EX-99.1 2 dex991.htm EDISON INTERNATIONAL PRESS RELEASE Edison International Press Release

Exhibit 99.1

LOGO

 

FOR IMMEDIATE RELEASE    Media relations contact:
  

Charles Coleman, (626) 302-7982

 

Investor relations contact:

Scott Cunningham, (626) 302-2540

Edison International Reports Fourth Quarter and Full Year 2009 Earnings

ROSEMEAD, Calif., Mar. 1, 2010 – Edison International (NYSE: EIX) today reported fourth quarter 2009 basic earnings of $0.65 per share, compared to $0.66 per share in the same quarter last year. Fourth quarter 2009 core earnings were $0.59 per share compared to $0.66 per share in the fourth quarter of 2008. The decline is largely attributable to lower earnings at Edison Mission Group (EMG), partially offset by higher operating results at Southern California Edison (SCE). Core earnings exclude discontinued operations and other non-core items as discussed below.

“Despite a difficult economy, our 2009 performance was solid, and we are pleased we were able to achieve earnings above the high end of our earnings guidance range,” said Theodore F. Craver, Jr., chairman and chief executive officer of Edison International.

Fourth Quarter Earnings Detail

SCE’s fourth quarter 2009 basic earnings were $0.53 per share compared to $0.43 per share in the fourth quarter 2008. Core earnings were $0.51 per share compared to $0.43 per share in the same quarter last year. This increase was primarily due to higher operating income associated with the California Public Utilities Commission (CPUC) and Federal Energy Regulatory Commission (FERC) General Rate Case (GRC) decisions, partially offset by higher income taxes. Fourth quarter 2009 non-core results include $0.02 per share from revised interest costs related to the global tax settlement with the Internal Revenue Service (IRS).

-more-

Note: Basic earnings or losses per share refer to basic earnings or losses per common share attributable to Edison International throughout this release. Core earnings is a non-GAAP financial measure. See Reconciliation of Core Earnings to Basic Earnings and Reconciliation of Core Earnings Guidance to Basic Earnings Guidance.

Edison International Reports Fourth Quarter 2009 Financial Results

Page 2 of 13

 

EMG’s fourth quarter 2009 basic earnings were $0.17 per share compared to $0.25 per share in the fourth quarter of 2008. Core earnings were $0.13 per share compared to $0.25 per share in the same quarter last year. Core earnings declined primarily from lower energy prices at merchant coal-fired projects, lower trading income and lower results at Edison Capital, partially offset by lower income taxes. Core earnings included unrealized gains on hedge contracts of $0.03 per share in the fourth quarter of 2009 and $0.04 per share in the fourth quarter of 2008. Core results in 2008 included a $0.04 charge to cancel a contract to supply natural gas turbines. Fourth quarter 2009 non-core items include $0.04 per share from the global tax settlement with the IRS, reflecting the revised interest costs discussed above.

Edison International parent company and other reported a fourth quarter 2009 loss of $0.05 per share compared to a $0.02 per share loss in the fourth quarter 2008. Earnings declined primarily from higher income tax expenses.

Full Year Earnings Summary

Edison International reported 2009 basic earnings of $2.59 per share compared to $3.69 per share in 2008. Core earnings for 2009 were $3.25 per share compared to $3.84 per share in 2008. Non-core items in 2009 include $0.78 per share loss related to the global tax settlement with the IRS and the associated termination of Edison Capital’s cross-border leveraged leases, a $0.14 per share non-cash accounting benefit at SCE from the transfer of its Mountainview power plant to utility rate base and a $0.02 per share loss from discontinued operations at EMG.

