
|
|
49
|
|
|
—
|
|
||||
Amortization of prior service cost
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||
Amortization of net loss
1
|
15
|
|
|
16
|
|
|
30
|
|
|
33
|
|
||||
Expense under accounting standards
|
$
|
88
|
|
|
$
|
46
|
|
|
$
|
127
|
|
|
$
|
92
|
|
Regulatory adjustment (deferred)
|
(31
|
)
|
|
27
|
|
|
(14
|
)
|
|
54
|
|
||||
Total expense recognized
|
$
|
57
|
|
|
$
|
73
|
|
|
$
|
113
|
|
|
$
|
146
|
|
SCE:
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
37
|
|
|
$
|
37
|
|
|
$
|
74
|
|
|
$
|
74
|
|
Interest cost
|
41
|
|
|
45
|
|
|
82
|
|
|
90
|
|
||||
Expected return on plan assets
|
(57
|
)
|
|
(55
|
)
|
|
(114
|
)
|
|
(110
|
)
|
||||
Settlement costs
|
48
|
|
|
—
|
|
|
48
|
|
|
—
|
|
||||
Amortization of prior service cost
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||
Amortization of net loss
1
|
14
|
|
|
15
|
|
|
28
|
|
|
30
|
|
||||
Expense under accounting standards
|
$
|
84
|
|
|
$
|
43
|
|
|
$
|
120
|
|
|
$
|
86
|
|
Regulatory adjustment (deferred)
|
(31
|
)
|
|
27
|
|
|
(14
|
)
|
|
54
|
|
||||
Total expense recognized
|
$
|
53
|
|
|
$
|
70
|
|
|
$
|
106
|
|
|
$
|
140
|
|
1
|
Includes the amount of net loss reclassified from other comprehensive loss. The amount reclassified for Edison International and SCE was
$4 million
and
$3 million
for the three months ended
June 30, 2013
, respectively, and
$7 million
and
$5 million
for the six months ended
June 30, 2013
, respectively.
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in millions)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Edison International:
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
14
|
|
|
$
|
12
|
|
|
$
|
28
|
|
|
$
|
24
|
|
Interest cost
|
26
|
|
|
29
|
|
|
52
|
|
|
57
|
|
||||
Expected return on plan assets
|
(30
|
)
|
|
(27
|
)
|
|
(60
|
)
|
|
(54
|
)
|
||||
Special termination benefits
1
|
10
|
|
|
—
|
|
|
10
|
|
|
—
|
|
||||
Amortization of prior service credit
|
(9
|
)
|
|
(9
|
)
|
|
(18
|
)
|
|
(18
|
)
|
||||
Amortization of net loss
2
|
7
|
|
|
11
|
|
|
14
|
|
|
23
|
|
||||
Total expense
|
$
|
18
|
|
|
$
|
16
|
|
|
$
|
26
|
|
|
$
|
32
|
|
SCE:
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
14
|
|
|
$
|
12
|
|
|
$
|
27
|
|
|
$
|
24
|
|
Interest cost
|
26
|
|
|
28
|
|
|
52
|
|
|
56
|
|
||||
Expected return on plan assets
|
(30
|
)
|
|
(27
|
)
|
|
(60
|
)
|
|
(54
|
)
|
||||
Special termination benefits
1
|
10
|
|
|
—
|
|
|
10
|
|
|
—
|
|
||||
Amortization of prior service credit
|
(9
|
)
|
|
(9
|
)
|
|
(18
|
)
|
|
(18
|
)
|
||||
Amortization of net loss
2
|
7
|
|
|
11
|
|
|
14
|
|
|
22
|
|
||||
Total expense
|
$
|
18
|
|
|
$
|
15
|
|
|
$
|
25
|
|
|
$
|
30
|
|
1
|
Due to the reduction in workforce, SCE has incurred costs for extended retiree health care coverage.
|
2
|
Includes the amount of net loss reclassified from other comprehensive loss. The amount reclassified for Edison International and SCE was less than
$1 million
and
zero
for the three- and six-months ended
June 30, 2013
, respectively.
|
(in millions)
|
|
|
||
Balance at January 1, 2013
|
|
$
|
104
|
|
Additions
|
|
109
|
|
|
Payments
|
|
(88
|
)
|
|
Balance at June 30, 2013
|
|
$
|
125
|
|
•
|
Approximately
$860 million
of SCE's authorized revenue requirement collected since January 1, 2012 (subject to refund) associated with operating and maintenance expenses, and depreciation and return on SCE's investment in Unit 2, Unit 3 and common plant. In June 2013, SCE recorded approximately
$56 million
in severance costs associated with its decision to retire both Units. Until funding of post June 6, 2013 activities related to the permanent closure of the plant is transitioned from base rates to SCE's nuclear decommissioning trusts set up for that purpose, SCE will continue to record these costs through the San Onofre OII memorandum account, subject to refund.
|
•
|
At May 31, 2013, SCE's net investment associated with San Onofre was
$2.1 billion
, including net book value of remaining property, plant and equipment, construction work-in-progress, nuclear fuel inventory and materials and supplies.
|
•
|
In 2005, the CPUC authorized expenditures of approximately
$525 million
(
$665 million
based on SCE's estimate after adjustment for inflation using the Handy-Whitman Index) for SCE's
78.21%
share of the costs to purchase and install the four new steam generators in Units 2 and 3 and remove and dispose of their predecessors. SCE has spent
$602 million
through June 30, 2013 on the steam generator replacement project, not including inspection, testing and repair costs subsequent to the replacement steam generator leak in Unit 3.
|
•
|
As a result of outages associated with the steam generator inspection and repair, electric power and capacity normally provided by San Onofre were purchased in the market by SCE. These market power costs will be reviewed as part of the CPUC's OII proceeding. Estimated market power costs calculated in accordance with the OII methodology were approximately
$670 million
as of May 31, 2013, excluding avoided nuclear fuel costs of approximately
$138 million
which are no longer included as a reduction due to SCE's decision to permanently retire Units 2 and 3. Such amount includes costs of approximately
$65 million
associated with planned outage periods. SCE believes that such costs should be excluded as they would have been incurred even had the replacement steam generators performed as expected. The CPUC will ultimately determine a final methodology for estimating market power costs as it continues its review of the issues in the OII. Future market power costs are uncertain.
