Equity

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Equity

Equity

Common Stock

Stock Repurchase Programs

On December 12, 2024, the Edison International Board of Directors authorized a stock repurchase program effective February 20, 2025 for repurchase of up to $75 million of its common stock until February 18, 2026 ("2025 Repurchase Program"). The Repurchase Program will be used to offset dilution from common stock issued under Edison International's long-term incentive compensation programs and will be funded using Edison International's working capital.

The timing and the amount of any repurchased common stock will be determined by Edison International's management based on their evaluation of market conditions and other factors. The 2025 Repurchase Program may be executed through various methods, including open market purchases, privately negotiated transactions, and other transactions in accordance with applicable securities laws. Any repurchased shares of common stock will be retired. The 2025 Repurchase Program does not obligate Edison International to acquire any particular amount of common stock, and it may be suspended or discontinued at any time at its discretion.

On July 25, 2024, Edison International announced a stock repurchase program effective July 29, 2024 for repurchase of up to $200 million of its common stock until December 31, 2025 ("2024 Repurchase Program"). The 2024 Repurchase Program was used to offset dilution from common stock issued under Edison International's long-term incentive compensation programs and was funded using Edison International's working capital.

During the year ended December 31, 2024, Edison International repurchased and retired 2,412,203 shares under the 2024 Repurchase Program for an average price of $82.91 per share. As of December 31, 2024, no authorized repurchase amount remained under the 2024 Share Repurchase Program.

At-the-market Program

As of December 31, 2024, Edison International had not issued any shares through its "at-the-market" ("ATM") program established in August 2022. Under the ATM program, Edison International may sell shares of its common stock having an aggregate sales price of up to $500 million. Edison International has no obligation to sell the remaining shares available under the ATM program. On February 21, 2025, Edison International delivered notice to the agents to terminate the ATM program, which was effective February 24, 2025.

Preferred Stock

As of December 31, 2024, Edison International had 1,159,317 shares of 5.375% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series A ("Series A Preferred Stock") and 503,454 shares of 5.00% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series B ("Series B Preferred Stock") outstanding, each with a liquidation value of $1,000 per share. The dividends are payable on a semi-annual basis and will be reset every five years beginning on March 15, 2026 and March 15, 2027, for Series A Preferred Stock and Series B Preferred Stock, respectively, to equal the then-current five-year U.S. Treasury rate plus a spread.

In the first and second quarter of 2024, Edison International repurchased 20,000 shares and 9,000 shares, respectively, of its Series B Preferred Stock via open market repurchases for $19 million (at an average price of $952) and $9 million (at an average price of $967), respectively, including accrued and unpaid dividends. In December 2023, Edison International repurchased 29,186 shares of its Series A Preferred Stock and 133,323 shares of its Series B Preferred Stock via open market repurchases for $28 million (at an average price of $971) and $127 million (at an average price of $955), respectively, including accrued and unpaid dividends. In November 2023, Edison International, through a tender offer, repurchased 61,497 shares of its Series A Preferred Stock and 84,223 shares of its Series B Preferred Stock for $57 million (at an average price of $925) and $76 million (at an average price of $904), respectively, including accrued and unpaid dividends. Edison International recognized a total net gain of $1 million and $16 million for the years ended December 31, 2024 and 2023, respectively, from the repurchases as reflected in "Preferred stock dividend requirements of Edison International" on the consolidated statements of income.

Edison International may, at its option, redeem its preferred stocks in whole or in part during certain periods of time prior to each of the dividend reset dates at a price equal to $1,000 per share plus any accumulated and unpaid dividends. Edison International may also, at its option, redeem the preferred stocks in whole but not in part at a price equal to $1,020 per share plus any accumulated and unpaid dividends within a certain period of time following any change in the criteria rating agencies use that would have adverse effects on the equity credit attributed by rating agencies to the preferred stocks.

The preferred stocks rank senior to Edison International's common stock with respect to dividends rights and distribution rights upon liquidation. The preferred stocks are not subject to any mandatory sinking fund, retirement fund, purchase fund or other similar provisions. Holders of the shares of the preferred stocks do not have the right to require Edison International to repurchase or redeem shares of the preferred stocks.

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. There were no preferred shares issued or outstanding as of December 31, 2024 and 2023.

Shares of SCE's preference stock rank senior to SCE's common stock with respect to dividend rights and distribution rights upon liquidation. SCE's outstanding preference shares are not subject to mandatory redemption and there is no sinking fund requirement for redemptions or repurchases of preference shares. There are no dividends in arrears for the preference shares.

The following table summarizes preference stocks (dividends declared per share are for 2024):

	Issue Date	Shares Outstanding	Redemption Price per Share		Dividends Declared per Share		December 31,
(in millions, except shares and per share amounts)							2024		2023
No par value (cumulative):
3-month SOFR+4.199% Series E	2012	—	$	1,000	$	24.418	$	—	$	350
5.10% Series G	2013	88,004	2,500		127.500		220		220
3-month SOFR+2.99% Series H	2014	—	2,500		187.776		—		275
5.375% Series J	2015	130,004	2,500		134.375		325		325
5.45% Series K	2016	120,004	2,500		136.250		300		300
5.00% Series L	2017	190,004	2,500		125.000		475		475
7.50% Series M	2023	220,004	2,500		199.479		550		550
6.95% Series N	2024	140,004	2,500		102.319		350		—
SCE's preference stock							2,220		2,495
Less: issuance costs							(45)		(52)
Edison International's preference stock of utility							$	2,175	$	2,443

Shares of Series E, G, H and L preference stock may be redeemed at par, in whole or in part. Shares of Series J, K, and M preference stock may be redeemed at par, in whole, but not in part, at any time prior to September 15, 2025, March 15, 2026, and November 22, 2028, respectively, if certain changes in tax or investment company law or interpretation (or applicable rating agency equity credit criteria for Series L and M only) occur and certain other conditions are satisfied. On or after September 15, 2025, March 15, 2026, and November 22, 2028, SCE may redeem the Series J, K, and M shares, respectively, at par, in whole or in part. For shares of Series J and K preference stock, distributions will accrue and be payable at a floating rate from and including September 15, 2025 and March 15, 2026, respectively. In May 2024, $350 million Series N preference stock was issued. The proceeds were used to redeem all of the Series E preference stock. In November 2024, Series H preference stock was redeemed.

Shares of Series G, H, J, K, L, M and N preference stock were issued to SCE Trust II, SCE Trust III, SCE Trust IV, SCE Trust V, SCE Trust VI, SCE Trust VII and SCE Trust VIII, respectively, special purpose entities formed to issue trust securities to the public. The trust securities do not have a maturity date and upon redemption of any shares of the series of preference stock, a corresponding dollar amount of the trust securities will be redeemed by the applicable trust. The applicable trust will make distributions at the same rate and on the same dates on the applicable series of trust securities, if and when the SCE's Board of Directors declares and makes dividend payments on the related preference stock.