Full Year Earnings Detail

SCE’s basic earnings in 2009 were $3.76 per share compared to $2.10 per share in 2008. Core earnings for 2009 were $2.68 per share compared to $2.25 per share in 2008. The increase in core earnings was primarily due to higher operating income associated with the CPUC and FERC GRC decisions, partially offset by higher income taxes. In addition, core earnings were favorably impacted from lower than planned financings during the year, primarily from cash received for tax-related timing differences and other benefits. SCE’s 2009 core earnings exclude a $0.94 per share benefit from the global tax settlement, a $0.14 per share benefit from the transfer of the Mountainview power plant to utility rate base and SCE’s 2008 core earnings exclude the $0.15 per share charge from the CPUC’s performance-based ratemaking decision.

EMG’s basic loss in 2009 was $1.21 per share compared to basic earnings of $1.72 per share in 2008. Core earnings in 2009 were $0.68 per share compared to $1.72 per share in 2008. The decrease in core earnings reflects lower income from merchant coal and gas-fired projects driven by lower energy prices, as well as lower trading income and lower earnings at Edison Capital. Core earnings included unrealized gains on hedge contracts of $0.11 per share in 2009 and gains of $0.03 per share in 2008. Core results for 2008 included $0.03 per share for the favorable buy-out of a coal contract, and a $0.04 per share charge for a natural gas turbine supply agreement cancellation. EMG’s 2009 core earnings exclude losses of $1.87 per share from the global tax settlement and a loss of $0.02 per share from discontinued operations.

-more-

Edison International Reports Fourth Quarter 2009 Financial Results

Page 3 of 13

 

Edison International parent company and other basic earnings in 2009 were $0.04 per share compared to a loss of $0.13 per share in 2008. Core losses for 2009 were $0.11 per share compared to $0.13 per share in 2008. Core losses in 2009 exclude a $0.15 per share benefit related to the global tax settlement.

2010 Earnings Guidance

The company announced its 2010 basic and core earnings guidance range of $3.15 to $3.45 per share. See the risk disclosure statement on page 4 and the presentation accompanying the company’s conference call for further information.

Reconciliation of Core Earnings Guidance to Basic Earnings Guidance1

 

Core Earnings Per Share1

    2010 Earnings Guidance

EIX core earnings

    $3.15 – $3.45

Non-Core Items

    –
    

EIX basic earnings

    $3.15 – $3.45
    

Midpoint of 2010 core guidance by business element:

   

SCE

    $2.80

EMG

    0.62

EIX parent company and other

    (0.12)
    

Total

    $3.30
    

 

1 See Use of Non-GAAP Financial Measures on page 4. Basic earnings per share refer to basic earnings per common share attributable to Edison International common shareholders. The expected impact of participating securities is $(0.01) per share and is included in EIX parent company and other.

About Edison International

Edison International, through its subsidiaries, is a generator and distributor of electric power and an investor in infrastructure and energy assets, including renewable energy. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison, one of the nation’s largest electric utilities, and Edison Mission Group, a competitive power generation business and parent company to Edison Mission Energy and Edison Capital.

# # #

Edison International Reports Fourth Quarter 2009 Financial Results

Page 4 of 13

 

Appendix

Use of Non-GAAP Financial Measures, Conference Call Information,

Risk Disclosure Statement and Financial Schedules

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 earnings per share (EPS) by principal operating subsidiary internally for financial planning and for analysis of performance. We also use core earnings and EPS by principal operating subsidiary when communicating with analysts and investors regarding our earnings results and outlook to facilitate comparisons of the Company’s performance from period to period.

Core earnings is a non-GAAP financial measure and may not be comparable to those of other companies. Core earnings are defined as earnings attributable to common shareholders less income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Core earnings are reconciled to basic earnings in the attached tables. EPS by principal operating subsidiary is based on the principal operating subsidiary net income attributable to the common shareholders of each operating subsidiary, respectively, and Edison International’s weighted average outstanding common shares. The impact of participating securities (vested stock options that earn dividend equivalents that may participate in undistributed earnings with common stock) for each principal operating subsidiary is not material to each principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which we refer to as EIX parent company and other. EIX core EPS and core EPS by principal operating subsidiary are reconciled to basic EPS.

