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Edison International Reports Second Quarter and Year-to-Date 2020 Results

Edison International (NYSE: EIX) today reported second quarter 2020 net income of $318 million, or $0.85 per share, compared to net income of $392 million, or $1.20 per share, in the second quarter 2019. As adjusted, second quarter 2020 core earnings were $375 million, or $1.00 per share, compared to core earnings of $515 million, or $1.58 per share, in the second quarter 2019.

Southern California Edison's (SCE) second quarter 2020 earnings per share (EPS) decreased by $0.26 from the prior year period, consisting of lower core EPS of $0.56 and lower non-core loss per share of $0.30. Lower core EPS was primarily due to the increase in shares outstanding related to the equity offerings in July 2019 and May 2020, the adoption of the 2018 GRC decision in the second quarter of 2019, and the timing of O&M expenses, partially offset by higher CPUC-related revenue due to the escalation mechanism as set forth in the 2018 GRC decision.

SCE's lower non-core loss per share was mainly attributable to the absence of $0.38 of disallowed historical capital expenditures in SCE's 2018 GRC decision recorded in the second quarter 2019, and a charge recorded in 2020 of $0.16 from the amortization of SCE's contributions to the Wildfire Insurance Fund. These were partially offset by a gain of $0.10 recorded in 2020 for SCE's sale of San Onofre nuclear fuel.

Edison International Parent and Other's second quarter 2020 loss per share increased by $0.09 compared to second quarter 2019, consisting of higher core loss per share of $0.02 and higher non-core loss per share of $0.07. The higher core loss per share was primarily due to higher interest expense, partially offset by the increase in shares outstanding. The higher non-core loss per share was mainly related to a goodwill impairment charge recorded in 2020 related to Edison Energy stemming from the economic impact of COVID-19.

"We are confident in our 2020 earnings guidance, although the timing of operations and maintenance expenses and deferrals of certain wildfire-related costs negatively impacted our core earnings per share for the quarter. These comparisons should improve in the second half of the year," said Pedro J. Pizarro, president and chief executive officer of Edison International. "I am proud of our team’s steadfast performance during this COVID-19 pandemic, focusing on practices to ensure the safety and health of employees and critical operations for customers’ benefit, including those laid out in SCE’s 2020–2022 Wildfire Mitigation Plan."

Pizarro added, "While we anticipate another active fire season, SCE is entering this period better prepared than ever. In addition to advancing wildfire mitigation measures, the company has made improvements to Public Safety Power Shutoff, or PSPS, protocols since last year which we expect will reduce the number of customers affected by 30% under the same conditions as last year."

Year-to-Date Earnings

For the six months ended June 30, 2020, Edison International reported net income of $501 million, or $1.37 per share, compared to $670 million, or $2.05 per share, during the same period in 2019. As adjusted, Edison International's core earnings were $603 million, or $1.65 per share, compared to $721 million, or $2.21 per share, in the year-to-date period in 2019.

SCE's year-to-date 2020 EPS decreased $0.54 from the same period prior year, consisting of lower core EPS of $0.50 per share and higher non-core loss per share of $0.04. The decrease in SCE's core EPS was primarily due to the increase in shares outstanding related to the equity offerings in July 2019 and May 2020, the adoption of the 2018 GRC decision in the second quarter of 2019, and the timing of O&M expenses, partially offset by higher CPUC-related revenue due to the escalation mechanism as set forth in the 2018 GRC decision. SCE's higher non-core loss per share was mainly related to a charge of $0.32 recorded in 2020 from the amortization of SCE's contributions to the Wildfire Insurance Fund and the absence of $0.21 of income tax benefits related to changes in the allocation of deferred tax re-measurement between customers and shareholders as a result of a CPUC resolution issued in February 2019. These were partially offset by a $0.09 higher gain for SCE's sale of San Onofre nuclear fuel and the absence of the $0.38 impairment charge resulting from the disallowance of certain historical capital expenditures in SCE's 2018 GRC final decision recorded in the second quarter 2019.

