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Equity
3 Months Ended
Mar. 31, 2021
Stockholders' Equity Note [Abstract]  
Equity

Note 13. Equity

Common Stock Issuances

During the three months ended March 31, 2021, Edison International did not issue any shares through its "at-the-market" ("ATM") program established in May 2019. Under the ATM program, it may sell shares of its common stock having an aggregate sales price of up to $1.5 billion. As of March 31, 2021, 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.

Edison International continued to settle its ongoing common stock requirements of various internal programs through issuance of new common stock. During the three months ended March 31, 2021, 259,700 shares of common stock were purchased by employees through the 401(k) defined contribution savings plan for net cash receipts of $15 million, 183,985 shares of common stock were issued as stock compensation awards for net cash receipts of $4 million and 74,854 shares of new common stock were issued in lieu of distributing $4 million to shareholders opting to receive dividend payments in the form of additional common stock.

Equity Contributions

In the three months ended March 31, 2021, SCE received a total of $900 million in capital contributions from Edison International Parent to support SCE’s capital program, maintain the equity portion of SCE’s capital structure at authorized levels and for general corporate purposes.

Preferred Stock Issuance

In March 2021, Edison International issued 1,250,000 shares of 5.375% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series A, with a liquidation value of $1,000 per share (the "Series A preferred stock"). The dividends are payable on a semi-annual basis, commencing September 15, 2021. The dividend rate will be reset every five years beginning on March 15, 2026 to equal the then-current five-year U.S. Treasury rate plus a spread of 4.698%. The net proceeds of $1.2 billion were used to repay commercial paper borrowings and for general corporate purposes, including making a $575 million equity contribution to SCE.

Edison International may, at its option, redeem the Series A preferred stock in whole or in part during certain period of time prior to each of the dividend reset date at a price equal to $1,000 per share plus any accumulated and unpaid dividends. Edison International may also, at its option, redeem the Series A preferred stock 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 Series A preferred stock.

The Series A preferred stock ranks senior to Edison International’s common stock with respect to dividends rights and distribution rights upon liquidation. The Series A preferred stock is not subject to any mandatory sinking fund, retirement fund, purchase fund or other similar provisions. Holders of the shares of Series A preferred stock will not have the right to require Edison International to repurchase or redeem shares of the Series A preferred stock.