Reminder: Edison International Will Hold a Conference Call Today

Today, Edison International will hold a conference call to discuss its fourth quarter 2009 financial results at 8 a.m. (Pacific Standard Time). Two-way participation in the telephone call is limited to financial analysts and investors, while all other interested parties are invited to participate in a simultaneous webcast at www.edisoninvestor.com. A presentation accompanying management’s comments on the conference call will be available on the web site as well at www.edisoninvestor.com. The domestic call-in number is (888) 889-2168 and the number for international callers is (773) 681-5951. The ID is “Edison”. In addition to the live simulcast, the webcast will remain posted at www.edisoninvestor.com and telephone replays will be available through March 8, 2010 at the following numbers: (800) 388-1959 for callers in the United States and (402) 998-1133 for international callers. The replay passcode is 80709.

Risk Disclosure Statement

Statements contained in this news release about future performance, including, without limitation, earnings guidance, asset and rate base growth, load growth, capital investments 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. Important factors that could cause different results are discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis” in Edison International’s most recent Form 10-K and other reports filed with the Securities and Exchange Commission and are available on our Web site at www.edisoninvestor.com. 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.

Edison International Reports Fourth Quarter 2009 Financial Results

Page 5 of 13

 

Summary Financial Schedules

Fourth Quarter Basic Earnings Per Share

 

Earnings (Loss) Per Common Share

Attributable to Edison International (Unaudited)

    Quarter Ended
December 31,		     Change  
   2009     2008    

SCE

    $ 0.53      $ 0.43      $ 0.10   

EMG

      0.17        0.25        (0.08 ) 

EIX parent company and other

      (0.05 )      (0.02 )      (0.03 ) 
                        

EIX earnings from continuing operations

      0.65        0.66        (0.01 ) 
                        

EIX earnings from discontinued operations

      —          —          —     
                        

EIX basic earnings1

    $ 0.65      $ 0.66      $ (0.01 ) 
                        

EIX diluted earnings

    $ 0.65      $ 0.66      $ (0.01 ) 
                        

 

1 The impact of participating securities on the per share amounts is included in EIX parent company and other and was zero per share for the quarter ended December 31, 2009 and $(0.01) per share for the quarter ended December 31, 2008.

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

 

Earnings (Loss) Per Common Share

Attributable to Edison International (Unaudited)

    Quarter Ended
December 31,		     Change  
   2009     2008    

Core Earnings1

       

SCE

    $ 0.51      $ 0.43      $ 0.08   

EMG

      0.13        0.25        (0.12 ) 

EIX parent company and other

      (0.05 )      (0.02 )      (0.03 ) 
                        

EIX core earnings

      0.59        0.66        (0.07 ) 
                        

Non-core items

       

Global tax settlement

       

SCE

      0.02        —          0.02   

EMG

      0.04        —          0.04   
                        

Total non-core items

      0.06        —          0.06   
                        

EIX basic earnings1

    $ 0.65      $ 0.66      $ (0.01 ) 
                        

 

1 See Use of Non-GAAP Financial Measures on page 4. The impact of participating securities on the per share amounts is included in EIX parent company and other and was zero per share for the quarter ended December 31, 2009 and $(0.01) per share for the quarter ended December 31, 2008.

Edison International Reports Fourth Quarter 2009 Financial Results

Page 6 of 13

 

Fourth Quarter Basic Earnings

 

Earnings (Loss) (in millions)

Attributable to Edison International (Unaudited)

    Quarter Ended
December 31,		        
   2009     2008     Change  

SCE

    $ 172      $ 141      $ 31   

EMG

      56        81        (25 ) 

EIX parent company and other

      (15 )      (5 )      (10 ) 
                        

EIX earnings from continuing operations

      213        217        (4 ) 

EIX earnings (loss) from discontinued operations

      (1 )      —          (1 ) 
                        

EIX basic earnings

    $ 212      $ 217      $ (5 ) 
                        

Fourth Quarter Reconciliation of Core Earnings to Basic Earnings

 