Edison International Parent and Other’s year-to-date 2020 loss per share increased by $0.14 compared to the same period in 2019, consisting of higher core loss per share of $0.06 and higher non-core loss per share of $0.08. The increase in core loss per share was primarily due to higher interest expense, partially offset by the increase in shares outstanding. The higher non-core loss per share was mainly related to a goodwill impairment charge recorded in 2020 related to Edison Energy stemming from the economic impact of COVID-19.

Edison International uses core earnings, which is a non-GAAP financial measure that adjusts for significant discrete items that management does not consider representative of ongoing earnings. Edison International management believes that core earnings provide more meaningful comparisons of performance from period to period. Please see the attached tables for a reconciliation of core earnings to basic GAAP earnings.

2020 Earnings Guidance

The company narrowed its earnings guidance range for 2020 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information.

 

 

2020 Earnings Guidance

 

 

2020 Earnings Guidance

 

2020 Earnings Guidance

 

as of April 30, 2020

 

as of July 28, 2020

 

Low

High

 

Low

High

EIX Basic EPS

$4.19

$4.49

 

$4.09

$4.34

Less: Non-core Items*

(0.13)

(0.13)

 

(0.28)

(0.28)

EIX Core EPS

$4.32

$4.62

 

$4.37

$4.62

* There were ($102) million, or ($0.28) per share of non-core items recorded for the six months ended June 30, 2020, calculated based on an assumed weighted average share count for 2020.

Second Quarter 2020 Earnings Conference Call Materials

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

Reminder: Edison International Will Hold a Conference Call Today
When: Tuesday, July 28, 2020, 1:30 p.m. (Pacific Time)
Telephone Numbers: 1-888-673-9780 (US) and 1-312-470-0178 (Int'l) - Passcode: Edison
Telephone Replay: 1-866-441-1051 (US) and 1-203-369-1058 (Int’l) - Passcode: 2548
Telephone replay available through August 11, 2020
Webcast: www.edisoninvestor.com

About Edison International

Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison Company, a utility that delivers electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Edison Energy, a global energy advisory company delivering comprehensive, data-driven energy solutions to commercial and industrial users to meet their cost, sustainability and risk goals.

Appendix

Use of Non-GAAP Financial Measures

Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in the United States and represent the company’s earnings as reported to the Securities and Exchange Commission. Our management uses core earnings and core earnings per share (EPS) internally for financial planning and for analysis of performance of Edison International and Southern California Edison. We also use core earnings and core EPS when communicating with analysts and investors regarding our earnings results to facilitate comparisons of the Company’s performance from period to period. Financial measures referred to as net income, basic EPS, core earnings, or core EPS also apply to the description of earnings or earnings per share.

Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Basic earnings and losses refer to net income or losses attributable to Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested awards that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which is included in Edison International Parent and Other.

Safe Harbor Statement

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

  • ability of SCE to recover its costs through regulated rates, including costs related to uninsured wildfire-related and mudslide-related liabilities, costs incurred to mitigate the risk of utility equipment causing future wildfires, costs incurred to implement SCE's new customer service system and costs incurred as a result of the COVID-19 pandemic;

  • ability of SCE to implement its Wildfire Mitigation Plan, including effectively implementing Public Safety Power Shut-Offs when appropriate;

  • ability to obtain sufficient insurance at a reasonable cost, including insurance relating to SCE's nuclear facilities and wildfire-related claims, and to recover the costs of such insurance or, in the event liabilities exceed insured amounts, the ability to recover uninsured losses from customers or other parties;

  • risks associated with California Assembly Bill 1054 ("AB 1054") effectively mitigating the significant risk faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial cause, including SCE's ability to maintain a valid safety certification, SCE's ability to recover uninsured wildfire-related costs from the insurance fund established under AB 1054 ("Wildfire Insurance Fund"), the longevity of the Wildfire Insurance Fund, and the CPUC's interpretation of and actions under AB 1054, including their interpretation of the new prudency standard established under AB 1054;