|
•
|
Through June 30, 2013, SCE's share of incremental inspection and repair costs totaled
$115 million
for both Units (not including payments made by MHI as described below). SCE recorded its share of payments made to date by MHI (
$36 million
) as a reduction of incremental inspection and repair costs in 2012.
|
•
|
Reclassified
$1,521 million
of its total investment in San Onofre at May 31, 2013 as described above to a regulatory asset (“San Onofre Regulatory Asset”) based on management's conclusion it is probable, though not certain, that such costs will be recoverable through future rates. Included in the San Onofre Regulatory Asset is approximately
$404 million
of property, plant and equipment, including construction work in progress, that is expected to support ongoing activities at the site. In addition, to the extent the San Onofre Regulatory Asset includes excess nuclear fuel and material and supplies, SCE will, if possible, sell such excess amounts to third parties and reduce the amount of the regulatory asset by such proceeds.
|
•
|
Recorded an impairment charge of
$575 million
(
$365 million
after tax) in the second quarter of 2013.
|
|
Longest
Maturity
Dates
|
|
Amortized Cost
|
|
Fair Value
|
||||||||||||
(in millions)
|
|
June 30,
2013 |
|
December 31,
2012 |
|
June 30,
2013 |
|
December 31, 2012
|
|||||||||
Stocks
|
—
|
|
$
|
728
|
|
|
$
|
978
|
|
|
$
|
2,085
|
|
|
$
|
2,271
|
|
Municipal bonds
|
2051
|
|
504
|
|
|
518
|
|
|
592
|
|
|
644
|
|
||||
U.S. government and agency securities
|
2043
|
|
975
|
|
|
547
|
|
|
1,025
|
|
|
603
|
|
||||
Corporate bonds
|
2054
|
|
293
|
|
|
324
|
|
|
347
|
|
|
410
|
|
||||
Short-term investments, primarily cash equivalents
|
One-year
|
|
274
|
|
|
117
|
|
|
280
|
|
|
121
|
|
||||
Total investments
|
|
|
2,774
|
|
|
2,484
|
|
|
4,329
|
|
|
4,049
|
|
||||
Net payables
|
|
|
(148
|
)
|
|
(1
|
)
|
|
(148
|
)
|
|
(1
|
)
|
||||
Total nuclear decommissioning trusts
|
|
|
$
|
2,626
|
|
|
$
|
2,483
|
|
|
$
|
4,181
|
|
|
$
|
4,048
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in millions)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Balance at beginning of period
|
$
|
4,246
|
|
|
$
|
3,853
|
|
|
$
|
4,048
|
|
|
$
|
3,592
|
|
Gross realized gains
|
137
|
|
|
15
|
|
|
142
|
|
|
40
|
|
||||
Gross realized losses
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(5
|
)
|
||||
Unrealized gains (losses), net
|
(185
|
)
|
|
(67
|
)
|
|
(9
|
)
|
|
116
|
|
||||
Other-than-temporary impairments
|
(21
|
)
|
|
(19
|
)
|
|
(29
|
)
|
|
(23
|
)
|
||||
Interest, dividends, contributions and other
|
5
|
|
|
29
|
|
|
31
|
|
|
90
|
|
||||
Balance at end of period
|
$
|
4,181
|
|
|
$
|
3,810
|
|
|
$
|
4,181
|
|
|
$
|
3,810
|
|
(in millions)
|
June 30,
2013 |
|
December 31,
2012 |
||||
Current:
|
|
|
|
||||
Regulatory balancing accounts
|
$
|
709
|
|
|
$
|
502
|
|
Energy derivatives
|
94
|
|
|
70
|
|
||
Total Current
|
803
|
|
|
572
|
|
||
Long-term:
|
|
|
|
||||
Deferred income taxes, net
|
2,759
|
|
|
2,663
|
|
||
Pensions and other postretirement benefits
|
1,119
|
|
|
1,550
|
|
||
Energy derivatives
|
990
|
|
|
900
|
|
||
Unamortized investments, net
|
363
|
|
|
507
|
|
||
San Onofre
|
1,584
|
|
|
—
|
|
||
Unamortized loss on reacquired debt
|
218
|
|
|
228
|
|
||
Nuclear-related investment, net
|
35
|
|
|
141
|
|
||
Regulatory balancing accounts
|
78
|
|
|
73
|
|
||
Other
|
348
|
|
|
360
|
|
||
Total Long-term
|
7,494
|
|
|
6,422
|
|
||
Total Regulatory Assets
|
$
|
8,297
|
|
|
$
|
6,994
|
|
(in millions)
|
June 30,
2013 |
|
December 31,
2012 |
||||
Current:
|
|
|
|
||||
Regulatory balancing accounts
|
$
|
443
|
|
|
$
|
484
|
|
Other
|
50
|
|
|
52
|
|
||
Total Current
|
493
|
|
|
536
|
|
||
Long-term:
|
|
|
|
||||
Costs of removal
|
2,791
|
|
|
2,731
|
|
||
Asset Retirement Obligations
|
853
|
|
|
1,385
|
|
||
Regulatory balancing accounts
|
1,183
|
|
|
1,091
|
|
||
Other
|
9
|
|
|
7
|
|
||
Total Long-term
|
4,836
|
|
|
5,214
|
|
||
Total Regulatory Liabilities
|
$
|
5,329
|
|
|
$
|
5,750
|
|
|
Three months ended June 30, 2013
|
|
Six months ended June 30, 2013
|
||||
(in millions)
|
Pension and PBOP – Net Loss
|
||||||
Balance at beginning of period
|
$
|
(87
|
)
|
|
$
|
(87
|
)
|
Other comprehensive loss before reclassifications
|
—
|
|
|
(2
|
)
|
||
Amounts reclassified from accumulated other comprehensive loss
1
|
5
|
|
|
7
|
|
||
Net current-period other comprehensive loss
|
5
|
|
|
5
|
|
||
Balance at end of period
|
$
|
(82
|
)
|
|
$
|
(82
|
)
|
Reclassifications from accumulated other comprehensive loss:
|
|
|
|
||||
Amortization of net loss included in net income
|
$
|
6
|
|
|
$
|
9
|
|
Tax expense
|
1
|
|
|
2
|
|
||
Total reclassification, net of tax
|
$
|
5
|
|
|
$
|
7
|
|
1
|
These items are included in the computation of net periodic pension and PBOP expense. See Note 8 for additional information.