Earnings (Loss) (in millions)

Attributable to Edison International (Unaudited)

    Quarter Ended
December 31,		        
   2009     2008     Change  

Core Earnings1

       

SCE

    $ 167      $ 141      $ 26   

EMG

      42        81        (39 ) 

EIX parent company and other

      (15 )      (5 )      (10 ) 
                        

EIX core earnings

      194        217        (23 ) 
                        

Non-core items

       

Global tax settlement

       

SCE

      5        —          5   

EMG

      14        —          14   

EMG – discontinued operations

      (1 )      —          (1 ) 
                        

Total non-core items

      18        —          18   
                        

EIX basic earnings

    $ 212      $ 217      $ (5 ) 
                        

 

1 See Use of Non-GAAP Financial Measures on page 4.

Edison International Reports Fourth Quarter 2009 Financial Results

Page 7 of 13

 

Full-Year Basic Earnings Per Share

 

Earnings (Loss) Per Common Share

Attributable to Edison International (Unaudited)

    Year Ended
December 31,		        
   2009     2008     Change  

SCE

    $ 3.76      $ 2.10      $ 1.66   

EMG

      (1.19 )      1.72        (2.91 ) 

EIX parent company and other

      0.04        (0.13 )      0.17   
                        

EIX earnings from continuing operations

      2.61        3.69        (1.08 ) 
                        

EIX loss from discontinued operations

      (0.02 )      —          (0.02 ) 
                        

EIX basic earnings1

    $ 2.59      $ 3.69      $ (1.10 ) 
                        

EIX diluted earnings

    $ 2.58      $ 3.68      $ (1.10 ) 
                        

 

1 The impact of participating securities is included in EIX parent company and other and was $(0.01) per share for 2009 and $(0.05) per share for 2008.

Full-Year Reconciliation of Core Earnings Per Share to Basic Earnings Per Share

 

Earnings (Loss) Per Common Share

Attributable to Edison International (Unaudited)

    Year Ended
December 31,		        
   2009     2008     Change  

Core Earnings1

       

SCE

    $ 2.68      $ 2.25      $ 0.43   

EMG

      0.68        1.72        (1.04 ) 

EIX parent company and other

      (0.11 )      (0.13 )      0.02   
                        

EIX core earnings

      3.25        3.84        (0.59 ) 
                        

Non-core items

       

SCE – regulatory items

      0.14        (0.15 )      0.29   

Global tax settlement

       

SCE

      0.94        —          0.94   

EMG

      (1.87 )      —          (1.87 ) 

EIX parent company and other

      0.15        —          0.15   

EMG – discontinued operations

      (0.02 )      —          (0.02 ) 
                        

Total non-core items

      (0.66 )      (0.15 )      (0.51 ) 
                        

EIX basic earnings1

    $ 2.59      $ 3.69      $ (1.10 ) 
                        

 

1 See Use of Non-GAAP Financial Measures on page 4. The impact of participating securities is included in EIX parent company and other and was $(0.01) per share for 2009 and $(0.05) per share for 2008.

Edison International Reports Fourth Quarter 2009 Financial Results

Page 8 of 13

 

Full-Year Basic Earnings

 

Earnings (Loss) (in millions)

Attributable to Edison International (Unaudited)

    Year Ended
December 31,		        
   2009     2008     Change  

SCE

    $ 1,226      $ 683      $ 543   

EMG

      (388 )      561        (949 ) 

EIX parent company and other

      18        (29 )      47   
                        

EIX earnings from continuing operations

      856        1,215        (359 ) 

EIX loss from discontinued operations

      (7 )      —          (7 ) 
                        

EIX basic earnings

    $ 849      $ 1,215      $ (366 ) 
                        

Full-Year Reconciliation of Core Earnings to Basic Earnings

 

Earnings (Loss) (in millions)

Attributable to Edison International (Unaudited)

