Equity

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

Common Stock Issuances

In May 2019, Edison International filed a prospectus supplement and executed several distribution agreements with certain sales agents to establish an ATM program under which it may sell shares of its common stock having an aggregate sales price of up to $1.5 billion. In the fourth quarter of 2019, Edison International issued 2.8 million shares through the ATM program and received proceeds of $198 million, net of fees and offering expenses of $2 million. The proceeds from the sales were used for equity contributions to SCE and for general corporate and working capital purposes. As of December 31, 2019, shares of common stock having an aggregate offering price of $1.3 billion remained available to be sold under the ATM program. Edison International has no obligation to sell the remaining available shares.

In July 2019, Edison International issued 32.2 million shares of common stock and received proceeds of approximately $2.2 billion, net of fees and offering expenses of $52 million in an underwritten offering. The proceeds were contributed to SCE in a series of equity investments in August and September shown below and for general corporate purposes.

Beginning in July 2019, Edison International settled the ongoing common stock requirements of various internal programs through issuance of new common stock. In the year ended December 31, 2019, 0.6 million shares of new common stock were purchased by employees through the 401(k) defined contribution savings plan for net cash receipts of $41 million, 0.4 million shares of common stock were issued as stock compensation awards for net cash receipts of $22 million and 0.1 million shares of new common stock were issued in lieu of distributing $8 million to shareholders opting to receive dividend payments in the form of additional common stock.

Equity Contributions

In 2019, Edison International Parent made the following equity contributions to SCE:



Date of contribution	Amounts (in millions)
April 26, 2019	$	750
June 21, 2019	450
August 2, 2019	1,200
August 30, 2019	200
September 9, 2019	450
December 12, 2019	200
Total	$	3,250

The proceeds from the Edison International Parent equity contribution in 2019 were used to support the initial contribution to the Wildfire Insurance Fund of $2.4 billion, to support SCE's capital program, to increase SCE's equity level, to repay commercial paper borrowings and for general corporate purposes, including the repayment of the February 2019 SCE Term Loan discussed in Note 5.

Preferred and Preference Stock of Utility

SCE's authorized shares are: $100 cumulative preferred – 12 million shares, $25 cumulative preferred – 24 million shares and preference with no par value – 50 million shares. SCE's outstanding shares are not subject to mandatory redemption. There are no dividends in arrears for the preferred or preference shares. Shares of SCE's preferred stock have liquidation and dividend preferences over shares of SCE's common stock and preference stock. See Note 1 for further information on dividend restrictions. All cumulative preferred shares are redeemable. When preferred shares are redeemed, the premiums paid, if any, are charged to common equity. No preferred shares were issued or redeemed in the years ended December 31, 2019, 2018 and 2017. There is no sinking fund requirement for redemptions or repurchases of preferred shares.

Shares of SCE's preference stock rank junior to all of the preferred stock and senior to all common stock. Shares of SCE's preference stock are not convertible into shares of any other class or series of SCE's capital stock or any other security. There is no sinking fund requirement for redemptions or repurchases of preference shares.

Preferred stock and preference stock are:



	Shares Outstanding	Redemption Price		Dividends Declared per Share		December 31,
(in millions, except shares and per share amounts)	Shares Outstanding	Redemption Price		Dividends Declared per Share		2019			2018
Cumulative preferred stock
$25 par value:
4.08% Series	650,000	$	25.50	$	1.020	$	16		$	16
4.24% Series	1,200,000	25.80		1.060		30			30
4.32% Series	1,653,429	28.75		1.080		41			41
4.78% Series	1,296,769	25.80		1.195		33			33
Preference stock
No par value:
6.25% Series E (cumulative)	350,000	1,000.00		62.500		350			350
5.10% Series G (cumulative)	160,004	2,500.00		127.500		400			400
5.75% Series H (cumulative)	110,004	2,500.00		143.750		275			275
5.375% Series J (cumulative)	130,004	2,500.00		134.375		325			325
5.45% Series K (cumulative)	120,004	2,500.00		136.250		300			300
5.00% Series L (cumulative)	190,004	2,500.00		125.000		475			475
SCE's preferred and preference stock						2,245			2,245
Less issuance costs						(52		)	(52		)
Edison International's preferred and preference stock of utility						$	2,193		$	2,193

Shares of Series E preference stock issued in 2012 may be redeemed at par, in whole or in part, on or after February 1, 2022. Shares of Series G, H, J, K and L preference stock, issued in 2013, 2014, 2015, 2016 and 2017, respectively, may be redeemed at par, in whole, but not in part, at any time prior to March 15, 2018, March 15, 2024, September 15, 2025, March 15, 2026 and June 26, 2022, respectively, if certain changes in tax or investment company law or interpretation (or applicable rating agency equity credit criteria for Series L only) occur and certain other conditions are satisfied. On or after March 15, 2018, March 15, 2024, September 15, 2025, March 15, 2026 and June 26, 2022, SCE may redeem the Series G, H, J, K and L shares, respectively, at par, in whole or in part. For shares of Series H, J and K preference stock, distributions will accrue and be payable at a floating rate from and including March 15, 2024, September 15, 2025 and March 15, 2026, respectively. Shares of Series G, H, J, K and L preference stock were issued to SCE Trust II, SCE Trust III, SCE Trust IV, SCE Trust V and SCE Trust VI, respectively, special purpose entities formed to issue trust securities as discussed in Note 3.