  • decisions and other actions by the California Public Utilities Commission, the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and mudslide-related costs, issuance of SCE's wildfire safety certification, wildfire mitigation efforts, and delays in executive, regulatory and legislative actions;

  • ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms;

  • risks associated with the decommissioning of San Onofre, including those related to public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel, delays, contractual disputes, and cost overruns;

  • pandemics, such as COVID-19, and other events that cause regional, statewide, national or global disruption, which could impact, among other things, Edison International's and SCE's business, operations, cash flows, liquidity and/or financial results;

  • extreme weather-related incidents and other natural disasters (including earthquakes and events caused, or exacerbated, by climate change, such as wildfires), which could cause, among other things, public safety issues, property damage and operational issues;

  • physical security of Edison International's and SCE's critical assets and personnel and the cybersecurity of Edison International's and SCE's critical information technology systems for grid control, and business, employee and customer data;

  • risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as Community Choice Aggregators ("CCA," which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs);

  • risks inherent in SCE's transmission and distribution infrastructure investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, power curtailment costs (payments due under power contracts in the event there is insufficient transmission to enable acceptance of power delivery), changes in the California Independent System Operator’s transmission plans, and governmental approvals; and

  • risks associated with the operation of transmission and distribution assets and power generating facilities, including public, contractor and employee safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts.

Additional information about risks and uncertainties, including more detail about the factors described in this report, is contained throughout this report and in the 2019 Form 10-K, including the "Risk Factors" section. Readers are urged to read this entire report, including information incorporated by reference, as well as the 2019 Form 10-K, and carefully consider the risks, uncertainties, and other factors that affect Edison International's and SCE's businesses. Edison International and SCE post or provide direct links (i) to certain SCE and other parties' regulatory filings and documents with the CPUC and the FERC and certain agency rulings and notices in open proceedings in a section titled "SCE Regulatory Highlights," (ii) to certain documents and information related to Southern California wildfires which may be of interest to investors in a section titled "Southern California Wildfires," and (iii) to presentations, documents and other information that may be of interest to investors in a section title "Events and Presentations" at www.edisoninvestor.com in order to publicly disseminate such information.

These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Readers should review future reports filed by Edison International and SCE with the SEC.

 

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

 

 

Three months ended June 30,

 

 

 

Six months ended June 30,

 

 

 

2020

 

2019

 

Change

 

2020

 

2019

 

Change

Earnings (loss) per share attributable to Edison International

 

 

 

 

 

 

 

 

Continuing operations

 

 

 

 

 

 

 

 

 

 

 

SCE

$

1.02

 

 

$

1.28

 

 

$

(0.26)

 

 

$

1.64

 

 

$

2.18

 

 

$

(0.54)

 

Edison International Parent and Other

(0.17)

 

 

(0.08)

 

 

(0.09)

 

 

(0.27)

 

 

(0.13)

 

 

(0.14)

 

Edison International

0.85

 

 

1.20

 

 

(0.35)

 

 

1.37

 

 

2.05

 

 

(0.68)

 

Less: Non-core items

 

 

 

 

 

 

 

 

 

 

 

SCE

(0.08)

 

 

(0.38)

 

 

0.30

 

 

(0.20)

 

 

(0.16)

 

 

(0.04)

 

Edison International Parent and Other

(0.07)

 

 

 

 

(0.07)

 

 

(0.08)

 

 

 

 

(0.08)

 

Total non-core items

(0.15)

 

 

(0.38)

 

 

0.23

 

 

(0.28)

 

 

(0.16)

 

 

(0.12)

 

Core earnings (losses)

 

 

 

 

 

 

 

 

 

 

 

SCE

1.10

 

 

1.66

 

 

(0.56)

 

 

1.84

 

 

2.34

 

 

(0.50)

 

Edison International Parent and Other

(0.10)

 

 

(0.08)

 

 

(0.02)

 

 

(0.19)

 

 

(0.13)

 

 

(0.06)

 

Edison International

$

1.00

 

 

$

1.58

 

 

$

(0.58)

 

 

$

1.65

 

 

$

2.21

 

 

$

(0.56)

 

Note: Diluted earnings were $0.85 and $1.20 per share for the three months ended June 30, 2020 and 2019, respectively, and $1.36 and $2.05 per share for the six months ended June 30, 2020 and 2019, respectively.