    Year Ended
December 31,		        
   2009     2008     Change  

Core Earnings1

       

SCE

    $ 874      $ 732      $ 142   

EMG

      222        561        (339 ) 

EIX parent company and other

      (32 )      (29 )      (3 ) 
                        

EIX core earnings

      1,064        1,264        (200 ) 
                        

Non-core items

       

SCE – regulatory items

      46        (49 )      95   

Global tax settlement

       

SCE

      306        —          306   

EMG

      (610 )      —          (610 ) 

EIX parent company and other

      50        —          50   

EMG – discontinued operations

      (7 )      —          (7 ) 
                        

Total non-core items

      (215 )      (49 )      (166 ) 
                        

EIX basic earnings

    $ 849      $ 1,215      $ (366 ) 
                        

 

1 See Use of Non-GAAP Financial Measures on page 4.

# # #

Edison International Reports Fourth Quarter 2009 Financial Results

Page 9 of 13

 

 

Consolidated Statements of Income

Edison International

 

     Quarter
Ended
December 31, 		    Year Ended
December 31,		  

(in millions, except per-share amounts)

    2009     2008     2009     2008  

Electric utility

    $ 2,433      $ 2,551      $ 9,959      $ 11,246   

Nonutility power generation

      614        664        2,374        2,808   

Financial services and other

      3        13        28        58   
                                

Total operating revenue

      3,050        3,228        12,361        14,112   
                                

Fuel

      397        421        1,517        2,147   

Purchased power

      595        793        2,751        3,845   

Operation and maintenance

      1,252        1,180        4,387        4,288   

Depreciation, decommissioning and amortization

      365        338        1,418        1,313   

Lease terminations and other

      2        30        890        (44 ) 
                                

Total operating expenses

      2,611        2,762        10,963        11,549   
                                

Operating income

      439        466        1,398        2,563   

Interest and dividend income

      3        18        32        62   

Equity in income from partnerships and unconsolidated subsidiaries – net

      9        (9 )      42        31   

Other income

      40        35        171        113   

Interest expense – net of amounts capitalized

      (175 )      (190 )      (732 )      (700 ) 

Other expense

      (18 )      (10 )      (57 )      (125 ) 
                                

Income from continuing operations before income taxes

      298        310        854        1,944   

Income tax expense (benefit)

      71        75        (98 )      596   
                                

Income from continuing operations

      227        235        952        1,348   

Loss from discontinued operations – net of tax

      (1 )      —          (7 )      —     
                                

Net income

      226        235        945        1,348   

Less: Net income attributable to noncontrolling interests

      14        18        96        133   
                                

Net income attributable to Edison International common shareholders

    $ 212      $ 217      $ 849      $ 1,215   
                                

Amounts attributable to Edison International common shareholders:

         

Income from continuing operations, net of tax

    $ 213      $ 217      $ 856      $ 1,215   

Loss from discontinued operations, net of tax

      (1 )      —          (7 )      —     
                                

Net income attributable to Edison International common shareholders

    $ 212      $ 217      $ 849      $ 1,215   
                                

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

         

Weighted-average shares of common stock outstanding

      326        326        326        326   

Continuing operations

    $ 0.65      $ 0.66      $ 2.61      $ 3.69   

Discontinued operations

      —          —          (0.02 )      —     
                                

Total

    $ 0.65      $ 0.66      $ 2.59      $ 3.69   
                                

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

         

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

      328        328        327        329   

Continuing operations

    $ 0.65      $ 0.66      $ 2.60      $ 3.68   

Discontinued operations

      —          —          (0.02 )      —     
                                

Total

    $ 0.65      $ 0.66      $ 2.58      $ 3.68   
                                

Dividends declared per common share

    $ 0.315      $ 0.310      $ 1.245      $ 1.225   

Edison International Reports Fourth Quarter 2009 Financial Results

Page 10 of 13

 

 

Consolidated Balance Sheets

Edison International

 

     December 31,  

(in millions)