|
|
Three months ended June 30, 2013
|
|
Six months ended June 30, 2013
|
||||
(in millions)
|
Pension and PBOP – Net Loss
|
||||||
Balance at beginning of period
|
$
|
(32
|
)
|
|
$
|
(29
|
)
|
Other comprehensive loss before reclassifications
|
—
|
|
|
(4
|
)
|
||
Amounts reclassified from accumulated other comprehensive loss
1
|
2
|
|
|
3
|
|
||
Net current-period other comprehensive loss
|
2
|
|
|
(1
|
)
|
||
Balance at end of period
|
$
|
(30
|
)
|
|
$
|
(30
|
)
|
Reclassifications from accumulated other comprehensive loss:
|
|
|
|
||||
Amortization of net loss included in net income
|
$
|
3
|
|
|
$
|
5
|
|
Tax expense
|
1
|
|
|
2
|
|
||
Total reclassification, net of tax
|
$
|
2
|
|
|
$
|
3
|
|
1
|
These items are included in the computation of net periodic pension and PBOP expense. See Note 8 for additional information.
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in millions)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
SCE's interest and other income:
|
|
|
|
|
|
|
|
|
||||||||
Equity allowance for funds used during construction
|
|
$
|
18
|
|
|
$
|
27
|
|
|
$
|
39
|
|
|
$
|
47
|
|
Increase in cash surrender value of life insurance policies
|
|
7
|
|
|
7
|
|
|
14
|
|
|
14
|
|
||||
Interest income
|
|
4
|
|
|
2
|
|
|
6
|
|
|
3
|
|
||||
Other
|
|
1
|
|
|
2
|
|
|
2
|
|
|
6
|
|
||||
Total SCE's interest and other income
|
|
30
|
|
|
38
|
|
|
61
|
|
|
70
|
|
||||
Edison International Parent and Other income
|
|
4
|
|
|
2
|
|
|
2
|
|
|
3
|
|
||||
Total Edison International interest and other income
|
|
$
|
34
|
|
|
$
|
40
|
|
|
$
|
63
|
|
|
$
|
73
|
|
SCE's other expenses:
|
|
|
|
|
|
|
|
|
||||||||
Civic, political and related activities and donations
|
|
$
|
9
|
|
|
$
|
10
|
|
|
$
|
15
|
|
|
$
|
17
|
|
Other
|
|
5
|
|
|
9
|
|
|
6
|
|
|
9
|
|
||||
Total SCE's other expenses
|
|
14
|
|
|
19
|
|
|
21
|
|
|
26
|
|
||||
Edison International Parent and Other other expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total Edison International other expenses
|
|
$
|
14
|
|
|
$
|
19
|
|
|
$
|
21
|
|
|
$
|
26
|
|
•
|
Edison International would cease to own EME when EME emerges from bankruptcy pursuant to a plan or reorganization.
|
•
|
The tax allocation agreements with respect to EME would be extended through the earlier of the effective date of a plan of reorganization or December 31, 2014, and EME would remain bound to perform its obligations under such agreements.
|
•
|
Edison International and EME would continue to provide ongoing shared services to each other in the ordinary course, consistent with the same terms and conditions on which those services have been provided in the past.
|
•
|
Upon effectiveness of EME's plan of reorganization, Edison International would assume certain of EME's employee retirement related liabilities.
|
•
|
Edison International, EME and the Consenting Noteholders who had signed the Support Agreement would exchange releases of claims, and EME and Edison International would cross-indemnify one another against liabilities arising from the conduct of their separate businesses.
|
|
Edison International
|
|
SCE
|
||||||||||||
|
Six months ended June 30,
|
||||||||||||||
(in millions)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Cash payments (receipts) for interest and taxes:
|
|
|
|
|
|
|
|
||||||||
Interest, net of amounts capitalized
|
$
|
213
|
|
|
$
|
194
|
|
|
$
|
205
|
|
|
$
|
194
|
|
Tax payments (refunds), net
|
26
|
|
|
1
|
|
|
17
|
|
|
(2
|
)
|
||||
Non-cash financing and investing activities:
|
|
|
|
|
|
|
|
||||||||
Dividends declared but not paid:
|
|
|
|
|
|
|
|
||||||||
Common stock
|
$
|
110
|
|
|
$
|
106
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Preferred and preference stock
|
29
|
|
|
34
|
|
|
29
|
|
|
34
|
|
•
|
ability of SCE to recover its costs in a timely manner from its customers through regulated rates, including regulatory assets related to San Onofre;
|
•
|
decisions and other actions by the CPUC, the FERC, the NRC and other regulatory authorities and delays in regulatory actions;
|
•
|
the ability of Edison International or its subsidiaries to borrow funds and access the capital markets on reasonable terms;
|
•
|
possible customer bypass or departure due to technological advancements or cumulative rate impacts that make self-generation or use of alternative energy sources economically viable;
|
•
|
risks inherent in the construction of transmission and distribution infrastructure replacement and expansion projects, 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 the acceptance of power delivery), and governmental approvals;
|
•
|
risks associated with the operation of transmission and distribution assets and nuclear and other power generating facilities including: nuclear fuel storage issues, public safety issues, the failure, availability, efficiency, and output of equipment, the cost of repairs and retrofits of equipment, and availability and cost of spare parts;
|
•
|
physical security of our critical assets and personnel and the cyber security of our critical information technology systems for grid control, and business and customer data;
|
•
|
cost and availability of electricity, including the ability to procure sufficient resources to meet expected customer needs to replace power and voltage support that would have been provided by San Onofre or in the event of other power plant and/or transmission outages or significant counterparty defaults under power-purchase agreements;
|
•
|
environmental laws and regulations, at both the state and federal levels, or changes in the application of those laws, that could require additional expenditures or otherwise affect the cost and manner of doing business;
|
•
|
risk that the costs incurred in connection with the steam generators at Unit 2 and/or Unit 3 at San Onofre, as well as other costs incurred due to the outages may not be recoverable from SCE's supplier or insurance coverage;
|
•
|
the termination of the Support Agreement related to the EME bankruptcy;
|
•
|
changes in the fair value of investments and other assets;
|
•
|
changes in interest rates and rates of inflation, including escalation rates, which may be adjusted by public utility regulators;
|
•
|
governmental, statutory, regulatory or administrative changes or initiatives affecting the electricity industry, including the market structure rules applicable to each market and price mitigation strategies adopted by the California Independent System Operator, Regional Transmission Organizations, and adjoining regions;
|
•
|
availability and creditworthiness of counterparties and the resulting effects on liquidity in the power and fuel markets and/or the ability of counterparties to pay amounts owed in excess of collateral provided in support of their obligations;
|
•
|
cost and availability of labor, equipment and materials;
|
•
|
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;
|
•
|
effects of legal proceedings, changes in or interpretations of tax laws, rates or policies;
|
•
|
potential for penalties or disallowances caused by non-compliance with applicable laws and regulations;
|
•
|
cost and availability of fuel for generating facilities and related transportation to the extent not recovered through regulated rate cost escalation provisions or balancing accounts;
|
•
|
cost and availability of emission credits or allowances for emission credits;
|
•
|
risk that competing transmission systems will be built by merchant transmission providers in SCE's service area; and
|
•
|
weather conditions and natural disasters.