 

 

 

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

 

 

Three months ended June 30,

 

 

 

Six months ended June 30,

 

 

(in millions)

2020

 

2019

 

Change

 

2020

 

2019

 

Change

Net income (loss) attributable to Edison International

 

 

 

 

 

 

 

 

Continuing operations

 

 

 

 

 

 

 

 

 

 

 

SCE

$

381

 

 

$

419

 

 

$

(38)

 

 

$

600

 

 

$

712

 

 

$

(112)

 

Edison International Parent and Other

(63)

 

 

(27)

 

 

(36)

 

 

(99)

 

 

(42)

 

 

(57)

 

Edison International

318

 

 

392

 

 

(74)

 

 

501

 

 

670

 

 

(169)

 

Less: Non-core items

 

 

 

 

 

 

 

 

 

 

 

SCE1,2,3,4,5,6

(32)

 

 

(123)

 

 

91

 

 

(74)

 

 

(51)

 

 

(23)

 

Edison International Parent and Other2,7

(25)

 

 

 

 

(25)

 

 

(28)

 

 

 

 

(28)

 

Total non-core items

(57)

 

 

(123)

 

 

66

 

 

(102)

 

 

(51)

 

 

(51)

 

Core earnings (losses)

 

 

 

 

 

 

 

 

 

 

 

SCE

413

 

 

542

 

 

(129)

 

 

674

 

 

763

 

 

(89)

 

Edison International Parent and Other

(38)

 

 

(27)

 

 

(11)

 

 

(71)

 

 

(42)

 

 

(29)

 

Edison International

$

375

 

 

$

515

 

 

$

(140)

 

 

$

603

 

 

$

721

 

 

$

(118)

 

1 Includes amortization of SCE’s Wildfire Insurance Fund expenses of $83 million ($60 million after-tax) and $167 million ($120 million after-tax) for the quarter and year-ended June 30, 2020, respectively.

2 Includes income tax benefit of $18 million and income tax expense of $3 million recorded in the first quarter of 2020 for SCE and Edison International Parent and Other, respectively, due to re-measurement of uncertain tax positions related to the 2010 – 2012 California state tax filings currently under audit.

3 Includes income tax benefits of $69 million recorded in 2019 for SCE related to changes in the allocation of deferred tax re-measurement between customers and shareholders as a result of a CPUC resolution issued in February 2019. The resolution determined that customers are only entitled to excess deferred taxes which were included when setting rates and other deferred tax re-measurement belongs to shareholders.

4 Includes a gain of $52 million ($37 million after-tax) recorded in 2020 and $4 million ($3 million after-tax) recorded in 2019 for SCE's sale of San Onofre nuclear fuel.

5 Includes expenses of $12 million ($9 million after-tax) recorded in 2020 for SCE's legal costs related to 2017/2018 Wildfire/Mudslide events.

6 Includes an impairment charge of $170 million ($123 million after-tax) recorded in 2019 for SCE related to disallowed historical capital expenditures in SCE's 2018 GRC decision.

7 Includes a goodwill impairment charge of $34 million ($25 million after-tax) recorded in 2020 for Edison International Parent and Other related to Edison Energy stemming from the economic impact of COVID-19.

 

Consolidated Statements of Income

 

 

Edison International

 

 

 

 

 

 

 

 

 

Three months ended June 30,

 

Six months ended June 30,

(in millions, except per-share amounts, unaudited)

2020

 

2019

 

2020

 

2019

Total operating revenue

$

2,987

 

 

$

2,812

 

 

$

5,777

 

 

$

5,636

 

Purchased power and fuel

1,068

 

 

1,135

 

 

1,996

 

 

2,140

 

Operation and maintenance

762

 

 

595

 

 

1,643

 

 

1,477

 

Wildfire Insurance Fund expense

83

 

 

 

 