    2009     2008  

ASSETS

     

Cash and equivalents

    $ 1,673      $ 3,916   

Short-term investments

      10        7   

Receivables, less allowances of $53 and $39 for uncollectible accounts at respective dates

      1,017        1,006   

Accrued unbilled revenue

      347        328   

Inventory

      533        553   

Derivative assets

      357        327   

Restricted cash

      69        3   

Margin and collateral deposits

      125        105   

Regulatory assets

      120        605   

Deferred income taxes

      3        104   

Other current assets

      176        399   
                

Total current assets

      4,430        7,353   
                

Competitive power generation and other property – less accumulated depreciation of $2,231 and $2,019 at respective dates

      5,147        5,374   

Nuclear decommissioning trusts

      3,140        2,524   

Investments in partnerships and unconsolidated subsidiaries

      216        229   

Investments in leveraged leases

      160        2,467   

Other investments

      91        89   
                

Total investments and other assets

      8,754        10,683   
                

Utility plant, at original cost:

     

Transmission and distribution

      22,214        20,006   

Generation

      2,667        1,819   

Accumulated depreciation

      (5,921 )      (5,570 ) 

Construction work in progress

      2,701        2,454   

Nuclear fuel, at amortized cost

      305        260   
                

Total utility plant

      21,966        18,969   
                

Derivative assets

      268        244   

Restricted deposits

      43        43   

Rent payments in excess of levelized rent expense under plant operating leases

      1,038        878   

Regulatory assets

      4,139        5,414   

Other long-term assets

      806        1,031   
                

Total long-term assets

      6,294        7,610   
                

Total assets

    $ 41,444      $ 44,615   
                

Edison International Reports Fourth Quarter 2009 Financial Results

Page 11 of 13

 

 

Consolidated Balance Sheets

Edison International

 

     December 31,

(in millions, except share amounts)

    2009    2008

LIABILITIES AND EQUITY

      

Short-term debt

    $ 85    $ 2,143

Current portion of long-term debt

      377      174

Accounts payable

      1,123      1,031

Accrued taxes

      186      590

Accrued interest

      196      187

Customer deposits

      238      228

Book overdrafts

      224      224

Derivative liabilities

      107      178

Regulatory liabilities

      367      1,111

Other current liabilities

      884      831
             

Total current liabilities

      3,787      6,697
             

Long-term debt

      10,437      10,950
             

Deferred income taxes

      4,334      5,717

Deferred investment tax credits

      102      109

Customer advances

      119      137

Derivative liabilities

      529      776

Pensions and benefits

      2,061      2,860

Asset retirement obligations

      3,241      3,042

Regulatory liabilities

      3,328      2,481

Other deferred credits and other long-term liabilities

      2,500      1,137
             

Total deferred credits and other liabilities

      16,214      16,259
             

Total liabilities

      30,438      33,906
             

Commitments and contingencies

      

Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date)

      2,304      2,272

Accumulated other comprehensive income

      37      167

Retained earnings

      7,500      7,078
             

Total Edison International’s common shareholders’ equity

      9,841      9,517

Noncontrolling interests

      258      285

Preferred and preference stock of utility not subject to mandatory redemption

      907      907
             

Total equity

      11,006      10,709
             

Total liabilities and equity

    $ 41,444    $ 44,615
             

Edison International Reports Fourth Quarter 2009 Financial Results

Page 12 of 13

 

 

Consolidated Statements of Cash Flows

Edison International

 

     Years Ended
December 31,		  

(in millions)

    2009     2008     2007  

Cash flows from operating activities:

       

Net income

    $ 945      $ 1,348      $ 1,305   

Loss from discontinued operations

      7        —          2   
                        

Income from continuing operations

      952        1,348        1,307   

Adjustments to reconcile to net cash provided by operating activities:

       

Depreciation, decommissioning and amortization

      1,418        1,313        1,181   

Regulatory impacts of net nuclear decommissioning trust earnings (reflected in accumulated depreciation)