|
|
Three months ended June 30,
|
|
|
|
Six months ended June 30,
|
|
|
||||||||||||||||
(in millions)
|
2013
|
|
2012
|
|
Change
|
|
2013
|
|
2012
|
|
Change
|
||||||||||||
Net Income (Loss) attributable to
Edison International
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SCE
|
$
|
(91
|
)
|
|
$
|
191
|
|
|
$
|
(282
|
)
|
|
$
|
165
|
|
|
$
|
373
|
|
|
$
|
(208
|
)
|
Edison International Parent and Other
|
(15
|
)
|
|
(8
|
)
|
|
(7
|
)
|
|
(13
|
)
|
|
(13
|
)
|
|
—
|
|
||||||
Discontinued operations
|
12
|
|
|
(109
|
)
|
|
121
|
|
|
24
|
|
|
(193
|
)
|
|
217
|
|
||||||
Edison International
|
(94
|
)
|
|
74
|
|
|
(168
|
)
|
|
176
|
|
|
167
|
|
|
9
|
|
||||||
Less: Non-Core Items
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SCE - asset impairment
|
(365
|
)
|
|
—
|
|
|
(365
|
)
|
|
(365
|
)
|
|
—
|
|
|
(365
|
)
|
||||||
Edison International Parent and Other
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
||||||
Discontinued operations
|
12
|
|
|
(109
|
)
|
|
121
|
|
|
24
|
|
|
(193
|
)
|
|
217
|
|
||||||
Total Non-Core Items
|
(353
|
)
|
|
(109
|
)
|
|
(244
|
)
|
|
(334
|
)
|
|
(193
|
)
|
|
(141
|
)
|
||||||
Core Earnings (Losses)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SCE
|
274
|
|
|
191
|
|
|
83
|
|
|
530
|
|
|
373
|
|
|
157
|
|
||||||
Edison International Parent and Other
|
(15
|
)
|
|
(8
|
)
|
|
(7
|
)
|
|
(20
|
)
|
|
(13
|
)
|
|
(7
|
)
|
||||||
Edison International
|
$
|
259
|
|
|
$
|
183
|
|
|
$
|
76
|
|
|
$
|
510
|
|
|
$
|
360
|
|
|
$
|
150
|
|
•
|
An impairment charge of $575 million ($365 million after tax) in the second quarter of 2013 related to the permanent retirement of San Onofre Units 2 and 3.
|
•
|
An income tax benefit of $7 million from reduction in state income taxes related to the sale of Edison Capital's interest in Unit No. 2 of the Beaver Valley Power plant. The sale of Edison Capital's lease interest was completed in 2012, however, the final determination of state income taxes paid was not completed until the first quarter of 2013 which resulted in a change in the estimate of state income taxes due.
|
•
|
An income tax benefit of $12 million and $24 million for the second quarter and year-to-date, respectively, from a revised estimate of the tax impact of expected future tax deconsolidation and separation of EME from Edison International. Edison International continues to consolidate EME for federal and certain combined state tax returns. Changes in the amount of tax attributes during the first and second quarter of 2013 affected income taxes of discontinued operations. Such benefits may or may not continue in future periods.
|
•
|
Approximately $860 million of SCE's authorized revenue requirement collected since January 1, 2012 (subject to refund) associated with operating and maintenance expenses, and depreciation and return on SCE's investment in Unit 2, Unit 3 and common plant. In June 2013, SCE recorded approximately $56 million in severance costs associated with its decision to retire both Units. Until funding of post June 6, 2013 activities related to the permanent closure of the plant is transitioned from base rates to SCE's nuclear decommissioning trusts set up for that purpose, SCE will continue to record these costs through the San Onofre OII memorandum account, subject to refund.
|
•
|
At May 31, 2013, SCE's net investment associated with San Onofre is set forth in the following table:
|
(in millions)
|
Unit 2
|
|
Unit 3
|
|
Common Plant
|
|
Total
|
||||||||
Net investment
1
|
$
|
606
|
|
|
$
|
430
|
|
|
$
|
259
|
|
|
$
|
1,295
|
|
Materials and supplies
|
—
|
|
|
—
|
|
|
100
|
|
|
100
|
|
||||
Construction work in progress
|
25
|
|
|
99
|
|
|
106
|
|
|
230
|
|
||||
Nuclear fuel
|
153
|
|
|
216
|
|
|
102
|
|
|
471
|
|
||||
Total investment
|
$
|
784
|
|
|
$
|
745
|
|
|
$
|
567
|
|
|
$
|
2,096
|
|
1
|
Includes net book value of the replacement steam generators of $542 million.
|
•
|
In 2005, the CPUC authorized expenditures of approximately $525 million ($665 million based on SCE's estimate after adjustment for inflation using the Handy-Whitman Index) for SCE's 78.21% share of the costs to purchase and install the four new steam generators in Units 2 and 3 and remove and dispose of their predecessors. SCE has spent $602 million through June 30, 2013 on the steam generator replacement project, not including inspection, testing and repair costs subsequent to the replacement steam generator leak in Unit 3.
|
•
|
As a result of outages associated with the steam generator inspection and repair, electric power and capacity normally provided by San Onofre were purchased in the market by SCE. These market power costs will be reviewed as part of the CPUC's OII proceeding. Estimated market power costs calculated in accordance with the OII methodology were approximately $670 million as of May 31, 2013, excluding avoided nuclear fuel costs of approximately $138 million which are no longer included as a reduction due to SCE's decision to permanently retire Units 2 and 3. Such amount includes costs of approximately $65 million associated with planned outage periods. SCE believes that such costs should be excluded as they would have been incurred even had the replacement steam generators performed as expected. The CPUC will ultimately determine a final methodology for estimating market power costs as it continues its review of the issues in the OII. Future market power costs are uncertain.