167

 

 

 

Depreciation and amortization

489

 

 

321

 

 

973

 

 

801

 

Property and other taxes

103

 

 

93

 

 

214

 

 

203

 

Impairment and other

(18)

 

 

170

 

 

(18)

 

 

166

 

Other operating income

 

 

(2)

 

 

 

 

(3)

 

Total operating expenses

2,487

 

 

2,312

 

 

4,975

 

 

4,784

 

Operating income

500

 

 

500

 

 

802

 

 

852

 

Interest expense

(229)

 

 

(211)

 

 

(454)

 

 

(405)

 

Other income

81

 

 

55

 

 

133

 

 

93

 

Income before taxes

352

 

 

344

 

 

481

 

 

540

 

Income tax expense (benefit)

4

 

 

(78)

 

 

(80)

 

 

(190)

 

Net income

348

 

 

422

 

 

561

 

 

730

 

Preferred and preference stock dividend requirements of SCE

30

 

 

30

 

 

60

 

 

60

 

Net income attributable to Edison International common shareholders

$

318

 

 

$

392

 

 

$

501

 

 

$

670

 

Basic earnings per share:

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding

375

 

 

326

 

 

367

 

 

326

 

Basic earnings per common share attributable to Edison International common shareholders:

$

0.85

 

 

$

1.20

 

 

$

1.37

 

 

$

2.05

 

Diluted earnings per share:

 

 

 

 

 

 

 

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

376

 

 

327

 

 

368

 

 

327

 

Diluted earnings per common share attributable to Edison International common shareholders

$

0.85

 

 

$

1.20

 

 

$

1.36

 

 

$

2.05

 

 

 

 

 

Consolidated Balance Sheets

Edison International

 

 

 

 

(in millions, unaudited)

June 30,
2020

 

December 31, 2019

ASSETS

 

 

 

Cash and cash equivalents

$

524

 

 

$

68

 

Receivables, less allowances of $91 and $50 accounts at respective dates

936

 

 

788

 

Accrued unbilled revenue

629

 

 

488

 

Inventory

382

 

 

364

 

Income tax receivables

108

 

 

118

 

Prepaid expenses

49

 

 

214

 

Regulatory assets

1,692

 

 

1,009

 

Wildfire Insurance Fund contributions

323

 

 

323

 

Other current assets

153

 

 

188

 

Total current assets

4,796

 

 

3,560

 

Nuclear decommissioning trusts

4,566

 

 

4,562

 

Other investments

84

 

 

64

 

Total investments

4,650

 

 

4,626

 

Utility property, plant and equipment, less accumulated depreciation and amortization of $10,371 and $9,958 at respective dates

45,386

 

 

44,198

 

Nonutility property, plant and equipment, less accumulated depreciation of $90 and $86 at respective dates

167

 

 

87

 

Total property, plant and equipment

45,553

 

 

44,285

 

Regulatory assets

6,528

 

 

6,088

 

Wildfire Insurance Fund contributions

2,606

 

 

2,767

 

Operating lease right-of-use assets

672

 

 

693

 

Other long-term assets

2,246

 

 

2,363

 

Total long-term assets

12,052

 

 

11,911

 

 

Total assets

$

67,051

 

 

$

64,382

 

 

 

 

 

Consolidated Balance Sheets

Edison International

 

 

 

 

(in millions, except share amounts, unaudited)

June 30,
2020

 

December 31, 2019

LIABILITIES AND EQUITY

 

 

 

Short-term debt

$

475

 

 

$

550

 

Current portion of long-term debt

1,029

 

 

479

 

Accounts payable

1,657

 

 

1,752

 

Accrued interest

312

 

 

261

 

Customer deposits

281

 

 

302

 

Regulatory liabilities

857

 

 

972

 

Current portion of operating lease liabilities

65

 

 

80

 

Other current liabilities

1,223

 

 

1,127

 

Total current liabilities

5,899

 

 

5,523

 

Long-term debt

19,238

 

 

17,864

 

Deferred income taxes and credits

5,295

 

 