      158        (10 )      143   

Other amortization

      120        106        111   

Lease terminations and other

      888        (44 )      3   

Stock-based compensation

      22        34        37   

Equity in income from partnerships and unconsolidated subsidiaries – net

      (42 )      (31 )      (75 ) 

Distributions and dividends from unconsolidated entities

      31        (8 )      33   

Deferred income taxes and investment tax credits

      (1,457 )      207        (39 ) 

Income from leveraged leases

      (14 )      (51 )      (49 ) 

Loss on early extinguishment of debt

      —          —          241   

Changes in operating assets and liabilities:

       

Receivables

      80        128        8   

Inventory

      20        (114 )      (41 ) 

Restricted cash

      (69 )      —          —     

Margin and collateral deposits – net of collateral received

      30        (19 )      75   

Other current assets

      202        (48 )      (147 ) 

Rent payments in excess of levelized rent expense

      (160 )      (162 )      (160 ) 

Accounts payable

      152        (176 )      28   

Accrued taxes

      (402 )      340        47   

Book overdrafts

      —          16        72   

Other current liabilities

      31        (39 )      (30 ) 

Derivative assets and liabilities – net

      (581 )      849        (193 ) 

Regulatory assets and liabilities – net

      1,457        (2,946 )      679   

Other assets

      62        224        (180 ) 

Other liabilities

      154        1,344        195   

Operating cash flows from discontinued operations

      (7 )      —          (2 ) 
                        

Net cash provided by operating activities

      3,045        2,261        3,244   
                        

Cash flows from financing activities:

       

Long-term debt issued

      939        2,632        2,930   

Premiums paid on extinguishment of debt and long-term debt issuance costs

      (25 )      (21 )      (241 ) 

Long-term debt repaid

      (1,044 )      (295 )      (3,215 ) 

Bonds repurchased

      (219 )      (212 )      (37 ) 

Preferred stock redeemed

      —          (7 )      —     

Rate reduction notes repaid

      —          —          (246 ) 

Short-term debt financing – net

      (2,058 )      1,643        500   

Cash contributions from noncontrolling interests

      2        12        —     

Stock-based compensation – net

      (3 )      (26 )      (84 ) 

Dividends and distributions to noncontrolling interests

      (117 )      (170 )      (157 ) 

Dividends paid

      (404 )      (397 )      (378 ) 
                        

Net cash provided (used) by financing activities

    $ (2,929 )    $ 3,159      $ (928 ) 
                        

Edison International Reports Fourth Quarter 2009 Financial Results

Page 13 of 13

 

 

Consolidated Statements of Cash Flows

Edison International

 

     Years Ended
December 31,		  

(in millions)

    2009     2008     2007  

Cash flows from investing activities:

       

Capital expenditures

    $ (3,282 )    $ (2,824 )    $ (2,826 ) 

Purchase of interest in acquired companies

      (22 )      (19 )      (33 ) 

Proceeds from termination of leases

      1,420        —          —     

Proceeds from sale of property and interests in projects

      7        113        2   

Proceeds from sale of nuclear decommissioning trust investments

      2,217        3,130        3,697   

Purchases of nuclear decommissioning trust investments and other

      (2,416 )      (3,137 )      (3,830 ) 

Proceeds from partnerships and unconsolidated subsidiaries, net of investment

      11        65        42   

Maturities and sale of short-term investments

      4        96        9,953   

Purchase of short-term investments

      (7 )      (22 )      (9,476 ) 

Restricted cash

      4        4        99   

Investments in other assets

      (295 )      (351 )      (298 ) 
                        

Net cash used by investing activities

      (2,359 )      (2,945 )      (2,670 ) 
                        

Net increase (decrease) in cash and equivalents

      (2,243 )      2,475        (354 ) 

Cash and equivalents, beginning of year

      3,916        1,441        1,795   
                        

Cash and equivalents, end of year

    $ 1,673      $ 3,916      $ 1,441