|
•
|
Through June 30, 2013, SCE's share of incremental inspection and repair costs totaled $115 million for both Units (not including payments made by MHI as described below). SCE recorded its share of payments made to date by MHI ($36 million) as a reduction of incremental inspection and repair costs in 2012.
|
•
|
Reclassified
$1,521 million
of its total investment in San Onofre at May 31, 2013 as described above to a regulatory asset (“San Onofre Regulatory Asset”) based on management's conclusion it is probable, though not certain, that such costs will be recoverable through future rates. Included in the San Onofre Regulatory Asset is approximately $404 million of property, plant and equipment, including construction work in progress, that is expected to support ongoing activities at the site. In addition, to the extent the San Onofre Regulatory Asset includes excess nuclear fuel and material and supplies, SCE will, if possible, sell such excess amounts to third parties and reduce the amount of the regulatory asset by such proceeds.
|
•
|
Recorded an impairment charge of $575 million ($365 million after tax) in the second quarter of 2013.
|
•
|
Utility earning activities – representing revenue authorized by the CPUC and FERC which is intended to provide SCE a reasonable opportunity to recover its costs and earn a return on its net investment in generation, transmission and distribution assets. The annual revenue requirements are comprised of authorized operation and maintenance costs, depreciation, taxes and a return consistent with the capital structure. Also, included in utility earnings activities are revenues or penalties related to incentive mechanisms, other operating revenue, and regulatory charges or disallowances, if any.
|
•
|
Utility cost-recovery activities – representing CPUC- and FERC-authorized balancing accounts which allow for recovery of specific project or program costs, subject to reasonableness review or compliance with upfront standards. Utility cost-recovery activities include rates which provide recovery, subject to reasonableness review of, among other things, fuel costs, purchased power costs, public purpose related-program costs (including energy efficiency and demand-side management programs), certain operation and maintenance expenses and nuclear decommissioning expenses.
|
|
Three months ended
June 30, 2013
|
Three months ended
June 30, 2012
|
||||||||||||||||
(in millions)
|
Utility
Earning
Activities
|
Utility
Cost-
Recovery
Activities
|
Total
Consolidated
|
Utility
Earning
Activities
|
Utility
Cost-
Recovery
Activities
|
Total
Consolidated
|
||||||||||||
Operating revenue
|
$
|
1,617
|
|
$
|
1,428
|
|
$
|
3,045
|
|
$
|
1,488
|
|
$
|
1,163
|
|
$
|
2,651
|
|
Fuel and purchased power
|
—
|
|
1,157
|
|
1,157
|
|
—
|
|
883
|
|
883
|
|
||||||
Operation and maintenance
|
608
|
|
271
|
|
879
|
|
591
|
|
275
|
|
866
|
|
||||||
Depreciation, decommissioning and amortization
|
417
|
|
—
|
|
417
|
|
399
|
|
—
|
|
399
|
|
||||||
Property taxes and other
|
72
|
|
—
|
|
72
|
|
73
|
|
—
|
|
73
|
|
||||||
Asset impairment
|
575
|
|
—
|
|
575
|
|
—
|
|
—
|
|
—
|
|
||||||
Total operating expenses
|
1,672
|
|
1,428
|
|
3,100
|
|
1,063
|
|
1,158
|
|
2,221
|
|
||||||
Operating income (loss)
|
(55
|
)
|
—
|
|
(55
|
)
|
425
|
|
5
|
|
430
|
|
||||||
Interest income and other
|
16
|
|
—
|
|
16
|
|
19
|
|
—
|
|
19
|
|
||||||
Interest expense
|
(127
|
)
|
—
|
|
(127
|
)
|
(122
|
)
|
(5
|
)
|
(127
|
)
|
||||||
Income (loss) before income taxes
|
(166
|
)
|
—
|
|
(166
|
)
|
322
|
|
—
|
|
322
|
|
||||||
Income tax expense
|
(99
|
)
|
—
|
|
(99
|
)
|
108
|
|
—
|
|
108
|
|
||||||
Net income (loss)
|
(67
|
)
|
—
|
|
(67
|
)
|
214
|
|
—
|
|
214
|
|
||||||
Dividends on preferred and preference stock
|
24
|
|
—
|
|
24
|
|
23
|
|
—
|
|
23
|
|
||||||
Net income available for common stock
|
$
|
(91
|
)
|
$
|
—
|
|
$
|
(91
|
)
|
$
|
191
|
|
$
|
—
|
|
$
|
191
|
|
Core Earnings
1
|
|
|
$
|
274
|
|
|
|
$
|
191
|
|
||||||||
Non-Core Earnings
|
|
|
(365
|
)
|
|
|
—
|
|
||||||||||
Total SCE GAAP Earnings
|
|
|
$
|
(91
|
)
|
|
|
$
|
191
|
|
1
|
See use of non-GAAP financial measures in "Management Overview—Highlights of Operating Results."
|
•
|
Higher operating revenue of $129 million primarily due to the following:
|
•
|
The timing of finalizing the 2012 CPUC GRC. During the second quarter of 2012, pending the outcome of the 2012 GRC, SCE recognized GRC-related revenue based on the 2011 authorized revenue requirement. In the fourth quarter of 2012, SCE implemented its 2012 GRC which allowed SCE to recover its revenue requirement retroactive to January 1, 2012. The estimated revenue attributable to the second quarter of 2012 was $87 million.
|
•
|
An increase of approximately $40 million in revenue during the second quarter of 2013 for SCE's return on its investment resulting from rate base growth and operating costs partially offset by a lower CPUC-adopted 2013 return on common equity and EdisonSmartConnect
®
revenue (see "Liquidity and Capital Resources—SCE—Regulatory Proceedings—2013 Cost of Capital Application" for further information).
|
•
|
Higher operation and maintenance expense of $17 million primarily due to:
|
•
|
$61 million of accrued severance costs for planned workforce reductions,
|
•
|
$22 million decrease in incremental inspection and repairs costs at San Onofre, and
|
•
|
$21 million lower operations and maintenance due to the full deployment of the EdisonSmartConnect® program in 2012.
|
•
|
Higher depreciation, decommissioning and amortization expense of $18 million was primarily related to increased generation, transmission and distribution investments and capitalized software costs.