5,078

 

Pensions and benefits

656

 

 

674

 

Asset retirement obligations

3,013

 

 

3,029

 

Regulatory liabilities

8,395

 

 

8,385

 

Operating lease liabilities

607

 

 

613

 

Wildfire-related claims

4,561

 

 

4,568

 

Other deferred credits and other long-term liabilities

2,941

 

 

3,152

 

Total deferred credits and other liabilities

25,468

 

 

25,499

 

Total liabilities

50,605

 

 

48,886

 

Commitments and contingencies

 

 

 

Common stock, no par value (800,000,000 shares authorized; 378,207,496 and 361,985,133 shares issued and outstanding at respective dates)

5,908

 

 

4,990

 

Accumulated other comprehensive loss

(65)

 

 

(69)

 

Retained earnings

8,410

 

 

8,382

 

Total Edison International's common shareholders' equity

14,253

 

 

13,303

 

Noncontrolling interests – preferred and preference stock of SCE

2,193

 

 

2,193

 

Total equity

16,446

 

 

15,496

 

 

 

 

 

Total liabilities and equity

$

67,051

 

 

$

64,382

 

 

 

 

 

Consolidated Statements of Cash Flows

Edison International

 

 

 

Six months ended June 30,

(in millions, unaudited)

2020

 

2019

Cash flows from operating activities:

 

 

 

Net income

$

561

 

 

$

730

 

Adjustments to reconcile to net cash provided by operating activities:

 

 

 

Depreciation and amortization

1,005

 

 

837

 

Allowance for equity during construction

(51)

 

 

(49)

 

Impairment and other

(18)

 

 

166

 

Deferred income taxes

(58)

 

 

(182)

 

Wildfire Insurance Fund amortization expense

167

 

 

 

Other

32

 

 

13

 

Nuclear decommissioning trusts

(62)

 

 

(72)

 

Changes in operating assets and liabilities:

 

 

 

Receivables

(108)

 

 

(72)

 

Inventory

(19)

 

 

(49)

 

Accounts payable

14

 

 

221

 

Tax receivables and payables

31

 

 

65

 

Other current assets and liabilities

(23)

 

 

(423)

 

Regulatory assets and liabilities, net

(927)

 

 

(543)

 

Wildfire-related insurance receivable

73

 

 

 

Other noncurrent assets and liabilities

8

 

 

(44)

 

Net cash provided by operating activities

625

 

 

598

 

Cash flows from financing activities:

 

 

 

Long-term debt issued, plus premium and net of discount and issuance costs of $26 and $(18) for the respective periods

2,726

 

 

1,682

 

Long-term debt repaid or repurchased

(814)

 

 

(41)

 

Term loan issued

1,275

 

 

1,750

 

Term loan repaid

(800)

 

 

(750)

 

Common stock issued

884

 

 

 

Short-term debt financing, net

(550)

 

 

(509)

 

Payments for stock-based compensation

(3)

 

 

(48)

 

Receipts from stock option exercises

14

 

 

25

 

Dividends and distribution to noncontrolling interests

(60)

 

 

(60)

 

Dividends paid

(454)

 

 

(399)

 

Other

5

 

 

1

 

Net cash provided by financing activities

2,223

 

 

1,651

 

Cash flows from investing activities:

 

 

 

Capital expenditures

(2,514)

 

 

(2,235)

 

Proceeds from sale of nuclear decommissioning trust investments

3,225

 

 

2,440

 

Purchases of nuclear decommissioning trust investments

(3,163)

 

 

(2,368)

 

Other

60

 

 

27

 

Net cash used in investing activities

(2,392)

 

 

(2,136)

 

Net increase in cash, cash equivalents and restricted cash

456

 

 

113

 

Cash, cash equivalents and restricted cash at beginning of period

70

 

 

152

 

Cash, cash equivalents and restricted cash at end of period

$

526

 

 

$

265

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20200728005899/en/

Contacts

Investor Relations: Sam Ramraj, (626) 302-2540
Media Contact: Jeff Monford, (626) 476-8120