|
•
|
Asset impairment charge of $575 million related to the permanent retirement of San Onofre. See "—San Onofre Outage, Inspection and Retirement" above for more information.
|
•
|
Interest income and other included lower AFUDC equity due to lower rates and construction work in process balances in 2013 offset by lower other expenses in 2013. See "Notes to Consolidated Financial Statements—Note 15. Interest and Other Income and Other Expenses."
|
•
|
The income tax benefit was primarily due to a net loss driven by the San Onofre impairment. See "—Income Taxes" below for more information.
|
•
|
Higher fuel and purchased power expense of $274 million was primarily driven by increased load related to warmer weather experienced in 2013 relative to 2012 and higher power and gas prices experienced in 2013 relative to 2012.
|
|
Six months ended
June 30, 2013
|
Six months ended
June 30, 2012
|
||||||||||||||||
(in millions)
|
Utility
Earning
Activities
|
Utility
Cost-
Recovery
Activities
|
Total
Consolidated
|
Utility
Earning
Activities
|
Utility
Cost-
Recovery
Activities
|
Total
Consolidated
|
||||||||||||
Operating revenue
|
$
|
3,167
|
|
$
|
2,507
|
|
$
|
5,674
|
|
$
|
2,967
|
|
$
|
2,096
|
|
$
|
5,063
|
|
Fuel and purchased power
|
—
|
|
2,009
|
|
2,009
|
|
—
|
|
1,575
|
|
1,575
|
|
||||||
Operation and maintenance
|
1,167
|
|
498
|
|
1,665
|
|
1,201
|
|
516
|
|
1,717
|
|
||||||
Depreciation, decommissioning and amortization
|
832
|
|
—
|
|
832
|
|
788
|
|
—
|
|
788
|
|
||||||
Property taxes and other
|
151
|
|
—
|
|
151
|
|
156
|
|
—
|
|
156
|
|
||||||
Asset impairment
|
575
|
|
—
|
|
575
|
|
—
|
|
—
|
|
—
|
|
||||||
Total operating expenses
|
2,725
|
|
2,507
|
|
5,232
|
|
2,145
|
|
2,091
|
|
4,236
|
|
||||||
Operating income
|
442
|
|
—
|
|
442
|
|
822
|
|
5
|
|
827
|
|
||||||
Interest income and other
|
40
|
|
—
|
|
40
|
|
44
|
|
—
|
|
44
|
|
||||||
Interest expense
|
(253
|
)
|
—
|
|
(253
|
)
|
(244
|
)
|
(5
|
)
|
(249
|
)
|
||||||
Income before income taxes
|
229
|
|
—
|
|
229
|
|
622
|
|
—
|
|
622
|
|
||||||
Income tax expense
|
13
|
|
—
|
|
13
|
|
208
|
|
—
|
|
208
|
|
||||||
Net income
|
216
|
|
—
|
|
216
|
|
414
|
|
—
|
|
414
|
|
||||||
Dividends on preferred and preference stock
|
51
|
|
—
|
|
51
|
|
41
|
|
—
|
|
41
|
|
||||||
Net income available for common stock
|
$
|
165
|
|
$
|
—
|
|
$
|
165
|
|
$
|
373
|
|
$
|
—
|
|
$
|
373
|
|
Core Earnings
1
|
|
|
$
|
530
|
|
|
|
$
|
373
|
|
||||||||
Non-Core Earnings
|
|
|
(365
|
)
|
|
|
—
|
|
||||||||||
Total SCE GAAP Earnings
|
|
|
$
|
165
|
|
|
|
$
|
373
|
|
1
|
See use of non-GAAP financial measures in "Management Overview—Highlights of Operating Results."
|
•
|
Higher operating revenue of $200 million primarily due to the following:
|
•
|
The timing of finalizing the 2012 CPUC GRC. During the first six months of 2012, pending the outcome of the 2012 GRC, SCE recognized GRC-related revenue based on the 2011 authorized revenue requirement. In the fourth quarter of 2012, SCE implemented its 2012 GRC which allowed SCE to recover its revenue requirement retroactive to January 1, 2012. The estimated revenue attributable to the first six months of 2012 was $167 million.
|
•
|
An increase of approximately $70 million in revenue during the first six months of 2013 for SCE's return on its investment resulting from rate base growth and operating costs partially offset by a lower CPUC-adopted 2013 return on common equity and EdisonSmartConnect
®
revenue (see "Liquidity and Capital Resources—SCE—Regulatory Proceedings—2013 Cost of Capital Application" for further information).
|
•
|
Revenue recognized in 2012 related to the San Onofre Unit 2 scheduled outage.
|
•
|
Lower operation and maintenance expense of $34 million primarily due to:
|
•
|
$40 million lower operations and maintenance due to the full deployment of the EdisonSmartConnect
®
program in 2012,
|
•
|
$35 million of costs incurred in 2012 for the San Onofre Unit 2 scheduled outage which were not incurred in 2013,
|
•
|
$35 million decrease in incremental inspection and repairs costs during the first six months of 2013 compared to the first six months of 2012, and
|
•
|
$76 million offset by accrued severance costs. Accrued severance costs included $52 million that impacted earnings with the remaining amount related to the permanent retirement of San Onofre as described above.
|
•
|
Higher depreciation, decommissioning and amortization expense of $44 million was primarily related to increased generation, transmission and distribution investments and capitalized software costs.
|
•
|
Asset impairment charge of $575 million related to the permanent retirement of San Onofre. See "—San Onofre Outage, Inspection and Retirement" above for more information.
|
•
|
Interest income and other included lower AFUDC equity due to lower rates and construction work in process balances in 2013 offset by lower other expenses in 2013. See "Notes to Consolidated Financial Statements—Note 15 Interest and Other Income and Other Expenses."
|
•
|
Lower income taxes primarily due to lower pre-tax income driven by the San Onofre impairment charge. See "—Income Taxes" below for more information.
|
•
|
Higher preferred and preference stock dividends related to new issuances in 2012 and 2013 partially offset by redemptions.
|
•
|
Higher fuel and purchased power expense of $434 million was primarily driven by increased load related to warmer weather experienced in 2013 relative to 2012 and higher power and gas prices in 2013.
|
•
|
Lower operation and maintenance expense of $18 million primarily due to lower employee benefit costs, primarily related to pension costs, and transmission access charges, partially offset by greenhouse gas emissions associated with utility owned-generation in 2013.
|
•
|
A sales volume increase of $176 million and $67 million for the three- and six-month periods, respectively, due to higher load requirements related to warmer weather in 2013 relative to 2012.
|
•
|
A rate increase of $52 million and $148 million for the three- and six-month periods, respectively, due to the implementation of the 2012 GRC decision.
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in millions)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Income (loss) from continuing operations before income taxes
|
$
|
(166
|
)
|
|
$
|
322
|
|
|
$
|
229
|
|
|
$
|
622
|
|
Provision for income tax at federal statutory rate of 35%
|
(58
|
)
|
|
113
|
|
|
80
|
|
|
218
|
|
||||
Increase (decrease) in income tax from:
|
|
|
|
|
|
|
|
||||||||
State tax, net of federal benefit
|
(23
|
)
|
|
10
|
|
|
(9
|
)
|
|
20
|
|
||||
Property-related
|
(22
|
)
|
|
(10
|
)
|
|
(64
|
)
|
|
(20
|
)
|
||||
Uncertain tax positions
|
11
|
|
|
(1
|
)
|
|
17
|
|
|
—
|
|
||||
Other
|
(7
|
)
|
|
(4
|
)
|
|
(11
|
)
|
|
(10
|
)
|
||||
Total income tax expense (benefit) from continuing operations
|
$
|
(99
|
)
|
|
$
|
108
|
|
|
$
|
13
|
|
|
$
|
208
|
|
Effective tax rate
|
*
|
|
|
33.5
|
%
|
|
5.7
|
%
|
|
33.4
|
%
|
*
|
Not meaningful
|
(in millions)
|
|
||
Commitment
|
$
|
2,750
|
|
Outstanding commercial paper supported by credit facilities
|
(828
|
)
|
|
Outstanding letters of credit
|
(96
|
)
|
|
Amount available
|
$
|
1,826
|
|
(in millions)
|
|
2013
|
2014
|
2015
|
2016
|
2017
|
2013 – 2017 Total
|
||||||||||||
Transmission
|
|
$
|
1,285
|
|
$
|
978
|
|
$
|
731
|
|
$
|
735
|
|
$
|
680
|
|
$
|
4,409
|
|
Distribution
|
|
2,300
|
|
2,728
|
|
3,169
|
|
3,180
|
|
3,004
|
|
14,381
|
|
||||||
Generation
|
|
372
|
|
255
|
|
287
|
|
283
|
|
265
|
|
1,462
|
|
||||||
Total Estimated Capital Expenditures
|
|
$
|
3,957
|
|
$
|
3,961
|
|
$
|
4,187
|
|
$
|
4,198
|
|
$
|
3,949
|
|
$
|
20,252
|
|
Total Estimated Capital Expenditures for 2013 – 2017 (using 12% variability discussed above)
|
|
$
|
3,667
|
|
$
|
3,671
|
|
$
|
3,549
|
|
$
|
3,568
|
|
$
|
3,349
|
|
$
|
17,804
|
|
(in millions)
|
|
|
||
Collateral posted as of June 30, 2013
1
|
|
$
|
128
|
|
Incremental collateral requirements for power procurement contracts resulting from a potential downgrade of SCE's credit rating to below investment grade
|
|
67
|
|
|
Posted and potential collateral requirements
2
|
|
$
|
195
|
|
1
|
Collateral provided to counterparties and other brokers consisted of
$22 million
of cash which was offset against net derivative liabilities on the consolidated balance sheets,
$8 million
of cash reflected in "Other current assets" on the consolidated balance sheets and $98 million in letters of credit and surety bonds.
|
2
|
SCE estimates that total posted and potential collateral requirements could increase by $3 million if SCE's forward positions as of June 30, 2013 were impacted by unfavorable market price movements over the remaining lives of the existing power procurement contracts using a 95% confidence level.
|
(in millions)
|
Edison International Parent
|
||
Commitment
|
$
|
1,250
|
|
Outstanding borrowings
|
(25
|
)
|
|
Outstanding letters of credit
|
—
|
|
|
Amount available
|
$
|
1,225
|
|
|
Six months ended June 30,
|
||||||
(in millions)
|
2013
|
|
2012
|
||||
Net cash provided by operating activities
|
$
|
1,325
|
|
|
$
|
1,511
|
|
Net cash provided by financing activities
|
704
|
|
|
712
|
|
||
Net cash used by investing activities
|
(2,025
|
)
|
|
(2,239
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
$
|
4
|
|
|
$
|
(16
|
)
|
•
|
$250 million decrease from balancing accounts primarily composed of:
|
•
|
$680 million decrease primarily resulting from ERRA balancing account undercollections for fuel and power procurement-related costs in 2013 compared to overcollections in 2012. The change in the ERRA balancing account decreased operating cash flows by $503 million in 2013 as compared to an increase in operating cash flows of $226 million in 2012. The 2013 undercollections were primarily due to higher power prices, for further details see "Liquidity and Capital Resources—SCE—Regulatory Balancing Accounts;"
|
•
|
$300 million increase related to a rate increase in 2013 to recover undercollections in 2012 as a result of the implementation of the 2012 CPUC GRC decision; and
|
•
|
$130 million increase from GHG auction revenue during 2013.
|
•
|
Timing of cash receipts and disbursements related to working capital items and workforce reduction severance costs paid of $88 million during the first six months of 2013.
|
•
|
Higher cash inflow due to higher authorized revenue requirements resulting from the implementation of the 2012 CPUC GRC decision.
|
|
Six months ended June 30,
|
||||||
(in millions)
|
2013
|
|
2012
|
||||
Issuances of first and refunding mortgage bonds, net
|
$
|
394
|
|
|
$
|
391
|
|
Issuances of commercial paper, net
|
653
|
|
|
(119
|
)
|
||
Issuances of preference stock, net
|
387
|
|
|
805
|
|
||
Payments of common stock dividends to Edison International
|
(240
|
)
|
|
(233
|
)
|
||
Redemptions of preference stock
|
(400
|
)
|
|
(75
|
)
|
||
Payments of preferred and preference stock dividends
|
(52
|
)
|
|
(28
|
)
|
||
Other
|
(38
|
)
|
|
(29
|
)
|
||
Net cash provided by financing activities
|
$
|
704
|
|
|
$
|
712
|
|
|
Six months ended June 30,
|
||||||
(in millions)
|
2013
|
|
2012
|
||||
Net cash provided (used) by operating activities
|
$
|
(64
|
)
|
|
$
|
3
|
|
Net cash provided by financing activities
|
42
|
|
|
14
|
|
||
Net cash used by investing activities
|
(4
|
)
|
|
(4
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
$
|
(26
|
)
|
|
$
|
13
|
|
•
|
Paid $220 million of dividends to Edison International common shareholders;
|
•
|
Received $240 million of dividend payments from SCE; and
|
•
|
Borrowed $25 million under Edison International's line of credit to fund interim working capital requirements.
|
•
|
Paid $212 million of dividends to Edison International common shareholders; and
|
•
|
Received $233 million of dividend payments from SCE.
|
|
June 30, 2013
|
||||||||||
(in millions)
|
Exposure
2
|
|
Collateral
|
|
Net Exposure
|
||||||
S&P Credit Rating
1
|
|
|
|
|
|
||||||
A or higher
|
$
|
138
|
|
|
$
|
—
|
|
|
$
|
138
|
|
A-
|
11
|
|
|
—
|
|
|
11
|
|
|||
BBB
|
4
|
|
|
—
|
|
|
4
|
|
|||
Not rated
3
|
8
|
|
|
(2
|
)
|
|
6
|
|
|||
Total
|
$
|
161
|
|
|
$
|
(2
|
)
|
|
$
|
159
|
|
1
|
SCE assigns a credit rating based on the lower of a counterparty's S&P or Moody's rating. For ease of reference, the above table uses the S&P classifications to summarize risk, but reflects the lower of the two credit ratings.
|
2
|
Exposure excludes amounts related to contracts classified as normal purchases and sales and non-derivative contractual commitments that are not recorded on the consolidated balance sheets, except for any related net accounts receivable.
|
3
|
The exposure in this category relates to long-term power purchase agreements. SCE's exposure is mitigated by regulatory treatment.
|
Period
|
(a) Total
Number of Shares
(or Units)
Purchased
1
|
|
(b) Average
Price Paid per Share (or Unit)
1
|
|
(c) Total
Number of Shares
(or Units)
Purchased
as Part of
Publicly
Announced
Plans or
Programs
|
|
(d) Maximum
Number (or
Approximate
Dollar Value)
of Shares
(or Units) that May
Yet Be Purchased
Under the Plans or
Programs
|
|||||
April 1, 2013 to April 30, 2013
|
626,447
|
|
|
|
$
|
51.83
|
|
|
|
—
|
|
—
|
May 1, 2013 to May 31, 2013
|
471,051
|
|
|
|
51.88
|
|
|
|
—
|
|
—
|
|
June 1, 2013 to June 30, 2013
|
308,333
|
|
|
|
46.57
|
|
|
|
—
|
|
—
|
|
Total
|
1,405,831
|
|
|
|
50.69
|
|
|
|
—
|
|
—
|
1
|
The shares were purchased by agents acting on Edison International's behalf for delivery to plan participants to fulfill requirements in connection with Edison International's: (i) 401(k) Savings Plan; (ii) Dividend Reinvestment and Direct Stock Purchase Plan; and (iii) long-term incentive compensation plans. The shares were purchased in open-market transactions pursuant to plan terms or participant elections. The shares were never registered in Edison International's name and none of the shares purchased were retired as a result of the transactions.
|
Exhibit
Number
|
|
Description
|
|
|
|
10.1
|
|
Edison International and Southern California Edison Company Director Compensation Schedule, as adopted June 20, 2013
|
|
|
|
10.2
|
|
Amendment to Credit Agreement dated July 18, 2013 among Edison International and the Lenders named therein (File 1-9936, filed as Exhibit 10.1 to Edison International's Form 8-K dated July 18, 2013 and filed July 19, 2013)*
|
|
|
|
10.3
|
|
Amendment to Credit Agreement dated July 18, 2013 among Southern California Edison Company and the Lenders named therein (File 1-2313, filed as Exhibit 10.2 to Southern California Edison Company's Form 8-K dated July 18, 2013 and filed July 19, 2013)*
|
|
|
|
10.4
|
|
Notice of Termination of Transaction Support Agreement, dated July 25, 2013 (File 1-9936, filed as Exhibit 2.1 to Edison International's Form 8-K dated July 25, 2013 and filed July 25, 2013)*
|
|
|
|
31.1
|
|
Certifications of the Chief Executive Officer and Chief Financial Officer of Edison International pursuant to Section 302 of the Sarbanes-Oxley Act
|
|
|
|
31.2
|
|
Certifications of the Chief Executive Officer and Chief Financial Officer of Southern California Edison Company pursuant to Section 302 of the Sarbanes-Oxley Act
|
|
|
|
32.1
|
|
Certifications of the Chief Executive Officer and the Chief Financial Officer of Edison International required by Section 906 of the Sarbanes-Oxley Act
|
|
|
|
32.2
|
|
Certifications of the Chief Executive Officer and the Chief Financial Officer of Southern California Edison Company required by Section 906 of the Sarbanes-Oxley Act
|
|
|
|
101.1
|
|
Financial statements from the quarterly report on Form 10-Q of Edison International for the quarter ended June 30, 2013, filed on August 1, 2013, formatted in XBRL: (i) the Consolidated Statements of Income; (ii) the Consolidated Statements of Comprehensive Income; (iii) the Consolidated Balance Sheets; (iv) the Consolidated Statements of Cash Flows; and (v) the Notes to Consolidated Financial Statements
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101.2
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Financial statements from the quarterly report on Form 10-Q of Southern California Edison Company for the quarter ended June 30, 2013, filed on August 1, 2013, formatted in XBRL: (i) the Consolidated Statements of Income; (ii) the Consolidated Statements of Comprehensive Income; (iii) the Consolidated Balance Sheets; (iv) the Consolidated Statements of Cash Flows; and (v) the Notes to Consolidated Financial Statements
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EDISON INTERNATIONAL
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SOUTHERN CALIFORNIA EDISON COMPANY
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By:
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/s/ Mark C. Clarke
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By:
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/s/ Mark C. Clarke
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Mark C. Clarke
Vice President and Controller
(Duly Authorized Officer and
Principal Accounting Officer)
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Mark C. Clarke
Vice President and Controller
(Duly Authorized Officer and
Principal Accounting Officer)
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Date:
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August 1, 2013
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Date:
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August 1, 2013
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No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
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DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
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No information found
No Customers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
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